Semiannual Report
Global
Stock
Fund
April 30, 1999
T. Rowe Price
Report Highlights
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Global Stock Fund
o Global stocks rallied strongly during the six months ended April 30, with
the U.S., Europe, and Japan posting excellent returns.
o The fund turned in solid results during the period but trailed the MSCI
World Index and Lipper peer group average because of an underweighting in
Japan and our emphasis on growth over rebounding cyclical stocks.
o The powerful U.S. market represented more than 40% of portfolio assets; the
U.K. market was also strong and was the fund's second-largest country
position.
o We eliminated stocks that appeared overvalued and added to companies with
good business franchises and steady growth prospects.
o We intend to keep most of portfolio assets in the U.S. and a significant
percentage in Europe. We believe our diversified portfolio of global growth
stocks offers good potential for capital growth.
Fellow Shareholders
Global stock markets performed well during the six months ended April 30, and
the strong rally that began in October continued for the balance of 1998. Among
major markets, the U.S., Europe, and Japan all posted excellent returns.
Overseas, as we moved into 1999 leadership changed with the European markets
losing ground and the Far Eastern markets picking up the pace. This change in
leadership is consistent with the relative economic cycles between the two
regions. The large economies of Europe remain becalmed, but in the Far East
there are distinct signs of recovery.
Performance Comparison
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Periods Ended 4/30/99 6 Months 12 Months
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Global Stock Fund 17.80% 12.44%
MSCI World Index 19.78 16.37
Lipper Global Funds Average 19.65 6.99
Against this background of generally buoyant stock markets, your fund registered
strong absolute returns, particularly over the last six months. Relative results
were more mixed, and fund returns trailed the MSCI World Index over both the 6-
and 12-month periods. This was principally due to an underweighting in Japan and
a low exposure to its banking sector, a large part of the index that recovered
sharply this year. As with the U.S. market, large-cap stocks continued to lead
many international markets, and our positions in non-index stocks also impaired
our returns relative to the index. Investment results over the 12 months were
substantially better than our peer group average as our preference for steady
growers helped us during a period when there was uncertainty about world
economic growth. More recently, this uncertainty has receded, and with more
cyclical stocks leading markets fund results have slipped a little against our
peers.
The broad themes pushing world markets higher were improving sentiment,
recovering capital flows, and falling global interest rates. In Europe there was
the additional stimulus of heavy corporate activity, with transactions in the
first four months of 1999 totaling $641 billion compared with $864 billion for
the whole of 1998. The financial sector was active with the announcement of a
number of major deals that will hasten the consolidation of Europe's banking
industry. As in the U.S., leading telecommunication companies were also making
moves to strengthen their strategic positions in this attractive sector. Perhaps
the surprise in Europe was the weakness of the euro following its launch at the
beginning of the year. A slowdown in the important economies of Germany and
Italy allowed euro interest rates to decline, but the Kosovo situation and the
prospect of extended conflict at Europe's doorstep also cast a shadow over the
new currency. Since January, securities listed on the 11 stock markets of the
Eurozone have been denominated in euros, and a fall of 11% against the dollar
was embarrassing for the authorities and uncomfortable for the dollar-based
investor.
Market Performance
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Six Months Local Local Currency U.S.
Ended 4/30/99 Currency vs. U.S. Dollars Dollars
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France 24.33% -10.37% 11.43%
Germany 16.48 -10.41 4.35
Hong Kong 28.01 - 0.06 27.94
Italy 25.70 -10.49 12.51
Japan 30.14 -2.38 27.05
Mexico 33.09 8.22 44.03
Netherlands 26.16 -10.34 13.12
Norway 11.63 -5.32 5.69
Switzerland 13.74 -11.06 1.16
United Kingdom 21.46 -3.86 16.77
United States 23.82 -- 23.82
Source: FAME Information Services, Inc.; using MSCI indices.
In the Pacific, there were some sharp rallies in the smaller markets where there
are signs that a number of economies are successfully introducing necessary
reforms following the traumas of a year ago. Even in Japan there was some better
news on the economy, and investors were encouraged to see the government
allocate 7.5 trillion yen ($62 billion) to recapitalize the banking sector. The
Tokyo market rallied strongly with financial stocks taking the lead. Japan also
saw an increase in corporate activity with Goodyear acquiring Sumitomo Rubber
and Renault buying about 35% of fellow automaker Nissan. For a country that has
been cautious about foreign control of its corporations, these were landmark
deals.
INVESTMENT REVIEW
United States
Domestic stocks rallied sharply during the past six months, with the S&P 500
returning more than 22% for the period. The U.S. represented the fund's single
largest regional allocation at 42% of net assets. The Federal Reserve set the
stage for the global equities rally with a series of three cuts in key
short-term rates last fall. Coming on the heels of turmoil in Russia and other
emerging markets, the loosening of monetary policy by the Fed was primarily
responsible for restoring investor confidence.
Twelve U.S. holdings across a broad array of industries were among the fund's
top 25 holdings at the end of April. These included conglomerate Tyco
International; mortgage lender Freddie Mac; software giant Microsoft; banking
institutions Citigroup and Wells Fargo; telecommunications heavyweight MCI
WorldCom; supermarket chain Safeway; waste disposal firm Waste Management; and
health care provider United HealthCare. Internet-related positions such as
America Online, Cisco Systems, and EMC were particularly strong. In addition,
good performance from Microsoft, Citigroup, and MCI WorldCom among our major
holdings benefited the fund's return. On the negative side of the ledger,
software companies BMC Software, Network Associates, (since sold from the
portfolio) and Compuware hurt results, largely because of the perception that
Year 2000 concerns would be resolved before year-end. Philip Morris also lagged
due to continuing litigation against tobacco companies.
For the first time in a long while, market leadership changed hands during the
past six months. The domestic stock market had previously been driven by a
narrow group of large-capitalization growth stocks that accounted for the lion's
share of gains. However, during the final months of the period under review,
long-dormant cyclical stocks whose earnings are more closely tied to the economy
suddenly sprang to life. It was refreshing to see this expansion in stock market
gainers, and the fund's diversified holdings in U.S. shares benefited
performance.
Geographic Diversification
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United Europe Latin America Far East Japan Other and
States Reserves
42 37 3 2 9 7
Based on net assets as of 4/30/99.
