UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number 811-09679
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Lend Lease Funds
803 West Michigan Street
Suite A
Milwaukee, Wisconsin 53233-2301
--------------------------------
(Address of principal executive offices)
Constance Dye Shannon
UMB Fund Services, Inc.
803 West Michigan Street, Suite A
Milwaukee, Wisconsin 53233
Copy to:
Elizabeth Shea Fries, Esq., P.C.
Goodwin Procter LLP
Exchange Place
Boston, MA 02109-2881
---------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (414) 271-5885
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Date of fiscal year end: January 31
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Date of reporting period: July 31, 2003
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ITEM 1. REPORTS TO STOCKHOLDERS
The following is a copy of the report transmitted to shareholders pursuant to
Rule 30e-1 under the Investment Company Act of 1940, as amended (the "1940
Act"), (17 CFR 270.30e-1):
- --------------------------------------------------------------------------------
LEND LEASE FUNDS:
LEND LEASE U.S. REAL ESTATE SECURITIES FUND
SEMI-ANNUAL REPORT
JULY 31, 2003
[GRAPHIC OMITTED]
Shares of Lend Lease Funds are distributed by an independent third party,
UMB Distribution Services, LLC.
- --------------------------------------------------------------------------------
To Our Shareholders
-------------------------------------------------------------
We are pleased to present Lend Lease Funds' 2003 Semi-Annual Report. In the
following pages, you will find detailed financial information for Lend Lease
U.S. Real Estate Securities Fund for the six months ended July 31, 2003.
In the event you have questions regarding this report, or Lend Lease Funds in
general, please visit our website at www.lendleasefunds.com or call a
shareholder services representative at 1-877-563-5327.
Thank you for your continued support of Lend Lease Funds. We look forward to
serving you in the months and years ahead.
Sincerely,
Lend Lease Funds
UMB Distribution Services, LLC, Distributor
LEND LEASE U.S. REAL ESTATE SECURITIES FUND
SCHEDULE OF INVESTMENTS
JULY 31, 2003 (UNAUDITED)
Number
of Shares Value
- ------------- ------------
COMMON STOCKS 87.5%
APARTMENTS 23.4%
18,890 Apartment Investment & Management Company 744,455
42,570 Archstone-Smith Trust 1,100,434
22,600 AvalonBay Communities, Inc. 1,061,748
10,110 BRE Properties, Inc. 334,136
14,980 Camden Property Trust 558,904
67,870 Equity Residential 1,893,573
12,960 Essex Property Trust, Inc. 785,376
5,820 Gables Residential Trust 184,785
21,430 Home Properties of New York, Inc. 796,982
66,000 United Dominion Realty Trust, Inc. 1,189,980
------------
8,650,373
------------
DIVERSIFIED/SPECIALTY 10.4%
6,090 Colonial Properties Trust 215,099
6,570 Cousins Properties, Inc. 185,274
17,700 Crescent Real Estate Equities Company 297,714
6,340 Glenborough Realty Trust, Inc. 127,751
3,090 Kilroy Realty Corporation 88,899
22,690 Liberty Property Trust 787,116
42,610 Vornado Realty Trust 1,953,242
6,640 Washington Real Estate Investment Trust 184,592
------------
3,839,687
------------
INDUSTRIAL 10.0%
36,570 AMB Property Corporation 1,027,617
5,610 CenterPoint Properties Corporation 356,796
15,480 Duke Realty Corporation 446,134
63,510 ProLogis 1,749,701
3,910 PS Business Parks, Inc. 144,943
------------
3,725,191
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OFFICE 13.7%
8,110 Alexandria Real Estate Equities, Inc. 371,032
6,400 American Financial Realty Trust 94,336
23,520 Arden Realty, Inc. 658,560
27,800 Boston Properties, Inc. 1,203,462
7,440 Brandywine Realty Trust 186,000
22,840 CarrAmerica Realty Corporation 667,156
20,109 Equity Office Properties Trust 557,824
8,790 Mack-Cali Realty Corporation 323,648
9,300 Maguire Properties, Inc. 189,720
9,060 Prentiss Properties Trust 280,407
14,640 SL Green Realty Corporation 524,258
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5,056,403
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LEND LEASE U.S. REAL ESTATE SECURITIES FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
