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Previous: SALOMON BROTHERS HIGH INCOME FUND INC, NSAR-A, 1998-08-28 |
Next: INCOME OPPORTUNITIES FUND 2000 INC, DEF 14A, 1998-08-28 |
<PAGE>
CIGNA INTERNATIONAL STOCK FUND
SEMIANNUAL REPORT TO SHAREHOLDERS
FOR THE SIX MONTHS ENDED JUNE 30, 1998
[HORIZONTAL GLOBE GRAPHIC APPEARS UNDER TEXT]
<PAGE>
CIGNA INTERNATIONAL STOCK FUND
INVESTMENTS IN SECURITIES (Unaudited)
JUNE 30, 1998
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
EQUITIES - 91.1%
ARGENTINA - 0.4%
Banco Galicia Y Buenos ADR** (Banking) 400 $ 7,300
Telecom Argentina ADR** (Multi-Industry) 390 11,627
Telefonica de Argentina ADR** (Telecommunication) 500 16,219
------------------
35,146
------------------
AUSTRALIA - 0.6%
Ausmelt Ltd. (Metal)* 18,750 8,380
Meekatharra Minerals (Mining)* 225,000 19,554
Savage Resources (Mining)* 50,000 18,002
Star Mining Corp. (Mining)* 870,000 3,240
------------------
49,176
------------------
BELGIUM - 0.4%
Union Miniere (Metal) 500 30,922
------------------
BRAZIL - 2.5%
Telecomunicacoes Brasileir ADR** (Telecommunication) 2,000 218,375
------------------
CANADA - 1.9%
Alberta Energy Corp. (Energy) 3,000 70,130
Berkley Petroleum Corp. (Oil & Gas) 6,000 46,889
Canadian Imperial Bank Toronto (Banking) 1,660 54,147
------------------
171,166
------------------
</TABLE>
The Notes to Financial Statements are an integral part of these statements.
<PAGE>
CIGNA INTERNATIONAL STOCK FUND
INVESTMENTS IN SECURITIES (Unaudited) (Continued)
JUNE 30, 1998
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
CHILE - 0.4%
Embotelladora Andina SA ADR** (Beverages & Tobacco) 885 $ 15,488
Maderas Y Sinteticos ADR** (Forest Products & Paper) 565 4,591
Quimica Y Minera ADR** (Metals) 340 11,390
------------------
31,469
------------------
DENMARK - 3.1%
Carli Gry International (Retail) 1,000 80,792
GN Store Nord (Telecommunication) 3,000 91,710
Novo Nordisk (Health & Personal Care) 725 100,051
------------------
272,553
------------------
FINLAND - 1.6%
Nokia AB (Telecommunication) 1,400 103,064
Merita (Banking) 5,600 36,986
------------------
140,050
------------------
FRANCE - 8.8%
AXA (Insurance) 742 83,458
Banque Nationale de Paris (Banking) 2,103 171,838
Banque Paribas (Banking) 625 66,886
ELF Aquitaine (Oil) 965 135,675
France Telecom (Telecommunication) 1,300 89,667
Havas (Broadcasting & Publishing) 2,135 181,163
Suez Lyonn Eaux (Business & Public Services) 330 54,311
------------------
782,998
------------------
</TABLE>
The Notes to Financial Statements are an integral part of these statements.
<PAGE>
CIGNA INTERNATIONAL STOCK FUND
INVESTMENTS IN SECURITIES (Unaudited) (Continued)
JUNE 30, 1998
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
GERMANY - 10.7%
Allianz AG Holdings (Insurance) 250 $ 83,382
Allianz (Insurance) Rights* 7 2,315
Bankgesell Berlin (Banking) 3,360 69,307
Bayer AG (Chemicals) 800 41,432
Commerzbank AG (Banking) 1,392 53,026
Deutsche Bank AG (Banking) 1,095 92,654
Deutsche Telekom AG (Telecommunication) 4,357 119,347
Dresdner Bank AG (Banking) 1,575 85,149
Man AG (Machinery & Engineering) 130 50,747
Mannesman AG (Machinery/General Industries) 1,500 154,288
SAP AG (Electronics) 225 152,832
Siemens AG (Electricals & Electronics) 765 46,724
------------------
951,203
------------------
GREECE - 1.1%
Commercial Bank Greece (Banking) 790 58,668
Ergo Bank (Banking) 450 38,504
------------------
97,172
------------------
HONG KONG - 2.1%
China Telecom (Telecommunication) 40,000 69,437
HSBC Holdings (Banking) 3,200 78,265
Tem Fat Hing Fung Holdings (Retail) 600,000 36,396
------------------
184,098
------------------
</TABLE>
The Notes to Financial Statements are an integral part of these statements.
