<PAGE>
[GRAPHIC OMITTED - SHEILD]
ABM AMRO FUNDS
[GRAPHIC OMITTED - GLOBE]
SEMI-ANNUAL
REPORT
JUNE 30, 2000
COMMON SHARE CLASS
INVESTOR SHARE CLASS
<PAGE>
TABLE OF CONTENTS
Letter to Shareholders............................ 2
Schedule of Investments .......................... 4
Statement of Assets and Liabilities .............. 32
Statement of Operations .......................... 35
Statement of Changes in Net Assets................ 38
Financial Highlights ............................. 44
Notes to Financial Statements .................... 54
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)
Tax-Exempt Fixed Income Fund(US)
BALANCED FUND
Balanced Fund(US)
EQUITY FUNDS
Value Fund(US)
Growth Fund(US)
Small Cap Fund(US)
(formerly SmallCap Growth Fund(US))
Real Estate Fund(US)
INTERNATIONAL FUNDS
International Fixed Income Fund(US)
International Equity Fund(US)
Asian Tigers Fund(US)
Latin America Equity Fund(US)
Europe Equity Growth Fund(US)*
(formerly TransEurope Fund(US))
-------------------------------------------------------------------
NOT FDIC INSURED (BULLET) NO BANK GUARANTEE (BULLET) MAY LOSE VALUE
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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 PROVIDENT DISTRIBUTORS, INC.
WHICH IS NOT A BANK AFFILIATE.
-------------------------------------------------------------------
* As of the date of this semi-annual report, this Fund had not yet commenced
operations.
<PAGE>
LETTER TO SHAREHOLDERS
Dear Shareholder:
Globalization has been a force that has been picking up momentum for several
years, and the first six months of the new millennium were no different. The
continuing changes to the world's economy have made ABN AMRO's global network of
on-the-ground professionals all the more important.
In the financial markets, to borrow Federal Reserve Chairman Alan Greenspan's
phrase, the technology-hungry investors of 1999 learned the true meaning of
"irrational exuberance" in the first six months of 2000. The NASDAQ Composite
Index - 80% of which is represented by technology stocks - slid into bear market
territory after a record run-up, at times dragging the Standard & Poor's 500
Index along on a bumpy ride.
Although the markets recovered somewhat as the second quarter wore on, the
lesson learned seemed to be that profits do, in fact, matter. Many companies
that experienced rocketing stock prices in 1999, yet showed no profits and had
no prospects for turning a profit anytime soon, were generally hit hard in 2000.
Irrespective of the NASDAQ's struggles in the first half of the year, its
movements and influence signified a shift in the importance of
technology-related stocks all over the world. It has become obvious that the
highly productive, technology-driven "new economy" is here to stay.
But this does not mean the "old economy" is dead. On the contrary, after the
decline of the technology sector, the importance of diversification was made
clearer than ever. Traditionally defensive sectors such as real estate, food and
insurance proved to be safer harbors in stormy markets.
This sector rotation effect played out in the numbers: ABN AMRO Real Estate
Fund(US) returned 14.93% for the Common Share Class and 14.91% for the Investor
Share Class for the six-month period ended June 30, 2000, outperforming the
13.31% return for the Morgan Stanley Capital International (MSCI) Real Estate
Index and the 12.70% return for the Lipper Real Estate Funds Average.
While the ABN AMRO Growth Fund(US) was overweight in technology, a concentration
on the highest quality names - plus excellent stock selection across many other
sectors - bolstered the Fund, which returned 7.69% for the Common Share Class
and 7.40% for the Investor Share Class for the six-month period ended June 30,
2000. The Fund's returns dwarfed the Standard & Poor's 500 Index, which lost
0.43%, and performed in line with the Lipper Large-Cap Growth Funds Average
which gained 7.40%.
A balance between growth and value stocks helped the ABN AMRO Small Cap Fund(US)
return 7.97% for the Common Share Class and 7.58% for the Investor Share Class,
handily beating the Russell 2000 Index return of 3.04% and finishing slightly
under the Lipper Small-Cap Growth Funds Average of 9.45%. Again, the Fund's
overweight in technology actually helped, thanks to the managers' focus on
strong, earnings-driven names.
In the economic arena, the Federal Open Market Committee (the "Fed") continued
its strategy of monetary tightening in the new year in an attempt to engineer a
"soft landing" in the U.S. economy. These moves brought the total number of
interest rate increases to six in the one-year period ended June 30, 2000. At
that time, there were some signs of an economic slowdown, but it remained to be
seen whether the rate hikes produced the intended effect.
As the world watched the Fed's moves, several international events took place
that signified a continued emphasis on a global free market. The German
government adopted new taxation policies that will encourage investment by
foreign and domestic companies alike, which will likely create new jobs.
Likewise, French and German officials proposed structures for the European Union
that advocate a freer market. And the Korean summit showed the potential of
another Asian country to move to the free enterprise system down the road. These
were bold and somewhat unexpected moves, signs of a continued bias in the
direction of more open markets and globalization of trade.
Within the ABN AMRO organization, we recently implemented strategies intended to
help enhance performance and align our resources to focus on global growth.
Three specific areas we concentrated on were:
(BULLET) Equities
(BULLET) Cash management
(BULLET) Distribution
In late 1999, we designed and put into practice a rigorous investment process
that best uses the strengths of the firm. We formed a partnership with two
sub-advisers, Delaware Management Company and Mellon Equity Associates, LLP, to
allow us to concentrate on global growth. We also enhanced our service levels
and expanded the Funds' distribution network to include the major national
mutual fund supermarkets, where we are now available to thousands of investors
and financial advisers.
2
<PAGE>
JUNE 30, 2000 (Unaudited)
This past December, we introduced a new fund, the ABN AMRO Institutional Prime
Money Market Fund(US). This Fund marks ABN AMRO's first liquidity management
vehicle priced for corporate clients. We also added to the credit analyst staff
to continue to build our premier cash management team.
We have already seen some positive results of our strategy implementation in the
form of better overall equity performance and the addition of assets to our fund
family. As we look to the next six months, we will continue to closely monitor
the processes we have put in place regarding investment management, client
service and partnership with our two sub-advisors. We will explore other
opportunities to continue to improve investment performance.
We are absolutely committed to our consistent, disciplined investment approach,
which we believe is the hallmark of our investment strategy. We plan to continue
this commitment throughout the remainder of 2000 and beyond.
Sincerely,
/S/ SIGNATURE - RANDALL C. HAMPTON
Randall C. Hampton
President
ABN AMRO Funds
<TABLE>
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Average Annual
As of June 30, 2000 One-Year Average Annual Since Inception
Return 5-Year Return to Date
--------------------------------------------------------------------------------------------------------
Real Estate Fund(US) - Common Share Class 4.59% N/A (1.26)%
--------------------------------------------------------------------------------------------------------
Real Estate Fund(US) - Investor Share Class 4.16% N/A 10.32%
--------------------------------------------------------------------------------------------------------
Growth Fund(US) - Common Share Class 14.59% 21.27% 16.97%
--------------------------------------------------------------------------------------------------------
Growth Fund(US) - Investor Share Class 13.96% 20.82% 16.26%
--------------------------------------------------------------------------------------------------------
Small Cap Fund(US) - Common Share Class 29.45% 13.99% 10.14%
--------------------------------------------------------------------------------------------------------
Small Cap Fund(US) - Investor Share Class 28.58% 13.60% 10.88%
--------------------------------------------------------------------------------------------------------
</TABLE>
PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. Investment returns and
principal value will vary with market conditions, so that shares, when redeemed,
may be worth more or less than their original cost.
Return figures reflect any expense reimbursements and fee waivers. Without
reimbursements or waivers, Fund returns would have been lower. The Real Estate
Fund(US) may be subject to a higher degree of market risk than diversified funds
because of concentration in a specific industry, sector or geographic sector.
Risks also include declines in the value of real estate, general and economic
conditions, changes in the value of underlying property and defaults by
borrowers. Small company stocks may be subject to a higher degree of market risk
than the securities of more established companies because they tend to be more
volatile and less liquid. All indices mentioned are unmanaged. It is not
possible to invest directly in any index. This report must be preceded or
accompanied by a current prospectus.
Distributor: Provident Distributors, Inc.
3
<PAGE>
SCHEDULE OF INVESTMENTS
TREASURY MONEY MARKET FUND(US)
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
REPURCHASE AGREEMENTS AND NET OTHER ASSETS AND LIABILITIES 42.7%
U.S. TREASURY OBLIGATIONS 57.3%
% OF TOTAL NET ASSETS
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS - 57.3%
U.S. Treasury Bills (A)
5.350%, 07/20/00.......................... $ 25,000 $ 24,929
5.300%, 07/27/00.......................... 25,000 24,904
U.S. Treasury Notes
5.375%, 07/31/00.......................... 15,000 14,995
6.125%, 07/31/00.......................... 20,000 20,007
6.000%, 08/15/00.......................... 30,000 30,006
6.250%, 08/31/00.......................... 5,000 5,006
4.000%, 10/31/00.......................... 10,000 9,947
5.750%, 11/15/00.......................... 10,000 9,999
4.500%, 01/31/01.......................... 10,000 9,905
5.000%, 02/28/01.......................... 20,000 19,823
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $169,521).............................. 169,521
-----------
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
REPURCHASE AGREEMENTS - 42.4%
J.P. Morgan
6.480%, dated 06/30/00, matures
07/03/00, repurchase price
$47,769,863 (collateralized by
U.S. Treasury Instruments,
total market value:
$48,699,891).............................. $ 47,744 $ 47,744
Morgan Stanley
6.480%, dated 06/30/00, matures
07/03/00, repurchase price
$9,235,304 (collateralized by
U.S. Treasury Instruments,
total market value:
$9,454,505)............................... 9,230 9,230
Prudential Securities
6.480%, dated 06/30/00, matures
07/03/00, repurchase price
$9,130,302 (collateralized by
U.S. Treasury Instruments,
total market value:
$9,308,379)............................... 9,126 9,126
Warburg
6.480%, dated 06/30/00, matures
07/03/00, repurchase price
$59,182,207 (collateralized by
U.S. Treasury Instruments,
total market value:
$60,336,571).............................. 59,150 59,150
-----------
TOTAL REPURCHASE AGREEMENTS
(Cost $125,250).............................. 125,250
-----------
TOTAL INVESTMENTS - 99.7%
(Cost $294,771)............................... 294,771
-----------
NET OTHER ASSETS AND LIABILITIES - 0.3% ......... 941
-----------
TOTAL NET ASSETS - 100.0%........................ $ 295,712
===========
------------------------------------------------------------------------------
(A) Rate noted represents the annualized discount yield
at the time of purchase.
The accompanying notes are an integral part of the financial statements.
4
<PAGE>
JUNE 30, 2000 (Unaudited)
SCHEDULE OF INVESTMENTS
GOVERNMENT MONEY MARKET FUND(US)
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
REPURCHASE AGREEMENTS AND NET OTHER ASSETS AND LIABILITIES 42.1%
U.S. GOVERNMENT AGENCY OBLIGATIONS 57.9%
% OF TOTAL NET ASSETS
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
U.S. GOVERNMENT
AGENCY OBLIGATIONS - 57.9%
Fannie Mae Discount Notes (A)
6.460%, 09/14/00.......................... $ 20,000 $ 19,731
6.402%, 10/02/00.......................... 10,500 10,325
Fannie Mae MTN
5.620%, 08/09/00.......................... 6,000 5,999
5.440%, 09/01/00......................... 7,800 7,794
5.760%, 10/02/00......................... 4,775 4,773
6.520%, 03/16/01.......................... 10,000 9,997
Federal Farm Credit Bank
5.800%, 10/02/00.......................... 10,000 9,999
4.900%, 11/16/00.......................... 10,000 9,950
Federal Farm Credit Bank Discount
Notes (A)
6.420%, 07/13/00.......................... 15,000 14,968
6.460%, 09/13/00.......................... 9,818 9,688
Federal Home Loan Bank
5.710%, 08/09/00.......................... 3,330 3,329
6.050%, 11/03/00.......................... 8,000 8,002
6.375%, 02/02/01.......................... 7,450 7,446
6.390%, 02/07/01.......................... 15,000 14,992
7.000%, 06/14/01.......................... 10,000 10,008
Federal Home Loan Bank Discount
Notes (A)
6.420%, 08/23/00.......................... 22,782 22,567
6.430%, 08/25/00.......................... 18,023 17,846
6.430%, 08/30/00.......................... 8,947 8,851
6.440%, 09/01/00.......................... 23,400 23,140
6.480%, 09/27/00.......................... 25,000 24,604
Freddie Mac Discount
Notes (A)
5.230%, 07/06/00.......................... 10,000 9,993
6.430%, 07/11/00.......................... 17,700 17,668
6.430%, 07/14/00.......................... 7,735 7,717
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
U.S. GOVERNMENT
AGENCY OBLIGATIONS (continued)
Freddie Mac Discount
Notes (A) (continued)
5.260%, 07/17/00.......................... $ 10,000 $ 9,977
6.435%, 07/18/00.......................... 22,000 21,933
5.491%, 08/01/00.......................... 7,000 6,967
6.440%, 08/24/00.......................... 12,563 12,442
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $330,706).............................. 330,706
-----------
REPURCHASE AGREEMENTS - 42.2%
J.P. Morgan
6.770%, dated 06/30/00, matures
07/03/00, repurchase price
$13,275,820 (collateralized by
U.S. Government Agency
Instruments, total market value:
$13,533,701).............................. 13,268 13,268
Morgan Stanley
6.770%, dated 06/30/00, matures
07/03/00, repurchase price
$14,124,416 (collateralized by
U.S. Government Agency
Instruments, total market value:
$14,398,816).............................. 14,116 14,116
Prudential Securities
6.770%, dated 06/30/00, matures
07/03/00, repurchase price
$131,738,831 (collateralized by
U.S. Government Agency
Instruments, total market value:
$134,298,941)............................. 131,665 131,665
Warburg
6.770%, dated 06/30/00, matures
07/03/00, repurchase price
$81,587,448 (collateralized by
U.S. Government Agency
Instruments, total market value:
$83,173,622).............................. 81,541 81,541
-----------
Total Repurchase Agreements
(Cost $240,590).............................. 240,590
-----------
Total Investments - 100.1%
(Cost $571,296).............................. 571,296
-----------
Net Other Assets and Liabilities - (0.1)%......... (738)
-----------
Total Net Assets - 100.0%........................ $ 570,558
===========
------------------------------------------------------------------------------
(A) Rate noted represents annualized discount yield
at the time of purchase.
MTN Medium Term Note
The accompanying notes are an integral part of the financial statements.
5
<PAGE>
SCHEDULE OF INVESTMENTS
MONEY MARKET FUND(US)
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED INPRINTED GRAPHIC
BANK NOTES 3.2%
COMMERCIAL PAPER 43.5%
CERTIFICATES OF DEPOSIT 35.8%
REPURCHASE AGREEMENTS AND NET OTHER ASSETS AND LIABILITIES 17.5%
% OF TOTAL NET ASSETS
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
COMMERCIAL PAPER (A) - 43.5%
American Express Credit
6.530%, 07/19/00.......................... $ 10,000 $ 9,967
Associates First Capital
6.530%, 07/24/00.......................... 5,357 5,334
Associates First Capital BV
6.550%, 07/26/00.......................... 5,000 4,977
AT&T
6.510%, 07/12/00.......................... 5,000 4,990
Bear Stearns
6.560%, 08/08/00.......................... 5,000 4,965
Blue Ridge Asset Funding
6.600%, 07/17/00 (B) ..................... 5,000 4,985
Centric Capital
6.550%, 07/25/00 (B) ..................... 5,000 4,978
Citicorp
6.530%, 08/02/00.......................... 5,000 4,971
Coca-Cola
6.550%, 07/18/00.......................... 4,464 4,450
Falcon Asset Securities
6.580%, 07/13/00.......................... 6,850 6,835
Ford Motor Credit
6.540%, 07/20/00.......................... 10,000 9,965
General Electric Capital
6.560%, 07/06/00.......................... 5,357 5,352
5.960%, 09/20/00.......................... 2,678 2,642
Goldman Sachs Group
6.550%, 07/18/00.......................... 5,000 4,985
6.550%, 08/17/00.......................... 5,000 4,957
Household Finance
6.530%, 07/25/00.......................... 8,000 7,965
International Lease Finance
6.490%, 07/19/00.......................... 8,928 8,899
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
COMMERCIAL PAPER (continued)
Merrill Lynch
6.550%, 07/27/00.......................... $ 5,000 $ 4,976
Receivables Capital
6.530%, 07/10/00 (B) ..................... 1,857 1,854
Variable Funding Capital
6.570%, 07/05/00 (B) ..................... 5,357 5,353
6.520%, 07/11/00 (B) ..................... 4,464 4,456
-----------
Total Commercial Paper
(Cost $117,856).............................. 117,856
-----------
Certificates of Deposit - 35.8%
Barclays Bank (NY)
6.560%, 07/07/00.......................... 6,071 6,071
Bayerische Landesbank (NY)
6.550%, 07/19/00.......................... 8,928 8,928
6.610%, 03/07/01.......................... 1,786 1,785
Canadian Imperial Bank
6.200%, 08/01/00.......................... 3,214 3,214
6.520%, 01/29/01.......................... 4,464 4,463
6.720%, 02/12/01.......................... 1,786 1,785
Chase Manhattan USA
7.000%, 07/05/00.......................... 10,000 10,000
Credit Suisse First Boston
6.560%, 07/10/00.......................... 8,928 8,928
Deutsche Bank (NY
6.550%, 07/10/00.......................... 8,928 8,928
6.010%, 09/05/00.......................... 1,428 1,428
Harris Trust & Savings
6.580%, 07/05/00.......................... 3,000 3,000
6.580%, 07/24/00.......................... 5,000 5,000
Lloyds Bank
6.000%, 08/14/00.......................... 1,964 1,964
Rabobank Nederland (NY)
6.710%, 03/16/01.......................... 2,143 2,142
Societe Generale (NY)
6.550%, 07/20/00.......................... 6,249 6,249
6.560%, 01/18/01.......................... 4,464 4,463
Suntrust Banks
7.000%, 07/03/00.......................... 10,000 10,000
Union Bank of Switzerland (NY)
5.760%, 07/05/00.......................... 3,571 3,571
7.080%, 06/22/01.......................... 5,000 4,998
-----------
Total Certificates of Deposit
(Cost $96,917)............................... 96,917
-----------
Bank Notes - 3.2%
Bank of America
6.770%, 08/23/00.......................... 5,357 5,357
FNB of Chicago
6.015%, 08/14/00.......................... 3,303 3,303
-----------
Total Bank Notes
(Cost $8,660)................................ 8,660
-----------
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
JUNE 30, 2000 (Unaudited)
SCHEDULE OF INVESTMENTS
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
REPURCHASE AGREEMENTS - 17.1%
J.P. Morgan
6.770%, dated 06/30/00 mature
07/03/00, repurchase price
$1,684,057 (collateralized by
U.S. Government Agency
Instruments, total market value:
$1,716,770)............................... $ 1,683 $ 1,683
Morgan Stanley
6.770%, dated 06/30/00, matures
07/03/00, repurchase price
$9,994,684 (collateralized by
U.S. Government Agenc
Instruments, total market value:
$10,206,757).............................. 9,989 9,989
Warburg.
6.770%, dated 06/30/00, matures
07/03/00, repurchase price
$34,700,380 (collateralized by
U.S. Government Treasury
Obligation, total market value:
$35,375,233).............................. 34,681 34,681
-----------
Total Repurchase Agreements
(Cost $46,353)............................... 46,353
-----------
Total Investments - 99.6%
(Cost $269,786) ............................. 269,786
-----------
Net Other Assets and Liabilities - 0.4% ........ 1,089
-----------
Total Net Assets - 100.0% ...................... $ 270,875
===========
------------------------------------------------------------------------------
(A) Rate noted represents annualized discount yield
at the time of purchase.
(B) Securities exempt from registration under section
4(2) of the Securities Act of 1933, as amended.
These securities may only be resold in an exempt
transaction to qualified institutional buyers.
At June 30, 2000, these securities amounted to
$21,625,657 or 8.0% of net assets.
(NY) New York
The accompanying notes are an integral part of the financial statements.
7
<PAGE>
SCHEDULE OF INVESTMENTS
TAX-EXEMPT MONEY MARKET FUND(US)
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
MUNICIPAL BONDS 93.8%
REPURCHASE AGREEMENT AND NET OTHER ASSETS AND LIABILITIES 6.2%
% OF TOTAL NET ASSETS
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
MUNICIPAL BONDS - 93.8%
ALASKA - 1.0%
Valdez Marine Terminal RB
Exxon Pipeline Co. Project
4.550%, 07/03/00 (1)...................... $ 5,000 $ 5,000
-----------
ARIZONA - 5.0%
Salt River Project TECP
4.050%, 09/13/00.......................... 8,900 8,900
4.200%, 09/13/00.......................... 9,200 9,200
4.300%, 09/13/00.......................... 2,000 2,000
Tempe Excise Tax RB
4.550%, 07/05/00 (1)...................... 4,500 4,500
-----------
24,600
-----------
COLORADO - 1.9%
Colorado Educational and
Cultural Facilities RB
Naropa University Project
4.750%, 07/06/00 (1)...................... 3,200 3,200
National Cable
Television Center
4.750%, 07/06/00 (1)...................... 6,000 6,000
-----------
9,200
-----------
CONNECTICUT - 3.2%
Connecticut State Health &
Educational Facilities
Authority RB Yale University
Series T-2
4.350%, 07/06/00 (1)...................... 16,100 16,100
-----------
FLORIDA - 3.5%
Jacksonville Electric Authority
TECP, Series C1
4.050%, 08/02/00.......................... 17,400 17,400
-----------
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
ILLINOIS - 1.0%
Chicago Park District Warrants
4.375%, 09/15/00.......................... $ 5,000 $ 5,008
Illinois Development Finance
Authority RB
Saint Xavier University
4.800%, 07/06/00 (1)...................... 180 180
-----------
5,188
-----------
INDIANA - 8.8%
Mt. Vernon Pollution Control
RB General Electric Project
Series A
4.150%, 07/10/00.......................... 20,000 20,000
City of Sullivan
Pollution Control RB
4.200%, 10/16/00.......................... 4,750 4,750
4.200%, 10/16/00.......................... 12,600 12,600
4.300%, 10/16/00.......................... 2,400 2,400
Hammond Pollution Control RB
Amoco Oil Project
4.550%, 07/03/00 (1)...................... 4,000 4,000
-----------
43,750
-----------
IOWA - 0.8%
Ottumwa RB, Ottumwa
Regional Health Center
4.750%, 07/06/00 (1)...................... 4,000 4,000
-----------
LOUISIANA - 2.5%
St. Charles Parish
Pollution Control RB
Shell Oil Project, Series B
4.500%, 07/03/00 (1)...................... 12,600 12,600
-----------
MARYLAND - 0.8%
Maryland State Health &
Higher Education
Facilities Authority RB
Pooled Loan Program, Series B
4.700%, 07/05/00 (1)...................... 4,100 4,100
-----------
MINNESOTA - 9.4%
Becker, Pollution Control RB
Northern State Power
Series A
4.000%, 07/12/00 (1)...................... 9,000 9,000
Hennepin County, GO, Series C
4.600%, 07/06/00 (1)...................... 3,400 3,400
4.600%, 07/06/00 (1)..................... 4,000 4,000
Minneapolis, GO, Series A
4.600%, 07/06/00 (1)...................... 6,150 6,150
The accompanying notes are an integral part of the financial statements.
8
<PAGE>
JUNE 30, 2000 (Unaudited)
SCHEDULE OF INVESTMENTS
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
MINNESOTA (continued)
Minneapolis, GO, Series B
4.600%, 07/06/00 (1)...................... $ 4,290 $ 4,290
4.600%, 07/06/00 (1)...................... 7,865 7,865
Minnesota School Districts TRAN
Series A
4.250%, 07/06/00.......................... 5,000 5,001
Owatonna Hospital RB
Health Central System
4.600%, 07/05/00 (1)...................... 6,800 6,800
-----------
46,506
-----------
MISSISSIPPI - 1.0%
Jackson County Port Facility RB
Chevron USA Income Project
4.550%, 07/03/00 (1)...................... 5,200 5,200
-----------
MISSOURI - 3.6%
Missouri State Health & Educational
Facilities Authority RB
The Washington University Project
Series A
4.600%, 07/03/00 (1)...................... 800 800
Series B
4.600%, 07/03/00 (1)...................... 17,000 17,000
-----------
17,800
-----------
NEBRASKA - 3.1%
Omaha Public Power District
TECP, Series A
4.050%, 09/06/00.......................... 15,500 15,500
-----------
NEVADA - 4.0%
Las Vegas Valley Water District TECP
4.100%, 09/12/00.......................... 20,000 20,000
-----------
NEW MEXICO - 2.3%
Hurley Pollution Control RB
Kennecott Santa Fe Project
4.550%, 07/03/00 (1)...................... 11,300 11,300
-----------
NEW YORK - 17.1%
New York, G.O., Series 1992-B, FGIC
4.750%, 07/03/00 (1)...................... 8,575 8,575
4.750%, 07/03/00 (1)...................... 13,000 13,000
New York State Dormitory
Authority RB
Memorial Sloan-Kettering
Series A
4.550%, 07/03/00 (1)...................... 4,550 4,550
Series B
4.550%, 07/03/00 (1)...................... 1,000 1,000
Series C
4.500%, 07/05/00 (1)...................... 15,000 15,000
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
NEW YORK (continued)
New York State Energy Research &
Development Authority
Pollution Control RB
Niagara Mohawk Power Corp.
Series B
4.550%, 07/03/00 (1)...................... $ 20,850 $ 20,850
New York State Local
Government Assistance RB
Series D
4.400%, 07/05/00 (1)...................... 21,800 21,800
-----------
84,775
-----------
NORTH CAROLINA - 4.4%
Raleigh-Durham Airport Authority
American Airlines
Series A
4.600%, 07/03/00 (1)...................... 11,850 11,850
Series B
4.600%, 07/03/00 (1)...................... 4,900 4,900
4.600%, 07/03/00 (1)...................... 5,100 5,100
-----------
21,850
-----------
OHIO - 2.4%
Ohio State Air Quality
Development Authority RB
Cincinnati Gas & Electric Project
Series B
4.500%, 07/03/00 (1)...................... 11,800 11,800
-----------
SOUTH DAKOTA - 2.0%
Lower Brule Sioux Tribe, GO
4.750%, 07/06/00 (1)...................... 10,000 10,000
-----------
TEXAS - 3.0%
Austin TECP
Combined Utility System, Series A
4.300%, 07/12/00.......................... 1,000 1,000
Harris County, Health
Facilities RB, Texas
Medical Center Project, MBIA
4.750%, 07/03/00 (1)...................... 2,300 2,300
Texas Higher Education Authority RB
Series B, FGIC
4.800%, 07/05/00 (1)...................... 1,350 1,350
Texas State TRAN, Series A
4.500%, 08/31/00.......................... 10,000 10,013
-----------
14,663
-----------
VIRGINIA - 3.3%
Peninsula Ports Authority TECP
4.000%, 07/21/00.......................... 13,735 13,735
4.350%, 07/21/00......................... 2,100 2,100
Coal Terminal RB
Dominion Terminal
Associates Project, Series D
4.600%, 07/03/00 (1)...................... 500 500
-----------
16,335
-----------
The accompanying notes are an integral part of the financial statements.
