<TABLE>
<CAPTION>
INVESTMENT PORTFOLIO
JUNE 30, 1997 (IN THOUSANDS)
COMMON STOCKS - 92.5% SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
FINANCE, INSURANCE & REAL ESTATE - 21.0%
DEPOSITORY INSTITUTIONS - 13.5%
BankAmerica Corp. 2 $ 142
Citicorp 1 60
Deposit Guaranty Corp. 2 50
First Commercial Corp. 2 99
Mercantile Bancorp 1 43
Pacific Century Financial Corp. 1 55
Popular, Inc. 1 44
Provident Financial Group, Inc. 1 26
------
519
------
INSURANCE CARRIERS - 6.7%
CIGNA Corp. 1 142
Orion Capital Corp. 1 59
Reliance Group Holdings 5 56
------
257
------
SECURITY BROKERS & DEALERS - 0.8%
Bear Stearns Cos., Inc. 1 30
------
- --------------------------------------------------------------------------------
MANUFACTURING - 50.2%
CHEMICALS & ALLIED PRODUCTS - 7.8%
Bristol-Myers Squibb Co. 1 113
Merck & Co., Inc. 1 104
Schering-Plough Corp. 2 86
------
303
------
ELECTRONIC & ELECTRICAL EQUIPMENT - 0.6%
Hubbell, Inc., Class B 1 22
------
FABRICATED METAL - 1.4%
Harsco Corp. 1 53
------
FOOD & KINDRED PRODUCTS - 4.0%
Interstate Bakeries Corp. 2 95
Lancaster Colony Corp. 1 58
------
153
------
MACHINERY & COMPUTER EQUIPMENT - 4.0%
Pentair, Inc. 4 131
Pitney Bowes, Inc. (a) 21
------
152
------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Investment Portfolio/June 30, 1997
- --------------------------------------------------------------------------------
<S> <C> <C>
PETROLEUM REFINING - 13.2%
Amerada Hess Corp. (a) $ 17
Atlantic Richfield Co. 1 71
Exxon Corp. 1 31
Kerr-McGee Corp. 2 120
Murphy Oil Corp. 1 34
Pennzoil Co. 1 107
Sun Co., Inc. 1 37
USX-Marathon Group 3 92
------
509
------
PRIMARY SMELTING - 3.3%
Phelps Dodge Corp. 2 128
------
PRINTING & PUBLISHING - 6.0%
Central Newspapers, Inc. 2 122
Gannett Co., Inc. 1 109
------
231
------
RUBBER & PLASTIC - 1.7%
Hanna (M.A.) Co. 2 66
------
TRANSPORTATION EQUIPMENT - 8.2%
Chrysler Corp. 2 66
General Dynamics Corp. 2 127
General Motors Corp. 2 123
------
316
------
- --------------------------------------------------------------------------------
RETAIL STORES - 4.4%
FOOD STORES - 2.6%
American Stores Co. 2 99
------
GENERAL MERCHANDISE STORES - 1.5%
Family Dollar Stores, Inc. 2 60
------
MISCELLANEOUS RETAIL - 0.3%
Longs Drug Stores, Inc. (a) 10
------
- --------------------------------------------------------------------------------
SERVICES - 8.9%
BUSINESS SERVICES - 3.5%
Omnicom Group, Inc. 2 136
------
COMPUTER RELATED SERVICES - 3.9%
Shared Medical Systems, Inc. 3 151
------
HOTELS, CAMPS & LODGING - 1.5%
Viad Corp. 3 60
------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Investment Portfolio/June 30, 1997
- --------------------------------------------------------------------------------
<S> <C> <C>
TRANSPORTATION, COMMUNICATION, ELECTRIC,
GAS & SANITARY SERVICES - 5.5%
ELECTRIC, GAS & SANITARY SERVICES - 2.9%
TransCanada Pipelines(b) 5 $ 97
Westcoast Energy, Inc.(b) 1 16
------
113
------
ELECTRIC SERVICES - 2.3%
IPALCO Enterprises, Inc. 2 47
MidAmerican Energy Holdings Co. 1 12
Pinnacle West Capital Corp. 1 30
------
89
------
GAS SERVICES - 0.3%
MCN Energy Group, Inc. (a) 12
------
- --------------------------------------------------------------------------------
WHOLESALE TRADE - 2.5%
NONDURABLE GOODS
Bergen Brunswig Corp., Class A 4 99
------
TOTAL COMMON STOCKS (cost of $3,042)(c) 3,568
------
SHORT-TERM OBLIGATIONS - 7.8% PAR
- --------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp.,
6.000%(d) 07/01/97 $ 300 300
------
OTHER ASSETS & LIABILITIES, NET - (0.3)% (13)
- --------------------------------------------------------------------------------
NET ASSETS - 100.0% $3,855
======
NOTES TO INVESTMENT PORTFOLIO:
- --------------------------------------------------------------------------------
(a) Rounds to less than one.
