FORM N-SAR
SEMI-ANNUAL REPORT
FOR REGISTERED INVESTMENT COMPANIES
Registrant Name TIFF INVESTMENT PROGRAM, INC.
File Number 811-8234
Registrant CIK Number: 0000916622
Press F1 for general help.
Header Screen
Report as of the end of semiannual period: / / (a)
or fiscal year: 12/31/98 (b)
Is this a transition report? (Y or N): N
Is this form being completed by the registrant? (Y or N): Y
Is this an amendment to a previous filing? (Y or N): N
Is this a change to a previous filing? (Y or N): N
1.A) Registrant Name: TIFF INVESTMENT PROGRAM, INC.
B) File Number: 811-8234
C) Telephone Number: 8008178200
2.A) Street: 2405 IVY ROAD
B) City: CHARLOTTESVILLE C) State: VA D) Zip Code: 22903 Zip Ext.:
E) Foreign Country: Foreign Postal Code:
3. Is this the first filing on this form by the Registrant?(Y or N) ----- N
4. Is this the last filing on this form by the Registrant?(Y or N) ------ N
5. Is Registrant a small business investment company (SBIC)?(Y or N) ---- N
6. Is Registrant a unit investment trust (UIT)?(Y or N) ----------------- N
7.A) Is Registrant a series or multiple portfolio company?(Y or N) ----- Y
B) How many separate series or portfolios did Registrant have
at the end of the period? ----------------------------------------- 6
SCREEN NUMBER: 1
7.C) List the name of each series or portfolio and give a consecutive number
to each series or portfolio starting with the number 1. USE THIS SAME
NUMERICAL DESIGNATION FOR EACH SERIES OR PORTFOLIO IN THE SERIES IN-
FORMATION BLOCK IN THE TOP RIGHT CORNER OF THE SCREENS SUBMITTED IN
THIS FILING AND IN ALL SUBSEQUENT FILINGS ON THIS FORM. THIS INFOR-
MATION IS REQUIRED EACH TIME THE FORM IS FILED. Is this the
Series last filing
Number Series Name for this series?
(Y or N)
1 TIFF U.S. EQUITY FUND N
2 TIFF INTERNATIONAL EQUITY FUND N
3 TIFF EMERGING MARKETS FUND N
4 TIFF BOND FUND N
5 TIFF SHORT-TERM FUND N
6 TIFF MULTI-ASSET FUND N
7
8
9
10
Press Ctrl-Left Arrow for previous, Ctrl-Right Arrow for next/more series.
SCREEN NUMBER: 2
This page is being
INVESTMENT ADVISER/SUB-ADVISER filed for series 1.
8.A) Adviser Name (if any):
B) Is this an Adviser or Sub-adviser? (A/S): A
C) File Number: 801-45618
D) City: CHARLOTTESVILLE State: VA Zip Code: 22905 Zip Ext.:
Foreign Country: Foreign Postal Code:
8.A) Adviser Name (if any): ARONSON + PARTNERS
B) Is this an Adviser or Sub-adviser? (A/S): S
C) File Number: 801-22950
D) City: PHILADELPHIA State: PA Zip Code: 19102 Zip Ext.:
Foreign Country: Foreign Postal Code:
8.A) Adviser Name (if any): MARTINGALE ASSET MANAGEMENT, L.P.
B) Is this an Adviser or Sub-adviser? (A/S): S
C) File Number: 801-30067
D) City: BOSTON State: MA Zip Code: 02116 Zip Ext.:
Foreign Country: Foreign Postal Code:
Press Ctrl-Left Arrow for previous, Ctrl-Right Arrow for next/more.
SCREEN NUMBER: 3
This page is being
INVESTMENT ADVISER/SUB-ADVISER filed for series 1.
8.A) Adviser Name (if any): PALO ALSO INVESTORS
B) Is this an Adviser or Sub-adviser? (A/S): S
C) File Number: 801-84316
D) City: PALO ALTO State: CA Zip Code: 94301 Zip Ext.:
Foreign Country: Foreign Postal Code:
8.A) Adviser Name (if any): WESTPORT ASSET MANAGEMENT, INC.
B) Is this an Adviser or Sub-adviser? (A/S): S
C) File Number: 801-21845
D) City: WESTPORT State: CT Zip Code: 06880 Zip Ext.:
Foreign Country: Foreign Postal Code:
8.A) Adviser Name (if any): SHAPIRO CAPITAL MANAGEMENT CO., INC.
B) Is this an Adviser or Sub-adviser? (A/S): S
C) File Number: 801-04723
D) City: ATLANTA State: GA Zip Code: 30305 Zip Ext.:
Foreign Country: Foreign Postal Code:
Press Ctrl-Left Arrow for previous, Ctrl-Right Arrow for next/more.
SCREEN NUMBER: 3
This page is being
INVESTMENT ADVISER/SUB-ADVISER filed for series 1.
8.A) Adviser Name (if any):
B) Is this an Adviser or Sub-adviser? (A/S):
C) File Number: 801-
D) City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
8.A) Adviser Name (if any):
B) Is this an Adviser or Sub-adviser? (A/S):
C) File Number: 801-
D) City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
8.A) Adviser Name (if any):
B) Is this an Adviser or Sub-adviser? (A/S):
C) File Number: 801-
D) City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
Press Ctrl-Left Arrow for previous, Ctrl-Right Arrow for next/more.
SCREEN NUMBER: 3
This page is being
INVESTMENT ADVISER/SUB-ADVISER filed for series 1.
8.A) Adviser Name (if any):
B) Is this an Adviser or Sub-adviser? (A/S):
C) File Number: 801-
D) City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
8.A) Adviser Name (if any):
B) Is this an Adviser or Sub-adviser? (A/S):
C) File Number: 801-
D) City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
8.A) Adviser Name (if any):
B) Is this an Adviser or Sub-adviser? (A/S):
C) File Number: 801-
D) City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
Press Ctrl-Left Arrow for previous, Ctrl-Right Arrow for next/more.
SCREEN NUMBER: 3
This page is being
INVESTMENT ADVISER/SUB-ADVISER filed for series 2.
8.A) Adviser Name (if any): FOUNDATION ADVISERS, INC.
B) Is this an Adviser or Sub-adviser? (A/S): A
C) File Number: 801-45618
D) City: CHARLOTTESVILLE State: VA Zip Code: 22905 Zip Ext.:
Foreign Country: Foreign Postal Code:
8.A) Adviser Name (if any): HARDING, LOEVNER MANAGEMENT, L.P.
B) Is this an Adviser or Sub-adviser? (A/S): S
C) File Number: 801-36845
D) City: SOMERVILLE State: NJ Zip Code: 08876 Zip Ext.:
Foreign Country: Foreign Postal Code:
8.A) Adviser Name (if any): MARATHON ASSET MANAGEMENT, LTD.
B) Is this an Adviser or Sub-adviser? (A/S): S
C) File Number: 801-36717
D) City: LONDON State: Zip Code: Zip Ext.:
Foreign Country: UNITED KINGDOM Foreign Postal Code: WC2H8AD
Press Ctrl-Left Arrow for previous, Ctrl-Right Arrow for next/more.
SCREEN NUMBER: 3
This page is being
INVESTMENT ADVISER/SUB-ADVISER filed for series 2.
8.A) Adviser Name (if any): MERCURY ASSET MANAGEMENT
B) Is this an Adviser or Sub-adviser? (A/S): S
C) File Number: 801-10680
D) City: NEW YORK State: NY Zip Code: 10017 Zip Ext.:
Foreign Country: Foreign Postal Code:
8.A) Adviser Name (if any): DELAWARE INTERNATIONAL ADVISERS, LTD.
B) Is this an Adviser or Sub-adviser? (A/S): S
C) File Number: 801-37702
D) City: LONDON State: Zip Code: Zip Ext.:
Foreign Country: UNITED KINGDOM Foreign Postal Code: EC2A1NQ
8.A) Adviser Name (if any): BEE & ASSOCIATES, INC.
B) Is this an Adviser or Sub-adviser? (A/S): S
C) File Number: 801-34538
D) City: DENVER State: CO Zip Code: 80202 Zip Ext.:
Foreign Country: Foreign Postal Code:
Press Ctrl-Left Arrow for previous, Ctrl-Right Arrow for next/more.
SCREEN NUMBER: 3
This page is being
INVESTMENT ADVISER/SUB-ADVISER filed for series 3.
8.A) Adviser Name (if any): FOUNDATION ADVISERS, INC.
B) Is this an Adviser or Sub-adviser? (A/S): A
C) File Number: 801-45618
D) City: CHARLOTTESVILLE State: VA Zip Code: 22905 Zip Ext.:
Foreign Country: Foreign Postal Code:
8.A) Adviser Name (if any): EMERGING MARKETS MANAGEMENT
B) Is this an Adviser or Sub-adviser? (A/S): S
C) File Number: 801-30740
D) City: ARLINGTON State: VA Zip Code: 22209 Zip Ext.:
Foreign Country: Foreign Postal Code:
8.A) Adviser Name (if any): LAZARD FRERES ASSET MANAGEMENT
B) Is this an Adviser or Sub-adviser? (A/S): S
C) File Number: 801-6568
D) City: NEW YORK State: NY Zip Code: 10020 Zip Ext.:
Foreign Country: Foreign Postal Code:
Press Ctrl-Left Arrow for previous, Ctrl-Right Arrow for next/more.
SCREEN NUMBER: 3
This page is being
INVESTMENT ADVISER/SUB-ADVISER filed for series 4.
8.A) Adviser Name (if any): FOUNDATION ADVISERS
B) Is this an Adviser or Sub-adviser? (A/S): A
C) File Number: 801-45618
D) City: CHARLOTTESVILLE State: VA Zip Code: 22905 Zip Ext.:
Foreign Country: Foreign Postal Code:
8.A) Adviser Name (if any): ATLANTIC ASSET MANAGEMENT PARTNERS, INC.
B) Is this an Adviser or Sub-adviser? (A/S): S
C) File Number: 801-41596
D) City: STAMFORD State: CT Zip Code: 06902 Zip Ext.:
Foreign Country: Foreign Postal Code:
8.A) Adviser Name (if any):
B) Is this an Adviser or Sub-adviser? (A/S):
C) File Number: 801-
D) City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
Press Ctrl-Left Arrow for previous, Ctrl-Right Arrow for next/more.
SCREEN NUMBER: 3
This page is being
INVESTMENT ADVISER/SUB-ADVISER filed for series 4.
8.A) Adviser Name (if any): SEIX INVESTMENT ADVISORS, INC.
B) Is this an Adviser or Sub-adviser? (A/S): S
C) File Number: 801-42070
D) City: WOODCLIFF LAKE State: NJ Zip Code: 07675 Zip Ext.: 7633
Foreign Country: Foreign Postal Code:
8.A) Adviser Name (if any): SMITH BREEDEN ASSOCIATES, INC.
B) Is this an Adviser or Sub-adviser? (A/S): S
C) File Number: 801-17567
D) City: CHAPEL State: NC Zip Code: 27514 Zip Ext.:
Foreign Country: Foreign Postal Code:
8.A) Adviser Name (if any):
B) Is this an Adviser or Sub-adviser? (A/S):
C) File Number: 801-
D) City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
Press Ctrl-Left Arrow for previous, Ctrl-Right Arrow for next/more.
SCREEN NUMBER: 3
This page is being
INVESTMENT ADVISER/SUB-ADVISER filed for series 5.
8.A) Adviser Name (if any): FOUNDATION ADVISERS, INC.
B) Is this an Adviser or Sub-adviser? (A/S): A
C) File Number: 801-45618
D) City: CHARLOTTESVILLE State: VA Zip Code: 22905 Zip Ext.:
Foreign Country: Foreign Postal Code:
8.A) Adviser Name (if any): FISCHER FRANCIS TREES & WATTS, INC.
B) Is this an Adviser or Sub-adviser? (A/S): S
C) File Number: 801-10577
D) City: NEW YORK State: NY Zip Code: 10022 Zip Ext.:
Foreign Country: Foreign Postal Code:
8.A) Adviser Name (if any):
B) Is this an Adviser or Sub-adviser? (A/S):
C) File Number: 801-
D) City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
Press Ctrl-Left Arrow for previous, Ctrl-Right Arrow for next/more.
SCREEN NUMBER: 3
This page is being
INVESTMENT ADVISER/SUB-ADVISER filed for series 6.
8.A) Adviser Name (if any): WELLINGTON MANAGEMENT CO.
B) Is this an Adviser or Sub-adviser? (A/S): S
C) File Number: 801-15908
D) City: BOSTON State: MA Zip Code: 02109 Zip Ext.:
Foreign Country: Foreign Postal Code:
8.A) Adviser Name (if any): STANDARD PACIFIC CAPITAL LLC
B) Is this an Adviser or Sub-adviser? (A/S): S
C) File Number: 801-49080
D) City: SAN FRANCISCO State: CA Zip Code: 94108 Zip Ext.:
Foreign Country: Foreign Postal Code:
8.A) Adviser Name (if any): FOUNDATION ADVISERS, INC.
B) Is this an Adviser or Sub-adviser? (A/S): A
C) File Number: 801-45618
D) City: CHARLOTTESVILLE State: VA Zip Code: 22905 Zip Ext.:
Foreign Country: Foreign Postal Code:
Press Ctrl-Left Arrow for previous, Ctrl-Right Arrow for next/more.
SCREEN NUMBER: 3
This page is being
INVESTMENT ADVISER/SUB-ADVISER filed for series 6.
8.A) Adviser Name (if any): BEE & ASSOCIATES, INC.
B) Is this an Adviser or Sub-adviser? (A/S): S
C) File Number: 801-34538
D) City: DENVER State: CO Zip Code: 80202 Zip Ext.:
Foreign Country: Foreign Postal Code:
8.A) Adviser Name (if any): SEIX INVESTMENT ADVISORS, INC.
B) Is this an Adviser or Sub-adviser? (A/S): S
C) File Number: 801-42070
D) City: WOODCLIFF LAKE State: NJ Zip Code: 07675 Zip Ext.: 7633
Foreign Country: Foreign Postal Code:
8.A) Adviser Name (if any): GRANTHAM, MAYO VAN OTTERLOO & COMPANY
B) Is this an Adviser or Sub-adviser? (A/S): S
C) File Number: 801-000000
D) City: BOSTON State: MA Zip Code: 02110 Zip Ext.:
Foreign Country: Foreign Postal Code:
Press Ctrl-Left Arrow for previous, Ctrl-Right Arrow for next/more.
SCREEN NUMBER: 3
This page is being
INVESTMENT ADVISER/SUB-ADVISER filed for series 6.
8.A) Adviser Name (if any): HARDING, LOEVNER MANAGEMENT, L.P.
B) Is this an Adviser or Sub-adviser? (A/S): S
C) File Number: 801-36845
D) City: SOMERVILLE State: NJ Zip Code: 08876 Zip Ext.:
Foreign Country: Foreign Postal Code:
8.A) Adviser Name (if any):
B) Is this an Adviser or Sub-adviser? (A/S):
C) File Number: 801-
D) City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
8.A) Adviser Name (if any):
B) Is this an Adviser or Sub-adviser? (A/S):
C) File Number: 801-
D) City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
Press Ctrl-Left Arrow for previous, Ctrl-Right Arrow for next/more.
SCREEN NUMBER: 3
This page is being
ADMINISTRATOR filed for ALL series.
10.A) Administrator Name (if any):INVESTORS CAPITAL SERVICES, INC.
B) File Number (if any):
C) City: NEW YORK State: NY Zip Code: 10020 Zip Ext.:
Foreign Country: Foreign Postal Code:
10.A) Administrator Name (if any):
B) File Number (if any):
C) City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
10.A) Administrator Name (if any):
B) File Number (if any):
C) City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
10.A) Administrator Name (if any):
B) File Number (if any):
C) City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
Press Ctrl-Left Arrow for previous, Ctrl-Right Arrow for next/more.
SCREEN NUMBER: 4
This page is being
PRINCIPAL UNDERWRITER filed for ALL series.
11.A) Underwriter Name (if any): AMT CAPITAL SECURITIES, L.L.C.
B) File Number: 8-51031
C) City: NEW YORK State: NY Zip Code: 10020 Zip Ext.:
Foreign Country: Foreign Postal Code:
11.A) Underwriter Name (if any):
B) File Number: 8-
C) City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
11.A) Underwriter Name (if any):
B) File Number: 8-
C) City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
11.A) Underwriter Name (if any):
B) File Number: 8-
C) City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
Press Ctrl-Left Arrow for previous, Ctrl-Right Arrow for next/more.
SCREEN NUMBER: 5
This page is being
SHAREHOLDER SERVICING AGENT filed for ALL series.
12.A) Agent Name (if any): INVESTORS BANK & TRUST COMPANY
B) File Number (if any): 85-720
C) City: BOSTON State: MA Zip Code: 02116 Zip Ext.:
12.A) Agent Name (if any):
B) File Number (if any):
C) City: State: Zip Code: Zip Ext.:
12.A) Agent Name (if any):
B) File Number (if any):
C) City: State: Zip Code: Zip Ext.:
12.A) Agent Name (if any):
B) File Number (if any):
C) City: State: Zip Code: Zip Ext.:
Press Ctrl-Left Arrow for previous, Ctrl-Right Arrow for next/more.
SCREEN NUMBER: 6
This page is being
INDEPENDENT PUBLIC ACCOUNTANT filed for ALL series.
13.A) Accountant Name: PRICEWATERHOUSECOOPERS LLP
B) City: NEW YORK State: NY Zip Code: 10036 Zip Ext.:
Foreign Country: Foreign Postal Code:
13.A) Accountant Name:
B) City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
13.A) Accountant Name:
B) City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
13.A) Accountant Name:
B) City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
Press Ctrl-Left Arrow for previous, Ctrl-Right Arrow for next/more.
SCREEN NUMBER: 7
This page is being
AFFILIATED BROKER/DEALER filed for ALL series.
14.A) Broker/Dealer Name (if any):DELETE
B) File Number: 8-
14.A) Broker/Dealer Name (if any):
B) File Number: 8-
14.A) Broker/Dealer Name (if any):DELAWARE DISTRIBUTORS, L.P.
B) File Number: 8-29755
14.A) Broker/Dealer Name (if any):LYNCH & MAYER SECURITIES CORP.
B) File Number: 8-31026
14.A) Broker/Dealer Name (if any):LINCOLN NATIONAL LIFE INSURANCE CO.
B) File Number: 8-13034
Press Ctrl-Left Arrow for previous, Ctrl-Right Arrow for next/more.
SCREEN NUMBER: 8
This page is being
AFFILIATED BROKER/DEALER filed for ALL series.
14.A) Broker/Dealer Name (if any):LNC EQUITY SALES CORP.
B) File Number: 8-14685
14.A) Broker/Dealer Name (if any):
B) File Number: 8-
14.A) Broker/Dealer Name (if any):
B) File Number: 8-
14.A) Broker/Dealer Name (if any):
B) File Number: 8-
14.A) Broker/Dealer Name (if any):
B) File Number: 8-
Press Ctrl-Left Arrow for previous, Ctrl-Right Arrow for next/more.
SCREEN NUMBER: 8
This page is being
CUSTODIAN/SUB-CUSTODIAN filed for ALL series.
15.A) Custodian/Sub-custodian: INVESTORS BANK & TRUST COMPANY
B) Is this a Custodian or Sub-custodian? (C/S): C
C) City: BOSTON State: MA Zip Code: 02116 Zip Ext.:
D) Foreign Country: Foreign Postal Code:
E) Mark ONE of the following with an 'X':
TYPE OF CUSTODY
Member Nat'l Foreign Insurance Co.