9
<PAGE>
SCHEDULE OF INVESTMENTS
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
WASHINGTON - 4.5%
Washington Health Care
Facility Authority
Fred Hutchinson Cancer
Research Center
4.750%, 07/03/00 (1)...................... $ 22,400 $ 22,400
-----------
WISCONSIN - 0.4%
State of Wisconsin, GO
Series 98-A
4.050%, 09/06/00.......................... 2,213 2,213
-----------
WYOMING - 4.8%
Gillette, Pollution Control RB
4.800%, 07/05/00 (1)...................... 9,600 9,600
Lincoln County Pollution
Control RB, Exxon Project
4.550%, 07/03/00 (1)...................... 500 500
Sweetwater County Pollution
Control RB TECP
4.150%, 09/12/00.......................... 6,500 6,500
PacifiCorp Project, Series B
4.750%, 07/03/00 (1)...................... 7,150 7,150
-----------
23,750
-----------
TOTAL MUNICIPAL BONDS
(Cost $466,030).............................. 466,030
-----------
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
REPURCHASE AGREEMENT - 6.0%
J.P. Morgan
6.750%, dated 06/30/00, matures
07/03/00, repurchase price
$29,832,238 (collateralized by
U.S. Government Agency
Instruments, total market value:
$30,411,777) ............................. $ 29,815 $ 29,815
-----------
TOTAL REPURCHASE AGREEMENT
(Cost $29,815)............................... 29,815
-----------
TOTAL INVESTMENTS - 99.8%
(Cost $495,845) ............................. 495,845
-----------
NET OTHER ASSETS AND LIABILITIES - 0.2% ....... 800
-----------
TOTAL NET ASSETS - 100.0% ...................... $ 496,645
===========
-------------------------------------------------------------------------------
(1) Variable rate instrument. The rate reported on the
Schedule of Investments is the rate in effect on
June 30, 2000. The maturity date shown is the
next scheduled reset date.
GO General Obligation
RB Revenue Bond
TECP Tax-Exempt Commercial Paper
TRAN Tax & Revenue Anticipation Note
Financial Guaranty Insurance Corporation (FGIC) and Municipal
Bond Insurance Association (MBIA) have provided underlying
credit support for certain securities as defined within the
Schedule of Investments. At June 30, 2000, these securities
amounted to $22,925,000 or 4.6% of net assets and
$2,300,000 or 0.5% of net assets, respectively.
The accompanying notes are an integral part of the financial statements.
10
<PAGE>
JUNE 30, 2000 (Unaudited)
SCHEDULE OF INVESTMENTS
FIXED INCOME FUND(US)
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
FOREIGN CORPORATE NOTES AND BONDS 6.5%
ASSET-BACKED SECURITIES 4.4%
COMMERCIAL MORTGAGE-BACKED SECURITY 2.6%
COMMERCIAL PAPER 6.6%
U.S. GOVERNMENT AGENCY OBLIGATIONS 11.0%
CORPORATE NOTES AND BONDS 20.4%
U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES 34.3%
U.S. TREASURY OBLIGATIONS 19.7%
REPURCHASE AGREEMENT AND NET OTHER ASSETS AND LIABILITIES - (5.5)%
% OF TOTAL NET ASSETS
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
U.S. GOVERNMENT
MORTGAGE-BACKED SECURITIES - 34.3%
Fannie Mae
7.500%, 05/01/27, Pool #421454............ $ 1,729 $ 1,706
6.500%, 05/01/28, Pool #436779............ 5,042 4,755
7.000%, 01/01/29, Pool #323542............ 2,395 2,313
7.500%, 01/01/29, Pool #492910............ 1,436 1,416
7.000%, 03/01/29, Pool #323657........... 3,708 3,581
6.500%, 06/01/29, Pool #504545............ 7,478 7,052
7.000%, 04/01/30, Pool #535308............ 3,783 3,654
Fannie Mae TBA 30 Yr.
8.000%, 06/01/30.......................... 13,652 13,717
Freddie Mac Gold
7.000%, 01/01/15, Pool #E79764............ 5,834 5,730
Freddie Mac, REMIC
6.500%, 05/15/24, CMO
Series 2149, Class TF..................... 4,090 3,915
Ginnie Mae
7.000%, 12/15/23, Pool #366646............ 2,297 2,235
7.000%, 03/15/26, Pool #417290............ 3,024 2,942
7.000%, 05/15/29, Pool #487221............ 2,935 2,856
7.000%, 01/20/30, Pool #002866............ 6,948 6,721
-----------
TOTAL U.S. GOVERNMENT
MORTGAGE-BACKED SECURITIES
(Cost $63,478)............................... 62,593
-----------
CORPORATE NOTES AND BONDS - 20.4%
BASIC MATERIALS - 0.7%
Dow Chemical, Debentures
7.375%, 11/01/29.......................... 1,325 1,288
-----------
COMMUNICATION SERVICES - 4.3%
Jones Intercable, Senior Notes
9.625%, 03/15/02.......................... 2,450 2,528
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
COMMUNICATION SERVICES (continued)
360 Communications, Senior Notes
7.125%, 03/01/03.......................... $ 2,055 $ 2,043
WorldCom
6.250%, 08/15/03.......................... 3,400 3,278
-----------
7,849
-----------
CONSUMER CYCLICALS - 4.3%
Federated Department Stores, Senior Notes
8.125%, 10/15/02.......................... 2,150 2,171
Ford Motor
7.450%, 07/16/31.......................... 2,125 1,992
Wal-Mart Stores, Senior Notes
6.875%, 08/10/09.......................... 3,790 3,706
-----------
7,869
-----------
ENERGY - 1.1%
Conoco
5.900%, 04/15/04.......................... 2,000 1,905
-----------
FINANCE - 6.9%
Associates of North America
Senior Notes
6.450%, 10/15/01.......................... 1,765 1,747
Household Finance
8.000%, 05/09/05.......................... 3,700 3,729
National Rural Utilities
Cooperative Finance
5.300%, 09/25/03.......................... 3,795 3,586
Wells Fargo
6.625%, 07/15/04.......................... 3,700 3,609
-----------
12,671
-----------
TECHNOLOGY - 1.7%
International Business Machines, MTN
5.625%, 04/12/04.......................... 3,245 3,092
-----------
UTILITIES - 1.4%
Long Island Lighting, Debentures
8.200%, 03/15/23.......................... 2,570 2,524
-----------
TOTAL CORPORATE NOTES AND BONDS
(Cost $38,304)............................... 37,198
-----------
U.S. TREASURY OBLIGATIONS - 19.7%
U.S. Treasury Bonds
7.250%, 05/15/16.......................... 14,550 16,010
6.250%, 05/15/30.......................... 3,750 3,936
U.S. Treasury Notes
6.375%, 09/30/01.......................... 5,000 4,991
5.875%, 11/15/04.......................... 1,500 1,477
7.000%, 07/15/06.......................... 6,500 6,734
6.500%, 02/15/10.......................... 2,700 2,792
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $35,401)............................... 35,940
-----------
The accompanying notes are an integral part of the financial statements.
11
<PAGE>
SCHEDULE OF INVESTMENTS
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
U.S. GOVERNMENT
AGENCY OBLIGATIONS - 11.0%
Fannie Mae
5.510%, 04/19/02, MTN..................... $ 2,280 $ 2,226
5.625%, 05/14/04.......................... 5,200 4,952
5.750%, 06/15/05.......................... 4,700 4,454
7.125%, 03/15/07.......................... 1,500 1,504
6.180%, 02/19/09, MTN..................... 1,635 1,510
Freddie Mac
5.000%, 01/15/04.......................... 3,000 2,811
6.750%, 09/15/29.......................... 2,750 2,630
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $20,702)............................... 20,087
-----------
FOREIGN CORPORATE NOTES AND BONDS - 6.5%
ENERGY - 1.2%
Norsk Hydro, Yankee Notes
6.700%, 01/15/18.......................... 2,425 2,142
-----------
FINANCE - 3.5%
Bank of Tokyo, Mitsubishi
8.400%, 04/15/10.......................... 2,575 2,604
Korea Development Bank
7.125%, 04/22/04.......................... 1,615 1,563
7.375%, 09/17/04.......................... 2,215 2,157
-----------
6,324
-----------
UTILITIES - 1.8%
Korea Electric Power,
Yankee Debentures
6.000%, 12/01/26.......................... 3,440 3,347
-----------
TOTAL FOREIGN CORPORATE NOTES AND BONDS
(Cost $11,862)............................... 11,813
-----------
ASSET-BACKED SECURITIES - 4.4%
Advanta Equipment Receivables
Series 1998-1, Class B
6.100%, 12/15/06.......................... 1,391 1,376
Amresco Securitized Net Interest Trust
Series 1997-1, Class A
7.545%, 09/26/27 (A)...................... 2,611 2,451
Chase Credit Card Master Trust
Series 1997-5, Class A
6.194%, 08/15/05.......................... 500 490
First Sierra Receivables
Series 1997-1, Class A4
6.350%, 03/10/05.......................... 2,000 1,973
WFS Financial Owner Trust
Series 2000-B, Class A3
7.750%, 11/20/04.......................... 1,750 1,759
-----------
TOTAL ASSET-BACKED SECURITIES
(Cost $8,218)................................ 8,049
-----------
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
COMMERCIAL MORTGAGE-BACKED SECURITY - 2.6%
Asset Securitization
Series 1995-MD4, Class A1
7.100%, 08/13/29.......................... $ 4,744 $ 4,682
-----------
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITY
(Cost $4,988)................................ 4,682
-----------
COMMERCIAL PAPER (B) - 6.6%
Bell Atlantic
6.530%, 07/17/00.......................... 6,200 6,182
General Electric Capital
6.530%, 07/17/00.......................... 6,000 5,983
-----------
TOTAL COMMERCIAL PAPER
(Cost $12,165)............................... 12,165
-----------
REPURCHASE AGREEMENT - 1.3%
J.P. Morgan
6.750%, dated 06/30/00, matures
07/03/00, repurchase price $2,383,827
(collateralized by U.S. Government
Agency Instruments, total market
value: $2,430,138)....................... 2,382 2,382
-----------
TOTAL REPURCHASE AGREEMENT
(Cost $2,382)................................ 2,382
-----------
TOTAL INVESTMENTS - 106.8%
(Cost $197,500).............................. 194,909
-----------
NET OTHER ASSETS AND LIABILITIES - (6.8)%....... (12,332)
-----------
TOTAL NET ASSETS - 100.0% ...................... $ 182,577
===========
------------------------------------------------------------------------------
(A) Security exempt from registration pursuant to Rule 144A
under the Securities Act of 1933, as amended. This
security may be resold, in transactions exempt from
registration, to qualified institutional buyers.
At June 30, 2000 this security amounted to $2,450,734
or 1.3% of net assets.
(B) Rate noted represents the annualized discount yield
at the time of purchase.
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.
12
<PAGE>
JUNE 30, 2000 (Unaudited)
SCHEDULE OF INVESTMENTS
TAX-EXEMPT FIXED INCOME FUND(US)
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
INVESTMENT COMPANIES AND NET OTHER ASSETS AND LIABILITIES 4.3%
MUNICIPAL BONDS 95.7%
% OF TOTAL NET ASSETS
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
MUNICIPAL BONDS - 95.7%
ALABAMA - 3.9%
Birmingham Industrial Water Board
Industrial Water Supply RB
6.000%, 07/01/07.......................... $ 1,000 $ 1,064
-----------
IDAHO - 4.1%
Idaho Health Facilities Authority
RB, ETM
6.650%, 02/15/21.......................... 1,000 1,120
-----------
ILLINOIS - 12.9%
Illinois Development Finance
Authority RB
Lincoln Way Community, FGIC
5.700%, 01/01/18.......................... 1,000 1,009
Illinois Student Assistance
Commission, Student Loan RB
Senior Series TT
4.900%, 09/01/02.......................... 500 501
Lake County Township
High School District No. 113
Highland Park, GO
8.800%, 12/01/09.......................... 1,000 1,267
Northbrook Park District
Series A, GO
6.100%, 11/01/12.......................... 715 751
-----------
3,528
-----------
KANSAS - 4.0%
Butler & Sedgwick Counties
Unified School District No. 385
Andover, GO, FSA
6.000%, 09/01/14.......................... 1,020 1,086
-----------
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
KENTUCKY - 3.6%
Lexington-Fayette Urban County
Government, Detention Center
Project, GO
4.250%, 05/01/03.......................... $ 1,000 $ 982
-----------
MICHIGAN - 4.9%
Michigan State House of Representatives
Capital Outlook
Certificate of Participation, AMBAC
5.000%, 08/15/20.......................... 1,500 1,350
-----------
MISSISSIPPI - 3.9%
Mississippi State Hospital Equipment
& Facilities Authority RB
Baptist Medical Center Project, MBIA
6.500%, 05/01/10.......................... 1,000 1,069
-----------
MISSOURI - 8.3%
Missouri State Health & Educational
Facilities Authority RB, BJC Health
Systems Project, Series A, ETM
6.750%, 05/15/10.......................... 2,000 2,262
-----------
NEVADA - 1.9%
Clark County Refunding & Transit
Improvement RB, Series A, MBIA
Pre-refunded 06/01/04
6.200%, 06/01/19.......................... 500 529
-----------
NEW YORK - 5.7%
New York State Highway & Bridge
Improvement Fund RB, Series A, MBIA
5.600%, 04/01/10.......................... 1,500 1,545
-----------
OHIO - 7.3%
Hilliard School District
School Improvement, GO
5.250%, 12/01/09.......................... 1,000 1,017
Ohio State Turnpike Commission RB
Series A, FGIC
5.500%, 02/15/24.......................... 1,000 988
-----------
2,005
-----------
OKLAHOMA - 3.9%
Tulsa Industrial Authority RB
St. John's Medical Center Project
Pre-refunded 02/15/06
6.250%, 02/15/17.......................... 1,000 1,068
-----------
TEXAS - 14.9%
Austin RB, Subordinated Lien, MBIA
5.250%, 05/15/25.......................... 500 475
Texas State Water Financial
Assistance, GO
5.250%, 08/01/21.......................... 1,720 1,602
The accompanying notes are an integral part of the financial statements.
13
<PAGE>
SCHEDULE OF INVESTMENTS
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
TEXAS (continued)
Texas State, Series B, GO
5.125%, 10/01/14.......................... $ 1,000 $ 970
Victoria County Hospital RB
Citizens Medical Center, AMBAC
6.250%, 01/01/16.......................... 1,000 1,026
-----------
4,073
-----------
UTAH - 1.8%
Intermountain Power Agency
Power Supply RB, Series A
7.300%, 07/01/00.......................... 500 500
-----------
VERMONT - 3.8%
Vermont Municipal Bond Bank RB
Series 1
5.900%, 12/01/04.......................... 1,000 1,045
-----------
WASHINGTON - 6.7%
Chelan County Public Utilities
District No. 001 RB
Chelan Hydro, Series G
5.375%, 06/01/18.......................... 1,000 961
Port of Seattle Passenger
Facilities RB, Series A, MBIA
5.000%, 12/01/23.......................... 1,000 883
-----------
1,844
-----------
WISCONSIN - 4.1%
Wisconsin State, Series 1, GO
5.500%, 11/01/16.......................... 1,100 1,107
-----------
TOTAL MUNICIPAL BONDS
(Cost $25,560)............................... 26,177
-----------
MARKET
DESCRIPTION SHARES VALUE (000)
--------------------------------------------------------------------------------
INVESTMENT COMPANIES - 3.3%
Dreyfus Tax-Exempt Cash
Management................................ 137,400 $ 137
Provident Mutual Money Market 781,244 781
-----------
TOTAL INVESTMENT COMPANIES
(Cost $918).................................. 918
-----------
TOTAL INVESTMENTS - 99.0%
(Cost $26,478)............................... 27,095
-----------
NET OTHER ASSETS AND LIABILITIES - 1.0% ........ 269
-----------
TOTAL NET ASSETS - 100.0% ...................... $ 27,364
===========
------------------------------------------------------------------------------
ETM Escrowed to maturity
GO General Obligation
RB Revenue Bond
American Municipal Bond Assurance Corporation (AMBAC),
Financial Guaranty Insurance Corporation (FGIC), Financia
Security Assurance Company (FSA) and Municipal Bond Insurance
Association (MBIA) have provided underlying credit support for
certain securities as defined within the Schedule of Investments.
At June 30, 2000, these securities amounted to $2,376,250 or
8.7% of net assets; $1,996,250 or 7.3% of net assets;
$1,086,300 or 4.0% of net assets and $4,500,000 or 16.4%
of net assets, respectively.
The accompanying notes are an integral part of the financial statements.
14
<PAGE>
JUNE 30, 2000 (Unaudited)
SCHEDULE OF INVESTMENTS
INTERNATIONAL FIXED INCOME FUND(US)
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
FINANCE 3.8%
GOVERNMENT AGENCIES 13.3%
BANKS 25.6%
NET OTHER ASSETS AND LIABILITIES 3.5%
NATIONAL GOVERNMENT 53.8%
% OF TOTAL NET ASSETS
FACE MARKET
DESCRIPTION AMOUNT (000)(1) VALUE (000)
--------------------------------------------------------------------------------
FOREIGN BONDS - 96.5%
AUSTRALIA - 4.3%
Bank of Western Australia
7.250%, 09/29/03.......................... 400 $ 244
Treasury Corp. of Victoria
8.250%, 10/15/03.......................... 400 251
-----------
495
-----------
AUSTRIA - 6.7%
Republic of Austria
4.500%, 09/28/05..........................JPY 70,000 768
-----------
BELGIUM - 2.8%
Kingdom of Belgium
9.000%, 03/25/03..........................EURO 308 321
-----------
CANADA - 11.7%
Canadian Government
8.750%, 12/01/05.......................... 1,000 761
1.900%, 03/23/09..........................JPY 62,000 589
-----------
1,350
-----------
DENMARK - 3.5%
Kingdom of Denmark
7.000%, 12/15/04.......................... 3,000 401
-----------
FACE MARKET
DESCRIPTION AMOUNT (000)(1) VALUE (000)
--------------------------------------------------------------------------------
FINLAND - 3.6%
Republic of Finland
8.250%, 06/25/02..........................DEM 800 $ 412
-----------
FRANCE - 4.2%
Government of France
5.250%, 04/25/08..........................EURO 197 188
8.500%, 04/25/23..........................EURO 229 294
-----------
482
-----------
GERMANY - 3.8%
Bundesrepublic Deutschland
Series 98
5.625%, 01/04/28..........................EURO 450 435
-----------
GREECE - 2.5%
Hellenic Republic
6.500%, 01/11/14.......................... 100,000 290
-----------
IRELAND - 4.2%
Government of Ireland
9.250%, 07/11/03..........................EURO 450 479
-----------
ITALY - 3.8%
Republic of Italy
5.000%, 12/15/04..........................JPY 40,000 442
-----------
JAPAN - 6.2%
Export-Import Bank of Japan
2.875%, 07/28/05.......................... 70,000 716
-----------
NETHERLANDS - 9.6%
Deutsche Finance BV
6.000%, 01/12/04.......................... 1,000 437
International Nederland Bank, MTN
6.000%, 10/01/07.......................... 1,000 428
Kingdom of Netherlands
7.500%, 01/15/23
Principal Strip (A).......................EURO 908 243
-----------
1,108
-----------
Spain - 3.9%
Kingdom of Spain
6.150%, 01/31/13..........................EURO 450 448
-----------
The accompanying notes are an integral part of the financial statements.
15
<PAGE>
SCHEDULE OF INVESTMENTS
FACE MARKET
DESCRIPTION AMOUNT (000)(1) VALUE (000)
--------------------------------------------------------------------------------
SUPERNATIONAL - 13.6%
European Investment Bank
8.000%, 06/10/03..........................GBP 700 $ 1,099
World Bank
5.250%, 03/20/02.........................JPY 45,000 460
-----------
1,559
-----------
SWEDEN - 1.0%
Kingdom of Sweden
13.000%, 06/15/01......................... 1,000 122
-----------
UNITED STATES - 11.1%
Fannie Mae
1.750%, 03/26/08..........................JPY 80,000 770
Tennessee Valley Authority
6.375%, 09/18/06..........................DEM 1,000 505
-----------
1,275
-----------
TOTAL FOREIGN BONDS
(Cost $11,892)............................... 11,103
-----------
TOTAL INVESTMENTS - 96.5%
(Cost $11,892) .............................. 11,103
-----------
NET OTHER ASSETS AND LIABILITIES - 3.5% ........ 397
-----------
TOTAL NET ASSETS - 100.0% ...................... $ 11,500
===========
--------------------------------------------------------------------------------
(1) In local currency unless otherwise noted.
(A) Zero coupon bond. Rate reflects effective
yield to maturity.
DEM Deutsche Mark
EURO European Monitary Unit
GBP British Pound Sterling
JPY Japanese Yen
MTN Medium Term Note
As of June 30, 2000, the Fund had entered into the following forward foreign
currency exchange contracts:
<TABLE>
Net Unrealized
Contracts to Receive In Exchange For Settlement Date Depreciation (000)
-------------------- ----------------------- --------------- ------------------
<S> <C> <C> <C> <C>
EURO 1,204,819 U.S. Dollars 1,161,446 07/14/00 $ (10)
==================
</TABLE>
The accompanying notes are an integral part of the financial statements.
16
<PAGE>
JUNE 30, 2000 (Unaudited)
SCHEDULE OF INVESTMENTS
BALANCED FUND(US)
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
ASSET-BACKED SECURITIES 1.7%
COMMERCIAL PAPER 1.7%
FOREIGN CORPORATE NOTES AND BONDS 2.2%
U.S. GOVERNMENT AGENCY OBLIGATIONS 4.1%
CORPORATE NOTES AND BONDS 8.4%
U.S. TREASURY OBLIGATIONS 9.4%
U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES 12.3%
REPURCHASE AGREEMENT AND NET OTHER ASSETS AND LIABILITIES 0.7%
COMMERCIAL MORTAGE-BACKED SECURITY 0.7%
COMMON STOCKS 58.8%
% OF TOTAL NET ASSETS
MARKET
DESCRIPTION SHARES VALUE (000)
--------------------------------------------------------------------------------
COMMON STOCKS - 58.8%
BASIC MATERIALS - 1.0%
Alcoa...................................... 14,100 $ 409
du Pont (E.I.) deNemours.................. 10,200 446
-----------
855
-----------
CAPITAL GOODS - 5.5%
Emerson Electric........................... 6,900 417
General Electric........................... 40,500 2,147
Honeywell International.................... 8,600 290
Ingersoll-Rand............................. 7,300 294
LSI Logic*................................. 6,100 330
Tyco International......................... 13,100 621
United Technologies........................ 6,900 406
-----------
4,505
-----------
COMMUNICATION SERVICES - 3.9%
AT&T....................................... 22,300 705
GTE........................................ 11,200 697
SBC Communications......................... 12,800 554
Service International...................... 74,600 238
Sprint..................................... 6,100 311
WorldCom*.................................. 15,000 688
-----------
3,193
-----------
CONSUMER CYCLICALS - 5.4%
Electronics for Imaging*................... 13,400 339
Ford Motor................................. 10,350 445
Gentex*.................................... 11,600 291
Home Depot (The)........................... 15,900 794
Interpublic Group.......................... 8,500 366
Lowe's..................................... 8,700 357
Sabre Holdings............................. 11,500 328
Target..................................... 7,500 435
TMP Worldwide*............................. 1,500 111
MARKET
DESCRIPTION SHARES VALUE (000)
--------------------------------------------------------------------------------
Consumer Cyclicals (continued)
Wal-Mart Stores............................ 17,800 $ 1,026
-----------
4,492
-----------
CONSUMER STAPLES - 5.6%
Albertson's................................ 9,800 326
Anheuser-Busch............................. 3,800 284
CVS........................................ 9,700 388
Disney (Walt).............................. 15,600 605
McDonald's................................. 9,800 323
Newell Rubbermaid.......................... 12,700 327
Philip Morris.............................. 15,300 406
Procter & Gamble........................... 7,500 429
Ralston Purina ............................ 16,800 335
SUPERVALU.................................. 15,600 297
Time Warner................................ 11,800 897
-----------
4,617
-----------
ENERGY - 3.9%
Apache..................................... 3,000 176
Burlington Resources....................... 8,400 321
Enron...................................... 7,200 464
Exxon Mobil................................ 15,100 1,185
Halliburton................................ 7,900 373
Petro-Canada............................... 17,600 336
Texaco..................................... 7,700 410
-----------
3,265
-----------
FINANCE - 5.4%
American Express........................... 11,000 573
Bank of America............................ 9,500 409
Chase Manhattan ........................... 10,950 504
Citigroup.................................. 18,600 1,121
Fannie Mae................................. 9,300 485
FleetBoston Financial...................... 11,600 394
Merrill Lynch.............................. 4,100 472
Wells Fargo ............................... 13,600 527
-----------
4,485
-----------
HEALTH CARE - 6.9%
Abbott Labs................................ 9,700 432
Biogen*.................................... 5,700 368
Bristol-Myers Squibb....................... 13,900 810
Eli Lilly.................................. 8,500 849
Guidant* .................................. 7,400 366
Johnson & Johnson.......................... 9,000 917
Pfizer..................................... 27,200 1,306
Schering-Plough............................ 12,400 626
-----------
5,674
-----------
INSURANCE - 1.5%
American International Group............... 7,800 917
Lincoln National........................... 8,600 311
-----------
1,228
-----------
TECHNOLOGY - 15.5%
Analog Devices*............................ 5,400 410
BMC Software............................... 9,100 332
The accompanying notes are an integral part of the financial statements.
17
<PAGE>
SCHEDULE OF INVESTMENTS
SHARES/ MARKET
DESCRIPTION FACE AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
Technology (continued)
Cisco Systems*............................. 28,500 $ 1,812
EMC*....................................... 12,800 985
Hewlett-Packard ........................... 5,100 637
Intel...................................... 13,300 1,778
International Business Machines............ 8,600 942
Microsoft*................................. 20,700 1,656
Oracle*.................................... 13,400 1,126
Seagate Technology*........................ 5,900 325
Sun Microsystems*.......................... 9,800 891
Teradyne*.................................. 4,300 316
Texas Instruments.......................... 8,500 584
3Com*...................................... 8,600 496
Vitesse Semiconductor*..................... 1,200 88
Xilinx*.................................... 5,100 421
-----------
12,799
-----------
TELECOMMUNICATIONS EQUIPMENT - 3.2%
ADC Telecommunications*.................... 5,500 461
Lucent Technologies........................ 15,700 930
Nortel Networks............................ 14,200 969
QUALCOMM*.................................. 5,000 300
-----------
2,660
-----------
UTILITIES - 1.0%
Southern................................... 15,000 350
US West.................................... 5,600 480
-----------
830
-----------
TOTAL COMMON STOCKS
(Cost $43,431)............................... 48,603
-----------
U.S. GOVERNMENT
MORTGAGE-BACKED SECURITIES - 12.3%
Fannie Mae
7.500%, 05/01/27, Pool #421454............ $ 225 222
6.500%, 05/01/28, Pool #436779............ 633 597
7.000%, 01/01/29, Pool #323542............ 707 682
7.500%, 01/01/29, Pool #492910............ 228 225
7.000%, 03/01/29, Pool #323657............ 623 602
7.000%, 09/01/29, Pool #252716............ 485 468
7.000%, 04/01/30, Pool #535308............ 1,742 1,683
Fannie Mae TBA 30 Yr.
