Dear Investor
Financial Market Highlights
After the price declines experienced in the first three months of 1994, most
world stock markets fretted their way through the next three in a
schizophrenic state. Was this indeed the start of a protracted global bear
market or merely a short-term correction? Either way, the net result was
fairly minimal in performance terms. The major exception to this was Japan,
which rose 7% in local currency terms as domestic investors began to return to
their own market for the first time in nearly five years. With further signs
that their economy was slowly improving, Japanese investors remained either
blissfully ignorant or unconcerned about events elsewhere in the world. In
fact, this low correlation with U.S. stock performance is logical given the
different stages in the economic cycle of the respective nations. What is
puzzling is the behaviour of the European markets which are, as in Japan, just
emerging from deep recessions.
We continue to feel that bond markets worldwide have overreacted to the
potential threat of accelerating inflation. Real yields of 3.5% in Japan and
over 5% in Germany remain high by historic standards. The likelihood of the
U.S. recovery slowing to more sustainable levels in response to higher rates
and income taxes also remains real.
While equity markets were generally subdued, currency traders had no
shortage of excitement in recent months. Skepticism about the ability of the
U.S. to produce non-inflationary growth coupled with concern over a number of
the Clinton Administration's policies combined to send the dollar lower. This
obviously boosted returns earned by U.S. investors on their international
investments. Since March, the yen has gained 4%, the deutschemark is up about
5%, and the commodity-backed Australian dollar has risen by 4%. This left the
markets' year- to-date performance in dollar terms as follows.
Market Performance
% Change
Market Six Months Ended 6/30/94
______ ________________________
Japan 11.6%
Pacific ex-Japan 2.7
Europe -1.9
Latin America -9.1
Review
Although the Japanese economy has not come racing out of the blocks, the
pockets of economic strength continue to broaden. While housing starts remain
robust, car sales have turned positive for the first time in over a year and
money supply has continued its slow but steady acceleration. There are even
more tentative signs that capital spending, which has been a major depressant
on the economy, may be bottoming. Toyota and Mazda recently made high profile
announcements that their expenditures for plant and equipment would rise over
the period ending March 1995. Overall, we feel that industrial production will
turn positive later this year. This is supported by our extensive company
visits, which confirmed that orders continued to improve in April, May, and
June. With a better economic picture, the supply/demand equation has shifted
more favourably with both domestic institutional and individual money again
being attracted to equities at the expense of bonds and cash. We feel this can
take the equity market higher but continue to believe valuation constraints
make other international markets more appealing.
Within our rising Japanese weighting, we have become more economically
sensitive. Exposure to smaller companies continues to rise, as they typically
outperform in an environment of accelerating economic growth.
In Europe, equity markets were generally depressed by the local bond
markets. Evidence of economic recovery continues following the sharp easing of
short-term interest rates over the last two years. Indeed, Mr. Tietmeyer, the
new head of the Bundesbank, further cut the discount rate from 5% to 4.5%, and
this was quickly mirrored throughout the Continent. While some additional
monetary easing may be possible, we believe the bulk of the interest rate
declines are over given the recent steady economic improvement.
In Germany, first quarter gross domestic product is up, boosted by
recoveries in construction and trade. The German consumer, however, remains
nervous. We feel Germany's economic recovery will become more broadly based in
the second half of 1994, but tax increases to finance reunification and the
strong deutschemark make other economies and financial markets within Europe
more attractive.
With a strong competitive position, manageable government finances and a
presidential election looming in 1995, the French economic recovery is likely
to be at the stronger and more sustainable end of the European spectrum.
Evidence that this is already emerging can be found in increased car sales.
Our stock selection, therefore, is on the more economically sensitive areas.
In Italy, the market quieted down after the excitement of the first
quarter, falling 6% in local currency terms for the three months ended June
30. Even though the euphoria associated with Silvio Berlusconi's sweep to
power has become slightly more subdued, we remain confident of his commitment
to restructure the economy. Tax cuts financed by privatisations should serve
to enhance an enterprise culture.
Elsewhere in Europe, the Netherlands remains attractive, and the UK
continued to be a source of cash. Signs abound of a pickup in UK economic
activity fueled by lower interest rates and cheaper sterling. Longer term,
however, the economy remains constrained by higher taxes and debt.