Europe
There has been a significant divergence within the economies of Europe, our
second-largest commitment at 37% of assets, with the major ones making little
progress and some of the small ones growing quite strongly.
Germany has usually been the locomotive of Europe, but its manufacturing sector
is weak at the moment and low interest rates have failed to get the economy
moving. There have been several wage settlements at levels significantly higher
than inflation, and there is little confidence among Germany's business leaders
in Gerhard Schroeder's new government of the Center Left. His former Finance
Minister, Oskar Lafontaine, was making strident calls for easier money that were
embarrassing for the new European Central Bank, whose mandate requires resolute
independence in the face of political coercion. Perhaps realizing his position
was increasingly difficult, Mr. Lafontaine resigned at the beginning of the
year, enabling Mr. Schroeder to improve his control after a wobbly start.
Germany's poor economic performance was reflected in its stock market, which has
made little progress. Our underweighting here was helpful but some of our larger
positions underperformed. SAP, the business management software company,
suffered from a slowdown in overseas markets and Gehe, the pharmaceutical
wholesaler and retailer, fell prey to regulatory concerns despite continued
sound growth in revenue and profits.
In France, the stock market did better, helped by signs of economic recovery and
continued restructuring in the corporate sector. Banque National de Paris amazed
the financial sector with its audacious bid for both Paribas and Societe
Generale just as they were contemplating a friendly merger. Vivendi, the
utilities-based conglomerate and a key holding, demonstrated its international
ambitions with an $8 billion acquisition of U.S. Filter, and the consumer goods
company Pinault Printemps Redoute, another core holding, intervened in the
hostile bid by LVMH for Gucci by buying a 40% stake in the latter.
The Netherlands was another solid gainer with interest returning to Royal Dutch
Petroleum, a beneficiary of the rising oil price. Our additions to Philips
Electronics proved timely as the stock rallied strongly on the back of global
recovery and demand for technology products, but our position in Wolters Kluwer,
an international publisher with a steady growth record, lagged as investors
turned to more cyclical stocks. The Swiss market was another one where steady
growers such as Nestle (confectionery and consumer goods) and Novartis
(pharmaceuticals) were left on the sidelines, particularly as they announced
earnings that were below expectations. However Roche Holdings, the
pharmaceuticals major, announced strong results and pleased investors with the
additional good news that the U.S. FDA had approved its anti-obesity drug.
The U.K. market, which at nearly 11% of assets was the largest country position
in the portfolio after the U.S., was one of the best in Europe as stocks
recently established new highs. Investors were pleased with steady declines in
interest rates and rising optimism that a hard landing for the economy could be
avoided. Stock market performance was helped by the resilience of sterling,
which (unlike the euro) held up well against the U.S. dollar. Kingfisher
performed well following its deal with France's Castorama to establish Europe's
largest do-it-yourself retailer. In April, it announced a merger with
supermarket Asda that will create the U.K.'s largest retailer. This will allow
cross-selling opportunities and greater purchasing power, and will establish a
platform to compete internationally.
Turning to Scandinavia, the star performer was Sweden with Astra Zeneca Group, a
key portfolio holding in the pharmaceutical sector, finalizing its merger with
Zeneca of the U.K. The combined group now has the scale to compete with the
largest companies in terms of research and international marketing. Household
appliance manufacturer Electrolux performed well on the back of an improvement
in operating margins and a buoyant U.S. market.
Far East
In Japan the economy remained depressed. GDP declined 2.5% in 1998, and in the
fiscal year ended March 1999 it declined again by a similar amount. Industrial
production was weak with auto production during the last fiscal year falling to
a 20-year low. Consumer spending was also subdued with chain store sales in
March showing one of the largest declines on record. Therefore, the current
picture of the Japanese economy is bleak, but one or two signs have encouraged
the optimists. The government has become more assertive in providing the right
background for the economic recovery, having at last come to grips with banking
sector problems by announcing a $62 billion bailout. The recently established
Financial Supervisory Agency (FSA) acted decisively to bail out both the Long
Term Credit Bank and the Nippon Credit Bank. In addition, we have also seen the
first phase of reform of Japan's archaic tax system, with cuts in corporate
rates that will be welcomed by the country's hard-pressed businesses. Investors,
too, should benefit from lower tax rates and a more rational tax system.
Aside from government initiatives, corporations increasingly recognize the need
for restructuring. Major international corporations such as Sony have announced
extensive rationalization of their manufacturing capacity, which will inevitably
involve layoffs both in Japan and overseas. Announcements like these might be
routine in the U.S., but it must be remembered that Japan has a culture of
lifetime employment and such changes must be handled sensitively. Another
encouraging sign for Japanese industry was stability in the smaller economies of
the Pacific Region. With the prospect of a slowdown in exports to the U.S.,
Japanese exporters will hope to see their regional markets picking up any slack.
Despite this gloomy economic news, the Tokyo stock market rallied strongly in
the six months under review. Perhaps the most important stimulus was the large
recapitalization program that removed much uncertainty from the important
banking sector. Corporate news was also encouraging with numerous announcements
about restructuring and several exporters noting that their regional markets had
shown significant improvement.
Looking at our Japanese portfolio in more detail, announcements of specific
restructuring from NEC and Sony helped performance, and there was foreign
support for a number of our core blue chip holdings. TDK was left behind due to
worries over stronger-than-expected competition for magneto resistance heads.
The absence of bank stocks in our portfolio, for so long a successful strategy,
hindered results somewhat as the sector moved powerfully ahead following the
government's recapitalization program.
Industry Diversification
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Percent of Net Assets
10/31/98 4/30/99
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Services 30.8% 31.5%
Consumer Goods 21.9 20.4
Finance 18.4 19.5
Capital Equipment 12.9 13.0
Energy 7.4 7.0
Materials 2.4 2.2
Multi-industry 1.7 1.2
All Other 0.2 --
Reserves 4.3 5.2
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Total 100.0% 100.0%
Elsewhere in the Pacific, the smaller stock markets of the region also rebounded
strongly. Investors sensed that the worst might be over for a number of these
economies, and falling interest rates helped sentiment too. As is typical when
markets recover, the rally was led by stocks that performed the worst during the
downturn. These included financial companies where the banks were helped by low
interest rates and the supportive policies of the world central banks. Cyclical
stocks also led the market on the assumption that they would be the most
sensitive to any upturn.
