U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F - 2
Annual Notice of Securities Sold
Pursuant to Rule 24F - 2
Read instructions at end of Form before preparing Form.
Please print or type.
- --------------------------------------------------------------------------------
1. Name and address of issuer: The Glenmede Fund, Inc.
135 E. Baltimore Street
Baltimore, MD 21202
- --------------------------------------------------------------------------------
2. Name of each series or class of funds for which this notice is filed:
<TABLE>
<S> <C>
Government Cash Portfolio Model Equity Portfolio
Tax-Exempt Cash Portfolio International Portfolio
Intermediate Government Portfolio Institutional International Portfolio
Equity Portfolio International Fixed Income Portfolio
Small Capitalization Equity Portfolio Emerging Markets Portfolio
</TABLE>
- --------------------------------------------------------------------------------
3. Investment Company Act File Number: 811 - 5577
Securities Act File Number: 33 - 22884
- --------------------------------------------------------------------------------
4. Last day of fiscal year for which this notice is filed:
October 31, 1996
- --------------------------------------------------------------------------------
5. Check box if this notice is being filed more than 180 days after the
close of the issuer's fiscal year for purposes of reporting
securities sold after the close of the fiscal year but before
termination of the issuer's 24F - 2 declaration:
[ ]
- --------------------------------------------------------------------------------
6. Date of termination of issuer's declaration under rule 24F - 2 (a)
(1), if applicable (see Instruction A. 6):
- --------------------------------------------------------------------------------
7. Number and amount of securities of the same class or series
which had been registered under the Securities Act of 1933 other
than pursuant to rule 24F - 2 in a prior fiscal year, but which
remained unsold at the beginning of the fiscal year:
0
- --------------------------------------------------------------------------------
8. Number and amount of securities registered during the fiscal year
other than pursuant to rule 24F - 2:
0
- --------------------------------------------------------------------------------
9. Number and aggregrate sale price of securities sold during the fiscal
year:
4,144,945,226 @ $4,621,334,362
- --------------------------------------------------------------------------------
10. Number and aggregrate sale price of securities sold during the
fiscal year in reliance upon registration pursuant to rule 24F - 2:
4,144,945,226 @ $4,621,334,362
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
11. Number and aggregrate sale price of securities issued during the
fiscal year in connection with dividend reinvestment plans, if
applicable (see Instruction B. 7):
2,438,929 @ $37,791,852
- --------------------------------------------------------------------------------
12. Calculation of registration fee:
<TABLE>
<S> <C>
(i) Aggregrate sale price of securities sold during the fiscal
year in reliance on rule 24F - 2 (from Item 10): $ 4,621,334,362
--------------------------
(ii) Aggregrate price of shares issued in connection with
dividend reinvestment plans (from Item 11, if applicable): + 37,791,852
--------------------------
(iii) Aggregate price of shares redeemed or repurchased during
the fiscal year (if applicable): - 4,208,106,221
--------------------------
(iv) Aggregate price of shares redeemed or repurchased and
previously applied as a reduction to filing fees pursuant
to rule 24E - 2 (if applicable): +
--------------------------
(v) Net aggregate price of securities sold and issued during
the fiscal year in reliance on rule 24F - 2 [ line (i),
plus
line (ii), less line (iii), plus line (iv) ] (if applicable): = 451,019,993
--------------------------
(vi) Multiplier prescribed by Section 6(b) of the Securities
Act of 1933 or other applicable law or regulation
(see Instruction C. 6): x 1/3300
--------------------------
(vii) Fee due [ line (i) or line (v) multiplied by line (vi) ]: $ 136,672.73
==========================
</TABLE>
Instruction: Issuers should complete lines (ii), (iii), (iv), and (v) only if
the form is being filed within 60 days after the close of the
issuer's fiscal year. See Instruction C. 3.
- --------------------------------------------------------------------------------
13. Check box if fees are being remitted to the Commission's lockbox
depository as described in section 3a of the Commission's Rules of
Informal and Other Procedures (17 CFR 202. 3a).
[X]
- --------------------------------------------------------------------------------
Date of mailing or wire transfer of filing fees to the
Commission's lockbox depository:
12/20/96
- --------------------------------------------------------------------------------
SIGNATURES
This report has been signed below by the following persons on
behalf of the issuer and in the capacities and on the dates
indicated.
By (Signature and Title) /s/ Joseph A. Finelli
------------------------------
Joseph A. Finelli, Treasurer
------------------------------
Date 12/20/96
-------------------------------
Please print the name and title of the signing officer below the
signature.
- --------------------------------------------------------------------------------
<PAGE>
December 30, 1996
The Glenmede Fund, Inc.
135 East Baltimore Street
Baltimore, MD 21202
Re: Rule 24f-2 Notice - The Glenmede Fund, Inc.
(Registration No. 33-22884)
Ladies and Gentlemen:
We have acted as counsel for The Glenmede Fund, Inc., a Maryland
corporation (the "Fund"), in connection with the registration under the
Securities Act of 1933, as amended, of shares of the Fund's Common Stock,
representing interests in the Fund's Government Cash, Tax-Exempt Cash,
Intermediate Government, International, Equity, Small Capitalization Equity,
Institutional International, Emerging Markets, International Fixed Income and
Model Equity Portfolios (the "Portfolios"), made definite in number by the
Fund's Rule 24f-2 Notice for the fiscal year ended October 31, 1996
(collectively, the "Shares").
