Corrected Page 8
Performance Summary
International Equity Fund will mark its fifth anniversary on
October 31, 1996, and as you can see in the chart on the next
page, the Fund has kept pace with the average of its peers over
its lifetime period (with dividends and capital gains reinvested
before factoring in the effect of sales charges). For the 18
month period since Global Bond and Global Assets Fund have been
operating, each Fund outperformed the average of comparable
mutual funds (based on net asset value with dividends and capital
gains reinvested).
Average Annual Total Return
Through May 31, 1996
International
Equity Fund
Lifetime One Year
Class A (Est. 1991) +9.13% +9.96%
Class B (Est. 1994)
Excluding Sales Charge +6.25% +14.65%
Including Sales Charge +4.03% +10.65%
Class C* (Est. 1995)
Excluding Sales Charge +10.98% -
Including Sales Charge +9.98% -
Global Bond Fund
Lifetime One Year
Class A (Est. 1994) +11.09% +7.10%
Class B (Est. 1994)
Excluding Sales Charge +14.24% +11.72%
Including Sales Charge +11.58% +7.72%
Class C* (Est. 1995)
Excluding Sales Charge +2.01% -
Including Sales Charge +1.07% -
Global Assets Fund
Lifetime One Year
Class A (Est. 1994) +16.48% +11.21%
Class B (Est. 1994)
Excluding Sales Charge +19.66% +15.85%
Including Sales Charge +17.05% +11.85%
Class C* (Est. 1995)
Excluding Sales Charge +6.72% -
Including Sales Charge +5.72% -
*Aggregate return through May 31, 1996
Return and share value for each Fund fluctuate so that shares,
when redeemed, may be worth more or less than their original
cost. Past performance is not a guarantee of future results.
Returns reflect reinvestment of distributions and applicable
sales charges as noted on page 9. B and C Class results
excluding sales charges assume the investment was not redeemed.
