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Previous: DELAWARE GROUP ADVISER FUNDS INC /MD/, N-30D, 1998-01-09 |
Next: SHEFFIELD STEEL CORP, S-1, 1998-01-09 |
<PAGE>
Delaware Group Adviser Funds, Inc.
Statements of Operations
Year Ended October 31, 1997
Final Statements
<TABLE>
<CAPTION>
Corporate Federal
Enterprise Income Bond
Fund Fund Fund
---- ---- ----
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest $ 209,073 $ 1,200,469 $ 674,459
Dividends (net of withholding taxes) 77,494 0 0
------------ ------------ ------------
286,567 1,200,469 674,459
------------ ------------ ------------
EXPENSES:
Management fees 209,827 36,006 30,354
Custodian fees 6,340 1,860 1,950
Dividend disbursing and transfer agent
fees and expenses 39,058 7,247 (1,320)
Distribution expense 74,359 34,671 33,587
Federal and state registration fees 22,500 23,438 25,850
Reports and statements to shareholders 9,800 (506) (2,600)
Professional fees (2,500) 5,000 (1,000)
Directors' fees 1,200 1,000 1,450
Taxes (other than taxes on income) 3,325 2,775 900
Amortization of organization expenses 1,833 1,796 1,861
Other 19,330 (3,458) (3,393)
------------ ------------ ------------
385,072 109,829 87,639
Less expenses absorbed by the adviser 0 0 0
------------ ------------ ------------
NET INVESTMENT INCOME (LOSS) (98,505) 1,090,640 586,820
------------ ------------ ------------
NET REALIZED AND UNREALIZED GAIN(LOSS)
ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investment transactions 11,442,732 503,289 100,476
Futures (166,065) 0 0
Foreign currencies 0 0 0
------------ ------------ ------------
Net realized gain (loss) 11,276,667 503,289 100,476
Net unrealized appreciation (depreciation)
of investments and foreign currencies
during the year (5,472,168) (371,875) (117,503)
------------ ------------ ------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCIES 5,804,499 131,414 (17,027)
------------ ------------ ------------
NET INCREASE RESULTING
FROM OPERATIONS $ 5,705,994 $ 1,222,054 $ 569,793
============ ============ ============
</TABLE>
<PAGE>
Delaware Group Adviser Funds, Inc.
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Enterprise Fund Corporate Income Fund
------------------------------ -------------------------------
Year Ended Year Ended
October 31, October 31,
1997 1996 1997 1996
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss) $ (98,505) $ (325,621) $ 1,090,640 $ 1,023,577
Net realized gain (loss) on investments
and foreign currencies 11,276,667 2,677,337 503,289 20,020
Net change in unrealized appreciation
(depreciation) on investments, foreign currency
forward currency contracts, futures and other
assets (5,472,168) 2,338,469 (371,875) (185,462)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets
resulting from operations 5,705,994 4,690,185 1,222,054 858,135
------------ ------------ ------------ ------------
DISTRIBUTION TO SHAREHOLDERS FROM:
Net investment income:
A Class -- -- (610,482) (718,871)
B Class -- -- (11,067) (17,832)
C Class -- -- (2,191) (1,624)
Institutional Class -- -- (467,016) (287,769)
Net realized gain from security transactions:
A Class (8,417,261) -- -- --
B Class (942,077) -- -- --
C Class (56,623) -- -- --
Institutional Class (3,791,339) -- -- --
------------ ------------ ------------ ------------
(13,207,300) 0 (1,090,756) (1,026,096)
------------ ------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
A Class 5,198,798 2,275,881 971,340 305,376
B Class 376,136 795,312 206,919 81,050
C Class 144,869 38,507 814 63,666
Institutional Class 443,797 3,105,531 2,245,969 3,648,730
Net asset value of shares issued upon reinvestment
of dividends from net realized gain on security
transactions:
A Class 8,372,315 -- 591,160 708,496
B Class 838,156 -- 9,703 16,283
C Class 51,653 -- 1,897 1,623
Institutional Class 3,791,339 -- 467,016 292,853
------------ ------------ ------------ ------------
19,217,063 6,215,231 4,494,818 5,118,077
------------ ------------ ------------ ------------
Cost of shares repurchased:
A Class (27,798,576) (1,082,040) (13,975,886) (105,817)
B Class (3,075,966) (626,025) (419,954) (256,466)
C Class (239,744) (38,554) (74,031) (747)
Institutional Class (9,086,607) (715,737) (8,545,639) (1,785,656)
------------ ------------ ------------ ------------
(40,200,893) (2,462,356) (23,015,510) (2,148,686)
------------ ------------ ------------ ------------
Increase (decrease) in assets derived from capital
share transactions (20,983,830) 3,752,875 (18,520,692) 2,969,391