In giving the opinion stated below, we have reviewed the Fund's
Charter, its By-Laws, resolutions adopted by its Board of Directors and
shareholders and such other legal and factual matters as we have deemed
appropriate, and we have relied upon a certificate of the Administrator of the
Fund as to certain matters, including among other things, that during the fiscal
year ended October 31, 1996 ("Fiscal Year"), the number of Shares issued did not
exceed the number of Shares authorized. We have not undertaken any independent
investigation or verification of factual matters. In rendering this opinion we
have relied on the attached opinion of Venable, Baetjer and Howard, LLP with
respect to New Shares and the Drip Shares (as used herein such terms have
the meanings given to them in such opinion of Venable, Baetjer and Howard, LLP).
All qualifications, assumptions, analysis and reasoning set forth in the
opinion of Venable, Baetjer and Howard, LLP are deemed incorporated herein by
reference. We express no opinion concerning the laws of any jurisdiction
other than the Maryland General Corporation Law and the Federal law of the
United States of America.
<PAGE>
Based on the foregoing, we are of the opinion: that the Shares other
than the New Shares and the Drip Shares were, when issued for payment as
described in the Fund's prospectus pertaining to said Shares, validly issued,
fully paid and non-assessable by the Fund; and that while not free from doubt,
a Maryland court would hold that the New Shares and the Drip Shares have been
validly issued and are fully paid and non-assessable by the Fund, assuming, in
the case of the New Shares and the Drip Shares, that the dollar variations
flowing from the discrepancy in the record dates and ex-dividend dates for
the dividends specified in the attached opinion of Venable, Baetjer and Howard,
LLP are in the aggregate not material to the net asset values of the portfolios
of the Fund from a financial statement perspective, that the Fund has been
indemnified and held harmless pursuant to the Indemnity Agreement (as used
herein such term has the meaning given to it in the attached opinion of Venable,
Baetjer and Howard, LLP), that there are no beneficial owners of shares who
have been materially harmed by the variations, that retroactive cancellations
and reissuances of each of the New Shares and Drip Shares are impracticable
due to the passage of time before the discrepancy in dates came to light,
that the Directors and shareholders of the Fund have ratified the use of the
ICC Dates (as used herein such term has the meaning given to it in the attached
opinion of Venable, Baetjer and Howard, LLP), and that if the ICC Dates obtain,
the New Shares and the Drip Shares were issued and paid for as authorized as of
the date hereof.
We hereby consent to the filing of this opinion with the Securities and
Exchange Commission as part of the Fund's Rule 24f-2 Notice.
Very truly yours,
/s/ Drinker Biddle & Reath
__________________________
DRINKER BIDDLE & REATH
<PAGE>
December 30, 1996
Drinker Biddle & Reath
Suite 1100
1345 Chestnut Street
Philadelphia, PA 19107-3496
Re: The Glenmede Fund, Inc.
Ladies and Gentlemen:
You have asked us as special Maryland counsel for advice with respect
to shares issued by The Glenmede Fund, Inc., a Maryland corporation (the
"Fund"), on the dates indicated below:
1. (a) shares of the Intermediate Government, Equity, Small
Capitalization Equity, International, Institutional International, and
Emerging Markets Portfolios issued on December 27, 1995; (b) shares of
the Institutional International Portfolio issued on December 28, 1995;
(c) shares of the Intermediate Government Portfolio issued on February
7, 1996; (d) shares of the Intermediate Government, Equity, Small
Capitalization Equity, International, and Model Equity Portfolios
issued on April 3, 1996 and (e) shares of the Institutional
International Portfolio purchased on April 4, 1996 (collectively, the
"New Shares" and the "New Share Purchases"); and
2. (a) shares of the Intermediate Government, Equity, Small
Capitalization Equity, International, Institutional International,
Model Equity, International Fixed Income and Emerging Markets
Portfolios purchased through dividend reinvestment and issued on
December 28, 1995; (b) shares of the Intermediate Government Portfolio
purchased through dividend reinvestment and issued on February 6, 1996;
(c) shares of the Intermediate Government, Equity, Small Capitalization
Equity, International, Institutional International, Model Equity and
International Fixed Income Portfolios purchased through dividend
reinvestment and issued on April 4, 1996; and (d) shares of the
Intermediate Government Portfolio purchased through dividend
reinvestment and issued on May 6, 1996 (collectively, the "Drip Shares"
and the "Drip Share Purchases").
With your permission we have assumed and relied solely upon the
following facts, without undertaking independent investigation or verification:
<PAGE>
The Fund is organized as an open-end management investment company and
is duly organized in accordance with the Maryland General Corporation Law. The
Board of Directors of the Fund (the "Board") has the power to issue shares of
the Common Stock of the Fund from time to time, and has authorized the issuance
of the New Shares and the Drip Shares at prices not less than the net asset
value or par value thereof, whichever is greater. The Board has the power, and
has exercised the power to establish classes of shares corresponding to the
Portfolios identified above. At all of the dates mentioned herein, the number of
shares of each class outstanding has been less than the number of such shares
the Board is authorized to issue.
Shares of each Portfolio are issued and sold (or bought and redeemed)
on a continuous basis to The Glenmede Trust Company (or certain other
institutional record owners) purchasing or selling on behalf of their clients at
the net asset value per share next determined after receipt of a purchase or
sale order.