(b) This is a Canadian company. Market Value is stated in U.S. dollars.
(c) Cost for federal income tax purposes is the same.
(d) Rate represents yield at date of purchase.
</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF ASSETS & LIABILITIES
JUNE 30, 1997
<S> <C> <C>
(in thousands except for per share amounts and footnotes)
ASSETS
Investments at value (cost $3,042) $ 3,568
Short-term obligations 300
-------
3,868
Dividend receivable $ 9
Deferred organization expenses 40
Other 1 50
----- -------
Total Assets 3,918
LIABILITIES
Investments purchased 61
Accrued other 2
-----
Total Liabilities 63
-------
NET ASSETS $ 3,855
=======
Net asset value & redemption price per share -
Class A ($3,217/254) $ 12.69
=======
Maximum offering price per share - Class A
($12.69/0.9425) $ 13.46(a)
=======
Net asset value & offering price per share -
Class B ($319/25) $ 12.63(b)
=======
Net asset value & redemption price per share -
Class D ($319/25) $ 12.63(b)
=======
Maximum offering price per share - Class D
($12.63/0.9900) $ 12.76
=======
COMPOSITION OF NET ASSETS
Capital paid in $ 3,030
Undistributed net investment income 24
Accumulated net realized gain 275
Net unrealized appreciation 526
-------
$ 3,855
=======
</TABLE>
(a) On sales of $50,000 or more the offering price is reduced.
(b) Redemption price per share is equal to net asset value less any applicable
contingent deferred sales charge.
See notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 1997
<S> <C> <C>
(in thousands)
INVESTMENT INCOME
Dividends $ 80
Interest 15
------
Total investment income 95
EXPENSES
Management fee $ 27
Service fee 8
Distribution fee - Class B 2
Distribution fee - Class D 2
Transfer agent 8
Bookkeeping fee 27
Trustee fee 6
Custodian fee 2
Audit fee 13
Legal fee 2
Registration fee 31
Reports to shareholders 3
Amortization of deferred
organization expenses 11
Other 2
------
144
Fees and expenses waived or borne
by the Adviser (88) 56
------ ------
Net Investment Income 39
------
NET REALIZED & UNREALIZED GAIN ON PORTFOLIO POSITIONS
Net realized gain 295
Net unrealized appreciation during
the period 437
------
Net Gain 732
------
Net Increase in Net Assets from Operations $ 771
======
</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
Year ended Period ended
(in thousands) June 30 June 30
------- -------
INCREASE (DECREASE) IN NET ASSETS 1997 1996(a)
<S> <C> <C>
Operations:
Net investment income $ 39 $ 12
Net realized gain (loss) 295 (20)
Net unrealized appreciation 437 109
------- -------
Net Increase from Operations 771 101
Distributions:
From net investment income - Class A (40) --
From net investment income - Class B (3) --
From net investment income - Class D (3) --
------- -------
725 --
------- -------
Fund Share Transactions:
Receipts for shares sold - Class A 5 --
Value of distributions reinvested - Class A 40 --
Cost of shares repurchased - Class A (5) --
------- -------
40 --
------- -------
Receipts for shares sold - Class B -- --
Value of distributions reinvested - Class B 3 --
Cost of shares repurchased - Class B -- --
------- -------
3 --
------- -------
Receipts for shares sold - Class D -- --
Value of distributions reinvested - Class D 3 --
Cost of shares repurchased - Class D -- --
------- -------
3 --
------- -------
Net Increase from Fund Share
Transactions 46 --
------- -------
Total Increase 771 101
NET ASSETS
Beginning of period 3,084 2,983
------- -------
End of period (including undistributed
net investment income of $24 and $20,
respectively) $ 3,855 $ 3,084
======= =======
</TABLE>
(a) The Fund commenced investment operations on March 25, 1996. The activity
shown is from the effective date of registration (March 31, 1996) with the
Securities and Exchange Commission.
