CORRESP 1 filename1.htm

Burnham Investors Trust

1325 Avenue of the Americas

New York, NY 10019

 

 

February 15, 2013

 

VIA EDGAR CORRESPONDENCE

 

Securities and Exchange Commission

Division of Investment Management

100 F Street NE

Washington, DC 20549-8626

Attn: Jeffrey Long

 

RE:Burnham Investors Trust (the “Registrant”) (SEC File Nos. 811-00994 and 002-17226) SEC Accounting Comments

 

Dear Mr. Long:

 

This letter responds to your comments conveyed by telephone on December 6, 2012.

 

Annual Report dated December 31, 2011 (the “Annual Report”)

 

1.Comment: Consider disclosing a fund’s benchmark returns in the table with the fund’s Average Annual Returns, although this is not required by Form N-1A.
Response: Registrant is evaluating whether the format of each fund’s Average Annual Returns table can accommodate the applicable benchmark return. If feasible, Registrant will include such benchmark return.

 

2.Comment: Form N-1A Item 27(b)(7), Instruction 5, requires that a fund compare itself to an “appropriate broad-based securities market index.” With respect to the Burnham Financial Industries Fund, consider whether the KBW Bank Index is a broad-based index or whether the fund should include a more broad-based index for disclosure in the prospectus and shareholder report.
Response: Registrant agrees to add a more broad-based index and is currently looking into the appropriate index to add.

 

3.Comment: The Burnham Financial Industries Fund’s schedule of investments indicates the Fund invests in derivative instruments including options. The Commission advised registrants in 2010 to disclose any material impact of
 
February 15, 2013
Page 2

derivatives on fund performance in a shareholder report’s Management’s Discussion of Fund Performance section.

 

Response: In the future, Registrant will add disclosure about derivatives in the Management’s Discussion of Fund Performance section if the derivatives had a material impact on the Burnham Financial Industries Fund’s performance.

 

4.Comment: Financial Accounting Standards Board’s (FASB) Fair Value Measurements and Disclosures ASC Topic 820 indicates that if a fund has securities in more than one level of the three valuation levels, the dollar amount of securities in each level should be provided. Recent guidance to ASC 820 indicates that the sub-categories of securities should be provided that match the sub-categories listed on the schedule of investments. For example, for the Burnham Financial Services Fund on page 33 of the annual report, diversified financials is a category. That Fund’s schedule of investments on page 14 reflects 5 sub-categories of the diversified financials category. Going forward, please include these types of sub-categories in the three levels of valuations when a fund has securities in more than one level of the three fair valuation levels.

Response: Going forward, Registrant will comply with this request.

 

5.Comment: In the Statement of Assets and Liabilities, if the line item “Accrued expenses and other payables” includes payables to Registrant’s Board of Trustees or officers, please create a separate line item as required by Regulation S-X, Rule 604-12.

Response: The “Accrued Expenses and other payables” do not include payables to trustees or officers.

6.Comment: If the line item “Miscellaneous Expenses” in the Statement of Operations is greater than 5% of a fund’s total expenses, any individual expense that is itself greater than 5% should be separately set forth and not included as part of miscellaneous expenses.

Response: There were no individual miscellaneous expenses greater than 5% in the Annual Report.

7.Comment: Financial Highlights for funds with leverage and/or short positions should generally include only gross and net ratios of expenses (e.g. ratio of total expenses before reimbursement/recovery and ratio of total expenses after reimbursement/recovery) as indicated by Item 13 to Form N-1A. Please delete the following additional ratios of expenses from the financial highlights: ratio of total expenses after reimbursement/recovery and without dividend and interest expense on short sales, ratio of total expenses before reimbursements/recovery and without
 
February 15, 2013
Page 3

dividend and interest expense on short sales and ratio of net investment income (loss) without dividend and interest expense on short sales. You may add a footnote to the financial highlights stating that the figures presented include a percentage of dividend and interest expense on short sales.

 

Response: Registrant confirms that going forward the additional gross and net ratios of expenses noted by the Staff will not be included in the Financial Highlights tables.

 

Other Matters

 

8.Comment: With respect to the Burnham Financial Industries Fund, please reflect the performance adjustment to the base advisory fee in the prospectus fee table under “Management Fees” in accordance with Item 3, Instruction 3, of Form N-1A and do not include the performance adjustment in “Other Expenses.”
Response: Registrant confirms that going forward the performance adjustment to the base advisory fee will be reflected in the prospectus fee table under “Management Fees.”

 

9.Comment: With respect to the Burnham Financial Industries Fund, the total management fee after the performance adjustment, which was 1.03%, was above the maximum 1.00% as a result of the fulcrum calculation and the effect of trailing periods. Please confirm how the fee was calculated, including the effect of trailing periods.
Response: The annual management fee amount of $105,868 consists of fees from December 1, 2010 fee through November 30, 2011. The performance fee is calculated on a rolling 36 month schedule of assets. The performance fee is not above 0.83 in any one month.

 

10.Comment: The Commission’s position is that in order for advisers to recapture waived fees, the adviser may only do so in accordance with the original recapture plan. The adviser had an expense limitation agreement from 2003 to 2008 with respect to the funds. The adviser raised the expense cap in 2009. Please confirm that the amount recouped in 2009 and 2010 for the Burnham Fund, Burnham Financial Industries Fund and Burnham Financial Services Fund were the amounts that could be recouped under the caps in place in 2008. Please provide a spreadsheet analysis showing the amounts subject to recapture under the two contractual caps.

 

Were the recoupments for all Funds in compliance with the 2009 Investment Companies Industry Developments Audit Risk Alert ARA-INV.73 which states:

 

 
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Page 4
The SEC staff has seen instances where funds instituted a cap in the first year of operations and then increased the cap in subsequent years above the current expense ratio. The SEC staff reminds registrants that they cannot begin to recapture prior year expenses incurred under previous expense cap arrangements solely because of an increase in the current year’s expense cap. Prior year expenses can be recaptured only if the current expense ratio is less than the prior year expense cap that was in place when such prior year expenses were waived.

 

Response: From 2003 until May 1, 2009, the expense caps for the Funds were as follows: Burnham Fund – 1.39% (operating expenses); Burnham Financial Services Fund – 1.60% (operating expenses); and Burnham Financial Industries Fund – 0.55% (other expenses only). Effective May 1, 2009, the expense caps for the Funds were raised as follows: Burnham Fund – 1.59% (operating expenses); Burnham Financial Services Fund – 1.80% (operating expenses); and Burnham Financial Industries Fund 0.65% (other expenses only). From May 1, 2009 through December 31, 2010, Burnham Asset Management Corporation (“BAMC”), the Registrant’s investment adviser, erroneously recouped reimbursed expenses in the aggregate amount of $205,811 from the Funds, broken down as follows on a Fund-by-Fund and year-to-year basis:

 

  2009 2010
     
Burnham Fund $9,253 $ 50,631
Burnham Financial
      Services Fund		 $       - $ 42,874
Burnham Financial
      Industries Fund		 $       - $103,053

 

 

BAMC has advised the Registrant that it will make the necessary arrangements to reimburse the Fund for the amounts of reimbursed expenses that were erroneously recouped. BAMC has also represented to the Registrant that it was unaware of the Staff’s position on recoupment prior to receipt of the Staff’s comments outlined in this letter and that the issue was not raised by the Funds’ independent registered public accounting firm during the course of the Funds’ 2009 and 2010 audits.

 

Attached hereto as Exhibits “A”, “B” and “C” are Expense Analyses for 2009 prepared for the Burnham Fund, the Burnham Financial Services Fund and the Burnham Financial Industries Fund, respectively, which highlight the amounts that were recouped in 2009. No expense analyses are provided for 2010 because BAMC has acknowledged that it was not entitled to any recoupment of reimbursed expenses for that year In addition, BAMC has advised the Registrant that there were no recoupments of reimbursed expenses in 2011 and 2012.

 

 
February 15, 2013
Page 5
11.Comment: With respect to the Burnham Financial Industries Fund, the amount recouped on 12/31/08 was $86,248, which matched the amount waived on 12/31/04. Please explain why the amount recouped matched the amount waived 4 years later and not 3 years later as required under the expense limitation agreement.

 

Response: After further review, it has been determined that there was no net recoupment in 2008 for the Burnham Financial Industries Fund.

 

12.Comment: The expense limitation agreement with respect to the Burnham U.S. Government Money Market Fund as disclosed in Note 5 to the Financial Highlights in the Annual Report is as follows: The amount of any waived fees is subject to recoupment by the adviser from the Burnham U.S. Government Money Market Fund within the same calendar year in which the fees were waived and the three subsequent calendar years, provided that no amount may be recouped that would cause the Fund’s total expense ratio as a result of such recoupment to exceed 1.00%. In no event shall the recoupment exceed 0.10% of daily net assets of the Burnham U.S. Government Money Market Fund. Based on this disclosure, the adviser should not have been able to recoup fees until the net expense ratio fell below 0.17% as disclosed in the 2012 Annual Shareholder Report on page 29.

 

Response: After further review, it has been determined that there was no recoupment of reimbursed expense with respect to this Fund.

 

 

In connection with responding to comments from the Securities and Exchange Commission, the Registrant acknowledges that: (1) the Registrant is responsible for the adequacy and accuracy of the disclosure in the filings related to the matters addressed in this letter; (2) staff comments or changes to disclosure in response to staff comments in the filings reviewed by the staff do not foreclose the Commission from taking any action with respect to such filings; and (3) the Registrant may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.

 

Thank you for your time and consideration. I can be reached at 212-603-7532 with any questions you may have.

