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THE.BJURMAN.FUNDS
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[LOGO]
Bjurman Micro-Cap
Growth Fund
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Semi-Annual Report
September 30, 1999
(Unaudited)
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THE BJURMAN FUNDS
10100 Santa Monica Blvd., Suite 1200
Los Angeles, California 90067
BOARD OF TRUSTEES
G. Andrew Bjurman
O. Thomas Barry, III
Donald W. Hudson, Jr.
Joseph E. Maiolo
William Wallace
INVESTMENT ADVISER
George D. Bjurman & Associates
10100 Santa Monica Blvd, Suite 1200
Los Angeles, California 90067
UNDERWRITER
CW Fund Distributors, Inc.
312 Walnut Street, 21st Floor
Cincinnati, Ohio 45202
TRANSFER AGENT
Countrywide Fund Services, Inc.
P.O. Box 5354
Cincinnati, Ohio 45201-5354
CUSTODIAN
Firstar Bank, N.A.
425 Walnut Street, 6th Floor
Cincinnati, Ohio 45202
LEGAL COUNSEL
Gibson, Dunn & Crutcher LLP
333 South Grand Avenue
Los Angeles, California 90071
INDEPENDENT AUDITOR
Deloitte & Touche LLP
1000 Wilshire Boulevard
Los Angeles, California 90017
TABLE OF CONTENTS
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Letter to Shareholders .................................................... 1
Statement of Assets and Liabilities ....................................... 2
Statement of Operations ................................................... 3
Statements of Changes in Net Assets ....................................... 4
Financial Highlights ...................................................... 5
Portfolio of Investments .................................................. 6
Notes to Financial Statements ............................................. 9
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For Additional Information and a free prospectus about Bjurman
Micro-Cap Growth Fund call:
(800) 227-7264
or visit The Bjurman Funds' website on the Internet at
www.bjurmanfunds.com
This report is submitted for general information of the shareholders of the
Fund. It is not authorized for distribution to prospective investors in the Fund
unless preceded or accompanied by an effective Prospectus which includes details
regarding the Fund's objective, policies, expenses and other information.
<PAGE>
BJURMAN MICRO-CAP GROWTH FUND
LETTER TO SHAREHOLDERS
================================================================================
To Our Shareholders:
The Bjurman Micro-Cap Growth Fund has had an 85.58% cumulative return since its
March 31, 1997 inception date. This compares favorably with returns of 37.02%
and 75.96% for the Russell 2000 Growth Index and the S&P 500 Index,
respectively.
From December 31, 1998 to September 30, 1999, the Fund had a positive return of
11.13% versus 7.27% for the Russell 2000 Growth and 5.36% for the S&P 500.
During the quarter ended September 30, 1999, the stock market as a whole
suffered negative returns as investors witnessed weakness in bond prices and two
interest rate hikes by the Federal Reserve. The Russell 2000 Growth Index and
the S&P 500 Index were down 4.92% and 6.25%, respectively. According to Lipper
Analytical Services, the average U.S. diversified equity mutual fund lost 5.37%
for the quarter. The Bjurman Micro-Cap Growth Fund had a positive return of
2.77% for the quarter.
The strong growth in earnings for the companies held in the Bjurman Micro-Cap
Growth Fund, plus a 45.3% exposure to the technology sector, bolstered the
Fund's returns.
We believe there are several developing factors that should continue to
positively impact the Fund's returns in the future:
1) The outlook for earnings growth for the companies held in the
portfolio appears very strong.
2) Valuation levels for small company stocks relative to large companies
continues to be at historic lows.
3) A slowing in U.S. economic growth will likely slow the growth of
earnings for larger U.S. corporations relative to smaller companies.
Micro-caps are more specialized in their niche products which are
often less influenced by a slowing in economic growth.
4) An apparent end to monetary tightening by the Federal Reserve Board as
it sees signs of economic and price stability.
In summary, our outlook for the companies held in the Fund during the months
ahead is very positive.
