<PAGE>
September 30, 1997
Dear Shareholder:
Our Fund achieved a modest gain in our first fiscal year (October 2, 1996 -
September 30, 1997), despite the crash of many Asian markets and periods of
significant corrections in the American markets. We are confident that we are
well situated to benefit from the future growth of our portfolio companies.
In our opinion, the Asia stock markets, particularly Hong Kong, will
rebound from a severely oversold situation. However, the fundamental problems in
this region will require time to resolve. Even if the IMF comes up with
"bailout" plans for all the troubled Asian economies, the structural problems
will continue for sometime.
We believe investment profits from Asia can be achieved but will require
the use of highly selective techniques such as those employed by our Fund.
Since Asia remains a major player in our 21st Century's "One Economy
World", this region cannot be ignored, despite its current and perhaps future
problems. In time, many of these problems will be dealt with effectively through
strong fundamentals. Asia has the lowest taxes, the highest savings, and a very
young and productive population of 3 billion persons.
Despite this year's turmoil of currency crises and stock market crashes in
Asia, there are still companies in Asia that are and will be great investments.
Japan is an excellent example. Despite Japan's stock market woes and currency
fluctuations over the last 8 years, companies such as Sony, Kyocera, Canon, Fuji
and Honda (which are also ADR's traded on the NYSE) have done very well.
Similarly, we believe that those emerging growth companies throughout Asia,
with solid business fundamentals, strong finances and record revenues and
profits will be excellent investments, even if the Asia economies slow down
their growth and Asian stock markets remain volatile. Our Fund focuses on
achieving Asia profits through ADR's and U.S. listed Asia based companies.
We also believe many Asian American companies are on the verge of explosive
growth with their product niches and specialty markets.
Additionally, American companies with products and services that are
essential to the developing Asian economies will still profit from Asia even as
Asia goes through its "period of digestion." American companies who manufacture
in Asia may experience better margins as their costs are lowered due to the
currency devaluations and increased competition between the Asian countries and
other emerging nations.
By focusing on these select types of companies, our Fund, which is an
"Asia-Focus" fund as opposed to other "Asia-Only" funds, achieved a market gain
this past year. From the Fund's inception date of October 2, 1996 to September
30, 1997 our global multi-cap value style gained 1% versus a loss of 17% for the
Morgan Stanley Far East Index.
Furthermore, we had anticipated an Asia crash scenario as early as June
when we predicted that Hong Kong and the "red chips" were over-valued. In
addition, we warned in September that the "Hong Kong/Red Chip" stock market,
which was "the other shoe to drop", would have negative global repercussions. As
such, we were well prepared to take advantage of the lower prices by having a
strong cash position and selectively buying stocks of companies whose value
became very attractive.
We will continue to work diligently on your behalf.
Sincerely,
/s/ James C. Tso
James C. Tso
As of September 30, 1997, Sony, Kyocera, Canon, Fuji and Honda comprised 0.0% of
the portfolio value of America Asia Allocation Growth Fund. The portfolio of the
America Asia Allocation Growth Fund may change each day as we make new buy and
sell decisions. There are special risks associated with international investing,
these include risks related to social and political instability, market
illiquidity and currency volatility.
Distributed by FPS Broker Services, Inc. DFU 12/97
<PAGE>
America Asia Allocation Growth Fund
Illustration of $10,000 Investment - Class A
================================================================================
The graph below compares the increase in value of a $10,000 investment in the
America Asia Allocation Growth Fund with the performance of the Morgan Stanley
Far East Index. The values and returns below for America Asia Allocation Growth
Fund include the impact of the maximum sales charge placed on purchases.
- --------------------------------
Total Return for the period
ending 9/30/97
Since Inception...... 1.00%
(not annualized, with load)
- --------------------------------
[GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
DATA SET
America Morgan
Asia Stanley
-----------------------------------
<S> <C> <C>
12/18/96 9,500 10,000.00
01/31/97 10,860 8,944.86
03/31/97 9,020 8,759.19
05/31/97 9,140 9,858.92
07/31/97 9,400 10,212.68
09/30/97 10,100 9,084.50
</TABLE>
Past performance is not indicative of future results.