Most Southeast Asian markets regained some of the ground lost earlier in
the year. The major exception was Hong Kong, where worries of further rate
increases, overheating in China, and the implications of a cooling property
market conspired to take the index lower by 1%. After the recent sharp rises
in both commercial and residential real estate prices, we view a correction as
inevitable but feel that low personal debt levels and a well-capitalised
banking sector will combine to keep the consolidation to a minimum. While the
longer-term Greater China story remains exciting, after strong performance
over the last four years we are finding other alternatives more attractive.
Rallies occurred in Malaysia, Thailand, and Singapore, which were up 8%,
9%, and 8%, respectively, in dollar terms. Malaysia remains our major position
but, with Bank Negara likely to raise rates later in the summer to counteract
a steady pickup in inflation, we are scaling down our holding.
Latin America, as ever, remained volatile: Chile rose 13%, Mexico and
Argentina were down 8% and 6%, respectively. Our largest position is in Mexico
where, at least in the short term, economic improvements continue to be
overshadowed by politics. Volatility is likely to persist until the August
elections to select the successor to President Salinas. The introduction in
Brazil of a new dollar-linked currency on July 1 and the October elections
will keep things uncertain. However, despite these short-term distractions,
the region's shift to democracy and the free market system seems well
established, causing us to look for weakness to add where foreign investment
is permitted.
Summary
The period since inception of the International Stock Portfolio has been a
difficult one in the financial markets. Strength in Japan, where the portfolio
is underweighted, and weakness in markets in which the portfolio has more
substantial commitments hurt performance. Despite this, we are reluctant to
make any major shifts, believing that, over the longer term, our growth
orientation together with a concern for valuations will be successful. The
overall direction of our management continues to be to add selectively to
Japan and Continental Europe, in both larger- and smaller-company stocks, and
to trim in the UK and Southeast Asia.
With bond markets now starting to stabilise after recent sharp falls and
more evidence emerging of solid, low-inflation economic growth, the
environment for international equities remains healthy. Local investors are
raising equity holdings in Japan and Europe, and emerging markets again look
attractive. Given the above, our investment stance continues to remain
relatively fully invested with stock selection moving into more economically
sensitive areas.
Respectfully submitted,
Martin G. Wade
President
July 25, 1994
Total Return Performance
Three Months
Ended 6/30/94
______________
International Stock Portfolio 1.0%
Security Classification
June 30, 1994
Cost Value
Percent of Net Assets (000) (000)
_____________________________ _______ _______
Common Stocks, 77.6% $1,888 $1,893
Short-Term Investments, 16.3% 396 396
______ ______
Total Investments, 93.9% 2,284 2,289
Other Assets Less
Liabilities, 6.1% 149 149
_____________________________________________________________________________
Net Assets, 100.0% $2,433 $2,438
Industry Diversification
June 30, 1994
Percent of
Net Assets
__________
Business & Public Services 7.9%
Telecommunications 7.3
Media 6.4
Banking 5.4
Multi-Industry 5.4
Building Materials & Components 5.3
Machinery & Engineering 4.4
Health & Personal Care 4.1
