<PAGE>
INVESTMENT PORTFOLIO
DECEMBER 31, 1997 (UNAUDITED, IN THOUSANDS)
<TABLE>
<CAPTION>
COMMON STOCKS - 91.2% SHARES VALUE
- --------------------- ------ -----
<S> <C> <C>
FINANCE, INSURANCE & REAL ESTATE - 20.8%
DEPOSITORY INSTITUTIONS - 10.2%
BankAmerica Corp. 1 $ 95
Citicorp 1 114
First Commercial Corp. 3 148
Popular, Inc. 1 54
Provident Financial Group, Inc. 1 29
-----
440
-----
INSURANCE CARRIERS - 9.6%
Cigna Corp. 1 138
Orion Capital Corp. 3 145
Reliance Group Holdings, Inc. 9 133
-----
416
-----
SECURITY BROKERS & DEALERS - 1.0%
Bear Stearns Cos., Inc. 1 42
-----
- --------------------------------------------------------------------------------
MANUFACTURING - 50.4%
CHEMICALS & ALLIED PRODUCTS - 7.9%
Merck & Co., Inc. 1 106
Rohm & Haas Company 1 124
Schering-Plough Corp. 2 112
-----
342
-----
COMMUNICATIONS EQUIPMENT - 3.0%
Harris Corp. 3 128
-----
FABRICATED METAL - 2.6%
Harsco Corp. 3 112
-----
FOOD & KINDRED PRODUCTS - 5.7%
Interstate Bakeries Corp. 3 119
Lancaster Colony Corp. 2 130
-----
249
-----
FURNITURE & FIXTURES - 1.6%
Masco Corp. 1 71
-----
MACHINERY & COMPUTER EQUIPMENT - 5.4%
Lincoln Electric Co. 3 117
Timken Co. 3 117
-----
234
-----
</TABLE>
<PAGE>
Investment Portfolio/December 31, 1997
<TABLE>
<CAPTION>
COMMON STOCKS - CONT. SHARES VALUE
- -------------------- ------ -----
MANUFACTURING - CONT.
<S> <C> <C>
MEASURING & ANALYZING INSTRUMENTS - 5.2%
Raytheon Co., Class A (a) $ 7
Tektronix, Inc. 3 115
Xerox Corp. 1 103
----
225
----
PETROLEUM REFINING - 4.6%
Sun Co., Inc. 2 93
USX-Marathon Group 3 108
----
201
----
PRIMARY SMELTING - 2.2%
Phelps Dodge Corp. 2 93
----
PRINTING & PUBLISHING - 2.9%
Central Newspapers, Inc. 2 126
----
RUBBER & PLASTIC - 1.4%
Hanna (M.A.) Co. 2 58
----
TRANSPORTATION EQUIPMENT - 7.9%
General Dynamics Corp. 2 147
General Motors Corp. 2 133
Textron, Inc. 1 63
----
343
----
- --------------------------------------------------------------------------------
RETAIL TRADE - 4.1%
FOOD STORES - 1.9%
American Stores Co. 4 82
----
GENERAL MERCHANDISE STORES - 2.2%
Family Dollar Stores, Inc. 3 97
----
- --------------------------------------------------------------------------------
SERVICES - 6.9%
BUSINESS SERVICES - 3.7%
Omnicom Group, Inc. 4 161
----
COMPUTER RELATED SERVICES - 3.2%
Shared Medical Systems Corp. 2 139
----
- --------------------------------------------------------------------------------
TRANSPORTATION, COMMUNICATION, ELECTRIC,
GAS & SANITARY SERVICES - 5.6%
COMMUNICATIONS - 2.5%
Bell Atlantic Corp. 1 109
----
</TABLE>
<PAGE>
Investment Portfolio/December 31, 1997
<TABLE>
<CAPTION>
TRANSPORTATION, COMMUNICATION, ELECTRIC,
GAS & SANITARY SERVICES - CONT.