Bank Sec. Exchg. Self Custodian Sponsor
Sec.17(f)(1) Rule 17f-1 Rule 17f-2 Rule 17f-5 Rule 26a-2 Other
------------ ------------ ---------- ---------- ------------- -----
X
Press Ctrl-Left Arrow for previous, Ctrl-Right Arrow for next/more.
SCREEN NUMBER: 9
This page being
filed for ALL series.
18. Does Registrant's/Series' custodian(s) maintain some
or all of Registrant's/Series' securities in a central
depository or book-entry system pursuant to Rule 17f-4? (Y or N) Y
19. Family of investment companies information:
A) Is Registrant part of a family of investment companies? (Y or N) N
B) If 'Y' (Yes), state the number of registered management
investment companies in the family: 0
(NOTE: Count as a separate company each series of a series company
and each portfolio of a multiple portfolio company; exclude
all series of unit investment trusts from this number.)
C) Identify the family using 10 letters:
(NOTE: In filing this form, use this identification consistently for
all investment companies in the family including any unit
investment trusts. This designation is for purposes of
this form only.)
SCREEN NUMBER: 10
20. Brokerage commissions paid on portfolio transactions of Registrant:
List the 10 brokers which received the largest amount of brokerage commissions
(excluding dealer concessions in underwritings) by virtue of direct or in-
direct participation in Registrant's portfolio transactions, set forth in
order of size of gross commissions during the current reporting period:
(FOR SERIES COMPANIES, ITEMS 20 & 21 MUST BE ANSWERED IN TOTAL FOR ALL SERIES)
Commissions
Name of Broker IRS Number Received
(000's omitted)
D.E. SHAW SECURITIES L.P. 13-2655998 356
BEAR STEARNS & CO., INC. 13-3299429 189
PAINEWEBBER INC. 13-2638166 170
WARBURG SECURITIES 13-3340045 120
MERRILL LYNCH & CO. 13-5674085 170
MORGAN (J.P.) SECURITIES, INC. 13-3224016 97
GOLDMAN SACHS & CO. 13-5108880 73
DLJ CAPITAL MARKETS 13-2741729 46
DEUTSCHE BANKRITIES, INC. 13-2730828 38
CREDIT SUISSE FIRST BOSTON 13-5659485 34
21. Aggregate brokerage commissions paid by Registrant
during current reporting period (000's omitted): 2184
SCREEN NUMBER: 11
22. Registrant's portfolio transactions with entities acting as principals:
List the 10 entities acting as principals with whom Registrant did the largest
amount of portfolio transactions (include all short-term obligations, and U.S.
Gov't. & tax-free securities) in both the secondary market & in underwritten
offerings set forth in order of size based upon total value of principal
transactions during the current reporting period: (FOR SERIES COMPANIES, ITEMS
22 AND 23 MUST BE ANSWERED IN TOTAL FOR ALL SERIES) Registrant Sales by
Name of Entity IRS Number Purchases Registrant
(000's omitted)
INVESTORS BANK & TRUST N/A 16741981 26295
PRUDENTIAL SECURITIES, INC. 23-2347336 7713518 49578
GOLDMAN SACHS 13-5108880 252846 250449
CREDIT SUISSE FIRST BOSTON (UK) 13-5659485 135373 168694
BANK OF MONTREAL - TMD N/A 303821 0
MORGAN STANLEY & CO, LTD. 13-2655998 197370 87006
NOMURA SECURITIES INTERNATIONAL 13-2642206 244393 25774
DEN DANSKE N/A 234661 0
MERRILL LYNCH PIERCE FENNIN 13-5674085 110406 76080
BEAR STEARNS & CO., INC. 13-3299429 107328 71893
23. Aggregate principal purchase/sale transactions of Registrant during current
reporting period. C. Total Purchases: 32378298 D. Total Sales: 4628022
(000's omitted)
SCREEN NUMBER: 12
This page being
filed for series 1.
24. At the end of the current period, did the Registrant/Series hold any
securities of the Registrant's/Series' regular brokers or dealers or
of the parents of such brokers or dealers that derive more than 15%
of gross revenue from securities-related activities? (Y or N): Y
NOTE: If answer is 'N' (No), please go on to screen 15.
SCREEN NUMBER: 13
This page being
filed for series 2.
24. At the end of the current period, did the Registrant/Series hold any
securities of the Registrant's/Series' regular brokers or dealers or
of the parents of such brokers or dealers that derive more than 15%
of gross revenue from securities-related activities? (Y or N): N
NOTE: If answer is 'N' (No), please go on to screen 15.
SCREEN NUMBER: 13
This page being
filed for series 3.
24. At the end of the current period, did the Registrant/Series hold any
securities of the Registrant's/Series' regular brokers or dealers or
of the parents of such brokers or dealers that derive more than 15%
of gross revenue from securities-related activities? (Y or N): N
NOTE: If answer is 'N' (No), please go on to screen 15.
SCREEN NUMBER: 13
This page being
filed for series 4.
24. At the end of the current period, did the Registrant/Series hold any
securities of the Registrant's/Series' regular brokers or dealers or
of the parents of such brokers or dealers that derive more than 15%
of gross revenue from securities-related activities? (Y or N): Y
NOTE: If answer is 'N' (No), please go on to screen 15.
SCREEN NUMBER: 13
This page being
filed for series 5.
24. At the end of the current period, did the Registrant/Series hold any
securities of the Registrant's/Series' regular brokers or dealers or
of the parents of such brokers or dealers that derive more than 15%
of gross revenue from securities-related activities? (Y or N): N
NOTE: If answer is 'N' (No), please go on to screen 15.
SCREEN NUMBER: 13
This page being
filed for series 6.
24. At the end of the current period, did the Registrant/Series hold any
securities of the Registrant's/Series' regular brokers or dealers or
of the parents of such brokers or dealers that derive more than 15%
of gross revenue from securities-related activities? (Y or N): N
NOTE: If answer is 'N' (No), please go on to screen 15.
SCREEN NUMBER: 13
This page being
filed for ALL series.
25. List below the information requested about Registrant's/Series' holdings of
the securities of the Registrant's/Series' regular brokers or dealers or of
their parents that derive more than 15% of gross revenues from securities-
related activities:
Type of Value of any
Name of Regular Broker or IRS Security Securities
Dealer or Parent (Issuer) Number Owned Owned at end
D=debt of current
E=equity period
(000's omitted)
CITICORP 13-3214963 D 1426
CITIGROUP, INC. 13-3214963 E 2624
LEHMAN BROTHERS HOLDINGS, INC. 13-2518466 D 347
BEAR STEARNS CO, INC. 13-3299429 D 1236
MERRILL LYNCH & CO., INC. 13-5674085 D 370
MORGAN STANLEY GROUP INC. 13-3224016 D 1026
0
0
Press Ctrl-Left Arrow for previous, Ctrl-Right Arrow for next/more.
SCREEN NUMBER: 14
26. Considerations which affected the participation of brokers or dealers
or other entities in commissions or other compensation paid on
portfolio transactions of Registrant:
[ FOR SERIES COMPANIES THIS ITEM IS TO BE ANSWERED IN TOTAL FOR ALL SERIES ]
Answer each of the following with 'Y' or 'N'.
A) Sales of Registrant's/Series' shares -------------------------------- N
B) Receipt of investment research and statistical information ---------- N
C) Receipt of quotations for portfolio valuations ---------------------- N
D) Ability to execute portfolio transactions
to obtain best price and execution --------------------------------- Y
E) Receipt of telephone line and wire services ------------------------- N
F) Broker or dealer which is an affiliated person ---------------------- N
G) Arrangement to return or credit part or all of
commissions or profits thereon:
(i) To investment adviser, principal underwriter,
or an affiliated person of either ---------------------------- N
(ii) To Registrant ------------------------------------------------ Y
H) Other --------------------------------------------------------------- N
SCREEN NUMBER: 15
SALES AND REPURCHASES
27. Is Registrant an open-end investment company? (Y or N): Y
NOTE: If answer is 'N' (No), please delete any answers you may
have entered for questions 28 through 44.
If you have done this already or not yet responded to
question 28 through 44, please jump to Screen Number 23.
SCREEN NUMBER: 16
This page being
28. Monthly Sales and Repurchases of filed for series 1.
Registrant's/Series' Shares:
Total NAV Total NAV Total NAV
of Shares of Shares Total NAV of Shares
Sold: New Sold: Reinv. of Shares Redeemed and
Month of Sales (Incl. of Dividends Sold: Repurchased
Current Period Exchanges) & Distributions Other (Incl. Exchanges)
(000's omitted) (000's omitted)
A) First month of period $ 7444 $ 553 $ 0 $ 2165
B) Second month of period $ 2515 $ 0 $ 0 $ 706
C) Third month of period $ 3399 $ 0 $ 0 $ 1435
D) Fourth month of period $ 775 $ 328 $ 0 $ 1852
E) Fifth month of period $ 8884 $ 12134 $ 0 $ 4573
F) Sixth month of period $ 857 $ 14818 $ 0 $ 7573
G) Total $ 23874 $ 27833 $ 0 $ 18304
H) Total NAV of Registrant's/Series' share sales during the
period subject to a sales load (000's omitted) $ 0
(Note: 28H is the total of six months and must be
less than or equal to 28G1 + 28G2 + 28G3)
SCREEN NUMBER: 17
This page being
28. Monthly Sales and Repurchases of filed for series 2.
Registrant's/Series' Shares:
Total NAV Total NAV Total NAV
of Shares of Shares Total NAV of Shares
Sold: New Sold: Reinv. of Shares Redeemed and
Month of Sales (Incl. of Dividends Sold: Repurchased
Current Period Exchanges) & Distributions Other (Incl. Exchanges)
(000's omitted) (000's omitted)
A) First month of period $ 1698 $ 2476 $ 0 $ 435
B) Second month of period $ 357 $ 0 $ 0 $ 477
C) Third month of period $ 706 $ 0 $ 0 $ 5822
D) Fourth month of period $ 706 $ 0 $ 0 $ 175
E) Fifth month of period $ 94 $ 5000 $ 0 $ 130
F) Sixth month of period $ 7236 $ 12254 $ 0 $ 7936
G) Total $ 10797 $ 19730 $ 0 $ 14975
H) Total NAV of Registrant's/Series' share sales during the
period subject to a sales load (000's omitted) $ 0
(Note: 28H is the total of six months and must be
less than or equal to 28G1 + 28G2 + 28G3)
SCREEN NUMBER: 17
This page being
28. Monthly Sales and Repurchases of filed for series 3.
Registrant's/Series' Shares:
Total NAV Total NAV Total NAV
of Shares of Shares Total NAV of Shares
Sold: New Sold: Reinv. of Shares Redeemed and
Month of Sales (Incl. of Dividends Sold: Repurchased
Current Period Exchanges) & Distributions Other (Incl. Exchanges)
(000's omitted) (000's omitted)
A) First month of period $ 2556 $ 0 $ 0 $ 184
B) Second month of period $ 0 $ 0 $ 0 $ 446
C) Third month of period $ 0 $ 1451 $ 0 $ 551
D) Fourth month of period $ 0 $ 0 $ 0 $ 34
E) Fifth month of period $ 0 $ 0 $ 0 $ 34
F) Sixth month of period $ 510 $ 0 $ 0 $ 607
G) Total $ 3066 $ 1451 $ 0 $ 1856
H) Total NAV of Registrant's/Series' share sales during the
period subject to a sales load (000's omitted) $ 0
(Note: 28H is the total of six months and must be
less than or equal to 28G1 + 28G2 + 28G3)
SCREEN NUMBER: 17
This page being
28. Monthly Sales and Repurchases of filed for series 4.
Registrant's/Series' Shares:
Total NAV Total NAV Total NAV
of Shares of Shares Total NAV of Shares
Sold: New Sold: Reinv. of Shares Redeemed and
Month of Sales (Incl. of Dividends Sold: Repurchased
Current Period Exchanges) & Distributions Other (Incl. Exchanges)
(000's omitted) (000's omitted)
A) First month of period $ 1649 $ 605 $ 0 $ 2103
B) Second month of period $ 2174 $ 629 $ 0 $ 2637
C) Third month of period $ 5196 $ 645 $ 0 $ 2151
D) Fourth month of period $ 2620 $ 634 $ 0 $ 1344
E) Fifth month of period $ 5709 $ 639 $ 0 $ 1995
F) Sixth month of period $ 8922 $ 1758 $ 0 $ 18322
G) Total $ 26270 $ 4910 $ 0 $ 28552
H) Total NAV of Registrant's/Series' share sales during the
period subject to a sales load (000's omitted) $ 0
(Note: 28H is the total of six months and must be
less than or equal to 28G1 + 28G2 + 28G3)
SCREEN NUMBER: 17
This page being
28. Monthly Sales and Repurchases of filed for series 5.
Registrant's/Series' Shares:
Total NAV Total NAV Total NAV
of Shares of Shares Total NAV of Shares
Sold: New Sold: Reinv. of Shares Redeemed and
Month of Sales (Incl. of Dividends Sold: Repurchased
Current Period Exchanges) & Distributions Other (Incl. Exchanges)
(000's omitted) (000's omitted)
A) First month of period $ 2210 $ 292 $ 0 $ 10599
B) Second month of period $ 1715 $ 270 $ 0 $ 6410
C) Third month of period $ 5169 $ 249 $ 0 $ 6650
D) Fourth month of period $ 4551 $ 241 $ 0 $ 1590
E) Fifth month of period $ 3193 $ 253 $ 0 $ 3527
F) Sixth month of period $ 14137 $ 253 $ 0 $ 4944
G) Total $ 30975 $ 1558 $ 0 $ 33720
H) Total NAV of Registrant's/Series' share sales during the
period subject to a sales load (000's omitted) $ 0
(Note: 28H is the total of six months and must be
less than or equal to 28G1 + 28G2 + 28G3)
SCREEN NUMBER: 17
This page being
28. Monthly Sales and Repurchases of filed for series 6.
Registrant's/Series' Shares:
Total NAV Total NAV Total NAV
of Shares of Shares Total NAV of Shares
Sold: New Sold: Reinv. of Shares Redeemed and
Month of Sales (Incl. of Dividends Sold: Repurchased
Current Period Exchanges) & Distributions Other (Incl. Exchanges)
(000's omitted) (000's omitted)
A) First month of period $ 2098 $ 2353 $ 0 $ 6685
B) Second month of period $ 3887 $ 0 $ 0 $ 3621
C) Third month of period $ 366 $ 0 $ 0 $ 27691
D) Fourth month of period $ 1166 $ 0 $ 0 $ 420
E) Fifth month of period $ 4438 $ 104 $ 0 $ 13625
F) Sixth month of period $ 1807 $ 2029 $ 0 $ 9764
G) Total $ 13762 $ 4486 $ 0 $ 61806
H) Total NAV of Registrant's/Series' share sales during the
period subject to a sales load (000's omitted) $ 0
(Note: 28H is the total of six months and must be
less than or equal to 28G1 + 28G2 + 28G3)
SCREEN NUMBER: 17
This page being
filed for ALL series.
29. Was a front-end sales load deducted from any share sales
during the reporting period? (Y or N) ------------------------- N
NOTE: If answer is 'N' (No), please jump to Screen Number 20.
30.A) Total front-end sales loads collected from sales
(including exchanges) by principal underwriter
or by any underwriter which is an affiliated
person of the principal underwriter, of
Registrant's/Series' shares during the
current period (000's omitted) ------------------------------ $ 0
B) What is the maximum sales load rate in effect at the end of
the period as a percentage of the offering price? ----------- 0.00%
C) What is the minimum sales load rate in effect at the end of
the period as a percentage of the offering price? ----------- 0.00%
SCREEN NUMBER: 18
This page being
filed for ALL series.
31.A) Net amount retained by Registrant's/Series' principal underwriter
or by any underwriter or dealer which is an affiliated person of the
principal underwriter thereof from front-end sales loads collected
from sales of Registrant's/Series' shares during the current period
($000's omitted). ------------------------------------ $ 0
31.B) Amount by which payout by Registrant's/Series' principal underwriter or
by any underwriter which is an affiliated person of the principal under-
writer thereof to persons or entities selling Registrant's/Series' shares
exceeded that reported in Item 30 ($000's omitted). -- $ 0
32. Amount Registrant's/Series' principal underwriter and any underwriters
or dealers which are affiliated persons of the principal underwriter paid
to dealers which are not affiliated persons of the principal underwriter
for selling Registrant's/Series' shares that were sold with a front-end
sales load during current period ($000's omitted). --- $ 0
33. Amount paid to a captive retail sales force of Registrant's/Series'
principal underwriter or of any underwriter or dealer which is an af-
filiated person of the principal underwriter for selling Registrant's
shares that were sold with a front-end sales load during current period
($000's omitted). ------------------------------------ $ 0
SCREEN NUMBER: 19
This page being
filed for ALL series.
34. Did Registrant/Series impose a deferred or contingent
deferred sales load during the reporting period? (Y or N) ------ N
NOTE: If answer is 'N' (No), skip the remaining questions on this screen
and proceed to Screen Number 21.
35. Total deferred or contingent deferred sales loads collected
during current period from redemptions and repurchases of
Registrant's/Series' shares ($000's omitted) ------------------ $ 0
36.A) Did Registrant/Series retain all monies collected from the
deferred or contingent deferred sales loads during the
reporting period? (Y or N) -----------------------------------
B) If the answer to sub-item 36A is 'N' (No), state the net
amount Registrant/Series retained from deferred or
contingent deferred sales loads ($000's omitted) ------------ $ 0
SCREEN NUMBER: 20
This page being
filed for ALL series.
37. Did Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the reporting period? (Y or N) --- N
NOTE: If answer is 'N' (No), go to item 39.
38. Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of
Registrant's/Series' shares during the current period.
($000's omitted) ------------------------------------------------- $ 0
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the current period? (Y or N) ----- N
40. During the period, did the Registrant/Series have a plan of
distribution adopted pursuant to rule 12b-1? (Y or N) ------------ N
NOTE: If answer is 'N' (No), jump to Screen 23 for your next screen.
41. During the period, did Registrant/Series use its assets directly
to make payments under the 12b-1 plan? (Y or N) ------------------ N
NOTE: If answer is 'N' (No), go to next screen (Screen 22)
and begin answering at question 44.
SCREEN NUMBER: 21
This page being
42. For the current period, indicate the filed for ALL series.
percentage of total dollars paid directly
by Registrant/Series under the 12b-1 plan for each of the following:
(Round to the nearest whole percent)
A) Advertising ------------------------------------------------- 0%
B) Printing and mailing of prospectuses to other than
current shareholders ---------------------------------------- 0%
C) Payments to underwriters ------------------------------------ 0%
D) Payments to brokers or dealers ------------------------------ 0%
E) Direct payments to sales personnel -------------------------- 0%
F) Payments to banks and savings and loans --------------------- 0%
G) Other uses, incl. payments to investment adviser
separate from the advisory fee ------------------------------ 0%
H) Unallocated payments made for a combination of such services 0%
43. Total amount paid directly by Registrant/Series pursuant
to its 12b-1 plan ($000's omitted) ---------------------------- $ 0
44. If an investment adviser or other affiliated person of Registrant/Series
made unreimbursed payments pursuant to Registrant's/Series' 12b-1 plan,
state the total amount of such payments. ($000's omitted) ----- $ 0
SCREEN NUMBER: 22
Contracts This page being
filed for series 1.
45. Did Registrant/Series have an advisory contract during the period?
(If 'N' (No), jump to screen 26 for your next screen.) --------------- Y
46. Did Registrant/Series pay more than one investment adviser directly
for investment advice during the period? (If 'Y' (Yes), answer items
47-52 in the aggregate for all such investment advisers.) ------------ Y
47. Was Registrant's/Series' advisory fee based solely on a percentage of
its assets? (Y or N) ------------------------------------------------- N
48. If answer to 47 is 'Y' (Yes), fill in the table or the single fee rate
applied to Registrant's/Series' assets based on the advisory contract.
