<PAGE>
CIGNA International Stock Fund
Semi-Annual Report to Shareholders
For the Six Months Ended June 30, 1996
(Unaudited)
[HORIZONTAL GLOBAL GRAPHIC APPEARS HERE]
<PAGE>
CIGNA International Stock Fund
Investments in Securities
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Number Market
of Shares Value
- --------------------------------------------------------------------------------
<S> <C> <C>
EQUITIES AND EQUIVALENTS - 97.9%
Argentina - 0.6%
YPF Sociedad Anomima ADR** (Oil & Gas) 2,000 $ 45,000
-----------
Australia - 6.9%
Ausmelt Ltd. (Metal)* 15,000 45,383
Black Hill Mineral N.L. (Mining)* 200,000 1,572
David Jones Ltd (Retail) 40,000 55,324
Fosters Brewing (Brewing) 60,000 103,261
Highlands Gold Ltd. (Mining) 88,000 43,568
Meekatharra Minerals (Mining)* 150,000 76,621
Savage Resources Ltd. (Mining) 34,303 31,270
Savage Resources (Mining) Options* 3,430 876
Star Mining Corp. (Mining)* 370,000 39,254
Sydney Harbour Cas (Leisure) 50,000 69,155
Westpac Banking Co. (Banks) Warrants* 30,000 89,588
-----------
555,872
-----------
Chile - 0.3%
Compania de Telecomucicac ADR** (Telecommunications) 250 24,531
-----------
Denmark - 2.1%
Bikuben Girobank (Banking) 1,250 42,673
D/S Svendborg (Shipping/Multi Industry) 1 32,687
Novo Nordisk AS (Pharmaceuticals) 225 31,877
Tele Danmark AS (Telecommunications) 1,250 62,943
-----------
170,180
-----------
</TABLE>
The Notes to Financial Statements are an integral part of these statements.
<PAGE>
CIGNA International Stock Fund
Investments in Securities (Continued)
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Number Market
of Shares Value
- ------------------------------------------------------------------------------
<S> <C> <C>
France - 5.9%
Ass Generale de France (Insurance) 1,500 $ 40,652
AXA (Insurance) 742 40,464
Carrefour (Food Retailing) 86 47,935
Cie de st. Gobain (Building Materials & Components) 300 40,186
Cie Bancaire (Finance) 375 42,286
Credit Commerciale de France (Banking) 815 37,806
Lyonnaise Des Eaux (Water Utility) 410 39,186
Rexel (Merchandising) 110 30,411
Societe Generale (Banking) 345 37,964
Sodexho (Leisure & Tourism) 165 73,268
Total (Oil) 615 45,650
-----------
475,808
-----------
Germany - 3.5%
Allianz AG Holdings (Insurance) 25 43,325
Basf AG (Chemicals) 100 28,609
Bayer AG (Chemicals) 800 28,280
Commerzbank AG (Banking) 130 26,932
Daimler Benz AG (Automobiles)* 80 42,854
Deutsche Bank AG (Banking) 900 42,618
Dresdner Bank AG (Banking) 1,500 37,734
Merrill Lynch Outperformance (Banking) Warrants* 2,500 789
Siemens AG (Electricals & Electronics) 500 26,735
-----------
277,876
-----------
Hong Kong - 4.1%
Cheung Kong (Real Estate) 15,000 108,032
China Light & Power (Utility) 10,000 45,344
HSBC Holdings (Banking) 2,855 43,153
</TABLE>
The Notes to Financial Statements are an integral part of these statements.