<S> <C> <C>
TELECOMMUNICATION - 3.1%
US West Communications Group 3 $135
------
- --------------------------------------------------------------------------------
WHOLESALE TRADE - 3.4%
NONDURABLE GOODS
Bergen Brunswig Corp., Class A 4 149
------
TOTAL COMMON STOCKS (cost of $3,206)(b) 3,952
------
SHORT-TERM OBLIGATIONS - 7.9% PAR
- --------------------------------------------------------------------------------
Repurchase agreement with ABN Amro
Chicago Corp., dated 12/31/97 due 01/02/98 at
6.600%, collateralized by U.S. Treasury notes with
various maturities to 2000, market value $345
(repurchase proceeds $345) $ 345 345
------
OTHER ASSETS & LIABILITIES, NET - 0.9% 38
- --------------------------------------------------------------------------------
NET ASSETS - 100% $4,335
------
</TABLE>
NOTES TO INVESTMENT PORTFOLIO:
- --------------------------------------------------------------------------------
(a) Rounds to less than one.
(b) Cost for federal income tax purposes is the same.
See notes to financial statements.
<PAGE>
STATEMENT OF ASSETS & LIABILITIES
DECEMBER 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
(in thousands except for per share amounts and footnotes)
<S> <C> <C>
ASSETS
Investments at value (cost $3,206) $ 3,952
Short-term obligations 345
------------
4,297
Receivable for:
Dividends $ 6
Deferred organization expenses 35 41
------------ ------------
Total Assets 4,338
LIABILITIES
Accrued other 3
------------
Total Liabilities 3
------------
NET ASSETS $ 4,335
------------
Net asset value & redemption price per share -
Class A ($3,621/288) $ 12.57
------------
Maximum offering price per share - Class A
($12.57/0.9425) $ 13.34(a)
------------
Net asset value & offering price per share -
Class B ($357/28) $ 12.55(b)
------------
Net asset value & offering price per share -
Class C ($357/28) $ 12.55(b)
------------
COMPOSITION OF NET ASSETS
Capital paid in $ 3,535
Undistributed net investment income 2
Accumulated net realized gain 52
Net unrealized appreciation 746
------------
$ 4,335
------------
</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>
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
(in thousands)
INVESTMENT INCOME
<S> <C> <C>
Dividends $ 35
Interest 7
------------
Total investment income 42
EXPENSES
Management fee $ 17
Service fee 5
Distribution fee - Class B 1
Distribution fee - Class C 1
Transfer agent 5
Bookkeeping fee 14
Trustee fee 4
Custodian fee 1
Audit fee 7
Legal fee 2
Registration fee 16
Reports to shareholders 1
Amortization of deferred
organization expenses 5
Other 1
------------
80
Fees and expenses waived or borne
by the Adviser (45) 35
------------ ------------
Net Investment Income 7
------------
NET REALIZED & UNREALIZED GAIN ON PORTFOLIO POSITIONS
Net realized gain 248
Net unrealized appreciation during
the period 220
------------
Net Gain 732
------------
Increase in Net Assets from Operations $ 739
------------
</TABLE>
See notes to financial statements.
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
(Unaudited)
Six months
ended Year ended
(in thousands) December 31 June 30
----------- ----------
INCREASE (DECREASE) IN NET ASSETS 1997 (a) 1997
Operations:
<S> <C> <C>
Net investment income $ 7 $ 39
Net realized gain 248 295
Net unrealized appreciation 220 437
------- -------
Net Increase from Operations 475 771
Distributions:
From net investment income - Class A (32) (40)
From net realized gains - Class A (394) --
From net investment income - Class B (1) (3)
From net realized gains - Class B (39) --
From net investment income - Class C (1) (3)
From net realized gains - Class C (39) --
------- -------
(31) 725
------- -------
Fund Share Transactions :
Receipts for shares sold - Class A 4 5
Value of distributions reinvested - Class A 427 40
Cost of shares repurchased - Class A -- (5)
------- -------
431 40
------- -------
Receipts for shares sold - Class B -- --
Value of distributions reinvested - Class B 40 3
Cost of shares repurchased - Class B -- --
------- -------
40 3
------- -------
Receipts for shares sold - Class C -- --
Value of distributions reinvested - Class C 40 3
Cost of shares repurchased - Class C -- --
------- -------
40 3
------- -------
Net Increase from Fund Share
Transactions 511 46
------- -------
Total Increase 480 771
NET ASSETS
Beginning of period 3,855 3,084
------- -------
End of period (including undistributed
net investment income of $2 and $24,
respectively) $ 4,335 $ 3,855
------- -------
</TABLE>
(a) Class D shares were redesignated Class C shares on July 1, 1997.