Sincerely,
/s/ G. Andrew Bjurman, CFA, CIC /s/ O. Thomas Barry, III, CFA, CIC
G. Andrew Bjurman, CFA, CIC O. Thomas Barry, III, CFA, CIC
Co-President and Portfolio Manager Co-President and Portfolio Manager
2
<PAGE>
BJURMAN MICRO-CAP GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1999 (UNAUDITED)
================================================================================
ASSETS
Investment securities:
At acquisition cost ..................................... $ 9,016,607
============
At value (Note 2) ....................................... $ 10,925,834
Cash ......................................................... 190
Dividends receivable ......................................... 717
Receivable for securities sold ............................... 245,522
Receivable from Adviser (Note 4) ............................. 26,481
Organization costs, net (Note 2) ............................. 45,686
Other assets ................................................. 7,450
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TOTAL ASSETS ............................................ 11,251,880
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LIABILITIES
Payable for securities purchased ............................. 293,311
Payable to affiliates (Note 4) ............................... 11,000
Accrued distribution expense (Note 4) ........................ 6,384
Other accrued expenses and liabilities ....................... 44,296
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TOTAL LIABILITIES ....................................... 354,991
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NET ASSETS ................................................... $ 10,896,889
============
NET ASSETS CONSIST OF
Paid-in capital .............................................. $ 8,648,970
Accumulated net investment loss .............................. (84,410)
Accumulated net realized gain from security transactions ..... 423,102
Net unrealized appreciation on investments ................... 1,909,227
------------
NET ASSETS .............................................. $ 10,896,889
============
Shares of beneficial interest outstanding (unlimited
number of shares authorized, no par value) .............. 489,235
============
Net asset value, offering price and redemption
price per share (Note 2) ................................ $ 22.27
============
See accompanying notes to financial statements.
3
<PAGE>
BJURMAN MICRO-CAP GROWTH FUND
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1999 (UNAUDITED)
================================================================================
INVESTMENT INCOME
Dividends ................................................ $ 9,086
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EXPENSES
Investment advisory fees (Note 4) ........................ 51,943
Professional fees ........................................ 18,162
Accounting services fees (Note 4) ........................ 15,000
Distribution expense (Note 4) ............................ 12,986
Administration fees (Note 4) ............................. 12,000
Transfer agent fees (Note 4) ............................. 12,000
Trustees' fees and expenses .............................. 9,769
Organization expense (Note 2) ............................ 9,360
Custodian fees ........................................... 8,938
Shareholder reports ...................................... 7,982
Registration fees ........................................ 6,563
Postage and supplies ..................................... 6,533
Underwriting fees (Note 4) ............................... 3,000
Other expenses ........................................... 1,287
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TOTAL EXPENSES ...................................... 175,523
Fees waived and expenses reimbursed by the Adviser (Note 4) (82,027)
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NET EXPENSES ........................................ 93,496
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NET INVESTMENT LOSS ........................................... (84,410)
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REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain from security transactions ............. 1,659,887
Net change in unrealized appreciation/
depreciation on investments ......................... 338,884
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NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS ............... 1,998,771
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NET INCREASE IN NET ASSETS FROM OPERATIONS .................... $ 1,914,361
============
See accompanying notes to financial statements.
4
<PAGE>
<TABLE>
<CAPTION>
BJURMAN MICRO-CAP GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS
=========================================================================================
Six Months
Ended Year
September 30, Ended
1999 March 31,
(Unaudited) 1999
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FROM OPERATIONS
<S> <C> <C>
Net investment loss ............................... $ (84,410) $ (130,605)
Net realized gain (loss) from security transactions 1,659,887 (943,297)
Net change in unrealized appreciation/
depreciation on investments .................. 338,884 374,093
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Net increase (decrease) in net assets from operations .. 1,914,361 (699,809)
------------ ------------
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold ......................... 1,413,978 6,485,547
Payments for shares redeemed ...................... (1,795,554) (2,928,282)
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Net increase (decrease) in net assets from
capital share transactions ........................ (381,576) 3,557,265
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TOTAL INCREASE IN NET ASSETS ........................... 1,532,785 2,857,456
NET ASSETS
Beginning of period ............................... 9,364,104 6,506,648
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End of period ..................................... $ 10,896,889 $ 9,364,104
============ ============
CAPITAL SHARE ACTIVITY
Shares sold ....................................... 67,064 349,848
Shares redeemed ................................... (87,956) (158,431)
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Net increase (decrease) in shares outstanding ..... (20,892) 191,417
Shares outstanding, beginning of period ........... 510,127 318,710
------------ ------------
Shares outstanding, end of period ................. 489,235 510,127
============ ============
</TABLE>
See accompanying notes to financial statements.
