Audited annual report as at 31/12/2001 Geprüfter ...

Lombard Odier Invest

as at 31/12/2001zum 31.12.2001

Audited annual reportGeprüfter Jahresbericht

Database Publishing System: CO-Reporter® by CO-Link, Belgium.

15Lombard Odier Invest


CONSOLIDATEDKONSOLIDIERT

The accompanying notes form an integral part of these accounts.Die anliegenden Anmerkungen sind Bestandteil dieses Abschlusses.

16 Lombard Odier Invest

CONSOLIDATED STATEMENT OF NET ASSETS AS AT 31/12/2001KONSOLIDIERTE NETTOVERMÖGENSRECHNUNG PER 31.12.2001

ASSETS /AKTIVEN

Investments in securities at market value /Wertpapierbestand zum Börsenwert 2 670 597 094.66(2)Acquisition cost /Anschaffungskosten 2 978 302 681.21:( USD )

Cash /Flüssige Mittel 174 436 726.42Interest and dividends receivable, net /Zinsguthaben und Dividenden, netto 22 244 060.04Brokers receivable /Forderungen gegenüber Brokern 7 975 770.38Amounts receivable on subscriptions /Forderungen aus Zeichnungen 6 386 481.59Net unrealised appreciation on forward foreign currency exchange contracts /Nicht realisierter Nettogewinn aus Devisentermingeschäften

239 855.17(5)

Other assets /Sonstige Aktiva 1 107 876.63

2 882 987 864.88

LIABILITIES /PASSIVEN

Bank overdrafts /Bankkredite 1 170 996.79Brokers payable /Verbindlichkeiten gegenüber Brokern 1 554 519.31Management fees payable /Verwaltungsgebühren 3 013 661.02(3)Amounts payable on redemptions /Verbindlichkeiten aus Rücknahmen 6 178 567.74Taxes and expenses payable /Steuern und sonstige Verbindlichkeiten 1 625 678.44

13 543 423.30

NET ASSETS /NETTOVERMÖGEN 2 869 444 441.58

USDNotesAnmerkungen

CONSOLIDATED



INCOME /ERTRAG

Dividends, net /Dividenden, netto 18 607 782.23(2)Interest on bonds, net /Zinsen aus Renten, netto 50 065 739.88(2)Bank interest /Bankzinsen 5 445 562.18(2)Other financial income /Sonstige Erträge aus Finanzgeschäften 1 678 780.59

75 797 864.89

EXPENSES /AUFWAND

Depreciation of formation/reorganisation expenses /Amortisierung der Gründungs- und Reorganisationskosten 3 191.28(2)Management fees /Verwaltungsgebühren 41 655 056.98(3)Custodian fees /Vergütungen an Depotbank 2 015 119.19Taxe d'abonnement /Taxe d'abonnement 1 782 783.58(4)Domiciliary, administration and transfer agent fees /Vergütungen an Domizil-, Verwaltungs- und Transferstelle 1 211 146.81Auditing and professional fees /Vergütungen an Abschlussprüfer und Beratungskosten 361 799.71Publication, marketing and printing expenses /Kurspublikationen, Marketing und Druckkosten 990 904.98Bank interest and charges /Bankzinsen und Gebühren 468 845.05Other expenses /Sonstige Aufwendungen 689 077.39

49 177 924.96

NET INVESTMENT INCOME /NETTOGEWINN AUS WERTPAPIEREN 26 619 939.93

Net equalisation on net investment income for the year /Nettoertragsausgleich bei der Ausgabe/Rücknahme von Aktien für das Geschäftsjahr

(1 123 051.42)(2)

NET INCOME FOR THE YEAR /NETTOGEWINN DES GESCHÄFTSJAHRES 25 496 888.51

Net realised loss on sale of investments /Realisierter Nettoverlust aus dem Verkauf von Wertpapieren (596 038 601.88)Net realised loss on futures /Realisierter Nettoverlust aus Termingeschäften (6 868.73)Net realised gain on options /Realisierter Nettogewinn aus Optionen 4 536 531.22Net realised loss on foreign exchange /Realisierter Nettowechselkursverlust (2 614 769.61)Net realised gain on forward foreign currency exchange contracts /Realisierter Nettogewinn aus Devisentermingeschäften

143 973.01

NET REALISED LOSS /REALISIERTER NETTOVERLUST (568 482 847.47)

Net equalisation on net realised loss /Einkauf in realisierte Kursverluste bei der Ausgabe/Rücknahme von Aktien 37 281 877.93(2)NET REALISED LOSS AFTER EQUALISATION /REALISIERTER NETTOVERLUST NACH AUSGLEICH

(531 200 969.54)

Change in net unrealised appreciation or depreciation of forward foreign currency exchange contracts /Veränderung der nicht realisierten Nettogewinne/Nettoverluste aus Devisentermingeschäften

300 848.03

Change in net unrealised appreciation or depreciation of investments /Veränderung der nicht realisierten Nettogewinne/Nettoverluste aus Wertpapieren

46 546 755.82

NET DECREASE IN NET ASSETS AS A RESULT OF OPERATIONS AFTER EQUALISATION /NETTOABNAHME DES NETTOVERMÖGENS GEMÄSS ERFOLGSRECHNUNG NACH AUSGLEICH

(484 353 365.70)

CONSOLIDATED

CONSOLIDATED STATEMENT OF OPERATIONS FOR THE YEAR ENDED 31/12/2001KONSOLIDIERTE ERFOLGSRECHNUNG PER 31.12.2001

USDNotesAnmerkungen



THE DYNAMIC PORTFOLIO FUND

THE CONSERVATIVE PORTFOLIO FUND

THE QUALITY GROWTH FUND

THE GLOBAL SMALL AND MID CAPS FUND

THE INFOLOGY FUND

THE LIFE SCIENCES FUND

THE FINANCIAL GROWTH FUND

THE NORTH AMERICA FUND

THE EUROPE FUND

THE EUROPEAN SMALL AND MID CAPS FUND

THE EASTERN EUROPE FUND

THE JAPAN FUND

THE JAPANESE SMALL AND MID CAPS FUND

THE GREATER CHINA FUND

THE PACIFIC RIM FUND

THE MEDITERRANEAN RIM FUND

THE EUROPEAN BOND FUND

THE DOLLAR BLOC BOND FUND

THE GLOBAL BOND FUND

THE EURO CREDIT BOND FUND

THE EUROPEAN SHORT TERM FUND

THE EU CONVERGENCE BOND FUND




STATEMENT OF NET ASSETS AS AT 31/12/2001NETTOVERMÖGENSRECHNUNG PER 31.12.2001

ASSETS /AKTIVEN

Investments in securities at market value /Wertpapierbestand zum Börsenwert 47 881 111.97(2)Acquisition cost /Anschaffungskosten 51 394 290.73:( EUR )

Cash /Flüssige Mittel 10 495 025.90Interest and dividends receivable, net /Zinsguthaben und Dividenden, netto 451 200.27Other assets /Sonstige Aktiva 20 249.29

58 847 587.43


Management fees payable /Verwaltungsgebühren 48 852.25(3)Taxes and expenses payable /Steuern und sonstige Verbindlichkeiten 17 064.70

65 916.95

NET ASSETS /NETTOVERMÖGEN 58 781 670.48

EURNotesAnmerkungen



NET ASSETS AT THE BEGINNING OF THE YEAR /NETTOVERMÖGEN ZU BEGINN DES GESCHÄFTSJAHRES

60 627 613.03

INCOME /ERTRAG

Dividends, net /Dividenden, netto 318 461.92(2)Interest on bonds, net /Zinsen aus Renten, netto 1 072 235.34(2)Bank interest /Bankzinsen 193 128.64(2)Other financial income /Sonstige Erträge aus Finanzgeschäften 15 878.28

1 599 704.18

EXPENSES /AUFWAND

Management fees /Verwaltungsgebühren 601 766.79(3)Custodian fees /Vergütungen an Depotbank 31 937.59Taxe d'abonnement /Taxe d'abonnement 34 325.26(4)Domiciliary, administration and transfer agent fees /Vergütungen an Domizil-, Verwaltungs- und Transferstelle 42 928.00Auditing and professional fees /Vergütungen an Abschlussprüfer und Beratungskosten 6 458.46Publication, marketing and printing expenses /Kurspublikationen, Marketing und Druckkosten 24 793.80Bank interest and charges /Bankzinsen und Gebühren 14 453.61Other expenses /Sonstige Aufwendungen 11 507.92

768 171.43

NET INVESTMENT INCOME /NETTOGEWINN AUS WERTPAPIEREN 831 532.75


49 949.14(2)

NET INCOME FOR THE YEAR /NETTOGEWINN DES GESCHÄFTSJAHRES 881 481.89

Net realised loss on sale of investments /Realisierter Nettoverlust aus dem Verkauf von Wertpapieren (7 060 102.26)Net realised loss on options /Realisierter Nettoverlust aus Optionen (2 607.95)Net realised gain on foreign exchange /Realisierter Nettowechselkursgewinn 6 109.50


Net equalisation on net realised loss /Einkauf in realisierte Kursverluste bei der Ausgabe/Rücknahme von Aktien (306 321.05)(2)NET REALISED LOSS AFTER EQUALISATION /REALISIERTER NETTOVERLUST NACH AUSGLEICH

(6 481 439.87)


870 653.75


(5 610 786.12)

Dividend paid /Gezahlte Dividende (100 500.75)Net subscriptions /Zeichnungen, netto 3 865 344.32NET ASSETS AT THE END OF THE YEAR /NETTOVERMÖGEN AM ENDE DES GESCHÄFTSJAHRES

58 781 670.48


STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED 31/12/2001VERÄNDERUNG DES NETTOVERMÖGENS PER 31.12.2001

EURNotesAnmerkungen




STATEMENT OF CHANGES IN THE NUMBER OF SHARES OUTSTANDING FOR THE YEAR ENDED 31/12/2001VERÄNDERUNG DER ANZAHL DER AKTIEN PER 31.12.2001

Number of shares outstanding at the beginning of the year/Anzahl ausstehender Aktien zu Beginn des GeschäftsjahresClass A /Kategorie A 5 256 143.663

Class D /Kategorie D 671 735.000

Number of shares issued /Anzahl ausgegebener AktienClass A /Kategorie A 1 124 119.678


Number of shares redeemed /Anzahl zurückgenommener AktienClass A /Kategorie A 654 231.416 )(

Class D /Kategorie D 149 070.000 )(

Number of shares outstanding at the end of the year/Anzahl ausstehender Aktien am Ende des GeschäftsjahresClass A /Kategorie A 5 726 031.925


Number of SharesAnzahl der Aktien

Class A /Kategorie A

Net assets /NettovermögenNet asset value per share /Nettoinventarwert je Aktie

53 446 675.449.33

53 786 014.2610.23

41 448 149.9110.65

Class D /Kategorie D

Net assets /NettovermögenNet asset value per share /Nettoinventarwert je AktieDividend paid to shareholders /An Aktionäre ausgeschüttete Dividende

5 334 995.04

0.159.15

6 841 598.77

0.0510.19

1 942 673.84

-10.65

31/12/200031/12/2001For the period/year ended /Abschluss per

STATISTICSSTATISTIKEN

31/12/1999

EUR EUR EUR



Market ValueBörsenwert

Number of Shares or Nominal ValueAnzahl der Aktien oder Nominalwert

InvestmentWertpapiere

% of Net Assets% des Netto- vermögens

NOKIA22 000 637 120.00 1.08%

FINLAND /FINNLAND 637 120.00 1.08%

EQUITIES /AKTIEN 27 765 407.95 47.23%

Transferable securities admitted to an official stock exchange listing /An der Börse gehandelte Wertpapiere

42 465 360.77 72.24%

ALCATEL -A-25 000 480 000.00 0.82%

FRANCE /FRANKREICH 3 446 750.00 5.86%

AXA25 000 586 750.00 1.00%BEHGHIN SAY12 000 489 600.00 0.83%CARREFOUR12 000 700 800.00 1.19%GROUPE DANONE4 000 548 000.00 0.93%TOTAL FINA ELF4 000 641 600.00 1.09%

ADIDAS-SALOMON AG7 000 590 100.00 1.00%

GERMANY /DEUTSCHLAND 4 251 520.00 7.23%

ALLIANZ AG NAMEN VINKULIERT2 000 532 000.00 0.91%DEUTSCHE BANK NAMEN10 000 794 000.00 1.35%DEUTSCHE TELEKOM NAMEN20 000 386 000.00 0.66%E.ON AKTIENGESELLSCHAFT9 000 523 620.00 0.89%SAP AG3 500 512 050.00 0.87%SIEMENS NAM.AKT5 000 371 750.00 0.63%WELLA AG10 000 542 000.00 0.92%

MURATA MANUFACTURING CO LTD4 000 268 107.74 0.46%

JAPAN /JAPAN 1 902 635.47 3.24%

NEC CORP (NIPPON DENKI)25 000 285 035.03 0.48%NIPPON TEL. TEL.30 109 238.56 0.19%NOMURA HOLDINGS28 000 401 138.30 0.68%NTT DOCOMO25 328 312.60 0.56%SONY CORP10 000 510 803.24 0.87%

ADECCO REG.SHS7 000 427 175.58 0.73%

SWITZERLAND /SCHWEIZ 2 549 158.01 4.34%

NESTLE SA REG.SHS2 500 598 417.71 1.02%NOVARTIS SA REG.SHS12 000 486 848.30 0.83%UBS NAM.AKT9 000 509 973.60 0.87%ZURICH FINANCIAL SERVICES NAMEN-AKT2 000 526 742.82 0.90%

AEGON22 000 668 800.00 1.14%

THE NETHERLANDS /NIEDERLANDE 2 539 660.00 4.32%

ING GROEP NV CERT OF SHS24 000 687 360.00 1.17%ROYAL DUTCH PETROLEUM CO12 000 682 800.00 1.16%ROYAL PHILIPS ELECTRONICS NV15 000 500 700.00 0.85%

BP PLC75 000 654 625.70 1.11%

UNITED KINGDOM /GROSSBRITANNIEN 2 087 520.44 3.55%

COMPASS GROUP PLC30 000 252 533.51 0.43%GLAXOSMITHKLINE PLC18 000 506 930.37 0.86%PEARSON PLC18 000 232 723.11 0.40%VODAFONE GROUP PLC150 000 440 707.75 0.75%

Investments in securities at market value /Wertpapierbestand zum Börsenwert 47 881 111.97 81.46%


SCHEDULE OF INVESTMENTS AS AT 31/12/2001WERTPAPIERBESTAND PER 31.12.2001

EUR







AMERICAN HOME PRODUCTS CORP6 000 413 477.07 0.70%

UNITED STATES /VEREINIGTE STAATEN 10 351 044.03 17.61%

AMERICAN INTERNATL GROUP6 000 535 040.41 0.91%AT & T CORPORATION30 000 611 185.96 1.04%CISCO SYSTEMS25 000 508 479.31 0.87%CITIGROUP INC12 000 680 323.42 1.16%DELL COMPUTER CORP20 000 610 512.10 1.04%DU PONT E I NEMOURS CO12 000 572 911.03 0.97%GENENTECH INC10 000 609 276.70 1.04%GENERAL ELECTRIC CO13 000 585 175.18 1.00%HONEYWELL INTERNATIONAL10 000 379 829.27 0.65%INTEL CORP12 000 423 854.43 0.72%JOHNSON & JOHNSON8 000 530 997.28 0.90%MEDIMMUNE INC7 000 364 386.78 0.62%MEDTRONIC INC7 000 402 594.32 0.68%MERCK AND CO INC.8 500 561 320.73 0.95%MICROSOFT CORP6 000 446 428.55 0.76%MILLENIUM PHARMACEUTICALS7 000 192 688.67 0.33%PFIZER INC12 000 537 061.97 0.91%PHILIP MORRIS COS INC8 000 411 949.67 0.70%PROCTER & GAMBLE CO5 000 444 350.84 0.76%TYCO INTERNATIONAL8 000 529 200.34 0.90%

AUSTRIA -3- 3.90 98-05 20/10A1 350 000 1 332 585.00 2.27%

AUSTRIA /ÖSTERREICH 1 332 585.00 2.27%

BONDS /OBLIGATIONEN 14 798 352.82 25.18%

FRANCE OAT 5.50 97-07 25/10A1 900 000 1 983 220.00 3.37%


LA POSTE 4.00 99-09 24/04A1 500 000 1 398 000.00 2.38%

ALLGEMEINE HYP BK 498 3.75 99-05 01/08A700 000 685 790.00 1.17%


BRD 4.125 98-08 04/07A1 000 000 970 000.00 1.65%DEUTSCHE HYPOBK 1258 4.50 98-06 05/04A1 500 000 1 497 000.00 2.55%DSL 3.875 99-06 20/04A700 000 688 100.00 1.17%LANDS.RENTENBK 462 4.50 98-06 20/06A700 000 697 900.00 1.19%

ITALY BTP 4.00 98-03 01/10S700 000 704 410.00 1.20%

ITALY /ITALIEN 704 410.00 1.20%

SPAIN 5.15 98-09 30/07A1 650 000 1 683 165.00 2.86%

SPAIN /SPANIEN 1 683 165.00 2.86%

ABBEY NAT TREA SER 3.625 99-04 12/07A700 000 691 670.00 1.18%


BRITISH TELECOM.PLC 7.125 93-03 15/09A300 000 499 722.14 0.85%

EI DU PONT DE NEMOURS 5.875 99-09 11/05A500 000 556 940.68 0.95%


MORGAN GTY TRUST NY 4.375 99-09 12/03A1 500 000 1 409 850.00 2.40%

DEUTSCHE BANK JAN 70 21.01.02 CALL(100) (98 400.00) (0.17%)

GERMANY /DEUTSCHLAND (98 400.00) (0.17%)

OPTIONS, WARRANTS, RIGHTS /OPTIONEN, WARRANTS, RECHTE (98 400.00) (0.17%)



EUR







SAMSUNG ELE.GDR.REP.1/2 NON VGT PFD 144A7 000 338 050.30 0.58%

SOUTH KOREA /SÜDKOREA 338 050.30 0.58%

EQUITIES /AKTIEN 338 050.30 0.58%

Transferable securities traded on another regulated market /An einem anderen geregelten Markt gehandelte Wertpapiere

5 415 751.20 9.21%

ITALY 4.00 98-05 26/10A1 400 000 1 384 740.00 2.36%

ITALY /ITALIEN 1 384 740.00 2.36%


SWEDEN 3.50 99-06 20/04A1 500 000 1 445 250.00 2.46%

SWEDEN /SCHWEDEN 2 078 140.90 3.54%

SWEDEN 1043 5.00 98-09 28/01A6 000 000 632 890.90 1.08%

LLOYDS TSB GROUP SUB 4.75 99-11 18/03A1 000 000 941 700.00 1.60%

UNITED KINGDOM /GROSSBRITANNIEN 941 700.00 1.60%

GENERAL ELECTRIC CAP 3.75 99-06 25/07A700 000 673 120.00 1.15%

UNITED STATES /VEREINIGTE STAATEN 673 120.00 1.15%



EUR







THE INFOLOGY FUND




THE EUROPE FUND



THE JAPAN FUND















ASSETS /AKTIVEN


Cash /Flüssige Mittel 4 525 469.54Interest and dividends receivable, net /Zinsguthaben und Dividenden, netto 140 973.13Other assets /Sonstige Aktiva 4 499.96