Continued on next page.
See notes to financial statements.
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS - CONT.
<TABLE>
<CAPTION>
(Unaudited)
Six months
ended Year ended
December 31 June 30
----------- ----------
1997 (a) 1997
<S> <C> <C>
NUMBER OF FUND SHARES
Sold - Class A (b) (b)
Issued for distributions reinvested - Class A 34 4
Repurchased - Class A (b) (b)
------- -------
34 4
------- -------
Sold - Class B - -
Issued for distributions reinvested - Class B 3 (b)
Repurchased - Class B - -
------- -------
3 (b)
------- -------
Sold - Class C - -
Issued for distributions reinvested - Class C 3 (b)
Repurchased - Class C - -
------- -------
3 (b)
------- -------
</TABLE>
(a) Class D shares were redesignated Class C shares on July 1, 1997.
(b) Rounds to less than one.
See notes to financial statements.
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 (UNAUDITED)
NOTE 1. INTERIM FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
In the opinion of management of Colonial Equity Income Fund (the Fund), a series
of Colonial Trust VI, the accompanying financial statements contain all normal
and recurring adjustments necessary for the fair presentation of the financial
position of the Fund at December 31, 1997, and the results of its operations,
the changes in its net assets and the financial highlights for the six months
then ended.
NOTE 2. ACCOUNTING POLICIES
- --------------------------------------------------------------------------------
ORGANIZATION: The Fund 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
C. 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. Effective July 1, 1997, Class D shares were
redesignated Class C shares. Class C shares are subject to a contingent deferred
sales charge on redemptions made within one year after purchase, and an annual
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 generally 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 for which market quotations are not readily available are
valued at fair value under procedures approved by the Trustees.
<PAGE>
Notes to Financial Statements/December 31, 1997
- --------------------------------------------------------------------------------
NOTE 2. ACCOUNTING POLICIES - CONT.
- --------------------------------------------------------------------------------
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 identification
method for both financial statement and federal income tax purposes.
DETERMINATION OF CLASS NET ASSET VALUES AND FINANCIAL HIGHLIGHTS: All income,
expenses (other than the Class B and Class C 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 C net investment income per share data
reflects the distribution fee applicable to Class B and Class C shares only.
Class B and Class C ratios are calculated by adjusting the expense and net
investment income ratios for the Fund for the entire period by the distribution
fee applicable to Class B and Class C 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 on
gains (losses) between trade and settlement dates on securities transactions,
gains (losses) arising from the disposition of foreign currency and currency
<PAGE>
Notes to Financial Statements/December 31, 1997
- --------------------------------------------------------------------------------
gains (losses) between the accrual and payment dates on dividends and interest
income and foreign withholding taxes.
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
contracts are used to minimize the exposure to foreign exchange rate
fluctuations during the period between trade and settlement date of the
contracts. The Fund may also enter into forward currency contracts to hedge
certain other foreign currency denominated assets. 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 3. 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/December 31, 1997
- --------------------------------------------------------------------------------
NOTE 3. 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.
Effective October 1, 1997 and continuing through September 30, 1998, the
Transfer Agent fee will be reduced by 0.0012% in cumulative monthly increments,
resulting in a decrease in the fee from 0.25% to 0.236% annually.
