As filed with the Securities and Exchange Commission on May 8, 1998
File Nos. 2-67052 and 811-3023
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933
Post-Effective Amendment No. 61
AND
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940
Amendment No. 63
FORUM FUNDS
(Formerly "Forum Funds, Inc.")
Two Portland Square
Portland, Maine 04101
(207) 879-1900
Max Berueffy, Esq.
Forum Financial Services, Inc.
Two Portland Square, Portland, Maine 04101
Copies to:
Anthony C.J. Nuland, Esq.
Seward & Kissel
1200 G Street, N.W.
Washington, D.C. 20005
It is proposed that this filing will become effective:
[X] immediately upon filing pursuant to Rule 485, paragraph (b)
[ ] on [ ] pursuant to Rule 485, paragraph (b)
[ ] 60 days after filing pursuant to Rule 485, paragraph (a)(1)
[ ] on [ ] pursuant to Rule 485, paragraph (a)(1)
[ ] 75 days after filing pursuant to Rule 485, paragraph (a)(2)
[ ] on [ ] pursuant to Rule 485, paragraph (a)(2)
[ ] this post-effective amendment designates a new effective date for a
previously filed post-effective amendment.
Equity Index Fund, International Equity Fund, Emerging Markets Fund, Daily
Assets Treasury Fund, Daily Assets Treasury Obligations Fund, Daily Assets
Government Fund, Daily Assets Cash Fund and Daily Assets Municipal Fund of
Registrant are structured as master-feeder funds. This amendment is also
executed by Core Trust (Delaware).
<PAGE>
CROSS REFERENCE SHEET
(AS REQUIRED BY RULE 481(A))
(Prospectus offering shares of Polaris Global Value Fund)
PART A
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Form N-1A
Item No. Location in Prospectus
- -------- ----------------------
Item 1. Cover Page Cover Page
Item 2. Synopsis Prospectus Summary
Item 3. Condensed Financial Information Not Applicable
Item 4. General Description of Registrant Prospectus Summary; Investment Objective and
Policies; Other Information
Item 5. Management of the Fund Prospectus Summary; Management
Item 5A. Management's Discussion of Fund Performance Not Applicable
Item 6. Capital Stock and Other Securities Investment Objective and Policies; Dividends and
Tax Matters; Other Information - The Trust and
its Shares
Item 7. Purchase of Securities Being Offered Purchases and Redemptions of Shares; Other
Information - Determination of Net Asset Value;
Management
Item 8. Redemption or Repurchase Purchases and Redemptions of Shares
Item 9. Pending Legal Proceedings Not Applicable
</TABLE>
<PAGE>
CROSS REFERENCE SHEET
PART A
(All other Prospectuses)
Not Applicable in this Filing
<PAGE>
CROSS REFERENCE SHEET
(AS REQUIRED BY RULE 481(A))
(SAI offering shares of Polaris Global Value Fund)
PART B
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Form N-1A
Item No. Location in Statement of Additional Information
- -------- -----------------------------------------------
Item 10. Cover Page Cover Page
Item 11. Table of Contents Cover Page
Item 12. General Information and History Management; Other Information
Item 13. Investment Objectives and Other Policies Investment Policies; Investment Limitations
Item 14. Management of the Fund Management
Item 15. Control Persons and Principal Holders of Other Information
Securities
Item 16. Investment Advisory and Other Services Management; Other Information - Custodian,
Counsel, Auditors
Item 17. Brokerage Allocation and Other Practices Portfolio Transactions
Item 18. Capital Stock and Other Securities Determination of Net Asset Value
Item 19. Purchase, Redemption and pricing of Determination of Net Asset Value; Additional
Securities Being Offered Purchase and Redemption Information
Item 20. Tax Status Taxation
Item 21. Underwriters Management
Item 22. Calculation of Performance Data Performance Data
Item 23. Financial Statements Not Applicable
</TABLE>
<PAGE>
CROSS REFERENCE SHEET
PART B
(All other SAIs)
Not Applicable in this Filing
<PAGE>
PART A
The Prospectus for Forum Funds (the "Registrant") filed as Part A to
Post-Effective Amendment No. 59 to the Registrant's Registration Statement on
Form N-1A (File No. 2-67052) is incorporated herein by reference. This
Prospectus offers shares of Polaris Global Value Fund, a series of the
Registrant.
<PAGE>
PART B
The Statement of Additional Information (the "SAI") for Forum Funds (the
"Registrant") filed as Part B to Post-Effective Amendment No. 59 to the
Registrant's Registration Statement on Form N-1A (File No. 2-67052) is
incorporated herein by reference. This SAI supplements the Prospectus offering
shares of Polaris Global Value Fund, a series of the Registrant
<PAGE>
PART C
OTHER INFORMATION
ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial statements
Prospectus: Not Applicable
Statement of Additional Information: Not Applicable
(b) Exhibits
(1) Trust Instrument of Registrant dated August 29,
1995. 1
(2) By-Laws of Registrant. 2
(3) None.
(4) Sections 2.04 and 2.06 of Registrant's Trust
Instrument provide as follows:
"Section 2.04 Transfer of Shares. Except as otherwise
provided by the Trustees, Shares shall be
transferable on the records of the Trust only by the
record holder thereof or by his agent thereunto duly
authorized in writing, upon delivery to the Trustees
or the Trust's transfer agent of a duly executed
instrument of transfer and such evidence of the
genuineness of such execution and authorization and
of such other matters as may be required by the
Trustees. Upon such delivery the transfer shall be
recorded on the register of the Trust. Until such
record is made, the Shareholder of record shall be
deemed to be the holder of such Shares for all
purposes hereunder and neither the Trustees nor the
Trust, nor any transfer agent or registrar nor any
officer, employee or agent of the Trust shall be
affected by any notice of the proposed transfer.
"Section 2.06 Establishment of Series. The Trust
created hereby shall consist of one or more Series
and separate and distinct records shall be maintained
by the Trust for each Series and the assets
associated with any such Series shall be held and
accounted for separately from the assets of the Trust
or any other Series. The Trustees shall have full
power and authority, in their sole discretion, and
without obtaining any prior authorization or vote of
the Shareholders of any Series of the Trust, to
establish and designate and to change in any manner
any such Series of Shares or any classes of initial
or additional Series and to fix such preferences,
voting powers, rights and privileges of such Series
or classes thereof as the Trustees may from time to
time determine, to divide or combine the Shares or
any Series or classes thereof into a greater or
lesser number, to classify or reclassify any issued
Shares or any Series or classes thereof into one or
more Series or classes of Shares, and to take such
other action with respect to the Shares as the
Trustees may deem desirable. The establishment and
designation of any Series shall be effective upon the
adoption of a resolution by a majority of the
Trustees setting forth such establishment and
designation and the relative rights and preferences
of the Shares of such Series. A Series may issue any
number of Shares and need not issue shares. At any
time that there are no Shares outstanding of any
particular Series previously established and
designated, the Trustees may by a majority vote
abolish that Series and the establishment and
designation thereof.
"All references to Shares in this Trust Instrument
shall be deemed to be Shares of any or all Series, or
classes thereof, as the context may require. All
provisions herein relating to the Trust shall apply
equally to each Series of the Trust, and each class
thereof, except as the context otherwise requires.
"Each Share of a Series of the Trust shall represent
an equal beneficial interest in the net assets of
such Series. Each holder of Shares of a Series shall
be entitled to receive his pro rata share of all
distributions made with respect to such Series. Upon
redemption of his Shares, such Shareholder shall be
paid solely out of the funds and property of such
Series of the Trust."
<PAGE>
(5)(a) Form of Investment Advisory Agreement between
Registrant and H.M. Payson & Co. relating to the Payson
Value Fund and the Payson Balanced Fund. 3
(b) Investment Advisory Agreement between Registrant and
Quadra Capital Partners, L.P.4
(c) Investment Subadvisory Agreement between Quadra Capital
Partners, L.P. and Anhalt/O'Connell, Inc. 4
(d) Investment Subadvisory Agreement between Quadra Capital
Partners, L.P. and Carl Domino Associates, L.P. 4
(e) Investment Subadvisory Agreement between Quadra Capital
Partners, L.P. and McDonald Investment Management, Inc.
4
(f) Investment Subadvisory Agreement between Quadra Capital
Partners, L.P. and LM Capital Management, Inc. 4
(g) Investment Advisory Agreement between Registrant and
Austin Investment Management, Inc. 2
(h) Investment Advisory Agreement between Registrant and
Oak Hall Capital Advisors, Inc. 2
(i) Investment Advisory Agreement between Norwest Bank
Minnesota, N.A. and Core Trust (Delaware) relating to
Index Portfolio. 5
(j) Investment Advisory Agreement between Schroder Capital
Management International, Inc. and Schroder Capital
Funds, relating to Schroder U.S. Smaller Companies
Portfolio, International Equity Fund and Schroder
Emerging Markets Fund Institutional Portfolio. 6
(k) Form of Investment Advisory Agreement between Core
Trust (Delaware) and Forum Investment Advisors, LLC
relating to Treasury Portfolio, Treasury Cash
Portfolio, Cash Portfolio, Government Cash Portfolio
and Municipal Cash Portfolio. 7
(l) Investment Advisory Agreement between Core Trust
(Delaware) and Schroder Capital Management
International Inc. relating to International Portfolio.
5
(m) Investment Advisory Agreement between Registrant and
Forum Investment Advisors, LLC. 8
(6)(a) Form of Selected Dealer Agreement between Forum
Financial Services, Inc. and securities brokers. 9
(b) Form of Bank Affiliated Selected Dealer Agreement
between Forum Financial Services, Inc. and bank
affiliates. 9
(c) Distribution Agreement between Registrant and Forum
Financial Services, Inc. 2
(7) None.
(8)(a) Form of Transfer Agency Agreement between Registrant
and Forum Financial Corp. 3
(b) Form of Custodian Agreement between Registrant and The
First National Bank of Boston. 3
(9)(a) Administration Agreement between Registrant and Forum
Administrative Services, LLC. 2
(b) Shareholder Service Plan of Registrant relating to
Quadra Funds and Form of Shareholder Service Agreement
relating to Quadra Funds. 10
<PAGE>
(c) Form of Shareholder Service Plan of Registrant and Form
of Shareholder Service Agreement relating to the Daily
Assets Treasury Fund, Daily Assets Cash Fund, Daily
Assets Government Fund, Daily Assets Municipal Fund and
Daily Assets Treasury Obligations Fund. 11
(10) Opinion of Seward & Kissel dated January 5, 1996. 3
(11) Consent of Independent Auditors. 8
(12) None.
(13) Investment Representation letter of Reich & Tang, Inc.
as original purchaser of shares of Registrant 12
(14) Form of Disclosure Statement and Custodial Account
Agreement applicable to individual retirement
accounts. 9
(15)(a) Form of Rule 12b-1 Plan adopted by Registrant. 13
(b) Rule 12b-1 Plan adopted by Registrant with respect to
Payson Value Fund and the Payson Balanced Fund. 14
(16) Schedule of Sample Performance Calculations (filed
herewith) relating to:
Investors High Grade Bond Fund
Investors Bond Fund
TaxSaver Bond Fund
Maine Municipal Bond Fund
New Hampshire Bond Fund
Daily Assets Treasury Obligations Fund
Daily Assets Government Fund
Daily Assets Government Obligations Fund
Daily Assets Cash Fund
Daily Assets Municipal Fund
Payson Value Fund
Payson Balanced Fund
Austin Global Equity Fund
Oak Hall Small Cap Contrarian Fund
Quadra Limited Maturity Treasury Fund
Quadra Value Equity Fund
Quadra Growth Fund
Quadra International Equity Fund
Quadra Opportunistic Bond Fun
Equity Index Fund
Investors Equity Fund
Investors Growth Fund
Small Company Opportunities Fund
International Equity Fund
Emerging Markets Fund
(17) Not Applicable.
(18) Not Applicable.
Other Exhibits:
Powers of Attorney. 1
---------------
(1) Exhibit incorporated by reference as filed on PEA No. 34 via
EDGAR on May 9, 1996, accession number 0000912057-96-008780.
<PAGE>
(2) Exhibit incorporated by reference as filed on PEA No. 43 via
EDGAR on July 31, 1997, accession number 0000912057-97-025707.
(3) Exhibit incorporated by reference as filed on PEA No. 33 via
EDGAR on January 5, 1996, accession number 0000912057-96-000216.
(4) Exhibit incorporated by reference as filed on PEA No. 41 via
EDGAR on December 31, 1996, accession number
0000912057-96-030646.
(5) Exhibit incorporated by reference as filed on Amendment No. 5 to
the Registration Statement of Core Trust (Delaware), File No.
811-8858, via EDGAR on September 30, 1996, accession number
0000912057-96-021568.(6) Exhibit incorporated by reference as
filed on Amendment No. 1 to the Registration Statement of
Schroder Capital Funds, File No. 811-9130, via EDGAR on August 9,
1996, accession number 0000898432-96-000341.
(7) Exhibit incorporated by reference as filed on PEA No. 52 via
EDGAR on November 24, 1997, accession number
0001047469-97-005953.
(8) Exhibit incorporated by reference as filed on PEA 56 via EDGAR on
December 31, 1997, accession number 0001004402-97-000281.
(9) Exhibit incorporated by reference as filed on PEA 21.
(10) Exhibit incorporated by reference as filed on PEA No. 49 via
EDGAR on November 5, 1997, accession number 0001004402-97-000163.
(11) Exhibit incorporated by reference as filed on PEA No. 50 via
EDGAR on November 12, 1997, accession no. 0001004402-97-000189.
(12) Exhibit incorporated by reference as filed on initial
Registration Statement.
(13) Exhibit incorporated by reference as filed on PEA 16.
(14) Exhibit incorporated by reference as filed on PEA 20.
ITEM 25. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT
None.
ITEM 26. NUMBER OF HOLDERS OF SECURITIES
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Title of Class Number of Recordholders
as of February 28, 1998
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Investors High Grade Bond Fund 0
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Investors Bond Fund 57
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TaxSaver Bond Fund 40
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Maine Municipal Bond Fund 390
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New Hampshire Bond Fund 81
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Daily Assets Treasury Fund 97
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Daily Assets Treasury Obligations Fund 3
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Daily Assets Government Fund 3
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Daily Assets Government Obligations Fund 0
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Daily Assets Cash Fund 23
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Daily Assets Municipal Fund 2
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Payson Value Fund 338
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Payson Balanced Fund 384
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Austin Global Equity Fund 13
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<PAGE>
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Oak Hall Small Cap Contrarian Fund 177
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Quadra Limited Maturity Treasury Fund 0
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Quadra Value Equity Fund 18
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Quadra Growth Fund 12
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Quadra International Equity Fund 0
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Quadra Opportunistic Bond Fund 0
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Equity Index Fund 2
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Investors Equity Fund 5
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Investors Growth Fund 2
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Small Company Opportunities Fund 0
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International Equity Fund 2
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Emerging Markets Fund 2
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</TABLE>
ITEM 27. INDEMNIFICATION
In accordance with Section 3803 of the Delaware Business Trust Act,
Section 5.2 of Registrant's Trust Instrument provides as follows:
"5.2. INDEMNIFICATION.
"(a) Subject to the exceptions and limitations contained in Section
(b) below:
"(i) Every Person who is, or has been, a Trustee or officer of
the Trust (hereinafter referred to as a "Covered Person") shall be
indemnified by the Trust to the fullest extent permitted by law against
liability and against all expenses reasonably incurred or paid by him
in connection with any claim, action, suit or proceeding in which he
becomes involved as a party or otherwise by virtue of being or having
been a Trustee or officer and against amounts paid or incurred by him
in the settlement thereof;
"(ii) The words "claim," "action," "suit," or "proceeding"
shall apply to all claims, actions, suits or proceedings (civil,
criminal or other, including appeals), actual or threatened while in
office or thereafter, and the words "liability" and "expenses" shall
include, without limitation, attorneys' fees, costs, judgments, amounts
paid in settlement, fines, penalties and other liabilities.