<PAGE>
CIGNA INTERNATIONAL STOCK FUND
INVESTMENTS IN SECURITIES (Unaudited) (Continued)
JUNE 30, 1998
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ITALY - 4.2%
Assicurazioni Generali (Insurance) 1,750 $ 56,930
Banca Commerciale Italiana (Banking) 12,150 72,691
Credito Italiano (Banking) 13,950 73,057
Mediolanum (Insurance) 1,680 53,329
San Paolo (Banking) 2,650 38,257
Telecom Italia (Telecommunication) 10,069 74,154
------------------
368,418
------------------
JAPAN - 12.7%
Fujitsu Ltd. (Electronics) 6,000 63,354
Ibiden (Electrical Machinery) 5,000 69,249
Isetan Co. (Merchandising) 10,000 83,894
Matsushita Electric (Appliances & Household Durables) 3,000 48,384
Minebea Co. (Machinery) 5,000 49,939
NEC Corp. (Electrical Machinery) 8,000 74,810
Nippon Telephone & Telegraph (Telecommunication) 10 83,171
Nomura Securities (Financial Services) 10,000 116,800
NTT Data Communications Systems (Data Processing) 1 36,233
Orix Corp. (Financial Services) 1,000 67,766
Seven Eleven Japan (Merchandising) 1,000 59,738
Sony Corp. (Electronics) 1,500 129,638
Sumitomo Real Estate Sales (Real Estate) 10,000 86,063
Sumitomo Realty & Development (Real Estate) 10,000 44,261
Tokyo Electronics (Electronic Components & Instruments) 2,000 61,474
Tokyo Seimitsu Co. (Machinery & Engineering) 2,000 50,626
------------------
1,125,400
------------------
</TABLE>
The Notes to Financial Statements are an integral part of these statements.
<PAGE>
CIGNA INTERNATIONAL STOCK FUND
INVESTMENTS IN SECURITIES (Unaudited) (Continued)
JUNE 30, 1998
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
MEXICO - 1.9%
Telefonos de Mexico SA ADR** (Telecommunication) 3,500 $ 168,219
------------------
NETHERLANDS - 5.6%
Aegon NV (Insurance) 770 67,047
Baan Company NV (Electronic Components) 1,190 42,794
Ing Groep NV (Insurance & Finance) 973 63,758
Koninklijke PTT Nederland (Telecommunication) 1,400 53,927
Philips Electronics (Electronics) 1,050 88,329
Randstad Holdings (Business & Public Services) 1,050 63,276
Royal Dutch Petroleum (Energy) 1,400 77,688
TNT Post Groep NV (Telecommunication) 1,400 35,813
------------------
492,632
------------------
NEW ZEALAND - 2.6%
Air NewZealand (Airline) 15,000 16,157
Carter Holt Harvey Ltd. (Forest Products) 60,000 52,451
Fernz Corp. (Chemicals) 10,000 22,375
Fletcher Challenge Forests (Forest Products) 83,000 46,644
Shortland Properties (Real Estate) 170,000 57,499
Sky City (Leisure & Tourism) 15,000 37,075
------------------
232,201
------------------
NORWAY - 0.5%
Det Sondenfjeld Norske (Transportation) 2,600 45,796
------------------
PORTUGAL - 1.2%
Banco Commercial Portugues (Banking) 1,776 50,461
Telecel Comunicacoe Passoai (Telecommunication) 300 53,304
------------------
103,765
-------------------
</TABLE>
The Notes to Financial Statements are an integral part of these statements.
