[LOGO]
WORLDWIDE
INDEX FUNDS
- ---------------------
The Index Alternative
---------------------------------------
SEMI-ANNUAL REPORT
For the Period Ended January 31, 1999
---------------------------------------
<PAGE>
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Portfolio of Investments
- --------------------------------------------------------------------------------
WorldWide Index Funds
January 31, 1999 (Unaudited)
Australia Index Fund
- --------------------
<TABLE>
<CAPTION>
Future Contracts
Expiration Number of Current Unrealized
Description Date Contracts Market Value Gain/(Loss)
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASX All Ord (Buy) Mar-99 6 $274,325 $2,810
-------- ------
<CAPTION>
France Index Fund
- -----------------
Future Contracts
Expiration Number of Current Unrealized
Description Date Contracts Market Value Gain/(Loss)
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CAC 40 Index (Buy) Mar-99 97 $471,602 $3,128
-------- ------
<CAPTION>
Germany Index Fund
- ------------------
Future Contracts
Expiration Number of Current Unrealized
Description Date Contracts Market Value Gain/(Loss)
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
DAX Index Futures (Buy) Mar-99 7 $1,033,798 $6,732
---------- ------
<CAPTION>
Hong Kong Index Fund
- --------------------
Future Contracts
Expiration Number of Current Unrealized
Description Date Contracts Market Value Gain/(Loss)
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Hang Seng Index Futures (Buy) Mar-99 3 $184,066 $(1,141)
-------- --------
<CAPTION>
Italy Index Fund
- ----------------
Future Contracts
Expiration Number of Current Unrealized
Description Date Contracts Market Value Gain/(Loss)
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MIB 30 Index Futures (Buy) Mar-99 2 $423,043 $(11,794)
-------- ---------
</TABLE>
See Notes to Financial Statements.
1
<PAGE>
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Portfolio of Investments (continued)
- --------------------------------------------------------------------------------
WorldWide Index Funds
January 31, 1999 (Unaudited)
Japan Index Fund
- ----------------
<TABLE>
<CAPTION>
Future Contracts
Expiration Number of Current Unrealized
Description Date Contracts Market Value Gain/(Loss)
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Nikkei 225 Index Futures (Buy) Mar-99 5 $614,943 $38,705
-------- -------
<CAPTION>
Spain Index Fund
- ----------------
Future Contracts
Expiration Number of Current Unrealized
Description Date Contracts Market Value Gain/(Loss)
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
IBEX Plus Index (Buy) Feb-99 3 $350,056 $(6,544)
-------- --------
<CAPTION>
Sweden Index Fund
- -----------------
Future Contracts
Expiration Number of Current Unrealized
Description Date Contracts Market Value Gain/(Loss)
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OMX Index Future (Buy) Feb-99 38 $358,070 $(4,883)
-------- --------
<CAPTION>
United Kingdom Index Fund
- -------------------------
Future Contracts
Expiration Number of Current Unrealized
Description Date Contracts Market Value Gain/(Loss)
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FTSE 100 IX Future (Buy) Mar-99 5 $499,625 $(8,049)
-------- --------
</TABLE>
See Notes to Financial Statements.
2
<PAGE>
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Portfolio of Investments (continued)
- --------------------------------------------------------------------------------
International Index Fund
January 31, 1999 (Unaudited)
Value
Shares (Note 2)
------ --------
MUTUAL FUNDS - 99.69%
1,528 Australia Index Fund, Class I .................. $ 16,681
1,591 France Index Fund, Class I ..................... 17,067
1,340 Germany Index Fund, Class I .................... 16,005
1,421 Hong Kong Index Fund, Class I .................. 15,590
1,259 Italy Index Fund, Class I ...................... 15,601
1,473 Japan Index Fund, Class I ...................... 16,111
1,433 Netherlands Index Fund, Class I ................ 15,408
1,237 Spain Index Fund, Class I ...................... 14,459
1,507 Sweden Index Fund, Class I ..................... 16,187
811 Switzerland Index Fund, Class I ................ 8,236
10,274 United Kingdom Index Fund, Class I ............. 117,433
--------
Total Mutual Funds - 99.69% .................................. 268,778
--------
(Cost $269,180)
Net Other Assets and Liabilities - 0.31% ..................... 845
--------
Net Assets - 100.00% ......................................... $269,623
========
See Notes to Financial Statements
3
<PAGE>
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Portfolio of Investments (continued)
- --------------------------------------------------------------------------------
Switzerland Index Fund
January 31, 1999 (Unaudited)
Value
Shares (Note2)
- ------ ---------
COMMON STOCKS - 63.68%
Basic Materials - 4.13%
7 Alusuisse Lonza Group AG, Registered...... $ 7,839
8 Holderbank Financiere Glarus AG, Bearer... 4,197
9 Holderbank Financiere
Glarus AG, Registered.................... 1,226
---------
13,262
---------
Capital Goods - 4.28%
10 ABB AG, Bearer............................. 10,987
5 Sulzer AG, Registered...................... 2,756
---------
13,743
---------
Communication Services - 3.95%
29 Swisscom AG, Registered*................... 12,683
---------
Consumer Cyclicals - 1.12%
7 The Swatch Group AG, Bearer................ 915
5 The Swatch Group AG, Registered............ 2,703
---------
3,618
---------
Consumer Staples - 8.57%
15 Nestle SA, Registered...................... 27,503
---------
Financial - 13.10%
10 Swiss Re, Registered....................... 24,864
53 UBS AG, Registered......................... 17,189
---------
42,053
---------
Health Care - 28.00%
7 Novartis AG, Bearer........................ 13,166
20 Novartis AG, Registered.................... 37,533
3 Roche Holdings AG.......................... 39,193
---------
89,892
---------
Transportation - 0.53%
8 SAirGroup, Registered...................... 1,707
---------
Total Common Stocks - 63.68%.......................... 204,461
(Cost $211,843) ---------
Net Other Assets and Liabilities - 36.32%............. 116,590
---------
Net Assets - 100.00%.................................. $ 321,051
=========
- -----------------------------------------
* Non-income producing security.
