-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, tVsrR6QebJ8byBSkg5Tc7PdDF81XBM+JCbhrJfToYvoWkUx9ev1ImacjOcsI3fbe w8OH5W/F1pFpOQlF5xtrlw== 0000935069-95-000012.txt : 19950502 0000935069-95-000012.hdr.sgml : 19950502 ACCESSION NUMBER: 0000935069-95-000012 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950228 FILED AS OF DATE: 19950501 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: RBB FUND INC CENTRAL INDEX KEY: 0000831114 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-05518 FILM NUMBER: 95533225 BUSINESS ADDRESS: STREET 1: 400 BELLEVUE PKWY STE 100 CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 3027911791 MAIL ADDRESS: STREET 1: 103 BELLEVUE PKWY STREET 2: SUITE 152 CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: FUND INC /DE/ DATE OF NAME CHANGE: 19600201 N-30D 1 Robertson Stephens [Logo] Money Market Portfolio Semi-Annual Report February 28, 1995 THE SANSOM STREET FAMILY THE RBB FUND, INC. Semi-Annual Investment Adviser's Report Last year, the fixed income markets were hard hit by rising interest rates and derivative-related losses. The first quarter of 1995 got off to an inauspicious start with another increase in short-term interest rates, the financial crisis in Mexico, and the decline in the dollar. One area that does appear to be experiencing a trend change is the pace of business activity. In the fourth quarter of last year, the economy grew by a revised 4.6%, pushing the annual rate to 4.0%, the strongest showing in ten years. Estimates for the first quarter average around 3%, based on signs of lower consumer spending, declining auto sales and a softer housing market. In recent congressional testimony, Fed Chairman Greenspan indicated that the FOMC expects the economy to expand at a 2%-3% rate in 1995. Greenspan even used the word "ease" in his recent testimony, causing the markets to rally strongly, but temporarily, on the belief that the year long rise in interest rates was about over. The Fed also has reason to be pleased with the inflation numbers. The fourth quarter GDP report revealed prices advanced only 1.3%, versus 1.9% in the previous quarter. For the year, consumer prices were up 2.7%, exactly the same as in 1993. The FOMC is estimating that consumer prices will average 3.0%-3.5% in 1995. Short-term interest rates continued their upward climb during the last two quarters. The Federal Reserve tightened policy twice, in November and February, for a total of 125 basis points, bringing the federal funds rate to 6.00%. Fourth quarter economic reports continued to suggest that business was expanding, and that further Fed action was likely in the new year. On February 1st, the FOMC voted to increase the federal funds target and discount rate 50 basis points to 6.00% and 5.25%, respectively. Although this was the first interest rate hike of 1995, market expectations that it would also be the last ignited a strong rally that flattened the yield curve. Three and six-month Treasury bill yields fell to 5.83% and 6.11%, respectively, while three and six-month LIBORs decreased to 6.19% and 6.38%, respectively. PNC Institutional Management Corporation (Please dial toll-free 800-447-1139 for questions regarding your account or contact your broker.) 1 THE SANSOM STREET FAMILY THE RBB FUND, INC. Money Market Portfolio Statement of Net Assets February 28, 1995 (Unaudited)
Par (000) Value --------- ---------------- Agency Obligations--10.3% Federal National Mortgage Association Discount Notes -- 3.4% 5.37% 03/22/1995 $ 15,000 $ 14,953,013 5.40% 03/22/1995 15,000 14,952,750 5.53% 04/05/1995 10,000 9,946,236 --------------- 39,851,999 --------------- Student Loan Marketing Association Variable Rate Notes (dagger) -- 6.9% 6.06% 03/07/1995 25,000 25,000,000 6.10% 03/07/1995 20,000 20,000,000 6.11% 03/07/1995 10,000 10,000,000 6.12% 03/07/1995 25,000 24,986,848 --------------- 79,986,848 --------------- TOTAL AGENCY OBLIGATIONS (Cost $119,838,847) 119,838,847 --------------- Certificates of