<PAGE>
CIGNA INTERNATIONAL STOCK FUND
INVESTMENTS IN SECURITIES (Unaudited) (Continued)
JUNE 30, 1998
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
SINGAPORE - 0.8%
Overseas-Chinese Banking Corp., Ltd. (Banking) 2,760 $ 9,418
Singapore Telecom (Telecommunication) 47,000 66,944
------------------
76,362
------------------
SOUTH AFRICA - 0.4%
Gold Fields of South Africa (Mining) 1,700 19,494
Western Areas Gold Mining (Mining) 6,022 19,295
------------------
38,789
------------------
SPAIN - 3.6%
Banco Bilbao Vizcaya (Banking) 1,500 76,981
Banco Santander (Banking) 2,808 71,871
Corp Fin Reunida (Miscellaneous) 4,000 60,385
Tabacalera (Food & Household Products) 1,000 20,476
Telefonica (Telecommunication) 2,000 92,468
------------------
322,181
------------------
SWEDEN - 2.9%
Astra AB (Health & Personal Care) 3,000 61,309
Ericsson (Telecommunication) 2,600 75,953
Foreningssparbanken (Banking) 2,000 60,181
Skandia Foersaekrings AB (Insurance) 4,500 64,318
------------------
261,761
------------------
</TABLE>
The Notes to Financial Statements are an integral part of these statements.
<PAGE>
CIGNA INTERNATIONAL STOCK FUND
INVESTMENTS IN SECURITIES (Unaudited) (Continued)
JUNE 30, 1998
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
SWITZERLAND - 5.6%
Adecco SA (Miscellaneous) 160 $ 72,271
Credit Suisse Group (Banking) 350 78,006
Liechentenstein Global Trust (Banking) 50 54,811
Nestle SA (Food & Household Products) 35 75,025
Novartis AG (Health & Personal Care) 38 63,337
Roche Holdings AG (Health & Personal Care) 7 68,854
UBS AG (Financial Services) 215 83,205
------------------
495,509
------------------
UNITED KINGDOM - 15.5%
Associated British Ports Holdings PLC (Transportation) 4,000 22,240
British Telecommunications PLC (Telecommunications) 5,500 67,957
Cadbury Schweppes (Bevarages & Tobacco) 10,000 154,865
Centrica (Electrical & Gas) 60,000 101,434
Diageo PLC (Brewing) 6,912 81,941
Flextech PLC (Media) 10,000 92,501
Glaxo Wellcome (Pharmaceutical) 5,000 150,189
Imperial Chemical Industry (Chemicals) 3,800 61,038
Land Securities (Real Estate) 5,000 77,349
National Westminister (Banking) 8,000 143,060
Pearson (Broadcasting & Publishing) 3,900 71,500
Prudential Corp. PLC (Life Assurance) 8,539 112,563
Shell Transport & Trading (Energy) 15,000 105,692
Smithkline Beecham (Health & Personal Care) 11,000 134,352
------------------
1,376,681
------------------
</TABLE>
The Notes to Financial Statements are an integral part of these statements.
<PAGE>
CIGNA INTERNATIONAL STOCK FUND
INVESTMENTS IN SECURITIES (Unaudited) (Continued)
JUNE 30, 1998
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
VENEZEULA - 0.0%
Corimon C A S A C A ADR** (Pollution Control) 140 $ 298
------------------
TOTAL EQUITIES (Cost $6,700,862) 8,072,340
------------------
CONVERTIBLE BONDS - 1.2%
(Cost - $100,000)
Bell Atlantic, 5.75%, 4/1/2003 (Telecommunication) (USA) 100,000 102,625
------------------
WARRANTS - 2.1%
Ausmelt Ltd. (Metal) (Australia), 1999* 3,750 70
BTR PLC (Diversified) (United Kingdom), 1998* 229 1
Electronic Resources (Electronics) (Singapore), Exp. 2001* 10,309 1,835
Randfontein (Mining) (South Africa), Exp 2002* 782 435
Westpac Banking Co. (Banking) (Australia), Exp. 2000* 30,000 167,602
------------------
TOTAL WARRANTS (Cost $118,770) 169,943
------------------
TOTAL INVESTMENTS IN SECURITIES - 94.2%
(Total Cost - $6,919,632) $ 8,344,908
Cash and Other Assets Less Liabilities - 5.8% 511,140
------------------
NET ASSETS - 100.0%
(equivalent to $12.35 per share based on 716,803
shares outstanding) $ 8,856,048
==================
</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 ADR's 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, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
ASSETS:
<S> <C>
Investments in securities at value (Cost - $6,919,632) $ 8,344,908
Foreign currency (Cost - $503,212) 490,657
Cash on deposit with custodian 58,682
Dividends receivable 31,838
Receivable for investments sold 211,582
Receivable from advisor 10,394
Investment for Trustees' deferred compensation plan (Cost - $13,247) 17,108