"(b) No indemnification shall be provided hereunder to a Covered
Person:
"(i) Who shall have been adjudicated by a court or body before
which the proceeding was brought (A) to be liable to the Trust or its
Holders by reason of willful misfeasance, bad faith, gross negligence
or reckless disregard of the duties involved in the conduct of the
Covered Person's office or (B) not to have acted in good faith in the
reasonable belief that Covered Person's action was in the best interest
of the Trust; or
"(ii) In the event of a settlement, unless there has been a
determination that such Trustee or officer did not engage in willful
misfeasance, bad faith, gross negligence or reckless disregard of the
duties involved in the conduct of the Trustee's or officer's office,
"(A) By the court or other body approving the
settlement;
"(B) By at least a majority of those Trustees who are
neither Interested Persons of the Trust nor are parties to the matter
based upon a review of readily available facts (as opposed to a full
trial-type inquiry); or
"(C) By written opinion of independent legal counsel
based upon a review of readily available facts (as opposed to a full
trial-type inquiry);
provided, however, that any Holder may, by appropriate legal
proceedings, challenge any such determination by the Trustees or by
independent counsel.
"(c) The rights of indemnification herein provided may be insured
against by policies maintained by the Trust, shall be severable, shall
<PAGE>
not be exclusive of or affect any other rights to which any Covered
Person may now or hereafter be entitled, shall continue as to a person
who has ceased to be a Covered Person and shall inure to the benefit of
the heirs, executors and administrators of such a person. Nothing
contained herein shall affect any rights to indemnification to which
Trust personnel, other than Covered Persons, and other persons may be
entitled by contract or otherwise under law.
"(d) Expenses in connection with the preparation and presentation of a
defense to any claim, action, suit or proceeding of the character
described in paragraph (a) of this Section 5.2 may be paid by the Trust
or Series from time to time prior to final disposition thereof upon
receipt of an undertaking by or on behalf of such Covered Person that
such amount will be paid over by him to the Trust or Series if it is
ultimately determined that he is not entitled to indemnification under
this Section 5.2; provided, however, that either (a) such Covered
Person shall have provided appropriate security for such undertaking,
(b) the Trust is insured against losses arising out of any such advance
payments or (c) either a majority of the Trustees who are neither
Interested Persons of the Trust nor parties to the matter, or
independent legal counsel in a written opinion, shall have determined,
based upon a review of readily available facts (as opposed to a
trial-type inquiry or full investigation), that there is reason to
believe that such Covered Person will be found entitled to
indemnification under this Section 5.2.
"(e) Conditional advancing of indemnification monies under this Section
5.2 for actions based upon the 1940 Act may be made only on the
following conditions: (i) the advances must be limited to amounts used,
or to be used, for the preparation or presentation of a defense to the
action, including costs connected with the preparation of a settlement;
(ii) advances may be made only upon receipt of a written promise by, or
on behalf of, the recipient to repay that amount of the advance which
exceeds that amount which it is ultimately determined that he is
entitled to receive from the Trust by reason of indemnification; and
(iii) (a) such promise must be secured by a surety bond, other suitable
insurance or an equivalent form of security which assures that any
repayments may be obtained by the Trust without delay or litigation,
which bond, insurance or other form of security must be provided by the
recipient of the advance, or (b) a majority of a quorum of the Trust's
disinterested, non-party Trustees, or an independent legal counsel in a
written opinion, shall determine, based upon a review of readily
available facts, that the recipient of the advance ultimately will be
found entitled to indemnification.
"(f) In case any Holder or former Holder of any Series shall be held to
be personally liable solely by reason of the Holder or former Holder
being or having been a Holder of that Series and not because of the
Holder or former Holder acts or omissions or for some other reason, the
Holder or former Holder (or the Holder or former Holder's heirs,
executors, administrators or other legal representatives, or, in the
case of a corporation or other entity, its corporate or other general
successor) shall be entitled out of the assets belonging to the
applicable Series to be held harmless from and indemnified against all
loss and expense arising from such liability. The Trust, on behalf of
the affected Series, shall, upon request by the Holder, assume the
defense of any claim made against the Holder for any act or obligation
of the Series and satisfy any judgment thereon from the assets of the
Series."
Paragraph 4 of each Investment Advisory Agreement provides in substance
as follows:
"4. We shall expect of you, and you will give us the benefit of, your
best judgment and efforts in rendering these services to us, and we
agree as an inducement to your undertaking these services that you
shall not be liable hereunder for any mistake of judgment or in any
event whatsoever, except for lack of good faith, provided that nothing
herein shall be deemed to protect, or purport to protect, you against
any liability to us or and to our security holders to which you would
otherwise be subject by reason of willful misfeasance, bad faith or
gross negligence in the performance of your duties hereunder, or by
reason of your reckless disregard of your obligations and duties
hereunder."
Paragraphs 3(f) and (g) and paragraph 5 of the Management and
Distribution Agreement provide as follows:
"(f) We agree to indemnify, defend and hold you, your several officers
and directors, and any person who controls you within the meaning of
Section 15 of the Securities Act, free and harmless from and against
any and all claims, demands, liabilities and expenses (including the
cost of investigating or defending such claims, demands or liabilities
and any counsel fees incurred in connection therewith) which you, your
officers and directors or any such controlling person may incur, under
the Securities Act, or under common law or otherwise, arising out of or
based upon any alleged untrue statement of a material fact contained in
our Registration Statement or Prospectus in effect from time to time
under the Securities Act or arising out of or based upon any alleged
omission to state a material fact required to be stated in either
thereof or necessary to make the statements in either thereof not
misleading; provided, however, that in no event shall anything
contained in this paragraph 3(f) be so construed as to protect you
against any liability to us or our security holders to which you would
otherwise be subject by reason of willful misfeasance, bad faith, or
gross negligence in the performance of your duties, or by reason of
<PAGE>
your reckless disregard of your obligations and duties under this
paragraph. Our agreement to indemnify you, your officers and directors
and any such controlling person as aforesaid is expressly conditioned
upon our being notified of any action brought against you, your
officers and directors or any such controlling person, such
notification to be given by letter or by telegram addressed to us at
our principal office in New York, New York, and sent to us by the
person against whom such action is brought within ten days after the
summons or other first legal process shall have been served. The
failure so to notify us of any such action shall not relieve us from
any liability which we may have to the person against whom such action
is brought by reason of any such alleged untrue statement or omission
otherwise than on account of our indemnity agreement contained in this
paragraph 3(f). We will be entitled to assume the defense of any suit
brought to enforce any such claim, and to retain counsel of good
standing chosen by us and approved by you. In the event we do elect to
assume the defense of any such suit and retain counsel of good standing
approved by you, the defendant or defendants in such suit shall bear
the fees and expenses of any additional counsel retained by any of
them; but in case we do not elect to assume the defense of any such
suit, or in case you do not approve of counsel chosen by us, we will
reimburse you or the controlling person or persons named as defendant
or defendants in such suit, for the fees and expenses of any counsel
retained by you or them. Our indemnification agreement contained in
this paragraph 3(f) and our representations and warranties in this
agreement shall remain operative and in full force and effect
regardless of any investigation made by or on behalf of you, your
officers and directors or any controlling person and shall survive the
sale of any shares of our common stock made pursuant to subscriptions
obtained by you. This agreement of indemnity will inure exclusively to
your benefit, to the benefit of your successors and assigns, and to the
benefit of your officers and directors and any controlling persons and
their successors and assigns. We agree promptly to notify you of the
commencement of any litigation or proceeding against us in connection
with the issue and sale of any shares of our common stock.
"(g) You agree to indemnify, defend and hold us, our several officers
and directors, and person who controls us within the meaning of Section
15 of the Securities Act, free and harmless from and against any and
all claims, demands, liabilities, and expenses (including the cost of
investigating or defending such claims, demands or liabilities and any
reasonable counsel fees incurred in connection therewith) which we, our
officers or directors, or any such controlling person may incur under
the Act or under common law or otherwise, but only to the extent that
such liability, or expense incurred by us, our officers or directors or
such controlling person resulting from such claims or demands shall
arise out of or be based upon any alleged untrue statement of a
material fact contained in information furnished in writing by you in
your capacity as distributor to us for use in our Registration
Statement or Prospectus in effect from time to time under the Act, or
shall arise out of or be based upon any alleged omission to state a
material fact in connection with such information required to be stated
in the Registration Statement or Prospectus or necessary to make such
information not misleading. Your agreement to indemnify us, our
officers and directors, and any such controlling person as aforesaid is
expressly conditioned upon your being notified of any action brought
against us, our officers or directors or any such controlling person,
such notification to be given by letter or telegram addressed to you at
your principal office in New York, New York, and sent to you by the
person against whom such action is brought, within ten days after the
summons or other first legal process shall have been served. You shall
have a right to control the defense of such action, with counsel of
your own choosing, satisfactory to us, if such action is based solely
upon such alleged misstatement or omission on your part, and in any
other event you and we, our officers or directors or such controlling
person shall each have the right to participate in the defense or
preparation of the defense of any such action. The failure so to notify
you of any such action shall not relieve you from any liability which
you may have to us, to our officers or directors, or to such
controlling person by reason of any such untrue statement or omission
on your part otherwise than on account of your indemnity agreement
contained in this paragraph 3(g).
"5 We shall expect of you, and you will give us the benefit of, your
best judgment and efforts in rendering these services to us, and we
agree as an inducement to your undertaking these services that you
shall not be liable hereunder for any mistake of judgment or in any
event whatsoever, except for lack of good faith, provided that nothing
herein shall be deemed to protect, or purport to protect, you against
any liability to us or to our security holders to which you would
otherwise be subject by reason or willful misfeasance, bad faith or
gross negligence in the performance of your duties hereunder, or by
reason of your reckless disregard of your obligations and duties
hereunder."
Section 9(a) of the Distribution Services Agreement provides:
"The Company agrees to indemnify, defend and hold the Underwriter, and
any person who controls the Underwriter within the meaning of Section
15 of the Securities Act, free and harmless from and against any and
all claims, demands, liabilities and expenses (including the cost of
investigating or defending such claims, demands or liabilities and any
counsel fees incurred in connection therewith) which the Underwriter or
any such controlling person may incur, under the Securities Act or
under common law or otherwise, arising out of or based upon any alleged
<PAGE>
untrue statement of a material fact contained in the Company's
Registration Statement or the Prospectus or Statement of Additional
Information in effect from time to time under the Securities Act and
relating to the Fund or arising out of or based upon any alleged
omission to state a material fact required to be stated in any thereof
or necessary to make the statements in any thereof not misleading;
provided, however, that in no event shall anything herein contained be
so construed as to protect the Underwriter against any liability to the
Company or its security holders to which the Underwriter would
otherwise be subject by reason of willful misfeasance, bad faith or
gross negligence in the performance of its duties, or by reason of the
Underwriter's reckless disregard of its obligations and duties under
this agreement. The Company's agreement to indemnify the Underwriter
and any controlling person as aforesaid is expressly conditioned upon
the Company's being notified of the commencement of any action brought
against the Underwriter or any such controlling person, such
notification to be given by letter or by telegram addressed to the
Company at its principal office in New York, New York, and sent to the
Company by the person against whom such action is brought within ten
days after the summons or other first legal process shall have been
served. The Company will be entitled to assume the defense of any suit
brought to enforce any such claim, and to retain counsel of good
standing chosen by the Company and approved by the Underwriter. In the
event the Company elects to assume the defense of any such suit and
retain counsel of good standing approved by the Underwriter, the
defendants in the suit shall bear the fees and expenses of any
additional counsel retained by any of them; but in case the Company
does not elect to assume the defense of the suit or in case the
Underwriter does not approve of counsel chosen by the Company, the
Company will reimburse the Underwriter or the controlling person or
persons named defendant or defendants in the suit for the fees and
expenses of any counsel retained by the Underwriter or such person. The
indemnification agreement contained in this Section 9 shall remain
operative and in full force and effect regardless of any investigation
made by or on behalf of the Underwriter or any controlling person and
shall survive the sale of the Fund's shares made pursuant to
subscriptions obtained by the Underwriter. This agreement of indemnity
will inure exclusively to the benefit of the Underwriter, to the
benefit of its successors and assigns, and to the benefit of any
controlling persons and their successors and assigns. The Company
agrees promptly to notify the Underwriter of the Underwriter of the
commencement of any litigation or proceeding against the Company in
connection with the issue and sale of any of shares of the Fund. The
failure to do so notify the Company of the commencement of any such
action shall not relieve the Company from any liability which it may
have to the person against whom the action is brought by reason of any
alleged untrue statement or omission otherwise than on account of the
indemnity agreement contained in this Section 9."
In so far as indemnification for liabilities arising under the
Securities Act of 1933 (the "Securities Act") may be permitted to
directors, officers and controlling persons of the Registrant pursuant
to the foregoing provisions, or otherwise, the Registrant has been
advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the
payment by the Registrant of expenses incurred or paid by a director,
officer or the Registrant in the successful defense of any action, suit
or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has
been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed
by the final adjudication of such issue.
ITEM 28. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER
(a) Forum Investment Advisors, LLC
The description of Forum Investment Advisors, LLC (investment
adviser to each of Daily Assets Treasury Obligations Fund,
Daily Assets Government Fund, Daily Assets Government
Obligations Fund, Daily Assets Cash Fund, Daily Assets
Municipal Fund, Investors High Grade Bond Fund, Investors Bond
Fund, TaxSaver Bond Fund, Maine Municipal Bond Fund, New
Hampshire Bond Fund and Investors Growth Fund) in the
Prospectuses and Statements of Additional Information,
constituting certain of Parts A and B, respectively, of this
Registration Statement, are incorporated by reference herein.
The following are the members of Forum Investment Advisors,
LLC, Two Portland Square, Portland, Maine 04101, including
their business connections which are of a substantial nature.
Forum Holdings Corp. I., Member.
Forum Trust, LLC., Member.
Both Forum Holdings Corp. and Forum Financial Group, LLC are
controlled by John Y. Keffer, Chairman and President of the
<PAGE>
Registrant. Mr. Keffer is President of Forum Financial
Group, LLC. Mr. Keffer is also a director and/or officer of
various registered investment companies for which the
various Forum Financial Group of Companies provides
services.
The following are the officers of Forum Investment Advisors,
LLC, including their business connections which are of a
substantial nature. Each officer may serve as an officer of
various registered investment companies for which the Forum
Financial Group of Companies provides services.
<TABLE>
<S> <C> <C>
---------------------------------- ------------------------------------ ----------------------------------
Name Title Business Connection
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
William J. Lewis Director Forum Investment Advisors, LLC.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Sara M. Morris Treasurer Forum Investment Advisors, LLC.
------------------------------------ ----------------------------------
Chief Financial Officer Forum Financial Group, LLC.
------------------------------------ ----------------------------------
------------------------------------ ----------------------------------
Officer other Forum affiliated companies
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
David I. Goldstein Secretary Forum Investment Advisors, LLC.
------------------------------------ ----------------------------------
General Counsel Forum Financial Group, LLC.
------------------------------------ ----------------------------------
------------------------------------ ----------------------------------
Officer other Forum affiliated companies
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Dana A. Lukens Assistant Secretary Forum Investment Advisors, LLC.
------------------------------------ ----------------------------------
Corporate Counsel Forum Financial Group, LLC.
------------------------------------ ----------------------------------
------------------------------------ ----------------------------------
Officer other Forum affiliated companies
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Margaret J. Fenderson Assistant Treasurer Forum Investment Advisors, LLC.
------------------------------------ ----------------------------------
Corporate Accounting Manager Forum Financial Group, LLC.
------------------------------------ ----------------------------------
------------------------------------ ----------------------------------
Officer other Forum affiliated companies
---------------------------------- ------------------------------------ ----------------------------------
</TABLE>
(b) H.M. Payson & Co.
The description of H.M. Payson & Co. in the Prospectuses and
Statements of Additional Information, with respect to the
Payson Value Fund, Payson Balanced Fund and investors Equity
Fund, constituting certain of Parts A and B, respectively,
of this Registration Statement, are incorporated by
reference herein.