16 105 092.97



19 718.54


EURNotesAnmerkungen




13 417 966.98

INCOME /ERTRAG

Dividends, net /Dividenden, netto 58 483.54(2)Interest on bonds, net /Zinsen aus Renten, netto 393 043.56(2)Bank interest /Bankzinsen 115 325.79(2)Other financial income /Sonstige Erträge aus Finanzgeschäften 720.88

567 573.77

EXPENSES /AUFWAND


252 438.67



(11 443.19)(2)


Net realised loss on sale of investments /Realisierter Nettoverlust aus dem Verkauf von Wertpapieren (1 530 924.53)Net realised loss on options /Realisierter Nettoverlust aus Optionen (2 878.00)Net realised loss on foreign exchange /Realisierter Nettowechselkursverlust (29 844.33)



(1 426 480.49)


198 101.87


(1 228 378.62)


16 085 374.43



EURNotesAnmerkungen
















15 017 013.199.80

12 356 363.6910.24

17 060 984.2210.33



1 068 361.24

0.189.57

1 061 603.29

0.0610.18

500 439.72

-10.33



31/12/1999

EUR EUR EUR







NOKIA4 000 115 840.00 0.72%


EQUITIES /AKTIEN 4 366 128.14 27.14%


8 579 529.73 53.34%

ALCATEL -A-4 500 86 400.00 0.54%

FRANCE /FRANKREICH 573 760.00 3.57%

AXA4 000 93 880.00 0.58%CARREFOUR2 000 116 800.00 0.73%GROUPE DANONE1 200 164 400.00 1.02%TOTAL FINA ELF700 112 280.00 0.70%

ADIDAS-SALOMON AG1 200 101 160.00 0.63%

GERMANY /DEUTSCHLAND 708 122.00 4.40%

ALLIANZ AG NAMEN VINKULIERT400 106 400.00 0.66%DEUTSCHE BANK NAMEN2 000 158 800.00 0.99%DEUTSCHE TELEKOM NAMEN2 500 48 250.00 0.30%E.ON AKTIENGESELLSCHAFT900 52 362.00 0.33%SAP AG450 65 835.00 0.41%SIEMENS NAM.AKT900 66 915.00 0.42%WELLA AG2 000 108 400.00 0.67%

MURATA MANUFACTURING CO LTD600 40 216.16 0.25%

JAPAN /JAPAN 285 359.07 1.77%

NEC CORP (NIPPON DENKI)4 000 45 605.60 0.28%NIPPON TEL. TEL.7 25 489.00 0.16%NOMURA HOLDINGS4 000 57 305.47 0.36%NTT DOCOMO5 65 662.52 0.41%SONY CORP1 000 51 080.32 0.32%

ADECCO REG.SHS1 500 91 537.62 0.57%

SWITZERLAND /SCHWEIZ 373 774.39 2.32%

NESTLE SA REG.SHS400 95 746.83 0.60%NOVARTIS SA REG.SHS2 000 81 141.38 0.50%ZURICH FINANCIAL SERVICES NAMEN-AKT400 105 348.56 0.65%

AEGON3 440 104 576.00 0.65%

THE NETHERLANDS /NIEDERLANDE 410 886.00 2.55%

ING GROEP NV CERT OF SHS5 000 143 200.00 0.89%ROYAL DUTCH PETROLEUM CO1 400 79 660.00 0.50%ROYAL PHILIPS ELECTRONICS NV2 500 83 450.00 0.52%

BP PLC8 000 69 748.28 0.43%


COMPASS GROUP PLC7 000 58 855.84 0.37%GLAXOSMITHKLINE PLC3 000 84 488.40 0.53%VODAFONE GROUP PLC24 000 70 513.24 0.44%

AMERICAN INTERNATL GROUP1 200 107 008.08 0.67%


AT & T CORPORATION4 000 81 491.46 0.51%




EUR







CISCO SYSTEMS4 000 81 356.69 0.51%CITIGROUP INC1 500 85 040.43 0.53%DELL COMPUTER CORP4 000 122 102.42 0.76%DU PONT E I NEMOURS CO2 000 95 485.17 0.59%GENENTECH INC1 400 85 298.74 0.53%GENERAL ELECTRIC CO2 500 112 533.69 0.70%HONEYWELL INTERNATIONAL2 000 75 965.85 0.47%INTEL CORP2 000 70 642.41 0.44%JOHNSON & JOHNSON1 200 79 649.59 0.50%MEDIMMUNE INC1 200 62 466.30 0.39%MEDTRONIC INC1 200 69 016.17 0.43%MERCK AND CO INC.1 200 79 245.28 0.49%MICROSOFT CORP1 000 74 404.76 0.46%PFIZER INC1 500 67 132.75 0.42%PHILIP MORRIS COS INC1 600 82 389.93 0.51%PROCTER & GAMBLE CO800 71 096.13 0.44%TYCO INTERNATIONAL1 700 112 455.07 0.70%

AUSTRIA -3- 3.90 98-05 20/10A300 000 296 130.00 1.84%

AUSTRIA /ÖSTERREICH 296 130.00 1.84%


LA POSTE 4.00 99-09 24/04A600 000 559 200.00 3.48%


ALLGEMEINE HYP BK 498 3.75 99-05 01/08A350 000 342 895.00 2.13%


BRD 4.125 98-08 04/07A200 000 194 000.00 1.21%BRD 4.50 99-09 04/07A300 000 294 000.00 1.83%BRD 5.625 86-16 20/09A250 000 260 875.00 1.62%DSL 3.875 99-06 20/04A250 000 245 750.00 1.53%LANDS.RENTENBK 462 4.50 98-06 20/06A300 000 299 100.00 1.86%

SPAIN 5.15 98-09 30/07A600 000 612 060.00 3.81%

SPAIN /SPANIEN 612 060.00 3.81%

AIG SUNAMERICA INST. 5.00 99-05 25/11A300 000 302 730.00 1.88%


MONTE PASCHI SIENA SUB5.00 99-09 12/03A200 000 188 080.00 1.17%UK TREASURY STOCK 6.75 93-04 26/11S100 000 171 559.33 1.07%

EI DU PONT DE NEMOURS 5.875 99-09 11/05A250 000 278 442.26 1.73%


MORGAN GTY TRUST NY 4.375 99-09 12/03A200 000 188 260.00 1.17%

DEUTSCHE BANK JAN 70 21.01.02 CALL(20) (19 680.00) (0.12%)

GERMANY /DEUTSCHLAND (19 680.00) (0.12%)


ITALY 4.00 98-05 26/10A600 000 593 580.00 3.69%

ITALY /ITALIEN 593 580.00 3.69%



2 010 485.61 12.50%



EUR







SWEDEN 3.50 99-06 20/04A350 000 337 295.00 2.10%

SWEDEN /SCHWEDEN 653 515.61 4.06%

SWEDEN 1043 5.00 98-09 28/01A3 000 000 316 220.61 1.97%

LLOYDS TSB GROUP SUB 4.75 99-11 18/03A300 000 282 540.00 1.76%


GENERAL ELECTRIC CAP 3.75 99-06 25/07A500 000 480 850.00 2.99%


BCEE (EUROSTX50/SP500)0.00 01-02 03/09U850 000 844 135.00 5.25%

LUXEMBOURG /LUXEMBURG 844 135.00 5.25%

BONDS /OBLIGATIONEN 844 135.00 5.25%

Other transferable securities /Sonstige Wertpapiere 844 135.00 5.25%



EUR







THE INFOLOGY FUND




THE EUROPE FUND



THE JAPAN FUND















ASSETS /AKTIVEN


Cash /Flüssige Mittel 897 981.36Amounts receivable on subscriptions /Forderungen aus Zeichnungen 106 435.60Other assets /Sonstige Aktiva 171 793.24

159 026 999.13


Brokers payable /Verbindlichkeiten gegenüber Brokern 17 074.25Management fees payable /Verwaltungsgebühren 198 330.84(3)Amounts payable on redemptions /Verbindlichkeiten aus Rücknahmen 9 161.80Taxes and expenses payable /Steuern und sonstige Verbindlichkeiten 43 369.47

267 936.36


EURNotesAnmerkungen




194 714 242.54

INCOME /ERTRAG

Dividends, net /Dividenden, netto 1 753 740.23(2)Bank interest /Bankzinsen 43 105.25(2)Other financial income /Sonstige Erträge aus Finanzgeschäften 48 918.74

1 845 764.22

EXPENSES /AUFWAND

Depreciation of formation/reorganisation expenses /Amortisierung der Gründungs- und Reorganisationskosten 3 621.11(2)Management fees /Verwaltungsgebühren 2 567 112.89(3)Custodian fees /Vergütungen an Depotbank 100 280.79Taxe d'abonnement /Taxe d'abonnement 94 972.61(4)Domiciliary, administration and transfer agent fees /Vergütungen an Domizil-, Verwaltungs- und Transferstelle 58 559.82Auditing and professional fees /Vergütungen an Abschlussprüfer und Beratungskosten 18 442.12Publication, marketing and printing expenses /Kurspublikationen, Marketing und Druckkosten 70 001.10Bank interest and charges /Bankzinsen und Gebühren 5 716.69Other expenses /Sonstige Aufwendungen 60 021.77

2 978 728.90

NET INVESTMENT LOSS /NETTOVERLUST AUS WERTPAPIEREN (1 132 964.68)

Net equalisation on net investment loss for the year /Nettoertragsausgleich bei der Ausgabe/Rücknahme von Aktienfür das Geschäftsjahr

6 745.42(2)

NET LOSS FOR THE YEAR /NETTOVERLUST DES GESCHÄFTSJAHRES (1 126 219.26)

Net realised loss on sale of investments /Realisierter Nettoverlust aus dem Verkauf von Wertpapieren (26 518 559.70)Net realised loss on foreign exchange /Realisierter Nettowechselkursverlust (111 793.25)


Net equalisation on net realised loss /Einkauf in realisierte Kursverluste bei der Ausgabe/Rücknahme von Aktien 9 862.73(2)NET REALISED LOSS AFTER EQUALISATION /REALISIERTER NETTOVERLUST NACH AUSGLEICH

(27 746 709.48)


(4 570 985.11)


(32 317 694.59)

Net redemptions /Rücknahmen, netto (3 637 485.18)NET ASSETS AT THE END OF THE YEAR /NETTOVERMÖGEN AM ENDE DES GESCHÄFTSJAHRES

158 759 062.77



EURNotesAnmerkungen









Number of shares redeemed /Anzahl zurückgenommener AktienClass A /Kategorie A 5 482 587.101 )(







155 131 786.296.47

190 482 653.767.74

159 399 062.728.12



3 627 276.48

-6.47

4 231 588.78

-7.74

4 048 537.76

-8.12



31/12/1999

EUR EUR EUR







NORTEL NETWORKS CORP256 457 2 160 183.54 1.36%

CANADA /KANADA 2 160 183.54 1.36%

EQUITIES /AKTIEN 157 849 826.78 99.43%


157 849 826.78 99.43%

NOKIA275 397 7 975 497.12 5.02%

FINLAND /FINNLAND 7 975 497.12 5.02%

AXA123 554 2 899 812.38 1.83%


CARREFOUR56 493 3 299 191.18 2.08%PINAULT-PRINTEMPS REDOUTE SA18 695 2 703 297.03 1.70%

NOVARTIS SA REG.SHS97 543 3 957 387.00 2.49%


ROCHE HOLDING GENUSSSCHEIN50 641 4 057 717.33 2.56%UBS NAM.AKT42 675 2 418 124.82 1.52%ZURICH FINANCIAL SERVICES NAMEN-AKT5 283 1 391 391.06 0.88%

AEGON160 812 4 888 684.81 3.08%


ING GROEP NV CERT OF SHS218 659 6 262 393.77 3.94%

COMPASS GROUP PLC581 194 4 886 665.51 3.08%


GLAXOSMITHKLINE PLC143 063 4 029 054.45 2.54%PEARSON PLC365 787 4 729 282.76 2.98%VODAFONE GROUP PLC1 381 862 4 059 981.96 2.56%

AMERICAN EXPRESS CO COM.85 350 3 421 093.19 2.15%


AMERICAN HOME PRODUCTS CORP61 533 4 240 414.14 2.67%AMERICAN INTERNATL GROUP36 131 3 221 924.11 2.03%AMGEN43 569 2 761 718.63 1.74%AOL TIME WARNER126 074 4 545 120.43 2.86%CISCO SYSTEMS170 700 3 471 896.75 2.19%CITIGROUP INC103 639 5 875 669.96 3.70%GENENTECH INC54 055 3 293 445.20 2.07%GENERAL ELECTRIC CO129 244 5 817 721.57 3.66%GILLETTE CO86 000 3 225 965.70 2.03%HOME DEPOT INC69 093 3 958 258.98 2.49%ILLINOIS TOOL WORKS43 488 3 307 510.39 2.08%INTEL CORP145 501 5 139 270.26 3.24%MERCK AND CO INC.59 907 3 956 122.50 2.49%MICROSOFT CORP79 700 5 930 059.25 3.74%ORACLE CORP333 272 5 169 009.58 3.26%PEPSICO INC.86 569 4 733 877.37 2.98%PFIZER INC89 821 4 019 953.62 2.53%PHILIP MORRIS COS INC125 993 6 487 846.83 4.09%TEXAS INSTRUMENTS INC115 832 3 642 515.57 2.29%TYCO INTERNATIONAL62 996 4 167 188.03 2.62%




EUR







VIACOM INC -B- NON-VOTING69 093 3 425 938.72 2.16%WAL MART STORES66 817 4 318 641.28 2.72%



EUR

Fractions /Fraktionen 962.11 0.00%







THE INFOLOGY FUND




THE EUROPE FUND



THE JAPAN FUND















ASSETS /AKTIVEN

Investments in securities at market value /Wertpapierbestand zum Börsenwert 7 248 847.51(2)Acquisition cost /Anschaffungskosten 7 984 505.22:( USD )

Cash /Flüssige Mittel 194 330.78Brokers receivable /Forderungen gegenüber Brokern 102 265.29Amounts receivable on subscriptions /Forderungen aus Zeichnungen 1 806.93Other assets /Sonstige Aktiva 3 100.94

7 550 351.45


Bank overdrafts /Bankkredite 10 800.79Brokers payable /Verbindlichkeiten gegenüber Brokern 4 026.80Management fees payable /Verwaltungsgebühren 9 235.19(3)Taxes and expenses payable /Steuern und sonstige Verbindlichkeiten 5 612.86

29 675.64


USDNotesAnmerkungen




14 770 226.06

INCOME /ERTRAG

Dividends, net /Dividenden, netto 65 291.64(2)Bank interest /Bankzinsen 3 117.49(2)Other financial income /Sonstige Erträge aus Finanzgeschäften 1 458.52

69 867.65

EXPENSES /AUFWAND


265 351.98

NET INVESTMENT LOSS /NETTOVERLUST AUS WERTPAPIEREN (195 484.33)


41 799.87(2)

NET LOSS FOR THE YEAR /NETTOVERLUST DES GESCHÄFTSJAHRES (153 684.46)

Net realised loss on sale of investments /Realisierter Nettoverlust aus dem Verkauf von Wertpapieren (3 050 425.75)Net realised loss on options /Realisierter Nettoverlust aus Optionen (35.43)Net realised loss on foreign exchange /Realisierter Nettowechselkursverlust (21 666.24)



(2 714 255.22)


1 276 051.34


(1 438 203.88)


7 520 675.81



USDNotesAnmerkungen







Number of shares issued /Anzahl ausgegebener AktienClass A /Kategorie A 324 400.775



Class D /Kategorie D 0.000 )(

Number of shares outstanding at the end of the year/Anzahl ausstehender Aktien am Ende des GeschäftsjahresClass A /Kategorie A 749 438.575





7 466 903.629.96

14 722 709.3812.00

15 096 400.1915.17



53 772.19

-9.96

47 516.68

-12.00

29 053.11

-15.17



31/12/1999

USD USD USD







BRL HARDY15 323 86 174.98 1.15%

AUSTRALIA /AUSTRALIEN 343 252.15 4.56%

EQUITIES /AKTIEN 6 680 844.86 88.83%


6 680 844.86 88.83%

MEDICAL IMAGING AUSTRALASIA170 317 125 256.70 1.67%ST GEORGE BANK LTD13 919 131 820.47 1.75%

FOUR SEASONS HOTELS LTD VOTING1 810 84 635.59 1.13%

CANADA /KANADA 84 635.59 1.13%

SOPHUS BERENDSEN -B-1 831 37 714.58 0.50%

DENMARK /DÄNEMARK 55 789.87 0.74%

VESTAS WIND SYSTEMS AS REG.SHS662 18 075.29 0.24%

ELISA COMMUNICATIONS -A-1 792 21 716.07 0.29%


KCI KONECRANES INTERNATIONAL843 21 392.30 0.28%

BOUYGUES OFFSHORE1 088 38 798.64 0.52%


COLAS465 26 229.20 0.35%ELIOR2 225 15 967.99 0.21%ESSILOR INTERNATIONAL1 450 43 832.17 0.58%EULER923 34 928.17 0.46%GALERIE LAFAYETTE268 36 486.04 0.49%NEOPOST575 16 751.98 0.22%UNIBAIL (UNION CREDIT BAIL IMMOB.)717 36 421.66 0.48%VINCI851 49 896.54 0.66%

ADIDAS-SALOMON AG488 36 629.62 0.49%

GERMANY /DEUTSCHLAND 172 047.44 2.29%

DEPFA DEUTSCHE PFANDBRIEFBANK341 19 280.27 0.26%FIELMANN AG858 27 961.07 0.37%GFK1 382 25 090.57 0.33%MEDICLIN5 141 17 852.44 0.24%PORSCHE AG VZ. AKT.119 45 233.48 0.60%

CHINA RESOURCES BEIJING LAND LTD264 394 51 871.88 0.69%

HONG KONG /HONGKONG 205 350.22 2.73%

LI AND FUNG LTD21 773 24 429.54 0.32%TEXWINCA HOLDINGS270 171 129 048.80 1.72%

GREEN PROPERTY PLC5 409 30 341.89 0.40%

IRELAND /IRLAND 30 341.89 0.40%

ARNOLDO MONDADORI EDITORE SPA4 203 26 570.69 0.35%

ITALY /ITALIEN 191 255.39 2.54%

AUTOGRILL4 487 41 590.30 0.55%BULGARI SPA3 111 24 154.71 0.32%CREDITO EMILIANO SPA CREDEM5 619 28 768.15 0.38%SAIPEM SPA9 478 46 415.66 0.62%