8.000%, 06/01/30.......................... 1,699 1,707
Freddie Mac, REMIC
6.500%, 05/15/24, CMO
Series 2149, Class TF..................... 935 895
Freddie Mac Gold
7.000%, 01/01/15, Pool #E79764............ 1,313 1,289
Ginnie Mae
7.000%, 12/15/23, Pool #366646............ 377 367
7.000%, 03/15/26, Pool #417290............ 496 483
7.000%, 01/20/30, Pool #002866............ 993 960
-----------
TOTAL U.S. GOVERNMENT
MORTGAGE-BACKED SECURITIES
(Cost $10,308)............................... 10,180
-----------
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS - 9.4%
U.S. Treasury Bonds
7.250%, 05/15/16.......................... $ 2,150 $ 2,366
6.250%, 05/15/30.......................... 975 1,023
U.S. Treasury Notes
6.375%, 09/30/01.......................... 1,200 1,198
5.875%, 11/15/04.......................... 725 714
7.000%, 07/15/06.......................... 2,075 2,150
6.500%, 02/15/10.......................... 350 362
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $7,697)................................ 7,813
-----------
CORPORATE NOTES AND BONDS - 8.4%
BASIC MATERIALS - 0.4%
Dow Chemical, Debentures
7.375%, 11/01/29.......................... 330 321
-----------
COMMUNICATION SERVICES - 1.7%
Jones Intercable, Senior Notes
9.625%, 03/15/02.......................... 475 490
360 Communications, Senior Notes
7.125%, 03/01/03.......................... 750 746
WorldCom
6.250%, 08/15/03.......................... 185 178
-----------
1,414
-----------
CONSUMER CYCLICALS - 1.9%
Federated Department Stores
Senior Notes
8.125%, 10/15/02.......................... 350 353
Ford Motor
7.450%, 07/16/31.......................... 510 478
Wal-Mart Stores, Senior Notes
6.875%, 08/10/09.......................... 775 758
-----------
1,589
-----------
ENERGY - 0.4%
Conoco
5.900%, 04/15/04.......................... 350 333
-----------
FINANCE - 2.6%
Associates of North America
Senior Notes
6.450%, 10/15/01.......................... 300 297
Household Finance
8.000%, 05/09/05.......................... 750 756
National Rural Utilities
Cooperative Finance
5.300%, 09/25/03.......................... 440 416
Wells Fargo
6.625%, 07/15/04.......................... 650 634
-----------
2,103
-----------
The accompanying notes are an integral part of the financial statements.
18
<PAGE>
JUNE 30, 2000 (Unaudited)
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
TECHNOLOGY - 0.9%
International Business Machines, MTN
5.625%, 04/12/04.......................... $ 815 $ 777
-----------
UTILITIES - 0.5%
Long Island Lighting, Debentures
8.200%, 03/15/23.......................... 400 393
-----------
TOTAL CORPORATE NOTES AND BONDS
(Cost $7,105)................................ 6,930
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 4.1%
Fannie Mae
5.510%, 04/19/02, MTN..................... 580 566
5.625%, 05/14/04.......................... 850 809
5.750%, 06/15/05.......................... 700 663
7.125%, 03/15/07.......................... 325 326
6.180%, 02/19/09, MTN..................... 270 249
Freddie Mac
5.125%, 10/15/08.......................... 400 348
6.750%, 09/15/29.......................... 420 402
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $3,437)................................ 3,363
-----------
FOREIGN CORPORATE NOTES AND BONDS - 2.2%
ENERGY - 0.4%
Norsk Hydro, Yankee Notes
6.700%, 01/15/18.......................... 375 331
-----------
FINANCE - 1.2%
Bank of Tokyo, Mitsubishi
8.400%, 04/15/10.......................... 320 324
Korea Development Bank
7.125%, 04/22/04.......................... 310 300
7.375%, 09/17/04.......................... 360 351
-----------
975
-----------
UTILITIES - 0.6%
Korea Electric Power
Yankee Debentures
6.000%, 12/01/26.......................... 515 501
-----------
TOTAL FOREIGN CORPORATE NOTES AND BONDS
(Cost $1,814)................................ 1,807
-----------
ASSET-BACKED SECURITIES - 1.7%
Advanta Equipment Receivables
Series 1998-1, Class B
6.100%, 12/15/06.......................... 174 172
Amresco Securitized Net Interest Trust
Series 1997-1, Class A
7.545%, 09/26/27(A)....................... 435 408
Chase Credit Card Master Trust
Series 1997-5, Class A
6.194%, 08/15/05.......................... 125 123
FACE MARKET
DESCRIPTION AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
ASSET-BACKED SECURITIES (continued)
Equivantage Home Equity Loan Trust
Series 1997-4, Class A2
6.640%, 07/25/19.......................... $ 86 $ 85
IMC Home Equity Loan Trust
Series 1997-3, Class A5
7.140%, 09/20/23.......................... 630 626
-----------
TOTAL ASSET-BACKED SECURITIES
(Cost $1,440)................................ 1,414
-----------
COMMERCIAL MORTGAGE-BACKED SECURITY - 0.7%
Asset Securitization
Series 1995-MD4, Class A1
7.100%, 08/13/29.......................... 557 550
-----------
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITY
(Cost $574).................................. 550
-----------
COMMERCIAL PAPER (B) - 1.7%
General Electric Capital
6.530%, 07/17/00.......................... 1,400 1,396
-----------
TOTAL COMMERCIAL PAPER
(Cost $1,396)................................ 1,396
-----------
REPURCHASE AGREEMENT - 3.0%
J.P. Morgan
6.750%, dated 06/30/00, matures
07/03/00, repurchase price $2,528,779
(collateralized by U.S. Government
Agency Instruments, total market value:
$2,577,906)............................... 2,527 2,527
-----------
TOTAL REPURCHASE AGREEMENT
(Cost $2,527)................................ 2,527
-----------
TOTAL INVESTMENTS - 102.3%
(Cost $79,729)............................... 84,583
-----------
NET OTHER ASSETS AND LIABILITIES - (2.3)% ...... (1,918)
-----------
TOTAL NET ASSETS - 100.0%....................... $ 82,665
===========
-------------------------------------------------------------------------------
* Non-income producing security
(A) Security exempt from registration pursuant to Rule 144A
under the Securities Act of 1933, as amended. This
security may be resold, in transactions exempt from
registration, to qualified institutional buyers.
At June 30, 2000, this security amounted to $408,456
or 0.5% of net assets.
(B) Rate noted represents the annualized discount yield
at the time of purchase.
MTN Medium Term Note
TBA To Be Announced
The accompanying notes are an integral part of the financial statements.
19
<PAGE>
SCHEDULE OF INVESTMENTS
VALUE FUND(US)
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
TELECOMMUNICATIONS EQUIPMENT 3.1%
UTILITIES 4.0%
BASIC MATERIALS 4.2%
HEALTH CARE 4.7%
CONSUMER CYCLICALS 5.6%
INSURANCE 6.9%
TECHNOLOGY 7.8%
CAPITAL GOODS 8.4%
TRANSPORTATION 1.2%
FINANCE 19.0%
ENERGY 15.1%
COMMUNICATION SERVICES 11.2%
CONSUMER STAPLES 9.0%
INVESTMENT COMPANY AND NET OTHER ASSETS AND LIABILITIES - (0.2)%
% OF TOTAL NET ASSETS
MARKET
DESCRIPTION SHARES VALUE (000)
--------------------------------------------------------------------------------
COMMON STOCKS - 100.2%
BASIC MATERIALS - 4.2%
Alcoa...................................... 13,900 $ 403
Dow Chemical............................... 11,700 353
du Pont (E.I.) deNemours................... 28,000 1,225
Eastman Chemical........................... 6,700 320
Engelhard.................................. 19,100 326
Georgia-Pacific Group...................... 10,250 269
PPG Industries............................. 7,900 350
Sherwin-Williams........................... 24,700 523
Union Carbide.............................. 6,800 337
USX-U.S. Steel Group....................... 17,600 327
Westvaco................................... 13,950 346
Willamette Industries...................... 25,500 695
-----------
5,474
-----------
CAPITAL GOODS - 8.4%
Agilent Technologies*...................... 7,589 560
Boeing..................................... 36,200 1,514
Briggs & Stratton.......................... 8,900 305
Caterpillar................................ 12,600 427
Delphi Automotive Systems.................. 27,500 400
Eastman Kodak ............................. 12,300 732
Emerson Electric........................... 23,700 1,431
General Dynamics........................... 6,050 316
Honeywell International.................... 26,400 889
Ingersoll-Rand............................. 15,500 624
Johnson Controls........................... 11,500 590
Minnesota Mining & Manufacturing........... 14,100 1,163
Parker Hannifin ........................... 18,200 623
Rockwell International..................... 12,500 394
United Technologies........................ 13,200 777
Visteon*................................... 6,560 80
-----------
10,825
-----------
MARKET
DESCRIPTION SHARES VALUE (000)
--------------------------------------------------------------------------------
COMMUNICATION SERVICES - 11.2%
ALLTEL..................................... 11,100 $ 688
AT&T ...................................... 96,320 3,046
Bell Atlantic*............................. 19,300 981
BellSouth.................................. 43,000 1,833
Copper Mountain Networks*.................. 8,100 714
Global Crossing*........................... 8,900 234
GTE........................................ 40,100 2,496
SBC Communications......................... 7,900 342
Sprint..................................... 14,100 719
WorldCom*.................................. 76,950 3,530
-----------
14,583
-----------
CONSUMER CYCLICALS - 5.6%
Circuit City Stores-Circuit City Group..... 11,500 382
Federated Department Stores*............... 15,700 530
Ford Motor................................. 50,100 2,154
General Motors............................. 8,700 505
Limited (The).............................. 28,400 614
Lowe's..................................... 22,600 928
Sears, Roebuck............................. 23,300 760
Target..................................... 12,400 719
TJX........................................ 32,700 613
-----------
7,205
-----------
CONSUMER STAPLES - 9.0%
Alberto-Culver, Class B.................... 19,400 593
Clear Channel Communications*.............. 7,600 570
ConAgra.................................... 32,300 616
Darden Restaurants ........................ 22,600 367
Deluxe..................................... 13,800 325
Disney (Walt).............................. 63,600 2,468
Fortune Brands ............................ 21,400 494
Gannett.................................... 9,200 550
McGraw-Hill................................ 14,800 799
Philip Morris.............................. 35,800 951
Seagram.................................... 10,500 609
SUPERVALU.................................. 35,400 675
Tribune.................................... 19,250 674
Tupperware................................. 20,100 442
Viacom, Class B*........................... 17,743 1,210
Wendy's International...................... 17,700 315
-----------
11,658
-----------
ENERGY - 15.1%
Apache..................................... 11,100 653
BP Amoco, ADR.............................. 15,772 892
Chevron.................................... 18,700 1,586
Conoco, Class B............................ 26,200 644
Enron...................................... 4,900 316
Exxon Mobil................................ 76,139 5,977
Halliburton................................ 12,000 566
Helmerich & Payne.......................... 18,100 676
Kerr-McGee................................. 8,300 489
National Fuel Gas.......................... 15,300 746
Phillips Petroleum......................... 11,450 580
Rowan*..................................... 23,300 708
Royal Dutch Petroleum, ADR................. 61,250 3,771
The accompanying notes are an integral part of the financial statements.
20
<PAGE>
JUNE 30, 2000 (Unaudited)
SCHEDULE OF INVESTMENTS
MARKET
DESCRIPTION SHARES VALUE (000)
--------------------------------------------------------------------------------
ENERGY (continued)
Texaco..................................... 25,650 $ 1,366
USX-Marathon Group......................... 24,900 624
-----------
19,594
-----------
FINANCE - 19.0%
American Express........................... 38,450 2,004
Bank of America............................ 57,400 2,468
BB&T....................................... 22,600 540
Chase Manhattan............................ 54,450 2,508
Citigroup.................................. 100,300 6,043
Comerica................................... 13,850 622
Fannie Mae................................. 19,300 1,007
First Union................................ 34,000 844
Firstar.................................... 49,100 1,034
FleetBoston Financial...................... 54,100 1,839
MBNA....................................... 25,150 682
Merrill Lynch.............................. 13,500 1,552
Morgan (J.P.) ............................. 5,800 639
Morgan Stanley Dean Witter................. 25,300 2,106
PNC Bank................................... 5,900 277
Union Planters............................. 17,700 494
-----------
24,659
-----------
HEALTH CARE - 4.7%
American Home Products..................... 16,300 958
Boston Scientific*......................... 19,600 430
Cardinal Health............................ 10,400 770
HCA-Healthcare............................. 21,600 656
Mallinckrodt............................... 21,000 912
Pharmacia.................................. 19,341 1,000
Schering-Plough............................ 13,800 697
UnitedHealth Group......................... 7,200 617
-----------
6,040
-----------
INSURANCE - 6.9%
Allstate................................... 50,850 1,131
Ambac Financial Group...................... 10,600 581
American General........................... 21,500 1,311
American International Group............... 19,900 2,338
CIGNA...................................... 8,100 757
Hartford Financial Services Group.......... 7,900 442
Jefferson-Pilot............................ 11,300 638
Marsh & McLennan........................... 9,800 1,023
St. Paul Companies......................... 21,000 717
-----------
8,938
-----------
TECHNOLOGY - 7.8%
Allaire*................................... 4,400 162
Analog Devices*............................ 8,100 616
Apple Computer*............................ 20,200 1,058
Autodesk................................... 9,300 323
Cabletron Systems*......................... 8,400 212
Compaq Computer............................ 25,300 647
Dell Computer*............................. 12,500 616
Electronic Data Systems.................... 6,600 272
MARKET
DESCRIPTION SHARES VALUE (000)
-------------------------------------------------------------------------------
TECHNOLOGY (continued)
First Data................................. 11,800 $ 586
Hewlett-Packard............................ 19,900 2,485
National Semiconductor*.................... 12,100 687
Novell*.................................... 14,800 137
SunGard Data Systems*...................... 14,700 456
Teradyne*.................................. 13,400 985
Xerox...................................... 21,800 452
Xilinx*.................................... 5,600 462
-----------
10,156
-----------
TELECOMMUNICATIONS EQUIPMENT - 3.1%
ADC Telecommunications*.................... 9,320 782
Andrew*.................................... 17,500 587
Motorola................................... 43,905 1,276
Nokia, ADR................................. 11,500 574
Scientific-Atlanta......................... 10,000 745
-----------
3,964
-----------
TRANSPORTATION - 1.2%
Delta Air Lines............................ 18,350 928
Union Pacific.............................. 18,400 684
-----------
1,612
-----------
UTILITIES - 4.0%
AES*....................................... 20,200 922
American Electric Power.................... 22,100 655
Consolidated Edison........................ 17,000 504
Entergy.................................... 32,000 870
GPU........................................ 23,250 629
KeySpan.................................... 11,000 338
Pinnacle West Capital...................... 22,100 749
Southern................................... 20,300 473
-----------
5,140
-----------
TOTAL COMMON STOCKS
(Cost $130,911)............................. 129,848
-----------
INVESTMENT COMPANY - 1.3%
Chase Vista Federal
Money Market Fund ........................ 1,721 1,721
-----------
TOTAL INVESTMENT COMPANY
(Cost $1,721)................................ 1,721
-----------
TOTAL INVESTMENTS - 101.5%
(Cost $132,632) ............................. 131,569
-----------
NET OTHER ASSETS AND LIABILITIES - (1.5)% ...... (1,977)
-----------
TOTAL NET ASSETS - 100.0% ...................... $ 129,592
===========
-------------------------------------------------------------------------------
* Non-income producing security
ADR American Depositary Receipt
The accompanying notes are an integral part of the financial statements.
21
<PAGE>
SCHEDULE OF INVESTMENTS
GROWTH FUND(US)
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
REPURCHASE AGREEMENT AND NET OTHER ASSETS AND LIABILITIES 3.3%
ENERGY 5.9%
CAPITAL GOODS 5.9%
COMMUNICATION SERVICES 4.9%
FINANCE 8.3%
CONSUMER STAPLES 8.3%
CONSUMER CYCLICALS 9.8%
INSURANCE 2.8%
TECHNOLOGY 26.9%
HEALTH CARE 12.4%
TELECOMMUNICATIONS EQUIPMENT 11.5%
% OF TOTAL NET ASSETS
MARKET
DESCRIPTION SHARES VALUE (000)
-------------------------------------------------------------------------------
COMMON STOCKS - 96.7%
CAPITAL GOODS - 5.9%
General Electric........................... 180,900 $ 9,588
Illinois Tool Works........................ 65,000 3,705
-----------
13,293
-----------
COMMUNICATION SERVICES - 4.9%
Qwest Communications International*........ 74,500 3,702
WorldCom*.................................. 157,350 7,218
-----------
10,920
-----------
CONSUMER CYCLICALS - 9.8%
Gentex*.................................... 61,425 1,543
Harley-Davidson............................ 86,200 3,319
Home Depot (The)........................... 42,300 2,112
Interpublic Group.......................... 106,400 4,575
Lowe's..................................... 45,300 1,860
Marriott International, Class A............ 63,800 2,301
Target..................................... 72,000 4,176
Wal-Mart Stores............................ 37,300 2,149
-----------
22,035
-----------
CONSUMER STAPLES - 8.3%
Colgate-Palmolive.......................... 91,000 5,449
CVS........................................ 40,300 1,612
Safeway*................................... 98,100 4,427
Time Warner................................ 29,200 2,219
Viacom, Class B*........................... 72,700 4,957
-----------
18,664
-----------
ENERGY - 5.9%
Burlington Resources....................... 54,300 2,077
Exxon Mobil................................ 87,350 6,857
Schlumberger............................... 58,600 4,373
-----------
13,307
-----------
FINANCE - 8.3%
Chase Manhattan............................ 67,200 3,095
Citigroup ................................. 148,550 8,950
Fannie Mae................................. 66,900 3,491
SHARES/ MARKET
DESCRIPTION FACE AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
FINANCE (continued)
Morgan Stanley Dean Witter................. 36,400 $ 3,030
-----------
18,566
-----------
HEALTH CARE - 12.4%
Biogen*.................................... 53,200 3,431
Biomet..................................... 76,300 2,933
Bristol-Myers Squibb....................... 48,600 2,831
Elan, SP ADR* ............................. 48,300 2,340
Guidant*................................... 56,400 2,792
Johnson & Johnson.......................... 31,500 3,209
Pfizer..................................... 139,500 6,696
Schering-Plough............................ 71,700 3,621
-----------
27,853
-----------
INSURANCE - 2.8%
American International Group............... 53,770 6,318
-----------
TECHNOLOGY - 26.9%
Acxiom* ................................... 71,600 1,951
America Online*............................ 42,600 2,247
Cisco Systems*............................. 195,500 12,427
Concord EFS*............................... 86,775 2,256
EMC* ...................................... 66,800 5,139
Intel...................................... 54,300 7,259
Microsoft*................................. 90,300 7,224
Oracle*.................................... 49,100 4,128
PMC-Sierra*................................ 12,400 2,203
Sun Microsystems*.......................... 30,100 2,737
3Com*...................................... 81,500 4,697
Vitesse Semiconductor*..................... 63,300 4,657
Xilinx*.................................... 42,100 3,476
-----------
60,401
-----------
TELECOMMUNICATIONS EQUIPMENT - 11.5%
ADC Telecommunications*.................... 183,400 15,383
JDS Uniphase* ............................. 18,500 2,218
QUALCOMM*.................................. 28,600 1,716
Tellabs*................................... 95,700 6,550
-----------
25,867
-----------
TOTAL COMMON STOCKS
(Cost $150,887).............................. 217,224
-----------
REPURCHASE AGREEMENT - 3.8%
J.P. Morgan
6.750%, dated 06/30/00, matures
07/03/00, repurchase price $8,481,032
(collateralized by U.S. Government
Agency Instruments, total market
value: $8,645,789)........................ $ 8,476 8,476
-----------
TOTAL REPURCHASE AGREEMENT
(Cost $8,476)................................ 8,476
-----------
TOTAL INVESTMENTS - 100.5%
(Cost $159,363).............................. 225,700
-----------
NET OTHER ASSETS AND LIABILITIES - (0.5)% ...... (1,205)
-----------
TOTAL NET ASSETS - 100.0%....................... $ 224,495
===========
-------------------------------------------------------------------------------
* Non-income producing security
SP ADR Sponsored American Depositary Receipt
The accompanying notes are an integral part of the financial statements.
22
<PAGE>
JUNE 30, 2000 (Unaudited)
SCHEDULE OF INVESTMENTS
INTERNATIONAL EQUITY FUND(US)
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTEDGRAPHIC
ENERGY 7.5%
CONSUMER CYCLICAL 8.9%
COMMUNICATION SERVICES 9.8%
CAPITAL GOODS 11.1%
CONSUMER STAPLES 16.5%
DIVERSIFIED 0.7%
BASIC MATERIALS 1.8%
TECHNOLOGY 22.4%
FINANCE 22.0%
NET OTHER ASSETS AND LIABILITIES - (0.7)%
% OF TOTAL NET ASSETS
MARKET
DESCRIPTION SHARES VALUE (000)
--------------------------------------------------------------------------------
FOREIGN COMMON STOCKS - 100.1%
AUSTRALIA - 3.3%
Brambles Industries........................ 35,000 $ 1,075
Broken Hill Proprietary.................... 135,000 1,595
Commonwealth Bank of Australia............. 70,000 1,159
News*...................................... 170,000 2,338
Telstra.................................... 250,000 1,014
-----------
7,181
-----------
FINLAND - 3.8%
Nokia Oyj.................................. 132,000 6,736
Sonera Oyj................................. 32,000 1,459
-----------
8,195
-----------
FRANCE - 15.0%
Adecco..................................... 2,700 2,296
Alstom..................................... 57,100 1,543
Axa........................................ 15,000 2,363
Cap Gemini................................. 10,500 1,850
Carrefour.................................. 30,000 2,051
Equant*.................................... 25,000 1,016
France Telecom............................. 28,000 3,914
Groupe Danone.............................. 15,000 1,991
L'OREAL.................................... 2,300 1,992
Sanofi-Synthelabo.......................... 40,312 1,921
STMicroelectronics......................... 42,000 2,647
Total Fina Series B........................ 36,241 5,557
Vivendi.................................... 37,656 3,324
-----------
32,465
-----------
MARKET
DESCRIPTION SHARES VALUE (000)
--------------------------------------------------------------------------------
GERMANY - 6.5%
Allianz.................................... 7,200 $ 2,612
Bayer...................................... 25,000 974
Deutsche Bank.............................. 15,777 1,301
Deutsche Telekom........................... 60,000 3,414
HypoVereinsbank............................ 20,000 1,300
SAP........................................ 10,500 1,569
Siemens.................................... 19,000 2,857
-----------
14,027
-----------
HONG KONG - 2.1%
HSBC Holdings.............................. 266,761 3,046
Hutchison Whampoa.......................... 121,000 1,521
-----------
4,567
-----------
IRELAND - 1.3%
Allied Irish Banks......................... 101,180 905
CRH........................................ 100,825 1,824
-----------
2,729
-----------
ITALY - 2.4%
Bipop-Carire............................... 138,000 1,086
Mediolanum................................. 250,000 4,067
-----------
5,153
-----------
JAPAN - 20.6%
Canon...................................... 60,000 2,986
Fujitsu.................................... 100,000 3,459
Ito-Yokado................................. 15,000 902
Kao........................................ 70,000 2,138
Matsushita Electric Industrial............. 120,000 3,110
Murata Manufacturing....................... 19,000 2,776
NEC*....................................... 60,000 1,883
Nippon Telegraph & Telephone............... 422 5,608
NTT Data................................... 140 1,438
NTT DoCoMo................................. 60 1,623
Orix....................................... 19,600 2,891
Rohm....................................... 4,000 1,172
Secom...................................... 20,000 1,461
Sharp...................................... 170,000 3,004
Sony....................................... 40,000 3,732
Takeda Chemical Industries................. 40,000 2,624
Toshiba.................................... 330,000 3,723
-----------
44,530
-----------
NETHERLANDS - 9.0%
Akzo Nobel................................. 32,000 1,360
ASM Lithography Holdings*.................. 66,000 2,837
Fortis..................................... 77,027 2,242
Getronics.................................. 117,426 1,811
Heineken................................... 25,000 1,522
ING Groep.................................. 60,923 4,118
Koninklijke Ahold.......................... 51,251 1,509
Philips Electronics........................ 40,000 1,887
VNU........................................ 44,271 2,287
-----------
19,573
-----------
The accompanying notes are an integral part of the financial statements.
23
<PAGE>
SCHEDULE OF INVESTMENTS
MARKET
DESCRIPTION SHARES VALUE (000)
--------------------------------------------------------------------------------
NEW ZEALAND - 0.8%
Telecom of New Zealand..................... 494,161 $ 1,727
-----------
PORTUGAL - 1.1%
Portugal Telecom Registered................ 220,000 2,470
-----------
SPAIN - 3.1%
Banco Bilbao Vizcaya....................... 215,000 3,212
Telefonica*................................ 162,364 3,488
-----------
6,700
-----------
SWEDEN - 7.5%
ABB AB, Class B............................ 26,390 3,058
Ericsson LM, Class B....................... 320,000 6,332
Hennes & Mauritz, Class B.................. 35,000 730
Skandia Forsakrings........................ 230,000 6,077
-----------
16,197
-----------
SWITZERLAND - 5.2%
Credit Suisse, Registered.................. 18,000 3,580
Givaudan*.................................. 200 61
Nestle, Registered......................... 600 1,201
Novartis, Registered....................... 1,603 2,539
Roche Holding, Class GS.................... 200 1,947
Zurich Allied.............................. 3,800 1,877
-----------
11,205
-----------
UNITED KINGDOM - 18.4%
BP Amoco................................... 615,870 5,908
British Telecommunications................. 175,000 2,261
Cable & Wireless........................... 106,209 1,798
CMG........................................ 80,000 1,133
Glaxo Wellcome............................. 101,769 2,967
Pearson.................................... 112,000 3,559
Prudential................................. 198,679 2,910
Rentokil Initial........................... 450,000 1,021
Reuters Group.............................. 65,000 1,108
SEMA Group................................. 100,000 1,422
Shell Transport & Trading.................. 577,318 4,818
SmithKline Beecham......................... 173,898 2,276
Standard Chartered......................... 226,348 2,819
Vodafone AirTouch Group.................... 1,447,221 5,847
-----------
39,847
-----------
TOTAL FOREIGN COMMON STOCKS
(Cost $159,075).............................. 216,566
-----------
MARKET
DESCRIPTION SHARES VALUE (000)
--------------------------------------------------------------------------------
FOREIGN PREFERRED STOCK - 0.6%
GERMANY - 0.6%
Fresenius AG............................... 5,400 $ 1,232
-----------
TOTAL FOREIGN PREFERRED STOCK
(Cost $1,246)................................ 1,232
-----------
TOTAL INVESTMENTS - 100.7%
(Cost $160,321).............................. 217,798
-----------
NET OTHER ASSETS AND LIABILITIES - (0.7)%....... (1,523)
-----------
TOTAL NET ASSETS - 100.0% ..................... $ 216,275
===========
--------------------------------------------------------------------------------
* Non-income producing security
The accompanying notes are an integral part of the financial statements.