 

Very truly yours,

 

/s/ Thomas N. Calabria

 

Thomas N. Calabria

Chief Compliance Officer

 

 
 

Exhibit "A"

 

Burnham Fund 2009 Expense Analysis

 

  Burnham Fund      
Date Class A Class B Class C Total
         
01/01/09 57,778,742.69 386,194.73 19,443.33 58,184,380.75
01/02/09 57,778,742.69 386,194.73 19,443.33 58,184,380.75
01/03/09 57,778,742.69 386,194.73 19,443.33 58,184,380.75
01/04/09 57,778,742.69 386,194.73 19,443.33 58,184,380.75
01/05/09 59,445,105.66 397,169.54 19,995.86 59,862,271.06
01/06/09 59,783,051.14 399,423.92 20,109.36 60,202,584.42
01/07/09 60,183,337.48 402,206.17 20,252.18 60,605,795.83
01/08/09 58,982,067.40 394,243.20 19,851.22 59,396,161.82
01/09/09 59,123,123.00 395,585.65 19,918.82 59,538,627.47
01/10/09 59,123,123.00 395,585.65 19,918.82 59,538,627.47
01/11/09 59,123,123.00 395,585.65 19,918.82 59,538,627.47
01/12/09 58,153,570.74 389,074.11 19,590.94 58,562,235.79
01/13/09 56,753,072.76 379,696.69 19,118.76 57,151,888.21
01/14/09 56,846,431.63 380,320.56 19,150.16 57,245,902.35
01/15/09 55,325,688.15 370,150.05 18,638.05 55,714,476.25
01/16/09 55,321,893.84 370,119.84 18,636.53 55,710,650.21
01/17/09 55,321,893.84 370,119.84 18,636.53 55,710,650.21
01/18/09 55,321,893.84 370,119.84 18,636.53 55,710,650.21
01/19/09 55,321,893.84 370,119.84 18,636.53 55,710,650.21
01/20/09 55,712,868.18 351,794.24 18,760.75 56,083,423.17
01/21/09 53,763,896.15 339,547.49 18,107.65 54,121,551.29
01/22/09 55,253,211.11 349,373.77 18,631.67 55,621,216.55
01/23/09 54,747,506.78 346,261.36 18,465.68 55,112,233.82
01/24/09 54,747,506.78 346,261.36 18,465.68 55,112,233.82
01/25/09 54,747,506.78 346,261.36 18,465.68 55,112,233.82
01/26/09 55,215,371.39 349,194.80 18,622.12 55,583,188.31
01/27/09 55,649,333.59 352,167.65 18,780.66 56,020,281.90
01/28/09 55,982,970.91 354,269.79 18,892.76 56,356,133.46
01/29/09 57,072,359.31 361,157.48 19,260.08 57,452,776.87
01/30/09 56,042,369.60 354,632.22 18,912.10 56,415,913.92
01/31/09 56,042,369.60 354,632.22 18,912.10 56,415,913.92
02/01/09 55,453,568.43 350,891.75 18,712.62 55,823,172.80
02/02/09 55,453,568.43 350,891.75 18,712.62 55,823,172.80
02/03/09 55,124,452.27 348,794.79 18,600.79 55,491,847.85
02/04/09 55,685,702.90 352,373.57 18,791.64 56,056,868.11
02/05/09 55,734,452.44 352,720.95 18,810.17 56,105,983.56
02/06/09 56,646,856.08 358,567.22 19,121.95 57,024,545.25
02/07/09 56,646,856.08 358,567.22 19,121.95 57,024,545.25
02/08/09 56,646,856.08 358,567.22 19,121.95 57,024,545.25
02/09/09 57,568,325.46 364,481.47 19,437.36 57,952,244.29
02/10/09 57,434,904.69 363,795.14 19,400.77 57,818,100.60
02/11/09 55,663,934.32 352,599.63 18,803.72 56,035,337.67
02/12/09 55,631,696.20 352,388.18 18,792.45 56,002,876.83
02/13/09 55,782,416.72 353,352.54 18,843.87 56,154,613.13
02/14/09 55,782,416.72 353,352.54 18,843.87 56,154,613.13
02/15/09 55,782,416.72 353,352.54 18,843.87 56,154,613.13
02/16/09 55,782,416.72 353,352.54 18,843.87 56,154,613.13
02/17/09 55,614,375.74 352,235.18 18,784.29 55,985,395.21
02/18/09 53,630,463.03 339,679.98 18,114.73 53,988,257.74
02/19/09 53,792,238.13 297,569.89 18,157.73 54,107,965.75
02/20/09 53,229,239.70 294,507.48 17,970.87 53,541,718.05
02/21/09 53,229,239.70 294,507.48 17,970.87 53,541,718.05
02/22/09 53,229,239.70 294,507.48 17,970.87 53,541,718.05
02/23/09 52,857,064.29 292,478.73 17,847.08 53,167,390.10
02/24/09 51,399,488.80 284,680.41 17,371.23 51,701,540.44
02/25/09 52,666,560.21 291,692.46 17,799.11 52,976,051.78
02/26/09 52,340,966.80 290,088.71 17,701.25 52,648,756.76
02/27/09 51,904,844.38 287,773.25 17,559.97 52,210,177.60
02/28/09 51,904,844.38 287,773.25 17,559.97 52,210,177.60
03/01/09 51,345,659.63 284,633.48 17,368.38 51,647,661.49
03/02/09 51,345,659.63 284,633.48 17,368.38 51,647,661.49
03/03/09 49,511,463.21 274,763.14 16,766.08 49,802,992.43
03/04/09 49,477,176.25 274,569.60 16,754.28 49,768,500.13
03/05/09 50,146,449.50 278,372.02 16,986.30 50,441,807.82
03/06/09 48,934,085.82 271,641.95 16,575.62 49,222,303.39
03/07/09 48,934,085.82 271,641.95 16,575.62 49,222,303.39
03/08/09 48,934,085.82 271,641.95 16,575.62 49,222,303.39
03/09/09 49,021,961.51 272,261.59 16,613.44 49,310,836.54
03/10/09 48,486,845.48 269,645.75 16,453.81 48,772,945.04
03/11/09 49,928,477.79 267,686.85 16,989.70 50,213,154.34
03/12/09 49,978,587.56 269,459.85 17,102.23 50,265,149.64
03/13/09 51,177,369.55 275,896.60 17,510.77 51,470,776.92
03/14/09 51,177,369.55 275,896.60 17,510.77 51,470,776.92
03/15/09 51,177,369.55 275,896.60 17,510.77 51,470,776.92
03/16/09 51,093,906.66 275,462.79 17,483.23 51,386,852.68
03/17/09 51,286,426.04 262,841.49 17,549.50 51,566,817.03
03/18/09 52,075,772.69 264,680.45 17,818.78 52,358,271.92
03/19/09 52,739,257.59 268,046.75 18,045.40 53,025,349.74
03/20/09 52,750,495.47 268,099.37 18,048.94 53,036,643.78
03/21/09 52,750,495.47 268,099.37 18,048.94 53,036,643.78
03/22/09 52,750,495.47 268,099.37 18,048.94 53,036,643.78
03/23/09 51,898,424.56 263,750.01 17,756.14 52,179,930.71
03/24/09 54,407,627.45 276,625.99 18,622.98 54,702,876.42
03/25/09 53,536,591.45 269,388.00 18,324.45 53,824,303.90
03/26/09 53,830,493.61 270,861.54 18,424.68 54,119,779.83
03/27/09 54,995,151.72 276,729.67 18,823.85 55,290,705.24
03/28/09 54,995,151.72 276,729.67 18,823.85 55,290,705.24
03/29/09 54,995,151.72 276,729.67 18,823.85 55,290,705.24
03/30/09 54,037,753.09 271,895.09 18,495.00 54,328,143.18
03/31/09 52,525,866.10 264,370.91 17,983.19 52,808,220.20
04/01/09 52,971,049.24 266,781.44 18,147.16 53,255,977.84
04/02/09 53,885,290.35 271,380.41 18,460.00 54,175,130.76
04/03/09 55,026,643.24 277,118.02 18,850.30 55,322,611.56
04/04/09 55,026,643.24 277,118.02 18,850.30 55,322,611.56
04/05/09 55,026,643.24 277,118.02 18,850.30 55,322,611.56
04/06/09 55,563,466.96 279,799.42 19,032.70 55,862,299.08
04/07/09 55,101,098.29 277,479.86 18,874.92 55,397,453.07
04/08/09 54,069,532.83 272,292.13 18,522.04 54,360,347.00
04/09/09 54,519,410.26 274,557.50 18,676.14 54,812,643.90
04/10/09 54,519,410.26 274,557.50 18,676.14 54,812,643.90
04/11/09 54,519,410.26 274,557.50 18,676.14 54,812,643.90
04/12/09 54,519,410.26 274,557.50 18,676.14 54,812,643.90
04/13/09 56,200,025.12 283,037.00 19,252.95 56,502,315.07
04/14/09 56,543,556.10 284,762.96 19,370.35 56,847,689.41
04/15/09 55,742,317.37 280,748.09 19,097.26 56,042,162.72
04/16/09 56,246,976.81 283,269.76 19,268.78 56,549,515.35
04/17/09 56,576,595.72 278,273.71 19,380.34 56,874,249.77
04/18/09 56,576,595.72 278,273.71 19,380.34 56,874,249.77
04/19/09 56,576,595.72 278,273.71 19,380.34 56,874,249.77
04/20/09 56,962,796.84 280,157.34 19,511.52 57,262,465.70
04/21/09 54,733,370.55 269,186.25 18,747.43 55,021,304.23
04/22/09 55,739,375.99 274,174.30 19,094.83 56,032,645.12
04/23/09 54,633,662.81 272,321.29 18,965.78 54,924,949.88
04/24/09 55,239,025.15 275,363.82 19,177.67 55,533,566.64
04/25/09 55,239,025.15 275,363.82 19,177.67 55,533,566.64
04/26/09 55,239,025.15 275,363.82 19,177.67 55,533,566.64
04/27/09 56,382,472.60 281,117.98 19,578.41 56,683,168.99
04/28/09 55,792,239.02 278,175.27 19,373.46 56,089,787.75
04/29/09 55,495,605.76 276,766.24 19,275.34 55,791,647.34
04/30/09 56,602,125.41 282,278.95 19,659.27 56,904,063.63
05/01/09 56,426,039.42 281,486.00 19,604.03 56,727,129.45
05/02/09 56,426,039.42 281,486.00 19,604.03 56,727,129.45
05/03/09 56,426,039.42 281,486.00 19,604.03 56,727,129.45
05/04/09 56,655,768.48 282,652.26 19,685.28 56,958,106.02
05/05/09 58,534,921.15 292,027.87 20,338.21 58,847,287.23
05/06/09 58,330,457.83 291,285.63 20,286.51 58,642,029.97
05/07/09 59,523,879.93 297,223.24 20,700.02 59,841,803.19
05/08/09 58,648,397.22 292,842.44 20,394.93 58,961,634.59
05/09/09 58,648,397.22 292,842.44 20,394.93 58,961,634.59
05/10/09 58,648,397.22 292,842.44 20,394.93 58,961,634.59
05/11/09 60,145,921.56 300,301.80 20,914.43 60,467,137.79
05/12/09 59,190,829.67 295,889.28 20,607.11 59,507,326.06
05/13/09 59,116,578.18 295,370.57 20,570.98 59,432,519.73
05/14/09 57,335,505.80 286,692.97 19,966.63 57,642,165.40
05/15/09 57,896,258.13 289,486.19 20,161.16 58,205,905.48
05/16/09 57,896,258.13 289,486.19 20,161.16 58,205,905.48
05/17/09 57,896,258.13 289,486.19 20,161.16 58,205,905.48
05/18/09 57,299,871.89 286,472.72 19,951.29 57,606,295.90
05/19/09 58,849,654.54 285,076.36 20,489.76 59,155,220.66
05/20/09 58,875,188.51 285,201.04 20,498.71 59,180,888.26
05/21/09 58,764,766.09 284,672.52 20,460.72 59,069,899.33
05/22/09 57,725,545.89 279,874.47 20,115.87 58,025,536.23
05/23/09 57,725,545.89 279,874.47 20,115.87 58,025,536.23
05/24/09 57,725,545.89 279,874.47 20,115.87 58,025,536.23
05/25/09 57,725,545.89 279,874.47 20,115.87 58,025,536.23
05/26/09 57,401,177.10 278,274.41 20,000.86 57,699,452.37
05/27/09 58,789,078.74 285,094.81 20,491.07 59,094,664.62
05/28/09 58,012,075.82 281,321.79 20,219.89 58,313,617.50
05/29/09 58,834,188.54 285,302.74 20,506.02 59,139,997.30
05/30/09 58,834,188.54 285,302.74 20,506.02 59,139,997.30
05/31/09 58,834,188.54 285,302.74 20,506.02 59,139,997.30
06/01/09 59,779,995.49 289,886.27 20,835.46 60,090,717.22
06/02/09 61,293,731.20 297,194.25 21,360.73 61,612,286.18
06/03/09 61,546,927.80 298,417.76 21,448.67 61,866,794.23
06/04/09 60,568,315.40 293,666.70 21,107.18 60,883,089.28
06/05/09 61,706,483.79 299,179.54 21,503.41 62,027,166.74
06/06/09 61,706,483.79 299,179.54 21,503.41 62,027,166.74
06/07/09 61,706,483.79 299,179.54 21,503.41 62,027,166.74
06/08/09 61,491,431.01 298,133.26 21,428.20 61,810,992.47
06/09/09 61,420,653.11 297,782.97 21,403.02 61,739,839.10
06/10/09 61,770,570.19 299,471.39 21,524.38 62,091,565.96
06/11/09 61,696,213.83 299,104.75 21,498.03 62,016,816.61
06/12/09 61,926,595.92 300,213.43 21,577.71 62,248,387.06
06/13/09 61,926,595.92 300,213.43 21,577.71 62,248,387.06
06/14/09 61,926,595.92 300,213.43 21,577.71 62,248,387.06
06/15/09 61,584,949.99 298,951.61 21,487.02 61,905,388.62
06/16/09 60,493,390.28 293,618.10 21,103.67 60,808,112.05
06/17/09 59,693,896.42 288,693.33 20,823.76 60,003,413.51
06/18/09 59,301,449.03 286,825.47 20,689.03 59,608,963.53
06/19/09 59,598,435.28 288,286.20 20,794.39 59,907,515.87
06/20/09 59,598,435.28 288,286.20 20,794.39 59,907,515.87
06/21/09 59,598,435.28 288,286.20 20,794.39 59,907,515.87
06/22/09 59,715,337.23 289,175.60 20,858.54 60,025,371.37
06/23/09 57,801,710.36 280,035.42 20,199.24 58,101,945.02
06/24/09 57,924,786.97 280,700.00 20,247.18 58,225,734.15
06/25/09 58,245,299.39 282,306.67 20,363.07 58,547,969.13
06/26/09 59,334,968.14 287,582.33 20,743.60 59,643,294.07
06/27/09 59,334,968.14 287,582.33 20,743.60 59,643,294.07
06/28/09 59,334,968.14 287,582.33 20,743.60 59,643,294.07
06/29/09 59,136,794.21 286,641.07 20,675.70 59,444,110.98