Management believes that an ideal relevant benchmark index is difficult to
determine due to its unique approach. The Morgan Stanley Far East Index, used in
the line graph portion of Management's Discussion and Analysis in the September
30, 1997 Annual Report of the Fund for comparison purposes to the Fund, as
required by Item 5A of Form N1-A, is an appropriate broad-based securities
market index benchmark for the Fund. This index allows the Fund to contrast its
unique approach to seeking Asia investment profits by using alternative
investment vehicles. The Fund is an Asia-Focus Fund; and the index is composed
of securities traded exclusively in Asia. The Fund is authorized and from time
to time may invest in such securities.
<PAGE>
America Asia Allocation Growth Fund
Illustration of $10,000 Investment - Class D
================================================================================
The graph below compares the increase in value of a $10,000 investment in the
America Asia Allocation Growth Fund with the performance of the Morgan Stanley
Far East Index.
[LINE GRAPH APPEARS HERE]
- ----------------------------------------------
Total Return for the period ending 9/30/97
Since Inception..................... 1.00%
(not annualized)
- ----------------------------------------------
DATA SET
<TABLE>
<CAPTION>
America Morgan
Asia Stanley
---------------------------------
<S> <C> <C>
10/02/96 10,000 10,000.00
11/30/97 10,180 9,768.45
01/31/97 10,880 8,394.99
03/31/97 9,020 8,220.73
05/31/97 9,140 9,252.86
07/31/97 9,400 9,584.87
09/30/97 10,100 8,526.05
</TABLE>
Past performance is not indicative of future results.
Management believes that an ideal relevant benchmark index is difficult to
determine due to its unique approach. The Morgan Stanley Far East Index, used in
the line graph portion of Management's Discussion and Analysis in the September
30, 1997 Annual Report of the Fund for comparison purposes to the Fund, as
required by Item 5A of Form N1-A, is an appropriate broad-based securities
market index benchmark for the Fund. This index allows the Fund to contrast its
unique approach to seeking Asia investment profits by using alternative
investment vehicles. The Fund is an Asia-Focus Fund; and the index is composed
of securities traded exclusively in Asia. The Fund is authorized and from time
to time may invest in such securities.
<PAGE>
America Asia Allocation Growth Fund
Schedule of Investments September 30, 1997
================================================================================
<TABLE>
<CAPTION>
Market
Shares Value
- -------------- -------------
<S> <C> <C>
COMMON STOCKS - 95.97%
COMPUTERS & SOFTWARE - 7.76%
3,000 ESS Technology, Inc.* ................................ $ 45,563
5,000 OPTi, Inc.* .......................................... 37,187
25,000 Syquest Technology, Inc.* ............................ 75,780
-------------
158,530
-------------
CONSUMER NON-DURABLES - 1.99%
1,000 PepsiCo, Inc. ........................................ 40,562
-------------
FINANCIAL SERVICES - 8.68%
35,750 JB Oxford Holdings, Inc.* ............................ 58,094
3,000 Providian Financial Corp. ............................ 119,062
-------------
177,156
-------------
INFORMATION TECHNOLOGY - 13.80%
2,500 Broadway & Seymour, Inc.* ............................ 25,000
5,000 INTERSOLV, Inc.* ..................................... 77,500
10,000 Netrix Corp.* ........................................ 18,750
10,000 PSINet, Inc.* ........................................ 80,625
5,000 Rational Software Corp.* ............................. 80,000
-------------
281,875
-------------
MANUFACTURING - 16.07%
1,000 Asia Electronics Holding Co., Inc.* .................. 13,375
80,000 Decora Industries, Inc.* ............................. 70,000
3,500 Deswell Industries, Inc. ............................. 85,750
2,000 Solectron Corp.* ..................................... 89,000
5,000 Zindart, Ltd., ADR* .................................. 70,000
-------------
328,125
-------------
MEDICAL & HEALTH - 18.79%
100,000 Cryomedical Sciences, Inc.* .......................... 34,370
10,000 Cyanotech Corp.* ..................................... 57,500
10,000 Genelabs Technologies, Inc.* ......................... 42,500
5,000 La Jolla Pharmaceutical Co.* ......................... 25,000
10,000 Synbiotics Corp.* .................................... 38,750
1,000 US Surgical Corp. .................................... 29,188
50,000 Vasomedical, Inc.* ................................... 156,250
-------------
383,558
-------------
NATURAL RESOURCES - 0.45%
8,000 Yamana Resources, Inc.* .............................. 9,257
-------------
</TABLE>
See accompanying notes to financial statements.