<PAGE>
CIGNA International Stock Fund
Investments in Securities (Continued)
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Number Market
of Shares Value
- ----------------------------------------------------------------------------------------
<S> <C> <C>
Hang Seng Bank (Banking) 5,000 $ 50,382
Hutchison Whampoa Ltd. (Conglomerate) 10,000 62,913
National Mutual Asia (Insurance) 20,000 17,569
-----------
327,393
-----------
Italy - 2.0%
Credito Italiano (Banking) 32,650 38,295
Eni SPA (Oil) 7,750 38,693
San Paolo (Banking) 2,650 17,133
Italgas (Gas Utility) 7,000 26,172
Telecom Italia (Telecommunications) 18,125 39,002
-----------
159,295
-----------
Japan - 31.3%
Asahi Bank (Banking) 6,000 69,675
Bank of Tokyo Mits (Banking) 5,000 116,125
Bridgestone Corp. (Tire & Rubber) 6,000 114,662
Canon Aptex Inc. (Machinery) 8,000 129,475
Canon, Inc. (Precision Instruments) 5,000 104,238
Catena Corp. (Office Furnishings) 6,000 79,001
CI Kasei Co. (Miscellaneous) 5,000 46,633
Daifuku Co., Ltd. (Industrial Machinery) 5,000 76,807
Fujitsu Ltd. (Electronics) 8,000 73,150
Ind Bank Japan (Banking) 3,000 74,612
Komori Corp. (Industrial Machinery) 3,000 76,807
Kyocera Corp. (Electronics) 2,000 141,727
Matsumotokiyoshi (Retail Grocery) 4,000 141,544
Miroku Joho Service Co., Ltd. (Accounting Soft Services) 4,000 84,122
Mitsubishi Material Corp.(Non Ferrous Metals) 15,000 81,745
Mitsui Fudosan Co. (Real Estate) 8,000 108,261
</TABLE>
The Notes to Financial Statements are an integral part of these statements.
<PAGE>
CIGNA International Stock Fund
Investments in Securities (Continued)
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Number Market
of Shares Value
- -----------------------------------------------------------------------------------------------
<S> <C> <C>
Nikko Co. (Machinery) 6,000 $ 47,785
Nikko Securities Co., Ltd. (Investments) 8,000 89,974
Obayashi Road Corp. (Construction) 12,000 91,071
Omron Corp. (Electrical & Electronic Equipment) 6,000 127,829
Sankyo Co., Ltd. (Machinery) 2,600 99,849
Sanwa Bank Ltd. (Banking) 5,000 92,808
Sony Corp. (Electronics) 2,000 131,852
Tokio Marine & Fire Insurance Ltd. (Insurance) 7,000 93,448
Tonami Transport (Transportation) 15,000 101,495
Xebio Co., Ltd. (Retail Trade) 3,000 112,742
-----------
2,507,437
-----------
Korea - 1.3%
Korea Fund, Inc. (Investment Company) 5,000 105,625
-----------
Malaysia - 2.9%
Konsortium Perkapa (Transportation/Marine) 10,000 60,132
Malaysia Assurance (Insurance) 11,250 59,531
Malaysia Mining CP (Non Ferrous Metals) 30,000 30,306
Malaysia Mining (Non Ferrous Metals) 12,000 12,123
Malaysia Mining (Non Ferrous Metals) Warrants* 18,000 2,453
Renong Berhad (Multi - Industry) Rights* 8,000 3,207
Renong Berhad (Multi - Industry) Warrants* 5,000 2,305
Renong Berhad (Multi - Industry) 40,000 63,820
-----------
233,877
-----------
Mexico - 1.5%
Cemex (Cement) 6,750 22,782
Desc Series C (Miscellaneous) 2,968 15,632
Desc Series B (Miscellaneous) 10,000 52,670
</TABLE>
The Notes to Financial Statements are an integral part of these statements.
<PAGE>
CIGNA International Stock Fund
Investments in Securities (Continued)
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Number Market
of Shares Value
- --------------------------------------------------------------------------------
<S> <C> <C>
Telefonos de Mexico ADR** (Telecommunications) 750 $ 25,125
------------
116,209
------------
Netherlands - 3.1%
Ing Groep NV (Insurance & Finance) 950 28,352
Heineken NA (Brewery) 100 22,363
Kon PTT Nederland (Telecommunications) 350 13,257
Philips Electronic (Electronics) 300 9,763
Pirelli Tyre Holdings (Tyres & Cables)* 5,000 44,269
Royal Dutch Petroleum (Energy) 650 100,463
Unilever NV (Food & Beverage) 180 26,069
------------
244,536
------------
New Zealand - 2.4%
Affco Holdings Ltd. (Agriculture) 100,000 37,840
Boag (J) & Sons (Brewing)* 30,000 14,035
Carter Holt Harvey Ltd. (Forest Products) 33,879 77,617
Sanford (Agriculture) 10,000 17,613
Zuelig New Zealand Ltd. (Miscellaneous) 110,000 49,192
------------
196,297
------------
Norway - 1.6%
Hafslund ASA (Energy) 1,000 7,243
Norsk Hydro (Energy) 1,000 49,005
Nycomed (Pharmaceuticals) 1,000 14,409
Orkla ASA (Manufacturing) 600 31,622
Saga Petroleum (Energy) 2,000 29,434
------------
131,713
------------
</TABLE>
The Notes to Financial Statements are an integral part of these statements.