Our portfolio structure in the Pacific outside of Japan is fairly conservative.
Hong Kong avoided the traumas of overinvestment and currency collapse that
plagued the rest of the region but still suffered a sharp contraction in its
economy. To protect the link between the Hong Kong and the U.S. dollar, the
authorities maintained a high interest rates policy for most of 1998, but the
price for this was a weak real estate market and deflation. However, Hong Kong
remains a key financial center for the Pacific, and its stock market rallied
strongly as interest rates fell and investors refocused on the region.
Australia seems to have come through the regional crises almost unscathed. The
economy is growing steadily and there has been a virtuous mix of low inflation
and a strong currency. Unemployment declined moderately and consumer sentiment
remained healthy. In common with a number of Pacific economies, the recent
improvement in commodity prices should help prospects. Thus we have added the
natural resources leader Broken Hill Proprietary, which has also introduced new
management and a restructuring plan that should improve shareholder value.
However, the bulk of the portfolio remained in service sectors such as banks and
telecommunications/-media stocks, which have all done well.
Latin America
Latin America had an extraordinary half year, and Brazil was center stage as
usual. Late last year there was optimism that Brazil was back on the road to
reform. President Cardoso emerged from the October elections unscathed, and by
early November he had announced a new fiscal stability program. It provided a
mix of spending cuts and tax increases but offered a longer-term "Working
Agenda" to tackle the root causes of the structural problems. Such an ambitious
program would require new legislation, but the International Monetary Fund was
confident enough to release its promised $41 billion financial package.
Nevertheless, in early December, to the surprise and dismay of markets, Congress
failed to pass several fiscal measures on which the IMF package was based. By
mid-January the government faced an overwhelming wave of currency selling and
the Central Bank was forced to stop defending the real, which devalued by over
30% in less than three weeks. With sky-high interest rates and a massive fiscal
deficit, the question of a government default was openly discussed, but just as
all seemed lost Congress passed the crucial legislation it had rejected earlier.
Confidence was further improved with the appointment of Arminio Fraga,
previously a savvy investor with George Soros, as president of the Central Bank.
The big question for Brazil is whether the currency devaluation will be followed
by a surge of inflation. Opinions on this vary widely, but at present consumer
prices remain stable. Now, after two months of renewed international confidence,
the markets could have great opportunities ahead. However, we should not forget
that Brazil has a poor record for meeting IMF targets and implementing fiscal
reform.
With Brazil engulfed by these traumas, the expectation was that Mexico would be
dragged down as well, but this time was different. The Mexican stock market held
up remarkably well during the Brazilian crisis and then performed far better
than other regional markets during the recovery. Due to its close associations
with the U.S. economy, Mexico has clearly been a prime beneficiary of the robust
U.S. growth. Despite low oil prices, its 1998 fiscal deficit was only 1.2% of
GDP, and the government's economic policies remained disciplined and convincing.
The Mexican peso has even strengthened against the dollar, and as a clear
beneficiary from the recent increase in the oil price, it is not surprising that
the stock market was one of the best performers during the six months under
review. The Argentine economy slowed sharply following the Brazilian
devaluation, but the banking system is now far stronger than when confidence was
last tested five years ago. With the peso maintaining parity with the U.S.
dollar, investor confidence has held. The government was even able to access
international markets and has already covered much of its financing needs for
this year.
Investment Policy and Outlook
Our current investment policy is to maintain the major portion of fund assets in
the U.S. and a substantial percentage in Europe. We feel comfortable with only
9% of the portfolio in Japan and the balance scattered among Latin American and
other Asian markets. During the past six months, we made several changes to
individual holdings, selling where individual valuations looked extended but
adding to positions or creating new ones that fit our criteria of strong
business franchises, steady growth, and reasonable valuation.
Despite the recent volatility in emerging markets, we believe that some exposure
to them is appropriate. The prospects for global markets will depend
significantly on whether the U.S. economy behaves in a way that will maintain
the benign environment of low inflation and stable interest rates. Its
performance over the last five years has been quite remarkable, and this has
been a major positive influence on both the U.S. stock market and investor
sentiment internationally. If the U.S. economy can continue to deliver its
favorable mix of steady growth, negligible inflation, and stable interest rates,
the investment environment will remain positive. In addition, if overseas
economies take over the leadership role, the case for global diversification
becomes compelling. Our country weightings and our preference for growth stocks
with reasonable valuations should help us in our pursuit of long-term capital
growth.
Respectfully submitted,
Martin G. Wade
President
May 21, 1999
T. Rowe Price Global Stock Fund
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Portfolio Highlights
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TWENTY-FIVE LARGEST HOLDINGS
Percent of
Net Assets
4/30/99
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National Westminster Bank, United Kingdom 1.5%
Tyco International, United States 1.3
Freddie Mac, United States 1.3
Microsoft, United States 1.1
SmithKline Beecham, United Kingdom 1.0
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Citigroup, United States 1.0
GE, United States 1.0
Wolters Kluwer, Netherlands 1.0
Kingfisher, United Kingdom 0.9
Telecom Italia, Italy 0.9
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Shell Transport & Trading, United Kingdom 0.9
Nestle, Switzerland 0.9
MCI WorldCom, United States 0.8
Safeway, United States 0.8
ING Groep, Netherlands 0.8
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Glaxo Wellcome, United Kingdom 0.8
Bristol-Myers Squibb, United States 0.8
Diageo, United Kingdom 0.8
Wells Fargo, United States 0.8
Vivendi, France 0.7
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Waste Management, United States 0.7
Novartis, Switzerland 0.7
United HealthCare, United States 0.7
Intel, United States 0.6
Telebras, Brazil 0.6
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Total 22.4%
Note: Table excludes reserves
T. Rowe Price Global Stock Fund
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Performance Comparison
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This chart shows the value of a hypothetical $10,000 investment in the fund over
the past 10 fiscal year periods or since inception (for funds lacking 10-year
records). The result is compared with a broad-based average or index. The index
return does not reflect expenses, which have been deducted from the fund's
return.