Deposit--15.1% Domestic Certificates of Deposit--1.7% NationsBank North Carolina 5.35% 06/07/1995 5,000 4,999,938 Northern Trust Bank 5.25% 06/16/1995 15,000 14,997,054 --------------- 19,996,992 --------------- Yankee Certificates of Deposit--13.4% Fuji Bank 6.03% 03/27/1995 50,000 50,000,000 Industrial Bank of Japan 6.28% 04/28/1995 25,000 25,000,397 Mitsubishi Bank 6.41% 05/23/1995 30,000 30,004,588 Sumitomo Bank 6.27% 04/28/1995 25,000 25,000,000 Svenska Handelsbanken, Inc. 6.25% 04/28/1995 25,000 25,000,000 --------------- 155,004,985 --------------- TOTAL CERTIFICATES OF DEPOSIT (Cost $175,001,977) 175,001,977 --------------- Commercial Paper--24.3% Asset Backed Securities--4.2% Beta Finance, Inc. 5.43% 03/08/1995 15,000 14,984,163 5.20% 03/13/1995 15,000 14,974,000 5.30% 03/14/1995 10,000 9,980,861 5.30% 03/20/1995 9,000 8,974,825 --------------- 48,913,849 --------------- Banks--5.5% Abbey National North America Corp. 5.07% 03/06/1995 5,000 4,996,479 5.07% 03/07/1995 15,000 14,987,325 National City Corporation 5.10% 03/06/1995 5,000 4,996,458 6.07% 06/27/1995 20,000 19,602,077 Republic National Bank of New York 5.36% 03/21/1995 10,000 9,970,222 Toronto Dominion Holdings (USA), Inc. 5.73% 05/02/1995 10,000 9,901,317 --------------- 64,453,878 --------------- Finance Lessors--1.7% General Electric Capital Corp. 5.40% 03/27/1995 20,000 19,922,000 --------------- Glass, Glassware, Pressed or Blown--1.3% Newell Co. 6.15% 04/27/1995 15,000 14,853,938 --------------- Personal Credit Institutions--4.3% General Motors Acceptance Corp. 6.15% 03/06/1995 25,000 24,978,645 6.10% 03/08/1995 25,000 24,970,347 --------------- 49,948,992 --------------- Pharmaceutical Preparations--4.3% American Home Products Corporation 6.05% 03/27/1995 30,000 29,868,917 Lilly (Eli) & Co. 6.20% 06/01/1995 20,000 19,683,111 --------------- 49,552,028 --------------- 2 Short-Term Business Credit Institutions--3.0% Sears Roebuck Acceptance Corp. 6.24% 06/05/1995 25,000 24,584,000 CXC, Inc. 6.10% 05/08/1995 10,000 9,884,778 --------------- 34,468,778 --------------- TOTAL COMMERCIAL PAPER (Cost $282,113,463) 282,113,463 --------------- Time Deposits--6.5% Dai-Ichi Kangyo Bank 6.03% 03/07/1995 50,000 50,000,000 Sumitomo Bank 6.00% 03/07/1995 25,000 25,000,000 --------------- TOTAL TIME DEPOSITS (Cost $75,000,000) 75,000,000 --------------- Corporate Obligations--32.2% Banks--9.0% Comerica Bank -Detroit (dagger) 6.02% 03/07/1995 25,000 24,985,649 6.02% 03/07/1995 25,000 24,984,531 First National Bank of Chicago (dagger) 6.14% 03/01/1995 55,000 54,993,068 --------------- 104,963,248 --------------- Security Brokers and Dealers--22.1% Bear Stearns Treasury Rate Note (dagger) 6.12% 03/07/1995 15,000 15,000,000 Bear Stearns & Co., Inc. (dagger) 6.15% 03/07/1995 40,000 40,000,000 Goldman Sachs Group L.P. (dagger) 6.38% 05/10/1995 53,000 53,000,000 J. P. Morgan Securities, Inc. (dagger) 6.18% 03/30/1995 50,000 50,000,000 Lehman Brothers Holdings, Inc. (dagger) 6.53% 03/07/1995 50,000 50,000,000 Morgan Stanley Group (dagger) 6.03% 03/07/1995 33,500 33,499,238 6.23% 07/19/1995 15,000 15,000,000 --------------- 256,499,238 --------------- Services-Auto Rent and Lease--1.1% PHH Corp. (dagger) 6.15% 03/07/1995 12,235 12,235,000 --------------- TOTAL CORPORATE OBLIGATIONS (Cost $373,697,486) 373,697,486 --------------- Repurchase Agreements--11.3% J. P. Morgan Securities 6.20% 03/01/1995 25,000 25,000,000 (Agreement dated 02/28/95 to be repurchased at $25,004,306, collateralized by $25,469,000 U.S. Treasury Note 6.88% due 02/28/97. Market value of collateral is $25,500,836.) Morgan Stanley & Co. 6.15% 03/01/1995 50,000 50,000,000 (Agreement dated 02/28/95 to be repurchased at $50,008,542, collateralized by $59,353,089 Federal National Mortgage Assoc. 6.70% to 10.00% due 05/01/06 to 08/01/24. Market value of collateral is $51,050,908.) Lehman Government Securities Inc. 6.13% 03/01/1995 55,925 55,925,000 (Agreement dated 02/28/95 to be repurchased at $55,934,523, collateralized by $64,229,361 Government National Mortgage Assoc. 