06/30/09 59,524,535.89 288,514.59 20,810.85 59,833,861.33
07/01/09 59,122,044.64 286,619.61 20,674.16 59,429,338.41
07/02/09 59,364,193.35 287,891.35 20,765.89 59,672,850.59
07/03/09 59,364,193.35 287,891.35 20,765.89 59,672,850.59
07/04/09 59,364,193.35 287,891.35 20,765.89 59,672,850.59
07/05/09 59,364,193.35 287,891.35 20,765.89 59,672,850.59
07/06/09 57,947,614.10 281,000.84 20,268.87 58,248,883.81
07/07/09 57,785,944.88 280,277.86 20,216.71 58,086,439.45
07/08/09 56,554,753.95 274,306.90 19,786.03 56,848,846.88
07/09/09 56,421,910.88 273,657.24 19,739.17 56,715,307.29
07/10/09 56,760,926.60 275,478.89 19,870.56 57,056,276.05
07/11/09 56,760,926.60 275,478.89 19,870.56 57,056,276.05
07/12/09 56,760,926.60 275,478.89 19,870.56 57,056,276.05
07/13/09 56,547,411.32 274,425.65 19,794.59 56,841,631.56
07/14/09 57,791,649.35 280,458.32 20,229.73 58,092,337.40
07/15/09 58,101,060.43 281,954.11 20,337.63 58,403,352.17
07/16/09 59,744,726.58 289,974.48 20,916.14 60,055,617.20
07/17/09 60,255,269.81 270,158.46 21,086.59 60,546,514.86
07/18/09 60,255,269.81 270,158.46 21,086.59 60,546,514.86
07/19/09 60,255,269.81 270,158.46 21,086.59 60,546,514.86
07/20/09 60,316,265.88 270,539.41 21,116.31 60,607,921.60
07/21/09 60,844,846.95 272,904.30 21,300.90 61,139,052.15
07/22/09 61,350,382.60 275,245.78 21,483.66 61,647,112.04
07/23/09 61,188,075.73 274,669.71 21,438.69 61,484,184.13
07/24/09 62,400,762.42 280,313.12 21,879.17 62,702,954.71
07/25/09 62,400,762.42 280,313.12 21,879.17 62,702,954.71
07/26/09 62,400,762.42 280,313.12 21,879.17 62,702,954.71
07/27/09 62,769,861.99 281,953.89 22,258.75 63,074,074.63
07/28/09 63,012,432.95 283,043.88 22,344.79 63,317,821.62
07/29/09 62,529,299.70 280,948.85 22,179.40 62,832,427.95
07/30/09 61,993,853.79 278,915.95 22,018.90 62,294,788.64
07/31/09 62,899,288.44 282,995.26 22,340.94 63,204,624.64
08/01/09 63,272,147.21 284,682.03 22,474.11 63,579,303.35
08/02/09 63,272,147.21 284,682.03 22,474.11 63,579,303.35
08/03/09 63,272,147.21 284,682.03 22,474.11 63,579,303.35
08/04/09 64,505,749.31 290,366.33 22,922.85 64,819,038.49
08/05/09 64,688,087.26 291,181.63 22,987.21 65,002,256.10
08/06/09 64,680,805.20 291,184.35 22,987.42 64,994,976.97
08/07/09 64,158,551.95 289,030.99 22,817.43 64,470,400.37
08/08/09 64,158,551.95 289,030.99 22,817.43 64,470,400.37
08/09/09 64,158,551.95 289,030.99 22,817.43 64,470,400.37
08/10/09 64,699,305.52 291,470.47 23,010.01 65,013,786.00
08/11/09 64,585,890.72 290,884.04 22,963.72 64,899,738.48
08/12/09 63,725,911.91 287,236.14 22,675.74 64,035,823.79
08/13/09 64,284,840.96 289,760.80 22,875.04 64,597,476.80
08/14/09 64,794,508.93 292,038.35 23,054.83 65,109,602.11
08/15/09 64,794,508.93 292,038.35 23,054.83 65,109,602.11
08/16/09 64,794,508.93 292,038.35 23,054.83 65,109,602.11
08/17/09 64,229,128.87 289,254.40 22,835.06 64,541,218.33
08/18/09 62,372,120.80 280,894.46 22,175.10 62,675,190.36
08/19/09 63,173,278.59 283,261.91 22,458.06 63,478,998.56
08/20/09 63,498,436.21 284,888.21 22,587.00 63,805,911.42
08/21/09 64,106,002.58 287,614.24 22,803.13 64,416,419.95
08/22/09 64,106,002.58 287,614.24 22,803.13 64,416,419.95
08/23/09 64,106,002.58 287,614.24 22,803.13 64,416,419.95
08/24/09 65,086,093.90 292,056.93 23,155.35 65,401,306.18
08/25/09 64,966,399.34 291,655.21 23,123.50 65,281,178.05
08/26/09 64,921,994.42 291,650.20 23,123.09 65,236,767.71
08/27/09 64,747,875.27 290,919.14 23,065.13 65,061,859.54
08/28/09 64,870,894.86 291,561.98 23,116.09 65,185,572.93
08/29/09 64,870,894.86 291,561.98 23,116.09 65,185,572.93
08/30/09 64,870,894.86 291,561.98 23,116.09 65,185,572.93
08/31/09 64,727,192.41 290,961.41 23,068.47 65,041,222.29
09/01/09 64,152,588.44 288,372.48 22,863.20 64,463,824.12
09/02/09 62,903,227.77 282,750.33 22,417.45 63,208,395.55
09/03/09 62,879,945.46 282,951.26 22,433.38 63,185,330.10
09/04/09 63,561,141.59 286,059.19 22,679.79 63,869,880.57
09/05/09 63,561,141.59 286,059.19 22,679.79 63,869,880.57
09/06/09 63,561,141.59 286,059.19 22,679.79 63,869,880.57
09/07/09 63,561,141.59 286,059.19 22,679.79 63,869,880.57
09/08/09 64,216,237.49 289,393.49 22,944.13 64,528,575.11
09/09/09 64,888,385.97 292,416.61 23,183.81 65,203,986.39
09/10/09 64,964,740.74 292,754.04 23,210.55 65,280,705.33
09/11/09 65,396,805.08 294,696.81 23,364.59 65,714,866.48
09/12/09 65,396,805.08 294,696.81 23,364.59 65,714,866.48
09/13/09 65,396,805.08 294,696.81 23,364.59 65,714,866.48
09/14/09 65,303,791.20 294,405.43 23,341.48 65,621,538.11
09/15/09 65,502,264.74 295,298.68 23,412.31 65,820,975.73
09/16/09 66,025,000.90 297,663.60 23,599.81 66,346,264.31
09/17/09 67,059,540.97 300,909.68 23,968.49 67,384,419.14
09/18/09 66,809,364.29 299,821.08 23,881.78 67,133,067.15
09/19/09 66,809,364.29 299,821.08 23,881.78 67,133,067.15
09/20/09 66,809,364.29 299,821.08 23,881.78 67,133,067.15
09/21/09 66,853,138.54 300,066.00 23,901.28 67,177,105.82
09/22/09 66,333,734.05 298,273.96 23,758.54 66,655,766.55
09/23/09 66,731,744.29 300,540.95 23,939.12 67,056,224.36
09/24/09 66,288,378.06 298,537.62 23,779.54 66,610,695.22
09/25/09 65,634,049.50 295,635.41 23,548.37 65,953,233.28
09/26/09 65,634,049.50 295,635.41 23,548.37 65,953,233.28
09/27/09 65,634,049.50 295,635.41 23,548.37 65,953,233.28
09/28/09 65,215,638.50 293,746.47 23,397.90 65,532,782.87
09/29/09 66,132,700.84 297,919.46 23,730.29 66,454,350.59
09/30/09 65,888,145.92 297,036.07 23,659.92 66,208,841.91
10/01/09 65,709,373.01 296,255.01 23,597.70 66,029,225.72
10/02/09 64,188,216.52 289,390.69 23,050.94 64,500,658.15
10/03/09 64,188,216.52 289,390.69 23,050.94 64,500,658.15
10/04/09 64,188,216.52 289,390.69 23,050.94 64,500,658.15
10/05/09 64,115,804.77 289,047.73 23,023.61 64,427,876.11
10/06/09 65,039,655.77 293,207.89 23,354.98 65,356,218.64
10/07/09 65,895,229.12 297,222.05 23,674.72 66,216,125.89
10/08/09 66,122,602.22 298,241.51 23,755.92 66,444,599.65
10/09/09 66,737,790.63 301,012.46 23,976.64 67,062,779.73
10/10/09 66,737,790.63 301,012.46 23,976.64 67,062,779.73
10/11/09 66,737,790.63 301,012.46 23,976.64 67,062,779.73
10/12/09 66,872,164.49 301,613.82 24,024.54 67,197,802.85
10/13/09 67,135,518.26 303,119.25 24,148.26 67,462,785.77
10/14/09 67,033,264.47 302,832.49 24,121.60 67,360,218.56
10/15/09 67,949,770.15 307,039.08 24,456.67 68,281,265.90
10/16/09 68,149,427.63 307,929.98 24,527.64 68,481,885.25
10/17/09 68,149,427.63 307,929.98 24,527.64 68,481,885.25
10/18/09 68,149,427.63 307,929.98 24,527.64 68,481,885.25
10/19/09 67,590,040.92 302,096.62 24,324.51 67,916,462.05
10/20/09 68,362,914.43 305,528.14 24,600.82 68,693,043.39
10/21/09 68,262,393.75 305,128.40 24,568.63 68,592,090.78
10/22/09 68,061,708.02 304,292.52 24,501.33 68,390,501.87
10/23/09 68,636,786.89 305,231.77 24,707.84 68,966,726.50
10/24/09 68,636,786.89 305,231.77 24,707.84 68,966,726.50
10/25/09 68,636,786.89 305,231.77 24,707.84 68,966,726.50
10/26/09 67,768,640.88 301,362.14 24,394.60 68,094,397.62
10/27/09 66,988,767.28 297,962.88 24,119.44 67,310,849.60
10/28/09 66,799,229.66 297,132.97 24,052.25 67,120,414.88
10/29/09 65,317,166.06 290,539.19 23,518.50 65,631,223.75
10/30/09 67,016,868.17 298,102.43 24,130.73 67,339,101.33
10/31/09 67,016,868.17 298,102.43 24,130.73 67,339,101.33
11/01/09 64,987,669.96 289,302.05 23,418.36 65,300,390.37
11/02/09 64,987,669.96 289,302.05 23,418.36 65,300,390.37
11/03/09 65,361,799.40 290,983.34 23,554.46 65,676,337.20
11/04/09 65,753,327.61 292,725.31 23,695.47 66,069,748.39
11/05/09 65,999,891.78 293,833.41 23,785.17 66,317,510.36
11/06/09 67,287,702.70 299,576.81 24,250.08 67,611,529.59
11/07/09 67,287,702.70 299,576.81 24,250.08 67,611,529.59
11/08/09 67,287,702.70 299,576.81 24,250.08 67,611,529.59
11/09/09 67,401,759.63 300,099.79 24,292.42 67,726,151.84
11/10/09 68,999,450.29 307,129.06 24,861.42 69,331,440.77
11/11/09 68,961,585.22 307,107.35 24,859.66 69,293,552.23
11/12/09 69,378,426.56 309,008.59 25,013.55 69,712,448.70
11/13/09 68,513,552.20 305,188.91 24,704.36 68,843,445.47
11/14/09 68,513,552.20 305,188.91 24,704.36 68,843,445.47
11/15/09 68,513,552.20 305,188.91 24,704.36 68,843,445.47
11/16/09 69,117,007.22 307,858.15 24,920.54 69,449,785.91
11/17/09 70,324,986.11 313,258.61 25,357.80 70,663,602.52
11/18/09 70,287,177.86 296,723.36 25,393.09 70,609,294.31
11/19/09 70,208,545.08 296,402.42 25,365.73 70,530,313.23
11/20/09 69,191,439.45 292,208.65 25,006.94 69,508,655.04
11/21/09 69,191,439.45 292,208.65 25,006.94 69,508,655.04
11/22/09 69,191,439.45 292,208.65 25,006.94 69,508,655.04
11/23/09 68,884,205.91 290,915.79 24,896.61 69,200,018.31
11/24/09 69,731,220.33 294,558.40 25,208.44 70,050,987.17
11/25/09 69,594,485.94 293,971.86 25,158.35 69,913,616.15
11/26/09 69,594,485.94 293,971.86 25,158.35 69,913,616.15
11/27/09 70,141,289.74 296,270.15 25,354.59 70,462,914.48
11/28/09 70,141,289.74 296,270.15 25,354.59 70,462,914.48
11/29/09 70,141,289.74 296,270.15 25,354.59 70,462,914.48
11/30/09 68,950,805.98 291,351.44 24,933.06 69,267,090.48
12/01/09 69,142,007.49 292,166.42 25,002.80 69,459,176.71
12/02/09 69,787,616.04 294,969.47 25,242.68 70,107,828.19
12/03/09 69,884,504.83 295,407.67 25,280.17 70,205,192.67
12/04/09 69,259,807.90 292,855.89 25,061.79 69,577,725.58
12/05/09 69,259,807.90 292,855.89 25,061.79 69,577,725.58
12/06/09 69,259,807.90 292,855.89 25,061.79 69,577,725.58
12/07/09 69,631,339.47 292,477.97 25,034.32 69,948,851.76
12/08/09 69,368,130.50 291,818.08 24,975.25 69,684,923.83
12/09/09 68,331,234.84 288,750.78 24,710.43 68,644,696.05
12/10/09 68,614,600.89 289,950.73 24,813.12 68,929,364.74
12/11/09 68,776,151.00 291,034.22 24,905.84 69,092,091.06
12/12/09 68,776,151.00 291,034.22 24,905.84 69,092,091.06
12/13/09 68,776,151.00 291,034.22 24,905.84 69,092,091.06
12/14/09 68,996,137.37 291,947.17 24,983.97 69,313,068.51
12/15/09 69,552,262.50 294,899.66 25,236.64 69,872,398.80
12/16/09 69,352,851.82 294,056.85 25,164.51 69,672,073.18
12/17/09 69,708,459.80 295,165.47 25,301.72 70,028,926.99
12/18/09 68,587,348.73 291,298.54 24,970.24 68,903,617.51
12/19/09 68,587,348.73 291,298.54 24,970.24 68,903,617.51
12/20/09 68,587,348.73 291,298.54 24,970.24 68,903,617.51
12/21/09 68,936,279.53 292,762.26 25,095.71 69,254,137.50
12/22/09 69,440,774.38 295,134.59 25,299.07 69,761,208.04
12/23/09 69,801,245.82 265,443.63 25,430.76 70,092,120.21
12/24/09 70,194,161.27 266,972.06 25,577.19 70,486,710.52
12/25/09 70,194,161.27 266,972.06 25,577.19 70,486,710.52
12/26/09 70,194,161.27 266,972.06 25,577.19 70,486,710.52
12/27/09 70,194,161.27 266,972.06 25,577.19 70,486,710.52
12/28/09 70,744,170.29 269,263.89 25,796.75 71,039,230.93
12/29/09 70,906,647.55 269,902.23 25,857.91 71,202,407.69
12/30/09 70,633,057.83 269,009.19 25,772.36 70,927,839.38
         