------------ ------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS (28,485,136) 8,443,060 (18,389,394) 2,801,430
NET ASSETS:
Beginning of period 28,486,265 20,043,205 18,389,288 15,587,858
------------ ------------ ------------ ------------
End of period $ 1,129 $ 28,486,265 $ (106) $ 18,389,288
============ ============ ============ ============
Undistributed net investment income (loss) $ 0 $ 0 $ 0 $ 0
============ ============ ============ ============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Federal Bond Fund
------------------------------
Year Ended
October 31,
1997 1996
------------ ------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss) $ 586,820 $ 617,314
Net realized gain (loss) on investments
and foreign currencies 100,476 (169,368)
Net change in unrealized appreciation
(depreciation) on investments, foreign currency
forward currency contracts, futures and other assets (117,503) (32,850)
------------ ------------
Net increase (decrease) in net assets
resulting from operations 569,793 415,096
------------ ------------
DISTRIBUTION TO SHAREHOLDERS FROM:
Net investment income:
A Class (530,179) (603,847)
B Class (47,148) (16,564)
C Class (491) (738)
Institutional Class (5,205) (5,449)
Net realized gain from security transactions:
A Class -- --
B Class -- --
C Class -- --
Institutional Class -- --
------------ ------------
(583,023) (626,598)
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
A Class 123,674 48,548
B Class 45,638 262,721
C Class 742 3,700
Institutional Class 1,260,308 155,011
Net asset value of shares issued upon reinvestment
of dividends from net realized gain on security
transactions:
A Class 524,540 600,991
B Class 14,724 14,743
C Class 491 724
Institutional Class 5,205 5,449
------------ ------------
1,975,322 1,091,887
------------ ------------
Cost of shares repurchased:
A Class (12,052,854) (70,780)
B Class (627,522) (5,294)
C Class (13,848) (6,151)
Institutional Class (1,372,899) (1,047,866)
------------ ------------
(14,067,123) (1,130,091)
------------ ------------
Increase (decrease) in assets derived from capital
share transactions (12,091,801) (38,204)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS (12,105,031) (249,706)
NET ASSETS:
Beginning of period 12,105,271 12,354,977
------------ ------------
End of period $ 240 $ 12,105,271
============ ============
Undistributed net investment income (loss) $ 0 $ 0
============ ============
</TABLE>
<PAGE>
Notes to Financial Statements
Financial Highlights
Selected data for each share of the Fund outstanding throughout each period
were as follows:
<TABLE>
<CAPTION>
Enterprise Fund A Class
-----------------------
For the Year For the Year For the Year For the Period
Ended Ended Ended December 3, 1993 (1)
October 31, 1997 October 31, 1996 October 31, 1995 to October 31, 1994
---------------- ---------------- ---------------- --------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 13.59 $ 11.28 $ 9.20 $ 10.00
----------- ----------- ---------- ----------
Income from investment operations:
Net investment income (loss) (0.05) (0.16) (0.08) (0.08)
Net realized and unrealized gain (loss)
from security transactions 0.00 2.47 2.16 (0.71)
----------- ----------- ---------- ----------
Net increase (decrease) in net assets
from investment operations (0.05) 2.31 2.08 (0.79)
----------- ----------- ---------- ----------
Less dividends and distributions:
Dividends from net investment income -- -- -- (0.01)
Distributions from net realized gain
on security transactions (4.11) -- -- --
----------- ----------- ---------- ----------
Total dividends and distributions (4.11) 0.00 0.00 (0.01)
----------- ----------- ---------- ----------
Net asset value, end of period $ 9.43 $ 13.59 $ 11.28 $ 9.20
=========== =========== ========== ==========
Total Return (2) N/A 20.37% 22.72% 7.91%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $ 0 $ 18,826 $ 14,508 $ 10,579
Ratio of expenses to average net assets 1.48% 1.82% 1.85% 1.85%
Ratio of expenses to average net assets
prior to limit 1.48% 1.90% 2.42% 3.10%
Ratio of net investment income to
average net assets (0.39%) (1.26%) (0.83%) (1.01%)
Ratio of net investment income to average
net assets prior to limit (0.39%) (1.34%) (1.40%) (2.26%)
Portfolio turnover 98% 92% 106% 120%
Average commission rate paid $ 0.0536 $ 0.0505 N/A N/A
</TABLE>
(1) Date of initial public offering; rati os and total return have been
annualized.
