<p>NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 2000
FEE REDUCTIONS:
The Investment Manager has agreed to reduce a portion of their fees and, to the extent necessary, reimburse the
Funds for certain expenses. For the year ended October 31, 2000, expenses of the Funds were reduced and/or
reimbursed by amounts as detailed below:
FUND ACCOUNTING, TRANSFER AGENCY AND CUSTODIAN:
BISYS Ohio provides fund accounting and transfer agency services for all classes of each Fund. In addition,
HSBC serves as custodian for the New York Tax-Free Bond Fund, the Equity Fund and the Mid-Cap Fund.
For services to the Funds, BISYS Ohio and HSBC receive an annual per fund fee accrued daily and paid
monthly.
4. INVESTMENT TRANSACTIONS:
Purchases of and proceeds from sales, excluding short-term securities, for the Funds for the year ended October
31, 2000 totaled:
Contributions and withdrawals of the respective Portfolios for the year ended October 31, 2000 totaled:
Continued
68
FEES
REDUCED REIMBURSED
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New York Tax-Free Bond Fund................................. $27,652 $ --
Bond Fund................................................... -- 100,442
Overseas Equity Fund........................................ -- 52,503
Opportunity Fund............................................ -- 34,101
PURCHASES SALES
--------- -----
New York Tax-Free Bond Fund................................. $ 8,075,173 $ 14,813,206
Equity Fund................................................. 245,997,710 283,030,432
Mid-Cap Fund................................................ 72,118,574 52,480,641