Fthr re 6 Mths Rslts-31/10/00

Atlantis Japan Growth Fund Ld
17 January 2001


                  ATLANTIS JAPAN GROWTH FUND LIMITED
                      UNAUDITED BALANCE SHEET
                       AS AT 31ST OCTOBER 2000

                                                         2000          1999
Notes                                                       $             $
     FIXED ASSETS                                           
     Investments at market value
2(d) (cost $295,670,222 1999 - $223,989,525)      247,499,332   316,158,168

     CURRENT ASSETS
     Due from brokers                               1,862,778     1,916,331
2(b) Dividends and interest receivable                573,668       402,931
     Debtors                                            2,305        68,138
     Bank balances                                 21,341,767     4,372,764

                                                   23,780,518     6,760,164

     CURRENT LIABILITIES
     Due to brokers                                 2,572,230     3,027,554
     Creditors and accrued expenses                   566,334       516,596
5    Loan payable                                  27,496,448    14,389,870
2(e) Unsettled forward foreign exchange                     -     3,341,414

                                                   30,635,012    21,275,434

     NET CURRENT LIABILITIES                       (6,854,494)  (14,515,270)

     TOTAL NET ASSETS                            $240,644,838  $301,642,898


     Represented by:

     CAPITAL AND RESERVES
3(b) Called-up share capital                          200,176       200,092
3(b) Share premium                                187,303,927   187,219,621
4    Warrant reserve                               10,947,332    10,947,332
     Other reserves                                42,193,403   103,275,853

     TOTAL SHAREHOLDERS' FUNDS                   $240,644,838  $301,642,898

     NET ASSET VALUE PER ORDINARY SHARE:               $12.02        $15.08

     Based on 20,017,619 Ordinary shares (1999 - 20,009,180)

                   

                  ATLANTIS JAPAN GROWTH FUND LIMITED
                    UNAUDITED CASH FLOW STATEMENT
               FOR THE SIX MONTHS ENDED 31ST OCTOBER 2000

                                                        2000          1999
Notes                                                      $             $
    OPERATING ACTIVITIES                                   

6   Net cash outflow from operating activities      (430,020)     (911,256)

    SERVICING OF FINANCE
    Interest paid                                   (112,305)     (254,095)

    FINANCIAL INVESTMENT
    Purchase of investments                     (117,068,468) (119,174,587)
    Sale of investments                          123,150,099   123,697,147
    Forward currency contracts                    (1,070,884)  (12,391,512)

    Net cash inflow (outflow) from investing 
      activities                                   5,010,747    (7,868,952)

    FINANCING
    Repayment of loans                           (13,804,528)  (37,684,817)
    Drawdown of loans                             27,612,868    34,357,441
    Exercise of warrants                              84,390             -

    Net cash inflow (outflow) from 
      financing                                   13,892,730    (3,327,376)

    Increase (decrease) in cash                   18,361,152   (12,361,679)

    RECONCILIATION OF NET CASH FLOW TO
    MOVEMENT IN NET (DEBT) FUNDS
    Increase (decrease) in cash as above          18,361,152   (12,361,679)
    Cash flow on loans                           (13,808,340)   (3,327,376)

    Change in net cash (debt)                      4,552,812    (9,034,303)
    Exchange movements                               678,111    (1,588,102)

    Movement in net funds in the period            5,230,923   (10,622,405)
    Net (debt) cash 1st May                      (11,385,604)      605,299

7   Net debt at 31st October                     $(6,154,681) $(10,017,106)



                        ALANTIS JAPAN GROWTH FUND LIMITED
                              NOTES TO THE ACCOUNTS
                   FOR THE SIX MONTHS ENDED 31ST OCTOBER 2000

1.  GENERAL

Atlantis Japan Growth Fund (the Company) was incorporated in Guernsey on 13th
March 1996. The Company commenced activities on 10th May, 1996.