UNDERWRITING DISCOUNTS, SERVICE AND DISTRIBUTION FEES: Liberty Financial
Investments, Inc., formerly Colonial Investment Services, Inc. (the
Distributor), an affiliate of the Adviser, is the Fund's principal underwriter.
During the six months ended December 31, 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 C share redemptions.
The Fund has adopted a 12b-1 plan which requires the payment of a service fee to
the Distributor equal to 0.25% annually of the Fund's net assets as of the 20th
of each month. The plan also requires the payment of a distribution fee to the
Distributor equal to 0.75% annually of the average net assets attributable to
Class B shares and Class C 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 4. PORTFOLIO INFORMATION
- --------------------------------------------------------------------------------
INVESTMENT ACTIVITY: During the six months ended December 31, 1997, purchases
and sales of investments, other than short-term obligations, were $1,513,975 and
$1,597,940, respectively.
<PAGE>
Notes to Financial Statements/December 31, 1997
- --------------------------------------------------------------------------------
Unrealized appreciation (depreciation) at December 31, 1997, based on cost of
investments for both financial statement and federal income tax purposes was:
<TABLE>
<S> <C>
Gross unrealized appreciation $ 781,530
Gross unrealized depreciation (35,264)
-------
Net unrealized appreciation $ 746,266
=========
</TABLE>
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 5. OTHER RELATED PARTY TRANSACTIONS
- --------------------------------------------------------------------------------
At December 31, 1997, Keyport Life Insurance Company owned 99.4% of the Fund's
Class A shares outstanding and 100.0% of the Fund's Class B and Class C shares
outstanding.
<PAGE>
FINANCIAL HIGHLIGHTS
Selected data for a share of each class outstanding throughout each period are
as follows:
<TABLE>
<CAPTION>
(Unaudited)
Six months
ended
December 31
-------------------------------------------------------
1997
Class A Class B Class C (c)
----------- ----------- -----------
<S> <C> <C> <C>
Net asset value -
Beginning of period $ 12.690 $ 12.630 $ 12.630
----------- ----------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment
income (loss)(a)(b) 0.031 (0.019) (0.019)
Net realized and
unrealized gain 1.529 1.525 1.525
----------- ----------- -----------
Total from Investment
Operations 1.560 1.506 1.506
----------- ----------- -----------
LESS DISTRIBUTIONS DECLARED TO SHAREHOLDERS:
From net investment
income (0.130) (0.036) (0.036)
From net realized
gains (1.550) (1.550) (1.550)
----------- ----------- -----------
Total Distributions
Declared to
Shareholders (1.680) (1.586) (1.586)
----------- ----------- -----------
Net asset value -
End of period $ 12.570 $ 12.550 $ 12.550
----------- ----------- -----------
Total return (d)(e) 12.38%(f) 11.99%(f) 11.99%(f)
----------- ----------- -----------
RATIOS TO AVERAGE NET ASSETS
Expenses (g) 1.55%(h) 2.30%(h) 2.30%(h)
Fees and expenses waived
or borne by the Adviser (g) 2.20%(h) 2.20%(h) 2.20%(h)
Net investment
income (g) 0.47%(h) (0.28)%(h) (0.28)%(h)
Portfolio turnover 40% 40% 40%
Average commission rate $ 0.0316 $ 0.0316 $ 0.0316
Net assets at end
of period (000) $ 3,621 $ 357 $ 357
(a) Net of fees and expenses waived or borne by the Adviser which amounted to
$ 0.147 $ 0.147 $ 0.147
</TABLE>
(b) Per share data was calculated using average shares outstanding during the
period.
(c) Class D shares were redesignated Class C shares on July 1, 1997.
(d) Total return at net asset value assuming all distributions reinvested and no
initial sales charge or contingent deferred sales charge.
(e) Had the Adviser 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.
<PAGE>
FINANCIAL HIGHLIGHTS - CONT.
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 C
----------- ----------- -----------
<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 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
</TABLE>
(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.
<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 C
- ----------- ----------- -----------
<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) Had 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.
