Report 
 
      
Registrant:   The Coventry Group — List all N-SARs

Annual Report for the 2nd-half period ended at fiscal year end:  3/31/02

Were there any Answer File errors in the Filing?  None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  No
Is this a change to a previous Report?      No
 
Registrant 
 
 1.
SEC CIK:      882748
SEC File #:   811-06526

Telephone #:  614-470-8000
 
 2.
Address:      3435 Stelzer Rd
              Columbus, OH  43219
 
 3.
Is this the first Form N-SAR filed by the Registrant?  No
 
 4.
Is this the final Form N-SAR filed by the Registrant?  No
 
 
Funds/Series 
↑Top of Form N-SAR 
     
                                                                               
 7.
Is the Registrant a Funds/Series (multiple portfolios) company?  Yes

The number of separate Funds/Series (portfolios) at period end:  14
The number of separate Funds/Series (portfolios) reported here:  1...

N-SAR S#      Fund/Series — Filings for F/S#… ⇒ Symbols 
 
↓Information Common to All 
↓
Series 5:     Shelby Fund [ renamed
              Shelby Large Cap Fund ] — S#9928
 
Additional Disclosures 
 
77.
Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)?  Yes

EX-99.77B:  Accountant’s Report re: Internal Controls?  Yes

EX-99.77Q1: Other Disclosure?  Yes
 
Subsidiaries 
 
78.
Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report?  No
 
Sales, Repurchases and Redemptions 
 
86.
Sales, repurchases and redemptions of the Registrant’s securities:
 
Common Stock
Sales:
    Number of shares (000s):   0
    Net consideration received ($000s):  0
Repurchases:
    Number of shares (000s):   0
    Net consideration paid ($000s):      0

Preferred Stock
Sales:
    Number of shares (000s):   0
    Net consideration received ($000s):  0
Repurchases and redemptions:
    Number of shares (000s):   0
    Net consideration paid ($000s):      0

Debt Securities
Sales:
    Principal amount ($000s):  0
    Net consideration received ($000s):  0
Repurchases and redemptions:
    Principal amount ($000s):  0
    Net consideration paid ($000s):      0
 
 All Series
↑List of Funds/Series Reported Here 

Information Common to All Funds/Series
 
 All: 
Brokerage Commissions Paid on Portfolio Transactions 
 
20.
The brokers who received the largest amount of gross brokerage
commissions during the period:
 
20.1
Broker:       Bear, Stearns Securities Corp.
IRS #:        13-3299429
Commissions paid ($000s):  375
 
20.2
Broker:       Painewebber, Inc.
IRS #:        13-2638166
Commissions paid ($000s):  127
 
20.3
Broker:       Smith Barney
IRS #:        11-2418191
Commissions paid ($000s):  118
 
20.4
Broker:       Prudential Securities, Inc.
IRS #:        22-2347336
Commissions paid ($000s):  107
 
20.5
Broker:       Canotr, Fitzgerald & Co.
IRS #:        13-3680184
Commissions paid ($000s):  106
 
20.6
Broker:       National Discount Brokers
Commissions paid ($000s):  91
 
20.7
Broker:       Jeffries&Co., Inc.
IRS #:        95-2622900
Commissions paid ($000s):  75
 
20.8
Broker:       Seidler
Commissions paid ($000s):  47
 
20.9
Broker:       Friedman, Billings, Ramsy
Commissions paid ($000s):  37
 
20.10
Broker:       James Capel, Inc.
IRS #:        52-1348224
Commissions paid ($000s):  34
 
21.
Total brokerage commissions paid by the Registrant during the period:
  Aggregate paid ($000s):  1,117
 
 All: 
Portfolio Transactions with Entities Acting as Principals 
 
22.
The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
 
22.1
Entity:       Fifth Third Bank – Investments Securities
IRS #:        31-0961761
Registrant’s purchases ($000s):  654,015
Registrant’s sales ($000s):  151,872
 
22.2
Entity:       Bear, Stearns Securities Corp.
IRS #:        13-3299429
Registrant’s purchases ($000s):  392,276
Registrant’s sales ($000s):  403,511
 
22.3
Entity:       National Discount Brokers
Registrant’s purchases ($000s):  29,396
Registrant’s sales ($000s):  21,298
 
22.4
Entity:       Baird
Registrant’s purchases ($000s):  22,187
Registrant’s sales ($000s):  14,958
 
22.5
Entity:       Friedman, Billings, Ramsey (FRB)
Registrant’s purchases ($000s):  36,443
Registrant’s sales ($000s):  35
 
22.6
Entity:       Emerald Prime
Registrant’s purchases ($000s):  32,807
 
22.7
Entity:       Dain Rauscher
Registrant’s purchases ($000s):  13,203
Registrant’s sales ($000s):  13,465
 
22.8
Entity:       First Albany
Registrant’s purchases ($000s):  19,032
Registrant’s sales ($000s):  7,174
 
22.9
Entity:       Merrill Lynch & Co., Inc.
IRS #:        13-5674085
Registrant’s purchases ($000s):  16,756
Registrant’s sales ($000s):  8,634
 