As of January 31, 1999, the fund had entered into the following forward foreign
currency contracts:
FORWARD FOREIGN CURRENCY CONTRACTS SOLD:
Currency Contracts To Settlement Contracts To In Exchange Unrealized
Value Deliver Dates Value for U.S. $ Appreciation
- --------- ------------ ---------- ------------ ----------- ------------
1,191,376 CHF 03/22/99 $ 869,788 $ 846,166 $ 23,622
============ =========== ============
FORWARD FOREIGN CURRENCY CONTRACTS PURCHASED:
Currency Contracts To Settlement Contracts To In Exchange Unrealized
Value Receive Dates Value for U.S.$ (Depreciation)
- --------- ------------ ---------- ------------ ----------- ------------
736,590 CHF 03/22/99 $ 531,457 $ 523,158 $ (8,299)
============ =========== ============
- --------------------------------
CHF Swiss Francs
See Notes to Financial Statements
4
<PAGE>
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Portfolio of Investments (continued)
- --------------------------------------------------------------------------------
Netherland Index Fund
January 31, 1999 (Unaudited)
Value
Shares (Note 2)
- ------ ---------
COMMON STOCKS - 61.49%
Basic Materials - 0.19%
23 Koninklijke Hoogovens NV.................. $ 628
---------
Chemicals - 3.82%
281 Akzo Nobel................................. 11,250
64 Vedior NV-CVA.............................. 1,216
---------
12,466
---------
Consumer Cyclicals - 6.54%
45 Buhrmann NV................................ 734
496 Koninklijke Ahold NV....................... 19,293
44 Oce NV..................................... 1,309
---------
21,336
---------
Consumer Staples - 7.66%
147 Heineken NV................................ 7,942
223 Unilever NV-CVA............................ 17,069
---------
25,011
---------
Electronics - 5.31%
238 Philips Electronics........................ 17,324
---------
Energy - 10.09%
819 Royal Dutch Petroleum...................... 32,928
---------
Financial - 15.68%
1,356 ABN AMRO Holdings NV....................... 26,372
425 Ing Groep NV............................... 24,797
---------
51,169
---------
Publishing - 4.86%
545 Elsevier NV................................ 8,554
37 Wholter Kluwer NV.......................... 7,320
---------
15,874
---------
Telecommunications - 3.62%
213 Koninklije KPN NV........................... 11,810
---------
Transportation - 3.72%
40 KLM-Konin Luchtvaart MII NV................ 1,067
.319 TNT Post Group NV.......................... 11,084
---------
12,151
---------
Total Common Stocks - 61.49%.......................... 200,697
(Cost $213,092) ---------
Net Other Assets and Liabilities - 38.51%............. 125,671
---------
Net Assets - 100.00%.................................. $ 326,368
=========
As of January 31, 1999, the fund had entered into the following forward foreign
currency contracts:
FORWARD FOREIGN CURRENCY CONTRACTS SOLD:
Currency Contracts To Settlement Contracts To In Exchange Unrealized
Value Deliver Dates Value for U.S. $ Appreciation
- --------- ------------ ---------- ------------ ----------- ------------
195,970 NLG 03/22/99 $ 106,044 $ 101,383 $ 4,661
601,653 NLG 03/22/99 701,000 606,055 14,945
------------ ----------- -----------
$ 807,044 $ 787,438 $ 19,606
============ =========== ===========
FORWARD FOREIGN CURRENCY CONTRACTS PURCHASED:
Currency Contracts To Settlement Contracts To In Exchange Unrealized
Value Receive Dates Value for U.S. $ (Depreciation)
- --------- ------------ ---------- ------------ ----------- --------------
378,800 NLG 03/22/99 $ 200,000 $ 195,969 $ (4,031)
257,417 NLG 03/22/99 295,000 293,529 (1,471)
------------ ----------- --------------
$ 495,000 $ 489,498 $ (5,502)
============ =========== ==============
- --------------------------------
NLG Netherland Guilders
See Notes to Financial Statements
5
<PAGE>
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Portfolio of Investments
- --------------------------------------------------------------------------------
Europe Index Fund
January 31, 1999 (Unaudited)
Value
Shares (Note 2)
------ --------
MUTUAL FUNDS - 99.97%
29,448 France Index Fund, Class I ................... $ 315,977
26,045 Germany Index Fund, Class I .................. 310,972
24,787 Italy Index Fund, Class I .................... 307,115
28,501 Netherlands Index Fund, Class I .............. 306,384
26,879 Spain Index Fund, Class I .................... 314,218
29,439 Sweden Index Fund, Class I ................... 316,175
30,534 Switzerland Index Fund, Class I .............. 310,222
26,819 United Kingdom Index Fund, Class I ........... 306,544
----------
Total Mutual Funds - 99.97% ................................... 2,487,607
----------
(Cost $2,519,762)
Net Other Assets and Liabilities - 0.03% ...................... 629
----------
Net Assets - 100.00% .......................................... $2,488,236
==========
See Notes to Financial Statements.
6
<PAGE>
This page left blank intentionally.
