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Previous: COLONIAL TRUST VI, N-30D, 1998-03-25 |
Next: OPTA FOOD INGREDIENTS INC /DE, 10-K405, 1998-03-25 |
<PAGE>
<TABLE>
<CAPTION>
INVESTMENT PORTFOLIO
DECEMBER 31, 1997 (UNAUDITED, IN THOUSANDS)
COMMON STOCKS - 88.4% COUNTRY SHARES VALUE
- --------------------- ------- ------ -----
<S> <C> <C> <C>
CONSTRUCTION - 1.4%
BUILDING CONSTRUCTION - 0.6%
Empresas ICA Sociedad Controladora S.A. de C.V. Mx 24 $ 65
------------
HEAVY CONSTRUCTION-NON BUILDING CONSTRUCTION - 0.8%
Stork N.V. Ne 3 93
------------
FINANCE, INSURANCE & REAL ESTATE - 21.9%
DEPOSITORY INSTITUTIONS - 11.9%
Australia & New Zealand Banking Group Ltd. Au 17 112
Banco de Bilbao Sp 9 306
Bayerische Hypotheken - Und Wechsel Bank G 5 264
Corporacion Bancaria de Espana SA Sp 4 237
Lloyds Bank PLC UK 19 246
Westpac Banking Corp. Au 35 220
------------
1,385
------------
HOLDING & OTHER INVESTMENT OFFICES - 1.3%
The Bank of Tokyo Mitsubishi Ja 11 152
------------
INSURANCE CARRIERS - 3.3%
Assicurazioni Generali SPA It (a) 3
International Nederlanden Groep Ne 5 192
Union des Assurances Federales Fr 1 184
------------
379
------------
INVESTMENT COMPANIES - 3.7%
Brazil Fund, Inc. (b) 7 147
Chile Fund, Inc. (b) 4 77
Korea Fund, Inc. (b) 12 77
Thai Fund (b) 10 53
The Malaysia Fund, Inc. (b) 12 82
------------
436
------------
REAL ESTATE - 1.7%
Cheung Kong (Holdings) Ltd. HK 12 79
New World Development Co., Ltd. HK 35 121
------------
200
------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
Investment Portfolio/December 31, 1997
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MANUFACTURING - 35.9%
CHEMICALS & ALLIED PRODUCTS - 15.2%
BASF AG G 6 $ 206
Bayer AG G 2 75
Christian Dior SA Fr 1 133
DSM NV Ne 2 146
Hoechst AG. G 5 172
Imperial Chemical Industries PLC UK 11 172
Medeva PLC UK 43 115
Novartis Sz (a) 243
Roche Holding AG Sz (a) 228
Sanofi SA Fr 3 278
------------
1,768
------------
COMMUNICATIONS EQUIPMENT - 4.5%
Matsushaita Electric Industrial Co. Ja 10 146
Philips Electronics NV Ne 3 180
Telefonaktiebolaget LM Ericsson, Class B Sw 5 199
------------
525
------------
FOOD & KINDRED PRODUCTS - 4.1%
Nestle AG Sz (a) 225
Unilever NV Ne 4 247
------------
472
------------
MACHINERY & COMPUTER EQUIPMENT - 2.0%
Hitachi Ltd. Ja 18 128
Mannesmann AG G (a) 101
------------
229
------------
MEASURING & ANALYZING INSTRUMENTS - 1.6%
Fuji Photo Film Co., Ltd. Ja 5 191
------------
PETROLEUM REFINING - 1.8%
British Petroleum Ltd. UK 16 212
------------
PRIMARY METAL - 1.8%
Alfa, S.A. de C.V. Mx 31 213
------------
RUBBER & PLASTIC - 0.0%
Fila Holding S.P.A. It (a) 4
------------
STONE, CLAY, GLASS & CONCRETE - 1.4%
Holderbank Financiere Glaris AG Sz (a) 163
------------
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
Investment Portfolio/December 31, 1997
COMMON STOCKS - CONT. COUNTRY SHARES VALUE
--------------------- ------- ------ -----
<S> <C> <C> <C>
MANUFACTURING - CONT.