24
<PAGE>
JUNE 30, 2000 (Unaudited)
SCHEDULE OF INVESTMENTS
SMALL CAP FUND(US)
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
INSURANCE 1.9%
BASIC MATERIALS 2.5%
UTILITIES 4.6%
ENERGY 6.7%
CAPITAL GOODS 9.0%
CONSUMER STAPLES 11.9%
HEALTH CARE 10.7%
FINANCE 13.6%
TRANSPORTATION 1.5%
TELECOMMUNICATIONS EQUIPMENT 0.5%
TECHNOLOGY 27.9%
CONSUMER CYCLICALS 14.6%
NET OTHER ASSETS AND LIABILITIES - (5.4)%
% OF TOTAL NET ASSETS
MARKET
DESCRIPTION SHARES VALUE (000)
--------------------------------------------------------------------------------
COMMON STOCKS - 105.4%
BASIC MATERIALS - 2.5%
Crompton................................... 25,900 $ 317
Hanna (M. A.)............................. 35,500 320
Minerals Technologies...................... 8,300 382
OM Group................................... 13,100 576
-----------
1,595
-----------
CAPITAL GOODS - 9.0%
Advanced Energy Industries................. 8,100 477
CIRCOR International....................... 9,200 75
CLARCOR.................................... 24,600 489
Dycom Industries*.......................... 19,850 913
Federal Signal............................. 36,700 606
Griffon*................................... 52,000 289
Harsco..................................... 11,700 298
Jacobs Engineering Group*.................. 16,600 543
Mettler-Toledo International*.............. 18,900 756
Milacron................................... 35,700 518
Mueller Industries*........................ 8,500 238
Smith (A.O.)............................... 23,500 492
-----------
5,694
-----------
CONSUMER CYCLICALS - 14.6%
BJ's Wholesale Club*....................... 15,800 521
Borg-Warner Automotive..................... 11,500 404
Brightpoint*............................... 43,300 375
Cost Plus*................................. 19,400 557
D.R. Horton................................ 37,000 502
Diamond Technology Partners
Class A*.................................. 3,900 343
Dollar Tree Stores*........................ 28,950 1,145
Duane Reade*............................... 17,900 461
Extended Stay America*..................... 20,400 189
MARKET
DESCRIPTION SHARES VALUE (000)
--------------------------------------------------------------------------------
CONSUMER CYCLICALS (continued)
Furniture Brands International*............ 20,700 $ 313
Getty Images*.............................. 10,400 385
Heidrick & Struggles International*........ 2,600 164
HOT Topic*................................. 10,700 342
Linens 'n Things*.......................... 17,900 486
Morrison Management Specialists............ 2,970 84
MSC Industrial Direct*..................... 1,500 31
Radio One*................................. 9,200 272
Too*....................................... 14,100 359
True North Communications.................. 4,900 216
Tweeter Home Entertainment Group*.......... 16,500 501
Westwood One*.............................. 8,100 276
Wolverine World Wide....................... 41,400 409
Zale*...................................... 23,100 843
-----------
9,178
-----------
CONSUMER STAPLES - 11.9%
Acme Communications*....................... 3,900 71
American Italian Pasta, Class A*........... 9,700 201
Avis Rent A Car*........................... 29,300 549
Belo (A.H.), Class A....................... 12,200 211
Bright Horizon Family Solutions*........... 13,400 286
CEC Entertainment*......................... 21,000 538
Cheesecake Factory (The)*.................. 18,900 520
Corporate Executives Board*................ 10,000 599
Gemstar International Group*............... 12,400 762
Hall Kinion & Associates*.................. 3,600 120
Insight Communications*.................... 3,700 58
Modis Professional Services*............... 45,500 347
Plexus*.................................... 4,500 509
Radio One, Class D*........................ 18,400 406
Ruby Tuesday............................... 19,000 239
Scotts (The), Class A*..................... 10,400 380
Sonic*..................................... 16,100 473
Suiza Foods*............................... 17,800 870
Universal Foods............................ 19,600 363
-----------
7,502
-----------
ENERGY - 6.7%
Helmerich & Payne.......................... 21,700 811
Louis Dreyfus Natural Gas*................. 11,800 370
Marine Drilling*........................... 11,500 322
Ocean Energy*.............................. 39,500 560
Oceaneering International*................. 28,500 542
Santa Fe Snyder*........................... 63,600 724
Tom Brown*................................. 19,400 447
Valero Energy.............................. 13,200 419
-----------
4,195
-----------
FINANCE - 13.6%
Associated Banc............................ 15,730 343
Bank United, Class A....................... 15,300 538
Cabot Industrial Trust, REIT............... 34,500 679
Colonial BancGroup......................... 49,700 478
Commercial Federal......................... 24,200 377
Compass Bancshares......................... 27,200 464
Cullen/Frost Bankers....................... 19,200 505
Doral Financial............................ 13,100 150
The accompanying notes are an integral part of the financial statements.
25
<PAGE>
SCHEDULE OF INVESTMENTS
MARKET
DESCRIPTION SHARES VALUE (000)
--------------------------------------------------------------------------------
FINANCE (continued)
Financial Federal*......................... 30,800 $ 535
Hudson United Bancorp...................... 21,000 471
Kilroy Realty, REIT........................ 19,100 495
Metris..................................... 15,450 388
Pan Pacific Retail Properties, REI......... 31,900 642
Pinnacle Holdings, REIT*................... 15,800 853
Prentiss Properties Trust, REIT............ 24,300 583
Reckson Associates Realty, REIT............ 21,500 511
Webster Financial.......................... 11,300 251
Westamerica Bancorporation................. 12,600 329
-----------
8,592
-----------
HEALTH CARE - 10.7%
AmeriSource Health, Class A*............... 16,200 502
Biochem Pharma*............................ 14,500 357
CIMA Labs*................................. 5,200 105
CONMED*.................................... 18,600 481
Cubist Pharmaceuticals*.................... 6,600 325
Exelixis*.................................. 3,100 104
Inhale Therapeutic Systems*................ 3,400 345
IntraBiotics Pharmaceuticals............... 14,800 395
Invacare................................... 20,200 530
Mentor..................................... 12,000 326
Neurocrine Biosciences..................... 5,700 203
Pharmacopeia*.............................. 8,100 376
Trimeris*.................................. 10,000 699
United Therapeutics*....................... 7,200 780
Varian Medical Systems*.................... 28,600 1,119
Wesley Jessen VisionCare*.................. 3,200 120
-----------
6,767
-----------
INSURANCE - 1.9%
Everest Reinsurance Holdings............... 16,600 546
Liberty Financial.......................... 19,200 421
PMI Group (The)............................ 3,000 143
Radian Group............................... 900 47
-----------
1,157
-----------
TECHNOLOGY - 27.9%
Applied Micro Circuits*.................... 11,500 1,136
BISYS Group*............................... 9,400 578
Broadbase Software*........................ 10,700 328
Burr-Brown*................................ 3,900 338
Carescience*............................... 11,700 124
Concord Communications*.................... 7,600 303
Cysive*.................................... 8,000 191
Digital Insight*........................... 4,100 139
Digital Island*............................ 8,000 389
Eloyalty*.................................. 5,600 71
eSPEED, Class A*........................... 6,700 291
Exchange Applications*..................... 9,700 258
Extensity*................................. 5,100 175
Exult*..................................... 1,000 10
Galileo Technology*........................ 25,800 555
Henry (Jack) & Associates.................. 17,900 897
International Rectifier*................... 9,300 521
MARKET
DESCRIPTION SHARES VALUE (000)
--------------------------------------------------------------------------------
TECHNOLOGY (continued)
i2 Technologies*........................... 6,105 $ 637
Lam Research*.............................. 9,900 371
LTX*....................................... 12,300 430
Mercury Computer Systems*.................. 12,300 397
Micrel*.................................... 35,000 1,520
NETIQ*..................................... 7,800 465
Network Appliance*......................... 19,600 1,578
New ERA of Networks*....................... 10,700 455
Novellus Systems*.......................... 7,400 419
ONYX Software*............................. 8,400 249
PMC-Sierra*................................ 8,500 1,510
Register.com*.............................. 4,700 144
RSA Security*.............................. 4,400 305
Sanchez Computer Associates*............... 900 21
Synopsys*.................................. 13,400 463
Teradyne*.................................. 8,000 588
VERITAS Software*.......................... 12,360 1,397
West Teleservices*......................... 13,100 332
-----------
17,585
-----------
TELECOMMUNICATIONS EQUIPMENT - 0.5%
Ditech Communications*..................... 100 10
SBA Communications*........................ 6,400 332
-----------
342
-----------
TRANSPORTATION - 1.5%
Alexander & Baldwin........................ 19,000 419
Mesaba Holdings*........................... 34,500 330
USFreightways.............................. 7,700 189
-----------
938
-----------
UTILITIES - 4.6%
California Water Service Group ............ 12,300 298
Conectiv................................... 26,300 409
Nextlink Communications, Class A* ......... 27,600 1,047
Nicor...................................... 23,000 750
NUI........................................ 15,000 405
-----------
2,909
-----------
TOTAL COMMON STOCKS
(Cost $58,235)............................... 66,454
-----------
TOTAL INVESTMENTS - 105.4%
(Cost $58,235) .............................. 66,454
-----------
NET OTHER ASSETS AND LIABILITIES - (5.4)%....... (3,404)
-----------
TOTAL NET ASSETS - 100.0% ..................... $ 63,050
===========
--------------------------------------------------------------------------------
* Non-income producing security
REIT Real Estate Investment Trust
The accompanying notes are an integral part of the financial statements.
26
<PAGE>
JUNE 30, 2000 (Unaudited)
SCHEDULE OF INVESTMENTS
REAL ESTATE FUND(US)
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
REPURCHASE AGREEMENT AND NET OTHER ASSETS AND LIABILITIES 8.1%
STORAGE 1.4%
RETAIL 19.6%
RESIDENTIAL 21.9%
DIVERSIFIED 12.3%
HOTELS 2.2%
INDUSTRIAL 10.3%
OFFICE PROPERTY 24.2%
% OF TOTAL NET ASSETS
MARKET
DESCRIPTION SHARES VALUE (000)
--------------------------------------------------------------------------------
COMMON STOCKS - 91.9%
DIVERSIFIED - 12.3%
Catellus Development*...................... 21,400 $ 321
Colonial Properties Trust.................. 9,900 271
Duke-Weeks Realty.......................... 24,830 556
Vornado Realty Trust....................... 14,900 518
-----------
1,666
-----------
HOTELS - 2.2%
Starwood Hotels & Resorts Worldwide........ 9,100 294
-----------
INDUSTRIAL - 10.3%
CenterPoint Properties..................... 8,900 363
Pacific Gulf Properties.................... 17,900 449
ProLogis Trust............................. 27,400 584
-----------
1,396
-----------
OFFICE PROPERTY - 24.2%
Alexandria Real Estate Equities............ 9,100 312
Boston Properties.......................... 15,300 591
Cousins Properties......................... 3,300 127
Equity Office Properties Trus.............. 31,710 874
Parkway Properties......................... 9,100 277
Reckson Associates Realty.................. 14,400 342
Spieker Properties......................... 10,900 501
Trizec Hahn................................ 15,100 270
-----------
3,294
-----------
SHARES/ MARKET
DESCRIPTION FACE AMOUNT (000) VALUE (000)
--------------------------------------------------------------------------------
RESIDENTIAL - 21.9%
Apartment Investment & Management.......... 7,200 $ 311
Archstone Communities Trust................ 26,900 567
AvalonBay Communities...................... 14,364 600
BRE Properties, Class A.................... 14,700 424
Equity Residential Properties Trust........ 17,800 819
Manufactured Home Communities 10,600 254
-----------
2,975
-----------
RETAIL - 19.6%
CBL & Associates Properties................ 8,200 204
Developers Diversified Realty.............. 7,000 105
General Growth Properties.................. 10,100 321
Kimco Realty............................... 12,700 521
Mills...................................... 16,500 310
Pan Pacific Retail Properties.............. 16,700 336
Simon Property Group....................... 25,800 572
Weingarten Realty Investors................ 7,400 299
-----------
2,668
-----------
STORAGE - 1.4%
Shurgard Storage Centers................... 8,200 184
-----------
TOTAL COMMON STOCKS
(Cost $12,111)............................... 12,477
-----------
REPURCHASE AGREEMENT - 3.5%
Morgan Stanley
6.250%, dated 06/30/00, matures
07/03/00, repurchase price
$473,511 (collateralized by
U.S. Government Agency
Instruments, total market value:
$484,180)................................. $ 473 473
-----------
TOTAL REPURCHASE AGREEMENT
(Cost $473).................................. 473
-----------
TOTAL INVESTMENTS - 95.4%
(Cost $12,584) .............................. 12,950
-----------
NET OTHER ASSETS AND LIABILITIES - 4.6%......... 631
-----------
TOTAL NET ASSETS - 100.0% ..................... $ 13,581
===========
-------------------------------------------------------------------------------
* Non-income producing security
The accompanying notes are an integral part of the financial statements.
27
<PAGE>
SCHEDULE OF INVESTMENTS
ASIAN TIGERS FUND(US)
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
CHEMICALS 2.5%
BASIC MATERIALS 2.9%
TRANSPORTATION 3.4%
NET OTHER ASSETS AND LIABILITIES 3.7%
CONSUMER STAPLES 4.2%
UTILITIES 6.3%
REAL ESTATE 6.4%
DIVERSIFIED 8.7%
HEALTH CARE 1.2%
CONSUMER CYCLICALS 0.9%
ENERGY 0.6%
TECHNOLOGY 17.7%
CAPITAL GOODS 14.5%
COMMUNICATION SERVICES 14.0%
FINANCE 13.0%
% OF TOTAL NET ASSETS
MARKET
DESCRIPTION SHARES VALUE (000)
--------------------------------------------------------------------------------
FOREIGN COMMON STOCKS - 96.1%
CHINA - 31.0%
Amoy Properties............................ 270,000 $ 182
Beijing Datang Power Generation
Class H................................... 196,000 44
Cable & Wireless HKT....................... 437,800 963
Cathay Pacific Airways..................... 110,000 204
Cheung Kong Holdings....................... 70,000 774
China Mobile (Hong Kong)*.................. 158,000 1,393
China Resources Enterprise................. 45,000 54
China Unicom*.............................. 58,000 123
Citic Pacific.............................. 73,000 382
CLP Holdings............................... 103,000 480
Cosco Pacific.............................. 158,000 125
Hang Seng Bank............................. 72,000 683
Henderson Land Development................. 52,000 229
Hong Kong & China Gas...................... 202,647 227
HSBC Holdings.............................. 55,600 635
Hutchison Whampoa.......................... 149,600 1,881
i-CABLE Communications*.................... 100,000 39
Johnson Electric Holdings.................. 86,600 819
Legend Holdings............................ 172,000 167
New World Development...................... 74,000 83
Pacific Century CyberWorks*................ 120,000 237
PetroChina*................................ 650,000 135
Shanghai Industrial Holdings............... 58,000 105
Shanghai Petrochemical, Class H............ 348,000 47
Sun Hung Kai Properties.................... 115,000 826
Swire Pacific, Class A..................... 75,000 439
The Wharf (Holdings)....................... 60,000 107
Varitronix International................... 84,000 146
-----------
11,529
-----------
MARKET
DESCRIPTION SHARES VALUE (000)
--------------------------------------------------------------------------------
INDIA - 11.0%
Hindalco Industries, SP GDR................ 18,00 $ 352
ICICI, SP ADR.............................. 10,500 197
Infosys Technologies, SP ADR.............. 3,000 532
ITC, SP GDR................................ 20,700 398
Larsen & Toubro, GDR....................... 25,000 278
Mahanagar Telephone Nigam, GDR............. 23,000 234
Mahindra & Mahindra, SP GDR................ 20,800 97
Ranbaxy Laboratories, GDR.................. 26,200 426
Reliance Industries, GDR................... 34,000 714
Satyam Infoway, ADR*...................... 14,000 311
State Bank of India, GDR................... 15,500 153
Videsh Sanchar Nigam, GDR.................. 24,000 375
-----------
4,067
-----------
INDONESIA - 1.2%
PT Astra International*.................... 100,000 31
PT Gudang Garam............................ 47,500 77
PT Hanjaya Mandala Sampoerna............... 22,000 32
PT Indah Kiat Pulp & Paper*................ 224,805 46
PT Indah Kiat Pulp & Paper WTS*
(Expires 07/11/02)........................ 29,288 3
PT Indofood Sukses Makmur*................. 82,000 45
PT Semen Gresik (Persero).................. 16,100 15
PT Telekomunikasi Indonesia
Series B.................................. 565,320 199
-----------
448
-----------
MALAYSIA - 6.6%
AMMB Holdings.............................. 60,000 201
Berjaya Sports Toto........................ 90,000 147
British American Tobacco................... 26,600 217
Commerce Asset-Holding..................... 90,000 261
Malakoff................................... 30,000 75
Malayan Banking............................ 60,000 243
Resorts World.............................. 65,000 178
Telekom Malaysia........................... 80,000 276
Tenaga Nasional............................ 160,000 522
Unisem (M)................................. 25,000 178
United Engineers (Malaysia)................ 80,000 163
-----------
2,461
-----------
PHILIPPINES - 0.8%
ABS-CBN Broadcasting, PDR.................. 25,000 31
Ayala Land................................. 144,000 18
Belle WTS* (Expires 10/06/00) (A).......... 100,000 --
Manila Electric, Class B................... 25,104 37
Metropolitan Bank & Trust.................. 7,100 33
Metropolitan Bank & Trust RTS.............. 710 1
Petron*.................................... 225,000 7
Philippine Long Distance Telephone
SP ADR.................................... 4,000 71
San Miguel, Class B........................ 20,595 26
SM Prime Holdings.......................... 512,000 62
-----------
286
-----------
The accompanying notes are an integral part of the financial statements.
28
<PAGE>
JUNE 30, 2000 (Unaudited)
SCHEDULE OF INVESTMENTS
MARKET
DESCRIPTION SHARES VALUE (000)
--------------------------------------------------------------------------------
SINGAPORE - 10.3%
Chartered Semiconductor
Manufacturing*............................ 43,000 $ 376
City Developments.......................... 45,800 178
Creative Technology........................ 3,000 72
DBS Group Holdings......................... 64,313 827
DBS Land................................... 88,250 114
Keppel Telecommunications &
Transportation........................... 50,000 65
NatSteel Electronics....................... 12,000 37
Neptune Orient Lines*...................... 105,000 97
Oversea-Chinese Banking.................... 57,468 396
Singapore Airlines......................... 57,700 571
Singapore Press Holdings................... 22,582 353
Singapore Technologies Engineering......... 104,000 153
Singapore Telecommunications............... 192,000 281
ST Assembly Test Services*................. 18,000 46
United Overseas Bank....................... 39,012 255
-----------
3,821
-----------
SOUTH KOREA - 16.3%
H&CB....................................... 9,710 227
Hyundai Electronics Industries............. 8,000 158
Hyundai Motor.............................. 11,000 141
Kookmin Bank............................... 22,089 281
Korea Electric Power....................... 24,430 758
Korea Telecom.............................. 2,410 212
L.G. Chemical.............................. 9,120 182
LG Electronics............................. 6,070 170
Mirae, SP ADR.............................. 6,000 47
Pohang Iron & Steel........................ 3,120 265
Samsung Electro-Mechanics.................. 4,320 271
Samsung Electronics........................ 6,756 2,236
Shinhan Bank............................... 16,970 160
SK Telecom................................. 2,910 953
SK Telecom, ADR............................ 78 3
-----------
6,064
-----------
TAIWAN - 16.6%
Accton Technology, GDR*.................... 84,485 372
Acer, GDR*................................. 70,500 661
Advanced Semiconductor
Engineering, GDR*......................... 16,000 272
ASE Test*.................................. 40,500 1,192
China Steel, SP GDR*....................... 31,400 424
Compeq Manufacturing*...................... 48,000 295
Evergreen Marine, SP GDR*.................. 38,934 383
Hon Hai Precision Industry, GDR*........... 20,000 500
Standard Foods Taiwan, GDR*................ 27,985 80
Taiwan Semiconductor
Manufacturing, SP ADR*.................... 36,085 1,398
United Microelectronics*................... 212,000 590
-----------
6,167
-----------
MARKET
DESCRIPTION SHARES VALUE (000)
--------------------------------------------------------------------------------
THAILAND (F) - 2.3%
Advanced Info Service*..................... 11,100 $ 138
Bangkok Bank*.............................. 90,000 110
BEC World.................................. 20,000 119
Delta Electronics (Thailand)............... 7,790 55
PTT Exploration & Production............... 17,500 85
Siam Cement*............................... 7,000 132
TelecomAsia*............................... 100,000 111
Thai Farmers Bank*......................... 105,000 88
-----------
838
-----------
TOTAL FOREIGN COMMON STOCKS
(Cost $33,832)............................... 35,681
-----------
FOREIGN PREFERRED STOCK (F) - 0.2%
Thailand - 0.2%
Siam Commercial Bank*...................... 165,000 84
-----------
TOTAL FOREIGN PREFERRED STOCK
(Cost $174).................................. 84
-----------
TOTAL INVESTMENTS - 96.3%
(Cost $34,006) .............................. 35,765
-----------
NET OTHER ASSETS AND LIABILITIES - 3.7%......... 1,376
-----------
TOTAL NET ASSETS - 100.0% ...................... $ 37,141
===========
------------------------------------------------------------------------------
* Non-income producing security
(A) Less than $500 at market value
(F) Foreign Registry Shares
ADR American Depositary Receipt
GDR Global Depositary Receipt
PDR Philippine Depositary Receipt
RTS Rights
SP ADR Sponsored American Depositary Receipt
SP GDR Sponsored Global Depositary Receipt
WTS Warrants
The accompanying notes are an integral part of the financial statements.
29
<PAGE>
SCHEDULE OF INVESTMENTS
LATIN AMERICA EQUITY FUND(US)
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
CAPITAL GOODS 2.7%
ENERGY 6.0%
DIVERSIFIED 7.0%
FINANCE 7.3%
BASIC MATERIALS 7.3%
CONSUMER CYCLICALS 7.3%
REAL ESTATE 1.4%
HEALTH CARE 1.0%
UTILITIES 30.0%
COMMUNICATION SERVICES 18.3%
CONSUMER STAPLES 15.0%
NET OTHER ASSETS AND LIABILITIES - (3.3)%
% OF TOTAL NET ASSETS
MARKET
DESCRIPTION SHARES VALUE (000)
--------------------------------------------------------------------------------
FOREIGN COMMON STOCKS - 56.8%
ARGENTINA - 4.4%
Banco de Galicia y Buenos Aires
SP ADR.................................... 28,332 $ 420
Banco Hipotecario*......................... 22,000 200
IRSA Inversiones y
Representaciones
Class B................................... 97,532 223
Telecom Argentina Stet - France
Telecom, SP ADR........................... 17,850 491
-----------
1,334
-----------
BRAZIL - 7.6%
Bompreco Supermercados do
Nordeste, SP GDR*......................... 31,500 271
CIA Paranaense de Energia-Copel............ 60,000,000 379
CIA Siderurgica Nacional................... 10,000,000 314
Light Participacoes*....................... 43,000,000 96
Petroleo Brasileiro........................ 15,000 441
Tele Celular Sul Participacoes............. 41,100,000 417
Tele Norte Leste Participacoes............. 19,324,542 375
-----------
2,293
-----------
CHILE - 2.9%
Cristalerias de Chile, SP ADR.............. 12,100 200
Laboratorio Chile, SP ADR.................. 15,300 294
Vina Concha Y Toro, SP ADR................. 10,500 383
-----------
877
-----------
MARKET
DESCRIPTION SHARES VALUE (000)
--------------------------------------------------------------------------------
MEXICO - 39.8%
Alfa, Class A.............................. 193,60 $ 442
Carso Global Telecom, Class A1*............ 459,700 1,312
Cemex, SP ADR*............................. 26,332 616
Cemex, SP ADR, WTS*
(expires 12/13/02)........................ 1,766 5
Consorcio Ara*............................. 174,000 205
Corporacion Interamericana
de Entretenimiento, Class B*.............. 95,400 373
Fomento Economico Mexicano
SP ADR.................................... 22,000 947
Grupo Continental.......................... 140,000 142
Grupo Elektra.............................. 52,000 52
Grupo Elektra, SP GDR...................... 24,800 254
Grupo Financiero Banamex
Acciva, Class O*.......................... 279,377 1,175
Grupo Sanborns, Series B1*................. 260,500 423
Grupo Televisa, SP GDR*.................... 17,600 1,213
Organizacion Soriana, Class B*............. , 82,000 327
Sigma Alimentos, Series B.................. 133,447 271
Telefonos de Mexico, Class L
ADR....................................... 46,130 2,635
TV Azteca, SP ADR.......................... 65,300 861
Wal-Mart de Mexico, Series V*.............. 329,000 772
-----------
12,025
-----------
PERU - 0.9%
Compania de Minas Buenaventura
SP ADR................................... 15,500 268
Compania Minera Milpo (A).................. 20 --
-----------
268
-----------
UNITED KINGDOM - 1.2%
Antofagasta................................ 65,500 350
-----------
TOTAL FOREIGN COMMON STOCKS
(Cost $16,012)............................... 17,147
-----------
FOREIGN PREFERRED STOCKS - 45.1%
ARGENTINA - 0.4%
Nortel Inversora, ADR...................... 7,200 137
-----------
BRAZIL - 44.7%
Celular CRT Participacoes*................. 1,100,000 482
CIA Brasileira de Distribuicao Grupo
Pao de Acucar, SP GDR..................... 21,661 696
CIA Cervejaria Brahma, SP ADR.............. 20,600 350
CIA Paranaense de Energia-Copel
SP ADR.................................... 27,500 256
CIA Paulista de Forca e Luz
Class A (A).............................. 4,843 --
CIA Paulista de Forca e Luz
Class C (A).............................. 3,484 --
CIA Riograndense
de Telecomunicacoes*...................... 913,000 309
The accompanying notes are an integral part of the financial statements.