The following are the directors and principal executive
officers of H.M. Payson & Co., including their business
connections which are of a substantial nature. The address
of H.M. Payson & Co. is One Portland Square, Portland, Maine
04101.
<TABLE>
<S> <C> <C>
---------------------------------- ------------------------------------ ----------------------------------
Name Title Business Connection
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Adrian l. Asherman Managing Director H.M. Payson & Co.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
John C. Downing Managing Director, Treasurer H.M. Payson & Co.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
William A. Macleod Managing Director H.M. Payson & Co.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Thomas M. Pierce Managing Director H.M. Payson & Co.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Peter E. Robbins Managing Director H.M. Payson & Co.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
John H. Walker Managing Director, President H.M. Payson & Co.
------------------------------------ ----------------------------------
Director York Holding Company
------------------------------------ ----------------------------------
------------------------------------ ----------------------------------
Director York Insurance Company
---------------------------------- ------------------------------------ ----------------------------------
<PAGE>
---------------------------------- ------------------------------------ ----------------------------------
Teresa M. Esposito Managing Director H.M. Payson & Co.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
John C. Knox Managing Director H.M. Payson & Co.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Harold J Dixon Managing Director H.M. Payson & Co.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Laura McDill Managing Director H.M. Payson & Co.
---------------------------------- ------------------------------------ ----------------------------------
</TABLE>
(c) Austin Investment Management, Inc.
The description of Austin Investment Management, Inc. in the
Prospectus and Statement of Additional Information with
respect to the Austin Global Equity Fund, constituting certain
of Parts A and B, respectively, of this Registration
Statement, are incorporated by reference herein.
The following is the director and principal executive officer
of Austin Investment Management, Inc. 375 Park Avenue, New
York, New York 10152, including his business connections which
are of a substantial nature.
<TABLE>
<S> <C> <C>
---------------------------------- ------------------------------------ ----------------------------------
Name Title Business Connection
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Peter Vlachos Director, President, Treasurer, Austin Investment Management Inc.
Secretary
---------------------------------- ------------------------------------ ----------------------------------
</TABLE>
(d) Oak Hall Capital Advisors, LLP
The description of Oak Hall Capital Advisors, LLP in the
Prospectus and Statement of Additional Information with
respect to Oak Hall Small Cap Contrarian Fund, constituting
part of Parts A and B, respectively, of this Registration
Statement are incorporated by reference herein.
The following are the directors and principal executive
officers of, Oak Hall Capital Advisors, Inc. 122 East 42nd
Street, New York, New York 10168, including their business
connections which are of a substantial nature.
<TABLE>
<S> <C> <C>
---------------------------------- ------------------------------------ ----------------------------------
Name Title Business Connection
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Alexander G. Anagnos Director, Portfolio Manager Oak Hall Capital Advisors, LLP
------------------------------------ ----------------------------------
Consultant American Services Corporation
------------------------------------ ----------------------------------
------------------------------------ ----------------------------------
Financial Advisor WR Family Associates
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Lewis G. Cole Director Oak Hall Capital Advisors, LLP
------------------------------------ ----------------------------------
Partner The Law Firm of Strook, Strook &
Lavan
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
John J. Hock Executive Vice President Oak Hall Capital Advisors, LLP
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Charles D. Klein Portfolio Manager Oak Hall Capital Advisors, LLP
------------------------------------ ----------------------------------
Director American Services Corporation
------------------------------------ ----------------------------------
------------------------------------ ----------------------------------
Financial Advisor WR Family Associates
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
David P. Steinmann Executive Vice President Oak Hall Capital Advisors, LLP
------------------------------------ ----------------------------------
Secretary, Treasurer American Securities Corporation
------------------------------------ ----------------------------------
------------------------------------ ----------------------------------
Administrator WR Family Associates
---------------------------------- ------------------------------------ ----------------------------------
</TABLE>
(e) Carl Domino Associates, L.P.
The description of Carl Domino Associates, L.P. in the
Prospectus and Statement of Additional Information with
respect to the Quadra Value Equity Fund, constituting certain
<PAGE>
of Parts A and B, respectively, of this Registration
Statement, are incorporated by reference herein.
The following are the directors and principal executive
officers of, Carl Domino Associates, L.P., 580 Village Blvd.,
West Palm Beach, FL 33409 including their business connections
which are of a substantial nature.
<TABLE>
<S> <C> <C>
---------------------------------- ------------------------------------ ----------------------------------
Name Title Business Connection
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Carl J. Domino Managing Partner, Portfolio Manager Carl Domino Associates, L.P.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Paul Scoville, Jr. Senior Portfolio Manager Carl Domino Associates, L.P.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Ann Fritts Syring Senior Portfolio Manager Carl Domino Associates, L.P.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
John Wagstaff-Callahan Senior Portfolio Manager Carl Domino Associates, L.P.
------------------------------------ ----------------------------------
------------------------------------ ----------------------------------
Trustee formerly of Batterymarch
Financial Management
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Stephen Krider Kent, Jr. Senior Portfolio Manager Carl Domino Associates, L.P.
------------------------------------ ----------------------------------
------------------------------------ ----------------------------------
Senior Portfolio Manager formerly of Gamble, Jones
Holbrook & Brent
---------------------------------- ------------------------------------ ----------------------------------
</TABLE>
(f) Anhalt/O'Connell, Inc.
The description of Anhalt/O'Connell, Inc. in the Prospectus
and Statement of Additional Information with respect to the
Quadra Limited Maturity Treasury Fund, constituting certain of
Parts A and B, respectively, of this Registration Statement,
are incorporated by reference herein.
The following are the directors and principal executive
officers of, Anhalt/O'Connell, Inc., 345 South Figueroa
Street, Suite 303, Los Angeles, CA, including their business
connections which are of a substantial nature.
<TABLE>
<S> <C> <C>
---------------------------------- ------------------------------------ ----------------------------------
Name Title Business Connection
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Paul Edward Anhalt Managing Director, Chairman Anhalt/O'Connell, Inc
------------------------------------ ----------------------------------
Partner Anhalt/O'Connell
------------------------------------ ----------------------------------
------------------------------------ ----------------------------------
Managing Director, Consulting formerly of Trust Company of the
Economist West
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Michael Frederick O'Connell Managing Director Anhalt/O'Connell, Inc.
------------------------------------ ----------------------------------
Partner Anhalt/O'Connell
------------------------------------ ----------------------------------
------------------------------------ ----------------------------------
Managing Director formerly of Trust Company of the
West
---------------------------------- ------------------------------------ ----------------------------------
------------------------------------ ----------------------------------
Vice President formerly of Institutional
Research Services, Inc.
---------------------------------- ------------------------------------ ----------------------------------
</TABLE>
(g) LM Capital Management, Inc.
The description of LM Capital Management, Inc. in the
Prospectus and Statement of Additional Information with
respect to the Quadra Opportunistic Bond Fund, constituting
certain of Parts A and B, respectively, of this Registration
Statement, are incorporated by reference herein.
The following are the directors and principal executive
officers of, LM Capital Management, Inc., including their
business connections which are of a substantial nature.
<TABLE>
<S> <C> <C>
---------------------------------- ------------------------------------ ----------------------------------
Name Title Business Connection
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Luis Malzel Managing Director LM Capital Management, Inc.
---------------------------------- ------------------------------------ ----------------------------------
<PAGE>
---------------------------------- ------------------------------------ ----------------------------------
John Chalker Managing Director LM Capital Management, Inc.
---------------------------------- ------------------------------------ ----------------------------------
</TABLE>
(h) McDonald Investment Management, Inc.
The description of McDonald Investment Management, Inc. in the
Prospectus and Statement of Additional Information with
respect to the Quadra International Equity Fund, constituting
certain of Parts A and B, respectively, of this Registration
Statement, are incorporated by reference herein.
The following are the directors and principal executive
officers of McDonald Investment Management, Inc., including
their business connections which are of a substantial nature.
<TABLE>
<S> <C> <C>
---------------------------------- ------------------------------------ ----------------------------------
Name Title Business Connection
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
John McDonald President, Chief Investment Officer McDonald Investment Management,
Inc.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Ron Belcot Vice President- Research and McDonald Investment Management,
Trading Inc.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Bill Hallman Vice President McDonald Investment Management,
Inc.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Ray DiBernardo Vice President, Managing Director McDonald Investment Management,
Inc.
------------------------------------ ----------------------------------
------------------------------------ ----------------------------------
Portfolio Manager formerly of Royal Trust
---------------------------------- ------------------------------------ ----------------------------------
</TABLE>
(i) Smith Asset Management Group, L.P.
The description of Smith Asset Management Group, L.P. in the
Prospectus and Statement of Additional Information with
respect to the Quadra Growth Fund, constituting certain of
Parts A and B, respectively, of this Registration Statement,
are incorporated by reference herein.
The following are the directors and principal executive
officers of Smith Asset Management Group, L.P., including
their business connections which are of a substantial nature.
<TABLE>
<S> <C> <C>
---------------------------------- ------------------------------------ ----------------------------------
Name Title Business Connection
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Stephen Smith Chief Investment Officer Smith Asset Management Group,
L.P.
---------------------------------- ------------------------------------ ----------------------------------
</TABLE>
(j) Norwest Investment Management, Inc.
The description of Norwest Investment Management, Inc. ("NIM")
in the Prospectus and Statement of Additional Information for
Equity Index Fund, constituting certain of Parts A and B,
respectively, of this Registration Statement, are incorporated
by reference herein.
The following are the directors and principal executive
officers of NIM, including their business connections which
are of a substantial nature. The address of Norwest
Corporation, the parent of Norwest Bank Minnesota, N.A.
("Norwest Bank"), which is the parent of NIM, is Norwest
Center, Sixth Street and Marquette Avenue, Minneapolis, MN
55479. Unless otherwise indicated below, the principal
business address of any company with which the directors and
principal executive officers are connected is also Sixth
Street and Marquette Avenue, Minneapolis, MN 55479.
<PAGE>
<TABLE>
<S> <C> <C>
---------------------------------- ------------------------------------ ----------------------------------
Name Title Business Connection
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
P. Jay Kiedrowski Chairman, Chief Executive Officer, Norwest Investment Management,
President Inc.
------------------------------------ ----------------------------------
Executive Vice President, Employee Norwest Bank Minnesota, N.A.
------------------------------------ ----------------------------------
------------------------------------ ----------------------------------
Director Crestone Capital Management, Inc.
------------------------------------ ----------------------------------
------------------------------------ ----------------------------------
Chairman Galliard Capital Management, Inc.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
James W. Paulsen Chief Investment Officer Norwest Investment Management,
Inc.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Stephen P. Gianoli Senior Vice President, Chief Norwest Investment Management,
Executive Officer Inc.
------------------------------------ ----------------------------------
------------------------------------ ----------------------------------
Director Crestone Capital Management, Inc.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
David S. Lunt Vice President, Senior Portfolio Norwest Investment Management,
Manager Inc.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Richard C. Villars Vice President, Senior Portfolio Norwest Investment Management,
Manager Inc.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Lee K. Chase Chief Investment Officer Norwest Investment Management,
Inc.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
James W. Paulsen Vice President Norwest Investment Management,
Inc.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Andrew Owen Vice President Norwest Investment Management,
Inc.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Eileen A. Kuhry Investment Compliance Specialist Norwest Investment Management,
Inc.
---------------------------------- ------------------------------------ ----------------------------------
</TABLE>
(k) Schroder Capital Management International Inc.
The description of Schroder Capital Management International
Inc. ("Schroder") in the Prospectus Statement of Additional
Information relating to International Equity Fund and Emerging
Markets Fund, constituting certain of Parts A and B,
respectively, of this Registration Statement, are incorporated
by reference herein.
The following are the directors and principal officers of
Schroder, including their business connections of a
substantial nature. The address of each company listed, unless
otherwise noted, is 33 Gutter Lane, London EC2V 8AS, United
Kingdom. Schroder Capital Management International Limited
("Schroder Ltd.") is a United Kingdom affiliate of Schroder
which provides investment management services international
clients located principally in the United States.
<TABLE>
<S> <C> <C>
---------------------------------- ------------------------------------ ----------------------------------
Name Title Business Connection
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
David M. Salisbury Chief Executive Officer, Director, SCMI
Chairman
------------------------------------ ----------------------------------
Chief Executive, Director Schroder Ltd.
------------------------------------ ----------------------------------
Director Schroders plc.
---------------------------------- ------------------------------------ ----------------------------------
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
---------------------------------- ------------------------------------ ----------------------------------
Richard R. Foulkes Deputy Chairman/Executive Vice SCMI
President
------------------------------------ ----------------------------------
Director Schroder Ltd.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
John A. Troiano Chief Executive, Director SCMI
------------------------------------
----------------------------------
Director Schroder Ltd.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
David Gibson Senior Vice President, Director SCMI
------------------------------------ ----------------------------------
Director Schroder Capital Management
------------------------------------ ----------------------------------
Senior Vice President Schroder Ltd.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
John S. Ager Senior Vice President, Director SCMI
------------------------------------ ----------------------------------
Director Schroder Ltd.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Sharon L. Haugh Executive Vice President, Director SCMI
----------------------------------
------------------------------------ ----------------------------------
Director, Chairman Schroder Advisors
------------------------------------ ----------------------------------
Director Schroder Ltd.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Gavin D. L. Ralston Senior Vice President, Managing SCMI
Director
------------------------------------ ----------------------------------
Director Schroder Ltd.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Mark J. Smith Senior Vice President, Director SCMI
------------------------------------ ----------------------------------
Director Schroder Ltd.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Robert G. Davy Senior Vice President, Director SCMI
------------------------------------ ----------------------------------
Director Schroder Ltd.
------------------------------------ ----------------------------------
------------------------------------ ----------------------------------
Officer of open end investment companies
for which SCMI and/or its
affiliates provide investment
services
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Jane P. Lucas Senior Vice President, Director SCMI
------------------------------------ ----------------------------------
Director Schroder Advisors
------------------------------------ ----------------------------------
Director Schroder Capital Management
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
C. John Govett Director SCMI
------------------------------------ ----------------------------------
Group Managing Director Schroder Ltd.
----------------------------------
------------------------------------
Director Schroders plc.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Phillipa J. Gould Senior Vice President, Director SCMI
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Louise Croset First Vice President, Director SCMI
------------------------------------ ----------------------------------
First Vice President Schroder Ltd.
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Abdallah Nauphal Group Vice President, Director SCMI
---------------------------------- ------------------------------------ ----------------------------------
</TABLE>
(l) Polaris Capital Management, Inc.
The description of Polaris Capital Management, Inc.
("Polaris") under the caption "Management Investment Adviser
and Portfolio Manager." in the Prospectus for Polaris Global
Value Fund and "Management - Investment Adviser and Portfolio
Manager" in the Statement of Additional Information relating
to that fund, constituting certain of Parts A and B,
respectively, of the Registration Statement, are incorporated
by reference herein.
The following are the directors and principal officers of
Polaris, including their business connections of a substantial
nature. The address of the company is 125 Summer Street,
Boston, Massachusetts 02110.
<PAGE>
<TABLE>
<S> <C> <C>
---------------------------------- ------------------------------------ ----------------------------------
Name Title Business Connection
---------------------------------- ------------------------------------ ----------------------------------
---------------------------------- ------------------------------------ ----------------------------------
Bernard R. Horn, Jr. President, Portfolio Manager Polaris Capital Management, Inc.
---------------------------------- ------------------------------------ ----------------------------------
</TABLE>
ITEM 29. PRINCIPAL UNDERWRITERS
(a) Forum Financial Services, Inc., Registrant's underwriter,
serves as underwriter for the following investment companies
registered under the Investment Company Act of 1940, as
amended:
<TABLE>
<S> <C>
The CRM Funds BT Alex. Brown Cash Reserve Fund, Inc
The Cutler Trust Flag Investors Telephone Fund, Inc.
Forum Funds Flag Investors International Fund, Inc.
Flag Investor Family of Funds Flag Investors Emerging Growth Fund, Inc.