SINGLE FEE RATE ------- 0.000%
STEP: ASSET VALUE ($000's omitted) ANNUAL FEE RATE
A) first - $ 0 0.000%
B) of next - $ 0 0.000%
C) of next - $ 0 0.000%
D) of next - $ 0 0.000%
E) of next - $ 0 0.000%
F) of next - $ 0 0.000%
G) of next - $ 0 0.000%
H) of next - $ 0 0.000%
I) of next - $ 0 0.000%
J) of next - $ 0 0.000%
K) over - $ 0 0.000%
SCREEN NUMBER: 23
Contracts This page being
filed for series 2.
45. Did Registrant/Series have an advisory contract during the period?
(If 'N' (No), jump to screen 26 for your next screen.) --------------- Y
46. Did Registrant/Series pay more than one investment adviser directly
for investment advice during the period? (If 'Y' (Yes), answer items
47-52 in the aggregate for all such investment advisers.) ------------ Y
47. Was Registrant's/Series' advisory fee based solely on a percentage of
its assets? (Y or N) ------------------------------------------------- N
48. If answer to 47 is 'Y' (Yes), fill in the table or the single fee rate
applied to Registrant's/Series' assets based on the advisory contract.
SINGLE FEE RATE ------- 0.000%
STEP: ASSET VALUE ($000's omitted) ANNUAL FEE RATE
A) first - $ 0 0.000%
B) of next - $ 0 0.000%
C) of next - $ 0 0.000%
D) of next - $ 0 0.000%
E) of next - $ 0 0.000%
F) of next - $ 0 0.000%
G) of next - $ 0 0.000%
H) of next - $ 0 0.000%
I) of next - $ 0 0.000%
J) of next - $ 0 0.000%
K) over - $ 0 0.000%
SCREEN NUMBER: 23
Contracts This page being
filed for series 3.
45. Did Registrant/Series have an advisory contract during the period?
(If 'N' (No), jump to screen 26 for your next screen.) --------------- Y
46. Did Registrant/Series pay more than one investment adviser directly
for investment advice during the period? (If 'Y' (Yes), answer items
47-52 in the aggregate for all such investment advisers.) ------------ Y
47. Was Registrant's/Series' advisory fee based solely on a percentage of
its assets? (Y or N) ------------------------------------------------- N
48. If answer to 47 is 'Y' (Yes), fill in the table or the single fee rate
applied to Registrant's/Series' assets based on the advisory contract.
SINGLE FEE RATE ------- 0.000%
STEP: ASSET VALUE ($000's omitted) ANNUAL FEE RATE
A) first - $ 0 0.000%
B) of next - $ 0 0.000%
C) of next - $ 0 0.000%
D) of next - $ 0 0.000%
E) of next - $ 0 0.000%
F) of next - $ 0 0.000%
G) of next - $ 0 0.000%
H) of next - $ 0 0.000%
I) of next - $ 0 0.000%
J) of next - $ 0 0.000%
K) over - $ 0 0.000%
SCREEN NUMBER: 23
Contracts This page being
filed for series 4.
45. Did Registrant/Series have an advisory contract during the period?
(If 'N' (No), jump to screen 26 for your next screen.) --------------- Y
46. Did Registrant/Series pay more than one investment adviser directly
for investment advice during the period? (If 'Y' (Yes), answer items
47-52 in the aggregate for all such investment advisers.) ------------ Y
47. Was Registrant's/Series' advisory fee based solely on a percentage of
its assets? (Y or N) ------------------------------------------------- N
48. If answer to 47 is 'Y' (Yes), fill in the table or the single fee rate
applied to Registrant's/Series' assets based on the advisory contract.
SINGLE FEE RATE ------- 0.000%
STEP: ASSET VALUE ($000's omitted) ANNUAL FEE RATE
A) first - $ 0 0.000%
B) of next - $ 0 0.000%
C) of next - $ 0 0.000%
D) of next - $ 0 0.000%
E) of next - $ 0 0.000%
F) of next - $ 0 0.000%
G) of next - $ 0 0.000%
H) of next - $ 0 0.000%
I) of next - $ 0 0.000%
J) of next - $ 0 0.000%
K) over - $ 0 0.000%
SCREEN NUMBER: 23
Contracts This page being
filed for series 5.
45. Did Registrant/Series have an advisory contract during the period?
(If 'N' (No), jump to screen 26 for your next screen.) --------------- Y
46. Did Registrant/Series pay more than one investment adviser directly
for investment advice during the period? (If 'Y' (Yes), answer items
47-52 in the aggregate for all such investment advisers.) ------------ N
47. Was Registrant's/Series' advisory fee based solely on a percentage of
its assets? (Y or N) ------------------------------------------------- Y
48. If answer to 47 is 'Y' (Yes), fill in the table or the single fee rate
applied to Registrant's/Series' assets based on the advisory contract.
SINGLE FEE RATE ------- 0.000%
STEP: ASSET VALUE ($000's omitted) ANNUAL FEE RATE
A) first - $ 100 0.200%
B) of next - $ 0 0.000%
C) of next - $ 0 0.000%
D) of next - $ 0 0.000%
E) of next - $ 0 0.000%
F) of next - $ 0 0.000%
G) of next - $ 0 0.000%
H) of next - $ 0 0.000%
I) of next - $ 0 0.000%
J) of next - $ 0 0.000%
K) over - $ 100 0.150%
SCREEN NUMBER: 23
Contracts This page being
filed for series 6.
45. Did Registrant/Series have an advisory contract during the period?
(If 'N' (No), jump to screen 26 for your next screen.) --------------- Y
46. Did Registrant/Series pay more than one investment adviser directly
for investment advice during the period? (If 'Y' (Yes), answer items
47-52 in the aggregate for all such investment advisers.) ------------ Y
47. Was Registrant's/Series' advisory fee based solely on a percentage of
its assets? (Y or N) ------------------------------------------------- N
48. If answer to 47 is 'Y' (Yes), fill in the table or the single fee rate
applied to Registrant's/Series' assets based on the advisory contract.
SINGLE FEE RATE ------- 0.000%
STEP: ASSET VALUE ($000's omitted) ANNUAL FEE RATE
A) first - $ 0 0.000%
B) of next - $ 0 0.000%
C) of next - $ 0 0.000%
D) of next - $ 0 0.000%
E) of next - $ 0 0.000%
F) of next - $ 0 0.000%
G) of next - $ 0 0.000%
H) of next - $ 0 0.000%
I) of next - $ 0 0.000%
J) of next - $ 0 0.000%
K) over - $ 0 0.000%
SCREEN NUMBER: 23
This page being
ADVISORY FEE filed for series 1.
(Y or N)
49. Was Registrant's/Series' advisory fee during the period based
solely on a percentage of its income? -------------------------- N
50. Was Registrant's/Series' advisory fee during the period based
on some combined percentage of its income & assets? ------------ N
51. Was Registrant's/Series' advisory fee during the period based
in whole or in part on its investment performance? ------------- Y
52. Was Registrant's/Series' advisory fee during the period based
in whole or in part upon the assets, income or performance of
other registrants? --------------------------------------------- N
53.A) Were the expenses of the Registrant/Series limited or re-
duced at any time during the period by some agreement or
understanding other than by blue sky laws? ------------------- N
[ If 53A is 'Y' (Yes), was limitation that applied during
current period based upon: ]
B) Assets? C) Income? (Y or N)
SCREEN NUMBER: 24
This page being
ADVISORY FEE filed for series 2.
(Y or N)
49. Was Registrant's/Series' advisory fee during the period based
solely on a percentage of its income? -------------------------- N
50. Was Registrant's/Series' advisory fee during the period based
on some combined percentage of its income & assets? ------------ N
51. Was Registrant's/Series' advisory fee during the period based
in whole or in part on its investment performance? ------------- Y
52. Was Registrant's/Series' advisory fee during the period based
in whole or in part upon the assets, income or performance of
other registrants? --------------------------------------------- N
53.A) Were the expenses of the Registrant/Series limited or re-
duced at any time during the period by some agreement or
understanding other than by blue sky laws? ------------------- N
[ If 53A is 'Y' (Yes), was limitation that applied during
current period based upon: ]
B) Assets? C) Income? (Y or N)
SCREEN NUMBER: 24
This page being
ADVISORY FEE filed for series 3.
(Y or N)
49. Was Registrant's/Series' advisory fee during the period based
solely on a percentage of its income? -------------------------- N
50. Was Registrant's/Series' advisory fee during the period based
on some combined percentage of its income & assets? ------------ N
51. Was Registrant's/Series' advisory fee during the period based
in whole or in part on its investment performance? ------------- Y
52. Was Registrant's/Series' advisory fee during the period based
in whole or in part upon the assets, income or performance of
other registrants? --------------------------------------------- N
53.A) Were the expenses of the Registrant/Series limited or re-
duced at any time during the period by some agreement or
understanding other than by blue sky laws? ------------------- N
[ If 53A is 'Y' (Yes), was limitation that applied during
current period based upon: ]
B) Assets? C) Income? (Y or N)
SCREEN NUMBER: 24
This page being
ADVISORY FEE filed for series 4.
(Y or N)
49. Was Registrant's/Series' advisory fee during the period based
solely on a percentage of its income? -------------------------- N
50. Was Registrant's/Series' advisory fee during the period based
on some combined percentage of its income & assets? ------------ N
51. Was Registrant's/Series' advisory fee during the period based
in whole or in part on its investment performance? ------------- Y
52. Was Registrant's/Series' advisory fee during the period based
in whole or in part upon the assets, income or performance of
other registrants? --------------------------------------------- N
53.A) Were the expenses of the Registrant/Series limited or re-
duced at any time during the period by some agreement or
understanding other than by blue sky laws? ------------------- N
[ If 53A is 'Y' (Yes), was limitation that applied during
current period based upon: ]
B) Assets? C) Income? (Y or N)
SCREEN NUMBER: 24
This page being
ADVISORY FEE filed for series 5.
(Y or N)
49. Was Registrant's/Series' advisory fee during the period based
solely on a percentage of its income? -------------------------- N
50. Was Registrant's/Series' advisory fee during the period based
on some combined percentage of its income & assets? ------------ N
51. Was Registrant's/Series' advisory fee during the period based
in whole or in part on its investment performance? ------------- N
52. Was Registrant's/Series' advisory fee during the period based
in whole or in part upon the assets, income or performance of
other registrants? --------------------------------------------- N
53.A) Were the expenses of the Registrant/Series limited or re-
duced at any time during the period by some agreement or
understanding other than by blue sky laws? ------------------- Y
[ If 53A is 'Y' (Yes), was limitation that applied during
current period based upon: ]
B) Assets? Y C) Income? N (Y or N)
SCREEN NUMBER: 24
This page being
ADVISORY FEE filed for series 6.
(Y or N)
49. Was Registrant's/Series' advisory fee during the period based
solely on a percentage of its income? -------------------------- N
50. Was Registrant's/Series' advisory fee during the period based
on some combined percentage of its income & assets? ------------ N
51. Was Registrant's/Series' advisory fee during the period based
in whole or in part on its investment performance? ------------- Y
52. Was Registrant's/Series' advisory fee during the period based
in whole or in part upon the assets, income or performance of
other registrants? --------------------------------------------- N
53.A) Were the expenses of the Registrant/Series limited or re-
duced at any time during the period by some agreement or
understanding other than by blue sky laws? ------------------- N
[ If 53A is 'Y' (Yes), was limitation that applied during
current period based upon: ]
B) Assets? C) Income? (Y or N)
SCREEN NUMBER: 24
This page being
filed for ALL series.
54. Indicate below whether services were supplied or paid for wholly or in
substantial part by investment adviser(s) or administrator(s) in
connection with the advisory or administrative contract(s) but for which
the adviser(s) or administrator(s) are not reimbursed by the Registrant:
(Y or N)
A) Occupancy and office rental ------------------------------------------ Y
B) Clerical and bookkeeping services ------------------------------------ Y
C) Accounting services -------------------------------------------------- N
D) Services of independent auditors ------------------------------------- N
E) Services of outside counsel ------------------------------------------ N
F) Registration and filing fees ----------------------------------------- N
G) Stationery, supplies and printing ------------------------------------ Y
H) Salaries & compensation of Registrant's interested directors --------- Y
I) Salaries & compensation of Registrant's disinterested directors ------ N
J) Salaries & compensation of Registrant's officers who are not directors Y
K) Reports to current shareholders -------------------------------------- N
L) Determination of offering and redemption prices ---------------------- N
M) Trading department --------------------------------------------------- Y
N) Prospectus preparation and printing for current shareholders --------- N
O) Other ---------------------------------------------------------------- Y
SCREEN NUMBER: 25
This page being
filed for series 1.
MISCELLANEOUS INFORMATION
55. Did Registrant/Series have any of the following
outstanding at any time during the current period (Y or N)
which exceeded 1% of aggregate net assets?
A) Overdrafts -------------------------------------------------- N
B) Bank Loans -------------------------------------------------- N
56. During the period did the Registrant's/Series' investment adviser(s)
have advisory clients other than investment companies? --------- Y
57. Did the Registrant/Series adjust the number of its shares
outstanding by means of a stock split or stock dividend? ------- N
SCREEN NUMBER: 26
This page being
filed for series 2.
MISCELLANEOUS INFORMATION
55. Did Registrant/Series have any of the following
outstanding at any time during the current period (Y or N)
which exceeded 1% of aggregate net assets?
A) Overdrafts -------------------------------------------------- N
B) Bank Loans -------------------------------------------------- N
56. During the period did the Registrant's/Series' investment adviser(s)
have advisory clients other than investment companies? --------- Y
57. Did the Registrant/Series adjust the number of its shares
outstanding by means of a stock split or stock dividend? ------- N
SCREEN NUMBER: 26
This page being
filed for series 3.
MISCELLANEOUS INFORMATION
55. Did Registrant/Series have any of the following
outstanding at any time during the current period (Y or N)
which exceeded 1% of aggregate net assets?
A) Overdrafts -------------------------------------------------- N
B) Bank Loans -------------------------------------------------- N
56. During the period did the Registrant's/Series' investment adviser(s)
have advisory clients other than investment companies? --------- Y
57. Did the Registrant/Series adjust the number of its shares
outstanding by means of a stock split or stock dividend? ------- N
SCREEN NUMBER: 26
This page being
filed for series 4.
MISCELLANEOUS INFORMATION
55. Did Registrant/Series have any of the following
outstanding at any time during the current period (Y or N)
which exceeded 1% of aggregate net assets?
A) Overdrafts -------------------------------------------------- N
B) Bank Loans -------------------------------------------------- N
56. During the period did the Registrant's/Series' investment adviser(s)
have advisory clients other than investment companies? --------- Y
57. Did the Registrant/Series adjust the number of its shares
outstanding by means of a stock split or stock dividend? ------- N
SCREEN NUMBER: 26
This page being
filed for series 5.
MISCELLANEOUS INFORMATION
55. Did Registrant/Series have any of the following
outstanding at any time during the current period (Y or N)
which exceeded 1% of aggregate net assets?
A) Overdrafts -------------------------------------------------- N
B) Bank Loans -------------------------------------------------- N
56. During the period did the Registrant's/Series' investment adviser(s)
have advisory clients other than investment companies? --------- Y
57. Did the Registrant/Series adjust the number of its shares
outstanding by means of a stock split or stock dividend? ------- N
SCREEN NUMBER: 26
This page being
filed for series 6.
MISCELLANEOUS INFORMATION
55. Did Registrant/Series have any of the following
outstanding at any time during the current period (Y or N)
which exceeded 1% of aggregate net assets?
A) Overdrafts -------------------------------------------------- N
B) Bank Loans -------------------------------------------------- N
56. During the period did the Registrant's/Series' investment adviser(s)
have advisory clients other than investment companies? --------- Y
57. Did the Registrant/Series adjust the number of its shares
outstanding by means of a stock split or stock dividend? ------- N
SCREEN NUMBER: 26
This page being
CLASSIFICATION filed for series 1.
(Y or N)
58.A) Is Registrant/Series a separate account of an insurance company? N
If answer is 'Y' (Yes), are any of the following types
of contracts funded by the Registrant:
B) Variable annuity contracts? ---------------------------------
C) Scheduled premium variable life contracts? ------------------
D) Flexible premium variable life contracts? -------------------
E) Other types of insurance products registered under
the Securities Act of 1933? ---------------------------------
59. Is Registrant/Series a management investment company? ------------ Y
60.A) Was Registrant/Series a diversified investment company at any
time during the reporting period? ------------------------------ N
B) Is Registrant/Series a diversified investment company as of the
end of the reporting period? ----------------------------------- N
61. What is the lowest minimum initial investment required by
Registrant/Series from an investor that is not an employee or
otherwise affiliated with the Registrant/Series, its adviser,
principal underwriter or other affiliated entity? $ 100000
SCREEN NUMBER: 27
This page being
CLASSIFICATION filed for series 2.
(Y or N)
58.A) Is Registrant/Series a separate account of an insurance company? N
If answer is 'Y' (Yes), are any of the following types
of contracts funded by the Registrant:
B) Variable annuity contracts? ---------------------------------
C) Scheduled premium variable life contracts? ------------------
D) Flexible premium variable life contracts? -------------------
E) Other types of insurance products registered under
the Securities Act of 1933? ---------------------------------
59. Is Registrant/Series a management investment company? ------------ Y
60.A) Was Registrant/Series a diversified investment company at any
time during the reporting period? ------------------------------ N
B) Is Registrant/Series a diversified investment company as of the
end of the reporting period? ----------------------------------- N
61. What is the lowest minimum initial investment required by
Registrant/Series from an investor that is not an employee or
otherwise affiliated with the Registrant/Series, its adviser,
principal underwriter or other affiliated entity? $ 100000
SCREEN NUMBER: 27
This page being
CLASSIFICATION filed for series 3.
(Y or N)
58.A) Is Registrant/Series a separate account of an insurance company? N
If answer is 'Y' (Yes), are any of the following types
of contracts funded by the Registrant:
B) Variable annuity contracts? ---------------------------------
C) Scheduled premium variable life contracts? ------------------
D) Flexible premium variable life contracts? -------------------
E) Other types of insurance products registered under
the Securities Act of 1933? ---------------------------------
59. Is Registrant/Series a management investment company? ------------ Y
60.A) Was Registrant/Series a diversified investment company at any
time during the reporting period? ------------------------------ N
B) Is Registrant/Series a diversified investment company as of the
end of the reporting period? ----------------------------------- N
61. What is the lowest minimum initial investment required by
Registrant/Series from an investor that is not an employee or
otherwise affiliated with the Registrant/Series, its adviser,
principal underwriter or other affiliated entity? $ 100000
SCREEN NUMBER: 27
This page being
CLASSIFICATION filed for series 4.
(Y or N)
58.A) Is Registrant/Series a separate account of an insurance company? N
If answer is 'Y' (Yes), are any of the following types
of contracts funded by the Registrant:
B) Variable annuity contracts? ---------------------------------
C) Scheduled premium variable life contracts? ------------------
D) Flexible premium variable life contracts? -------------------
E) Other types of insurance products registered under
the Securities Act of 1933? ---------------------------------
59. Is Registrant/Series a management investment company? ------------ Y
60.A) Was Registrant/Series a diversified investment company at any
time during the reporting period? ------------------------------ N
B) Is Registrant/Series a diversified investment company as of the
end of the reporting period? ----------------------------------- N
61. What is the lowest minimum initial investment required by
Registrant/Series from an investor that is not an employee or
otherwise affiliated with the Registrant/Series, its adviser,
principal underwriter or other affiliated entity? $ 100000
SCREEN NUMBER: 27
This page being
CLASSIFICATION filed for series 5.