Food & Household Products 3.9
Merchandising 3.9
Mining 3.5
Transport & Storage 2.8
Energy Sources 2.7
Real Estate 2.3
Entertainment/Leisure 1.9
Forestry & Paper Products 1.7
Beverage/Tobacco Manufacturing 1.7
Chemicals 1.6
Electrical & Electronics 0.7
Investment Trusts 0.4
Other Industries 4.3
Short-Term Investments 16.3
Other Assets Less Liabilities 6.1
_____________________________________________________________________________
Net Assets 100.0%
Twenty-Five Largest Holdings
June 30, 1994
Percent of
Net Assets
__________
Swire Pacific 'A,' Hong Kong 2.7%
TMX ADS, Mexico 2.3
Ito-Yokado, Japan 2.3
United Engineers, Malaysia 2.2
Wolters Kluwer, Netherlands 2.1
Elsevier, Netherlands 2.0
Generale des Eaux, France 1.8
Cable & Wireless, United Kingdom 1.8
Nippon Denso, Japan 1.7
Royal Dutch Petroleum, Netherlands 1.7
National Westminster Bank, United Kingdom 1.6
Wharf Holdings, Hong Kong 1.5
Matsushita Electric Industries, Japan 1.5
Technology Resources Industries, Malaysia 1.5
Sandoz, Switzerland 1.5
Sharp, Japan 1.5
Valeo, France 1.5
United Overseas Bank, Singapore 1.4
Reed International, United Kingdom 1.4
Caradon, United Kingdom 1.4
Mitsubishi Heavy Industries, Japan 1.3
Grand Metropolitan, United Kingdom 1.3
Tomkins, United Kingdom 1.3
Daiwa House, Japan 1.3
SIP, Italy 1.3
_____________________________________________________________________________
Total 41.9%
Portfolio of Investments
T. Rowe Price International Stock Portfolio / June 30, 1994 (Unaudited)
COMMON STOCKS - 77.6%
Value
______
ARGENTINA - 0.4%
150 shs. Telefonica de Argentina
ADR (USD) . . . . . . . . . . . . . . . . . $ 9,056
AUSTRALIA - 2.1%
3,000 Mayne Nickless. . . . . . . . . . . . . . . 17,339
1,500 National Australia Bank . . . . . . . . . . 12,019
4,000 Western Mining. . . . . . . . . . . . . . . 21,046
Total Australia 50,404
BELGIUM - 1.5%
85 Kredietbank . . . . . . . . . . . . . . . . 16,833
28 UCB . . . . . . . . . . . . . . . . . . . . 20,558
Total Belgium 37,391
BRAZIL - 1.2%
750 * Telebras ADR (USD). . . . . . . . . . . . . 28,875
CANADA - 0.3%
300 Alcan Aluminum. . . . . . . . . . . . . . . 6,755
CHILE - 0.5%
270 Chile Fund (USD). . . . . . . . . . . . . . 11,576
FRANCE - 5.2%
170 Accor . . . . . . . . . . . . . . . . . . . 19,199
110 Generale des Eaux . . . . . . . . . . . . . 44,411
320 Television Francaise. . . . . . . . . . . . 26,546
750 Valeo . . . . . . . . . . . . . . . . . . . 35,702
Total France 125,858
GERMANY - 3.2%
12 Allianz Holdings. . . . . . . . . . . . . . 17,684
86 Gehe. . . . . . . . . . . . . . . . . . . . 29,472
120 Mannesmann. . . . . . . . . . . . . . . . . 30,596
Total Germany 77,752
HONG KONG - 4.2%
9,000 Swire Pacific 'A' . . . . . . . . . . . . . 64,622
10,000 Wharf Holdings. . . . . . . . . . . . . . . 36,872
Total Hong Kong 101,494
ITALY - 2.4%
640 Assicurazioni Generali. . . . . . . . . . . 16,467
12,500 SIP . . . . . . . . . . . . . . . . . . . . 31,299
3,900 shs. * Stet. . . . . . . . . . . . . . . . . . . . $ 12,030
Total Italy 59,796
JAPAN - 18.4%
1,000 Canon . . . . . . . . . . . . . . . . . . . 17,590
2,000 Daiwa House . . . . . . . . . . . . . . . . 31,317
1,000 Ito-Yokado. . . . . . . . . . . . . . . . . 55,414
3,000 Komatsu . . . . . . . . . . . . . . . . . . 29,283
2,000 Matsushita Electric
Industries. . . . . . . . . . . . . . . . 36,807
4,000 Mitsubishi Heavy Industries . . . . . . . . 32,089
2,000 Mitsui Fudosan. . . . . . . . . . . . . . . 24,403
2,000 Nippon Denso. . . . . . . . . . . . . . . . 42,095
6,000 Nippon Steel. . . . . . . . . . . . . . . . 20,986
2,000 Sekisui Chemical. . . . . . . . . . . . . . 23,386