5
<PAGE>
<TABLE>
<CAPTION>
BJURMAN MICRO-CAP GROWTH FUND
FINANCIAL HIGHLIGHTS
============================================================================================================
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period
============================================================================================================
Six Months
Ended Year Year
September 30, Ended Ended
1999 March 31, March 31,
(Unaudited) 1999 1998
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<S> <C> <C> <C>
Net asset value at beginning of period .................... $ 18.36 $ 20.42 $ 12.00
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Income (loss) from investment operations:
Net investment loss .................................. (0.17) (0.26) (0.10)
Net realized and unrealized gain (loss) on investments 4.08 (1.80) 8.52
---------- ---------- ----------
Total from investment operations .......................... 3.91 (2.06) 8.42
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Net asset value at end of period .......................... $ 22.27 $ 18.36 $ 20.42
========== ========== ==========
Total return .............................................. 21.30% (10.09%) 70.17%
========== ========== ==========
Net assets at end of period (000's) ....................... $ 10,897 $ 9,364 $ 6,507
========== ========== ==========
Ratio of net expenses to average net assets ............... 1.80%(B) 1.80% 1.80%
Ratio of total expenses to average net assets(A) .......... 3.38%(B) 4.40% 13.35%
Ratio of net investment loss to average net assets ........ (1.62%)(B) (1.58%) (1.41%)
Portfolio turnover rate ................................... 164% 234% 110%
</TABLE>
(A) Represents the ratio of expenses to average net assets absent fee waivers
and expense reimbursements by the Adviser (Note 4).
(B) Annualized.
See accompanying notes to financial statements.
6
<PAGE>
BJURMAN MICRO-CAP GROWTH FUND
PORTFOLIO OF INVESTMENTS
SEPTEMBER 30, 1999 (UNAUDITED)
================================================================================
Shares COMMON STOCKS -- 99.4% Value
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BASIC MATERIALS** -- 0.1%
1,000 Steel Technologies, Inc. ................... $ 11,625
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CONSUMER, CYCLICAL** -- 23.3%
6,500 Advanced Marketing Services, Inc. .......... 128,375
23,800 Argosy Gaming Co.* ......................... 315,350
12,800 Braun's Fashions Corp.* .................... 232,800
1,000 Catherines Stores Corp.* ................... 13,125
8,000 Granite Broadcasting Corp.* ................ 89,000
7,500 Hot Topic, Inc.* ........................... 204,375
16,500 Isle of Capri Casinos, Inc.* ............... 165,000
8,000 JAKKS Pacific, Inc.* ....................... 300,000
6,800 Penobscot Shoe Co. ......................... 79,900
9,000 Precision Response Corp.* .................. 110,250
5,500 REX Stores Corp.* .......................... 170,500
9,000 Saga Communications, Inc. - Class A* ....... 207,000
1,500 Todd-AO Corp. - Class A* ................... 22,500
16,500 VDI MultiMedia* ............................ 159,843
13,000 ValueVision International, Inc. - Class A* . 338,000
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2,536,018
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CONSUMER, NON-CYCLICAL**-- 13.9%
22,100 Abaxis, Inc.* .............................. 99,450
7,000 Accredo Health, Inc.* ...................... 220,500
4,900 American Shared Hospital Services* ......... 26,950
11,800 Bio-logic Systems Corp.* ................... 87,762
2,000 General Housewares Corp.* .................. 56,125
32,000 Gentner Communications Corp.* .............. 256,000
5,000 Kensey Nash Corp.* ......................... 78,125
14,900 PolyMedica Corp.* .......................... 346,425
22,000 Quidel Corp.* .............................. 96,250
1,500 Richton International Corp.* ............... 25,688
6,500 Strattec Security Corp.* ................... 227,500
