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Liquibaer Julius (50HJ)

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Thursday 12 September, 2002

Liquibaer Julius

Interim Results

Liquibaer Julius Baer U.S.$ Fund Ld
12 September 2002


Fax dated September 11, 2002


                     LIQUIBAER, U.S. DOLLAR FUND LTD.
                    STATEMENT OF ASSETS AND LIABILITIES 
                           AS AT JUNE 28, 2002
             
                     (Expressed in United States Dollars) 
                                (Unaudited)

                                                                    28-Jun-02
ASSETS
               Cash at Bank, demand and call                           92,547
               Marketable Securities, at quoted market value
               (cost $42,479,975, 2001 £49,308,941)                42,349,470
                                                                   ----------
               Total cash and investments                          42,442,017
               Interest receivable                                    310,038
                                                                   ----------
               Total assets                                        42,752,054
                                                                   ----------
LIABILITIES
               Accrued expenses                                        19,127
                                                                   ----------
NET ASSETS                                                         42,732,927
                                                                   ==========
 
SHAREHOLDERS EQUITY

Participating shares
               Issued share Capital                                    12,917
               Reserves                                            42,710,010
                                                                   ----------
Total equity attributable to Participating shares,
representing $3,307.50 (2001: $3,282.40) per participating 
share in issue                                                     42,722,927

Founders' shares
              Issued share capital                                     10,000
                                                                   ----------
              Total shareholders' equity                           42,732,927
                                                                   ==========



                       LIQUIBAER, U.S. DOLLAR FUND LTD. 
                          STATEMENT OF OPERATIONS 
                       HALF-YEAR ENDED JUNE 28, 2002

                    (Expressed in United States Dollars)
                              (Unaudited)

                                                                         2002
INCOME
              Investment income                                       808,711 
              Interest on bank deposits                                 1,362
                                                                      -------
                                      Total Income                    810,073
                                                                      -------
EXPENSES
              Management fee                                          141,395
              Custodian fee                                            23,112
              Other                                                    42,402
                                                                      -------
                                      Total Expenses                  206,909
                                                                      -------
Net Investment income                                                 603,164
 
Realized and unrealized gains/(losses) from investment activities
Net realized gain/(loss) on investments                                (9,011)
Net change in unrealized appreciation on investments                 (238,660)
                                                                     ---------
     Net realized and unrealized (losses) from investment activities (247,671)
                                                                     ---------
Net increase in net assets from operations                            355,493
                                                                     =========




                        LIQUIBAER, U.S. DOLLAR FUND LTD. 
                       STATEMENT OF CHANGES IN NET ASSETS 
                         HALF YEAR ENDED JUNE 28, 2002

                       (Expressed in United States Dollars)
                                  (Unaudited)

                                                                         2002
Increase/(decrease) in net assets from:
Operations
    Net investment income                                             603,164
    Net realized gain/(loss) on investments                            (9,011)
    Net change in unrealised appreciation on investments             (238,660)
                                                                     ---------
        Net increase in net assets from operations                    355,493
                                                                     ---------
Capital Transactions
    Issue of 500 Participating shares                               1,644,000
    Redemption of 2,957 Participating shares                       (9,740,230)
                                                                   -----------
        Net decrease in net assets from capital transactions       (8,096,230)

Net decrease in net assets                                         (7,740,737)

Net assets
    Beginning of year                                              50,473,664
                                                                   ----------
    June 28, 2002                                                  42,732,927  
                                                                   ==========




                      This information is provided by RNS
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