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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 16
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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SIGNATURE TIMOTHY ARMOUR
TITLE PRESIDENT
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<SERIES>
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<NAME> CAPITAL APPRECIATION FUND
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<NAME> MANAGED GROWTH STOCK FUND
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<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
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<NAME> MANAGED ASSETS FUND
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<SERIES>
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<NAME> MORTGAGE SECURITIES INCOME FUND
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<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> CASH INCOME FUND
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