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1,520,775
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ENERGY** -- 5.3%
3,500 Gulf Island Fabrication, Inc.* ............. 46,156
8,000 HS Resources, Inc.* ........................ 131,000
6,600 McMoRan Exploration Co.* ................... 141,900
13,200 UTI Energy Corp.* .......................... 256,575
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575,631
------------
FINANCE** -- 0.4%
2,300 NCRIC Group, Inc.* ......................... 19,550
1,300 Ragen Mackenzie Group, Inc.* ............... 22,831
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42,381
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7
<PAGE>
BJURMAN MICRO-CAP GROWTH FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
================================================================================
Shares COMMON STOCKS -- 99.4% Value
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INDUSTRIAL** -- 11.1%
4,400 Arkansas Best Corp.* ....................... $ 54,450
3,300 GSI Lumonics, Inc.* ........................ 19,593
10,000 MYR Group, Inc. ............................ 225,000
23,000 Measurement Specialties, Inc.* ............. 422,625
6,000 Oshkosh Truck Corp. ........................ 159,750
19,600 Pollution Research & Control Corp.* ........ 55,125
3,000 Rogers Corp.* .............................. 110,250
20,000 Trico Marine Services, Inc.* ............... 166,250
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1,213,043
------------
TECHNOLOGY** -- 45.3%
14,200 Advanced Digital Information Corp.* ........ 394,938
2,000 Align-Rite International, Inc.* ............ 37,625
5,000 Alpha Industries, Inc.* .................... 282,031
14,500 Alpha Technologies Group, Inc.* ............ 61,172
5,600 ArthroCare Corp.* .......................... 305,900
8,700 CIDCO, Inc.* ............................... 113,644
3,800 Daktronics, Inc.* .......................... 61,275
13,500 Dataram Corp.* ............................. 145,125
2,000 Data Translation, Inc.* .................... 10,250
500 Digital Insight Corp.* ..................... 7,500
6,300 Exar Corp.* ................................ 235,856
2,100 4Front Technologies, Inc.* ................. 29,663
4,000 Hector Communications Corp.* ............... 54,500
7,000 II-VI, Inc.* ............................... 82,250
18,500 Integrated Silicon Solution, Inc.* ......... 181,531
19,500 Interleaf, Inc.* ........................... 331,500
9,000 Keithley Instruments, Inc. ................. 127,688
17,000 LTX Corp.* ................................. 232,688
8,000 Magic Software Enterprise Ltd.* ............ 158,000
2,000 Meade Instruments Corp.* ................... 48,125
10,900 Merix Corp.* ............................... 141,700
1,000 Percon, Inc.* .............................. 9,750
16,800 Performance Technologies, Inc.* ............ 379,050
11,900 Radiant Systems, Inc.* ..................... 192,631
6,200 ScanSource, Inc.* .......................... 172,825
2,200 Timberline Software Corp. .................. 40,975
7,000 Trinitech Systems, Inc.* ................... 181,125
7,000 Unify Corp.* ............................... 157,500
2,000 V3 Semiconductor, Inc.* .................... 23,250
2,300 Watkins-Johnson Co. ........................ 77,194
14,500 Xionics Document Technologies, Inc.* ....... 85,188
8,500 Xiox Corp.* ................................ 195,500
6,800 Zoll Medical Corp* ......................... 205,700
6,300 Zoran Corp.* ............................... 170,888
------------
4,934,537
------------
TOTAL COMMON STOCKS (Cost $8,924,783) ...... $ 10,834,010
------------
8
<PAGE>
BJURMAN MICRO-CAP GROWTH FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
================================================================================
Shares MONEY MARKETS -- 0.9% Value
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91,824 Firstar Stellar Treasury Fund (Cost $91,824) $ 91,824
------------
TOTAL INVESTMENT SECURITIES -- 100.3% ......