Continued on next page.
See notes to financial statements.
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
(continued)
<TABLE>
<CAPTION>
Year ended Period ended
June 30 June 30
------ ------
1997 1996(a)
<S> <C> <C>
NUMBER OF FUND SHARES
Sold - Class A (b) --
Issued for distributions reinvested -- Class A 4 --
Repurchased -- Class A (b) --
------ ------
4 --
------ ------
Sold -- Class B -- --
Issued for distributions reinvested -- Class B (b) --
Repurchased -- Class B -- --
------ ------
(b) --
------ ------
Sold -- Class D -- --
Issued for distributions reinvested -- Class D (b) --
Repurchased -- Class D -- --
------ ------
(b) --
------ ------
</TABLE>
(a) The Fund commenced investment operations on March 25, 1996. The activity
shown is from the effective date of registration (March 31, 1996) with the
Securities and Exchange Commission.
(b) Rounds to less than one.
See notes to financial statements.
<PAGE>
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1997
NOTE 1. ACCOUNTING POLICIES
- --------------------------------------------------------------------------------
ORGANIZATION: Colonial Equity Income Fund (the Fund), a series of Colonial Trust
VI, is a diversified portfolio of a Massachusetts business trust, registered
under the Investment Company Act of 1940, as amended, as an open-end, management
investment company. The Fund's investment objective is to seek current income
and long-term growth. The Fund may issue an unlimited number of shares. The Fund
offers three classes of shares: Class A, Class B and Class D. Class A shares are
sold with a front-end sales charge and Class B shares are subject to an annual
distribution fee and a contingent deferred sales charge. Class B shares will
convert to Class A shares when they have been outstanding approximately eight
years. Class D shares are subject to a reduced front-end sales charge, a
contingent deferred sales charge on redemptions made within one year after
purchase, and a continuing distribution fee.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates. The following is a summary of
significant accounting policies consistently followed by the Fund in the
preparation of its financial statements.
SECURITY VALUATION AND TRANSACTIONS: Equity securities are valued at the last
sale price or, in the case of unlisted or listed securities for which there were
no sales during the day, at current quoted bid prices.
Forward currency contracts are valued based on the weighted value of the
exchange traded contracts with similar durations.
Short-term obligations with a maturity of 60 days or less are valued at
amortized cost.
The value of all assets and liabilities quoted in foreign currencies are
translated into U.S. dollars at that day's exchange rates.
Portfolio positions which cannot be valued as set forth above are valued at fair
value under procedures approved by the Trustees.
Security transactions are accounted for on the date the securities are
purchased, sold or mature.
Cost is determined and gains (losses) are based upon the specific identifi-
cation method for both financial statement and federal income tax purposes.
<PAGE>
Notes to Financial Statements/June 30, 1997
- --------------------------------------------------------------------------------
NOTE 1. ACCOUNTING POLICIES - CONT.
- --------------------------------------------------------------------------------
DETERMINATION OF CLASS NET ASSET VALUES AND FINANCIAL HIGHLIGHTS: All income,
expenses (other than the Class B and Class D distribution fees) and realized and
unrealized gains (losses) are allocated to each class proportionately on a daily
basis for purposes of determining the net asset value of each class.