GLOBAL STOCK FUND
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As of 4/30/99
MSCI Lipper Global
World Global Stock
Index Funds Average Fund
12/29/95 10,000 10,000 10,000
4/96 10,666 10,921 10,890
4/97 11,821 11,993 12,287
4/98 15,311 15,275 15,705
4/99 17,817 16,380 17,658
Average Annual Compound Total Return
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This table shows how the fund would have performed each year if its actual (or
cumulative) returns for the periods shown had been earned at a constant rate.
Since Inception
Periods Ended 4/30/99 1 Year 3 Years Inception Date
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Global Stock Fund 12.44% 17.48% 18.60% 12/29/95
Investment return and principal value represent past performance and will vary.
Shares may be worth more or less at redemption than at original purchase.
T. Rowe Price Global Stock Fund
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Unaudited'
Financial Highlights For a share outstanding throughout each period
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6 Months Year 12/29/95
Ended Ended Through
4/30/99 10/31/98 10/31/97 10/31/96
NET ASSET VALUE
Beginning of period $ 14.03 $ 13.01 $ 11.35 $ 10.00
Investment activities
Net investment income 0.02* 0.09* 0.06* 0.05*
Net realized and
unrealized gain (loss) 2.41 1.52 1.84 1.30
Total from
investment activities 2.43 1.61 1.90 1.35
Distributions
Net investment income (0.10) (0.06) (0.06) --
Net realized gain (0.45) (0.53) (0.18) --
Total distributions (0.55) (0.59) (0.24) --
NET ASSET VALUE
End of period $ 15.91 $ 14.03 $ 13.01 $ 11.35
---------------------------------------------------
Ratios/Supplemental Data
Total return(C) 17.80%* 12.89%* 16.98%* 13.50%*
Ratio of total
expenses to
average net assets 1.20%*! 1.20%* 1.30%* 1.30%*!
Ratio of net
investment
income to average
net assets 0.31%*! 0.76%* 0.68%* 0.88%*!
Portfolio turnover rate 39.6%! 47.1% 41.8% 50.0%!
Net assets,
end of period
(in thousands) $ 60,350 $ 44,116 $ 32,020 $ 14,916
(C) Total return reflects the rate that an investor would have earned on an
investment in the fund during each period, assuming reinvestment of all
distributions.
* Excludes expenses in excess of a 1.30% voluntary expense limitation in
effect through 10/31/97 and a 1.20% voluntary expense limitation in effect
through 10/31/99.
! Annualized
The accompanying notes are an integral part of these financial statements.
T. Rowe Price Global Stock Fund
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Unaudited April 30, 1999
Portfolio of Investments
Shares Value
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In thousands
ARGENTINA 0.4%
Common Stocks 0.4%
Banco de Galicia Buenos Aires
(Class B) ADR (USD) * 843 $ 19
Banco Frances del
Rio de la Plata ADR (USD) 675 17
Telefonica de Argentina
(Class B) ADR (USD) 1,380 52
YPF Sociedad Anonima
(Class D) ADR (USD) 4,088 172
Total Argentina (Cost $200) 260
AUSTRALIA 1.5%
Common Stocks 1.4%
Australian Gas Light 5,237 37
Brambles Industries 2,000 59
Broken Hill Proprietary 4,000 45
Colonial Limited 22,187 84
Commonwealth Bank of Australia 5,912 108
Goodman Fielder 24,000 23
Lend Lease 3,266 44
News Corporation 7,928 66
Publishing & Broadcasting 11,400 77
Tabcorp Holdings 6,500 53
Telstra 21,375 116
Westpac Bank 15,511 118
830
Preferred Stocks 0.1%
News Corporation 8,173 64
Star City Holdings 22,000 24
88
Total Australia (Cost $693) 918
BELGIUM 0.8%
Common Stocks 0.8%
Dexia (EUR) 279 43
Fortis (EUR) 4,264 143
KBC Bancassurance Holding (EUR) 4,190 260
Societe Europeenne des Satellites
(Class A) (EUR) 100 15
UCB (EUR) * 900 42
Total Belgium (Cost $389) 503
BRAZIL 1.1%
Common Stocks 0.8%
Pao de Acucar GDR (USD) 1,869 $ 33
Telebras ADR (USD) * 4,290 391
Telesp 2,311 0
Unibanco GDR (USD) 1,693 42
466
Preferred Stocks 0.3%
Banco Bradesco 3,059,426 16
Banco Itau 31,000 16
Cia Cimento Portland Itau 28,000 3
Cia Energetica Minas Gerais 613,108 15
Cia Energetica Minas Gerais ADR
(144a) (USD) 183 4
Cia Energetica Minas Gerais ADR,
Sponsored Nonvoting (USD) 1,479 36
Pao de Acucar GDR (USD) 190 3
Petrol Brasileiros 511,720 83
Telebras ADR (USD) 4,290 0
Telecomunicacoes de Sao Paulo 236,503 30
Telecomunicacoes de Sao Paulo
Celular (Class B) 225,887 10
Unibanco, Units
(Each unit consists of 1 preferred share and
1 Unibanco Holdings (Class B) share) 351 0
216
Total Brazil (Cost $801) 682
CANADA 0.6%
Common Stocks 0.6%
Alcan Aluminum 1,080 34
Fairfax Financial 500 146
Royal Bank of Canada 430 21
Toronto-Dominion Bank 3,300 176
Total Canada (Cost $375) 377
CHILE 0.0%
Common Stocks 0.0%
Chilectra ADR (144a) (USD) 584 13
Total Chile (Cost $14) 13
CHINA 0.2%
Common Stocks 0.2%
China Telecom (HKD) 34,000 $ 77
Huaneng Power International ADR (USD) * 3,100 42
Total China (Cost $121) 119
DENMARK 0.2%
Common Stocks 0.2%
Den Danske Bank 410 47
Tele Danmark 400 41
Unidanmark (Class A) 280 20
Total Denmark (Cost $93) 108
FINLAND 0.5%
Common Stocks 0.5%
Nokia (EUR) 3,560 275