(Y or N)
58.A) Is Registrant/Series a separate account of an insurance company? N
If answer is 'Y' (Yes), are any of the following types
of contracts funded by the Registrant:
B) Variable annuity contracts? ---------------------------------
C) Scheduled premium variable life contracts? ------------------
D) Flexible premium variable life contracts? -------------------
E) Other types of insurance products registered under
the Securities Act of 1933? ---------------------------------
59. Is Registrant/Series a management investment company? ------------ Y
60.A) Was Registrant/Series a diversified investment company at any
time during the reporting period? ------------------------------ N
B) Is Registrant/Series a diversified investment company as of the
end of the reporting period? ----------------------------------- N
61. What is the lowest minimum initial investment required by
Registrant/Series from an investor that is not an employee or
otherwise affiliated with the Registrant/Series, its adviser,
principal underwriter or other affiliated entity? $ 50000
SCREEN NUMBER: 27
This page being
CLASSIFICATION filed for series 6.
(Y or N)
58.A) Is Registrant/Series a separate account of an insurance company? N
If answer is 'Y' (Yes), are any of the following types
of contracts funded by the Registrant:
B) Variable annuity contracts? ---------------------------------
C) Scheduled premium variable life contracts? ------------------
D) Flexible premium variable life contracts? -------------------
E) Other types of insurance products registered under
the Securities Act of 1933? ---------------------------------
59. Is Registrant/Series a management investment company? ------------ Y
60.A) Was Registrant/Series a diversified investment company at any
time during the reporting period? ------------------------------ N
B) Is Registrant/Series a diversified investment company as of the
end of the reporting period? ----------------------------------- N
61. What is the lowest minimum initial investment required by
Registrant/Series from an investor that is not an employee or
otherwise affiliated with the Registrant/Series, its adviser,
principal underwriter or other affiliated entity? $ 100000
SCREEN NUMBER: 27
62.A) Does the Registrant/Series invest primarily in This page being
debt securities, including convertible debt filed for series 1.
securities, options & futures on debt
securities or indices of debt securities? (Y or N) ----------- N
NOTE: If answer is 'N' (No), jump to Screen Number 30.
If answer is 'Y' (Yes), state the percentage of net assets
in each type at the end of the current period:
SHORT-TERM MATURITIES
B) U.S. Treasury 0.0% C) U.S. Government Agency 0.0%
D) Repurchase agreements 0.0% F) Bank Certificates of
E) State and Municipal tax-free 0.0% deposit-Domestic 0.0%
G) Bank Certificates of deposit-Foreign 0.0% H) Bankers acceptances 0.0%
I) Commercial paper taxable 0.0% J) Time deposits 0.0%
K) Options 0.0% L) All other 0.0%
INTERMEDIATE & LONG-TERM MATURITIES
M) U.S. Treasury 0.0% N) U.S. Government Agency 0.0%
O) State and Municipal tax-free 0.0% P) Corporate 0.0%
Q) All other 0.0%
R) Investments other than debt securities 0.0%
SCREEN NUMBER: 28
62.A) Does the Registrant/Series invest primarily in This page being
debt securities, including convertible debt filed for series 2.
securities, options & futures on debt
securities or indices of debt securities? (Y or N) ----------- N
NOTE: If answer is 'N' (No), jump to Screen Number 30.
If answer is 'Y' (Yes), state the percentage of net assets
in each type at the end of the current period:
SHORT-TERM MATURITIES
B) U.S. Treasury 0.0% C) U.S. Government Agency 0.0%
D) Repurchase agreements 0.0% F) Bank Certificates of
E) State and Municipal tax-free 0.0% deposit-Domestic 0.0%
G) Bank Certificates of deposit-Foreign 0.0% H) Bankers acceptances 0.0%
I) Commercial paper taxable 0.0% J) Time deposits 0.0%
K) Options 0.0% L) All other 0.0%
INTERMEDIATE & LONG-TERM MATURITIES
M) U.S. Treasury 0.0% N) U.S. Government Agency 0.0%
O) State and Municipal tax-free 0.0% P) Corporate 0.0%
Q) All other 0.0%
R) Investments other than debt securities 0.0%
SCREEN NUMBER: 28
62.A) Does the Registrant/Series invest primarily in This page being
debt securities, including convertible debt filed for series 3.
securities, options & futures on debt
securities or indices of debt securities? (Y or N) ----------- N
NOTE: If answer is 'N' (No), jump to Screen Number 30.
If answer is 'Y' (Yes), state the percentage of net assets
in each type at the end of the current period:
SHORT-TERM MATURITIES
B) U.S. Treasury 0.0% C) U.S. Government Agency 0.0%
D) Repurchase agreements 0.0% F) Bank Certificates of
E) State and Municipal tax-free 0.0% deposit-Domestic 0.0%
G) Bank Certificates of deposit-Foreign 0.0% H) Bankers acceptances 0.0%
I) Commercial paper taxable 0.0% J) Time deposits 0.0%
K) Options 0.0% L) All other 0.0%
INTERMEDIATE & LONG-TERM MATURITIES
M) U.S. Treasury 0.0% N) U.S. Government Agency 0.0%
O) State and Municipal tax-free 0.0% P) Corporate 0.0%
Q) All other 0.0%
R) Investments other than debt securities 0.0%
SCREEN NUMBER: 28
62.A) Does the Registrant/Series invest primarily in This page being
debt securities, including convertible debt filed for series 4.
securities, options & futures on debt
securities or indices of debt securities? (Y or N) ----------- Y
NOTE: If answer is 'N' (No), jump to Screen Number 30.
If answer is 'Y' (Yes), state the percentage of net assets
in each type at the end of the current period:
SHORT-TERM MATURITIES
B) U.S. Treasury 0.0% C) U.S. Government Agency 0.0%
D) Repurchase agreements 10.7% F) Bank Certificates of
E) State and Municipal tax-free 0.0% deposit-Domestic 0.0%
G) Bank Certificates of deposit-Foreign 0.0% H) Bankers acceptances 0.0%
I) Commercial paper taxable 1.5% J) Time deposits 0.0%
K) Options 0.0% L) All other 0.0%
INTERMEDIATE & LONG-TERM MATURITIES
M) U.S. Treasury 10.3% N) U.S. Government Agency 42.2%
O) State and Municipal tax-free 2.0% P) Corporate 33.3%
Q) All other 13.6%
R) Investments other than debt securities 1.2%
SCREEN NUMBER: 28
62.A) Does the Registrant/Series invest primarily in This page being
debt securities, including convertible debt filed for series 5.
securities, options & futures on debt
securities or indices of debt securities? (Y or N) ----------- Y
NOTE: If answer is 'N' (No), jump to Screen Number 30.
If answer is 'Y' (Yes), state the percentage of net assets
in each type at the end of the current period:
SHORT-TERM MATURITIES
B) U.S. Treasury 13.8% C) U.S. Government Agency 0.0%
D) Repurchase agreements 0.0% F) Bank Certificates of
E) State and Municipal tax-free 0.0% deposit-Domestic 4.0%
G) Bank Certificates of deposit-Foreign 8.0% H) Bankers acceptances 0.0%
I) Commercial paper taxable 0.7% J) Time deposits 3.9%
K) Options 0.0% L) All other 0.0%
INTERMEDIATE & LONG-TERM MATURITIES
M) U.S. Treasury 0.0% N) U.S. Government Agency 1.4%
O) State and Municipal tax-free 0.0% P) Corporate 0.0%
Q) All other 67.7%
R) Investments other than debt securities 0.0%
SCREEN NUMBER: 28
62.A) Does the Registrant/Series invest primarily in This page being
debt securities, including convertible debt filed for series 6.
securities, options & futures on debt
securities or indices of debt securities? (Y or N) ----------- N
NOTE: If answer is 'N' (No), jump to Screen Number 30.
If answer is 'Y' (Yes), state the percentage of net assets
in each type at the end of the current period:
SHORT-TERM MATURITIES
B) U.S. Treasury 0.0% C) U.S. Government Agency 0.0%
D) Repurchase agreements 0.0% F) Bank Certificates of
E) State and Municipal tax-free 0.0% deposit-Domestic 0.0%
G) Bank Certificates of deposit-Foreign 0.0% H) Bankers acceptances 0.0%
I) Commercial paper taxable 0.0% J) Time deposits 0.0%
K) Options 0.0% L) All other 0.0%
INTERMEDIATE & LONG-TERM MATURITIES
M) U.S. Treasury 0.0% N) U.S. Government Agency 0.0%
O) State and Municipal tax-free 0.0% P) Corporate 0.0%
Q) All other 0.0%
R) Investments other than debt securities 0.0%
SCREEN NUMBER: 28
This page being
filed for series 1.
63. State the dollar weighted average portfolio maturity at the end of the
period covered by this report in days or, if longer than 1 yr.,
in years to one decimal place: A: 0 days
B: 0.0 years
64.A) Is the timely payment of principal and interest on any of the
instruments listed in item 62 insured or guaranteed by an entity
other than the issuer? (Y or N) -----------------------------------
B) Is the issuer of any instrument covered in item 62 delinquent or
in default as to payment of principal or interest at the end of
the current period? (Y or N) --------------------------------------
[If answer is 'N' (No), jump to screen 30 for your next screen.]
65. In computations of NAV per share, is any part of the value
attributed to instruments identified in sub-item 64B derived
from insurance or guarantees? (Y or N) ------------------------------
SCREEN NUMBER: 29
This page being
filed for series 2.
63. State the dollar weighted average portfolio maturity at the end of the
period covered by this report in days or, if longer than 1 yr.,
in years to one decimal place: A: 0 days
B: 0.0 years
64.A) Is the timely payment of principal and interest on any of the
instruments listed in item 62 insured or guaranteed by an entity
other than the issuer? (Y or N) -----------------------------------
B) Is the issuer of any instrument covered in item 62 delinquent or
in default as to payment of principal or interest at the end of
the current period? (Y or N) --------------------------------------
[If answer is 'N' (No), jump to screen 30 for your next screen.]
65. In computations of NAV per share, is any part of the value
attributed to instruments identified in sub-item 64B derived
from insurance or guarantees? (Y or N) ------------------------------
SCREEN NUMBER: 29
This page being
filed for series 3.
63. State the dollar weighted average portfolio maturity at the end of the
period covered by this report in days or, if longer than 1 yr.,
in years to one decimal place: A: 0 days
B: 0.0 years
64.A) Is the timely payment of principal and interest on any of the
instruments listed in item 62 insured or guaranteed by an entity
other than the issuer? (Y or N) -----------------------------------
B) Is the issuer of any instrument covered in item 62 delinquent or
in default as to payment of principal or interest at the end of
the current period? (Y or N) --------------------------------------
[If answer is 'N' (No), jump to screen 30 for your next screen.]
65. In computations of NAV per share, is any part of the value
attributed to instruments identified in sub-item 64B derived
from insurance or guarantees? (Y or N) ------------------------------
SCREEN NUMBER: 29
This page being
filed for series 4.
63. State the dollar weighted average portfolio maturity at the end of the
period covered by this report in days or, if longer than 1 yr.,
in years to one decimal place: A: 0 days
B: 6.8 years
64.A) Is the timely payment of principal and interest on any of the
instruments listed in item 62 insured or guaranteed by an entity
other than the issuer? (Y or N) ----------------------------------- N
B) Is the issuer of any instrument covered in item 62 delinquent or
in default as to payment of principal or interest at the end of
the current period? (Y or N) -------------------------------------- N
[If answer is 'N' (No), jump to screen 30 for your next screen.]
65. In computations of NAV per share, is any part of the value
attributed to instruments identified in sub-item 64B derived
from insurance or guarantees? (Y or N) ------------------------------
SCREEN NUMBER: 29
This page being
filed for series 5.
63. State the dollar weighted average portfolio maturity at the end of the
period covered by this report in days or, if longer than 1 yr.,
in years to one decimal place: A: 180 days
B: 0.0 years
64.A) Is the timely payment of principal and interest on any of the
instruments listed in item 62 insured or guaranteed by an entity
other than the issuer? (Y or N) ----------------------------------- N
B) Is the issuer of any instrument covered in item 62 delinquent or
in default as to payment of principal or interest at the end of
the current period? (Y or N) -------------------------------------- N
[If answer is 'N' (No), jump to screen 30 for your next screen.]
65. In computations of NAV per share, is any part of the value
attributed to instruments identified in sub-item 64B derived
from insurance or guarantees? (Y or N) ------------------------------
SCREEN NUMBER: 29
This page being
filed for series 6.
63. State the dollar weighted average portfolio maturity at the end of the
period covered by this report in days or, if longer than 1 yr.,
in years to one decimal place: A: 0 days
B: 0.0 years
64.A) Is the timely payment of principal and interest on any of the
instruments listed in item 62 insured or guaranteed by an entity
other than the issuer? (Y or N) -----------------------------------
B) Is the issuer of any instrument covered in item 62 delinquent or
in default as to payment of principal or interest at the end of
the current period? (Y or N) --------------------------------------
[If answer is 'N' (No), jump to screen 30 for your next screen.]
65. In computations of NAV per share, is any part of the value
attributed to instruments identified in sub-item 64B derived
from insurance or guarantees? (Y or N) ------------------------------
SCREEN NUMBER: 29
66.A) Is the Registrant/Series a fund that This page being
usually invests in equity securities, filed for series 1.
options & futures on equity securities,
indices of equity securities or securities
convertible into equity securities? ----------------------------- Y
If answer is 'N', go to item 67. Otherwise place a 'Y' on the line below which
best describes its primary investment objective (place an 'N' on other lines).
B) Aggressive capital appreciation --------------------------- N
C) Capital appreciation -------------------------------------- N
D) Growth ---------------------------------------------------- N
E) Growth and income ----------------------------------------- N
F) Income ---------------------------------------------------- N
G) Total return ---------------------------------------------- Y
67. Is the Registrant/Series a balanced fund? (Y or N) ---------------- N
68. Does the Registrant/Series have more than 50% of its net assets
at the end of the current period invested in:
A) The securities of issuers engaged primarily in the pro-
duction or distribution of precious metals? (Y or N) ------ N
B) The securities of issuers located primarily in countries
other than the United States? (Y or N) -------------------- N
69. Is the Registrant/Series an index fund? (Y or N) ------------------ N
SCREEN NUMBER: 30
66.A) Is the Registrant/Series a fund that This page being
usually invests in equity securities, filed for series 2.
options & futures on equity securities,
indices of equity securities or securities
convertible into equity securities? ----------------------------- Y
If answer is 'N', go to item 67. Otherwise place a 'Y' on the line below which
best describes its primary investment objective (place an 'N' on other lines).
B) Aggressive capital appreciation --------------------------- N
C) Capital appreciation -------------------------------------- N
D) Growth ---------------------------------------------------- N
E) Growth and income ----------------------------------------- N
F) Income ---------------------------------------------------- N
G) Total return ---------------------------------------------- Y
67. Is the Registrant/Series a balanced fund? (Y or N) ---------------- N
68. Does the Registrant/Series have more than 50% of its net assets
at the end of the current period invested in:
A) The securities of issuers engaged primarily in the pro-
duction or distribution of precious metals? (Y or N) ------ N
B) The securities of issuers located primarily in countries
other than the United States? (Y or N) -------------------- Y
69. Is the Registrant/Series an index fund? (Y or N) ------------------ N
SCREEN NUMBER: 30
66.A) Is the Registrant/Series a fund that This page being
usually invests in equity securities, filed for series 3.
options & futures on equity securities,
indices of equity securities or securities
convertible into equity securities? ----------------------------- Y
If answer is 'N', go to item 67. Otherwise place a 'Y' on the line below which
best describes its primary investment objective (place an 'N' on other lines).
B) Aggressive capital appreciation --------------------------- N
C) Capital appreciation -------------------------------------- N
D) Growth ---------------------------------------------------- N
E) Growth and income ----------------------------------------- N
F) Income ---------------------------------------------------- N
G) Total return ---------------------------------------------- Y
67. Is the Registrant/Series a balanced fund? (Y or N) ---------------- N
68. Does the Registrant/Series have more than 50% of its net assets
at the end of the current period invested in:
A) The securities of issuers engaged primarily in the pro-
duction or distribution of precious metals? (Y or N) ------ N
B) The securities of issuers located primarily in countries
other than the United States? (Y or N) -------------------- Y
69. Is the Registrant/Series an index fund? (Y or N) ------------------ N
SCREEN NUMBER: 30
66.A) Is the Registrant/Series a fund that This page being
usually invests in equity securities, filed for series 4.
options & futures on equity securities,
indices of equity securities or securities
convertible into equity securities? ----------------------------- N
If answer is 'N', go to item 67. Otherwise place a 'Y' on the line below which
best describes its primary investment objective (place an 'N' on other lines).
B) Aggressive capital appreciation ---------------------------
C) Capital appreciation --------------------------------------
D) Growth ----------------------------------------------------
E) Growth and income -----------------------------------------
F) Income ----------------------------------------------------
G) Total return ----------------------------------------------
67. Is the Registrant/Series a balanced fund? (Y or N) ---------------- N
68. Does the Registrant/Series have more than 50% of its net assets
at the end of the current period invested in:
A) The securities of issuers engaged primarily in the pro-
duction or distribution of precious metals? (Y or N) ------ N
B) The securities of issuers located primarily in countries
other than the United States? (Y or N) -------------------- N
69. Is the Registrant/Series an index fund? (Y or N) ------------------ N
SCREEN NUMBER: 30
66.A) Is the Registrant/Series a fund that This page being
usually invests in equity securities, filed for series 5.
options & futures on equity securities,
indices of equity securities or securities
convertible into equity securities? ----------------------------- N
If answer is 'N', go to item 67. Otherwise place a 'Y' on the line below which
best describes its primary investment objective (place an 'N' on other lines).
B) Aggressive capital appreciation ---------------------------
C) Capital appreciation --------------------------------------
D) Growth ----------------------------------------------------
E) Growth and income -----------------------------------------
F) Income ----------------------------------------------------
G) Total return ----------------------------------------------
67. Is the Registrant/Series a balanced fund? (Y or N) ---------------- N
68. Does the Registrant/Series have more than 50% of its net assets
at the end of the current period invested in:
A) The securities of issuers engaged primarily in the pro-
duction or distribution of precious metals? (Y or N) ------ N
B) The securities of issuers located primarily in countries
other than the United States? (Y or N) -------------------- N
69. Is the Registrant/Series an index fund? (Y or N) ------------------ N
SCREEN NUMBER: 30
66.A) Is the Registrant/Series a fund that This page being
usually invests in equity securities, filed for series 6.
options & futures on equity securities,
indices of equity securities or securities
convertible into equity securities? ----------------------------- Y
If answer is 'N', go to item 67. Otherwise place a 'Y' on the line below which
best describes its primary investment objective (place an 'N' on other lines).
B) Aggressive capital appreciation --------------------------- N
C) Capital appreciation -------------------------------------- N
D) Growth ---------------------------------------------------- N
E) Growth and income ----------------------------------------- N
F) Income ---------------------------------------------------- N
G) Total return ---------------------------------------------- Y
67. Is the Registrant/Series a balanced fund? (Y or N) ---------------- Y
68. Does the Registrant/Series have more than 50% of its net assets
at the end of the current period invested in:
A) The securities of issuers engaged primarily in the pro-
duction or distribution of precious metals? (Y or N) ------ N
B) The securities of issuers located primarily in countries
other than the United States? (Y or N) -------------------- N
69. Is the Registrant/Series an index fund? (Y or N) ------------------ N
SCREEN NUMBER: 30
This page being
INVESTMENT PRACTICES filed for series 1.
70. Activity Permitted by invest- Engaged in
ment policies? this period?