The net asset value of each Portfolio is determined by dividing the
total market value of its investments and other assets, less any of its
liabilities, by the total outstanding shares of the Portfolio. Undistributed net
investment income and net capital gains are included in each Portfolio's net
assets for the purpose of calculating net asset value per share. Therefore, on a
Portfolio's "ex-dividend" date, the net asset value per share excludes the
dividend (i.e., is reduced by the per share amount of the dividend). Dividends
paid shortly after the purchase of shares of a Portfolio by an investor,
although in effect a return of capital, are taxable to the investor. The
prospectuses for the Portfolios explain the foregoing mechanics and the tax
impact, but do not provide the actual ex-dividend and record dates established
in the standing dividend resolutions.
Pursuant to a Master Services Agreement, the Fund has retained
Investment Company Capital Corp. ("ICC"), a wholly owned subsidiary of Alex.
Brown Financial Corp., to serve as the Fund's administrator, transfer agent and
dividend paying agent, and in those capacities ICC supervises all aspects of the
Fund's day-to day operations, other than management of the Fund's investments.
ICC is responsible for calculating and paying dividends for the aforementioned
Portfolios in accordance with standing dividend resolutions duly adopted by the
Board.
<PAGE>
However, ICC did not set the ex-dividend dates or the record dates for
(a) the December 1995, January 1996, March 1996 and April 1996 dividends
declared for the Intermediate Government Portfolio and (b) the October 1 to
December 31, 1995 and January 1 to March 31, 1996 dividends declared for the
Equity, Small Capitalization Equity, International, Institutional International,
Model Equity and Emerging Markets Portfolios in accordance with these
resolutions. The enclosed Exhibit A sets forth the ex-dividend dates and record
dates ICC set (the "ICC Dates") for each of the aforementioned dividends (the
"Dividends") and what the ex-dividend dates and record dates for the Dividends
would have been if such dates were set in accordance with the Fund's standing
dividend resolutions (the "Board Dates").
Because the ex-dividend dates and record dates for the Dividends were
not set in accordance with the standing dividend resolutions, certain of the per
share purchase price for the New Share Purchases and Drip Share Purchases
identified above were different than they would have been under the standing
dividend resolutions. Exhibit B-1 and Exhibit B-2 dated December 17, 1996
identifies the New Share Purchases and the Drip Share Purchases and compares the
net asset value ("NAV") of those shares with what the NAV would have been had
the ex-dividend dates and record dates been set in accordance with the standing
dividend resolutions.
Furthermore, because the ex-dividend dates for the Dividends were not
set in accordance with the standing dividend resolutions, shares were purchased
through dividend reinvestment on different dates and at different per share
purchase prices than would otherwise have occurred under the standing dividend
resolutions. In all other respects, the New Share Purchases and the Drip Share
Purchases were conducted in conformity with the Fund's articles of
incorporation, its bylaws, standing resolutions duly adopted by its Board and
procedures identified in the registration statements and prospectuses pertaining
to each Portfolio.
The effect of following the ICC Dates rather than the Board Dates may
be summarized as follows:
New Shares (1) Some of the New Share Purchasers received fewer shares,
at a higher NAV, than they would have received if Board Dates applied rather
than ICC Dates. However, such investors received a dividend per share, that they
otherwise would not have received, the difference between the NAVs equaling the
dividend. (2) Some of
<PAGE>
the New Share Purchasers received more shares, at a lower NAV, than they would
have received if Board Dates applied rather than ICC Dates. However, such
investors failed to receive a dividend per share that they otherwise would have
received, the difference between the NAVs equaling the dividend. While the
aggregate dollar amounts are a wash because the difference in the corresponding
NAVs are equal to the particular dividends, for investors paying income tax
the tax consequences are not.
Drip Shares (1) All of the Drip Share Purchases were effected with cash
from cash dividends paid either earlier or later than authorized by the Board.
Therefore each Drip Share Purchaser may have received more or fewer shares
depending on market fluctuations in net asset value between the Board Dates and
the ICC Dates. (2) Furthermore, the NAV calculation for each Drip Share Purchase
and the corresponding receipt or non-receipt of dividends with respect to the
shares purchased was rendered inaccurate, with the same NAV/dividend
consequences and tax consequences as occurred with respect to New Share
Purchases, except that the NAVs also differed due to changes in the market
values of the particular portfolio's assets.
As of the date of all of the New Share Purchases and Drip Share
Purchases, The Glenmede Trust Company held of record 100% of the outstanding
shares of the Equity and Model Equity Portfolios.
As of the date of all of the New Share Purchases and Drip Share
Purchases, The Glenmede Trust Company and The Glenmede Retirement Plan held of
record 100% of the outstanding shares of the International Fixed Income
Portfolio.
As of the date of all of the New Share Purchases and Drip Share
Purchases, The Glenmede Trust Company, The Glenmede Retirement Plan and the
Sherwood Account by The Glenmede Trust Company held of record 100% of the
outstanding shares of the Emerging Markets Portfolio.
As of the date of all of the New Share Purchases and Drip Share
Purchases, The Glenmede Trust Company, Boston & Co. for Woodstock & Company and
Atlanta Gas & Light held of record 100% of the outstanding shares of the
Institutional International Portfolio.