Total Finland (Cost $93) 275
FRANCE 5.2%
Common Stocks 5.2%
AXA (EUR) 1,823 235
Alcatel Alsthom (EUR) 995 122
Carrefour (EUR) 252 200
Cie de St. Gobain (EUR) 762 131
Credit Commercial de France (EUR) 1,137 120
Danone (EUR) 410 110
Dexia France, Bearer (EUR) 110 15
Elf Aquitaine (EUR) 872 135
L'Oreal (EUR) 94 60
Lafarge (EUR) 357 35
Lapeyre (EUR) 404 31
Legrand (EUR) 350 84
Pinault Printemps Redoute (EUR) 1,685 280
Sanofi (EUR) 1,445 226
Schneider (EUR) 2,775 181
Societe Generale (EUR) 613 110
Sodexho Alliance (EUR) 1,230 $ 202
Television Francaise (EUR) 623 122
Total (Class B) (EUR) 2,333 319
Vivendi (EUR) 1,787 417
Total France (Cost $2,400) 3,135
GERMANY 3.2%
Common Stocks 3.0%
Allianz (EUR) 470 150
Bayer (EUR) 2,552 108
Bayerische Vereinsbank (EUR) 3,687 240
Deutsche Bank (EUR) 2,268 132
Deutsche Bank (EUR) 252 14
Deutsche Telekom (EUR) 3,116 123
Dresdner Bank (EUR) 3,277 141
Gehe (EUR) 4,040 186
Hoechst (EUR) 940 45
Mannesmann (EUR) 2,170 286
Rhoen Klinikum (EUR) 507 51
SAP (EUR) 370 118
Siemens (EUR) 1,003 74
Veba (EUR) 2,180 119
Volkswagen (EUR) 610 43
1,830
Preferred Stocks 0.2%
Fielmann (EUR) 260 10
Fresenius (EUR) 180 32
SAP (EUR) 211 79
121
Total Germany (Cost $1,834) 1,951
HONG KONG 1.0%
Common Stocks 1.0%
CLP Holdings 16,000 86
Cheung Kong Holdings 4,000 36
HSBC Holdings 2,000 74
Henderson Land Development 14,000 85
Hong Kong Telecommunications 19,600 $ 53
Hutchison Whampoa 23,000 207
Sun Hung Kai Properties 6,000 52
Total Hong Kong (Cost $470) 593
IRELAND 0.1%
Common Stocks 0.1%
CBT Group ADR (USD) * 2,084 32
Total Ireland (Cost $59) 32
ISRAEL 0.2%
Common Stocks 0.2%
Teva Pharmaceutical Industries ADR (USD) 2,500 114
Total Israel (Cost $108) 114
ITALY 3.1%
Common Stocks 3.1%
Assicurazioni Generali (EUR) 3,480 136
Banca Commerciale Italiana (EUR) 7,000 58
Banca di Roma (EUR) 33,000 54
Banca Popolare di Brescia (EUR) 2,000 69
Credito Italiano (EUR) 31,825 161
ENI (EUR) 29,609 195
Gucci Group (USD) 861 65
Istituto Nazionale delle Assicurazioni (EUR) 57,000 151
Italgas (EUR) 4,600 20
Mediolanum (EUR) 8,230 54
Sao Paolo IMI (EUR) 10,315 155
Telecom Italia (EUR) 51,440 547
Telecom Italia Mobile (EUR) 38,000 226
Total Italy (Cost $1,453) 1,891
JAPAN 9.2%
Common Stocks 9.2%
Alps Electric 3,000 51
Canon 11,000 269
Citizen Watch 4,000 $ 33
DDI 15 74
Daiichi Pharmaceutical 6,000 97
Daiwa House 7,000 84
Denso 11,000 223
East Japan Railway 14 83
Fanuc 1,200 52
Fujitsu 4,000 69
Hitachi 14,000 102
Honda Motor 1,000 44
Ito-Yokado 2,000 123
Kao 6,000 152
Kokuyo 4,000 60
Komori 3,000 56
Kuraray 7,000 80
Kyocera 3,000 178
Makita 4,000 43
Marui 10,000 166
Matsushita Electric Industrial 14,000 266
Mitsubishi 7,000 46
Mitsubishi Heavy Industries 37,000 162
Mitsui Fudosan 17,000 157
Murata Manufacturing 4,000 229
NEC 21,000 251
NTT Mobile Communication Network 3 176
Nippon Telegraph & Telephone 27 294
Nomura Securities 12,000 129
Pioneer Electronic 2,000 38
Sankyo 10,000 210
Sekisui Chemical 11,000 74
Sekisui House 7,000 78
Seven-Eleven Japan 1,000 85
Shin-Etsu Chemical 4,000 127
Shiseido 5,000 79
Sony 3,100 289
Sumitomo 14,000 103
Sumitomo Electric Industries 18,000 218
TDK 3,000 227
Tokio Marine & Fire Insurance 3,000 $ 35
Tokyo Electronics 2,000 114
Toppan Printing 7,000 84
Uny 4,000 64
Total Japan (Cost $5,369) 5,574
MEXICO 1.0%
Common Stocks 1.0%
Cemex (Class B) 3,000 14
Cemex ADS (Represents 2
Participating Certificates) (USD) 7,000 66
Cemex, Participating Certificates
Represents 1 Class A share) 90 0
Femsa UBD (Represents 1 Class B and
4 Series D (Class L) shares) * 13,460 48
Gruma (Class B) 4,906 9
Gruma ADS (USD) 1,045 8
Grupo Industrial Maseca (Class B) 12,000 8
Grupo Modelo (Class C) 12,000 32
Grupo Televisa GDR (USD) * 1,723 71
Kimberly-Clark de Mexico (Class A) 11,721 46
Telefonos de Mexico (Class L) ADR (USD) 3,680 279
TV Azteca ADR (USD) 1,100 8
Total Mexico (Cost $486) 589
NETHERLANDS 5.2%
Common Stocks 5.2%
ABN Amro (EUR) 6,346 151
Ahold (EUR) 6,321 235
Akzo Nobel (EUR) 520 23
ASM Lithography (EUR) 3,340 141
CSM (EUR) 2,288 122
Elsevier (EUR) 15,227 228
Equant (EUR) 510 46
Fortis Nl (EUR) 6,060 216
ING Groep (EUR) 8,100 499
KPN (EUR) 918 38
Numico (EUR) 1,800 68
Philips Electronics (EUR) 2,540 219
Royal Dutch Petroleum (EUR) 3,960 230
STMicroelectronics (EUR) 900 $ 94
TNT Post Groep (EUR) 588 16
Unilever (EUR) 2,194 150
VNU (EUR) 1,530 62
Wolters Kluwer (EUR) 13,232 576
Total Netherlands (Cost $2,587) 3,114
NEW ZEALAND 0.1%
Common Stocks 0.1%
Telecom Corporation of New Zealand 15,800 82
Total New Zealand (Cost $70) 82
NORWAY 0.6%
Common Stocks 0.6%
Bergesen (Class A) 380 6
Norsk Hydro 3,910 175
Orkla (Class A) 10,472 176
Saga Petroleum 400 4
Total Norway (Cost $403) 361
PORTUGAL 0.3%
Common Stocks 0.3%
Jeronimo Martins (EUR) 4,390 144
Total Portugal (Cost $103) 144
RUSSIA 0.0%
Common Stocks 0.0%
Rao Gazprom ADS (USD) * 868 9
Total Russia (Cost $17) 9
SINGAPORE 0.2%
Common Stocks 0.2%
Singapore Press 3,333 49
United Overseas Bank 9,000 70
Total Singapore (Cost $107) 119