(Y or N) (Y or N)
A) Writing or investing in repurchase agreements Y Y
B) Writing or investing in options on equities Y N
C) Writing or investing in options on debt securities Y N
D) Writing or investing in options on stock indices Y N
E) Writing or investing in interest rate futures Y N
F) Writing or investing in stock index futures Y Y
G) Writing or investing in options on futures Y N
H) Writing or investing in options on stock index futures Y N
I) Writing or investing in other commodity futures N N
J) Investments in restricted securities Y Y
K) Investments in shares of other investment companies Y Y
L) Investments in securities of foreign issuers Y Y
M) Currency exchange transactions Y N
N) Loaning portfolio securities Y N
O) Borrowing of money Y N
P) Purchases/sales by certain exempted affiliated persons N N
Q) Margin purchases N N
R) Short selling Y Y
SCREEN NUMBER: 31
This page being
INVESTMENT PRACTICES filed for series 2.
70. Activity Permitted by invest- Engaged in
ment policies? this period?
(Y or N) (Y or N)
A) Writing or investing in repurchase agreements Y Y
B) Writing or investing in options on equities Y N
C) Writing or investing in options on debt securities Y N
D) Writing or investing in options on stock indices Y Y
E) Writing or investing in interest rate futures Y N
F) Writing or investing in stock index futures Y Y
G) Writing or investing in options on futures Y N
H) Writing or investing in options on stock index futures Y N
I) Writing or investing in other commodity futures N N
J) Investments in restricted securities Y Y
K) Investments in shares of other investment companies Y Y
L) Investments in securities of foreign issuers Y Y
M) Currency exchange transactions Y Y
N) Loaning portfolio securities Y Y
O) Borrowing of money Y N
P) Purchases/sales by certain exempted affiliated persons N N
Q) Margin purchases N N
R) Short selling Y N
SCREEN NUMBER: 31
This page being
INVESTMENT PRACTICES filed for series 3.
70. Activity Permitted by invest- Engaged in
ment policies? this period?
(Y or N) (Y or N)
A) Writing or investing in repurchase agreements Y Y
B) Writing or investing in options on equities Y N
C) Writing or investing in options on debt securities Y N
D) Writing or investing in options on stock indices Y N
E) Writing or investing in interest rate futures Y N
F) Writing or investing in stock index futures Y N
G) Writing or investing in options on futures Y N
H) Writing or investing in options on stock index futures Y N
I) Writing or investing in other commodity futures N N
J) Investments in restricted securities Y Y
K) Investments in shares of other investment companies Y Y
L) Investments in securities of foreign issuers Y Y
M) Currency exchange transactions Y Y
N) Loaning portfolio securities Y Y
O) Borrowing of money Y N
P) Purchases/sales by certain exempted affiliated persons N N
Q) Margin purchases N N
R) Short selling Y N
SCREEN NUMBER: 31
This page being
INVESTMENT PRACTICES filed for series 4.
70. Activity Permitted by invest- Engaged in
ment policies? this period?
(Y or N) (Y or N)
A) Writing or investing in repurchase agreements Y Y
B) Writing or investing in options on equities Y N
C) Writing or investing in options on debt securities Y Y
D) Writing or investing in options on stock indices Y N
E) Writing or investing in interest rate futures Y Y
F) Writing or investing in stock index futures Y N
G) Writing or investing in options on futures Y Y
H) Writing or investing in options on stock index futures Y N
I) Writing or investing in other commodity futures N N
J) Investments in restricted securities Y Y
K) Investments in shares of other investment companies Y N
L) Investments in securities of foreign issuers Y Y
M) Currency exchange transactions Y Y
N) Loaning portfolio securities Y N
O) Borrowing of money Y N
P) Purchases/sales by certain exempted affiliated persons N N
Q) Margin purchases N N
R) Short selling Y Y
SCREEN NUMBER: 31
This page being
INVESTMENT PRACTICES filed for series 5.
70. Activity Permitted by invest- Engaged in
ment policies? this period?
(Y or N) (Y or N)
A) Writing or investing in repurchase agreements Y Y
B) Writing or investing in options on equities Y N
C) Writing or investing in options on debt securities Y N
D) Writing or investing in options on stock indices Y N
E) Writing or investing in interest rate futures Y Y
F) Writing or investing in stock index futures Y N
G) Writing or investing in options on futures Y N
H) Writing or investing in options on stock index futures Y N
I) Writing or investing in other commodity futures N N
J) Investments in restricted securities Y Y
K) Investments in shares of other investment companies Y N
L) Investments in securities of foreign issuers Y N
M) Currency exchange transactions Y N
N) Loaning portfolio securities Y N
O) Borrowing of money Y N
P) Purchases/sales by certain exempted affiliated persons N N
Q) Margin purchases N N
R) Short selling Y N
SCREEN NUMBER: 31
This page being
INVESTMENT PRACTICES filed for series 6.
70. Activity Permitted by invest- Engaged in
ment policies? this period?
(Y or N) (Y or N)
A) Writing or investing in repurchase agreements Y Y
B) Writing or investing in options on equities Y N
C) Writing or investing in options on debt securities Y N
D) Writing or investing in options on stock indices Y Y
E) Writing or investing in interest rate futures Y Y
F) Writing or investing in stock index futures Y Y
G) Writing or investing in options on futures Y N
H) Writing or investing in options on stock index futures Y N
I) Writing or investing in other commodity futures N N
J) Investments in restricted securities Y Y
K) Investments in shares of other investment companies Y Y
L) Investments in securities of foreign issuers Y Y
M) Currency exchange transactions Y Y
N) Loaning portfolio securities Y Y
O) Borrowing of money Y N
P) Purchases/sales by certain exempted affiliated persons N N
Q) Margin purchases N N
R) Short selling Y Y
SCREEN NUMBER: 31
This page being
71. Portfolio turnover rate for the current filed for series 1.
reporting period
A) Purchases ($000's omitted) ---------------------------------- $ 261466
B) Sales [including all maturities] ($000's omitted) ----------- $ 253832
C) Monthly average value of portfolio ($000's omitted) --------- $ 258209
D) Percent turnover (use lesser of 71A) or 71B) divided by 71C)) 98%
NOTE: Item 71D) should be a whole number; round if necessary.
FINANCIAL INFORMATION
72.A) How many months do the answers to 72 and 73 cover? ----------- 12 months
INCOME (000's omitted)
B) Net interest income ----------------------------------------- $ 1755
C) Net dividend income ----------------------------------------- $ 3255
D) Account maintenance fees ------------------------------------ $ 0
E) Net other income -------------------------------------------- $ 0
EXPENSES
F) Advisory fees ----------------------------------------------- $ 1524
G) Administrator(s) fees --------------------------------------- $ 161
(Negative answers are allowed)
H) Salaries and other compensation ----------------------------- $ 0
SCREEN NUMBER: 32
This page being
71. Portfolio turnover rate for the current filed for series 2.
reporting period
A) Purchases ($000's omitted) ---------------------------------- $ 96218
B) Sales [including all maturities] ($000's omitted) ----------- $ 74962
C) Monthly average value of portfolio ($000's omitted) --------- $ 244834
D) Percent turnover (use lesser of 71A) or 71B) divided by 71C)) 31%
NOTE: Item 71D) should be a whole number; round if necessary.
FINANCIAL INFORMATION
72.A) How many months do the answers to 72 and 73 cover? ----------- 12 months
INCOME (000's omitted)
B) Net interest income ----------------------------------------- $ 717
C) Net dividend income ----------------------------------------- $ 5207
D) Account maintenance fees ------------------------------------ $ 0
E) Net other income -------------------------------------------- $ 0
EXPENSES
F) Advisory fees ----------------------------------------------- $ 1147
G) Administrator(s) fees --------------------------------------- $ 195
(Negative answers are allowed)
H) Salaries and other compensation ----------------------------- $ 0
SCREEN NUMBER: 32
This page being
71. Portfolio turnover rate for the current filed for series 3.
reporting period
A) Purchases ($000's omitted) ---------------------------------- $ 38871
B) Sales [including all maturities] ($000's omitted) ----------- $ 31877
C) Monthly average value of portfolio ($000's omitted) --------- $ 66941
D) Percent turnover (use lesser of 71A) or 71B) divided by 71C)) 48%
NOTE: Item 71D) should be a whole number; round if necessary.
FINANCIAL INFORMATION
72.A) How many months do the answers to 72 and 73 cover? ----------- 12 months
INCOME (000's omitted)
B) Net interest income ----------------------------------------- $ 248
C) Net dividend income ----------------------------------------- $ 1531
D) Account maintenance fees ------------------------------------ $ 0
E) Net other income -------------------------------------------- $ 0
EXPENSES
F) Advisory fees ----------------------------------------------- $ 1636
G) Administrator(s) fees --------------------------------------- $ 38
(Negative answers are allowed)
H) Salaries and other compensation ----------------------------- $ 0
SCREEN NUMBER: 32
This page being
71. Portfolio turnover rate for the current filed for series 4.
reporting period
A) Purchases ($000's omitted) ---------------------------------- $ 639618
B) Sales [including all maturities] ($000's omitted) ----------- $ 603490
C) Monthly average value of portfolio ($000's omitted) --------- $ 183729
D) Percent turnover (use lesser of 71A) or 71B) divided by 71C)) 329%
NOTE: Item 71D) should be a whole number; round if necessary.
FINANCIAL INFORMATION
72.A) How many months do the answers to 72 and 73 cover? ----------- 12 months
INCOME (000's omitted)
B) Net interest income ----------------------------------------- $ 11852
C) Net dividend income ----------------------------------------- $ 108
D) Account maintenance fees ------------------------------------ $ 0
E) Net other income -------------------------------------------- $ 0
EXPENSES
F) Advisory fees ----------------------------------------------- $ 369
G) Administrator(s) fees --------------------------------------- $ 104
(Negative answers are allowed)
H) Salaries and other compensation ----------------------------- $ 0
SCREEN NUMBER: 32
This page being
71. Portfolio turnover rate for the current filed for series 5.
reporting period
A) Purchases ($000's omitted) ---------------------------------- $ 147641
B) Sales [including all maturities] ($000's omitted) ----------- $ 177564
C) Monthly average value of portfolio ($000's omitted) --------- $ 52637
D) Percent turnover (use lesser of 71A) or 71B) divided by 71C)) 280%
NOTE: Item 71D) should be a whole number; round if necessary.
FINANCIAL INFORMATION
72.A) How many months do the answers to 72 and 73 cover? ----------- 12 months
INCOME (000's omitted)
B) Net interest income ----------------------------------------- $ 3466
C) Net dividend income ----------------------------------------- $ 0
D) Account maintenance fees ------------------------------------ $ 0
E) Net other income -------------------------------------------- $ 0
EXPENSES
F) Advisory fees ----------------------------------------------- $ 138
G) Administrator(s) fees --------------------------------------- $ 33
(Negative answers are allowed)
H) Salaries and other compensation ----------------------------- $ 0
SCREEN NUMBER: 32
This page being
71. Portfolio turnover rate for the current filed for series 6.
reporting period
A) Purchases ($000's omitted) ---------------------------------- $ 626387
B) Sales [including all maturities] ($000's omitted) ----------- $ 733760
C) Monthly average value of portfolio ($000's omitted) --------- $ 319487
D) Percent turnover (use lesser of 71A) or 71B) divided by 71C)) 196%
NOTE: Item 71D) should be a whole number; round if necessary.
FINANCIAL INFORMATION
72.A) How many months do the answers to 72 and 73 cover? ----------- 12 months
INCOME (000's omitted)
B) Net interest income ----------------------------------------- $ 5274
C) Net dividend income ----------------------------------------- $ 3509
D) Account maintenance fees ------------------------------------ $ 0
E) Net other income -------------------------------------------- $ 0
EXPENSES
F) Advisory fees ----------------------------------------------- $ 1122
G) Administrator(s) fees --------------------------------------- $ 332
(Negative answers are allowed)
H) Salaries and other compensation ----------------------------- $ 0
SCREEN NUMBER: 32
This page being
FINANCIAL INFORMATION (Cont. from Screen 32) filed for series 1.
EXPENSES (Negative answers are allowed) For the period covered by this form
($000's omitted)
72.I) Shareholder servicing agent fees ------------------- $ 32
J) Custodian fees ------------------------------------- $ 211
K) Postage -------------------------------------------- $ 0
L) Printing expenses ---------------------------------- $ 0
M) Directors' fees ------------------------------------ $ 0
N) Registration fees ---------------------------------- $ 37
O) Taxes ---------------------------------------------- $ 0
P) Interest ------------------------------------------- $ 0
Q) Bookkeeping fees paid to anyone
performing this service ---------------------------- $ 0
R) Auditing fees -------------------------------------- $ 116
S) Legal fees ----------------------------------------- $ 9
T) Marketing/distribution payments including
payments pursuant to a rule 12b-1 plan ------------- $ 0
U) Amortization of organization expenses -------------- $ 4
V) Shareholder meeting expenses ----------------------- $ 0
W) Other expenses ------------------------------------- $ 21
X) Total expenses ------------------------------------- $ 2115
SCREEN NUMBER: 33
This page being
FINANCIAL INFORMATION (Cont. from Screen 32) filed for series 2.
EXPENSES (Negative answers are allowed) For the period covered by this form
($000's omitted)
72.I) Shareholder servicing agent fees ------------------- $ 27
J) Custodian fees ------------------------------------- $ 485
K) Postage -------------------------------------------- $ 0
L) Printing expenses ---------------------------------- $ 0
M) Directors' fees ------------------------------------ $ 0
N) Registration fees ---------------------------------- $ 25
O) Taxes ---------------------------------------------- $ 142
P) Interest ------------------------------------------- $ 0
Q) Bookkeeping fees paid to anyone
performing this service ---------------------------- $ 0
R) Auditing fees -------------------------------------- $ 141
S) Legal fees ----------------------------------------- $ 8
T) Marketing/distribution payments including
payments pursuant to a rule 12b-1 plan ------------- $ 0
U) Amortization of organization expenses -------------- $ 2
V) Shareholder meeting expenses ----------------------- $ 0
W) Other expenses ------------------------------------- $ 13
X) Total expenses ------------------------------------- $ 2184
SCREEN NUMBER: 33
This page being
FINANCIAL INFORMATION (Cont. from Screen 32) filed for series 3.
EXPENSES (Negative answers are allowed) For the period covered by this form
($000's omitted)
72.I) Shareholder servicing agent fees ------------------- $ 13
J) Custodian fees ------------------------------------- $ 331
K) Postage -------------------------------------------- $ 0
L) Printing expenses ---------------------------------- $ 0
M) Directors' fees ------------------------------------ $ 0
N) Registration fees ---------------------------------- $ 5
O) Taxes ---------------------------------------------- $ 78
P) Interest ------------------------------------------- $ 0
Q) Bookkeeping fees paid to anyone
performing this service ---------------------------- $ 0
R) Auditing fees -------------------------------------- $ 92
S) Legal fees ----------------------------------------- $ 2
T) Marketing/distribution payments including
payments pursuant to a rule 12b-1 plan ------------- $ 0
U) Amortization of organization expenses -------------- $ 0
V) Shareholder meeting expenses ----------------------- $ 1
W) Other expenses ------------------------------------- $ 4
X) Total expenses ------------------------------------- $ 2200
SCREEN NUMBER: 33
This page being
FINANCIAL INFORMATION (Cont. from Screen 32) filed for series 4.
EXPENSES (Negative answers are allowed) For the period covered by this form
($000's omitted)
72.I) Shareholder servicing agent fees ------------------- $ 26
J) Custodian fees ------------------------------------- $ 236
K) Postage -------------------------------------------- $ 0
L) Printing expenses ---------------------------------- $ 0
M) Directors' fees ------------------------------------ $ 0
N) Registration fees ---------------------------------- $ 24
O) Taxes ---------------------------------------------- $ 0
P) Interest ------------------------------------------- $ 0
Q) Bookkeeping fees paid to anyone
performing this service ---------------------------- $ 0
R) Auditing fees -------------------------------------- $ 98
S) Legal fees ----------------------------------------- $ 6
T) Marketing/distribution payments including
payments pursuant to a rule 12b-1 plan ------------- $ 0
U) Amortization of organization expenses -------------- $ 2
V) Shareholder meeting expenses ----------------------- $ 0
W) Other expenses ------------------------------------- $ 19
X) Total expenses ------------------------------------- $ 884
SCREEN NUMBER: 33
This page being
FINANCIAL INFORMATION (Cont. from Screen 32) filed for series 5.
EXPENSES (Negative answers are allowed) For the period covered by this form
($000's omitted)
72.I) Shareholder servicing agent fees ------------------- $ 19
J) Custodian fees ------------------------------------- $ 49
K) Postage -------------------------------------------- $ 0
L) Printing expenses ---------------------------------- $ 0
M) Directors' fees ------------------------------------ $ 0
N) Registration fees ---------------------------------- $ 11
O) Taxes ---------------------------------------------- $ 0
P) Interest ------------------------------------------- $ 0
Q) Bookkeeping fees paid to anyone
performing this service ---------------------------- $ 0
R) Auditing fees -------------------------------------- $ 61
S) Legal fees ----------------------------------------- $ 2
T) Marketing/distribution payments including
payments pursuant to a rule 12b-1 plan ------------- $ 0
U) Amortization of organization expenses -------------- $ 1
V) Shareholder meeting expenses ----------------------- $ 0
W) Other expenses ------------------------------------- $ 7
X) Total expenses ------------------------------------- $ 321
SCREEN NUMBER: 33
This page being
FINANCIAL INFORMATION (Cont. from Screen 32) filed for series 6.
EXPENSES (Negative answers are allowed) For the period covered by this form
($000's omitted)
72.I) Shareholder servicing agent fees ------------------- $ 27
J) Custodian fees ------------------------------------- $ 524
K) Postage -------------------------------------------- $ 0
L) Printing expenses ---------------------------------- $ 0
M) Directors' fees ------------------------------------ $ 0
N) Registration fees ---------------------------------- $ 67
O) Taxes ---------------------------------------------- $ 13
P) Interest ------------------------------------------- $ 0
Q) Bookkeeping fees paid to anyone
performing this service ---------------------------- $ 0
R) Auditing fees -------------------------------------- $ 161
S) Legal fees ----------------------------------------- $ 11
T) Marketing/distribution payments including
payments pursuant to a rule 12b-1 plan ------------- $ 0
U) Amortization of organization expenses -------------- $ 3
V) Shareholder meeting expenses ----------------------- $ 0
W) Other expenses ------------------------------------- $ 18
X) Total expenses ------------------------------------- $ 2289
SCREEN NUMBER: 33
This page being
FINANCIAL INFORMATION (Cont. from Screen 33) filed for series 1.
EXPENSES (Negative answers are allowed For the period covered by this form
on this screen for 72Z only) ($000's omitted)
72.Y) Expense reimbursements ----------------------------- $ 0
Z) Net investment income ------------------------------ $ 2895
AA) Realized capital gains ----------------------------- $ 39463
BB) Realized capital losses ---------------------------- $ 0
CC) 1. Net unrealized appreciation during the period --- $ 0
2. Net unrealized depreciation during the period --- $ 10953
DD) 1. Total income dividend~ for which record date
passed during the period ------------------------ $ 2583
2. Dividends for a second class of open-end
company shares -----------------------------------$ 0
EE) Total capital gains distributions for which
record date passed during the period --------------- $ 31678
73. Distributions per share for which record date passed during the period:
NOTE: Show in fractions of a cent if so declared.
A) 1. Dividends from net investment income ------------ $ 0.1400
2. Dividends for a second class of open-end
company shares ---------------------------------- $ 0.0000
B) Distribution of capital gains ---------------------- $ 1.6600
C) Other distributions -------------------------------- $ 0.0000
SCREEN NUMBER: 34
This page being
FINANCIAL INFORMATION (Cont. from Screen 33) filed for series 2.