The Glenmede Fund, Inc. Total Return U.S. Treasury Fund, Inc.
The Glenmede Portfolios Managed Municipal Fund, Inc.
Memorial Funds Flag Investors Value Builder Fund, Inc.
Monarch Funds Flag Investors Real Estate Securities Fund, Inc.
Norwest Advantage Funds Flag Investors Equity Partners Fund, Inc.
Norwest Select Funds Flag Investors Maryland Intermediate Tax-Free
Income Fund, Inc.
Sound Shore Fund, Inc. Flag Investors Short-Intermediate Income Fund, Inc.
</TABLE>
(b) The following directors and officers of Forum Financial
Services, Inc. hold the following positions with Registrant.
Their business address is Two Portland Square, Portland, Maine
04101.
<TABLE>
<S> <C> <C>
--------------------------- ------------------------------- -----------------------------
Name Position with Underwriter Position with Registrant
--------------------------- ------------------------------- -----------------------------
--------------------------- ------------------------------- -----------------------------
John Y. Keffer President Chairman, President
--------------------------- ------------------------------- -----------------------------
David I. Goldstein Secretary Vice President
--------------------------- ------------------------------- -----------------------------
Sara M. Morris Treasurer Treasurer
--------------------------- ------------------------------- -----------------------------
</TABLE>
(c) Not Applicable.
ITEM 30. LOCATION OF ACCOUNTS AND RECORDS
The majority of the accounts, books and other documents required to be
maintained by Section 31(a) of the Investment Company Act of 1940 and
the Rules thereunder are maintained at the offices of Forum
Administrative Services, LLC and Forum Financial Corp., Two Portland
Square, Portland, Maine 04101. The records required to be maintained
under Rule 31a-1(b)(1) with respect to journals of receipts and
deliveries of securities and receipts and disbursements of cash are
maintained at the offices of the Registrant's custodian, The First
National Bank of Boston, 100 Federal Street, Boston, Massachusetts
02106. The records required to be maintained under Rule 31a-1(b)(5),
(6) and (9) are maintained at the offices of the Registrant's adviser
or subadviser, as listed in Item 28 hereof.
ITEM 31. MANAGEMENT SERVICES
Not Applicable.
ITEM 32. UNDERTAKINGS
Registrant undertakes to furnish each person to whom a prospectus is
delivered with a copy of Registrant's latest annual report to
shareholders relating to the portfolio or class thereof to which the
prospectus relates upon request and without charge.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, the Registrant certifies that it meets all of the
requirements for effectiveness of this Registration Statement pursuant to rule
485(b) under the Securities Act of 1933 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereto duly
authorized, in the City of Portland, and State of Maine on the 8th day of May,
1998.
FORUM FUNDS
By: /s/ John Y. Keffer
--------------------------------
John Y. Keffer, President
Pursuant to the requirements of the Securities Act of 1933, this amendment to
the Registrant's Registration Statement has been signed below by the following
persons on the 8th day of May, 1998.
SIGNATURES TITLE
(a) Principal Executive Officer
/s/ John Y. Keffer President
------------------------- and Chairman
John Y. Keffer
(b) Principal Financial and Accounting Officer
/s/ Sara M. Morris Treasurer
------------------------
Sara M. Morris
(c) A majority of the Trustees
/s/ John Y. Keffer Trustee
------------------------
John Y. Keffer
James C. Cheng* Trustee
J. Michael Parish* Trustee
Costas Azariadis* Trustee
By: /s/ John Y. Keffer
----------------------------
John Y. Keffer
Attorney in Fact*
<PAGE>
SIGNATURES
On behalf of Core Trust (Delaware), being duly authorized, I have duly caused
this amendment to the Registration Statement of Norwest Advantage Funds to be
signed in the City of Portland, State of Maine on the 22nd day of April, 1998.
CORE TRUST (DELAWARE)
By: /s/ John Y. Keffer
---------------------
John Y. Keffer
President
This amendment to the Registration Statement of Norwest Advantage Funds has been
signed below by the following persons in the capacities indicated on the 22nd
day of April, 1998.
SIGNATURES TITLE
(a) Principal Executive Officer
/s/ John Y. Keffer Chairman and
----------------------------- President
John Y. Keffer
(b) Principal Financial and Accounting Officer
/s/ Sara M. Morris Treasurer
------------------------------
Sara M. Morris
(c) A Majority of the Trustees
/s/ John Y. Keffer Chairman
------------------------------
John Y. Keffer
J. Michael Parish* Trustee
James C. Cheng* Trustee
Costas Azariadis* Trustee
*By: /s/ John Y. Keffer
-------------------------
John Y. Keffer
Attorney in Fact
<PAGE>
INDEX TO EXHIBITS
EXHIBIT
(16) Schedule of Sample Performance Calculations relating to:
Investors High Grade Bond Fund
Investors Bond Fund
TaxSaver Bond Fund
Maine Municipal Bond Fund
New Hampshire Bond Fund
Daily Assets Treasury Obligations Fund
Daily Assets Government Fund
Daily Assets Government Obligations Fund
Daily Assets Cash Fund
Daily Assets Municipal Fund
Payson Value Fund
Payson Balanced Fund
Austin Global Equity Fund
Oak Hall Small Cap Contrarian Fund
Quadra Limited Maturity Treasury Fund
Quadra Value Equity Fund
Quadra Growth Fund
Quadra International Equity Fund
Quadra Opportunistic Bond Fun
Equity Index Fund
Investors Equity Fund
Investors Growth Fund
Small Company Opportunities Fund
International Equity Fund
Emerging Markets Fund
EXHIBIT 16
SCHEDULE OF SAMPLE PERFORMANCE QUOTATION CALCULATIONS
OAK HALL EQUITY FUND
Note: All performance is for the period ended: 3-31-98
1. AVERAGE ANNUAL TOTAL RETURN (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: T = ({{[((ERV/P)-1)(1-S)-S](1-R)-R}+1}1/n)-1
where: T = average annual total return
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the initial
payment at the end of the period
S = Maximum initial sales charge
R = Maximum redemption charge (calculated
based on _______)(i.e., lower of purchase
amount or redemption amount)
<TABLE>
a. AVERAGE ANNUAL TOTAL RETURN (assuming deduction of the maximum sales/purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV NA NA NA NA NA NA NA NA NA
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) NA NA NA NA NA NA NA NA NA
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. AVERAGE ANNUAL TOTAL RETURN (assuming no deduction of sales/purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 5.72
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1231.20 1088.50 1231.20 1137.00 1497.10 1895.40 2035.60 - 2438.40
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) 134.69 180.64 134.69 29.56 49.71 23.73 15.27 - 16.95
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
2. CUMULATIVE TOTAL RETURN (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: C = {{[(T + 1)n - 1 - R]/(1 - R)} + S}/(1 - S)
where: C = cumulative total return of the
investment over the specified period
T = average annual total return (see above)
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the
initial payment at the end of the period
<TABLE>
a. CUMULATIVE TOTAL RETURN (assuming deduction of the maximum sales/purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV NA NA NA NA NA NA NA NA NA
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) NA NA NA NA NA NA NA NA NA
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. CUMULATIVE OR AGGREGATE TOTAL RETURN (assuming no deduction of sales/purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 5.72
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1231.20 1088.50 1231.20 1137.00 1497.10 1895.40 2035.60 - 2438.40
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) 23.12 8.85 23.12 13.70 49.71 89.54 103.56 - 143.84
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
3. 30 DAY YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: Y = 2{[(a - b)/(cd) + 1]6 - 1]}
where: Y = 30 day yield
a = dividends and interest earned during the
period
b = expenses accrued for the period
(net of reimbursements)
c = the average daily number of shares
outstanding during
the period that were entitled to receive
dividends
d = the maximum offering price per
share on the last day of the period
<TABLE>
<S> <C> <C> <C> <C>
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
A($) B($) C D($) Y(%)
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
N/A N/A N/A N/A N/A
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
</TABLE>
4. 30 DAY TAX-EQUIVALENT YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: TEY = Y/(1 - TR)
where: TEY = 30 day tax-equivalent yield
Y = 30 day yield (see above)
TR = assumed applicable tax rate
<TABLE>
<S> <C>
- ----------------------------------------------------------- ---------------------------------------------------------
TR(%) TEY(%)
- ----------------------------------------------------------- ---------------------------------------------------------
- ----------------------------------------------------------- ---------------------------------------------------------
N/A N/A
- ----------------------------------------------------------- ---------------------------------------------------------
</TABLE>
5. 30-DAY DISTRIBUTION RATE (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: 30 Day Distribution Rate ("Rate")= (ab)/c
where: Rate = 30 day distribution rate
a = distributions in last 30 days
b = number of 30 day periods in year
c = maximum offering price per share on last
day of period
<TABLE>
<S> <C> <C> <C>
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
A B C RATE(%)
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
N/A N/A N/A N/A
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
</TABLE>
<PAGE>
EXHIBIT 16
SCHEDULE OF SAMPLE PERFORMANCE QUOTATION CALCULATIONS
AUSTIN GLOBAL EQUITY FUND
Note: All performance is for the period ended: 3-31-98
1. AVERAGE ANNUAL TOTAL RETURN (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: T = ({{[((ERV/P)-1)(1-S)-S](1-R)-R}+1}1/n)-1
where: T = average annual total return
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the initial
payment at the end of the period
S = Maximum initial sales charge
R = Maximum redemption charge (calculated
based on _______)(i.e., lower of purchase
amount or redemption amount)
<TABLE>
a. AVERAGE ANNUAL TOTAL RETURN (assuming deduction of the maximum sales/purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV NA NA NA NA NA NA NA NA NA
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) NA NA NA NA NA NA NA NA NA
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. AVERAGE ANNUAL TOTAL RETURN (assuming no deduction of sales/purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 4.31
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1118.20 1055.80 1118.20 1094.50 1398.80 1942.50 - - 1987.20
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) 58.13 93.62 58.13 19.97 39.88 24.75 - - 17.26
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
2. CUMULATIVE TOTAL RETURN (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: C = {{[(T + 1)n - 1 - R]/(1 - R)} + S}/(1 - S)
where: C = cumulative total return of the
investment over the specified period
T = average annual total return (see above)
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the
initial payment at the end of the period
<TABLE>
a. CUMULATIVE TOTAL RETURN (assuming deduction of the maximum sales/purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV NA NA NA NA NA NA NA NA NA
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) NA NA NA NA NA NA NA NA NA
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. CUMULATIVE OR AGGREGATE TOTAL RETURN (assuming no deduction of sales/purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 4.31
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1118.20 1055.80 1118.20 1094.50 1398.80 1942.50 - - 1987.20
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) 11.82 5.58 11.82 9.45 39.88 94.25 - - 98.72
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
3. 30 DAY YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: Y = 2{[(a - b)/(cd) + 1]6 - 1]}
where: Y = 30 day yield
a = dividends and interest earned during the
period
b = expenses accrued for the period
(net of reimbursements)
c = the average daily number of shares
outstanding during the period that were
entitled to receive dividends
d = the maximum offering price per
share on the last day of the period
<TABLE>
<S> <C> <C> <C> <C>
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
A($) B($) C D($) Y(%)
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
477,845 49,128 8,069,570 10.98 5.88
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
</TABLE>
4. 30 DAY TAX-EQUIVALENT YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: TEY = Y/(1 - TR)
where: TEY = 30 day tax-equivalent yield
Y = 30 day yield (see above)
TR = assumed applicable tax rate
<TABLE>
<S> <C>
- ----------------------------------------------------------- ---------------------------------------------------------
TR(%) TEY(%)
- ----------------------------------------------------------- ---------------------------------------------------------
- ----------------------------------------------------------- ---------------------------------------------------------
N/A N/A
- ----------------------------------------------------------- ---------------------------------------------------------
</TABLE>
5. 30-DAY DISTRIBUTION RATE (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: 30 Day Distribution Rate ("Rate")= (ab)/c
where: Rate = 30 day distribution rate
a = distributions in last 30 days
b = number of 30 day periods in year
c = maximum offering price per share on last
day of period
<TABLE>
<S> <C> <C> <C>
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
A B C RATE(%)
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
N/A N/A N/A N/A
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
</TABLE>
<PAGE>
SCHEDULE OF SAMPLE PERFORMANCE QUOTATION CALCULATIONS
INVESTORS BOND FUND
Note: All performance is for the period ended: 3-31-98
1. AVERAGE ANNUAL TOTAL RETURN (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: T = ({{[((ERV/P)-1)(1-S)-S](1-R)-R}+1}1/n)-1
where: T = average annual total return
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the initial
payment at the end of the period
S = Maximum initial sales charge
R = Maximum redemption charge (calculated
based on _______)(i.e., lower of purchase
amount or redemption amount)
<TABLE>
a. AVERAGE ANNUAL TOTAL RETURN (assuming deduction of the maximum sales/purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 8.67
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 975.50 967.10 975.50 1013.90 1067.90 1257.40 1376.00 - 2027.30
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S 3.75 3.75 3.75 3.75 3.75 3.75 3.75 - 3.75
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) (9.56) (32.58) (9.56) 2.81 6.79 7.93 6.59 - 8.67
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. AVERAGE ANNUAL TOTAL RETURN (assuming no deduction of sales/purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 8.67
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1013.30 1004.50 1013.30 1053.00 1109.80 1306.40 1430.00 - 2106.30
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) 5.57 5.67 5.57 10.99 10.98 9.31 7.42 - 9.16
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
2. CUMULATIVE TOTAL RETURN (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: C = {{[(T + 1)n - 1 - R]/(1 - R)} + S}/(1 - S)
where: C = cumulative total return of the
investment over the specified period
T = average annual total return (see above)
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the
initial payment at the end of the period
a. CUMULATIVE TOTAL RETURN (assuming deduction of the maximum sales/
purchase/redemption charges)
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 8.67
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 975.50 967.10 975.50 1013.90 1067.90 1257.40 1376.00 - 2027.30
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S 3.75 3.75 3.75 3.75 3.75 3.75 3.75 - 3.75
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) (2.45) (3.29) (2.45) 1.39 6.79 25.74 37.60 - 102.73
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. CUMULATIVE OR AGGREGATE TOTAL RETURN (assuming no deduction of sales/purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 8.67
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1013.30 1004.50 1013.30 1053.00 1109.80 1306.40 1430.00 - 2106.30
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) 1.33 0.45 1.33 5.30 10.98 30.64 43.00 - 110.63
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
3. 30 DAY YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: Y = 2{[(a - b)/(cd) + 1]6 - 1]}
where: Y = 30 day yield
a = dividends and interest earned during the
period
b = expenses accrued for the period
(net of reimbursements)
c = the average daily number of shares
outstanding during the period that were
entitled to receive dividends
d = the maximum offering price per
share on the last day of the period
<TABLE>
<S> <C> <C> <C> <C>
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
A($) B($) C D($) Y(%)
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
477,845 49,128 8,069,570 10.98 5.88
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
</TABLE>
4. 30 DAY TAX-EQUIVALENT YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: TEY = Y/(1 - TR)
where: TEY = 30 day tax-equivalent yield
Y = 30 day yield (see above)
TR = assumed applicable tax rate
<TABLE>
<S> <C>
- ----------------------------------------------------------- ---------------------------------------------------------
TR(%) TEY(%)
- ----------------------------------------------------------- ---------------------------------------------------------
- ----------------------------------------------------------- ---------------------------------------------------------
N/A N/A
- ----------------------------------------------------------- ---------------------------------------------------------
</TABLE>
5. 30-DAY DISTRIBUTION RATE (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: 30 Day Distribution Rate ("Rate")= (ab)/c
where: Rate = 30 day distribution rate
a = distributions in last 30 days
b = number of 30 day periods in year
c = maximum offering price per share on last
day of period
<TABLE>
<S> <C> <C> <C>
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
A B C RATE(%)
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
N/A N/A N/A N/A
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
</TABLE>
<PAGE>
SCHEDULE OF SAMPLE PERFORMANCE QUOTATION CALCULATIONS
TAXSAVER BOND FUND
Note: All performance is for the period ended: 3-31-98
1. AVERAGE ANNUAL TOTAL RETURN (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: T = ({{[((ERV/P)-1)(1-S)-S](1-R)-R}+1}1/n)-1
where: T = average annual total return
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the initial
payment at the end of the period
S = Maximum initial sales charge
R = Maximum redemption charge (calculated
based on _______)(i.e., lower of purchase
amount or redemption amount)
<TABLE>
a. AVERAGE ANNUAL TOTAL RETURN (assuming deduction of the maximum sales/
purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 8.67
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 968.30 960.10 968.30 988.10 1037.00 1171.30 1308.80 - 1769.10