30
<PAGE>
JUNE 30, 2000 (Unaudited)
SCHEDULE OF INVESTMENTS
MARKET
DESCRIPTION SHARES VALUE (000)
--------------------------------------------------------------------------------
BRAZIL (continued)
CIA Vale do Rio Doce, Class A.............. 21,850 $ 617
CIA Vale do Rio Doce, Class B* (A)......... 25,000 --
Embratel Participacoes, ADR................ 56,600 1,337
Empresa Paulista de Transmissao
de Energia Electica....................... 28,000,000 264
Gerdau..................................... 25,404,000 310
Itausa - Investimentos Itau................ 742,055 720
Petroleo Brasiliero........................ 45,700 1,381
Sadia Industria e Comercio................. 566,700 339
Tele Celular Sul Participacoes............. 69,500,000 335
Tele Celular Sul Participacoes, ADR........ 8,400 380
Tele Centro Oeste
Celular Participacoes, ADR................ 43,400 521
Tele Centro Sul Participacoes.............. 4,000,000 58
Tele Centro Sul Participacoes, ADR......... 6,950 508
Tele Leste Celular Participacoes........... 549,900,000 488
Tele Norte Leste Participacoes............. 17,474,432 409
Tele Norte Leste Participacoes, ADR........ 43,910 1,037
Telecomunicacoes Brasileiras* (A).......... 4,000,000 --
Telecomunicacoes do Parana................. 975,000 341
Telemig Celular Participacoes, ADR ........ 8,100 579
Telesp - Telecomunicacoes
de Sao Paulo.............................. 10,000,000 188
Telesp Celular Participacoes............... 37,414,400 676
Telesp Celular Participacoes, ADR.......... 3,300 148
Uniao de Bancos Brasileiros,
SP GDR.................................... 14,200 408
Votorantim Celulose e Papel................ 10,000,000 369
-----------
13,506
-----------
TOTAL FOREIGN PREFERRED STOCKS
(Cost $11,055)............................... 13,643
-----------
DOMESTIC COMMON STOCK - 1.4%
UNITED STATES - 1.4%
FirstCom*................................. 28,600 431
-----------
TOTAL DOMESTIC COMMON STOCK
(Cost $452).................................. 431
-----------
MARKET
DESCRIPTION CONTRACTS VALUE (000)
--------------------------------------------------------------------------------
CALL OPTION PURCHASED - 0.0%
ARGENTINA - 0.0%
Banco Hipotecario Call Option*
(Strike Price $7, expires 02/01/04) ...... 55 $ 3
-----------
TOTAL CALL OPTION PURCHASED
(Cost $3).................................... 3
-----------
TOTAL INVESTMENTS - 103.3%
(Cost $27,522) .............................. 31,224
-----------
NET OTHER ASSETS AND LIABILITIES - (3.3)% ...... (1,002)
-----------
TOTAL NET ASSETS - 100.0% ..................... $ 30,222
===========
-------------------------------------------------------------------------------
* Non-income producing security
(A) Less than $500 at market value
ADR American Depositary Receipt
SP ADR Sponsored American Depositary Receipt
SP GDR Sponsored Global Depositary Receipt
WTS Warrants
The accompanying notes are an integral part of the financial statements.
31
<PAGE>
JUNE 30, 2000 (Unaudited)
STATEMENT OF ASSETS AND LIABILITIES (000)
JUNE 30, 2000
<TABLE>
TREASURY GOVERNMENT TAX-EXEMPT
MONEY MARKET MONEY MARKET MONEY MARKET MONEY MARKET
FUND(US) FUND(US) FUND(US) FUND(US)
-----------------------------------------------------------------------------------------------------------------------------------
ASSETS:
<S> <C> <C> <C> <C>
Investment securities at cost.................................. $ 169,521 $ 330,706 $ 223,433 $ 466,030
Repurchase agreements.......................................... 125,250 240,590 46,353 29,815
Net unrealized appreciation (depreciation)..................... -- -- -- --
----------- ----------- ----------- ----------
Total investments at market value.............................. 294,771 571,296 269,786 495,845
Cash........................................................... -- -- -- 4
Foreign currency*.............................................. -- -- -- --
Receivable for investments sold................................ -- -- -- --
Receivable for portfolio shares sold........................... -- -- -- --
Dividends and interest receivable.............................. 2,307 1,530 1,278 2,549
Tax reclaim receivable......................................... -- -- -- --
Deferred organizational cost................................... -- -- -- --
Other assets................................................... 11 7 40 6
----------- ----------- ----------- ----------
Total assets................................................... 297,089 572,833 271,104 498,404
----------- ----------- ----------- ----------
LIABILITIES:
Distribution payable........................................... 1,230 2,071 -- 1,585
Payable due to custodian....................................... -- -- -- --
Payable for investment securities purchased.................... -- -- -- --
Payable for portfolio shares redeemed.......................... -- -- -- --
Payable for depreciation on forward foreign currency contracts. -- -- -- --
Advisory fee payable........................................... 44 100 99 90
Administration fee payable..................................... 19 38 38 35
Trustees' fee payable.......................................... 1 2 2 2
Distribution fee (Note 3)...................................... 2 19 48 13
Shareholder servicing fee (Note 3)............................. -- 5 21 --
Accrued expenses and other payables............................ 81 40 21 34
----------- ----------- ----------- ----------
Total liabilities.............................................. 1,377 2,275 229 1,759
----------- ----------- ----------- ----------
NET ASSETS......................................................... $ 295,712 $ 570,558 $ 270,875 $ 496,645
=========== =========== =========== ==========
NET ASSETS CONSIST OF:
Paid in capital................................................ $ 295,705 $ 570,530 $ 270,871 $ 496,646
Undistributed (distribution in excess of)
net investment income...................................... 9 32 4 --
Accumulated net realized gain (loss) on investments
and foreign currency transactions.......................... (2) (4) -- (1)
Net unrealized appreciation (depreciation) on investments
and foreign currency related transactions.................. -- -- -- --
----------- ----------- ----------- ----------
TOTAL NET ASSETS................................................... $ 295,712 $ 570,558 $ 270,875 $ 496,645
=========== =========== =========== ==========
SHARES OF BENEFICIAL INTEREST
Common Share Class:
Net Assets................................................. $ 283,512 $ 479,288 $ 42,767 $ 439,181
=========== =========== =========== ==========
Shares of beneficial interest outstanding.................. 283,507 479,259 42,766 439,181
=========== =========== =========== ==========
NET ASSET VALUE, OFFERING AND REDEMPTION - PRICE PER SHARE......... $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== ==========
Investor Share Class:
Net Assets................................................. $ 12,200 $ 91,270 $ 228,108 $ 57,464
=========== =========== =========== ==========
Shares of beneficial interest outstanding.................. 12,198 91,272 228,106 57,465
=========== =========== =========== ==========
NET ASSET VALUE, OFFERING AND REDEMPTION - PRICE PER SHARE......... $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== ==========
</TABLE>
<TABLE>
TAX-EXEMPT INTERNATIONAL
FIXED INCOME FIXED INCOME FIXED INCOME BALANCED
FUND(US) FUND(US) FUND(US) FUND(US)
-----------------------------------------------------------------------------------------------------------------------------
ASSETS:
<S> <C> <C> <C> <C>
Investment securities at cost.................................. $ 195,118 $ 26,478 $ 11,892 $ 77,202
Repurchase agreements.......................................... 2,382 -- -- 2,527
Net unrealized appreciation (depreciation)..................... (2,591) 617 (789) 4,854
----------- ----------- ----------- -----------
Total investments at market value.............................. 194,909 27,095 11,103 84,583
Cash........................................................... 6 -- -- 1
Foreign currency*.............................................. -- -- 1 --
Receivable for investments sold................................ 1,523 -- -- 784
Receivable for portfolio shares sold........................... 10 -- 358 3
Dividends and interest receivable.............................. 2,206 393 235 443
Tax reclaim receivable......................................... -- -- -- --
Deferred organizational cost................................... -- -- -- --
Other assets................................................... 8 -- -- 3
----------- ----------- ----------- -----------
Total assets................................................... 198,662 27,488 11,697 85,817
----------- ----------- ----------- -----------
LIABILITIES:
Distribution payable........................................... 742 93 -- 288
Payable due to custodian....................................... -- 1 166 --
Payable for investment securities purchased.................... 15,210 -- -- 2,786
Payable for portfolio shares redeemed.......................... 16 -- 2 1
Payable for depreciation on forward foreign currency contracts. -- -- 10 --
Advisory fee payable........................................... 75 11 8 48
Administration fee payable..................................... 26 7 5 14
Trustees' fee payable.......................................... 1 -- -- --
Distribution fee (Note 3)...................................... -- -- -- 1
Shareholder servicing fee (Note 3)............................. -- -- -- 1
Accrued expenses and other payables............................ 15 12 6 13
----------- ----------- ----------- -----------
Total liabilities.............................................. 16,085 124 197 3,152
----------- ----------- ----------- -----------
NET ASSETS......................................................... $ 182,577 $ 27,364 $ 11,500 $ 82,665
=========== =========== =========== ===========
NET ASSETS CONSIST OF:
Paid in capital................................................ $ 193,621 $ 28,359 $ 12,765 $ 73,117
Undistributed (distribution in excess of)
net investment income...................................... (32) 1 139 (5)
Accumulated net realized gain (loss) on investments
and foreign currency transactions.......................... (8,421) (1,613) (618) 4,699
Net unrealized appreciation (depreciation) on investments
and foreign currency related transactions.................. (2,591) 617 (786) 4,854
----------- ----------- ----------- -----------
TOTAL NET ASSETS................................................... $ 182,577 $ 27,364 $ 11,500 $ 82,665
=========== =========== =========== ===========
SHARES OF BENEFICIAL INTEREST
Common Share Class:
Net Assets................................................. $ 182,336 $ 27,090 $ 11,468 $ 79,939
=========== =========== =========== ===========
Shares of beneficial interest outstanding.................. 19,042 2,702 1,232 7,027
=========== =========== =========== ===========
NET ASSET VALUE, OFFERING AND REDEMPTION - PRICE PER SHARE......... $ 9.58 $ 10.03 $ 9.31 $ 11.38
=========== =========== =========== ===========
Investor Share Class:
Net Assets................................................. $ 241 $ 274 $ 32 $ 2,726
=========== =========== =========== ===========
Shares of beneficial interest outstanding................. 25 27 3 239
=========== =========== =========== ===========
NET ASSET VALUE, OFFERING AND REDEMPTION - PRICE PER SHARE........ $ 9.63 $ 10.01 $ 9.28 $ 11.41
=========== =========== =========== ===========
</TABLE>
<TABLE>
INTERNATIONAL
VALUE GROWTH EQUITY SMALL CAP REAL ESTATE
FUND(US) FUND(US) FUND(US) FUND(US) FUND(US)
-----------------------------------------------------------------------------------------------------------------------------------
ASSETS:
<S> <C> <C> <C> <C> <C>
Investment securities at cost.................................. $ 132,632 $ 150,887 $ 160,321 $ 58,235 $ 12,111
Repurchase agreements.......................................... -- 8,476 -- -- 473
Net unrealized appreciation (depreciation)..................... (1,063) 66,337 57,477 8,219 366
---------- --------- ----------- --------- ---------
Total investments at market value.............................. 131,569 225,700 217,798 66,454 12,950
Cash........................................................... 421 -- -- -- --
Foreign currency*.............................................. -- -- 20 -- --
Receivable for investments sold................................ 3,863 -- -- 3,258 --
Receivable for portfolio shares sold........................... 25 27 1,474 405 606
Dividends and interest receivable.............................. 185 30 120 53 82
Tax reclaim receivable......................................... -- -- 182 -- --
Deferred organizational cost................................... -- -- -- -- 12
Other assets................................................... 4 64 3 1 8
---------- --------- ----------- --------- ---------
Total assets................................................... 136,067 225,821 219,597 70,171 13,658
---------- --------- ----------- --------- ---------
LIABILITIES:
Distribution payable........................................... 5,122 1,125 2,172 3,922 55
Payable due to custodian....................................... -- -- 867 2,568 --
Payable for investment securities purchased.................... 1,215 -- -- 450 --
Payable for portfolio shares redeemed.......................... 8 3 21 100 --
Payable for depreciation on forward foreign currency contracts. -- -- -- -- --
Advisory fee payable........................................... 93 145 185 48 8
Administration fee payable..................................... 21 30 32 13 3
Trustees' fee payable.......................................... -- 1 1 -- --
Distribution fee (Note 3)...................................... 1 1 1 -- --
Shareholder servicing fee (Note 3)............................. 1 1 1 -- --
Accrued expenses and other payables............................ 14 20 42 20 11
---------- --------- ----------- --------- ---------
Total liabilities.............................................. 6,475 1,326 3,322 7,121 77
---------- --------- ----------- --------- ---------
NET ASSETS......................................................... $ 129,592 $ 224,495 $ 216,275 $ 63,050 $ 13,581
========== ========= =========== ========= =========
NET ASSETS CONSIST OF:
Paid in capital................................................ $ 128,119 $ 149,016 $ 147,129 $ 53,813 $ 13,783
Undistributed (distribution in excess of)
net investment income...................................... (1) (340) (990) 39 5
Accumulated net realized gain (loss) on investments
and foreign currency transactions.......................... 2,537 9,482 12,658 979 (573)
Net unrealized appreciation (depreciation) on investments
and foreign currency related transactions.................. (1,063) 66,337 57,478 8,219 366
---------- --------- ----------- --------- ---------
TOTAL NET ASSETS................................................... $ 129,592 $ 224,495 $ 216,275 $ 63,050 $ 13,581
========== ========= =========== ========= =========
SHARES OF BENEFICIAL INTEREST
Common Share Class:
Net Assets................................................. $ 127,170 $ 220,880 $ 212,067 $ 61,999 $ 13,581
========== ========= =========== ========= =========
Shares of beneficial interest outstanding.................. 11,492 11,933 9,516 4,392 1,567
========== ========= =========== ========= =========
NET ASSET VALUE, OFFERING AND REDEMPTION - PRICE PER SHARE......... $ 11.07 $ 18.51 $ 22.29 $ 14.12 $ 8.67
========== ========= =========== ========= =========
Investor Share Class:
Net Assets................................................. $ 2,422 $ 3,615 $ 4,208 $ 1,051 $ --(A)
========== ========= =========== ========= =========
Shares of beneficial interest outstanding................. 219 197 191 76 --(B)
========== ========= =========== ========= =========
NET ASSET VALUE, OFFERING AND REDEMPTION - PRICE PER SHARE........ $ 11.05 $ 18.31 $ 22.05 $ 13.84 $ 11.29
========== ========= =========== ========= =========
</TABLE>
------------------------------------------------------------------
* The cost of foreign currency for the International Fixed Income
Fund(US) and the International Equity Fund(US) were $1 and $19,
respectively.
(A) Net Assets are less than $500.
(B) Shares of beneficial interest outstanding are less than 500.
The accompanying notes are an integral part of the financial statements.
32-33
<PAGE>
Statement of Assets and Liabilities (000)
June 30, 2000
<TABLE>
LATIN AMERICA
ASIAN TIGERS EQUITY
FUND(US) FUND(US)
-------------------------------------------------------------------------------------------------------------------------------
ASSETS:
<S> <C> <C>
Investment securities at cost.................................. $ 34,006 $ 27,522
Net unrealized appreciation.................................... 1,759 3,702
----------- -----------
Total investments at market value.............................. 35,765 31,224
Foreign currency (Cost $123)................................... 123 --
Receivable for investments sold................................ 1,132 161
Receivable for portfolio shares sold........................... 1,400 301
Dividends and interest receivable.............................. 42 75
Deferred organizational cost................................... -- 2
Other assets................................................... 80 4
----------- -----------
Total assets................................................... 38,542 31,767
----------- -----------
LIABILITIES:
Payable due to custodian....................................... 916 978
Payable for investment securities purchased.................... 2 516
Payable for portfolio shares redeemed.......................... 417 5
Advisory fee payable........................................... 32 24
Administration fee payable..................................... 9 7
Accrued expenses and other payables............................ 25 15
----------- -----------
Total liabilities.............................................. 1,401 1,545
----------- -----------
NET ASSETS......................................................... $ 37,141 $ 30,222
=========== ===========
NET ASSETS CONSIST OF:
Paid in capital................................................ $ 38,762 $ 27,639
Distribution in excess of net investment income................ (48) (2)
Accumulated net realized loss on investments
and foreign currency transactions.......................... (3,332) (1,098)
Net unrealized appreciation on investments
and foreign currency related transactions.................. 1,759 3,683
----------- -----------
TOTAL NET ASSETS................................................... $ 37,141 $ 30,222
=========== ===========
SHARES OF BENEFICIAL INTEREST
Common Share Class:
Net Assets................................................. $ 36,612 $ 30,222
=========== ===========
Shares of beneficial interest outstanding.................. 3,963 2,241
=========== ===========
NET ASSET VALUE, OFFERING AND REDEMPTION - PRICE PER SHARE......... $ 9.24 $ 13.49
=========== ===========
Investor Share Class:
Net Assets................................................. $ 529 $ --
=========== ===========
Shares of beneficial interest outstanding.................. 58 --
=========== ===========
NET ASSET VALUE, OFFERING AND REDEMPTION - PRICE PER SHARE......... $ 9.11 $ --
=========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
34
<PAGE>
JUNE 30, 2000 (Unaudited)
STATEMENT OF OPERATIONS (000)
For the Six Months Ended June 30, 2000
<TABLE>
TREASURY GOVERNMENT TAX-EXEMPT
MONEY MARKET MONEY MARKET MONEY MARKET MONEY MARKET
FUND(US) FUND(US) FUND(US) FUND(US)
-----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
<S> <C> <C> <C> <C>
Interest........................................................ $ 8,051 $ 17,517 $ 37,743 $ 9,829
----------- ----------- ----------- -----------
Total investment income......................................... 8,051 17,517 37,743 9,829
----------- ----------- ----------- -----------
EXPENSES:
Investment advisory fees (Note 5)............................... 491 591 2,192 865
Administration and fund accounting fees (Note 3)................ 229 462 958 390
Custody fees.................................................... 6 9 30 14
Transfer agency fees............................................ 17 24 41 22
Professional fees............................................... 13 21 35 18
Registration & filing fees...................................... 48 14 25 13
Printing fees................................................... 10 25 39 23
Trustees' fees.................................................. 3 7 14 6
Distribution fees (Note 3)(1)................................... 13 111 308 85
Shareholder servicing fees (Note 3)(2).......................... 13 111 308 85
Miscellaneous................................................... 14 50 134 7
----------- ----------- ----------- -----------
Total expenses before waivers................................... 857 1,425 4,084 1,528
Less: Investment advisory fees waived (Note 5)................ (210) -- (939) (370)
Less: Administration fees waived (Note 3)..................... (112) (236) (501) (198)
Less: Shareholder servicing fees waived (Note 3).............. (14) (80) (171) (85)
----------- ----------- ----------- -----------
Net expenses.................................................... 521 1,109 2,473 875
----------- ----------- ----------- -----------
NET INVESTMENT INCOME.............................................. 7,530 16,408 35,270 8,954
----------- ----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain from securities transactions.................. -- -- -- --
----------- ----------- ----------- -----------
Net gain on investments......................................... -- -- -- --
----------- ----------- ----------- -----------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS...................................... $ 7,530 $ 16,408 $ 35,270 $ 8,954
=========== =========== =========== ===========
</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.
35
<PAGE>
JUNE 30, 2000 (Unaudited)
STATEMENT OF OPERATIONS (000)
For the Six Months ended June 30, 2000
<TABLE>
TAX-EXEMPT INTERNATIONAL
FIXED INCOME FIXED INCOME FIXED INCOME BALANCED
FUND(US) FUND(US) FUND(US) FUND(US)
-----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
<S> <C> <C> <C> <C>
Dividends....................................................... $ -- $ 17 $ -- $ 336
Interest........................................................ 6,308 768 288 1,030
Less: foreign taxes withheld.................................... -- -- (4) --
---------- ----------- ----------- -----------
Total investment income......................................... 6,308 785 284 1,366
---------- ----------- ----------- -----------
EXPENSES:
Investment advisory fees (Note 5)............................... 548 86 53 296
Administration and fund accounting fees (Note 3)................ 159 42 32 87
Custody fees.................................................... 7 1 2 7
Transfer agency fees ........................................... 16 11 10 12
Professional fees .............................................. 11 8 1 9
Registration & filing fees ..................................... 7 7 6 8
Printing fees .................................................. 7 1 -- 3
Trustees' fees ................................................. 2 -- -- 1
Distribution fees (Note 3) (1) ................................. -- -- -- 4
Shareholder servicing fees (Note 3) (2) ........................ -- -- -- 4
Amortization of deferred organization costs .................... -- -- -- --
Miscellaneous .................................................. 16 1 1 2
---------- ----------- ----------- -----------
Total expenses before waivers .................................. 773 157 105 433
Less: Investment advisory fees waived (Note 5) ............... (91) (14) -- --
Less: Administration fees waived (Note 3) .................... (31) (5) (2) --
---------- ----------- ----------- -----------
Net expenses ................................................... 651 138 103 433
---------- ----------- ----------- -----------
NET INVESTMENT INCOME (LOSS) ...................................... 5,657 647 181 933
---------- ----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain (loss) from securities transactions .......... (2,822) 18 (367) 4,721
Net realized loss from foreign currency transactions ...........
and foreign currency contracts ............................... -- -- (194) --
Net change in unrealized appreciation
(depreciation) of investments ................................ 2,929 524 (256) (6,868)
Net change in unrealized apppreciation on foreign currency
and translation of other assets and liabilities
in foreign currencies ........................................ -- -- 89 --
---------- ----------- ----------- -----------
Net gain (loss) on investments ................................. 107 542 (728) (2,147)
---------- ----------- ----------- -----------
NET INCREASE (DECREASE) IN NETASSETS
RESULTING FROM OPERATIONS .................................... $ 5,764 $ 1,189 $ (547) $ (1,214)
========== =========== =========== ===========
</TABLE>
<TABLE>
INTERNATIONAL
VALUE GROWTH EQUITY SMALL CAP
FUND(US) FUND(US) FUND(US) FUND(US)
-----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
<S> <C> <C> <C> <C>
Dividends....................................................... $ 1,456 $ 509 $ 1,827 $ 303
Interest........................................................ -- 209 -- 136
Less: foreign taxes withheld.................................... (7) -- (200) --
-------- -------- ------- --------
Total investment income......................................... 1,449 718 1,627 439
-------- -------- ------- --------
EXPENSES:
Investment advisory fees (Note 5)............................... 584 816 1,094 279
Administration and fund accounting fees (Note 3)................ 132 173 188 75
Custody fees.................................................... 13 6 86 13
Transfer agency fees ........................................... 14 15 21 12
Professional fees .............................................. 10 12 12 8
Registration & filing fees ..................................... 6 9 11 5
Printing fees .................................................. 6 9 9 3
Trustees' fees ................................................. 2 3 3 1
Distribution fees (Note 3) (1) ................................. 3 4 5 1
Shareholder servicing fees (Note 3) (2) ........................ 3 4 5 1
Amortization of deferred organization costs .................... -- -- -- --
Miscellaneous .................................................. 6 7 4 2
-------- -------- ------- --------
Total expenses before waivers .................................. 779 1,058 1,438 400
Less: Investment advisory fees waived (Note 5) ............... -- -- -- --
Less: Administration fees waived (Note 3) .................... -- -- -- --
-------- -------- ------- --------
Net expenses ................................................... 779 1,058 1,438 400
-------- -------- ------- --------
NET INVESTMENT INCOME (LOSS) ...................................... 670 (340) 189 39
-------- -------- ------- --------
REALIZE AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain (loss) from securities transactions .......... 2,897 9,484 12,905 1,106
Net realized loss from foreign currency transactions ...........
and foreign currency contracts ............................... -- -- (242) --
Net change in unrealized appreciation
(depreciation) of investments ................................ (12,903) 6,378 (32,020) 4,176
Net change in unrealized apppreciation on foreign currency
and translation of other assets and liabilities
in foreign currencies......................................... -- -- 9 --
-------- -------- ------- --------
Net gain (loss) on investments ................................. (10,006) 15,862 (19,348) 5,282
-------- -------- ------- --------
NET INCREASE (DECREASE) IN NETASSETS
RESULTING FROM OPERATIONS .................................... $ (9,336) $ 15,522 $(19,159) $ 5,321
======== ======== ======== ========
</TABLE>
<TABLE>
LATIN AMERICA
REAL ESTATE ASIAN TIGERS EQUITY
FUND(US) FUND(US) FUND(US)
--------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
<S> <C> <C> <C>
Dividends....................................................... $ 280 $ 422 $ 295
Interest........................................................ 23 -- --
Less: foreign taxes withheld.................................... -- (42) (23)
-------- -------- -------
Total investment income......................................... 303 380 272
-------- -------- -------
EXPENSES:
Investment advisory fees (Note 5)............................... 47 220 152
Administration and fund accounting fees (Note 3)................ 23 58 45
Custody fees.................................................... 1 51 34
Transfer agency fees ........................................... 10 17 12
Professional fees .............................................. 7 8 7
Registration & filing fees ..................................... 7 5 8
Printing fees .................................................. -- 2 1
Trustees' fees ................................................. -- 1 --
Distribution fees (Note 3) (1) ................................. -- -- --
Shareholder servicing fees (Note 3) (2) ........................ -- -- --
Amortization of deferred organization costs .................... 3 -- 1
Miscellaneous .................................................. 1 1 1
-------- -------- -------
Total expenses before waivers .................................. 99 363 261
Less: Investment advisory fees waived (Note 5) ............... (14) -- --
Less: Administration fees waived (Note 3) .................... (15) -- --
-------- -------- -------
Net expenses ................................................... 70 363 261
-------- -------- -------
NET INVESTMENT INCOME (LOSS) ...................................... 233 17 11
-------- -------- -------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain (loss) from securities transactions .......... (415) 6,197 3,833
Net realized loss from foreign currency transactions ...........
and foreign currency contracts ............................... -- (101) (121)
Net change in unrealized appreciation
(depreciation) of investments ................................ 1,431 (11,740) (4,645)
Net change in unrealized apppreciation on foreign currency
and translation of other assets and liabilities
in foreign currencies ........................................ -- 2 4
-------- -------- -------
Net gain (loss) on investments ................................. 1,016 (5,642) (929)
-------- -------- -------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTInG FROM OPERATIONS .................................... $ 1,249 $ (5,625) $ (918)
======== ======== -------
</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.