EXPENSES (Negative answers are allowed For the period covered by this form
on this screen for 72Z only) ($000's omitted)
72.Y) Expense reimbursements ----------------------------- $ 71
Z) Net investment income ------------------------------ $ 3809
AA) Realized capital gains ----------------------------- $ 15260
BB) Realized capital losses ---------------------------- $ 0
CC) 1. Net unrealized appreciation during the period --- $ 0
2. Net unrealized depreciation during the period --- $ 14008
DD) 1. Total income dividend~ for which record date
passed during the period ------------------------ $ 6985
2. Dividends for a second class of open-end
company shares -----------------------------------$ 13749
EE) Total capital gains distributions for which
record date passed during the period --------------- $ 0
73. Distributions per share for which record date passed during the period:
NOTE: Show in fractions of a cent if so declared.
A) 1. Dividends from net investment income ------------ $ 0.3200
2. Dividends for a second class of open-end
company shares ---------------------------------- $ 0.0000
B) Distribution of capital gains ---------------------- $ 0.6200
C) Other distributions -------------------------------- $ 0.0000
SCREEN NUMBER: 34
This page being
FINANCIAL INFORMATION (Cont. from Screen 33) filed for series 3.
EXPENSES (Negative answers are allowed For the period covered by this form
on this screen for 72Z only) ($000's omitted)
72.Y) Expense reimbursements ----------------------------- $ 39
Z) Net investment income ------------------------------ $ -382
AA) Realized capital gains ----------------------------- $ 0
BB) Realized capital losses ---------------------------- $ 12098
CC) 1. Net unrealized appreciation during the period --- $ 0
2. Net unrealized depreciation during the period --- $ 16653
DD) 1. Total income dividend~ for which record date
passed during the period ------------------------ $ 1838
2. Dividends for a second class of open-end
company shares -----------------------------------$ 0
EE) Total capital gains distributions for which
record date passed during the period --------------- $ 0
73. Distributions per share for which record date passed during the period:
NOTE: Show in fractions of a cent if so declared.
A) 1. Dividends from net investment income ------------ $ 0.1700
2. Dividends for a second class of open-end
company shares ---------------------------------- $ 0.0000
B) Distribution of capital gains ---------------------- $ 0.0000
C) Other distributions -------------------------------- $ 0.0000
SCREEN NUMBER: 34
This page being
FINANCIAL INFORMATION (Cont. from Screen 33) filed for series 4.
EXPENSES (Negative answers are allowed For the period covered by this form
on this screen for 72Z only) ($000's omitted)
72.Y) Expense reimbursements ----------------------------- $ 0
Z) Net investment income ------------------------------ $ 11076
AA) Realized capital gains ----------------------------- $ 1994
BB) Realized capital losses ---------------------------- $ 0
CC) 1. Net unrealized appreciation during the period --- $ 451
2. Net unrealized depreciation during the period --- $ 0
DD) 1. Total income dividend~ for which record date
passed during the period ------------------------ $ 11358
2. Dividends for a second class of open-end
company shares -----------------------------------$ 0
EE) Total capital gains distributions for which
record date passed during the period --------------- $ 1252
73. Distributions per share for which record date passed during the period:
NOTE: Show in fractions of a cent if so declared.
A) 1. Dividends from net investment income ------------ $ 0.6200
2. Dividends for a second class of open-end
company shares ---------------------------------- $ 0.0000
B) Distribution of capital gains ---------------------- $ 0.0600
C) Other distributions -------------------------------- $ 0.0000
SCREEN NUMBER: 34
This page being
FINANCIAL INFORMATION (Cont. from Screen 33) filed for series 5.
EXPENSES (Negative answers are allowed For the period covered by this form
on this screen for 72Z only) ($000's omitted)
72.Y) Expense reimbursements ----------------------------- $ 108
Z) Net investment income ------------------------------ $ 3253
AA) Realized capital gains ----------------------------- $ 8
BB) Realized capital losses ---------------------------- $ 0
CC) 1. Net unrealized appreciation during the period --- $ 7
2. Net unrealized depreciation during the period --- $ 0
DD) 1. Total income dividend~ for which record date
passed during the period ------------------------ $ 3220
2. Dividends for a second class of open-end
company shares -----------------------------------$ 0
EE) Total capital gains distributions for which
record date passed during the period --------------- $ 0
73. Distributions per share for which record date passed during the period:
NOTE: Show in fractions of a cent if so declared.
A) 1. Dividends from net investment income ------------ $ 0.5300
2. Dividends for a second class of open-end
company shares ---------------------------------- $ 0.0000
B) Distribution of capital gains ---------------------- $ 0.0000
C) Other distributions -------------------------------- $ 0.0000
SCREEN NUMBER: 34
This page being
FINANCIAL INFORMATION (Cont. from Screen 33) filed for series 6.
EXPENSES (Negative answers are allowed For the period covered by this form
on this screen for 72Z only) ($000's omitted)
72.Y) Expense reimbursements ----------------------------- $ 0
Z) Net investment income ------------------------------ $ 6495
AA) Realized capital gains ----------------------------- $ 0
BB) Realized capital losses ---------------------------- $ 6071
CC) 1. Net unrealized appreciation during the period --- $ 467
2. Net unrealized depreciation during the period --- $ 0
DD) 1. Total income dividend~ for which record date
passed during the period ------------------------ $ 7136
2. Dividends for a second class of open-end
company shares -----------------------------------$ 0
EE) Total capital gains distributions for which
record date passed during the period --------------- $ 0
73. Distributions per share for which record date passed during the period:
NOTE: Show in fractions of a cent if so declared.
A) 1. Dividends from net investment income ------------ $ 0.2600
2. Dividends for a second class of open-end
company shares ---------------------------------- $ 0.0000
B) Distribution of capital gains ---------------------- $ 0.0000
C) Other distributions -------------------------------- $ 0.0000
SCREEN NUMBER: 34
This page being
filed for series 1.
As of the end of current reporting
74. Condensed balance sheet data: period (000's omitted except
for per share amounts)
A) Cash ----------------------------------------------- $ 0
B) Repurchase agreements ------------------------------ $ 3603
C) Short-term debt securities other than
repurchase agreements ------------------------------ $ 1680
D) Long-term debt securities including
convertible debt------------------------------------ $ 0
E) Preferred, convertible preferred, and
adjustable rate preferred stock -------------------- $ 477
F) Common stock --------------------------------------- $ 273532
G) Options on equities -------------------------------- $ 0
H) Options on all futures ----------------------------- $ 0
I) Other investments ---------------------------------- $ 7417
J) Receivables from portfolio instruments sold -------- $ 36016
K) Receivables from affiliated persons ---------------- $ 0
L) Other receivables ---------------------------------- $ 306
M) All other assets ----------------------------------- $ 77
N) Total assets --------------------------------------- $ 323108
SCREEN NUMBER: 35
This page being
filed for series 2.
As of the end of current reporting
74. Condensed balance sheet data: period (000's omitted except
for per share amounts)
A) Cash ----------------------------------------------- $ 14
B) Repurchase agreements ------------------------------ $ 11821
C) Short-term debt securities other than
repurchase agreements ------------------------------ $ 8675
D) Long-term debt securities including
convertible debt------------------------------------ $ 72
E) Preferred, convertible preferred, and
adjustable rate preferred stock -------------------- $ 1607
F) Common stock --------------------------------------- $ 230014
G) Options on equities -------------------------------- $ 0
H) Options on all futures ----------------------------- $ 0
I) Other investments ---------------------------------- $ 15010
J) Receivables from portfolio instruments sold -------- $ 12
K) Receivables from affiliated persons ---------------- $ 0
L) Other receivables ---------------------------------- $ 485
M) All other assets ----------------------------------- $ 169
N) Total assets --------------------------------------- $ 267879
SCREEN NUMBER: 35
This page being
filed for series 3.
As of the end of current reporting
74. Condensed balance sheet data: period (000's omitted except
for per share amounts)
A) Cash ----------------------------------------------- $ 499
B) Repurchase agreements ------------------------------ $ 2253
C) Short-term debt securities other than
repurchase agreements ------------------------------ $ 1867
D) Long-term debt securities including
convertible debt------------------------------------ $ 64
E) Preferred, convertible preferred, and
adjustable rate preferred stock -------------------- $ 2217
F) Common stock --------------------------------------- $ 42294
G) Options on equities -------------------------------- $ 25
H) Options on all futures ----------------------------- $ 0
I) Other investments ---------------------------------- $ 10508
J) Receivables from portfolio instruments sold -------- $ 115
K) Receivables from affiliated persons ---------------- $ 0
L) Other receivables ---------------------------------- $ 396
M) All other assets ----------------------------------- $ 1
N) Total assets --------------------------------------- $ 60239
SCREEN NUMBER: 35
This page being
filed for series 4.
As of the end of current reporting
74. Condensed balance sheet data: period (000's omitted except
for per share amounts)
A) Cash ----------------------------------------------- $ 161
B) Repurchase agreements ------------------------------ $ 21177
C) Short-term debt securities other than
repurchase agreements ------------------------------ $ 3025
D) Long-term debt securities including
convertible debt------------------------------------ $ 200417
E) Preferred, convertible preferred, and
adjustable rate preferred stock -------------------- $ 1846
F) Common stock --------------------------------------- $ 587
G) Options on equities -------------------------------- $ 0
H) Options on all futures ----------------------------- $ 0
I) Other investments ---------------------------------- $ 0
J) Receivables from portfolio instruments sold -------- $ 21893
K) Receivables from affiliated persons ---------------- $ 0
L) Other receivables ---------------------------------- $ 1967
M) All other assets ----------------------------------- $ 1
N) Total assets --------------------------------------- $ 251074
SCREEN NUMBER: 35
This page being
filed for series 5.
As of the end of current reporting
74. Condensed balance sheet data: period (000's omitted except
for per share amounts)
A) Cash ----------------------------------------------- $ 0
B) Repurchase agreements ------------------------------ $ 0
C) Short-term debt securities other than
repurchase agreements ------------------------------ $ 22759
D) Long-term debt securities including
convertible debt------------------------------------ $ 51776
E) Preferred, convertible preferred, and
adjustable rate preferred stock -------------------- $ 0
F) Common stock --------------------------------------- $ 0
G) Options on equities -------------------------------- $ 0
H) Options on all futures ----------------------------- $ 0
I) Other investments ---------------------------------- $ 0
J) Receivables from portfolio instruments sold -------- $ 157
K) Receivables from affiliated persons ---------------- $ 0
L) Other receivables ---------------------------------- $ 391
M) All other assets ----------------------------------- $ 7
N) Total assets --------------------------------------- $ 75089
SCREEN NUMBER: 35
This page being
filed for series 6.
As of the end of current reporting
74. Condensed balance sheet data: period (000's omitted except
for per share amounts)
A) Cash ----------------------------------------------- $ 1
B) Repurchase agreements ------------------------------ $ 46054
C) Short-term debt securities other than
repurchase agreements ------------------------------ $ 3991
D) Long-term debt securities including
convertible debt------------------------------------ $ 49935
E) Preferred, convertible preferred, and
adjustable rate preferred stock -------------------- $ 833
F) Common stock --------------------------------------- $ 111635
G) Options on equities -------------------------------- $ 0
H) Options on all futures ----------------------------- $ 0
I) Other investments ---------------------------------- $ 75563
J) Receivables from portfolio instruments sold -------- $ 20969
K) Receivables from affiliated persons ---------------- $ 0
L) Other receivables ---------------------------------- $ 976
M) All other assets ----------------------------------- $ 3
N) Total assets --------------------------------------- $ 309960
SCREEN NUMBER: 35
This page being
(Continued from Screen 35) filed for series 1.
Condensed balance sheet data: As of the end of current reporting
period (000's omitted except for per
share amounts and number of accounts)
74.O) Payables for portfolio instruments purchased ----------------- $ 9448
P) Amounts owed to affiliated persons --------------------------- $ 0
Q) Senior long-term debt ---------------------------------------- $ 0
R) Other liabilities: 1. Reverse repurchase agreements --------- $ 0
2. Short sales --------------------------- $ 759
3. Written options ----------------------- $ 0
4. All other liabilities ----------------- $ 314
S) Senior equity ------------------------------------------------ $ 0
T) Net assets of common shareholders ---------------------------- $ 312587
U) 1. Number of shares outstanding ------------------------------ 20013
2. Number of shares outstanding of a second class of shares
of open-end company --------------------------------------- 0
V) 1. Net asset value per share (to nearest cent) --------------- $ 15.62
2. Net asset value per share of a second class of open-end
company shares (to nearest cent) -------------------------- $ 0.00
W) Mark-to-market net asset value per share
for money market funds only (to 4 decimals) ------------------ $ 0.0000
X) Total number of shareholder accounts ------------------------- 186
Y) Total value of assets in segregated accounts ----------------- $ 150245
SCREEN NUMBER: 36
This page being
(Continued from Screen 35) filed for series 2.
Condensed balance sheet data: As of the end of current reporting
period (000's omitted except for per
share amounts and number of accounts)
74.O) Payables for portfolio instruments purchased ----------------- $ 95
P) Amounts owed to affiliated persons --------------------------- $ 0
Q) Senior long-term debt ---------------------------------------- $ 0
R) Other liabilities: 1. Reverse repurchase agreements --------- $ 0
2. Short sales --------------------------- $ 0
3. Written options ----------------------- $ 0
4. All other liabilities ----------------- $ 7754
S) Senior equity ------------------------------------------------ $ 0
T) Net assets of common shareholders ---------------------------- $ 260030
U) 1. Number of shares outstanding ------------------------------ 23280
2. Number of shares outstanding of a second class of shares
of open-end company --------------------------------------- 0
V) 1. Net asset value per share (to nearest cent) --------------- $ 11.17
2. Net asset value per share of a second class of open-end
company shares (to nearest cent) -------------------------- $ 0.00
W) Mark-to-market net asset value per share
for money market funds only (to 4 decimals) ------------------ $ 0.0000
X) Total number of shareholder accounts ------------------------- 184
Y) Total value of assets in segregated accounts ----------------- $ 49761
SCREEN NUMBER: 36
This page being
(Continued from Screen 35) filed for series 3.
Condensed balance sheet data: As of the end of current reporting
period (000's omitted except for per
share amounts and number of accounts)
74.O) Payables for portfolio instruments purchased ----------------- $ 158
P) Amounts owed to affiliated persons --------------------------- $ 0
Q) Senior long-term debt ---------------------------------------- $ 0
R) Other liabilities: 1. Reverse repurchase agreements --------- $ 0
2. Short sales --------------------------- $ 0
3. Written options ----------------------- $ 0
4. All other liabilities ----------------- $ 1914
S) Senior equity ------------------------------------------------ $ 0
T) Net assets of common shareholders ---------------------------- $ 58167
U) 1. Number of shares outstanding ------------------------------ 11216
2. Number of shares outstanding of a second class of shares
of open-end company --------------------------------------- 0
V) 1. Net asset value per share (to nearest cent) --------------- $ 5.19
2. Net asset value per share of a second class of open-end
company shares (to nearest cent) -------------------------- $ 0.00
W) Mark-to-market net asset value per share
for money market funds only (to 4 decimals) ------------------ $ 0.0000
X) Total number of shareholder accounts ------------------------- 60
Y) Total value of assets in segregated accounts ----------------- $ 0
SCREEN NUMBER: 36
This page being
(Continued from Screen 35) filed for series 4.
Condensed balance sheet data: As of the end of current reporting
period (000's omitted except for per
share amounts and number of accounts)
74.O) Payables for portfolio instruments purchased ----------------- $ 37223
P) Amounts owed to affiliated persons --------------------------- $ 0
Q) Senior long-term debt ---------------------------------------- $ 0
R) Other liabilities: 1. Reverse repurchase agreements --------- $ 0
2. Short sales --------------------------- $ 0
3. Written options ----------------------- $ 0
4. All other liabilities ----------------- $ 16199
S) Senior equity ------------------------------------------------ $ 0
T) Net assets of common shareholders ---------------------------- $ 197652
U) 1. Number of shares outstanding ------------------------------ 19211
2. Number of shares outstanding of a second class of shares
of open-end company --------------------------------------- 0
V) 1. Net asset value per share (to nearest cent) --------------- $ 10.29
2. Net asset value per share of a second class of open-end
company shares (to nearest cent) -------------------------- $ 0.00
W) Mark-to-market net asset value per share
for money market funds only (to 4 decimals) ------------------ $ 0.0000
X) Total number of shareholder accounts ------------------------- 136
Y) Total value of assets in segregated accounts ----------------- $ 100557
SCREEN NUMBER: 36
This page being
(Continued from Screen 35) filed for series 5.
Condensed balance sheet data: As of the end of current reporting
period (000's omitted except for per
share amounts and number of accounts)
74.O) Payables for portfolio instruments purchased ----------------- $ 0
P) Amounts owed to affiliated persons --------------------------- $ 0
Q) Senior long-term debt ---------------------------------------- $ 0
R) Other liabilities: 1. Reverse repurchase agreements --------- $ 0
2. Short sales --------------------------- $ 0
3. Written options ----------------------- $ 0
4. All other liabilities ----------------- $ 181
S) Senior equity ------------------------------------------------ $ 0
T) Net assets of common shareholders ---------------------------- $ 74908
U) 1. Number of shares outstanding ------------------------------ 7514
2. Number of shares outstanding of a second class of shares
of open-end company --------------------------------------- 0
V) 1. Net asset value per share (to nearest cent) --------------- $ 9.97
2. Net asset value per share of a second class of open-end
company shares (to nearest cent) -------------------------- $ 0.00
W) Mark-to-market net asset value per share
for money market funds only (to 4 decimals) ------------------ $ 0.0000
X) Total number of shareholder accounts ------------------------- 120
Y) Total value of assets in segregated accounts ----------------- $ 51925
SCREEN NUMBER: 36
This page being
(Continued from Screen 35) filed for series 6.
Condensed balance sheet data: As of the end of current reporting
period (000's omitted except for per
share amounts and number of accounts)
74.O) Payables for portfolio instruments purchased ----------------- $ 17916
P) Amounts owed to affiliated persons --------------------------- $ 0
Q) Senior long-term debt ---------------------------------------- $ 0
R) Other liabilities: 1. Reverse repurchase agreements --------- $ 0
2. Short sales --------------------------- $ 0
3. Written options ----------------------- $ 0
4. All other liabilities ----------------- $ 197
S) Senior equity ------------------------------------------------ $ 0
T) Net assets of common shareholders ---------------------------- $ 291847
U) 1. Number of shares outstanding ------------------------------ 25567
2. Number of shares outstanding of a second class of shares
of open-end company --------------------------------------- 0
V) 1. Net asset value per share (to nearest cent) --------------- $ 11.42
2. Net asset value per share of a second class of open-end
company shares (to nearest cent) -------------------------- $ 0.00
W) Mark-to-market net asset value per share
for money market funds only (to 4 decimals) ------------------ $ 0.0000
X) Total number of shareholder accounts ------------------------- 152
Y) Total value of assets in segregated accounts ----------------- $ 92730
SCREEN NUMBER: 36
This page being
(Continued from Screen 35) filed for series 04.