<PAGE>
America Asia Allocation Growth Fund
Schedule of Investments September 30, 1997
================================================================================
<TABLE>
<CAPTION>
Market
Shares Value
- -------------- --------------
<S> <C> <C>
COMMON STOCKS - continued
TELECOMMUNICATIONS SERVICES & EQUIPMENT - 21.53%
50,000 Amnex, Inc.* ........................................................... $ 115,625
3,000 Digital Transmission Systems, Inc.* .................................... 27,000
19,000 Digital Transmission Systems, Inc. Warrants* ........................... 45,125
6,500 InteliData Technologies Corp.* ......................................... 19,500
15,000 InterDigital Communications Corp.* ..................................... 80,625
3,000 LCI International, Inc.* ............................................... 79,875
1,000 Motorola, Inc. ......................................................... 71,875
-------------
439,625
-------------
TRANSPORTATION - 6.90%
4,000 Fritz Companies, Inc.* ................................................. 59,000
1,000 Northwest Airlines Corp., Class A* ..................................... 41,500
4,050 World Airways, Inc.* ................................................... 32,400
4,000 WorldCorp, Inc.* ....................................................... 8,000
-------------
140,900
-------------
Total Common Stocks (Cost $1,955,080) .................................. 1,959,588
-------------
Shares
- -------------- SHORT-TERM INVESTMENTS - 12.38%
252,746 The Bank of New York Cash Reserve Fund, 4.60% .......................... 252,746
-------------
Total Short Term Investments (Cost $252,746) ........................... 252,746
-------------
Total Investments (Cost $2,207,826**) - 108.35% ........................ 2,212,334
Other Liabilities, Less Other Assets - (8.35%) ......................... (170,580)
-------------
NET ASSETS - 100.00% ................................................... $ 2,041,754
=============
<CAPTION>
* Non-income producing security
** Cost for Federal income tax purposes is $2,207,826 and net unrealized appreciation consists of:
<S> <C>
Gross unrealized appreciation........................................... $ 202,904
Gross unrealized depreciation........................................... (198,396)
-------------
Net unrealized appreciation......................................... $ 4,508
=============
</TABLE>
See accompanying notes to financial statements.
<PAGE>
America Asia Allocation Growth Fund
Statement of Assets and Liabilities September 30, 1997
================================================================================
<TABLE>
<CAPTION>
ASSETS
<S> <C>
Investments in securities at market value (Cost $2,207,826) (Note 1) ....................... $2,212,334
Dividends and interest receivable .......................................................... 869
Receivable for securities sold ............................................................. 28,854
Unamortized organization costs (Note 1) .................................................... 52,042
Other assets ............................................................................... 10,005
----------
TOTAL ASSETS ..................................................................... 2,304,104
----------
LIABILITIES
Investment securities purchased ............................................................ 181,205
Due to Advisor (Note 3) .................................................................... 31,480
Accrued expenses ........................................................................... 47,459
Accrued distribution fees .................................................................. 2,206
----------
TOTAL LIABILITIES ................................................................ 262,350
----------
NET ASSETS .................................................................................... $2,041,754
==========
Class A Shares:
Net assets applicable to 69,683 shares; unlimited number of shares
of beneficial interest authorized with no par value ..................................... $ 351,965
==========
Net asset value and redemption price per Class A Share
($351,965 / 69,683 shares) .............................................................. $ 5.05
==========
Offering price per share ($5.05 / 0.95) ..................................................... $ 5.32
==========
Class D Shares:
Net assets applicable to 334,389 shares; unlimited number of shares
of beneficial interest authorized with no par value ..................................... $1,689,789
==========
Net asset value, offering and redemption price per Class D Share
($1,689,789 / 334,389 shares) ........................................................... $ 5.05
==========
NET ASSETS CONSIST OF:
Paid-in capital .......................................................................... $2,016,969
Accumulated net realized gain on investments ............................................. 20,277
Net unrealized appreciation on investments ............................................... 4,508
----------
NET ASSETS ....................................................................... $2,041,754
==========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
America Asia Allocation Growth Fund
Statement of Operations
================================================================================
<TABLE>
<CAPTION>
For the Period
October 2, 1996*
through
INVESTMENT INCOME September 30, 1997
--------------------
<S> <C>
Dividends.................................................................... $ 7,920
Interest..................................................................... 13,786
--------------------
TOTAL INCOME....................................................... 21,706
--------------------
EXPENSES
Investment advisory fees (Note 3)............................................ 31,511
Administration fees.......................................................... 63,463
Transfer agent fees.......................................................... 39,590