22.10
Entity:       H C Wainwright
Registrant’s purchases ($000s):  3,318
Registrant’s sales ($000s):  11,474
 
23.
Total purchase/sale transactions by the Registrant during the period:
   Aggregate purchases ($000s):  1,219,433
   Aggregate sales ($000s):  632,421
 
 All: 
Considerations which Affected the Participation of Brokers or Dealers 
 
26.
Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ...............................  No
Receipt of investment research and statistical info ....................  Yes
Receipt of quotations for portfolio valuations .........................  Yes
Ability to execute portfolio transactions to obtain the best price
  and execution ........................................................  Yes
Receipt of telephone line and wire services ............................  No
Broker or Dealer which is an affiliated person .........................  No
An arrangement to return or credit part or all of commissions or
  profits thereon...
    To an Investment Adviser or Principal Underwriter, or to an
      affiliated person of either ......................................  No
    To the Registrant ..................................................  No
Other ..................................................................  No
 
 Series 5
↑Information Common to All Funds/Series  ↑List of Funds/Series 
 
 7.
Name:         Shelby Fund [ renamed
              Shelby Large Cap Fund ] — S#9928

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 S 5: 
Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.
At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  Yes

25.

The brokers or dealers, or their parents (issuers):
 
25.1
Name:         Instinet
Type of security owned:  Equity
Value of securities owned at period end ($000s):  16
 
 S 5: 
Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.
Was a front-end sales load deducted from any share sales during the
period?  Yes
 
30.
Total front-end sales loads collected from sales (including exchanges)
by Principal Underwriter or by any underwriter which is an affiliated
person of the Principal Underwriter, of the Registrant’s/Series’ shares
during the period ($000s):  1

The maximum sales load rate in effect at period end as a percentage of
the offering price:  4.75%
The minimum sales load rate in effect at period end as a percentage of
the offering price:  0.0%
 
31.
Net amount retained by the Registrant’s/Series’ Principal Underwriter or
by any underwriter or dealer which is an affiliated person of the
Principal Underwriter thereof from front-end sales loads collected from
sales of the Registrant’s/Series’ shares during the period ($000s):  1

Amount by which payout by the Registrant’s/Series’ Principal Underwriter
or by any underwriter which is an affiliated person of the Principal
Underwriter thereof to persons or entities selling the
Registrant’s/Series’ shares exceeded that reported in Item 30 ($000s):  0
 
32.
Amount the Registrant’s/Series’ Principal Underwriter and any
underwriters or dealers which are affiliated persons of the Principal
Underwriter paid to dealers which are not affiliated persons of the
Principal Underwriter for selling the Registrant’s/Series’ shares that
were sold with a front-end sales load during the period ($000s):  0
 
33.
Amount paid to a captive retail sales force of the Registrant’s/Series’
Principal Underwriter or of any underwriter or dealer which is an
affiliated person of the Principal Underwriter for selling the
Registrant’s shares that were sold with a front-end sales load during
the period ($000s):  0
 
34.
Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period?  No
 
 S 5: 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
 S 5: 
Investment Practices 
 
70.
Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes to both
Writing or investing in options on equities?             Yes to both
Writing or investing in options on debt securities?      Yes      No
Writing or investing in options on stock indices?        Yes to both
Writing or investing in interest rate futures?           Yes      No
Writing or investing in stock index futures?             Yes      No
Writing or investing in options on futures?              Yes      No
Writing or investing in options on stock index futures?  Yes      No
Writing or investing in other commodity futures?         No        –
Investments in restricted securities?                    Yes      No
Investments in shares of other investment companies?     Yes      No
Investments in securities of foreign issuers?            Yes      No
Currency exchange transactions?                          No        –
Loaning portfolio securities?                            Yes      No
Borrowing of money?                                      Yes      No
Purchases/sales by certain exempted affiliated persons?  No        –
Margin purchases?                                        No        –
Short selling?                                           Yes to both
 
 S 5: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  18,204
Sales ($000s):      20,458

Monthly average Value of portfolio ($000s):  25,700

Percent turnover (lesser of Purchases or Sales, divided by Value):  71%
 
 S 5: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12

Income  ($000s)
Net interest income ..............................................
 78
Net dividend income ..............................................
 185
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 280
Administrator fees ...............................................
 56
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 41
Custodian fees ...................................................
 8
Postage ..........................................................
 –
Printing expenses ................................................
 21
Directors’ fees ..................................................
 2
Registration fees ................................................
 9
Taxes ............................................................
 –
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 40
Auditing fees ....................................................
 14
Legal fees .......................................................
 27
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 2
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 13
Total expenses ...................................................
 513
 