12/31/09 70,576,311.07 268,818.77 25,761.31 70,870,891.15
         
ana for the yr 60,966,016.96 297,935.87 21,410.58 61,285,363.41
         

 

A-1
  

Prior Expenses Cap 01/01/-4/30        
         
total assets 01/01-04/30 6,554,356,018.28 37,560,673.45 2,227,615.98 6,594,144,307.71
  120.00 120.00 120.00 120.00
  1.39% 2.14% 2.14%  
expenses 01/01/-4/30 249,604.24 2,202.19 130.61 251,937.04
         
Current Expenses Cap 05/01/-12/31        
         
total assets 5/1-12/31 15,698,240,171.80 71,185,917.68 5,587,245.74 15,775,013,335.22
  245.00 245.00 245.00 245.00
  1.59% 2.34% 2.34%  
expense 5/1/-12/31 683,841.15 4,563.70 358.20 688,763.04
         
total expenses for the year 933,445.39 6,765.89 488.80 940,700.08
         
Actual Expenses Fund Incurred       931,447.00
         
over recoupment based on prior expense cap     9,253.08

 

 

A-2
  

Exhibit "B"

Burnham Financial Services Fund 2009 Expense Analysis

 

  Burnham    
  Financial Services    
  Fund    
Date Class A Class B Class C Total
         