TOBACCO PRODUCTS - 2.0%
B.A.T. Industries PLC UK 25 $ 228
------------
TRANSPORTATION EQUIPMENT - 1.5%
Toyota Motor Corp. Ja 6 172
Volvo AB Sw (a) 1
------------
173
------------
MINING & ENERGY - 2.0%
OIL & GAS EXTRACTION
EdperBrascan Ltd. Class A Ca 13 235
------------
RETAIL TRADE - 3.4%
BUILDING, HARDWARE & GARDEN SUPPLY - 1.3%
Pioneer International Ltd. Au 54 147
------------
MISCELLANEOUS RETAIL - 2.1%
Imasco Ltd. Ca 7 251
------------
SERVICES - 1.4%
HEALTH SERVICES
Astria AB, Class B Sw 10 162
------------
TRANSPORTATION, COMMUNICATION, ELECTRIC, GAS & SANITARY SERVICES - 22.4%
AIR TRANSPORTATION - 1.6%
Lufthansa AG G 10 192
------------
COMMUNICATIONS - 11.7%
British Telecommunications PLC UK 32 251
Nippon Telegraph & Tele Corp. Ja (a) 189
Nokia AB (c) Fi 3 189
Telecom Italia S.P.A. It 82 524
Tele Danmark A/S ADR De 3 95
Telefonica de Argentina S.A. Ar 3 112
------------
1,360
------------
ELECTRIC SERVICES - 3.2%
China Light & Power Co., Ltd. HK 19 105
Union Electrica Fenosa SA Sp 27 261
------------
366
------------
GAS SERVICES - 1.1%
Hong Kong and China Gas Co., Ltd. HK 67 129
------------
8
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Investment Portfolio/December 31, 1997
<S> <C> <C> <C>
MOTOR FREIGHT & WAREHOUSING - 0.9%
Seino Transportation Ja 20 $ 100
------------
SANITARY SERVICES - 3.9%
Anglian Water PLC UK 17 235
United Utilities PLC UK 17 219
------------
454
------------
Total common stocks (cost of $8,943)(d) 10,284
------------
<CAPTION>
SHORT-TERM OBLIGATIONS - 10.5% PAR
<S> <C> <C>
Repurchase agreement with ABN AMRO Chicago Corp., dated 12/31/97, due
01/02/98 at 6.600% collateralized by U.S. Treasury notes with various
maturities to 2016, market value $1,248 (repurchase proceeds $1,221) 1,220 1,220
------------
OTHER ASSETS & LIABILITIES, NET - 1.1% 124
------------
NET ASSETS - 100% $ 11,628
-------------
</TABLE>
NOTES TO INVESTMENT PORTFOLIO:
(a) Rounds to less than one.
(b) These securities are subject to the risks of the various countries in which
the issuer is investing. (See Notes to Financial Statements: Note 4 -
Other.)
(c) Non-income producing.
(d) Cost for federal income tax purposes is the same.
Notes to investment portfolio continued on following page.
9
<PAGE>
<TABLE>
<CAPTION>
Investment Portfolio/December 31, 1997
Summary of Securities
by Country Country Value % of Total
---------- ------- ----- ----------
<S> <C> <C> <C>
United Kingdom UK 1,678 16.3
Japan Ja 1,078 10.5
Germany G 1,010 9.8
Switzerland Sz 859 8.4
Netherland Ne 858 8.4
Spain Sp 804 7.8
France Fr 595 5.8
Italy It 531 5.2
Canada Ca 486 4.7
Australia Au 479 4.7
Other 436 4.2
Hong Kong HK 434 4.2
Sweden Sw 362 3.5
Mexico Mx 278 2.7
Finland Fi 189 1.8
Argentina Ar 112 1.1
Denmark De 95 0.9
------------ ------------
$ 10,284 100.0
------------ ------------
</TABLE>
Certain securities are listed by country of underlying exposure but may
trade predominantly on other exchanges.
Acronym Name
------- ----
ADR American Depositary Receipt
See notes to financial statements.