 S 5: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Total assets .....................................................
 25,838
Net assets of common shareholders ................................
 24,741
 
75.
Monthly average net assets during the period ($000s):  27,979
 
 S 5: 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      Gulf Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  3,240
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  No
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  No
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  No

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Series 6
↑Information Common to All Funds/Series  ↑List of Funds/Series 
 
 S 6: 
Payment Plan for the Distribution of Fund Shares 
 
42.
For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid  (%)
Advertising ............................................................
 –
Printing & mailing of prospectuses to other than current shareholders ..
 –
Payments to underwriters ...............................................
 –
Payments to brokers or dealers .........................................
 –
Direct payments to sales personnel .....................................
 –
Payments to banks and savings & loans ..................................
 –
Other uses, including payments to its Investment Adviser separate
  from the advisory fee ................................................
 –
Unallocated payments made for a combination of such services ...........
 –
 
43.
Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s):  0
 
44.
If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s):  0
 
 S 6: 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  Yes

The percentage of net assets in each type at period end:

Debt — Short-Term Maturities
U.S. Treasury ...............................      0.0%
U.S. Government Agency ......................  100.0
Repurchase agreements .......................      0.0
State and Municipal – tax-free ..............      0.0
Bank certificates of deposit – domestic .....      0.0
Bank certificates of deposit – foreign ......      0.0
Bankers acceptances .........................      0.0
Commercial paper – taxable ..................      0.0
Time deposits ...............................      0.0
Options .....................................      0.0
All other ...................................      0.0

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ...............................      0.0%
U.S. Government Agency ......................      0.0
State and Municipal – tax-free ..............      0.0
Corporate ...................................      0.0
All other ...................................      0.0

Non-Debt
Investments other than debt securities ......      0.0%
 
 S 6: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  0
Sales ($000s):      0

Monthly average Value of portfolio ($000s):  0

Percent turnover (lesser of Purchases or Sales, divided by Value):  0%
 
 S 6: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  1
 
 S 6: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Total assets .....................................................
 –
Net assets of common shareholders ................................
 –
 
75.
Daily average net assets during the period ($000s):  32,849
 
 Series 7
↑Information Common to All Funds/Series  ↑List of Funds/Series 
 
 S 7: 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  Yes

The percentage of net assets in each type at period end:

Debt — Short-Term Maturities
U.S. Treasury ...............................      0.0%
U.S. Government Agency ......................      0.0
Repurchase agreements .......................      0.0
State and Municipal – tax-free ..............      0.0
Bank certificates of deposit – domestic .....      0.0
Bank certificates of deposit – foreign ......      0.0
Bankers acceptances .........................      0.0
Commercial paper – taxable ..................      0.0
Time deposits ...............................      0.0
Options .....................................      0.0
All other ...................................      0.0

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ...............................    22.1%
U.S. Government Agency ......................    71.0
State and Municipal – tax-free ..............      0.0
Corporate ...................................      0.7
All other ...................................      0.0

Non-Debt
Investments other than debt securities ......      0.0%
 
 S 7: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  0
Sales ($000s):      0

Monthly average Value of portfolio ($000s):  0

Percent turnover (lesser of Purchases or Sales, divided by Value):  0%
 
 S 7: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  1
 
 S 7: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Total assets .....................................................
 –
Net assets of common shareholders ................................
 –
 
75.
Monthly average net assets during the period ($000s):  20,742
 
 Series 9
↑Information Common to All Funds/Series  ↑List of Funds/Series 
 
 S 9: 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
 S 9: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  0
Sales ($000s):      0

Monthly average Value of portfolio ($000s):  0

Percent turnover (lesser of Purchases or Sales, divided by Value):  0%
 
 S 9: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  1
 
 S 9: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Total assets .....................................................
 –
Net assets of common shareholders ................................
 –
 
75.
Monthly average net assets during the period ($000s):  38,688
 
 Series 18
↑Information Common to All Funds/Series  ↑List of Funds/Series 
 
 S18: 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
 S18: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  8,950
Sales ($000s):      9,451

Monthly average Value of portfolio ($000s):  13,500

Percent turnover (lesser of Purchases or Sales, divided by Value):  66%
 
 S18: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12
 
 S18: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Total assets .....................................................
 12,937
Net assets of common shareholders ................................
 12,879
 
75.
Monthly average net assets during the period ($000s):  14,212
 
 Series 19
↑Information Common to All Funds/Series  ↑List of Funds/Series 
 
 S19: 
Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 

25.