<PAGE>
As of the date of all of the New Share Purchases and Drip Share
Purchases, The Glenmede Trust Company, The Glenmede Trust Company Retirement
Plan, the Smith Account by The Glenmede Trust Company, the Neustadt Account by
The Glenmede Trust Company and the Sherwood Account by The Glenmede Trust
Company held of record 100% of the outstanding shares of the International
Portfolio.
As of the date of all of the New Share Purchases and Drip Share
Purchases, The Glenmede Trust Company, The Glenmede Trust Company Retirement
Plan and the Sherwood Account by The Glenmede Trust Company held of record 100%
of the outstanding shares of the Small Capitalization Equity Portfolio.
As of the date of all of the New Share Purchases and Drip Share
Purchases, The Glenmede Trust Company and The Glenmede Savings Corporation
Savings & Investment Plan held of record 100% of the outstanding shares of the
Intermediate Government Portfolio.
At its December 6, 1996 meeting, the Board of Directors unanimously
determined to modify its standing resolutions with respect to the dividends and
to adopt the ex-dividend dates and record dates set by ICC (the "ICC Dates").
The Board determined that ratifying the actions of ICC was the best way to
resolve the ambiguities created by ICC's action. The Board's action was
submitted to and approved by the shareholders of record owning 100% of the
outstanding shares of the Fund at all of the dates mentioned herein and on the
date of approval by the Board. ICC has entered into an agreement dated as of
September 11, 1996 (the Indemnity Agreement") with the Fund and with The
Glenmede Trust Company indemnifying and holding harmless the Fund, the Board,
the officers of the Fund and The Glenmede Trust Company from any and all losses,
damages, claims, liabilities and expenses of any sort arising from ICC following
the ICC Dates rather than the Board Dates. The Fund, ICC and The Glenmede Trust
Company are not aware of any beneficial owner of such shares who relied
materially to his detriment upon the record dates and ex-dividend dates set by
the standing resolutions. The Fund expects its financial statements and
reporting to shareholders to follow the ICC Dates.
You have asked whether, under the Maryland General Corporation Law, the
shares issued in connection with the New Share Purchases and the Drip Share
Purchases were validly issued, fully paid and non-assessable by the Fund. Based
upon the
<PAGE>
foregoing, and relying upon a good standing certificate of the Maryland
Department of Assessments and Taxation, we are of the opinion that:
(1) the Fund is validly existing as a corporation in good standing
under the laws of Maryland; and
(2) issuance of the New Shares and the Drip Shares is permitted by the
Maryland General Corporation Law and has been duly authorized in accordance with
the Fund's articles of incorporation and the Maryland General Corporation Law.
Maryland courts have recognized that stock which is duly authorized but
arguably invalidly issued, may in certain circumstances remain valid. In Davey
v. Masser, 204 Md. 612, 621 (1954) the Maryland Court of Appeals reversed the
trial court's determination voiding certain shares that were issued without
appropriate resolutions and without full compliance with the requirements of the
Maryland General Corporation Law. In Davey v. Masser, the disputed stock was
closely held and the Court was not confronted with any problems concerning the
rights of third parties, allowing it to reach to equitable principles for a
"solution of the puzzle." Davey v. Masser and the cases cited support the
proposition that invalidly issued stock is voidable rather than void.
While we have found no Maryland precedents squarely on point,
voidable corporate actions are generally capable of cure by director and
shareholder ratification. Michaelson v. Duncan, 407 A.2d 211, 218 (Del.
1979); Kerbs v. California Eastern Airways, 90A. 2d 652, 659 (Del. 1952); 19
Am. Jur. 2d Corporations, ss. 1247 (1985).
While not free from doubt, it is our opinion that a Maryland court
would hold that the New Shares and the Drip Shares have been validly issued and
are fully paid and non-assessable by the Fund, assuming, as we do with your
permission, that the dollar variations flowing from the discrepancy in the
record dates and ex-dividend dates are in the aggregate not material to the net
asset values of the portfolios of the Fund from a financial statement
perspective, that the Fund has been indemnified and held harmless pursuant to
the Indemnity Agreement, that there are no beneficial owners of shares who have
been materially harmed by the variations, that retroactive cancellations and
reissuances of each of the New Shares and Drip Shares are impracticable due to
the passage of time before the discrepancy in dates came to light, that the
Directors and shareholders of the Fund have ratified the use of the ICC Dates,
and that if the ICC Dates
<PAGE>
obtain, the New Shares and the Drip Shares were issued and paid for as
authorized as of the date hereof.
This letter expresses our opinion with respect to the Maryland General
Corporation Law governing matters such as due authorization and issuance of
stock. It does not extend to the securities or "Blue Sky" laws of Maryland, to
federal securities laws or to other laws. Moreover, we render no opinion as to
the liability, if any, of the Fund to its shareholders for damages or
indemnification arising out of (1) the discrepancy in the record date and
ex-dividend dates used in determining the NAV and the entitlement to dividends
for shares issued or redeemed on or around the dates described above, (2) the
payment of dividends and reinvestment of dividends in additional shares on the
ICC Dates rather than the Board Dates and (3) any inaccuracy in any tax reports
or confirmations delivered to shareholders of record or beneficial owners of
shares.