10
<PAGE>
STATEMENT OF ASSETS & LIABILITIES
DECEMBER 31, 1997 (UNAUDITED)
(in thousands except for per share amounts and footnotes)
<TABLE>
<CAPTION>
ASSETS
<S> <C> <C>
Investments at value (cost $8,943) $10,284
Short-term obligations 1,220
-----
11,504
Cash held in foreign banks (cost $5) $ 5
Receivable for:
Investments sold 13
Dividends 48
Foreign tax reclaims 13
Expense reimbursement due from Adviser 21
Deferred organization expenses 34
-----
134
---
Total Assets 11,638
LIABILITIES
Accrued other 10
--
Total Liabilities 10
--
NET ASSETS $11,628
-------
Net asset value & redemption price per share -
Class A ($11,070/1,055) $ 10.50
-------
Maximum offering price per share - Class A
($10.50/0.9425) $ 11.14(a)
-------
Net asset value & offering price per share -
Class B ($279/27) $ 10.49(b)
-------
Net asset value & offering price per share -
Class C ($279/27) $ 10.49(b)
-------
COMPOSITION OF NET ASSETS
Capital paid in $10,249
Undistributed net investment income 21
Accumulated net realized gain 18
Net unrealized appreciation on:
Investments 1,340
-----
$11,628
</TABLE>
(a) On sales of $50,000 or more the offering price is reduced.
(b) Redemption price per share is equal to net asset value less any
applicable contingent deferred sales charge.
See notes to financial statements.
11
<PAGE>
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 1997
(UNAUDITED)
(in thousands)
<TABLE>
<CAPTION>
INVESTMENT INCOME
<S> <C> <C>
Dividends $ 126
Interest 34
-----
Total investment income (net of nonrebatable
foreign taxes withheld at source which
amounted to $14) 160
EXPENSES
Management fee $ 60
Service fee 16
Distribution fee - Class B 1
Distribution fee - Class C 1
Transfer agent 16
Bookkeeping fee 14
Trustees 5
Custodian fee 10
Audit 9
Legal fee 3
Amortization of deferred organization expenses 5
Registration 16
Other 2
---
158
Fees waived by the Adviser (45) 113
----- ---
Net Investment Income 47
---
NET REALIZED & UNREALIZED GAIN (LOSS) ON PORTFOLIO POSITIONS
Net realized gain (loss) on:
Investments 525
Foreign currency transactions (3)
---
Net Realized Gain 522
Net unrealized appreciation (depreciation)
during the period on:
Investments (996)
Foreign currency transactions 1
---
Net Unrealized Loss (995)
---
Net Loss (473)
---
Net Decrease in Net Assets from Operations $(426)
---
</TABLE>
See notes to financial statements.
12
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
(Unaudited)
Six months
ended Year ended
(in thousands) December 31 June 30
----------- --------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS 1997(a) 1997
Operations:
Net investment income $ 47 $ 134
Net realized gain 522 161
Net unrealized appreciation (depreciation) (995) 1,958
-------- --------
Net Increase from Operations (426) 2,253
Distributions:
From net investment income - Class A (139) (80)
From net realized gains - Class A (545) (122)
From net investment income - Class B (1) --
From net realized gains - Class B (14) (2)
From net investment income - Class C (1) --
From net realized gains - Class C (14) (2)
-------- --------
(1,140) 2,047
Fund Share Transactions:
Value of distributions reinvested - Class A 684 202
Cost of shares repurchased - Class A (3,642) (2,000)
-------- --------
(2,958) (1,798)
-------- --------
Value of distributions reinvested - Class B 15 2
-------- --------
Value of distributions reinvested - Class C 15 2
-------- --------
Net Decrease from Fund
Share Transactions (2,928) (1,794)
-------- --------
Total Increase (Decrease) (4,068) 253
NET ASSETS
Beginning of period 15,696 15,443
-------- --------
End of period (including undistributed
net investment income of $21 and $112,
respectively) $ 11,628 $ 15,696
-------- --------
NUMBER OF FUND SHARES
Issued for distributions reinvested - Class A 65 19
Repurchased - Class A (300) (179)
-------- --------
(235) (160)
-------- --------
Issued for distributions reinvested - Class B 2 (b)
-------- --------
Issued for distributions reinvested - Class C 2 (b)
-------- --------
</TABLE>
(a) Class D shares were redesignated Class C shares on July 1, 1997.