2,000 Sekisui House . . . . . . . . . . . . . . . 25,826
2,000 Sharp . . . . . . . . . . . . . . . . . . . 36,401
1,000 Shinetsu Chemical . . . . . . . . . . . . . 21,454
2,000 Sumitomo. . . . . . . . . . . . . . . . . . 20,946
2,000 Sumitomo Electric . . . . . . . . . . . . . 30,707
Total Japan 448,704
MALAYSIA - 4.8%
5,000 Resorts World . . . . . . . . . . . . . . . 28,802
9,000 * Technology Resources
Industries. . . . . . . . . . . . . . . . 36,636
13,000 United Engineers. . . . . . . . . . . . . . 52,419
Total Malaysia 117,857
MEXICO - 3.7%
7,400 Cifra ADR (USD) . . . . . . . . . . . . . . 17,720
1,000 TMX ADS (USD) . . . . . . . . . . . . . . . 56,500
1,500 Tolmex 'B'. . . . . . . . . . . . . . . . . 15,590
Total Mexico 89,810
NETHERLANDS - 5.8%
570 Elsevier. . . . . . . . . . . . . . . . . . 49,118
390 Royal Dutch Petroleum . . . . . . . . . . . 41,186
852 Wolters Kluwer. . . . . . . . . . . . . . . 50,626
Total Netherlands 140,930
NEW ZEALAND - 2.5%
5,000 Air New Zealand 'B' . . . . . . . . . . . . 15,785
10,000 Carter Holt Harvey. . . . . . . . . . . . . 22,277
10,000 Fletcher Challenge. . . . . . . . . . . . . 21,860
Total New Zealand 59,922
NORWAY - 1.1%
477 Norsk Hydro . . . . . . . . . . . . . . . . 15,111
400 Orkla 'A' . . . . . . . . . . . . . . . . . 12,903
Total Norway 28,014
T. Rowe Price International Stock Portfolio / Portfolio of Investments
SINGAPORE - 1.9%
3,000 shs. Far East Levingston
Shipbuilding. . . . . . . . . . . . . . . $ 11,608
4,400 United Overseas Bank. . . . . . . . . . . . 35,203
Total Singapore 46,811
SPAIN - 1.5%
500 ENDESA. . . . . . . . . . . . . . . . . . . 22,539
500 Repsol. . . . . . . . . . . . . . . . . . . 14,392
Total Spain 36,931
SWEDEN - 0.9%
680 Astra 'B' . . . . . . . . . . . . . . . . . 13,415
420 Atlas Copco 'B' . . . . . . . . . . . . . . 4,939
100 Electrolux 'B'. . . . . . . . . . . . . . . 4,612
Total Sweden 22,966
SWITZERLAND - 3.6%
28 Nestle. . . . . . . . . . . . . . . . . . . 23,585
6 Roche Holdings. . . . . . . . . . . . . . . 28,758
70 Sandoz. . . . . . . . . . . . . . . . . . . 36,439
Total Switzerland 88,782
THAILAND - 0.9%
1,000 Bangkok Bank. . . . . . . . . . . . . . . . 7,588
200 Siam Cement . . . . . . . . . . . . . . . . 9,281
1,000 Thai Farmers Bank . . . . . . . . . . . . . 5,272
Total Thailand 22,141
UNITED KINGDOM - 11.5%
3,800 Abbey National. . . . . . . . . . . . . . . 23,117
6,900 Cable & Wireless. . . . . . . . . . . . . . 43,258
7,000 Caradon . . . . . . . . . . . . . . . . . . 33,265
1,100 East Midlands Electricity . . . . . . . . . 10,199
5,000 Grand Metropolitan. . . . . . . . . . . . . 31,346
1,700 Guinness. . . . . . . . . . . . . . . . . . 11,539
1,200 Kingfisher. . . . . . . . . . . . . . . . . 9,269
6,000 National Westminster Bank . . . . . . . . . 40,030
1,000 RTZ . . . . . . . . . . . . . . . . . . . . 12,709
3,000 Reed International. . . . . . . . . . . . . 34,829
9,500 Tomkins . . . . . . . . . . . . . . . . . . 31,323
Total United Kingdom 280,884
Short-Term Investments - 16.3%
COMMERCIAL PAPER - 16.3%
$100,000 Bell South
Telecommunication,
4.28%, 7/13/94. . . . . . . . . . . . . . $ 99,762
100,000 Ciesco, 4.375%, 8/2/94. . . . . . . . . . . 99,247
100,000 General Electric Capital,
4.36%, 7/26/94. . . . . . . . . . . . . . 99,334
98,000 Harvard University,
4.30%, 7/1/94 . . . . . . . . . . . . . . 97,988
Total Commercial Paper 396,331
Total Investments in Securities -
93.9% of Net Assets (Cost-$2,283,825). . . . . . . . . . . . . $2,289,040
* Non-income producing
(USD) U.S. dollar denominated
The accompanying notes are an integral part of these financial statements.
