Notes to Financial Statements
All net investment income and realized and unrealized gains and losses of the Portfolio are allocated pro rata
among all of the investors in the Portfolio.
(2) Distributions to Shareholders:
Dividends from net investment income will be declared and distributed quarterly. The Fund's dividends from
short-term and long-term capital gains, if any, after reduction by capital losses will be declared and distributed at
least annually. In determining the amounts of its dividends, the Fund will take into account its share of the income,
gains or losses, expenses, and any other tax items of the Portfolio. Dividends from net investment income and
capital gains distributions, if any, are reinvested in additional shares of the Fund unless a shareholder elects to
receive them in cash. Income and capital gain distributions are determined in accordance with income tax
regulations which may differ from generally accepted accounting principles. These differences are primarily due to
differing treatment of asset backed securities Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications between paid-in capital, undistributed net investment income and
accumulated net realized gain (loss).
(3) Investment Advisory Fee:
The Fund does not directly pay any investment advisory fees, but indirectly bears its pro rata share of the
compensation paid by the Portfolio to Standish, Ayer & Wood, Inc. ("SA&W") for such services. See Note 2 of
the Portfolio's Notes to Financial Statements which are included elsewhere in this report. The Trust pays no
compensation directly to its trustees who are affiliated with SA&W or to its officers, all of whom receive
remuneration for their services to the Trust from the SA&W. Certain of the trustees and officers of the Trust are
limited partners or officers of SA&W.
(4) Investment Transactions:
Increases and decreases in the Fund's investment in the Portfolio for the year ended December