2. ACCOUNTING POLICIES

a) Basis of Accounting

The accounts have been prepared under the historical cost convention as modified
by the revaluation of investments. The accounts have been prepared in accordance
with applicable accounting standards in the United Kingdom and on the basis that
all activities are continuing and on the assumption that the Company will be
approved by the Inland Revenue as an investment trust for the purposes of
section 842 of the Income and Corporation Taxes Act 1988.

b) Income Recognition

Dividends arising on the Company's investments are accounted for on an
ex-dividend basis. Deposit interest and interest on short-term paper is accrued
on a day-to-day basis.

c) Expenses 
All expenses have been charged against revenue.

d) Investments

Investments are valued at the mid-market prices ruling at the balance sheet
date, and the resulting unrealised gains and losses are included in capital
reserve. Realised gains and losses on the disposal of investments are calculated
by reference to the net proceeds received on disposal and the average cost
attributable to those investments; they are also included in capital reserve.

e) Foreign Currency Translation

Foreign currency assets and liabilities have been translated into United States
dollars at the exchange rates ruling at the balance sheet date. Realised and
unrealised gains and losses on capital items are dealt with through the capital
reserve.
Foreign currency income and expenditure have been translated into the reporting
currency at the exchange rates ruling at the date of the transaction.  Realised
and unrealised gains and losses on revenue items are dealt with through the
revenue account.  Forward currency contracts entered into for hedging purposes
are valued at the appropriate forward rate ruling at the balance sheet date.
Gains or losses an the revaluation of open positions are dealt with through the
capital reserve.


3. SHARE CAPITAL AND SHARE PREMIUM

a) Authorised

24,000,000 Ordinary Shares of US$0,01 each                    $240,00

The rights which the ordinary shares convey upon the holders thereof are as
follows: 

Voting Rights
i)   On a show of hands, every Member who is present shall have one vote; and
ii)  on a poll a Member present in person or by proxy shall be entitled to one
vote per ordinary share held.

Entitlement to Dividends
The Company may declare dividends in respect of the ordinary shares.  

Rights in a Winding-up
The holders of ordinary shares will be entitled to share in the net asset value
of the Company as determined by the Liquidator.

Warrants
The holders of the warrants have the right to convert their warrants into
ordinary shares, one ordinary share per warrant, at a cost of $10 per share,
in accordance with the Scheme Particulars.
The warrants convey no other rights on the holders thereof.

b) Issued
Ordinary Shares                      Number of      Share         Share
                                        Shares    Capital       Premium
                                                        $             $

Balance at 1st May 2000             20,009,18     200,092   187,219,621
Issued during the period                8,439          84        84,306

Balance at 31st October 2000       20,017,619    $200,176  $187,303,927


4. WARRANT RESERVE                            Number of         Warrant
                                               Warrants         Reserve
                                                                      $

Balance at 1st May 2000                       3,989,706      10,947,332
Warrants exercised during the period             (8,439)              -

Balance at 31st October 2000                  3,981,267     $10,947,332


THE LAST DATE FOR THE EXERCISE OF WARRANTS IS 30TH APRIL 2001.


5. LOAN PAYABLE
The Company entered into a three year Committed Revolving Credit Facility of  
JPY1,500,000,000, with ING Barings, on 29th July 1999, maturing on 29th July
2002. This replaced the interest bearing loan of JFY500,000,000 maturing on
5th November 1999.

Borrowings drawn down at the period end amounted to JPY1,500,000,000, are
unsecured and bear interest at an initial rate of 1.55%.

A further loan was taken out on 2nd May 2000. This loan was for an amount of
JPY1,500,000,000 and bears an interest rate of 0.9% and will mature on 4th
June 2001.


6. RECONCILIATION OF OPERATING REVENUE TO            2000           1999
NET CASH OUTFLOW FROM OPERATING ACTIVITIES              $              $

Net deficit before taxation                    (1,397,434)    (1,083,778)
Interest paid                                     177,716         67,171
Decrease in debtors and accrued income          1,024,848         78,753
(Decrease) increase in creditors                  (14,025)       139,436
Tax on overseas investment income deducted
at source                                        (221,125)      (112,838)

                                                $(430,020)     $(911,256)


7. ANALYSIS OF CHANGES IN NET DEBT

                      1st May                      Exchange  31st October
                         2000        Cashflow      movement          2000
                            $               $             $             $

Bank balances       2,498,785      18,361,152       481,830    21,341,767
Loan payable      (13,884,389)    (13,808,340)      196,281   (27,496,448)
                 $(11,385,604)     $4,552,812      $678,111   $(6,154,681)