<PAGE>
CIGNA International Stock Fund
Investments in Securities (Continued)
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Number Market
of Shares Value
- ------------------------------------------------------------------------------------------------
<S> <C> <C>
Philippines - 0.9%
Asian Terminals (Storage/Warehousing) 120,000 $ 31,603
Belle Corp. (Real Estate) 150,000 36,069
-----------
67,672
-----------
Singapore - 6.6%
City Developments Ltd. (Real Estate) 7,000 54,571
Comfort Group (Transportation) 80,000 79,376
DBS Land (Real Estate) 15,000 51,453
Electronic Resources (Electronics) 30,000 34,656
Hong Leong Finance (Financial Services) 10,000 35,011
Keppel Corp., Ltd. (Conglomerate) 5,000 41,814
Overseas-Chinese Banking Corp., Ltd. (Banking) 3,000 35,082
Singapore Airlines Ltd. (Airlines) 3,000 31,680
Sing Techs Automotive (Automobiles) 24,000 46,775
United Overseas Bank Ltd. (Banking) 5,000 47,839
United Overseas Land Ltd. (Real Estate) 15,000 26,364
United Overseas Land Ltd. (Real Estate) Warrants* 1,500 744
Wing Tai Holdings (Real Estate) 20,000 42,523
-----------
527,888
-----------
South Africa - 0.6%
Western Area Gold Mining (Mining) 3,000 46,734
-----------
Spain - 1.3%
Banco Bilbao Vizcaya (Banking) 450 18,245
Iberdrola SA (Utility) 2,700 27,737
Repsol SA (Energy) 815 28,365
</TABLE>
The Notes to Financial Statements are an integral part of these statements.
<PAGE>
CIGNA International Stock Fund
Investments in Securities (Continued)
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Number Market
of Shares Value
- --------------------------------------------------------------------------------
<S> <C> <C>
Telefonica De Esp (Telecommunications) 1,400 $ 25,812
-----------
100,159
-----------
Sweden - 1.0%
Assi Doman (Forest Products) 1,500 35,007
Astra AB (Pharmaceuticals) 1,000 44,259
-----------
79,266
-----------
Switzerland - 2.9%
CS Holding (Banking) 350 33,315
Nestle SA (Food & Household Products) 35 40,005
Roche Holdings AG (Health & Personal Care) 10 76,348
Schweiz Bankverein (Banking) 200 39,514
Winterthur (Insurance) 75 44,693
-----------
233,875
-----------
Taiwan - 2.7%
Taipei Fund (Investment Company) 25 219,150
-----------
Thailand - 2.0%
Industrial Finance Corp. (Financial Services) 20,000 89,817
PTT Exploration & Production (Oil/Gas) 5,000 73,272
-----------
163,089
-----------
United Kingdom - 10.4%
Associated British Ports Holdings PLC (Transportation) 4,000 17,208
BAT Industries PLC (Tobacco) 10,250 79,752
BTR PLC (Diversified) Warrants* 229 27
</TABLE>
The Notes to Financial Statements are an integral part of these statements.
<PAGE>
CIGNA International Stock Fund
Investments in Securities (Continued)
June 30,1996 (Unaudited)
<TABLE>
<CAPTION>
Market
Value
- ------------------------------------------------------------------------------------------------
<S> <C> <C>
British Telecommunications PLC (Telecommunications) 10,500 $ 56,422
Burton Group (Merchandising) 27,000 64,995
Cadbury Schweppes (Bevarages & Tobacco) 10,000 79,049
Glaxo Wellcome (Pharmaceutical) 5,000 67,324
Grand Metropolitan (Spirit & Wines) 8,000 53,052
Hanson PLC (Diversified) 16,700 46,684
Land Securities (Real Estate) 10,000 96,754
Prudential Corp. PLC (Life Assurance) 16,200 102,146
TESCO PLC (Merchandising) 17,700 80,817
Zeneca Group (Health & Personal Care) 4,000 88,461
--------------
832,691
--------------
Venezeula - 0.1%
Corimon C A S A C A (Pollution Control) 1,000 1,125
--------------
TOTAL INVESTMENTS IN SECURITIES - 97.9%
(Total Cost - $7,077,154) 7,843,298
Cash and Other Assets Less Liabilities - 2.1% 164,447
--------------
NET ASSETS - 100.0%
(equivalent to $11.90 per share based on 672,885
shares outstanding) $ 8,007,745
==============
</TABLE>
* Non-income Producing Securities.