USD







TOD'S GROUP SPA580 23 755.88 0.32%

AEON CREDIT SERVICE LTD463 26 366.71 0.35%

JAPAN /JAPAN 838 789.36 11.15%

ASAHI BROADCASTING300 13 667.39 0.18%ASAHI PRETEC2 13 001.33 0.17%ASAHI TECHNO GLASS4 373 6 541.23 0.09%FUJI SOFT ABC INC643 25 485.62 0.34%FUJIREBIO INC4 373 35 362.46 0.47%JAFCO257 15 357.51 0.20%JAPAN BUSINESS COMPUTER CO1 800 21 116.14 0.28%JEANS MATE CORP3 858 24 841.13 0.33%KEIYO CO LTD7 871 41 835.15 0.56%KS DENKI CORP1 466 9 762.19 0.13%KUBOTEK CORP1 8 503.89 0.11%MARS ENGINEERING CORP1 543 32 863.37 0.44%MITSUI KNOWLEDGE INDUSTRY CO1 800 15 034.14 0.20%MOSHI MOSHI HOTLINE463 36 561.83 0.49%NICHII GAKKAN CO1 028 41 057.48 0.55%NOF CORP10 289 20 077.97 0.27%PLAT'HOME CO LTD1 2 407.69 0.03%ROCK FIELD CO LTD360 7 858.77 0.10%RYOHIN KEIKAKU CO LTD1 286 25 876.18 0.34%SEIYU LTD23 151 47 989.45 0.64%SHIMAMURA CORP514 30 051.61 0.40%SKY PERFECT COMMUNICATIONS INC23 21 131.10 0.28%SOGO MEDICAL CO LTD1 286 30 465.55 0.41%SUGI PHARMACY CO LTD771 35 125.23 0.47%TACHI-S CO LTD8 488 38 282.93 0.51%TIS INC1 028 24 431.55 0.32%TOHO TITANIUM CO LTD3 858 17 869.22 0.24%TSUBAKIMOTO CHAIN CO7 717 17 578.55 0.23%TSUTSUMI JEWELRY CO LTD1 286 26 217.95 0.35%VENTURE LINK CO643 34 859.64 0.46%XEBIO CO LTD2 572 38 062.40 0.51%YAIZU SUISANKAGAKU INDUSTRY CO2 701 33 224.08 0.44%YAOKO CO LTD1 646 19 921.94 0.26%

DAEWOO SHIPBUILDING AND MARINE ENGINEERING29 438 142 310.80 1.89%

SOUTH KOREA /SÜDKOREA 311 755.55 4.15%

SHINSEGAE CO LTD679 71 852.22 0.96%YOU EAL ELECTRONICS CO9 531 97 592.53 1.30%

INDRA SISTEMAS SA5 472 46 384.01 0.62%

SPAIN /SPANIEN 111 527.67 1.48%

NH HOTELES SA3 731 37 107.65 0.49%SOL MELIA3 687 28 036.01 0.37%

ASSA ABLOY -B-2 228 32 072.33 0.43%

SWEDEN /SCHWEDEN 178 566.05 2.37%

CAPIO AB4 987 33 992.54 0.45%CARNEGIE INVESTMENT2 742 34 243.41 0.46%ENIRO AB3 910 27 956.08 0.37%GETINGE INDUSTRIER -B- FREE1 370 22 464.01 0.30%OBSERVER4 232 27 837.68 0.37%



USD







GEBERIT NAM.AKT133 29 747.90 0.40%

SWITZERLAND /SCHWEIZ 64 334.75 0.86%

JULIUS BAER HOLDING59 19 892.46 0.26%LEICA GEOSYSTEMS REG.SHS159 14 694.38 0.20%

VAN DER MOOLEN HOLDING575 16 511.35 0.22%

THE NETHERLANDS /NIEDERLANDE 65 625.50 0.87%

VEDIOR4 095 49 114.15 0.65%

ABERDEEN ASSET MANAGEMENT PLC4 868 28 268.26 0.38%


AGGREGATE INDUSTRIES13 960 17 929.82 0.24%AGGREKO4 850 25 763.82 0.34%AMEC7 104 40 839.06 0.54%AMEY PLC7 793 42 304.75 0.56%BODYCOTE INTERNATIONAL8 037 25 206.76 0.34%CLOSE BROTHERS GROUP PLC2 492 29 195.75 0.39%FITNESS FIRST PLC3 410 23 449.41 0.31%GALEN HOLDINGS2 315 23 079.01 0.31%MAN GROUP PLC2 020 35 043.17 0.47%MFI FURNITURE GROUP PLC8 808 17 946.55 0.24%NEXT PLC2 172 28 291.67 0.38%PERSIMMON PLC6 489 36 335.58 0.48%SERCO GROUP4 634 24 616.40 0.33%SIGNET GRP15 088 20 970.59 0.28%SMITH NEPHEW PLC4 526 27 336.21 0.36%ST JAME'S PLACE CAPITAL7 089 36 110.10 0.48%UNICHEM PLC5 182 39 066.35 0.52%

AMERICAN TOWER -A-3 620 34 281.40 0.46%


AMN HEALTHCARE SERVICES2 172 59 512.81 0.79%APOLLO GROUP -A-3 620 162 936.18 2.17%CALIFORNIA PIZZA KITCHEN INC3 620 89 594.99 1.19%CAREER EDUCATION9 051 310 268.28 4.13%CATALINA MARKETING CORP3 620 125 613.99 1.67%CHARLES RIVER LABORATORIES INTERNATIONAL3 620 121 197.58 1.61%CHARLES SCHWAB CORP18 103 280 053.41 3.72%CHOICEPOINT4 344 220 197.35 2.93%COMMUNITY HEALTH SYSTEMS5 430 138 465.01 1.84%DEVRY3 620 102 989.02 1.37%DOLLAR TREE STORES4 706 145 462.47 1.93%FTI CONSULTING506 16 596.81 0.22%HISPANIC BROADCASTING3 620 92 309.99 1.23%IRON MOUNTAIN2 896 126 844.82 1.69%KENNETH COLE PRODUCTIONS -A-3 620 64 074.01 0.85%OMNICARE INC1 810 45 032.79 0.60%PROVINCE HEALTHCARE COMPANY1 810 55 856.59 0.74%RADIO ONE NON VOTING -D-10 861 195 606.60 2.60%RESOURCES CONNECTION INC3 620 95 314.58 1.27%SBA COMMUNICATIONS3 620 47 132.40 0.63%SIX FLAGS INC5 430 83 513.41 1.11%SOTHEBYS HOLDINGS INC. CL."A"9 051 150 337.11 2.00%SUN INTL HOTELS LTD2 285 57 924.75 0.77%UNITED SURGICAL PARTNERS INTERNATIONAL8 146 172 287.89 2.29%WEIGHT WATCHERS1 810 61 214.20 0.81%



USD







WESTWOOD ONE3 620 108 781.02 1.45%

ACCES CO1 13 289.91 0.18%

JAPAN /JAPAN 488 817.92 6.50%

EQUITIES /AKTIEN 488 817.92 6.50%


488 817.92 6.50%

ADTEC CORP3 858 8 934.61 0.12%ARUZE CORP514 10 147.27 0.13%ASGENT1 19 285.61 0.26%CITIZEN ELECTRONICS617 36 073.60 0.48%DENTSU TEC INC385 12 657.90 0.17%DIGITAL ELECTRONICS1 543 18 745.59 0.25%DRAKE BEAM MORIN JAPAN514 35 125.18 0.47%ENOMOTO CO LTD2 057 3 748.51 0.05%IO DATA DEVICE INC2 006 10 585.94 0.14%JAPAN CARE SERVICE2 315 6 556.52 0.09%JUSTSYSTEM1 646 10 123.45 0.13%KOKUSAI CHART514 1 678.20 0.02%MEDICAL SUPPORT CO2 829 13 103.16 0.17%MUSASHI SEIMITSU INDUSTRY CO3 086 30 695.92 0.41%NAGANO KEIKI CO1 543 21 088.80 0.28%OBIC BUSINESS CONSULTANTS CO514 15 416.05 0.20%OTSUKA KAGU514 17 757.74 0.24%RAKUTEN2 10 024.39 0.13%RELO HOLDINGS INC514 11 083.95 0.15%SEIKOH GIKEN CO LTD128 3 498.86 0.05%SPACE SHOWER NETWORKS INC1 2 050.71 0.03%TECHNO QUARTZ2 057 11 401.72 0.15%THINE ELECTRONICS1 9 721.88 0.13%TOEI ANIMATION CO LTD514 31 222.39 0.42%TOYO BUSINESS ENGINEERING385 18 592.20 0.25%UMC JAPAN3 27 333.93 0.36%UNITED ARROWS1 028 33 173.82 0.44%UORIKI CO2 032 30 857.95 0.41%YUSEN AIR AND SEA2 572 14 842.19 0.20%



USD

Fractions /Fraktionen 79 184.57 1.05%







THE INFOLOGY FUND




THE EUROPE FUND



THE JAPAN FUND













THE INFOLOGY FUND


ASSETS /AKTIVEN


Cash /Flüssige Mittel 34 562 734.10Interest and dividends receivable, net /Zinsguthaben und Dividenden, netto 188 864.84Amounts receivable on subscriptions /Forderungen aus Zeichnungen 3 337 675.51Other assets /Sonstige Aktiva 70 289.27

528 638 400.01


Bank overdrafts /Bankkredite 72 259.93Brokers payable /Verbindlichkeiten gegenüber Brokern 1 215 280.70Management fees payable /Verwaltungsgebühren 890 246.04(3)Amounts payable on redemptions /Verbindlichkeiten aus Rücknahmen 949 121.61Taxes and expenses payable /Steuern und sonstige Verbindlichkeiten 137 987.14

3 264 895.42


USDNotesAnmerkungen




797 340 071.71

INCOME /ERTRAG

Dividends, net /Dividenden, netto 1 429 173.95(2)Bank interest /Bankzinsen 1 403 935.94(2)Other financial income /Sonstige Erträge aus Finanzgeschäften 84 439.58

2 917 549.47

EXPENSES /AUFWAND

Management fees /Verwaltungsgebühren 12 280 937.58(3)Custodian fees /Vergütungen an Depotbank 340 789.47Taxe d'abonnement /Taxe d'abonnement 316 865.08(4)Domiciliary, administration and transfer agent fees /Vergütungen an Domizil-, Verwaltungs- und Transferstelle 148 316.83Auditing and professional fees /Vergütungen an Abschlussprüfer und Beratungskosten 57 601.53Publication, marketing and printing expenses /Kurspublikationen, Marketing und Druckkosten 257 941.71Bank interest and charges /Bankzinsen und Gebühren 39 743.17Other expenses /Sonstige Aufwendungen 117 702.37

13 559 897.74



420 083.91(2)


Net realised loss on sale of investments /Realisierter Nettoverlust aus dem Verkauf von Wertpapieren (354 238 492.28)Net realised gain on options /Realisierter Nettogewinn aus Optionen 4 062 443.32Net realised loss on foreign exchange /Realisierter Nettowechselkursverlust (275 163.14)



(345 304 625.74)


101 085 232.44


(244 219 393.30)


525 373 504.59

THE INFOLOGY FUND


USDNotesAnmerkungen



THE INFOLOGY FUND













519 458 807.3013.93

789 205 715.9220.28

870 374 612.8631.86



5 914 697.29

-13.93

8 134 355.79

-20.28

7 209 324.81

-31.86



31/12/1999

USD USD USD







NORTEL NETWORKS CORP1 737 208 13 029 059.99 2.48%

CANADA /KANADA 13 029 059.99 2.48%

EQUITIES /AKTIEN 490 478 308.07 93.36%


490 478 308.07 93.36%

DANIONICS -A-181 818 1 676 564.12 0.32%

DENMARK /DÄNEMARK 5 032 024.95 0.96%

GN GREAT NORDIC560 389 3 355 460.83 0.64%

PARTHUS TECHNOLOGIES1 961 364 1 034 765.39 0.20%

IRELAND /IRLAND 1 034 765.39 0.20%

GEO INTERACT MEDIA GROUP PLC827 975 2 361 831.89 0.45%

ISRAEL /ISRAEL 2 361 831.89 0.45%

MURATA MANUFACTURING CO LTD151 305 9 030 030.69 1.72%

JAPAN /JAPAN 19 225 064.10 3.66%

SONY CORP224 155 10 195 033.41 1.94%

TELENOR AS2 675 860 11 515 693.93 2.19%

NORWAY /NORWEGEN 11 515 693.93 2.19%

CABLE & WIRELESS PLC1 681 169 8 086 461.50 1.54%


VODAFONE GROUP PLC8 006 000 20 944 026.13 3.99%

ADTRAN72 850 1 859 131.99 0.35%


ADVANCED FIBRE COMMUNICATIONS619 230 10 941 794.09 2.08%AGILENT TECHNOLOGIES465 123 13 260 656.73 2.52%ALLTEL CORP336 233 20 755 663.07 3.95%AMDOCS LTD151 305 5 139 830.86 0.98%AT & T WIRELESS1 457 013 20 937 276.81 3.99%AUTODESK INC358 649 13 366 848.21 2.54%BEA SYSTEMS271 789 4 185 550.59 0.80%CISCO SYSTEMS991 889 17 963 109.80 3.42%COMMERCE ONE2 339 627 8 352 468.39 1.59%CORNING INC1 344 935 11 996 820.19 2.28%EMC CORP1 266 480 17 021 491.21 3.24%EXTREME NETWORKS361 451 4 662 717.90 0.89%INTEL CORP1 238 461 38 949 598.46 7.41%INTERSIL HOLDING CORP -A-140 097 4 518 128.24 0.86%INTUIT168 116 7 192 002.47 1.37%JDS UNIPHASE896 623 7 782 687.64 1.48%LUCENT TECHNOLOGIES INC2 532 961 15 932 324.69 3.03%MARVELL TECHNOLOGY GROUP LTD280 194 10 036 549.09 1.91%MATRIXONE56 038 727 933.62 0.14%MICROSOFT CORP728 506 48 263 522.47 9.19%MOTOROLA INC504 350 7 575 336.99 1.44%NCR CORP184 480 6 799 932.79 1.29%NETSCREEN TECHNOLOGIES14 009 310 019.17 0.06%


THE INFOLOGY FUND


USD







NEXTEL COMMUNICATIONS INC -A-728 506 7 984 425.76 1.52%ONI SYSTEMS CORP308 214 1 932 501.78 0.37%ORACLE CORP420 292 5 804 232.52 1.10%PALM2 101 461 8 153 668.69 1.55%PORTAL SOFTWARE745 318 1 550 261.44 0.30%REDBACK NETWORKS616 428 2 434 890.60 0.46%SABRE HOLDINGS -A-336 233 14 239 467.54 2.71%SANDISK CORP336 233 4 841 755.19 0.92%SILLICON STORAGE TECHNOLOGY INC280 194 2 701 070.16 0.51%SPRINT CORP FON GROUP986 285 19 804 602.80 3.77%TIBCO SOFTWARE INC1 249 669 18 657 558.17 3.55%WORLDCOM1 606 076 22 613 550.08 4.30%

E-EXCHANGE UNSEC.LOAN.STK.REG 98-2004 CV520 228 0.52 0.00%

IRELAND /IRLAND 0.52 0.00%

EQUITIES /AKTIEN 0.52 0.00%

Other transferable securities /Sonstige Wertpapiere 0.52 0.00%

THE INFOLOGY FUND


USD








THE INFOLOGY FUND




THE EUROPE FUND



THE JAPAN FUND















ASSETS /AKTIVEN


Cash /Flüssige Mittel 9 268 677.66Amounts receivable on subscriptions /Forderungen aus Zeichnungen 52 480.72Other assets /Sonstige Aktiva 96 170.07

187 630 981.35


Management fees payable /Verwaltungsgebühren 311 468.86(3)Amounts payable on redemptions /Verbindlichkeiten aus Rücknahmen 88 682.63Taxes and expenses payable /Steuern und sonstige Verbindlichkeiten 52 273.17

452 424.66


EURNotesAnmerkungen




295 497 224.22

INCOME /ERTRAG


1 463 149.90

EXPENSES /AUFWAND


5 047 301.11



448 456.27(2)


Net realised loss on sale of investments /Realisierter Nettoverlust aus dem Verkauf von Wertpapieren (25 688 942.58)Net realised gain on options /Realisierter Nettogewinn aus Optionen 7 391.67Net realised gain on foreign exchange /Realisierter Nettowechselkursgewinn 8 369.77



(26 179 475.63)


(34 857 162.11)


(61 036 637.74)


187 178 556.69



EURNotesAnmerkungen
















180 551 056.9111.70

286 205 145.7014.91

69 199 043.6612.47



6 627 499.78

-11.70

9 292 078.52

-14.91

1 451 032.25

-12.47



31/12/1999

EUR EUR EUR







QLT INC40 000 1 141 509.39 0.61%

CANADA /KANADA 1 141 509.39 0.61%

EQUITIES /AKTIEN 178 336 240.50 95.28%


178 212 700.52 95.21%

GENMAB AS102 359 2 367 892.12 1.27%


AVENTIS68 000 5 423 000.00 2.90%


SANOFI SYNTHELABO55 000 4 609 000.00 2.46%

SCHERING AG83 500 4 976 600.00 2.66%


XTL BIOPHARMACEUTICALS460 000 319 548.88 0.17%

ISRAEL /ISRAEL 319 548.88 0.17%

BERNA BIOTECH NAM.AKT4 857 2 817 841.47 1.51%


MODEX THERAPEUTIQUES NOM.150 000 608 560.38 0.33%NOVARTIS SA REG.SHS140 000 5 679 896.88 3.03%SERONO -B-4 950 4 849 921.95 2.59%

ASTRAZENECA (GBP)90 000 4 564 727.08 2.44%


CAMBRIDGE ANTIBODY TECHNOLOGY GROUP100 000 3 151 356.68 1.68%GLAXOSMITHKLINE PLC279 256 7 864 630.47 4.20%OXFORD GLYCOSCIENCES60 000 630 107.88 0.34%

ADOLOR255 000 5 140 666.91 2.75%


ALKERMES INC55 000 1 628 256.90 0.87%AMERICAN HOME PRODUCTS CORP142 678 9 832 346.95 5.25%AMGEN232 094 14 711 797.87 7.86%ARENA PHARMACEUTICALS INC140 000 1 891 509.36 1.01%AVIGEN (RESTRICTED)33 920 438 476.17 0.23%CALIPER TECHNOLOGIES183 000 3 208 254.59 1.71%CELGENE CORP50 000 1 792 452.76 0.96%COR THERAPEUTICS INC117 000 3 144 440.57 1.68%CORIXA245 000 4 146 619.33 2.22%ELI LILLY CO72 000 6 350 943.14 3.39%GENAISSANCE PHARMACEUTICALS INC179 000 934 804.54 0.50%GENENTECH INC125 000 7 615 958.81 4.07%GILEAD SCIENCES INC94 000 6 938 094.96 3.71%ILLUMINA INC285 000 3 764 150.79 2.01%IMMUNOGEN INC115 000 2 141 397.04 1.14%JOHNSON & JOHNSON110 000 7 301 212.64 3.90%KOSAN BIOSCIENCES INC210 000 1 884 433.89 1.01%MAXIGEN152 000 2 999 370.95 1.60%MEDIMMUNE INC147 000 7 652 122.33 4.09%




EUR







MERCK AND CO INC.94 390 6 233 301.63 3.33%MILLENIUM PHARMACEUTICALS140 000 3 853 773.43 2.06%MYRIAD GNETICS INC25 000 1 477 987.36 0.79%PFIZER INC364 568 16 316 300.77 8.72%REGENERON PHARMACEUTICALS INC60 000 1 897 574.05 1.01%SCHERING PLOUGH CORP60 000 2 413 072.68 1.29%SEQUENOM246 000 2 947 910.93 1.57%TULARIK25 000 674 415.97 0.36%

AMERICAN HOME PROD. JAN 60 19.01.02 CALL(500) (123 539.98) (0.07%)

UNITED STATES /VEREINIGTE STAATEN (123 539.98) (0.07%)