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S 3.75 3.75 3.75 3.75 3.75 3.75 3.75 - 3.75
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) (12.26) (38.09) (12.26) (2.37) 3.70 5.41 5.53 - 6.94
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. AVERAGE ANNUAL TOTAL RETURN (assuming no deduction of sales/purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 8.67
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1005.90 997.40 1005.90 1026.80 1077.50 1216.40 1359.20 - 1838.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) 2.43 (3.17) 2.43 5.48 7.75 6.74 6.33 - 7.42
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
2. CUMULATIVE TOTAL RETURN (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: C = {{[(T + 1)n - 1 - R]/(1 - R)} + S}/(1 - S)
where: C = cumulative total return of the
investment over the specified period
T = average annual total return (see above)
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the
initial payment at the end of the period
<TABLE>
a. CUMULATIVE TOTAL RETURN (assuming deduction of the maximum sales/
purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 8.67
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 968.30 960.10 968.30 988.10 1037.00 1171.30 1308.80 - 1769.10
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S 3.75 3.75 3.75 3.75 3.75 3.75 3.75 - 3.75
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) (3.17) (3.99) (3.17) (1.19) 3.70 17.13 30.88 - 76.91
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. CUMULATIVE OR AGGREGATE TOTAL RETURN (assuming no deduction of sales/purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 8.67
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1005.90 997.40 1005.90 1026.80 1077.50 1216.40 1359.20 - 1838.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) 0.59 (0.26) 0.59 2.68 7.75 21.64 35.92 - 83.80
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
3. 30 DAY YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: Y = 2{[(a - b)/(cd) + 1]6 - 1]}
where: Y = 30 day yield
a = dividends and interest earned during the
period
b = expenses accrued for the period
(net of reimbursements)
c = the average daily number of shares
outstanding during the period that were
entitled to receive dividends
d = the maximum offering price per
share on the last day of the period
<TABLE>
<S> <C> <C> <C> <C>
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
A($) B($) C D($) Y(%)
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
141,469 19,268 3,630,037 11.17 3.64
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
</TABLE>
4. 30 DAY TAX-EQUIVALENT YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: TEY = Y/(1 - TR)
where: TEY = 30 day tax-equivalent yield
Y = 30 day yield (see above)
TR = assumed applicable tax rate
<TABLE>
<S> <C>
- ----------------------------------------------------------- ---------------------------------------------------------
TR(%) TEY(%)
- ----------------------------------------------------------- ---------------------------------------------------------
- ----------------------------------------------------------- ---------------------------------------------------------
39.60 6.03
- ----------------------------------------------------------- ---------------------------------------------------------
</TABLE>
5. 30-DAY DISTRIBUTION RATE (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: 30 Day Distribution Rate ("Rate")= (ab)/c
where: Rate = 30 day distribution rate
a = distributions in last 30 days
b = number of 30 day periods in year
c = maximum offering price per share on last
day of period
<TABLE>
<S> <C> <C> <C>
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
A B C RATE(%)
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
N/A N/A N/A N/A
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
</TABLE>
<PAGE>
SCHEDULE OF SAMPLE PERFORMANCE QUOTATION CALCULATIONS
PAYSON BALANCED FUND
Note: All performance is for the period ended: 3-31-98
1. AVERAGE ANNUAL TOTAL RETURN (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: T = ({{[((ERV/P)-1)(1-S)-S](1-R)-R}+1}1/n)-1
where: T = average annual total return
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the initial
payment at the end of the period
S = Maximum initial sales charge
R = Maximum redemption charge (calculated
based on _______)(i.e., lower of purchase
amount or redemption amount)
<TABLE>
a. AVERAGE ANNUAL TOTAL RETURN (assuming deduction of the maximum sales/
purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 6.35
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1038.60 985.00 1038.60 1037.80 1260.20 1677.60 1902.40 - 2258.70
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) 16.62 (16.35) 16.62 7.72 26.02 18.80 13.72 - 13.68
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. AVERAGE ANNUAL TOTAL RETURN (assuming no deduction of sales/purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 6.35
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1081.70 1025.70 1081.70 1081.10 1312.70 1748.10 1982.50 - 2352.80
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) 38.02 36.24 38.02 17.03 31.27 20.44 14.66 - 14.42
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
2. CUMULATIVE TOTAL RETURN (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: C = {{[(T + 1)n - 1 - R]/(1 - R)} + S}/(1 - S)
where: C = cumulative total return of the
investment over the specified period
T = average annual total return (see above)
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the
initial payment at the end of the period
<TABLE>
a. CUMULATIVE TOTAL RETURN (assuming deduction of the maximum sales/
purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 6.35
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1038.60 985.00 1038.60 1037.80 1260.20 1677.60 1902.40 - 2258.70
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) 3.86 (1.50) 3.86 3.78 26.02 67.76 90.24 - 125.87
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. CUMULATIVE OR AGGREGATE TOTAL RETURN (assuming no deduction of sales/
purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 6.35
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1081.70 1025.70 1081.70 1081.10 1312.70 1748.10 1982.50 - 2352.80
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) 8.17 2.57 8.17 8.11 31.27 74.81 98.25 - 135.28
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
3. 30 DAY YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: Y = 2{[(a - b)/(cd) + 1]6 - 1]}
where: Y = 30 day yield
a = dividends and interest earned during the
period
b = expenses accrued for the period
(net of reimbursements)
c = the average daily number of shares
outstanding during the period that were
entitled to receive dividends
d = the maximum offering price per
share on the last day of the period
<TABLE>
<S> <C> <C> <C> <C>
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
A($) B($) C D($) Y(%)
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
N/A N/A N/A N/A N/A
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
</TABLE>
4. 30 DAY TAX-EQUIVALENT YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: TEY = Y/(1 - TR)
where: TEY = 30 day tax-equivalent yield
Y = 30 day yield (see above)
TR = assumed applicable tax rate
<TABLE>
<S> <C>
- ----------------------------------------------------------- ---------------------------------------------------------
TR(%) TEY(%)
- ----------------------------------------------------------- ---------------------------------------------------------
- ----------------------------------------------------------- ---------------------------------------------------------
N/A N/A
- ----------------------------------------------------------- ---------------------------------------------------------
</TABLE>
5. 30-DAY DISTRIBUTION RATE (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: 30 Day Distribution Rate ("Rate")= (ab)/c
where: Rate = 30 day distribution rate
a = distributions in last 30 days
b = number of 30 day periods in year
c = maximum offering price per share on last
day of period
<TABLE>
<S> <C> <C> <C>
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
A B C RATE(%)
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
N/A N/A N/A N/A
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
</TABLE>
<PAGE>
SCHEDULE OF SAMPLE PERFORMANCE QUOTATION CALCULATIONS
MAINE MUNICIPAL BOND FUND
Note: All performance is for the period ended: 3-31-98
1. AVERAGE ANNUAL TOTAL RETURN (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: T = ({{[((ERV/P)-1)(1-S)-S](1-R)-R}+1}1/n)-1
where: T = average annual total return
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the initial
payment at the end of the period
S = Maximum initial sales charge
R = Maximum redemption charge (calculated
based on _______)(i.e., lower of purchase
amount or redemption amount)
<TABLE>
a. AVERAGE ANNUAL TOTAL RETURN (assuming deduction of the maximum sales/
purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 6.32
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 984.70 976.50 984.70 1005.50 1051.90 1185.70 1303.80 - 1481.80
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) (6.08) (24.39) (6.08) 1.11 5.19 5.84 5.45 - 6.41
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. AVERAGE ANNUAL TOTAL RETURN (assuming no deduction of sales/purchase/
redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 6.32
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1009.60 1001.20 1009.60 1031.20 1079.40 1216.30 1337.20 - 1519.80
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) 3.98 1.49 3.98 6.39 7.94 6.74 5.98 - 6.84
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
2. CUMULATIVE TOTAL RETURN (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: C = {{[(T + 1)n - 1 - R]/(1 - R)} + S}/(1 - S)
where: C = cumulative total return of the
investment over the specified period
T = average annual total return (see above)
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the
initial payment at the end of the period
<TABLE>
a. CUMULATIVE TOTAL RETURN (assuming deduction of the maximum sales/
purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 6.32
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 984.70 976.50 984.70 1005.50 1051.90 1185.70 1303.80 - 1481.80
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) (1.53) (2.35) (1.53) 0.55 5.19 18.57 30.38 - 48.18
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. CUMULATIVE OR AGGREGATE TOTAL RETURN (assuming no deduction of sales/purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 6.32
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1009.60 1001.20 1009.60 1031.20 1079.40 1216.30 1337.20 - 1519.80
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) 0.96 0.12 0.96 3.12 7.94 21.63 33.72 - 51.98
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
3. 30 DAY YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: Y = 2{[(a - b)/(cd) + 1]6 - 1]}
where: Y = 30 day yield
a = dividends and interest earned during the
period
b = expenses accrued for the period
(net of reimbursements)
c = the average daily number of shares
outstanding during the period that were
entitled to receive dividends
d = the maximum offering price per
share on the last day of the period
<TABLE>
<S> <C> <C> <C> <C>
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
A($) B($) C D($) Y(%)
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
104,812 13,784 2,522,454 11.33 3.85
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
</TABLE>
4. 30 DAY TAX-EQUIVALENT YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: TEY = Y/(1 - TR)
where: TEY = 30 day tax-equivalent yield
Y = 30 day yield (see above)
TR = assumed applicable tax rate
<TABLE>
<S> <C>
- ----------------------------------------------------------- ---------------------------------------------------------
TR(%) TEY(%)
- ----------------------------------------------------------- ---------------------------------------------------------
- ----------------------------------------------------------- ---------------------------------------------------------
44.76 6.97
- ----------------------------------------------------------- ---------------------------------------------------------
</TABLE>
5. 30-DAY DISTRIBUTION RATE (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: 30 Day Distribution Rate ("Rate")= (ab)/c
where: Rate = 30 day distribution rate
a = distributions in last 30 days
b = number of 30 day periods in year
c = maximum offering price per share on last
day of period
<TABLE>
<S> <C> <C> <C>
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
A B C RATE(%)
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
N/A N/A N/A N/A
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
</TABLE>
<PAGE>
SCHEDULE OF SAMPLE PERFORMANCE QUOTATION CALCULATIONS
PAYSON VALUE FUND
Note: All performance is for the period ended: 3-31-98
1. AVERAGE ANNUAL TOTAL RETURN (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: T = ({{[((ERV/P)-1)(1-S)-S](1-R)-R}+1}1/n)-1
where: T = average annual total return
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the initial
payment at the end of the period
S = Maximum initial sales charge
R = Maximum redemption charge (calculated
based on _______)(i.e., lower of purchase
amount or redemption amount)
<TABLE>
a. AVERAGE ANNUAL TOTAL RETURN (assuming deduction of the maximum sales/
purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 5.67
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1074.20 1002.60 1074.20 1111.40 1394.80 2013.90 2389.00 - 2653.30
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) 33.66 3.16 33.66 23.59 39.48 26.26 19.01 - 18.78
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. AVERAGE ANNUAL TOTAL RETURN (assuming no deduction of sales/purchase/
redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 5.67
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1119.00 1044.70 1119.00 1157.80 1452.80 2097.80 2488.80 - 2763.90
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) 58.61 70.17 58.61 34.37 45.28 27.99 19.99 - 19.63
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
2. CUMULATIVE TOTAL RETURN (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: C = {{[(T + 1)n - 1 - R]/(1 - R)} + S}/(1 - S)
where: C = cumulative total return of the
investment over the specified period
T = average annual total return (see above)
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the
initial payment at the end of the period
<TABLE>
a. CUMULATIVE TOTAL RETURN (assuming deduction of the maximum sales/
purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 5.67
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1074.20 1002.60 1074.20 1111.40 1394.80 2013.90 2389.00 - 2653.30
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) 7.42 0.26 7.42 11.14 39.48 101.39 138.90 - 165.33
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. CUMULATIVE OR AGGREGATE TOTAL RETURN (assuming no deduction of sales/
purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 5.67
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1119.00 1044.70 1119.00 1157.80 1452.80 2097.80 2488.80 - 2763.90
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) 11.90 4.47 11.90 15.78 45.28 109.78 148.88 - 176.39
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
3. 30 DAY YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: Y = 2{[(a - b)/(cd) + 1]6 - 1]}
where: Y = 30 day yield
a = dividends and interest earned during the
period
b = expenses accrued for the period
(net of reimbursements)
c = the average daily number of shares
outstanding during the period that were
entitled to receive dividends
d = the maximum offering price per
share on the last day of the period
<TABLE>
<S> <C> <C> <C> <C>
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
A($) B($) C D($) Y(%)
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
N/A N/A N/A N/A N/A
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
</TABLE>
4. 30 DAY TAX-EQUIVALENT YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: TEY = Y/(1 - TR)
where: TEY = 30 day tax-equivalent yield
Y = 30 day yield (see above)
TR = assumed applicable tax rate
<TABLE>
<S> <C>
- ----------------------------------------------------------- ---------------------------------------------------------
TR(%) TEY(%)
- ----------------------------------------------------------- ---------------------------------------------------------
- ----------------------------------------------------------- ---------------------------------------------------------
N/A N/A
- ----------------------------------------------------------- ---------------------------------------------------------
</TABLE>
5. 30-DAY DISTRIBUTION RATE (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: 30 Day Distribution Rate ("Rate")= (ab)/c
where: Rate = 30 day distribution rate
a = distributions in last 30 days
b = number of 30 day periods in year
c = maximum offering price per share on last
day of period
<TABLE>
<S> <C> <C> <C> <C>
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
A B C RATE(%)
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
N/A N/A N/A N/A
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
</TABLE>
<PAGE>
SCHEDULE OF SAMPLE PERFORMANCE QUOTATION CALCULATIONS
NEW HAMPSHIRE BOND FUND
Note: All performance is for the period ended: 3-31-98
1. AVERAGE ANNUAL TOTAL RETURN (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: T = ({{[((ERV/P)-1)(1-S)-S](1-R)-R}+1}1/n)-1
where: T = average annual total return
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the initial
payment at the end of the period
S = Maximum initial sales charge
R = Maximum redemption charge (calculated
based on _______)(i.e., lower of purchase
amount or redemption amount)
<TABLE>
a. AVERAGE ANNUAL TOTAL RETURN (assuming deduction of the maximum sales/
purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 5.25
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 984.20 973.80 984.20 1007.30 1061.60 1191.10 1326.40 - 1344.60
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S 2.50 2.50 2.50 2.50 2.50 2.50 2.50 - 2.50
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) (6.25) (26.88) (6.25) 1.47 6.16 6.00 5.81 - 5.80
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. AVERAGE ANNUAL TOTAL RETURN (assuming no deduction of sales/purchase/
redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 5.25
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1009.90 999.10 1009.90 1032.90 1088.40 1221.80 1360.80 - 1379.10
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) 4.11 (1.15) 4.11 6.74 8.84 6.90 6.35 - 6.31
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
2. CUMULATIVE TOTAL RETURN (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: C = {{[(T + 1)n - 1 - R]/(1 - R)} + S}/(1 - S)
where: C = cumulative total return of the
investment over the specified period
T = average annual total return (see above)
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the
initial payment at the end of the period
<TABLE>
a. CUMULATIVE TOTAL RETURN (assuming deduction of the maximum sales/
purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 5.25
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 984.20 973.80 984.20 1007.30 1061.60 1191.10 1326.40 - 1344.60
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S 2.50 2.50 2.50 2.50 2.50 2.50 2.50 - 2.50
