<PAGE> PAGE 1
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007 C020300 MCBT GLOBAL EMERGING MARKETS FUND
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007 C010400 4
007 C020400 MCBT JAPAN SMALL COMPANIES FUND
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007 C020500 MCBT EMERGING AMERICAS FUND
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<PAGE> PAGE 2
010 B00AA01 85-05003
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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