<PAGE> 1
[ABN-AMRO FUNDS LOGO]
SEMI-ANNUAL REPORT
JUNE 30, 1999
<PAGE> 2
TABLE OF CONTENTS
<TABLE>
<S> <C>
Schedule of Investments............ 1
Statement of Assets and
Liabilities..................... 38
Statement of Operations............ 40
Statement of Changes in Net
Assets.......................... 42
Financial Highlights............... 50
Notes to Financial Statements...... 64
</TABLE>
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
ABN AMRO is a registered service mark of ABN AMRO Holding N.V., the
ultimate parent of ABN AMRO Asset Management (USA) Inc., the
investment advisor to the ABN AMRO Funds. All rights reserved. ABN
AMRO Funds are distributed by First Data Distributors, Inc. which is
not a bank affiliate.
<PAGE> 3
JUNE 30, 1999 (Unaudited)
Schedule of Investments
TREASURY MONEY MARKET FUND(US)
[CHART]
<TABLE>
<CAPTION>
NET OTHER ASSETS AND
LIABILITIES U.S. TREASURY OBLIGATIONS REPURCHASE AGREEMENTS
-------------------- ------------------------- ---------------------
<S> <C> <C> <C>
% of Total Net Assets 0.2 53.3 46.5
</TABLE>
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 53.3%
U.S. Treasury Bills (A)
4.410%, 08/12/99........................................ $ 20,000 $ 19,897
4.460%, 09/02/99........................................ 20,000 19,844
4.550%, 09/23/99........................................ 20,000 19,785
U.S. Treasury Notes
6.375%, 07/15/99........................................ 15,000 15,010
5.875%, 08/31/99........................................ 15,000 15,029
5.750%, 09/30/99........................................ 30,000 30,065
5.625%, 11/30/99........................................ 10,000 10,032
5.875%, 02/15/00........................................ 21,000 21,128
6.375%, 05/15/00........................................ 10,000 10,126
----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $160,916)........................................... 160,916
----------
</TABLE>
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENTS - 46.5%
J.P. Morgan
4.760%, dated 06/30/99, matures 07/01/99, repurchase
price $44,297,271 (collateralized by U.S. Treasury
Instruments, total market value: $45,177,969)........... $ 44,291 $ 44,291
Morgan Stanley
4.760%, dated 06/30/99, matures 07/01/99, repurchase
price $12,642,563 (collateralized by U.S. Treasury
Instruments, total market value: $13,020,144)........... 12,641 12,641
Prudential Securities
4.760%, dated 06/30/99, matures 07/01/99, repurchase
price $12,301,266 (collateralized by U.S. Treasury
Instruments, total market value: $12,546,387)........... 12,300 12,300
Warburg
4.760%, dated 06/30/99, matures 07/01/99, repurchase
price $71,254,946 (collateralized by U.S. Treasury
Instruments, total market value: $72,670,971)........... 71,246 71,245
----------
TOTAL REPURCHASE AGREEMENTS
(Cost $140,477)........................................... 140,477
----------
TOTAL INVESTMENTS - 99.8%
(Cost $301,393)........................................... 301,393
----------
NET OTHER ASSETS AND LIABILITIES - 0.2% 696
----------
TOTAL NET ASSETS - 100.0%................................... $ 302,089
==========
</TABLE>
- ------------------------------------------------------
(A) Rate noted represents annualized yield at time of purchase.
The accompanying notes are an integral part of the financial statements.
1
<PAGE> 4
Schedule of Investments
GOVERNMENT MONEY MARKET FUND(US)
[CHART]
<TABLE>
<CAPTION>
REPURCHASE AGREEMENTS AND NET U.S. GOVERNMENT AGENCY
OTHER ASSETS AND LIABILITIES OBLIGATIONS
----------------------------- ----------------------
<S> <C> <C>
% of Total Net Assets 37.9 62.1
</TABLE>
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT
AGENCY OBLIGATIONS - 62.1%
Fannie Mae
5.080%, 09/24/99........................................ $ 13,925 $ 13,933
5.100%, 03/16/00........................................ 5,000 5,001
Fannie Mae Discount Note (A)
4.860%, 07/13/99........................................ 18,111 18,082
4.860%, 07/19/99........................................ 14,107 14,073
Fannie Mae MTN
6.060%, 07/07/99........................................ 10,000 10,002
5.540%, 07/16/99........................................ 5,000 5,000
5.490%, 08/03/99........................................ 6,000 5,999
4.970%, 04/12/00........................................ 4,000 3,999
4.980%, 04/20/00........................................ 5,000 4,997
Federal Home Loan Bank
5.540%, 07/13/99........................................ 5,000 5,000
4.790%, 02/04/00........................................ 5,000 4,995
4.910%, 02/09/00........................................ 10,000 10,000
4.950%, 02/17/00........................................ 5,000 4,997
5.000%, 02/24/00........................................ 5,000 4,995
5.160%, 03/08/00........................................ 10,000 9,996
4.970%, 04/20/00........................................ 10,000 9,996
5.415%, 06/14/00........................................ 8,000 7,997
Federal Home Loan Bank Discount Note (A)
4.670%, 07/02/99........................................ 8,000 7,999
Freddie Mac Discount Note (A)
4.800%, 07/06/99........................................ 22,081 22,066
4.840%, 07/09/99........................................ 3,850 3,846
4.850%, 07/15/99........................................ 17,114 17,082
4.830%, 07/16/99........................................ 7,192 7,178
</TABLE>
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
Freddie Mac Discount Note (A) (continued)
5.000%, 07/20/99........................................ $ 9,467 $ 9,442
4.750%, 07/23/99........................................ 20,000 19,942
4.950%, 08/05/99........................................ 9,496 9,450
4.867%, 08/10/99........................................ 18,780 18,676
4.930%, 08/12/99........................................ 6,700 6,662
4.940%, 08/16/99........................................ 15,500 15,402
4.930%, 08/19/99........................................ 15,000 14,899
Student Loan Marketing Association (B)
5.469%, 07/15/99........................................ 10,000 10,000
5.319%, 08/19/99........................................ 5,000 5,000
----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $306,706)........................................... 306,706
----------
REPURCHASE AGREEMENTS - 37.8%
J.P. Morgan
4.910%, dated 06/30/99, matures 07/01/99, repurchase
price $105,430,408 (collateralized by U.S. Government
Agency Instrument, total market value: $107,524,351).... 105,416 105,416
Morgan Stanley Mortgage
4.910%, dated 06/30/99, matures 07/01/99, repurchase
price $20,104,320 (collateralized by U.S. Government
Agency Instruments, total market value: $20,519,717).... 20,102 20,102
Prudential Securities
4.910%, dated 06/30/99, matures 07/01/99, repurchase
price $61,504,253 (collateralized by U.S. Government
Agency Instruments, total market value: $62,725,789).... 61,496 61,496
----------
TOTAL REPURCHASE AGREEMENTS
(Cost $187,014)........................................... 187,014
----------
TOTAL INVESTMENTS - 99.9%
(Cost $493,720)........................................... 493,720
----------
NET OTHER ASSETS AND LIABILITIES - 0.1% 425
----------
TOTAL NET ASSETS - 100.0%................................... $ 494,145
==========
</TABLE>
- ------------------------------------------------------
(A) Rate noted represents annualized yield at the time of purchase.
(B) Variable rate instrument. The rate reported on the Schedule of Investments
is the rate in effect on June 30, 1999.
MTN Medium Term Note
The accompanying notes are an integral part of the financial statements.
2
<PAGE> 5
JUNE 30, 1999 (Unaudited)
Schedule of Investments
MONEY MARKET FUND(US)
[CHART]
<TABLE>
<CAPTION>
REPURCHASE
AGREEMENTS AND NET
CERTIFICATES OF OTHER ASSETS AND
BANK NOTES COMMERCIAL PAPER DEPOSIT LIABILITIES
---------- ---------------- --------------- ------------------
<S> <C> <C> <C> <C>
% of Total Net Assets 3.7 51.4 30.3 14.6
</TABLE>
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
COMMERCIAL PAPER (A) - 51.4%
American Express Credit
4.860%, 07/07/99...................................... $ 50,000 $ 49,959
Associates of North America
4.975%, 07/21/99...................................... 50,000 49,862
AT & T
5.170%, 07/16/99...................................... 25,000 24,946
Blue Ridge Asset Funding
4.930%, 07/06/99...................................... 12,000 11,992
5.050%, 07/14/99...................................... 25,000 24,954
5.030%, 07/19/99...................................... 15,000 14,962
Enterprise Funding
4.920%, 07/08/99...................................... 8,041 8,033
Ford Motor Credit
4.857%, 07/08/99...................................... 55,000 54,948
General Electric Capital
4.950%, 07/20/99...................................... 20,000 19,948
4.830%, 09/14/99...................................... 20,000 19,799
5.270%, 01/24/00...................................... 15,000 14,545
Household Finance
5.077%, 07/13/99...................................... 55,000 54,907
International Lease Finance
4.920%, 07/01/99...................................... 18,000 18,000
4.850%, 07/09/99...................................... 25,000 24,973
Merrill Lynch & Co.
5.000%, 07/19/99...................................... 20,000 19,950
4.810%, 07/22/99...................................... 35,000 34,902
Morgan (J.P.) & Co.
4.800%, 09/15/99...................................... 15,000 14,848
</TABLE>
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
Pacific Life Insurance
5.650%, 07/01/99...................................... $ 28,000 $ 28,000
Quincy Capital
4.860%, 07/06/99...................................... 20,000 19,987
4.910%, 07/07/99...................................... 10,000 9,992
Receivables Capital
4.860%, 07/06/99...................................... 15,000 14,990
Transamerica
5.780%, 07/01/99...................................... 19,400 19,400
Variable Funding Capital
5.000%, 07/21/99...................................... 20,000 19,944
Wells Fargo
5.500%, 07/01/99...................................... 15,000 15,000
4.950%, 07/12/99...................................... 20,000 19,970
4.810%, 08/17/99...................................... 20,000 19,873
----------
TOTAL COMMERCIAL PAPER
(Cost $628,684)........................................... 628,684
----------
CERTIFICATES OF DEPOSIT - 30.3%
Bank of Montreal (NY)
5.09%, 04/17/00....................................... 10,000 9,998
Bank of Nova Scotia (NY)
4.890%, 07/01//99..................................... 20,000 20,000
5.000%, 08/26/99...................................... 20,000 20,000
5.130%, 09/22/99...................................... 15,000 15,000
Barclays Bank (NY)
5.610%, 06/14/00...................................... 12,000 11,996
Bayerische Landesbank (NY)
4.880%, 07/26/99...................................... 20,000 19,999
5.120%, 02/23/00...................................... 20,000 19,994
5.115%, 03/21/00...................................... 10,000 9,987
5.100%, 04/12/00...................................... 15,000 14,999
Chase Manhattan Bank
5.000%, 08/26/99...................................... 15,000 15,000
4.930%, 10/05/99...................................... 15,000 15,000
Deutsche Bank (NY)
5.020%, 01/12/00...................................... 15,000 14,998
5.060%, 04/17/00...................................... 10,000 9,997
Harris Trust & Savings
4.850%, 07/07/99...................................... 20,000 20,000
4.970%, 07/16/99...................................... 15,000 15,000
Royal Bank of Canada (NY)
4.830%, 07/19/99...................................... 15,000 15,000
5.600%, 08/23/99...................................... 4,200 4,202
4.970%, 02/02/00...................................... 15,000 14,997
4.970%, 02/03/00...................................... 10,000 9,998
Societe Generale (NY)
5.710%, 07/02/99...................................... 15,000 15,000
4.900%, 07/12/99...................................... 15,000 15,000
5.025%, 01/14/00...................................... 13,000 13,000
Toronto Dominion Bank (NY)
5.000%, 02/04/00...................................... 10,000 9,998
5.180%, 02/29/00...................................... 10,000 9,997
</TABLE>
The accompanying notes are an integral part of the financial statements.
3
<PAGE> 6
Schedule of Investments
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
United Bank of Switzerland (NY)
5.400%, 05/30/00............. $ 12,000 $ 11,984
5.760%, 07/05/00............. 20,000 19,992
----------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $371,136).................. 371,136
----------
BANK NOTES - 3.7%
First National Bank of Chicago
4.890%, 07/19/99............. 20,000 20,000
First Union National Bank of
North Carolina
4.900%, 09/16/99............. 25,000 25,000
----------
TOTAL BANK NOTES
(Cost $45,000)................... 45,000
----------
REPURCHASE AGREEMENTS - 16.1%
J.P. Morgan
4.900%, dated 06/30/99,
matures 07/01/99, repurchase
price $92,232,652
(collateralized by U.S.
Government Agency
Instruments, total market
value: $94,064,503).......... 92,220 92,220
Morgan Stanley Mortgage
4.900%, dated 06/30/99,
matures 07/01/99, repurchase
price $27,162,087
(collateralized by U.S.
Government Agency
Instruments, total market
value: $27,752,544).......... 27,159 27,159
Prudential Securities
4.900%, dated 06/30/99, matures 07/01/99,
repurchase price $77,400,710
(collateralized by
U.S. Government Agency
and Treasury Instruments,
total market value:
$78,938,072)................. 77,390 77,390
----------
TOTAL REPURCHASE AGREEMENTS
(Cost $196,769).................. 196,769
----------
TOTAL INVESTMENTS - 101.5%
(Cost $1,241,589)................ 1,241,589
----------
NET OTHER ASSETS AND LIABILITIES - (1.5)% (18,468)
----------
TOTAL NET ASSETS - 100.0%.......... $1,223,121
==========
</TABLE>
- ------------------------------------------------------
(A) Rate noted represents annualized yield at the time of
purchase.
(NY) New York
The accompanying notes are an integral part of the financial statements.
4
<PAGE> 7
JUNE 30, 1999 (Unaudited)
Schedule of Investments
TAX-EXEMPT MONEY MARKET FUND(US)
[CHART]
<TABLE>
<CAPTION>
INVESTMENT COMPANIES
AND NET OTHER ASSETS AND
LIABILITIES MUNICIPAL BONDS REPURCHASE AGREEMENT
------------------------ --------------- --------------------
<S> <C> <C> <C>
% of Total Net Assets 3.9 89 7.1
</TABLE>
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
MUNICIPAL BONDS - 89.0%
ALABAMA - 2.1%
Columbia County Pollution Control RB, Alabama Power Co.
Project, Series C
3.500%, 07/01/99 (1).................................. $ 6,250 $ 6,250
----------
ALASKA - 0.9%
Valdez Marine Terminal RB
Exxon Pipeline Co. Project
3.400%, 07/01/99(1)................................... 2,600 2,600
----------
ARIZONA - 5.6%
Salt River Project TECP
3.050%, 08/03/99...................................... 1,900 1,900
3.250%, 08/03/99...................................... 2,000 2,000
3.100%, 08/10/99...................................... 2,000 2,000
3.100%, 09/13/99...................................... 5,000 5,000
3.400%, 09/13/99...................................... 500 500
Tempe Excise Tax RB
3.550%, 07/01/99 (1).................................. 5,300 5,300
----------
16,700
----------
CALIFORNIA - 3.0%
Los Angeles Unified School District TRAN, Series A
4.500%, 07/01/99...................................... 9,000 9,000
----------
</TABLE>
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
FLORIDA - 10.6%
Florida Municipal Power Agency TECP, Series 95-A
3.150%, 07/14/99...................................... $ 6,500 $ 6,500
Jacksonville Electric Authority TECP
3.100%, 09/02/99...................................... 2,000 2,000
3.250%, 09/02/99...................................... 2,150 2,150
3.250%, 09/08/99...................................... 8,000 8,000
Sunshine State Governmental Financing Commission TECP
3.050%, 08/05/99...................................... 10,000 10,000
Sunshine State Governmental Financing Commission TECP
3.100%, 08/05/99 (1).................................. 3,000 3,000
----------
31,650
----------
GEORGIA - 3.3%
Monroe County Development Authority, Pollution Control
RB
Georgia Power Co., Series 2
3.500%, 07/01/99 (1).................................. 1,350 1,350
Monroe County Development Authority, Pollution Control
RB
Gulf Power Co., Series 2
3.500%, 07/01/99 (1).................................. 3,500 3,500
Putnam County Development Authority, Pollution Control
RB
Georgia Power Co.
3.500%, 07/01/99 (1).................................. 5,000 5,000
----------
9,850
----------
ILLINOIS - 1.1%
Chicago Park District
4.300%, 09/17/99...................................... 3,000 3,005
Illinois State Development Finance Authority RB
Saint Xavier University
3.550%, 07/07/99 (1).................................. 180 180
----------
3,185
----------
INDIANA (1) - 3.8%
Sullivan Pollution Control, Hoosier Energy Rural
Electric, TECP
3.100%, 08/02/99...................................... 1,250 1,250
3.050%, 08/03/99...................................... 900 900
3.050%, 08/03/99...................................... 1,100 1,100
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
<PAGE> 8
Schedule of Investments
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
INDIANA (1) (CONTINUED)
Sullivan Pollution Control
Hoosier Energy Rural Electric
TECP, Series L-4
3.300%, 07/13/99............. $ 1,100 $ 1,100
Sullivan Pollution Control
Hoosier Energy Rural Electric
TECP, Series L-5
3.100%, 07/01/99............. 1,000 1,000
3.150%, 07/13/99............. 4,000 4,000
Sullivan Pollution Control
Hoosier Energy Rural Electric
TECP, Series L-6
3.300%, 10/20/99............. 2,100 2,100
----------
11,450
----------
IOWA - 2.4%
Iowa State School Cash
Anticipation Program Warrants
Series A
4.000%, 06/23/00............. 4,000 4,029
Series B
3.500%, 01/28/00............. 3,000 3,009
----------
7,038
----------
KENTUCKY - 4.0%
Jefferson County TECP
3.100%, 09/01/99 (1)......... 6,050 6,050
3.150%, 09/16/99............. 4,000 4,000
Jefferson County TECP
3.400%, 10/01/99............. 2,000 2,000
----------
12,050
----------
LOUISIANA - 1.7%
Jefferson Parish Hospital
Service RB
District #2, FGIC
3.500%, 07/01/99 (1)......... 5,000 5,000
----------
MARYLAND - 3.4%
Maryland State Health & Higher
Education Facilities
Authority RB
Pooled Loan Program, Series B
3.400%, 07/07/99 (1)......... 4,100 4,100
Maryland State Health & Higher
Education Facilities
Authority RB
Pooled Loan Program, Series D
3.750%, 07/07/99 (1)......... 6,195 6,195
----------
10,295
----------
</TABLE>
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
MINNESOTA - 3.7%
Becker, Pollution Control RB
TECP
Northern State Power Co.,
Series 93-A
3.250%, 10/13/99 (1)......... $ 8,000 $ 8,000
Minnesota School Districts TRAN
Series B
2.950%, 02/24/00............. 3,000 3,000
----------
11,000
----------
MISSISSIPPI - 1.0%
Jackson County Ports Facilities
RB
Chevron, Inc. Project
3.400%, 07/01/99 (1)......... 3,000 3,000
----------
MISSOURI - 2.8%
Missouri State Health &
Educational
Facilities Authority RB
The Washington University,
Series A
3.450%, 07/01/99 (1)......... 3,700 3,700
Missouri State Health &
Educational
Facilities Authority RB
The Washington University,
Series B
3.450%, 07/01/99 (1)......... 4,600 4,600
----------
8,300
----------
NEBRASKA - 2.6%
Omaha Public Power District,
TECP
3.200%, 08/09/99............. 6,800 6,800
3.350%, 10/18/99............. 1,000 1,000
----------
7,800
----------
NEVADA - 2.0%
Las Vegas Valley Water District
TECP
Series A
3.100%, 07/08/99............. 6,000 6,000
----------
NEW MEXICO - 2.2%
New Mexico State TRAN
4.000%, 06/30/00............. 6,400 6,448
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE> 9
JUNE 30, 1999 (Unaudited)
Schedule of Investments
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
NEW YORK - 4.6%
Long Island Power Authority
TECP
3.000%, 07/15/99 (1)......... $ 1,000 $ 1,000
3.100%, 08/19/99 (1)......... 5,000 5,000
New York, Series B
4.000%, 07/01/99 (1)......... 4,325 4,325
4.000%, 07/01/99 (1)......... 3,500 3,500
----------
13,825
----------
OHIO - 2.0%
Toledo-Lucas Port Authority,
TECP
CSX Transportation Project
3.050%, 07/02/99 (1)......... 6,000 6,000
----------
OKLAHOMA - 2.0%
Muskogee Industrial Pollution
Control
Control RB, Oklahoma Gas &
Electric, Series A
3.550%, 07/01/99 (1)......... 6,000 6,000
----------
SOUTH CAROLINA - 3.3%
Piedmont Municipal Power Agency
RB
Series C, MBIA
3.550%, 07/01/99 (1)......... 6,400 6,400
York County Pollution Control
RB
North Carolina Electric
Project
3.000%, 09/15/99 (1)......... 3,350 3,350
----------
9,750
----------
TEXAS - 9.6%
Austin, TECP
Combined Utility System,
Series A
2.900%, 07/12/99............. 3,000 3,000
Austin, Travis & Williams TECP
3.100%, 07/07/99............. 10,000 10,000
Board of Regents of the
University of Texas, TECP
3.150%, 08/04/99............. 2,000 2,000
3.300%, 08/04/99............. 2,000 2,000
Harris County, Health
Facilities Development Corp.,
Texas Medical Center Project
3.600%, 07/01/99 (1)......... 5,100 5,100
</TABLE>
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
TEXAS (CONTINUED)
Texas Higher Education
Authority RB
Series B, FGIC
3.500%, 07/07/99 (1)......... $ 1,645 $ 1,645
Texas State TRAN
4.500%, 08/31/99............. 5,000 5,012
----------
28,757
----------
VIRGINIA - 3.4%
Peninsula Ports Authority TECP
Coal Term RB
3.100%, 07/20/99............. 10,000 10,000
----------
WISCONSIN - 3.7%
Milwaukee TRAN, Series A
3.500%, 02/24/00............. 3,500 3,505
State of Wisconsin
Transportation, TECP
3.000%, 07/09/99............. 7,595 7,595
----------
11,100
----------
WYOMING - 4.2%
Gillette, Pollution Control RB
3.500%, 07/01/99 (1)......... 4,000 4,000
Sweetwater County Pollution
Control RB
Pacific Corp. Projects, TECP
3.050%, 07/06/99 (1)......... 8,600 8,600
----------
12,600
----------
TOTAL MUNICIPAL BONDS
(Cost $265,648).................. 265,648
----------
REPURCHASE AGREEMENT - 7.1%
J.P. Morgan
4.950%, dated 06/30/99, matures 07/01/99,
repurchase price $21,317,355
(collateralized by
U.S. Government Agency
Instruments, total market
value: $21,740,713).......... 21,314 21,314
----------
TOTAL REPURCHASE AGREEMENT
(Cost $21,314)................... 21,314
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
<PAGE> 10
Schedule of Investments
<TABLE>
<CAPTION>
Market
Description Shares Value (000)
- ----------------------------------------------------------------
<S> <C> <C>
INVESTMENT COMPANIES - 5.7%
Dreyfus Tax-Exempt Cash
Management.............. 8,000,000 $ 8,000
Provident Mutual Money
Market.................. 9,000,000 9,000
----------
TOTAL INVESTMENT COMPANIES
(Cost $17,000).............. 17,000
----------
TOTAL INVESTMENTS - 101.8%
(Cost $303,962)............. 303,962
----------
NET OTHER ASSETS AND LIABILITIES - (1.8)% (5,293)
----------
TOTAL NET ASSETS - 100.0%..... $ 298,669
==========
</TABLE>
- ------------------------------------------------------
(1) Variable rate instrument. The rate reported on the Schedule
of Investments is the rate in effect on June 30, 1999. The maturity date
shown is the next scheduled reset date.
RB Revenue Bond
TECP Tax-Exempt Commercial Paper
TRAN Tax & Revenue Anticipation Note
The following organizations have provided underlying credit support for
certain securities as defined in the Schedule of Investments:
FGIC Financial Guaranty Insurance Corporation
MBIA Municipal Bond Insurance Association
The accompanying notes are an integral part of the financial statements.