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) (1.58) (2.62) (1.58) 0.73 6.16 19.11 32.64 - 34.46
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. CUMULATIVE OR AGGREGATE TOTAL RETURN (assuming no deduction of sales/purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 5.25
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1009.90 999.10 1009.90 1032.90 1088.40 1221.80 1360.80 - 1379.10
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) 0.99 (0.09) 0.99 3.29 8.84 22.18 36.08 - 37.91
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
3. 30 DAY YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: Y = 2{[(a - b)/(cd) + 1]6 - 1]}
where: Y = 30 day yield
a = dividends and interest earned during the
period
b = expenses accrued for the period
(net of reimbursements)
c = the average daily number of shares
outstanding during the period that were
entitled to receive dividends
d = the maximum offering price per
share on the last day of the period
<TABLE>
<S> <C> <C> <C> <C>
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
A($) B($) C D($) Y(%)
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
48,447 6,292 1,187,396 11.01 3.90
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
</TABLE>
4. 30 DAY TAX-EQUIVALENT YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: TEY = Y/(1 - TR)
where: TEY = 30 day tax-equivalent yield
Y = 30 day yield (see above)
TR = assumed applicable tax rate
<TABLE>
<S> <C>
- ----------------------------------------------------------- ---------------------------------------------------------
TR(%) TEY(%)
- ----------------------------------------------------------- ---------------------------------------------------------
- ----------------------------------------------------------- ---------------------------------------------------------
42.65 6.80
- ----------------------------------------------------------- ---------------------------------------------------------
</TABLE>
5. 30-DAY DISTRIBUTION RATE (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: 30 Day Distribution Rate ("Rate")= (ab)/c
where: Rate = 30 day distribution rate
a = distributions in last 30 days
b = number of 30 day periods in year
c = maximum offering price per share on last
day of period
<TABLE>
<S> <C> <C> <C>
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
A B C RATE(%)
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
N/A N/A N/A N/A
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
</TABLE>
<PAGE>
SCHEDULE OF SAMPLE PERFORMANCE QUOTATION CALCULATIONS
INVESTORS EQUITY FUND
Note: All performance is for the period ended: 3-31-98
1. AVERAGE ANNUAL TOTAL RETURN (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: T = ({{[((ERV/P)-1)(1-S)-S](1-R)-R}+1}1/n)-1
where: T = average annual total return
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the initial
payment at the end of the period
S = Maximum initial sales charge
R = Maximum redemption charge (calculated
based on _______)(i.e., lower of purchase
amount or redemption amount)
<TABLE>
a. AVERAGE ANNUAL TOTAL RETURN (assuming deduction of the maximum sales/
purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 0.28
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1091.90 1002.60 1091.90 - - - - - 1112.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S 4.00 4.00 4.00 - - - - - 4.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) 42.86 3.12 42.86 - - - - - 60.31
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. AVERAGE ANNUAL TOTAL RETURN (assuming no deduction of sales/purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 0.28
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1137.20 1044.40 1137.20 - - - - - 1152.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) 69.44 69.70 69.44 - - - - - 64.31
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
2. CUMULATIVE TOTAL RETURN (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: C = {{[(T + 1)n - 1 - R]/(1 - R)} + S}/(1 - S)
where: C = cumulative total return of the
investment over the specified period
T = average annual total return (see above)
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the
initial payment at the end of the period
<TABLE>
a. CUMULATIVE TOTAL RETURN (assuming deduction of the maximum sales/
purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 0.28
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1091.90 1002.60 1091.90 - - - - - 1112.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S 4.00 4.00 4.00 - - - - - 4.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) 9.19 0.26 9.19 - - - - - 11.20
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. CUMULATIVE OR AGGREGATE TOTAL RETURN (assuming no deduction of sales/purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 0.28
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1137.20 1044.40 1137.20 - - - - - 1152.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) 13.72 4.44 13.72 - - - - - 15.20
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
3. 30 DAY YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: Y = 2{[(a - b)/(cd) + 1]6 - 1]}
where: Y = 30 day yield
a = dividends and interest earned during the
period
b = expenses accrued for the period
(net of reimbursements)
c = the average daily number of shares
outstanding during the period that were
entitled to receive dividends
d = the maximum offering price per
share on the last day of the period
<TABLE>
<S> <C> <C> <C> <C>
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
A($) B($) C D($) Y(%)
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
N/A N/A N/A N/A N/A
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
</TABLE>
4. 30 DAY TAX-EQUIVALENT YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: TEY = Y/(1 - TR)
where: TEY = 30 day tax-equivalent yield
Y = 30 day yield (see above)
TR = assumed applicable tax rate
<TABLE>
<S> <C>
- ----------------------------------------------------------- ---------------------------------------------------------
TR(%) TEY(%)
- ----------------------------------------------------------- ---------------------------------------------------------
- ----------------------------------------------------------- ---------------------------------------------------------
N/A N/A
- ----------------------------------------------------------- ---------------------------------------------------------
</TABLE>
5. 30-DAY DISTRIBUTION RATE (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: 30 Day Distribution Rate ("Rate")= (ab)/c
where: Rate = 30 day distribution rate
a = distributions in last 30 days
b = number of 30 day periods in year
c = maximum offering price per share on last
day of period
<TABLE>
<S> <C> <C> <C>
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
A B C RATE(%)
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
N/A N/A N/A N/A
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
</TABLE>
<PAGE>
SCHEDULE OF SAMPLE PERFORMANCE QUOTATION CALCULATIONS
INTERNATIONAL EQUITY FUND
Note: All performance is for the period ended: 3-31-98
1. AVERAGE ANNUAL TOTAL RETURN (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: T = ({{[((ERV/P)-1)(1-S)-S](1-R)-R}+1}1/n)-1
where: T = average annual total return
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the initial
payment at the end of the period
S = Maximum initial sales charge
R = Maximum redemption charge (calculated
based on _______)(i.e., lower of purchase
amount or redemption amount)
<TABLE>
a. AVERAGE ANNUAL TOTAL RETURN (assuming deduction of the maximum sales/
purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 0.27
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1090.30 1000.00 1090.30 - - - - - 1112.60
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S 4.00 4.00 4.00 - - - - - 4.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) 43.73 0.00 43.73 - - - - - 51.35
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. AVERAGE ANNUAL TOTAL RETURN (assuming no deduction of sales/purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 0.27
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1136.30 1041.30 1136.30 - - - - - 1159.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) 74.22 69.54 74.22 - - - - - 77.35
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
2. CUMULATIVE TOTAL RETURN (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: C = {{[(T + 1)n - 1 - R]/(1 - R)} + S}/(1 - S)
where: C = cumulative total return of the
investment over the specified period
T = average annual total return (see above)
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the
initial payment at the end of the period
<TABLE>
a. CUMULATIVE TOTAL RETURN (assuming deduction of the maximum sales/
purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 0.27
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1090.30 1000.00 1090.30 - - - - - 1112.60
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S 4.00 4.00 4.00 - - - - - 4.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) 9.03 0.00 9.03 - - - - - 11.26
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. CUMULATIVE OR AGGREGATE TOTAL RETURN (assuming no deduction of sales/purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 0.27
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1136.30 1041.30 1136.30 - - - - - 1159.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) 13.63 4.13 13.63 - - - - - 15.90
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
3. 30 DAY YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: Y = 2{[(a - b)/(cd) + 1]6 - 1]}
where: Y = 30 day yield
a = dividends and interest earned during the
period
b = expenses accrued for the period
(net of reimbursements)
c = the average daily number of shares
outstanding during the period that were
entitled to receive dividends
d = the maximum offering price per
share on the last day of the period
<TABLE>
<S> <C> <C> <C> <C>
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
A($) B($) C D($) Y(%)
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
N/A N/A N/A N/A N/A
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
</TABLE>
4. 30 DAY TAX-EQUIVALENT YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: TEY = Y/(1 - TR)
where: TEY = 30 day tax-equivalent yield
Y = 30 day yield (see above)
TR = assumed applicable tax rate
<TABLE>
<S> <C>
- ----------------------------------------------------------- ---------------------------------------------------------
TR(%) TEY(%)
- ----------------------------------------------------------- ---------------------------------------------------------
- ----------------------------------------------------------- ---------------------------------------------------------
N/A N/A
- ----------------------------------------------------------- ---------------------------------------------------------
</TABLE>
5. 30-DAY DISTRIBUTION RATE (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: 30 Day Distribution Rate ("Rate")= (ab)/c
where: Rate = 30 day distribution rate
a = distributions in last 30 days
b = number of 30 day periods in year
c = maximum offering price per share on last
day of period
<TABLE>
<S> <C> <C> <C>
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
A B C RATE(%)
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
N/A N/A N/A N/A
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
</TABLE>
<PAGE>
SCHEDULE OF SAMPLE PERFORMANCE QUOTATION CALCULATIONS
INVESTORS GROWTH FUND
Note: All performance is for the period ended: 3-31-98
1. AVERAGE ANNUAL TOTAL RETURN (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: T = ({{[((ERV/P)-1)(1-S)-S](1-R)-R}+1}1/n)-1
where: T = average annual total return
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the initial
payment at the end of the period
S = Maximum initial sales charge
R = Maximum redemption charge (calculated
based on _______)(i.e., lower of purchase
amount or redemption amount)
<TABLE>
a. AVERAGE ANNUAL TOTAL RETURN (assuming deduction of the maximum sales/
purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 0.34
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1066.70 999.10 1066.70 - - - - - 1089.60
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S 4.00 4.00 4.00 - - - - - 4.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) 29.95 (1.03) 29.95 - - - - - 29.82
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. AVERAGE ANNUAL TOTAL RETURN (assuming no deduction of sales/purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 0.34
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1111.70 1040.30 1111.70 - - - - - 1135.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) 58.40 67.43 58.40 - - - - - 46.99
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
2. CUMULATIVE TOTAL RETURN (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: C = {{[(T + 1)n - 1 - R]/(1 - R)} + S}/(1 - S)
where: C = cumulative total return of the
investment over the specified period
T = average annual total return (see above)
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the
initial payment at the end of the period
<TABLE>
a. CUMULATIVE TOTAL RETURN (assuming deduction of the maximum sales/
purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 0.34
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1066.70 999.10 1066.70 - - - - - 1089.60
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S 4.00 4.00 4.00 - - - - - 4.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) 6.67 (0.09) 6.67 - - - - - 8.96
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. CUMULATIVE OR AGGREGATE TOTAL RETURN (assuming no deduction of sales/purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 0.34
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1111.70 1040.30 1111.70 - - - - - 1135.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) 11.17 4.03 11.17 - - - - - 13.50
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
3. 30 DAY YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: Y = 2{[(a - b)/(cd) + 1]6 - 1]}
where: Y = 30 day yield
a = dividends and interest earned during the
period
b = expenses accrued for the period
(net of reimbursements)
c = the average daily number of shares
outstanding during the period that were
entitled to receive dividends
d = the maximum offering price per
share on the last day of the period
<TABLE>
<S> <C> <C> <C> <C>
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
A($) B($) C D($) Y(%)
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
N/A N/A N/A N/A N/A
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
</TABLE>
4. 30 DAY TAX-EQUIVALENT YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: TEY = Y/(1 - TR)
where: TEY = 30 day tax-equivalent yield
Y = 30 day yield (see above)
TR = assumed applicable tax rate
<TABLE>
<S> <C>
- ----------------------------------------------------------- ---------------------------------------------------------
TR(%) TEY(%)
- ----------------------------------------------------------- ---------------------------------------------------------
- ----------------------------------------------------------- ---------------------------------------------------------
N/A N/A
- ----------------------------------------------------------- ---------------------------------------------------------
</TABLE>
5. 30-DAY DISTRIBUTION RATE (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: 30 Day Distribution Rate ("Rate")= (ab)/c
where: Rate = 30 day distribution rate
a = distributions in last 30 days
b = number of 30 day periods in year
c = maximum offering price per share on last
day of period
<TABLE>
<S> <C> <C> <C>
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
A B C RATE(%)
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
N/A N/A N/A N/A
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
</TABLE>
<PAGE>
SCHEDULE OF SAMPLE PERFORMANCE QUOTATION CALCULATIONS
EQUITY INDEX FUND
Note: All performance is for the period ended: 3-31-98
1. AVERAGE ANNUAL TOTAL RETURN (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: T = ({{[((ERV/P)-1)(1-S)-S](1-R)-R}+1}1/n)-1
where: T = average annual total return
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the initial
payment at the end of the period
S = Maximum initial sales charge
R = Maximum redemption charge (calculated
based on _______)(i.e., lower of purchase
amount or redemption amount)
<TABLE>
a. AVERAGE ANNUAL TOTAL RETURN (assuming deduction of the maximum sales/
purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 0.27
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1093.80 1008.60 1093.80 - - - - - 1138.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S 4.00 4.00 4.00 - - - - - 4.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) 43.84 10.56 43.84 - - - - - 81.23
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. AVERAGE ANNUAL TOTAL RETURN (assuming no deduction of sales/purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 0.27
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1139.30 1050.80 1139.30 - - - - - 1178.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) 70.70 82.84 70.70 - - - - - 85.23
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
2. CUMULATIVE TOTAL RETURN (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: C = {{[(T + 1)n - 1 - R]/(1 - R)} + S}/(1 - S)
where: C = cumulative total return of the
investment over the specified period
T = average annual total return (see above)
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the
initial payment at the end of the period
<TABLE>
a. CUMULATIVE TOTAL RETURN (assuming deduction of the maximum sales/
purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 0.27
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1093.80 1008.60 1093.80 - - - - - 1138.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S 4.00 4.00 4.00 - - - - - 4.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) 9.38 0.86 9.38 - - - - - 13.80
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. CUMULATIVE OR AGGREGATE TOTAL RETURN (assuming no deduction of sales/purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 0.27
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1139.30 1050.80 1139.30 - - - - - 1178.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) 13.93 5.08 13.93 - - - - - 17.80
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
3. 30 DAY YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: Y = 2{[(a - b)/(cd) + 1]6 - 1]}
where: Y = 30 day yield
a = dividends and interest earned during the
period
b = expenses accrued for the period
(net of reimbursements)
c = the average daily number of shares
outstanding during the period that were
entitled to receive dividends
d = the maximum offering price per
share on the last day of the period
<TABLE>
<S> <C> <C> <C> <C>
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
A($) B($) C D($) Y(%)
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
N/A N/A N/A N/A N/A
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
</TABLE>
4. 30 DAY TAX-EQUIVALENT YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: TEY = Y/(1 - TR)
where: TEY = 30 day tax-equivalent yield
Y = 30 day yield (see above)
TR = assumed applicable tax rate
<TABLE>
<S> <C>
- ----------------------------------------------------------- ---------------------------------------------------------
TR(%) TEY(%)
- ----------------------------------------------------------- ---------------------------------------------------------