JULY 31, 2003 (UNAUDITED)
Number
of Shares Value
- ------------- ------------
RETAIL - LOCAL 11.4%
12,390 Developers Diversified Realty Corporation $367,983
22,340 Federal Realty Investment Trust 778,996
9,220 Kimco Realty Corporation 377,374
12,150 New Plan Excel Realty Trust 272,160
30,310 Pan Pacific Retail Properties, Inc. 1,296,965
20,130 Regency Centers Corporation 732,329
9,565 Weingarten Realty Investors 414,643
------------
4,240,450
------------
RETAIL - REGIONAL 18.6%
7,770 CBL & Associates Properties, Inc. 374,359
18,970 General Growth Properties, Inc. 1,293,375
37,090 The Macerich Company 1,384,569
16,320 The Rouse Company 652,637
68,090 Simon Property Group, Inc. 2,883,612
14,200 Taubman Centers, Inc. 277,610
------------
6,866,162
------------
TOTAL COMMON STOCKS (COST $26,489,666) 32,378,266
------------
PREFERRED STOCKS 7.7%
15,600 Developers Diversified Realty
Corporation, Series G 395,460
54,200 Equity Office Properties Trust, Series G 1,435,758
17,200 Lexington Corporate Properties Trust,
Series B 436,020
9,700 Mills Corporation, Series C 255,595
12,500 New Plan Excel Realty Trust, Series E 325,000
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TOTAL PREFERRED STOCKS (COST $2,746,348) 2,847,833
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Principal
Amount
- -------------
SHORT-TERM INVESTMENT 4.1%
$1,517,339 UMB Bank Money Market Fiduciary 1,517,339
------------
TOTAL SHORT-TERM INVESTMENT (COST $1,517,339) 1,517,339
------------
TOTAL INVESTMENTS (COST $30,753,353) 99.3% 36,743,438
OTHER ASSETS LESS LIABILITIES 0.7% 270,844
------------
NET ASSETS 100.0% $37,014,282
============
LEND LEASE U.S. REAL ESTATE SECURITIES FUND
STATEMENT OF ASSETS AND LIABILITIES
JULY 31, 2003 (UNAUDITED)
ASSETS:
Investments, at value (cost $30,753,353) $ 36,743,438
Cash 50,487
Receivable for investments sold 939,064
Interest and dividends receivable 82,788
Prepaid expenses and other assets 42,350
------------
Total assets 37,858,127
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LIABILITIES:
Payable for securities purchased 726,169
Accrued investment advisory fees 753
Accrued distribution fees 30,435
Other accrued expenses 86,488
------------
Total liabilities 843,845
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NET ASSETS $ 37,014,282
============
NET ASSETS CONSIST OF:
Paid-in-capital $ 30,946,764
Undistributed net investment income 273,143
Accumulated undistributed net
realized loss on investment (195,710)
Net unrealized appreciation on investments 5,990,085
------------
NET ASSETS $ 37,014,282
============
SHARES OUTSTANDING, $0.0001 PAR VALUE,
(UNLIMITED SHARES AUTHORIZED)
CLASS K 1,639,579
CLASS Y 803,247
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
CLASS K $ 15.19
============
CLASS Y $ 15.08
============
See notes to financial statements.
LEND LEASE U.S. REAL ESTATE SECURITIES FUND
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JULY 31, 2003 (UNAUDITED)
INVESTMENT INCOME:
Dividends $ 971,062
Interest 1,641
------------
Total investment income 972,703
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EXPENSES:
Investment advisory fees 122,334
Professional fees 70,979
Administration and accounting fees 35,656
Shareholder servicing fees 34,631
Distribution fees (see note 5) 26,847
Trustees' fees and expenses 24,218
Insurance expense 23,922
Federal and state registration fees 15,042
Reports to shareholders 10,080
Custody fees 6,031
Other expenses 1,564
------------
Total expenses before waiver and
reimbursement of expenses 371,304
Less: Waiver and reimbursement of expenses (192,906)
------------
Net expenses 178,398
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NET INVESTMENT INCOME 794,305
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REALIZED AND UNREALIZED GAINS:
Net realized gain on investments 39,043
Change in unrealized appreciation on investments 5,147,096
------------
Net gain on investments 5,186,139
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NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ 5,980,444
============
See notes to financial statements.
