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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 14737 / November 28, 1995
 
Securities and Exchange Commission v. John J. Kaweske, Civil
Action No. 95-N-296 (D. Colo.)

     The Commission announced that on November 24, 1995, John J.
Kaweske ("Kaweske"), a former senior vice president and portfolio
manager with the Invesco complex of mutual funds, was permanently
enjoined from future violations of the antifraud and other
provisions of the Securities Exchange Act of 1934, the Investment
Advisers Act of 1940, and the Investment Company Act of 1940 and
ordered to pay $115,000 in statutory penalties.  Kaweske served
as portfolio manager for Invesco's Health Sciences Portfolio of
Invesco's Financial Strategic Portfolios and the Global Health
Sciences Fund.

     The Commission's complaint alleged that Kaweske defrauded
investors by failing to disclose to Invesco and the funds he
managed that he had two conflicts of interest.  The first was
that he had arranged that commissions would be paid to his son
based upon investments being made by Invesco funds under his
management.  The second was that he was a founder, director, and
shareholder of a Canadian company in whose subsidiary he caused
Invesco funds to invest.  The complaint also alleged that Kaweske
failed to report certain personal securities transactions to
Invesco as required by Commission rules.  No disgorgement was
sought against Kaweske because he did not personally profit from
the transactions. Kaweske, without admitting or denying the
allegations in the complaint, consented to entry of the final
order permanently enjoining him from future violations of the
securities laws and requiring him to pay a penalty of $115,000 to
the United States Treasury.  The order was entered on November
24, 1995, by the United States District Court for the District of
Colorado in the civil action captioned S.E.C. v. John J. Kaweske,
Civil Action No. 95-N-296.

     In a related matter, the Commission instituted
administrative proceedings against Kaweske, accepted his offer of
settlement, and entered a final order barring him from
association with any investment adviser, investment company,
broker, dealer, or municipal securities dealer, with a right to
reapply for association after five years.