** An American Depository Receipt (ADR) is a certificate issued by a U.S. bank
representing the right to receive securities of the foreign issuer described.
The values of ADRs are significantly influenced by trading on exchanges not
located in the United States or Canada.
The Notes to Financial Statements are an integral part of these statements.
<PAGE>
CIGNA International Stock Fund
Statement of Assets and Liabilities
June 30, 1996 (Unaudited)
<TABLE>
<S> <C>
Assets:
Investments in securities at value (Cost - $7,077,154) $ 7,843,298
Foreign currency (Cost - $66,368) 66,015
Cash on deposit with custodian 9,186
Dividends receivable 26,241
Receivable for investments sold 68,781
Net unrealized appreciation of forward foreign
exchange contracts 11,688
Receivable from advisor 9,317
Investment for deferred compensation plan (Cost - $10,771) 12,645
Other assets 1,598
------------
Total assets 8,048,769
------------
Liabilities:
Payable for investments purchased 746
Payable for deferred compensation plan 12,645
Other accrued expenses 27,633
------------
Total liabilities 41,024
------------
Net Assets (applicable to 672,885 shares of beneficial
interest with par value of $.001 per share issued and
outstanding; unlimited number of shares authorized) $ 8,007,745
============
Shares outstanding 672,885
============
Net asset value, offering price and redemption price per share $ 11.90
============
Components of Net Assets:
Capital paid in $ 7,087,048
Distributions in excess of net investment income (86,920)
Net unrealized appreciation of investments, deferred
compensation plan, forward foreign exchange contracts,
foreign currencies and other net assets 778,220
Accumulated net realized gain on investments 229,397
------------
Net Assets $ 8,007,745
============
</TABLE>
The Notes to Financial Statements are an integral part of these statements.
<PAGE>
CIGNA International Stock Fund
Statement of Operations
For the Six Months Ended June 30, 1996 (Unaudited)
Investment Income
Income:
Dividends (net of foreign taxes withheld of $13,760) $ 86,064
Interest 14
----------
86,078
Expenses:
Custodian fees and expenses 37,193
Investment advisory fees 31,181
Administrative services 13,431
Auditing and legal fees 12,855
Other 4,580
----------
Total expenses 99,240
Less expenses waived by investment advisor (50,627)
----------
Net expenses 48,613
----------
Net Investment Income 37,465
----------
Realized and Unrealized Gain on Investments and Foreign Currencies:
Net realized gain from securites transactions 161,881
Net realized gain on foreign currencies and forward
foreign exchange contracts 14,160
Net unrealized appreciation of investments, deferred
compensation plan, forward foreign exchange
contracts, foreign currencies and other net assets 213,164
----------
Net Realized and Unrealized Gain on Investments
and Foreign Currency 389,205
----------
Net Increase in Net Assets Resulting from Operations $ 426,670
==========
The Notes to Financial Statements are an integral part of these
statements.
<PAGE>
CIGNA International Stock Fund
Statement of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
Six Months Year
Ended Ended
June 30, 1996 1995
--------------- --------------
<S> <C> <C>
Operations:
Net investment income $ 37,465 $ 26,379
Net realized gain from securities transactions
and foreign currency transactions 176,041 357,599
Net unrealized appreciation (depreciation) of investments,
deferred compensation plan, forward foreign exchange
contracts, foreign currencies and other net assets 213,164 (137,808)
--------------- --------------
Net increase in net assets from operations 426,670 246,170
--------------- --------------
Distributions to Shareholders:
From net investment income - (26,379)
In excess of net investment income - (143,621)
From net realized capital gains - (388,162)
--------------- --------------
Total distributions to shareholders - (558,162)
--------------- --------------
Capital Share Transactions:
Net asset value of shares issued to shareholders
in reinvestment of dividends and distributions - 558,162
--------------- --------------
Net increase from capital share transactions - 558,162
--------------- --------------
Net increase in net assets 426,670 246,170
Net Assets:
Beginning of period 7,581,075 7,334,905
--------------- --------------
End of period (including overdistributed net investment
income of $94,406 and $131,871, respectively) $ 8,007,745 $ 7,581,075
=============== ==============
</TABLE>
The Notes to Financial Statements are an integral part of these statements.