01/01/09 38,031,797.34 9,485,699.54 920,596.06 48,438,092.94
01/02/09 38,031,797.34 9,485,699.54 920,596.06 48,438,092.94
01/03/09 38,031,797.34 9,485,699.54 920,596.06 48,438,092.94
01/04/09 38,031,797.34 9,485,699.54 920,596.06 48,438,092.94
01/05/09 38,163,531.64 9,483,922.20 922,359.41 48,569,813.25
01/06/09 38,345,668.36 9,421,618.44 919,876.64 48,687,163.44
01/07/09 39,234,630.07 9,620,585.02 935,118.55 49,790,333.64
01/08/09 38,142,107.08 9,357,952.30 909,922.50 48,409,981.88
01/09/09 38,726,582.90 9,457,451.68 919,837.52 49,103,872.10
01/10/09 38,726,582.90 9,457,451.68 919,837.52 49,103,872.10
01/11/09 38,726,582.90 9,457,451.68 919,837.52 49,103,872.10
01/12/09 37,623,715.89 9,206,859.12 889,404.18 47,719,979.19
01/13/09 36,906,995.49 9,017,486.07 871,626.82 46,796,108.38
01/14/09 37,140,235.84 9,089,472.74 878,585.05 47,108,293.63
01/15/09 35,816,720.12 8,756,512.37 834,352.07 45,407,584.56
01/16/09 35,324,226.51 8,648,725.64 824,353.35 44,797,305.50
01/17/09 35,324,226.51 8,648,725.64 824,353.35 44,797,305.50
01/18/09 35,324,226.51 8,648,725.64 824,353.35 44,797,305.50
01/19/09 35,324,226.51 8,648,725.64 824,353.35 44,797,305.50
01/20/09 35,112,832.63 8,599,038.64 777,011.41 44,488,882.68
01/21/09 32,125,580.71 7,859,468.97 710,183.70 40,695,233.38
01/22/09 34,240,286.90 8,380,719.91 757,423.35 43,378,430.16
01/23/09 33,161,208.87 8,125,648.42 735,133.65 42,021,990.94
01/24/09 33,161,208.87 8,125,648.42 735,133.65 42,021,990.94
01/25/09 33,161,208.87 8,125,648.42 735,133.65 42,021,990.94
01/26/09 33,638,467.11 8,239,716.93 746,362.74 42,624,546.78
01/27/09 33,571,815.00 8,225,688.97 744,459.58 42,541,963.55
01/28/09 34,177,343.65 8,385,029.05 758,880.52 43,321,253.22
01/29/09 35,953,032.53 8,823,574.30 798,570.71 45,575,177.54
01/30/09 34,015,264.91 8,353,348.48 756,013.29 43,124,626.68
01/31/09 34,015,264.91 8,353,348.48 756,013.29 43,124,626.68
02/01/09 33,375,804.46 8,197,683.67 708,027.56 42,281,515.69
02/02/09 33,375,804.46 8,197,683.67 708,027.56 42,281,515.69
02/03/09 33,429,824.74 8,273,065.36 710,817.17 42,413,707.27
02/04/09 32,768,283.84 8,116,729.75 688,076.68 41,573,090.27
02/05/09 32,517,132.92 8,072,482.41 684,325.71 41,273,941.04
02/06/09 32,907,267.20 8,173,590.75 692,896.93 41,773,754.88
02/07/09 32,907,267.20 8,173,590.75 692,896.93 41,773,754.88
02/08/09 32,907,267.20 8,173,590.75 692,896.93 41,773,754.88
02/09/09 34,246,360.44 8,506,524.91 721,120.65 43,474,006.00
02/10/09 34,303,296.48 8,511,969.67 721,813.73 43,537,079.88
02/11/09 32,439,947.18 8,034,842.61 682,388.79 41,157,178.58
02/12/09 33,245,772.81 8,218,740.59 700,275.94 42,164,789.34
02/13/09 32,998,587.45 8,157,081.80 696,836.68 41,852,505.93
02/14/09 32,998,587.45 8,157,081.80 696,836.68 41,852,505.93
02/15/09 32,998,587.45 8,157,081.80 696,836.68 41,852,505.93
02/16/09 32,998,587.45 8,157,081.80 696,836.68 41,852,505.93
02/17/09 32,136,340.17 7,946,757.97 678,869.32 40,761,967.46
02/18/09 30,756,598.83 7,585,944.20 649,249.46 38,991,792.49
02/19/09 30,636,248.03 7,541,383.92 646,537.43 38,824,169.38
02/20/09 29,599,135.53 7,288,285.02 625,643.09 37,513,063.64
02/21/09 29,599,135.53 7,288,285.02 625,643.09 37,513,063.64
02/22/09 29,599,135.53 7,288,285.02 625,643.09 37,513,063.64
02/23/09 28,947,275.80 7,142,104.51 609,332.09 36,698,712.40
02/24/09 28,378,589.85 7,009,866.08 591,810.55 35,980,266.48
02/25/09 30,271,497.57 7,410,283.68 626,801.18 38,308,582.43
02/26/09 30,025,579.43 7,364,642.18 623,672.23 38,013,893.84
02/27/09 30,532,464.48 7,494,751.74 621,157.62 38,648,373.84
02/28/09 30,532,464.48 7,494,751.74 621,157.62 38,648,373.84
03/01/09 30,114,277.46 7,393,562.90 612,771.19 38,120,611.55
03/02/09 30,114,277.46 7,393,562.90 612,771.19 38,120,611.55
03/03/09 28,435,556.41 7,073,459.42 586,290.81 36,095,306.64
03/04/09 27,965,049.36 6,975,913.32 578,811.73 35,519,774.41
03/05/09 27,909,870.93 6,991,188.19 580,221.87 35,481,280.99
03/06/09 26,340,349.39 6,602,696.11 548,656.76 33,491,702.26
03/07/09 26,340,349.39 6,602,696.11 548,656.76 33,491,702.26
03/08/09 26,340,349.39 6,602,696.11 548,656.76 33,491,702.26
03/09/09 26,108,804.76 6,552,142.09 544,455.93 33,205,402.78
03/10/09 25,834,000.36 6,473,649.74 536,541.34 32,844,191.44
03/11/09 28,095,681.28 7,052,542.19 571,520.43 35,719,743.90
03/12/09 28,220,316.93 7,089,090.65 576,623.70 35,886,031.28
03/13/09 29,627,551.82 7,435,186.92 664,298.68 37,727,037.42
03/14/09 29,627,551.82 7,435,186.92 664,298.68 37,727,037.42
03/15/09 29,627,551.82 7,435,186.92 664,298.68 37,727,037.42
03/16/09 29,858,530.81 7,502,304.70 670,295.33 38,031,130.84
03/17/09 29,270,634.62 7,343,956.55 656,821.97 37,271,413.14
03/18/09 30,370,888.37 7,581,225.55 682,010.59 38,634,124.51
03/19/09 31,831,114.55 7,937,159.49 714,086.47 40,482,360.51
03/20/09 30,628,172.50 7,646,527.61 689,446.37 38,964,146.48
03/21/09 30,628,172.50 7,646,527.61 689,446.37 38,964,146.48
03/22/09 30,628,172.50 7,646,527.61 689,446.37 38,964,146.48
03/23/09 29,927,090.30 7,462,543.30 672,636.96 38,062,270.56
03/24/09 32,911,799.63 8,197,485.97 739,018.25 41,848,303.85
03/25/09 31,635,243.74 7,878,665.50 710,315.01 40,224,224.25
03/26/09 32,557,397.54 8,097,858.12 730,620.56 41,385,876.22
03/27/09 32,527,593.71 8,131,130.83 734,002.39 41,392,726.93
03/28/09 32,527,593.71 8,131,130.83 734,002.39 41,392,726.93
03/29/09 32,527,593.71 8,131,130.83 734,002.39 41,392,726.93
03/30/09 31,668,189.08 7,916,251.93 734,080.47 40,318,521.48
03/31/09 30,523,766.55 7,619,347.32 707,381.62 38,850,495.49
04/01/09 31,594,426.69 7,870,695.99 732,414.11 40,197,536.79
04/02/09 32,244,215.36 8,016,773.58 746,007.50 41,006,996.44
04/03/09 33,007,252.80 8,202,318.35 763,273.52 41,972,844.67
04/04/09 33,007,252.80 8,202,318.35 763,273.52 41,972,844.67
04/05/09 33,007,252.80 8,202,318.35 763,273.52 41,972,844.67
04/06/09 35,460,138.16 8,364,177.36 778,335.43 44,602,650.95
04/07/09 35,478,393.32 8,279,353.71 787,857.95 44,545,604.98
04/08/09 34,706,259.21 8,082,095.27 770,611.16 43,558,965.64
04/09/09 34,933,013.40 8,133,763.97 776,150.76 43,842,928.13
04/10/09 34,933,013.40 8,133,763.97 776,150.76 43,842,928.13
04/11/09 34,933,013.40 8,133,763.97 776,150.76 43,842,928.13
04/12/09 34,933,013.40 8,133,763.97 776,150.76 43,842,928.13
04/13/09 37,151,766.33 8,645,352.54 824,968.23 46,622,087.10
04/14/09 37,640,221.73 8,739,700.51 834,421.13 47,214,343.37
04/15/09 36,516,944.42 8,476,831.61 806,673.93 45,800,449.96
04/16/09 37,684,452.53 8,735,388.84 831,573.12 47,251,414.49
04/17/09 38,376,184.09 8,868,230.49 773,775.47 48,018,190.05
04/18/09 38,376,184.09 8,868,230.49 773,775.47 48,018,190.05
04/19/09 38,376,184.09 8,868,230.49 773,775.47 48,018,190.05
04/20/09 38,639,379.36 8,904,946.22 776,983.34 48,321,308.92
04/21/09 36,616,956.58 8,428,761.24 735,434.79 45,781,152.61
04/22/09 37,861,808.92 8,717,961.83 761,339.04 47,341,109.79
04/23/09 36,918,086.77 8,527,459.11 747,147.98 46,192,693.86
04/24/09 37,417,839.21 8,643,631.31 756,128.46 46,817,598.98
04/25/09 37,417,839.21 8,643,631.31 756,128.46 46,817,598.98
04/26/09 37,417,839.21 8,643,631.31 756,128.46 46,817,598.98
04/27/09 37,917,519.99 8,752,284.85 765,633.26 47,435,438.10
04/28/09 37,088,545.19 8,553,234.06 748,220.68 46,389,999.93
04/29/09 37,118,036.10 8,534,878.08 746,725.61 46,399,639.79
04/30/09 38,441,579.39 8,837,602.09 773,211.27 48,052,392.75
05/01/09 38,093,302.49 8,748,667.32 728,169.09 47,570,138.90
05/02/09 38,093,302.49 8,748,667.32 728,169.09 47,570,138.90
05/03/09 38,093,302.49 8,748,667.32 728,169.09 47,570,138.90
