Notes to Financial Statements
AT SEPTEMBER 30, 2000
NOTE 4 -- DISTRIBUTION COSTS
The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 (the "Plan"). The Plan permits the Funds to
pay for distribution and related expenses at an annual rate of up to 0.25% of each Fund's average daily net assets
annually. The expenses covered by the Plan may include the cost of preparing and distributing prospectuses and
other sales material, advertising and public relations expenses, payments to financial intermediaries and
compensation of personnel involved in selling shares of the Funds. Payments made pursuant to the Plan will
represent compensation for distribution and service activities, not reimbursements for specific expenses incurred.
Pursuant to a distribution coordination agreement adopted under the Plan, distribution fees are paid to the
Advisor as "Distribution Coordinator". For the year ended September 30, 2000, the Funds paid the Distribution
Coordinator in the amount of $10,548 for The Rockhaven Fund and $61,970 for The Rockhaven Premier
Dividend Fund.
NOTE 5 -- SECURITIES TRANSACTIONS
For the year ended September 30, 2000, the cost of purchases and the proceeds from sales of securities,
excluding short-term securities, for The Rockhaven Fund, were $6,898,898 and $5,923,218, respectively. For
the year ended, The Rockhaven Fund wrote five covered call options and received a premium of $4,360. The
options expired and the Fund realized a gain of $4,360. This amount is included in the net realized gain on
investments in the statement of operations.
For the year ended September 30, 2000, the cost of purchases and the proceeds from sales of securities,
excluding short-term securities, for The Rockhaven Premier Dividend Fund, were $65,307,051 and
$44,247,450, respectively.
NOTE 6 -- LONG TERM CAPITAL GAIN DISTRIBUTIONS
The Rockhaven Fund and The Rockhaven Premier Dividend Fund have designated dividends of $0.1627 and
$0.0808 per share, respectively, as long term capital gain distri