The brokers or dealers, or their parents (issuers):
 
25.1
Name:         Fifth Third Bancopr
IRS #:        31-0961761
Type of security owned:  Equity
Value of securities owned at period end ($000s):  945
 
25.2
Name:         J.P. Morgan Chase & Co.
IRS #:        13-3224016
Type of security owned:  Equity
Value of securities owned at period end ($000s):  570
 
25.3
Name:         Bank of America Corp.
IRS #:        56-2058405
Type of security owned:  Equity
Value of securities owned at period end ($000s):  408
 
 S19: 
Sales and Repurchases 
 
28.
Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 795
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,279
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 647
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 3,305
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,899
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 2,367
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,396
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 789
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,389
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 812
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,797
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,249

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 7,923
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 9,801

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s):  0
 
 S19: 
Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.
Was a front-end sales load deducted from any share sales during the
period?  No
 
 S19: 
Advisory Fee 
 
49.
Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.
Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  No
 
53.
Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  Yes

Was the limitation that applied during the period based on...
    Assets?   Yes
 
 S19: 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
 S19: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  26,743
Sales ($000s):      27,049

Monthly average Value of portfolio ($000s):  39,217

Percent turnover (lesser of Purchases or Sales, divided by Value):  68%
 
 S19: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12

Income  ($000s)
Net interest income ..............................................
 107
Net dividend income ..............................................
 382
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 422
Administrator fees ...............................................
 85
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 8
Custodian fees ...................................................
 3
Postage ..........................................................
 –
Printing expenses ................................................
 –
Directors’ fees ..................................................
 3
Registration fees ................................................
 –
Taxes ............................................................
 –
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 20
Auditing fees ....................................................
 –
Legal fees .......................................................
 –
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 107
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 20
Total expenses ...................................................
 668

Expense reimbursements ($000s):   106

Net investment income ($000s):    -73

Realized capital gains ($000s):   0
Realized capital losses ($000s):  4,415

Net unrealized appreciation during the period ($000s):  1,748
Net unrealized depreciation during the period ($000s):  0

Total income dividends for which the record date passed during the
period ($000s):  0

Total capital gains distributions for which the record date passed
during the period ($000s):  0
 
73.
Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.0000

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
 S19: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 –
Repurchase agreements ............................................
 3,929
Short-term debt securities, other than repurchase agreements .....
 –
Long-term debt securities, including convertible debt ............
 –
Preferred, conv. preferred and adjustable-rate preferred stock ...
 –
Common stock .....................................................
 36,869
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 –
Receivables from portfolio instruments sold ......................
 –
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 20
All other assets .................................................
 2
Total assets .....................................................
 40,820

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 –
Amounts owed to affiliated persons ...............................
 36
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 –
  All other liabilities ..........................................
 18

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 40,766

Number of shares outstanding (000s):   5,653

Net Asset Value (NAV) per share (to nearest cent):  $7.21

Total number of shareholder accounts:  42

Total value of assets in segregated accounts ($000s):  0
 
75.
Monthly average net assets during the period ($000s):  42,639
 
 S19: 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      Gulf Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  3,240
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  No
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  No
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  No

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Series 20
↑Information Common to All Funds/Series  ↑List of Funds/Series 
 
 S20: 
Sales and Repurchases 
 
28.
Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 2,240
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 641
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 2,452
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,036
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 3,980
      Reinvestment of dividends and distributions ................
 1,717
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,235
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 2,310
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,154
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,982
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 330
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,911
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,108

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 14,875
      Reinvestment of dividends and distributions ................
 1,717
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 5,504

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s):  0
 
 S20: 
Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.
Was a front-end sales load deducted from any share sales during the
period?  No
 
 S20: 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
 S20: 
Investment Practices 
 
70.
Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes to both
Writing or investing in options on equities?             Yes to both
Writing or investing in options on debt securities?      Yes      No
Writing or investing in options on stock indices?        Yes      No
Writing or investing in interest rate futures?           Yes      No
Writing or investing in stock index futures?             Yes      No
Writing or investing in options on futures?              Yes      No
Writing or investing in options on stock index futures?  Yes      No
Writing or investing in other commodity futures?         No        –
Investments in restricted securities?                    Yes      No
Investments in shares of other investment companies?     Yes      No
Investments in securities of foreign issuers?            Yes      No
Currency exchange transactions?                          No        –
Loaning portfolio securities?                            Yes      No
Borrowing of money?                                      Yes      No
Purchases/sales by certain exempted affiliated persons?  No        –
Margin purchases?                                        No        –
Short selling?                                           No        –
 
 S20: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  48,660
Sales ($000s):      35,279

Monthly average Value of portfolio ($000s):  27,177

Percent turnover (lesser of Purchases or Sales, divided by Value):  130%
 
 S20: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12

Income  ($000s)
Net interest income ..............................................
 94
Net dividend income ..............................................
 122
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 258
Administrator fees ...............................................
 64
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 19
Custodian fees ...................................................
 9
Postage ..........................................................
 –
Printing expenses ................................................
 –
Directors’ fees ..................................................
 3
Registration fees ................................................
 –
Taxes ............................................................
 –
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 23
Auditing fees ....................................................
 –
Legal fees .......................................................
 –
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 80
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 26
Total expenses ...................................................
 482