(2) Does not include maximum sales charge of 4.75% nor the 1% limited
contingent deferred sales charge that wou ld apply in the event of certain
redemptions within 12 months of purchase of A Class shares. Does not include
contingent deferred sales charge which varies from 1-4% depending upon the
holding period for Class B and Class C shares.
<PAGE>
<TABLE>
<CAPTION>
Enterprise Fund B Class
-----------------------
For the Year For the Year For the Year For the Period
Ended Ended Ended April 14, 1994 (1)
October 31, 1997 October 31, 1996 October 31, 1995 to October 31, 1994
---------------- ---------------- ---------------- --------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 14.34 $ 11.96 $ 9.81 $ 10.00
--------- -------- --------- --------
Income from investment operations:
Net investment income (loss) (0.13) (0.26) (0.12) (0.04)
Net realized and unrealized gain (loss)
from security transactions 0.00 2.64 2.27 (0.15)
--------- -------- --------- --------
Net increase (decrease) in net assets
from investment operations (0.13) 2.38 2.15 (0.19)
--------- -------- --------- --------
Less dividends and distributions:
Dividends from net investment income -- -- -- --
Distributions from net realized gain
on security transactions (4.01) -- -- --
--------- -------- --------- --------
Total dividends and distributions (4.01) 0.00 0.00 0.00
--------- -------- --------- --------
Net asset value, end of period $ 10.20 $ 14.34 $ 11.96 $ 9.81
========= ======== ========= ========
Total Return (2) N/A 19.90% 21.92% 1.91%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $ 0 $ 2,365 $ 1,811 $ 761
Ratio of expenses to average net assets 2.18% 2.50% 2.50% 2.50%
Ratio of expenses to average net assets
prior to limit 2.18% 2.58% 3.07% 3.76%
Ratio of net investment income to
average net assets (1.09%) (1.94%) (1.50%) (1.53%)
Ratio of net investment income to average
net assets prior to limit (1.09%) (2.02%) (2.07%) (2.79%)
Portfolio turnover 98% 92% 106% 120%
Average commission rate paid $ 0.0536 $ 0.0505 N/A N/A
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Enterprise Fund C Class
-----------------------
For the Year For the Year For the Year For the Period
Ended Ended Ended May 10, 1994 (1) to
October 31, 1997 October 31, 1996 October 31, 1995 October 31, 1994
---------------- ---------------- ---------------- --------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 14.61 $ 12.21 $ 10.02 $ 10.00
-------- -------- -------- ---------
Income from investment operations:
Net investment income (loss) (0.13) (0.25) (0.15) (0.05)
Net realized and unrealized gain (loss)
from security transactions -- 2.65 2.34 0.07
-------- -------- -------- ---------
Net increase (decrease) in net assets
from investment operations (0.13) 2.40 2.19 0.02
-------- -------- -------- ---------
Less dividends and distributions:
Dividends from net investment income -- -- -- --
Distributions from net realized gain
on security transactions (3.96) -- -- --
-------- -------- -------- ---------
Total dividends and distributions (3.96) 0.00 0.00 0.00
-------- -------- -------- ---------
Net asset value, end of period $ 10.52 $ 14.61 $ 12.21 $ 10.02
======== ======== ======== =========
Total Return (2) N/A 19.57% 21.86% 0.23%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $ 0 $ 70 $ 58 $ 37
Ratio of expenses to average net assets 2.17% 2.50% 2.50% 2.50%
Ratio of expenses to average net assets
prior to limit 2.17% 2.58% 3.07% 3.75%
Ratio of net investment income to
average net assets (1.08%) (1.94%) (1.49%) (1.53%)
Ratio of net investment income to average
