Notes to Financial Statements (unaudited)
2. SIGNIFICANT ACCOUNTING POLICIES(continued) DISTRIBUTIONS OF INCOME AND GAINS
(continued) The timing and characterization of certain income and capital gains are determined in accordance with
federal income tax regulations which may differ from generally accepted accounting principles. The differences
may be a result of deferral of certain losses, foreign denominated investments, character reclassification between
net income and net gains, or other tax adjustments. As a result, net investment income (loss) and net investment
gain (loss) on investment transactions for a reporting period may differ significantly from distributions to
shareholders during such period. As a result, the Series may periodically make reclassifications among its capital
accounts without impacting the Series' net asset value.
MULTIPLE CLASSES OF SHARES OF BENEFICIAL INTEREST
The Series is authorized to issue five classes of shares (Class A, Class B, Class C, Class D, and Class E shares).
Currently, only Class A shares have been issued. The five classes of shares differ in their respective distribution
and service fees. All shareholders bear the common expenses of the Series pro rata based on the average daily
net assets of each class, without distinction between share classes. Dividends are declared separately for each
class. No class has preferential dividend rights; differences in per share dividend rates are generally due to
differences in separate class expenses.
The preparation of financial statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the
disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results could differ from those estimates.
3. TRANSACTIONS WITH AFFILIATES
The Fund has an investment advisor