6.00% to 7.00% due 06/15/94 to 12/15/09. Market value of collateral is $57,596,305.) --------------- TOTAL REPURCHASE AGREEMENTS (Cost $130,925,000) 130,925,000 --------------- 3 TOTAL INVESTMENTS AT VALUE--99.7% (Cost $1,156,576,773*) 1,156,576,773 OTHER ASSETS IN EXCESS OF LIABILITIES--0.3% 3,102,393 --------------- NET ASSETS (Applicable to 754,410,803 Bedford shares, 228,154 Cash Preservation shares, 50,561 RBB shares, 404,990,910 Sansom Street shares and 800 other shares) -- 100.0% $1,159,679,166 ============== NET ASSET Value, offering and redemption price per share ($1,159,679,166 / 1,159,681,228) $1.00 ===== * Also cost for Federal income tax purposes. (dagger) Variable Rate Obligations -- The interest rate shown is the rate as of February 28, 1995 and the maturity date shown is the longer of the next interest readjustment date or the date the principal amount shown can be recovered through demand.
See Accompanying Notes to Financial Statements. 4 THE SANSOM STREET FAMILY The RBB Fund, Inc. Money Market Portfolio
Statement of Operations For the Six Months Ended February 28, 1995 (Unaudited) Investment Income Interest $30,729,257 ----------- Expenses Investment advisory fees 2,137,724 Distribution fees 2,210,824 Service organization fees 188,498 Directors' fees 5,207 Custodian fees 95,941 Transfer agent fees 646,760 Legal fees 26,203 Audit fees 31,567 Registration fees 48,000 Insurance expense 15,341 Printing fees 148,454 Miscellaneous 98 ----------- 5,554,617 Less fees waived (1,291,275) Less expense reimbursement by advisor (5,505) ----------- TOTAL EXPENSES 4,257,837 ----------- NET INVESTMENT INCOME 26,471,420 ----------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $26,471,420 ===========
Statement of Changes in Net Assets For the For the Six Months Ended Year Ended February 28, 1995 August 31, 1994 ------------------ ---------------- (Unaudited) Increase in net assets: Operations: Net investment income $ 26,471,420 $ 32,169,184 Net loss on investments -- (2,062) -------------- -------------- Net increase in net assets resulting from operations 26,471,420 32,167,122 -------------- -------------- Distributions to shareholders: Dividends to shareholders from net investment income: Bedford shares ($.0226 and $.0278, respectively, per share) (16,791,232) (21,525,364) Cash Preservation shares ($.0226 and $.0278, respectively, per share) (5,162) (26,296) RBB shares ($.0224 and $.0273, respectively, per share) (1,097) (1,576) Sansom Street shares ($.0254 and $.0334, respectively, per share) (9,673,929) (10,615,948) Distributions to shareholders from net realized short-term gains: Bedford shares -- (48,280) Cash Preservation shares -- (40) RBB shares -- (5) Sansom Street shares -- (15,323) -------------- -------------- Total distributions to shareholders (26,471,420) (32,232,832) -------------- -------------- Net capital share transactions 74,919,213 110,590,287 -------------- -------------- Total increase in net assets 74,919,213 110,524,577 Net Assets: Beginning of period 1,084,759,953 974,235,376 -------------- -------------- End of period $1,159,679,166 $1,084,759,953 ============== ==============
See Accompanying Notes to Financial Statements. 5 THE SANSOM STREET FAMILY The RBB Fund, Inc. Financial Highlights (c) (For a Share Outstanding Throughout each Period)
The Sansom Street Family Money Market Portfolio --------------------------------------------------------------------------------------------- For the For the For the For the For the Six Months Ended Year Ended Year Ended Year Ended Year Ended February 28, 1995 August 31, 1994 August 31, 1993 August 31, 1992 August 31, 1991 ----------------- ---------------- --------------- --------------- --------------- (Unaudited) Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------------ ------------ ------------ ------------ ------------ Income from investment operations: Net investment income .0254 .0334 .0304 .0435 .0684 Net gains on securities (both realized and unrealized) -- -- -- .0007 -- ------------ ------------ ------------ ------------ ------------ Total from investment operations .0254 .0334 .0304 .0442 .0684 ------------ ------------ ------------ ------------ ------------ Less distributions Dividends (from net investment income) (.0254) (.0334) (.0304) (.0435) (.0684) Distributions (from capital gains) -- -- -- (.0007) -- ------------ ------------ ------------ ------------ ------------ Total distributions (.0254) (.0334) (.0304) (.0442) (.0684) ------------ ------------ ------------ ------------ ------------ Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ============ ============ ============ ============ ============ Total Return 5.25% 3.39% 3.08% 4.51% 7.06% Ratios /Supplemental Data Net assets, end of period $404,990,199 $373,745,178 $190,794,098 $228,078,764 $138,417,995 Ratios of expenses to average net assets .38%(a)(b) .39%(a) .34%(a) .35%(a) .37%(a) Ratios of net investment income to average net assets 5.13%(b) 3.34% 3.04% 4.35% 6.84% (a) Without the waiver of advisory fees and without the reimbursement of certain operating expenses, the ratios of expenses to average net assets for the Money Market Portfolio would have been .61% annualized for the six months ended February 28, 1995, .60%, .60%, .61% and .61% for the years ended August 31, 1994, 1993, 1992 and 1991, respectively. (b) Annualized. (c) Financial highlights relate solely to the Sansom Street Class of shares within the portfolio.
See Accompanying Notes to Financial Statements. 6 THE SANSOM STREET FAMILY The RBB Fund, Inc. Notes to Financial Statements February 28, 1995 (Unaudited) Note 1. Summary of Significant Accounting Policies The RBB Fund, Inc. (the "Fund") is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund was incorporated in Maryland on February 29, 1988. The Fund has authorized capital of thirty billion shares of common stock of which 10.7 billion shares are currently classified into sixty-two classes. Each class represents an interest in one of eighteen investment portfolios of the Fund, sixteen of which are currently in operation. The classes have been grouped into sixteen separate "families", eight of which have begun investment operations: the RBB Family, the BEA Family, the Sansom Street Family, the Bedford Family, the Cash Preservation Family, the Laffer/Canto Family, the Warburg Pincus Family, and the Bradford Family. The Sansom Street Family represents interests in the Money Market Portfolio, which is covered in this report. A) SECURITY VALUATION - Portfolio securities are valued under the amortized cost method, which approximates current market value. Under this method, securities are valued at cost when purchased and thereafter a constant proportionate amortization of any discount or premium is recorded until maturity of the security. Regular review and monitoring of the valuation is performed in an attempt to avoid dilution or other unfair results to shareholders. The Portfolio seeks to maintain net asset value per share at $1.00. B) SECURITY TRANSACTIONS AND INVESTMENT INCOME - Security transactions are accounted for on the trade date. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes. Interest income is recorded on the accrual basis. Certain expenses, principally distribution, transfer agency and printing, are class specific expenses and vary by class. Expenses not directly attributable to a specific portfolio or class are allocated based on relative net assets of each portfolio and class, respectively. C) DISTRIBUTIONS TO SHAREHOLDERS - Dividends from net investment income are declared daily and paid monthly. Any net realized capital gains are distributed at least annually. D) FEDERAL INCOME TAXES - No provision is made for Federal taxes as it is the Fund's intention to have each portfolio to continue to qualify for and elect the tax treatment applicable to regulated investment companies under the Internal Revenue Code and make the requisite distributions to its shareholders which will be sufficient to relieve it from Federal income and excise taxes. E) REPURCHASE AGREEMENTS - Money market instruments may be purchased subject to the seller's agreement to repurchase them at an agreed upon date and price. The seller will be required on a daily basis to maintain the value of the securities subject to the agreement at not less than the repurchase price. The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system or with the Fund's custodian or a third party sub-custodian. 