8
<PAGE> 11
JUNE 30, 1999 (Unaudited)
Schedule of Investments
FIXED INCOME FUND(US)
[CHART]
<TABLE>
<CAPTION>
REPURCHASE
U.S. NON-U.S. AGREEMENT
GOVERNMENT GOVERNMENT AND NET
MORTGAGE- MORTGAGE- CORPORATE U.S. OTHER ASSETS
BACKED BACKED NOTES AND TREASURY ASSET BACKED AND
SECURITIES SECURITIES BONDS OBLIGATIONS SECURITIES LIABILITIES
---------- ---------- --------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
% of Total Net Assets 34.8 1.8 30.5 17.9 5.1 0.8
<CAPTION>
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
-----------
<S> <C>
% of Total Net Assets 9.1
</TABLE>
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT
MORTGAGE-BACKED SECURITIES - 34.8%
Fannie Mae, Pass Thru
6.500%, 06/25/12, CMO
Series 1999-41, Class PC, WI.......................... $ 4,685 $ 4,616
6.500%, 03/01/14
Pool # 323747......................................... 5,721 5,647
7.500%, 05/01/27
Pool # 421454......................................... 2,252 2,280
6.500%, 05/01/28
Pool # 436779......................................... 5,533 5,359
7.500%, 08/01/28
Pool # 323297......................................... 6,719 6,804
7.000%, 02/01/29
Pool # 323542......................................... 2,724 2,700
7.000%, 03/01/29
Pool # 323657......................................... 4,364 4,326
Freddie Mac, REMIC
7.000%, 04/15/12, CMO
Series 2100, Class GB................................. 3,900 3,965
6.500%, 05/15/24
Series 2149, Class TF................................. 4,090 4,022
Ginnie Mae, Pass Thru
8.000%, 12/15/22
Pool # 780945......................................... 1,975 2,042
7.000%, 12/15/23
Pool # 366646......................................... 2,637 2,609
7.000%, 03/15/26
Pool # 417290......................................... 3,434 3,398
8.000%, 12/15/27
Pool # 780750......................................... 1,571 1,617
</TABLE>
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
Ginnie Mae (continued)
6.500%, 05/15/28
Pool # 462737......................................... $ 2,875 $ 2,775
7.000%, 05/15/29
Pool # 487222......................................... 3,966 3,924
----------
TOTAL U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES
(Cost $58,083)............................................ 56,084
----------
CORPORATE NOTES AND BONDS - 30.5%
BASIC MATERIALS - 0.8%
Rohm & Haas
7.850%, 07/15/29 (A).................................. 1,300 1,299
----------
CONSUMER CYCLICALS - 1.4%
Federated Department Stores, Senior Notes
8.125%, 10/15/02...................................... 2,150 2,246
----------
CONSUMER STAPLES - 2.1%
Time Warner Entertainment
7.250%, 09/01/08...................................... 3,400 3,412
----------
ENERGY - 2.8%
Midamerican Energy (CalEnergy)
8.480%, 09/15/28...................................... 4,165 4,431
----------
FINANCIAL - 5.3%
Korea Development Bank
7.125%, 04/22/04...................................... 1,115 1,090
Korea Development Bank
7.375%, 09/17/04...................................... 2,215 2,175
National Rural Utilities Cooperative Finance
5.300%, 09/25/03...................................... 3,795 3,643
Paine Webber Group, Senior Notes
6.550%, 04/15/08...................................... 1,740 1,634
----------
8,542
----------
INDUSTRIAL - 5.4%
Meritor Automotive
6.800%, 02/15/09...................................... 3,230 3,056
Owens Corning
7.500%, 05/01/05...................................... 3,175 3,142
Protection One Alarm
7.375%, 08/15/05 (A).................................. 2,675 2,436
----------
8,634
----------
TECHNOLOGY - 2.7%
IBM, MTN
5.625%, 04/12/04...................................... 3,245 3,135
IBM, Debenture
6.500%, 01/15/28...................................... 1,300 1,201
----------
4,336
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
9
<PAGE> 12
Schedule of Investments
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS - 2.4%
MCI WorldCom
6.250%, 08/15/03............. $ 1,880 $ 1,857
360 Communications, Senior Notes
7.125%, 03/01/03............. 2,055 2,086
----------
3,943
----------
TRANSPORTATION - 1.9%
Continental Airlines, Series
99-2
7.256%, 03/15/20............. 3,015 3,056
----------
UTILITIES - 5.7%
Endesa-Chile Overseas, Yankee
7.200%, 04/01/06............. 3,460 3,196
Korea Electric Power, Yankee,
Debentures
6.000%, 12/01/26............. 3,440 3,316
Long Island Lighting,
Debentures
8.200%, 03/15/23............. 2,570 2,734
----------
9,246
----------
TOTAL CORPORATE NOTES AND BONDS
(Cost $50,116)................... 49,145
----------
U.S. TREASURY OBLIGATIONS - 17.9%
U.S. Treasury Bonds
5.250%, 02/15/29............... 11,300 10,142
6.000%, 02/15/26............... 9,945 9,671
7.250%, 05/15/16............... 1,625 1,783
U.S. Treasury Notes
4.875%, 03/31/01............... 2,500 2,474
6.375%, 09/30/01............... 4,750 4,829
----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $29,536)................... 28,899
----------
U.S. GOVERNMENT
AGENCY OBLIGATIONS - 9.1%
Fannie Mae
5.625%, 05/14/04............... 4,100 4,001
5.750%, 06/15/05............... 2,200 2,159
5.510%, 04/19/02, MTN.......... 2,280 2,239
6.180%, 02/19/09, MTN.......... 1,635 1,546
Freddie Mac
5.000%, 01/15/04............... 5,000 4,766
----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $14,834)................... 14,711
----------
</TABLE>
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
ASSET-BACKED SECURITIES - 5.1%
Advanta Equipment Receivables
Series 1998-1, Class B
6.100%, 12/15/06............... $ 2,753 $ 2,755
Asset Securitization
Series 1995-MD4, Class A1
7.100%, 08/13/29............... 4,849 4,921
Chase Credit Card Master Trust
Series 1997-5, Class A
6.194%, 08/15/05............... 500 499
----------
TOTAL ASSET-BACKED SECURITIES
(Cost $8,351).................... 8,175
----------
NON-U.S. GOVERNMENT
MORTGAGE-BACKED SECURITY - 1.8%
Amresco Securitized Net Interest
Series 1997-1, Class A
7.545%, 09/26/27 (A)........... 2,923 2,898
----------
TOTAL NON-U.S. GOVERNMENT
MORTGAGE-BACKED SECURITY
(Cost $2,903).................... 2,898
----------
REPURCHASE AGREEMENT - 1.7%
J.P. Morgan
4.950%, dated 06/30/99,
matures 07/01/99, repurchase
price
$2,802,759 (collateralized by
U.S. Government Agency
Instruments, total market
value: $2,858,421)........... 2,802 2,802
----------
TOTAL REPURCHASE AGREEMENT
(Cost $2,802).................... 2,802
----------
TOTAL INVESTMENTS - 100.9%
(Cost $166,625).................. 162,714
----------
NET OTHER ASSETS AND LIABILITIES - (0.9)% (1,462)
----------
TOTAL NET ASSETS - 100.0%.......... $ 161,252
==========
</TABLE>
- ------------------------------------------------------
(A) Securities exempt from registration pursuant to Rule 144A
under the Securities Act of 1933, as amended. These securities may be
resold, in transactions exempt from registration, to qualified
institutional buyers. At June 30, 1999, these securities amounted to
$6,633,198, or 4.1% of net assets.
CMO Collateralized Mortgage Obligation
MTN Medium Term Note
REMIC Real Estate Mortgage Investment Conduit
WI When Issued Security
The accompanying notes are an integral part of the financial statements.
10
<PAGE> 13
JUNE 30, 1999 (Unaudited)
Schedule of Investments
INTERMEDIATE GOVERNMENT FIXED INCOME FUND(US)
[CHART]
<TABLE>
<CAPTION>
U.S. GOVERNMENT U.S. GOVERNMENT
AGENCY MORTGAGE-BACKED U.S. TREASURY REPURCHASE NET OTHER ASSETS
OBLIGATIONS SECURITIES OBLIGATIONS AGREEMENT AND LIABILITIES
--------------- --------------- ------------- ---------- ----------------
<S> <C> <C> <C> <C> <C>
% of Total Net Assets 21.6 37.4 38.1 2.0 0.9
</TABLE>
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 38.1%
U.S. Treasury Notes
5.000%, 04/30/01........................................ $ 4,000 $ 3,965
5.750%, 08/15/03........................................ 2,350 2,350
7.000%, 07/15/06........................................ 6,000 6,356
6.125%, 08/15/07........................................ 1,700 1,719
----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $14,512)............................................ 14,390
----------
U.S. GOVERNMENT
MORTGAGE-BACKED SECURITIES - 37.4%
Fannie Mae, REMIC
7.000%, 01/18/24, CMO
Series 1997-63, Class D............................... 2,877 2,903
5.795%, 02/25/29, CMO
Series 1995-W5, Class A1.............................. 2,000 1,977
Freddie Mac, REMIC
7.000%, 04/15/12
Series 2100, Class GB................................. 1,320 1,342
5.900%, 04/25/19
Series 23, Class PG................................... 2,100 2,078
6.750%, 04/15/20
Series 1443, Class F.................................. 2,386 2,403
</TABLE>
<TABLE>
Face Market
Description Amount (000) Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
Freddie Mac, REMIC (continued)
6.500%, 01/15/22
Series 2149, Class TR................................. $ 2,000 $ 1,984
6.250% 07/15/23
Series 2020, Class C.................................. 1,500 1,453
----------
TOTAL U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES
(Cost $14,257)............................................ 14,140
----------
U.S. GOVERNMENT
AGENCY OBLIGATIONS - 21.6%
Fannie Mae
5.750%, 04/15/03........................................ 3,000 2,966
Federal Farm Credit Bank
6.710%, 04/25/01, MTN................................... 2,650 2,688
Federal Home Loan Bank
5.890%, 08/11/08........................................ 2,600 2,493
----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $8,300)...... 8,147
----------
REPURCHASE AGREEMENT - 2.0%
J.P. Morgan
4.950%, dated 06/30/99, matures 07/01/99, repurchase
price $760,340 (collateralized by U.S. Government Agency
Instruments, total market value: $775,440).............. 760 760
----------
TOTAL REPURCHASE AGREEMENT
(Cost $760)............................................... 760
----------
TOTAL INVESTMENTS - 99.1%
(Cost $37,829)............................................ 37,437
----------
NET OTHER ASSETS AND LIABILITIES - 0.9% 353
----------
TOTAL NET ASSETS - 100.0%................................... $ 37,790
==========
</TABLE>
- ------------------------------------------------------
CMO Collateralized Mortgage Obligation
MTN Medium Term Note
REMIC Real Estate Mortgage Investment Conduit
The accompanying notes are an integral part of the financial statements.
11
<PAGE> 14
Schedule of Investments
TAX EXEMPT FIXED INCOME FUND(US)
[CHART]
<TABLE>
<CAPTION>
NET OTHER ASSETS AND
MUNICIPAL BONDS INVESTMENT COMPANY LIABILITIES
--------------- ------------------ --------------------
<S> <C> <C> <C>
% of Total Net Assets 96.9 2.5 0.6
</TABLE>
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
MUNICIPAL BONDS - 96.9%
ARKANSAS - 6.2%
Arkansas State Development Financial Authority,
Wastewater System RB, Series A
5.850%, 12/01/19...................................... $ 1,000 $ 1,036
Jefferson County, Pollution Control RB
Arkansas Power & Light Co.
Project, AMBAC
6.300%, 06/01/18...................................... 1,000 1,081
----------
2,117
----------
CALIFORNIA - 2.9%
California State GO
4.750%, 09/01/11...................................... 1,000 978
----------
FLORIDA - 3.0%
Florida State Board
Outlay GO, Series F
5.500%, 06/01/19...................................... 1,000 1,010
----------
ILLINOIS - 9.1%
Chicago, Metropolitan Water Reclamation District GO
5.500%, 12/01/12...................................... 1,000 1,039
Cook County, Capital Improvement GO, FGIC
5.750%, 11/15/12...................................... 1,000 1,069
</TABLE>
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
ILLINOIS (CONTINUED)
Lake County Illinois High School GO
3.450%, 12/01/00...................................... $ 1,000 $ 996
----------
3,104
----------
INDIANA - 2.6%
Lake County Indiana GO, FSA
4.125%, 07/15/00...................................... 875 881
----------
KENTUCKY - 2.9%
Lexington-Fayette Urban County Detention Center Project
GO
4.250%, 05/01/03...................................... 1,000 995
----------
MARYLAND - 2.9%
Washington Suburban Sanitary District GO
5.000%, 06/01/13...................................... 1,000 986
----------
MICHIGAN - 3.0%
Wayne State University RB
5.375%, 11/15/14...................................... 1,000 1,005
----------
MINNESOTA - 2.9%
Rochester Health Care Facilities, Mayo Clinic
5.375%, 11/15/18...................................... 1,000 1,001
----------
MISSISSIPPI - 3.2%
Mississippi State Hospital Equipment & Facilities
Authority RB
Baptist Medical Center Project, MBIA
6.500%, 05/01/10...................................... 1,000 1,085
----------
MISSOURI - 9.7%
Missouri State Health & Educational Facilities Authority
RB, BJC Health Systems Project, Series A
6.750%, 05/15/10...................................... 2,000 2,282
Missouri State University
5.500%, 11/10/12...................................... 1,000 1,020
----------
3,302
----------
NEBRASKA - 2.9%
American Public Energy Agency, Nebraska Gas Supply RB
Series A, AMBAC
4.500%, 06/01/03...................................... 1,000 1,001
----------
NEVADA - 7.9%
Clark County Refunding & Transit Improvement RB, MBIA,
Class A
6.200%, 06/01/19...................................... 1,000 1,082
Nevada State Certificates-Real Property Corp. GO
4.500%, 07/01/01...................................... 605 610
</TABLE>
The accompanying notes are an integral part of the financial statements.
12
<PAGE> 15
JUNE 30, 1999 (Unaudited)
Schedule of Investments
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
NEVADA (CONTINUED)
Nevada State Municipal Bond
Bank GO, Series A
5.500%, 11/01/17............. $ 1,000 $ 1,010
----------
2,702
----------
NEW JERSEY - 2.9%
New Jersey State Transportation
Trust Fund RB, Series A
5.000%, 06/15/15............. 1,000 969
----------
NEW YORK - 4.6%
New York State Highway & Bridge
Improvement Fund RB
MBIA, Series A
5.600%, 04/01/10............. 1,500 1,566
----------
OHIO - 2.9%
Mentor, GO
5.250%, 12/01/17............. 1,000 985
----------
OKLAHOMA - 3.1%
Tulsa, Industrial Authority RB,
St. John's Medical Center
Project
6.250%, 02/15/17............. 1,000 1,056
----------
TENNESSEE - 6.2%
Knox County Tennessee Public
Improvement GO
5.250%, 04/01/14............. 1,060 1,059
Shelby County School District
GO, Series A
5.850%, 06/01/17............. 1,000 1,064
----------
2,123
----------
TEXAS - 9.1%
Arlington, GO
5.750%, 08/15/14............. 1,000 1,034
San Antonio, Electric & Gas
Utilities RB, MBIA
5.375%, 02/01/18............. 1,000 989
Victoria County, Hospital RB,
AMBAC
6.250%, 01/01/16............. 1,000 1,067
----------
3,090
----------
</TABLE>
<TABLE>
<CAPTION>
Face Amount Market
Description (000)/Shares Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
VIRGINIA - 3.0%
Virginia State Public Building
Authority Public Facilities,
RB
Series A
4.000%, 08/01/00............. $ 1,000 $ 1,003
----------
WASHINGTON - 5.9%
Chelan County Washington Public
Utilities, RB
5.375%, 06/01/18............. 1,000 987
Washington State Public Power
Supply System RB, Nuclear
Project #1, Series C, AMBAC
5.500%, 07/01/10............. 1,000 1,030
----------
2,017
----------
TOTAL MUNICIPAL BONDS
(Cost $32,161)................... 32,976
----------
INVESTMENT COMPANY - 2.5%
Provident Mutual Money Market.... 868,721 869
----------
TOTAL INVESTMENT COMPANY
(Cost $869)...................... 869
----------
TOTAL INVESTMENTS - 99.4%
(Cost $33,030)................... 33,845
----------
NET OTHER ASSETS AND LIABILITIES - 0.6% 188
----------
TOTAL NET ASSETS - 100.0%.......... $ 34,033
==========
</TABLE>
- ------------------------------------------------------
GO General Obligation
RB Revenue Bond
The following organizations have provided underlying credit support for
certain securities as defined in the Schedule of Investments:
AMBAC American Municipal Bond Assurance Corporation
FGIC Financial Guaranty Insurance Corporation
FSA Financial Security Assurance Company
MBIA Municipal Bond Insurance Association
The accompanying notes are an integral part of the financial statements.
13
<PAGE> 16
Schedule of Investments
INTERNATIONAL FIXED INCOME FUND(US)
[CHART]
<TABLE>
<CAPTION>
GOVERNMENT GOVERNMENT NET OTHER ASSETS
NATIONAL BANKS AGENCIES FINANCIAL AND LIABILITIES
---------- ----- ---------- --------- ----------------
<S> <C> <C> <C> <C> <C>
% of Total Net Assets 60.6 21.1 14.0 3.3 1.0
</TABLE>
<TABLE>
<CAPTION>
Face Market
Description Amount (000)(1) Value (000)
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C>
FOREIGN BONDS - 99.0%
AUSTRALIA - 3.7%
R&I Bank of Western Australia
7.250%, 09/29/03...................................... $ 400 $ 273
Treasury Corp. Victoria
8.250%, 10/15/03...................................... 400 283
----------
556
----------
AUSTRIA - 4.6%
Republic of Austria
4.500%, 09/28/05...................................... JPY 70,000 686
----------
BELGIUM - 4.5%
Kingdom of Belgium
9.000%, 03/25/03...................................... EURO 558 676
----------
CANADA - 8.7%
Canadian Government
8.750%, 12/01/05...................................... 1,000 796
1.900%, 03/23/09...................................... JPY 62,000 512
----------
1,308
----------
DENMARK - 8.4%
Kingdom of Denmark
7.000%, 12/15/04...................................... 5,000 779
7.000%, 11/10/24...................................... 3,000 477
----------
1,256
----------
</TABLE>
<TABLE>
Face Market
Description Amount (000)(1) Value (000)
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C>
FINLAND - 4.1%
Republic of Finland
8.250%, 06/25/02...................................... DEM 1,050 $ 624
----------
FRANCE - 4.4%
Government of France
5.250%, 04/25/08...................................... EURO 297 320
8.500%, 04/25/23...................................... EURO 229 334
----------
654
----------
GERMANY - 7.1%
Bundesrepublic Deutschland
8.375%, 05/21/01...................................... EURO 511 575
Deutsche Finance BV
6.000%, 01/12/04...................................... NLG 1,000 497
----------
1,072
----------
GREECE - 4.3%
Hellenic Republic
6.500%, 01/11/14...................................... 200,000 642
----------
IRELAND - 3.7%
Government of Ireland
9.250%, 07/11/03...................................... EURO 450 557
----------
ITALY - 2.6%
Republic of Italy
5.000%, 12/15/04...................................... JPY 40,000 396
----------
JAPAN - 5.4%
Export-Import Bank of Japan
2.875%, 07/28/05...................................... 90,000 809
----------
NETHERLANDS - 7.3%
International Nederland Bank
6.000%, 10/01/07...................................... 1,000 491
Kingdom of Netherlands
8.250%, 06/15/02...................................... EURO 318 369
7.500%, Principal Strip (A) 01/15/23.................. EURO 908 243
----------
1,103
----------
NORWAY - 4.2%
Government of Norway
5.500%, 05/15/09...................................... 5,000 627
----------
SPAIN - 2.3%
Kingdom of Spain
6.150%, 01/31/13...................................... EURO 301 342
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
14
<PAGE> 17
JUNE 30, 1999 (Unaudited)
Schedule of Investments
<TABLE>
<CAPTION>
Face Market
Description Amount (000)(1) Value (000)
- ---------------------------------------------------------------
<S> <C> <C> <C>
SUPERNATIONAL - 10.6%
European Investment Bank
8.000%, 06/10/03......... GBP 700 $ 1,181
World Bank
5.250%, 03/20/02......... JPY 45,000 419
----------
1,600
----------
SWEDEN - 4.8%
Kingdom of Sweden
13.000%, 06/15/01........ 2,500 343
6.000%, 02/09/05......... 3,000 376
----------
719
----------
UNITED STATES - 8.3%
Fannie Mae
1.750%, 03/26/08
Series E, MTN............ JPY 80,000 668
Tennessee Valley Authority
6.375%, 09/18/06......... DEM 1,000 583
----------
1,251
----------
TOTAL FOREIGN BONDS
(Cost $15,671)............... 14,878
----------
TOTAL INVESTMENTS - 99.0%
(Cost $15,671)............... 14,878
----------
NET OTHER ASSETS AND LIABILITIES -1.0% 147
----------
TOTAL NET ASSETS - 100.0%...... $ 15,025
==========
</TABLE>
- ------------------------------------------------------
(1) In local currency unless otherwise noted.
(A) Zero coupon bond. Rate reflects effective yield to maturity.
DEM Deutche Mark
EURO European Monetary Unit
GBP Great Britain Pounds
JPY Japanese Yen
MTN Medium Term Note
NLG Netherland Guilders
As of June 30, 1999, the Fund had entered into the following forward foreign
currency exchange contracts:
<TABLE>
<CAPTION>
Net Unrealized
Appreciation
Contracts to Deliver In Exchange For Settlement Date (Depreciation) (000)
- --------------------------- ----------------------- --------------- --------------------
<S> <C> <C> <C>
Norwegian Kroner 5,500,000 U.S. Dollars 713,831 08/12/99 $ 17
U.S. Dollars 713,831 EURO 663,018 08/12/99 (28)
U.S. Dollars 1,250,000 EURO 1,204,819 10/14/99 1
----
$(10)
====
</TABLE>
The accompanying notes are an integral part of the financial statements.
15
<PAGE> 18
Schedule of Investments
BALANCED FUND(US)
[CHART]
<TABLE>
<CAPTION>
REPURCHASE
AGREEMENT
U.S. AND NET
GOVERNMENT U.S. OTHER
DOMESTIC FOREIGN MORTGAGE- CORPORATE U.S. GOVERNMENT ASSETS ASSET-
COMMON COMMON BACKED NOTES AND TREASURY AGENCY AND BACKED
STOCKS STOCKS SECURITIES BONDS OBLIGATIONS OBLIGATIONS LIABILITIES SECURITIES
-------- ------- ---------- --------- ----------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
% of Total Net Assets 57.2 12.0 9.8 8.9 6.2 2.7 1.7 1.0
<CAPTION>
NON-U.S.
GOVERNMENT
MORTGAGE-
BACKED
SECURITIES
----------
<S> <C>
% of Total Net Assets 0.5
</TABLE>
<TABLE>
<CAPTION>
Market
Description Shares Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
DOMESTIC COMMON STOCKS - 57.2%
BASIC MATERIALS - 1.7%
Armco*.................................................. 9,800 $ 65
Dow Chemical............................................ 3,600 457
E.I. duPont de Nemours.................................. 7,000 478
Lilly Industries, Class A............................... 3,600 67
Mead.................................................... 7,600 317
Southdown............................................... 1,530 98
----------
1,482
----------
CAPITAL GOODS - 4.1%
Allied Signal........................................... 5,300 334
Avery Dennison.......................................... 4,100 248
Borg-Warner Automotive.................................. 1,400 77
Caterpillar............................................. 7,000 420
General Electric........................................ 13,800 1,559
Minnesota Mining & Manufacturing........................ 5,200 452
MOCON................................................... 11,400 67
Terex*.................................................. 1,600 49
Timken.................................................. 21,800 425
----------
3,631
----------
COMMUNICATION SERVICES - 4.1%
Ameritech............................................... 9,800 720
AT&T.................................................... 21,600 1,206
Bell Atlantic........................................... 8,900 582
GTE..................................................... 8,400 636
</TABLE>
<TABLE>
<CAPTION>
Market
Description Shares Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
COMMUNICATION SERVICES (CONTINUED)
US West................................................. 8,100 $ 476
----------
3,620
----------
CONSUMER CYCLICALS - 7.2%
Advo Systems*........................................... 3,600 75
American Greetings, Class A............................. 13,800 415
Cendant*................................................ 11,300 232
Dayton-Hudson........................................... 6,500 423
Dollar Thrifty Automotive*.............................. 6,600 153
Education Management*................................... 6,800 141
Ford Motor.............................................. 10,500 593
Furniture Brands International*......................... 4,600 128
Home Depot.............................................. 9,300 599
HON INDUSTRIES.......................................... 3,200 93
Horton, D. R............................................ 1,700 28
Interpublic Group....................................... 2,900 251
Lone Star Industries.................................... 2,400 90
Mattel.................................................. 5,900 156
McGraw-Hill............................................. 6,600 356
Mohawk Industries*...................................... 3,900 118
Pulitzer................................................ 1,400 68
Service International................................... 15,300 295
Starwood Hotels & Resorts............................... 11,900 364
USG..................................................... 5,800 325
V.F..................................................... 8,200 351
Wal Mart Stores......................................... 21,700 1,047
Webb (Del E.)........................................... 2,810 67
----------
6,368
----------
CONSUMER STAPLES - 6.4%
Albertson's............................................. 4,600 237
Avon Products........................................... 5,000 278
Coca-Cola............................................... 12,900 806
Colgate-Palmolive....................................... 2,700 267
ConAgra................................................. 16,600 442
Deluxe.................................................. 7,700 300
Gillette................................................ 7,300 299
McDonald's.............................................. 5,800 240
Merrill................................................. 5,800 84
Newell Rubbermaid....................................... 4,600 214
Philip Morris........................................... 11,200 450
Procter & Gamble........................................ 7,300 652
Sara Lee................................................ 13,600 309
SUPERVALU............................................... 16,000 411
Walt Disney............................................. 19,600 604
----------
5,593
----------
ENERGY - 1.8%
Exxon................................................... 11,700 902
Mobil................................................... 6,300 624
Veritas DGC*............................................ 4,100 75
----------
1,601
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
16
<PAGE> 19
JUNE 30, 1999 (Unaudited)
Schedule of Investments
<TABLE>
<CAPTION>
Market
Description Shares Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
FINANCIAL - 11.5%
Allstate....................... 5,200 $ 187
American Express............... 3,400 442
American International Group... 6,441 754
Astoria Financial.............. 5,400 237
Bank of America................ 12,200 894
Chase Manhattan................ 7,700 667
Chicago Title.................. 1,900 68
CIGNA.......................... 4,800 427
CitiGroup...................... 22,050 1,047
Colonial BancGroup............. 6,500 91
Community First Bankshares..... 3,200 76
Damen Financial................ 3,200 58
Equity Residential Properties
Trust........................ 8,510 383
Fannie Mae..................... 6,700 458
Federated Investors, Class B... 8,800 158
First American Financial....... 4,000 72
Fleet Financial Group.......... 11,300 501
Fremont General................ 13,400 253
Golden State Bancorp*.......... 16,800 370
GreenPoint Financial........... 6,900 226
Hartford Financial Services
Group........................ 5,800 338
Hudson United Bancorp.......... 3,000 92
KeyCorp........................ 5,300 170
Liberty Financial.............. 1,900 55
Merrill Lynch.................. 5,500 440
Peoples Bancorp................ 13,100 131
Peoples Bancshares............. 3,700 75
Peoples Bank Bridgeport........ 5,500 167
Peoples Heritage Financial
Group........................ 8,400 158
Prosperity Bancshares.......... 2,100 31
Reliance Bancorp............... 4,700 130
Staten Island Bancorp.......... 6,300 113
UCBH Holdings *................ 36,735 659
US Bancorp (PA)................ 2,940 46
Webster Financial.............. 1,900 52
WSFS Financial................. 8,300 122
----------
10,148
----------
HEALTH CARE - 5.8%
Abbott Labs.................... 9,700 441
American Home Products......... 11,300 650
Amgen*......................... 4,800 292
Bristol-Myers Squibb........... 10,800 761
Eli Lilly...................... 6,600 473
HEALTHSOUTH*................... 7,500 112
Johnson & Johnson.............. 7,300 715
Medtronic...................... 5,100 397
</TABLE>
<TABLE>
<CAPTION>
Market
Description Shares Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
HEALTH CARE (CONTINUED)
OEC Medical Systems*........... 4,500 $ 110
Pfizer......................... 6,500 713
Schering-Plough................ 8,800 466
----------
5,130
----------
TECHNOLOGY - 11.8%
Automatic Data Processing...... 5,900 260
Best Software*................. 4,700 76
Cisco Systems*................. 16,000 1,029
Comdisco....................... 19,900 510
Eastman Kodak.................. 6,300 427
EMC*........................... 7,400 407
Harris......................... 10,500 412
Hewlett Packard................ 7,500 754
Intel.......................... 16,400 976
International Business
Machines..................... 8,000 1,034
Kronos*........................ 2,400 109
Lucent Technologies............ 13,600 917
Microsoft*..................... 21,400 1,930
National Data.................. 1,700 73
Pioneer-Standard Electronics... 8,700 104
Pitney Bowes................... 2,300 148
Sun Microsystems*.............. 3,200 220
Texas Instruments.............. 4,300 624
Xerox.......................... 5,400 319
----------
10,329
----------
TRANSPORTATION - 1.0%
CNF Transportation............. 9,100 349
Covenant Transport, Class A*... 6,500 102
UAL*........................... 5,390 350
US Freightways................. 1,900 88
----------
889
----------
UTILITIES - 1.8%
Columbia Energy Group.......... 6,400 401
Constellation Energy Group..... 10,700 317
E'Town......................... 1,400 64
Public Service Company of New
Mexico....................... 4,300 85
Southern....................... 14,300 379
UtiliCorp United............... 13,500 328
----------
1,574
----------
TOTAL DOMESTIC COMMON STOCKS
(Cost $37,599)................... 50,365
----------
FOREIGN COMMON STOCKS - 12.0%
BASIC MATERIALS - 0.9%
Akzo Nobel, ADR................ 5,200 220
Broken Hill Proprietary, ADR... 11,900 282
Ispat International (VY reg.
shares)...................... 2,500 28
</TABLE>
The accompanying notes are an integral part of the financial statements.