<PAGE>
- --------------------------------------------------------------------------------
Statements of Assets and Liabilities
- --------------------------------------------------------------------------------
WorldWide Index Funds
January 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Australia France Germany Hong Kong Italy
Index Index Index Index Index
Fund Fund Fund Fund Fund
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments:
Investments at cost ......................... $ -- $ -- $ -- $ -- $ --
Net unrealized appreciation (depreciation)
on investments ......................... -- -- -- -- --
--------- --------- --------- --------- ---------
Total investments at value .................. -- -- -- -- --
Cash........................................ 195,032 494,291 960,158 222,609 450,448
Foreign currency
(cost $13,395) ........................... -- -- -- -- --
Receivable for investments sold............. -- -- -- -- --
Receivable for shares sold.................. 59,724 -- -- -- --
Receivable for variation margin
on futures contracts...................... 45 -- 14,789 -- 30,449
Receivable from investment advisor.......... 2,822 13,243 16,859 3,638 29,588
Net unrealized appreciation on
forward currency contracts................ -- -- -- -- --
--------- --------- --------- --------- ---------
Total Assets.............................. 257,623 507,534 991,806 226,247 510,485
--------- --------- --------- --------- ---------
LIABILITIES:
Payable to custodian........................ -- -- -- -- --
Payable for shares repurchased.............. -- -- -- -- 1,982
Payable for variation margin on
futures contracts......................... -- 34,406 -- 16,129 --
Fund accounting and transfer
agent fees payable........................ 1,523 7,485 9,005 1,870 20,018
Trustees' fees payable...................... 110 406 524 144 832
Shareholder services fees payable........... 64 135 194 91 156
Accrued expenses and other payables......... 917 6,122 8,236 1,882 6,896
--------- --------- --------- --------- ---------
Total Liabilities......................... 2,614 48,554 17,959 20,116 29,884
--------- --------- --------- --------- ---------
NET ASSETS.................................... $255,009 $458,980 $973,847 $206,131 $480,601
========= ========= ========= ========= =========
NET ASSETS consists of:
Paid in capital............................. 254,745 492,476 958,058 221,978 442,442
Undistributed net investment income (loss).. 222 910 1,000 281 7,709
Accumulated net realized gain (loss) on
investments sold, forward foreign
currency contracts, foreign
currency and futures contracts............ (2,768) (37,534) 8,057 (14,987) 42,244
Net unrealized appreciation (depreciation)
of investments, forward foreign
currency contracts, foreign
currency and futures contracts............ 2,810 3,128 6,732 (1,141) (11,794)
--------- --------- --------- --------- ---------
TOTAL NET ASSETS.............................. $255,009 $458,980 $973,847 $206,131 $480,601
========= ========= ========= ========= =========
R Class:
Net Assets.................................. $177,690 $127,428 $144,919 $189,215 $149,162
Shares of beneficial interest outstanding... 16,347 12,014 12,146 17,332 12,056
--------- --------- --------- --------- ---------
NET ASSET VALUE and offering
price per share........................... $10.87 $10.61 $11.93 $10.92 $12.37
========= ========= ========= ========= =========
I Class:
Net Assets.................................. $ 77,319 $331,552 $828,928 $ 16,916 $331,439
Shares of beneficial interest outstanding... 7,043 31,184 69,449 1,542 26,758
--------- --------- --------- --------- ---------
NET ASSET VALUE and offering
price per share........................... $10.98 $10.63 $11.94 $10.97 $12.39
========= ========= ========= ========= =========
</TABLE>
See Notes to Financial Statements.
8
<PAGE>
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
United
Japan Netherlands Spain Sweden Switzerland Kingdom Europe International
Index Fund Index Fund Index Fund Index Fund Index Fund Index Fund Index Fund Index Fund
- ------------- ------------- ------------ ----------- ------------- ----------- ------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ -- $ 213,092 $ -- $ -- $ 211,843 $ -- $ 2,519,762 $ 269,180
-- (12,395) -- -- (7,382) -- (32,155) (402)
- ----------- ----------- ----------- ---------- ----------- ----------- ------------- -----------
-- 200,697 -- -- 204,461 -- 2,487,607 268,778
546,529 -- 414,994 420,104 -- 538,010 -- 1,013
-- 16,841 -- -- -- -- -- --
-- 109,684 -- -- 126,017 -- -- --
77,667 -- -- -- -- -- -- --
37,792 -- -- -- -- -- -- --
9,149 8,269 27,300 4,714 10,789 28,211 3,617 --
-- 14,104 -- -- 15,323 -- -- --
- ----------- ----------- ----------- ---------- ----------- ----------- ------------- -----------
671,137 349,595 442,294 424,818 356,590 566,221 2,491,224 269,791
- ----------- ----------- ----------- ---------- ----------- ----------- ------------- -----------
-- 13,720 -- -- 24,199 -- -- --
-- -- -- -- -- -- -- --
-- -- 59,816 76,354 -- 85,610 -- --
5,394 4,887 17,303 3,286 5,828 16,257 -- --
302 288 765 149 353 674 -- --
314 47 69 31 50 43 303 168