7 Note 2. Transactions with Affiliates and Related Parties Pursuant to Investment Advisory Agreements, PNC Institutional Management Corporation ("PIMC"), a wholly owned subsidiary of PNC Bank, National Association ("PNC Bank"), serves as investment advisor for the portfolio described herein. PNC Bank serves as the sub-advisor for the Money Market Portfolio. For its advisory services, PIMC is entitled to receive the following fees, computed daily and payable monthly based on the portfolio's average daily net assets: .45% of first $250 million of net assets; .40% of next $250 million of net assets; .35% of net assets in excess of $500 million. PIMC may, at its discretion, voluntarily waive all or any portion of its advisory fee for this portfolio. For each class of shares within a respective portfolio, the net advisory fee charged to each class is the same on a relative basis. For the six months ended February 28, 1995, advisory fees and waivers for the investment portfolio were as follows: Gross Net Advisory Advisory Fee Waiver Fee -------------- -------------- -------------- $ 2,137,724 $ (1,283,528) $ 854,196 PNC Bank, as sub-advisor, receives a fee directly from PIMC, not the portfolio. In addition, PNC Bank serves as custodian for the Fund's portfolios. PFPC Inc. ("PFPC"), an indirect wholly owned subsidiary of PNC Bank Corp., serves as each class's transfer and dividend disbursing agent. PFPC may, at its discretion, voluntarily waive all or any portion of its transfer agency fee for any class of shares. For the six months ended February 28, 1995, transfer agency fees and waivers for each class of shares within the investment portfolio were as follows:
Gross Net Transfer Agency Transfer Agency Fee Waiver Fee -------------- -------------- -------------- Bedford Class $ 634,500 $ -- $ 634,500 Cash Preservation Class 4,175 (3,767) 408 RBB Class 4,080 (3,980) 100 Sansom Street Class 4,005 -- 4,005 --------- --------- --------- Total $ 646,760 $ (7,747) $ 639,013 ========= ========= =========
The Fund, on behalf of each class of shares within this investment portfolio, has adopted Distribution Plans pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, and has entered into Distribution Contracts with Counsellors Securities Inc. ("Counsellors"), which provide for each class to make monthly payments, based on average net assets, to Counsellors of up to .65% on an annualized basis for the Bedford, Cash Preservation and RBB Classes and up to .20% on an annualized basis for the Sansom Street Class. 8 Note 2. Transactions with Affiliates and Related Parties (continued) For the six months ended February 28, 1995, distribution fees for each class were as follows:
Distribution Fee ------------- Bedford Class $ 2,104,457 Cash Preservation Class 456 RBB Class 98 Sansom Street Class 105,813 ----------- Total $ 2,210,824 ===========
The Fund has entered into service agreements with banks affiliated with PNC Bank who render support services to customers who are the beneficial owners of the Sansom Street Class in consideration of the payment of .10% of the daily net asset value of such shares. For the six months ended February 28, 1995 service organization fees were $188,498 for the Money Market Portfolio. Note 3. Capital Shares Transactions in capital shares (at $1.00 per capital share) for each period were as follows:
Money Market Portfolio ----------------------------------------- For the For the Six Months Ended Year Ended February 28, 1995 August 31, 1994 ---------------- ---------------- (Unaudited) Value Value ---------------- ---------------- Shares sold: Bedford Class $1,278,459,225 $2,789,452,640 Cash Preservation Class 46,605 908,824 RBB Class 6,975 43,426 Sansom Street Class 990,907,295 1,517,145,765 Shares issued in reinvestment of dividends: Bedford Class 16,509,075 20,973,730 Cash Preservation Class 5,196 26,123 RBB Class 1,096 1,551 Sansom Street Class 8,071,063 7,714,640 Shares repurchased: Bedford Class (1,251,296,329) (2,881,789,878) Cash Preservation Class (54,828) (1,932,859) RBB Class (2,823) (57,526) Sansom Street Class (967,733,337) (1,341,896,149) -------------- -------------- Net increase $ 74,919,213 $ 110,590,287 ============== ============== Sansom Street Shares authorized 1,000,000,000 500,000,000 ============== ==============
9 Note 4. Net Assets At February 28, 1995, net assets consisted of the following:
Money Market Portfolio ---------------- Capital paid-in: Bedford Class $ 754,410,803 Cash Preservation Class 228,154 RBB Class 50,561 Sansom Street Class 404,990,910 Other Classes 800 Accumulated net realized gain (loss) on investments: Bedford Class (1,351) Cash Preservation Class -- RBB Class -- Sansom Street Class (711) -------------- $1,159,679,166 --------------
10 Note 5. Other Financial Highlights The Fund currently offers three other classes of shares representing interests in the Money Market Portfolio: Bedford, Cash Preservation, and RBB. Each class is marketed to different types of investors. Financial Highlights of the RBB and Cash Preservation classes are not presented in this report due to their immateriality. Such information is available in the annual reports of each respective family. The financial highlights of certain of the other classes are as follows:
The Bedford Family Money Market Portfolio ------------------------------------------------------------------------------------ For the For the For the For the For the Six Months Ended Year Ended Year Ended Year Ended Year Ended February 28, 1995 August 31, 1994 August 31, 1993 August 31, 1992 August 31, 1991 ---------------- --------------- -------------- --------------- --------------- (Unaudited) Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------------- -------------- -------------- -------------- -------------- Income from investment operations: Net investment income .0226 .0278 .0243 .0375 .0629 Net gains on securities (both realized and unrealized) -- -- -- .0007 -- -------------- -------------- -------------- -------------- -------------- Total from investment operations .0226 .0278 .0243 .0382 .0629 -------------- -------------- -------------- -------------- -------------- Less distributions Dividends (from net investment income) (.0226) (.0278) (.0243) (.0375) (.0629) Distributions (from capital gains) -- -- -- (.0007) -- -------------- -------------- -------------- -------------- -------------- Total distributions (.0226) (.0278) (.0243) (.0382) (.0629) -------------- -------------- -------------- -------------- -------------- Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ============== ============== ============== ============== ============== Total Return 4.65%(c) 2.81% 2.46% 3.89% 6.48% Ratios /Supplemental Data Net assets, end of period $754,409,452 $710,737,481 $782,153,438 $736,841,928 $747,530,400 Ratios of expenses to average net assets .96%(a)(c) .95%(a) .95%(a) .95%(a) .92%(a) Ratios of net investment income to average net assets 4.55%(c) 2.78% 2.43% 3.75% 6.29% (a) Without the waiver of advisory and administration fees and without the reimbursement of certain operating expenses, the ratios of expenses to average net assets for the Money Market Portfolio would have been 1.19% annualized for the six months ended February 28, 1995, 1.16%, 1.19%, 1.20% and 1.17% for the years ended August 31, 1994, 1993, 1992 and 1991, respectively. (b) Annualized.
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