net assets prior to limit (1.08%) (2.02%) (2.06%) (2.78%)
Portfolio turnover 98% 92% 106% 120%
Average commission rate paid $ 0.0536 $ 0.0505 N/A N/A
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Enterprise Fund Institutional Class
-----------------------------------
For the Year For the Year For the Year For the Period
Ended Ended Ended February 3, 1994(1)
October 31, 1997 October 31, 1996 October 31, 1995 to October 31, 1994
---------------- ---------------- ---------------- --------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 13.66 $ 11.30 $ 9.23 $ 10.44
-------- -------- -------- -------
Income from investment operations:
Net investment income (loss) (0.01) (0.12) (0.02) (0.02)
Net realized and unrealized gain (loss)
from security transactions -- 2.48 2.09 (1.19)
-------- -------- -------- -------
Net increase (decrease) in net assets
from investment operations (0.01) 2.36 2.07 (1.21)
-------- -------- -------- -------
Less dividends and distributions:
Dividends from net investment income -- -- -- --
Distributions from net realized gain
on security transactions (4.13) -- -- --
-------- -------- -------- -------
Total dividends and distributions (4.13) 0.00 0.00 0.00
-------- -------- -------- -------
Net asset value, end of period $ 9.52 $ 13.65 $ 11.30 $ 9.23
======== ======== ======== =======
Total Return (2) N/A 20.80% 22.43% (11.61%)
Ratios and supplemental data:
Net assets, end of period (000 omitted) $ 0 $ 7,225 $ 3,666 $ 234
Ratio of expenses to average net assets 1.18% 1.50% 1.53% 1.50%
Ratio of expenses to average net assets
prior to limit 1.18% 1.58% 2.07% 2.75%
Ratio of net investment income to
average net assets (0.09%) (0.94%) (0.60%) (0.63%)
Ratio of net investment income to average
net assets prior to limit (0.09%) (1.02%) (1.14%) (1.88%)
Portfolio turnover 98% 92% 106% 120%
Average commission rate paid $ 0.0536 $ 0.0505 N/A N/A
</TABLE>
<PAGE>
Financial Highlights (Continued)
<TABLE>
<CAPTION>
Corporate Income Fund A Class
-----------------------------
For the Year For the Year For the Year For the Period
Ended Ended Ended 12/3/93(1) to
October 31, 1997 October 31, 1996 October 31, 1995 October 31, 1994
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.62 $ 9.76 $ 8.80 $ 10.00
--------- ---------- ---------- ---------
Income from investment operations:
Net investment income (loss) 0.55 0.59 0.61 0.51
Net realized and unrealized (gain)
loss from security transactions (0.01) (0.14) 0.91 (1.20)
--------- ---------- ---------- ---------
Total from investment operations 0.54 0.45 1.52 (0.69)
--------- ---------- ---------- ---------
Less dividends and distributions:
Dividends from net investment income (0.26) (0.59) (0.56) (0.51)
Distributions from net realized gain
on security transactions -- -- -- --
--------- ---------- ---------- ---------
Total dividends and distributions (0.26) (0.59) (0.56) (0.51)
--------- ---------- ---------- ---------
Net asset value, end of period $ 9.80 $ 9.62 $ 9.76 $ 8.80
========= ========== ========== =========
Total Return(2) N/A 4.81% 17.71% (7.06%)
Ratios and supplemental data:
Net assets, end of period (000 omitted) $ 0 $ 12,270 $ 11,518 $ 9,620
Ratio of expenses to average net assets 0.77% 1.23% 1.25% 1.25%
Ratio of expenses to average net assets
prior to limit 0.77% 1.65% 1.87% 2.55%
Ratio of net investment income to
average net assets 6.51% 6.20% 6.64% 6.04%
Ratio of net investment income to average
net assets prior to limit 6.51% 5.78% 6.02% 4.74%
Portfolio turnover rate 78% 68% 119% 185%
</TABLE>
(1) Rates have been annualized and total return has not been annualized.