(Cost $9,016,607) $ 10,925,834
LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.3%) (28,945)
------------
NET ASSETS -- 100.0% ....................... $ 10,896,889
============
* Non-income producing security.
** Securities are grouped by sector.
9
<PAGE>
BJURMAN MICRO-CAP GROWTH FUND
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1999 (UNAUDITED)
================================================================================
1. ORGANIZATION
The Bjurman Funds (the "Trust") is organized as a Delaware business trust
pursuant to a Trust Agreement dated September 26, 1996. The Trust is registered
under the Investment Company Act of 1940, as amended, as an open-end, management
investment company. The Trust is organized to offer separate series of shares
and is currently offering a single series of shares called Bjurman Micro-Cap
Growth Fund (the "Fund"). The Fund commenced operations on March 31, 1997 when
8,333 capital shares were purchased at $12 per share.
The Fund seeks capital appreciation through investments in the common stocks of
smaller companies with market capitalizations typically between $30 million and
$300 million at the time of investment.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the Fund's significant accounting policies:
Securities valuation -- The Fund's portfolio securities are valued as of the
close of business of the regular session of trading on the New York Stock
Exchange (normally 4:00 p.m., Eastern time). Securities which are traded on
stock exchanges or are quoted by NASDAQ are valued at the closing sales price
or, if not traded on a particular day, at the closing bid price. Securities
traded in the over-the-counter market, and which are not quoted by NASDAQ, are
valued at the last sales price, if available, otherwise, at the last quoted bid
price. Securities for which market quotations are not readily available are
valued at fair value as determined in good faith in accordance with procedures
established by and under the general supervision of the Board of Trustees.
Short-term investments having a maturity of 60 days or less are valued at
amortized cost, which the Board of Trustees believes represents fair value.
Share valuation-- The net asset value per share of the Fund is calculated daily
by dividing the total value of the Fund's assets, less liabilities, by the
number of shares outstanding. The offering price and redemption price per share
of the Fund is equal to the net asset value per share.
Investment income and distributions to shareholders-- Interest income is accrued
as earned. Dividend income is recorded on the ex-dividend date. Dividends
arising from net investment income, if any, are declared and paid annually in
December. Net realized short-term capital gains, if any, may be distributed
throughout the year and net realized long-term capital gains, if any, are
distributed at least once each year. Income dividends and capital gain
distributions are determined in accordance with income tax regulations.
Organization expenses -- Expenses of organization have been capitalized and are
being amortized on a straight-line basis over five years.
Security transactions -- Security transactions are accounted for on trade date.
Securities sold are determined on a specific identification basis.
Estimates -- 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 at
the date of the financial statements and the reported amounts of income and
expenses during the reporting period. Actual results could differ from those
estimates.
10
<PAGE>
BJURMAN MICRO-CAP GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
================================================================================
Federal income tax-- It is the Fund's policy to comply with the special
provisions of the Internal Revenue Code applicable to regulated investment
companies. As provided therein, in any fiscal year in which a Fund so qualifies
and distributes at least 90% of its taxable net income, the Fund (but not the
shareholders) will be relieved of federal income tax on the income distributed.
Accordingly, no provision for income taxes has been made.
In order to avoid imposition of the excise tax applicable to regulated
investment companies, it is also the Fund's intention to declare as dividends in
each calendar year at least 98% of its net investment income (earned during the
calendar year) and 98% of its net realized capital gains (earned during the
twelve months ended October 31) plus undistributed amounts from prior years.
Based upon the federal income tax cost of portfolio investments of $9,016,607 as
of September 30, 1999, the Fund had net unrealized appreciation of $1,909,227,
consisting of $2,125,276 of gross unrealized appreciation and $216,049 of gross
unrealized depreciation.
As of March 31, 1999, the Fund had capital loss carryforwards for federal income
tax purposes of $1,236,785, which expire through March 31, 2007. These capital
loss carryforwards may be utilized in the current and future years to offset net
realized capital gains, if any, prior to distributing such gains to
shareholders.
3. INVESTMENT TRANSACTIONS
For the six months ended September 30, 1999, cost of purchases and proceeds from
sales of portfolio securities, other than short-term investments, amounted to
$16,641,802 and $17,103,229, respectively.