36-37
<PAGE>
JUNE 30, 2000 (Unaudited)
STATEMENT OF CHANGES IN NET ASSETS (000)
For the Six Months Ended June 30, 2000 (Unaudited) and for the Year Ended
December 31, 1999
<TABLE>
TREASURY
MONEY MARKET
FUND(US)
------------------------------------------------------------------------------------------------
2000 1999
------------------------------------------------------------------------------------------------
OPERATIONS:
<S> <C> <C>
Net investment income ......................................... $ 7,530 $ 14,057
Net realized gain (loss) from security and foreign
currency transactions ....................................... -- 3
Net change in unrealized appreciation (depreciation)
on investments .............................................. -- --
----------- -----------
Net increase (decrease) in net assets resulting from operations 7,530 14,060
----------- -----------
DIVIDENDS DISTRIBUTED FROM:
Net investment income:
Common Share Class .......................................... (7,256) (13,516)
Investor Share Class ........................................ (274) (541)
Net realized gains:
Common Share Class .......................................... -- --
Investor Share Class ........................................ -- --
----------- -----------
Total dividends distributed ............................... (7,530) (14,057)
----------- -----------
CAPITAL SHARE TRANSACTIONS:
COMMON SHARE CLASS:
Proceeds from shares issued ................................. 339,724 747,343
Shares issued in lieu of distributions ...................... 206 443
Cost of shares repurchased .................................. (384,323) (748,105)
----------- -----------
Increase (decrease) in net assets derived from
Common Share Class transactions ............................. (44,393) (319)
----------- -----------
INVESTOR SHARE CLASS:
Proceeds from shares issued ................................. 46,721 71,827
Shares issued in lieu of distributions ...................... 273 542
Cost of shares repurchased .................................. (46,491) (78,298)
----------- -----------
Increase (decrease) in net assets derived from
Investor Share Class transactions ........................... 503 (5,929)
----------- -----------
Increase (decrease) in net assets derived from
capital share transactions .................................. (43,890) (6,248)
----------- -----------
Net increase(decrease) in net assets .......................... (43,890) (6,245)
NET ASSETS INCLUDING LINE (A):
Beginning of period ........................................... 339,602 345,847
----------- -----------
End of period ................................................. $ 295,712 $ 339,602
=========== ===========
(A) Undistributed (distribution in excess of)
net investment income .................................... $ 9 $ 9
=========== ===========
CAPITAL SHARE TRANSACTIONS:
COMMON SHARE CLASS:
Shares issued ............................................... 339,724 747,343
Shares issued in lieu of distributions ...................... 206 443
Shares repurchased .......................................... (384,323) (748,105)
----------- -----------
Total Common Share Class transactions ..................... (44,393) (319)
----------- -----------
INVESTOR SHARE CLASS:
Shares issued ............................................... 46,721 71,827
Shares issued in lieu of distributions ...................... 274 542
Shares repurchased .......................................... (46,491) (78,298)
----------- -----------
Total Investor Share Class transactions ................... 504 (5,929)
----------- -----------
Net increase (decrease) in capital shares ................. (43,889) (6,248)
=========== ===========
</TABLE>
<TABLE>
GOVERNMENT
MONEY MARKET MONEY MARKET
FUND(US) FUND(US)
-----------------------------------------------------------------------------------------------------------------------------
2000 1999 2000 1999
-----------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
<S> <C> <C> <C> <C>
Net investment income ......................................... $ 16,408 $ 24,285 $ 35,270 $ 62,522
Net realized gain (loss) from security and foreign
currency transactions ....................................... -- -- -- --
Net change in unrealized appreciation (depreciation)
on investments .............................................. -- -- -- --
--------- ---------- ----------- -----------
Net increase (decrease) in net assets resulting from operations 16,408 24,285 35,270 62,522
--------- ---------- ----------- -----------
DIVIDENDS DISTRIBUTED FROM:
Net investment income:
Common Share Class .......................................... (14,055) (20,350) (28,629) (52,278)
Investor Share Class ........................................ (2,353) (3,935) (6,641) (10,244)
Net realized gains:
Common Share Class .......................................... -- -- -- --
Investor Share Class ........................................ -- -- -- --
--------- ---------- ----------- -----------
Total dividends distributed ............................... (16,408) (24,285) (35,270) (62,522)
--------- ---------- ----------- -----------
CAPITAL SHARE TRANSACTIONS:
COMMON SHARE CLASS:
Proceeds from shares issued ................................. 450,475 901,384 1,177,572 2,396,115
Shares issued in lieu of distributions ...................... 2,876 3,837 2,105 2,500
Cost of shares repurchased .................................. (438,582) (837,500) (2,275,034) (2,201,785)
--------- ---------- ----------- -----------
Increase (decrease) in net assets derived from
Common Share Class transactions ............................. 14,769 67,721 (1,095,357) 196,830
--------- ---------- ----------- -----------
INVESTOR SHARE CLASS:
Proceeds from shares issued ................................. 184,697 387,926 547,914 927,874
Shares issued in lieu of distributions ...................... 2,353 3,931 6,639 10,241
Cost of shares repurchased .................................. (191,812) (385,321) (574,099) (910,038)
--------- ---------- ----------- -----------
Increase (decrease) in net assets derived from
Investor Share Class transactions ........................... (4,762) 6,536 (19,546) 28,077
--------- ---------- ----------- -----------
Increase (decrease) in net assets derived from
capital share transactions .................................. 10,007 74,257 (1,114,903) 224,907
--------- ---------- ----------- -----------
Net increase(decrease) in net assets .......................... 10,007 74,257 (1,114,903) 224,907
NET ASSETS INCLUDING LINE (A):
Beginning of period ........................................... 560,551 486,294 1,385,778 1,160,871
--------- ---------- ----------- -----------
End of period ................................................. $ 570,558 $ 560,551 $ 270,875 $ 1,385,778
========= ========== =========== ===========
(A) Undistributed (distribution in excess of)
net investment income .................................... $ 32 $ 32 $ 4 $ 4
========= ========== =========== ===========
CAPITAL SHARE TRANSACTIONS:
COMMON SHARE CLASS:
Shares issued ............................................... 450,475 901,384 1,177,572 2,396,115
Shares issued in lieu of distributions ...................... 2,876 3,837 2,105 2,500
Shares repurchased .......................................... (438,582) (837,500) (2,275,034) (2,201,785)
--------- ---------- ----------- -----------
Total Common Share Class transactions ..................... 14,769 67,721 (1,095,357) 196,830
--------- ---------- ----------- -----------
INVESTOR SHARE CLASS:
Shares issued ............................................... 184,697 387,926 547,914 927,874
Shares issued in lieu of distributions ...................... 2,353 3,931 6,639 10,241
Shares repurchased .......................................... (191,812) (385,321) (574,099) (910,038)
--------- ---------- ----------- -----------
Total Investor Share Class transactions ................... (4,762) 6,536 (19,546) 28,077
--------- ---------- ----------- -----------
Net increase (decrease) in capital shares ................. 10,007 74,257 (1,114,903) 224,907
========= ========== =========== ===========
</TABLE>
<TABLE>
TAX-EXEMPT
MONEY MARKET FIXED INCOME
FUND(US) FUND(US)
--------------------------------------------------------------------------------------------------------------------------------
2000 1999 2000 1999
--------------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
<S> <C> <C> <C> <C>
Net investment income ......................................... $ 8,954 $ 8,991 $ 5,657 $ 9,452
Net realized gain (loss) from security and foreign
currency transactions ....................................... -- -- (2,822) (5,565)
Net change in unrealized appreciation (depreciation)
on investments .............................................. -- -- 2,929 (7,586)
---------- ----------- --------- ----------
Net increase (decrease) in net assets resulting from operations 8,954 8,991 5,764 (3,699)
---------- ----------- --------- ----------
DIVIDENDS DISTRIBUTED FROM:
Net investment income:
Common Share Class .......................................... (7,809) (7,257) (5,690) (9,432)
Investor Share Class ........................................ (1,145) (1,734) (8) (21)
Net realized gains:
Common Share Class .......................................... -- -- -- (135)
Investor Share Class ........................................ -- -- -- --
---------- ----------- --------- ----------
Total dividends distributed ............................... (8,954) (8,991) (5,698) (9,588)
---------- ----------- --------- ----------
CAPITAL SHARE TRANSACTIONS:
COMMON SHARE CLASS:
Proceeds from shares issued ................................. 656,017 535,359 14,590 59,511
Shares issued in lieu of distributions ...................... 93 186 1,164 2,161
Cost of shares repurchased .................................. (501,384) (523,924) (22,533) (31,122)
---------- ----------- --------- ----------
Increase (decrease) in net assets derived from
Common Share Class transactions ............................. 154,726 11,621 (6,779) 30,550
---------- ----------- --------- ----------
INVESTOR SHARE CLASS:
Proceeds from shares issued ................................. 131,330 271,145 -- 37
Shares issued in lieu of distributions ...................... 1,146 1,737 7 20
Cost of shares repurchased .................................. (141,142) (274,232) (167) (59)
---------- ----------- --------- ----------
Increase (decrease) in net assets derived from
Investor Share Class transactions ........................... (8,666) (1,350) (160) (2)
---------- ----------- --------- ----------
Increase (decrease) in net assets derived from
capital share transactions .................................. 146,060 10,271 (6,939) 30,548
---------- ----------- --------- ----------
Net increase(decrease) in net assets .......................... 146,060 10,271 (6,873) 17,261
NET ASSETS INCLUDING LINE (A):
Beginning of period ........................................... 350,585 340,314 189,450 172,189
---------- ----------- --------- ----------
End of period ................................................. $ 496,645 $ 350,585 $ 182,577 $ 189,450
========== =========== ========= ==========
(A) Undistributed (distribution in excess of)
net investment income .................................... $ -- $ -- $ (32) $ 9
========== =========== ========= ==========
CAPITAL SHARE TRANSACTIONS:
COMMON SHARE CLASS:
Shares issued ............................................... 656,017 535,359 1,530 6,093
Shares issued in lieu of distributions ...................... 93 186 122 218
Shares repurchased .......................................... (501,385) (523,924) (2,362) (3,138)
---------- ----------- --------- ----------
Total Common Share Class transactions ..................... 154,725 11,621 (710) 3,173
---------- ----------- --------- ----------
INVESTOR SHARE CLASS:
Shares issued ............................................... 131,330 271,145 -- 4
Shares issued in lieu of distributions ...................... 1,146 1,737 1 2
Shares repurchased .......................................... (141,142) (274,231) (18) (6)
---------- ----------- --------- ----------
Total Investor Share Class transactions ................... (8,666) (1,349) (17) --
---------- ----------- --------- ----------
Net increase (decrease) in capital shares ................. 146,059 10,272 (727) 3,173
========== =========== ========= ==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
38-39
<PAGE>
JUNE 30, 2000 (Unaudited)
STATEMENT OF CHANGES IN NET ASSETS (000)
For the Six Months Ended June 30, 2000 (Unaudited) and for the Year Ended
December 31, 1999
<TABLE>
TAX EXEMPT
FIXED INCOME
FUND(US)
-------------------------------------------------------------------------------------------------
2000 1999
-------------------------------------------------------------------------------------------------
OPERATIONS:
<S> <C> <C>
Net investment income (loss) ..................................$ 647 $ 1,441
Net realized gain (loss) from security and foreign
currency transactions ....................................... 18 (255)
Net change in unrealized appreciation (depreciation) on
investments and foreign currency transactions ................. 524 (2,029)
----------- -----------
Net increase (decrease) in net assets resulting from
operations .................................................... 1,189 (843)
----------- -----------
DIVIDENDS DISTRIBUTED FROM:
Net investment income:
Common Share Class .......................................... (641) (1,424)
Investor Share Class ........................................ (6) (17)
Net realized gains:
Common Share Class .......................................... -- --
Investor Share Class ........................................ -- --
In excess of net realized gains:
Common Share Class .......................................... -- --
Investor Share Class ........................................ -- --
----------- -----------
Total dividends distributed ............................... (647) (1,441)
----------- -----------
CAPITAL SHARE TRANSACTIONS:
COMMON SHARE CLASS:
Proceeds from shares issued ................................. 1,956 3,738
Shares issued in lieu of cash distributions ................. 7 9
Cost of shares repurchased .................................. (5,104) (6,958)
----------- -----------
Increase (decrease) in net assets derived from Common Share
Class transactions . ........................................ (3,141) (3,211)
----------- -----------
INVESTOR SHARE CLASS:
Proceeds from shares issued ................................. 16 415
Shares issued in lieu of cash distributions ................. 6 17
Cost of shares repurchased .................................. (131) (588)
----------- -----------
Increase (decrease) in net assets derived from Investor
Share Class transactions .................................... (109) (156)
----------- -----------
Increase (decrease) in net assets derived from capital
share transactions ...... ................................... (3,250) (3,367)
----------- -----------
Net increase(decrease) in net assets .......................... (2,708) (5,651)
NET ASSETS INCLUDING LINE (A):
Beginning of period ........................................... 30,072 35,723
----------- -----------
End of period .................................................$ 27,364 $ 30,072
=========== ===========
(A) Undistributed (distribution in excess of) net
investment income .............. ..........................$ 1 $ 1
=========== ===========
CAPITAL SHARE TRANSACTIONS:
COMMON SHARE CLASS:
Shares issued ............................................... 197 361
Shares issued in lieu of cash distributions ................. 1 1
Shares repurchased .......................................... (515) (681)
----------- -----------
Total Common Share Class transactions ..................... (317) (319)
----------- -----------
INVESTOR SHARE CLASS:
Shares issued ............................................... 1 41
Shares issued in lieu of cash distributions ................. 1 2
Shares repurchased .......................................... (13) (58)
----------- -----------
Total Investor Share Class transactions ................... (11) (15)
----------- -----------
Net increase (decrease) in capital shares ................. (328) (334)
=========== ===========
</TABLE>
<TABLE>
INTERNATIONAL
FIXED INCOME BALANCED
FUND(US) FUND(US)
--------------------------------------------------------------------------------------------------------------------------
2000 1999 2000 1999
--------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
<S> <C> <C> <C> <C>
Net investment income (loss) .................................. $ 181 $ 458 $ 933 $ 1,653
Net realized gain (loss) from security and foreign
currency transactions ....................................... (561) (183) 4,721 7,090
Net change in unrealized appreciation (depreciation) on
investments and foreign currency transactions ................. (167) (1,846) (6,868) (279)
--------- ---------- ----------- ----------
Net increase (decrease) in net assets resulting from
operations .................................................... (547) (1,571) (1,214) 8,464
--------- ---------- ----------- ----------
DIVIDENDS DISTRIBUTED FROM:
Net investment income:
Common Share Class .......................................... -- (95) (913) (1,604)
Investor Share Class ........................................ -- -- (25) (50)
Net realized gains:
Common Share Class .......................................... -- (42) (2,044) (5,663)
Investor Share Class ........................................ -- -- (69) (223)
In excess of net realized gains:
Common Share Class .......................................... -- (100) -- --
Investor Share Class ........................................ -- -- -- --
--------- ---------- ----------- ----------
Total dividends distributed ............................... -- (237) (3,051) (7,540)
--------- ---------- ----------- ----------
CAPITAL SHARE TRANSACTIONS:
COMMON SHARE CLASS:
Proceeds from shares issued ................................. 350 948 8,595 16,813
Shares issued in lieu of cash distributions ................. -- 3 2,549 6,126
Cost of shares repurchased .................................. (2,703) (2,263) (11,232) (15,456)
--------- ---------- ----------- ----------
Increase (decrease) in net assets derived from Common Share
Class transactions . ........................................ (2,353) (1,312) (88) 7,483
--------- ---------- ----------- ----------
INVESTOR SHARE CLASS:
Proceeds from shares issued ................................. 2 4 6 14
Shares issued in lieu of cash distributions ................. -- -- 93 265
Cost of shares repurchased .................................. (2) (19) (450) (767)
--------- ---------- ----------- ----------
Increase (decrease) in net assets derived from Investor
Share Class transactions .................................... -- (15) (351) (488)
--------- ---------- ----------- ----------
Increase (decrease) in net assets derived from capital
share transactions ...... ................................... (2,353) (1,327) (439) 6,995
--------- ---------- ----------- ----------
Net increase(decrease) in net assets .......................... (2,900) (3,135) (4,704) 7,919
NET ASSETS INCLUDING LINE (A):
Beginning of period ........................................... 14,400 17,535 87,369 79,450
--------- ---------- ----------- ----------
End of period ................................................. $ 11,500 $ 14,400 $ 82,665 $ 87,369
========= ========== =========== ==========
(A) Undistributed (distribution in excess of) net
investment income .............. .......................... $ 139 $ (42) $ (5) $ --
========= ========== =========== ==========
CAPITAL SHARE TRANSACTIONS:
COMMON SHARE CLASS:
Shares issued ............................................... 38 96 733 1,397
Shares issued in lieu of cash distributions ................. -- -- 223 515
Shares repurchased .......................................... (293) (225) (967) (1,280)
--------- ---------- ----------- ----------
Total Common Share Class transactions ..................... (255) (129) (11) 632
--------- ---------- ----------- ----------
INVESTOR SHARE CLASS:
Shares issued ............................................... -- -- 1 1
Shares issued in lieu of cash distributions ................. -- -- 8 22
Shares repurchased .......................................... -- (2) (38) (63)
--------- ---------- ----------- ----------
Total Investor Share Class transactions ................... -- (2) (29) (40)
--------- ---------- ----------- ----------
Net increase (decrease) in capital shares ................. (255) (131) (40) 592
========= ========== =========== ==========
</TABLE>
<TABLE>
VALUE GROWTH
FUND(US) FUND(US)
----------------------------------------------------------------------------------------------------------------------------
2000 1999 2000 1999
----------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
<S> <C> <C> <C> <C>
Net investment income (loss) .................................. $ 670 $ 1,817 $ (340) $ (378)
Net realized gain (loss) from security and foreign
currency transactions ....................................... 2,897 14,540 9,484 20,215
Net change in unrealized appreciation (depreciation) on
investments and foreign currency transactions ................. (12,903) 1,887 6,378 3,624
---------- ----------- --------- ---------
Net increase (decrease) in net assets resulting from
operations .................................................... (9,336) 18,244 15,522 23,461
---------- ----------- --------- ---------
DIVIDENDS DISTRIBUTED FROM:
Net investment income:
Common Share Class .......................................... (666) (1,769) -- --
Investor Share Class ........................................ (6) (18) -- --
Net realized gains:
Common Share Class .......................................... (9,205) (9,954) (3,203) (19,047)
Investor Share Class ........................................ (169) (217) (53) (364)
In excess of net realized gains:
Common Share Class .......................................... -- -- -- --
Investor Share Class ........................................ -- -- -- --
---------- ----------- --------- ---------
Total dividends distributed ............................... (10,046) (11,958) (3,256) (19,411)
---------- ----------- --------- ---------
CAPITAL SHARE TRANSACTIONS:
COMMON SHARE CLASS:
Proceeds from shares issued ................................. 13,977 25,561 32,634 55,118
Shares issued in lieu of cash distributions ................. 4,391 4,611 2,078 12,272
Cost of shares repurchased .................................. (25,752) (53,972) (21,704) (60,184)
---------- ----------- --------- ---------
Increase (decrease) in net assets derived from Common Share
Class transactions . ........................................ (7,384) (23,800) 13,008 7,206
---------- ----------- --------- ---------
INVESTOR SHARE CLASS:
Proceeds from shares issued ................................. 44 2,516 21 449
Shares issued in lieu of cash distributions ................. 170 237 52 362
Cost of shares repurchased .................................. (905) (759) (424) (629)
---------- ----------- --------- ---------
Increase (decrease) in net assets derived from Investor
Share Class transactions .................................... (691) 1,994 (351) 182
---------- ----------- --------- ---------
Increase (decrease) in net assets derived from capital
share transactions ...... ................................... (8,075) (21,806) 12,657 7,388
---------- ----------- --------- ---------
Net increase(decrease) in net assets .......................... (27,457) (15,520) 24,923 11,438
NET ASSETS INCLUDING LINE (A):
Beginning of period ........................................... 157,049 172,569 199,572 188,134
---------- ----------- --------- ---------
End of period ................................................. $ 129,592 $ 157,049 $ 224,495 $ 199,572
========== =========== ========= =========
(A) Undistributed (distribution in excess of) net
investment income .............. .......................... $ (1) $ 1 $ (340) $ --
========== =========== ========= =========
CAPITAL SHARE TRANSACTIONS:
COMMON SHARE CLASS:
Shares issued ............................................... 1,145 1,969 1,850 3,189
Shares issued in lieu of cash distributions ................. 395 358 112 720
Shares repurchased .......................................... (2,091) (4,150) (1,254) (3,482)
---------- ----------- --------- ---------
Total Common Share Class transactions ..................... (551) (1,823) 708 427
---------- ----------- --------- ---------
INVESTOR SHARE CLASS:
Shares issued ............................................... 4 184 1 26
Shares issued in lieu of cash distributions ................. 15 18 3 21
Shares repurchased .......................................... (75) (59) (25) (36)
---------- ----------- --------- ---------
Total Investor Share Class transactions ................... (56) 143 (21) 11
---------- ----------- --------- ---------
Net increase (decrease) in capital shares ................. (607) (1,680) 687 438
========== =========== ========= =========
</TABLE>
The accompanying notes are an integral part of the financial statements.