------------------
TOTAL ASSETS 9,165,169
------------------
LIABILITIES:
Payable for investments purchased 242,394
Payable for Trustees' deferred compensation plan 17,108
Other accrued expenses 49,619
------------------
TOTAL LIABILITIES 309,121
------------------
NET ASSETS (applicable to 716,803 shares of beneficial interest with par value
of $.001 per share issued and outstanding; unlimited number of shares
authorized) $ 8,856,048
==================
Shares outstanding 716,803
==================
Net asset value, offering price and redemption price per share $ 12.35
==================
COMPONENTS OF NET ASSETS:
Paid in capital $ 7,588,167
Overdistributed net investment income (21,803)
Net unrealized appreciation of investments and
foreign currencies 1,416,436
Accumulated net realized loss on investments (126,752)
------------------
NET ASSETS $ 8,856,048
==================
</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, 1998 (UNAUDITED)
<TABLE>
INVESTMENT INCOME
INCOME:
<S> <C>
Dividends (net of foreign taxes withheld of $15,067) $ 110,234
Interest 3,274
------------------
113,508
EXPENSES:
Custodian fees and expenses 47,649
Investment advisory fees 34,011
Auditing and legal fees 16,678
Administrative services 8,421
Other 8,817
------------------
Total expenses 115,576
Less expenses waived by investment advisor (68,810)
------------------
Net expenses 46,766
------------------
NET INVESTMENT INCOME 66,742
------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FOREIGN CURRENCIES AND OTHER NET ASSETS:
Net realized gain from securities transactions 14,376
Net realized loss on foreign currencies and forward
foreign exchange contracts (27,849)
Net unrealized appreciation of investments 1,046,650
Net unrealized appreciation of foreign currencies and
other net assets 336
------------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS,
FOREIGN CURRENCIES AND OTHER NET ASSETS 1,033,513
------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 1,100,255
==================
</TABLE>
The Notes to Financial Statements are an integral part of these statements.
<PAGE>
CIGNA INTERNATIONAL STOCK FUND
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED)
6 MOS. ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1998 1997
------------------ ------------------
<S> <C> <C>
OPERATIONS:
Net investment income $ 66,742 $ 34,668
Net realized gain (loss) from securities transactions
and foreign currency transactions 14,376 (78,611)
Net unrealized appreciation (depreciation) of investments,
deferred compensation plan, foreign currencies
and other net assets 1,019,137 (269,711)
------------------ ------------------
Net increase (decrease) in net assets from operations 1,100,255 (313,654)
------------------ ------------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income - (59,133)
In excess of net investment income - (38,332)
From net realized capital gains - (65,764)
------------------ ------------------
Total distributions to shareholders - (163,229)
------------------ ------------------
CAPITAL SHARE TRANSACTIONS:
Net asset value of shares issued to shareholders
in reinvestment of dividends and distributions - 163,229
------------------ ------------------
Net increase from capital share transactions - 163,229
------------------ ------------------
Net increase (decrease) in net assets 1,100,255 (313,654)
NET ASSETS:
Beginning of period 7,755,793 8,069,447
------------------ ------------------
End of period (including overdistributed net investment
income of $21,803 and $88,545 respectively) $ 8,856,048 $ 7,755,793
================== ==================
</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 or when such information
becomes available, and interest income is recorded on the accrual basis.
Securities gains and losses are determined on the basis of identified cost.
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 gain 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
<PAGE>
CIGNA INTERNATIONAL STOCK FUND Notes to Financial Statements (Unaudited)
(Continued)
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.