17
<PAGE> 20
Schedule of Investments
<TABLE>
<CAPTION>
Market
Description Shares Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
BASIC MATERIALS (CONTINUED)
Madeco, ADR.................... 8,800 $ 89
Rhone Poulenc, ADR............. 4,300 198
----------
817
----------
CAPITAL GOODS - 1.0%
ABB, ADR....................... 18,000 245
Empresas ICA, ADR.............. 7,100 48
Hitachi, ADR................... 4,500 425
Kyocera, ADR................... 2,200 132
----------
850
----------
COMMUNICATION SERVICES - 1.9%
Cable & Wireless, ADR.......... 6,100 242
Grupo Televisa, GDR*........... 5,300 238
Telefonica de Espana, ADR...... 2,705 398
Telefonos de Mexico, ADR....... 3,700 299
Vodafone AirTouch, ADR......... 2,350 463
----------
1,640
----------
CONSUMER CYCLICALS - 1.5%
DaimlerChrysler AG............. 2,814 250
MASISA, ADR.................... 7,500 79
Matsushita Electric Industrial,
ADR.......................... 1,900 377
Newscorp, ADR.................. 9,600 339
Sony, ADR...................... 2,800 309
----------
1,354
----------
CONSUMER STAPLES - 1.5%
Bass, ADR...................... 13,191 197
Buenos Aires Embotellado, ADR*
(A).......................... 4,500 --
Cadbury Schweppes, ADR......... 9,600 255
Koninklijke Ahold, ADR......... 8,400 291
Nestle, ADR.................... 3,500 315
Unilever, ADR.................. 3,839 268
----------
1,326
----------
ENERGY - 1.3%
Norsk Hydro ASA, ADR........... 3,700 141
Repsol, ADR.................... 15,000 305
Royal Dutch Petroleum, ADR..... 7,100 428
Schlumberger................... 4,600 293
----------
1,167
----------
FINANCIAL - 0.9%
Aegon, ADR..................... 4,000 296
Dresdner Bank, ADR............. 5,700 222
National Australia Bank, ADR... 3,000 $ 252
----------
770
----------
</TABLE>
<TABLE>
<CAPTION>
Shares/Face Market
Description Amount (000) Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
HEALTH CARE - 0.8%
Novartis, ADR.................. $ 4,159 $ 304
Novo-Nordisk, ADR.............. 2,900 155
Roche Holdings, ADR............ 2,700 277
----------
736
----------
TECHNOLOGY - 1.7%
Alcatel Alsthom CGE, ADR....... 7,300 207
Canon, ADR..................... 9,500 277
Ericsson Telecommunications,
ADR.......................... 11,200 369
Fuji Photo Film, ADR........... 6,000 228
Nortel Networks................ 4,500 391
----------
1,472
----------
TRANSPORTATION - 0.4%
Canadian Pacific............... 8,900 212
KLM Royal Dutch Airlines....... 5,700 163
----------
375
----------
UTILITIES - 0.1%
Enersis, ADR................... 2,660 61
----------
TOTAL FOREIGN COMMON STOCKS
(Cost $6,289).................... 10,568
----------
U.S. GOVERNMENT
MORTGAGE-BACKED SECURITIES - 9.8%
Fannie Mae, Pass Thru
6.500%, 06/25/12, CMO Series
1999-41, Class PC, WI........ $ 750 739
6.500%, 03/01/14 Pool #
323747....................... 737 727
7.500%, 05/01/27 Pool #
421454....................... 293 297
6.500%, 05/01/28 Pool #
436779....................... 695 673
7.500%, 08/01/28 Pool #
323297....................... 902 913
7.000%, 02/01/29 Pool #
323542....................... 804 797
7.000%, 03/01/29 Pool #
323657....................... 734 727
Freddie Mac, REMIC
7.000%, 04/15/12, CMO
Series 2100, Class GB........ 540 549
6.500%, 01/15/22, CMO
Series 2149, Class TR........ 635 624
</TABLE>
The accompanying notes are an integral part of the financial statements.
18
<PAGE> 21
JUNE 30, 1999 (Unaudited)
Schedule of Investments
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
Ginnie Mae
8.000%, 12/15/22 Pool #
780945....................... $ 275 $ 284
7.000%, 12/15/23 Pool #
366646....................... 433 428
7.000%, 03/15/26 Pool #
417290....................... 564 558
8.000%, 12/15/27 Pool #
780750....................... 226 233
6.500%, 05/15/28 Pool #
462737....................... 455 439
7.000%, 05/15/29 Pool #
487222....................... 634 628
----------
TOTAL U.S. GOVERNMENT MORTGAGE-
BACKED SECURITIES
(Cost $8,753).................... 8,616
----------
CORPORATE NOTES AND BONDS - 8.9%
BASIC MATERIALS - 0.2%
Rohm & Haas
7.850%, 07/15/29 (B)......... 200 200
----------
CAPITAL GOODS - 0.5%
Meritor Automotive
6.800%, 02/15/09............. 445 421
----------
CONSUMER CYCLICALS - 0.4%
Federated Department Stores,
Senior Notes
8.125%, 10/15/02............. 350 366
----------
CONSUMER STAPLES - 0.5%
Time Warner Entertainment
7.250%, 09/01/08............. 430 431
----------
ENERGY - 0.8%
Midamerican Energy (CalEnergy)
8.480%, 09/15/28............. 620 660
----------
FINANCIAL - 1.3%
Korea Development Bank
7.125%, 04/22/04............. 185 181
Korea Development Bank
7.375%, 09/17/04............. 360 354
National Rural Utilities
Cooperative Finance
5.300%, 09/25/03............. 440 422
Paine Webber Group, Senior
Notes
6.550%, 04/15/08............. 215 202
----------
1,159
----------
</TABLE>
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL - 0.8%
Owens Corning
7.500%, 05/01/05............. $ 420 $ 416
Protection One Alarm 7.375%,
08/15/05 (B)................. 325 296
----------
712
----------
TECHNOLOGY - 1.1%
IBM, Debentures
5.625%, 04/12/04............. 815 787
IBM, MTN
6.500%, 01/15/28............. 200 185
----------
972
----------
TELECOMMUNICATIONS - 1.1%
MCI WorldCom
6.250%, 08/15/03............. 185 183
360 Communications, Senior
Notes
7.125%, 03/01/03............. 750 761
----------
944
----------
TRANSPORTATION - 0.6%
Continental Airlines, Series
99-2
7.256%, 03/15/20............. 475 482
----------
UTILITIES - 1.6%
Endesa-Chile Overseas, Yankee
7.200%, 04/01/06............. 560 517
Korea Electric Power, Yankee,
Debentures
6.000%, 12/01/26............. 515 496
Long Island Lighting,
Debentures
8.200%, 03/15/23............. 400 426
----------
1,439
----------
TOTAL CORPORATE NOTES AND BONDS
(Cost $8,091).................... 7,786
----------
U.S. TREASURY OBLIGATIONS - 6.2%
U.S. Treasury Notes
6.375%, 09/30/01............... 1,300 1,322
5.750%, 08/15/03............... 730 730
U.S. Treasury Bonds
6.000%, 02/15/26............... 1,770 1,721
5.250%, 02/15/29............... 1,900 1,705
----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $5,579).................... 5,478
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
19
<PAGE> 22
Schedule of Investments
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY
OBLIGATIONS - 2.7%
Fannie Mae
5.510%, 04/19/02, MTN.......... $ 580 $ 569
5.625%, 05/14/04............... 600 586
6.180%, 02/19/09, MTN.......... 270 255
Freddie Mac
5.000%, 01/15/04............... 600 572
5.125%, 10/15/08............... 400 363
----------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $2,369).................... 2,345
----------
ASSET-BACKED SECURITIES - 1.0%
Advanta Equipment Receivables
Series 1998-1, Class B
6.100%, 12/15/06............... 345 345
Asset Securitization
Series 1995-MD4, Class A1
7.100%, 08/13/29............... 395 401
Chase Credit Card Master Trust
Series 1997-5, Class A
6.194%, 08/15/05............... 125 125
----------
TOTAL ASSET-BACKED SECURITIES
(Cost $885)...................... 871
----------
NON-U.S. GOVERNMENT
MORTGAGE-BACKED SECURITY - 0.5%
Amresco Securitized Net Interest
Series 1997-1, Class A, CMO
7.545%, 09/26/27 (B)........... 487 483
----------
TOTAL NON-U.S. GOVERNMENT
MORTGAGE-BACKED SECURITY
(Cost $484)...................... 483
----------
</TABLE>
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT - 2.5%
J.P. Morgan
4.950%, dated 06/30/99, matures
07/01/99, repurchase price
$2,226,733 (collateralized by
U.S. Government Agency
Instrument, total market value:
$2,270,956).................... $ 2,226 $ 2,226
----------
TOTAL REPURCHASE AGREEMENT
(Cost $2,226).................... 2,226
----------
TOTAL INVESTMENTS - 100.8%
(Cost $72,275)................... 88,738
----------
NET OTHER ASSETS AND LIABILITIES - (0.8)% (751)
----------
TOTAL NET ASSETS - 100.0%.......... $ 87,987
==========
</TABLE>
- ------------------------------------------------------
* Non-income producing security
(A) Less than $500 at market value.
(B) Securities exempt from registration pursuant to Rule 144A
under the Securities Act of 1933, as amended. These securities may be
resold, in transactions exempt from registration, to qualified
institutional buyers. At June 30, 1999, these securities amounted to
$978,824 or 1.1% of net assets.
ADR American Depositary Receipt
CMO Collateralized Mortgage Obligation
GDR Global Depositary Receipt
MTN Medium Term Note
(PA) Pennsylvania
REMIC Real Estate Mortgage Investment Conduit
WI When Issued Security
The accompanying notes are an integral part of the financial statements.
20
<PAGE> 23
JUNE 30, 1999 (Unaudited)
Schedule of Investments
VALUE FUND(US)
[CHART]
<TABLE>
<CAPTION>
BASIC CAPITAL COMMUNICATIONS CONSUMER CONSUMER HEALTH
MATERIALS GOODS SERVICES CYCLICALS STAPLES ENERGY FINANCIAL CARE TECHNOLOGY
--------- ------- -------------- --------- -------- ------ --------- ------ ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
% of Total Net Assets 3.5 5.7 12.0 12.6 7.4 6.5 29.7 2.8 11.2
<CAPTION>
REPURCHASE
TRANSPORTATION UTILITIES AGREEMENT NET OTHER ASSETS & LIABILITIES
-------------- --------- ---------- ------------------------------
<S> <C> <C> <C> <C>
% of Total Net Assets 2.9 6.0 2.3 (2.6)
</TABLE>
<TABLE>
<CAPTION>
Market
Description Shares Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 100.3%
BASIC MATERIALS - 3.5%
Dow Chemical............................................ 30,400 $ 3,857
Mead.................................................... 59,200 2,472
----------
6,329
----------
CAPITAL GOODS - 5.7%
Caterpillar............................................. 52,200 3,132
Minnesota Mining & Manufacturing........................ 41,300 3,591
MOCON................................................... 67,050 394
Timken.................................................. 161,400 3,147
----------
10,264
----------
COMMUNICATIONS SERVICES - 12.0%
Ameritech............................................... 56,400 4,145
AT&T.................................................... 162,100 9,047
GTE..................................................... 64,400 4,878
US West................................................. 62,300 3,660
----------
21,730
----------
</TABLE>
<TABLE>
Market
Description Shares Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER CYCLICALS - 12.6%
American Greetings, Class A............................. 105,200 $ 3,169
Dayton-Hudson........................................... 50,400 3,276
Ford Motor.............................................. 89,800 5,068
McGraw-Hill............................................. 54,400 2,934
Starwood Hotels & Resorts............................... 101,900 3,114
USG..................................................... 43,900 2,458
V.F..................................................... 62,600 2,676
----------
22,695
----------
CONSUMER STAPLES - 7.4%
ConAgra................................................. 122,900 3,272
Deluxe.................................................. 62,200 2,422
SUPERVALU............................................... 122,200 3,139
Walt Disney............................................. 147,100 4,533
----------
13,366
----------
ENERGY - 6.5%
Exxon................................................... 89,000 6,864
Mobil................................................... 49,200 4,871
----------
11,735
----------
FINANCIAL - 29.7%
Allstate................................................ 41,900 1,503
Astoria Financial....................................... 47,300 2,078
Bank of America......................................... 93,200 6,833
Chase Manhattan......................................... 59,000 5,111
CIGNA................................................... 36,900 3,284
CitiGroup............................................... 168,900 8,023
Equity Residential Properties Trust..................... 67,700 3,051
Fleet Financial Group................................... 79,400 3,523
Fremont General......................................... 103,900 1,961
Golden State Bancorp*................................... 99,300 2,185
GreenPoint Financial.................................... 56,100 1,841
Hartford Financial Services Group....................... 45,100 2,630
KeyCorp................................................. 51,000 1,638
Merrill Lynch........................................... 42,500 3,397
UCBH Holdings*.......................................... 359,930 6,456
----------
53,514
----------
HEALTH CARE - 2.8%
American Home Products.................................. 86,800 4,991
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
21
<PAGE> 24
Schedule of Investments
<TABLE>
<CAPTION>
Shares/Face Market
Description Amount (000) Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
TECHNOLOGY - 11.2%
Comdisco....................... 149,600 $ 3,834
Eastman Kodak.................. 48,500 3,286
Harris......................... 61,900 2,426
Hewlett Packard................ 58,200 5,849
Texas Instruments.............. 32,900 4,771
----------
20,166
----------
TRANSPORTATION - 2.9%
CNF Transportation............. 68,000 2,609
UAL*........................... 40,700 2,646
----------
5,255
----------
UTILITIES - 6.0%
Columbia Energy Group.......... 47,100 2,953
Constellation Energy Group..... 83,000 2,459
Southern....................... 110,800 2,936
UtiliCorp United............... 98,100 2,385
----------
10,733
----------
TOTAL COMMON STOCKS
(Cost $151,397).................. 180,778
----------
REPURCHASE AGREEMENT - 2.3%
J.P. Morgan
4.950%, dated 06/30/99, matures
07/01/99, repurchase price
$4,202,982 (collateralized by
U.S. Government Agency
Instruments, total market
value: $4,286,452)............. $ 4,202 4,202
----------
TOTAL REPURCHASE AGREEMENT
(Cost $4,202).................... 4,202
----------
TOTAL INVESTMENTS - 102.6%
(Cost $155,599).................. 184,980
----------
NET OTHER ASSETS AND LIABILITIES - (2.6)% (4,775)
----------
TOTAL NET ASSETS - 100.0%.......... $ 180,205
==========
</TABLE>
- ------------------------------------------------------
* Non-income producing security
The accompanying notes are an integral part of the financial statements.
22
<PAGE> 25
JUNE 30, 1999 (Unaudited)
Schedule of Investments
GROWTH FUND(US)
[CHART]
<TABLE>
<CAPTION>
BASIC CAPITAL COMMUNICATION CONSUMER CONSUMER HEALTH
MATERIALS GOODS SERVICES CYCLICALS STAPLES ENERGY FINANCIAL CARE TECHNOLOGY
--------- ------- ------------- --------- -------- ------ --------- ------ ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
% of Total Net Assets 0.9 7.5 7.6 15.0 12.1 2.6 13.4 12.9 24.1
<CAPTION>
REPURCHASE NET OTHER ASSETS AND
TRANSPORTATION AGREEMENT UTILITIES LIABILITIES
-------------- ---------- --------- ---------------------
<S> <C> <C> <C> <C>
% of Total Net Assets 1.9 2.2 2.2 -(2.4)%
</TABLE>
<TABLE>
<CAPTION>
Market
Description Shares Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 100.2%
BASIC MATERIALS - 0.9%
Ecolab.................................................. 41,900 $ 1,828
----------
CAPITAL GOODS - 7.5%
General Electric........................................ 51,700 5,842
Republic Services*...................................... 111,700 2,765
Tyco International...................................... 37,700 3,572
Waste Management........................................ 54,500 2,929
----------
15,108
----------
COMMUNICATION SERVICES - 7.6%
AT&T.................................................... 54,300 3,031
Ameritech............................................... 41,900 3,080
BellSouth............................................... 69,400 3,253
Century Telephone Enterprises........................... 56,325 2,239
MCI WorldCom*........................................... 30,100 2,590
MediaOne*............................................... 14,600 1,086
----------
15,279
----------
CONSUMER CYCLICALS - 15.0%
Amazon.com*............................................. 5,500 688
Carnival................................................ 44,700 2,168
Cendant*................................................ 127,200 2,608
Dollar General.......................................... 93,937 2,724
Harley Davidson......................................... 50,300 2,735
Home Depot.............................................. 64,800 4,176
Interpublic Group....................................... 28,600 2,477
</TABLE>
<TABLE>
Market
Description Shares Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER CYCLICALS (CONTINUED)
Lowe's Companies........................................ 45,300 $ 2,568
Robert Half International*.............................. 37,600 978
Snyder Communications*.................................. 74,000 2,423
Staples*................................................ 97,650 3,021
Wal-Mart Stores......................................... 77,200 3,725
----------
30,291
----------
CONSUMER STAPLES - 12.1%
Avon Products........................................... 23,900 1,326
Cardinal Health......................................... 37,800 2,424
Clear Channel Communications*........................... 35,400 2,440
Colgate-Palmolive....................................... 26,000 2,567
CVS..................................................... 40,300 2,045
Kroger*................................................. 62,800 1,754
Newell Rubbermaid....................................... 32,700 1,521
Procter & Gamble........................................ 18,100 1,615
Safeway*................................................ 76,800 3,802
Starbucks*.............................................. 60,400 2,269
Time Warner............................................. 35,000 2,573
----------
24,336
----------
ENERGY - 2.6%
Conoco, Class A......................................... 41,000 1,143
Mobil................................................... 41,700 4,128
----------
5,271
----------
FINANCIAL - 13.4%
American International Group............................ 32,616 3,818
Bank of New York........................................ 48,800 1,790
Bank One................................................ 62,530 3,724
Bank of America......................................... 38,100 2,793
CitiGroup............................................... 61,650 2,928
First Union............................................. 53,600 2,519
GreenPoint Financial.................................... 52,400 1,719
Morgan Stanley Dean Witter.............................. 20,100 2,060
U.S. Bancorp............................................ 51,700 1,758
Washington Mutual....................................... 36,000 1,274
Wells Fargo............................................. 62,000 2,651
----------
27,034
----------
HEALTH CARE - 12.9%
Abbott Laboratories..................................... 61,800 2,812
Bristol-Myers Squibb.................................... 48,600 3,423
Guidant................................................. 37,600 1,934
Health Management Associates*........................... 89,450 1,006
IMS Health.............................................. 52,000 1,625
Johnson & Johnson....................................... 21,000 2,058
Medtronic............................................... 30,600 2,383
Pfizer.................................................. 27,900 3,062
</TABLE>
The accompanying notes are an integral part of the financial statements.
23
<PAGE> 26
Schedule of Investments
<TABLE>
<CAPTION>
Market
Description Shares Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
HEALTH CARE (CONTINUED)
Schering-Plough................ 71,700 $ 3,800
Warner Lambert................. 29,600 2,054
Watson Pharmaceuticals*........ 52,000 1,823
----------
25,980
----------
TECHNOLOGY - 24.1%
At Home, Series A*............. 8,542 461
BMC Software*.................. 53,000 2,862
Cisco Systems*................. 107,050 6,885
Concord EFS*................... 21,450 908
EMC*........................... 35,800 1,969
Galileo International.......... 46,700 2,496
Intel.......................... 29,600 1,761
International Business
Machines..................... 33,400 4,317
Lucent Technologies............ 34,485 2,326
Microsoft*..................... 77,000 6,944
Oracle*........................ 70,000 2,599
RealNetworks*.................. 6,200 427
Sterling Commerce*............. 93,300 3,405
Sun Microsystems*.............. 38,400 2,645
Tellabs*....................... 35,600 2,405
Texas Instruments.............. 14,300 2,074
Xerox.......................... 71,800 4,241
----------
48,725
----------
TRANSPORTATION - 1.9%
ComAir Holdings................ 60,300 1,255
Southwest Airlines............. 82,950 2,582
----------
3,837
----------
UTILITIES - 2.2%
AES*........................... 24,600 1,430
Williams Companies............. 69,800 2,971
----------
4,401
----------
TOTAL COMMON STOCKS
(Cost $139,674).................. 202,090
----------
</TABLE>
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT - 2.2%
J.P. Morgan
4.950%, dated 06/30/99, matures
07/01/99, repurchase price
$4,444,029 (collateralized by
U.S. Government Agency
Instruments, total market
value: $4,532,287)............. $ 4,443 $ 4,443
----------
TOTAL REPURCHASE AGREEMENT
(Cost $4,443).................... 4,443
----------
TOTAL INVESTMENTS - 102.4%
(Cost $144,117).................. 206,533
----------
NET OTHER ASSETS AND LIABILITIES - (2.4)% (4,917)
----------
TOTAL NET ASSETS - 100.0%.......... $ 201,616
==========
</TABLE>
- ------------------------------------------------------
* Non-income producing security
The accompanying notes are an integral part of the financial statements.