-- 4,285 3,853 1,810 5,109 11,610 2,685 --
- ----------- ----------- ----------- ---------- ----------- ----------- ------------- -----------
6,010 23,227 81,806 81,630 35,539 114,194 2,988 168
- ----------- ----------- ----------- ---------- ----------- ----------- ------------- -----------
$ 665,127 $ 326,368 $ 360,488 $ 343,188 $ 321,051 $ 452,027 $ 2,488,236 $ 269,623
=========== =========== =========== ========== =========== =========== ============= ===========
626,649 376,135 413,860 419,517 373,900 538,066 2,801,869 503,880
1,624 (253) 6,492 27 (328) (433) (303) (168)
(1,851) (54,466) (53,320) (71,473) (62,818) (77,577) (281,175) (233,687)
38,705 4,952 (6,544) (4,883) 10,297 (8,049) (32,155) (402)
- ----------- ----------- ----------- ---------- ----------- ----------- ------------- -----------
$ 665,127 $ 326,368 $ 360,488 $ 343,188 $ 321,051 $ 452,027 $ 2,488,236 $ 269,623
=========== =========== =========== ========== =========== =========== ============= ===========
$ 608,105 $ 4,565 $ 23,356 $ 10,810 $ 2,542 $ 28,086 $ 845,902 $ 245,965
55,463 425 1,986 1,007 251 2,460 74,772 22,258
- ----------- ----------- ----------- ---------- ----------- ----------- ------------- -----------
$ 10.96 $ 10.74 $ 11.76 $ 10.73 $ 10.13 $ 11.42 $ 11.31 $ 11.05
=========== =========== =========== ========== =========== =========== ============= ===========
$ 57,022 $ 321,803 $ 337,132 $ 332,378 $ 318,509 $ 423,941 $ 1,642,334 $ 23,658
5,212 29,933 28,821 30,948 31,344 37,094 144,670 2,225
- ----------- ----------- ----------- ---------- ----------- ----------- ------------- -----------
$ 10.94 $ 10.75 $ 11.70 $ 10.74 $ 10.16 $ 11.43 $ 11.35 $ 10.63
=========== =========== =========== ========== =========== =========== ============= ===========
</TABLE>
9
<PAGE>
- --------------------------------------------------------------------------------
Statements of Operations
- --------------------------------------------------------------------------------
WorldWide Index Funds
For the Period Ended January 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Australia France Germany Hong Kong Italy
Index Fund(1) Index Fund(2) Index Fund(1) Index Fund(1) Index Fund(1)
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends .................................. $ -- $ -- $ -- $ -- $ --
Interest ................................... 566 1,881 2,135 749 10,802
Less: foreign taxes withheld ............... -- -- -- -- --
--------- -------- --------- ------- ---------
Total Investment Income .................. 566 1,881 2,135 749 10,802
--------- -------- --------- ------- ---------
EXPENSES:
Investment advisory fees (Note 3) .......... 189 565 636 255 1,985
Administration fees (Note 3) ............... 76 226 254 102 794
Fund accounting (Note 3) ................... 3,909 14,489 18,680 5,127 29,701
Custodian fees ............................. 189 565 636 255 1,985
Legal fees ................................. 1,096 4,061 5,235 1,437 8,324
Audit fees ................................. 838 2,876 3,689 1,137 6,871
Registration fees .......................... 18 38 94 21 44
Shareholder servicing fees (Note 6) ........ 64 135 194 91 156
Transfer agent fees (Note 3) ............... 2,485 9,211 11,875 3,259 18,880
Trustees' fees and expenses (Note 4) ....... 753 2,087 2,389 905 6,949
Reports to shareholders .................... 438 1,624 2,094 575 3,330
Insurance .................................. 223 828 1,068 293 1,698
--------- -------- --------- ------- ---------
Total expenses before reimbursements/
waiver ................................. 10,278 36,705 46,844 13,457 80,717
Less: reimbursement/waiver from Advisor,
Administrator and Trustees (Note 5) .... (8,896) (32,953) (42,325) (11,623) (68,810)
Less: purchase fees offset (Note 2) ...... (1,038) (2,781) (3,384) (1,366) (8,814)
--------- -------- --------- ------- ---------
Total expenses net of
reimbursement/waiver ................. 344 971 1,135 468 3,093
--------- -------- --------- ------- ---------
NET INVESTMENT INCOME (LOSS) ............... 222 910 1,000 281 7,709
--------- -------- --------- ------- ---------
REALIZED AND UNREALIZED GAIN/
(LOSS) ON INVESTMENTS
Net realized gain (loss) on investments sold -- -- -- -- 1
Net realized gain (loss) on futures ...... (2,768) (37,534) 8,057 (14,987) 42,243
Net realized gain (loss) on forward foreign
currency contracts and foreign currency -- -- -- -- --
Net change in unrealized appreciation
(depreciation) on investments, forward
foreign currency contracts, foreign
currency and futures contracts ......... 2,810 3,128 6,732 (1,141) (11,794)
--------- -------- --------- ------- ---------
Total net realized and unrealized
gain (loss) on investments ............. 42 (34,406) 14,789 (16,128) 30,450
--------- -------- --------- ------- ---------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ................ $ 264 $ (33,496) $ 15,789 $ (15,847) $ 38,159
========= ======== ========= ======= =========
</TABLE>
(1) The Funds commenced operations on September 22, 1998.
(2) The Fund commenced operations on September 13, 1998.
(3) The Funds commenced operations on September 23, 1998.
See Notes to Financial Statements.