See notes to financial statements.
13
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 (UNAUDITED)
NOTE 1. INTERIM FINANCIAL STATEMENTS
In the opinion of management of Colonial International Equity Fund (the Fund), a
series of Colonial Trust VI, the accompanying financial statements contain all
normal and recurring adjustments necessary for the fair presentation of the
financial position of the Fund at December 31, 1997, and the results of its
operations, the changes in its net assets and the financial highlights for the
six months then ended.
NOTE 2. ACCOUNTING POLICIES
ORGANIZATION: The Fund is a diversified portfolio of a Massachusetts business
trust, registered under the Investment Company Act of 1940, as amended, as an
open-end, management investment company. The Fund's investment objective is to
seek total return through a combination of long-term growth of capital and
income by investing primarily in equity securities of companies outside the
United States. The Fund may issue an unlimited number of shares. The Fund offers
three classes of shares: Class A, Class B and Class C. Class A shares are sold
with a front-end sales charge and Class B shares are subject to an annual
distribution fee and a contingent deferred sales charge. Class B shares will
convert to Class A shares when they have been outstanding approximately eight
years. Effective July 1, 1997, Class D shares were redesignated Class C shares.
Class C shares are subject to a contingent deferred sales charge on redemptions
made within one year after purchase and an annual distribution fee.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates. The following is a summary of
significant accounting policies consistently followed by the Fund in the
preparation of its financial statements.
SECURITY VALUATION AND TRANSACTIONS: Equity securities generally are valued at
the last sale price or, in the case of unlisted or listed securities for which
there were no sales during the day, at current quoted bid prices.
Forward currency contracts are valued based on the weighted value of the
exchange traded contracts with similar durations.
Short-term obligations with a maturity of 60 days or less are valued at
amortized cost.
14
<PAGE>
Notes to Financial Statements/December 31, 1997
The value of all assets and liabilities quoted in foreign currencies are
translated into U.S. dollars at that day's exchange rates.
Portfolio positions for which market quotations are not readily available are
valued at fair value under procedures approved by the Trustees.
Security transactions are accounted for on the date the securities are
purchased, sold or mature.
Cost is determined and gains (losses) are based upon the specific identification
method for both financial statement and federal income tax purposes.
DETERMINATION OF CLASS NET ASSET VALUES AND FINANCIAL HIGHLIGHTS: All income,
expenses (other than the Class B and Class C distribution fees) and realized and
unrealized gains (losses) are allocated to each class proportionately on a daily
basis for purposes of determining the net asset value of each class.
Per share data was calculated using the average shares outstanding during the
period. In addition, Class B and Class C net investment income per share data
reflects the the distribution fee applicable to Class B and Class C shares only.
Class B and Class C ratios are calculated by adjusting the expense and net
investment income ratios for the Fund for the entire period by the distribution
fee applicable to Class B and Class C shares only.
FEDERAL INCOME TAXES: Consistent with the Fund's policy to qualify as a
regulated investment company and to distribute all of its taxable income, no
federal income tax has been accrued.
INTEREST INCOME, DEBT DISCOUNT AND PREMIUM: Interest income is recorded on the
accrual basis. Original issue discount is accreted to interest income over the
life of a security with a corresponding increase in the cost basis, premium and
market discount are not amortized or accreted.
DEFERRED ORGANIZATION EXPENSES: The Fund incurred expenses of $53,332 in
connection with its organization, initial registration with the Securities and
Exchange Commission and with various states, and the initial public offering of
its shares. These expenses were deferred and are being amortized on a
straight-line basis over five years.
DISTRIBUTIONS TO SHAREHOLDERS: Distributions to shareholders are recorded
on the ex-date.
The amount and character of income and gains to be distributed are determined in
accordance with income tax regulations which may differ from generally accepted
accounting principles. Reclassifications are made to the Fund's capital accounts
to reflect income and gains available for distribution (or available capital
loss carryfowards) under income tax regulations.
15
<PAGE>
Notes to Financial Statements/December 31, 1997
NOTE 2. ACCOUNTING POLICIES - CONT.