24
<PAGE> 27
JUNE 30, 1999 (Unaudited)
Schedule of Investments
INTERNATIONAL EQUITY FUND(US)
[CHART]
<TABLE>
<CAPTION>
COMMUNICATION CONSUMER CONSUMER HEALTH CAPITAL BASIC
FINANCIAL SERVICES TECHNOLOGY STAPLES CYCLICALS CARE ENERGY GOODS MATERIALS
--------- ------------- ---------- -------- --------- ------ ------ ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
% of Total Net Assets 24.2 16.9 14.8 10.3 9.2 8.7 6.5 5.7 1.1
<CAPTION>
NET
OTHER
ASSETS
AND
UTILITIES LIABILITIES TRANSPORTATION
--------- ----------- --------------
<S> <C> <C> <C>
% of Total Net Assets 1.0 0.9 0.7
</TABLE>
<TABLE>
<CAPTION>
Market
Description Shares Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
FOREIGN COMMON STOCKS - 99.1%
AUSTRALIA - 2.9%
Australia and New Zealand Banking Group................. 187,376 $ 1,376
Brambles Industries..................................... 60,000 1,578
Telstra................................................. 250,000 1,431
----------
4,385
----------
FINLAND - 1.9%
Nokia Oyj............................................... 33,000 2,890
----------
FRANCE - 12.4%
Alstom*................................................. 47,100 1,480
Axa..................................................... 15,000 1,828
Elf Aquitaine........................................... 17,008 2,494
Groupe Danone........................................... 7,500 1,932
L'OREAL................................................. 2,300 1,553
Sanofi-Synthelabo....................................... 40,312 1,709
STMicroelectronics...................................... 40,000 2,662
Total Fina, Series B.................................... 17,000 2,191
Vivendi................................................. 37,656 3,048
----------
18,897
----------
</TABLE>
<TABLE>
Market
Description Shares Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
GERMANY - 8.4%
Allianz................................................. 7,200 $ 1,996
Bayer................................................... 40,000 1,665
Deutsche Bank........................................... 27,777 1,693
HypoVereinsbank......................................... 20,000 1,298
Mannesmann.............................................. 22,000 3,280
SAP..................................................... 3,500 1,183
Volkswagen.............................................. 25,000 1,600
----------
12,715
----------
HONG KONG - 2.2%
HSBC Holdings........................................... 62,368 2,275
Hutchison Whampoa....................................... 110,000 996
----------
3,271
----------
IRELAND - 2.0%
Allied Irish Banks...................................... 101,180 1,330
CRH..................................................... 100,825 1,782
----------
3,112
----------
ITALY - 3.4%
Assicurazioni Generali.................................. 43,500 1,506
Telecom Italia.......................................... 230,000 2,389
Telecom Italia Moblie................................... 200,000 1,193
----------
5,088
----------
JAPAN - 16.8%
Canon................................................... 90,000 2,590
Fujitsu................................................. 100,000 2,013
Ito-Yokado.............................................. 30,000 2,009
Kao..................................................... 70,000 1,968
Matsushita Electric Industrial.......................... 100,000 1,943
Nippon Telegraph & Telephone............................ 272 3,171
Orix.................................................... 20,000 1,786
Rohm.................................................... 12,000 1,867
Secom................................................... 20,000 2,084
Sony.................................................... 20,000 2,158
Takeda Chemical Industries.............................. 40,000 1,855
Toshiba................................................. 290,000 2,069
----------
25,513
----------
MALAYSIA - 0.7% (NOTE 2)
Genting................................................. 60,000 229
Malayan Banking......................................... 110,000 330
Sime Darby.............................................. 180,000 236
Telekom Malaysia........................................ 90,000 336
----------
1,131
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
25
<PAGE> 28
Schedule of Investments
<TABLE>
<CAPTION>
Market
Description Shares Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
NETHERLANDS - 9.6%
AEGON.......................... 31,440 $ 2,279
Akzo Nobel..................... 16,000 673
ASM Lithography Holding*....... 45,000 2,601
Fortis......................... 50,000 1,543
Getronics...................... 35,000 1,345
ING Groep...................... 40,000 2,164
Koninklijke Ahold.............. 70,247 2,417
Wolters Kluwer................. 40,000 1,591
----------
14,613
----------
NEW ZEALAND - 2.1%
Telecom Corporation of New
Zealand...................... 735,802 3,156
----------
PORTUGAL - 2.2%
Jeronimo Martins, SGPS......... 51,996 1,716
Portugal Telecom, Registered... 40,000 1,626
Portugal Telecom, RTS (expires
07/08/99)*................... 40,000 --
----------
3,342
----------
SPAIN - 4.0%
Banco Bilbao Vizcaya........... 135,000 1,949
Endesa......................... 75,000 1,598
Telefonica*.................... 53,060 2,554
----------
6,101
----------
SWEDEN - 5.3%
ABB AB, Class B................ 22,386 2,097
Ericsson LM, Class B........... 80,000 2,568
Skandia Forsakrings............ 100,000 1,873
WM-Data, Class B............... 40,000 1,527
----------
8,065
----------
SWITZERLAND - 7.0%
Adecco......................... 2,500 1,324
Credit Suisse, Registered...... 10,000 1,729
Nestle, Registered............. 1,200 2,161
Novartis, Registered........... 1,103 1,610
Roche Holding, Class GS........ 200 2,054
Zurich Allied.................. 3,000 1,705
----------
10,583
----------
</TABLE>
<TABLE>
<CAPTION>
Market
Description Shares Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
UNITED KINGDOM - 18.2%
BAA............................ 114,880 $ 1,105
BP Amoco....................... 182,935 3,279
Cable & Wireless............... 106,209 1,354
Glaxo Wellcome................. 100,653 2,797
Lloyds TSB Group............... 130,091 1,764
Pearson........................ 100,000 2,032
Prudential..................... 175,643 2,586
Rentokil Initial............... 250,000 973
Shell Transport & Trading...... 250,000 1,876
SmithKline Beecham............. 193,898 2,521
Standard Chartered............. 151,872 2,480
Unilever....................... 214,285 1,908
Vodafone Group................. 150,000 2,955
----------
27,630
----------
TOTAL FOREIGN COMMON STOCKS
(Cost $109,708).................. 150,492
----------
TOTAL INVESTMENTS - 99.1%
(Cost $109,708).................. 150,492
----------
NET OTHER ASSETS AND LIABILITIES - 0.9% 1,357
----------
TOTAL NET ASSETS - 100.0%.......... $ 151,849
==========
</TABLE>
- ------------------------------------------------------
* Non-income producing security
RTS Rights
The accompanying notes are an integral part of the financial statements.
26
<PAGE> 29
JUNE 30, 1999 (Unaudited)
Schedule of Investments
SMALL CAP GROWTH FUND(US)
[CHART]
<TABLE>
<CAPTION>
CONSUMER CONSUMER HEALTH CAPITAL BASIC
TECHNOLOGY CYCLICALS STAPLES CARE FINANCIAL GOODS TRANSPORTATION MATERIALS
---------- --------- -------- ------ --------- ------- -------------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
% of Total Net Assets 30.9 23.5 11.3 9.1 8.7 7.6 3.4 2.2
<CAPTION>
REPURCHASE
AGREEMENT
AND NET
OTHER
ASSETS
COMMUNICATION AND
SERVICES ENERGY LIABILITIES
------------- ------ -----------
<S> <C> <C> <C>
% of Total Net Assets 1.7 1.3 0.3
</TABLE>
<TABLE>
<CAPTION>
Market
Description Shares Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 99.7%
BASIC MATERIALS - 2.2%
Spartech................................................ 26,750 $ 846
----------
CAPITAL GOODS - 7.6%
Applied Power........................................... 15,200 415
NCI Building Systems*................................... 25,000 534
Stericycle *............................................ 8,950 121
Teleflex................................................ 15,000 652
Tetra Tech*............................................. 32,843 542
Zebra Technologies, Class A*............................ 18,600 715
----------
2,979
----------
COMMUNICATION SERVICES - 1.7%
Transaction Network Service*............................ 22,300 652
----------
CONSUMER CYCLICALS - 23.5%
Acxiom*................................................. 28,250 704
American Management Systems*............................ 15,600 500
Catalina Marketing*..................................... 10,300 948
CCC Information Services Group*......................... 21,350 275
Daisytek International*................................. 17,950 293
DeVry*.................................................. 14,600 327
Family Dollar Stores.................................... 19,800 475
Gentex*................................................. 34,850 976
HA-LO Industries*....................................... 31,650 313
MemberWorks*............................................ 8,850 257
NFO Worldwide*.......................................... 18,050 253
</TABLE>
<TABLE>
<CAPTION>
Market
Description Shares Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER CYCLICALS (CONTINUED)
Profit Recovery Group International*.................... 16,550 $ 783
QRS*.................................................... 13,350 1,041
Superior Services*...................................... 21,650 578
Tarrant Apparel Group*.................................. 24,300 553
Tiffany & Company....................................... 8,850 854
----------
9,130
----------
CONSUMER STAPLES - 11.3%
Casey's General Stores.................................. 26,800 402
Consolidated Graphics*.................................. 15,300 765
Emmis Communications*................................... 6,900 341
G & K Services, Class A................................. 7,200 377
Patterson Dental*....................................... 16,050 558
Suiza Foods*............................................ 9,350 392
United Natural Foods*................................... 14,000 347
USA Networks*........................................... 15,200 610
Whole Foods Market*..................................... 12,350 594
----------
4,386
----------
ENERGY - 1.3%
Atwood Oceanics*........................................ 16,900 528
----------
FINANCIAL - 8.7%
Century Business Services*.............................. 27,050 392
Cousins Properties...................................... 10,800 365
Duff & Phelps Credit Rating............................. 4,350 291
E*TRADE Group*.......................................... 1,800 72
E.W. Blanch Holdings.................................... 5,200 354
HCC Insurance Holdings.................................. 20,300 460
Hudson United Bancorp................................... 12,050 369
Jones Lang LaSalle*..................................... 13,600 405
Radian Group............................................ 5,300 259
Reinsurance Group of America............................ 11,550 407
----------
3,374
----------
HEALTH CARE - 9.1%
Advance Paradigm*....................................... 8,600 525
Barr Laboratories*...................................... 9,350 373
Express Scripts, Class A*............................... 11,150 671
IDEXX Laboratories*..................................... 16,550 386
KV Pharmaceutical, Class A*............................. 11,550 179
PSS World Medical*...................................... 42,250 473
Sabratek*............................................... 19,950 436
Xomed Surgical Products*................................ 10,450 509
----------
3,552
----------
TECHNOLOGY - 30.9%
Avant*.................................................. 20,950 264
BISYS Group*............................................ 12,400 725
CNET*................................................... 5,400 311
Harbinger Corp.......................................... 33,050 413
hi/fn*.................................................. 7,515 572
</TABLE>
The accompanying notes are an integral part of the financial statements.
27
<PAGE> 30
Schedule of Investments
<TABLE>
<CAPTION>
Market
Description Shares Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
TECHNOLOGY (CONTINUED)
HNC Software*.................. 13,900 $ 428
Hyperion Solutions*............ 20,100 358
INSpire Insurance Solutions*... 16,400 238
Mercury Interactive*........... 14,150 501
Microchip Technology*.......... 10,050 476
Micros Systems*................ 16,700 568
National Computer Systems...... 10,650 359
National Data.................. 15,700 671
New Era of Networks*........... 9,160 402
Pervasive Software*............ 22,250 553
PMC-Sierra*.................... 19,250 1,135
RealNetworks*.................. 1,700 117
Rogue Wave Software*........... 19,600 179
SEI Investments................ 2,500 221
Symbol Technologies............ 15,225 561
TSI International Software*.... 14,700 417
VeriSign*...................... 2,000 173
VERITAS Software*.............. 7,480 710
Verity*........................ 11,700 634
Vitesse Semiconductor*......... 8,600 580
Wind River Systems*............ 30,200 485
----------
12,051
----------
TRANSPORTATION - 3.4%
Coach USA*..................... 7,000 293
Expeditors International of
Washington................... 32,100 875
Knight Transportation*......... 7,550 161
----------
1,329
----------
TOTAL COMMON STOCKS
(Cost $33,288)................... 38,827
----------
</TABLE>
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT - 1.1%
J.P. Morgan
4.950%, dated 06/30/99, matures
07/01/99, repurchase price
$412,634 (collateralized by
U.S. Government Agency
Instruments, total market
value: $420,829)............... $ 413 $ 413
----------
TOTAL REPURCHASE AGREEMENT
(Cost $413)...................... 413
----------
TOTAL INVESTMENTS - 100.8%
(Cost $33,701)................... 39,240
----------
NET OTHER ASSETS AND LIABILITIES - (0.8)% (312)
----------
TOTAL NET ASSETS - 100.0%.......... $ 38,928
==========
</TABLE>
- ------------------------------------------------------
* Non-income producing security
The accompanying notes are an integral part of the financial statements.
28
<PAGE> 31
JUNE 30, 1999 (Unaudited)
Schedule of Investments
REAL ESTATE FUND(US)
[CHART]
<TABLE>
<CAPTION>
OFFICE REPURCHASE
PROPERTIES RESIDENTIAL RETAIL INDUSTRIAL HOTELS DIVERSIFIED AGREEMENT LAND
---------- ----------- ------ ---------- ------ ----------- ---------- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
% of Total Net Assets 25.8 20.9 19.2 9.8 8.1 8.0 3.5 2.1
<CAPTION>
NET
OTHER
ASSETS
AND
STORAGE LIABILITIES
------- -----------
<S> <C> <C>
% of Total Net Assets 1.8 0.8
</TABLE>
<TABLE>
<CAPTION>
Market
Description Shares Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 95.7%
DIVERSIFIED - 8.0%
Colonial Properties Trust............................... 5,300 $ 150
Crescent Real Estate Equities........................... 5,100 121
Pacific Gulf Properties................................. 1,900 43
Reckson Service Industries*............................. 1,440 22
Vornado Operating*...................................... 430 3
Vornado Realty Trust.................................... 8,600 304
----------
643
----------
HOTELS - 8.1%
Host Marriott........................................... 14,000 166
Interstate Hotels*...................................... 666 3
Starwood Hotels & Resorts............................... 12,600 385
Wyndham Hotel........................................... 20,000 90
----------
644
----------
INDUSTRIAL - 9.8%
Centerpoint Properties.................................. 6,900 253
Duke Realty Investments................................. 7,800 176
Prologis Trust.......................................... 12,000 243
Weeks................................................... 3,500 107
----------
779
</TABLE>
<TABLE>
Market
Description Shares Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
----------
LAND - 2.1%
Catellus Development*................................... 10,600 $ 164
----------
OFFICE PROPERTIES - 25.8%
Alexandria Real Estate.................................. 5,100 159
Arden Realty............................................ 6,100 150
Boston Properties....................................... 8,000 287
Equity Office Properties Trust.......................... 20,800 533
Highwoods Properties.................................... 5,200 143
Parkway Properties...................................... 2,500 83
Reckson Associates Realty............................... 8,500 200
Spieker Properties...................................... 6,300 245
Trizec Hahn............................................. 12,800 261
----------
2,061
----------
RESIDENTIAL - 20.9%
Apartment Investment & Management....................... 3,700 158
Archstone Communities Trust............................. 10,500 230
Avalon Bay Communities.................................. 6,864 254
BRE Properties, Class A................................. 8,900 231
Equity Residential Properties Trust..................... 9,300 419
Manufactured Home Communities........................... 8,100 211
Post Properties......................................... 4,100 168
----------
1,671
----------
RETAIL - 19.2%
CBL & Associates Properties............................. 4,000 106
Chelsea GCA Realty...................................... 1,200 44
Developers Diversified Realty........................... 7,000 116
Federal Realty Investment Trust......................... 4,100 94
General Growth Properties............................... 2,300 82
Kimco Realty............................................ 7,200 282
Mills Corporation....................................... 7,000 152
Pan Pacific Retail Properties........................... 7,200 140
Rouse................................................... 4,500 114
Simon Property Group.................................... 9,500 241
Tanger Factory Outlet Centers........................... 1,200 31
Weingarten Realty Investors............................. 3,200 134
----------
1,536
----------
STORAGE - 1.8%
Shurgard Storage Centers................................ 5,400 146
----------
TOTAL COMMON STOCKS
(Cost $7,768)............................................. 7,644
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
29
<PAGE> 32
Schedule of Investments
<TABLE>
<CAPTION>
Face Market
Description Amount (000) Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT - 3.5%
Morgan Stanley
4.500%, dated 06/30/99, matures
07/01/99, repurchase price
$282,526 (collateralized by
U.S. Treasury Note, total
market value: $289,582)........ $ 282 $ 282
----------
TOTAL REPURCHASE AGREEMENT
(Cost $282)...................... 282
----------
TOTAL INVESTMENTS - 99.2%
(Cost $8,050).................... 7,926
----------
NET OTHER ASSETS AND
LIABILITIES - 0.8% ................ 63
----------
TOTAL NET ASSETS - 100.0%.......... $ 7,989
==========
</TABLE>
- ------------------------------------------------------
* Non-income producing security
The accompanying notes are an integral part of the financial statements.
30
<PAGE> 33
JUNE 30, 1999 (Unaudited)
Schedule of Investments
ASIAN TIGERS FUND(US)
[CHART]
<TABLE>
<CAPTION>
NET
OTHER
ASSETS
CONSUMER REAL AND MUTUAL
UTILITIES FINANCIAL STAPLES TECHNOLOGY ESTATE LIABILITIES TRANSPORTATION FUNDS
--------- --------- -------- ---------- ------ ----------- -------------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
% of Total Net Assets 26.9 24.7 14 9.9 8.6 4.0 3.8 2.9
<CAPTION>
CONSUMER
AGRICULTURE OIL/ENERGY SERVICES CHEMICALS/DRUGS METALS/MINING
----------- ---------- -------- --------------- -------------
<S> <C> <C> <C> <C> <C>
% of Total Net Assets 1.5 1.1 1.1 0.7 0.8
</TABLE>
<TABLE>
<CAPTION>
Market
Description Shares Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
FOREIGN COMMON STOCKS - 95.7%
HONG KONG - 26.8%
Beijing Datang Power Generation......................... 560,000 $ 180
Cathay Pacific Airways.................................. 101,000 155
Cheung Kong Holdings.................................... 121,000 1,076
China Resources Enterprises............................. 65,000 115
China Telecom*.......................................... 70,000 194
Citic Pacific........................................... 72,000 230
CLP Holdings............................................ 144,000 700
Hang Seng Bank.......................................... 99,000 1,107
Henderson Land Development.............................. 56,000 322
Hong Kong & China Gas................................... 205,952 299
Hong Kong & China Gas, WTS* (Expires 09/30/99).......... 11,159 2
Hong Kong Electric Holdings............................. 106,000 342
Hong Kong Telecommunications............................ 529,800 1,376
HSBC Holdings........................................... 32,000 1,167
Hutchison Whampoa....................................... 174,000 1,575
Johnson Electric Holdings............................... 141,600 584
New World Development................................... 57,000 171
SmarTone Telecommunications Holdings.................... 54,000 192
Sun Hung Kai Properties................................. 109,000 994
Swire Pacific, Class A.................................. 101,000 500
Varitronix International................................ 105,000 218
----------
11,499
----------
</TABLE>
<TABLE>
Market
Description Shares Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
INDIA - 8.3%
EIH, GDR*............................................... 5,000 $ 22
Gujart Ambuja Cements, GDR.............................. 15,000 120
Hindalco Industries, GDR (A)............................ 18,000 350
ITC, GDR................................................ 54,500 1,534
Larsen & Toubro, GDR.................................... 15,000 231
Mahanagar Telephone Nigam, GDR*......................... 31,000 307
Mahindra & Mahindra, GDR................................ 10,000 67
Ranbaxy Laboratories, GDR............................... 18,000 298
Reliance Industries, GDR................................ 15,000 151
State Bank of India, GDR................................ 15,500 190
Videsh Sanchar Nigam, GDR............................... 22,000 282
----------
3,552
----------
INDONESIA - 2.8%
PT Astra International*................................. 98,000 45
PT Gudang Garam......................................... 78,500 212
PT Hanjaya Mandala Sampoerna*........................... 26,000 59
PT Indah Kiat Pulp & Paper.............................. 375,805 174
PT Indah Kiat Pulp & Paper WTS* (Expires 07/11/02)...... 29,288 9
PT Indofood Sukses Makmur*.............................. 156,000 212
PT Semen Gresik (Persero)............................... 44,100 96
PT Telekomunikasi Indonesia............................. 586,320 338
PT Telekomunikasi Indonesia(A).......................... 60,000 35
----------
1,180
----------
MALAYSIA - 4.0% (NOTE 2)
Malakoff................................................ 105,000 279
Nestle.................................................. 22,000 87
Petronas Gas............................................ 35,000 83
Puncak Niaga Holding*................................... 50,000 45
Rothmans of Pall Mall................................... 34,600 262
Sime Darby.............................................. 330,000 432
Sime UEP Properties..................................... 45,000 58
Telekom Malaysia........................................ 25,000 93
Tenaga Nasional......................................... 160,000 368
----------
1,707
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
31
<PAGE> 34
Schedule of Investments
<TABLE>
<CAPTION>
Market
Description Shares Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
PHILIPPINES - 3.0%
Ayala Land..................... 390,000 $ 123
Belle WTS* (Expires 10/06/00).. 100,000 2
Manila Electric, Class B....... 47,920 173
Metropolitan Bank & Trust...... 30,000 300
Petron......................... 375,000 40
Philippine Long Distance
Telephone.................... 4,500 137
Philippine Long Distance
Telephone, ADR............... 6,000 181
San Miguel, Class B............ 67,595 147
SM Prime Holdings.............. 847,000 191
----------
1,294
----------
SINGAPORE - 11.0%
Allgreen Properties*........... 80,000 86
City Developments.............. 64,600 414
DBS Land....................... 73,000 146
Development Bank of Singapore
(F).......................... 45,300 554
Hong Leong Finance (F)......... 50,000 115
Nasteel Electronics............ 67,000 293
Overseas Chinese Banking (F)... 65,160 544
Overseas Union Bank (F)........ 24,000 116
Singapore Airlines (F)......... 71,000 676
Singapore Press Holdings....... 28,082 483
Singapore Tech Engineering..... 159,000 180
Singapore Telecommunications... 455,000 781
United Overseas Bank (F)....... 48,000 336
----------
4,724
----------
SOUTH KOREA - 20.2%
Housing & Commercial Bank, GDR
(A)*......................... 11,146 345
Kookmin Bank, GDR (A).......... 41,719 849
Korea Electric Power, ADR...... 98,100 2,011
Korea Telecom, ADR*............ 13,000 520
Pohang Iron & Steel, ADR....... 60,000 2,017
Samsung Electronics, GDR (A)... 33,273 1,782
Shinhan Bank, GDR*............. 12,000 267
SK Telecom, ADR (A)............ 50,658 861
----------
8,652
----------
TAIWAN - 14.0%
Accton Technology, GDR*........ 89,608 410
Acer, GDR...................... 70,000 874
Ase Test*...................... 35,000 753
China Steel.................... 31,400 480
Evergreen Marine, GDR*......... 36,050 667
Standard Foods Taiwan, GDR*.... 24,691 193
</TABLE>
<TABLE>
<CAPTION>
Market
Description Shares Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
TAIWAN (CONTINUED)
Taiwan Fund.................... 37,500 $ 778
Taiwan Index Fund*............. 40,000 490
Taiwan Semiconductor
Manufacturing*, ADR.......... 39,500 1,343
----------
5,988
----------
THAILAND - 5.6%
Advanced Info Service (F)*..... 15,000 203
Bangkok Bank (F)*.............. 80,000 299
BEC World...................... 45,000 278
Industrial Finance (F)*........ 300,000 191
PTT Exploration & Production
(F)*......................... 48,000 367
Siam Cement (F)*............... 10,000 304
TelecomAsia (F)*............... 300,000 303
Thai Farmers Bank (F)*......... 150,000 464
----------
2,409
----------
TOTAL FOREIGN COMMON STOCKS
(Cost $31,938)................... 41,005
----------
FOREIGN PREFERRED STOCK - 0.3%
THAILAND - 0.3%
Siam Commercial Bank*.......... 100,000 142
----------
TOTAL FOREIGN PREFERRED STOCK
(Cost $161)...................... 142
----------
TOTAL INVESTMENTS - 96.0%
(Cost $32,099)................... 41,147
----------
NET OTHER ASSETS AND LIABILITIES - 4.0% 1,702
----------
TOTAL NET ASSETS - 100.0%.......... $ 42,849
==========
</TABLE>
- ------------------------------------------------------
* Non-income producing security
(A) Securities exempt from registration pursuant to Rule 144A
under the Securities Act of 1933, as amended. These securities may be
resold, in transactions exempt from registration, to qualified
institutional buyers. At June 30, 1999, these securities amounted to
$4,221,677, or 9.9% of net assets.
(F) Foreign Registry Shares
ADR American Depositary Receipt
GDR Global Depositary Receipt
WTS Warrants
The accompanying notes are an integral part of the financial statements.
