NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2006 (Unaudited) (continued)
F. Waivers and Reimbursements The Advisor, Administrator and Distributor have contractually agreed to waive fees or
reimburse the Funds to the extent that total operating expenses (excluding interest expenses on short sales, interest, taxes,
extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plans) exceed the percentages of
the Funds' respective average daily net assets as shown in the table below:
The contractual expense limitation agreements were in effect for the six months ended February 28, 2006. The expense limitation
percentages in the table above are in place until at least December 31, 2006.
For the six months ended February 28, 2006, the Funds' service providers waived fees and contractually reimbursed expenses
for each of the Funds as follows (amounts in thousands). None of these parties expects the Funds to repay any such waived
fees and reimbursed expenses in future years.
G. Other Certain officers of the Trust are affiliated with the Advisor, the Administrator, the Sub-administrator and the
Distributor. As of February 28, 2006, such officers received no compensation from the Funds for serving in their respective
The Trusts adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the independent Trustees to defer the
receipt of all or a portion of compensation related to performance of their duties as a Trustee. The deferred fees are invested in
various Funds until distribution in accordance with the Plan.
During the period, certain Funds may have purchased securities from an underwriting syndicate in which the principal
underwriter or members of the syndicate are affiliated with the Advisor.
The Funds may use related party broker/dealers. For the six months ended February 28, 2006, Short Term Bond Fund incurred
approximately $6 (in thousands) in brokerage commissions with broker/dealers affiliated with the Advisor.