Accounting fees.............................................................. 37,660
Registration fees............................................................ 37,028
Audit fees................................................................... 16,250
Amortization of organization costs (Note 1).................................. 12,958
Custodian fees............................................................... 11,157
Insurance expense............................................................ 5,812
Distribution fees - Class D (Note 3)......................................... 4,900
Legal fees................................................................... 4,199
Trustees fees................................................................ 3,000
Distribution fees - Class A (Note 3)**....................................... 615
Miscellaneous expenses....................................................... 386
--------------------
TOTAL EXPENSES..................................................... 268,529
Expenses waived or reimbursed by Advisor (Note 3)............... (225,201)
--------------------
NET EXPENSES....................................................... 43,328
--------------------
NET INVESTMENT LOSS............................................................. (21,622)
--------------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain from security transactions................................. 41,899
Net change in unrealized appreciation of investments......................... 4,508
--------------------
Net realized and unrealized gain on investments.............................. 46,407
--------------------
Net increase in net assets resulting from operations............................ $ 24,785
====================
</TABLE>
* Class D Shares commenced investment operations October 2, 1996.
** Class A Shares commenced investment operations December 18, 1996.
See accompanying notes to financial statements.
<PAGE>
America Asia Allocation Growth Fund
Statement of Changes in Net Assets
================================================================================
<TABLE>
<CAPTION>
For the Period
October 2, 1996*
through
OPERATIONS September 30, 1997
---------------------------
<S> <C>
Net investment loss......................................................... $ (21,622)
Net realized gain on investments............................................ 41,899
Net change in unrealized appreciation of investments........................ 4,508
---------------------------
Net increase in net assets resulting from operations..................... 24,785
---------------------------
CAPITAL SHARE TRANSACTIONS
Shares sold:
Class A Shares**..................................................... 340,112
Class D Shares....................................................... 1,687,370
Shares redeemed:
Class A Shares....................................................... (1,572)
Class D Shares....................................................... (108,941)
---------------------------
Increase in net assets derived from capital share transactions (a)......... 1,916,969
---------------------------
Total increase in net assets........................................ 1,941,754
---------------------------
NET ASSETS
Beginning of period......................................................... 100,000
---------------------------
End of period............................................................... $ 2,041,754
===========================
(a) Transactions in capital stock were:
Shares sold:
Class A Shares................................................... 70,021
Class D Shares................................................... 336,836
Shares redeemed:
Class A Shares................................................... (338)
Class D Shares................................................... (22,447)
---------------------------
Increase in shares outstanding............................................. 384,072
===========================
</TABLE>
* Class D Shares commenced investment operations October 2, 1996.
** Class A Shares commenced investment operations December 18, 1996.
See accompanying notes to financial statements.
<PAGE>
America Asia Allocation Growth Fund
Financial Highlights
================================================================================
The table below set forth financial data for one share of capital stock
outstanding throughout each period presented.
<TABLE>
<CAPTION>
Class A Shares Class D Shares
------------------- -------------------
For the Period For the Period
December 18, 1996* October 2, 1996*
through through
September 30, 1997 September 30, 1997
------------------- ------------------
<S> <C> <C>
Net Asset Value, Beginning of Period ....................... $ 4.75 $ 5.00
------------------- ------------------
Income From Investment Operations:
Net investment loss ........................................ (0.05) (0.05)
Net gains on securities
(both realized and unrealized) .......................... 0.35 0.10
------------------- ------------------
Total from investment operations ...................... 0.30 0.05
------------------- ------------------
Net Asset Value, End of Period ............................. $ 5.05 $ 5.05
=================== ==================
Total Return+ .............................................. 6.32%/1/ 1.00%/1/
Ratios/Supplemental Data
Net assets, end of period (in 000s) ........................ $ 352 $ 1,690
Ratio of expenses to average net assets:
Before expense reimbursement .......................... 17.04%/2/ 17.04%/2/
After expense reimbursement ........................... 2.75%/2/ 2.75%/2/
Ratio of net investment income to average net assets:
Before expense reimbursement .......................... (15.66%)/2/ (15.66%)/2/
After expense reimbursement ........................... (1.37%)/2/ (1.37%)/2/
Portfolio turnover rate .................................... 130.23%/1/ 130.23%/1/
Average commission rate paid ............................... $ 0.0414 $ 0.0414
</TABLE>
* Commencement of investment operations.