32
<PAGE> 35
JUNE 30, 1999 (Unaudited)
Schedule of Investments
LATIN AMERICA EQUITY FUND(US)
[CHART]
<TABLE>
<CAPTION>
BASIC CONSUMER CONSUMER REAL HEALTH
MATERIALS COMMUNICATIONS CYCLICALS STAPLES FINANCIALS ESTATE CARE UTILITIES
--------- -------------- --------- -------- ---------- ------ ------ ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
% of Total Net Assets 10.1 7.6 10.2 25.6 4.7 4.7 1.0 31.9
<CAPTION>
NET
OTHER
ASSETS
AND
ENERGY LIABILITIES
------ -----------
<S> <C> <C>
% of Total Net Assets 5.3 (1.1)
</TABLE>
<TABLE>
<CAPTION>
Market
Description Shares Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
FOREIGN COMMON STOCKS - 75.0%
ARGENTINA - 7.3%
Banco Hipotecario....................................... 22,000 $ 224
Cresud*................................................. 124,930 135
IRSA Inversiones y Representaciones, Class B............ 128,211 395
Perez Companc, Class B.................................. 50,300 289
Quilmes Industrial, ADR................................. 27,000 334
Telefonica de Argentina, ADR............................ 9,000 282
----------
1,659
----------
BRAZIL - 15.5%
Bompreco Supermercado, GDR.............................. 31,500 299
Celular CRT Participacoes, RTS*
(expires 07/08/99)(A)................................. 362,404 --
Centrais Electricas Brasileiras......................... 324,048 6
CIA Energetica de Minas Gerais.......................... 4,800,000 62
CIA Pao de Acucar, ADR.................................. 31,761 594
CIA Paranaense de Energia-Copel, ADR.................... 63,000 528
Empresa Brasileira de Aeronautica....................... 50,000 84
Tele Centro Sul Participacoes*.......................... 47,000,000 248
Tele Centro Sul Participacoes, ADR...................... 4,500 250
Tele Norte Leste Participacoes.......................... 21,000,000 192
Tele Norte Leste Participacoes, ADR..................... 16,000 297
</TABLE>
<TABLE>
Market
Description Shares Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
BRAZIL (CONTINUED)
Telecomunicacoes Brasileiras, ADR*(A)................... 4,000 $ --
Telesp Participacoes.................................... 26,000,000 335
Telesp Participacoes, ADR............................... 15,000 343
Uniao de Bancos Brasileiros, GDR........................ 12,000 289
----------
3,527
----------
CHILE - 6.8%
Chilectra, ADR.......................................... 7,000 152
CIA Telecommunicaciones de Chile, ADR................... 9,125 226
Embotelladora Andina, ADR, Class A...................... 21,000 420
Laboratorio Chile, ADR.................................. 12,300 221
Santa Isabel, ADR*...................................... 15,000 152
Vina Concha y Toro, ADR................................. 10,500 378
----------
1,549
----------
MEXICO - 39.0%
Alfa, Class A........................................... 87,000 361
Apasco.................................................. 36,000 235
Carso Global Telecom, Class A1*......................... 76,000 481
Cemex................................................... 129,802 639
Consorcio ARA*.......................................... 58,000 233
Corporacion GEO, Series B*.............................. 105,000 445
Corporacion Interamericana de Entretenimiento, Class
B*..................................................... 109,000 355
Fomento Economico Mexicano, ADR......................... 20,000 798
Grupo Continental....................................... 140,000 219
Grupo Financiero Bancomer, L Shares..................... 1,628,000 588
Grupo Modelo, Series C.................................. 85,000 242
Grupo Posadas, Series L*................................ 377,000 260
Grupo Televisa, GDR*.................................... 7,000 314
Organizacion Soriana, Class B........................... 145,000 681
Pepsi-Gemex, GDR*....................................... 30,000 274
Sigma Alimentos, Series B............................... 133,447 325
Telefonos de Mexico, ADR, Class L....................... 30,000 2,424
----------
8,874
----------
PERU - 3.7%
CIA de Minas Buenaventura, ADR.......................... 17,000 260
CIA Minera Milpo........................................ 46,616 168
Minsur.................................................. 97,582 208
Telefonica de Peru, ADR................................. 13,500 204
----------
840
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
33
<PAGE> 36
Schedule of Investments
<TABLE>
<CAPTION>
Market
Description Shares Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
VENEZUELA - 2.7%
CIA Anonima Nacional Telefonos
de Venezuela, ADR............ 23,000 $ 627
----------
TOTAL FOREIGN COMMON STOCKS
(Cost $15,729)................... 17,076
----------
FOREIGN PREFERRED STOCKS - 26.1%
BRAZIL - 26.1%
Banco do Estado de Sao Paulo... 9,200,000 392
Celular CRT Participacoes*..... 860,000 115
Centrais Electricas
Brasileiras.................. 45,175,952 911
CIA Cervejaria Brahma.......... 600,000 339
CIA Paulista de Forca e
Luz*(A)...................... 4,843 --
CIA Riograndense de
Telecomunicacoes............. 1,633,000 396
CIA Vale do Rio Doce, Class
A............................ 31,000 609
CIA Vale do Rio Doce, Class B*
(A).......................... 25,000 --
Confab Industrial.............. 339,000 293
Empresa Brasileira de
Aeronautica.................. 55,000 93
Industrias Klabin de Papel e
Celulose*.................... 510,000 259
Investimentos Itau............. 373,000 198
Multibras...................... 550,000 196
Petroleo Brasileiro............ 5,850,000 909
Sadia.......................... 520,000 323
Tele Centro Sul
Participacoes................ 10,000,000 110
Tele Norte Leste
Participacoes................ 11,800,000 215
Telecomunicacoes de Sao
Paulo........................ 2,019,543 240
Telesp Celular, Class B........ 7,000,000 348
----------
TOTAL FOREIGN PREFERRED STOCKS
(Cost $6,085).................... 5,946
----------
</TABLE>
<TABLE>
<CAPTION>
Market
Description Contracts Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
CALL OPTIONS PURCHASED(B) - 0.0%
ARGENTINA(B) - 0.0%
Banco Hipotecario Call Option*
(Strike price $7, expires
02/01/04).................... 55 $ 3
----------
TOTAL CALL OPTIONS PURCHASED
(Cost $3)........................ 3
----------
TOTAL INVESTMENTS - 101.1%
(Cost $21,817)................... 23,025
----------
NET OTHER ASSETS AND LIABILITIES - (1.1)% (261)
----------
TOTAL NET ASSETS - 100.0%.......... $ 22,764
==========
</TABLE>
- ------------------------------------------------------
* Non-income producing security
(A) Less than $500 at market value.
(B) Rounds to less than 0.1%.
ADR American Depositary Receipt
GDR Global Depositary Receipt
RTS Rights
The accompanying notes are an integral part of the financial statements.
34
<PAGE> 37
JUNE 30, 1999 (Unaudited)
Schedule of Investments
SMALL CAP VALUE FUND(US)
[CHART]
<TABLE>
<CAPTION>
BASIC CAPITAL CONSUMER CONSUMER HEALTH
MATERIALS GOODS CYCLICALS STAPLES ENERGY FINANCIAL CARE TECHNOLOGY TRANSPORTATION
--------- ------- --------- -------- ------ --------- ------ ---------- --------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
% of Total Net Assets 7.3 3 17.1 2.2 1.8 38.5 2.3 8.3 4.0
<CAPTION>
NET
OTHER
UNIT ASSETS
INVESTMENT REPURCHASE AND
UTILITIES TRUST AGREEMENT LIABILITIES
--------- ---------- ---------- -----------
<S> <C> <C> <C> <C>
% of Total Net Assets 2.8 4.3 7.9 0.5
</TABLE>
<TABLE>
<CAPTION>
Market
Description Shares Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 87.3%
BASIC MATERIALS - 7.3%
Armco*.................................................. 23,000 $ 152
Lilly Industries........................................ 12,050 224
Lone Star Industries.................................... 4,800 180
Southdown............................................... 3,200 206
----------
762
----------
CAPITAL GOODS - 3.0%
HON Industries.......................................... 7,000 204
Terex*.................................................. 3,500 107
----------
311
----------
CONSUMER CYCLICALS - 17.1%
Advo Systems*........................................... 5,600 116
Borg Warner Automotive.................................. 3,500 192
D. R. Horton............................................ 3,300 55
Dollar Thrifty Automotive*.............................. 13,400 312
Education Management*................................... 16,000 332
Furniture Brands International*......................... 9,300 259
Mohawk Industries*...................................... 8,450 257
Pulitzer................................................ 2,900 141
Webb (Del E.)........................................... 5,110 122
----------
1,786
----------
CONSUMER STAPLES - 2.2%
Merrill................................................. 16,150 234
----------
</TABLE>
<TABLE>
Market
Description Shares Value (000)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
ENERGY - 1.8%
Veritas DGC*............................................ 10,200 $ 187
----------
FINANCIAL - 38.5%
Associated Banc......................................... 4,400 183
Chicago Title........................................... 4,600 164
Colonial BancGroup...................................... 13,200 184
Community First Bankshares.............................. 7,000 167
Federated Investors, Class B............................ 19,200 344
First American Financial................................ 9,700 173
Golden State Bancorp*................................... 10,800 238
Hudson United Bancorp................................... 7,040 216
John Hancock Bank & Thrift Opportunity.................. 17,000 161
Liberty Financial....................................... 5,300 154
Peoples Bancorp......................................... 28,200 281
Peoples Bancshares...................................... 3,491 71
Peoples Bank Bridgeport................................. 10,680 325
Peoples Heritage Financial Group........................ 16,400 309
Prosperity Bancshares*.................................. 8,000 117
Reliance Bancorp........................................ 9,200 254
Roslyn Bancorp.......................................... 11,400 196
Staten Island Bancorp................................... 8,100 146
US Bancorp (PA)......................................... 3,730 59
Webster Financial....................................... 5,210 141
WSFS Financial.......................................... 9,500 139
----------
4,022
----------
HEALTH CARE - 2.3%
OEC Medical Systems*.................................... 10,100 247
----------
TECHNOLOGY - 8.3%
Best Software*.......................................... 15,600 252
Kronos*................................................. 5,650 257
National Data........................................... 4,100 175
Pioneer Standard Electronics............................ 15,400 185
----------
869
----------
TRANSPORTATION - 4.0%
Covenant Transport*..................................... 13,600 214
US Freightways.......................................... 4,450 206
----------
420
----------
UTILITIES - 2.8%
E' Town................................................. 3,100 142
Public Service Company of New Mexico.................... 7,500 149
----------
291
----------
TOTAL COMMON STOCKS
(Cost $8,594)............................................. 9,129
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
35
<PAGE> 38
Schedule of Investments
<TABLE>
<CAPTION>
Shares/Face Market
Description Amount (000) Value (000)
- ---------------------------------------------------------------
<S> <C> <C>
UNIT INVESTMENT TRUST - 4.3%
S & P 400 Mid-Cap Depositary
Receipts..................... 5,700 $ 447
----------
TOTAL UNIT INVESTMENT TRUST
(Cost $390)...................... 447
----------
REPURCHASE AGREEMENT - 7.9%
J.P. Morgan
4.64%, dated 06/30/99, matures
07/01/99, repurchase price
$827,651 (collateralized by
U.S. Government Agency
Instruments, total market
value: $851,711)............... $ 828 828
----------
TOTAL REPURCHASE AGREEMENT
(Cost $828)...................... 828
----------
TOTAL INVESTMENTS - 99.5%
(Cost $9,812).................... 10,404
----------
NET OTHER ASSETS AND LIABILITIES - 0.5% 49
----------
TOTAL NET ASSETS - 100.0%.......... $ 10,453
==========
</TABLE>
- ------------------------------------------------------
* Non-income producing security
(PA) Pennsylvania
The accompanying notes are an integral part of the financial statements.
36
<PAGE> 39
(This page intentionally left blank)
37
<PAGE> 40
Statement of Assets and Liabilities (000)
June 30, 1999
<TABLE>
<CAPTION>
Intermediate
Government
Treasury Government Tax-Exempt Fixed
Money Market Money Market Money Market Money Market Fixed Income Income
Fund Fund Fund Fund Fund Fund
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investment securities at cost.......... $160,916 $306,706 $1,044,820 $282,648 $163,823 $37,069
Repurchase agreements.................. 140,477 187,014 196,769 21,314 2,802 760
Net unrealized appreciation
(depreciation)....................... -- -- -- -- (3,911) (392)
-------- -------- ---------- -------- -------- -------
Total investments at value............. 301,393 493,720 1,241,589 303,962 162,714 37,437
Cash................................... -- -- -- -- -- --
Foreign currency (Cost $528 and $26,
respectively)........................ -- -- -- -- -- --
Receivable for investments sold........ -- -- -- -- 3,529 --
Receivable for shares sold............. 1 5 571 1 -- 33
Dividends and interest receivable...... 2,491 2,125 5,773 1,819 2,013 528
Tax reclaim receivable................. -- -- -- -- -- --
Deferred organizational cost........... -- -- -- -- -- --
Other Assets........................... 35 37 63 -- 2 --
-------- -------- ---------- -------- -------- -------
Total assets........................... 303,920 495,887 1,247,996 305,782 168,258 37,998
-------- -------- ---------- -------- -------- -------
LIABILITIES:
Distribution payable................... 1,023 1,208 3,704 563 762 152
Payable due to custodian............... 719 -- -- 10 -- 6
Payable for investment securities
purchased............................ -- -- 19,992 6,447 5,940 --
Foreign currency (Cost $17 and $100,
respectively)........................ -- -- -- -- -- --
Payable for portfolio shares
redeemed............................. -- 381 791 -- 199 13
Payable for depreciation on forward
foreign currency contracts........... -- -- -- -- -- --
Advisory fee payable................... 51 80 205 50 67 16
Administration fee payable............. 21 31 75 21 17 6
Trustees fee payable................... -- 1 2 -- -- --
Distribution fee (Note 3).............. 3 18 47 13 -- --
Shareholder servicing fee (Note 3)..... -- 5 21 -- -- --
Accrued expenses and other payables.... 14 18 38 9 21 15
-------- -------- ---------- -------- -------- -------
Total liabilities...................... 1,831 1,742 24,875 7,113 7,006 208
-------- -------- ---------- -------- -------- -------
NET ASSETS.............................. $302,089 $494,145 $1,223,121 $298,669 $161,252 $37,790
======== ======== ========== ======== ======== =======
NET ASSETS CONSIST OF:
Paid in capital........................ $302,084 $494,117 $1,223,117 $298,670 $167,108 $39,603
Undistributed (distributions in excess
of) net investment income............ 9 32 4 -- (7) (68)
Accumulated net realized gain (loss) on
investments sold, forward foreign
currency contracts, foreign currency
and futures contracts................ (4) (4) -- (1) (1,938) (1,353)
Net unrealized appreciation
(depreciation) on investments,
forward foreign currency contracts,
foreign currency and futures
contracts............................ -- -- -- -- (3,911) (392)
-------- -------- ---------- -------- -------- -------
TOTAL NET ASSETS....................... $302,089 $494,145 $1,223,121 $298,669 $161,252 $37,790
======== ======== ========== ======== ======== =======
SHARES OF BENEFICIAL INTEREST
Common Share Class:
Net Assets......................... $291,210 $416,985 $ 998,453 $231,209 $160,855 $37,742
======== ======== ========== ======== ======== =======
Shares of beneficial interest
outstanding...................... 291,206 416,955 998,453 231,210 16,295 3,765
======== ======== ========== ======== ======== =======
NET ASSET VALUE, OFFERING AND
REDEMPTION -- PRICE PER SHARE.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 9.87 $ 10.03
======== ======== ========== ======== ======== =======
Investor Share Class:
Net Assets......................... $ 10,879 $ 77,160 $ 224,668 $ 67,460 $ 397 $ 48
======== ======== ========== ======== ======== =======
Shares of beneficial interest
outstanding...................... 10,878 77,163 224,665 67,460 40 5
======== ======== ========== ======== ======== =======
NET ASSET VALUE, OFFERING AND
REDEMPTION -- PRICE PER SHARE.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 9.93 $ 10.02
======== ======== ========== ======== ======== =======
</TABLE>
The accompanying notes are an integral part of the financial statements.
38
<PAGE> 41
JUNE 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Tax-Exempt International International Small Cap
Fixed Income Fixed Income Balanced Value Growth Equity Growth Real Estate Asian Tigers
Fund Fund Fund Fund Fund Fund Fund Fund Fund
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$33,030 $15,671 $70,049 $151,397 $139,674 $109,708 $33,288 $7,768 $32,099
-- -- 2,226 4,202 4,443 -- 413 282 --
815 (793) 16,463 29,381 62,416 40,784 5,539 (124) 9,048
------- ------- ------- -------- -------- -------- ------- ------ -------
33,845 14,878 88,738 184,980 206,533 150,492 39,240 7,926 41,147
-- -- 5 -- -- -- -- -- 1,604
-- -- -- -- -- 520 -- -- 26
-- -- 251 -- -- 5,605 -- -- 884
-- 6 35 329 250 894 31 -- 381
336 281 410 282 92 164 6 53 39
-- 3 -- -- -- 172 -- -- --
-- -- -- -- -- -- -- 17 --
1 16 1 2 2 1 1 8 --
------- ------- ------- -------- -------- -------- ------- ------ -------
34,182 15,184 89,440 185,593 206,877 157,848 39,278 8,004 44,081
------- ------- ------- -------- -------- -------- ------- ------ -------
115 42 170 3,049 977 -- -- -- --
-- 39 -- -- 16 1,862 1 -- --
-- -- 1,034 -- 1,147 3,748 123 -- 731
-- 17 -- -- -- -- -- -- --
-- 22 164 2,164 2,947 199 177 -- 446
-- 10 -- -- -- -- -- -- --
14 10 50 120 128 124 25 4 33
7 5 16 26 28 24 9 1 10
-- -- -- -- -- -- -- -- --
-- -- 1 1 1 -- -- -- --
-- -- 1 1 1 -- -- -- --
13 14 17 27 16 42 15 10 12
------- ------- ------- -------- -------- -------- ------- ------ -------
149 159 1,453 5,388 5,261 5,999 350 15 1,232
------- ------- ------- -------- -------- -------- ------- ------ -------
$34,033 $15,025 $87,987 $180,205 $201,616 $151,849 $38,928 $7,989 $42,849
======= ======= ======= ======== ======== ======== ======= ====== =======
$34,454 $15,848 $71,028 $146,480 $133,697 $103,600 $39,377 $8,348 $47,117
-- 18 4 3 (148) (183) (190) 4 43
(1,236) (45) 492 4,341 5,651 7,666 (5,798) (239) (13,361)
815 (796) 16,463 29,381 62,416 40,766 5,539 (124) 9,050
------- ------- ------- -------- -------- -------- ------- ------ -------
$34,033 $15,025 $87,987 $180,205 $201,616 $151,849 $38,928 $7,989 $42,849
======= ======= ======= ======== ======== ======== ======= ====== =======
$33,670 $14,986 $84,438 $176,510 $197,915 $150,637 $38,421 $7,954 $42,606
======= ======= ======= ======== ======== ======== ======= ====== =======
3,307 1,560 6,804 12,849 11,067 7,680 3,253 913 4,569
======= ======= ======= ======== ======== ======== ======= ====== =======
$ 10.18 $ 9.61 $ 12.41 $ 13.74 $ 17.88 $ 19.61 $ 11.81 $ 8.71 $ 9.33
======= ======= ======= ======== ======== ======== ======= ====== =======
$ 363 $ 39 $ 3,549 $ 3,695 $ 3,701 $ 1,212 $ 507 $ 35 $ 243
======= ======= ======= ======== ======== ======== ======= ====== =======
36 4 285 269 208 62 44 3 26
======= ======= ======= ======== ======== ======== ======= ====== =======
$ 10.16 $ 9.57 $ 12.44 $ 13.73 $ 17.80 $ 19.51 $ 11.68 $11.11 $ 9.23
======= ======= ======= ======== ======== ======== ======= ====== =======
<CAPTION>
Latin America Small Cap
Equity Value
Fund Fund
- -------------------------
<S> <C>
$21,817 $ 8,984
-- 828
1,208 592
------- -------
23,025 10,404
-- --
-- --
1,723 67
20 --
179 8
-- --
4 --
-- --
------- -------
24,951 10,479
------- -------
19 --
1,913 2
117 --
98 --
1 --
-- --
18 7
7 3
-- --
-- --
-- --
14 14
------- -------
2,187 26
------- -------
$22,764 $10,453
======= =======
$27,029 $10,905
84 2
(5,524) (1,046)
1,175 592
------- -------
$22,764 $10,453
======= =======
$22,764 $10,131
======= =======
2,185 1,125
======= =======
$ 10.42 $ 9.00
======= =======
$ -- $ 322
======= =======
-- 36
======= =======
$ -- $ 8.81
======= =======
</TABLE>
39
<PAGE> 42
Statement of Operations (000)
For the Six Months Ended June 30, 1999
<TABLE>
<CAPTION>
Intermediate
Government
Treasury Government Tax-Exempt Fixed
Money Market Money Market Money Market Money Market Fixed Income Income
Fund Fund Fund Fund Fund Fund
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends.............................. $ -- $ -- $ -- $ -- $ -- $ --
Interest............................... 7,332 11,741 32,075 4,985 5,158 1,133
Less: foreign taxes withheld........... -- -- -- -- -- --
------ ------- ------- ------ ------- -------
Total investment income................ 7,332 11,741 32,075 4,985 5,158 1,133
------ ------- ------- ------ ------- -------
EXPENSES:
Investment advisory fees (Note 5)...... 545 476 2,240 558 498 118
Administration fees (Note 3)........... 252 377 980 259 146 49
Custody fees........................... 3 11 20 9 7 2
Transfer agency fees................... 15 19 33 16 13 11
Professional fees...................... 19 26 59 19 13 8
Registration & filing fees............. 7 3 36 14 6 1
Printing fees.......................... 10 17 45 10 6 1
Trustees fees.......................... 2 3 8 2 1 1
Distribution fees (Note 3)(1).......... 17 110 280 82 1 --
Shareholder servicing fees (Note
3)(2)................................ 17 109 276 82 1 --
Amortization of deferred organization
costs................................ -- -- -- -- -- --
Miscellaneous.......................... 63 64 88 31 2 5
------ ------- ------- ------ ------- -------
Total expenses before waivers.......... 950 1,215 4,065 1,082 694 196
Less: Investment advisory fees waived
(Note 5)........................... (233) -- (961) (239) (83) (20)
Less: Administration fees waived
(Note 3)........................... (125) (191) (512) (127) (41) (10)
Less: Shareholder servicing fees
waived (Note 3).................... (17) (79) (159) (82) -- --
------ ------- ------- ------ ------- -------
Net Expenses........................... 575 945 2,433 634 570 166
------ ------- ------- ------ ------- -------
NET INVESTMENT INCOME (LOSS)........... 6,757 10,796 29,642 4,351 4,588 967
------ ------- ------- ------ ------- -------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
Net realized gain (loss) from
securities transactions.............. 1 -- -- -- (1,917) 105
Net realized loss from foreign currency
transactions......................... -- -- -- -- -- --
Net change in unrealized appreciation
(depreciation) of investments........ -- -- -- -- (5,977) (1,321)
Net change in unrealized appreciation
(depreciation) of forward foreign
currency contracts, foreign currency
and futures contracts................ -- -- -- -- -- --
------ ------- ------- ------ ------- -------
Net gain (loss) on investments......... 1 -- -- -- (7,894) (1,216)
------ ------- ------- ------ ------- -------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS............ $6,758 $10,796 $29,642 $4,351 $(3,306) $ (249)
====== ======= ======= ====== ======= =======
</TABLE>
- ------------------------------------------------------
(1) All distribution fees are incurred at the Investor Share Class level.
(2) All shareholder servicing fees are incurred at the Investor Share Class
level.
The accompanying notes are an integral part of the financial statements.
40
<PAGE> 43
JUNE 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Tax-Exempt International International Small Cap
Fixed Income Fixed Income Balanced Value Growth Equity Growth Real Estate Asian Tigers
Fund Fund Fund Fund Fund Fund Fund Fund Fund
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ -- $ -- $ 468 $ 1,827 $ 712 $ 1,840 $ 38 $ 204 $ 276
886 320 802 79 132 2 17 6 28
-- (3) -- -- -- (213) -- -- (13)
------- ------- ------ ------- ------- ------- ------- ----- -------
886 317 1,270 1,906 844 1,629 55 210 291
------- ------- ------ ------- ------- ------- ------- ----- -------
105 65 292 705 768 716 162 36 169
47 33 89 152 165 131 51 25 47
2 4 6 7 6 49 4 1 22
9 10 12 13 12 13 11 10 11
6 7 8 14 14 12 8 7 8
5 -- 5 2 7 2 2 6 3
1 1 3 6 6 5 1 -- 1
-- -- 1 1 1 1 -- -- --
-- -- 4 3 4 1 1 -- --
-- -- 4 3 4 1 1 -- --
-- -- -- -- -- -- -- 2 --
3 4 2 6 5 6 4 1 2
------- ------- ------ ------- ------- ------- ------- ----- -------
178 124 426 912 992 937 245 88 263
(17) -- -- -- -- -- -- (11) --
(9) (4) -- -- -- -- -- (22) --
-- -- -- -- -- -- -- -- --
------- ------- ------ ------- ------- ------- ------- ----- -------
152 120 426 912 992 937 245 55 263
------- ------- ------ ------- ------- ------- ------- ----- -------
734 197 844 994 (148) 692 (190) 155 28
------- ------- ------ ------- ------- ------- ------- ----- -------
134 238 517 4,655 5,653 9,137 (3,565) (151) (1,527)
-- (283) -- -- -- (286) -- -- (92)
(1,307) (2,021) 4,462 19,428 6,081 (3,478) 1,760 441 13,169
-- (2) -- -- -- (48) -- -- 3
------- ------- ------ ------- ------- ------- ------- ----- -------
(1,173) (2,068) 4,979 24,083 11,734 5,325 (1,805) 290 11,553
------- ------- ------ ------- ------- ------- ------- ----- -------
$ (439) $(1,871) $5,823 $25,077 $11,586 $ 6,017 $(1,995) $ 445 $11,581
======= ======= ====== ======= ======= ======= ======= ===== =======
<CAPTION>
Latin America Small Cap
Equity Value
Fund Fund
- -------------------------
<C> <C>
$ 276 $ 63
-- 12
(5) --
------- -----
271 75
------- -----
95 35
36 28
36 1
5 10
7 4
4 1
1 --
-- --
-- --
-- --
1 --
2 1
------- -----
187 80
-- --
-- (21)
-- --
------- -----
187 59
------- -----
84 16
------- -----
(1,466) (382)
(125) --
6,512 787
(33) --
------- -----
4,888 405
------- -----
$ 4,972 $ 421
======= =====
</TABLE>
41
<PAGE> 44
Statement of Changes in Net Assets (000)
For the Six Months Ended June 30, 1999 (Unaudited) and for the Year Ended
December 31, 1998.