40-41
<PAGE>
JUNE 30, 2000 (Unaudited)
STATEMENT OF CHANGES IN NET ASSETS (000)
For the Six Months Ended June 30, 2000 (Unaudited) and for the Year Ended
December 31, 1999
<TABLE>
INTERNATIONAL
EQUITY
FUND(US)
------------------------------------------------------------------------------------------------
2000 1999
------------------------------------------------------------------------------------------------
OPERATIONS:
<S> <C> <C>
Net investment income (loss) .................................. $ 189 $ 232
Net realized gain (loss) from security and foreign
currency transactions ....................................... 12,663 17,781
Net change in unrealized appreciation (depreciation) on
investments and foreign currency transactions ............... (32,011) 45,197
----------- -----------
Net increase (decrease) in net assets resulting from
operations .................................................... (19,159) 63,210
----------- -----------
DIVIDENDS DISTRIBUTED FROM:
Net investment income:
Common Share Class .......................................... -- --
Investor Share Class ........................................ -- --
Net realized gains:
Common Share Class .......................................... (3,433) (13,324)
Investor Share Class ........................................ (68) (131)
Paid in capital:
Common Share Class .......................................... -- --
Investor Share Class ........................................ -- --
----------- -----------
Total dividends distributed ............................... (3,501) (13,455)
----------- -----------
CAPITAL SHARE TRANSACTIONS:
COMMON SHARE CLASS:
Proceeds from shares issued ................................. 221,492 209,564
Shares issued in lieu of cash distributions ................. 1,261 4,404
Cost of shares repurchased .................................. (193,349) (201,227)
----------- -----------
Increase (decrease) in net assets derived from Common
Share Class transactions..................................... 29,404 12,741
----------- -----------
INVESTOR SHARE CLASS:
Proceeds from shares issued ................................. 2,467 1,044
Shares issued in lieu of cash distributions ................. 68 129
Cost of shares repurchased .................................. (286) (264)
----------- -----------
Increase (decrease) in net assets derived from Investor
Share Class transactions..................................... 2,249 909
----------- -----------
Increase (decrease) in net assets derived from capital
share transactions .......................................... 31,653 13,650
----------- -----------
Net increase(decrease) in net assets .......................... 8,993 63,405
NET ASSETS INCLUDING LINE (A):
Beginning of period ........................................... 207,282 143,877
----------- -----------
End of period ................................................. $ 216,275 $ 207,282
=========== ===========
(A) Undistributed (distribution in excess of) net investment
income .................................................... $ (990) $ (1,179)
=========== ===========
CAPITAL SHARE TRANSACTIONS:
COMMON SHARE CLASS:
Shares issued ............................................... 9,469 10,284
Shares issued in lieu of cash distributions ................. 56 192
Shares repurchased .......................................... (8,179) (9,837)
----------- -----------
Total Common Share Class transactions ..................... 1,346 639
----------- -----------
INVESTOR SHARE CLASS:
Shares issued ............................................... 105 48
Shares issued in lieu of cash distributions ................. 3 6
Shares repurchased .......................................... (12) (13)
----------- -----------
Total Investor Share Class transactions ................... 96 41
----------- -----------
Net increase (decrease) in capital shares ................. 1,442 680
=========== ===========
</TABLE>
<TABLE>
SMALL CAP REAL ESTATE
FUND(US) FUND(US)
--------------------------------------------------------------------------------------------------------------------------
2000 1999 2000 1999
--------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
<S> <C> <C> <C> <C>
Net investment income (loss) ................................. $ 39 $ (253) $ 233 $ 349
Net realized gain (loss) from security and foreign
currency transactions ...................................... 1,106 7,197 (415) (135)
Net change in unrealized appreciation (depreciation) on
investments and foreign currency transactions .............. 4,176 264 1,431 (500)
--------- ---------- ----------- ----------
Net increase (decrease) in net assets resulting from
operations ................................................... 5,321 7,208 1,249 (286)
--------- ---------- ----------- ----------
DIVIDENDS DISTRIBUTED FROM:
Net investment income:
Common Share Class ......................................... -- -- (228) (283)
Investor Share Class ....................................... -- -- -- (1)
Net realized gains:
Common Share Class ......................................... (5,044) -- -- --
Investor Share Class ....................................... (51) -- -- --
Paid in capital:
Common Share Class ......................................... -- -- -- (61)
Investor Share Class ....................................... -- -- -- --
--------- ---------- ----------- ----------
Total dividends distributed .............................. (5,095) -- (228) (345)
--------- ---------- ----------- ----------
CAPITAL SHARE TRANSACTIONS:
COMMON SHARE CLASS:
Proceeds from shares issued ................................ 27,720 23,772 10,292 968
Shares issued in lieu of cash distributions ................ 1,136 -- 141 344
Cost of shares repurchased ................................. (22,907) (20,860) (5,394) (184)
--------- ---------- ----------- ----------
Increase (decrease) in net assets derived from Common
Share Class transactions.................................... 5,949 2,912 5,039 1,128
--------- ---------- ----------- ----------
INVESTOR SHARE CLASS:
Proceeds from shares issued ................................ 6,376 10,715 -- 12
Shares issued in lieu of cash distributions ................ 38 -- -- 1
Cost of shares repurchased ................................. (6,012) (11,135) (31) (1)
--------- ---------- ----------- ----------
Increase (decrease) in net assets derived from Investor
Share Class transactions.................................... 402 (420) (31) 12
--------- ---------- ----------- ----------
Increase (decrease) in net assets derived from capital
share transactions ......................................... 6,351 2,492 5,008 1,140
--------- ---------- ----------- ----------
Net increase(decrease) in net assets ......................... 6,577 9,700 6,029 509
NET ASSETS INCLUDING LINE (A):
Beginning of period .......................................... 56,473 46,773 7,552 7,043
--------- ---------- ----------- ----------
End of period ................................................ $ 63,050 $ 56,473 $ 13,581 $ 7,552
========= ========== =========== ==========
(A) Undistributed (distribution in excess of) net investment
income ................................................... $ 39 $ -- $ 5 $ --
========= ========== =========== ==========
CAPITAL SHARE TRANSACTIONS:
COMMON SHARE CLASS:
Shares issued .............................................. 1,877 2,018 1,203 117
Shares issued in lieu of cash distributions ................ 80 -- 18 43
Shares repurchased ......................................... (1,513) (1,827) (629) (23)
--------- ---------- ----------- ----------
Total Common Share Class transactions .................... 444 191 592 137
--------- ---------- ----------- ----------
INVESTOR SHARE CLASS:
Shares issued .............................................. 446 919 -- 1
Shares issued in lieu of cash distributions ................ 3 -- -- --
Shares repurchased ......................................... (414) (951) (3) --
--------- ---------- ----------- ----------
Total Investor Share Class transactions .................. 35 (32) (3) 1
--------- ---------- ----------- ----------
Net increase (decrease) in capital shares ................ 479 159 589 138
========= ========== =========== ==========
</TABLE>
<TABLE>
LATIN AMERICA
ASIAN TIGERS EQUITY
FUND(US) FUND(US)
--------------------------------------------------------------------------------------------------------------------------
2000 1999 2000 1999
--------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
<S> <C> <C> <C> <C>
Net investment income (loss) .................................. $ 17 $ 1 $ 11 $ 70
Net realized gain (loss) from security and foreign
currency transactions ....................................... 6,096 2,155 3,712 (1,115)
Net change in unrealized appreciation (depreciation) on
investments and foreign currency transactions ............... (11,738) 17,619 (4,641) 13,628
---------- ----------- --------- ----------
Net increase (decrease) in net assets resulting from
operations .................................................... (5,625) 19,775 (918) 12,583
---------- ----------- --------- ----------
DIVIDENDS DISTRIBUTED FROM:
Net investment income:
Common Share Class .......................................... -- -- -- (19)
Investor Share Class ........................................ -- -- -- --
Net realized gains:
Common Share Class .......................................... -- -- -- --
Investor Share Class ........................................ -- -- -- --
Paid in capital:
Common Share Class .......................................... -- -- -- --
Investor Share Class ........................................ -- -- -- --
---------- ----------- --------- ----------
Total dividends distributed ............................... -- -- -- (19)
---------- ----------- --------- ----------
CAPITAL SHARE TRANSACTIONS:
COMMON SHARE CLASS:
Proceeds from shares issued ................................. 111,718 100,864 21,007 7,309
Shares issued in lieu of cash distributions ................. -- -- -- 1
Cost of shares repurchased .................................. (120,521) (97,734) (20,551) (7,183)
---------- ----------- --------- ----------
Increase (decrease) in net assets derived from Common
Share Class transactions..................................... (8,803) 3,130 456 127
---------- ----------- --------- ----------
INVESTOR SHARE CLASS:
Proceeds from shares issued ................................. 1,068 1,950 -- --
Shares issued in lieu of cash distributions ................. -- -- -- --
Cost of shares repurchased .................................. (776) (1,958) -- --
---------- ----------- --------- ----------
Increase (decrease) in net assets derived from Investor
Share Class transactions..................................... 292 (8) -- --
---------- ----------- --------- ----------
Increase (decrease) in net assets derived from capital
share transactions .......................................... (8,511) 3,122 456 127
---------- ----------- --------- ----------
Net increase(decrease) in net assets .......................... (14,136) 22,897 (462) 12,691
NET ASSETS INCLUDING LINE (A):
Beginning of period ........................................... 51,277 28,380 30,684 17,993
---------- ----------- --------- ----------
End of period ................................................. $ 37,141 $ 51,277 $ 30,222 $ 30,684
========== =========== ========= ==========
(A) Undistributed (distribution in excess of) net investment
income .................................................... $ (48) $ (65) $ (2) $ (13)
========== =========== ========= ==========
CAPITAL SHARE TRANSACTIONS:
COMMON SHARE CLASS:
Shares issued ............................................... 11,337 11,523 1,499 726
Shares issued in lieu of cash distributions ................. -- -- -- --
Shares repurchased .......................................... (12,044) (11,042) (1,455) (746)
---------- ----------- --------- ----------
Total Common Share Class transactions ..................... (707) 481 44 (20)
---------- ----------- --------- ----------
INVESTOR SHARE CLASS:
Shares issued ............................................... 113 220 -- --
Shares issued in lieu of cash distributions ................. -- -- -- --
Shares repurchased .......................................... (81) (221) -- --
---------- ----------- --------- ----------
Total Investor Share Class transactions ................... 32 (1) -- --
---------- ----------- --------- ----------
Net increase (decrease) in capital shares ................. (675) 480 44 (20)
========== =========== ========= ==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
42-43
<PAGE>
JUNE 30, 2000 (Unaudited)
FINANCIAL HIGHLIGHTS
For the Six Months Ended June 30, 2000 (Unaudited) and for the Years Ended
December 31,
<TABLE>
NET ASSET REALIZED DIVIDENDS DISTRIBUTIONS
VALUE NET AND UNREALIZED FROM NET FROM NET ASSET
BEGINNING INVESTMENT GAINS ON INVESTMENT CAPITAL VALUE END
OF PERIOD INCOME SECURITIES INCOME GAINS OF PERIOD
-----------------------------------------------------------------------------------------------------------------------------------
TREASURY MONEY MARKET FUND(US)
-----------------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
<S> <C> <C> <C> <C> <C> <C>
2000 $1.00 $0.03 $0.00 $(0.03) $0.00 $1.00
1999 1.00 0.05 0.00 (0.05) 0.00 1.00
1998 1.00 0.05 0.00 (0.05) 0.00 1.00
1997 1.00 0.05 0.00 (0.05) 0.00 1.00
1996 1.00 0.05 0.00 (0.05) 0.00 1.00
1995 1.00 0.05 0.00 (0.05) 0.00 1.00
INVESTOR SHARE CLASS
2000 $1.00 $0.03 $0.00 $(0.03) $0.00 $1.00
1999 1.00 0.04 0.00 (0.04) 0.00 1.00
1998 1.00 0.05 0.00 (0.05) 0.00 1.00
1997 1.00 0.05 0.00 (0.05) 0.00 1.00
1996 1.00 0.04 0.00 (0.04) 0.00 1.00
1995 1.00 0.05 0.00 (0.05) 0.00 1.00
-----------------------------------------------------------------------------------------------------------------------------------
GOVERNMENT MONEY MARKET FUND(US)
-----------------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
2000 $1.00 $0.03 $0.00 $(0.03) $0.00 $1.00
1999 1.00 0.05 0.00 (0.05) 0.00 1.00
1998 1.00 0.05 0.00 (0.05) 0.00 1.00
1997 1.00 0.05 0.00 (0.05) 0.00 1.00
1996 1.00 0.05 0.00 (0.05) 0.00 1.00
1995 1.00 0.05 0.00 (0.05) 0.00 1.00
INVESTOR SHARE CLASS
2000 $1.00 $0.03 $0.00 $(0.03) $0.00 $1.00
1999 1.00 0.04 0.00 (0.04) 0.00 1.00
1998 1.00 0.05 0.00 (0.05) 0.00 1.00
1997 1.00 0.05 0.00 (0.05) 0.00 1.00
1996 1.00 0.05 0.00 (0.05) 0.00 1.00
1995 1.00 0.05 0.00 (0.05) 0.00 1.00
-----------------------------------------------------------------------------------------------------------------------------------
MONEY MARKET FUND(US)
-----------------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
2000 $1.00 $0.03 $0.00 $(0.03) $0.00 $1.00
1999 1.00 0.05 0.00 (0.05) 0.00 1.00
1998 1.00 0.05 0.00 (0.05) 0.00 1.00
1997 1.00 0.05 0.00 (0.05) 0.00 1.00
1996 1.00 0.05 0.00 (0.05) 0.00 1.00
1995 1.00 0.06 0.00 (0.06) 0.00 1.00
INVESTOR SHARE CLASS
2000 $1.00 $0.03 $0.00 $(0.03) $0.00 $1.00
1999 1.00 0.05 0.00 (0.05) 0.00 1.00
1998 1.00 0.05 0.00 (0.05) 0.00 1.00
1997 1.00 0.05 0.00 (0.05) 0.00 1.00
1996 1.00 0.05 0.00 (0.05) 0.00 1.00
1995 1.00 0.05 0.00 (0.05) 0.00 1.00
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
RATIO OF NET RATIO OF EXPENSES
RATIO OF INVESTMENT TO AVERAGE
NET ASSETS EXPENSES INCOME NET ASSETS
TOTAL END OF TO AVERAGE TO AVERAGE (EXCLUDING
RETURN PERIOD (000) NET ASSETS NET ASSETS WAIVERS)
-----------------------------------------------------------------------------------------------------------------------------
TREASURY MONEY MARKET FUND(US)
-----------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
<S> <C> <C> <C> <C> <C>
2000 2.72%* $ 283,512 0.36%(DAGGER) 5.38%(DAGGER) 0.59%(DAGGER)
1999 4.63 327,906 0.36 4.53 0.59
1998 4.90 328,222 0.37 4.79 0.59
1997 4.97 188,761 0.33 4.86 0.57
1996 4.80 156,455 0.44 4.70 0.59
1995 5.28 110,475 0.44 5.16 0.59
INVESTOR SHARE CLASS
2000 2.59%* $ 12,200 0.61%(DAGGER) 5.13%(DAGGER) 1.09%(DAGGER)
1999 4.37 11,696 0.61 4.28 1.09
1998 4.64 17,625 0.62 4.54 1.09
1997 4.70 6,722 0.58 4.60 0.88
1996 4.54 10,910 0.69 4.45 0.84
1995 5.02 7,931 0.69 4.89 0.84
-----------------------------------------------------------------------------------------------------------------------------
GOVERNMENT MONEY MARKET FUND(US)
-----------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
2000 2.81%* $ 479,288 0.33%(DAGGER) 5.60%(DAGGER) 0.41%(DAGGER)
1999 4.87 464,520 0.33 4.78 0.41
1998 5.24 396,797 0.35 5.12 0.42
1997 5.33 255,259 0.32 5.21 0.40
1996 5.08 256,392 0.44 4.96 0.44
1995 5.59 207,615 0.42 5.45 0.42
INVESTOR SHARE CLASS
2000 2.65%* $ 91,270 0.65%(DAGGER) 5.28%(DAGGER) 0.91%(DAGGER)
1999 4.53 96,031 0.65 4.46 0.91
1998 4.91 89,497 0.67 4.80 0.92
1997 5.05 8,932 0.59 4.95 0.72
1996 4.82 5,093 0.69 4.71 0.69
1995 5.33 3,002 0.67 5.18 0.67
-----------------------------------------------------------------------------------------------------------------------------
MONEY MARKET FUND(US)
-----------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
2000 2.89%* $ 42,767 0.32%(DAGGER) 5.70%(DAGGER) 0.55%(DAGGER)
1999 4.98 1,138,123 0.32 4.88 0.55
1998 5.33 941,295 0.33 5.21 0.56
1997 5.41 737,736 0.32 5.29 0.56
1996 5.13 598,715 0.43 5.02 0.58
1995 5.64 475,688 0.41 5.50 0.56
INVESTOR SHARE CLASS
2000 2.71%* $ 228,108 0.68%(DAGGER) 5.34%(DAGGER) 1.05%(DAGGER)
1999 4.60 247,655 0.68 4.52 1.05
1998 4.97 219,576 0.69 4.85 1.06
1997 5.12 1,282 0.59 5.00 0.85
1996 4.87 1,466 0.68 4.77 0.83
1995 5.38 1,358 0.66 5.22 0.81
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
RATIO OF NET
INVESTMENT
INCOME
TO AVERAGE
NET ASSETS
(EXCLUDING
WAIVERS)
--------------------------------------------------------
TREASURY MONEY MARKET FUND(US)
--------------------------------------------------------
COMMON SHARE CLASS
<S> <C>
2000 5.15%(DAGGER)
1999 4.30
1998 4.58
1997 4.62
1996 4.55
1995 5.01
INVESTOR SHARE CLASS
2000 4.65%(DAGGER)
1999 3.80
1998 4.08
1997 4.30
1996 4.30
1995 4.74
--------------------------------------------------------
GOVERNMENT MONEY MARKET FUND(US)
--------------------------------------------------------
COMMON SHARE CLASS
2000 5.52%(DAGGER)
1999 4.70
1998 5.04
1997 5.13
1996 4.96
1995 5.45
INVESTOR SHARE CLASS
2000 5.02%(DAGGER)
1999 4.20
1998 4.54
1997 4.82
1996 4.71
1995 5.18
--------------------------------------------------------
MONEY MARKET FUND(US)
--------------------------------------------------------
COMMON SHARE CLASS
2000 5.47%(DAGGER)
1999 4.65
1998 4.98
1997 5.05
1996 4.87
1995 5.35
INVESTOR SHARE CLASS
2000 4.97%(DAGGER)
1999 4.15
1998 4.48
1997 4.74
1996 4.62
1995 5.07
--------------------------------------------------------
</TABLE>
(DAGGER) Annualized
* Not Annualized
The accompanying notes are an integral part of the financial statements.
44-45
<PAGE>
JUNE 30, 2000 (Unaudited)
FINANCIAL HIGHLIGHTS
For the Six Months Ended June 30, 2000 (Unaudited) and for the Years Ended
December 31,
<TABLE>
NET ASSET REALIZED DIVIDENDS DISTRIBUTIONS
VALUE NET AND UNREALIZED FROM NET FROM
BEGINNING INVESTMENT GAINS (LOSSES) INVESTMENT CAPITAL
OF PERIOD INCOME ON SECURITIES INCOME GAINS
-----------------------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT MONEY MARKET FUND(US)
-----------------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
<S> <C> <C> <C> <C> <C>
2000 $ 1.00 $0.02 $ 0.00 $(0.02) $ 0.00
1999 1.00 0.03 0.00 (0.03) 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
INVESTOR SHARE CLASS
2000 $ 1.00 $0.02 $ 0.00 $(0.02) $ 0.00
1999 1.00 0.03 0.00 (0.03) 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
-----------------------------------------------------------------------------------------------------------------------------------
FIXED INCOME FUND(US)
-----------------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
2000 $ 9.57 $0.30 $ 0.01 $(0.30) $ 0.00
1999 10.36 0.57 (0.78) (0.57) (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
INVESTOR SHARE CLASS
2000 $ 9.62 $0.30 $(0.02) $(0.27) $ 0.00
1999 10.41 0.53 (0.79) (0.52) (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
-----------------------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT FIXED INCOME FUND(US)
-----------------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
2000 $ 9.84 $0.23 $ 0.19 $(0.23) $ 0.00
1999 10.53 0.44 (0.69) (0.44) 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
INVESTOR SHARE CLASS
2000 $ 9.81 $0.20 $ 0.20 $(0.20) $ 0.00
1999 10.51 0.39 (0.70) (0.39) 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
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
RATIO OF NET
RATIO OF INVESTMENT
NET ASSET NET ASSETS EXPENSES INCOME
VALUE END TOTAL END OF TO AVERAGE TO AVERAGE
OF PERIOD RETURN PERIOD (000) NET ASSETS NET ASSETS
---------------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT MONEY MARKET FUND(US)
---------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
<S> <C> <C> <C> <C> <C>
2000 $ 1.00 1.83%* $439,181 0.32%(DAGGER) 3.66%(DAGGER)
1999 1.00 3.01 284,455 0.35 2.96
1998 1.00 3.21 272,834 0.35 3.17
1997 1.00 3.36 250,260 0.33 3.32
1996 1.00 3.14 187,629 0.40 3.10
1995 1.00 3.49 167,945 0.41 3.44
INVESTOR SHARE CLASS
2000 $ 1.00 1.70%* $ 57,464 0.57%(DAGGER) 3.41%(DAGGER)
1999 1.00 2.75 66,130 0.60 2.71
1998 1.00 2.96 67,480 0.60 2.92
1997 1.00 3.10 2,978 0.58 3.07
1996 1.00 2.88 2,807 0.65 2.85
1995 1.00 3.24 3,244 0.66 3.19
---------------------------------------------------------------------------------------------------------------------------
FIXED INCOME FUND(US)
---------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
2000 $ 9.58 3.27%* $182,336 0.71%(DAGGER) 6.20%(DAGGER)
1999 9.57 (2.11) 189,048 0.69 5.70
1998 10.36 7.13 171,753 0.72 5.43
1997 10.35 9.22 141,148 0.71 5.95
1996 10.06 3.42 123,930 0.73 5.92
1995 10.32 17.75 125,563 0.74 5.97
INVESTOR SHARE CLASS
2000 $ 9.63 2.97%* $ 241 1.21%(DAGGER) 5.70%(DAGGER)
1999 9.62 (2.58) 402 1.19 5.20
1998 10.41 6.81 436 1.18 4.97
1997 10.38 8.92 428 0.96 5.71
1996 10.09 3.24 459 0.98 5.65
1995 10.35 17.40 646 0.99 5.72
---------------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT FIXED INCOME FUND(US)
---------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
2000 $ 10.03 4.27%* $ 27,090 0.96%(DAGGER) 4.53%(DAGGER)
1999 9.84 (2.45) 29,694 0.89 4.27
1998 10.53 5.79 35,161 0.83 4.44
1997 10.41 9.36 40,441 0.73 4.84
1996 9.99 2.96 39,756 0.73 4.95
1995 10.20 15.67 50,079 0.75 4.84
INVESTOR SHARE CLASS
2000 $ 10.01 4.11%* $ 274 1.46%(DAGGER) 4.03%(DAGGER)
1999 9.81 (3.03) 378 1.39 3.77
1998 10.51 5.31 562 1.29 3.98
1997 10.39 9.11 537 0.98 4.59
1996 9.97 2.70 680 0.98 4.70
1995 10.18 15.43 1,131 1.00 4.59
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
RATIO OF NET
INVESTMENT
RATIO OF EXPENSES INCOME
TO AVERAGE TO AVERAGE
NET ASSETS NET ASSETS PORTFOLIO
(EXCLUDING (EXCLUDING TURNOVER
WAIVERS) WAIVERS) RATE
------------------------------------------------------------------------------------
TAX-EXEMPT MONEY MARKET FUND(US)
------------------------------------------------------------------------------------
COMMON SHARE CLASS
<S> <C> <C> <C>
2000 0.55%(DAGGER) 3.43%(DAGGER) N/A
1999 0.58 2.73 N/A
1998 0.56 2.95 N/A
1997 0.57 3.08 N/A
1996 0.56 2.94 N/A
1995 0.56 3.29 N/A
INVESTOR SHARE CLASS
2000 1.05%(DAGGER) 2.93%(DAGGER) N/A
1999 1.08 2.23 N/A
1998 1.06 2.45 N/A
1997 0.89 2.76 N/A
1996 0.81 2.69 N/A
1995 0.81 3.04 N/A
------------------------------------------------------------------------------------
FIXED INCOME FUND(US)
------------------------------------------------------------------------------------
COMMON SHARE CLASS
2000 0.85%(DAGGER) 6.06%(DAGGER) 48%*
1999 0.84 5.55 229
1998 0.86 5.28 157
1997 0.81 5.85 233
1996 0.83 5.82 194
1995 0.84 5.87 59
INVESTOR SHARE CLASS
2000 1.35%(DAGGER) 5.56%(DAGGER) 48%*
1999 1.34 5.05 229
1998 1.32 4.82 157
1997 1.12 5.55 233
1996 1.08 5.55 194
1995 1.09 5.62 59
------------------------------------------------------------------------------------
TAX-EXEMPT FIXED INCOME FUND(US)
------------------------------------------------------------------------------------
COMMON SHARE CLASS
2000 1.09%(DAGGER) 4.39%(DAGGER) 49%*
1999 1.04 4.12 80
1998 0.97 4.30 41
1997 0.84 4.73 54
1996 0.85 4.83 98
1995 0.87 4.72 129
INVESTOR SHARE CLASS
2000 1.59%(DAGGER) 3.89%(DAGGER) 49%*
1999 1.54 3.62 80
1998 1.43 3.84 41
1997 1.14 4.43 54
1996 1.10 4.58 98
1995 1.12 4.47 129
------------------------------------------------------------------------------------
</TABLE>
(DAGGER) Annualized
* Not Annualized
The accompanying notes are an integral part of the financial statements.
46-47
<PAGE>
JUNE 30, 2000 (Unaudited)
FINANCIAL HIGHLIGHTS
For the Six Months Ended June 30, 2000 (Unaudited) and for the Years Ended
December 31,
<TABLE>
NET ASSET REALIZED DIVIDENDS DISTRIBUTIONS
VALUE NET AND UNREALIZED FROM NET FROM
BEGINNING INVESTMENT GAINS (LOSSES) INVESTMENT CAPITAL
OF PERIOD INCOME ON SECURITIES INCOME GAINS
-------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL FIXED INCOME FUND(US)
-------------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
<S> <C> <C> <C> <C> <C>
2000 $ 9.66 $0.14 $(0.49) $0.00 $ 0.00
1999 10.82 0.30 (1.30) (0.06) (0.10)
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
INVESTOR SHARE CLASS
2000 $ 9.66 $0.11 $(0.49) $0.00 $ 0.00
1999 10.80 0.24 (1.28) 0.00 (0.10)
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
-------------------------------------------------------------------------------------------------------------------------------
BALANCED FUND(US)
-------------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
2000 $ 11.96 $0.13 $(0.28) $(0.13) $(0.30)
1999 11.83 0.24 0.98 (0.24) (0.85)
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)
INVESTOR SHARE CLASS
2000 $ 11.99 $0.10 $(0.28) $(0.10) $(0.30)
1999 11.86 0.18 0.98 (0.18) (0.85)
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)
-------------------------------------------------------------------------------------------------------------------------------
VALUE FUND(US)
-------------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
2000 $ 12.75 $0.06 $(0.85) $(0.06) $(0.83)
1999 12.33 0.14 1.23 (0.14) (0.81)
1998 16.51 0.19 0.86 (0.19) (5.04)
1997 13.24 0.24 3.75 (0.24) (0.48)
1996 12.26 0.29 2.18 (0.29) (1.20)
1995 9.79 0.34 2.74 (0.35) (0.26)
INVESTOR SHARE CLASS
2000 $ 12.74 $0.03 $(0.86) $(0.03) $(0.83)
1999 12.32 0.07 1.24 (0.08) (0.81)
1998 16.54 0.12 0.82 (0.12) (5.04)
1997 13.26 0.20 3.76 (0.20) (0.48)
1996 12.28 0.25 2.18 (0.25) (1.20)
1995 9.80 0.32 2.74 (0.32) (0.26)
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
RATIO OF NET
RATIO OF INVESTMENT
NET ASSET NET ASSETS EXPENSES INCOME
VALUE END TOTAL END OF TO AVERAGE TO AVERAGE
OF PERIOD RETURN PERIOD (000) NET ASSETS NET ASSETS
--------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL FIXED INCOME FUND(US)
--------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
<S> <C> <C> <C> <C> <C>
2000 $ 9.31 (3.62)%* $ 11,468 1.57%(DAGGER) 2.75%(DAGGER
1999 9.66 (9.26) 14,367 1.50 2.90
1998 10.82 15.15 17,482 1.38 3.62
1997 9.64 (5.86) 15,574 1.22 4.08
1996 10.24 2.82 17,561 1.11 4.66
1995 10.58 20.99 17,433 1.10 5.86
INVESTOR SHARE CLASS
2000 $ 9.28 (3.93)%* $ 32 2.07%(DAGGER) 2.25%(DAGGER
1999 9.66 (9.66) 33 2.00 2.40
1998 10.80 14.84 53 1.83 3.17
1997 9.60 (6.16) 68 1.47 3.83
1996 10.23 2.62 112 1.36 4.43
1995 10.56 20.68 125 1.35 5.57
--------------------------------------------------------------------------------------------------------------------------
BALANCED FUND(US)
--------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
2000 $ 11.38 (1.26)%* $ 79,939 1.01%(DAGGER) 2.22%(DAGGER)
1999 11.96 10.55 84,151 1.00 1.96
1998 11.83 9.97 75,793 1.03 2.06
1997 12.73 22.10 68,523 0.93 2.68
1996 10.98 13.15 54,546 0.94 3.14
1995 10.75 21.85 49,899 0.92 3.74
INVESTOR SHARE CLASS
2000 $ 11.41 (1.50)%* $ 2,726 1.51%(DAGGER) 1.72%(DAGGER)
1999 11.99 9.97 3,218 1.50 1.46
1998 11.86 9.72 3,657 1.49 1.60
1997 12.73 21.80 4,157 1.18 2.43
1996 10.98 12.86 3,710 1.19 2.89
1995 10.75 21.52 3,949 1.22 3.36
--------------------------------------------------------------------------------------------------------------------------
VALUE FUND(US)
--------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
2000 $ 11.07 (6.32)%* $127,170 1.06%(DAGGER) 0.93%(DAGGER)
1999 12.75 11.14 153,551 1.03 1.07
1998 12.33 5.47 170,945 1.05 1.23
1997 16.51 30.49 220,618 1.01 1.57
1996 13.24 20.43 164,710 1.03 2.19
1995 12.26 32.02 131,243 1.05 3.07
INVESTOR SHARE CLASS
2000 $ 11.05 (6.56)%* $ 2,422 1.56%(DAGGER) 0.43%(DAGGER)
1999 12.74 10.67 3,498 1.53 0.57
1998 12.32 4.66 1,624 1.50 0.78
1997 16.54 30.20 1,965 1.26 1.32
1996 13.26 20.09 1,672 1.28 1.94
1995 12.28 31.72 1,497 1.33 2.79
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
RATIO OF NET
INVESTMENT
RATIO OF EXPENSES INCOME
TO AVERAGE TO AVERAGE
NET ASSETS NET ASSETS PORTFOLIO
(EXCLUDING (EXCLUDING TURNOVER
WAIVERS) WAIVERS) RATE
---------------------------------------------------------------------------------
INTERNATIONAL FIXED INCOME FUND(US)
---------------------------------------------------------------------------------
COMMON SHARE CLASS
<S> <C> <C> <C>
2000 1.60%(DAGGER) 2.72%(DAGGER) 0%*
1999 1.55 2.85 40
1998 1.42 3.57 79
1997 1.22 4.08 52
1996 1.11 4.66 85
1995 1.16 5.80 105
INVESTOR SHARE CLASS
2000 2.10%(DAGGER) 2.22%(DAGGER) 0%*
1999 2.05 2.35 40
1998 1.87 3.12 79
1997 1.51 3.78 52
1996 1.36 4.43 85
1995 1.41 5.51 105
---------------------------------------------------------------------------------
BALANCED FUND(US)
---------------------------------------------------------------------------------
COMMON SHARE CLASS
2000 1.01%(DAGGER) 2.22%(DAGGER) 47%*
1999 1.00 1.96 112
1998 1.03 2.06 84
1997 0.93 2.68 111
1996 0.94 3.14 104
1995 0.92 3.74 85
INVESTOR SHARE CLASS
2000 1.51%(DAGGER) 1.72%(DAGGER) 47%*
1999 1.50 1.46 112
1998 1.49 1.60 84
1997 1.24 2.37 111
1996 1.19 2.89 104
1995 1.22 3.36 85
---------------------------------------------------------------------------------
VALUE FUND(US)
---------------------------------------------------------------------------------
COMMON SHARE CLASS
2000 1.06%(DAGGER) 0.93%(DAGGER) 30%*
1999 1.03 1.07 94
1998 1.05 1.23 55
1997 1.01 1.57 79
1996 1.03 2.19 58
1995 1.05 3.07 37
INVESTOR SHARE CLASS
2000 1.56%(DAGGER) 0.43%(DAGGER) 30%*
1999 1.53 0.57 94
1998 1.50 0.78 55
1997 1.32 1.26 79
1996 1.28 1.94 58
1995 1.33 2.79 37
---------------------------------------------------------------------------------
</TABLE>
(DAGGER) Annualized
* Not Annualized
The accompanying notes are an integral part of the financial statements.
