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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 8
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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030 C000400 0.00
031 A000400 1
031 B000400 0
032 000400 0
033 000400 13
034 000400 Y
035 000400 55
036 A000400 N
036 B000400 0
042 A000400 0
042 B000400 0
042 C000400 100
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 114
044 000400 0
045 000400 Y
046 000400 N
047 000400 Y
<PAGE> PAGE 21
048 000400 0.000
048 A010400 100000
048 A020400 0.800
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 100000
048 K020400 0.700
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 Y
053 C000400 N
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 0.0
066 A000400 Y
<PAGE> PAGE 22
066 B000400 N
066 C000400 N
066 D000400 N
066 E000400 Y
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 N
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 Y
070 L020400 Y
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 Y
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 8629
071 B000400 3749
071 C000400 13675
071 D000400 27
072 A000400 12
<PAGE> PAGE 23
072 B000400 31
072 C000400 416
072 D000400 0
072 E000400 0
072 F000400 118
072 G000400 0
072 H000400 0
072 I000400 64
072 J000400 65
072 K000400 4
072 L000400 13
072 M000400 0
072 N000400 23
072 O000400 2
072 P000400 0
072 Q000400 0
072 R000400 12
072 S000400 11
072 T000400 114
072 U000400 12
072 V000400 0
072 W000400 2
072 X000400 440
072 Y000400 158
072 Z000400 165
072AA000400 414
072BB000400 154
072CC010400 2456
072CC020400 0
072DD010400 66
072DD020400 128
072EE000400 0
073 A010400 0.1512
073 A020400 0.0944
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 898
074 D000400 0
074 E000400 0
074 F000400 17765
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 166
074 K000400 0
074 L000400 141
074 M000400 49
074 N000400 19019
074 O000400 403
<PAGE> PAGE 24
074 P000400 40
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 43
074 S000400 0
074 T000400 18533
074 U010400 456
074 U020400 1617
074 V010400 8.95
074 V020400 8.93
074 W000400 0.0000
074 X000400 1821
074 Y000400 0
075 A000400 0
075 B000400 14646
076 000400 0.00
083 A000400 N
083 B000400 0
084 A000400 N
084 B000400 0
085 A000400 Y
085 B000400 N
008 A000501 GNA CAPITAL MANAGEMENT, INC.
008 B000501 A
008 C000501 801-29116
008 D010501 SEATTLE
008 D020501 WA
008 D030501 98101
008 D040501 2336
008 A000502 BROWN BROTHERS HARRIMAN & CO.
008 B000502 S
008 C000502 801-99999
008 D010502 NEW YORK
008 D020502 NY
008 D030502 10005
028 A010500 1386
028 A020500 22
028 A030500 0
028 A040500 115
028 B010500 298
028 B020500 25
028 B030500 0
028 B040500 155
028 C010500 215
028 C020500 26
028 C030500 0
028 C040500 198
028 D010500 402
028 D020500 26
<PAGE> PAGE 25
028 D030500 0
028 D040500 212
028 E010500 401
028 E020500 26
028 E030500 0
028 E040500 40
028 F010500 449
028 F020500 26
028 F030500 0
028 F040500 72
028 G010500 3151
028 G020500 151
028 G030500 0
028 G040500 792
028 H000500 881
029 000500 Y
030 A000500 26
030 B000500 4.50
030 C000500 0.00
031 A000500 2
031 B000500 0
032 000500 0
033 000500 24
034 000500 Y
035 000500 38
036 A000500 N
036 B000500 0
042 A000500 0
042 B000500 0
042 C000500 100
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 98
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.000
048 A010500 20000
048 A020500 0.600
048 B010500 80000
048 B020500 0.500
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
<PAGE> PAGE 26
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 100000
048 K020500 0.450
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
053 C000500 N
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 1.7
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 98.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.3
063 A000500 0
063 B000500 14.0
064 A000500 Y
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 N
070 B020500 N
070 C010500 Y
<PAGE> PAGE 27
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 N
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 Y
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 8680
071 B000500 5090
071 C000500 20396
071 D000500 25
072 A000500 12
072 B000500 1060
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 125
072 G000500 0
072 H000500 0
072 I000500 49
072 J000500 90
072 K000500 1
072 L000500 7
072 M000500 1
072 N000500 24
072 O000500 0
072 P000500 0
<PAGE> PAGE 28
072 Q000500 0
072 R000500 17