10
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
United
Japan Netherlands Spain Sweden Switzerland Kingdom Europe International
Index Fund(3) Index Fund(3) Index Fund(1) Index Fund(1) Index Fund(3) Index Fund(1) Index Fund(1) Index Fund(1)
- ------------- ------------- ------------- ------------- -------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ -- $ 149 $ -- $ -- $ -- $ -- $ -- $ --
3,027 121 8,990 483 264 200 -- --
-- (13) -- -- -- -- -- --
---------- --------- ------- -------- -------- ------- ------- -------
3,027 257 8,990 483 264 200 -- --
---------- --------- ------- -------- -------- ------- ------- -------
736 313 1,640 287 366 399 -- --
294 125 656 115 146 159 125 75
10,760 10,263 27,278 5,324 12,592 24,056 -- --
736 312 1,640 287 366 399 1,249 750
3,016 2,876 7,646 1,492 3,529 6,742 -- --
2,480 1,951 6,422 1,010 2,375 4,013 10,155 1,638
54 36 42 42 36 52 -- --
314 47 69 31 50 43 303 168
6,840 6,525 17,340 3,384 8,004 15,292 -- --
2,880 1,348 4,574 1,622 1,600 1,940 -- --
1,206 1,151 3,058 597 1,412 2,697 -- --
615 587 1,559 304 720 1,375 -- --
---------- --------- ------- -------- -------- ------- ------- -------
29,931 25,534 71,924 14,495 31,196 57,167 11,832 2,631
(24,954) (23,243) (62,493) (12,461) (28,470) (54,609) (5,494) (1,799)
(3,574) (1,781) (6,933) (1,578) (2,134) (1,925) (6,035) (664)
---------- --------- ------- -------- -------- ------- ------- -------
1,403 510 2,498 456 592 633 303 168
---------- --------- ------- -------- -------- ------- ------- -------
1,624 (253) 6,492 27 (328) (433) (303) (168)
---------- --------- ------- -------- -------- ------- ------- -------
(3) (153,030) (48) -- (40,655) 4 (281,175) (233,687)
(1,848) -- (53,272) (71,473) -- (77,561) -- --
-- 98,564 -- -- (22,163) -- -- --
38,705 4,952 (6,544) (4,883) 10,297 (8,049) (32,155) (402)
---------- --------- ------- -------- -------- ------- ------- -------
36,854 (49,514) (59,864) (76,356) (52,521) (85,606) (313,330) (234,089)
---------- --------- ------- -------- -------- ------- ------- -------
$ 38,478 $ (49,767) $ (53,372) $ (76,329) $ (52,849) $ (86,039) $ (313,633) $ (234,257)
========== ========= ======= ======== ======== ======= ======= =======
</TABLE>
11
<PAGE>
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
WorldWide Index Funds
For the Period Ended January 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Australia France Germany Hong Kong Italy
Index Fund(1) Index Fund(2) Index Fund(1) Index Fund(1) Index Fund(1)
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Net investment income/(loss)........................ $ 222 $ 910 $ 1,000 $ 281 $ 7,709
Net realized gain/(loss) on investments sold,
forward foreign currency contracts,
foreign currency transactions and
futures contracts during the period............... (2,768) (37,534) 8,057 (14,987) 42,244
Net unrealized appreciation/(depreciation) of
investments, forward foreign currency contracts,
foreign currency and futures contracts,
and other assets and liabilities
during the period................................. 2,810 3,128 6,732 (1,141) (11,794)
-------- ---------- --------- --------- ---------
Net increase/(decrease) in net assets resulting
from operations................................... 264 (33,496) 15,789 (15,847) 38,159
-------- ---------- --------- --------- ---------
Net increase/(decrease) from
Fund share transactions(A)........................ 254,745 392,476 958,058 221,978 442,442
-------- ---------- --------- --------- ---------
Net increase/(decrease) in net assets............... 255,009 358,980 973,847 206,131 480,601
-------- ---------- --------- --------- ---------
NET ASSETS:
Beginning of year(B) ............................... -- 100,000 -- -- --
-------- ---------- --------- --------- ---------
End of period ...................................... $255,009 $ 458,980 $ 973,847 $ 206,131 $ 480,601
======== ========== ========= ========= =========
Undistributed net investment income/
(accumulated net investment loss at
end of period) ................................... $ 222 $ 910 $ 1,000 $ 281 $ 7,709
======== ========== ========= ========= =========
</TABLE>
(1) The Funds commenced operations on September 22, 1998.
(2) The Fund commenced operations on September 13, 1998.
(3) The Funds commenced operations on September 23, 1998.
(A) For detail on share transactions by class, see Statements of Changes in Net
Assets - Capital Stock Activity on pages 14 - 15.
(B) Amount represents original seed money.
See Notes to Financial Statements.
12
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
United
Japan Netherlands Spain Sweden Switzerland Kingdom Europe International
Index Fund(3) Index Fund(3) Index Fund(1) Index Fund(1) Index Fund(3) Index Fund(1) Index Fund(1) Index Fund(1)
- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
1,624 $ (253) $ 6,492 $ 27 $ (328) $ (433) $ (303) $ (168)
(1,851) 54,466) (53,320) (71,473) (62,818) (77,557) (281,175) (233,687)
38,705 4,952 (6,544) (4,883) 10,297 (8,049) (32,155) (402)
- ------------ ------------ ----------- ----------- ----------- ----------- ----------- -----------
38,478 (49,767) (53,372) (76,329) (52,849) (86,039) (313,633) (234,257)
- ------------ ------------ ----------- ----------- ----------- ----------- ----------- -----------
626,649 376,135 413,860 419,517 373,900 538,066 2,801,869 503,880
- ------------ ------------ ----------- ----------- ----------- ----------- ----------- -----------
665,127 326,368 360,488 343,188 321,051 452,027 2,488,236 269,623
- ------------ ------------ ----------- ----------- ----------- ----------- ----------- -----------
-- -- -- -- -- -- -- --
- ------------ ------------ ----------- ----------- ----------- ----------- ----------- -----------
665,127 $326,368 $ 360,488 $ 343,188 $ 321,051 $ 452,027 $ 2,488,236 $ 269,623
============ ============ =========== =========== =========== =========== =========== ===========
