Preferred Group of Mutual Funds
Item 77C - NSAR Filing
Shareholder Action
On January 1, 2000, the majority shareholder of the Preferred Small Cap Fund
approved by written consent: (I) the Management Contract between Caterpillar
Investment Management Ltd. and the Preferred Small Cap Fund and (ii) the
Subadviser Agreement between Caterpillar Investment Management Ltd. and Turner
Investment Partners, Inc.
On February 28, 2000, the majority shareholder of the Preferred Value Fund
approved by written consent the Subadviser Agreement between Caterpillar
Investment Management Ltd. and Oppenheimer Capital.