AVIGEN 05.11.04 WAR6 784 952.38 0.00%

UNITED STATES /VEREINIGTE STAATEN 952.38 0.00%

OPTIONS, WARRANTS, RIGHTS /OPTIONEN, WARRANTS, RECHTE 952.38 0.00%




EUR







THE INFOLOGY FUND




THE EUROPE FUND



THE JAPAN FUND















ASSETS /AKTIVEN


Cash /Flüssige Mittel 10 473 655.23Brokers receivable /Forderungen gegenüber Brokern 1 593 861.89Amounts receivable on subscriptions /Forderungen aus Zeichnungen 63 782.36Other assets /Sonstige Aktiva 41 498.06

151 427 296.91


Bank overdrafts /Bankkredite 576 304.78Management fees payable /Verwaltungsgebühren 248 825.06(3)Taxes and expenses payable /Steuern und sonstige Verbindlichkeiten 41 112.22

866 242.06


EURNotesAnmerkungen




140 662 977.63

INCOME /ERTRAG


3 301 902.04

EXPENSES /AUFWAND


3 811 960.13



(52 284.91)(2)


Net realised loss on sale of investments /Realisierter Nettoverlust aus dem Verkauf von Wertpapieren (17 194 245.24)Net realised loss on options /Realisierter Nettoverlust aus Optionen (252 788.28)Net realised loss on foreign exchange /Realisierter Nettowechselkursverlust (373 407.19)



(18 354 340.87)


(18 453 170.00)


(36 807 510.87)

Net subscriptions /Zeichnungen, netto 46 705 588.09NET ASSETS AT THE END OF THE YEAR /NETTOVERMÖGEN AM ENDE DES GESCHÄFTSJAHRES

150 561 054.85



EURNotesAnmerkungen
















149 961 210.697.91

140 153 392.089.59



599 844.16

-7.91

509 585.55

-9.59



EUR EUR







CANADA LIFE FINANCIAL CORP40 000 1 246 183.02 0.83%

CANADA /KANADA 5 189 857.67 3.45%

EQUITIES /AKTIEN 139 630 964.06 92.74%


139 254 499.37 92.49%

SUN LIFE FINANCIAL SERVICES OF CANADA165 100 3 943 674.65 2.62%

AXA70 000 1 642 900.00 1.09%


CREDIT AGRICOLE SA25 000 444 750.00 0.30%

DEUTSCHE BANK NAMEN75 000 5 955 000.00 3.96%


MARSCHOLLEK LAUTENSCHLAEGER UND PARTNER16 000 1 318 400.00 0.88%

ALLEANZA ASSICURAZ.AZ.400 000 4 940 000.00 3.28%

ITALY /ITALIEN 11 795 500.00 7.83%

ASSICURAZIONI GENERALI100 000 3 120 000.00 2.07%SANPAOLO IMI310 000 3 735 500.00 2.48%

NOMURA HOLDINGS430 000 6 160 338.24 4.09%

JAPAN /JAPAN 6 160 338.24 4.09%

BANCO BILBAO VIZCAYA ARGENTARIA NAMEN-AK120 000 1 668 000.00 1.11%

SPAIN /SPANIEN 1 668 000.00 1.11%

SKANDIA -FREE-380 000 3 092 077.63 2.05%


BANK SARASIN BASEL NOM. -B-1 400 3 052 944.57 2.03%


CS GROUP NAMEN-AKT100 000 4 787 341.66 3.18%JULIUS BAER HOLDING6 000 2 271 958.75 1.51%

AEGON150 000 4 560 000.00 3.03%


ING GROEP NV CERT OF SHS150 000 4 296 000.00 2.85%

AMVESCAP300 000 4 859 431.23 3.23%


CGNU PLC200 000 2 762 340.66 1.83%HSBC HOLDINGS PLC (USD 0.5)320 000 4 215 756.82 2.80%LEGAL GENERAL GROUP PLC1 200 000 3 118 666.26 2.07%PRUDENTIAL PLC600 000 7 806 472.77 5.18%SCHRODERS200 000 2 762 340.66 1.83%



AMERICAN INTERNATL GROUP75 000 6 688 005.12 4.44%BLACKROCK INC -A-104 200 4 879 986.32 3.24%CHARLES SCHWAB CORP100 000 1 737 421.31 1.15%CITIGROUP INC180 000 10 204 851.34 6.78%FRANKLIN RESOURCES INC120 000 4 753 369.08 3.16%




EUR







JP MORGAN CHASE AND CO30 000 1 224 730.41 0.81%LINCOLN NATIONAL CORP60 000 3 272 910.92 2.17%MARSH MC-LENNAN COS. INC.40 000 4 827 043.83 3.21%MELLON FINANCIAL CO105 000 4 436 320.57 2.95%MERRILL LYNCH CO INC25 000 1 463 387.18 0.97%MORGAN DEAN WITTER DISCOVER AND CY35 000 2 198 899.28 1.46%PRINCIPAL FINANCIAL GROUP INC120 000 3 234 501.22 2.15%PRUDENTIAL FINANCIAL INC50 000 1 863 769.02 1.24%STILWELL FINANCIAL WHEN ISSUED140 000 4 279 874.04 2.84%

SKAND FORSAKRING JAN 90 18.01.02 CALL(3 800) (22 376.87) (0.01%)

SWEDEN /SCHWEDEN (22 376.87) (0.01%)


CREDIT SUISSE JAN 65 21.01.02 CALL(760) (317 587.38) (0.21%)

SWITZERLAND /SCHWEIZ (317 587.38) (0.21%)

MELLON FINANCIAL CO JAN 40 19.01.02 CALL(500) (14 038.63) (0.01%)

UNITED STATES /VEREINIGTE STAATEN (36 500.44) (0.02%)

MERRILL LYNCH CO JAN 55 19.01.02 CALL(250) (22 461.81) (0.01%)



EUR







THE INFOLOGY FUND




THE EUROPE FUND



THE JAPAN FUND















ASSETS /AKTIVEN


Cash /Flüssige Mittel 873 538.39Brokers receivable /Forderungen gegenüber Brokern 4 261 228.94Amounts receivable on subscriptions /Forderungen aus Zeichnungen 156 246.56Other assets /Sonstige Aktiva 130 325.97

147 124 247.12


Management fees payable /Verwaltungsgebühren 114 044.57(3)Amounts payable on redemptions /Verbindlichkeiten aus Rücknahmen 4 582 877.01Taxes and expenses payable /Steuern und sonstige Verbindlichkeiten 109 387.44

4 806 309.02


USDNotesAnmerkungen




171 470 177.42

INCOME /ERTRAG

Dividends, net /Dividenden, netto 1 024 402.99(2)Bank interest /Bankzinsen 45 634.36(2)Other financial income /Sonstige Erträge aus Finanzgeschäften 854.26

1 070 891.61

EXPENSES /AUFWAND


1 706 962.97



(42 319.31)(2)





(19 571 862.85)


(6 159 058.98)


(25 730 921.83)


142 317 938.10



USDNotesAnmerkungen
















139 621 680.8219.39

168 048 623.5622.75

121 810 860.1625.67



2 696 257.28

-19.39

3 421 553.86

-22.75

2 839 676.94

-25.67



31/12/1999

USD USD USD







NORTEL NETWORKS CORP35 000 260 924.21 0.18%

CANADA /KANADA 1 498 424.21 1.05%

EQUITIES /AKTIEN 141 702 907.21 99.57%


141 702 907.21 99.57%

NORTEL NETWORKS CORP165 000 1 237 500.00 0.87%



AMERICAN HOME PRODUCTS CORP57 900 3 552 744.00 2.50%AMERICAN INTERNATL GROUP80 750 6 411 550.00 4.51%AMGEN61 100 3 448 484.00 2.42%AOL TIME WARNER134 450 4 315 845.00 3.03%BRISTOL MYERS SQUIBB CO40 400 2 060 400.00 1.45%CARNIVAL CORP -A-102 500 2 878 200.00 2.02%CISCO SYSTEMS229 000 4 147 190.00 2.91%CITIGROUP INC141 000 7 117 680.00 5.00%DU PONT E I NEMOURS CO118 100 5 020 431.00 3.53%EXXON MOBIL162 800 6 398 040.00 4.50%GENENTECH INC39 800 2 159 150.00 1.52%GENERAL ELECTRIC CO210 400 8 432 832.00 5.93%GILLETTE CO68 000 2 271 200.00 1.60%HOME DEPOT INC69 500 3 545 195.00 2.49%IBM CORP40 600 4 910 976.00 3.45%ILLINOIS TOOL WORKS31 500 2 133 180.00 1.50%INTEL CORP134 100 4 217 445.00 2.96%JOHNSON & JOHNSON47 500 2 807 250.00 1.97%JOHNSON CONTROLS INC26 500 2 139 875.00 1.50%JP MORGAN CHASE AND CO57 000 2 071 950.00 1.46%MC DONALDS CORP82 000 2 170 540.00 1.53%MERCK AND CO INC.59 800 3 516 240.00 2.47%MICROSOFT CORP117 400 7 777 750.00 5.47%MORGAN DEAN WITTER DISCOVER AND CY51 500 2 880 910.00 2.02%ORACLE CORP199 000 2 748 190.00 1.93%PEOPLESOFT52 000 2 090 400.00 1.47%PEPSICO INC.86 800 4 226 292.00 2.97%PFIZER INC180 100 7 176 985.00 5.04%PHILIP MORRIS COS INC138 390 6 345 181.50 4.46%SAFEWAY INC68 000 2 839 000.00 1.99%TEXAS INSTRUMENTS INC74 000 2 072 000.00 1.46%TYCO INTERNATIONAL48 800 2 874 320.00 2.02%VIACOM INC -B- NON-VOTING32 250 1 423 837.50 1.00%WAL MART STORES98 500 5 668 675.00 3.98%WORLDCOM191 500 2 696 320.00 1.89%

DIGITAL TECHNIQUES -A- PFD - RESTRICTED15 582 0.02 0.00%

UNITED STATES /VEREINIGTE STAATEN 0.05 0.00%






USD







FUTURE COMMUNICATIONS30 001 0.03 0.00%



USD







THE INFOLOGY FUND




THE EUROPE FUND



THE JAPAN FUND













THE EUROPE FUND


ASSETS /AKTIVEN



207 960 440.32


Brokers payable /Verbindlichkeiten gegenüber Brokern 1 278.74Management fees payable /Verwaltungsgebühren 169 685.85(3)Amounts payable on redemptions /Verbindlichkeiten aus Rücknahmen 13 164.00Taxes and expenses payable /Steuern und sonstige Verbindlichkeiten 151 944.18

336 072.77


EURNotesAnmerkungen




345 295 564.23

INCOME /ERTRAG


5 075 776.93

EXPENSES /AUFWAND


3 112 746.25



(300 771.21)(2)


Net realised loss on sale of investments /Realisierter Nettoverlust aus dem Verkauf von Wertpapieren (40 596 016.39)Net realised gain on options /Realisierter Nettogewinn aus Optionen 466 001.31Net realised gain on foreign exchange /Realisierter Nettowechselkursgewinn 73 878.06



(33 264 245.35)


(26 904 340.99)


(60 168 586.34)

Dividend paid /Gezahlte Dividende (37 930.10)Net redemptions /Rücknahmen, netto (77 464 680.24)NET ASSETS AT THE END OF THE YEAR /NETTOVERMÖGEN AM ENDE DES GESCHÄFTSJAHRES

207 624 367.55

THE EUROPE FUND


EURNotesAnmerkungen



THE EUROPE FUND













203 922 101.256.57

339 425 079.208.21

205 981 914.769.32



3 702 266.30

0.056.50

5 870 485.03

-8.17

2 907 157.14

-9.28



31/12/1999

EUR EUR EUR







NOKIA317 105 9 183 360.81 4.42%


EQUITIES /AKTIEN 205 133 742.03 98.80%


205 133 742.03 98.80%

ALCATEL -A-336 925 6 468 960.00 3.12%


AXA232 874 5 465 552.78 2.63%CARREFOUR59 457 3 472 288.82 1.67%CREDIT AGRICOLE SA27 622 491 395.38 0.24%CREDIT LYONNAIS99 095 3 716 062.51 1.79%GROUPE DANONE44 593 6 109 241.02 2.94%L'OREAL SA54 502 4 409 211.82 2.12%RENAULT SA99 095 3 925 152.96 1.89%SUEZ (EX SUEZ LYONNAISE DES EAUX)69 366 2 358 444.01 1.14%TOTAL FINA ELF32 701 5 245 240.42 2.53%VIVENDI UNIVERSAL74 321 4 570 741.52 2.20%

DEUTSCHE BANK NAMEN84 231 6 687 941.43 3.22%


ENI AZ346 834 4 873 364.54 2.35%

ITALY /ITALIEN 24 237 390.62 11.67%

MEDIOBANCA376 563 4 741 681.30 2.28%TELECOM ITALIA MOBILE SPA1 090 051 6 832 439.66 3.29%UNICREDITO ITALIANO1 734 173 7 789 905.12 3.75%

TELEFONICA SA535 116 8 042 793.48 3.87%

SPAIN /SPANIEN 8 042 793.48 3.87%

NESTLE SA REG.SHS29 728 7 115 904.66 3.43%


NOVARTIS SA REG.SHS218 010 8 844 816.56 4.26%THE SWATCH GROUP REG55 989 5 650 387.30 2.72%UBS NAM.AKT94 140 5 334 323.86 2.57%

AEGON240 525 7 311 960.01 3.52%


AHOLD99 095 3 238 424.61 1.56%ING GROEP NV CERT OF SHS218 010 6 243 806.40 3.01%KPN1 090 051 6 224 191.21 3.00%ROYAL DUTCH PETROLEUM CO59 457 3 383 103.32 1.63%UNILEVER CERT.OF SHS79 276 5 220 324.62 2.51%

AMEY PLC792 764 4 833 294.78 2.33%


BAE SYSTEMS668 895 3 383 834.66 1.63%BRITISH ENERGY743 217 2 769 752.82 1.33%CMG PLC1 090 051 4 329 558.60 2.09%GLAXOSMITHKLINE PLC307 196 8 651 499.07 4.17%LLOYDS TSB GROUP PLC460 794 5 618 704.26 2.71%


THE EUROPE FUND


EUR







MICHAEL PAGE INTERNATIONAL PLC1 585 529 4 042 865.74 1.95%MMO2 PLC3 468 346 4 903 758.28 2.36%PEARSON PLC267 558 3 459 273.95 1.67%VODAFONE GROUP PLC3 468 346 10 190 179.78 4.91%

LERNOUT HAUSPIE SPEECH PRODUCTS REG124 031 696.50 0.00%

BELGIUM /BELGIEN 696.50 0.00%



THE EUROPE FUND


EUR








THE INFOLOGY FUND




THE EUROPE FUND



THE JAPAN FUND















ASSETS /AKTIVEN



90 039 862.23



264 567.83


EURNotesAnmerkungen




139 745 712.52

INCOME /ERTRAG


1 701 436.66

EXPENSES /AUFWAND


2 005 855.04



15 112.15(2)


Net realised loss on sale of investments /Realisierter Nettoverlust aus dem Verkauf von Wertpapieren (17 310 008.23)Net realised gain on foreign exchange /Realisierter Nettowechselkursgewinn 154 978.30



(15 021 753.46)


(9 641 184.71)


(24 662 938.17)


89 775 294.40



EURNotesAnmerkungen
















88 084 881.5229.15

136 240 145.8936.26

88 003 408.4138.64



1 690 412.88

-29.02

3 505 566.63

-36.10

4 925 253.25

-38.46



31/12/1999

EUR EUR EUR







SOPHUS BERENDSEN -B-81 469 1 884 639.39 2.10%


EQUITIES /AKTIEN 88 168 041.08 98.21%


88 168 041.08 98.21%

VESTAS WIND SYSTEMS AS REG.SHS30 426 933 011.81 1.04%

ELISA COMMUNICATIONS -A-66 503 921 066.55 1.03%


KCI KONECRANES INTERNATIONAL36 800 1 053 952.00 1.17%

BOUYGUES OFFSHORE57 900 2 318 895.00 2.58%


CLARINS ACT20 534 1 301 855.60 1.45%COLAS20 708 1 311 851.80 1.46%ELIOR96 000 773 760.00 0.86%ESSILOR INTERNATIONAL65 440 2 221 688.00 2.47%EULER43 809 1 861 882.50 2.07%GALERIE LAFAYETTE10 895 1 665 845.50 1.86%NEOPOST25 700 840 904.00 0.94%PENAUILLE POLYSERVICES31 578 1 247 331.00 1.39%UNIBAIL (UNION CREDIT BAIL IMMOB.)33 900 1 933 995.00 2.15%VINCI37 730 2 484 520.50 2.77%

ADIDAS-SALOMON AG23 300 1 964 190.00 2.19%


DEPFA DEUTSCHE PFANDBRIEFBANK15 176 963 676.00 1.07%FIELMANN AG40 638 1 487 350.80 1.66%GFK62 435 1 273 049.65 1.42%MEDICLIN213 575 832 942.50 0.93%PORSCHE AG VZ. AKT.5 050 2 155 845.00 2.40%

GREEN PROPERTY PLC225 798 1 445 107.20 1.61%

IRELAND /IRLAND 1 445 107.20 1.61%

ARNOLDO MONDADORI EDITORE SPA175 096 1 242 481.22 1.38%

ITALY /ITALIEN 9 037 008.52 10.07%

AUTOGRILL187 252 1 945 548.28 2.17%BULGARI SPA139 770 1 215 439.92 1.35%CREDITO EMILIANO SPA CREDEM233 396 1 341 793.60 1.49%SAIPEM SPA446 500 2 449 945.50 2.73%TOD'S GROUP SPA18 300 841 800.00 0.94%

INDRA SISTEMAS SA252 402 2 402 867.04 2.68%

SPAIN /SPANIEN 5 530 088.10 6.16%

NH HOTELES SA156 500 1 748 105.00 1.95%SOL MELIA161 489 1 379 116.06 1.54%

ASSA ABLOY -B-100 692 1 627 890.22 1.81%


CAPIO AB221 000 1 691 809.72 1.88%CARNEGIE INVESTMENT118 392 1 660 530.48 1.85%




EUR







ENIRO AB173 389 1 392 310.20 1.55%GETINGE INDUSTRIER -B- FREE57 197 1 031 873.25 1.15%OBSERVER174 146 1 286 517.79 1.43%

GEBERIT NAM.AKT5 642 1 417 271.54 1.58%


JULIUS BAER HOLDING2 581 977 320.92 1.09%LEICA GEOSYSTEMS REG.SHS7 322 759 974.94 0.85%

VAN DER MOOLEN HOLDING27 300 880 425.00 0.98%


VEDIOR175 800 2 368 026.00 2.64%

ABERDEEN ASSET MANAGEMENT PLC202 690 1 333 486.85 1.49%


AGGREGATE INDUSTRIES615 669 888 080.90 0.99%AGGREKO214 650 1 280 602.33 1.43%AMEC304 620 1 968 359.56 2.19%AMEY PLC330 314 2 013 846.41 2.24%BODYCOTE INTERNATIONAL362 590 1 256 441.33 1.40%CLOSE BROTHERS GROUP PLC110 000 1 460 853.23 1.63%FITNESS FIRST PLC146 510 1 107 565.80 1.23%GALEN HOLDINGS98 833 1 086 387.60 1.21%MAN GROUP PLC90 160 1 756 277.91 1.96%MFI FURNITURE GROUP PLC389 190 893 775.67 1.00%NEXT PLC96 072 1 409 313.44 1.57%PERSIMMON PLC277 321 1 708 892.09 1.90%SERCO GROUP214 310 1 296 088.60 1.44%SIGNET GRP666 170 1 037 883.72 1.16%SMITH NEPHEW PLC207 750 1 408 458.76 1.57%ST JAME'S PLACE CAPITAL320 900 1 835 812.37 2.04%UNICHEM PLC222 930 1 887 508.03 2.10%