Foreign currency transactions: Net realized and unrealized gains (losses) on
foreign currency transactions includes the fluctuation in exchange rates on
gains (losses) between trade and settlement dates on securities transactions,
gains (losses) arising from the disposition of foreign currency and currency
gains (losses) between the accrual and payment dates on dividends and interest
income and foreign withholding taxes.
The Fund does not distinguish that portion of gains (losses) on investments
which is due to changes in foreign exchange rates from that which is due to
changes in market prices of the investments. Such fluctuations are included with
the net realized and unrealized gains (losses) on investments.
FORWARD CURRENCY CONTRACTS: The Fund may enter into forward currency contracts
to purchase or sell foreign currencies at predetermined exchange rates in
connection with the settlement of purchases and sales of securities. The Fund
may also enter into forward currency contracts to hedge certain other foreign
currency denominated assets. The contracts are used to minimize the exposure to
foreign exchange rate fluctuations during the period between trade and
settlement date of the contracts. All contracts are marked-to-market daily,
resulting in unrealized gains (losses) which become realized at the time the
forward currency contracts are closed or mature. Realized and unrealized gains
(losses) arising from such transactions are included in net realized and
unrealized gains (losses) on foreign currency transactions. Forward currency
contracts do not eliminate fluctuations in the prices of the Fund's portfolio
securities. While the maximum potential loss from such contracts is the
aggregate face value in U.S. dollars at the time the contract was opened,
exposure is typically limited to the change in value of the contract (in U.S.
dollars) over the period it remains open. Risks may also arise if counterparties
fail to perform their obligations under the contracts.
OTHER: Corporate actions are recorded on the ex-date (except for certain foreign
securities which are recorded as soon after ex-date as the Fund becomes aware of
such), net of nonrebatable tax withholdings. Where a high level of uncertainty
as to collection exists, income on securities is recorded net of all tax
withholdings with any rebates recorded when received.
The Fund's custodian takes possession through the federal book-entry system of
securities collateralizing repurchase agreements. Collateral is marked-to-market
daily to ensure that the market value of the underlying assets remains
sufficient to protect the Fund. The Fund may experience costs and delays in
liquidating the collateral if the issuer defaults or enters bankruptcy.
NOTE 3. FEES AND COMPENSATION PAID TO AFFILIATES
MANAGEMENT FEE: Colonial Management Associates, Inc. (the Adviser) is
the investment Adviser of the Fund and furnishes accounting and other
16
<PAGE>
Notes to Financial Statements/December 31, 1997
services and office facilities for a monthly fee equal to 0.95% annually of the
Fund's average net assets.
BOOKKEEPING FEE: The Adviser provides bookkeeping and pricing services for
$27,000 per year plus 0.035% of the Fund's average net assets over $50 million.
TRANSFER AGENT: Colonial Investors Service Center, Inc. (the Transfer
Agent), an affiliate of the Adviser, provides shareholder services for a
monthly fee equal to 0.25% annually of the Fund's average net assets and
receives reimbursement for certain out of pocket expenses.
Effective October 1, 1997 and continuing through September 30, 1998, the
Transfer Agent fee will be reduced by 0.0012% in cumulative monthly increments,
resulting in a decrease in the fee from 0.25% to 0.236% annually.
UNDERWRITING DISCOUNTS, SERVICE AND DISTRIBUTION FEES: Liberty Financial
Investments, Inc., formerly Colonial Investment Services, Inc. (the
Distributor), an affiliate of the Adviser, is the Fund's principal underwriter.
During the six months ended December 31, 1997, the Fund has been advised that
the Distributor retained no net underwriting discounts on sales of the Fund's
Class A shares and received no contingent deferred sales charges on Class B and
Class C share redemptions.
The Fund has adopted a 12b-1 plan which requires it to pay the Distributor a
service fee equal to 0.25% annually of the Fund's net assets, as of the 20th of
each month. The plan also requires the payment of a distribution fee to the
Distributor equal to 0.75% annually of the average net assets attributable to
Class B shares and Class C shares, only.