(2) Does not include maximum sales charge of 4.75% nor the 1% limited
contingent deferred sales charge that would apply in the event of certain
redemptions within 12 months of purchase of A Class shares. Does not include
contingent deferred sales charge which varies from 1-4% depending upon the
holding period for Class B and Class C shares.
<PAGE>
<TABLE>
<CAPTION>
Corporate Income Fund B Class
-----------------------------
For the Year For the Year For the Year For the Period
Ended Ended Ended 5/11/94(1) to
October 31, 1997 October 31, 1996 October 31, 1995 October 31, 1994
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 10.35 $ 10.45 $ 9.73 $ 10.00
------- ------- ------- -------
Income from investment operations:
Net investment income (loss) 0.49 0.52 0.66 0.29
Net realized and unrealized (gain)
loss from security transactions 0.08 (0.10) 0.91 (0.28)
------- ------- ------- -------
Total from investment operations 0.57 0.42 1.57 0.01
------- ------- ------- -------
Less dividends and distributions:
Dividends from net investment income (0.26) (0.52) (0.85) (0.28)
Distributions from net realized gain
on security transactions -- -- -- --
------- ------- ------- -------
Total dividends and distributions (0.26) (0.52) (0.85) (0.28)
------- ------- ------- -------
Net asset value, end of period $10.66 $ 10.35 $ 10.45 $ 9.73
====== ======= ======= =======
Total Return(2) N/A 4.16% 17.05% 0.11%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $ 0 $ 196 $ 362 $ 222
Ratio of expenses to average net assets 1.46% 1.90% 1.90% 1.90%
Ratio of expenses to average net assets
prior to limit 1.46% 2.32% 2.52% 3.21%
Ratio of net investment income to
average net assets 5.30% 5.53% 5.97% 5.94%
Ratio of net investment income to average
net assets prior to limit 5.30% 5.11% 5.35% 4.63%
Portfolio turnover rate 78% 68% 119% 185%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Corporate Income Fund C Class
-----------------------------
For the Year For the Year For the Year For the Period
Ended Ended Ended 9/14/94(1) to
October 31, 1997 October 31, 1996 October 31, 1995 October 31, 1994
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 10.33 $10.44 $ 9.80 $ 10.00
------- ------ ------- -------
Income from investment operations:
Net investment income (loss) 0.49 0.52 0.18 0.08
Net realized and unrealized (gain)
loss from security transactions (0.09) (0.11) 1.33 (0.19)
------- ------ ------- -------
Total from investment operations 0.40 0.41 1.51 (0.11)
------- ------ ------- -------
Less dividends and distributions:
Dividends from net investment income (0.26) (0.52) (0.87) (0.09)
Distributions from net realized gain
on security transactions 0.00 -- -- --
------- ------ ------- -------
Total dividends and distributions (0.26) (0.52) (0.87) (0.09)
------- ------ ------- -------
Net asset value, end of period $10.47 $10.33 $ 10.44 $ 9.80
====== ====== ======= =======
Total Return(2) N/A 4.06% 16.23% 1.00%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $ 0 $ 71 $ 5 $ 9
Ratio of expenses to average net assets 1.47% 1.90% 1.90% 1.85%
Ratio of expenses to average net assets
prior to limit 1.47% 2.32% 2.52% 3.17%
Ratio of net investment income to
average net assets 5.35% 5.53% 5.75% 5.91%
Ratio of net investment income to average
net assets prior to limit 5.35% 5.11% 5.13% 4.59%
Portfolio turnover rate 78% 68% 119% 185%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Corporate Income Fund Institutional Class
-----------------------------------------
For the Year For the Year For the Year For the Period