EUR







THE INFOLOGY FUND




THE EUROPE FUND



THE JAPAN FUND















ASSETS /AKTIVEN


Cash /Flüssige Mittel 4 418 717.65Brokers receivable /Forderungen gegenüber Brokern 691 823.87Amounts receivable on subscriptions /Forderungen aus Zeichnungen 47 847.64Other assets /Sonstige Aktiva 124 723.44

65 129 179.32


Brokers payable /Verbindlichkeiten gegenüber Brokern 193 207.04Management fees payable /Verwaltungsgebühren 78 498.56(3)Taxes and expenses payable /Steuern und sonstige Verbindlichkeiten 47 725.61

319 431.21


EURNotesAnmerkungen




69 719 028.70

INCOME /ERTRAG

Dividends, net /Dividenden, netto 1 475 252.21(2)Bank interest /Bankzinsen 125 428.87(2)

1 600 681.08

EXPENSES /AUFWAND


1 266 875.99



(46 893.39)(2)


Net realised gain on sale of investments /Realisierter Nettogewinn aus dem Verkauf von Wertpapieren 1 697 800.02Net realised gain on options /Realisierter Nettogewinn aus Optionen 322 863.02Net realised loss on foreign exchange /Realisierter Nettowechselkursverlust (217 573.27)

NET REALISED GAIN /REALISIERTER NETTOGEWINN 2 090 001.47

Net equalisation on net realised gain /Einkauf in realisierte Kursgewinne bei der Ausgabe/Rücknahme von Aktien (236 476.94)(2)NET REALISED GAIN AFTER EQUALISATION /REALISIERTER NETTOGEWINN NACH AUSGLEICH

1 853 524.53


3 906 381.33

NET INCREASE IN NET ASSETS AS A RESULT OF OPERATIONS AFTER EQUALISATION /NETTOZUNAHME DES NETTOVERMÖGENS GEMÄSS ERFOLGSRECHNUNG NACH AUSGLEICH

5 759 905.86


64 809 748.11



EURNotesAnmerkungen
















64 605 036.836.56

69 533 901.195.91

37 960 113.095.93



204 711.28

-6.56

185 127.51

-5.91

47 667.52

-5.93



31/12/1999

EUR EUR EUR







PLIVA GDR REG.SHS152 500 1 772 658.28 2.74%

CROATIA /KROATIEN 1 772 658.28 2.74%

EQUITIES /AKTIEN 49 918 988.35 77.02%


49 918 988.35 77.02%

CESKA SPORITELNA175 000 1 626 055.90 2.51%

CZECH REPUBLIC /TSCHECHISCHE REPUBLIK 8 913 211.46 13.75%

CESKE ENERGETICKE ZAVODY690 000 1 682 368.57 2.60%CESKY TELECOM207 950 2 392 615.17 3.69%KOMERCNI BANKA52 000 1 694 875.48 2.62%PHILIP MORRIS CR A.S5 800 1 517 296.34 2.34%

EESTI TELEKOM GDR REPR.SHS REG S78 000 1 055 592.95 1.63%

ESTONIA /ESTLAND 1 055 592.95 1.63%

DANUBIUS HOTEL AND SPA RT53 700 765 956.93 1.18%

HUNGARY /UNGARN 11 341 885.23 17.50%

GEDEON RICHTER37 000 2 275 845.95 3.51%GRAPHISOFT80 875 436 725.00 0.67%HUGARIAN TELECOM REG.1 230 000 4 549 444.05 7.02%MOL MAGYAR OLAY-ES GAZIPARI RT80 000 1 624 991.20 2.51%OTP BANK25 045 1 688 922.10 2.61%

AGORA SA89 480 1 306 982.48 2.02%

POLAND /POLEN 15 015 736.17 23.17%

BANK ZACHODNI WBK124 011 1 762 020.21 2.72%GRUPA PEKAO69 717 1 582 946.16 2.44%ORBIS208 593 1 043 261.24 1.61%PBK37 253 1 201 538.76 1.85%POLISH TELECOM TP GDR REP.1SHS -A- REG S1 019 000 4 005 502.98 6.18%POLSKI KONCERN GDR REPR.REG S WHEN ISSUE183 000 1 942 216.90 3.00%PROKOM SOFTWARE44 000 1 325 376.34 2.05%SOFTBANK131 712 845 891.10 1.31%

LUK OIL HOLDINGS ADR REPR.4 SHS40 000 2 201 257.77 3.40%

RUSSIA /RUSSLAND 11 819 904.26 18.24%

MOBILE TELESYSTEMS ADR REPR.20 SHS20 100 804 993.23 1.24%PRIMORSKY SHIPPING SP ADR36 689 405 897.82 0.63%SURGUTNEFTEGAZ JSC PFD ADR 100 PFD SHS75 000 1 672 001.28 2.58%UES GDR (RAO UNIFIED ENERGY SYSTEM)25 000 445 726.62 0.69%VIMPEL COMMUNICATIONS SPONS ADR 3/4 SHS20 000 585 130.25 0.90%YUKOS OIL COMPANY SP.ADR REPR.SHS65 333 5 704 897.29 8.80%

ZAGREBACKA BANKA GDR REPR.1/10TH SH REGS35 000 903 105.31 1.39%

CROATIA /KROATIEN 903 105.31 1.39%

EQUITIES /AKTIEN 3 685 225.59 5.69%


3 685 225.59 5.69%




EUR







UES PREF.SHS ADR REPR.100 PFD SHS150 000 1 954 177.82 3.02%

RUSSIA /RUSSLAND 2 782 120.28 4.29%

URALMASH-IZHORA ADR.REPR 1SHS190 000 827 942.46 1.28%

BASHNEFT PREF982 115 584 592.24 0.90%

RUSSIA /RUSSLAND 6 241 852.78 9.63%

EQUITIES /AKTIEN 6 241 852.78 9.63%

Other transferable securities /Sonstige Wertpapiere 6 241 852.78 9.63%

ENERGIYA10 000 662 623.51 1.02%JS AVTOVAZ50 000 696 316.23 1.07%MMC NORILSK NICKEL ADR REPR.1SHS30 000 581 199.44 0.90%NOVOSIBIRSK REGIONAL ELECTROSVYAZ10 000 000 207 771.78 0.32%ORENBURGNEFT PREF. SHS136 000 374 213.82 0.58%PERMENERGO239 000 429 469.88 0.66%RITEK850 000 1 183 737.60 1.83%SIBIRSKO URALSKAYA ALUMINIUM2 350 000 574 039.73 0.89%TRANSNEFT PREF.SHS4 000 947 888.55 1.46%



EUR







THE INFOLOGY FUND




THE EUROPE FUND



THE JAPAN FUND













THE JAPAN FUND


ASSETS /AKTIVEN

Investments in securities at market value /Wertpapierbestand zum Börsenwert 22 110 246 000(2)Acquisition cost /Anschaffungskosten 28 393 965 818:( JPY )

Brokers receivable /Forderungen gegenüber Brokern 195 390 960Amounts receivable on subscriptions /Forderungen aus Zeichnungen 30 662 947Other assets /Sonstige Aktiva 11 871 776

22 348 171 683


Bank overdrafts /Bankkredite 27 826 988Management fees payable /Verwaltungsgebühren 18 391 278(3)Amounts payable on redemptions /Verbindlichkeiten aus Rücknahmen 3 546 000Taxes and expenses payable /Steuern und sonstige Verbindlichkeiten 21 196 706

70 960 972

NET ASSETS /NETTOVERMÖGEN 22 277 210 711

JPYNotesAnmerkungen




36 401 555 043

INCOME /ERTRAG

Dividends, net /Dividenden, netto 175 394 165(2)Bank interest /Bankzinsen 308 613(2)Other financial income /Sonstige Erträge aus Finanzgeschäften 14 392 444

190 095 222

EXPENSES /AUFWAND

Management fees /Verwaltungsgebühren 312 402 404(3)Custodian fees /Vergütungen an Depotbank 18 283 398Taxe d'abonnement /Taxe d'abonnement 17 227 919(4)Domiciliary, administration and transfer agent fees /Vergütungen an Domizil-, Verwaltungs- und Transferstelle 9 517 154Auditing and professional fees /Vergütungen an Abschlussprüfer und Beratungskosten 3 173 483Publication, marketing and printing expenses /Kurspublikationen, Marketing und Druckkosten 2 406 946Bank interest and charges /Bankzinsen und Gebühren 1 732 746Other expenses /Sonstige Aufwendungen 2 881 848

367 625 898

NET INVESTMENT LOSS /NETTOVERLUST AUS WERTPAPIEREN (177 530 676)


30 680 016(2)

NET LOSS FOR THE YEAR /NETTOVERLUST DES GESCHÄFTSJAHRES (146 850 660)

Net realised loss on sale of investments /Realisierter Nettoverlust aus dem Verkauf von Wertpapieren (6 471 236 464)Net realised loss on foreign exchange /Realisierter Nettowechselkursverlust (38 526)

NET REALISED LOSS /REALISIERTER NETTOVERLUST (6 618 125 650)

Net equalisation on net realised loss /Einkauf in realisierte Kursverluste bei der Ausgabe/Rücknahme von Aktien 976 767 738(2)NET REALISED LOSS AFTER EQUALISATION /REALISIERTER NETTOVERLUST NACH AUSGLEICH

(5 641 357 912)


(207 530 949)


(5 848 888 861)

Net redemptions /Rücknahmen, netto (8 275 455 471)NET ASSETS AT THE END OF THE YEAR /NETTOVERMÖGEN AM ENDE DES GESCHÄFTSJAHRES

22 277 210 711

THE JAPAN FUND


JPYNotesAnmerkungen



THE JAPAN FUND













21 688 935 155802

35 648 486 857988

48 520 050 0301 430



588 275 556

-802

753 068 186

-988

851 773 456

-1 430



31/12/1999

JPY JPY JPY







DENSO CORP110 000 190 960 000 0.86%

AUTOMOTIVE /STRASSENFAHRZEUGE 1 973 150 000 8.86%

EQUITIES /AKTIEN 21 974 286 000 98.64%


22 110 246 000 99.25%

HONDA MOTOR97 000 507 310 000 2.28%TOYOTA MOTOR CORP384 000 1 274 880 000 5.72%

MITSUBISHI TOKYO FINANCIAL GROUP INC883 776 157 000 3.48%

BANKS AND CREDIT INSTITUTIONS /BANKEN UND KREDITINSTITUTE

1 807 082 000 8.11%

MIZUHO HOLDINGS INC1 650 440 550 000 1.98%PROMISE CO LTD50 000 354 500 000 1.59%SUMITOMO MITSUI BANKING425 000 235 875 000 1.06%

NIPPON SHEET GLASS CO LTD250 000 103 500 000 0.46%

BUILDING MATERIALS AND TRADE /BAUMATERIAL UND HANDEL

103 500 000 0.46%

NAMCO200 000 500 000 000 2.24%

CATERING /CATERING 500 000 000 2.24%

KANEKA CORP585 000 467 415 000 2.10%

CHEMICALS /CHEMIE 467 415 000 2.10%

MITSUI MINING SMELTING CO LTD780 000 335 400 000 1.51%

COAL MINING AND STEEL INDUSTRY /KOHLENBERGBAU UND STAHLINDUSTRIE

656 700 000 2.95%

NIPPON STEEL CORP1 700 000 321 300 000 1.44%

JAPAN TELECOM LTD623 244 839 000 1.10%

COMMUNICATIONS /KOMMUNIKATION 1 760 199 000 7.90%

NTT DOCOMO984 1 515 360 000 6.80%

FANUC LTD66 300 369 954 000 1.66%

ELECTRICAL ENGINEERING AND ELECTRONICS /ELEKTROTECHNIK UND ELEKTRONIK

2 398 024 000 10.76%

HITACHI LTD550 000 528 000 000 2.37%MABUCHI MOTOR CO LTD55 900 603 720 000 2.71%SKY PERFECT COMMUNICATIONS INC3 200 387 200 000 1.74%SONY CORP85 000 509 150 000 2.29%

CANON INC257 000 1 159 070 000 5.20%

ELECTRONICS & SEMICONDUCTORS /ELEKTRONIK UND HALBLEITER

2 909 859 000 13.06%

HOYA CORP57 400 449 442 000 2.02%KEYENCE CORP14 000 305 060 000 1.37%MATSUSHITA ELECTRIC IND.200 000 336 600 000 1.51%RICOH COMPANY LTD.140 000 341 600 000 1.53%ROHM CO LTD18 700 318 087 000 1.43%

Investments in securities at market value /Wertpapierbestand zum Börsenwert 22 110 246 000 99.25%

THE JAPAN FUND


JPY







ASAHI BREWERIES584 000 688 536 000 3.09%

FOOD AND NON-ALCOHOLIC BEVERAGES /NAHRUNGSMITTEL UND ALKOHOLFREIE GETRÄNKE

885 916 000 3.98%

NIPPON MEAT PACKERS INC., OSAKA142 000 197 380 000 0.89%

TOPPAN PRINTING320 000 386 880 000 1.74%

GRAPHIC ARTS AND PUBLISHING /GRAPHISCHES GEWERBE UND VERLAGE

386 880 000 1.74%

NOMURA HOLDINGS130 000 218 400 000 0.98%

HOLDING AND FINANCE COMPANIES /HOLDINGS UND FINANZGESELLSCHAFTEN

218 400 000 0.98%

CSK CORP100 000 307 000 000 1.38%

INTERNET & INTERNET SERVICES /INTERNET UND INTERNET - DIENSTLEITUNGEN

307 000 000 1.38%

NSK LTD640 000 289 280 000 1.30%

MACHINERY AND INSTRUMENTS /MASCHINEN- UND APPARATEBAU

289 280 000 1.30%

KONAMI CO LTD109 800 427 122 000 1.92%

MISCELLANEOUS CONSUMER GOODS /VERSCHIEDENE KONSUMGÜTER

427 122 000 1.92%

NIPPON TEL. TEL.1 160 495 320 000 2.22%

MISCELLANEOUS SERVICES /VERSCHIEDENE DIENSTLEISTUNGEN

1 028 540 000 4.62%

NOMURA RESEARCH INSTITUTE9 000 138 420 000 0.62%SECOM CO LTD60 000 394 800 000 1.77%

NIPPON MINING AND METALS CO603 000 221 904 000 1.00%

NON-FERROUS METALS /NICHTEISENMETALLE 221 904 000 1.00%

FUJITSU LTD240 000 228 960 000 1.03%

OFFICE SUPPLIES AND COMPUTING /BÜROMATERIAL UND COMPUTER

228 960 000 1.03%

FUJISAWA PHARMACEUTICAL CO LTD85 000 256 700 000 1.15%

PHARMACEUTICALS AND COSMETICS /PHARMAINDUSTRIE UND KOSMETIK

1 804 760 000 8.10%

TAISHO PHARMACEUTIC170 000 350 200 000 1.57%TAKEDA CHEMICAL IND202 000 1 197 860 000 5.38%

OLYMPUS OPTICAL CO LTD314 000 591 890 000 2.66%

PHOTOGRAPHY AND OPTICS /PHOTO UND OPTIK 591 890 000 2.66%

MITSUI FUDOSAN446 000 446 000 000 2.00%

REAL ESTATE /IMMOBILIEN 446 000 000 2.00%

MATSUMOTOKIYOSHI CO LTD82 600 382 438 000 1.72%

RETAILING, DEPARTMENT STORES /EINZELHANDEL UND WARENHÄUSER

836 538 000 3.76%

SEVEN-ELEVEN JAPAN CO LTD95 000 454 100 000 2.04%

FAST RETAILING CO LTD57 700 672 782 000 3.02%

TEXTILES AND GARMENTS /TEXTILIEN UND BEKLEIDUNG 672 782 000 3.02%

EAST JAPAN RAILWAY CO1 025 648 825 000 2.91%

TRANSPORTATION /TRANSPORTE 648 825 000 2.91%

THE JAPAN FUND


JPY







CHUBU ELECTRIC POWER171 000 403 560 000 1.81%

UTILITIES /ENERGIE- UND WASSERVERSORGUNG 403 560 000 1.81%

JAPAN REAL ESTATE INVESTMENT CORP264 135 960 000 0.61%

UNIT TRUSTS /ANTEILE IN INVESTMENTFONDS 135 960 000 0.61%

SHARES OF UCITS /INVESTMENTSFONDSAKTIEN 135 960 000 0.61%

THE JAPAN FUND


JPY







THE INFOLOGY FUND




THE EUROPE FUND



THE JAPAN FUND















ASSETS /AKTIVEN

Investments in securities at market value /Wertpapierbestand zum Börsenwert 12 667 455 557(2)Acquisition cost /Anschaffungskosten 16 900 976 329:( JPY )

Cash /Flüssige Mittel 635 614 226Interest and dividends receivable, net /Zinsguthaben und Dividenden, netto 935 029Amounts receivable on subscriptions /Forderungen aus Zeichnungen 4 095 762Other assets /Sonstige Aktiva 8 275 841

13 316 376 415


Brokers payable /Verbindlichkeiten gegenüber Brokern 1 419 461Management fees payable /Verwaltungsgebühren 16 729 218(3)Amounts payable on redemptions /Verbindlichkeiten aus Rücknahmen 1 692 900Taxes and expenses payable /Steuern und sonstige Verbindlichkeiten 9 579 159

29 420 738

NET ASSETS /NETTOVERMÖGEN 13 286 955 677

JPYNotesAnmerkungen




16 850 315 823

INCOME /ERTRAG

Dividends, net /Dividenden, netto 88 196 645(2)Interest on bonds, net /Zinsen aus Renten, netto 3 262 485(2)Bank interest /Bankzinsen 4 575 883(2)Other financial income /Sonstige Erträge aus Finanzgeschäften 19 469 640

115 504 653

EXPENSES /AUFWAND

Management fees /Verwaltungsgebühren 257 894 993(3)Custodian fees /Vergütungen an Depotbank 10 165 483Taxe d'abonnement /Taxe d'abonnement 9 729 760(4)Domiciliary, administration and transfer agent fees /Vergütungen an Domizil-, Verwaltungs- und Transferstelle 7 430 320Auditing and professional fees /Vergütungen an Abschlussprüfer und Beratungskosten 1 919 680Publication, marketing and printing expenses /Kurspublikationen, Marketing und Druckkosten 1 406 126Bank interest and charges /Bankzinsen und Gebühren 4 199 195Other expenses /Sonstige Aufwendungen 4 430 533

297 176 090

NET INVESTMENT LOSS /NETTOVERLUST AUS WERTPAPIEREN (181 671 437)


18 434 693(2)

NET LOSS FOR THE YEAR /NETTOVERLUST DES GESCHÄFTSJAHRES (163 236 744)

Net realised loss on sale of investments /Realisierter Nettoverlust aus dem Verkauf von Wertpapieren (1 594 297 900)Net realised gain on foreign exchange /Realisierter Nettowechselkursgewinn 25 876 788