The CDSC and the fees received from the 12b-1 plan are used principally as
repayment to the Distributor for amounts paid by the Distributor to dealers who
sold such shares.
EXPENSE LIMITS: The Adviser has agreed, until further notice, to waive fees and
bear certain Fund expenses to the extent that total expenses (exclusive of
service fees, distribution fees, brokerage commissions, interest, taxes, and
extraordinary expenses, if any) exceed 1.50% annually of the Fund's average net
assets.
OTHER: The Fund pays no compensation to its officers, all of whom are
employees of the Adviser.
The Fund's Trustees may participate in a deferred compensation plan which may be
terminated at any time. Obligations of the plan will be paid solely out of the
Fund's assets.
17
<PAGE>
Notes to Financial Statements/December 31, 1997
NOTE 4. PORTFOLIO INFORMATION
INVESTMENT ACTIVITY: During the six months ended December 31, 1997, purchases
and sales of investments, other than short-term obligations, were $7,726 and
$3,724,532, respectively.
Unrealized appreciation (depreciation) at December 31, 1997, based on cost of
investments for both financial statement and federal income tax purposes was:
Gross unrealized appreciation $ 2,429,911
Gross unrealized depreciation (1,088,646)
-----------
Net unrealized appreciation $ 1,341,265
===========
OTHER: There are certain additional risks involved when investing in foreign
securities that are not inherent with investments in domestic securities. These
risks may involve foreign currency exchange rate fluctuations, adverse political
and economic developments and the possible prevention of foreign currency
exchange or the imposition of other foreign governmental laws or restrictions.
The Fund may focus its investments in certain industries, subjecting it to
greater risk than a fund that is more diversified.
NOTE 5. OTHER RELATED PARTY TRANSACTIONS
At December 31, 1997, Colonial Management Associates, Inc., owned 100% of the
Fund's shares outstanding.
18
<PAGE>
FINANCIAL HIGHLIGHTS
Selected data for a share of each class outstanding throughout each
period are as follows:
<TABLE>
<CAPTION>
Six months ended December 31
----------------------------------------------
1997
Class A Class B Class C (c)
------- ------- -----------
<S> <C> <C> <C>
Net asset value -
Beginning of period $ 11.710 $ 11.660 $ 11.660
INCOME FROM INVESTMENT OPERATIONS: --------- --------- ---------
Net investment income (a)(b) 0.045 0.002 0.002
Net realized and unrealized gain(loss) (0.565) (0.565) (0.565)
--------- --------- ---------
Total from Investment Operations (0.520) (0.563) (0.563)
--------- --------- ---------
LESS DISTRIBUTIONS DECLARED TO SHAREHOLDERS:
From net investment income (0.140) (0.057) (0.057)
From net realized gains (0.550) (0.550) (0.550)
Total Distributions --------- --------- ---------
Declared to Shareholders (0.690) (0.607) (0.607)
--------- -------- ---------
Net asset value - End of period $ 10.500 $ 10.490 $ 10.490
========= ========= =========
Total return (d)(e) (4.53%) (4.91%) (4.91%)
========= ========= =========
RATIOS TO AVERAGE NET ASSETS
Expenses (f)(g) 1.75% 2.50% 2.50%
Fees and expenses waived
or borne by the Adviser (f)(g) 0.71% 0.71% 0.71%
Net investment income (f)(g) 0.78% 0.03% 0.03%
Portfolio turnover (h) (h) (h)
Average commission rate $ .0191 $ .0191 $ .0191
Net assets at end of period (000) $ 1,070 $ 279 $ 279
(a) Net of fees and expenses waived or borne by the Adviser which amounted to:
$ 0.041 $ 0.041 $ 0.041
</TABLE>
(b) Per share data was calculated using average shares outstanding during
the period.
(c) Class D shares were redesignated Class C shares on
July 1, 1997.
(d) Total return at net asset value assuming all
distributions reinvested and no initial sales charge or contingent
deferred sales charge.
(e) If the Adviser had not waived or reimbursed
a portion of expenses, total return would have been reduced.
(f) Annualized.
(g) The benefits derived from custody credits and directed
brokerage arrangements had no impact.
(h) Less than 1%.