LEND LEASE U.S. REAL ESTATE SECURITIES FUND
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED
July 31, 2003 Year Ended
(UNAUDITED) JANUARY 31, 2003
---------------- ----------------
OPERATIONS:
Net investment income $ 794,305 $ 1,099,229
Net realized gain/(loss) on investments 39,043 (283,490)
Change in unrealized appreciation
on investments 5,147,096 (382,960)
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Net increase in net assets
resulting from operations 5,980,444 432,779
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CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares 7,704,966 9,820,943
Shares issued to shareholders
in reinvestment of distributions 574,241 985,828
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8,279,207 10,806,771
Payments for shares redeemed (1,816,783) (1,989,118)
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Net increase from capital
share transactions 6,462,424 8,817,653
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DISTRIBUTIONS PAID FROM:
Net investment income (575,086) (889,572)
Net realized gains - (99,031)
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Total distributions (575,086) (988,603)
TOTAL INCREASE IN NET ASSETS 11,867,782 8,261,829
NET ASSETS:
Beginning of period/year 25,146,500 16,884,671
------------ ------------
End of period/year (includes undistributed
net investment income of $273,143 and
$53,924, respectively) $ 37,014,282 $ 25,146,500
============ ============
See notes to financial statements.
LEND LEASE U.S. REAL ESTATE SECURITIES FUND
FINANCIAL HIGHLIGHTS
For a Fund Share Outstanding Throughout the Period/Year.
CLASS K CLASS K CLASS K CLASS K CLASS Y CLASS Y CLASS Y CLASS Y
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
PERIOD PERIOD
SIX MONTHS YEAR YEAR ENDED SIX MONTHS YEAR YEAR ENDED
ENDED ENDED ENDED JANUARY ENDED ENDED ENDED JANUARY
JULY 31, JANUARY JANUARY 31, JULY 31 JANUARY JANUARY 31,
2003 31, 31, 2001 2003 31, 31, 2001
(UNAUDITED) 2003 2002 (1) (UNAUDITED) 2003 2002 (1)
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
NET ASSET VALUE,
BEGINNING OF PERIOD/YEAR $ 12.76 $ 12.91 $ 12.55 $ 10.00 $ 12.64 $ 12.78 $ 12.40 $ 10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.34 0.64 0.70 0.53 0.35 0.67 0.74 0.66
Net realized and unrealized
gain/(loss)on investments 2.35 (0.19) 0.66 2.58 2.35 (0.17) 0.65 2.49
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Total from investment
operations 2.69 0.45 1.36 3.11 2.70 0.50 1.39 3.15
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net
investment income (0.26) (0.55) (0.66) (0.54) (0.26) (0.59) (0.67) (0.72)
Distributions from capital gains - (0.05) (0.34) (0.02) - (0.05) (0.34) (0.03)
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Total distributions (0.26) (0.60) (1.00) (0.56) (0.26) (0.64) (1.01) (0.75)
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD/YEAR $ 15.19 $ 12.76 $ 12.91 $ 12.55 $ 15.08 $ 12.64 $ 12.78 $ 12.40
========== ========== ========== ========== ========== ========== ========== ==========
TOTAL RETURN(2) 21.23% 3.29% 11.01% 31.33% 21.56% 3.69% 11.39% 31.66%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period/year $24,901,521 $18,727,963 $13,364,481 $11,727,066 $12,112,761 $6,418,537 $3,520,190 $686,703
Ratio of expenses to average
net assets(3) 1.25% 1.25% 1.25% 1.25% 0.97% 0.97% 0.97% 0.97%
Ratio of expenses before waivers
to average net assets(3) 2.44% 2.75% 2.96% 7.36% 2.39% 2.90% 3.85% 22.69%
Ratio of net investment income
to average net assets(3) 5.11% 5.21% 5.54% 5.02% 5.38% 5.58% 5.82% 5.80%
Ratio of net investment income
before waivers to average
net assets(3) 3.92% 3.71% 3.83% (1.09)% 3.96% 3.65% 2.94% (15.91)%
Portfolio turnover rate(2) 11% 30% 54% 25% 11% 30% 54% 25%
(1) Commenced operations on February 16, 2000
(2) Not annualized for periods less than one year
(3) Annualized for periods less than one year
See notes to financial statements.