<TABLE>
<CAPTION>
Treasury
Money Market
Fund
- -----------------------------------------------------------------------------------
1999 1998
- -----------------------------------------------------------------------------------
<S> <C> <C>
OPERATIONS:
Net investment income..................................... $ 6,757 $ 11,042
Net realized gain (loss) from security and foreign
currency transactions................................... 1 1
Net change in unrealized appreciation (depreciation) on
investments and foreign currency related transactions... -- --
--------- ---------
Net increase (decrease) in net assets resulting from
operations.............................................. 6,758 11,043
--------- ---------
DIVIDENDS DISTRIBUTED FROM:
Net investment income:
Common Share Class...................................... (6,475) (10,402)
Investor Share Class.................................... (282) (640)
Net realized gains:
Common Share Class...................................... -- --
Investor Share Class.................................... -- --
--------- ---------
Total dividends distributed........................... (6,757) (11,042)
--------- ---------
CAPITAL SHARE TRANSACTIONS:
Common Share Class:
Proceeds from shares issued............................. 355,714 849,198
Shares issued in reinvestment of distributions.......... 207 328
Cost of shares repurchased.............................. (392,934) (710,064)
--------- ---------
Increase (decrease) in net assets derived from Common
Share Class transactions............................... (37,013) 139,462
--------- ---------
Investor Share Class:
Proceeds from shares issued............................. 53,179 111,616
Shares issued in reinvestment of distributions.......... 284 640
Cost of shares repurchased.............................. (60,209) (101,355)
--------- ---------
Increase (decrease) in net assets derived from Investor
Share Class transactions............................... (6,746) 10,901
--------- ---------
Increase (decrease) in net assets derived from capital
share transactions..................................... (43,759) 150,363
--------- ---------
Net increase (decrease) in net assets..................... (43,758) 150,364
NET ASSETS:
Beginning of period....................................... 345,847 195,483
--------- ---------
End of period............................................. $ 302,089 $ 345,847
========= =========
CAPITAL SHARE TRANSACTIONS:
Common Share Class:
Shares issued........................................... 355,714 849,198
Shares issued in reinvestment of distributions.......... 207 328
Shares repurchased...................................... (392,934) (710,064)
--------- ---------
Total Common Share Class transactions................. (37,013) 139,462
--------- ---------
Investor Share Class:
Shares issued........................................... 53,179 111,616
Shares issued in reinvestment of distributions.......... 284 640
Shares repurchased...................................... (60,209) (101,355)
--------- ---------
Total Investor Share Class transactions............... (6,746) 10,901
--------- ---------
Increase (decrease) in capital shares................. (43,759) 150,363
========= =========
</TABLE>
The accompanying notes are an integral part of the financial statements.
42
<PAGE> 45
JUNE 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Intermediate
Government
Government Tax-Exempt Fixed
Money Market Money Market Money Market Fixed Income Income
Fund Fund Fund Fund Fund
- -----------------------------------------------------------------------------------------------------------------------
1999 1998 1999 1998 1999 1998 1999 1998 1999 1998
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 10,796 $ 18,688 $ 29,642 $ 52,100 $ 4,351 $ 9,915 $ 4,588 $ 9,041 $ 967 $ 2,451
-- -- -- -- -- 6 (1,917) 2,974 105 1,003
-- -- -- -- -- -- (5,977) (798) (1,321) 399
- --------- --------- ---------- ---------- --------- --------- --------- --------- --------- ---------
10,796 18,688 29,642 52,100 4,351 9,921 (3,306) 11,217 (249) 3,853
- --------- --------- ---------- ---------- --------- --------- --------- --------- --------- ---------
(8,948) (15,907) (24,870) (44,888) (3,515) (8,560) (4,586) (9,325) (923) (2,454)
(1,848) (2,781) (4,772) (7,212) (836) (1,355) (11) (23) (1) (3)
-- -- -- -- -- -- (130) (2,080) -- --
-- -- -- -- -- -- -- (5) -- --
- --------- --------- ---------- ---------- --------- --------- --------- --------- --------- ---------
(10,796) (18,688) (29,642) (52,100) (4,351) (9,915) (4,727) (11,433) (924) (2,457)
- --------- --------- ---------- ---------- --------- --------- --------- --------- --------- ---------
374,239 961,904 1,291,105 2,199,812 234,328 794,878 11,015 52,981 1,232 4,537
1,682 2,734 1,281 652 110 139 1,115 2,615 37 116
(355,735) (823,101) (1,235,226) (1,996,903) (276,063) (772,450) (15,015) (24,774) (5,418) (14,919)
- --------- --------- ---------- ---------- --------- --------- --------- --------- --------- ---------
20,186 141,537 57,160 203,561 (41,625) 22,567 (2,885) 30,822 (4,149) (10,266)
- --------- --------- ---------- ---------- --------- --------- --------- --------- --------- ---------
189,912 294,386 481,574 994,823 149,616 270,523 16 22 -- --
1,848 2,781 4,770 7,204 836 1,345 10 41 1 3
(204,095) (216,601) (481,254) (783,735) (150,472) (207,365) (45) (56) (14) (46)
- --------- --------- ---------- ---------- --------- --------- --------- --------- --------- ---------
(12,335) 80,566 5,090 218,292 (20) 64,503 (19) 7 (13) (43)
- --------- --------- ---------- ---------- --------- --------- --------- --------- --------- ---------
7,851 222,103 62,250 421,853 (41,645) 87,070 (2,904) 30,829 (4,162) (10,309)
- --------- --------- ---------- ---------- --------- --------- --------- --------- --------- ---------
7,851 222,103 62,250 421,853 (41,645) 87,076 (10,937) 30,613 (5,335) (8,913)
486,294 264,191 1,160,871 739,018 340,314 253,238 172,189 141,576 43,125 52,038
- --------- --------- ---------- ---------- --------- --------- --------- --------- --------- ---------
$ 494,145 $ 486,294 $1,223,121 $1,160,871 $ 298,669 $ 340,314 $ 161,252 $ 172,189 $ 37,790 $ 43,125
========= ========= ========== ========== ========= ========= ========= ========= ========= =========
374,239 961,904 1,291,105 2,199,812 234,328 794,878 1,085 5,052 121 444
1,682 2,734 1,281 652 110 139 111 254 4 12
(355,735) (823,101) (1,235,226) (1,996,903) (276,063) (772,450) (1,480) (2,362) (531) (1,456)
- --------- --------- ---------- ---------- --------- --------- --------- --------- --------- ---------
20,186 141,537 57,160 203,561 (41,625) 22,567 (284) 2,944 (406) (1,000)
- --------- --------- ---------- ---------- --------- --------- --------- --------- --------- ---------
189,912 294,386 481,574 994,824 149,616 270,523 1 2 -- --
1,848 2,781 4,770 7,204 836 1,345 1 4 -- --
(204,095) (216,601) (481,254) (783,735) (150,472) (207,365) (4) (5) (1) (4)
- --------- --------- ---------- ---------- --------- --------- --------- --------- --------- ---------
(12,335) 80,566 5,090 218,293 (20) 64,503 (2) 1 (1) (4)
- --------- --------- ---------- ---------- --------- --------- --------- --------- --------- ---------
7,851 222,103 62,250 421,854 (41,645) 87,070 (286) 2,945 (407) (1,004)
========= ========= ========== ========== ========= ========= ========= ========= ========= =========
</TABLE>
43
<PAGE> 46
Statement of Changes in Net Assets (000)
For the Six Months Ended June 30, 1999 (Unaudited) and for the Year Ended
December 31, 1998.
<TABLE>
<CAPTION>
Tax-Exempt
Fixed Income
Fund
- ------------------------------------------------------------------------------------
1999 1998
- ------------------------------------------------------------------------------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss)............................... $ 734 $ 1,661
Net realized gain (loss) from security and foreign currency
transactions............................................. 134 673
Net change in unrealized appreciation (depreciation) on
investments and foreign currency related transactions.... (1,307) (216)
-------- --------
Net increase (decrease) in net assets resulting from
operations............................................... (439) 2,118
-------- --------
DIVIDENDS DISTRIBUTED FROM:
Net investment income:
Common Share Class....................................... (722) (1,648)
Investor Share Class..................................... (7) (22)
Net realized gains:
Common Share Class....................................... -- --
Investor Share Class..................................... -- --
-------- --------
Total dividends distributed............................ (729) (1,670)
-------- --------
CAPITAL SHARE TRANSACTIONS:
Common Share Class:
Proceeds from shares issued.............................. 2,655 4,836
Shares issued in reinvestment of distributions........... 4 22
Cost of shares repurchased............................... (2,994) (10,580)
-------- --------
Increase (decrease) in net assets derived from Common
Share Class transactions............................... (335) (5,722)
-------- --------
Investor Share Class:
Proceeds from shares issued.............................. -- 102
Shares issued in reinvestment of distributions........... 7 20
Cost of shares repurchased............................... (194) (103)
-------- --------
Increase (decrease) in net assets derived from Investor
Share Class transactions............................... (187) 19
-------- --------
Increase (decrease) in net assets derived from capital
share transactions..................................... (522) (5,703)
-------- --------
Net increase (decrease) in net assets...................... (1,690) (5,255)
NET ASSETS:
Beginning of period........................................ 35,723 40,978
-------- --------
End of period.............................................. $ 34,033 $ 35,723
======== ========
CAPITAL SHARE TRANSACTIONS:
Common Share Class:
Shares issued............................................ 253 462
Shares issued in reinvestment of distributions........... -- 2
Shares repurchased....................................... (284) (1,010)
-------- --------
Total Common Share Class transactions.................. (31) (546)
-------- --------
Investor Share Class:
Shares issued............................................ -- 9
Shares issued in reinvestment of distributions........... 1 2
Shares repurchased....................................... (18) (10)
-------- --------
Total Investor Share Class transactions................ (17) 1
-------- --------
Increase (decrease) in capital shares.................. (48) (545)
======== ========
</TABLE>
The accompanying notes are an integral part of the financial statements.
44
<PAGE> 47
JUNE 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
International International
Fixed Income Balanced Value Growth Equity
Fund Fund Fund Fund Fund
- -----------------------------------------------------------------------------------------------------------
1999 1998 1999 1998 1999 1998 1999 1998 1999 1998
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 197 $ 633 $ 844 $ 1,590 $ 994 $ 2,568 $ (148) $ 6 $ 692 $ 24
(45) (105) 517 4,860 4,655 33,525 5,653 13,906 8,851 (1,648)
(2,023) 1,909 4,462 1,217 19,428 (21,890) 6,081 29,876 (3,526) 27,599
- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
(1,871) 2,437 5,823 7,667 25,077 14,203 11,586 43,788 6,017 25,975
- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
-- (295) (813) (1,535) (973) (2,568) -- (188) -- (696)
-- (1) (26) (60) (7) (13) -- -- -- (1)
(42) (159) (877) (9,809) (4,842) (67,685) (2,780) (16,848) -- (1,326)
-- -- (37) (481) (99) (512) (50) (320) -- (10)
- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
(42) (455) (1,753) (11,885) (5,921) (70,778) (2,830) (17,356) -- (2,033)
- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
524 2,932 11,012 17,520 16,271 30,539 34,393 42,338 88,877 48,964
-- 5 1,413 10,179 2,234 20,219 1,804 10,985 -- 608
(1,113) (3,005) (7,682) (16,384) (31,919) (44,296) (31,487) (27,254) (87,086) (15,857)
- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
(589) (68) 4,743 11,315 (13,414) 6,462 4,710 26,069 1,791 33,715
- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
4 -- 5 102 1,900 343 263 333 195 32
-- 1 62 538 105 529 51 320 -- 12
(12) (22) (343) (967) (111) (773) (298) (1,154) (31) (509)
- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
(8) (21) (276) (327) 1,894 99 16 (501) 164 (465)
- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
(597) (89) 4,467 10,988 (11,520) 6,561 4,726 25,568 1,955 33,250
- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
(2,510) 1,893 8,537 6,770 7,636 (50,014) 13,482 52,000 7,972 57,192
17,535 15,642 79,450 72,680 172,569 222,583 188,134 136,134 143,877 86,685
- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
$ 15,025 $ 17,535 $ 87,987 $ 79,450 $180,205 $172,569 $201,616 $188,134 $151,849 $143,877
======== ======== ======== ======== ======== ======== ======== ======== ======== ========
53 295 918 1,378 1,248 2,026 1,985 2,692 4,666 2,880
-- 1 115 889 164 1,455 101 697 -- 36
(109) (296) (635) (1,245) (2,429) (2,974) (1,817) (1,696) (4,517) (941)
- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
(56) -- 398 1,022 (1,017) 507 269 1,693 149 1,975
- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
-- -- -- 8 138 24 15 21 10 2
-- -- 5 47 8 38 3 20 -- 1
(1) (2) (28) (74) (9) (49) (17) (73) (2) (30)
- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
(1) (2) (23) (19) 137 13 1 (32) 8 (27)
- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
(57) (2) 375 1,003 (880) 520 270 1,661 157 1,948
======== ======== ======== ======== ======== ======== ======== ======== ======== ========
</TABLE>
45
<PAGE> 48
Statement of Changes in Net Assets (000)
For the Six Months Ended June 30, 1999 (Unaudited) and for the Year Ended
December 31, 1998.
<TABLE>
<CAPTION>
Small Cap
Growth
Fund
- ------------------------------------------------------------------------------------
1999 1998
- ------------------------------------------------------------------------------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss).............................. $ (190) $ (413)
Net realized (loss) from security and foreign currency
transactions............................................ (3,565) (2,200)
Net change in unrealized appreciation (depreciation) on
investments and foreign currency related transactions... 1,760 (962)
-------- --------
Net increase (decrease) in net assets resulting from
operations.............................................. (1,995) (3,575)
-------- --------
DIVIDENDS DISTRIBUTED FROM:
Net investment income:
Common Share Class...................................... -- --
Investor Share Class.................................... -- --
Net realized gains:
Common Share Class...................................... -- (837)
Investor Share Class.................................... -- (9)
Paid in capital:
Common Share Class...................................... -- (3)
Investor Share Class.................................... -- --
-------- --------
Total dividends distributed........................... -- (849)
-------- --------
CAPITAL SHARE TRANSACTIONS:
Common Share Class:
Proceeds from shares issued............................. 8,036 21,352
Shares issued in reinvestment of distributions.......... -- 89
Cost of shares repurchased.............................. (13,557) (13,065)
-------- --------
Increase (decrease) in net assets derived from Common
Share Class transactions............................... (5,521) 8,376
-------- --------
Investor Share Class:
Proceeds from shares issued............................. 5,369 2,408
Shares issued in reinvestment of distributions.......... -- 8
Cost of shares repurchased.............................. (5,698) (2,092)
-------- --------
Increase (decrease) in net assets derived from Investor
Share Class transactions............................... (329) 324
-------- --------
Increase (decrease) in net assets derived from capital
share transactions..................................... (5,850) 8,700
-------- --------
Net increase (decrease) in net assets..................... (7,845) 4,276
NET ASSETS:
Beginning of period....................................... 46,773 42,497
-------- --------
End of period............................................. $ 38,928 $ 46,773
======== ========
CAPITAL SHARE TRANSACTIONS:
Common Share Class:
Shares issued........................................... 723 1,633
Shares issued in reinvestment of distributions.......... -- 9
Shares repurchased...................................... (1,227) (1,021)
-------- --------
Total Common Share Class transactions................. (504) 621
-------- --------
Investor Share Class:
Shares issued........................................... 483 214
Shares issued in reinvestment of distributions.......... -- 1
Shares repurchased...................................... (512) (184)
-------- --------
Total Investor Share Class transactions............... (29) 31
-------- --------
Increase (decrease) in capital shares................. (533) 652
======== ========
</TABLE>
(1) Commenced operations on June 30, 1998.
The accompanying notes are an integral part of the financial statements.
46
<PAGE> 49
JUNE 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Latin America Small Cap
Real Estate Asian Tigers Equity Value
Fund Fund Fund Fund(1)
- -------------------------------------------------------------------------------------
1999 1998 1999 1998 1999 1998 1999 1998
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 155 $ 228 $ 28 $ 270 $ 84 $ 398 $ 16 $ 6
(151) (125) (1,619) (6,527) (1,591) (3,948) (382) (664)
441 (550) 13,172 3,255 6,479 (8,582) 787 (195)
- -------- -------- -------- -------- -------- -------- -------- --------
445 (447) 11,581 (3,002) 4,972 (12,132) 421 (853)
- -------- -------- -------- -------- -------- -------- -------- --------
(150) (191) -- (25) (19) (328) (14) (6)
(1) -- -- -- -- -- -- --
-- -- -- -- -- (217) -- --
-- -- -- -- -- -- -- --
-- (37) -- -- -- -- -- (2)
-- -- -- -- -- -- -- --
- -------- -------- -------- -------- -------- -------- -------- --------
(151) (228) -- (25) (19) (545) (14) (8)
- -------- -------- -------- -------- -------- -------- -------- --------
536 5,249 33,076 24,987 2,890 12,201 1,746 9,241
150 227 -- 6 1 15 7 6
(47) (764) (30,186) (28,451) (3,073) (14,817) (315) (120)
- -------- -------- -------- -------- -------- -------- -------- --------
639 4,712 2,890 (3,458) (182) (2,601) 1,438 9,127
- -------- -------- -------- -------- -------- -------- -------- --------
12 21 605 201 -- -- 54 358
1 -- -- -- -- -- -- --
-- -- (607) (334) -- -- (65) (5)
- -------- -------- -------- -------- -------- -------- -------- --------
13 21 (2) (133) -- -- (11) 353
- -------- -------- -------- -------- -------- -------- -------- --------
652 4,733 2,888 (3,591) (182) (2,601) 1,427 9,480
- -------- -------- -------- -------- -------- -------- -------- --------
946 4,058 14,469 (6,618) 4,771 ( 15,278) 1,834 8,619
7,043 2,985 28,380 34,998 17,993 33,271 8,619 --
- -------- -------- -------- -------- -------- -------- -------- --------
$ 7,989 $ 7,043 $ 42,849 $ 28,380 $ 22,764 $ 17,993 $ 10,453 $ 8,619
======== ======== ======== ======== ======== ======== ======== ========
63 597 4,284 4,093 307 1,167 210 965
18 26 -- 1 -- 2 1 1
(6) (85) (3,904) (4,465) (339) (1,485) (37) (15)
- -------- -------- -------- -------- -------- -------- -------- --------
75 538 380 (371) (32) (316) 174 951
- -------- -------- -------- -------- -------- -------- -------- --------
1 2 72 31 -- -- 7 38
-- -- -- -- -- -- -- --
-- -- (73) (48) -- -- (9) --
- -------- -------- -------- -------- -------- -------- -------- --------
1 2 (1) (17) -- -- (2) 38
- -------- -------- -------- -------- -------- -------- -------- --------
76 540 379 (388) (32) (316) 172 989
======== ======== ======== ======== ======== ======== ======== ========
</TABLE>
47
<PAGE> 50
Financial Highlights
For a Share Outstanding Throughout the Six Months Ended June 30, 1999
(Unaudited) and the Years Ended December 31,
<TABLE>
<CAPTION>
Net Asset Realized Dividends Distributions
Value Net and Unrealized from Net from
Beginning Investment Gains on Investment Capital
of Period Income Securities Income Gains
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
TREASURY MONEY MARKET FUND
- ---------------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
1999 $1.00 $0.02 $0.00 $(0.02) $0.00
1998 1.00 0.05 0.00 (0.05) 0.00
1997 1.00 0.05 0.00 (0.05) 0.00
1996 1.00 0.05 0.00 (0.05) 0.00
1995 1.00 0.05 0.00 (0.05) 0.00
1994 1.00 0.04 0.00 (0.04) 0.00
INVESTOR SHARE CLASS
1999 $1.00 $0.02 $0.00 $(0.02) $0.00
1998 1.00 0.05 0.00 (0.05) 0.00
1997 1.00 0.05 0.00 (0.05) 0.00
1996 1.00 0.04 0.00 (0.04) 0.00
1995 1.00 0.05 0.00 (0.05) 0.00
1994 1.00 0.03 0.00 (0.03) 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
GOVERNMENT MONEY MARKET FUND
- ---------------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
1999 $1.00 $0.02 $0.00 $(0.02) $0.00
1998 1.00 0.05 0.00 (0.05) 0.00
1997 1.00 0.05 0.00 (0.05) 0.00
1996 1.00 0.05 0.00 (0.05) 0.00
1995 1.00 0.05 0.00 (0.05) 0.00
1994 1.00 0.04 0.00 (0.04) 0.00
INVESTOR SHARE CLASS
1999 $1.00 $0.02 $0.00 $(0.02) $0.00
1998 1.00 0.05 0.00 (0.05) 0.00
1997 1.00 0.05 0.00 (0.05) 0.00
1996 1.00 0.05 0.00 (0.05) 0.00
1995 1.00 0.05 0.00 (0.05) 0.00
1994 1.00 0.04 0.00 (0.04) 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
48
<PAGE> 51
JUNE 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Ratio of
Ratio of Net Expenses to Ratio of Net
Net Ratio of Investment Average Investment Income
Net Asset Assets Expenses to Income to Net Assets to Average Net
Value End End of Average Average (Excluding Assets (Excluding
of Period Total Return Period(000) Net Assets Net Assets Waivers) Waivers)
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
$1.00 2.18%* $291,210 0.36%+ 4.35%+ 0.59%+ 4.12%+
1.00 4.90 328,222 0.37 4.79 0.59 4.58
1.00 4.97 188,761 0.33 4.86 0.57 4.62
1.00 4.80 156,455 0.44 4.70 0.59 4.55
1.00 5.28 110,475 0.44 5.16 0.59 5.01
1.00 3.58 111,545 0.45 3.50 0.61 3.34
$1.00 2.05%* $ 10,879 0.61%+ 4.10%+ 1.09%+ 3.62%+
1.00 4.64 17,625 0.62 4.54 1.09 4.08
1.00 4.70 6,722 0.58 4.60 0.88 4.30
1.00 4.54 10,910 0.69 4.45 0.84 4.30
1.00 5.02 7,931 0.69 4.89 0.84 4.74
1.00 3.32 3,231 0.70 3.52 0.86 3.36
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
$1.00 2.30%* $416,985 0.34%+ 4.59%+ 0.42%+ 4.51%+
1.00 5.24 396,797 0.35 5.12 0.42 5.04
1.00 5.33 255,259 0.32 5.21 0.40 5.13
1.00 5.08 256,392 0.44 4.96 0.44 4.96
1.00 5.59 207,615 0.42 5.45 0.42 5.45
1.00 3.89 157,140 0.42 3.81 0.42 3.81
$1.00 2.14%* $ 77,160 0.66%+ 4.27%+ 0.92%+ 4.01%+
1.00 4.91 89,497 0.67 4.80 0.92 4.54
1.00 5.05 8,932 0.59 4.95 0.72 4.82
1.00 4.82 5,093 0.69 4.71 0.69 4.71
1.00 5.33 3,002 0.67 5.18 0.67 5.18
1.00 3.63 2,739 0.67 3.62 0.67 3.62
- -----------------------------------------------------------------------------------------------------
</TABLE>
+ Annualized
* Not Annualized
The accompanying notes are an integral part of the financial statements.
49
<PAGE> 52
Financial Highlights
For a Share Outstanding Throughout the Six Months Ended June 30, 1999
(Unaudited) and the Years Ended December 31,
<TABLE>
<CAPTION>
Net Asset Realized Dividends Distributions
Value Net and Unrealized from Net from
Beginning Investment Gains on Investment Capital
of Period Income Securities Income Gains
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
MONEY MARKET FUND
- ---------------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
1999 $1.00 $0.02 $0.00 $(0.02) $0.00
1998 1.00 0.05 0.00 (0.05) 0.00
1997 1.00 0.05 0.00 (0.05) 0.00
1996 1.00 0.05 0.00 (0.05) 0.00
1995 1.00 0.06 0.00 (0.06) 0.00
1994 1.00 0.04 0.00 (0.04) 0.00
INVESTOR SHARE CLASS
1999 $1.00 $0.02 $0.00 $(0.02) $0.00
1998 1.00 0.05 0.00 (0.05) 0.00
1997 1.00 0.05 0.00 (0.05) 0.00
1996 1.00 0.05 0.00 (0.05) 0.00
1995 1.00 0.05 0.00 (0.05) 0.00
1994 1.00 0.04 0.00 (0.04) 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT MONEY MARKET FUND
- ---------------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
1999 $1.00 $0.01 $0.00 $(0.01) $0.00
1998 1.00 0.03 0.00 (0.03) 0.00
1997 1.00 0.03 0.00 (0.03) 0.00
1996 1.00 0.03 0.00 (0.03) 0.00
1995 1.00 0.03 0.00 (0.03) 0.00
1994 1.00 0.02 0.00 (0.02) 0.00
INVESTOR SHARE CLASS
1999 $1.00 $0.01 $0.00 $(0.01) $0.00
1998 1.00 0.03 0.00 (0.03) 0.00
1997 1.00 0.03 0.00 (0.03) 0.00
1996 1.00 0.03 0.00 (0.03) 0.00
1995 1.00 0.03 0.00 (0.03) 0.00
1994 1.00 0.02 0.00 (0.02) 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
50
<PAGE> 53
JUNE 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Ratio of
Ratio of Net Expenses to Ratio of Net
Net Ratio of Investment Average Investment Income
Net Asset Assets Expenses to Income to Net Assets to Average Net
Value End End of Average Average (Excluding Assets (Excluding
of Period Total Return Period(000) Net Assets Net Assets Waivers) Waivers)
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
$1.00 2.35%* $998,453 0.32%+ 4.69%+ 0.55%+ 4.46%+
1.00 5.33 941,295 0.33 5.21 0.56 4.98
1.00 5.41 737,736 0.32 5.29 0.56 5.05
1.00 5.13 598,715 0.43 5.02 0.58 4.87
1.00 5.64 475,688 0.41 5.50 0.56 5.35
1.00 3.97 460,583 0.41 3.93 0.56 3.78
$1.00 2.16%* $224,668 0.68%+ 4.33%+ 1.05%+ 3.96%+
1.00 4.97 219,576 0.69 4.85 1.06 4.48
1.00 5.12 1,282 0.59 5.00 0.85 4.74
1.00 4.87 1,466 0.68 4.77 0.83 4.62
1.00 5.38 1,358 0.66 5.22 0.81 5.07
1.00 3.71 605 0.66 4.13 0.81 3.98
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
$1.00 1.39%* $231,209 0.35%+ 2.78%+ 0.58%+ 2.55%+
1.00 3.21 272,834 0.35 3.17 0.56 2.95
1.00 3.36 250,260 0.33 3.32 0.57 3.08
1.00 3.14 187,629 0.40 3.10 0.56 2.94
1.00 3.49 167,945 0.41 3.44 0.56 3.29
1.00 2.50 161,054 0.43 2.52 0.59 2.36
$1.00 1.26%* $ 67,460 0.60%+ 2.53%+ 1.08%+ 2.05%+
1.00 2.96 67,480 0.60 2.92 1.06 2.45
1.00 3.10 2,978 0.58 3.07 0.89 2.76
1.00 2.88 2,807 0.65 2.85 0.81 2.69
1.00 3.24 3,244 0.66 3.19 0.81 3.04
1.00 2.24 4,204 0.68 2.31 0.84 2.15
- -----------------------------------------------------------------------------------------------------
</TABLE>
+ Annualized
* Not Annualized
The accompanying notes are an integral part of the financial statements.