Condensed balance sheet data: As of the end of current reporting
period (000's omitted except for per
share amounts and number of accounts)
74.O) Payables for portfolio instruments purchased ----------------- $ 1680
P) Amounts owed to affiliated persons --------------------------- $ 0
Q) Senior long-term debt ---------------------------------------- $ 0
R) Other liabilities: 1. Reverse repurchase agreements --------- $ 0
2. Short sales --------------------------- $ 0
3. Written options ----------------------- $ 0
4. All other liabilities ----------------- $ 6643
S) Senior equity ------------------------------------------------ $ 0
T) Net assets of common shareholders ---------------------------- $ 96898
U) 1. Number of shares outstanding ------------------------------ 10648
2. Number of shares outstanding of a second class of shares
of open-end company --------------------------------------- 0
V) 1. Net asset value per share (to nearest cent) --------------- $ 9.10
2. Net asset value per share of a second class of open-end
company shares (to nearest cent) -------------------------- $ 0.00
W) Mark-to-market net asset value per share
for money market funds only (to 4 decimals) ------------------ $ 0.0000
X) Total number of shareholder accounts ------------------------- 42
Y) Total value of assets in segregated accounts ----------------- $ 0
SCREEN NUMBER: 36
This page being
filed for series 1.
75. Average net assets during the current reporting period
($000's omitted). Answer only one:
A) Daily average (for money market funds) ----------------------- $ 0
B) Monthly average (for all other funds) ----------------------- $ 293368
76. Market price per share at end of period (closed-end funds only) $ 0.00
SCREEN NUMBER: 37
This page being
filed for series 2.
75. Average net assets during the current reporting period
($000's omitted). Answer only one:
A) Daily average (for money market funds) ----------------------- $ 0
B) Monthly average (for all other funds) ----------------------- $ 259932
76. Market price per share at end of period (closed-end funds only) $ 0.00
SCREEN NUMBER: 37
This page being
filed for series 3.
75. Average net assets during the current reporting period
($000's omitted). Answer only one:
A) Daily average (for money market funds) ----------------------- $ 0
B) Monthly average (for all other funds) ----------------------- $ 69954
76. Market price per share at end of period (closed-end funds only) $ 0.00
SCREEN NUMBER: 37
This page being
filed for series 4.
75. Average net assets during the current reporting period
($000's omitted). Answer only one:
A) Daily average (for money market funds) ----------------------- $ 0
B) Monthly average (for all other funds) ----------------------- $ 190197
76. Market price per share at end of period (closed-end funds only) $ 0.00
SCREEN NUMBER: 37
This page being
filed for series 5.
75. Average net assets during the current reporting period
($000's omitted). Answer only one:
A) Daily average (for money market funds) ----------------------- $ 0
B) Monthly average (for all other funds) ----------------------- $ 60183
76. Market price per share at end of period (closed-end funds only) $ 0.00
SCREEN NUMBER: 37
This page being
filed for series 6.
75. Average net assets during the current reporting period
($000's omitted). Answer only one:
A) Daily average (for money market funds) ----------------------- $ 0
B) Monthly average (for all other funds) ----------------------- $ 350444
76. Market price per share at end of period (closed-end funds only) $ 0.00
SCREEN NUMBER: 37
This page being
filed for series 03.
75. Average net assets during the current reporting period
($000's omitted). Answer only one:
A) Daily average (for money market funds) ----------------------- $ 0
B) Monthly average (for all other funds) ----------------------- $ 185728
76. Market price per share at end of period (closed-end funds only) $ 0.00
SCREEN NUMBER: 37
77.A) Is the Registrant filing any of the following attachments
with the current filing of Form N-SAR? (ANSWER FOR ALL
SERIES AS A GROUP) (Y or N) ------------------------------- Y
NOTE: If answer is 'Y' (Yes), mark those items
below being filed as an attachment to this Filed as
form or incorporated by reference. Attachment
B) Accountant's report on internal control ------------------- Y
C) Matters submitted to a vote of security holders ----------- N
D) Policies with respect to security investment -------------- N
E) Legal proceedings ----------------------------------------- N
F) Changes in security for debt ------------------------------ N
G) Defaults and arrears on senior securities ----------------- N
H) Changes in control of Registrant -------------------------- N
I) Terms of new or amended securities ------------------------ N
J) Revaluation of assets or restatement of
capital share account ------------------------------------- Y
K) Changes in Registrant's certifying account ---------------- N
L) Changes in accounting principles and practices ------------ N
M) Mergers --------------------------------------------------- N
N) Actions required to be reported pursuant to Rule 2a-7 ----- N
O) Transactions effected pursuant to Rule 10f-3 -------------- N
P) Information required to be filed pursuant
to exemptive orders --------------------------------------- N
(Item 77 continued on next screen)
SCREEN NUMBER: 38
77. (Continued) Mark those items below being filed as
an attachment to this form or incorporated form Filed as
or incorporated by reference. Attachment
Q1) Exhibits -------------------------------------------------- Y
Q2) Any information called for by instructions to
sub-item 77Q2 --------------------------------------------- N
Q3) Any information called for by instructions to
sub-item 77Q3 --------------------------------------------- N
78. Does the Registrant have any wholly-owned investment company
subsidiaries whose operating & financial data are consolidated
with that of Registrant in this report? (Y or N) N
NOTE: If answer is 'N' (No), jump to Screen 41.
SCREEN NUMBER: 39
79. List the '811' numbers and names of Registrant's wholly owned
investment company subsidiaries consolidated in this report.
811 Number Subsidiary Name
811-
811-
811-
811-
811-
811-
811-
811-
811-
811-
Press Ctrl-Left Arrow for previous, Ctrl-Right Arrow for next/more.
SCREEN NUMBER: 40
ANNUAL SUPPLEMENT This page being
filed for ALL series.
Screens 41 & 42 are to be filed only once each
year, at the end of Registrant's/Series' fiscal year.
80. Fidelity bond(s) in effect at the end of the period:
A) Insurer name: AMERICAN INT'L SPECIALTY LINES INSURANCE CO
B) Second insurer:
C) Aggregate face amount of coverage for Registrant/Series on
all bonds on which it is named as an insured (000's omitted): $ 2000000
81. A) Is the bond part of a joint fidelity bond(s) shared
with other investment companies, or other entities? (Y or N) - Y
B) If answer to 81A is 'Y' (Yes), how many other
investment companies, or other entities are covered by the bond?
(Count each series as a separate investment company.) -------- 6
82. A) Does the mandatory coverage of the fidelity bond
have a deductible? (Y or N) ---------------------------------- N
B) If the answer to 82A is 'Y' (Yes), what is the
amount of the deductible? ($000's omitted) ------------------ $ 0
SCREEN NUMBER: 41
ANNUAL SUPPLEMENT (Continued) This page being
filed for ALL series.
83.A) Were any claims with respect to this Registrant/
Series filed under the bond during the period? (Y or N) -------- N
B) If the answer to 83 A) is 'Y' (Yes), what was the
total amount of such claims? ($000's omitted) ----------------- $ 0
84.A) Were any losses incurred with respect to this
Registrant/Series that could have been filed as a
claim under the fidelity bond but were not? (Y or N) ----------- N
B) If the answer to 84 A) is 'Y' (Yes), what was the
total amount of such losses? ($000's omitted) ----------------- $ 0
85.A) Are Registrant's/Series' officers and directors
covered as officers and directors of Registrant/Series
under any errors and omissions insurance policy
owned by the Registrant/Series or anyone else (Y or N) --------- Y
B) Were any claims filed under such policy during the
period with respect to the Registrant/Series? (Y or N) --------- N
SCREEN NUMBER: 42
Closed-End Investment Companies Only
86. Sales, repurchases, and redemptions of
Registrant's securities:
Number of Shares Net
or Principal Consideration
Amount of Debt Received or Paid
($000's omitted) ($000's omitted)
Common Stock:
A) Sales 0 $ 0
B) Repurchases 0 $ 0
Preferred Stock:
C) Sales 0 $ 0
D) Repurchases and Redemptions 0 $ 0
Debt Securities
E) Sales $ 0 $ 0
F) Repurchases and Redemptions $ 0 $ 0
SCREEN NUMBER: 43
Closed-End Investment Companies Only
87. Securities of Registrant registered on a
national securities exchange or listed
on NASDAQ:
CUSIP or Ticker
Title of each class of securities NASDAQ No. Symbol
A)
B)
C)
88. Did Registrant have any of the following outstanding which exceeded 1%
of aggregate net assets at any time during the period?
(Y or N)
A) Notes or bonds ------------------------------
B) Uncovered options ---------------------------
C) Margin loans --------------------------------
D) Preferred stock -----------------------------
SCREEN NUMBER: 44
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> MULTI-ASSET FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 294700
<INVESTMENTS-AT-VALUE> 288011
<RECEIVABLES> 21945
<ASSETS-OTHER> 4
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 309960
<PAYABLE-FOR-SECURITIES> 17916
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 197
<TOTAL-LIABILITIES> 18113
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 305509
<SHARES-COMMON-STOCK> 25567
<SHARES-COMMON-PRIOR> 32825
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (5135)
<ACCUMULATED-NET-GAINS> (3489)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (5039)
<NET-ASSETS> 291847
<DIVIDEND-INCOME> 3509
<INTEREST-INCOME> 5275
<OTHER-INCOME> 0
<EXPENSES-NET> 2289
<NET-INVESTMENT-INCOME> 6495
<REALIZED-GAINS-CURRENT> (6071)
<APPREC-INCREASE-CURRENT> 467
<NET-CHANGE-FROM-OPS> 891
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7136)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2161
<NUMBER-OF-SHARES-REDEEMED> 9792
<SHARES-REINVESTED> 383
<NET-CHANGE-IN-ASSETS> (90470)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2348
<OVERDISTRIB-NII-PRIOR> (4259)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1122
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2289
<AVERAGE-NET-ASSETS> 350444
<PER-SHARE-NAV-BEGIN> 11.65
<PER-SHARE-NII> .20
<PER-SHARE-GAIN-APPREC> (.17)
<PER-SHARE-DIVIDEND> 0.26
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.42
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> INTERNATIONAL EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 256858
<INVESTMENTS-AT-VALUE> 267199
<RECEIVABLES> 665
<ASSETS-OTHER> 15
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 267879
<PAYABLE-FOR-SECURITIES> 95
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7754
<TOTAL-LIABILITIES> 7849
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 254097
<SHARES-COMMON-STOCK> 23280
<SHARES-COMMON-PRIOR> 20474
<ACCUMULATED-NII-CURRENT> (4292)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1446
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8780
<NET-ASSETS> 260030
<DIVIDEND-INCOME> 5207
<INTEREST-INCOME> 716
<OTHER-INCOME> 0
<EXPENSES-NET> 2114
<NET-INVESTMENT-INCOME> 3809
<REALIZED-GAINS-CURRENT> 15260
<APPREC-INCREASE-CURRENT> (14008)
<NET-CHANGE-FROM-OPS> 5061
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6985)
<DISTRIBUTIONS-OF-GAINS> (13749)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2884
<NUMBER-OF-SHARES-REDEEMED> 1837
<SHARES-REINVESTED> 1759
<NET-CHANGE-IN-ASSETS> 18958
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 549
<OVERDISTRIB-NII-PRIOR> (1732)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1147
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2184
<AVERAGE-NET-ASSETS> 259932
<PER-SHARE-NAV-BEGIN> 11.77
<PER-SHARE-NII> 0.19
<PER-SHARE-GAIN-APPREC> 0.15
<PER-SHARE-DIVIDEND> 0.32
<PER-SHARE-DISTRIBUTIONS> 0.62
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.17
<EXPENSE-RATIO> 0.81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> EMERGING MARKETS FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 84314
<INVESTMENTS-AT-VALUE> 59228
<RECEIVABLES> 510
<ASSETS-OTHER> 501
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 60239
<PAYABLE-FOR-SECURITIES> 158
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1914
<TOTAL-LIABILITIES> 2072
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 105272
<SHARES-COMMON-STOCK> 11216
<SHARES-COMMON-PRIOR> 10357
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (5279)
<ACCUMULATED-NET-GAINS> (16737)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (25088)
<NET-ASSETS> 58167
<DIVIDEND-INCOME> 1531
<INTEREST-INCOME> 248
<OTHER-INCOME> 0
<EXPENSES-NET> 2161
<NET-INVESTMENT-INCOME> (382)
<REALIZED-GAINS-CURRENT> (12098)
<APPREC-INCREASE-CURRENT> (16653)
<NET-CHANGE-FROM-OPS> (29133)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1838)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 980
<NUMBER-OF-SHARES-REDEEMED> 453
<SHARES-REINVESTED> 334
<NET-CHANGE-IN-ASSETS> (25669)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (2594)
<OVERDIST-NET-GAINS-PRIOR> (5104)
<GROSS-ADVISORY-FEES> 1636
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2161
<AVERAGE-NET-ASSETS> 69954
<PER-SHARE-NAV-BEGIN> 8.09
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> (2.72)
<PER-SHARE-DIVIDEND> (.17)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 5.19
<EXPENSE-RATIO> 3.09
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> U.S. EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 251128
<INVESTMENTS-AT-VALUE> 286708
<RECEIVABLES> 36398
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 323108
<PAYABLE-FOR-SECURITIES> 9448
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1073
<TOTAL-LIABILITIES> 10521
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 263302
<SHARES-COMMON-STOCK> 20013
<SHARES-COMMON-PRIOR> 16329
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1275)
<ACCUMULATED-NET-GAINS> 14819
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 35740
<NET-ASSETS> 312587
<DIVIDEND-INCOME> 3254
<INTEREST-INCOME> 1756
<OTHER-INCOME> 0
<EXPENSES-NET> 2115
<NET-INVESTMENT-INCOME> 2895
<REALIZED-GAINS-CURRENT> 39463
<APPREC-INCREASE-CURRENT> (10953)
<NET-CHANGE-FROM-OPS> 31405
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2583)
<DISTRIBUTIONS-OF-GAINS> (31678)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4547
<NUMBER-OF-SHARES-REDEEMED> 2705
<SHARES-REINVESTED> 1843
<NET-CHANGE-IN-ASSETS> 56873
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 7034
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1591)
<GROSS-ADVISORY-FEES> 1524
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2115
<AVERAGE-NET-ASSETS> 293368
<PER-SHARE-NAV-BEGIN> 17.66
<PER-SHARE-NII> 0.17
<PER-SHARE-GAIN-APPREC> 1.59
<PER-SHARE-DIVIDEND> 0.14
<PER-SHARE-DISTRIBUTIONS> 1.66
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 15.62
<EXPENSE-RATIO> 0.72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> BOND FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 223535
<INVESTMENTS-AT-VALUE> 227052
<RECEIVABLES> 23860
<ASSETS-OTHER> 162
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 251074
<PAYABLE-FOR-SECURITIES> 37223
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16199
<TOTAL-LIABILITIES> 53422
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 193666
<SHARES-COMMON-STOCK> 19211
<SHARES-COMMON-PRIOR> 16922
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (369)
<ACCUMULATED-NET-GAINS> 633
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3722
<NET-ASSETS> 197652
<DIVIDEND-INCOME> 108
<INTEREST-INCOME> 11852
<OTHER-INCOME> 0
<EXPENSES-NET> 884
<NET-INVESTMENT-INCOME> 11076
<REALIZED-GAINS-CURRENT> 1994
<APPREC-INCREASE-CURRENT> 451
<NET-CHANGE-FROM-OPS> 13521
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11358
<DISTRIBUTIONS-OF-GAINS> 1252
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5003
<NUMBER-OF-SHARES-REDEEMED> 3535
<SHARES-REINVESTED> 821
<NET-CHANGE-IN-ASSETS> 24300
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (100)
<OVERDIST-NET-GAINS-PRIOR> (97)
<GROSS-ADVISORY-FEES> 369
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 884
<AVERAGE-NET-ASSETS> 190197
<PER-SHARE-NAV-BEGIN> 10.24
<PER-SHARE-NII> 0.60
<PER-SHARE-GAIN-APPREC> 0.13
<PER-SHARE-DIVIDEND> 0.62
<PER-SHARE-DISTRIBUTIONS> .06
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 10.29
<EXPENSE-RATIO> .46
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> SHORT-TERM FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 74548
<INVESTMENTS-AT-VALUE> 74534
<RECEIVABLES> 548
<ASSETS-OTHER> 7
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 75089
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 181
<TOTAL-LIABILITIES> 181
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 75192
<SHARES-COMMON-STOCK> 7514
<SHARES-COMMON-PRIOR> 3460
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 6
<ACCUMULATED-NET-GAINS> (284)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6)
<NET-ASSETS> 74907
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3466
<OTHER-INCOME> 0
<EXPENSES-NET> 213
<NET-INVESTMENT-INCOME> 3253
<REALIZED-GAINS-CURRENT> 8
<APPREC-INCREASE-CURRENT> 7
<NET-CHANGE-FROM-OPS> 3268
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3220
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8765
<NUMBER-OF-SHARES-REDEEMED> 4993
<SHARES-REINVESTED> 282
<NET-CHANGE-IN-ASSETS> 40476
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (278)
<OVERDISTRIB-NII-PRIOR> (42)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 138
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 321
<AVERAGE-NET-ASSETS> 60183
<PER-SHARE-NAV-BEGIN> 9.95
<PER-SHARE-NII> .54
<PER-SHARE-GAIN-APPREC> .01
<PER-SHARE-DIVIDEND> .53
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 9.97
<EXPENSE-RATIO> .35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
TIFF Investment Program, Inc.
TIFF Bond Fund
2405 Ivy Road
Charlottesville, Virginia 22903
Information Statement
We are not asking you for a proxy and you are
requested not to send us a proxy.
This Information Statement is being furnished to
all persons owning shares ("Members") of TIFF Bond
Fund (the "Fund"), a series of TIFF Investment
Program, Inc. ("TIP"), to provide such Members with
information regarding the terms of the Master
Investment Management Agreement (the "MIM
Agreement") between the Fund's Money Manager,
Atlantic Asset Management Partners, L.L.C.
("Atlantic"), and Fountain Capital Management,
L.L.C. ("Fountain"), an affiliate of Atlantic.
Pursuant to the MIM Agreement, Fountain will
provide the Fund with high yield investment
management services and manage the portion of
assets allocated to Atlantic by TIP, pursuant to a
Money Manager Agreement between TIP, on behalf of
the Fund, and Atlantic dated March 31,1994, that
may be invested in high yield securities. TIP's
Board of Directors has approved the Master
Investment Management Agreement (the "MIM
Agreement") between Fountain and Atlantic. The MIM
Agreement has been fully executed between Fountain
and Atlantic and has been approved by the Board of
Directors of TIP at a meeting held on September 14,
1998, and now it governs the relationship between
the Fund, Atlantic, and Fountain.
TIP was not required to obtain approval of the
Fund's Members before approving the MIM Agreement
because TIP has obtained an exemptive order (the
"Order") from the Securities and Exchange Commission
exempting TIP from certain provisions of the
Investment Company Act of 1940 (the "1940 Act") and
the regulations thereunder that would otherwise
mandate such approval. (The Order permits TIP to
enter into new agreements, or amend existing
agreements, with Money Managers without obtaining
Member approval, but the exemption does not apply
to the advisory agreement with TIP's investment
advisor, Foundation Advisers, Inc., or any
amendments to such agreement.) This Information
Statement is being provided to all Members as
required by one of the conditions to the Order.
The Board of Directors of TIP expects to mail this
Information Statement on or about November 12, 1998.
FUND INFORMATION
Member Information. As of October 30, 1998, the
Fund had outstanding 19,469,933 shares of
beneficial interest representing a total net asset
value of $200,377,213, each dollar of beneficial
interest being entitled to one vote.
As of October 30, 1998, the following persons owned
of record or beneficially 5% or more of the shares
of common stock of the Fund:
Name and Address Amount and Nature Percent
of Beneficial Owner of Beneficial Ownership of Fund
The Duke Endowment 2,607,967 13.36%
100 North Tryon Street, Suite 3500
Charlotte, NC 2802
Triangle Community Foundation 1,612,416 8.25%
PO Box 12834
Research Triangle Park, NC 27709
Rosemary Foundation 1,456,247 7.45%
6028 Magazine Street
New Orleans, LA 70118
Jacksonville Community Foundation 1,096,226 5.61%
112 W. Adams Street
Jacksonville, FL 32202
The Fund will furnish, without charge, a copy of
TIP's annual report for the period ended December
31, 1997, and semi-annual report for the period
ended June 30, 1998, to any Member upon request.