LEND LEASE U.S. REAL ESTATE SECURITIES FUND
NOTES TO FINANCIAL STATEMENTS
JULY 31, 2003 (UNAUDITED)
1. ORGANIZATION
Lend Lease Funds (the "Trust") was organized on October 28, 1999 as a
Delaware business trust and registered under the Investment Company Act of
1940 (the "1940 Act"), as amended, as an open-end management investment
company. The Trust currently consists of one investment portfolio: Lend
Lease U.S. Real Estate Securities Fund (the "Fund"). The Fund is a
non-diversified portfolio of the Trust and is authorized to issue three
classes of shares: Class A, Class K and Class Y. The Fund's share classes
differ in terms of sales charges, fees and eligibility requirements. The
Fund's Class K and Class Y commenced operations on February 16, 2000. As of
July 31, 2003, the Fund's Class K and Class Y shares are outstanding. A
substantial portion of the shares issued by the Fund are held by an
affiliate of Lend Lease Real Estate Investments, Inc., (the "Adviser").
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
financial statements have been prepared in accordance with accounting
policies generally accepted in the United States of America that require
management to make certain estimates and assumptions at the date of the
financial statements. Actual results may differ from such estimates.
INVESTMENT VALUATION - Equity securities for which market quotations are
readily available are valued at the most recent closing price. If a closing
price is not reported, equity securities for which reliable bid quotations
are available are valued at the mean between bid and asked prices.
Short-term securities having a maturity of 60 days or less are valued at
amortized cost, which approximates market value. Securities and assets for
which market quotations are not readily available are valued at fair value
as determined in good faith by or under the direction of the Board of
Trustees.
FEDERAL INCOME TAXES - The Fund intends to comply with the requirements of
the Internal Revenue Code of 1986 necessary to qualify as a regulated
investment company under Subchapter M and to make the requisite
distributions of income to its shareholders which will be sufficient to
relieve it of all or substantially all federal income tax liability.
Therefore no federal income tax or excise tax provision has been made.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME - Securities transactions are
accounted for on a trade date basis. Realized gains and losses from
securities transactions are recorded on the identified cost basis. Dividend
income is recognized on the ex-dividend date and interest income is
recognized daily on an accrual basis. Return of capital distributions from
investments will decrease the cost of investment in the investment security
and thus may impact unrealized appreciation or depreciation of the
investment security.
LEND LEASE U.S. REAL ESTATE SECURITIES FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JULY 31, 2003 (UNAUDITED)
DISTRIBUTIONS TO SHAREHOLDERS - Dividends from net investment income are
declared and paid quarterly. Distributions of net realized capital gains,
if any, are declared and paid at least annually.
Distributions to shareholders are determined in accordance with federal
income tax regulations and are recorded on the ex-dividend date. The
character of distributions made during the year from net investment income
or net realized gains may differ from the characterization for federal
income tax purposes due to differences in the recognition of income,
expense and gain items for financial statement and tax purposes. Where
appropriate, reclassifications between net asset accounts are made for such
differences that are permanent in nature.
EXPENSES - Each class of shares is charged for those expenses directly
attributable to the class. Expenses that are not directly attributable to a
class of shares are typically allocated among the classes in proportion to
their relative net assets.