Statement of Assets and Liabilities
T. Rowe Price International Stock Portfolio / June 30, 1994 (Unaudited)
ASSETS
Investments in securities at value
(Cost - $2,283,825). . . . . . . . . . . . . . . .$2,289,040
Receivable for Fund shares sold . . . . . . . . . . 106,476
Other assets. . . . . . . . . . . . . . . . . . . . 63,336
_________
Total assets. . . . . . . . . . . . . . . . . . . . $2,458,852
LIABILITIES. . . . . . . . . . . . . . . . . . . . . 21,008
_________
Net Assets Consisting of:
Accumulated net investment income . . . . . . . . . 13,238
Accumulated realized gains . . . . . . . . . . . . 137
Net unrealized appreciation of investments. . . . . 5,295
Paid-in-capital applicable to 241,387 shares of
$0.0001 par value capital stock outstanding;
1,000,000,000 shares of the Corporation
authorized. . . . . . . . . . . . . . . . . . . . . 2,419,174
_________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . $2,437,844
__________
__________
NET ASSET VALUE PER SHARE. . . . . . . . . . . . . . $10.10
______
______
The accompanying notes are an integral part of these financial statements.
Statement of Operations
T. Rowe Price International Stock Portfolio / From March 31, 1994
(Commencement of Operations) to June 30, 1994 (Unaudited)
INVESTMENT INCOME
Income
Dividends (net of foreign taxes of $1,743). . . . $14,136
Interest. . . . . . . . . . . . . . . . . . . . . 4,595
_______
Total income. . . . . . . . . . . . . . . . . . . $18,731
Expenses
Investment management fees. . . . . . . . . . . . 5,493
_______
Net investment income. . . . . . . . . . . . . . . . 13,238
_______
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss)
Securities. . . . . . . . . . . . . . . . . . . . 540
Foreign currency transactions . . . . . . . . . . (403)
_______
Net realized gain . . . . . . . . . . . . . . . . . 137
Change in net unrealized appreciation or depreciation
Securities. . . . . . . . . . . . . . . . . . . . 5,215
Other assets and liabilities denominated
in foreign currencies . . . . . . . . . . . . . 80
_______
Change in net unrealized appreciation or
depreciation. . . . . . . . . . . . . . . . . . . 5,295
________
Net gain on investments. . . . . . . . . . . . . . . 5,432
________
INCREASE IN NET ASSETS FROM OPERATIONS . . . . . . . $18,670
________
________
Statement of Changes in Net Assets
T. Rowe Price International Stock Portfolio / From March 31, 1994
(Commencement of Operations) to June 30, 1994 (Unaudited)
INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income . . . . . . . . . . . . . . $ 13,238
Net realized gain on investments. . . . . . . . . 137
Change in net unrealized appreciation or depreciation
of investments. . . . . . . . . . . . . . . . . 5,295
__________
Increase in net assets from operations. . . . . . 18,670
Capital share transactions
Sold 231,387 shares . . . . . . . . . . . . . . . 2,319,174
__________
Total increase . . . . . . . . . . . . . . . . . . . 2,337,844
NET ASSETS
Beginning of period . . . . . . . . . . . . . . . 100,000
__________
End of period . . . . . . . . . . . . . . . . . . $2,437,844
__________
__________
The accompanying notes are an integral part of these financial statements.
Notes to Financial Statements
T. Rowe Price International Stock Portfolio / June 30, 1994 (Unaudited)
Note 1 - Significant Accounting Policies
T. Rowe Price International Series, Inc. (the Corporation) is registered under
the Investment Company Act of 1940. The International Stock Portfolio (the
Fund), a diversified, open-end management investment company, is the sole
portfolio currently established by the Corporation. The shares of the Fund are
currently being offered only to separate accounts established for the purpose
of funding variable annuity contracts or variable life contracts.
A) Valuation - Equity securities listed or regularly traded on a securities
exchange (including Nasdaq) are valued at the last quoted sales price at the
time the valuations are made. A security which is listed or traded on more
than one exchange is valued at the quotation on the exchange determined to be
the primary market for such security. Other equity securities and those listed
securities that are not traded on a particular day are valued at a price
within the limits of the latest bid and asked prices deemed by the Board of
Directors, or by persons delegated by the Board, best to reflect fair value.
Short-term debt securities are valued at their cost which, when combined
with accrued interest, approximates fair value.