Expense reimbursements ($000s):   80

Net investment income ($000s):    -186

Realized capital gains ($000s):   4,702
Realized capital losses ($000s):  0

Net unrealized appreciation during the period ($000s):  3,628
Net unrealized depreciation during the period ($000s):  0

Total income dividends for which the record date passed during the
period ($000s):  0

Total capital gains distributions for which the record date passed
during the period ($000s):  1,867
 
73.
Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.0000

Distribution of capital gains:  $0.5767
Other distributions:            $0.0000
 
 S20: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 –
Repurchase agreements ............................................
 6,408
Short-term debt securities, other than repurchase agreements .....
 –
Long-term debt securities, including convertible debt ............
 –
Preferred, conv. preferred and adjustable-rate preferred stock ...
 –
Common stock .....................................................
 39,330
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 –
Receivables from portfolio instruments sold ......................
 241
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 6
All other assets .................................................
 11
Total assets .....................................................
 45,996

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 674
Amounts owed to affiliated persons ...............................
 31
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 390
  All other liabilities ..........................................
 13

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 44,888

Number of shares outstanding (000s):   3,990

Net Asset Value (NAV) per share (to nearest cent):  $11.25

Total number of shareholder accounts:  75

Total value of assets in segregated accounts ($000s):  0
 
75.
Monthly average net assets during the period ($000s):  32,275
 
 S20: 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      Gulf Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  3,240
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  No
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  No
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  No

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Series 21
↑Information Common to All Funds/Series  ↑List of Funds/Series 
 
 S21: 
Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 

25.

The brokers or dealers, or their parents (issuers):
 
25.1
Name:         Bear, Stearns Securities Corp.
IRS #:        13-3299429
Type of security owned:  Debt
Value of securities owned at period end ($000s):  2,565
 
 S21: 
Sales and Repurchases 
 
28.
Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,464
      Reinvestment of dividends and distributions ................
 238
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 697
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,915
      Reinvestment of dividends and distributions ................
 248
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,617
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,322
      Reinvestment of dividends and distributions ................
 278
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 717
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,374
      Reinvestment of dividends and distributions ................
 174
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,335
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,101
      Reinvestment of dividends and distributions ................
 224
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,176
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 2,471
      Reinvestment of dividends and distributions ................
 225
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 823

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 9,647
      Reinvestment of dividends and distributions ................
 1,387
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 6,365

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s):  0
 
 S21: 
Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.
Was a front-end sales load deducted from any share sales during the
period?  No
 
 S21: 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  Yes

The percentage of net assets in each type at period end:

Debt — Short-Term Maturities
U.S. Treasury ...............................      0.0%
U.S. Government Agency ......................      0.0
Repurchase agreements .......................      0.0
State and Municipal – tax-free ..............      0.0
Bank certificates of deposit – domestic .....      0.0
Bank certificates of deposit – foreign ......      0.0
Bankers acceptances .........................      0.0
Commercial paper – taxable ..................      0.0
Time deposits ...............................      0.0
Options .....................................      0.0
All other ...................................      4.3

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ...............................    22.8%
U.S. Government Agency ......................    23.1
State and Municipal – tax-free ..............      0.0
Corporate ...................................    30.9
All other ...................................    15.4

Non-Debt
Investments other than debt securities ......      0.0%
 
63.
The dollar-weighted average portfolio maturity at period end in days or,
if longer than one year, in years (to one decimal place):
    Days:     0
    Years:    7.2
 
64.
Is the timely payment of principal and interest on any of the
instruments listed in Item 62 insured or guaranteed by an entity other
than the issuer?  No

Is the issuer of any instrument covered in Item 62 delinquent or in
default as to payment of principal or interest at period end?  No
 
 S21: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  61,607
Sales ($000s):      60,179

Monthly average Value of portfolio ($000s):  53,406

Percent turnover (lesser of Purchases or Sales, divided by Value):  113%
 
 S21: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12

Income  ($000s)
Net interest income ..............................................
 2,900
Net dividend income ..............................................
 27
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 305
Administrator fees ...............................................
 111
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 18
Custodian fees ...................................................
 6
Postage ..........................................................
 –
Printing expenses ................................................
 –
Directors’ fees ..................................................
 5
Registration fees ................................................
 –
Taxes ............................................................
 –
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 25
Auditing fees ....................................................
 –
Legal fees .......................................................
 –
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 139
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 39
Total expenses ...................................................
 648

Expense reimbursements ($000s):   138

Net investment income ($000s):    2,416

Realized capital gains ($000s):   281
Realized capital losses ($000s):  0

Net unrealized appreciation during the period ($000s):  0
Net unrealized depreciation during the period ($000s):  362

Total income dividends for which the record date passed during the
period ($000s):  2,837