51
<PAGE> 54
Financial Highlights
For a Share Outstanding Throughout the Six Months Ended June 30, 1999
(Unaudited) and the Years Ended December 31,
<TABLE>
<CAPTION>
Net Asset Realized Dividends Distributions
Value Net and Unrealized from Net from
Beginning Investment Gains (Losses) on Investment Capital
of Period Income Securities Income Gains
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
FIXED INCOME FUND
- ---------------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
1999 $10.36 $0.28 $(0.48) $(0.28) $(0.01)
1998 10.35 0.57 0.16 (0.59) (0.13)
1997 10.06 0.60 0.30 (0.60) (0.01)
1996 10.32 0.59 (0.26) (0.59) 0.00
1995 9.30 0.59 1.02 (0.59) 0.00
1994 10.23 0.54 (0.93) (0.54) 0.00
INVESTOR SHARE CLASS
1999 $10.41 $0.24 $(0.46) $(0.25) $(0.01)
1998 10.38 0.53 0.17 (0.54) (0.13)
1997 10.09 0.59 0.29 (0.58) (0.01)
1996 10.35 0.57 (0.26) (0.57) 0.00
1995 9.32 0.55 1.04 (0.56) 0.00
1994 10.24 0.50 (0.90) (0.52) 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
INTERMEDIATE GOVERNMENT FIXED INCOME FUND
- ---------------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
1999 $10.32 $0.25 $(0.30) $(0.24) $ 0.00
1998 10.04 0.52 0.28 (0.52) 0.00
1997 9.85 0.56 0.19 (0.56) 0.00
1996 10.06 0.54 (0.21) (0.54) 0.00
1995 9.33 0.54 0.73 (0.54) 0.00
1994 10.08 0.47 (0.75) (0.47) 0.00
INVESTOR SHARE CLASS
1999 $10.31 $0.22 $(0.30) $(0.21) $ 0.00
1998 10.04 0.47 0.27 (0.47) 0.00
1997 9.85 0.57 0.16 (0.54) 0.00
1996 10.05 0.49 (0.18) (0.51) 0.00
1995 9.32 0.49 0.76 (0.52) 0.00
1994 10.07 0.43 (0.73) (0.45) 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
52
<PAGE> 55
JUNE 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Ratio of
Ratio of Net Expenses to Ratio of Net
Net Ratio of Investment Average Investment Income
Net Asset Assets Expenses to Income to Net Assets to Average Net Portfolio
Value End End of Average Average (Excluding Assets (Excluding Turnover
of Period Total Return Period(000) Net Assets Net Assets Waivers) Waivers) Rate
<S> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
$ 9.87 (1.99)%* $160,855 0.69%+ 5.53%+ 0.84%+ 5.38%+ 158%*
10.36 7.13 171,753 0.72 5.43 0.86 5.28 157
10.35 9.22 141,148 0.71 5.95 0.81 5.85 233
10.06 3.42 123,930 0.73 5.92 0.83 5.82 194
10.32 17.75 125,563 0.74 5.97 0.84 5.87 59
9.30 (3.82) 92,402 0.72 5.45 0.82 5.35 126
$ 9.93 (2.12)%* $ 397 1.19%+ 5.03%+ 1.34%+ 4.88%+ 158%*
10.41 6.81 436 1.18 4.97 1.32 4.82 157
10.38 8.92 428 0.96 5.71 1.12 5.55 233
10.09 3.24 459 0.98 5.65 1.08 5.55 194
10.35 17.40 646 0.99 5.72 1.09 5.62 59
9.32 (3.97) 442 0.98 5.38 1.08 5.28 126
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
$10.03 (0.51)%* $ 37,742 0.84%+ 4.91%+ 0.99%+ 4.76%+ 54%*
10.32 8.16 43,062 0.81 5.04 0.95 4.90 106
10.04 7.93 51,934 0.71 5.69 0.81 5.59 283
9.85 3.51 56,895 0.74 5.38 0.84 5.28 179
10.06 13.86 73,466 0.73 5.48 0.83 5.38 115
9.33 (2.78) 91,002 0.74 4.88 0.84 4.78 124
$10.02 (0.76)%* $ 48 1.34%+ 4.40%+ 1.49%+ 4.25%+ 54%*
10.31 7.56 63 1.26 4.59 1.40 4.45 106
10.04 7.66 104 0.96 5.44 1.10 5.30 283
9.85 3.30 251 0.99 4.87 1.09 4.77 179
10.05 13.59 2,946 0.98 5.18 1.08 5.08 115
9.32 (3.03) 1,133 1.02 5.05 1.12 4.95 124
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
+ Annualized
* Not Annualized
The accompanying notes are an integral part of the financial statements.
53
<PAGE> 56
Financial Highlights
For a Share Outstanding Throughout the Six Months Ended June 30, 1999
(Unaudited) and the Years Ended December 31,
<TABLE>
<CAPTION>
Net Asset Realized Dividends Distributions
Value Net and Unrealized from Net from
Beginning Investment Gains (Losses) on Investment Capital
of Period Income Securities Income Gains
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT FIXED INCOME FUND
- ---------------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
1999 $10.53 $ 0.22 $(0.35) $(0.22) $ 0.00
1998 10.41 0.47 0.12 (0.47) 0.00
1997 9.99 0.49 0.42 (0.49) 0.00
1996 10.20 0.50 (0.21) (0.50) 0.00
1995 9.26 0.48 0.94 (0.48) 0.00
1994 10.23 0.44 (0.94) (0.44) (0.03)
INVESTOR SHARE CLASS
1999 $10.51 $ 0.20 $(0.36) $(0.19) $ 0.00
1998 10.39 0.42 0.12 (0.42) 0.00
1997 9.97 0.47 0.41 (0.46) 0.00
1996 10.18 0.43 (0.17) (0.47) 0.00
1995 9.24 0.43 0.97 (0.46) 0.00
1994 10.22 0.40 (0.93) (0.42) (0.03)
- ---------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL FIXED INCOME FUND
- ---------------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
1999 $10.82 $ 0.12 $(1.30) $ 0.00 $(0.03)
1998 9.64 0.39 1.07 (0.18) (0.10)
1997 10.24 0.43 (1.03) 0.00 0.00
1996 10.58 0.48 (0.18) (0.64) 0.00
1995 9.54 0.62 1.38 (0.96) 0.00
1994 10.43 0.56 (0.72) (0.55) (0.18)
INVESTOR SHARE CLASS
1999 $10.80 $ 0.08 $(1.28) $ 0.00 $(0.03)
1998 9.60 0.38 1.05 (0.13) (0.10)
1997 10.23 0.49 (1.12) 0.00 0.00
1996 10.56 0.54 (0.27) (0.60) 0.00
1995 9.53 0.52 1.45 (0.94) 0.00
1994 10.42 0.46 (0.64) (0.53) (0.18)
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
54
<PAGE> 57
JUNE 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Ratio of Ratio of Net
Ratio of Net Expenses to Investment Income
Net Ratio of Investment Average (Loss) to Average
Net Asset Assets Expenses to Income to Net Assets Net Assets Portfolio
Value End End of Average Average (Excluding (Excluding Turnover
of Period Total Return Period(000) Net Assets Net Assets Waivers) Waivers) Rate
<S> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
$10.18 (1.29)%* $33,670 0.86%+ 4.21%+ 1.01%+ 4.06%+ 28%*
10.53 5.79 35,161 0.83 4.44 0.97 4.30 41
10.41 9.36 40,441 0.73 4.84 0.84 4.73 54
9.99 2.96 39,756 0.73 4.95 0.85 4.83 98
10.20 15.67 50,079 0.75 4.84 0.87 4.72 129
9.26 (4.93) 53,588 0.71 4.54 0.84 4.41 146
$10.16 (1.54)%* $ 363 1.36%+ 3.71%+ 1.51%+ 3.56%+ 28%*
10.51 5.31 562 1.29 3.98 1.43 3.84 41
10.39 9.11 537 0.98 4.59 1.14 4.43 54
9.97 2.70 680 0.98 4.70 1.10 4.58 98
10.18 15.43 1,131 1.00 4.59 1.12 4.47 129
9.24 (5.27) 1,059 0.97 4.35 1.10 4.22 146
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
$ 9.61 (10.93)%* $14,986 1.48%+ 2.43%+ 1.53%+ 2.38%+ 33%*
10.82 15.15 17,482 1.38 3.62 1.42 3.57 79
9.64 (5.86) 15,574 1.22 4.08 1.22 4.08 52
10.24 2.82 17,561 1.11 4.66 1.11 4.66 85
10.58 20.99 17,433 1.10 5.86 1.16 5.80 105
9.54 (1.47) 15,021 1.16 5.09 1.22 5.03 138
$ 9.57 (11.14)%* $ 39 1.98%+ 1.93%+ 2.03%+ 1.88%+ 33%*
10.80 14.84 53 1.83 3.17 1.87 3.12 79
9.60 (6.16) 68 1.47 3.83 1.51 3.78 52
10.23 2.62 112 1.36 4.43 1.36 4.43 85
10.56 20.68 125 1.35 5.57 1.41 5.51 105
9.53 (1.71) 87 1.41 5.03 7.54 (1.10) 138
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
+ Annualized
* Not Annualized
The accompanying notes are an integral part of the financial statements.
55
<PAGE> 58
Financial Highlights
For a Share Outstanding Throughout the Six Months Ended June 30, 1999
(Unaudited) and the Years Ended December 31,
<TABLE>
<CAPTION>
Net Asset Realized Dividends Distributions
Value Net and Unrealized from Net from
Beginning Investment Gains (Losses) on Investment Capital
of Period Income Securities Income Gains
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
BALANCED FUND
- ---------------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
1999 $11.83 $0.12 $ 0.71 $(0.12) $(0.13)
1998 12.73 0.27 0.82 (0.27) (1.72)
1997 10.98 0.32 2.06 (0.32) (0.31)
1996 10.75 0.35 1.02 (0.35) (0.79)
1995 9.53 0.39 1.65 (0.39) (0.43)
1994 10.04 0.30 (0.50) (0.30) (0.01)
INVESTOR SHARE CLASS
1999 $11.86 $0.08 $ 0.71 $(0.08) $(0.13)
1998 12.73 0.21 0.85 (0.21) (1.72)
1997 10.98 0.30 2.06 (0.30) (0.31)
1996 10.75 0.30 1.04 (0.32) (0.79)
1995 9.53 0.34 1.67 (0.36) (0.43)
1994 10.03 0.27 (0.49) (0.27) (0.01)
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
56
<PAGE> 59
JUNE 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Ratio of
Ratio of Net Expenses to Ratio of Net
Net Ratio of Investment Average Investment Income
Net Asset Assets Expenses to Income to Net Assets to Average Net Portfolio
Value End End of Average Average (Excluding Assets (Excluding Turnover
of Period Total Return Period(000) Net Assets Net Assets Waivers) Waivers) Rate
<S> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
$12.41 7.06%* $84,438 1.00%+ 2.04%+ 1.00%+ 2.04%+ 55%*
11.83 9.97 75,793 1.03 2.06 1.03 2.06 84
12.73 22.10 68,523 0.93 2.68 0.93 2.68 111
10.98 13.15 54,546 0.94 3.14 0.94 3.14 104
10.75 21.85 49,899 0.92 3.74 0.92 3.74 85
9.53 (2.11) 72,086 0.94 3.11 0.94 3.11 85
$12.44 6.77%* $ 3,549 1.50%+ 1.54%+ 1.50%+ 1.54%+ 55%*
11.86 9.72 3,657 1.49 1.60 1.49 1.60 84
12.73 21.80 4,157 1.18 2.43 1.24 2.37 111
10.98 12.86 3,710 1.19 2.89 1.19 2.89 104
10.75 21.52 3,949 1.22 3.36 1.22 3.36 85
9.53 (2.29) 2,894 1.24 2.86 1.34 2.76 85
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
+ Annualized
* Not Annualized
The accompanying notes are an integral part of the financial statements.
57
<PAGE> 60
Financial Highlights
For a Share Outstanding Throughout the Six Months Ended June 30, 1999
(Unaudited) and the Years Ended December 31,
<TABLE>
<CAPTION>
Net Asset Realized Dividends
Value Net and Unrealized from Net
Beginning Investment Gains (Losses) on Investment
of Period Income (Loss) Securities Income
<S> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------
VALUE FUND
- ----------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
1999 $12.33 $ 0.07 $ 1.79 $(0.07)
1998 16.51 0.19 0.86 (0.19)
1997 13.24 0.24 3.75 (0.24)
1996 12.26 0.29 2.18 (0.29)
1995 9.79 0.34 2.74 (0.35)
1994 10.30 0.35 (0.35) (0.34)
INVESTOR SHARE CLASS
1999 $12.32 $ 0.04 $ 1.79 $(0.04)
1998 16.54 0.12 0.82 (0.12)
1997 13.26 0.20 3.76 (0.20)
1996 12.28 0.25 2.18 (0.25)
1995 9.80 0.32 2.74 (0.32)
1994 10.30 0.31 (0.33) (0.31)
- ----------------------------------------------------------------------------------------------------------------------
GROWTH FUND
- ----------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
1999 $17.10 $(0.01) $ 1.04 $ 0.00
1998 14.57 0.00 4.20 (0.02)
1997 13.06 0.12 2.97 (0.12)
1996 11.61 0.17 2.31 (0.17)
1995 9.73 0.16 2.88 (0.16)
1994 10.21 0.16 (0.36) (0.16)
INVESTOR SHARE CLASS
1999 $17.06 $(0.05) $ 1.04 $ 0.00
1998 14.60 (0.07) 4.18 0.00
1997 13.09 0.08 2.97 (0.08)
1996 11.62 0.14 2.33 (0.14)
1995 9.74 0.12 2.89 (0.13)
1994 10.23 0.13 (0.37) (0.13)
- ----------------------------------------------------------------------------------------------------------------------
<CAPTION>
Distributions
from
Capital
Gains
<S> <C>
- -----------------------------------------------------------------
VALUE FUND
- -------------------------------------------------------------------------------
COMMON SHARE CLASS
1999 $(0.38)
1998 (5.04)
1997 (0.48)
1996 (1.20)
1995 (0.26)
1994 (0.17)
INVESTOR SHARE CLASS
1999 $(0.38)
1998 (5.04)
1997 (0.48)
1996 (1.20)
1995 (0.26)
1994 (0.17)
- ---------------------------------------------------------------------------------------------
GROWTH FUND
- -----------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
1999 $(0.25)
1998 (1.65)
1997 (1.46)
1996 (0.86)
1995 (1.00)
1994 (0.12)
INVESTOR SHARE CLASS
1999 $(0.25)
1998 (1.65)
1997 (1.46)
1996 (0.86)
1995 (1.00)
1994 (0.12)
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
58
<PAGE> 61
JUNE 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Ratio of Ratio of Net
Ratio of Net Expenses to Investment Income
Net Ratio of Investment Average (Loss) to Average
Net Asset Assets Expenses to Income (Loss) to Net Assets Net Assets Portfolio
Value End End of Average Average (Excluding (Excluding Turnover
of Period Total Return Period(000) Net Assets Net Assets Waivers) Waivers) Rate
<S> <C> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
$13.74 15.13%* $176,510 1.03%+ 1.13%+ 1.03%+ 1.13%+ 10%*
12.33 5.47 170,945 1.05 1.23 1.05 1.23 55
16.51 30.49 220,618 1.01 1.57 1.01 1.57 79
13.24 20.43 164,710 1.03 2.19 1.03 2.19 58
12.26 32.02 131,243 1.05 3.07 1.05 3.07 37
9.79 0.00 61,557 1.06 3.45 1.06 3.45 38
$13.73 14.88%* $ 3,695 1.53%+ 0.63%+ 1.53%+ 0.63%+ 10%*
12.32 4.66 1,624 1.50 0.78 1.50 0.78 55
16.54 30.20 1,965 1.26 1.32 1.32 1.26 79
13.26 20.09 1,672 1.28 1.94 1.28 1.94 58
12.28 31.72 1,497 1.33 2.79 1.33 2.79 37
9.80 (0.21) 731 1.37 3.13 1.37 3.13 38
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
$17.88 6.02%* $197,915 1.02%+ (0.15)%+ 1.02%+ (0.15)%+ 18%*
17.10 30.23 184,601 1.06 0.01 1.06 0.01 65
14.57 23.98 132,649 1.02 0.79 1.02 0.79 62
13.06 21.69 95,215 1.02 1.36 1.02 1.36 58
11.61 31.60 78,216 1.02 1.37 1.02 1.37 71
9.73 (2.05) 82,710 1.02 1.58 1.03 1.57 68
$17.80 5.80%* $ 3,701 1.52%+ (0.65)%+ 1.52%+ (0.65)%+ 18%*
17.06 29.52 3,533 1.52 (0.45) 1.52 (0.45) 65
14.60 23.65 3,485 1.27 0.54 1.33 0.48 62
13.09 21.41 3,031 1.27 1.11 1.27 1.11 58
11.62 31.29 2,681 1.31 1.10 1.31 1.10 71
9.74 (2.42) 1,530 1.33 1.30 1.33 1.30 68
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
+ Annualized
* Not Annualized
The accompanying notes are an integral part of the financial statements.
59
<PAGE> 62
Financial Highlights
For a Share Outstanding Throughout the Six Months Ended June 30, 1999
(Unaudited) and the Years Ended December 31,
<TABLE>
<CAPTION>
Net Asset Realized Dividends
Value Net and Unrealized from Net
Beginning Investment Gains (Losses) on Investment
of Period Income (Loss) Securities Income
<S> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND
- ----------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
1999 $18.97 $ 0.09 $ 0.55 $ 0.00
1998 15.38 0.01 3.85 (0.09)
1997 15.83 0.04 0.68 (0.08)
1996 14.56 0.06 1.37 (0.04)
1995 13.00 0.07 1.75 (0.06)
1994 12.59 0.02 0.40 0.00
INVESTOR SHARE CLASS
1999 $18.91 $ 0.06 $ 0.54 $ 0.00
1998 15.34 (0.08) 3.86 (0.03)
1997 15.79 0.01 0.66 (0.03)
1996 14.52 0.04 1.35 0.00
1995 12.96 0.05 1.73 (0.02)
1994 12.58 0.02 0.37 0.00
- ----------------------------------------------------------------------------------------------------------------------
SMALL CAP GROWTH FUND
- ----------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
1999 $12.22 $(0.06) $(0.35) $ 0.00
1998 13.38 (0.11) (0.82) 0.00
1997 13.03 (0.09) 2.07 0.00
1996 12.46 (0.03) 2.38 0.00
1995 9.57 0.02 3.05 (0.02)
1994 10.24 0.03 (0.67) (0.03)
INVESTOR SHARE CLASS
1999 $12.04 $(0.09) $(0.27) $ 0.00
1998 13.29 (0.10) (0.92) 0.00
1997 13.00 (0.13) 2.05 0.00
1996 12.46 (0.07) 2.39 0.00
1995 9.58 (0.01) 3.05 0.00
1994 10.25 0.00 (0.67) 0.00
- ----------------------------------------------------------------------------------------------------------------------
<CAPTION>
Distributions
from
Capital
Gains
<S> <C>
- -----------------------------------------------------------------
INTERNATIONAL EQUITY FUND
- -------------------------------------------------------------------------------
COMMON SHARE CLASS
1999 $ 0.00
1998 (0.18)
1997 (1.09)
1996 (0.15)
1995 (0.20)
1994 (0.01)
INVESTOR SHARE CLASS
1999 $ 0.00
1998 (0.18)
1997 (1.09)
1996 (0.15)
1995 (0.20)
1994 (0.01)
- ---------------------------------------------------------------------------------------------
SMALL CAP GROWTH FUND
- -----------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
1999 $ 0.00
1998 (0.23)
1997 (1.63)
1996 (1.78)
1995 (0.16)
1994 0.00
INVESTOR SHARE CLASS
1999 $ 0.00
1998 (0.23)
1997 (1.63)
1996 (1.78)
1995 (0.16)
1994 0.00
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
60
<PAGE> 63
JUNE 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Ratio of Net Ratio of Ratio of Net
Investment Expenses Investment Income
Net Asset Ratio of Income to Average (Loss) to Average
Contribution Value Net Assets Expenses to (Loss) to Net Assets Net Assets Portfolio
(Return) of End of End of Average Average (Excluding (Excluding Turnover
Capital Period Total Return Period(000) Net Assets Net Assets Waivers) Waivers) Rate
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
$0.00 $19.61 3.37%* $150,637 1.30%+ 0.97%+ 1.30%+ 0.97%+ 17%*
0.00 18.97 25.43 142,862 1.38 0.02 1.38 0.02 31
0.00 15.38 4.56 85,440 1.35 0.23 1.35 0.23 17
0.03 15.83 10.09(B) 96,442 1.36 0.44 1.36 0.44 9
0.00 14.56 14.03 77,519 1.38 0.70 1.38 0.70 11
0.00 13.00 3.32 41,324 1.43 0.21 1.46 0.18 6
$0.00 $19.51 3.12%* $ 1,212 1.80%+ 0.47%+ 1.80%+ 0.47%+ 17%*
0.00 18.91 24.87 1,015 1.83 (0.43) 1.83 (0.43) 31
0.00 15.34 4.28 1,245 1.60 (0.05) 1.65 (0.10) 17
0.03 15.79 9.85(B) 1,608 1.61 0.20 1.61 0.20 9
0.00 14.52 13.79 1,686 1.68 0.42 1.68 0.42 11
0.00 12.96 3.08 1,179 1.73 0.03 2.22 (0.46) 6
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
$0.00 $11.81 (3.36)%* $ 38,421 1.20%+ (0.93)%+ 1.20%+ (0.93)%+ 37%*
0.00(A) 12.22 (6.52) 45,899 1.17 (0.84) 1.17 (0.84) 151
0.00 13.38 15.89 41,945 1.04 (0.72) 1.04 (0.72) 170
0.00 13.03 19.42 36,375 1.05 (0.27) 1.05 (0.27) 158
0.00 12.46 32.13 23,844 1.10 0.18 1.10 0.18 142
0.00 9.57 (6.27) 31,527 1.06 0.27 1.06 0.27 43
$0.00 $11.68 (2.99)%* $ 507 1.70%+ (1.43)%+ 1.70%+ (1.43)%+ 37%*
0.00(A) 12.04 (7.25) 874 1.63 (1.30) 1.63 (1.30) 151
0.00 13.29 15.45 552 1.29 (0.97) 1.35 (1.03) 170
0.00 13.00 19.18 579 1.30 (0.52) 1.30 (0.52) 158
0.00 12.46 31.73 553 1.39 (0.08) 1.39 (0.08) 142
0.00 9.58 (6.54) 294 1.38 0.02 1.38 0.02 43
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
+ Annualized
* Not Annualized
(A) Per share was less than $0.005.
(B) The total return for the period ended December 31, 1996 includes the effect
of a capital contribution from an affiliate of the Advisor. Without the
capital contribution, the total return for the Common Class and the
Investor Class would have been 9.87% and 9.64%, respectively.
The accompanying notes are an integral part of the financial statements.