SOUTH KOREA 0.1%
Common Stocks 0.1%
Samsung Electronics 648 $ 50
Total South Korea (Cost $41) 50
SPAIN 1.6%
Common Stocks and Rights 1.6%
Argentaria Banca de Espana (EUR) 3,080 73
Banco Bilbao Vizcaya (EUR) 2,700 40
Banco Popular Espanol (EUR) 540 38
Banco Santander (EUR) 7,290 158
Empresa Nacional de Electricidad (EUR) 5,186 115
Gas Natural (EUR) 885 72
Iberdrola (EUR) 6,992 98
Repsol (EUR) 3,639 59
Telefonica de Espana (EUR) 6,850 321
Telefonica de Espana, Rights, 5/20/99 (EUR) 6,850 6
Total Spain (Cost $775) 980
SWEDEN 1.9%
Common Stocks 1.9%
ABB (Class A) 5,620 78
AstraZeneca Group ADR 7,356 287
Atlas Copco (Class B) 3,070 81
Electrolux (Class B) 8,340 169
Esselte (Class B) 500 8
Granges 350 6
Hennes and Mauritz (Class B) 3,000 258
Nordbanken Holding 25,393 160
Sandvik (Class B) 2,165 49
Securitas (Class B) 2,257 33
Total Sweden (Cost $851) 1,129
SWITZERLAND 3.5%
Common Stocks 3.5%
ABB 90 131
Adecco 386 195
Credit Suisse Group 790 $ 157
Nestle 280 518
Novartis 281 411
Roche Holdings 25 294
Swisscom 112 41
UBS 1,116 379
Total Switzerland (Cost $1,864) 2,126
UNITED KINGDOM 10.6%
Common Stocks 10.6%
Abbey National 9,000 203
Asda Group 29,000 96
BG 10,058 57
British Petroleum 10,000 190
Cable & Wireless 21,000 301
Cadbury Schweppes 16,000 213
Caradon 24,700 63
Centrica * 4,000 8
Compass Group 13,000 132
David S. Smith 9,000 19
Diageo 40,326 465
Electrocomponents 8,000 68
GKN 3,000 51
Glaxo Wellcome 16,000 474
Hays 1,000 11
Heywood Williams Group 1,000 4
John Laing (Class A) 4,000 21
Kingfisher 36,800 551
Ladbroke Group 15,000 72
National Westminster Bank 38,000 910
Rank Group 6,000 25
Reed International 37,000 337
Rio Tinto 11,000 192
Rolls Royce 8,000 37
Safeway 19,000 79
Shell Transport & Trading 71,000 533
SmithKline Beecham 47,200 623
Tesco 55,000 $ 163
Tomkins 39,372 168
Unilever 17,000 152
United News & Media 14,400 175
Total United Kingdom (Cost $4,958) 6,393
UNITED STATES 42.4%
Common Stocks 42.4%
ACE Limited 9,100 275
AT&T 2,000 101
Aetna 3,500 307
AirTouch Communications * 3,300 308
AlliedSignal 5,400 317
Altera * 2,000 145
America Online 1,500 214
American Home Products 4,500 275
Applied Materials * 2,600 139
Ascend Communications * 2,300 222
Associates First Capital (Class A) 5,800 257
Atlantic Richfield 3,100 260
Automatic Data Processing 6,800 303
BMC Software * 5,900 254
Bank America 4,637 334
Bank of New York 6,700 268
Baxter International 2,200 139
Biogen * 700 67
Bristol-Myers Squibb 7,400 470
CBS 6,900 314
CVS 5,884 280
Cardinal Health 2,800 167
Carnival (Class A) 2,700 111
Chancellor Media * 4,400 241
Cisco Systems * 2,825 322
Citigroup 8,199 617
Coca-Cola 2,400 163
Colgate-Palmolive 2,600 266
Compuware * 4,000 98
Corning 3,800 $ 218
Costco Companies * 3,000 243
Crescent Real Estate Equities, REIT 6,700 150
Danaher 3,600 239
Dayton Hudson 4,500 303
Dell Computer * 3,600 148
Disney 2,500 79
EMC * 1,100 120
Eli Lilly 2,900 214
Fannie Mae 4,500 319
First Data 4,500 191
Fox Entertainment Group (Class A) * 6,500 167
Fred Meyer * 3,700 200
Freddie Mac 12,400 778
GE 5,700 601
GTE 4,200 281
Galileo International 3,000 147
Gartner Group (Class A) * 5,000 95
Gillette 1,400 73
Guidant 1,800 97
Halliburton 5,100 217
Hasbro 5,400 184
HealthSouth * 6,000 81
Hewlett-Packard 3,700 292
Infinity Broadcasting (Class A) * 4,400 122
Intel 6,400 392
Johnson & Johnson 3,400 332
Jones Apparel Group * 100 3
Kimberly-Clark 2,000 123
MCI WorldCom * 6,134 504
Maxim Integrated Products * 4,200 235
McDonald's 4,600 195
Mellon Bank 3,000 223
Merck 4,100 288
Microsoft * 8,000 650
Mirage Resorts * 7,900 177
Mobil 3,200 335
Morgan Stanley Dean Witter 1,300 129
Newell Rubbermaid 3,000 $ 142
Nextel Communications * 3,000 123
NIKE (Class B) 1,600 100
Omnicom 4,300 312
Parametric Technology * 13,000 170
Partnerre 3,100 128
PepsiCo 6,900 255
Pfizer 3,000 345
Philip Morris 6,800 238
Procter & Gamble 1,300 122
Republic Services (Class A) * 10,000 206
SBC Communications 6,000 336
Safeway * 9,300 502
Saks * 5,000 142
Sara Lee 4,000 89
Schering-Plough 2,800 135
ServiceMaster 10,700 203
Shire Pharmaceuticals ADR * 5,000 108
Solectron * 4,100 199
Starwood Hotels & Resorts 5,697 209
Sterling Commerce * 2,200 69
Sun Microsystems * 1,500 90
Teleflex 2,800 122
Texas Instruments 1,800 184
The Learning Company * 3,000 93
Time Warner 4,000 280
Travelers Property Casualty (Class A) 4,900 169
Tyco International 9,632 783
UNUM 3,500 191
US WEST Media * 3,300 269
USX-Marathon 12,000 375
United HealthCare 7,300 410
Wal-Mart 8,000 368
Warnaco Group (Class A) 9,800 262
Warner-Lambert 4,900 333
Waste Management 7,300 412
Wells Fargo 10,500 453
Young & Rubicam 6,100 243
Total United States (Cost $19,500) 25,549
SHORT-TERM INVESTMENTS 6.1%
Money Market Funds 6.1%
Reserve Investment Fund, 5.01% # 3,684,590 $ 3,685
Total Short-Term Investments (Cost $3,685) 3,685
Total Investments in Securities
100.9% of Net Assets (Cost $49,919) $ 60,875
Other Assets Less Liabilities (525)
NET ASSETS $ 60,350
-----------