3. CAPITAL SHARE TRANSACTIONS
Transactions of the Fund were as follows:
SIX MONTHS ENDED YEAR ENDED
JULY 31, 2003 JANUARY 31, 2003
------------- ----------------
CLASS K SHARES: SHARES DOLLARS SHARES DOLLARS
Shares sold 220,501 $3,064,695 414,549 $5,434,171
Shares issued to
holders in
reinvestment of 28,533 399,242 52,767 711,627
dividends and
capital gains
Shares redeemed (76,892) (1,066,419) (35,233) (457,840)
--------- ---------- --------- ----------
Net increase 172,142 2,397,518 432,083 5,687,958
--------- ---------- --------- ----------
CLASS Y SHARES:
Shares sold 337,695 4,640,271 328,477 4,386,772
Shares issued to
holders in
reinvestment of 12,549 174,999 20,578 274,201
dividends and
capital gains
Shares redeemed (54,825) (750,364) (116,593) (1,531,278)
--------- ---------- --------- ----------
Net increase 295,419 4,064,906 232,462 3,129,695
--------- ---------- --------- ----------
Net increase from
capital share
transactions 467,561 $6,462,424 664,545 $8,817,653
========= ========== ========= ==========
LEND LEASE U.S. REAL ESTATE SECURITIES FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JULY 31, 2003 (UNAUDITED)
4. INVESTMENT TRANSACTIONS
Purchases and sales of securities for the Fund, excluding short-term
investments, for the six months ended July 31, 2003 were $8,699,646 and
$3,379,281 respectively. There were no purchases or sales of U.S.
Government securities for the six months ended July 31, 2003.
5. INVESTMENT ADVISORY AGREEMENT
The Fund has entered into an Investment Advisory Agreement with the
Adviser. The Adviser has entered into a Sub-Advisory Agreement with Lend
Lease Rosen Real Estate Securities LLC (the "Sub-Adviser") which is
responsible for the day to day management of the Fund's investment program.
The Fund pays a fee based on the Fund's average daily net assets at the
annual rate of 0.80% for the services provided by the Adviser and
Sub-Adviser. The Adviser and Sub-Adviser have contractually agreed to limit
the annual operating expenses of Class K and Class Y shares of the Fund to
1.25% and 0.97%, respectively, through January 31, 2004, subject to later
reimbursement by the Fund in certain circumstances. After January 31, 2004,
the expense limitation may renew for annual periods under certain
conditions. The Adviser has contractually agreed that in the event that the
foregoing Fund expense limitation is not renewed, the Adviser will limit
the Fund's Class K and Y shares total annual fund operating expense to
2.25% through January 31, 2011. During the six months ended July 31, 2003,
the Adviser and Sub-Adviser waived investment advisory fees for the Fund of
$122,334 and reimbursed the Fund $70,572 for other expenses.
Pursuant to Rule 12b-1 of the 1940 Act, the Trust has adopted a plan of
distribution for the Class K shares of the Fund (the "Plan") which permits
the Fund to pay for certain expenses associated with the distribution of
its Class K shares and for services provided to its Class K shareholders.
Under the Plan, the Fund's Class K shares may pay expenses pursuant to the
distribution plan equal to a maximum of 0.25% of the average daily net
assets of such class. During the six months ended July 31, 2003, the Fund
incurred distribution expenses of $26,847.
6. INVESTMENT RISKS
As an investor in real estate investment trusts and other public companies
in the real estate industry, the Fund is subject to certain risks generally
incidental to the development, ownership and management of real property.
These risks include the cyclical nature of real estate markets; changes in
general economic, business and credit conditions, including interest rate
levels and availability of financing; applicable federal, state, and local
regulations; changes in availability and cost of insurance; increases in
the costs of labor and materials; material shortages; strikes; changes in
market rental rates; competition for tenants; the bankruptcy or insolvency
of tenants; and potential liability under environmental and other laws.
LEND LEASE U.S. REAL ESTATE SECURITIES FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JULY 31, 2003 (UNAUDITED)
7. FEDERAL INCOME TAX INFORMATION
At July 31, 2003, gross unrealized appreciation and depreciation on
investments, based on cost for federal income tax purposes was as follows:
Cost of investments $30,797,532
===========
Gross unrealized appreciation $ 6,050,872
Gross unrealized depreciation (104,966)
-----------
Net unrealized appreciation on investments $ 5,945,906
===========
The difference between cost amounts for financial statement and federal
income tax purposes is due primarily to timing differences in recognizing
certain gains and losses in security transactions.
The tax basis of components of distributable net earnings at January 31,
2003 were as follows:
Undistributed ordinary income $ 53,924
Accumulated capital and other losses (110,065)
Unrealized appreciation 718,301
-----------
Total accumulated earnings $662,160
===========
The differences between book-basis and tax-basis unrealized appreciation is
attributable primarily to the tax deferral from dividends and losses on
wash sales.
