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SIGNATURE ELLEN E TERRY
TITLE VICE PRESIDENT
<PAGE>
77 E
On January 8, 1992, the United States District Court for the District of
Massachusetts dismissed, in their entirety, four separate actions filed in
each case against the Fund, its former Investment Advisor, certain of its
officers, its directors, and certain other parties. The actions purported to
be class actions on behalf of the named plaintiffs and other persons
allegedly similarly situated who purchased Common Stock of the Fund within a
specified period. The actions alleged that the Fund and the other defendants,
including the Fund's underwriters, in connection with its February 1988
public offering, violated certain federal securities laws by reason of their
alleged failure to adequately disclose material facts in the Fund's
prospectus and/or other documents published by the Fund. Plaintiffs were
granted leave to amend their complaint limited to certain disclosure
obligations under the Securities Act of 1933, and did so. All of the
defendants, including the Fund, jointly moved for summary judgment on July 8,
1992. By memorandum and order dated August 26, 1993, the court granted the
defendants' motion for summary judgment in favor of all defendants on all
claims and entered judgment for defendants on August 27, 1993, and the
plaintiffs appealed. On September 28, 1994, the United States Court of
Appeals for the First Circuit issued an opinion affirming the decision of the
district court in part and reversing it in part. The Court held that the
district court properly entered summary judgment for the defendants as to all
disclosure issues except one. It reversed the district court's decision with
respect to that one issue and remanded the case for further proceedings. The
one remaining issue is whether it was misleading to purchasers in the initial
public offering for the original prospectus to include certain statistics
regarding the average performance of the high yield bond market for a ten
year period without also including different statistics, alleged by the
plaintiffs to exist and to be material, for
18
<PAGE>
the six year period prior to the offering. The defendants jointly moved for
summary judgment on this remaining issue on March 31, 1995.
On November 16, 1995, the parties executed a Stipulation and Agreement of
Compromise, Settlement and Release providing for the settlement of the
action. The settlement was approved by the Court pursuant to a Final Order
and Judgment entered on June 13, 1996. Pursuant to the settlement, the
defendants have created a Settlement Fund amounting in the aggregate to
$2,500,000 for distribution, after deduction of certain fees and expenses, to
a class consisting of all persons who purchased shares of the Fund's common
stock between February 19, 1988 and March 26, 1990, other than the
defendants. The Fund contributed $1,250,000 to the Settlement Fund on June
21, 1996, and the balance was contributed by certain of the underwriters of
the Fund's initial public offering. In addition, the Fund contributed $7,500
to a Notice and Administration Fund, to be used for mailing notice to class
members and other administrative purposes.
The Fund established a reserve for its share of the Settlement Fund and
charged $1,250,000 to operations for the year ended December 31, 1995. The
Fund charged $7,500 to operations for the six months ended June 30, 1996 for
its share of the Notice and Administration Fund.
19
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