For purposes of determining the Fund's net asset value per share, the
U.S. dollar value of all assets and liabilities initially expressed in foreign
currencies is determined by using the mean of the bid and offer prices of such
currencies against U.S. dollars quoted by a major bank.
Assets and liabilities for which the above valuation procedures are
inappropriate or are deemed not to reflect fair value are stated at fair value
as determined in good faith by or under the supervision of the officers of the
Fund, as authorized by the Board of Directors.
B) Currency translation - Foreign currency amounts are translated into U.S.
dollars at prevailing exchange rates as follows: assets and liabilities at the
rate of exchange at the end of the respective period, purchases and sales of
securities and income and expenses at the rate of exchange prevailing on the
dates of such transactions. The effect of changes in foreign exchange rates on
realized and unrealized security gains or losses is reflected as a component
of such gains or losses.
C) Other - Income and expenses are recorded on the accrual basis. Investment
transactions are accounted for on the trade date. Realized gains and losses
are reported on an identified cost basis. Dividend income and distributions to
shareholders are recorded by the Fund on the ex-dividend date. Income and
capital gain distributions are determined in accordance with federal income
tax regulations which may differ from generally accepted accounting
principles.
Note 2 - Organization
The Fund was organized on January 31, 1994, and had no operations prior to
March 31, 1994, other than those related to organizational matters, including
the sale of 10,000 shares of its capital stock at $10.00 per share on March
28, 1994 to T. Rowe Price Associates, Inc.
Note 3 - Investment Transactions
As a part of its investment program, the Fund engages in the following
activities, the nature and risk of which are set forth more fully in the
Fund's Prospectus and Statement of Additional Information.
A) Emerging Markets - The Fund has investments in securities of companies
located in emerging markets. Future economic or political developments could
adversely affect the liquidity or value, or both, of such securities.
B) Other - Purchases of portfolio securities, other than short-term and U.S.
Government securities, aggregated $1,887,494, for the period ended June 30,
1994.
Notes to Financial Statements (Cont'd)
Note 4 - Federal Income Taxes
No provision for federal income taxes is required since the Fund intends to
qualify as a regulated investment company and distribute all of its taxable
income.
At June 30, 1994, the aggregate cost of investments for federal income
tax and financial reporting purposes was $2,283,825 and net unrealized
appreciation aggregated $5,215, of which $61,731 related to appreciated
investments and $56,516 to depreciated investments.
Note 5 - Related Party Transactions
The Fund is managed by Rowe Price-Fleming International, Inc. (Price-Fleming)
which is owned by T. Rowe Price Associates, Inc. (Price Associates), Robert
Fleming Holdings Limited, and Jardine Fleming Holdings Limited under a joint
venture agreement.
The investment management agreement between the Fund and Price-Fleming
(the Manager) provides for an annual all-inclusive fee, computed daily and
paid monthly, equal to 1.05% of average daily net assets. Under this
agreement, all expenses of the Fund are paid by the Manager, except interest,
taxes, brokerage commissions and extraordinary expenses.
During the period ended June 30, 1994, the Fund, in the ordinary course
of business, paid commissions of $151 to, and placed security purchase and
sale orders aggregating $19,021 with, certain affiliates of the Manager in
connection with the execution of various portfolio transactions at the
direction of Price-Fleming.
Financial Highlights
T. Rowe Price International Stock Portfolio (Unaudited)
For a share outstanding through the period
__________________________________________
From March 31, 1994
(Commencement of
Operations) to
June 30, 1994
_________________
NET ASSET VALUE, BEGINNING OF PERIOD . . . $10.00
______
Investment Activities
Net investment income . . . . . . . . . . 0.07
Net realized and unrealized gain . . . . 0.03
______
Total from Investment Activities . . . . . 0.10
______
NET ASSET VALUE, END OF PERIOD . . . . . . $10.10
______
______
RATIOS/SUPPLEMENTAL DATA
Total Return . . . . . . . . . . . . . . . 1.0%
Ratio of Expenses to Average
Net Assets. . . . . . . . . . . . . . . . 1.05%!
Ratio of Net Investment Income to
Average Net Assets. . . . . . . . . . . . 2.53%!
Portfolio Turnover Rate. . . . . . . . . . 0.0%!
Net Assets, End of Period. . . . . . . . . $2,437,844
! Annualized.