Total capital gains distributions for which the record date passed
during the period ($000s):  0
 
73.
Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.5136

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
 S21: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 –
Repurchase agreements ............................................
 –
Short-term debt securities, other than repurchase agreements .....
 2,509
Long-term debt securities, including convertible debt ............
 53,342
Preferred, conv. preferred and adjustable-rate preferred stock ...
 –
Common stock .....................................................
 –
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 –
Receivables from portfolio instruments sold ......................
 1,482
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 626
All other assets .................................................
 3
Total assets .....................................................
 57,962

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 –
Amounts owed to affiliated persons ...............................
 28
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 –
  All other liabilities ..........................................
 35

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 57,899

Number of shares outstanding (000s):   5,858

Net Asset Value (NAV) per share (to nearest cent):  $9.88

Total number of shareholder accounts:  28

Total value of assets in segregated accounts ($000s):  0
 
75.
Monthly average net assets during the period ($000s):  55,543
 
 S21: 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      Gulf Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  3,240
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  No
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  No
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  No

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Series 22
↑Information Common to All Funds/Series  ↑List of Funds/Series 
 
 S22: 
Sales and Repurchases 
 
28.
Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 2,524
      Reinvestment of dividends and distributions ................
 42
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 644
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,953
      Reinvestment of dividends and distributions ................
 125
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,038
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,140
      Reinvestment of dividends and distributions ................
 2,083
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 2,751
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,715
      Reinvestment of dividends and distributions ................
 46
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,031
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,217
      Reinvestment of dividends and distributions ................
 103
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,134
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,634
      Reinvestment of dividends and distributions ................
 15
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,009

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 10,183
      Reinvestment of dividends and distributions ................
 2,414
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 7,607

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s):  0
 
 S22: 
Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.
Was a front-end sales load deducted from any share sales during the
period?  No
 
 S22: 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  Yes

The percentage of net assets in each type at period end:

Debt — Short-Term Maturities
U.S. Treasury ...............................      0.0%
U.S. Government Agency ......................      0.0
Repurchase agreements .......................    12.6
State and Municipal – tax-free ..............      0.0
Bank certificates of deposit – domestic .....      0.0
Bank certificates of deposit – foreign ......      0.0
Bankers acceptances .........................      0.0
Commercial paper – taxable ..................      0.0
Time deposits ...............................      0.0
Options .....................................      0.0
All other ...................................      0.0

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ...............................      0.0%
U.S. Government Agency ......................      0.0
State and Municipal – tax-free ..............      0.0
Corporate ...................................      2.9
All other ...................................      0.0

Non-Debt
Investments other than debt securities ......    83.7%
 
63.
The dollar-weighted average portfolio maturity at period end in days or,
if longer than one year, in years (to one decimal place):
    Days:     0
    Years:    0.0
 
 S22: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  14,818
Sales ($000s):      16,146

Monthly average Value of portfolio ($000s):  46,640

Percent turnover (lesser of Purchases or Sales, divided by Value):  32%
 
 S22: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12

Income  ($000s)
Net interest income ..............................................
 253
Net dividend income ..............................................
 1,179
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 412
Administrator fees ...............................................
 103
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 26
Custodian fees ...................................................
 6
Postage ..........................................................
 –
Printing expenses ................................................
 –
Directors’ fees ..................................................
 5
Registration fees ................................................
 –
Taxes ............................................................
 –
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 27
Auditing fees ....................................................
 –
Legal fees .......................................................
 –
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 129
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 40
Total expenses ...................................................
 748

Expense reimbursements ($000s):   129

Net investment income ($000s):    813

Realized capital gains ($000s):   1,458
Realized capital losses ($000s):  0

Net unrealized appreciation during the period ($000s):  3,781
Net unrealized depreciation during the period ($000s):  0

Total income dividends for which the record date passed during the
period ($000s):  804

Total capital gains distributions for which the record date passed
during the period ($000s):  2,167
 
73.
Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.1732

Distribution of capital gains:  $0.4547
Other distributions:            $0.0000
 
 S22: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 –
Repurchase agreements ............................................
 7,185
Short-term debt securities, other than repurchase agreements .....
 –
Long-term debt securities, including convertible debt ............
 1,696
Preferred, conv. preferred and adjustable-rate preferred stock ...
 394
Common stock .....................................................
 47,661
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 –
Receivables from portfolio instruments sold ......................
 –
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 88
All other assets .................................................
 12
Total assets .....................................................
 57,036

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 –
Amounts owed to affiliated persons ...............................
 40
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 –
  All other liabilities ..........................................
 15

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 56,981

Number of shares outstanding (000s):   4,961

Net Asset Value (NAV) per share (to nearest cent):  $11.49

Total number of shareholder accounts:  66

Total value of assets in segregated accounts ($000s):  0
 
75.
Monthly average net assets during the period ($000s):  51,533
 
 S22: 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      Gulf Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  3,240
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  No
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  No
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  No