05/04/09 37,761,342.36 8,655,967.40 729,770.02 47,147,079.78
05/05/09 39,385,532.03 8,994,441.42 759,579.64 49,139,553.09
05/06/09 39,225,976.82 8,952,966.40 756,466.13 48,935,409.35
05/07/09 40,136,606.56 9,143,260.54 773,203.78 50,053,070.88
05/08/09 39,567,808.85 9,009,059.31 764,318.47 49,341,186.63
05/09/09 39,567,808.85 9,009,059.31 764,318.47 49,341,186.63
05/10/09 39,567,808.85 9,009,059.31 764,318.47 49,341,186.63
05/11/09 41,269,989.71 9,379,671.26 795,760.76 51,445,421.73
05/12/09 41,413,315.54 9,286,148.02 787,826.36 51,487,289.92
05/13/09 41,146,451.84 9,220,041.45 812,013.52 51,178,506.81
05/14/09 40,065,169.95 8,945,586.42 790,308.01 49,801,064.38
05/15/09 40,266,187.88 9,101,523.33 804,342.32 50,172,053.53
05/16/09 40,266,187.88 9,101,523.33 804,342.32 50,172,053.53
05/17/09 40,266,187.88 9,101,523.33 804,342.32 50,172,053.53
05/18/09 39,944,155.71 9,028,817.62 812,105.74 49,785,079.07
05/19/09 41,418,782.57 9,345,016.52 841,705.40 51,605,504.49
05/20/09 40,722,818.91 9,177,382.59 836,432.35 50,736,633.85
05/21/09 40,317,826.54 9,082,592.70 827,793.15 50,228,212.39
05/22/09 39,993,918.47 9,002,928.14 820,656.46 49,817,503.07
05/23/09 39,993,918.47 9,002,928.14 820,656.46 49,817,503.07
05/24/09 39,993,918.47 9,002,928.14 820,656.46 49,817,503.07
05/25/09 39,993,918.47 9,002,928.14 820,656.46 49,817,503.07
05/26/09 39,859,686.19 8,958,758.90 816,699.99 49,635,145.08
05/27/09 40,715,330.91 9,149,906.37 834,132.87 50,699,370.15
05/28/09 39,623,899.55 8,903,016.37 811,650.06 49,338,565.98
05/29/09 40,459,691.75 9,093,499.51 829,112.78 50,382,304.04
05/30/09 40,459,691.75 9,093,499.51 829,112.78 50,382,304.04
05/31/09 40,459,691.75 9,093,499.51 829,112.78 50,382,304.04
06/01/09 41,158,277.86 9,227,022.04 842,123.07 51,227,422.97
06/02/09 41,296,901.96 9,234,994.29 844,521.73 51,376,417.98
06/03/09 41,352,357.77 9,235,935.74 846,091.02 51,434,384.53
06/04/09 41,055,759.12 9,161,710.91 850,000.13 51,067,470.16
06/05/09 41,908,165.24 9,351,172.53 867,663.83 52,127,001.60
06/06/09 41,908,165.24 9,351,172.53 867,663.83 52,127,001.60
06/07/09 41,908,165.24 9,351,172.53 867,663.83 52,127,001.60
06/08/09 41,650,311.64 9,300,911.54 863,000.29 51,814,223.47
06/09/09 39,927,565.68 9,365,381.22 868,982.21 50,161,929.11
06/10/09 39,932,395.28 9,363,115.07 869,215.63 50,164,725.98
06/11/09 39,473,305.60 9,257,976.71 859,455.21 49,590,737.52
06/12/09 39,774,397.40 9,318,648.43 865,195.13 49,958,240.96
06/13/09 39,774,397.40 9,318,648.43 865,195.13 49,958,240.96
06/14/09 39,774,397.40 9,318,648.43 865,195.13 49,958,240.96
06/15/09 39,898,487.75 9,330,852.10 866,328.18 50,095,668.03
06/16/09 39,387,254.63 9,212,529.50 855,342.45 49,455,126.58
06/17/09 39,354,441.70 9,125,315.76 854,033.06 49,333,790.52
06/18/09 38,920,035.73 9,029,128.77 845,035.57 48,794,200.07
06/19/09 39,215,089.01 9,094,956.52 851,196.38 49,161,241.91
06/20/09 39,215,089.01 9,094,956.52 851,196.38 49,161,241.91
06/21/09 39,215,089.01 9,094,956.52 851,196.38 49,161,241.91
06/22/09 39,678,914.37 9,200,686.85 861,091.67 49,740,692.89
06/23/09 38,528,744.78 8,930,837.44 835,854.65 48,295,436.87
06/24/09 38,588,414.55 8,927,765.85 837,643.35 48,353,823.75
06/25/09 38,777,065.63 8,975,546.53 843,829.64 48,596,441.80
06/26/09 39,307,777.60 9,099,578.67 855,490.41 49,262,846.68
06/27/09 39,307,777.60 9,099,578.67 855,490.41 49,262,846.68
06/28/09 39,307,777.60 9,099,578.67 855,490.41 49,262,846.68
06/29/09 39,742,617.17 9,197,848.43 864,729.18 49,805,194.78
06/30/09 39,948,584.08 9,218,465.32 866,667.46 50,033,716.86
07/01/09 40,107,156.26 9,179,705.47 863,027.30 50,149,889.03
07/02/09 40,459,312.48 9,273,759.85 871,869.80 50,604,942.13
07/03/09 40,459,312.48 9,273,759.85 871,869.80 50,604,942.13
07/04/09 40,459,312.48 9,273,759.85 871,869.80 50,604,942.13
07/05/09 40,459,312.48 9,273,759.85 871,869.80 50,604,942.13
07/06/09 39,083,003.90 8,959,847.90 842,357.46 48,885,209.26
07/07/09 39,371,257.41 9,051,623.79 851,147.26 49,274,028.46
07/08/09 38,708,011.22 8,900,523.28 836,938.89 48,445,473.39
07/09/09 38,299,795.29 8,808,378.33 828,460.43 47,936,634.05
07/10/09 38,322,721.87 8,828,580.47 830,360.52 47,981,662.86
07/11/09 38,322,721.87 8,828,580.47 830,360.52 47,981,662.86
07/12/09 38,322,721.87 8,828,580.47 830,360.52 47,981,662.86
07/13/09 38,376,136.58 8,856,302.26 832,967.85 48,065,406.69
07/14/09 39,744,754.92 9,167,888.13 862,524.15 49,775,167.20
07/15/09 39,811,006.42 9,097,747.35 864,016.16 49,772,769.93
07/16/09 40,636,107.74 9,278,484.85 889,340.35 50,803,932.94
07/17/09 40,988,502.80 9,254,542.65 900,468.58 51,143,514.03
07/18/09 40,988,502.80 9,254,542.65 900,468.58 51,143,514.03
07/19/09 40,988,502.80 9,254,542.65 900,468.58 51,143,514.03
07/20/09 40,857,303.40 9,170,298.74 895,089.24 50,922,691.38
07/21/09 41,026,002.14 9,040,879.03 899,628.59 50,966,509.76
07/22/09 40,657,249.71 8,955,170.99 891,490.86 50,503,911.56
07/23/09 40,794,681.18 8,972,432.41 894,362.03 50,661,475.62
07/24/09 41,455,271.61 9,118,579.49 909,759.20 51,483,610.30
07/25/09 41,455,271.61 9,118,579.49 909,759.20 51,483,610.30
07/26/09 41,455,271.61 9,118,579.49 909,759.20 51,483,610.30
07/27/09 41,480,269.65 9,112,056.39 909,358.26 51,501,684.30
07/28/09 42,137,680.52 9,260,034.58 924,126.07 52,321,841.17
07/29/09 42,179,237.70 9,263,945.94 942,762.62 52,385,946.26
07/30/09 42,060,778.34 9,233,191.64 946,012.05 52,239,982.03
07/31/09 42,837,837.72 9,351,045.61 968,215.46 53,157,098.79
08/01/09 43,097,369.18 9,360,563.60 969,200.96 53,427,133.74
08/02/09 43,097,369.18 9,360,563.60 969,200.96 53,427,133.74
08/03/09 43,097,369.18 9,360,563.60 969,200.96 53,427,133.74
08/04/09 43,369,215.89 9,412,203.82 974,547.81 53,755,967.52
08/05/09 43,395,199.15 9,521,526.82 985,950.35 53,902,676.32
08/06/09 43,769,699.27 9,600,705.62 994,149.27 54,364,554.16
08/07/09 43,571,084.71 9,553,765.66 989,288.67 54,114,139.04
08/08/09 43,571,084.71 9,553,765.66 989,288.67 54,114,139.04
08/09/09 43,571,084.71 9,553,765.66 989,288.67 54,114,139.04
08/10/09 44,120,066.63 9,663,594.37 1,064,398.86 54,848,059.86
08/11/09 44,190,611.55 9,678,205.90 1,066,008.26 54,934,825.71
08/12/09 43,626,364.76 9,547,710.98 1,052,473.93 54,226,549.67
08/13/09 43,901,371.78 9,584,976.02 1,056,581.77 54,542,929.57
08/14/09 44,119,176.54 9,619,598.72 1,062,079.25 54,800,854.51
08/15/09 44,119,176.54 9,619,598.72 1,062,079.25 54,800,854.51
08/16/09 44,119,176.54 9,619,598.72 1,062,079.25 54,800,854.51
08/17/09 43,877,777.04 9,565,826.09 1,056,628.68 54,500,231.81
08/18/09 43,382,665.26 9,457,294.23 1,044,640.39 53,884,599.88
08/19/09 43,660,217.49 9,552,843.30 1,056,683.65 54,269,744.44
08/20/09 43,752,807.77 9,576,992.38 1,070,230.85 54,400,031.00
08/21/09 44,316,666.66 9,702,024.04 1,021,655.02 55,040,345.72
08/22/09 44,316,666.66 9,702,024.04 1,021,655.02 55,040,345.72
08/23/09 44,316,666.66 9,702,024.04 1,021,655.02 55,040,345.72
08/24/09 44,494,043.67 9,739,045.95 1,035,722.41 55,268,812.03
08/25/09 44,077,605.06 9,645,650.80 1,025,790.09 54,749,045.95
08/26/09 44,223,309.58 9,680,699.96 1,032,026.73 54,936,036.27
08/27/09 44,358,377.57 9,706,260.68 1,036,907.44 55,101,545.69
08/28/09 44,428,014.25 9,719,604.14 1,047,540.94 55,195,159.33
08/29/09 44,428,014.25 9,719,604.14 1,047,540.94 55,195,159.33
08/30/09 44,428,014.25 9,719,604.14 1,047,540.94 55,195,159.33
08/31/09 44,311,602.23 9,690,286.14 1,044,385.99 55,046,274.36
09/01/09 44,176,775.79 9,663,045.12 1,041,450.06 54,881,270.97
09/02/09 43,099,219.19 9,487,282.60 1,031,343.90 53,617,845.69
09/03/09 42,835,827.88 9,452,256.01 1,027,536.22 53,315,620.11