You may rely on this opinion in rendering your opinion to the Fund that
is to be filed with the Securities and Exchange Commission in connection with
the Fund's Rule 24f-2 Notice for the fiscal year ended October 31, l996. We
consent to the filing of this opinion with the Securities and Exchange
Commission as an exhibit to your opinion. This opinion may not be relied upon
for any other purpose or by any other person without our prior written consent.
Very truly yours,
/s/ Venable, Baetjer and Howard, LLP
------------------------------------
Venable, Baetjer and Howard, LLP
<PAGE>
EXHIBIT A
EQUITY, SMALL CAPITALIZATION EQUITY, MODEL EQUITY,
INTERNATIONAL FIXED INCOME, INTERNATIONAL INSTITUTIONAL
INTERNATIONAL and EMERGING MARKETS PORTFOLIOS
Board
Dividend Period ICC Date (Day) Date (Day)
- --------------- -------------- ----------
10/1 - 12/31 EX-DATE 12/28/95 (Thursday) 12/29 (Friday)
1995 RECORD DATE 12/27/95 (Wednesday) 12/28 (Thursday)
REINVEST 12/28/95 (Thursday) 12/29 (Friday)
1/1 - 3/31 EX-DATE 4/4/96 (Thursday) 4/3 (Wednesday)
RECORD DATE 4/3/96 (Wednesday) 4/2 (Tuesday)
REINVEST 4/4/96 (Thursday) 4/3 (Wednesday)
<PAGE>
INTERMEDIATE GOVERNMENT PORTFOLIO
Dividend Period ICC Date (Day) Board Date (Day)
- --------------- -------------- ----------------
DECEMBER 1995: EX-DATE 12/28/95 (Thursday) 12/29 (Friday)
RECORD DATE 12/27/95 (Wednesday) 12/28 (Thursday)
REINVEST 12/28/95 (Thursday) 12/29 (Friday)
JANUARY 1996: EX-DATE 2/6/96 (Tuesday) 2/7 (Wednesday)
RECORD DATE 2/5/96 (Wednesday) 2/6 (Tuesday)
REINVEST 2/6/96 (Tuesday) 2/7 (Wednesday)
MARCH 1996: EX-DATE 4/4/96 (Thursday) 4/3 (Wednesday)
RECORD DATE 4/3/96 (Wednesday) 4/2 (Tuesday)
REINVEST 4/4/96 (Thursday) 4/3 (Wednesday)
APRIL 1996: EX-DATE 5/6/96 (Monday) 5/1 (Wednesday)
RECORD DATE 5/3/96 (Friday) 4/30 (Tuesday)
REINVEST 5/6/96 (Monday) 5/1 (Wednesday)
<PAGE>
EXHIBIT B-1 OCTOBER 1 - DECEMBER 31, 1995 DIVIDENDS
<TABLE>
<CAPTION>
============================================================================================================================
ICC Board 10/1-12/31/95
Transaction Type of Ex-Dividend Ex-Dividend Dividend
Portfolio Date Transaction Date Date Rate
- --------- ---- ----------- ---- ---- ----
<S> <C>
- ----------------------------------------------------------------------------------------------------------------------------
Equity 12/27/95 New Share Purchase 12/28/95 12/29/95 $0.11
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Small Capitalization Equity 12/27/95 New Share Purchase 12/28/95 12/29/95 $0.06
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
International 12/27/95 New Share Purchase 12/28/95 12/29/95 $0.15
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Institutional International 12/27/95 New Share Purchase 12/28/95 12/29/95 $0.03
- ----------------------------------------------------------------------------------------------------------------------------
Institutional International 12/28/95 New Share Purchase 12/28/95 12/29/95 $0.03
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Emerging Markets 12/27/95 New Share Purchase 12/28/95 12/29/95 $0.02
- ----------------------------------------------------------------------------------------------------------------------------
============================================================================================================================
<CAPTION>
=====================================================================================
(b) NAV on
(a) NAV on Transaction
Transaction Date Date Using
Using ICC Ex- Board Ex- Difference in
Portfolio Dividend Date Dividend Date NAV (a)-(b)
- --------- ------------- ------------- -----------
<S> <C>
- -------------------------------------------------------------------------------------
Equity $15.18 $15.18 $0.00
- -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
Small Capitalization Equity $15.61 $15.61 $0.00
- -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
International $13.31 $13.31 $0.00
- -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
Institutional International $12.95 $12.95 $0.00
- -------------------------------------------------------------------------------------
Institutional International $12.86 $12.89 $(0.03)
476*
- -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
Emerging Markets $8.88 $8.88 $0.00
- -------------------------------------------------------------------------------------
=====================================================================================
</TABLE>
*Represents number of New Shares purchased
on Transaction Date
<PAGE>
EXHIBIT B-1 (con't) JANUARY 1996 DIVIDENDS
<TABLE>
<CAPTION>
==========================================================================================================
ICC Board
Transaction Type of Ex-Dividend Ex-Dividend January 1996
Portfolio Date Transaction Date Date Dividend Rate
- --------- ---- ----------- ---- ---- -------------
<S> <C>
- ----------------------------------------------------------------------------------------------------------
Intermediate Government 2/7/95 New Share Purchase 2/6/96 2/7/96 $0.052
- ----------------------------------------------------------------------------------------------------------
==========================================================================================================
<CAPTION>
====================================================================================
(a) NAV on (b) NAV on
Transaction Date Transaction Date
Using ICC Ex- Using Board Ex- Difference in
Portfolio Dividend Date Dividend Date NAV (a)-(b)
- --------- ------------- ------------- -----------
<S> <C>
- -----------------------------------------------------------------------------------
Intermediate Government $10.47 $10.47 $0.00
- -----------------------------------------------------------------------------------
===================================================================================
</TABLE>
<PAGE>
EXHIBIT B-1 (con't) JANUARY 1 - MARCH 31, 1996 DIVIDENDS
<TABLE>
<CAPTION>
=================================================================================================================================
ICC Board
Transaction Type of Ex-Dividend Ex-Dividend 1/1 - 3/31/96
Portfolio Date Transaction Date Date Dividend Rate
- --------- ---- ----------- ---- ---- -------------
<S> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
Equity 4/3/96 New Share Purchase 4/4/96 4/3/96 $0.09
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Small Capitalization Equity 4/3/96 New Share Purchase 4/4/96 4/3/96 $0.06