+ Class A total return calculation does not reflect sales load.
/1/ Not Annualized.
/2/ Annualized.
See accompanying notes to financial statements.
<PAGE>
America Asia Allocation Growth Fund
Notes to Financial Statements September 30, 1997
================================================================================
Note 1 - Significant Accounting Policies
SAGE/TSO Trust (the "Trust") is an open-end, diversified management investment
company organized as a business trust under the laws of the State of Delaware.
The Trust is currently comprised of one series called America Asia Allocation
Growth Fund (the "Fund"). The Fund currently offers two separate classes of
shares: Class A Shares and Class D Shares. Both classes of shares are identical
except as to the sales charge and minimum initial investment. The following is a
summary of significant accounting policies consistently followed by the Fund in
the preparation of its financial statements. The policies are in conformity with
generally accepted accounting principles for investment companies. In preparing
financial statements in conformity with generally accepted accounting
principles, management makes estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements, as
well as the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates.
A. Security Valuation. Securities listed on any national securities exchange are
valued at their last sale price on the exchange where the securities are
principally traded or, if there has been no sale on that date, at the mean
between the last reported bid and asked prices. Securities traded
over-the-counter are priced at the mean of the last bid and asked prices. When
market quotations are not readily available, securities and other assets are
valued at fair value as determined in good faith by the Board of Trustees.
Short-term obligations having a maturity of 60 days or less are valued at
amortized cost, which the Board of Trustees believes represents fair value.
Foreign securities are valued as of the close of trading on the primary exchange
on which they trade. The value is then translated to U.S. dollars using current
exchange rates.
B. Investment Income and Securities Transactions. Security transactions are
accounted for on the date the securities are purchased or sold (trade date).
Cost is determined and gains and losses are based on the identified cost basis
for both financial statement and federal income tax purposes. Dividend income is
reported on the ex-dividend date. Interest income and expenses are accrued
daily.
C. Risks associated with Foreign Securities. Foreign securities investments
involve special risks and considerations not typically associated with those of
U.S. origin. These risks include, but are not limited to devaluation of
currencies, adverse political, social and economic developments and less
reliable information about issuers. Moreover, securities of many foreign
companies and markets may be less liquid and their prices more volatile than
those of U.S. companies and markets.
D. Organization Costs. Organization costs are being amortized on a straight line
basis over five years from commencement of operations.
E. Federal Income Taxes. It is the policy of the Fund to comply with all
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income to its
shareholders. Therefore, no Federal income tax provision is required.
F. Distributions to Shareholders. The Fund will distribute substantially all of
its net investment income in December, and capital gains, if any, annually.
Distributions to shareholders are recorded on the ex-dividend date. Income and
capital gain distributions are determined in accordance with income tax
regulations which may differ from generally accepted accounting principles.
These book/tax differences are either permanent or temporary in nature.
Accordingly, $21,622 in short term realized gains was reclassified from
accumulated net realized gains to net investment income. This reclassification
had no effect on net assets or net asset value per share.
<PAGE>
America Asia Allocation Growth Fund
Notes to Financial Statements - continued September 30, 1997
================================================================================
G. Income and Expenses. Expenses directly attributable to a particular class are
charged directly to such class. In calculating net asset value per share of each
class, investment income, realized and unrealized gains and losses and expenses
other than class specific expenses are allocated daily to each class of shares
based on the proportion of net assets of each class at the beginning of each
day.
Note 2 - Purchases and Sales of Securities
Purchases and sales of securities, other than short-term investments, aggregated
$3,697,007 and $1,783,826, respectively, for the period ended September 30,
1997.