48-49
<PAGE>
JUNE 30, 2000 (Unaudited)
FINANCIAL HIGHLIGHTS
For the Six Months Ended June 30, 2000 (Unaudited) and for the Years Ended
December 31,
<TABLE>
NET ASSET REALIZED DIVIDENDS DISTRIBUTIONS
VALUE NET AND UNREALIZED FROM NET FROM CONTRIBUTION
BEGINNING INVESTMENT GAINS (LOSSES) INVESTMENT CAPITAL (RETURN)
OF PERIOD INCOME (LOSS) ON SECURITIES INCOME GAINS OF CAPITAL
----------------------------------------------------------------------------------------------------------------------------------
GROWTH FUND(US)
----------------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
<S> <C> <C> <C> <C> <C> <C>
2000 $17.44 $(0.03) $ 1.37 $ 0.00 $(0.27) $0.00
1999 17.10 (0.03) 2.16 0.00 (1.79) 0.00
1998 14.57 0.00 4.20 (0.02) (1.65) 0.00
1997 13.06 0.12 2.97 (0.12) (1.46) 0.00
1996 11.61 0.17 2.31 (0.17) (0.86) 0.00
1995 9.73 0.16 2.88 (0.16) (1.00) 0.00
INVESTOR SHARE CLASS
2000 $17.30 $(0.07) $ 1.35 $ 0.00 $(0.27) $0.00
1999 17.06 (0.11) 2.14 0.00 (1.79) 0.00
1998 14.60 (0.07) 4.18 0.00 (1.65) 0.00
1997 13.09 0.08 2.97 (0.08) (1.46) 0.00
1996 11.62 0.14 2.33 (0.14) (0.86) 0.00
1995 9.74 0.12 2.89 (0.13) (1.00) 0.00
----------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND(US)
----------------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
2000 $25.08 $ 0.04 $(2.47) $ 0.00 $(0.36) $0.00
1999 18.97 0.04 7.75 0.00 (1.68) 0.00
1998 15.38 0.01 3.85 (0.09) (0.18) 0.00
1997 15.83 0.04 0.68 (0.08) (1.09) 0.00
1996 14.56 0.06 1.37 (0.04) (0.15) 0.03
1995 13.00 0.07 1.75 (0.06) (0.20) 0.00
INVESTOR SHARE CLASS
2000 $24.87 $ 0.05 $(2.51) $ 0.00 $(0.36) $0.00
1999 18.91 0.00 7.64 0.00 (1.68) 0.00
1998 15.34 (0.08) 3.86 (0.03) (0.18) 0.00
1997 15.79 0.01 0.66 (0.03) (1.09) 0.00
1996 14.52 0.04 1.35 0.00 (0.15) 0.03
1995 12.96 0.05 1.73 (0.02) (0.20) 0.00
----------------------------------------------------------------------------------------------------------------------------------
SMALL CAP FUND(US)
----------------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
2000 $14.16 $ 0.01 $ 1.12 $ 0.00 $(1.17) $0.00
1999 12.22 (0.06) 2.00 0.00 0.00 0.00
1998 13.38 (0.11) (0.82) 0.00 (0.23) 0.00 (A)
1997 13.03 (0.09) 2.07 0.00 (1.63) 0.00
1996 12.46 (0.03) 2.38 0.00 (1.78) 0.00
1995 9.57 0.02 3.05 (0.02) (0.16) 0.00
INVESTOR SHARE CLASS
2000 $13.96 $ 0.02 $ 1.03 $ 0.00 $(1.17) $0.00
1999 12.04 (0.17) 2.09 0.00 0.00 0.00
1998 13.29 (0.10) (0.92) 0.00 (0.23) 0.00 (A)
1997 13.00 (0.13) 2.05 0.00 (1.63) 0.00
1996 12.46 (0.07) 2.39 0.00 (1.78) 0.00
1995 9.58 (0.01) 3.05 0.00 (0.16) 0.00
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
RATIO OF NET
RATIO OF INVESTMENT
NET ASSET NET ASSETS EXPENSES INCOME (LOSS)
VALUE END TOTAL END OF TO AVERAGE TO AVERAGE
OF PERIOD RETURN PERIOD (000) NET ASSETS NET ASSETS
---------------------------------------------------------------------------------------------------------------------------
GROWTH FUND(US)
---------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
<S> <C> <C> <C> <C> <C>
2000 $18.51 7.69%* $220,880 1.03%(DAGGER) (0.32)%(DAGGER)
1999 17.44 12.82 195,804 1.03 (0.19)
1998 17.10 30.23 184,601 1.06 0.01
1997 14.57 23.98 132,649 1.02 0.79
1996 13.06 21.69 95,215 1.02 1.36
1995 11.61 31.60 78,216 1.02 1.37
INVESTOR SHARE CLASS
2000 $18.31 7.40%* $ 3,615 1.53%(DAGGER) (0.82)%(DAGGER)
1999 17.30 12.26 3,768 1.53 (0.69)
1998 17.06 29.52 3,533 1.52 (0.45)
1997 14.60 23.65 3,485 1.27 0.54
1996 13.09 21.41 3,031 1.27 1.11
1995 11.62 31.29 2,681 1.31 1.10
---------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND(US)
---------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
2000 $22.29 (9.68)%* $212,067 1.31%(DAGGER) 0.18%(DAGGER)
1999 25.08 41.86 204,922 1.31 0.15
1998 18.97 25.43 142,862 1.38 0.02
1997 15.38 4.56 85,440 1.35 0.23
1996 15.83 10.09 (B) 96,442 1.36 0.44
1995 14.56 14.03 77,519 1.38 0.70
INVESTOR SHARE CLASS
2000 $22.05 (9.88)%* $ 4,208 1.81%(DAGGER) (0.32)%(DAGGER)
1999 24.87 41.20 2,360 1.81 (0.35)
1998 18.91 24.87 1,015 1.83 (0.43)
1997 15.34 4.28 1,245 1.60 (0.05)
1996 15.79 9.85 (B) 1,608 1.61 0.20
1995 14.52 13.79 1,686 1.68 0.42
---------------------------------------------------------------------------------------------------------------------------
SMALL CAP FUND(US)
---------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
2000 $14.12 7.97%* $ 61,999 1.14%(DAGGER) 0.12%(DAGGER)
1999 14.16 15.88 55,901 1.19 (0.58)
1998 12.22 (6.52) 45,899 1.17 (0.84)
1997 13.38 15.89 41,945 1.04 (0.72)
1996 13.03 19.42 36,375 1.05 (0.27)
1995 12.46 32.13 23,844 1.10 0.18
INVESTOR SHARE CLASS
2000 $13.84 7.58%* $ 1,051 1.64%(DAGGER) (0.38)%(DAGGER)
1999 13.96 15.95 572 1.69 (1.08)
1998 12.04 (7.25) 874 1.63 (1.30)
1997 13.29 15.45 552 1.29 (0.97)
1996 13.00 19.18 579 1.30 (0.52)
1995 12.46 31.73 553 1.39 (0.08)
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
RATIO OF NET
INVESTMENT
RATIO OF EXPEMSES INCOME (LOSS)
TO AVERAGE TO AVERAGE
NET ASSETS NET ASSETS PORTFOLIO
(EXCLUDING (EXCLUDING TURNOVER
WAIVERS) WAIVERS) RATE
-------------------------------------------------------------------------------
GROWTH FUND(US)
-------------------------------------------------------------------------------
COMMON SHARE CLASS
<S> <C> <C> <C>
2000 1.03%(DAGGER) (0.32)%(DAGGER) 21%*
1999 1.03 (0.19) 69
1998 1.06 0.01 65
1997 1.02 0.79 62
1996 1.02 1.36 58
1995 1.02 1.37 71
INVESTOR SHARE CLASS
2000 1.53%(DAGGER) (0.82)%(DAGGER) 21%*
1999 1.53 (0.69) 69
1998 1.52 (0.45) 65
1997 1.33 0.48 62
1996 1.27 1.11 58
1995 1.31 1.10 71
-------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND(US)
-------------------------------------------------------------------------------
COMMON SHARE CLASS
2000 1.31%(DAGGER) 0.18%(DAGGER) 16%*
1999 1.31 0.15 31
1998 1.38 0.02 31
1997 1.35 0.23 17
1996 1.36 0.44 9
1995 1.38 0.70 11
INVESTOR SHARE CLASS
2000 1.81%(DAGGER) (0.32)%(DAGGER) 16%*
1999 1.81 (0.35) 31
1998 1.83 (0.43) 31
1997 1.65 (0.10) 17
1996 1.61 0.20 9
1995 1.68 0.42 11
-------------------------------------------------------------------------------
SMALL CAP FUND(US)
-------------------------------------------------------------------------------
COMMON SHARE CLASS
2000 1.14%(DAGGER) 0.12%(DAGGER) 55%*
1999 1.19 (0.58) 167
1998 1.17 (0.84) 151
1997 1.04 (0.72) 170
1996 1.05 (0.27) 158
1995 1.10 0.18 142
INVESTOR SHARE CLASS
2000 1.64%(DAGGER) (0.38)%(DAGGER) 55%*
1999 1.69 (1.08) 167
1998 1.63 (1.30) 151
1997 1.35 (1.03) 170
1996 1.30 (0.52) 158
1995 1.39 (0.08) 142
-------------------------------------------------------------------------------
</TABLE>
(A) Per share was less than $0.005.
(DAGGER) Annualized
* Not Annualized
(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 Share
Class and the Investor Share Class would have been 9.87% and 9.64%,
respectively.
The accompanying notes are an integral part of the financial statements.
50-51
<PAGE>
JUNE 30, 2000 (Unaudited)
FINANCIAL HIGHLIGHTS
For the Six Months Ended June 30, 2000 (Unaudited) and for the Years Ended
December 31,
<TABLE>
NET ASSET REALIZED DIVIDENDS DISTRIBUTIONS
VALUE NET AND UNREALIZED FROM NET FROM CONTRIBUTION
BEGINNING INVESTMENT GAINS (LOSSES) INVESTMENT CAPITAL (RETURN)
OF PERIOD INCOME (LOSS) ON SECURITIES INCOME GAINS OF CAPITAL
----------------------------------------------------------------------------------------------------------------------------------
REAL ESTATE FUND(US)
----------------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
<S> <C> <C> <C> <C> <C> <C>
2000 $ 7.72 $ 0.19(A) $ 0.95 $(0.19) $0.00 $ 0.00
1999 8.37 0.38 (0.65) (0.31) 0.00 (0.07)
1998 9.95 0.37 (1.58) (0.31) 0.00 (0.06)
1997 (1) 10.00 0.00 (0.05) 0.00 0.00 0.00
INVESTOR SHARE CLASS
2000 $ 9.89 $ 0.17(A) $ 1.31 $(0.08) $0.00 $ 0.00
1999 10.63 0.42 (0.83) (0.33) 0.00 0.00
1998 (2) 10.00 0.08 0.66 (0.11) 0.00 0.00 (B)
----------------------------------------------------------------------------------------------------------------------------------
ASIAN TIGERS FUND(US)
----------------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
2000 $10.92 $ 0.00(B) $(1.68) $ 0.00 $0.00 $ 0.00
1999 6.73 0.00(B) 4.19 0.00 0.00 0.00
1998 7.60 0.07 (0.93) (0.01) 0.00 0.00
1997 11.91 0.04 (4.32) (0.02) (0.01) 0.00
1996 10.45 0.02 1.48 (0.04) (0.02) 0.02
1995 9.47 0.12 0.98 (0.12) 0.00 0.00
INVESTOR SHARE CLASS
2000 $10.79 $ 0.03 $(1.71) $ 0.00 $0.00 $ 0.00
1999 6.67 (0.05) 4.17 0.00 0.00 0.00
1998 7.57 0.04 (0.94) 0.00 0.00 0.00
1997 11.89 0.05 (4.36) 0.00 (0.01) 0.00
1996 10.44 (0.02) 1.48 (0.01) (0.02) 0.02
1995 9.47 0.11 0.95 (0.09) 0.00 0.00
----------------------------------------------------------------------------------------------------------------------------------
LATIN AMERICA EQUITY FUND(US)
----------------------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
2000 $13.97 $ 0.01 $(0.49) $ 0.00 $0.00 $ 0.00
1999 8.12 0.03 5.83 (0.01) 0.00 0.00
1998 13.13 0.18 (4.96) (0.15) (0.08) 0.00
1997 10.24 0.05 3.54 (0.03) (0.67) 0.00
1996 (3) 10.00 (0.02) 0.26 0.00 0.00 0.00
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
RATIO OF NET
RATIO OF INVESTMENT
NET ASSET NET ASSETS EXPENSES INCOME (LOSS)
VALUE END TOTAL END OF TO AVERAGE TO AVERAGE
OF PERIOD RETURN PERIOD (000) NET ASSETS NET ASSETS
----------------------------------------------------------------------------------------------------------------------
REAL ESTATE FUND(US)
----------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
<S> <C> <C> <C> <C> <C>
2000 $ 8.67 14.93%* $13,581 1.50%(DAGGER) 5.01%(DAGGER)
1999 7.72 (3.33) 7,522 1.53 4.72
1998 8.37 (12.35) 7,022 1.41 4.68
1997 (1) 9.95 0.00 2,985 1.31 (1.31)
INVESTOR SHARE CLASS
2000 $11.29 14.91%* $ -- (C) 2.00%(DAGGER) 4.51%(DAGGER)
1999 9.89 (3.93) 30 2.03 4.22
1998 (2) 10.63 7.35 21 1.91 4.18
----------------------------------------------------------------------------------------------------------------------
ASIAN TIGERS FUND(US)
----------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
2000 $ 9.24 (15.38)%* $36,612 1.65%(DAGGER) 0.08%(DAGGER)
1999 10.92 62.26 50,994 1.62 0.01
1998 6.73 (11.37) 28,202 1.67 0.91
1997 7.60 (35.98) 34,664 1.60 0.50
1996 11.91 14.55 (D) 33,602 1.54 0.23
1995 10.45 11.61 23,145 1.52 1.38
INVESTOR SHARE CLASS
2000 $ 9.11 (15.57)%* $ 529 2.15%(DAGGER) (0.42)%(DAGGER)
1999 10.79 61.77 283 2.12 (0.50)
1998 6.67 (11.89) 178 2.11 0.47
1997 7.57 (36.25) 334 1.85 0.30
1996 11.89 14.21 (D) 840 1.79 (0.15)
1995 10.44 11.18 733 1.81 1.05
----------------------------------------------------------------------------------------------------------------------
LATIN AMERICA EQUITY FUND(US)
----------------------------------------------------------------------------------------------------------------------
COMMON SHARE CLASS
2000 $13.49 (3.44)%* $30,222 1.71%(DAGGER) 0.07%(DAGGER)
1999 13.97 72.41 30,684 1.88 0.34
1998 8.12 (36.33) 17,993 1.75 1.38
1997 13.13 35.50 33,271 1.50 0.56
1996 (3) 10.24 2.40 11,490 2.09 (0.55)
----------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
RATIO OF NET
INVESTMENT
RATIO OF EXPEMSES INCOME (LOSS)
TO AVERAGE TO AVERAGE
NET ASSETS NET ASSETS PORTFOLIO
(EXCLUDING (EXCLUDING TURNOVER
WAIVERS) WAIVERS) RATE
-----------------------------------------------------------------------------
REAL ESTATE FUND(US)
-----------------------------------------------------------------------------
COMMON SHARE CLASS
<S> <C> <C> <C>
2000 2.11%(DAGGER) 4.40%(DAGGER) 17%*
1999 2.42 3.83 11
1998 1.78 4.31 13
1997 (1) 1.61 (1.61) 0*
INVESTOR SHARE CLASS
2000 2.61%(DAGGER) 3.90%(DAGGER) 17%*
1999 2.92 3.33 11
1998 (2) 2.28 3.81 13*
-----------------------------------------------------------------------------
ASIAN TIGERS FUND(US)
-----------------------------------------------------------------------------
COMMON SHARE CLASS
2000 1.65%(DAGGER) 0.08%(DAGGER) 56%*
1999 1.62 0.01 83
1998 1.67 0.91 57
1997 1.60 0.50 42
1996 1.54 0.23 24
1995 1.60 1.30 28
INVESTOR SHARE CLASS
2000 2.15%(DAGGER) (0.42)%(DAGGER) 56%*
1999 2.12 (0.50) 83
1998 2.11 0.47 57
1997 1.89 0.26 42
1996 1.79 (0.15) 24
1995 1.88 0.98 28
-----------------------------------------------------------------------------
LATIN AMERICA EQUITY FUND(US)
-----------------------------------------------------------------------------
COMMON SHARE CLASS
2000 1.71%(DAGGER) 0.07%(DAGGER) 68%*
1999 1.88 0.34 145
1998 1.75 1.38 92
1997 1.50 0.56 45
1996 (3) 2.09 (0.55) 10*
-----------------------------------------------------------------------------
</TABLE>
(1) Commenced operations on December 31, 1997. All ratios except the
total return for the period have been annualized.
(2) Commenced operations on October 8, 1998. All ratios except for
the total return for the period have been annualized.
(3) Commenced operations on July 1, 1996. All ratios except for the
total return for the period have been annualized.
(A) The selected per share data was calculated using the weighted
average shares outstanding method for the period.
(B) Per share was less than $0.005.
(DAGGER) Annualized
* Not Annualized
(C) Net assets at the end of the period were less than $500.
(D) 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 Share Class and the Investor Share Class would have
been 14.36% and 14.02%, respectively.
The accompanying notes are an integral part of the financial statements.
52-53
<PAGE>
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(US), Government Money Market Fund(US), Money Market Fund(US), Tax-Exempt
Money Market Fund(US) (collectively the "Money Market Funds"), Fixed Income
Fund(US), Tax-Exempt Fixed Income Fund(US), International Fixed Income Fund(US),
Balanced Fund(US), (collectively the "Fixed Income Funds"), Value Fund(US),
Growth Fund(US), International Equity Fund(US), Small Cap Fund(US) (formerly the
Small Cap Growth Fund(US)), Real Estate Fund(US), Europe Equity Growth Fund(US)
(formerly the TransEurope Fund(US)), Asian Tigers Fund(US) and Latin America
Equity Fund(US) (collectively the "Equity Funds") (all funds collectively the
"Funds"). The Trust also consists of Institutional Prime Money Market Fund(US),
Institutional Treasury Money Market Fund(US) and Institutional Government Money
Market Fund(US) (collectively the "Institutional Money Market Funds").
Europe Equity Growth Fund(US), Institutional Treasury Money Market Fund(US)
and Institutional Government Money Market Fund(US) have not yet commenced
operations as of June 30, 2000. Each prospectus describes each Fund's investment
objective, policies and strategies. Institutional Shares and Institutional
Service Shares of the Institutional Prime Money Market Fund(US) are offered
through a separate prospectus and have a separate shareholder report which
includes financial statements and financial highlights.
The assets of each Fund are separate, and a shareholder's interest is
limited to the Fund in which shares are held. The Money Market Funds, the Fixed
Income Funds and the Equity Funds offer two classes of shares: Common Shares and
Investor Shares (available through banks, various brokerage firms and other
financial intermediaries). The Institutional Money Market Funds of the Trust
offer two classes of shares: Institutional Shares and Institutional Service
Shares.
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 which approximates market value.
Foreign securities are valued based upon quotations 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 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.
54
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JUNE 30, 2000 (Unaudited)
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(US), Asian Tigers Fund(US), International Equity Fund(US) and
Latin America Equity Fund(US) (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.
For foreign equity securities, the International Funds do not isolate the
portion of gains and losses on investments in equity securities that are due to
changes in the foreign exchange rates from those that are 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 counter-parties to the contracts are unable to meet
the terms of their contracts.
OPTIONS - A Fund may purchase put and call options to protect against a
decline in the market value of these 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(US) for the six months ended June 30,
2000 were as follows:
CONTRACTS PREMIUM
--------- -------
Outstanding at December 31, 1999.......... 55 $ 2,750
Options purchased (Net)................... -- --
Options exercised or terminated
in closing transactions (Net).......... -- --
Options expired (Net)..................... -- --
--------- -------
Outstanding at June 30, 2000.............. 55 $ 2,750
========= =======
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.
55
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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.
Due to the nature of the dividends that the Real Estate Fund(US) receives
from REITs, the Real Estate Fund(US) anticipates it may have a tax basis return
of capital.
3. ADMINISTRATION AND DISTRIBUTION AGREEMENTS
The Trust and ABN AMRO Fund Services, Inc. (the "Administrator") have 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 2001. After May 1, 2001, the
Administrator may in its sole discretion cancel, modify or continue this waiver.
PFPC Inc. provides certain administrative services and fund accounting
pursuant to a sub-administration agreement with the Administrator.
Provident Distributors, Inc. (the "Distributor") 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 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 investments 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.
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,
Sub-Administrator, Legal Counsel 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 the Fixed Income
Fund(US) and Tax-Exempt Fixed Income Fund(US); 0.80% of the average daily net
assets of the International Fixed Income Fund(US), Value Fund(US), Growth
Fund(US) and Small Cap Fund(US); 1.00% of the average daily net assets of the
Real Estate Fund(US), International Equity Fund(US), Europe Equity Growth
Fund(US), Latin America Equity Fund(US) and Asian Tigers Fund(US); 0.70% of the
average daily net assets of the Balanced Fund(US); 0.35% of the average daily
net assets of the Treasury Money Market Fund(US), Money Market Fund(US) and
Tax-Exempt Money Market Fund(US); and 0.20% of the average daily net assets of
the Government Money Market Fund(US).
The Advisor has contractually agreed, through April 2001, 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(US). The Advisor has also contractually agreed, through April 2001,
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(US), 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(US).
Mellon Equity Associates, LLP and Delaware Management Company have entered
into investment sub-advisory agreements with the Advisor and serve as
Sub-Advisors to the Value Fund(US) and the Small Cap Fund(US), respectively.
Sub-advisory fees are paid by the Advisor.
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JUNE 30, 2000 (Unaudited)
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, 2000 were as follows:
PURCHASES SALES
(000) (000)
--------- ---------
Fixed Income Fund(US) $ 15,168 $ 19,887
Tax-Exempt Fixed Income Fund(US) 13,558 17,231
International Fixed Income Fund(US) -- 2,316
Balanced Fund(US) 18,945 30,769
Value Fund(US) 43,059 59,245
Growth Fund(US) 46,190 42,020
International Equity Fund(US) 66,545 33,222
Small Cap Fund(US) 44,434 35,311
Real Estate Fund(US 5,536 1,516
Asian Tigers Fund(US) 23,485 31,634
Latin America Equity Fund(US) 23,137 21,185
The cost of security purchases and the proceeds from the sale of U.S.
Government securities during the six months ended June 30, 2000 were as follows:
PURCHASES SALES
(000) (000)
--------- ---------
Fixed Income Fund(US) $ 70,252 $ 67,122
Balanced Fund(US) 20,207 12,496
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, 2000 for each Fund is as
follows:
NET
GROSS GROSS UNREALIZED
APPRECIATED (DEPRECIATED) APPRECIATION
SECURITIES SECURITIES (DEPRECIATION) COST
(000) (000) (000) (000)
----------------------------------------------
Fixed Income Fund(US) $ 928 $ (3,519) $ (2,591) $ 197,500
Tax-Exempt Fixed
Income Fund(US) 692 (75) 617 26,478
International Fixed
Income Fund(US) 444 (1,233) (789) 11,892
Balanced Fund(US) 9,684 (4,830) 4,854 79,729
Value Fund(US) 13,567 (14,630) (1,063) 132,632
Growth Fund(US) 75,322 (8,985) 66,337 159,363
International
Equity Fund(US) 69,238 (11,761) 57,477 160,321
Small Cap Fund(US) 12,227 (4,008) 8,219 58,235
Real Estate Fund(US) 816 (450) 366 12,584
Asian Tigers Fund(US) 5,722 (3,963) 1,759 34,006
Latin America
Equity Fund(US) 5,760 (2,058) 3,702 27,522
At December 31, 1999 the following Funds had available realized capital
losses to offset future net capital gains through fiscal year ended:
AMOUNT EXPIRATION
(000) DATE
-----------------------
Treasury Money Market Fund(US) $ 2 2006
Government Money Market Fund(US) 2 2002
2 2004
Tax-Exempt Money Market Fund(US) 1 2005
Fixed Income Fund(US) 4,540 2007
Tax-Exempt Fixed Income Fund(US) 1,063 2002
307 2003
189 2007
Real Estate Fund(US) 114 2006
122 2007
Asian Tigers Fund(US) 1,339 2005
7,164 2006
Latin America Equity Fund(US) 2,398 2006
Under the current tax law, capital and currency losses realized after
October 31 may be deferred and treated as occurring on the first day of the
following fiscal year. For the fiscal year ended December 31, 1999, the
following Funds have elected to defer capital losses attributable to
post-October losses:
AMOUNT
(000)
----------
Fixed Income Fund(US) $ 1,029
Tax-Exempt Fixed Income Fund(US) 72
International Fixed Income Fund(US) 191
International Equity Fund(US) 43
Asian Tigers Fund(US) 29
Latin America Equity Fund(US) 13
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 each Fund's prospectus or statement of additional information.
57
<PAGE>
NOTES TO FINANCIAL STATEMENT (CONTINUED)
8. TAX INFORMATION (UNAUDITED)
During the fiscal year ended December 31, 1999, the following Funds made
distributions from long-term capital gains:
AMOUNT
(000)
----------
International Fixed Income Fund(US) $ 93
Balanced Fund(US) 5,790
Value Fund(US) 7,757
Growth Fund(US) 17,522
International Equity Fund(US) 13,520
9. SUBSEQUENT EVENTS
Beginning August 1, 2000, a 2% redemption fee will be assessed on the redemption
of shares (including those made in exchanges) that have been held for 90 days or
less. The redemption fee applies to the International Equity Fund(US), Europe
Equity Growth Fund(US), Asian Tigers Fund(US) and Latin America Equity Fund(US)
(the "International Equity Funds"). Purchases of shares (including those made in
exchanges) of the International Equity Funds made on or after August 1, 2000
will be subject to the 2% redemption fee. Purchases made before August 1, 2000
will not be subject to the fee.
Effective August 1, 2000, shares of the International Fixed Income Fund(US)
will no longer be offered for sale to new investors. On September 15, 2000, all
shares of the Fund still outstanding will be redeemed and the Fund will be
closed.
On or about September 1, 2000, it is anticipated that ABN AMRO Distribution
Services (USA), Inc. will become the Distributor of the Funds.
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[GRAPHIC OMITTED - SHEILD] ABM AMRO FUNDS
------------------
SEMI-ANNUAL REPORT
-----------------
June 30, 2000
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)
Tax-Exempt Fixed Income Fund(US)
BALANCED FUND
Balanced Fund(US)
EQUITY FUNDS
Value Fund(US)
Growth Fund(US)
Small Cap Fund(US) (formerly SmallCap Growth Fund(US))
Real Estate Fund(US)
INTERNATIONAL FUNDS
International Fixed Income Fund(US)
International Equity Fund(US)
Asian Tigers Fund(US)
Latin America Equity Fund(US)
Europe Equity Growth Fund(US)* (formerly 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
PROVIDENT DISTRIBUTORS, INC.
3200 Horizon Drive
King of Prussia, PA 19406
LEGAL COUNSEL
MORGAN, LEWIS & BOCKIUS LLP
1701 Market Street
Philadelphia, PA 19103
INDEPENDANT AUDITORS
ERNST & YOUNG LLP
200 Clarendon Street
Boston, MA 02116-5072
-------------------------------------------------------------------------------
* As of the date of this semi-annual report, this Fund had not yet commenced
operations.
FOR MORE INFORMATION, PLEASE CALL ABN AMRO FUNDS OR VISIT THE WEBSITE:
1-800-443-4725
WWW.ABNAMROFUNDS-USA.COM
[GRAPHIC OMITTED - SHEILD] ABM AMRO FUNDS
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE
FOR THE GENERAL INFORMATION OF THE SHAREHOLDERS OF THE FUNDS NAMED ABOVE.
THIS REPORT IS NOT AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE INVESTORS UNLESS
PRECEDED OR ACCOMPANIED BY A CURRENT PROSPECTUS.
ABN-F-011-0600