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Series 23
↑Information Common to All Funds/Series  ↑List of Funds/Series 
 
 S23: 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
 S23: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  34,637
Sales ($000s):      27,840

Monthly average Value of portfolio ($000s):  115,926

Percent turnover (lesser of Purchases or Sales, divided by Value):  24%
 
 S23: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12
 
 S23: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Total assets .....................................................
 131,719
Net assets of common shareholders ................................
 130,563
 
75.
Monthly average net assets during the period ($000s):  120,796
 
 S23: 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      Gulf Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  3,240
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  No
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  No
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  Yes

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Series 24
↑Information Common to All Funds/Series  ↑List of Funds/Series 
 
 S24: 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
 S24: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  7,297
Sales ($000s):      3,111

Monthly average Value of portfolio ($000s):  14,080

Percent turnover (lesser of Purchases or Sales, divided by Value):  22%
 
 S24: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12
 
 S24: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Total assets .....................................................
 17,891
Net assets of common shareholders ................................
 17,786
 
75.
Monthly average net assets during the period ($000s):  15,114
 
 S24: 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      Gulf Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  3,240
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  No
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  No
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  Yes

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Series 25
↑Information Common to All Funds/Series  ↑List of Funds/Series 
 
 S25: 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
 S25: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  7,528
Sales ($000s):      4,946

Monthly average Value of portfolio ($000s):  22,058

Percent turnover (lesser of Purchases or Sales, divided by Value):  22%
 
 S25: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12
 
 S25: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Total assets .....................................................
 25,645
Net assets of common shareholders ................................
 25,616
 
75.
Monthly average net assets during the period ($000s):  22,630
 
 S25: 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      Gulf Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  3,240
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  No
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  No
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  Yes

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Series 26
↑Information Common to All Funds/Series  ↑List of Funds/Series 
 
 S26: 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
 S26: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  3,486
Sales ($000s):      1,520

Monthly average Value of portfolio ($000s):  28,580

Percent turnover (lesser of Purchases or Sales, divided by Value):  5%
 
 S26: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12
 
 S26: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Total assets .....................................................
 29,631
Net assets of common shareholders ................................
 29,598
 
75.
Monthly average net assets during the period ($000s):  29,112
 
 S26: 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      Gulf Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  3,240
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  No
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  No
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  Yes

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Series 27
↑Information Common to All Funds/Series  ↑List of Funds/Series 
 
 S27: 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
 S27: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  21,761
Sales ($000s):      10,527

Monthly average Value of portfolio ($000s):  49,546

Percent turnover (lesser of Purchases or Sales, divided by Value):  21%
 
 S27: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12
 
 S27: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Total assets .....................................................
 55,843
Net assets of common shareholders ................................
 55,783
 
75.
Monthly average net assets during the period ($000s):  49,778
 
 S27: 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      Gulf Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  3,240
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  No
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  No
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  Yes

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Series 28
↑Information Common to All Funds/Series  ↑List of Funds/Series 
 
 S28: 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
 S28: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  426,338
Sales ($000s):      339,890

Monthly average Value of portfolio ($000s):  188,824

Percent turnover (lesser of Purchases or Sales, divided by Value):  180%
 
 S28: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12
 
 S28: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 –
Repurchase agreements ............................................
 –
Short-term debt securities, other than repurchase agreements .....
 –
Long-term debt securities, including convertible debt ............
 15,179
Preferred, conv. preferred and adjustable-rate preferred stock ...
 53,422
Common stock .....................................................
 197,986
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 –
Receivables from portfolio instruments sold ......................
 35,226
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 5,109
All other assets .................................................
 37,255
Total assets .....................................................
 344,177

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 9,930
Amounts owed to affiliated persons ...............................
 447
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 18,776
  Written options ................................................
 –
  All other liabilities ..........................................
 76,020

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 239,004

Number of shares outstanding (000s):   4,185
Number of shares outstanding of a second class of shares (000s):  584

Net Asset Value (NAV) per share (to nearest cent):  $41.27
NAV per share of a second class of shares (to nearest cent):  $41.06

Total number of shareholder accounts:  6,502

Total value of assets in segregated accounts ($000s):  0
 
75.
Monthly average net assets during the period ($000s):  175,396
 
 S28: 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      Gulf Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  3,240
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  No
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  No
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  No

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Series 29
↑Information Common to All Funds/Series  ↑List of Funds/Series 
 
 S29: 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
 S29: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  17,097
Sales ($000s):      14,498

Monthly average Value of portfolio ($000s):  32,124

Percent turnover (lesser of Purchases or Sales, divided by Value):  45%
 
 S29: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12
 
 S29: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Total assets .....................................................
 30,145
Net assets of common shareholders ................................
 30,011
 