Per share data was calculated using the average shares outstanding during the
period. In addition, Class B and Class D net investment income per share data
reflects the distribution fee applicable to Class B and Class D shares only.
Class B and Class D ratios are calculated by adjusting the expense and net
investment income ratios for the Fund for the entire period by the distribution
fees applicable to Class B and Class D shares only.
FEDERAL INCOME TAXES: Consistent with the Fund's policy to qualify as a
regulated investment company and to distribute all of its taxable income, no
federal income tax has been accrued.
INTEREST INCOME, DEBT DISCOUNT AND PREMIUM: Interest income is recorded on the
accrual basis. Original issue discount is accreted to interest income over the
life of a security with a corresponding increase in the cost basis; premium and
market discount are not amortized or accreted.
DEFERRED ORGANIZATION EXPENSES: The Fund incurred expenses of $53,387 in
connection with its organization, initial registration with the Securities and
Exchange Commission and with various states, and the initial public offering of
its shares. These expenses were deferred and are being amortized on a
straight-line basis over five years.
DISTRIBUTIONS TO SHAREHOLDERS: Distributions to shareholders are recorded on the
ex-date.
The amount and character of income and gains to be distributed are determined in
accordance with income tax regulations which may differ from generally accepted
accounting principles. Reclassifications are made to the Fund's capital accounts
to reflect income and gains available for distribution (or available capital
loss carryforwards) under income tax regulations.
FOREIGN CURRENCY TRANSACTIONS: Net realized and unrealized gains (losses) on
foreign currency transactions includes the fluctuation in exchange rates between
trade and settlement dates on securities transactions, gains (losses) arising
from the disposition of foreign currency and currency gains (losses) between the
accrual and payment dates on dividends and interest income and foreign
withholding taxes.
<PAGE>
Notes to Financial Statements/June 30, 1997
- --------------------------------------------------------------------------------
The Fund does not distinguish that portion of gains (losses) on investments
which is due to changes in foreign exchange rates from that which is due to
changes in market prices of the investments. Such fluctuations are included with
the net realized and unrealized gains (losses) on investments.
FORWARD CURRENCY CONTRACTS: The Fund may enter into forward currency contracts
to purchase or sell foreign currencies at predetermined exchange rates in
connection with the settlement of purchases and sales of securities. The Fund
may also enter into forward currency contracts to hedge certain other foreign
currency denominated assets. The contracts are used to minimize the exposure to
foreign exchange rate fluctuations during the period between trade and
settlement date of the contracts. All contracts are marked-to-market daily,
resulting in unrealized gains (losses) which become realized at the time the
forward currency contracts are closed or mature. Realized and unrealized gains
(losses) arising from such transactions are included in net realized and
unrealized gains (losses) on foreign currency transactions. Forward currency
contracts do not eliminate fluctuations in the prices of the Fund's portfolio
securities. While the maximum potential loss from such contracts is the
aggregate face value in U.S. dollars at the time the contract was opened,
exposure is typically limited to the change in value of the contract (in U.S.
dollars) over the period it remains open. Risks may also arise if counterparties
fail to perform their obligations under the contracts.
OTHER: Corporate actions are recorded on the ex-date (except for certain foreign
securities which are recorded as soon after ex-date as the Fund becomes aware of
such), net of nonrebatable tax withholdings. Where a high level of uncertainty
as to collection exists, income on securities is recorded net of all tax
withholdings with any rebates recorded when received.
The Fund's custodian takes possession through the federal book-entry system of
securities collateralizing repurchase agreements. Collateral is marked-to-market
daily to ensure that the market value of the underlying assets remains
sufficient to protect the Fund. The Fund may experience costs and delays in
liquidating the collateral if the issuer defaults or enters bankruptcy.
NOTE 2. FEES AND COMPENSATION PAID TO AFFILIATES
- --------------------------------------------------------------------------------
MANAGEMENT FEE: Colonial Management Associates, Inc. (the Adviser) is the
investment Adviser of the Fund and furnishes accounting and other services and
office facilities for a monthly fee equal to 0.80% annually of the Fund's
average net assets.