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 1.10% of the Fund's average daily net assets
(1.25% prior to July 1, 1996).
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,
1998, the Fund paid or accrued $8,421.
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 $4,880,550 and $4,802,939,
respectively, for the six months ended June 30, 1998. As of June 30, 1998 the
cost of securities for Federal income tax purposes was $6,919,632. At June 30,
1998, unrealized appreciation for Federal income tax purposes aggregated
$1,412,768 of which $2,041,080 related to appreciated securities and $628,312
related to depreciated securities.
5. 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
December 31, 1997 were owned by the Century Indemnity Company, an indirect
wholly-owned subsidiary of CIGNA Corporation. There were no transactions in
capital stock for the six months ended June 30, 1998. The only transactions in
capital stock for the year ended December 31, 1997 were the reinvestment of
dividends and distributions in the amount of $163,229 resulting in 14,195
additional shares.
6. POST OCTOBER LOSSES. Under current tax law, certain net long-term capital
losses realized after October 31 may be deferred and treated as occurring on the
first day of the following year. For the year ended December 31, 1997, the Fund
will elect to defer losses of $40,247 occurring between November 1, 1997 and
December 31, 1997.
<PAGE>
CIGNA INTERNATIONAL STOCK FUND Notes to Financial Statements (Unaudited)
(Continued)
7. FINANCIAL HIGHLIGHTS. The following selected per share data is computed on
the basis of a share outstanding throughout each period.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
6 Months Ended Year Ended December 31, January 11, 1993*
June 30, through
1998 1997 1996 1995 1994 December 31, 1993
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.82 $ 11.48 $ 11.27 $ 11.77 $ 13.21 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income** 0.09 0.05 0.08 0.15 0.04 0.09
Net realized and unrealized gains
(losses) on securities
transactions, foreign currencies
and forward foreign exchange
contracts 1.44 (0.48) 0.62 0.23 0.33 4.18
------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS 1.53 (0.43) 0.70 0.38 0.37 4.27
------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from net investment
income - (0.05) (0.08) (0.15) (0.04) (0.09)
Distributions in excess of net
investment income - (0.09) (0.12) (0.12) - (0.02)
Distributions from realized capital
gains - (0.09) (0.29) (0.61) (1.77) (0.95)
------- ------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS - (0.23) (0.49) (0.88) (1.81) (1.06)
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 12.35 $ 10.82 $ 11.48 $ 11.27 $ 11.77 $ 13.21
------- ------- ------- ------- ------- -------
TOTAL INVESTMENT RETURN 14.14% -3.84% 6.36% 3.40% 2.77% 42.73%
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period
(000 omitted) $ 8,856 $ 7,756 $ 8,069 $ 7,581 $ 7,335 $ 7,136
Ratio of operating expenses to
average net assets (a) 0.55% 1.10% 1.12% 1.14% 1.25% 1.25%
Ratio of net investment income to
average net assets (b) 0.78% 0.42% 0.63% 0.37% 0.32% 0.75%
Portfolio turnover 60% 82% 60% 63% 63% 66%
Average commission rate*** $ 0.010 $ 0.009 $ 0.012
</TABLE>
a. Ratios of expenses to average net assets prior to expense
reimbursements were 1.35%, 2.48%, 2.61%, 2.59%,2.35% and 2.67%,
respectively, for the six months ended June 30, 1998 and the years
ended December 31, 1997, 1996, 1995, 1994 and 1993. Per share expenses
prior to reduction were $0.16, $0.29, $0.29, $0.28, $0.29 and $0.30,
respectively.
b. Ratios of net investment income to average net assets prior to expense
reimbursements were (0.02)%, (0.96)%,(0.85)%, (1.08)%, (0.78)% and
(0.73)%, respectively, for the six months ended June 30, 1998 and the
years ended December 31, 1997, 1996, 1995, 1994 and 1993. Per share
net investment loss amounts prior to reduction were $(0.00), $(0.11),
$(0.10), $(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.
*** For fiscal years beginning on or after September 1, 1995, a fund is
required to disclose its average commission rate per share for
security trades on which commissions are charged. This amount may vary
from period to period and fund to fund depending on the mix of trades
executed in various markets where trading practices and commission
rule structures may differ.
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