61
<PAGE> 64
Financial Highlights
For a Share Outstanding Throughout the Six Months Ended June 30, 1999
(Unaudited) and the Years Ended December 31,
<TABLE>
<CAPTION>
Net Asset Realized Dividends
Value Net and Unrealized from Net
Beginning Investment Gains (Losses) on Investment
of Period Income (Loss) Securities Income
<S> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------
REAL ESTATE FUND
- ----------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
1999 $ 8.37 $ 0.17 $ 0.34 $(0.17)
1998 9.95 0.37 (1.58) (0.31)
1997(1) 10.00 0.00 (0.05) 0.00
INVESTOR SHARE CLASS
1999 $10.63 $ 0.18 $ 0.45 $(0.15)
1998(2) 10.00 0.08 0.66 (0.11)
- ----------------------------------------------------------------------------------------------------------------------
ASIAN TIGERS FUND
- ----------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
1999 $ 6.73 $ 0.01 $ 2.59 $ 0.00
1998 7.60 0.07 (0.93) (0.01)
1997 11.91 0.04 (4.32) (0.02)
1996 10.45 0.02 1.48 (0.04)
1995 9.47 0.12 0.98 (0.12)
1994(3) 10.00 0.03 (0.53) (0.02)
INVESTOR SHARE CLASS
1999 $ 6.67 $(0.01) $ 2.57 $ 0.00
1998 7.57 0.04 (0.94) 0.00
1997 11.89 0.05 (4.36) 0.00
1996 10.44 (0.02) 1.48 (0.01)
1995 9.47 0.11 0.95 (0.09)
1994(4) 10.00 0.01 (0.53) 0.00
- ----------------------------------------------------------------------------------------------------------------------
LATIN AMERICA EQUITY FUND
- ----------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
1999 $ 8.12 $ 0.04 $ 2.27 $(0.01)
1998 13.13 0.18 (4.96) (0.15)
1997 10.24 0.05 3.54 (0.03)
1996(5) 10.00 (0.02) 0.26 0.00
- ----------------------------------------------------------------------------------------------------------------------
SMALL CAP VALUE FUND
- ----------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
1999 $ 8.72 $ 0.01 $ 0.28 $(0.01)
1998(6) 10.00 0.01 (1.28) (0.01)
INVESTOR SHARE CLASS
1999 $ 8.54 $(0.01) $ 0.28 $ 0.00
1998(6) 10.00 (0.01) (1.44) (0.01)
- ----------------------------------------------------------------------------------------------------------------------
<CAPTION>
Distributions
from
Capital
Gains
<S> <C>
- -----------------------------------------------------------------
REAL ESTATE FUND
- -------------------------------------------------------------------------------
COMMON SHARE CLASS
1999 $ 0.00
1998 0.00
1997(1) 0.00
INVESTOR SHARE CLASS
1999 $ 0.00
1998(2) 0.00
- ---------------------------------------------------------------------------------------------
ASIAN TIGERS FUND
- -----------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
1999 $ 0.00
1998 0.00
1997 (0.01)
1996 (0.02)
1995 0.00
1994(3) (0.01)
INVESTOR SHARE CLASS
1999 $ 0.00
1998 0.00
1997 (0.01)
1996 (0.02)
1995 0.00
1994(4) (0.01)
- ----------------------------------------------------------------------------------------------------------------------
LATIN AMERICA EQUITY FUND
- ----------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
1999 $ 0.00
1998 (0.08)
1997 (0.67)
1996(5) 0.00
- ----------------------------------------------------------------------------------------------------------------------
SMALL CAP VALUE FUND
- ----------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
1999 $ 0.00
1998(6) 0.00
INVESTOR SHARE CLASS
1999 $ 0.00
1998(6) 0.00
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Commenced operations on December 31, 1997.
(2) Commenced operations on October 8, 1998.
(3) Commenced operations on January 3, 1994.
(4) Commenced operations on January 12, 1994.
(5) Commenced operations on July 1, 1996.
(6) Commenced operations on June 30, 1998.
The accompanying notes are an integral part of the financial statements.
62
<PAGE> 65
JUNE 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Ratio of Ratio of Net
Net Investment Income
Ratio of Investment Ratio of Expenses (Loss) to Average
Contribution Net Asset Net Assets Expenses to Income (Loss) to to Average Net Net Assets
(Return) of Value End Total End of Average Average Assets (Excluding (Excluding
Capital of Period Return Period(000) Net Assets Net Assets Waivers) Waivers)
<S> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
$ 0.00 $ 8.71 6.23%* $ 7,954 1.52%+ 4.27%+ 2.37%+ 3.89%+
(0.06) 8.37 (12.35) 7,022 1.41 4.68 1.78 4.31
0.00 9.95 0.00 2,985 1.31 (1.31) 1.61 (1.61)
$ 0.00 $11.11 5.99%* $ 35 2.02%+ 3.77%+ 2.87%+ 3.39%+
0.00(A) 10.63 7.35 21 1.91 4.18 2.28 3.81
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
$ 0.00 $ 9.33 38.63%* $42,606 1.56%+ 0.17%+ 1.56%+ 0.17%+
0.00 6.73 (11.37) 28,202 1.67 0.91 1.67 0.91
0.00 7.60 (35.98) 34,664 1.60 0.50 1.60 0.50
0.02 11.91 14.55(B) 33,602 1.54 0.23 1.54 0.23
0.00 10.45 11.61 23,145 1.52 1.38 1.60 1.30
0.00 9.47 (5.07) 17,860 1.60 0.45 1.71 0.34
$ 0.00 $ 9.23 38.38%* $ 243 2.06%+ (0.33)%+ 2.06%+ (0.33)%+
0.00 6.67 (11.89) 178 2.11 0.47 2.11 0.47
0.00 7.57 (36.25) 334 1.85 0.30 1.89 0.26
0.02 11.89 14.21(B) 840 1.79 (0.15) 1.79 (0.15)
0.00 10.44 11.18 733 1.81 1.05 1.88 0.98
0.00 9.47 (5.37) 705 1.90 0.15 2.75(C) (0.70)(C)
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
$ 0.00 $10.42 28.59%* $22,764 1.96%+ 0.88%+ 1.96%+ 0.88%+
0.00 8.12 (36.33) 17,993 1.75 1.38 1.75 1.38
0.00 13.13 35.50 33,271 1.50 0.56 1.50 0.56
0.00 10.24 2.40 11,490 2.09 (0.55) 2.09 (0.55)
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
$ 0.00 $ 9.00 3.50%* $10,131 1.31%+ 0.37%+ 1.56%+ 0.29%+
0.00(A) 8.72 (12.68) 8,295 1.53 0.20 1.61 0.12
$ 0.00 $ 8.81 3.17%* $ 322 1.81%+ (0.13)%+ 2.06%+ (0.21)%+
0.00(A) 8.54 (14.53) 324 2.03 (0.30) 2.11 (0.38)
- ------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio
Turnover
Rate
<S> <C>
--------------------
--------------------
10%*
13
0*
10%*
13*
--------------------
--------------------
48%*
57
42
24
28
13*
48%*
57
42
24
28
13*
--------------------
--------------------
90%*
92
45
10*
--------------------
--------------------
43%*
54*
43%*
54*
--------------------
</TABLE>
+ Annualized
* Not Annualized
(A) Per share was less than $0.05.
(B) The total return for the period ended December 31, 1996 includes this effect
of a capital contribution from an affiliate of the Advisor. Without the
capital contribution, the total return for the Common Class and the Investor
Class would have been 14.36% and 14.02%, respectively.
(C) Ratios are high relative to subsequent years as a result of the low initial
asset levels during the Investor Share Class' initial year of operations.
The accompanying notes are an integral part of the financial statements.
63
<PAGE> 66
Notes to Financial Statements
1. ORGANIZATION
ABN AMRO Funds (the "Trust") was organized as a Massachusetts business trust
under a Declaration of Trust dated September 17, 1992. The Trust is registered
under the Investment Company Act of 1940, as amended (the "1940 Act"), as an
open-end management investment company with 19 funds: Treasury Money Market
Fund, Government Money Market Fund, Money Market Fund, Tax-Exempt Money Market
Fund (collectively "the Money Market Funds"), Fixed Income Fund, Intermediate
Government Fixed Income Fund, Tax-Exempt Fixed Income Fund, International Fixed
Income Fund, Balanced Fund, Limited Volatility Fixed Income Fund (collectively
"the Fixed Income Funds"), Value Fund, Growth Fund, International Equity Fund,
Small Cap Growth Fund, Real Estate Fund, TransEurope Fund, Asian Tigers Fund,
Latin America Equity Fund and Small Cap Value Fund (collectively "the Equity
Funds") (all funds collectively "the Funds"). The Limited Volatility Fixed
Income Fund and TransEurope Fund had not yet commenced operations as of June 30,
1999. The Trust prospectuses describe each Fund's investment objectives,
policies and strategies.
The assets of each Fund are segregated, and a shareholder's interest is
limited to the Fund in which shares are held. The Trust offers two classes of
shares: Common Share Class, previously the Trust Class, and Investor Share
Class.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the significant accounting policies followed by
the Funds.
Security Valuation--Investments in equity securities that are traded on a
national securities exchange (or reported on NASDAQ national market system) are
stated at the last quoted sales price, for the principal exchange, if readily
available for such equity securities, on each business day; other equity
securities traded in the over-the-counter market and listed equity securities
for which no sale for the principal exchange was reported on that date are
stated at the last quoted bid price. Debt obligations exceeding 60 days to
maturity for which market quotations are readily available are valued at the
most recently quoted bid price. Debt obligations with 60 days or less until
maturity may be valued at their amortized cost. Foreign securities are valued
based upon quotations from the primary market in which they are traded as of the
time of the net asset value calculation. The value of securities for which no
quotations are readily available (including restricted securities that are not
deemed to be liquid) is determined in good faith at fair value under the
supervision of the Board of Trustees.
Investment securities held by the Money Market Funds are stated at
amortized cost, which approximates market value. Under the amortized cost
method, any discount or premium is accreted or amortized ratably to the maturity
of the security and is included in interest income.
Federal Income Taxes--It is each Fund's intention to qualify as a regulated
investment company for federal income tax purposes by complying with the
appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as
amended. Accordingly, no provisions for federal income taxes are required in the
accompanying financial statements.
Security Transactions and Related Income--Security transactions are
accounted for on a trade date plus one basis. Dividend income is recognized on
the ex-dividend date, and interest income is recognized on an accrual basis.
Costs used in determining 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 periods. Purchase discounts and premiums on securities held by the
Equity and Fixed Income Funds are accreted and amortized to maturity using the
interest method, which approximates the effective interest method.
Securities purchased or sold on a when-issued or delayed-delivery basis may
be settled a month or more after the trade date; interest income is not accrued
until settlement date. Each Fund instructs the custodian to segregate assets
with a current value at least equal to the amount of its when-issued purchase
commitments.
Repurchase Agreements--Securities pledged as collateral for repurchase
agreements are held by the custodian bank until the respective agreements
mature. Provisions of the repurchase agreements ensure that the market value of
the collateral, including accrued interest thereon, is sufficient in the event
of default by the counterparty. If the counterparty defaults and the value of
the collateral declines or if the counterparty enters an insolvency proceeding,
realization of the collateral by the Funds may be delayed or limited.
Net Asset Value Per Share--The net asset value per share of each Fund or
class of shares is calculated each business day. In general, it is computed by
dividing the assets of each Fund or class of shares less its liabilities, by the
number of outstanding shares of the Fund or class.
Foreign Currency Translations--The books and records for the International
Fixed Income Fund, Asian Tigers Fund, International Equity Fund and Latin
America Equity Fund (the "International Funds") are maintained in U.S. dollars.
Foreign currency amounts are translated into U.S. dollars on the following
basis:
(i) market value of investment securities, assets and liabilities at the
current rate of exchange; and
(ii) purchases and sales of investment securities, income, and expenses at
the relevant rates of exchange prevailing on the respective dates of
such transactions.
64
<PAGE> 67
JUNE 30, 1999 (Unaudited)
For foreign equity securities, the International Funds do not isolate the
portion of gains and losses on investments in equity securities that is due to
changes in the foreign exchange rates from that which is due to changes in
market prices of equity securities.
The International Funds isolate the effect of fluctuations in foreign
currency rates when determining the gain or loss upon sale or maturity of
foreign currency denominated debt obligations for federal income tax purposes.
The International Funds report certain foreign currency-related
transactions as components of realized gains for financial reporting purposes,
whereas such components are treated as ordinary income for federal income tax
purposes.
Forward Foreign Currency Contracts--The International Funds may enter into
forward foreign currency contracts as hedges against fund positions. The
aggregate principal amounts of the contracts are not recorded as the Fund
intends to settle the contracts prior to delivery. All commitments are
"marked-to-market" daily at the applicable foreign exchange rate and any
resulting unrealized gains or losses are recorded. Gains or losses on the
purchase or sale of forward foreign currency contracts having the same
settlement date and broker are recognized on the date of offset, otherwise gains
or losses are recognized on the settlement date.
The use of forward foreign currency contracts does not eliminate the
fluctuations in the underlying prices of a Fund's securities, but it does
establish a rate of exchange that can be achieved in the future. Although
forward foreign currency contracts limit the risk of loss due to a decline in
the value of the hedged currency, they also limit any potential gain that might
result should the value of the currency increase. In addition, each Fund could
be exposed to risks if the counterparties to the contracts are unable to meet
the terms of their contracts.
Malaysian Securities--Effective February 4, 1999, the government of
Malaysia imposed restrictions on the repatriation of currency. Principal amounts
invested in Malaysia as of February 15, 1999 that were brought into Malaysia on
or before September 1, 1998 are subject to a repatriation tax of 10% if
repatriated on or before August 31, 1999 or a repatriation tax on capital gains
of 10% for currency repatriated after August 31, 1999. Amounts invested in
Malaysia after February 15, 1999 are subject to a repatriation tax on capital
gains of 30% for currency repatriated in less than one year and 10% for currency
repatriated after one year.
Options--A Fund may purchase put and call options to protect against a
decline in the market value of the securities that the Fund may seek to purchase
in the future. A Fund purchasing put or call options pays a premium. If price
movements in the underlying securities are such that exercise of the options
would not be profitable for a Fund, loss of the premium paid may be offset by an
increase in the value of the Fund's securities or by a decrease in the cost of
acquisition of securities by the Fund.
Transactions in purchased options for the Latin America Equity Fund for the
six months ended June 30, 1999 were as follows:
<TABLE>
<CAPTION>
CONTRACTS PREMIUM
--------- -------
<S> <C> <C>
Outstanding at December 31, 1998... -- $ --
Options purchased (Net)............ 55 2,750
Options exercised or terminated in
closing transactions (Net)....... -- --
Options expired (Net).............. -- --
--- ------
Outstanding at June 30, 1999....... 55 $2,750
=== ======
</TABLE>
Maturity Dates--Certain variable rate and floating rate securities of the
Funds are subject to "maturity shortening" devices such as put or demand
features. Under Rule 2a-7 of the 1940 Act, these securities are deemed to have
maturities shorter than the ultimate maturity dates. Accordingly, the maturity
dates reflected in the Schedule of Investments are the shorter of the effective
put/demand date or the ultimate maturity date.
Classes--Class-specific expenses are borne by that class. Income, expenses,
and realized and unrealized gains/losses are allocated to the respective classes
on the basis of relative daily net assets.
Expenses--Expenses that are directly related to one of the Funds are
charged directly to that Fund. Other operating expenses of the Fund are prorated
to the Funds on the basis of relative net assets.
Use of Estimates--The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the amounts reported in the financial
statements and accompanying notes. Actual results could differ from those
estimates.
Other--Dividends from net investment income for the Equity and Fixed Income
Funds are paid to shareholders on a periodic basis. Dividends from net
investment income for the Money Market Funds are declared to shareholders daily
and distributed monthly. Any net realized capital gains on sales of securities
are distributed to shareholders at least annually.
The amounts of dividends from net investment income and distributions from
net realized capital gains are determined in accordance with federal income tax
regulations, which may differ from those amounts recorded under generally
accepted accounting principles. These book/tax differences are either temporary
or permanent in nature. To the extent that these differences are permanent, they
are charged or credited to paid-in capital in the period that the difference
arises.
65
<PAGE> 68
Notes to Financial Statements (continued)
Due to the nature of the dividends that the Real Estate Fund receives from
REIT's, the Real Estate Fund anticipates it may have a tax basis return of
capital.
3. ADMINISTRATION AND DISTRIBUTION AGREEMENTS
Effective July 1, 1998, the Trust and ABN AMRO Fund Services, Inc. (the
"Administrator") entered into an administration agreement (the "Administration
Agreement"). Under the terms of the Administration Agreement, the Administrator
is entitled to a fee calculated daily and paid monthly at an annual rate of
0.15% of the average daily net assets of each Fund. The Administrator has agreed
to waive a portion of its fee for certain Funds through April, 2000. After April
1, 2000, the Administrator may in its sole discretion cancel, modify or continue
this waiver.
First Data Investor Services Group, Inc. ("Investor Services Group")
provides certain administrative services and fund accounting pursuant to a
sub-administration agreement with the Administrator.
First Data Distributors, Inc. (the "Distributor"), a wholly-owned
subsidiary of First Data Corporation, serves as the distributor of the Funds.
The Trust has adopted a distribution plan for the Investor Share Class under the
1940 Act. The Distributor is paid a fee at an annual rate of up to 0.25% of the
average daily net assets of the Investor Share Class of each Fund.
In addition, the Trust has adopted a shareholder servicing plan for the
Investor Share Class. The Distributor is paid a fee at an annual rate of up to
0.25% of the average daily net assets of the Investor Share Class of each Fund
for its efforts in maintaining client accounts, arranging bank wires, responding
to client inquiries concerning services provided on investment and assisting
clients in purchase, redemption and exchange transactions, and changing their
dividend options, account designations and addresses. For the current period,
the Distributor has waived, on a voluntary basis, a portion of this fee for the
Money Market Funds for an indefinite period of time.
4. ORGANIZATIONAL COSTS AND TRANSACTIONS WITH AFFILIATES
Organizational costs have been capitalized by the Funds and are being amortized
over 60 months, commencing with operations. In the event any of the initial
shares are redeemed by any holder thereof during the period that the Fund is
amortizing its organizational costs, the redemption proceeds payable to the
holder thereof by the Fund will be reduced by the unamortized organizational
costs in the same ratio as the number of initial shares being redeemed bears to
the number of initial shares outstanding at the time of the redemption. These
costs include legal fees for organizational work performed by a law firm of
which two officers of the Trust are partners.
Certain officers of the Trust are also employees of the Administrator,
Distributor and/or Advisor. Such officers are paid no fees by the Trust for
serving in their roles as officers of the Trust.
5. INVESTMENT ADVISORY AGREEMENT
The Trust has entered into an investment advisory agreement with ABN AMRO Asset
Management (USA) Inc., (the "Advisor"), under which the Advisor is entitled to
an annual fee equal to 0.60% of the average daily net assets of each of the
Fixed Income, Intermediate Government Fixed Income, Limited Volatility Fixed
Income and Tax-Exempt Fixed Income Funds; 0.80% of the average daily net assets
of each of the International Fixed Income, Value, Growth, Small Cap Growth, and
Small Cap Value Funds; 1.00% of the average daily net assets of each of the Real
Estate, International Equity, TransEurope, Latin America Equity and Asian Tigers
Funds; 0.70% of the average daily net assets of the Balanced Fund; 0.35% of the
average daily net assets of each of the Treasury Money Market, Money Market, and
Tax-Exempt Money Market Funds, and 0.20% of the average daily net assets of the
Government Money Market Fund.
The Advisor has contractually agreed, through April, 2000, to waive a
portion of its advisory fees in an amount equal to 0.10% of the average daily
net assets of each of the Fixed Income Funds, except the International Fixed
Income Fund. The Advisor has also contractually agreed, through April 1, 2000,
to waive a portion of its fee in an amount equal to 0.15% of the average daily
net assets of each of the Money Market Funds, except the Government Money Market
Fund, and to waive a portion of its fee in an amount equal to 0.30% of the
average daily net assets of the Real Estate Fund.
6. INVESTMENT TRANSACTIONS
The cost of security purchases and the proceeds from the sale of securities
excluding U.S. Government securities, and temporary cash investments, during the
six months ended June 30, 1999 were as follows:
<TABLE>
<CAPTION>
Purchases Sales
(000) (000)
------------------------
<S> <C> <C>
Fixed Income $62,082 $77,960
Intermediate Government Fixed Income -- --
Tax-Exempt Fixed Income 9,554 9,638
International Fixed Income 5,326 5,282
Balanced 16,603 17,536
Value 16,622 28,523
Growth 39,199 33,031
International Equity 27,206 24,173
Small Cap Growth 14,956 20,591
Real Estate 1,447 715
Asian Tigers 18,338 15,630
Latin America Equity 17,053 17,094
Small Cap Value 4,605 3,748
</TABLE>
66
<PAGE> 69
JUNE 30, 1999 (Unaudited)
The cost of security purchases and the proceeds from the sale of U.S.
Government securities during the six months ended June 30, 1999 were as follows:
<TABLE>
<CAPTION>
Purchases Sales
(000) (000)
------------------------
<S> <C> <C>
Fixed Income $196,888 $181,493
Intermediate Government Fixed Income 21,275 25,409
Tax-Exempt Fixed Income -- --
International Fixed Income -- --
Balanced 32,358 26,958
Value -- --
Growth -- --
International Equity -- --
Small Cap Growth -- --
Real Estate -- --
Asian Tigers -- --
Latin America Equity -- --
Small Cap Value -- --
</TABLE>
The aggregate gross unrealized appreciation and depreciation, net
unrealized appreciation and depreciation, and cost for all securities as
computed on a Federal income tax basis, at June 30, 1999, for each Fund is as
follows:
<TABLE>
<CAPTION>
Gross Gross Net Unrealized
Appreciated (Depreciated) Appreciation
Securities Securities (Depreciation) Cost
(000) (000) (000) (000)
-------------------------------------------------------
<S> <C> <C> <C> <C>
Fixed Income $ 195 $(4,106) $(3,911) $166,625
Intermediate
Government Fixed
Income 61 (453) (392) 37,829
Tax-Exempt Fixed
Income 1,023 (208) 815 33,030
International Fixed
Income 37 (830) (793) 15,671
Balanced 19,637 (3,174) 16,463 72,275
Value 37,562 (8,181) 29,381 155,599
Growth 64,554 (2,138) 62,416 144,117
International Equity 45,816 (5,032) 40,784 109,708
Small Cap Growth 7,599 (2,060) 5,539 33,701
Real Estate 241 (365) (124) 8,050
Asian Tigers 10,245 (1,197) 9,048 32,099
Latin America Equity 3,114 (1,906) 1,208 21,817
Small Cap Value 1,062 (470) 592 9,812
</TABLE>
At December 31, 1998, the following Funds had available realized capital
losses to offset future net capital gains through fiscal year ended:
<TABLE>
<CAPTION>
Amount Expiration
(000) Date
----------------------
<S> <C> <C>
Treasury Money Market $ 5 2006
Government Money Market 2 2002
2 2004
Tax-Exempt Money Market 1 2005
Intermediate Government Fixed Income 49 2002
447 2003
962 2004
Tax-Exempt Fixed Income 1,063 2002
307 2003
International Equity 1,190 2006
Small Cap Growth 1,482 2006
Real Estate 114 2006
Asian Tigers 3,176 2005
7,164 2006
Latin America Equity 2,398 2006
Small Cap Value 581 2006
</TABLE>
At December 31, 1998, the following Funds have elected to defer capital
losses attributable to Post-October Losses:
<TABLE>
<CAPTION>
Amount
(000)
------
<S> <C>
Fixed Income $ 18
Small Cap Growth 718
Asian Tigers 808
Latin America Equity 309
Small Cap Value 9
</TABLE>
7. FOREIGN SECURITIES
Certain Funds may invest in foreign securities. Investing in securities of
foreign companies and foreign governments involves special risks and
considerations not typically associated with investing in the securities of U.S.
companies and the U.S. government. These risks include revaluation of currencies
and future political and economic developments. Moreover, securities of many
foreign companies and foreign governments and their markets may be less liquid
and their prices more volatile than those of securities of comparable U.S.
companies and the U.S. government. For more detailed information, please refer
to the Funds' prospectus or Statement of Additional Information (SAI).
67
<PAGE> 70
Notes to Financial Statements (continued)
8. TAX INFORMATION
During the fiscal year ended December 31, 1998, the following Funds made
distributions from long-term capital gains:
<TABLE>
<CAPTION>
Amount
-----------
<S> <C>
Fixed Income $ 186,422
International Fixed Income 68,656
Balanced 9,569,124
Value 63,893,039
Growth 17,056,206
International Equity 1,314,479
Small Cap Growth 206,528
</TABLE>
9. SUBSEQUENT EVENT
The Board of Trustees of the Trust has voted to terminate the Small Cap Value
Fund. On July 31, 1999, all shares of the Fund still outstanding were redeemed.
68
<PAGE> 71
[ABN-AMRO FUNDS LOGO]
- ------------------
SEMI-ANNUAL REPORT
- ------------------
JUNE 30, 1999
MONEY MARKET FUNDS
Treasury Money Market Fund(US)
Government Money Market Fund(US)
Money Market Fund(US)
Tax-Exempt Money Market Fund(US)
FIXED INCOME FUNDS
Fixed Income Fund(US)
Intermediate Government Fixed
Income Fund(US)
Tax-Exempt Fixed
Income Fund(US)
Limited Volatility Fixed Income Fund(US)*
BALANCED FUND
Balanced Fund(US)
EQUITY FUNDS
Value Fund(US)
Growth Fund(US)
Small Cap Growth Fund(US)
Real Estate Fund(US)
Small Cap Value Fund(US)
INTERNATIONAL FUNDS
International Fixed Income Fund(US)
International Equity Fund(US)
Asian Tigers Fund(US)
Latin America Equity Fund(US)
TransEurope Fund(US)*
INVESTMENT ADVISOR
ABN AMRO ASSET MANAGEMENT (USA) INC.
208 South LaSalle Street
Fourth Floor
Chicago, IL
60604-1003
ADMINISTRATOR
ABN AMRO FUND SERVICES, INC.
208 South LaSalle Street
Fourth Floor
Chicago, IL
60604-1003
DISTRIBUTOR
FIRST DATA DISTRIBUTORS, INC.
4400 Computer Drive
Westborough, MA 01581
LEGAL COUNSEL
MORGAN, LEWIS & BOCKIUS LLP
2000 One Logan Square
Philadelphia, PA 19103
INDEPENDENT AUDITORS
ERNST & YOUNG LLP
200 Clarendon Street
Boston, MA 02116-5072
- -----------------------------------------------------
*As of the date of this semi annual report, these
funds had not yet commenced operations.
For more information, call 1-800-443-4725.
http://www.abnamrofunds-usa.com
This report and the financial statements contained herein are for the general
information of shareholders of the funds named above. This report is not
authorized for distribution to prospective investors in a fund unless preceded
or accompanied by a currently effective prospectus.
ABN-F-011-00699