072 S000500 2
072 T000500 98
072 U000500 12
072 V000500 0
072 W000500 2
072 X000500 428
072 Y000500 428
072 Z000500 1060
072AA000500 0
072BB000500 176
072CC010500 1524
072CC020500 0
072DD010500 763
072DD020500 304
072EE000500 0
073 A010500 0.5560
073 A020500 0.5560
073 B000500 0.0000
073 C000500 0.0000
074 A000500 59
074 B000500 0
074 C000500 400
074 D000500 23217
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 34
074 L000500 473
074 M000500 49
074 N000500 24232
074 O000500 428
074 P000500 33
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 78
074 S000500 0
074 T000500 23693
074 U010500 1417
074 U020500 677
074 V010500 11.31
074 V020500 11.32
074 W000500 0.0000
074 X000500 339
074 Y000500 0
<PAGE> PAGE 29
075 A000500 0
075 B000500 21130
076 000500 0.00
083 A000500 N
083 B000500 0
084 A000500 N
084 B000500 0
085 A000500 Y
085 B000500 N
SIGNATURE DAVID SEBERT
TITLE MUTUAL FUND ACCT
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and the Board of Trustees of
Investors Trust:
In planning and performing our audit of the financial statements and
financial highlights of Investors Trust (consisting of Government Fund,
Adjustable Rate Fund, Growth Fund, Value Fund and Tax-Free Fund), for
the fiscal year ended October 31, 1995, we considered its internal
control structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and financial highlights and to
comply with the requirements of Form N-SAR, not to provide assurance on
the internal control structure.
The management of Investors Trust is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of an internal
control structure are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition and that transactions are executed in
accordance with management's authorization and recorded properly to
permit preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure that
might be material weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness is a
condition in which the design or operation of the specific internal
control structure elements does not reduce to a relatively low level the
risk that errors or irregularities in amounts that would be material in
relation to the financial statements and financial highlights being
audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions.
However, we noted no matters involving the internal control structure,
including procedures for safeguarding securities, that we consider to be
material weaknesses, as defined above, as of October 31, 1995.
This report is intended solely for the information and use of
management of Investors Trust and the Securities and Exchange
Commission.
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
December 18, 1995
<PAGE>
To the Shareholders and Trustees of
Investors Trust:
We have examined the accompanying description (Section I) of the
overview of internal control structure policies and procedures of
Investors Trust and State Street Bank and Trust Company, recordkeeper
for Investors Trust - Government Fund, Adjustable Rate Fund, Tax-Free
Fund, Value Fund and Growth Fund (the "Funds") (collectively referred to
as "Investors Trust"), related to the Investors Trust Multi-Class
Pricing Worksheet (the "Worksheet"). Our examination included
procedures to obtain reasonable assurance about whether (1) the
accompanying description presents fairly, in all material respects, the
aspects of Investors Trust's policies and procedures, with respect to
the Worksheet, that may be relevant to the Funds' internal control
structure, (2) the control structure policies and procedures included in
the description were suitably designed to achieve the control objectives
specified in the description, if those policies and procedures were
complied with satisfactorily, and (3) such policies and procedures had
been placed in operation as of November 1, 1994. The control
objectives were specified by management to meet conditions in the
application filed with the Securities and Exchange Commission in March
1993 (the "Exemptive Order") pursuant to Section 6(c) of the Investment
Company Act of 1940, as amended, for an order of exemption from Sections
18(f), 18(g), 18(I), 2(a) (32), 2(a) 35, 22(c) and 22(d) of such act and
Rule 22c-1, thereunder. Our examination was performed in accordance
with standards established by the American Institute of Certified
Public Accountants and included those procedures we considered necessary
in the circumstances to obtain a reasonable basis for rendering our
opinion.