09/04/09 43,208,253.66 9,540,971.03 1,013,499.05 53,762,723.74
09/05/09 43,208,253.66 9,540,971.03 1,013,499.05 53,762,723.74
09/06/09 43,208,253.66 9,540,971.03 1,013,499.05 53,762,723.74
09/07/09 43,208,253.66 9,540,971.03 1,013,499.05 53,762,723.74
09/08/09 43,276,474.74 9,566,883.21 1,026,281.56 53,869,639.51
09/09/09 43,501,232.15 9,605,201.79 1,030,392.17 54,136,826.11
09/10/09 43,693,814.22 9,662,496.82 1,052,635.02 54,408,946.06
09/11/09 44,154,351.47 9,742,545.53 1,061,437.93 54,958,334.93
09/12/09 44,154,351.47 9,742,545.53 1,061,437.93 54,958,334.93
09/13/09 44,154,351.47 9,742,545.53 1,061,437.93 54,958,334.93
09/14/09 44,201,958.95 9,733,175.11 1,060,417.03 54,995,551.09
09/15/09 44,418,728.91 9,764,931.05 1,063,876.80 55,247,536.76
09/16/09 44,478,869.24 9,769,785.51 1,064,452.14 55,313,106.89
09/17/09 45,194,543.95 9,911,347.62 1,084,444.95 56,190,336.52
09/18/09 44,948,856.65 9,835,331.79 1,076,720.61 55,860,909.05
09/19/09 44,948,856.65 9,835,331.79 1,076,720.61 55,860,909.05
09/20/09 44,948,856.65 9,835,331.79 1,076,720.61 55,860,909.05
09/21/09 45,078,264.81 9,864,001.22 1,079,859.19 56,022,125.22
09/22/09 45,058,318.48 9,863,493.67 1,114,005.21 56,035,817.36
09/23/09 45,430,687.49 9,984,117.10 1,110,877.82 56,525,682.41
09/24/09 45,055,389.66 9,898,045.65 1,105,076.40 56,058,511.71
09/25/09 44,480,958.92 9,771,425.96 1,104,740.20 55,357,125.08
09/26/09 44,480,958.92 9,771,425.96 1,104,740.20 55,357,125.08
09/27/09 44,480,958.92 9,771,425.96 1,104,740.20 55,357,125.08
09/28/09 44,372,218.62 9,741,537.69 1,101,361.08 55,215,117.39
09/29/09 45,004,809.90 9,869,387.44 1,115,815.56 55,990,012.90
09/30/09 45,002,540.59 9,781,273.91 1,139,581.10 55,923,395.60
10/01/09 44,827,891.66 9,746,007.40 1,148,071.87 55,721,970.93
10/02/09 43,998,171.59 9,544,283.36 1,126,225.02 54,668,679.97
10/03/09 43,998,171.59 9,544,283.36 1,126,225.02 54,668,679.97
10/04/09 43,998,171.59 9,544,283.36 1,126,225.02 54,668,679.97
10/05/09 44,204,084.04 9,585,167.22 1,136,071.78 54,925,323.04
10/06/09 44,682,708.64 9,698,172.10 1,126,240.65 55,507,121.39
10/07/09 44,790,459.14 9,727,248.24 1,138,125.69 55,655,833.07
10/08/09 44,778,232.96 9,725,624.63 1,137,935.71 55,641,793.30
10/09/09 44,998,722.08 9,756,185.35 1,143,396.42 55,898,303.85
10/10/09 44,998,722.08 9,756,185.35 1,143,396.42 55,898,303.85
10/11/09 44,998,722.08 9,756,185.35 1,143,396.42 55,898,303.85
10/12/09 45,082,402.48 9,757,774.68 1,183,597.59 56,023,774.75
10/13/09 45,064,693.23 9,743,884.86 1,193,907.56 56,002,485.65
10/14/09 44,704,210.00 9,705,454.78 1,199,435.78 55,609,100.56
10/15/09 45,004,387.79 9,825,405.74 1,214,259.76 56,044,053.29
10/16/09 44,744,260.82 9,774,201.58 1,207,931.76 55,726,394.16
10/17/09 44,744,260.82 9,774,201.58 1,207,931.76 55,726,394.16
10/18/09 44,744,260.82 9,774,201.58 1,207,931.76 55,726,394.16
10/19/09 44,357,213.03 9,682,986.73 1,198,162.82 55,238,362.58
10/20/09 44,648,399.33 9,753,895.17 1,206,943.14 55,609,237.64
10/21/09 43,795,158.90 9,678,042.16 1,199,772.91 54,672,973.97
10/22/09 43,226,349.70 9,554,253.46 1,187,012.92 53,967,616.08
10/23/09 43,821,302.96 9,685,509.83 1,212,444.37 54,719,257.16
10/24/09 43,821,302.96 9,685,509.83 1,212,444.37 54,719,257.16
10/25/09 43,821,302.96 9,685,509.83 1,212,444.37 54,719,257.16
10/26/09 43,024,164.27 9,509,266.61 1,199,958.98 53,733,389.86
10/27/09 42,300,757.39 9,347,773.04 1,179,580.36 52,828,110.79
10/28/09 41,850,663.46 9,242,222.59 1,164,576.53 52,257,462.58
10/29/09 41,649,943.20 9,132,946.45 1,180,883.40 51,963,773.05
10/30/09 42,551,937.44 9,343,026.68 1,208,046.63 53,103,010.75
10/31/09 42,551,937.44 9,343,026.68 1,208,046.63 53,103,010.75
11/01/09 41,418,578.83 9,102,631.62 1,176,963.72 51,698,174.17
11/02/09 41,418,578.83 9,102,631.62 1,176,963.72 51,698,174.17
11/03/09 41,539,431.88 9,122,389.25 1,179,518.37 51,841,339.50
11/04/09 41,519,889.56 9,127,327.28 1,180,156.86 51,827,373.70
11/05/09 40,956,479.25 8,999,079.47 1,184,147.05 51,139,705.77
11/06/09 41,510,861.18 9,117,395.25 1,203,768.54 51,832,024.97
11/07/09 41,510,861.18 9,117,395.25 1,203,768.54 51,832,024.97
11/08/09 41,510,861.18 9,117,395.25 1,203,768.54 51,832,024.97
11/09/09 41,291,671.71 9,063,123.84 1,196,603.10 51,551,398.65
11/10/09 42,133,891.95 9,256,459.02 1,242,571.03 52,632,922.00
11/11/09 41,652,157.91 9,137,558.80 1,226,610.07 52,016,326.78
11/12/09 41,687,416.79 9,124,692.68 1,162,944.58 51,975,054.05
11/13/09 41,026,773.02 8,991,172.61 1,145,927.40 51,163,873.03
11/14/09 41,026,773.02 8,991,172.61 1,145,927.40 51,163,873.03
11/15/09 41,026,773.02 8,991,172.61 1,145,927.40 51,163,873.03
11/16/09 41,557,500.80 9,113,384.75 1,161,503.38 51,832,388.93
11/17/09 42,247,157.53 9,247,854.31 1,200,653.49 52,695,665.33
11/18/09 42,420,352.94 9,202,812.85 1,203,766.13 52,826,931.92
11/19/09 42,464,184.03 9,191,952.55 1,204,853.26 52,860,989.84
11/20/09 42,231,457.18 9,137,053.50 1,197,657.27 52,566,167.95
11/21/09 42,231,457.18 9,137,053.50 1,197,657.27 52,566,167.95
11/22/09 42,231,457.18 9,137,053.50 1,197,657.27 52,566,167.95
11/23/09 42,191,779.94 9,121,700.61 1,199,643.58 52,513,124.13
11/24/09 42,558,909.69 9,189,268.07 1,208,692.17 52,956,869.93
11/25/09 42,399,538.60 9,144,487.39 1,205,175.72 52,749,201.71
11/26/09 42,399,538.60 9,144,487.39 1,205,175.72 52,749,201.71
11/27/09 42,323,568.13 9,131,180.53 1,203,421.97 52,658,170.63
11/28/09 42,323,568.13 9,131,180.53 1,203,421.97 52,658,170.63
11/29/09 42,323,568.13 9,131,180.53 1,203,421.97 52,658,170.63
11/30/09 41,091,214.62 8,943,941.30 1,194,278.96 51,229,434.88
12/01/09 41,726,572.61 9,088,877.43 1,213,632.20 52,029,082.24
12/02/09 41,730,741.94 9,102,663.12 1,215,919.34 52,049,324.40
12/03/09 42,151,846.94 9,190,379.85 1,228,876.91 52,571,103.70
12/04/09 41,390,443.25 9,068,057.99 1,212,520.84 51,671,022.08
12/05/09 41,390,443.25 9,068,057.99 1,212,520.84 51,671,022.08
12/06/09 41,390,443.25 9,068,057.99 1,212,520.84 51,671,022.08
12/07/09 42,169,385.93 9,241,887.65 1,236,517.77 52,647,791.35
12/08/09 41,791,975.85 9,185,674.75 1,228,996.77 52,206,647.37
12/09/09 41,755,939.10 9,162,697.55 1,229,805.05 52,148,441.70
12/10/09 41,687,084.50 9,170,739.13 1,241,153.95 52,098,977.58
12/11/09 41,414,013.95 9,123,564.85 1,235,086.43 51,772,665.23
12/12/09 41,414,013.95 9,123,564.85 1,235,086.43 51,772,665.23
12/13/09 41,414,013.95 9,123,564.85 1,235,086.43 51,772,665.23
12/14/09 41,580,138.04 9,158,219.57 1,240,388.57 51,978,746.18
12/15/09 41,968,630.09 9,243,189.87 1,274,949.02 52,486,768.98
12/16/09 41,224,274.14 9,091,357.00 1,228,531.89 51,544,163.03
12/17/09 41,351,136.54 9,148,422.19 1,235,662.38 51,735,221.11
12/18/09 40,879,866.40 9,048,794.49 1,222,317.86 51,150,978.75
12/19/09 40,879,866.40 9,048,794.49 1,222,317.86 51,150,978.75
12/20/09 40,879,866.40 9,048,794.49 1,222,317.86 51,150,978.75
12/21/09 41,662,054.19 9,222,948.64 1,266,215.55 52,151,218.38
12/22/09 41,630,232.92 9,202,293.61 1,286,795.16 52,119,321.69
12/23/09 42,007,636.85 9,296,908.35 1,300,133.46 52,604,678.66
12/24/09 42,326,218.33 9,352,749.56 1,310,890.64 52,989,858.53
12/25/09 42,326,218.33 9,352,749.56 1,310,890.64 52,989,858.53
12/26/09 42,326,218.33 9,352,749.56 1,310,890.64 52,989,858.53
12/27/09 42,326,218.33 9,352,749.56 1,310,890.64 52,989,858.53
12/28/09 42,461,392.43 9,345,517.58 1,315,095.99 53,122,006.00
12/29/09 42,596,688.89 9,361,035.88 1,317,279.72 53,275,004.49
12/30/09 42,309,021.40 9,336,391.83 1,313,811.82 52,959,225.05
12/31/09 42,424,180.93 9,350,893.85 1,348,877.88 53,123,952.66
         