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
International 4/3/96 New Share Purchase 4/4/96 4/3/96 $0.055
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Model Equity 4/3/96 New Share Purchase 4/4/96 4/3/96 $0.065
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Institutional International 4/4/96 New Share Purchase 4/4/96 4/3/96 $0.03
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
=================================================================================================================================
<CAPTION>
================================================================================================
(a) NAV on (b) NAV on
Transaction Date Transaction Date
Using ICC Ex- Using Board Ex- Difference in
Portfolio Dividend Date Dividend Date NAV (a)-(b)
- --------- ------------- ------------- -----------
<S> <C>
- ------------------------------------------------------------------------------------------------
Equity $16.31 $16.22 $0.09
- ------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
Small Capitalization Equity $16.05 $15.99 $0.06
- ------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
International $13.81 $13.76 $0.05
- ------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
Model Equity $11.01 $10.95 $0.06
- ------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
Institutional International $13.61 $13.61 $0.00
- ------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
================================================================================================
</TABLE>
<PAGE>
EXHIBIT B-1 (con't) MARCH 1996 DIVIDENDS
<TABLE>
<CAPTION>
========================================================================================================================
ICC Board
Transaction Type of Ex-Dividend Ex-Dividend March 1996
Portfolio Date Transaction Date Date Dividend Rate
- --------- ---- ----------- ---- ---- -------------
<S> <C>
- ------------------------------------------------------------------------------------------------------------------------
Intermediate Government 4/3/96 New Share Purchase 4/4/96 4/3/96 $0.052
- ------------------------------------------------------------------------------------------------------------------------
========================================================================================================================
<CAPTION>
==========================================================================================================
(b) NAV on
(a) NAV on Transaction
Transaction Date Date Using
Using ICC Ex- Board Ex- Difference
Portfolio Dividend Date Dividend Date in NAV (a)-(b)
- --------- ------------- ------------- --------------
<S> <C>
- ----------------------------------------------------------------------------------------------------------
Intermediate Government $10.25 $10.20 $0.05
- ----------------------------------------------------------------------------------------------------------
==========================================================================================================
</TABLE>
<PAGE>
EXHIBIT B-1 (con't) APRIL 1996 DIVIDENDS
<TABLE>
<CAPTION>
===========================================================================================================================
ICC Board
Transaction Type of Ex-Dividend Ex-Dividend April 1996
Portfolio Date Transaction Date Date Dividend Rate
- --------- ---- ----------- ---- ---- -------------
<S> <C>
- ---------------------------------------------------------------------------------------------------------------------------
Intermediate Government 5/1/96 New Share Purchase 5/6/96 5/1/96 $0.053
- ---------------------------------------------------------------------------------------------------------------------------
================================================================================================================
<CAPTION>
================================================================================================================
(a) NAV on (b) NAV on
Transaction Date Transaction Date
Using ICC Ex- Using Board Ex- Difference in
Portfolio Dividend Date Dividend Date NAV (a)-(b)
- --------- ------------- ------------- -----------
<S> <C>
- ----------------------------------------------------------------------------------------------------------------
Intermediate Government $10.16 $10.11 $0.05
- ----------------------------------------------------------------------------------------------------------------
================================================================================================================
</TABLE>
<PAGE>
EXHIBIT B-1 (con't) DECEMBER 1995 DIVIDENDS
<TABLE>
<CAPTION>
===================================================================================================================================
ICC Board
Transaction Type of Ex-Dividend Ex-Dividend December 1995
Portfolio Date Transaction Date Date Dividend Rate
- --------- ---- ----------- ---- ---- -------------
<S> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Intermediate Government 12/27/95 New Share Purchase 12/28/95 12/29/95 $0.061
- -----------------------------------------------------------------------------------------------------------------------------------
===================================================================================================================================
<CAPTION>
===================================================================================================================
(a) NAV on (b) NAV on
Transaction Date Transaction Date
Using ICC Ex- Using Board Ex- Difference in
Portfolio Dividend Date Dividend Date NAV (a)-(b)
- --------- ------------- ------------- -----------
<S> <C>
- -------------------------------------------------------------------------------------------------------------------
Intermediate Government $10.46 $10.46 $0.00
- -------------------------------------------------------------------------------------------------------------------
===================================================================================================================
</TABLE>
<PAGE>
EXHIBIT B-2 OCTOBER 1 - DECEMBER 31, 1995 DIVIDENDS
<TABLE>
<CAPTION>
==================================================================================================================================
ICC Board 10/1-12/31/95
Transaction Type of Ex-Dividend Ex-Dividend Dividend
Portfolio Date Transaction Date Date Rate
- --------- ---- ----------- ---- ---- ----
