88FZ Cov.bs. 26

RNS Number:7625K
Metage Special Emerging Markets Fnd
27 September 2001



Preliminary announcement of unaudited results for the six months ended June 30, 
2001 and 2000 and for the year ended December 31, 2000


Capital                                      June 30,    June 30,   December 31,
                                                 2001        2000          2000
                                             US$000's    US$000's      US$000's

Investments at market value:
   Long positions                              54,426      48,690        43,771
   Short positions                             (3,417)     (1,539)       (2,597)
   Net unrealised gain (loss) on forward 
     currency contracts                            57          (9)          444
   Net unrealised gain (loss) in future              
     commodity contracts                           81         (44)          166

Net Current (Liabilities)/Assets              (16,045)    (13,411)      (12,098)

Net Asset Value                                35,102      33,687        29,686
Number of shares outstanding                1,631,650   1,631,650     1,631,650
Net Asset Value per Share (US$)                 21.51       20.65         18.19 

                                             
Profit And Loss
                                             June 30,    June 30,   December 31,
                                                 2001        2000          2000
                                             US$000's    US$000's      US$000's

Dividends (net of withholding tax)                556         111           961
Interest income                                    86          39           117
Other income                                        -          60            17
Investment, management and administrative
  expenses                                     (2,018)       (888)       (2,378)
Interest expense                                 (611)       (700)       (1,335)
Net realised gain on sale of investments and    
 foreign currencies                             1,052       5,883         6,111
Change in unrealised appreciation or 
 depreciation of investments, future commodity,
 and forward currency contracts                 6,351      (6,995)       (9,984)
 
Net (decrease)/increase in net assets 
 resulting from operations                      5,416      (2,490)       (6,491)

Earnings (loss) per share (US$)*                 3.32       (1.53)        (3.98)
 
* The earnings (loss) per share has been based on the average number of shares 
in issue throughout the six months ended June 30, 2001 of 1,631,650 (six months 
ended June 30, 2000 - 1,631,650 and year ended December 31, 2000 -1,631,650)

The Net Asset Value per share of the Fund has increased by 18.3% since December 
31, 2000, whilst the Fund's benchmark, the MSCI Emerging Markets Free Index, has
fallen by 1.8%.  The directors have not declared a dividend for the period ended
June 30, 2001 (2000: nil).

The report and financial statements for the period ended June 30, 2001 will be 
sent to shareholders by the end of September, 2001 and will be available to 
members from the offices of the Administrator at The Bank of Bermuda Limited, 
6 Front Street, Hamilton HM 11, Bermuda.

BY ORDER OF THE BOARD

JOHN C R COLLIS
DIRECTOR

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