NET REALISED LOSS /REALISIERTER NETTOVERLUST (1 731 657 856)

Net equalisation on net realised loss /Einkauf in realisierte Kursverluste bei der Ausgabe/Rücknahme von Aktien 103 746 492(2)NET REALISED LOSS AFTER EQUALISATION /REALISIERTER NETTOVERLUST NACH AUSGLEICH

(1 627 911 364)


(665 164 439)


(2 293 075 803)

Net redemptions /Rücknahmen, netto (1 270 284 343)NET ASSETS AT THE END OF THE YEAR /NETTOVERMÖGEN AM ENDE DES GESCHÄFTSJAHRES

13 286 955 677



JPYNotesAnmerkungen
















13 195 449 2141 919

16 701 837 1782 208

25 447 626 9183 652



91 506 463

-1 919

148 478 645

-2 208

280 743 970

-3 652



31/12/1999

JPY JPY JPY







AKEBONO BRAKE INDUSTRY CO LTD330 589 66 117 800 0.50%

AUTOMOTIVE /STRASSENFAHRZEUGE 239 385 779 1.80%

EQUITIES /AKTIEN 7 091 651 869 53.37%


7 146 705 388 53.79%

TACHI-S CO LTD220 616 131 045 904 0.99%TOYO RADIATOR CO LTD172 335 42 222 075 0.32%

TOKYO TOMIN BANK LTD144 171 160 029 809 1.20%

BANKS AND CREDIT INSTITUTIONS /BANKEN UND KREDITINSTITUTE

160 029 809 1.20%

ADVAN CO100 249 137 942 624 1.04%

BUILDING MATERIALS AND TRADE /BAUMATERIAL UND HANDEL

262 212 001 1.97%

NITTO BOSEKI CO LTD1 099 729 124 269 377 0.94%

DOUTOR COFFEE CO LTD11 936 82 358 399 0.62%


SAIZERIYA CO LTD35 271 175 649 580 1.32%

UBE INDUSTRIES LTD1 005 849 129 754 521 0.98%


ENPLAS CORP27 962 73 120 630 0.55%


848 892 392 6.39%

FUNAI ELECTRIC CO16 764 162 443 164 1.22%HAKUTO95 086 166 875 931 1.26%KENWOOD CORP368 141 32 396 408 0.24%SKY PERFECT COMMUNICATIONS INC1 196 144 716 050 1.09%SUMITOMO SPEC METAL205 863 110 342 568 0.83%TOMEN ELECTRONICS43 922 158 997 642 1.20%

CMK CORP150 877 130 508 605 0.98%


671 434 733 5.05%

JAPAN AVIATION ELECTRONICS INDUSTRY301 754 140 013 856 1.05%MORITEX14 484 18 032 579 0.14%NIDEC DOPAL ELECTRONICS78 456 63 549 360 0.48%NIPPON ELECTRIC GLASS CO LTD128 748 123 984 324 0.93%YAMAICHI ELECTRONICS138 606 120 310 008 0.91%ZUKEN75 036 75 036 000 0.56%

Q'SAI127 474 71 257 966 0.54%

FOOD AND NON-ALCOHOLIC BEVERAGES /NAHRUNGSMITTEL UND ALKOHOLFREIE GETRÄNKE

231 271 841 1.74%

ROCK FIELD CO LTD55 657 160 013 876 1.20%

SHOBUNSHA PUBLICATIONS137 667 181 720 439 1.37%


181 720 439 1.37%

Investments in securities at market value /Wertpapierbestand zum Börsenwert 12 667 455 557 95.34%



JPY







NIPPON SYSTEMWARE41 373 189 902 072 1.43%


235 633 582 1.77%

TRANS COSMOS INC13 411 45 731 511 0.34%

CKD CORP303 766 97 812 652 0.74%


657 197 546 4.95%

JUKI CORP173 006 26 296 912 0.20%MORI SEIKI CO LTD205 193 161 076 505 1.21%SANTEC CORP47 878 43 329 590 0.33%THK CO LTD73 561 140 648 632 1.06%TRUSCO NAKAYAMA101 255 127 682 555 0.96%TSUBAKIMOTO CHAIN CO201 169 60 350 700 0.45%

ASAHI TECHNO GLASS288 343 56 803 571 0.43%


56 803 571 0.43%

F M CO LTD121 56 264 795 0.42%


656 596 608 4.94%

MOSHI MOSHI HOTLINE15 993 166 327 198 1.25%NET ONE SYSTEMS CO97 186 239 479 1.40%VENTURE LINK CO34 701 247 765 136 1.86%

MATSUDA SANGYO119 360 112 198 399 0.84%

MISCELLANEOUS TRADING COMPANIES /VERSCHIEDENE HANDELSGESELLSCHAFTEN

239 520 838 1.80%

NICHIMEN CORP.1 744 143 127 322 439 0.96%

JAPAN BUSINESS COMPUTER CO71 817 110 957 265 0.84%


136 634 304 1.03%

PLAT'HOME CO LTD81 25 677 040 0.19%

MILBON CO LTD50 694 137 887 681 1.04%


574 152 162 4.32%

SUGI PHARMACY CO LTD46 134 276 804 001 2.08%TOYAMA CHEMICAL LTD388 928 159 460 480 1.20%

NORITSU KOKI113 996 194 933 160 1.47%


CREEK276 78 384 127 0.59%


FAMILYMART CO LTD58 339 128 637 494 0.97%


1 279 086 476 9.63%

KEIYO CO LTD173 341 121 338 699 0.91%KS DENKI CORP55 455 48 634 036 0.37%MATSUMOTOKIYOSHI CO LTD26 822 124 185 858 0.93%NITORI94 147 263 611 600 1.98%RYOHIN KEIKAKU CO LTD71 482 189 427 299 1.43%SEIYU LTD1 397 460 381 506 580 2.87%TOP CULTURE CO35 942 21 744 910 0.16%



JPY







LAOX 5 CV 1.80 97-04 31/03A15 423 032 13 572 268 0.10%


13 572 268 0.10%

CONVERTIBLE BONDS /WANDEL OBLIGATIONEN 55 053 519 0.41%

KYORITSU MAIN.CV NO.1 0.60 99-04 31/03S40 233 997 41 481 251 0.31%


41 481 251 0.31%

MUSASHI SEIMITSU INDUSTRY CO52 304 68 518 240 0.52%

AUTOMOTIVE /STRASSENFAHRZEUGE 68 518 240 0.52%

EQUITIES /AKTIEN 5 142 773 950 38.71%


5 333 416 706 40.14%

KAKIYASU HONTEN CO27 493 39 864 850 0.30%


ORIGIN TOSHU CO46 604 149 132 800 1.12%SAINT MARC CO LTD60 216 231 831 600 1.74%

T K TOKA CO47 878 101 022 579 0.76%


TANAKA CHEMICAL CORP26 152 14 383 600 0.11%

OKINAWA CELLULAR TELEPHONE CO402 46 229 997 0.35%

COMMUNICATIONS /KOMMUNIKATION 46 229 997 0.35%

ENOMOTO CO LTD132 772 31 865 280 0.24%


364 834 433 2.75%

ROKI TECHNO CO LTD80 467 59 143 245 0.45%TECHNO QUARTZ100 584 73 426 320 0.55%UMC JAPAN167 200 399 587 1.51%

CITIZEN ELECTRONICS26 621 204 981 698 1.54%


405 974 458 3.06%

DIGITAL ELECTRONICS48 347 77 355 200 0.58%JAPAN ELECTRONIC MATERIALS68 397 78 656 550 0.59%LASERTEC CORP34 869 44 981 010 0.34%

YONKYU CO LTD29 773 55 675 510 0.42%

FARMING AND FISHERY /LANDWIRTSCHAFT UND FISCHEREI

55 675 510 0.42%

BUNKYODO65 715 52 572 000 0.40%


52 572 000 0.40%

JUSTSYSTEM79 126 64 092 060 0.48%


428 703 064 3.23%

OBIC BUSINESS CONSULTANTS CO44 793 176 932 350 1.33%YAHOO JAPAN CORP46 187 678 654 1.41%



JPY







ARUZE CORP63 770 165 802 001 1.25%


207 644 561 1.56%

UHT CORP43 586 41 842 560 0.31%

ARRK CORP26 822 149 666 758 1.13%


149 666 758 1.13%

DAIICHIKOSHO CO LTD84 692 202 413 879 1.52%


662 544 728 4.99%

DRAKE BEAM MORIN JAPAN20 653 185 876 998 1.40%INTAGE INC2 011 1 588 690 0.01%JAPAN CARE SERVICE86 503 32 265 619 0.24%N.I.C.CORP50 292 74 432 160 0.56%PLAZA CREATE23 000 39 100 000 0.29%RAKUTEN46 30 359 782 0.23%WOODLAND172 335 96 507 600 0.73%

PALTEK CORP199 828 103 710 732 0.78%

MISCELLANEOUS TRADING COMPANIES /VERSCHIEDENE HANDELSGESELLSCHAFTEN

103 710 732 0.78%

IO DATA DEVICE INC147 591 102 575 744 0.77%


102 575 744 0.77%

FUJI SEAL47 006 213 877 299 1.61%

PACKAGING /VERPACKUNGSINDUSTRIE 213 877 299 1.61%

MEDICAL AND BIOLOGICAL LABORATORIES108 631 105 372 070 0.79%


105 372 070 0.79%

NIHON JUMBO CO LTD38 557 18 892 929 0.14%


RELO HOLDINGS INC28 767 81 698 279 0.61%


CAWACHI LTD16 831 126 232 501 0.95%


1 194 488 549 8.99%

OTSUKA KAGU26 017 118 377 349 0.89%PLENUS CO LTD58 473 350 838 000 2.64%PRIME NETWORK INC91 59 149 759 0.45%RALSE CO LTD10 729 6 544 690 0.05%TOYS R US-JAPAN24 140 60 350 001 0.45%UNITED ARROWS57 333 243 665 249 1.83%UORIKI CO73 024 146 047 999 1.10%WORKMAN CO36 210 83 283 001 0.63%

HIMIKO CO LTD61 692 72 796 560 0.55%

TEXTILES AND GARMENTS /TEXTILIEN UND BEKLEIDUNG 72 796 560 0.55%

HIS CO LTD73 091 157 145 651 1.18%

TRANSPORTATION /TRANSPORTE 241 795 210 1.82%

YUSEN AIR AND SEA111 381 84 649 560 0.64%



JPY







NAGANO KEIKI CO16 093 28 967 400 0.22%

WATCHMAKING /UHRENINDUSTRIE 28 967 400 0.22%

THK CO CV NO.3 0.30 96-03 30/09S31 516 630 32 714 262 0.25%


32 714 262 0.25%


DAIICHIKOSHO CV NO.1 0.65 96-05 31/03S124 725 390 121 607 255 0.92%


145 747 653 1.10%

KANTO BIO CV NO.2 1.60 97-06 30/11S26 822 664 24 140 397 0.18%

RISO KAGAKU CV N.2 1.50 94-09 31/03S14 081 898 12 180 842 0.09%


12 180 842 0.09%

BUNKYODO CV 0.50 00-04 31/08S201 169 985 179 041 287 1.35%


179 041 287 1.35%


Other transferable securities /Sonstige Wertpapiere 179 041 287 1.35%



JPY

Fractions /Fraktionen 8 292 176 0.06%







THE INFOLOGY FUND




THE EUROPE FUND



THE JAPAN FUND















ASSETS /AKTIVEN

Investments in securities at market value /Wertpapierbestand zum Börsenwert 127 984 576.47(2)Acquisition cost /Anschaffungskosten 133 926 414.88:( HKD )

Cash /Flüssige Mittel 3 745 029.19Brokers receivable /Forderungen gegenüber Brokern 15 699.69Other assets /Sonstige Aktiva 19 457.87

131 764 763.22


Brokers payable /Verbindlichkeiten gegenüber Brokern 1 000 971.17Management fees payable /Verwaltungsgebühren 162 291.24(3)Taxes and expenses payable /Steuern und sonstige Verbindlichkeiten 101 042.17

1 264 304.58


HKDNotesAnmerkungen




173 099 373.96

INCOME /ERTRAG


2 536 621.23

EXPENSES /AUFWAND


3 140 307.77



58 602.86(2)


Net realised loss on sale of investments /Realisierter Nettoverlust aus dem Verkauf von Wertpapieren (62 678 026.33)Net realised gain on foreign exchange /Realisierter Nettowechselkursgewinn 2 772.53



(55 792 482.24)


39 876 839.14


(15 915 643.10)


130 500 458.64



HKDNotesAnmerkungen





Number of shares outstanding at the beginning of the year/Anzahl ausstehender Aktien zu Beginn des GeschäftsjahresClass A /Kategorie A 377 235.989



Class D /Kategorie D 244.000



Number of shares outstanding at the end of the year/Anzahl ausstehender Aktien am Ende des GeschäftsjahresClass A /Kategorie A 322 430.958





129 799 191.77402.56

172 214 189.92456.52

119 952 304.57626.86



701 266.87

-402.56

885 184.04

-456.52

741 572.26

-626.86



31/12/1999

HKD HKD HKD







CHINA SOUTHERN AIRLINES -H-563 210 1 267 222.50 0.97%

CHINA /CHINA 4 394 905.50 3.37%

EQUITIES /AKTIEN 127 984 144.60 98.07%


127 984 144.60 98.07%

HUANENG POWER INTL INC -H-398 985 1 875 229.50 1.44%PETROCHINA -H-907 575 1 252 453.50 0.96%

ASIA SATELLITE TELECOMMUNICATIONS HOLDING115 029 1 495 377.00 1.15%

HONG KONG /HONGKONG 76 398 678.74 58.54%

BRILLIANCE CHINA AUTOMOTIVE HOLDINGS745 340 1 065 836.20 0.82%CHEUNG-KONG HOLDINGS LTD62 578 5 068 818.00 3.88%CHINA EVERBRIGHT LTD239 825 1 402 976.25 1.08%CHINA L&P HLDGS192 258 5 719 675.51 4.38%CHINA MOBILE (HONG KONG) LTD408 210 11 205 364.50 8.59%CHINA RESOURCES BEIJING LAND LTD522 335 799 172.55 0.61%CHINA UNICOM LTD90 432 777 715.19 0.60%DAH SING FINANCIAL HOLDINGS LTD91 460 3 374 873.98 2.59%DIGITAL CHINA HOLDINGS439 825 1 495 405.00 1.15%ESPRIT HOLDINGS313 105 2 755 324.00 2.11%GIORDANO INTERNATIONAL LTD345 450 1 191 802.50 0.91%HANG SENG BANK LTD88 930 7 625 747.53 5.84%HENDERSON LAND DEVLOPMENT CO LTD124 434 4 380 076.80 3.36%HSBC HOLDINGS PLC (USD 0.5)35 304 3 221 490.03 2.47%HUTCHISON WHAMPOA154 096 11 595 723.98 8.89%LI AND FUNG LTD239 463 2 095 301.25 1.61%PICO FAR EAST HOLDINGS658 344 395 006.40 0.30%SHANGHAI INDUSTRIAL HOLDINGS LTD82 112 1 174 201.60 0.90%SUN HUNG KAI PROPERTIES LTD113 401 7 144 263.00 5.47%TEXWINCA HOLDINGS315 426 1 174 961.85 0.90%VARITRONIX INTERNATIONAL LTD238 378 1 239 565.60 0.95%

AMBIT MICROSYSTEMS34 855 1 250 892.88 0.96%

TAIWAN /TAIWAN 47 190 560.36 36.16%

ASUSTEK COMPUTER152 694 5 207 659.30 3.99%BANK SINOPAC1 460 657 4 753 683.49 3.64%D LINK CORP90 269 1 167 066.99 0.89%DELTA ELECTRONIC INDUSTRIAL CO LTD49 629 669 298.83 0.51%FORMOSA CHEMICALS FIBER CO LTD219 019 1 147 304.82 0.88%HON HAI PRECISION INDUSTRY CO LTD98 071 3 497 757.92 2.68%MACRONIX INTERNATIONAL CO228 227 1 368 511.54 1.05%MEDIA TEK INCORPORATION14 469 1 896 465.79 1.45%PRESIDENT CHAIN STORE CORP167 009 2 754 867.77 2.11%QUANTA COMPUTER INC96 762 2 458 888.57 1.88%SUNPLUS TECHNOLOGY100 821 2 427 190.80 1.86%TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD635 977 12 404 481.76 9.51%UNITED MICROELECTRONICS CORP544 183 6 186 489.90 4.74%




HKD








THE INFOLOGY FUND




THE EUROPE FUND



THE JAPAN FUND















ASSETS /AKTIVEN


Cash /Flüssige Mittel 599 063.54Amounts receivable on subscriptions /Forderungen aus Zeichnungen 42 308.62Other assets /Sonstige Aktiva 16 171.54

109 457 467.24


Bank overdrafts /Bankkredite 367 384.83Brokers payable /Verbindlichkeiten gegenüber Brokern 8 536.21Management fees payable /Verwaltungsgebühren 133 934.85(3)Taxes and expenses payable /Steuern und sonstige Verbindlichkeiten 114 136.62

623 992.51


USDNotesAnmerkungen




163 794 947.57

INCOME /ERTRAG


2 549 602.25

EXPENSES /AUFWAND


2 442 621.60



(3 612.00)(2)





(36 891 889.09)


30 346 799.59


(6 545 089.50)


108 833 474.73



USDNotesAnmerkungen
















108 775 971.575.59

163 635 920.255.97

184 296 150.469.62



57 503.16

-5.59

159 027.32

-5.97

58 487.94

-9.62



31/12/1999

USD USD USD







BRL HARDY120 042 675 103.90 0.62%

AUSTRALIA /AUSTRALIEN 2 025 750.10 1.86%

EQUITIES /AKTIEN 108 799 482.47 99.97%


108 799 482.47 99.97%

FOSTER BREWING GROUP LTD199 329 493 039.68 0.45%MEDICAL IMAGING AUSTRALASIA1 166 125 857 606.51 0.79%

HUANENG POWER INTL INC -H-1 181 739 712 210.53 0.65%

CHINA /CHINA 959 120.04 0.88%

PETROCHINA -H-1 395 307 246 909.51 0.23%

ASIA SATELLITE TELECOMMUNICATIONS HOLDING817 785 1 363 237.29 1.25%

HONG KONG /HONGKONG 36 461 844.97 33.50%

BRILLIANCE CHINA AUTOMOTIVE HOLDINGS3 368 136 617 610.43 0.57%CHEUNG-KONG HOLDINGS LTD201 999 2 098 085.60 1.93%CHINA EVERBRIGHT LTD1 135 466 851 763.38 0.78%CHINA MOBILE (HONG KONG) LTD1 444 249 5 083 623.62 4.67%DAH SING FINANCIAL HOLDINGS LTD303 497 1 436 050.57 1.32%DIGITAL CHINA HOLDINGS1 762 109 768 246.60 0.71%E KONG GROUP19 124 962 110 357.56 0.10%ESPRIT HOLDINGS1 090 303 1 230 322.16 1.13%HANG SENG BANK LTD367 513 4 041 064.66 3.71%HENDERSON LAND DEVLOPMENT CO LTD418 236 1 887 787.22 1.73%HUTCHISON WHAMPOA772 402 7 453 132.79 6.85%LI AND FUNG LTD1 160 382 1 301 961.08 1.20%PICO FAR EAST HOLDINGS9 277 724 713 808.42 0.66%SHANGHAI INDUSTRIAL HOLDINGS LTD402 218 737 541.57 0.68%SUN HUNG KAI PROPERTIES LTD485 865 3 925 049.42 3.61%TEXWINCA HOLDINGS2 002 194 956 359.99 0.88%VIETNAM ENTERPRISE INVESTMENTS733 986 697 286.70 0.64%YUE YUEN INDUSTRIAL HOLDING632 693 1 188 555.92 1.09%