- ----------------------------------------------------------- ---------------------------------------------------------
N/A N/A
- ----------------------------------------------------------- ---------------------------------------------------------
</TABLE>
5. 30-DAY DISTRIBUTION RATE (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: 30 Day Distribution Rate ("Rate")= (ab)/c
where: Rate = 30 day distribution rate
a = distributions in last 30 days
b = number of 30 day periods in year
c = maximum offering price per share on last
day of period
<TABLE>
<S> <C> <C> <C>
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
A B C RATE(%)
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
N/A N/A N/A N/A
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
</TABLE>
<PAGE>
SCHEDULE OF SAMPLE PERFORMANCE QUOTATION CALCULATIONS
QUADRA VALUE EQUITY FUND
Note: All performance is for the period ended: 3-31-98
1. AVERAGE ANNUAL TOTAL RETURN (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: T = ({{[((ERV/P)-1)(1-S)-S](1-R)-R}+1}1/n)-1
where: T = average annual total return
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the initial
payment at the end of the period
S = Maximum initial sales charge
R = Maximum redemption charge (calculated
based on _______)(i.e., lower of purchase
amount or redemption amount)
<TABLE>
a. AVERAGE ANNUAL TOTAL RETURN (assuming deduction of the maximum sales/
purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 1
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV NA NA NA NA NA NA NA NA NA
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) NA NA NA NA NA NA NA NA NA
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. AVERAGE ANNUAL TOTAL RETURN (assuming no deduction of sales/purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 1
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1057.90 1039.80 1057.90 1092.70 - - - - 1374.70
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) 25.94 60.79 25.94 19.58 - - - - 37.47
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
2. CUMULATIVE TOTAL RETURN (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: C = {{[(T + 1)n - 1 - R]/(1 - R)} + S}/(1 - S)
where: C = cumulative total return of the
investment over the specified period
T = average annual total return (see above)
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the
initial payment at the end of the period
<TABLE>
a. CUMULATIVE TOTAL RETURN (assuming deduction of the maximum sales/
purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 1
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV NA NA NA NA NA NA NA NA NA
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) NA NA NA NA NA NA NA NA NA
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. CUMULATIVE OR AGGREGATE TOTAL RETURN (assuming no deduction of sales/purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 1
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1057.90 1039.80 1057.90 1092.70 - - - - 1374.70
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) 5.79 3.98 5.79 9.27 - - - - 37.47
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
3. 30 DAY YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: Y = 2{[(a - b)/(cd) + 1]6 - 1]}
where: Y = 30 day yield
a = dividends and interest earned during the
period
b = expenses accrued for the period
(net of reimbursements)
c = the average daily number of shares
outstanding during the period that were
entitled to receive dividends
d = the maximum offering price per
share on the last day of the period
<TABLE>
<S> <C> <C> <C> <C>
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
A($) B($) C D($) Y(%)
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
N/A N/A N/A N/A N/A
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
</TABLE>
4. 30 DAY TAX-EQUIVALENT YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: TEY = Y/(1 - TR)
where: TEY = 30 day tax-equivalent yield
Y = 30 day yield (see above)
TR = assumed applicable tax rate
<TABLE>
<S> <C>
- ----------------------------------------------------------- ---------------------------------------------------------
TR(%) TEY(%)
- ----------------------------------------------------------- ---------------------------------------------------------
- ----------------------------------------------------------- ---------------------------------------------------------
N/A N/A
- ----------------------------------------------------------- ---------------------------------------------------------
</TABLE>
5. 30-DAY DISTRIBUTION RATE (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: 30 Day Distribution Rate ("Rate")= (ab)/c
where: Rate = 30 day distribution rate
a = distributions in last 30 days
b = number of 30 day periods in year
c = maximum offering price per share on last
day of period
<TABLE>
<S> <C> <C> <C>
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
A B C RATE(%)
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
N/A N/A N/A N/A
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
</TABLE>
<PAGE>
SCHEDULE OF SAMPLE PERFORMANCE QUOTATION CALCULATIONS
QUADRA GROWTH FUND
Note: All performance is for the period ended: 3-31-98
1. AVERAGE ANNUAL TOTAL RETURN (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: T = ({{[((ERV/P)-1)(1-S)-S](1-R)-R}+1}1/n)-1
where: T = average annual total return
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the initial
payment at the end of the period
S = Maximum initial sales charge
R = Maximum redemption charge (calculated
based on _______)(i.e., lower of purchase
amount or redemption amount)
<TABLE>
a. AVERAGE ANNUAL TOTAL RETURN (assuming deduction of the maximum sales/
purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 0.40
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV NA NA NA NA NA NA NA NA NA
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) NA NA NA NA NA NA NA NA NA
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. AVERAGE ANNUAL TOTAL RETURN (assuming no deduction of sales/purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 0.40
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1102.30 1040.10 1102.30 - - - - - 1142.30
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) 49.11 61.29 49.11 - - - - - 38.82
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
2. CUMULATIVE TOTAL RETURN (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: C = {{[(T + 1)n - 1 - R]/(1 - R)} + S}/(1 - S)
where: C = cumulative total return of the
investment over the specified period
T = average annual total return (see above)
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the
initial payment at the end of the period
<TABLE>
a. CUMULATIVE TOTAL RETURN (assuming deduction of the maximum sales/
purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 0.40
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV NA NA NA NA NA NA NA NA NA
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) NA NA NA NA NA NA NA NA NA
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. CUMULATIVE OR AGGREGATE TOTAL RETURN (assuming no deduction of sales/purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 0.40
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1102.30 1040.10 1102.30 - - - - - 1142.30
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) 10.23 4.01 10.23 - - - - - 14.23
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
3. 30 DAY YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: Y = 2{[(a - b)/(cd) + 1]6 - 1]}
where: Y = 30 day yield
a = dividends and interest earned during the
period
b = expenses accrued for the period
(net of reimbursements)
c = the average daily number of shares
outstanding during the period that were
entitled to receive dividends
d = the maximum offering price per
share on the last day of the period
<TABLE>
<S> <C> <C> <C> <C>
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
A($) B($) C D($) Y(%)
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
N/A N/A N/A N/A N/A
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
</TABLE>
4. 30 DAY TAX-EQUIVALENT YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: TEY = Y/(1 - TR)
where: TEY = 30 day tax-equivalent yield
Y = 30 day yield (see above)
TR = assumed applicable tax rate
<TABLE>
<S> <C>
- ----------------------------------------------------------- ---------------------------------------------------------
TR(%) TEY(%)
- ----------------------------------------------------------- ---------------------------------------------------------
- ----------------------------------------------------------- ---------------------------------------------------------
N/A N/A
- ----------------------------------------------------------- ---------------------------------------------------------
</TABLE>
5. 30-DAY DISTRIBUTION RATE (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: 30 Day Distribution Rate ("Rate")= (ab)/c
where: Rate = 30 day distribution rate
a = distributions in last 30 days
b = number of 30 day periods in year
c = maximum offering price per share on last
day of period
<TABLE>
<S> <C> <C> <C>
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
A B C RATE(%)
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
N/A N/A N/A N/A
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
</TABLE>
<PAGE>
SCHEDULE OF SAMPLE PERFORMANCE QUOTATION CALCULATIONS
POLARIS FUND
Note: All performance is for the period ended: 3-31-98
1. AVERAGE ANNUAL TOTAL RETURN (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: T = ({{[((ERV/P)-1)(1-S)-S](1-R)-R}+1}1/n)-1
where: T = average annual total return
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the initial
payment at the end of the period
S = Maximum initial sales charge
R = Maximum redemption charge (calculated
based on _______)(i.e., lower of purchase
amount or redemption amount)
<TABLE>
a. AVERAGE ANNUAL TOTAL RETURN (assuming deduction of the maximum sales/
purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 8.67
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV NA NA NA NA NA NA NA NA NA
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) NA NA NA NA NA NA NA NA NA
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. AVERAGE ANNUAL TOTAL RETURN (assuming no deduction of sales/purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 8.67
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1087.10 1033.30 1087.10 1016.50 1404.10 2256.20 2779.30 - 3258.40
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) 40.34 47.11 40.34 3.34 40.41 31.12 22.67 - 14.59
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
2. CUMULATIVE TOTAL RETURN (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: C = {{[(T + 1)n - 1 - R]/(1 - R)} + S}/(1 - S)
where: C = cumulative total return of the
investment over the specified period
T = average annual total return (see above)
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the
initial payment at the end of the period
<TABLE>
a. CUMULATIVE TOTAL RETURN (assuming deduction of the maximum sales/
purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 8.67
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV NA NA NA NA NA NA NA NA NA
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) NA NA NA NA NA NA NA NA NA
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. CUMULATIVE OR AGGREGATE TOTAL RETURN (assuming no deduction of sales/purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 8.67
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1087.10 1033.30 1087.10 1016.50 1404.10 2256.20 2779.30 - 3258.40
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) 8.71 3.33 8.71 1.65 40.41 125.62 177.93 - 225.84
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
3. 30 DAY YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: Y = 2{[(a - b)/(cd) + 1]6 - 1]}
where: Y = 30 day yield
a = dividends and interest earned during the
period
b = expenses accrued for the period
(net of reimbursements)
c = the average daily number of shares
outstanding during the period that were
entitled to receive dividends
d = the maximum offering price per
share on the last day of the period
<TABLE>
<S> <C> <C> <C> <C>
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
A($) B($) C D($) Y(%)
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
N/A N/A N/A N/A N/A
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
</TABLE>
4. 30 DAY TAX-EQUIVALENT YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: TEY = Y/(1 - TR)
where: TEY = 30 day tax-equivalent yield
Y = 30 day yield (see above)
TR = assumed applicable tax rate
<TABLE>
<S> <C>
- ----------------------------------------------------------- ---------------------------------------------------------
TR(%) TEY(%)
- ----------------------------------------------------------- ---------------------------------------------------------
- ----------------------------------------------------------- ---------------------------------------------------------
N/A N/A
- ----------------------------------------------------------- ---------------------------------------------------------
</TABLE>
5. 30-DAY DISTRIBUTION RATE (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: 30 Day Distribution Rate ("Rate")= (ab)/c
where: Rate = 30 day distribution rate
a = distributions in last 30 days
b = number of 30 day periods in year
c = maximum offering price per share on last
day of period
<TABLE>
<S> <C> <C> <C>
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
A B C RATE(%)
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
N/A N/A N/A N/A
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
</TABLE>
<PAGE>
SCHEDULE OF SAMPLE PERFORMANCE QUOTATION CALCULATIONS
(MONEY MARKET FUNDS)
DAILY ASSETS TREASURY FUND - INSTITUTIONAL SERVICES
1. 7 DAY ANNUALIZED YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: Y = [(V1 - V0)/V0](365/7)
where: Y = annualized yield
V0 = the value of a hypothetical
pre-existing account in the Fund having a
balance of one share at the beginning of the
period
V1 = the value of such an account at
the end of the stated period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
V1($) V0($) Y(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
1.000956986 1 4.99
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
2. 7 DAY EFFECTIVE ANNUALIZED YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: EY = (Y + 1)365/7 - 1
where: EY = effective annualized yield
Y = annualized yield (see above)
--------------------------------------
EY(%)
--------------------------------------
--------------------------------------
5.11
--------------------------------------
3. 7 DAY TAX-EQUIVALENT ANNUALIZED YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: TEY = [Y/(1 - TR)](% of TF Income)
where: TEY = tax equivalent annualized yield
Y = annualized yield (see above)
TR = assumed applicable tax rate
% of TF Income = percentage of tax free
income for the period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
TR(%) % OF TF INCOME(%) TEY(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
N/A N/A N/A
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
4. 7 DAY TAX-EQUIVALENT EFFECTIVE ANNUALIZED YIELD (PURSUANT TO SEC
STANDARDIZED FORMULA)
SEC Formula: TEEY = [EY/(1 - TR)](% of TF Income)
where: TEEY = tax equivalent effective yield
EY = effective annualized yield (see above)
TR = assumed applicable tax rate
% of TF Income = percentage of tax free
income for the period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
TR(%) % OF TF INCOME(%) TEEY(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
N/A N/A N/A
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
5. 30 DAY ANNUALIZED YIELD (PURSUANT TO NON-STANDARDIZED FORMULA)
SEC Formula: Y30 = [(V1 - V0)/V0](365/30)
where: Y30 = annualized 30 day yield
V0 = the value of a hypothetical
pre-existing account in the Fund having a
balance of one share at the beginning of the
period
V1 = the value of such an account at
the end of the stated period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
V1($) V0($) Y30(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
1.004093151 1 4.98
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
6. 30 DAY EFFECTIVE ANNUALIZED YIELD (PURSUANT TO NON-STANDARDIZED FORMULA)
SEC Formula: EY30 = (Y30 + 1)365/30 - 1
where: EY30 = effective annualized 30 day yield
Y30 = annualized 30 day yield (see above)
--------------------------------------
EY30(%)
--------------------------------------
--------------------------------------
5.10
--------------------------------------
7. 30 DAY TAX-EQUIVALENT ANNUALIZED YIELD (PURSUANT TO NON-STANDARDIZED
FORMULA)
SEC Formula: TEY30 = [Y30/(1 - TR)](% of TF Income)
where: TEY30 = tax equivalent annualized 30 day
yield
Y30 = annualized 30 day yield (see above)
TR = assumed applicable tax rate
% of TF Income = percentage of tax free
income for the period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
TR(%) % OF TF INCOME(%) TEY30(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
N/A N/A N/A
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
8. 30 DAY TAX-EQUIVALENT EFFECTIVE ANNUALIZED YIELD (PURSUANT TO
NON-STANDARDIZED FORMULA)
SEC Formula: TEEY30 = [EY30/(1 - TR)](% of TF Income)
where: TEEY30 = tax equivalent effective 30 day
yield
EY30 = effective annualized 30 day
yield (see above)
TR = assumed applicable tax rate
% of TF Income = percentage of tax free
income for the period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
TR(%) % OF TF INCOME(%) TEEY30(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
N/A N/A N/A
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
<PAGE>
SCHEDULE OF SAMPLE PERFORMANCE QUOTATION CALCULATIONS
(MONEY MARKET FUNDS)
DAILY ASSETS CASH FUND - INSTITUTIONAL SERVICES
1. 7 DAY ANNUALIZED YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: Y = [(V1 - V0)/V0](365/7)
where: Y = annualized yield
V0 = the value of a hypothetical
pre-existing account in the Fund having a
balance of one share at the beginning of the
period
V1 = the value of such an account at
the end of the stated period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
V1($) V0($) Y(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
1.001004932 1 5.24
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
2. 7 DAY EFFECTIVE ANNUALIZED YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: EY = (Y + 1)365/7 - 1
where: EY = effective annualized yield
Y = annualized yield (see above)
--------------------------------------
EY(%)
--------------------------------------
--------------------------------------
5.37
--------------------------------------
3. 7 DAY TAX-EQUIVALENT ANNUALIZED YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: TEY = [Y/(1 - TR)](% of TF Income)
where: TEY = tax equivalent annualized yield
Y = annualized yield (see above)
TR = assumed applicable tax rate
% of TF Income = percentage of tax free
income for the period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
TR(%) % OF TF INCOME(%) TEY(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
N/A N/A N/A
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
4. 7 DAY TAX-EQUIVALENT EFFECTIVE ANNUALIZED YIELD (PURSUANT TO SEC
STANDARDIZED FORMULA)
SEC Formula: TEEY = [EY/(1 - TR)](% of TF Income)
where: TEEY = tax equivalent effective yield
EY = effective annualized yield (see above)
TR = assumed applicable tax rate