1,624 $ (253) $ 6,492 $ 27 $ (328) $ (433) $ (303) $ (168)
============ ============ =========== =========== =========== =========== =========== ===========
</TABLE>
13
<PAGE>
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets -- Capital Stock Activity
- --------------------------------------------------------------------------------
Worldwide Index Funds
For the Period Ended January 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Australia France Germany Hong Kong Italy
Index Fund Index Fund Index Fund Index Fund Index Fund
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
DOLLAR AMOUNT:
R Class:
Sold................................. $ 231,431 $ 112,624 $ 270,956 $ 298,399 $ 350,346
Issued as reinvestment of dividends.. -- -- -- -- --
Redeemed............................. (64,085) (54,742) (168,761) (122,510) (230,159)
---------- ---------- ----------- ---------- -----------
Net increase/(decrease).............. $ 167,346 $ 57,882 $ 102,195 $ 175,889 $ 120,187
========== ========== =========== ========== ===========
I Class:
Sold................................. $ 530,232 $1,217,467 $ 2,238,667 $ 701,476 $ 2,649,118
Issued as reinvestment of dividends.. -- -- -- -- --
Redeemed............................. (442,833) (882,873) (1,382,804) (655,387) (2,326,863)
---------- ---------- ---------- ---------- -----------
Net increase/(decrease).............. $ 87,399 $ 334,594 $ 855,863 $ 46,089 $ 322,255
========== ========== ========== ========== ===========
SHARES:
R Class:
Sold................................. 22,430 12,098 26,384 26,701 30,421
Issued as reinvestment of dividends.. -- -- -- -- --
Redeemed............................. (6,083) (5,084) (14,238) (9,369) (18,365)
---------- ---------- ---------- ---------- -----------
Net increase/(decrease).............. 16,347 7,014 12,146 17,332 12,056
========== ========== ========== ========== ===========
I Class:
Sold................................. 48,129 117,490 208,278 53,400 219,535
Issued as reinvestment of dividends.. -- -- -- -- --
Redeemed............................. (41,086) (91,306) (138,829) (51,858) (192,777)
---------- ---------- ---------- ---------- -----------
Net increase/(decrease).............. 7,043 26,184 69,449 1,542 26,758
========== ========== ========== ========== ===========
</TABLE>
See Notes to Financial Statements.
14
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
United
Japan Netherlands Spain Sweden Switzerland Kingdom Europe International
Index Fund Index Fund Index Fund Index Fund Index Fund Index Fund Index Fund Index Fund
---------- ---------- ---------- ---------- ---------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 990,386 $ 95,380 $ 222,767 $ 90,636 $ 93,160 $ 62,660 $ 863,564 $ 234,182
-- -- -- -- -- -- -- --
(415,973) (105,821) (219,117) (82,052) (101,687) (45,000) (2,743) --
- ----------- ----------- ----------- ----------- ----------- ----------- ----------- --------------
$ 574,413 $ (10,441) $ 3,650 $ 8,584 $ (8,527) $ 17,660 $ 860,821 $ 234,182
=========== =========== =========== =========== =========== =========== =========== ==============
$ 697,100 $ 1,151,662 $ 2,795,204 $ 1,309,502 $ 1,401,605 $ 1,953,797 $ 5,008,302 $ 4,752,519
-- -- -- -- -- -- -- --
(644,864) (765,086) (2,384,994) (898,569) (1,019,178) (1,433,391) (3,067,254) (4,482,821)
- ----------- ----------- ----------- ----------- ----------- ----------- ----------- --------------
$ 52,236 $ 386,576 $ 410,210 $ 410,933 $ 382,427 $ 520,406 $ 1,941,048 $ 269,698
=========== =========== =========== =========== =========== =========== =========== ==============
94,427 9,919 20,711 9,148 9,904 6,401 75,003 22,258
-- -- -- -- -- -- -- --
(38,964) (9,494) (18,725) (8,141) (9,653) (3,941) (231) --
- ----------- ----------- ----------- ----------- ----------- ----------- ----------- --------------
55,463 425 1,986 1,007 251 2,460 74,772 22,258
=========== =========== =========== =========== =========== =========== =========== ==============
64,472 104,196 228,573 116,441 136,312 177,520 459,102 416,485
-- -- -- -- -- -- -- --
(59,260) (74,263) (199,752) (85,493) (104,968) (140,426) (314,432) (414,260)
- ----------- ----------- ----------- ----------- ----------- ----------- ----------- --------------
5,212 29,933 28,821 30,948 31,344 37,094 144,670 2,225
=========== =========== =========== =========== =========== =========== -========== ==============
</TABLE>
15
<PAGE>
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
Australia Index Fund(1)
For a Fund share outstanding throughout the period.
<TABLE>
<CAPTION>
R Class I Class
------------- ------------
Period Ended Period Ended
1/31/99 1/31/99
(Unaudited) (Unaudited)
------------- ------------
<S> <C> <C>
Net asset value, beginning of period ...................... $ 10.00 $ 10.00
------- -------
Income from investment operations:
Net investment income ..................................... 0.01 0.01
Net realized and unrealized gain/(loss) on investments .... 0.86 0.97
------- -------
Total from investment operations .......................... 0.87 0.98
------- -------
Net increase (decrease) in net asset value ................ 0.87 0.98
------- -------
Net asset value, end of period ............................ $ 10.87 $ 10.98
======= =======
Total return .............................................. 8.90%(**) 9.20%(**)
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ...................... $ 178 $ 77
Ratio of operating expenses to average net assets ......... 0.99%(*) 0.74%(*)
Ratio of net investment income/(loss) to average net assets 0.50%(*) 0.75%(*)
Portfolio turnover rate ................................... -- --
Ratio of operating expenses to average net assets without
fee waivers/reimbursements .............................. 27.26%(*) 27.01%(*)
</TABLE>
- -------------------
(*) Annualized
(**) Not annualized
(1) The Fund commenced operations on September 22, 1998.
