<p>Notes to the Financial Statements 69
Notes to the Financial Statements (Unaudited) (Continued)
Barclays Global Investors Services ("BGIS"), a subsidiary of Barclays Global Investors, N.A., may serve as a
broker-dealer for the Funds. For the six months ended September 30, 2002, BGIS did not receive any
brokerage commissions from the Funds.
Pursuant to an exemptive order issued by the Securities and Exchange Commission, each Fund may invest in the
Institutional Shares of the Institutional Money Market Fund ("IMMF") of Barclays Global Investors Funds. The
IMMF is a feeder fund in a master/feeder fund structure that invests substantially all of its assets in the Money
Market Master Portfolio, which is managed by BGFA, the Funds' investment advisor. The IMMF is an open-
end money market fund available only to institutional investors, including investment companies managed by
BGFA. The IMMF seeks a high level of income consistent with liquidity and the preservation of capital. While
the IMMF does not directly charge an advisory fee, the master portfolio in which it invests does charge an
advisory fee. Income distributions from the IMMF are declared daily and paid monthly from net investment
income. Income distributions earned by the Funds from temporary cash investments or from investment of
securities lending collateral are recorded as either interest income or securities lending income, respectively, in the
accompanying Statements of Operations.
Pursuant to Rule 17a-7 of the 1940 Act, certain Funds executed cross trades for the six months ended
September 30, 2002. Cross trading is the buying or selling of portfolio securities between funds to which BGFA
serves as investment advisor. In management's opinion, all transactions were in compliance with the requirements
and restrictions set forth by Rule 17a-7.
As of September 30, 2002, certain trustees and officers of the Trust are also employees of BGFA and its
affiliates or employees of Investors Bank.
3. INVESTMENT PORTFOLI