* Non-income producing
# Seven-day yield
144a Security was purchased pursuant to Rule 144a under the Securities Act of
1933 and may not be resold subject to that rule except to qualified
institutional buyers - total of such securities at period-end amounts to
0.03% of net assets.
ADR American depository receipt
ADS American depository share
EUR European currency unit
GDR Global depository receipt
HKD Hong Kong dollar
REIT Real Estate Investment Trust
USD U.S. dollar
The accompanying notes are an integral part of these financial statements.
T. Rowe Price Global Stock Fund
- --------------------------------------------------------------------------------
Unaudited April 30, 1999
Statement of Assets and Liabilities
- --------------------------------------------------------------------------------
In thousands
Assets
Investments in securities, at value (cost $49,919) $60,875
Securities lending collateral 2,241
Other assets 1,144
Total assets 64,260
Liabilities
Obligation to return securities lending collateral 2,241
Other liabilities 1,669
Total liabilities 3,910
NET ASSETS $60,350
-------
Net Assets Consist of:
Accumulated net investment income - net of distributions $ 91
Accumulated net realized gain/loss - net of distributions 1,666
Net unrealized gain (loss) 10,957
Paid-in-capital applicable to 3,792,198 shares of
$0.01 par value capital stock outstanding;
2,000,000,000 shares of the Corporation authorized 47,636
NET ASSETS $60,350
-------
NET ASSET VALUE PER SHARE $ 15.91
--------
The accompanying notes are an integral part of these financial statements.
T. Rowe Price Global Stock Fund
- --------------------------------------------------------------------------------
Unaudited
Statement of Operations
- --------------------------------------------------------------------------------
In thousands
6 Months
Ended
4/30/99
Investment Income
Income
Dividend (net of foreign taxes of $32) $ 303
Interest 81
Total income 384
Expenses
Investment management 103
Shareholder servicing 87
Custody and accounting 73
Prospectus and shareholder reports 15
Registration 13
Legal and audit 9
Directors 3
Miscellaneous 2
Total expenses 305
Net investment income 79
Realized and Unrealized Gain (Loss)
Net realized gain (loss)
Securities 1,811
Foreign currency transactions (4)
Net realized gain (loss) 1,807
Change in net unrealized gain or loss
Securities 6,371
Other assets and liabilities
denominated in foreign currencies (4)
Change in net unrealized gain or loss 6,367
Net realized and unrealized gain (loss) 8,174
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $8,253
------
The accompanying notes are an integral part of these financial statements.
T. Rowe Price Global Stock Fund
- --------------------------------------------------------------------------------
Unaudited
Statement of Changes in Net Assets
- --------------------------------------------------------------------------------
In thousands
6 Months Year
Ended Ended
4/30/99 10/31/98
Increase (Decrease) in Net Assets
Operations
Net investment income $ 79 $ 299
Net realized gain (loss) 1,807 1,335
Change in net unrealized gain or loss 6,367 2,526
Increase (decrease) in
net assets from operations 8,253 4,160
Distributions to shareholders
Net investment income (318) (153)
Net realized gain (1,428) (1,355)
Decrease in net assets from distributions (1,746) (1,508)
Capital share transactions*
Shares sold 18,184 28,193
Distributions reinvested 1,703 1,466
Shares redeemed (10,160) (20,215)
Increase (decrease) in net
assets from capital
share transactions 9,727 9,444
Net Assets
Increase (decrease) during period 16,234 12,096
Beginning of period 44,116 32,020
End of period $ 60,350 $ 44,116
----------------------------
*Share information
Shares sold 1,207 2,017
Distributions reinvested 120 117
Shares redeemed (679) (1,452)
Increase (decrease) in shares outstanding 648 682
The accompanying notes are an integral part of these financial statements.
T. Rowe Price Global Stock Fund
- --------------------------------------------------------------------------------
Unaudited April 30, 1999
Notes to Financial Statements
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
T. Rowe Price International Funds, Inc. (the corporation) is registered
under the Investment Company Act of 1940. The Global Stock Fund (the fund),
a diversified, open-end management investment company, is one of the
portfolios established by the corporation and commenced operations on
December 29, 1995.
The accompanying financial statements are prepared in accordance with
generally accepted accounting principles for the investment company
industry; these principles may require the use of estimates by fund
management.
Valuation Equity securities 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.
Investments in mutual funds are valued at the closing net asset value per
share of the mutual fund on the day of valuation.
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.