75.
Monthly average net assets during the period ($000s):  35,459
 
 Series 30
↑Information Common to All Funds/Series  ↑List of Funds/Series 
 
 S30: 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
 S30: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  66,686
Sales ($000s):      51,959

Monthly average Value of portfolio ($000s):  26,065

Percent turnover (lesser of Purchases or Sales, divided by Value):  199%
 
 S30: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12
 
 S30: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Total assets .....................................................
 13,078
Net assets of common shareholders ................................
 12,671
 
75.
Monthly average net assets during the period ($000s):  28,295
 
 Series 31
↑Information Common to All Funds/Series  ↑List of Funds/Series 
 
 S31: 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
 S31: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  34,801
Sales ($000s):      11,502

Monthly average Value of portfolio ($000s):  21,963

Percent turnover (lesser of Purchases or Sales, divided by Value):  52%
 
 S31: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  10
 
 S31: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Total assets .....................................................
 20,828
Net assets of common shareholders ................................
 20,712
 
75.
Monthly average net assets during the period ($000s):  23,221
 
 Series 34
↑Information Common to All Funds/Series  ↑List of Funds/Series 
 
 S34: 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
 S34: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  173,964
Sales ($000s):      17,606

Monthly average Value of portfolio ($000s):  52,923

Percent turnover (lesser of Purchases or Sales, divided by Value):  33%
 
 S34: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12
 
 S34: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 –
Repurchase agreements ............................................
 –
Short-term debt securities, other than repurchase agreements .....
 –
Long-term debt securities, including convertible debt ............
 22,812
Preferred, conv. preferred and adjustable-rate preferred stock ...
 96,911
Common stock .....................................................
 41,653
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 –
Receivables from portfolio instruments sold ......................
 4,437
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 3,077
All other assets .................................................
 2,596
Total assets .....................................................
 171,486
Net assets of common shareholders ................................
 160,032
 
75.
Monthly average net assets during the period ($000s):  40,457
 
 S34: 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      Gulf Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  3,240
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  No
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  No
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  No

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Series 36
↑Information Common to All Funds/Series  ↑List of Funds/Series 
 
 S36: 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
 S36: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  0
Sales ($000s):      0

Monthly average Value of portfolio ($000s):  0

Percent turnover (lesser of Purchases or Sales, divided by Value):  0%
 
 S36: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12
 
 S36: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Total assets .....................................................
 –
Net assets of common shareholders ................................
 –
 
 S36: 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      Gulf Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  3,240
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  No
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  No
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  No

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Series 37
↑Information Common to All Funds/Series  ↑List of Funds/Series 
 
 S37: 
Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.
Was a front-end sales load deducted from any share sales during the
period?  Yes
 
30.
Total front-end sales loads collected from sales (including exchanges)
by Principal Underwriter or by any underwriter which is an affiliated
person of the Principal Underwriter, of the Registrant’s/Series’ shares
during the period ($000s):  7

The maximum sales load rate in effect at period end as a percentage of
the offering price:  4.75%
The minimum sales load rate in effect at period end as a percentage of
the offering price:  0.0%
 
31.
Net amount retained by the Registrant’s/Series’ Principal Underwriter or
by any underwriter or dealer which is an affiliated person of the
Principal Underwriter thereof from front-end sales loads collected from
sales of the Registrant’s/Series’ shares during the period ($000s):  7

Amount by which payout by the Registrant’s/Series’ Principal Underwriter
or by any underwriter which is an affiliated person of the Principal
Underwriter thereof to persons or entities selling the
Registrant’s/Series’ shares exceeded that reported in Item 30 ($000s):  0
 
32.
Amount the Registrant’s/Series’ Principal Underwriter and any
underwriters or dealers which are affiliated persons of the Principal
Underwriter paid to dealers which are not affiliated persons of the
Principal Underwriter for selling the Registrant’s/Series’ shares that
were sold with a front-end sales load during the period ($000s):  0
 
33.
Amount paid to a captive retail sales force of the Registrant’s/Series’
Principal Underwriter or of any underwriter or dealer which is an
affiliated person of the Principal Underwriter for selling the
Registrant’s shares that were sold with a front-end sales load during
the period ($000s):  0
 
34.
Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period?  No
 
 S37: 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
 S37: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  3,949
Sales ($000s):      2,088

Monthly average Value of portfolio ($000s):  21,859

Percent turnover (lesser of Purchases or Sales, divided by Value):  10%
 
 S37: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12
 
 S37: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Total assets .....................................................
 24,839
Net assets of common shareholders ................................
 24,623
 
75.
Monthly average net assets during the period ($000s):  23,214
 
 S37: 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      Gulf Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  3,240
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  No
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  No
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  No

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Signature 
 
↑Top of Form N-SAR 
     
                                                                               
/s/      Jeff House      
Name:   Jeff House
Title:  Manager