Ended Ended Ended 2/3/94(1) to
October 31, 1997 October 31, 1996 October 31, 1995 October 31, 1994
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.34 $ 9.49 $ 8.84 $ 9.98
------ --------- --------- ---------
Income from investment operations:
Net investment income (loss) 0.58 0.62 0.73 0.41
Net realized and unrealized (gain)
loss from security transactions (0.31) (0.15) 0.78 (1.12)
------ --------- --------- ---------
Total from investment operations 0.27 0.47 1.51 (0.71)
------ --------- --------- ---------
Less dividends and distributions:
Dividends from net investment income (0.31) (0.62) (0.86) (0.43)
Distributions from net realized gain
on security transactions -- -- -- --
------ --------- --------- ---------
Total dividends and distributions (0.31) (0.62) (0.86) (0.43)
------ --------- --------- ---------
Net asset value, end of period $ 9.30 $ 9.34 $ 9.49 $ 8.84
====== ========= ========= =========
Total Return(2) N/A 5.19% 18.27% 7.21%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $ 0 $ 5,852 $ 3,704 $ 1,302
Ratio of expenses to average net assets 0.47% 0.90% 0.90% 0.90%
Ratio of expenses to average net assets
prior to limit 0.47% 1.32% 1.52% 2.20%
Ratio of net investment income to
average net assets 7.01% 6.53% 6.95% 6.88%
Ratio of net investment income to average
net assets prior to limit 7.01% 6.11% 6.33% 5.58%
Portfolio turnover rate 78% 68% 119% 185%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Federal Bond Fund A Class
-------------------------
For the Year For the Year For the Year For the Period
Ended Ended Ended December 3, 1993(1) to
October 31, 1997 October 31, 1996 October 31, 1995 October 31, 1994
---------------- ---------------- ---------------- ---------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.60 $ 9.80 $ 9.15 $ 10.00
---------- ---------- ---------- --------
Income from investment operations:
Net investment income (loss) 0.50 0.52 0.57 0.38
Net realized and unrealized gain (loss)
from security transactions (0.42) (0.20) 0.65 (0.86)
---------- ---------- ---------- --------
Net increase (decrease) from in net
assets from investment operations 0.08 0.32 1.22 (0.48)
---------- ---------- ---------- --------
Less dividends and distributions:
Dividends from net investment income (0.26) (0.52) (0.57) (0.37)
Distributions from net realized gain
on security transactions -- -- -- --
---------- ---------- ---------- --------
Total dividends and distributions (0.26) (0.52) (0.57) (0.37)
---------- ---------- ---------- --------
Net asset value, end of period $ 9.42 $ 9.60 $ 9.80 $ 9.15
========== ========== ========== =========
Total Return(2) N/A 3.43% 13.72% (4.93%)
Ratios and supplemental data:
Net assets, end of period (000 omitted) $ 0 $ 11,419 $ 11,062 $ 9,658
Ratio of expenses to average net assets 0.83% 1.23% 1.25% 1.25%
Ratio of expenses to average net assets
prior to limit 0.83% 1.91% 2.06% 2.58%
Ratio of net investment income to
average net assets 5.84% 5.33% 6.07% 4.38%
Ratio of net investment income to average
net assets prior to limit 5.84% 4.65% 5.26% 3.05%
Portfolio turnover rate 114% 196% 227% 366%
</TABLE>
(1) Date of initial public offering; ratios and total return have been
annualized.
(2) Does not include maximum sales charge of 4.75% nor the 1% limited
contingent deferred sales charge that would apply in the event of certain
redemptions within 12 months of purchase of A Class shares. Does not
include contingent deferred sales charge which varies from 1-4% depending
upon the holding period for Class B and Class C shares.
