NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2000
3. RELATED PARTY TRANSACTIONS:
United States Trust Company of Boston, (the "Investment Adviser"), acts as the investment adviser to the Fund.
For its services, the Investment Adviser is entitled to receive a fee, computed daily and paid monthly, based on
the average daily net assets of the Fund, at an annual rate of 0.75%.
BISYS Fund Services Ohio, Inc. ("BISYS Ohio"), who serves the Group as Administrator, is a wholly owned
subsidiary of The BISYS Group, Inc., with whom certain officers and trustees of the Group are also officers of
the Administrator. Such officers are paid no fees directly by the Fund for serving as officers and trustees of the
Group. Under the terms of the administration agreement, BISYS Ohio receives an annual fee, computed daily
and paid monthly, based on the average daily net assets of the Fund, at an annual rate of 0.20%.
BISYS Fund Services Limited Partnership ("BISYS"), a wholly owned subsidiary of The BISYS Group, Inc.,
serves the Group as the Fund's distribution agent. For the six months ended September 30, 2000, no payments
were made under the Distribution Agreement.
CUSTODIAN, TRANSFER AGENCY, AND FUND ACCOUNTING:
The Investment Adviser, a Massachusetts-chartered banking and trust company, also acts as the Fund's
custodian and transfer agent. Under the custody agreement, the Investment Adviser is entitled to receive a fee of
0.02% on the first $100 million of net assets and 0.015% on net assets over $100 million. This fee is computed
daily and paid monthly based on the average daily net assets. The Investment Adviser receives a fixed fee for its
services as the transfer agent. BISYS Ohio provides fund accounting services for the Funds. For these services
to the Funds, BISYS Ohio received an annual fee accrued daily and paid monthly.
FEE REDUCTIONS AND REIMBURSEMENTS:
The Investment Adviser has agreed to reimburse the Fund for certain ex