In our opinion, the accompanying description of the aforementioned
overview of internal control structure policies and procedures presents
fairly, in all material respects, the relevant aspects of Investors
Trust's policies and procedures, with respect to the Worksheet, that had
been placed in operation as of November 1, 1994. Also, in our opinion,
the policies and procedures, as described, are suitably designed to
provide reasonable assurance that the specified control objectives would
be achieved if the described policies and procedures were complied with
satisfactorily and the Funds applied the internal control structure
policies and procedures contemplated in the design of the Investors
Trust's policies and procedures with respect to the Worksheet.
<PAGE>
In addition to the procedures we considered necessary to render our
opinion as expressed in the previous paragraph, we applied tests, listed
in Section III, to specific policies and procedures, to obtain evidence
about their effectiveness in meeting the control objectives, described
in Section II, for the year ended October 31, 1995. The specific
policies and procedures are listed in Section II and the nature, timing,
extent and results of the tests are listed in Section III. In our
opinion the policies and procedures that were tested, as described in
Sections II and III, were operating with sufficient effectiveness to
provide reasonable, but not absolute, assurance that the control
objectives specified in Section II were achieved during the year ended
October 31, 1995. However, the scope of our engagement did not include
tests to determine whether control objectives not listed in Section II
and not tested in Section III were achieved; accordingly, we express no
opinion on the achievement of control objectives not listed in Section
II and not tested in Section III.
The description of policies and procedures at Investors Trust is as of
October 31, 1995 and information about tests of the operating
effectiveness of specified policies and procedures covers the year ended
October 31, 1995. Any projection of such information to the future is
subject to the risk that, because of change, the description may no
longer portray the system in existence. The potential effectiveness of
specified policies and procedures at Investors Trust is subject to
inherent limitations and, accordingly, errors or irregularities may
occur and not be detected. Furthermore, the projection of any
conclusions, based on our findings, to future periods is subject to the
risk that changes may alter the validity of such conclusions.
This report is intended solely for the use by the Trustees of Investors
Trust and the Funds and the management of GNA Capital Management, Inc.
and for filing with the Securities and Exchange Commission and should
not be used for any other purpose.
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
December 18, 1995
<PAGE>
SECTION I
OVERVIEW OF INTERNAL CONTROL STRUCTURE POLICIES AND PROCEDURES FOR
CALCULATION OF NET ASSET VALUE (NAV), DIVIDEND DISTRIBUTIONS, AND
ALLOCATION OF INCOME AND EXPENSES BETWEEN CLASSES OF FUND SHARES OF THE
MULTI-CLASS PRICING WORKSHEET
Effective September 8, 1993, the Funds adopted a multi-class pricing
system. The multi-class pricing system consists of two classes of
shares (Class A and Class B). The Class A shares may be subject to a
front-end sales charge. The Class B shares are offered subject to a
contingent deferred sales charge and distribution (12b-1) fees. Both
classes are subject to a service fee. The multiple classes of shares
represent interests in the same portfolio of investments of a Fund and
are identical in all respects, except with respect to the effect of the
respective sales charges, the distribution and/or service fees borne by
each class, expenses allocable exclusively to each class, voting rights
on matters affecting a single class, the exchange privilege of each
class and the conversion feature of Class B shares to Class A shares
after eight years.
In order to allocate income and expenses between the multiple classes
of shares, State Street Bank and Trust Company (the Funds' recordkeeper)
utilizes the Investors Trust Multi-Class Pricing Worksheet (the
"Worksheet"). The Worksheet is a manual supplementary application that
utilizes relevant data from the Funds' primary accounting system,
allocates income and expenses between the multiple classes of shares and
computes the daily net asset value and, if applicable, the dividend/
distribution for each class of shares. Internal accounting controls
that are relevant to the Funds can be divided into two components
controls related to the mutual fund accounting system resident at State
Street Bank and Trust Company (the "primary accounting system") and
controls related to the Worksheet. The design of the internal control
structure policies and procedures related to the Worksheet contemplate
the application of certain internal control structure policies and
procedures to the primary accounting system.
The specific control objectives and procedures relating to the
Worksheet are described in Section II of this report.
Section III discusses the scope of specific audit procedures performed
and the results of those procedures.
GNA Capital Management, Inc., the administrator of the Funds, and
Investors Trust have represented that adequate facilities are in place
to ensure implementation of the methodology and procedures for
calculating the net asset value and dividends/distributions of the
multiple classes of shares and the allocation of income and expenses
between the multiple classes of shares.