4. TRANSACTIONS WITH AFFILIATES
Certain Trustees and officers of the Trust are also officers of George D.
Bjurman & Associates (the "Adviser"), or of Countrywide Fund Services, Inc.
("CFS"), the administrative services agent, shareholder servicing and transfer
agent, and accounting services agent for the Trust.
INVESTMENT ADVISORY FEE
The 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 1.00% to the average daily net
assets of the Fund. The Adviser has voluntarily agreed to waive all or a portion
of its fees and to reimburse certain expenses of the Fund to the extent
necessary to limit total operating expenses to 1.80% of the Fund's average daily
net assets. For the six months ended September 30, 1999, the Adviser waived its
investment advisory fee of $51,943 and reimbursed the Fund for $30,084 of other
operating expenses. Any fee withheld or voluntarily reduced and any Fund expense
absorbed by the Adviser voluntarily or pursuant to an agreed upon expense cap
shall be reimbursed by the Fund to the Adviser, if so requested by the Adviser
and approved by the Board of Trustees, in the first, second, or third fiscal
year next succeeding the fiscal year of the withholding, reduction, and/or
absorption, if the aggregate amount paid by the Fund toward the operating
expense for such fiscal year (taking into account the reimbursement) does not
exceed the applicable limitation on Fund expenses. Such reimbursement may be
paid prior to the Fund's payment of current expenses if so requested by the
Adviser even if such practice may require the Adviser to waive, reduce, or
absorb current Fund expense.
11
<PAGE>
BJURMAN MICRO-CAP GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
================================================================================
ADMINISTRATION FEE
Under the terms of an Administration Agreement, CFS supplies non-investment
related statistical and research data, internal regulatory compliance services
and executive and administrative services for the Fund. CFS supervises the
preparation of tax returns, reports to shareholders of the Fund, reports to and
filings with the Securities and Exchange Commission and state securities
commissions, and materials for meetings of the Board of Trustees. For these
services, CFS receives a monthly fee at an annual rate of 0.15% of the Fund's
average daily net assets up to $25 million; 0.125% of such assets from $25
million to $50 million; and 0.10% of such assets in excess of $50 million,
subject to a monthly minimum fee of $2,000.
TRANSFER AGENT FEE
Under the terms of a Transfer, Dividend Disbursing, Shareholder Service and Plan
Agency Agreement, CFS maintains the records of each shareholder's account,
answers shareholders' inquiries concerning their accounts, processes purchases
and redemptions of the Fund's shares, acts as dividend and distribution
disbursing agent and performs other shareholder service functions. For these
services, CFS receives a monthly fee at an annual rate of $20 per shareholder
account, subject to a monthly minimum fee of $2,000. In addition, the Fund pays
CFS out-of-pocket expenses including, but not limited to, postage and supplies.
ACCOUNTING SERVICES FEE
Under the terms of an Accounting Services Agreement, CFS calculates the daily
net asset value per share and maintains the financial books and records of the
Fund. For these services, CFS receives a monthly fee, based on current net
assets, of $2,500 from the Fund. In addition, the Fund pays CFS certain
out-of-pocket expenses incurred by CFS in obtaining valuations of the Fund's
portfolio securities.
UNDERWRITING FEE
Under the terms of an Underwriting Agreement, CW Fund Distributors, Inc. (the
"Underwriter") serves as principal underwriter for the Fund and, as such, is the
exclusive agent for the distribution of shares of the Fund. For these services,
the Underwriter receives a monthly fee of $500 from the Fund. The Underwriter is
an affiliate of CFS by reason of common ownership.
DISTRIBUTION PLAN
The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1
under the Investment Company Act of 1940, as amended. As provided in the Plan,
the Fund will reimburse the Adviser, the Underwriter or others for expenses
incurred in distributing and promoting shares of the Fund at a maximum aggregate
annual rate of 0.25% of the Fund's average daily net assets. Under the Plan, the
Fund incurred $12,986 of distribution fees during the six months ended September
30, 1999.