<PAGE>
<TABLE>
<CAPTION>
Federal Bond Fund B Class
-------------------------
For the Year For the Year For the Year For the Period
Ended Ended Ended March 29, 1994(1) to
October 31, 1997 October 31, 1996 October 31, 1995 October 31, 1994
---------------- ---------------- ---------------- --------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 10.07 $ 10.25 $ 9.78 $ 10.00
------- ------- ------- -------
Income from investment operations:
Net investment income (loss) 0.43 0.45 0.57 0.12
Net realized and unrealized gain (loss)
from security transactions (0.38) (0.18) 0.65 (0.23)
------- ------- ------- -------
Net increase (decrease) from in net
assets from investment operations 0.05 0.27 1.22 (0.11)
------- ------- ------- -------
Less dividends and distributions:
Dividends from net investment income (0.22) (0.45) (0.75) (0.11)
Distributions from net realized gain
on security transactions -- -- -- --
------- ------- ------- -------
Total dividends and distributions (0.22) (0.45) (0.75) (0.11)
------- ------- ------- -------
Net asset value, end of period $ 9.90 $ 10.07 $ 10.25 $ 9.78
======= ======= ======== =======
Total Return(2) N/A 2.76% 13.09% (1.11%)
Ratios and supplemental data:
Net assets, end of period (000 omitted) $ 0 $ 568 $ 299 $ 239
Ratio of expenses to average net assets 1.53% 1.90% 1.90% 1.90%
Ratio of expenses to average net assets
prior to limit 1.53% 2.58% 2.71% 3.22%
Ratio of net investment income to
average net assets 4.86% 4.66% 5.43% 4.87%
Ratio of net investment income to average
net assets prior to limit 4.86% 3.98% 4.62% 3.55%
Portfolio turnover rate 114% 196% 227% 366%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Federal Bond Fund C Class
-------------------------
For the Year For the Year For the Year For the Period
Ended Ended Ended May 23, 1994(1) to
October 31, 1997 October 31, 1996 October 31, 1995 October 31, 1994
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 10.20 $ 10.38 $ 9.79 $ 10.00
------- ------- ------- -------
Income from investment operations:
Net investment income (loss) 0.43 0.45 0.63 0.15
Net realized and unrealized gain (loss)
from security transactions (0.38) (0.18) 0.47 (0.22)
------- ------- ------- -------
Net increase (decrease) from in net
assets from investment operations 0.05 0.27 1.10 (0.07)
------- ------- ------- -------
Less dividends and distributions:
Dividends from net investment income (0.22) (0.45) (0.51) (0.14)
Distributions from net realized gain
on security transactions 0.00 -- -- --
------- ------- ------- -------
Total dividends and distributions (0.22) (0.45) (0.51) (0.14)
------- ------- ------- -------
Net asset value, end of period $ 10.03 $ 10.20 $ 10.38 $ 9.79
======= ======= ======= =======
Total Return(2) N/A 2.74% 11.59% (0.72%)
Ratios and supplemental data:
Net assets, end of period (000 omitted) $ 0 $ 12 $ 15 $ 49
Ratio of expenses to average net assets 1.50% 1.90% 1.85% 1.90%
Ratio of expenses to average net assets
prior to limit 1.50% 2.58% 2.70% 3.22%
Ratio of net investment income to
average net assets 4.61% 4.66% 4.73% 4.71%
Ratio of net investment income to average
net assets prior to limit 4.61% 3.98% 3.88% 3.39%
Portfolio turnover rate 114% 196% 227% 366%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Federal Bond Fund Institutional Class
-------------------------------------
For the Year For the Year For the Year For the Period
Ended Ended Ended February 3, 1994(1) to
October 31, 1997 October 31, 1996 October 31, 1995 October 31, 1994
---------------- ---------------- ---------------- ----------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.09 $ 9.60 $ 9.15 $ 10.00
-------- ------- ------ --------
Income from investment operations:
Net investment income (loss) 0.52 0.55 0.69 0.33
Net realized and unrealized gain (loss)
from security transactions (0.43) (0.51) 0.54 (0.85)
-------- ------- ------ --------
Net increase (decrease) from in net
assets from investment operations 0.09 0.04 1.23 (0.52)
-------- ------- ------ --------
Less dividends and distributions:
Dividends from net investment income (0.27) (0.55) (0.78) (0.33)
Distributions from net realized gain
on security transactions -- -- -- --
-------- ------- ------ --------
Total dividends and distributions (0.27) (0.55) (0.78) (0.33)
-------- ------- ------ --------
Net asset value, end of period $ 8.91 $ 9.09 $ 9.60 $ 9.15
======= ======= ======= =======
Total Return(2) N/A 60.00% 14.15% (5.17%)
Ratios and supplemental data:
Net assets, end of period (000 omitted) $ 0 $ 106 $ 979 $ 353
Ratio of expenses to average net assets 0.53% 90.00% 90.00% 90.00%
Ratio of expenses to average net assets
prior to limit 0.53% 1.58% 1.71% 2.23%
Ratio of net investment income to
average net assets 6.52% 5.66% 6.39% 5.57%
Ratio of net investment income to average
net assets prior to limit 6.52% 4.98% 5.58% 4.24%
Portfolio turnover rate 114% 196% 227% 366%
</TABLE>
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