<PAGE>
SECTION II
CONTROL OBJECTIVES AND PROCEDURES OF THE INVESTORS TRUST FUNDS MULTI-
CLASS PRICING WORKSHEET
The Worksheet is a manual application supplementary to the Funds'
primary accounting system. Certain data from the primary accounting
system is utilized to allocate income and expenses and to calculate the
daily net asset value and, if applicable, dividends/distributions for
each class of shares. The primary accounting system includes the
details of transactions in accordance with the Investment Company Act of
1940, as amended.
The following represents the internal accounting control objectives and
procedures for the allocation of income and expenses and the computation
of the net asset value and, if applicable, the dividend/distribution for
each class of shares utilizing the Worksheet. It does not cover the
internal accounting control procedures surrounding the processing of
information into the Funds' primary accounting system.
<TABLE>
<CAPTION>
Control Objectives Control Procedures
<S> <C> <C> <C>
A. Shares of beneficial interest 1. Shares of beneficial interest
activity as reported by the activity is reported by the
Fund's transfer agent is transfer agent for each class on
recorded for each class in an a trade-date-plus-one basis and a
accurate and timely manner. dividend-eligible (record date)
basis. Information reported to
the fund accountant includes
share and dollar opening
balances, activity for the day
and closing balances. (Any oral
communications of estimated
activity or other revisions must
be supported by a subsequent
written communication from the
transfer agent).
B. Class specific expenses are 1. Class-specific expenses are
allocated to the correct class determined by formula (12b-1
of shares. fees). All other fund level
accounting, including the pricing
of the Funds' investment
portfolio, is subject to the same
controls existing in the single
class environment.
C. Income and capital gain 1. Income and capital gain
distributions are applied to distributions are authorized by
the correct class of shares. the Investors Trust Fund
Administration Accounting
Department and communicated to
Fund Accounting.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Control Objectives Control Procedures
<S> <C> <C> <C>
D. Income, other operation 1. Prior day's ending total net
expenses and realized/ assets for each class of shares
unrealized gain/losses are for the current day is agreed to
allocated properly to each prior day's Worksheet.
class of shares based upon the
relative net asset value of 2. The daily net shares of
outstanding shares (or the beneficial interest activity for
value of dividend-eligible each class for the current day is
shares, as appropriate) of agreed to the information
each class at the beginning of provided by the transfer agent as
the day (after adjusting for described in Control Procedure
current shares of beneficial A.1, above.
interest activity of the
respective classes). 3. Percentage of Net Assets by Class
and Percentage of Dividend
Eligible Net Assets by Class are
calculated for each class of
shares based upon the information
from the prior day's Worksheet
and the information provided by
the transfer agent.
4. The allocation of Fund income,
other operating expenses, and
realized/unrealized gain/loss is
calculated based upon the
applicable percentages calculated
in Control Procedure D.3 for
either net assets or dividend
eligible net assets.
5. The above procedures are reviewed
by the First Line Manager.
E. Dividend rates and daily net 1. The sum of each class's net
asset value per share for each assets, shares outstanding, net
class of shares reflect the investment income and realized/
proper allocation of income, unrealized gains/losses is agreed
expenses, and realized/ to the composite totals for the
unrealized gain and loss Fund and to the primary
amounts, including the proper accounting system.
amount of any direct expenses
charged to each class of 2. Net assets for each class is
shares and also reflect the proved to the opening balance
proper amount of income and adjusted for the day's activity
capital gain distributions to (shares outstanding and dividend-
each class of shares. eligible shares for each class
are compared to daily summary
sheets received from the transfer
agent) and the composite total
net assets for the Fund is agreed
to the primary accounting system.
3. Relative movements of net asset
value per share (and dividend
levels for daily distribution
funds) are checked by the fund
accountant and supervisor for
reasonableness against
anticipated results.
4. The above procedures are reviewed
by the First Line Manager.