Currency Translationo Assets and liabilities are translated into U.S.
dollars at the prevailing exchange rate at the end of the reporting period.
Purchases and sales of securities and income and expenses are translated
into U.S. dollars at the prevailing exchange rate on the dates of such
transactions. The effect of changes in foreign exchange rates on realized
and unrealized security gains and losses is reflected as a component of
such gains and losses.
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 the 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 and may differ from those determined in
accordance with generally accepted accounting principles. Expenses paid
indirectly reflect credits earned on daily, uninvested cash balances at the
custodian, used to reduce the fund's custody charges.
NOTE 2 - INVESTMENT TRANSACTIONS
Consistent with its investment objective, the fund engages in the following
practices to manage exposure to certain risks or enhance performance. The
investment objective, policies, program, and risk factors of the fund are
described more fully in the fund's prospectus and Statement of Additional
Information.
Securities Lendingo The fund lends its securities to approved brokers to
earn additional income and receives cash and U.S. government securities as
collateral against the loans. Cash collateral received is invested in a
money market pooled account by the fund's lending agent. Collateral is
maintained over the life of the loan in an amount not less than 100% of the
value of loaned securities. Although risk is mitigated by the collateral,
the fund could experience a delay in recovering its securities and a
possible loss of income or value if the borrower fails to return them. At
April 30, 1999, the value of loaned securities was $2,128,000; aggregate
collateral consisted of $2,241,000 in the securities lending collateral
pool.
Other Purchases and sales of portfolio securities, other than short-term
securities, aggregated $16,455,000 and $9,664,000, respectively, for the
six months ended April 30, 1999.
NOTE 3 - FEDERAL INCOME TAXES
No provision for federal income taxes is required since the fund intends to
continue to qualify as a regulated investment company and distribute all of
its taxable income.
At April 30, 1999, the cost of investments for federal income tax purposes
was substantially the same as for financial reporting and totaled
$49,919,000. Net unrealized gain aggregated $10,956,000 at period-end, of
which $12,310,000 related to appreciated investments and $1,354,000 to
depreciated investments.
NOTE 4 - RELATED PARTY TRANSACTIONS
The fund is managed by Rowe Price-Fleming International, Inc. (the
manager), 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 the manager
provides for an annual investment management fee, of which $24,000 was
payable at April 30, 1999. The fee is computed daily and paid monthly, and
consists of an individual fund fee equal to 0.35% of average daily net
assets and a group fee. The group fee is based on the combined assets of
certain mutual funds sponsored by the manager or Price Associates (the
group). The group fee rate ranges from 0.48% for the first $1 billion of
assets to 0.30% for assets in excess of $80 billion. At April 30, 1999, and
for the six months then ended, the effective annual group fee rate 0.32%.
The fund pays a pro-rata share of the group fee based on the ratio of its
net assets to those of the group.
Under the terms of the investment management agreement, the manager is
required to bear any expenses through October 31, 1999, which would cause
the fund's ratio of total expenses to average net assets to exceed 1.20%.
Thereafter, through October 31, 2001, the fund is required to reimburse the
manager for these expenses, provided that average net assets have grown or
expenses have declined sufficiently to allow reimbursement without causing
the fund's ratio of total expenses to average net assets to exceed 1.20%.
Pursuant to this agreement, $68,000 of management fees were not accrued by
the fund for the six months ended April 30, 1999 and, $185,000 of unaccrued
1997-1998 fees remain subject to reimbursement through October 31, 2001.
Additionally, $212,000 of unaccrued management fees and $111,000 of other
expenses borne by the manager related to a previous expense limitation are
subject to reimbursement through October 31, 1999.
In addition, the fund has entered into agreements with Price Associates and
two wholly owned subsidiaries of Price Associates, pursuant to which the
fund receives certain other services. Price Associates computes the daily
share price and maintains the financial records of the fund. T. Rowe Price
Services, Inc. (TRPS) is the fund's transfer and dividend disbursing agent
and provides shareholder and administrative services to the fund. T. Rowe
Price Retirement Plan Services, Inc. provides subaccounting and
recordkeeping services for certain retirement accounts invested in the
fund. The fund incurred expenses pursuant to these related party agreements
totaling approximately $124,000 for the six months ended April 30, 1999, of
which $24,000 was payable at period-end.
The fund may invest in the Reserve Investment Fund and Government Reserve
Investment Fund (collectively, the Reserve Funds), open-end management
investment companies managed by T. Rowe Price Associates, Inc. The Reserve
Funds are offered as cash management options only to mutual funds and other
accounts managed by T. Rowe Price and its affiliates and are not available
to the public. The Reserve Funds pay no investment management fees.
Distributions from the Reserve Funds to the fund for the six months ended
April 30, 1999, totaled $77,000 and are reflected as interest income in the
accompanying Statement of Operations.
During the six months ended April 30, 1999, the fund, in the ordinary
course of business, placed security purchase and sale orders aggregating
$245,000 with certain affiliates of the manager and paid commissions of
$1,000 related thereto.
For yield, price, last transaction,
current balance, or to conduct
transactions, 24 hours, 7 days
a week, call Tele*Access(registered trademark):
1-800-638-2587 toll free
For assistance
with your existing
fund account, call:
Shareholder Service Center
1-800-225-5132 toll free
410-625-6500 Baltimore area
To open a brokerage account
or obtain information, call:
1-800-638-5660 toll free
Internet address:
www.troweprice.com
T. Rowe Price Associates
100 East Pratt Street
Baltimore, Maryland 21202
This report is authorized for
distribution only to shareholders
and to others who have received
a copy of the prospectus appropriate
to the fund or funds covered in this
report.
Investor Centers:
101 East Lombard St.
Baltimore, MD 21202
T. Rowe Price
Financial Center
10090 Red Run Blvd.
Owings Mills, MD 21117
Farragut Square
900 17th Street, N.W.
Washington, D.C. 20006
4200 West Cypress St.
10th Floor
Tampa, FL 33607
4410 ArrowsWest Drive
Colorado Springs, CO 80907
Warner Center Plaza 5
Mezzanine Level
21800 Oxnard Street, Suite 270
Woodland Hills, CA 91367
(opens mid-June)
Invest With Confidence(registered trademark)
T. Rowe Price Investment Services, Inc., Distributor. F04-051 4/30/99