<PAGE>
CIGNA International Stock Fund Notes to Financial Statements (Unaudited)
1. Significant Accounting Policies. CIGNA International Stock Fund (the
"Fund") was organized as the sole series of CIGNA Institutional Funds Group, a
Massachusetts business trust (the "Trust") on August 10, 1992 and is registered
under the Investment Company Act of 1940, as amended, as a diversified, open-end
management investment company. The Fund's objective is to provide long-term
growth of capital by investing primarily in common stocks, preferred stocks and
convertible debt of companies based outside the United States. The preparation
of financial statements in accordance with generally accepted accounting
principles requires management to make estimates and assumptions that affect the
reported amounts and disclosures in the financial statements. 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.
A. Security Valuation - Equity securities, including warrants, that are listed
on a United States or foreign securities exchange are valued at the last sale
price or, if there is no such price available, at the last bid price. Portfolio
securities that are traded on foreign securities exchanges are generally valued
at the preceding closing prices of such securities on their respective
exchanges. A security that is listed or traded on more than one exchange is
valued on the exchange determined to be the primary market for such security by
the Board of Trustees or its delegates. Other equity securities traded in the
over-the-counter market, including listed securities whose primary markets are
believed to be over-the-counter, are valued at the most recent bid price which
may be based on valuations furnished from a pricing service or from independent
securities dealers. Short-term investments with remaining maturities of up to
and including 60 days are valued at amortized cost, which approximates market.
Short-term investments that mature in more than 60 days are valued at current
market quotations. Other securities and assets of the Fund are appraised at
fair value as determined in good faith by, or under the authority of, the
Trustees.
B. Security Transactions and Related Investment Income - Security transactions
are accounted for on the trade date (date the order to buy or sell is executed).
Dividend income is recorded on the ex-dividend date, and interest income is
recorded on the accrual basis. Securities gains and losses are determined on
the basis of identified cost. The cost for Federal income tax purposes is
substantially the same.
C. Federal Taxes - It is the Fund's policy to continue to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute all of its taxable income and capital gains, if any,
to its shareholders. Therefore, no Federal income or excise taxes on realized
income have been accrued.
D. Dividends and Distributions to Shareholders - Dividends and distributions
are recorded by the Fund on the ex-dividend date. The timing and
characterization of certain income and capital gains distributions are
determined in accordance with federal tax regulations which may differ from
generally accepted accounting principles. To the extent that such differences
are permanent, a reclass to paid in capital may be required.
E. Currency Translation and Forward Currency Contracts - Foreign currency
amounts are translated into U.S. dollars at the prevailing exchange rates as
follows: assets and liabilities at the rate of exchange at the end of the
period, purchases and sales of securities and expenses at the rate of exchange
prevailing on the dates of such transactions. The Fund from time to time may
enter into foreign currency transactions to convert to and from different
foreign currencies and to convert foreign currencies to and from the U.S.
dollar. The Fund enters into these transactions either on a spot basis at the
spot rate prevailing in the foreign currency exchange market or uses forward
currency exchange contracts to purchase or sell foreign currencies. Realized
and unrealized gains and losses on foreign currency transactions represent
foreign exchange gains and losses arising from the sale of holdings of foreign
currencies, foreign currency exchange rate fluctuations between trade dates and
settlement dates on securities transactions, and the difference between the
amounts of interest and dividends recorded on the books of the Fund and the
amount actually received.
<PAGE>
CIGNA International Stock Fund Notes to Financial Statements (Unaudited)
(Continued)
2. Investment Advisory Fees and Other Transactions with Affiliates. Investment
advisory fees were paid or accrued to CIGNA Investments, Inc. (CII), certain
officers and directors of which are affiliated with the Fund. Such advisory
fees are based on an annual rate of 0.80% applied to the average daily net
assets of the Fund. CII has voluntarily agreed to reimburse such portion of its
fee and absorb other expenses as is necessary to cause the total annual
operating expenses of the Fund not to exceed 1.25% of the Fund's average daily
net assets.
The Fund reimburses CII for a portion of the compensation and related expenses
of the Fund's Treasurer and Secretary and certain persons who assist in carrying
out the responsibilities of those offices. For the six months ended June 30,
1996, the Fund paid or accrued $13,431.
CII is an indirect, wholly-owned subsidiary of CIGNA Corporation.
3. Trustees' Fees. Trustees' fees represent remuneration paid or accrued to
trustees who are not employees of CIGNA Corporation or any of its affiliates.
Trustees may elect to defer receipt of all or a portion of their fees which are
invested in mutual fund shares in accordance with a deferred compensation plan.