% of TF Income = percentage of tax free
income for the period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
TR(%) % OF TF INCOME(%) TEEY(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
N/A N/A N/A
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
5. 30 DAY ANNUALIZED YIELD (PURSUANT TO NON-STANDARDIZED FORMULA)
SEC Formula: Y30 = [(V1 - V0)/V0](365/30)
where: Y30 = annualized 30 day yield
V0 = the value of a hypothetical
pre-existing account in the Fund having a
balance of one share at the beginning of the
period
V1 = the value of such an account at
the end of the stated period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
V1($) V0($) Y30(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
1.004290411 1 5.22
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
6. 30 DAY EFFECTIVE ANNUALIZED YIELD (PURSUANT TO NON-STANDARDIZED FORMULA)
SEC Formula: EY30 = (Y30 + 1)365/30 - 1
where: EY30 = effective annualized 30 day yield
Y30 = annualized 30 day yield (see above)
--------------------------------------
EY30(%)
--------------------------------------
--------------------------------------
5.34
--------------------------------------
7. 30 DAY TAX-EQUIVALENT ANNUALIZED YIELD (PURSUANT TO NON-STANDARDIZED
FORMULA)
SEC Formula: TEY30 = [Y30/(1 - TR)](% of TF Income)
where: TEY30 = tax equivalent annualized 30 day
yield
Y30 = annualized 30 day yield (see
above)
TR = assumed applicable tax rate
% of TF Income = percentage of tax free
income for the period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
TR(%) % OF TF INCOME(%) TEY30(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
N/A N/A N/A
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
8. 30 DAY TAX-EQUIVALENT EFFECTIVE ANNUALIZED YIELD (PURSUANT TO
NON-STANDARDIZED FORMULA)
SEC Formula: TEEY30 = [EY30/(1 - TR)](% of TF Income)
where: TEEY30 = tax equivalent effective 30 day
yield
EY30 = effective annualized 30 day
yield (see above)
TR = assumed applicable tax rate
% of TF Income = percentage of tax
free income for the period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
TR(%) % OF TF INCOME(%) TEEY30(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
N/A N/A N/A
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
<PAGE>
SCHEDULE OF SAMPLE PERFORMANCE QUOTATION CALCULATIONS
(MONEY MARKET FUNDS)
DAILY ASSETS CASH - INSTITUTIONAL
1. 7 DAY ANNUALIZED YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: Y = [(V1 - V0)/V0](365/7)
where: Y = annualized yield
V0 = the value of a hypothetical
pre-existing account in the Fund having a
balance of one share at the beginning of the
period
V1 = the value of such an account at
the end of the stated period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
V1($) V0($) Y(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
1.001054795 1 5.50
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
2. 7 DAY EFFECTIVE ANNUALIZED YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: EY = (Y + 1)365/7 - 1
where: EY = effective annualized yield
Y = annualized yield (see above)
--------------------------------------
EY(%)
--------------------------------------
--------------------------------------
5.65
--------------------------------------
3. 7 DAY TAX-EQUIVALENT ANNUALIZED YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: TEY = [Y/(1 - TR)](% of TF Income)
where: TEY = tax equivalent annualized yield
Y = annualized yield (see above)
TR = assumed applicable tax rate
% of TF Income = percentage of tax free
income for the period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
TR(%) % OF TF INCOME(%) TEY(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
N/A N/A N/A
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
4. 7 DAY TAX-EQUIVALENT EFFECTIVE ANNUALIZED YIELD (PURSUANT TO SEC
STANDARDIZED FORMULA)
SEC Formula: TEEY = [EY/(1 - TR)](% of TF Income)
where: TEEY = tax equivalent effective yield
EY = effective annualized yield (see above)
TR = assumed applicable tax rate
% of TF Income = percentage of tax free
income for the period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
TR(%) % OF TF INCOME(%) TEEY(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
N/A N/A N/A
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
5. 30 DAY ANNUALIZED YIELD (PURSUANT TO NON-STANDARDIZED FORMULA)
SEC Formula: Y30 = [(V1 - V0)/V0](365/30)
where: Y30 = annualized 30 day yield
V0 = the value of a hypothetical
pre-existing account in the Fund having a
balance of one share at the beginning of the
period
V1 = the value of such an account at
the end of the stated period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
V1($) V0($) Y30(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
1.002852055 1 3.47
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
6. 30 DAY EFFECTIVE ANNUALIZED YIELD (PURSUANT TO NON-STANDARDIZED FORMULA)
SEC Formula: EY30 = (Y30 + 1)365/30 - 1
where: EY30 = effective annualized 30 day yield
Y30 = annualized 30 day yield (see above)
--------------------------------------
EY30(%)
--------------------------------------
--------------------------------------
3.53
--------------------------------------
7. 30 DAY TAX-EQUIVALENT ANNUALIZED YIELD (PURSUANT TO NON-STANDARDIZED
FORMULA)
SEC Formula: TEY30 = [Y30/(1 - TR)](% of TF Income)
where: TEY30 = tax equivalent annualized 30 day
yield
Y30 = annualized 30 day yield (see
above)
TR = assumed applicable tax rate
% of TF Income = percentage of tax free
income for the period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
TR(%) % OF TF INCOME(%) TEY30(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
N/A N/A N/A
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
8. 30 DAY TAX-EQUIVALENT EFFECTIVE ANNUALIZED YIELD (PURSUANT TO
NON-STANDARDIZED FORMULA)
SEC Formula: TEEY30 = [EY30/(1 - TR)](% of TF Income)
where: TEEY30 = tax equivalent effective 30 day
yield
EY30 = effective annualized 30 day
yield (see above)
TR = assumed applicable tax rate
% of TF Income = percentage of tax
free income for the period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
TR(%) % OF TF INCOME(%) TEEY30(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
N/A N/A N/A
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
<PAGE>
SCHEDULE OF SAMPLE PERFORMANCE QUOTATION CALCULATIONS
(MONEY MARKET FUNDS)
DAILY ASSETS GOVERNMENT FUND - INSTITUTIONAL
1. 7 DAY ANNUALIZED YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: Y = [(V1 - V0)/V0](365/7)
where: Y = annualized yield
V0 = the value of a hypothetical
pre-existing account in the Fund having a
balance of one share at the beginning of the
period
V1 = the value of such an account at
the end of the stated period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
V1($) V0($) Y(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
1.000278082 1 1.45
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
2. 7 DAY EFFECTIVE ANNUALIZED YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: EY = (Y + 1)365/7 - 1
where: EY = effective annualized yield
Y = annualized yield (see above)
--------------------------------------
EY(%)
--------------------------------------
--------------------------------------
1.46
--------------------------------------
3. 7 DAY TAX-EQUIVALENT ANNUALIZED YIELD (PURSUANT TO SEC STANDARDIZED
FORMULA)
SEC Formula: TEY = [Y/(1 - TR)](% of TF Income)
where: TEY = tax equivalent annualized yield
Y = annualized yield (see above)
TR = assumed applicable tax rate
% of TF Income = percentage of tax free
income for the period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
TR(%) % OF TF INCOME(%) TEY(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
N/A N/A N/A
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
4. 7 DAY TAX-EQUIVALENT EFFECTIVE ANNUALIZED YIELD (PURSUANT TO SEC
STANDARDIZED FORMULA)
SEC Formula: TEEY = [EY/(1 - TR)](% of TF Income)
where: TEEY = tax equivalent effective yield
EY = effective annualized yield (see above)
TR = assumed applicable tax rate
% of TF Income = percentage of tax free
income for the period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
TR(%) % OF TF INCOME(%) TEEY(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
N/A N/A N/A
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
5. 30 DAY ANNUALIZED YIELD (PURSUANT TO NON-STANDARDIZED FORMULA)
SEC Formula: Y30 = [(V1 - V0)/V0](365/30)
where: Y30 = annualized 30 day yield
V0 = the value of a hypothetical
pre-existing account in the Fund having a
balance of one share at the beginning of the
period
V1 = the value of such an account at
the end of the stated period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
V1($) V0($) Y30(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
1.000279452 1 0.34
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
6. 30 DAY EFFECTIVE ANNUALIZED YIELD (PURSUANT TO NON-STANDARDIZED FORMULA)
SEC Formula: EY30 = (Y30 + 1)365/30 - 1
where: EY30 = effective annualized 30 day yield
Y30 = annualized 30 day yield (see above)
--------------------------------------
EY30(%)
--------------------------------------
--------------------------------------
0.34
--------------------------------------
7. 30 DAY TAX-EQUIVALENT ANNUALIZED YIELD (PURSUANT TO NON-STANDARDIZED
FORMULA)
SEC Formula: TEY30 = [Y30/(1 - TR)](% of TF Income)
where: TEY30 = tax equivalent annualized 30 day
yield
Y30 = annualized 30 day yield (see
above)
TR = assumed applicable tax rate
% of TF Income = percentage of tax free
income for the period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
TR(%) % OF TF INCOME(%) TEY30(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
N/A N/A N/A
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
8. 30 DAY TAX-EQUIVALENT EFFECTIVE ANNUALIZED YIELD (PURSUANT TO
NON-STANDARDIZED FORMULA)
SEC Formula: TEEY30 = [EY30/(1 - TR)](% of TF Income)
where: TEEY30 = tax equivalent effective 30 day
yield
EY30 = effective annualized 30 day
yield (see above)
TR = assumed applicable tax rate
% of TF Income = percentage of tax
free income for the period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
TR(%) % OF TF INCOME(%) TEEY30(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
N/A N/A N/A
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
<PAGE>
SCHEDULE OF SAMPLE PERFORMANCE QUOTATION CALCULATIONS
(MONEY MARKET FUNDS)
DAILY ASSETS TREASURY OBLIGATION FUND - INSTITUTIONAL
1. 7 DAY ANNUALIZED YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: Y = [(V1 - V0)/V0](365/7)
where: Y = annualized yield
V0 = the value of a hypothetical
pre-existing account in the Fund having a
balance of one share at the beginning of the
period
V1 = the value of such an account at
the end of the stated period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
V1($) V0($) Y(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
1.001068219 1 5.57
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
2. 7 DAY EFFECTIVE ANNUALIZED YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: EY = (Y + 1)365/7 - 1
where: EY = effective annualized yield
Y = annualized yield (see above)
--------------------------------------
EY(%)
--------------------------------------
--------------------------------------
5.72
--------------------------------------
3. 7 DAY TAX-EQUIVALENT ANNUALIZED YIELD (PURSUANT TO SEC STANDARDIZED
FORMULA)
SEC Formula: TEY = [Y/(1 - TR)](% of TF Income)
where: TEY = tax equivalent annualized yield
Y = annualized yield (see above)
TR = assumed applicable tax rate
% of TF Income = percentage of tax free
income for the period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
TR(%) % OF TF INCOME(%) TEY(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
N/A N/A N/A
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
4. 7 DAY TAX-EQUIVALENT EFFECTIVE ANNUALIZED YIELD (PURSUANT TO SEC
STANDARDIZED FORMULA)
SEC Formula: TEEY = [EY/(1 - TR)](% of TF Income)
where: TEEY = tax equivalent effective yield
EY = effective annualized yield (see above)
TR = assumed applicable tax rate
% of TF Income = percentage of tax free
income for the period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
TR(%) % OF TF INCOME(%) TEEY(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
N/A N/A N/A
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
5. 30 DAY ANNUALIZED YIELD (PURSUANT TO NON-STANDARDIZED FORMULA)
SEC Formula: Y30 = [(V1 - V0)/V0](365/30)
where: Y30 = annualized 30 day yield
V0 = the value of a hypothetical
pre-existing account in the Fund having a
balance of one share at the beginning of the
period
V1 = the value of such an account at
the end of the stated period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
V1($) V0($) Y30(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
1.004504110 1 5.48
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
6. 30 DAY EFFECTIVE ANNUALIZED YIELD (PURSUANT TO NON-STANDARDIZED FORMULA)
SEC Formula: EY30 = (Y30 + 1)365/30 - 1
where: EY30 = effective annualized 30 day yield
Y30 = annualized 30 day yield (see above)
--------------------------------------
EY30(%)
--------------------------------------
--------------------------------------
5.62
--------------------------------------
7. 30 DAY TAX-EQUIVALENT ANNUALIZED YIELD (PURSUANT TO NON-STANDARDIZED
FORMULA)
SEC Formula: TEY30 = [Y30/(1 - TR)](% of TF Income)
where: TEY30 = tax equivalent annualized 30 day
yield
Y30 = annualized 30 day yield (see
above)
TR = assumed applicable tax rate
% of TF Income = percentage of tax free
income for the period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
TR(%) % OF TF INCOME(%) TEY30(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
N/A N/A N/A
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
8. 30 DAY TAX-EQUIVALENT EFFECTIVE ANNUALIZED YIELD (PURSUANT TO
NON-STANDARDIZED FORMULA)
SEC Formula: TEEY30 = [EY30/(1 - TR)](% of TF Income)
where: TEEY30 = tax equivalent effective 30 day
yield
EY30 = effective annualized 30 day
yield (see above)
TR = assumed applicable tax rate
% of TF Income = percentage of tax
free income for the period
<TABLE>
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
TR(%) % OF TF INCOME(%) TEEY30(%)
- --------------------------------------- -------------------------------------- --------------------------------------
- --------------------------------------- -------------------------------------- --------------------------------------
N/A N/A N/A
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
<PAGE>
SCHEDULE OF SAMPLE PERFORMANCE QUOTATION CALCULATIONS
FORUM EMERGING MARKETS FUND
Note: All performance is for the period ended: 3-31-98
1. AVERAGE ANNUAL TOTAL RETURN (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: T = ({{[((ERV/P)-1)(1-S)-S](1-R)-R}+1}1/n)-1
where: T = average annual total return
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the initial
payment at the end of the period
S = Maximum initial sales charge
R = Maximum redemption charge (calculated
based on _______)(i.e., lower of purchase
amount or redemption amount)
a. AVERAGE ANNUAL TOTAL RETURN (assuming deduction of the maximum sales/
purchase/redemption charges)
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 .27
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 990.80 989.80 990.80 - - - - - 1029.10
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S 4.00% 4.00% 4.00% - - - - - 4.00%
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) (3.70) (11.33) (3.70) - - - - - 11.28
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. AVERAGE ANNUAL TOTAL RETURN (assuming no deduction of sales/purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 .27
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1031.80 1030.80 1031.80 - - - - - 1072.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
T(%) 13.68 44.59 13.68 - - - - - 29.90
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
2. CUMULATIVE TOTAL RETURN (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: C = {{[(T + 1)n - 1 - R]/(1 - R)} + S}/(1 - S)
where: C = cumulative total return of the
investment over the specified period
T = average annual total return (see above)
P = initial payment of $1,000
n = number of years
ERV = ending redeemable value of the
initial payment at the end of the period
<TABLE>
a. CUMULATIVE TOTAL RETURN (assuming deduction of the maximum sales/
purchase/redemption charges)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 .72
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 990.80 989.80 990.80 - - - - - 1029.10
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
S 4.00% 4.00% 4.00% - - - - - 4.00%
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
R - - - - - - - - -
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) (.92) (1.02) (.92) - - - - - 2.91
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
b. CUMULATIVE OR AGGREGATE TOTAL RETURN (assuming no deduction of sales/purchase/redemption charges)
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
CAL YR 1 MTH 3 MTH 6 MTH 1 YR 3 YR 5 YR 10 YR INCEPT
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
P($) 1000 1000 1000 1000 1000 1000 1000 1000 1000
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
N(YR) 1/4 1/12 1/4 1/2 1 3 5 10 .27
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
ERV 1031.80 1030.80 1031.80 - - - - - 1072.00
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
C(%) 3.18 3.08 3.18 - - - - - 7.20
- ----------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
</TABLE>
<PAGE>
3. 30 DAY YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: Y = 2{[(a - b)/(cd) + 1]6 - 1]}
where: Y = 30 day yield
a = dividends and interest earned during the
period
b = expenses accrued for the period
(net of reimbursements)
c = the average daily number of shares
outstanding during the period that were
entitled to receive dividends
d = the maximum offering price per
share on the last day of the period
<TABLE>
<S> <C> <C> <C> <C>
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
A($) B($) C D($) Y(%)
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
N/A N/A N/A N/A N/A
- ------------------------ ---------------------- ---------------------- ----------------------- ----------------------
</TABLE>
4. 30 DAY TAX-EQUIVALENT YIELD (PURSUANT TO SEC STANDARDIZED FORMULA)
SEC Formula: TEY = Y/(1 - TR)
where: TEY = 30 day tax-equivalent yield
Y = 30 day yield (see above)
TR = assumed applicable tax rate
<TABLE>
<S> <C>
- ----------------------------------------------------------- ---------------------------------------------------------
TR(%) TEY(%)
- ----------------------------------------------------------- ---------------------------------------------------------
- ----------------------------------------------------------- ---------------------------------------------------------
N/A N/A
- ----------------------------------------------------------- ---------------------------------------------------------
</TABLE>
5. 30-DAY DISTRIBUTION RATE (PURSUANT TO NON-STANDARDIZED FORMULA)
Formula: 30 Day Distribution Rate ("Rate")= (ab)/c
where: Rate = 30 day distribution rate
a = distributions in last 30 days
b = number of 30 day periods in year
c = maximum offering price per share on last
day of period
<TABLE>
<S> <C> <C> <C>
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
A B C RATE(%)
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
N/A N/A N/A N/A
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
</TABLE>