INFOSYS TECHNOLOGIES DEMATERALISED9 343 789 128.64 0.73%

INDIA /INDIEN 1 778 807.65 1.63%

RANBAXY LABORATORIES DEMATERIALISED69 142 989 679.01 0.91%

BERJAYA SPORTS TOTO BHD1 239 580 2 071 375.92 1.90%

MALAYSIA /MALAYSIA 9 013 939.30 8.28%

BRITISH AMERICAN TOBACCO (M) BHD105 893 1 031 049.73 0.95%COURS MAMMOTH BHD1 526 117 1 349 390.80 1.24%GAMUDA BHD315 011 374 692.31 0.34%HONG LEONG BANK BHD1 027 793 984 504.43 0.90%PHARMANIAGA BHD540 147 1 137 136.47 1.04%SIME DARBY BHD905 881 1 168 094.20 1.07%TANJONG PLC401 328 897 695.45 0.82%

SM PRIME HOLDINGS INC3 470 470 424 130.24 0.39%

PHILIPPINES /PHILIPPINEN 424 130.24 0.39%

OVERS CHINESE BANK364 844 2 173 454.55 2.00%

SINGAPORE /SINGAPUR 10 049 217.14 9.23%




USD







SEMBCORP LOGISTICS450 271 438 931.91 0.40%SINGAPORE PRESS HOLDINGS69 409 819 450.93 0.75%SINGAPORE TECHNOLOGIES ENGINEERING1 241 805 1 580 417.89 1.45%UNITED OVERSEAS BANK449 417 3 091 034.74 2.84%VENTURE MANUFACTURING SINGAPORE270 162 1 945 927.13 1.79%

DAEWOO SHIPBUILDING AND MARINE ENGINEERING80 977 391 463.47 0.36%

SOUTH KOREA /SÜDKOREA 25 717 927.93 23.63%

HANA BANK166 119 2 137 282.07 1.96%KOOKMIN BANK71 310 2 703 557.48 2.48%KOREA ELECTRIC POWER CORP111 944 1 849 338.39 1.70%LG CABLE AND MACHINERY33 191 363 863.64 0.33%PACIFIC CORP7 795 783 332.01 0.72%POHANG IRON STEEL CO LTD31 688 2 943 137.08 2.70%SAMSUNG ELECTRONICS CO LTD38 789 8 238 888.29 7.57%SHINHAN FINANCIAL GROUP130 899 1 748 917.32 1.61%SHINSEGAE CO LTD5 330 564 024.32 0.52%SK TELEKOM14 771 3 013 703.42 2.77%YOU EAL ELECTRONICS CO95 749 980 420.45 0.90%

ASUSTEK COMPUTER537 033 2 348 609.69 2.16%

TAIWAN /TAIWAN 20 123 755.58 18.49%

BANK SINOPAC4 320 144 1 802 891.22 1.66%FORMOSA CHEMICALS FIBER CO LTD742 182 498 536.23 0.46%HON HAI PRECISION INDUSTRY CO LTD372 013 1 701 361.28 1.56%MACRONIX INTERNATIONAL CO654 507 503 251.44 0.46%MEDIA TEK INCORPORATION106 783 1 794 724.91 1.65%PRESIDENT CHAIN STORE CORP671 847 1 421 086.61 1.31%TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD2 833 252 7 086 172.21 6.51%UNITED MICROELECTRONICS CORP2 035 386 2 967 122.00 2.73%

ADVANCED INFO SERVICE -F-500 993 461 522.20 0.42%

THAILAND /THAÏLAND 2 244 989.53 2.06%

LAND AND HOUSE PUBLIC -F-1 067 837 941 462.23 0.87%THAI FARMERS BANK PUBLIC CO LTD -FOREIGN1 708 539 842 005.10 0.77%

CONCORDIA PAPER SP.ADR REPR.5 SHS BANKRUPT5 784 0.01 0.00%

HONG KONG /HONGKONG 0.01 0.00%





USD








THE INFOLOGY FUND




THE EUROPE FUND



THE JAPAN FUND















ASSETS /AKTIVEN


Cash /Flüssige Mittel 14 742.90Other assets /Sonstige Aktiva 174.65

1 272 469.49


Taxes and expenses payable /Steuern und sonstige Verbindlichkeiten 424.79

424.79


EURNotesAnmerkungen



NET ASSETS AT THE BEGINNING OF THE PERIOD /NETTOVERMÖGEN ZU BEGINN DER GESCHÄFTSPERIODE

0.00

INCOME /ERTRAG

Dividends, net /Dividenden, netto 3 145.07(2)Bank interest /Bankzinsen 6 288.02(2)

9 433.09

EXPENSES /AUFWAND

Custodian fees /Vergütungen an Depotbank 1 115.55Taxe d'abonnement /Taxe d'abonnement 625.83(4)Domiciliary, administration and transfer agent fees /Vergütungen an Domizil-, Verwaltungs- und Transferstelle 1 211.01Auditing and professional fees /Vergütungen an Abschlussprüfer und Beratungskosten 1 046.91Publication, marketing and printing expenses /Kurspublikationen, Marketing und Druckkosten 566.00Bank interest and charges /Bankzinsen und Gebühren 1.86Other expenses /Sonstige Aufwendungen 1 550.30

6 117.46


Net equalisation on net investment income for the period /Nettoertragsausgleich bei der Ausgabe/Rücknahme von Aktien für die Geschäftsperiode

(906.49)(2)

NET INCOME FOR THE PERIOD /NETTOGEWINN DER GESCHÄFTSPERIODE 2 409.14

Net realised loss on sale of investments /Realisierter Nettoverlust aus dem Verkauf von Wertpapieren (231 147.33)Net realised loss on futures /Realisierter Nettoverlust aus Termingeschäften (41 637.56)Net realised loss on foreign exchange /Realisierter Nettowechselkursverlust (7 183.08)

NET REALISED LOSS /REALISIERTER NETTOVERLUST (277 558.83)


(261 553.83)


43 203.89


(218 349.94)

Net subscriptions /Zeichnungen, netto 1 490 394.64NET ASSETS AT THE END OF THE PERIOD /NETTOVERMÖGEN AM ENDE DER GESCHÄFTSPERIODE

1 272 044.70


STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD FROM 16/05/2001 TO 31/12/2001VERÄNDERUNG DES NETTOVERMÖGENS FÜR DIE GESCHÄFTSPERIODE VOM 16.05.2001 BIS ZUM 31.12.2001

EURNotesAnmerkungen




STATEMENT OF CHANGES IN THE NUMBER OF SHARES OUTSTANDING FOR THE PERIOD FROM 16/05/2001 TO 31/12/2001VERÄNDERUNG DER ANZAHL DER AKTIEN FÜR DIE GESCHÄFTSPERIODE VOM 16.05.2001 BIS ZUM 31.12.2001

Number of shares outstanding at the beginning of the period/Anzahl ausstehender Aktien zu Beginn der GeschäftsperiodeClass A /Kategorie A 0.000






Number of shares outstanding at the end of the period/Anzahl ausstehender Aktien am Ende der GeschäftsperiodeClass A /Kategorie A 147 722.519





1 272 044.708.61



0.00

-

31/12/2001For the period/year ended /Abschluss per


EUR







CHECK POINT SOFTWARE TECHNOLOGIES800 35 840.07 2.82%

ISRAEL /ISRAEL 77 214.64 6.07%

EQUITIES /AKTIEN 1 257 551.94 98.86%


1 257 551.94 98.86%

TEVA PHARMACEUTICAL INDUSTRIES 1 UT =1SH600 41 374.57 3.25%

ASSICURAZIONI GENERALI2 100 65 478.00 5.15%

ITALY /ITALIEN 882 564.30 69.38%

AUTOSTRADE CONCESSIONI E COSTRUZIONI -A-5 500 42 900.00 3.37%BANCA INTESA SPA AZ.13 000 36 569.00 2.87%BANCO POPOLARE DI VERONA E.S GEMI4 500 49 500.00 3.89%BUZZI UNICEM5 000 37 160.00 2.92%COFIDE (CIA FIN.DE BENEDETTI) SPA80 000 39 704.00 3.12%CREDITO EMILIANO SPA CREDEM7 000 40 243.00 3.16%ENI AZ4 300 60 419.30 4.75%FERRETTI SPA11 000 40 227.00 3.16%IFIL6 900 36 363.00 2.86%ING C OLIVETTI40 000 57 520.00 4.52%MEDIASET5 000 40 925.00 3.22%PARMALAT FINANZIARIA16 000 48 480.00 3.81%SNIA SPA25 000 37 750.00 2.97%TELECOM ITALIA6 500 62 400.00 4.91%TELECOM ITALIA AZ.DI RISP.NON CONV.10 000 60 000.00 4.72%TELECOM ITALIA MOBILE SPA9 500 59 546.00 4.68%UNICREDITO ITALIANO15 000 67 380.00 5.30%

BANCO BILBAO VIZCAYA ARGENTARIA NAMEN-AK4 000 55 600.00 4.37%

SPAIN /SPANIEN 297 773.00 23.41%

CORPORACION MAPFRE REG7 500 48 825.00 3.84%ENDESA2 400 42 168.00 3.31%PORTLAND VALDERRIVAS SA2 000 45 720.00 3.59%TELEFONICA SA4 500 67 635.00 5.32%TPI8 500 37 825.00 2.97%




EUR







THE INFOLOGY FUND




THE EUROPE FUND



THE JAPAN FUND















ASSETS /AKTIVEN


Cash /Flüssige Mittel 40 566 869.46Interest and dividends receivable, net /Zinsguthaben und Dividenden, netto 15 027 689.75Brokers receivable /Forderungen gegenüber Brokern 116 543.82Amounts receivable on subscriptions /Forderungen aus Zeichnungen 319 728.27Net unrealised appreciation on forward foreign currency exchange contracts /Nicht realisierter Nettogewinn aus Devisentermingeschäften

100 182.21(5)

Other assets /Sonstige Aktiva 78 199.88

600 070 571.79



1 109 662.88


EURNotesAnmerkungen




669 149 024.81

INCOME /ERTRAG

Interest on bonds, net /Zinsen aus Renten, netto 35 012 068.27(2)Bank interest /Bankzinsen 1 547 404.80(2)Other financial income /Sonstige Erträge aus Finanzgeschäften 9 026.48

36 568 499.55

EXPENSES /AUFWAND


6 519 118.73



(3 464 501.85)(2)


Net realised gain on sale of investments /Realisierter Nettogewinn aus dem Verkauf von Wertpapieren 7 718 637.01Net realised loss on foreign exchange /Realisierter Nettowechselkursverlust (1 662 636.79)Net realised loss on forward foreign currency exchange contracts /Realisierter Nettoverlust aus Devisentermingeschäften

(433 006.83)



31 880 522.71


433 559.59


3 248 663.13


35 562 745.43

Dividend paid /Gezahlte Dividende (3 985 037.50)Net redemptions /Rücknahmen, netto (101 765 823.83)NET ASSETS AT THE END OF THE YEAR /NETTOVERMÖGEN AM ENDE DES GESCHÄFTSJAHRES

598 960 908.91



EURNotesAnmerkungen






Class D /Kategorie D 16 056 648.000




Class D /Kategorie D 2 492 010.869 )(






515 947 631.496.86

579 538 905.486.46

552 527 427.656.08



83 013 277.42

0.255.66

89 610 119.33

0.135.58

101 587 055.07

0.275.38



31/12/1999

EUR EUR EUR







DENMARK 8.00 94-06 15/03A197 275 594 29 766 991.17 4.97%

DKK /DKK 29 766 991.17 4.97%



513 963 559.16 85.81%

ACHMEA HOLDING NV 5.75 01-08 30/07A7 891 023 7 837 364.04 1.31%

EUR /EUR 336 596 708.69 56.20%

BRD 5.375 99-10 04/01A19 727 559 20 352 922.62 3.40%BRD 5.625 98-28 04/01A39 455 118 40 729 518.31 6.80%BRD 6.00 97-07 04/07A15 782 047 16 915 197.97 2.82%DEUTSCHE HYPOBK 1322 5.25 99-07 21/09A11 836 535 12 079 183.97 2.02%FRANCE 4.50 98-03 12/07A63 128 190 64 011 984.66 10.69%FRANCE OAT 5.00 01-16 25/10A7 891 023 7 698 482.04 1.29%FRANCE OAT 5.25 98-08 25/04A24 334 476 25 018 274.78 4.18%FRANCE OAT 5.50 98-29 25/04A11 599 804 11 741 321.61 1.96%GMAC 5.50 00-05 02/02A7 891 023 7 876 030.06 1.31%GREECE 6.50 00-19 22/10A19 727 559 21 562 221.99 3.60%ING BANK SUB 5.50 01-12 04/01A7 891 023 7 768 712.14 1.30%NEDERLAND 5.00 01-11 15/07A23 673 071 23 587 847.95 3.94%NGG FINANCE 5.25 01-06 23/08A7 891 023 7 900 492.23 1.32%PORTUGAL TELECOM 4.625 99-09 07/04A8 680 126 8 065 573.08 1.35%SLOVENIA (REP OF) 4.875 99-09 18/03A3 945 511 3 826 751.12 0.64%SOLVAY SA 5.25 01-06 04/07A7 891 023 7 882 342.87 1.32%SPAIN 5.15 98-09 30/07A19 727 559 20 124 082.94 3.36%TELSTRA CORP 6.375 01-11 29/06A5 523 716 5 681 694.28 0.95%TRANSCO EMTN 5.25 01-06 23/05A7 891 023 7 939 158.24 1.33%UNILEVER 5.125 01-06 07/06A7 891 023 7 997 551.81 1.34%

EUROP.INVEST.BK 8.00 93-03 10/06A6 707 370 11 420 508.98 1.91%

GBP /GBP 66 463 437.52 11.10%

GENERAL ELECTRIC CAP 7.25 97-07 06/08A3 945 511 6 866 272.64 1.15%HALIFAX PLC 6.375 98-08 03/04A2 367 307 3 987 043.40 0.67%SMITHKLINE BEECHAM 5.25 01-33 19/12S1 112 634 1 772 976.29 0.30%UK TREASURY STOCK 5.75 98-09 07/12S5 523 716 9 425 890.09 1.57%UK TREASURY STOCK 6.00 98-28 07/12S4 734 614 9 161 222.79 1.53%UK TREASURY STOCK 8.00 96-21 07/06S5 523 716 12 458 607.02 2.08%UNITED KINGDOM 7.50 95-06 07/12S6 312 819 11 370 916.32 1.90%

HUNGARY -A- 7.50 00-11 12/02S2 367 307 134 10 020 123.93 1.67%

HUF /HUF 42 421 109.18 7.08%

HUNGARY -E- 8.50 01-06 12/05S2 367 307 134 10 005 640.18 1.67%HUNGARY -E- 9.25 00-05 12/05S1 420 384 280 6 054 620.01 1.01%HUNGARY -I- 9.00 01-04 12/04S2 367 307 134 9 826 765.37 1.64%HUNGARY -L- 9.50 01-03 12/06S1 578 204 756 6 513 959.70 1.09%

POLAND 0.00 01-03 21/08U51 291 654 12 484 028.28 2.08%

PLN /PLN 12 484 028.28 2.08%




EUR







BNP PARIBAS CAP TST FL.R 01-XX 29/12A7 969 934 7 956 385.11 1.33%

EUR /EUR 26 231 284.31 4.38%

FLOATING RATE NOTES /VARIABEL VERZINSLICHER SCHULDTITEL 26 231 284.31 4.38%

CREDIT SUISSE FINAN. FL.R 01-XX 07/11A7 101 921 7 197 796.93 1.20%FORTIS BANK SUB FL.R 01-XX 29/09A7 101 921 7 229 045.39 1.21%LLOYDS TSB BANK SUB FL.R 99-09 15/07A3 945 511 3 848 056.88 0.64%

SWEDEN 3.50 98-06 20/04A213 057 642 21 513 350.91 3.59%

SEK /SEK 29 897 776.29 4.99%



29 897 776.29 4.99%

SWEDEN 1045 5.25 00-11 15/03A78 910 237 8 384 425.37 1.40%



EUR








THE INFOLOGY FUND




THE EUROPE FUND



THE JAPAN FUND















ASSETS /AKTIVEN


Cash /Flüssige Mittel 6 540 284.68Interest and dividends receivable, net /Zinsguthaben und Dividenden, netto 1 454 383.63Amounts receivable on subscriptions /Forderungen aus Zeichnungen 48 528.04Other assets /Sonstige Aktiva 11 221.13

77 817 476.25


Brokers payable /Verbindlichkeiten gegenüber Brokern 1 004.67Management fees payable /Verwaltungsgebühren 48 726.70(3)Amounts payable on redemptions /Verbindlichkeiten aus Rücknahmen 903.07Taxes and expenses payable /Steuern und sonstige Verbindlichkeiten 75 941.67

126 576.11


USDNotesAnmerkungen




98 830 249.74

INCOME /ERTRAG

Interest on bonds, net /Zinsen aus Renten, netto 5 255 375.07(2)Bank interest /Bankzinsen 231 344.82(2)Other financial income /Sonstige Erträge aus Finanzgeschäften 14 913.45

5 501 633.34

EXPENSES /AUFWAND


941 882.80



(766 242.86)(2)


Net realised gain on sale of investments /Realisierter Nettogewinn aus dem Verkauf von Wertpapieren 4 218 857.84Net realised gain on futures /Realisierter Nettogewinn aus Termingeschäften 29 826.45Net realised loss on foreign exchange /Realisierter Nettowechselkursverlust (316 805.96)Net realised gain on forward foreign currency exchange contracts /Realisierter Nettogewinn aus Devisentermingeschäften

102 408.84



7 169 504.95


58 745.61


(3 447 873.45)


3 780 377.11

Dividend paid /Gezahlte Dividende (567 893.15)Net redemptions /Rücknahmen, netto (24 351 833.56)NET ASSETS AT THE END OF THE YEAR /NETTOVERMÖGEN AM ENDE DES GESCHÄFTSJAHRES