To request a copy, please write to TIP at 2405 Ivy
Road; Charlottesville, VA 22903 or call TIP at
(800) 984-0084.
Distributor and Administrator. Investors Capital
Services, Inc.'s address is 600 Fifth Avenue, New
York, New York 10020, serves as the Fund's
administrator. AMT Capital Securities, LLC's
address is 399 Park Avenue, New York, New York
10022 and serves as the Fund's distributor.
Investment Adviser and Money Managers. TIP's
executive offices are located at 2405 Ivy Road,
Charlottesville, Virginia 22903. The Fund's
investment adviser is Foundation Advisers, Inc.
("FAI"), a registered investment adviser with an
address at 2405 Ivy Road, Charlottesville, Virginia
22903. Pursuant to its investment advisory
agreement with TIP (the "Advisory Agreement"), FAI
(a) develops investment programs, selects money
managers (the "Money Managers") who each act as
sub-advisers with respect to a portion of the
Fund's assets, and monitors Money Manager
investment activities and results; (b) provides or
oversees the provision of all general management,
investment advisory, and portfolio management
services to TIP; and (c) provides TIP with office
space, equipment, and personnel.
At a meeting of the Fund's Board of Directors held
on September 14, 1998, the Board unanimously
approved the terms of the MIM Agreement and the
sub-advisory relationship between Atlantic and
Fountain in which Fountain will provide high yield
investment management services to the Fund. The
following summary provides information about the
relationship between Fountain and Atlantic, the
benefits of this sub-advisory relationship to TIP,
and the terms and conditions of the MIM Agreement.
Please see the section of this Information
Statement entitled "Evaluation and Action by TIP
Directors" for information regarding the
deliberations of the Board of Directors concerning
approval of the MIM Agreement.
Investment Management Services to be Provided by
Fountain
Pursuant to the MIM Agreement, Fountain will
provide high yield investment management services
to the Fund and manage the Fund's assets pursuant
to the set of guidelines governing the underlying
funds that may be utilized by Atlantic. Fountain
invests only in the high yield sector of the
corporate bond market. Within that universe it
concentrates on improving credits in improving
industries screened through a proprietary valuation
model. Fountain focuses on the higher quality end
of the high yield universe by buying the securities
of strong and emerging growth companies. Using
this approach, Fountain usually has a portfolio
yield less than the leading high yield indices, but
a default loss rate significantly below the
universe and an upgrade/downgrade ratio well above
the universe.
Terms and Conditions of the MIM Agreement
The MIM Agreement was approved by the Board of
Directors on September 14, 1998. Members are not
being asked to approve the MIM Agreement.
Money Management Fees. The fees the Fund pays to
Atlantic will not be increased as a result of the
MIM Agreement since all the fees paid to Fountain
for its high yield investment management services
to TIP will be borne by Atlantic. Fountain will
receive compensation based upon the proportionate
share of TIP's total fees paid to Atlantic and its
affiliates. Fees are due and payable to Fountain
within 10 days of receipt of fee payment from TIP.
Proportionate share is determined as the average
market value, including accrued income, of TIP's
assets managed by Fountain in relation to TIP's
total assets managed by Atlantic and its affiliates
over the billing period.
Basic Terms. The MIM Agreement has an initial term
of one month and provides that it will thereafter
continue in effect from month to month. Although
TIP is not a contractual party to the MIM Agreement
and may not terminate the MIM Agreement, it is a
contractual party to the Money Manager Agreement
between TIP and Atlantic. Under the terms of the
Money Manager Agreement between TIP and Atlantic,
such agreement has an initial term of two years and
provides that it will thereafter continue in effect
from year to year only if such continuation is
specifically approved at least annually by (a)
either (i) a vote of a majority of the Board of
Directors of TIP or (ii) a vote of a majority of
the outstanding voting securities of the Fund, and
(b) a vote of a majority of the Fund's Directors
who are not "interested persons" (as defined in the
1940 Act). The Money Manager Agreement provides
that it may be terminated by the Fund, by its Board
of Directors, or by a vote of a majority of its
outstanding voting securities, or by Atlantic, in
each case at any time upon 30 days' written notice
to the other party. In addition, the Agreement
provides for its automatic termination in the event
of assignment.
The Atlantic Agreement provides that Atlantic is
required to manage the securities held by the Fund,
subject to the supervision and stated direction of
FAI, the Fund's investment adviser, and ultimately
TIP's Board of Directors, in accordance with the
Fund's investment objective and policies, make
investment decisions for the Fund, and place orders
to purchase and sell securities on behalf of the
Fund.
The Atlantic Agreement provides that Atlantic is
not liable to the Fund for any error of judgment
but shall be liable to the Fund for any loss
resulting from willful misfeasance, bad faith or
gross negligence by Atlantic in providing services
under the Agreement or from reckless disregard by
Atlantic of its obligations and duties under the
Agreement.
Anticipated Benefits from the Sub-Advisory
Relationship
Fountain provides Atlantic with a very experienced
high yield bond management team with proven
capability. With Fountain's expertise, Atlantic
can allocate up to 10% of its portfolio to high
yield bonds with the objective of increasing the
portfolio's total return while lowering its return
volatility because of historic low correlation
between high yield bonds and investment grade bonds.
Background Information Regarding Fountain
Fountain was formed in 1990 and is owned by its
four principals and Atlantic. The firm has four
professionals and four staff dedicated exclusively
to high yield bond management. The principals of
the firm have a combined fifty years experience in
high yield bond management and have worked together
since Fountain was established and at a previous
firm. Fountain currently manages $440 Million for
17 clients.
The following persons owned of record or
beneficially 10% or more of the shares of common
stock of Fountain:
Atlantic Asset Management Partners, L.L.C.
H. Kevin Birzer
Douglas E. Campbell
Larry H. Powell
Gregory L. Smith
The name and principal occupation of each principal
executive officer and Director of Fountain is as
follows:
Name Position
Larry H. Powell Director, President, Partner, Portfolio Manager
H. Kevin Birzer Director, Vice President, Partner, Securities
Analyst and Assistant Portfolio Manager
Douglas E. Campbell Director, Secretary, Treasurer, Partner, Securities
Analyst and Assistant Portfolio Manager
Gregory L. Smith Chairman, Partner
The business address of each of the persons listed
above is 9225 Indian Creek Parkway, Suite 1150,
Overland Park, KS 66210
EVALUATION AND ACTION BY TIP DIRECTORS
At a meeting on September 14, 1998, the Directors
of TIP considered information with respect to
whether the MIM Agreement is in the best interests
of the Fund and its Members. The Directors
considered, with respect to Fountain, among other
factors, its long-term track record serving the
institutional investment community, the
quantitative and qualitative tools that drive its
investment strategy, its administrative
capabilities and experience, and the fact that the
Fund would receive high quality high yield
investment management services at no additional
cost.
Based upon its review, the Board of Directors
concluded that the MIM Agreement is reasonable,
fair, and in the best interests of the Fund and its
Members, and that the fees provided in such
Agreement are fair and reasonable. In the Board's
view, the services that Fountain can provide with
respect to high yield investment management under
the terms of the MIM Agreement is desirable and in
the best interests of the Fund and its Members.
Accordingly, after consideration of the above
factors, and such other factors and information as
it deemed relevant, the Board of Directors,
including all of the Independent Directors in
attendance at the meeting, unanimously approved the
MIM Agreement.
TIFF Investment Program, Inc.
TIFF Multi-Asset Fund
2405 Ivy Road
Charlottesville, Virginia 22903
Information Statement
We are not asking you for a proxy and you are
requested not to send us a proxy.
This Information Statement is being furnished to
all persons owning shares ("Members") of TIFF
Multi-Asset Fund (the "Fund"), a series of TIFF
Investment Program, Inc. ("TIP"), to provide such
Members with information regarding the recent
addition of a Money Manager, Martingale Asset
Management, L.P. ("Martingale"), to the Fund. TIP's
Board of Directors has approved a Money Manager
Agreement with Martingale (the "Martingale
Agreement") that, as more fully described herein,
contains substantially similar terms and conditions
as the Fund's Agreements with other Money
Managers. The Martingale Agreement has been fully
executed on behalf of each of TIP (for the account
of the Fund) and Martingale, and now it governs the
relationship between the Fund and Martingale.
TIP was not required to obtain approval of the
Fund's Members before entering into the Martingale
Agreement because TIP has obtained an exemptive
order (the "Order") from the Securities and
Exchange Commission exempting TIP from certain
provisions of the Investment Company Act of 1940
(the "1940 Act") and the regulations thereunder
that would otherwise mandate such approval. (The
Order permits TIP to enter into new agreements, or
amend existing agreements, with Money Managers
without obtaining Member approval, but the
exemption does not apply to the advisory agreement
with TIP's investment advisor, Foundation Advisers,
Inc., or any amendments to such agreement.) This
Information Statement is being provided to all
Members as required by one of the conditions of the
Order.
The Board of Directors of TIP expects to mail this
Information Statement on or about November 12, 1998.
FUND INFORMATION
Member Information. As of October 30, 1998, the
Fund had outstanding 26,893,888 shares of
beneficial interest representing a total net asset
value of $301,069,369, each dollar of beneficial
interest being entitled to one vote.
As of October 30, 1998, the following persons owned
of record or beneficially 5% or more of the shares
of common stock of the Fund:
Name and Address Amount and Nature Percent
of Beneficial Owner of Beneficial Ownership of Fund
William Casper Graustein Memorial Fund 3,220,390 11.97%
84 Trumbull Street
New Haven, CT 06511
Name and Address Amount and Nature Percent
of Beneficial Owner of Beneficial Ownership of Fund
The CH Foundation 2,626,165 9.76%
PO Box 16458
Lubbock, TX 79490
Monterey Bay Aquarium Foundation 2,502,217 9.30%
866 Cannery Row
Monterey, CA 93940
The Greater New Orleans Foundation 1,493,977 5.55%
2515 Canal Street, Suite 401
New Orleans, LA 70119
William T. Grant Foundation Inc. 1,440,858 5.35%
515 Madison Avenue, 6th Fl.
New York, NY 10022
The Fund will furnish, without charge, a copy of
TIP's annual report for the period ended December
31, 1997, and semi-annual report for the period
ended June 30, 1998, to any Member upon request.
To request a copy, please write to TIP at 2405 Ivy
Road; Charlottesville, VA 22903 or call TIP at
(800) 984-0084.
Distributor and Administrator. Investors Capital
Services, Inc., the address of which is 600 Fifth
Avenue, New York, New York 10020, serves as the
Fund's administrator. AMT Capital Securities, LLC's
address is 399 Park Avenue, New York, New York
10022 and serves as the Fund's distributor.
Investment Adviser and Money Managers. TIP's
executive offices are located at 2405 Ivy Road,
Charlottesville, Virginia 22903. The Fund's
investment adviser is Foundation Advisers, Inc.
("FAI"), a registered investment adviser with an
address at 2405 Ivy Road, Charlottesville,
Virginia 22903. Pursuant to its investment
advisory agreement with TIP (the "Advisory
Agreement"), FAI (a) develops investment programs,
selects money managers (the "Money Managers") who
each act as sub-advisers with respect to a portion
of the Fund's assets, and monitors Money Manager
investment activities and results; (b) provides or
oversees the provision of all general management,
investment advisory, and portfolio management
services to TIP; and (c) provides TIP with office
space, equipment and personnel.
At a meeting of the Fund's Board of Directors held
on September 14, 1998, the Board unanimously
approved the Martingale Agreement which contains
terms and conditions substantially similar to those
of the Fund's Agreements with other Money
Managers. The following summary provides
information about Martingale, its investment
strategy, and the terms and conditions of the
Martingale Agreement. Please see the section of
this Information Statement entitled "Evaluation and
Action by TIP Directors" for information regarding
the deliberations of the Board of Directors
concerning approval of the Martingale Agreement.
Investment Management Services to be Provided by
Martingale
Pursuant to the Martingale Agreement, Martingale
will provide professional investment equity
management to the Fund and will manage the assets
of the Fund TIP allocates to Martingale. TIP's
Board of Directors has provided Martingale with a
set of investment management guidelines that
Martingale must follow in investing the assets of
the Fund.
Terms and Conditions of the Martingale Agreement
The Martingale Agreement was approved by the Board
of Directors on September 14, 1998. Members are
not being asked to approve the Martingale Agreement.
Money Management Fees. As compensation for the
services performed and the facilities and personnel
provided by Martingale pursuant to this Agreement,
the Fund will pay Martingale a fee according to the
following schedule:
First $100 million of average daily net assets at 0.10%
Next $200 million of average daily net assets at 0.08%
Next $200 million of average daily net assets at 0.07%
Over $500 million of average daily net assets at 0.05%
The term "average daily net assets" shall hereto be
defined in this performance fee calculation as the
sum of (a) the average daily net assets of the TIFF
U.S. Equity Fund and (b) the average daily net
assets of the TIFF Multi-Asset Fund that comprise
the normal benchmark allocation of TIFF Multi-Asset
Fund to US stocks (such percentage is currently
fixed at 25%).
Basic Terms. The Martingale Agreement has an
initial term of two years and provides that it will
thereafter continue in effect from year to year
only if such continuation is specifically approved
at least annually by (a) either (i) a vote of a
majority of the Board of Directors of TIP, or (ii)
a vote of a majority of the outstanding voting
securities of the Fund and (b) a vote of a majority
of the Fund's directors who are not "interested
persons" (as defined in the 1940 Act). The
Martingale Agreement provides that it may be
terminated by the Fund, by its Board of Directors
or by a vote of a majority of its outstanding
voting securities, or by Martingale, in each case
at any time upon 30 days' written notice to the
other party. In addition, the Agreement provides
for its automatic termination in the event of
assignment.
The Martingale Agreement provides that Martingale
is required to manage the securities held by the
Fund, subject to the supervision and stated
direction of FAI, the Fund's investment adviser,
and ultimately TIP's Board of Directors, in
accordance with the Fund's investment objective and
policies, make investment decisions for the Fund,
and place orders to purchase and sell securities on
behalf of the Fund.
The Martingale Agreement provides that Martingale
is not liable to the Fund for any error of judgment
but shall be liable to the Fund for any loss
resulting from willful misfeasance, bad faith or
gross negligence by Martingale in providing
services under the Agreement or from reckless
disregard by Martingale of its obligations and
duties under the Agreement.
Background Information Regarding Martingale
The functions of the Martingale active completeness
portfolio are, stated in order of importance: (1)
to ensure that the U.S. equity segment of the Fund
is not overly under- or overweighted in important
market sectors; (2) to minimize the undesirable
"misfit risk" characteristic of most multi-manager
fund structures, thereby limiting the Fund's
exposure to uncompensated volatility of its returns
relative to returns on the Wilshire 5000; and (3)
in attempting to perform the two preceding
functions, to add value where possible through the
selection of fundamentally underpriced stocks. It
is reasonable to think of the active completeness
portfolio as customized diversification. Many
institutional funds experience risk from chronic
underexposure to the electric utility and telephone
industries. Commonly used asset weighting policies
of active managers systematically underrepresent
large capitalization stocks. Overweighted positions
in higher volatility stocks, notably health care
and drug companies, add uncompensated risk.
In performing its assigned duties, Martingale
employs a variety of computer-based analytical
tools, including stock valuation techniques and
portfolio construction algorithms. The firm uses a
variety of sector-specific models (e.g., cyclical
stocks are analyzed differently than utilities) to
analyze the prices investors currently pay for
earnings, assets, growth, and risk. Differences
between the perceived "fair market value" of issues
and their market prices represent opportunities for
Martingale to generate incremental returns while
also ensuring that the Fund's holdings are properly
diversified. Martingale puts all trades out for
competitive bid among several brokers and attempts
to keep trading costs well below instituitonal
norms. Portfolios contain an average of 100 to 300
stocks. Annual turnover ranges from 60% to 100%.
The principal executive officers of Martingale and
their principal occupations are as follows:
Name Position
William E. Jacques CFA, Executive Vice President, Chief
Investment Officer
Patricia J. O'Connor Chief Financial Officer
Alan J. Strassman Chairman of the Board
Arnold S. Wood President, Chief Executive Officer
The business address of each of the officers listed
above is 222 Berkeley Street, Boston MA 02116.
EVALUATION AND ACTION BY TIP DIRECTORS
At a meeting on September 14, 1998, the Directors
of TIP considered information with respect to
whether the Martingale Agreement is in the best
interests of the Fund and its Members. The
Directors considered, with respect to Martingale,
among other factors, its long-term track record
serving the institutional investment community, its
approach to US equities, and its administrative
capabilities and experience.
Based upon its review, the Board of Directors
concluded that the Martingale Agreement is
reasonable, fair, and in the best interests of the
Fund and its Members, and that the fees provided in
such Agreement are fair and reasonable. In the
Board's view, retaining Martingale to serve as
Money Manager of the Fund, under the terms of the
Martingale Agreement, is desirable and in the best
interests of the Fund and its Members. Accordingly,
after consideration of the above factors, and such
other factors and information as it deemed
relevant, the Board of Directors, including all of
the Independent Directors in attendance at the
meeting, unanimously approved the Martingale
Agreement.
Item 77J
A pricing error in the TIFF Emerging Markets Fund (the "Fund") was identified
from an under-accrual of performance fees in the Fund. The pricing error was
identified and resolved in accordance with the Fund's pricing error policy. In
accordance with the Fund's pricing policy; the Fund's shareholder accounts and
the Fund's shares outstanding were restated based upon corrected activity during
the error period. The Fund was reimbursed for the impact of the pricing error
resulting from full shareholder redemptions in the Fund.
To the Shareholders and Board of Directors of
TIFF Investment Program, Inc.
Report of Independent Accountants
To the Shareholders and Board of Directors of
TIFF Investment Program, Inc.
In planning and performing our audit of the financial
statements of TIFF Investment Program, Inc. (the
"Fund") for the year ended December 31, 1998, we
considered its internal control, including control
activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and
to comply with the requirements of Form N-SAR, not to
provide assurance on internal control.
The management of the Fund is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of controls.
Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing
financial statements for external purposes that are
fairly presented in conformity with generally accepted
accounting principles. Those controls include the
safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control,
errors or fraud may occur and not be detected. Also,
projection of any evaluation of internal control to
future periods is subject to the risk that it may
become inadequate because of changes in conditions or
that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal control
that might be material weaknesses under standards
established by the American Institute of Certified
Public Accountants. A material weakness is a
condition in which the design or operation of one or
more of the internal control components does not
reduce to a relatively low level the risk that
misstatements caused by error or fraud in amounts that
would be material in relation to the financial
statements being audited may occur and not be detected
within a timely period by employees in the normal
course of performing their assigned functions.
However, we noted no matters involving internal
control and its operation, including controls for
safeguarding securities, that we consider to be
material weaknesses as defined above as of December
31, 1998.
This report is intended solely for the information and
use of management and the Board of Directors of the
Fund and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
New York, New York
February 24, 1999
TIFF INVESTMENT PROGRAM, INC.
Form N-SAR for the period ending December 31, 1998
File Number 811-8234
This report is signed on behalf of the
Registrant in the City of New York and the State
of New York on the 26th day of February, 1999
TIFF INVESTMENT PROGRAM, INC.
By: /s/ William E. Vastardis
William E. Vastardis
Treasurer
Witness: /s/ Eric P. Nachimovsky
Eric P. Nachimovsky