See Notes to Financial Statements.
16
<PAGE>
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
France Index Fund(1)
For a Fund share outstanding throughout the period.
<TABLE>
<CAPTION>
R Class I Class
--------------- ---------------
Period Ended Period Ended
1/31/99 1/31/99
(Unaudited) (Unaudited)
--------------- ---------------
<S> <C> <C>
Net asset value, beginning of period ................. $ 10.00 $ 10.00
---------- ---------
Income from investment operations:
Net investment income ................................ 0.03 0.02
Net realized and unrealized gain/(loss) on investments 0.58 0.61
---------- ---------
Total from investment operations ..................... 0.61 0.63
---------- ---------
Net increase (decrease) in net asset value ........... 0.61 0.63
---------- ---------
Net asset value, end of period ....................... $ 10.61 $ 10.63
========== =========
Total return ......................................... 7.00%(**) 7.30%(**)
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................. $ 127 $ 332
Ratio of operating expenses to average net assets .... 0.99%(*) 0.74%(*)
Ratio of net investment income/(loss)
to average net assets .............................. 0.68%(*) 0.93%(*)
Portfolio turnover rate .............................. -- --
Ratio of operating expenses to average net
assets without fee waivers/reimbursements .......... 32.63%(*) 32.38%(*)
</TABLE>
(*) Annualized
(**) Not annualized
(1) The Fund commenced operations on September 13, 1998.
See Notes to Financial Statements.
17
<PAGE>
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
Germany Index Fund(1)
For a Fund share outstanding throughout the period.
<TABLE>
<CAPTION>
R Class I Class
--------------- ----------------
Period Ended Period Ended
1/31/99 1/31/99
(Unaudited) (Unaudited)
--------------- ----------------
<S> <C> <C>
Net asset value, beginning of period ................. $ 10.00 $ 10.00
---------- ----------
Income from investment operations:
Net investment income ................................ 0.04 0.01
Net realized and unrealized gain/(loss) on investments 1.89 1.93
---------- ----------
Total from investment operations ..................... 1.93 1.94
---------- ----------
Net increase (decrease) in net asset value ........... 1.93 1.94
---------- ----------
Net asset value, end of period ....................... $ 11.93 $ 11.94
========== ==========
Total return ......................................... 19.30%(**) 19.40%(**)
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................. $ 145 $ 829
Ratio of operating expenses to average net assets .... 0.99%(*) 0.74%(*)
Ratio of net investment income/(loss)
to average net assets .............................. 0.69%(*) 0.94%(*)
Portfolio turnover rate .............................. -- --
Ratio of operating expenses to average
net assets without fee waivers/reimbursements ...... 36.95%(*) 36.70%(*)
</TABLE>
- --------------------
(*) Annualized
(**) Not annualized
(1) The Fund commenced operations on September 22, 1998.
See Notes to Financial Statements.
18
<PAGE>
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
Hong Kong Index Fund(1)
For a Fund share outstanding throughout the period.
<TABLE>
<CAPTION>
R Class I Class
------------ -------------
Period Ended Period Ended
1/31/99 1/31/99
(Unaudited) (Unaudited)
------------ -------------
<S> <C> <C>
Net asset value, beginning of period ...................... $ 10.00 $ 10.00
------- -------
Income from investment operations:
Net investment income ..................................... 0.01 0.07
Net realized and unrealized gain/(loss)
on investments ........................................... 0.91 0.90
------- -------
Total from investment operations .......................... 0.92 0.97
------- -------
Net increase (decrease) in net asset value ................ 0.92 0.97
------- -------
Net asset value, end of period ............................ $ 10.92 $ 10.97
======= =======
Total return .............................................. 9.20%(**) 9.70%(**)
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ...................... $ 189 $ 17
Ratio of operating expenses to average
net assets .............................................. 0.99%(*) 0.74%(*)
Ratio of net investment income/(loss)
to average net assets ................................... 0.48%(*) 0.73%(*)
Portfolio turnover rate ................................... -- --
Ratio of operating expenses to average
net assets without fee waivers/reimbursements ........... 26.47%(*) 26.22%(*)
</TABLE>
- -----------------------
(*) Annualized
(**) Not annualized
(1) The Fund commenced operations on September 22, 1998.
See Notes to Financial Statements.
19
<PAGE>
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
Italy Index Fund(1)
For a Fund share outstanding throughout the period.
<TABLE>
<CAPTION>
R Class I Class
------------- -------------
Period Ended Period Ended
1/31/99 1/31/99
(Unaudited) (Unaudited)
------------- -------------
<S> <C> <C>
Net asset value, beginning of period ...................... $ 10.00 $ 10.00
------- -------
Income from investment operations:
Net investment income ..................................... 0.09(A) 0.12(A)
Net realized and unrealized gain/(loss) on investments .... 2.28 2.27
------- -------
Total from investment operations .......................... 2.37 2.39
------- -------
Net increase (decrease) in net asset value ................ 2.37 2.39
------- -------
Net asset value, end of period ............................ $ 12.37 $ 12.39
======= =======
Total return .............................................. 23.70%(**) 23.90%(**)
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ...................... $ 149 $ 331
Ratio of operating expenses to average net assets ......... 0.99%(*) 0.74%(*)
Ratio of net investment income/(loss) to average net assets 1.73%(*) 1.98%(*)
Portfolio turnover rate ................................... -- --
Ratio of operating expenses to average net assets without
fee waivers/reimbursements .............................. 20.55%(*) 20.30%(*)
</TABLE>
- -----------------------
(*) Annualized
(**) Not annualized
(1) The Fund commenced operations on September 22, 1998.
(A) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
See Notes to Financial Statements.