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
Equity 12/28/95 DRIP Share Purchase 12/28/95 12/29/95 $0.11
2,919.755*
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Small Capitalization Equity 12/28/95 DRIP Share Purchase 12/28/95 12/29/95 $0.06
888.093*
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
International 12/28/95 DRIP Share Purchase 12/28/95 12/29/95 $0.15
34,416.054*
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Institutional International 12/28/95 DRIP Share Purchase 12/28/95 12/29/95 $0.03
2,417.155*
- ----------------------------------------------------------------------------------------------------------------------------------
Model Equity 12/28/95 DRIP Share Purchase 12/28/95 12/29/95 $0.08
3.504*
- ----------------------------------------------------------------------------------------------------------------------------------
International Fixed Income 12/28/95 DRIP Share Purchase 12/28/95 12/29/95 $0.26
34.968*
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
============================================================================================================
(a) NAV on
Transaction (b) NAV on
Date (ICC Ex- Board Ex- Difference in
Portfolio Dividend Date) Dividend Date NAV (a)-(b)
- --------- -------------- ------------- -----------
due to
appreciation in
market
- -------------------------------------------------------------------------------------------------------------
<S> <C>
- ------------------------------------------------------------------------------------------------------------
Equity $15.04 $15.12 $(0.08)
$(233.58)+
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
Small Capitalization Equity $15.56 $15.65 $(0.09)
$(79.92)+
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
International $13.09 $13.08 $0.01
$344.16+
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
Institutional International $12.86 $12.85 $0.01
$24.17+
- ------------------------------------------------------------------------------------------------------------
Model Equity $10.25 $10.30 $(0.05)
$(0.17)+
- ------------------------------------------------------------------------------------------------------------
International Fixed Income $10.92 $10.93 $(0.01)
$(0.34)+
- ------------------------------------------------------------------------------------------------------------
</TABLE>
*Represents number of DRIP Shares purchased +Represents difference in NAV times
on Transaction Date (ICC Ex-Dividend Date) number of DRIP Shares purchased on
Transaction Date.
<PAGE>
OCTOBER 1 - DECEMBER 31, 1995 DIVIDENDS (Con't.)
<TABLE>
<CAPTION>
==================================================================================================================================
ICC Board 10/1-12/31/95
Transaction Type of Ex-Dividend Ex-Dividend Dividend
Portfolio Date Transaction Date Date Rate
- --------- ---- ----------- ---- ---- ----
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
Emerging Markets 12/28/95 DRIP Share Purchase 12/28/95 12/29/95 $0.02
18.335*
==================================================================================================================================
<CAPTION>
============================================================================================================
(a) NAV on
Transaction (b) NAV on
Date (ICC Ex- Board Ex- Difference in
Portfolio Dividend Date) Dividend Date NAV (a)-(b)
- --------- -------------- ------------- -----------
due to
appreciation in
market
- -------------------------------------------------------------------------------------------------------------
<S> <C>
- -------------------------------------------------------------------------------------------------------------
Emerging Markets $8.84 $8.87 $(0.03)
$(0.55)+
=============================================================================================================
</TABLE>
*Represents number of DRIP Shares purchased +Represents difference in NAV times
on Transaction Date (ICC Ex-Dividend Date) number of DRIP Shares purchased on
Transaction Date.
<PAGE>
EXHIBIT B-2 (con't) JANUARY 1996 DIVIDENDS
<TABLE>
<CAPTION>
================================================================================================================================
ICC Board
Transaction Type of Ex-Dividend Ex-Dividend January 1996
Portfolio Date Transaction Date Date Dividend Rate
- --------- ---- ----------- ---- ---- -------------
<S> <C>
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
Intermediate Government 2/6/95 DRIP Share Purchase 2/6/96 2/7/96 $0.052
- --------------------------------------------------------------------------------------------------------------------------------
================================================================================================================================
<CAPTION>
============================================================================================================================
(a) NAV on
Transaction Date
(ICC Ex-Dividend (b) NAV on Board Difference in
Portfolio Date) Ex-Dividend Date NAV (a)-(b)
- --------- ---------------- ---------------- -----------
due to
appreciation
in market
<S> <C>
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Intermediate Government $10.47 $10.47 $0.00
- ----------------------------------------------------------------------------------------------------------------------------
============================================================================================================================
</TABLE>
<PAGE>
EXHIBIT B-2 (con't) JANUARY 1 - MARCH 31, 1996 DIVIDENDS
<TABLE>
<CAPTION>
==================================================================================================================================
ICC Board
Transaction Type of Ex-Dividend Ex-Dividend 1/1 - 3/31/96
Portfolio Date Transaction Date Date Dividend Rate
- --------- ---- ----------- ---- ---- -------------
<S> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
Equity 4/4/96 DRIP Share Purchase 4/4/96 4/3/96 $0.09
2,205.698*
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Small Capitalization Equity 4/4/96 DRIP Share Purchase 4/4/96 4/3/96 $0.06
909.491*
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
International 4/4/96 DRIP Share Purchase 4/4/96 4/3/96 $0.055
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Model Equity 4/4/96 DRIP Share Purchase 4/4/96 4/3/96 $0.065
3,025.452*
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Institutional International 4/4/96 DRIP Share Purchase 4/4/96 4/3/96 $0.03