</TABLE>
<PAGE>
SECTION III
TESTING COMPLIANCE WITH INTERNAL CONTROL STRUCTURE POLICIES AND
PROCEDURES RELATING TO INVESTORS TRUST MULTI-CLASS PRICING WORKSHEET
("WORKSHEET") FOR THE YEAR ENDED OCTOBER 31, 1995
We reviewed the methodology and procedures for calculating the daily
net asset value and, if applicable, the dividends/distributions of the
multiple classes of shares and the allocation of income and accrual of
expenses for those classes of shares.
Audit Procedures
The following are the detailed procedures which we performed with
respect to the Worksheet. We haphazardly selected twelve Worksheets
among the five Funds during the year ended October 31, 1995, which we
believe is a representative sample, to test compliance with the control
procedures as described in Section II. Our performance of the following
detailed steps did not result in any exceptions.
Agreed "Prior Day Net Assets" for Fund total and each class of shares,
to the previous day's Worksheet.
Agreed "Beginning Outstanding Shares" to previous day's Worksheet and
to the Capital Stock Recap for each class of shares.
Agreed "Prior Day NAV Per Share" to the previous day's Worksheet and to
the rounded NAV included on the Capital Stock Recap for each class of
shares.
Agreed "Share Activity" in dollars and in shares for each class of
shares to the respective Capital Stock Recap.
Recalculated "Current Shares Outstanding" for each class of shares, by
adding "Prior Day Shares" and "Activity" in shares.
Agreed "Current Shares Outstanding" to the Capital Stock Recap for each
class of shares.
Recalculated "Current Day Net Assets" by adding "Prior Day Net Assets"
and "Daily Net Assets Change" for Fund total and for each class of
shares.
Recalculated for each class of shares "% Assets by Class" by dividing
"Adjusted Total Assets - Class A and Class B" by "Adjusted Total Assets
- - - Composite."
Agreed "Daily Income - Composite" to the primary accounting system.
Recalculated the allocation for each class of shares of "Daily Income
Composite" by multiplying the "Daily Income - Composite" by each class'
"% Assets by Class."
<PAGE>
Agreed, for each class of shares, the daily accrual rate for
"Custodian, Transfer Agent, Auditing, Legal, Amortization of
Organization, Trustee Fees, Postage/Printing, Insurance Fees and
Miscellaneous Expenses to the Monthly Expense Accrual Memo approved by
GNA Capital Management, Inc.
Recalculated for each class of shares, management, distribution and
shareholder service fees by multiplying average daily net assets by the
respective annual rates agreed to in each Fund's prospectus.
Recalculated "Daily Expenses - Composite," and for each class of
shares, by totaling all class specific expenses.
Agreed "Daily Expenses - Composite" to the primary accounting system.
Recalculated "Daily Net Income - Class A and Class B" for each class by
subtracting "Daily Expenses" from "Daily Income."
Agreed "Income Distribution - Composite" and "Capital Gain Distribution
- - - Composite" to the primary accounting system.
Recalculated the "Income Distributions - Class A and Class B" by
multiplying "Income Distribution - Composite" by the "Allocation Ratio."
Recalculated, where appropriate, the "Capital Gain Distributions -
Class A and Class B" by multiplying the capital gain distribution rate
per share, authorized by GNA Capital Management, Inc., by "Current
Shares Outstanding."
Agreed Fund total "Daily Net Assets Change" and "Change in Futures
Market Value" to the primary accounting system.
Recalculated "Current Day Net Assets," by Fund total and for each
class, by adding "Prior Day Net Assets" and "Daily Net Assets Change"
and subtracting "Income Distributions" and "Capital Gain Distributions."
Recalculated for each class of shares, the allocation of "Daily Net
Assets Change" and "Futures Variation Market Value" by multiplying Fund
total by "% Assets by Class." Recalculated "Current Day Net Assets," by
Fund total and for each class of shares, by summing "Prior Day Net
Assets," "Daily Net Assets Change" and "Changes in Futures Market
Value."
Recalculated "NAV per Share," by Fund total and for each class of
shares, by dividing "Current Day Net Assets" by "Capital Shares
Outstanding."
Recalculated the Offering Price for both Class A Shares, by applying
the respective "Load Factor" as stated in each of the Fund's prospectus,
and for Class B Shares without a "Load Factor."
Agreed "Total Net Asset Value" to the primary accounting system.