20
<PAGE>
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
Japan Index Fund(1)
For a Fund share outstanding throughout the period.
<TABLE>
<CAPTION>
R Class I Class
------------ --------------
Period Ended Period Ended
1/31/99 1/31/99
(Unaudited) (Unaudited)
------------ --------------
<S> <C> <C>
Net asset value, beginning of period ...................... $ 10.00 $ 10.00
------- -------
Income from investment operations:
Net investment income ..................................... 0.02 0.05
Net realized and unrealized gain/(loss)
on investments .......................................... 0.94 0.89
------- ------
Total from investment operations .......................... 0.96 0.94
------- ------
Net increase (decrease) in net asset value ................ 0.96 0.94
------- -------
Net asset value, end of period ............................ $ 10.96 $ 10.94
======= =======
Total return .............................................. 9.60%(**) 9.40%(**)
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ...................... $ 608 $ 57
Ratio of operating expenses to average net assets ......... 0.99%(*) 0.74%(*)
Ratio of net investment income/(loss)
to average net assets ................................... 1.07%(*) 1.32%(*)
Portfolio turnover rate ................................... -- --
Ratio of operating expenses to average
net assets without fee waivers/reimbursements ........... 20.37%(*) 20.12%(*)
</TABLE>
- -----------------------
(*) Annualized
(**) Not annualized
(1) The Fund commenced operations on September 23, 1998.
See Notes to Financial Statements.
21
<PAGE>
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
Netherlands Index Fund(1)
For a Fund share outstanding throughout the period.
<TABLE>
<CAPTION>
R Class I Class
-------------- --------------
Period Ended Period Ended
1/31/99 1/31/99
(Unaudited) (Unaudited)
-------------- --------------
<S> <C> <C>
Net asset value, beginning of period ...................... $ 10.00 $ 10.00
------- -------
Income from investment operations:
Net investment income ..................................... (0.03)(A) (0.01)(A)
Net realized and unrealized gain/(loss) ------- -------
on investments .......................................... 0.77 0.76
------- -------
Total from investment operations .......................... 0.74 0.75
------- -------
Net increase (decrease) in net asset value ................ 0.74 0.75
------- -------
Net asset value, end of period ............................ $ 10.74 $ 10.75
======= =======
Total return .............................................. 7.40%(**) 7.50%(**)
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ...................... $ 5 $ 322
Ratio of operating expenses to average
net assets .............................................. 0.99%(*) 0.74%(*)
Ratio of net investment income/(loss)
to average net assets ................................... (0.58)%(*) (0.33)%(*)
Portfolio turnover rate ................................... 352%(**) 352%(**)
Ratio of operating expenses to average
net assets without fee waivers/reimbursements ........... 41.01%(*) 40.76%(*)
</TABLE>
- --------------------
(*) Annualized
(**) Not annualized
(1) The Fund commenced operations on September 23, 1998.
(A) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
See Notes to Financial Statements.
22
<PAGE>
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
Spain Index Fund(1)
For a Fund share outstanding throughout the period.
<TABLE>
<CAPTION>
R Class I Class
------------- --------------
Period Ended Period Ended
1/31/99 1/31/99
(Unaudited) (Unaudited)
------------- --------------
<S> <C> <C>
Net asset value, beginning of period ...................... $ 10.00 $ 10.00
------- -------
Income from investment operations:
Net investment income ..................................... 0.24 0.21
Net realized and unrealized gain/(loss) on investments .... 1.52 1.49
------- -------
Total from investment operations .......................... 1.76 1.70
------- -------
Net increase (decrease) in net asset value ................ 1.76 1.70
------- -------
Net asset value, end of period ............................ $ 11.76 $ 11.70
======= =======
Total return .............................................. 17.60%(**) 16.90%(**)
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ...................... $ 23 $ 337
Ratio of operating expenses to average net assets ......... 0.99%(*) 0.74%(*)
Ratio of net investment income/(loss) to average net assets 1.75%(*) 2.00%(*)
Portfolio turnover rate ................................... -- --
Ratio of operating expenses to average net assets without
fee waivers/reimbursements .............................. 22.15%(*) 21.90%(*)
</TABLE>
- ------------------------
(*) Annualized
(**) Not annualized
(1) The Fund commenced operations on September 22, 1998.
See Notes to Financial Statements.
23
<PAGE>
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
Sweden Index Fund(1)
For a Fund share outstanding throughout the period.
<TABLE>
<CAPTION>
R Class I Class
------------- -------------
Period Ended Period Ended
1/31/99 1/31/99
(Unaudited) (Unaudited)
------------- -------------
<S> <C> <C>
Net asset value, beginning of period ...................... $ 10.00 $ 10.00
------- -------
Income from investment operations:
Net investment income ..................................... (0.02) --
Net realized and unrealized gain/(loss)
on investments .......................................... 0.75 0.74
------- -------
Total from investment operations .......................... 0.73 0.74
------- -------
Net increase (decrease) in net asset value ................ 0.73 0.74
------- -------
Net asset value, end of period ............................ $ 10.73 $ 10.74
======= =======
Total return .............................................. 7.30%(**) 7.40%(**)
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ...................... $ 11 $ 332
Ratio of operating expenses to average
net assets .............................................. 0.99%(*) 0.74%(*)
Ratio of net investment income/(loss) to average net assets (0.15)%(*) 0.10%(*)
Portfolio turnover rate ................................... -- --
Ratio of operating expenses to average
net assets without fee waivers/reimbursements ........... 25.47%(*) 25.22%(*)
</TABLE>
(*) Annualized
(**) Not annualized
(1) The Fund commenced operations September 22, 1998.
See Notes to Financial Statements.
24
<PAGE>
SA99