BOOKKEEPING FEE: The Adviser provides bookkeeping and pricing services for
$27,000 per year plus 0.035% of the Fund's average net assets over $50 million.
<PAGE>
Notes to Financial Statements/June 30, 1997
- --------------------------------------------------------------------------------
NOTE 2. FEES AND COMPENSATION PAID TO AFFILIATES - CONT.
- --------------------------------------------------------------------------------
TRANSFER AGENT: Colonial Investors Service Center, Inc. (the Transfer Agent), an
affiliate of the Adviser, provides shareholder services for a monthly fee equal
to 0.25% annually of the Fund's average net assets and receives reimbursement
for certain out-of-pocket expenses.
UNDERWRITING DISCOUNTS, SERVICE AND DISTRIBUTION FEES: Colonial Investment
Services, Inc. (the Distributor), an affiliate of the Adviser, is the Fund's
principal underwriter. During the year ended June 30, 1997, the Fund has been
advised that the Distributor retained no net underwriting discounts on sales of
the Fund's Class A shares and received no contingent deferred sales charges on
Class B and Class D share redemptions.
The Fund has adopted a 12b-1 plan which requires the payment of a service fee to
theuDistributornequal2toh0.25% annually of the Fund's net assets as of the
20thhofoeachwmonth.erThesplan also requires the payment of a distribution fee to
the Distributorrequal to80.75% annually of the average net assets attributable
to Class B shares and Class D shares only.
The CDSC and the fees received from the 12b-1 plan are used principally as
repayment to the Distributor for amounts paid by the Distributor to dealers who
sold such shares.
EXPENSE LIMITS: The Adviser has agreed, until further notice, to waive fees and
bear certain Fund expenses to the extent that total expenses (exclusive of
service fees, distribution fees, brokerage commissions, interest, taxes, and
extraordinary expenses, if any) exceed 1.30% annually of the Fund's average net
assets.
OTHER: The Fund pays no compensation to its officers, all of whom are employees
of the Adviser.
The Fund's Trustees may participate in a deferred compensation plan which may be
terminated at any time. Obligations of the plan will be paid solely out of the
Fund's assets.
NOTE 3. PORTFOLIO INFORMATION
- --------------------------------------------------------------------------------
Investment activity: During the year ended June 30, 1997, purchases and sales of
investments, other than short-term obligations, were $3,942,262 and $3,875,920,
respectively.
Unrealized appreciation (depreciation) at June 30, 1997, based on cost of
investments for both financial statement and federal income tax purposes was
approximately:
<TABLE>
<S> <C>
Gross unrealized appreciation $547,000
Gross unrealized depreciation (21,000)
--------
Net unrealized appreciation $526,000
========
</TABLE>
<PAGE>
Notes to Financial Statements/June 30, 1997
- --------------------------------------------------------------------------------
OTHER: There are certain additional risks involved when investing in foreign
securities that are not inherent with investments in domestic securities. These
risks may involve foreign currency exchange rate fluctuations, adverse political
and economic developments and the possible prevention of foreign currency
exchange or the imposition of other foreign governmental laws or restrictions.
The Fund may focus its investments in certain industries, subjecting it to
greater risk than a fund that is more diversified.
NOTE 4. OTHER RELATED PARTY TRANSACTIONS
- --------------------------------------------------------------------------------
At June 30, 1997, Keyport Life Insurance Company owned 99.9% of the Fund's
shares outstanding.
NOTE 5. OTHER OPERATIONAL AND CAPITAL ACTIVITY
- --------------------------------------------------------------------------------
For the period March 25, 1996 through March 31, 1996, the Fund had net
investment income of $2,655 and unrealized depreciation of $20,247. The
following is a summary of capital activity from March 25, 1996 through March 31,
1996.