19
<PAGE>
FINANCIAL HIGHLIGHTS - CONT.
Selected data for a share of each class outstanding throughout each period are
as follows:
<TABLE>
<CAPTION>
Year ended June 30
------------------
1997
----
Class A Class B Class C
------- ------- -------
<S> <C> <C> <C>
Net asset value -
Beginning of period $ 10.300 $ 10.280 $ 10.280
INCOME FROM INVESTMENT OPERATIONS: ----------- ---------- ---------
Net investment income (a)(b) 0.093 0.014 0.014
Net realized and unrealized gain 1.456 1.450 1.450
----------- --------- ---------
Total from Investment Operations 1.549 1.464 1.464
----------- --------- ---------
LESS DISTRIBUTIONS DECLARED TO SHAREHOLDERS:
From net investment income (0.055) -- --
From net realized gains (0.084) (0.084) (0.084)
Total Distributions ----------- --------- ---------
Declared to Shareholders (0.139) (0.084) (0.084)
----------- --------- ---------
Net asset value - End of period $ 11.710 $ 11.660 $ 11.660
=========== ========= ==========
Total return (c)(d) 15.20% 14.34% 14.34%
=========== ========= =========
RATIOS TO AVERAGE NET ASSETS
Expenses (e) 1.75% 2.50% 2.50%
Fees and expenses waived
or borne by the Adviser (e) 0.47% 0.47% 0.47%
Net investment income (e) 0.88% 0.13% 0.13%
Portfolio turnover 40% 40% 40%
Average commission rate $ 0.0238 $ 0.0238 $ 0.0238
Net assets at end of period (000) $ 15,108 $ 294 $ 294
(a) Net of fees and expenses waived or borne by the Advisor which amounted to:
$ 0.049 $ 0.049 $ 0.049
</TABLE>
(b) Per share data was calculated using average shares oustanding during
the period.
(c) Total return at net asset value assuming all distributions
reinvested and no initial sales charge or contingent deferred sales
charge.
(d) If the Adviser had not waived or reimbursed a portion of expenses,
total return would have been reduced.
(e) The benefits derived from custody credits and directed brokerage
arrangements had no impact.
20
<PAGE>
FINANCIAL HIGHLIGHTS - CONT.
Selected data for a share of each class outstanding throughout each period are
as follows:
<TABLE>
<CAPTION>
Period ended June 30
--------------------
1996 (c)
Class A Class B Class C
------- ------- -------
<S> <C> <C> <C>
Net asset value -
Beginning of period $ 9.930 $ 9.930 $ 9.930
---------------- ------------- -------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (a)(b) 0.055 0.035 0.035
Net realized and unrealized gain 0.315 0.315 0.315
----- ----- -----
Total from Investment Operations 0.370 0.350 0.350
----- ----- -----
Net asset value - End of period
$ 10.300 $ 10.280 $ 10.280
================ ============= =============
Total return (d)(e)(f) 3.73% 3.52% 3.52%
==== ==== ====
RATIOS TO AVERAGE NET ASSETS
Expenses (g)(h) 1.75% 2.50% 2.50%
Fees and expenses waived
or borne by the Adviser (g)(h) 0.22% 0.22% 0.22%
Net investment income (g)(h) 2.17% 1.42% 1.42%
Portfolio turnover (f) 4% 4% 4%
Average commission rate $ 0.0126 $ 0.0126 $ 0.0126
Net assets at end of period (000) $ 14,929 $ 257 $ 257
(a) Net of fees and expenses waived or borne by the Adviser which amounted to:
$ 0.006 $ 0.006 $ 0.006
</TABLE>
(b) Per share data was calculated using average shares outstanding during
the period.
(c) The Fund commenced investment operations on March 25,
1996. The activity shown is from the effective date of registration
(March 31, 1996) with the Securities and Exchange Commission.
(d) Total return at net asset value assuming all distributions reinvested
and no initial sales charge or contingent deferred sales charge.
(e) If the Adviser had not waived or reimbursed a portion of expenses,
total return would have been reduced.
(f) Not annualized.
(g) Annualized.
(h) The benefits derived from custody credits and directed
brokerage arrangements had no impact.
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