77 690 900.14



USDNotesAnmerkungen
















68 739 223.6313.30

86 792 509.6112.58

84 461 055.6511.36



8 951 676.51

0.5511.19

12 037 740.13

0.2811.13

11 858 312.12

0.4710.33



31/12/1999

USD USD USD







ROTHMANS NEDERLD.HDG 6.50 98-03 05/0513 170 309 3 292 571.97 4.24%

USD /USD 66 069 871.99 85.04%



67 989 079.81 87.51%

SABESP REG.S 12.00 00-03 15/07S2 969 072 3 121 385.39 4.02%TURKEY 11.375 01-06 27/11S1 649 484 1 678 349.97 2.16%USA 6.25 00-02 31/07S3 101 030 3 182 189.79 4.10%USA TREASURY BONDS 6.625 97-27 15/02S6 063 504 6 757 017.27 8.70%USA TREASURY BONDS 7.50 86-16 15/11S7 122 473 8 425 662.98 10.85%USA TREASURY BONDS 7.50 94-24 15/11S2 553 401 3 116 745.10 4.01%USA TREASURY BONDS 8.125 91-21 15/08S7 970 308 10 189 540.64 13.12%USA TREASURY NOTES 5.00 01-11 15/08S3 510 102 3 500 778.30 4.51%USA TREASURY NOTES 5.25 99-29 15/02S4 097 319 3 844 437.59 4.95%USA TREASURY NOTES 5.50 98-03 31/01S6 597 937 6 833 504.00 8.80%USA TREASURY NOTES 5.875 99-04 15/11S4 618 556 4 889 896.16 6.29%USA TREASURY NOTES 6.125 97-07 15/08S6 729 896 7 237 792.84 9.32%

CITIC KA WAH SUB.REG-S FL.R 01-11 05/07S1 979 381 1 919 207.82 2.47%

USD /USD 1 919 207.82 2.47%


FNCL POOL 580039 5.50 01-31 01/06M1 865 802 1 773 969.56 2.28%

USD /USD 1 773 969.56 2.28%






USD








THE INFOLOGY FUND




THE EUROPE FUND



THE JAPAN FUND















ASSETS /AKTIVEN


Cash /Flüssige Mittel 969 720.76Interest and dividends receivable, net /Zinsguthaben und Dividenden, netto 249 005.51Amounts receivable on subscriptions /Forderungen aus Zeichnungen 59 809.53Net unrealised appreciation on forward foreign currency exchange contracts /Nicht realisierter Nettogewinn aus Devisentermingeschäften

171 978.43(5)

Other assets /Sonstige Aktiva 1 381.37

12 046 091.69



13 030.34


EURNotesAnmerkungen




8 890 229.15

INCOME /ERTRAG

Interest on bonds, net /Zinsen aus Renten, netto 450 906.58(2)Bank interest /Bankzinsen 24 702.16(2)Other financial income /Sonstige Erträge aus Finanzgeschäften 1 321.54

476 930.28

EXPENSES /AUFWAND


155 053.19



23 710.55(2)


Net realised gain on sale of investments /Realisierter Nettogewinn aus dem Verkauf von Wertpapieren 42 494.51Net realised loss on foreign exchange /Realisierter Nettowechselkursverlust (54 214.45)Net realised gain on forward foreign currency exchange contracts /Realisierter Nettogewinn aus Devisentermingeschäften

377 219.89

NET REALISED GAIN /REALISIERTER NETTOGEWINN 711 087.59

Net equalisation on net realised gain /Einkauf in realisierte Kursgewinne bei der Ausgabe/Rücknahme von Aktien 90 811.48(2)NET REALISED GAIN AFTER EQUALISATION /REALISIERTER NETTOGEWINN NACH AUSGLEICH

801 899.07


(144 477.02)


(89 069.29)


568 352.76


12 033 061.35



EURNotesAnmerkungen





Number of shares outstanding at the beginning of the year/Anzahl ausstehender Aktien zu Beginn des GeschäftsjahresClass A /Kategorie A 774 788.343











10 715 607.0010.55

7 837 500.4010.12

7 216 841.009.53



1 317 454.35

0.349.92

1 052 728.75

0.259.85

828 281.95

-9.53



31/12/1999

EUR EUR EUR







CANADA 5.75 98-29 01/06S155 000 110 472.80 0.92%

CAD /CAD 110 472.80 0.92%



10 594 196.09 88.04%

ALLEMAGNE SERIE 138 4.50 01-06 18/08A1 690 000 1 698 619.00 14.12%

EUR /EUR 5 023 908.96 41.75%

ALLEMAGNE -01- 5.00 01-11 04/07A500 000 501 950.00 4.17%BRD 6.25 00-30 04/01A492 000 554 139.60 4.61%BRD -136- 5.00 00-05 19/08A620 000 636 554.00 5.29%FRANCE BTAN 4.75 97-02 12/03A950 000 952 470.00 7.92%FRANCE OAT 5.00 01-16 25/10A350 000 341 460.00 2.84%SPAIN 5.40 00-11 30/07A332 000 338 716.36 2.81%

JAPAN -16- 0.60 01-06 20/12S103 000 000 882 383.18 7.33%

JPY /JPY 1 996 788.71 16.59%

JAPAN 206 1.50 98-08 22/09S42 000 000 373 380.97 3.10%JAPAN 230 1.10 01-11 21/03S88 400 000 741 024.56 6.16%

USA 6.25 00-02 31/07S850 000 979 611.48 8.14%

USD /USD 3 463 025.62 28.78%

USA TREASURY BONDS 6.625 97-27 15/02S465 000 581 968.05 4.84%USA TREASURY BONDS 7.50 86-16 15/11S190 000 252 430.43 2.10%USA TREASURY BONDS 7.50 94-24 15/11S240 000 329 009.42 2.73%USA TREASURY BONDS 8.125 91-21 15/08S90 000 129 222.11 1.07%USA TREASURY NOTES 5.00 01-11 15/08S125 000 140 013.44 1.16%USA TREASURY NOTES 5.25 99-29 15/02S250 000 263 443.74 2.19%USA TREASURY NOTES 5.50 98-03 31/01S430 000 500 171.08 4.16%USA TREASURY NOTES 6.375 00-02 30/06S250 000 287 155.87 2.39%




EUR







THE INFOLOGY FUND




THE EUROPE FUND



THE JAPAN FUND















ASSETS /AKTIVEN


Cash /Flüssige Mittel 6 053 182.38Interest and dividends receivable, net /Zinsguthaben und Dividenden, netto 2 136 086.13Amounts receivable on subscriptions /Forderungen aus Zeichnungen 266 102.99Other assets /Sonstige Aktiva 7 907.67

82 170 599.21



79 784.57


EURNotesAnmerkungen




55 190 557.63

INCOME /ERTRAG


3 619 211.29

EXPENSES /AUFWAND


713 471.79



584 393.33(2)


Net realised gain on sale of investments /Realisierter Nettogewinn aus dem Verkauf von Wertpapieren 360 277.17Net realised loss on foreign exchange /Realisierter Nettowechselkursverlust (52 314.73)Net realised gain on forward foreign currency exchange contracts /Realisierter Nettogewinn aus Devisentermingeschäften

102 949.28



3 885 763.33


(14 372.01)


673 453.28


4 544 844.60


82 090 814.64



EURNotesAnmerkungen
















69 175 408.9411.06

44 734 391.1210.36

41 626 341.969.79



12 915 405.70

0.4210.25

10 456 166.51

0.3210.02

10 340 968.78

-9.79



31/12/1999

EUR EUR EUR







CITIBANK CRED.TR 4.875 98-05 07/04A5 000 000 2 578 189.31 3.14%

DEM /DEM 5 101 926.04 6.21%



73 707 320.04 89.79%

ROYAL BK SCOTLAND SUB 5.25 98-08 22/07A5 000 000 2 523 736.73 3.07%

AHOLD FINANCE USA 5.875 01-12 14/03.940 000 921 576.00 1.12%

EUR /EUR 61 962 219.00 75.48%

ALLEMAGNE SERIE 138 4.50 01-06 18/08A2 680 000 2 693 668.00 3.28%ALLEMAGNE -01- 5.00 01-11 04/07A3 000 000 3 011 700.00 3.67%AYT CEDULAS CAJAS II 4.5 01-08 28/11A2 500 000 2 407 750.00 2.93%BAYER.HAND.BK -1069- 4.75 98-04 16/11A1 000 000 1 015 000.00 1.24%BAYER.HYPO.VER. -942- 4.75 01-06 01/03A5 000 000 5 034 000.00 6.13%CIE FINANC.FONCIER 6.125 00-15 23/02A1 000 000 1 067 000.00 1.30%CITY OF MOSCOW LOAN 10.95 01-06 28/04A3 000 000 3 093 900.00 3.77%DEPFA 5.50 99-10 15/01A2 000 000 2 041 600.00 2.49%DEXIA MUN AGENCY 5.50 00-06 25/04A2 500 000 2 590 000.00 3.16%ESAT TELECOM GROUP 11.875 99-09 01/11S1 300 000 1 561 430.00 1.90%FEDERAL HOME LOAN MTGE5.125 01-12 15/01A4 700 000 4 654 410.00 5.67%FORD MOTOR CREDIT CO 5.00 01-04 12/07A3 000 000 2 950 200.00 3.59%FORTIS CAP STEP-UP FL.R 99-09 26/04A2 000 000 1 885 000.00 2.30%HALIFAX SUB. 4.75 99-09 24/03A2 500 000 2 386 000.00 2.91%MANPOWER 6.25 00-05 07/03A1 000 000 988 500.00 1.20%MORGAN STANLEY DEAN.W 5.25 01-06 16/03A2 500 000 2 518 500.00 3.07%RFF 4.625 99-14 17/03A1 500 000 1 390 050.00 1.69%SLOVENIA (REP OF) 4.875 99-09 18/03A1 000 000 969 900.00 1.18%SOGERIM EMTN 6.125 01-06 20/04A3 000 000 3 055 800.00 3.72%SPAIN 5.40 00-11 30/07A3 500 000 3 570 805.00 4.35%STALIGA AKADEMISKA 4.50 99-09 16/03A2 000 000 1 900 000.00 2.31%TELSTRA CORP 6.375 01-11 29/06A2 000 000 2 057 200.00 2.51%TOYS R US (HOLDING) 6.375 01-04 13/02A2 000 000 1 998 400.00 2.43%TPG 5.125 01-08 05/12A1 130 000 1 125 480.00 1.37%VNU 6.75 01-08 29/10A1 500 000 1 513 800.00 1.84%WESTLB -7505- 5.25 98-08 08/02A3 500 000 3 560 550.00 4.34%

FRANCE TELECOM FL.R 01-03 27/05Q2 250 000 2 249 325.00 2.74%

EUR /EUR 6 643 175.00 8.09%


HOLMES SERIES 5 -3A1- FL.R 01-08 15/10A2 500 000 2 443 250.00 2.98%LLOYDS TSB BANK SUB FL.R 99-09 15/07A2 000 000 1 950 600.00 2.38%




EUR







THE INFOLOGY FUND




THE EUROPE FUND



THE JAPAN FUND















ASSETS /AKTIVEN


Cash /Flüssige Mittel 17 012 509.00Interest and dividends receivable, net /Zinsguthaben und Dividenden, netto 4 248 597.40Amounts receivable on subscriptions /Forderungen aus Zeichnungen 1 638 874.74Other assets /Sonstige Aktiva 25 296.99

254 195 119.20



429 483.03


EURNotesAnmerkungen




211 993 308.33

INCOME /ERTRAG


11 272 502.42

EXPENSES /AUFWAND


1 432 692.89



1 433 556.81(2)


Net realised loss on sale of investments /Realisierter Nettoverlust aus dem Verkauf von Wertpapieren (1 538 001.42)Net realised gain on foreign exchange /Realisierter Nettowechselkursgewinn 8.70



9 534 629.66


337 679.93


9 872 309.59


253 765 636.17



EURNotesAnmerkungen
















246 258 747.9610.96

203 648 856.7310.53

103 675 918.1410.18



7 506 888.21

0.4410.16

8 344 451.60

0.3210.20

5 971 829.16

-10.18



31/12/1999

EUR EUR EUR







AUSTRIA -2- 4.375 97-02 28/02A7 000 000 7 007 000.00 2.76%

EUR /EUR 74 486 700.00 29.35%



200 310 487.64 78.94%

FRANCE BTAN 4.00 99-02 12/01A10 000 000 10 000 000.00 3.94%NEDERLAND 3.00 99-02 15/02A28 000 000 27 986 000.00 11.03%NEDERLAND 5.75 96-02 15/09A25 000 000 25 412 500.00 10.01%NEDERLAND (2) 8.25 92-02 15/06A4 000 000 4 081 200.00 1.61%

DEPFA 4.75 97-02 30/12A20 000 000 9 165 452.80 3.61%

NLG /NLG 21 338 187.64 8.41%

INT.NED.BANK 9.125 92-02 15/01A26 785 000 12 172 734.84 4.80%

ACHMEA HYPHOTEK BK FL.R 01-03 07/11Q10 000 000 9 991 000.00 3.94%

EUR /EUR 104 485 600.00 41.17%


ARTESIA OVERSEAS FL.R 01-04 28/02Q10 000 000 9 997 000.00 3.94%BANCO TOTTA ACORES FL.R 01-04 11/09Q5 000 000 4 975 500.00 1.96%CNCEP FL.R 99-02 13/12Q5 000 000 4 998 500.00 1.97%CRED.COMM.FRANCE FL.R 99-03 04/02Q4 000 000 4 001 200.00 1.58%DEUTSCHE BANK FIN FL.R 99-04 25/02Q17 500 000 17 465 000.00 6.88%DEXIA CRED.LOC.FRANCE FL.R 01-03 25/04Q8 000 000 7 996 800.00 3.15%DRESDNER FINANCE FL.R 98-03 30/07Q3 800 000 3 800 000.00 1.50%GROUPE DANONE FL.R 00-03 25/07Q1 500 000 1 500 000.00 0.59%IST.BANC.S.PAOLO TOR. FL.R 98-03 02/06Q800 000 796 000.00 0.31%NIB CAPITAL BANK FL.R 00-05 23/05Q10 000 000 9 995 000.00 3.94%SNS BANK NED.TR 1 -6- FL.R 98-03 12/08Q9 000 000 8 994 600.00 3.54%UNILEVER FL.R 01-03 17/09Q10 000 000 9 985 000.00 3.93%WEST.UT.HYP.BK FL.R 01-04 05/02Q10 000 000 9 990 000.00 3.94%

BANESTO ISSUANCES FL.R 01-04 09/02Q10 000 000 9 978 000.00 3.93%

EUR /EUR 19 956 000.00 7.86%



29 115 735.17 11.47%

DAIMLERCHRYSLER UK FL.R 00-02 10/04Q10 000 000 9 978 000.00 3.93%

LEASE ASSETS BCK SECS 4.75 98-12 08/10A20 000 000 9 159 735.17 3.61%

NLG /NLG 9 159 735.17 3.61%

ING BANK 8.50 92-02 01/05A4 000 000 1 843 618.26 0.73%

NLG /NLG 1 843 618.26 0.73%






EUR







THE INFOLOGY FUND




THE EUROPE FUND



THE JAPAN FUND















ASSETS /AKTIVEN


Cash /Flüssige Mittel 34 418 489.62Interest and dividends receivable, net /Zinsguthaben und Dividenden, netto 1 113 821.10Amounts receivable on subscriptions /Forderungen aus Zeichnungen 97 911.80

69 090 171.91



44 802.76


EURNotesAnmerkungen



NET ASSETS AT THE BEGINNING OF THE PERIOD /NETTOVERMÖGEN ZU BEGINN DER GESCHÄFTSPERIODE

0.00

INCOME /ERTRAG

Interest on bonds, net /Zinsen aus Renten, netto 84 192.56(2)Bank interest /Bankzinsen 60 492.81(2)

144 685.37

EXPENSES /AUFWAND

Management fees /Verwaltungsgebühren 26 859.68(3)Custodian fees /Vergütungen an Depotbank 4 092.91Taxe d'abonnement /Taxe d'abonnement 10 326.55(4)Domiciliary, administration and transfer agent fees /Vergütungen an Domizil-, Verwaltungs- und Transferstelle 3 027.01Auditing and professional fees /Vergütungen an Abschlussprüfer und Beratungskosten 495.83

44 801.98


Net equalisation on net investment income for the period /Nettoertragsausgleich bei der Ausgabe/Rücknahme von Aktien für die Geschäftsperiode

3 619.56(2)

NET INCOME FOR THE PERIOD /NETTOGEWINN DER GESCHÄFTSPERIODE 103 502.95

Net realised loss on foreign exchange /Realisierter Nettowechselkursverlust (81 956.73)

NET REALISED GAIN /REALISIERTER NETTOGEWINN 21 546.22


11 880.10


136 786.19


148 666.29

Net subscriptions /Zeichnungen, netto 68 896 702.86NET ASSETS AT THE END OF THE PERIOD /NETTOVERMÖGEN AM ENDE DER GESCHÄFTSPERIODE

69 045 369.15


STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD FROM 14/12/2001 TO 31/12/2001VERÄNDERUNG DES NETTOVERMÖGENS FÜR DIE GESCHÄFTSPERIODE VOM 14.12.2001 BIS ZUM 31.12.2001

EURNotesAnmerkungen




STATEMENT OF CHANGES IN THE NUMBER OF SHARES OUTSTANDING FOR THE PERIOD FROM 14/12/2001 TO 31/12/2001VERÄNDERUNG DER ANZAHL DER AKTIEN FÜR DIE GESCHÄFTSPERIODE VOM 14.12.2001 BIS ZUM 31.12.2001

Number of shares outstanding at the beginning of the period/Anzahl ausstehender Aktien zu Beginn der GeschäftsperiodeClass A /Kategorie A 0.000




Number of shares redeemed /Anzahl zurückgenommener AktienClass A /Kategorie A 313.000 )(


Number of shares outstanding at the end of the period/Anzahl ausstehender Aktien am Ende der GeschäftsperiodeClass A /Kategorie A 6 406 722.000





64 199 727.7710.02



4 845 641.38

-10.02

31/12/2001For the period/year ended /Abschluss per


EUR







CZECH REPUBLIC 6.3 00-07 17/03A30 000 000 1 016 852.15 1.47%

CZK /CZK 3 050 551.13 4.42%



33 459 949.39 48.46%

CZECH REPUBLIC 6.75 00-05 18/02A30 000 000 1 005 669.07 1.46%CZECH REPUBLIC -33- 6.4 00-10 14/04A30 000 000 1 028 029.91 1.49%

BULGARIA 7.25 01-07 01/03A2 000 000 2 021 600.00 2.93%

EUR /EUR 14 748 100.00 21.36%

LATVIA 5.375 01-08 27/11A2 000 000 1 983 600.00 2.87%REPUBLIC OF LITHUANIA 6.625 01-08 20/02A2 000 000 2 072 600.00 3.00%REPUBLIC OF LITHUANIA 7.75 00-05 22/02A2 000 000 2 143 000.00 3.10%ROUMANIA 10.625 01-08 27/06A2 000 000 2 170 000.00 3.14%ROUMANIA 11.5 00-05 10/11A2 000 000 2 205 000.00 3.19%SLOVAKEI 7.375 00-10 14/04A1 000 000 1 083 300.00 1.57%SLOVAKEI 7.50 99-04 23/06A1 000 000 1 069 000.00 1.55%

HUNGARY -A- 7.50 00-11 12/02S750 000 000 3 174 532.29 4.60%

HUF /HUF 13 292 015.22 19.25%

HUNGARY -B- 9.50 99-09 12/02S825 000 000 3 798 978.89 5.50%HUNGARY -E- 9.25 00-05 12/05S750 000 000 3 196 997.51 4.63%HUNGARY -H- 10.50 99-04 12/05S250 000 000 1 072 693.43 1.55%HUNGARY -I- 6.75 01-17 24/11A500 000 000 2 048 813.10 2.97%

SLOVAKIA GVT BOND-142-8.00 01-06 30/01S100 000 000 2 369 283.04 3.43%

SKK /SKK 2 369 283.04 3.43%




EUR

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