<TABLE>
<CAPTION>
Shares
<S> <C> <C>
Receipts for shares sold - Class A $2,500,000 250,000
Receipts for shares sold - Class B $ 250,000 25,000
Receipts for shares sold - Class D $ 250,000 25,000
</TABLE>
<PAGE>
FINANCIAL HIGHLIGHTS
Selected data for a share of each class outstanding throughout each period are
as follows:
<TABLE>
<CAPTION>
Year ended June 30
------------------------------------------------
1997
Class A Class B Class D
------- ------- -------
<S> <C> <C> <C>
Net asset value -
Beginning of period $10.280 $10.260 $10.260
------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment
income(a)(b) 0.141 0.058 0.058
Net realized and
unrealized gain(b) 2.428 2.413 2.413
------- ------- -------
Total from Investment
Operations 2.569 2.471 2.471
------- ------- -------
LESS DISTRIBUTIONS DECLARED TO SHAREHOLDERS:
From net investment
income (0.159) (0.101) (0.101)
------- ------- -------
Net asset value -
End of period $12.690 $12.630 $12.630
------- ------- -------
Total return(d)(e) 25.23% 24.23% 24.23%
------- ------- -------
RATIOS TO AVERAGE NET ASSETS
Expenses(g) 1.55% 2.30% 2.30%
Fees and expenses waived
or borne by the Adviser(g) 2.64% 2.64% 2.64%
Net investment
income(g) 1.27% 0.52% 0.52%
Portfolio turnover 129% 129% 129%
Average commission rate $0.0330 $0.0330 $0.0330
Net assets at end
of period(000) $ 3,217 $ 319 $ 319
(a) Net of fees and expenses waived or borne by the Adviser which amounted to
$ 0.292 $ 0.292 $ 0.292
(b) Per share data was calculated using average shares outstanding during the period.
(c) The Fund commenced investment operations on March 25, 1996. The activity shown is from the effective date of
registration (March 31, 1996) with the Securities and Exchange Commission.
(d) Total return at net asset value assuming all distributions reinvested and no initial sales charge or contingent
deferred sales charge.
</TABLE>
<PAGE>
FINANCIAL HIGHLIGHTS - CONT.
Selected data for a share of each class outstanding throughout each period are
as follows:
<TABLE>
<CAPTION>
Period ended
June 30
------------------------------------------------
1996(c)
Class A Class B Class D
------- ------- -------
<S> <C> <C>
$ 9.940 $ 9.940 $ 9.940
------- ------- -------
0.044 0.024 0.024
------- ------- -------
0.296 0.296 0.296
------- ------- -------
0.340 0.320 0.320
------- ------- -------
-- -- --
------- ------- -------
$10.280 $10.260 $10.260
3.42%(f) 3.22%(f) 3.22%(f)
------- ------- -------
1.55%(h) 2.30%(h) 2.30%(h)
1.55%(h) 1.55%(h) 1.55%(h)
1.77%(h) 1.02%(h) 1.02%(h)
16%(f) 16%(f) 16%(f)
$0.0305 $0.0305 $0.0305
$ 2,570 $ 257 $ 257
$ 0.039 $ 0.039 $ 0.039
</TABLE>
(e) If the Adviser had not waived or reimbursed a portion of expenses, total
return would have been reduced.
(f) Not annualized.
(g) The benefits derived from custody credits and directed brokerage
arrangements had no impact.
(h) Annualized.
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE TRUSTEES OF COLONIAL TRUST VI AND THE SHAREHOLDERS OF COLONIAL EQUITY
INCOME FUND
In our opinion, the accompanying statement of assets and liabilities, including
the investment portfolio, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Colonial Equity Income Fund (the
"Fund") (a series of Colonial Trust VI) at June 30, 1997, the results of its
operations, the changes in its net assets and the financial highlights for the
periods indicated, in conformity with generally accepted accounting principles.
These financial statements and the financial highlights (hereafter referred to
as "financial statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of portfolio positions
at June 30, 1997 by correspondence with the custodian and brokers, provide a
reasonable basis for the opinion expressed above.
PRICE WATERHOUSE LLP
Boston, Massachusetts
August 12, 1997