4. Purchases and Sales of Securities. Purchases and sales of securities,
excluding short-term obligations, aggregated $3,172,517 and $3,127,124,
respectively, for the six months ended June 30, 1996. As of June 30, 1996,
the cost of securities for Federal income tax purposes was $7,086,218. At June
30, 1996, unrealized appreciation for Federal income tax purposes aggregated
$756,728, of which $1,225,507 related to appreciated securities and $468,779
related to depreciated securities.
5. Forward Currency Contracts. During the year, the Fund has entered into
various forward currency contracts under which it has been obligated to exchange
currencies at certain specified dates. Risks arise from the possible inability
of the counterparties to meet the terms of their contracts and from the movement
of currency values. The outstanding contract at June 30, 1996 was as follows:
Contract to
Settlement ------------------------------ Unrealized
Date Receive Deliver Appreciation
------------ ------------------------------ --------------
7/1/96 JPY 31,546,500 $300,000 $11,424
10/1/96 JPY 32,349,000 300,000 264
JPY = Japanese Yen
6. Capital Stock. The Fund offers an unlimited number of shares of beneficial
interest with a par value of $.001 per share. All of the shares outstanding at
June 30, 1996 were owned by an affiliate of CII. The only transaction in
capital stock for the period from January 1, 1994 to June 30, 1996 was the
reinvestment of a dividend and distribution in the amount of $558,162 and
$998,211 in 49,745 and 82,890 additional shares on December 29, 1995 and
December 28, 1994, respectively.
7. Post October Losses. Under current tax law, certain net foreign currency
exchange losses realized after October 31 may be deferred and may be deferred
and treated as occurring on the first day of the following year. For the year
ended December 31, 1995, the Fund may elect to defer losses of $69,814 occurring
between November 1, 1995 and December 31, 1995.
<PAGE>
CIGNA International Stock Fund Notes to Financial Statements (Unaudited)
(Continued)
8. Financial Highlights. The following selected per share data is computed on
the basis of a share outstanding throughout each period:
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Six Months January 11, 1993
Ended Year Ended December 31, through
June 30, 1996 1995 1994 December 31, 1993*
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period $ 11.27 $ 11.77 $ 11.21 $ 10.00
Income from investment operations
Net investment income** 0.07 0.15 0.04 0.09
Net realized and unrealized gains on securities
transactions, foreign currencies and forward
foreign exchange contracts 0.56 0.23 0.33 4.18
-------------- ---------- ----------- ----------------
Total from investment operations 0.63 0.38 0.37 4.27
-------------- ---------- ----------- ----------------
Less Distributions:
Distributions from net investment income - (0.15) (0.04) (0.09)
Distributions in excess of act investment income - (0.12) - (0.02)
Distributions from capital gains - (0.61) (1.77) (0.95)
------------- ---------- ----------- ----------------
Total Distributions - (0.88) (1.81) (1.06)
------------- ---------- ----------- ----------------
Net asset value, end of period $ 11.90 $ 11.27 $ 11.77 $ 13.21
------------- ---------- ----------- ----------------
Total Investment Return 5.59% 3.40% 2.77% 42.73%
Ratios and Supplemental Data:
Net assets, end of period (000 omitted) $ 8,008 $ 7,581 $ 7,335 $ 7,136
Ratio of operating expenses to average net assets (a) 0.62% 1.14% 1.25% 1.25%
Ratio of net investment income to average net assets (b) 0.48% 0.37% 0.32% 0.75%
Portfolio turnover 42% 63% 63% 66%
Average commission rate paid*** $ 0.03
</TABLE>
a. Ratios of expenses to average net assets prior to expense
reimbursements were 1.26%, 2.59%, 2.35% and 2.67%, respectively, for
the six months ended June 30, 1996 and the years ended 1995, 1994
and 1993. Per share expenses prior to reduction were $0.15,
$0.28, $0.29 and $0.30, respectively.
b. Ratios of net investment income to average net assets prior to expense
reimbursements were (0.17)%, (1.08)%, (0.78)% and (0.73)%, respectively,
for the six months ended June 30, 1996 and the years ended 1995, 1994
and 1993. Per share net investment income amounts prior to reduction
were $(0.02), $(0.12), $(0.10) and $(0.08), respectively.
* Commencement of operations.
** Net investment income per share has been calculated in accordance with
SEC requirements, with the exception that end of year accumulated/
(overdistributed) net investment income has not been adjusted to
reflect current year permanent differences between financial and tax
accounting.
*** Required information as of 1996.