At January 31, 2003, the Fund had realized losses from transactions between
November 1, 2002 and January 31, 2003 of $110,065. Post-October losses for
tax purposes are deferred and will be recognized in 2004.
The tax components of distributions paid during the fiscal years ended
January 31, 2003 and January 31, 2002 were as follows:
Year Ended Year Ended
January 31, 2003 January 31, 2002
---------------- ----------------
Distributions paid from:
Ordinary income $904,420 $1,128,949
Net long-term capital gains 45,728
53,647
Unrecaptured section 1250 gain 38,455 7,973
----------- -----------
Total distributions paid $988,603 $1,190,569
=========== ===========
TRUSTEES William J. Klipp
Scott MacKillop
Kevin Malone
Michael A. Torres
INVESTMENT ADVISER LEND LEASE REAL ESTATE INVESTMENTS, INC.
Monarch Tower
3424 Peachtree Road N.E.
Suite 800
Atlanta, GA 30326
INVESTMENT SUB-ADVISER LEND LEASE ROSEN REAL ESTATE SECURITIES LLC
1995 University Avenue, Suite 550
Berkeley, CA 94704
ADMINISTRATOR AND UMB FUND SERVICES, INC.
FUND ACCOUNTANT 803 West Michigan Avenue, Suite A
Milwaukee, WI 53233
CUSTODIAN UMB BANK, N.A.
928 Grand Blvd.
Kansas City, MO 64106
INDEPENDENT ACCOUNTANTS PRICEWATERHOUSECOOPERS LLP
333 Market Street
San Francisco, CA 94105
LEGAL COUNSEL GOODWIN PROCTER LLP
Exchange Place
Boston, MA 02109
DISTRIBUTOR UMB DISTRIBUTION SERVICES, LLC
803 West Michigan Avenue, Suite A
Milwaukee, WI 53233
DIVIDEND-DISBURSING UMB FUND SERVICES, INC.
AND TRANSFER AGENT c/o Lend Lease Funds
803 West Michigan Avenue, Suite A
Milwaukee, WI 53233
This report is submitted for the general information of shareholders of Lend
Lease Funds. It is not authorized for distribution to prospective investors
unless accompanied or preceded by an effective Prospectus for the Lend Lease
U.S. Real Estate Securities Fund. The Prospectus provides more complete
information, including fees and expenses, the investment objectives, risks and
operating policies of the Fund. Read the Prospectus carefully.
LE 410 0703
ITEM 2. CODE OF ETHICS
Not applicable to semi-annual reports for the period ended July 31, 2003.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not applicable to semi-annual reports for the period ended July 31, 2003.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable to semi-annual reports for the period ended July 31, 2003.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. RESERVED
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 8. RESERVED
ITEM 9. CONTROLS AND PROCEDURES
(a)The Registrant's Principal Executive Officer and Principal Financial Officer
concluded that the Registrant's Disclosure Controls and Procedures (as
defined in 1940 Act Rule 30a-2(c)) provide reasonable assurances that
material information regarding the Registrant is made known to them by the
appropriate persons, based on their evaluation of the Disclosure Controls and
Procedures as of a date within 90 days of the filing date of this report.
(b)There was no significant change in the Registrant's internal control over
financial reporting that occurred during the Registrant's last fiscal
half-year that has materially affected, or is reasonably likely to materially
affect, the Registrant's internal control over financial reporting.
ITEM 10. EXHIBITS
(a)(1) Code of Ethics. Not applicable to semi-annual reports for the period
ended July 31, 2003.
(a)(2) The certifications required by Rule 30a-2(a) under the 1940 Act are
attached as exhibits to this report.
(b)The certifications require by Rule 30a-2(b) under the 1940 Act are attached
as exhibits to this report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Lend Lease Funds
- ----------------
By: /s/ Michael A. Torres
- ----------------------------
Michael A. Torres
Principal Executive Officer
October 3, 2003
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the Registrant and in the capacities and on the
dates indicated.
By: /s/ Michael A. Torres
- ----------------------------
Michael A. Torres
Principal Executive Officer
October 3, 2003
By: /s/ Mark A. Hoopes
- ----------------------------
Mark A. Hoopes
Principal Financial Officer
October 3, 2003