- ----------------------------------------------------------------------------------------------------------------------------------
International Fixed Income 4/4/96 DRIP Share Purchase 4/4/96 4/3/96 $0.00
1,012.847*
==================================================================================================================================
<CAPTION>
=====================================================================================================================
(a) NAV on
Transaction (ICC (b) NAV on
Ex-Dividend Board Ex- Difference in
Portfolio Date) Dividend Date NAV (a)-(b)
- --------- ----- ------------- -----------
due to
appreciation
in market
<S> <C>
- ---------------------------------------------------------------------------------------------------------------------
Equity $16.28 $16.31 $(0.03)
$(66.17)+
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
Small Capitalization Equity $15.97 $15.99 $(0.02)
$(18.18)+
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
International $13.76 $13.76 $0.00
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
Model Equity $10.96 $10.95 $0.01
$30.25+
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
Institutional International $13.61 $13.61 $0.00
- ---------------------------------------------------------------------------------------------------------------------
International Fixed Income $10.67 $10.68 $(0.01)
$(10.12)+
=====================================================================================================================
</TABLE>
*Represents number of DRIP Shares purchased +Represents difference in NAV times
on Transaction Date (ICC Ex-Dividend Date) number of DRIP Shares purchased on
Transaction Date.
<PAGE>
EXHIBIT B-2 (con't) MARCH 1996 DIVIDENDS
<TABLE>
<CAPTION>
===================================================================================================================================
ICC Board
Transaction Type of Ex-Dividend Ex-Dividend March 1996
Portfolio Date Transaction Date Date Dividend Rate
- --------- ---- ----------- ---- ---- -------------
<S> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Intermediate Government 4/4/96 DRIP Share Purchase 4/4/96 4/3/96 $0.052
492.736*
- -----------------------------------------------------------------------------------------------------------------------------------
===================================================================================================================================
<CAPTION>
===========================================================================================================
(a) NAV on
Transaction Date (b) NAV Board
(Ex-Dividend Ex-Dividend Difference in
Portfolio Date) Date NAV (a)-(b)
- --------- ----- ----------- -----------
due to
appreciation in
market
<S> <C>
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
Intermediate Government $10.19 $10.20 ($0.01)
$(4.92)+
- -----------------------------------------------------------------------------------------------------------
===========================================================================================================
</TABLE>
*Represents number of DRIP Shares purchased +Represents difference in NAV times
on Transaction Date (ICC Ex-Dividend Date) number of DRIP Shares purchased on
Transaction Date.
<PAGE>
EXHIBIT B-2 (con't) APRIL 1996 DIVIDENDS
<TABLE>
<CAPTION>
=================================================================================================================================
ICC Board
Transaction Type of Ex-Dividend Ex-Dividend April 1996
Portfolio Date Transaction Date Date Dividend Rate
- --------- ---- ----------- ---- ---- -------------
<S> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Intermediate Government 5/6/96 DRIP Share Purchase 5/6/96 5/1/96 $0.053
504.203*
- ---------------------------------------------------------------------------------------------------------------------------------
=================================================================================================================================
<CAPTION>
=================================================================================================================
(a) NAV on
Transaction
(ICC Ex-Dividend (b) NAV on Board Difference in
Portfolio Date) Ex-Dividend Date NAV (a)-(b)
- --------- ---- ---------------- -----------
due to
appreciation
in market
<S> <C>
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
Intermediate Government $10.06 $10.11 $(0.05)
$(25.21)+
- -----------------------------------------------------------------------------------------------------------------
=================================================================================================================
</TABLE>
*Represents number of DRIP Shares purchased +Represents difference in NAV times
on Transaction Date (ICC Ex-Dividend Date) number of DRIP Shares purchased on
Transaction Date.
<PAGE>
EXHIBIT B-2 (con't) DECEMBER 1995 DIVIDENDS
<TABLE>
<CAPTION>
======================================================================================================================
ICC Board
Transaction Type of Ex-Dividend Ex-Dividend December 1995
Portfolio Date Transaction Date Date Dividend Rate
- --------- ---- ----------- ---- ---- -------------
<S> <C>
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Intermediate Government 12/28/95 DRIP Share Purchase 12/28/95 12/29/95 $0.061
520.751*
- ----------------------------------------------------------------------------------------------------------------------
======================================================================================================================
<CAPTION>
====================================================================================================================
(a) NAV on
Transaction Date
(ICC Ex-Dividend (b) NAV on Board Difference in
Portfolio Date) Ex-Dividend Date NAV (a)-(b)
- --------- ----- ---------------- -----------
due to
appreciation
in market
<S> <C>
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
Intermediate Government $10.42 $10.44 $(0.02)
$(10.41)+
- --------------------------------------------------------------------------------------------------------------------
====================================================================================================================
</TABLE>
*Represents number of DRIP Shares purchased +Represents difference in NAV times
on Transaction Date (ICC Ex-Dividend Date) number of DRIP Shares purchased on
Transaction Date.