Note 3 - Administrative, Investment Advisory and Distribution Agreements
FPS Services, Inc., the Fund's administrator, provides administrative services
to the Fund at the following annual percentage rates of average daily net assets
of the Fund: .15% on the first $50 million, .10% on the next $50 million, and
.05% on assets over $100 million. The Fund is subject to a minimum fee of
$67,000 per year prior to any voluntary waivers by the administrator.
SAGE/TSO Investment Management L.P. (the "Adviser"), a registered investment
adviser, provides the Fund with investment advisory services. For providing
investment advisory services, the Fund pays the Adviser a monthly fee which is
calculated daily by applying an annual rate of 2.00% of the average daily net
assets of the Fund. The Adviser has voluntarily agreed to waive all or a portion
of its fee and/or reimburse expenses of the Fund to the extent necessary in
order to limit net operating expenses to an annual rate of not more than 2.75%
of the Fund's average daily net assets. For the period ended September 30, 1997,
advisory fees of $31,511 were waived by the Adviser and the Adviser reimbursed
the Fund $193,690. Additionally, organizational costs were paid for by the
Adviser on behalf of the Fund. The amount due to the Adviser for such
organizational costs at September 30, 1997 was $111,290. The expense
reimbursements due from the Adviser at September 30, 1997 were $79,810.
The Board of Trustees of the Fund has adopted separate distribution plans for
each class of shares pursuant to Rule 12b-1 under the Investment Company Act of
1940, as amended. As provided in each distribution plan, each class of shares
will pay an annual fee up to 0.35% of the respective classes' average daily net
assets to FPS Broker Services, Inc., the Fund's distributor, as reimbursement
for its services. In addition, Class A is subject to a 5% sales load on
purchases of shares. For the period ended September 30, 1997, the Fund
reimbursed the distributor $5,515 for distribution costs incurred.
Certain Officers and Trustees of the Trust are affiliated persons of the
Adviser. Compensation of Officers and affiliated Trustees is paid by the
Adviser.
<PAGE>
America Asia Allocation Growth Fund
Report of Independent Accountants
- --------------------------------------------------------------------------------
To the Shareholders and Trustees of SAGE/TSO Trust
In our opinion, the accompanying statement of assets and liabilities, including
the schedule of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of America Asia Allocation Growth Fund
(constituting SAGE/TSO Trust, hereafter referred to as the "Trust") at September
30, 1997, and the results of its operations, the changes in its net assets and
the financial highlights for the period October 2, 1996 (commencement of
operations) through September 30, 1997, in conformity with generally accepted
accounting principles. These financial statements and financial highlights
(hereafter referred to as "financial statements") are the responsibility of the
Trust's management. Our responsibility is to express an opinion on these
financial statements based on our audit. We conducted our audit of these
financial statements in accordance with generally accepted auditing standards
which require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit, which
included confirmation of securities at September 30, 1997 by correspondence with
the custodian and the application of alternative auditing procedures where
securities purchased had not been settled, provides a reasonable basis for the
opinion expressed above.
PRICE WATERHOUSE LLP
Philadelphia, PA
October 21, 1997
<PAGE>
America Asia Allocation Growth Fund
ANNUAL REPORT
September 30, 1997
BOARD OF TRUSTEES
James C. Tso
William L. Fang
Patricia A. Shelton
OFFICERS
James C. Tso, President
William L. Fang, Secretary and Treasurer
INVESTMENT ADVISER
SAGE/TSO Investment Management L.P.
8027 Leesburg Pike, Suite 610
Vienna, Virginia 22182
UNDERWRITER
FPS Broker Services, Inc.
3200 Horizon Drive
King of Prussia, Pennsylvania 19406
SHAREHOLDER SERVICES
FPS Services, Inc.
3200 Horizon Drive
King of Prussia, Pennsylvania 19406
(888) 289-4769 or (610) 239-4600
CUSTODIAN
The Bank of New York
48 Wall Street
New York, New York 10286
LEGAL COUNSEL
Kirkpatrick & Lockhart LLP
1800 Massachusetts Avenue, N.W.
Washington, District of Columbia 20036-1800
INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
30 South Seventeenth Street
Philadelphia, Pennsylvania 19103
For Additional Information about America
Asia Allocation Growth Fund call:
888.AAA.JTSO