ana for the yr 39,198,869.13 8,940,447.31 933,514.27 48,139,316.44
         

 

B-1
  
Prior Expenses Cap 01/01/-4/30        
         
total assets thru April 4,014,681,911.86 978,719,133.64 87,925,484.97 5,081,326,530.47
  120.00 120.00 120.00 120.00
  1.60% 2.35% 2.35% 1.76%
expenses thru 4/30/09 175,986.06 63,013.42 5,660.96 244,660.44
         
Current Expenses Cap 05/01/-12/31        
         
total assets 5/1-12/31 10,292,905,318.79 2,284,544,134.54 252,807,223.36 12,830,256,676.69
  245.00 245.00 245.00 245.00
  1.80% 2.55% 2.55% 1.95%
  507,595.33 159,605.14 17,661.87 684,862.34
         
total expenses for the year 683,581.39 222,618.56 23,322.83 929,522.78
        (difference in rounding to AR)
       
Actual Expenses Fund Incurred     982,209.00
         
Fund in reimbursement for year     REIMBURSED

B-2
  

Exhibit "C"

Burnham Financial Industries Fund 2009 Expense Analysis

 

  Burnham    
  Financial Industries    
  Fund    
Date Class A Class C Class I Total
         
01/01/09 72,394,491.07 7,257,111.65   79,651,602.72
01/02/09 72,394,491.07 7,257,111.65   79,651,602.72
01/03/09 72,394,491.07 7,257,111.65   79,651,602.72
01/04/09 72,394,491.07 7,257,111.65   79,651,602.72
01/05/09 72,757,211.87 7,342,177.21   80,099,389.08
01/06/09 72,387,736.20 7,312,295.71   79,700,031.91
01/07/09 74,388,037.77 7,500,807.10   81,888,844.87
01/08/09 72,487,925.75 7,282,042.94   79,769,968.69
01/09/09 74,453,371.27 7,329,176.62   81,782,547.89
01/10/09 74,453,371.27 7,329,176.62   81,782,547.89
01/11/09 74,453,371.27 7,329,176.62   81,782,547.89
01/12/09 72,825,312.40 7,167,430.03   79,992,742.43
01/13/09 71,122,177.46 7,001,578.99   78,123,756.45
01/14/09 71,859,331.01 7,073,329.28   78,932,660.29
01/15/09 69,754,703.87 6,894,924.08   76,649,627.95
01/16/09 68,330,682.98 6,756,389.11   75,087,072.09
01/17/09 68,330,682.98 6,756,389.11   75,087,072.09
01/18/09 68,330,682.98 6,756,389.11   75,087,072.09
01/19/09 68,330,682.98 6,756,389.11   75,087,072.09
01/20/09 68,109,272.11 6,738,782.43   74,848,054.54
01/21/09 61,326,024.78 6,071,095.36   67,397,120.14
01/22/09 65,293,151.63 6,620,368.31   71,913,519.94
01/23/09 62,983,443.88 6,390,665.91   69,374,109.79
01/24/09 62,983,443.88 6,390,665.91   69,374,109.79
01/25/09 62,983,443.88 6,390,665.91   69,374,109.79
01/26/09 59,720,796.80 6,551,536.88   66,272,333.68
01/27/09 59,281,314.60 6,076,168.60   65,357,483.20
01/28/09 60,868,111.57 6,238,600.08   67,106,711.65
01/29/09 65,141,290.86 6,681,315.00   71,822,605.86
01/30/09 62,024,895.87 6,338,838.75   68,363,734.62
01/31/09 62,024,895.87 6,338,838.75   68,363,734.62
02/01/09 60,856,176.38 6,241,117.65   67,097,294.03
02/02/09 60,856,176.38 6,241,117.65   67,097,294.03
02/03/09 60,829,822.23 6,237,365.70   67,067,187.93
02/04/09 60,260,442.54 6,156,152.03   66,416,594.57
02/05/09 60,078,298.54 6,125,612.39   66,203,910.93
02/06/09 60,782,908.21 6,234,272.49   67,017,180.70
02/07/09 60,782,908.21 6,234,272.49   67,017,180.70
02/08/09 60,782,908.21 6,234,272.49   67,017,180.70
02/09/09 64,277,912.46 6,564,883.61   70,842,796.07
02/10/09 64,925,700.17 6,667,792.23   71,593,492.40
02/11/09 60,653,719.65 6,250,195.12   66,903,914.77
02/12/09 62,478,483.99 6,459,381.99   68,937,865.98
02/13/09 61,982,469.65 6,398,637.14   68,381,106.79
02/14/09 61,982,469.65 6,398,637.14   68,381,106.79
02/15/09 61,982,469.65 6,398,637.14   68,381,106.79
02/16/09 61,982,469.65 6,398,637.14   68,381,106.79
02/17/09 60,355,710.27 6,158,485.68   66,514,195.95
02/18/09 57,347,437.21 5,866,178.71   63,213,615.92
02/19/09 57,137,970.91 5,864,620.42   63,002,591.33
02/20/09 54,997,542.13 5,679,799.53   60,677,341.66
02/21/09 54,997,542.13 5,679,799.53   60,677,341.66
02/22/09 54,997,542.13 5,679,799.53   60,677,341.66
02/23/09 54,389,333.11 5,612,311.73   60,001,644.84
02/24/09 53,069,838.40 5,458,032.64   58,527,871.04
02/25/09 56,696,604.04 5,874,910.71   62,571,514.75
02/26/09 56,553,721.04 5,902,435.32   62,456,156.36
02/27/09 57,635,753.03 6,023,042.66   63,658,795.69
02/28/09 57,635,753.03 6,023,042.66   63,658,795.69
03/01/09 56,298,149.75 5,877,851.61   62,176,001.36
03/02/09 56,298,149.75 5,877,851.61   62,176,001.36
03/03/09 53,701,351.66 5,615,961.50   59,317,313.16
03/04/09 52,365,881.71 5,527,142.58   57,893,024.29
03/05/09 51,912,510.96 5,489,673.40   57,402,184.36
03/06/09 47,998,281.85 5,097,164.77   53,095,446.62
03/07/09 47,998,281.85 5,097,164.77   53,095,446.62
03/08/09 47,998,281.85 5,097,164.77   53,095,446.62
03/09/09 47,190,865.66 5,041,185.99   52,232,051.65
03/10/09 47,076,939.01 5,052,833.27   52,129,772.28
03/11/09 51,864,881.75 5,568,137.51   57,433,019.26
03/12/09 52,419,873.03 5,659,441.81   58,079,314.84
03/13/09 55,229,830.79 5,967,788.14   61,197,618.93
03/14/09 55,229,830.79 5,967,788.14   61,197,618.93
03/15/09 55,229,830.79 5,967,788.14   61,197,618.93
03/16/09 55,841,389.70 6,037,363.88   61,878,753.58
03/17/09 54,979,831.43 5,945,852.45   60,925,683.88
03/18/09 57,517,110.91 6,196,352.43   63,713,463.34
03/19/09 60,592,478.35 6,527,130.25   67,119,608.60
03/20/09 58,233,729.05 6,246,461.85   64,480,190.90
03/21/09 58,233,729.05 6,246,461.85   64,480,190.90
03/22/09 58,233,729.05 6,246,461.85   64,480,190.90
03/23/09 57,038,811.85 6,121,104.05   63,159,915.90
03/24/09 63,114,296.20 6,776,884.67   69,891,180.87
03/25/09 60,568,028.03 6,520,991.01   67,089,019.04
03/26/09 62,681,728.61 6,728,276.36   69,410,004.97
03/27/09 63,176,972.09 6,756,838.94   69,933,811.03
03/28/09 63,176,972.09 6,756,838.94   69,933,811.03
03/29/09 63,176,972.09 6,756,838.94   69,933,811.03
03/30/09 62,385,780.31 6,670,957.06   69,056,737.37
03/31/09 60,474,744.39 6,449,759.71   66,924,504.10
04/01/09 62,732,842.87 6,682,457.18   69,415,300.05
04/02/09 63,689,683.82 6,765,555.99   70,455,239.81
04/03/09 64,719,637.88 6,847,107.00   71,566,744.88
04/04/09 64,719,637.88 6,847,107.00   71,566,744.88
04/05/09 64,719,637.88 6,847,107.00   71,566,744.88
04/06/09 65,966,662.85 6,995,818.77   72,962,481.62
04/07/09 65,225,271.91 6,993,934.25   72,219,206.16
04/08/09 64,485,319.48 6,898,850.61   71,384,170.09
04/09/09 65,260,645.06 6,970,227.45   72,230,872.51
04/10/09 65,260,645.06 6,970,227.45   72,230,872.51
04/11/09 65,260,645.06 6,970,227.45   72,230,872.51
04/12/09 65,260,645.06 6,970,227.45   72,230,872.51
04/13/09 68,791,995.10 7,344,587.44   76,136,582.54
04/14/09 69,679,190.50 7,454,312.49   77,133,502.99
04/15/09 68,223,690.16 7,306,954.30   75,530,644.46
04/16/09 70,187,834.37 7,484,923.91   77,672,758.28
04/17/09 71,353,081.65 7,613,350.82   78,966,432.47
04/18/09 71,353,081.65 7,613,350.82   78,966,432.47
04/19/09 71,353,081.65 7,613,350.82   78,966,432.47
04/20/09 71,858,965.31 7,677,747.79   79,536,713.10
04/21/09 69,361,746.71 7,414,339.95   76,776,086.66
04/22/09 71,537,471.29 7,723,296.41   79,260,767.70
04/23/09 70,561,500.29 7,586,951.25   78,148,451.54
04/24/09 71,858,003.11 7,752,361.46   79,610,364.57
04/25/09 71,858,003.11 7,752,361.46   79,610,364.57
04/26/09 71,858,003.11 7,752,361.46   79,610,364.57
04/27/09 71,599,187.57 7,748,068.27   79,347,255.84
04/28/09 71,112,719.28 7,687,306.65   78,800,025.93
04/29/09 70,926,435.96 7,653,616.10   78,580,052.06
04/30/09 72,701,609.52 7,839,506.30   80,541,115.82
05/01/09 72,012,528.46 7,748,772.15   79,761,300.61
05/02/09 72,012,528.46 7,748,772.15   79,761,300.61
05/03/09 72,012,528.46 7,748,772.15   79,761,300.61
05/04/09 72,014,067.10 7,790,965.41   79,805,032.51
05/05/09 74,025,763.87 7,960,537.51   81,986,301.38
05/06/09 74,334,961.94 7,978,848.89   82,313,810.83
05/07/09 76,055,545.25 8,132,128.45   84,187,673.70
05/08/09 75,178,601.86 8,049,775.63   83,228,377.49
05/09/09 75,178,601.86 8,049,775.63   83,228,377.49
05/10/09 75,178,601.86 8,049,775.63   83,228,377.49
05/11/09 77,982,775.20 8,305,685.75   86,288,460.95
05/12/09 77,681,078.42 8,338,183.96   86,019,262.38
05/13/09 78,279,928.58 8,465,955.46   86,745,884.04
05/14/09 77,338,514.28 8,367,071.58   85,705,585.86
05/15/09 78,675,770.02 8,525,642.58   87,201,412.60
05/16/09 78,675,770.02 8,525,642.58   87,201,412.60
05/17/09 78,675,770.02 8,525,642.58   87,201,412.60
05/18/09 78,581,765.07 8,491,404.53   87,073,169.60
05/19/09 80,779,083.89 8,729,515.66   89,508,599.55
05/20/09 79,997,727.85 8,636,298.49   88,634,026.34
05/21/09 79,881,668.74 8,627,137.77   88,508,806.51
05/22/09 80,039,433.69 8,709,210.65   88,748,644.34
05/23/09 80,039,433.69 8,709,210.65   88,748,644.34
05/24/09 80,039,433.69 8,709,210.65   88,748,644.34
05/25/09 80,039,433.69 8,709,210.65   88,748,644.34
05/26/09 79,979,052.16 8,657,835.72   88,636,887.88
05/27/09 80,850,300.06 8,756,246.83   89,606,546.89
05/28/09 79,497,205.50 8,615,267.82   88,112,473.32
05/29/09 81,537,999.52 8,815,915.02   90,353,914.54
05/30/09 81,537,999.52 8,815,915.02   90,353,914.54
05/31/09 81,537,999.52 8,815,915.02   90,353,914.54
06/01/09 82,746,750.30 8,937,602.40   91,684,352.70
06/02/09 82,883,431.88 8,954,977.07   91,838,408.95
06/03/09 83,705,546.51 9,015,675.50   92,721,222.01
06/04/09 83,131,231.78 8,946,140.13   92,077,371.91
06/05/09 84,943,561.81 9,133,047.11   94,076,608.92
06/06/09 84,943,561.81 9,133,047.11   94,076,608.92
06/07/09 84,943,561.81 9,133,047.11   94,076,608.92
06/08/09 84,664,584.40 9,130,405.94   93,794,990.34
06/09/09 85,412,444.75 9,205,903.32   94,618,348.07
06/10/09 85,859,661.24 9,223,871.52   95,083,532.76
06/11/09 85,339,012.50 9,175,554.33   94,514,566.83
06/12/09 85,835,116.68 9,224,722.53   95,059,839.21
06/13/09 85,835,116.68 9,224,722.53   95,059,839.21
06/14/09 85,835,116.68 9,224,722.53   95,059,839.21
06/15/09 86,172,029.09 9,263,158.49   95,435,187.58
06/16/09 85,817,091.23 9,217,878.83   95,034,970.06
06/17/09 85,967,306.31 9,261,687.74   95,228,994.05
06/18/09 84,729,071.67 9,201,220.64   93,930,292.31
06/19/09 85,273,361.89 9,258,971.98   94,532,333.87
06/20/09 85,273,361.89 9,258,971.98   94,532,333.87
06/21/09 85,273,361.89 9,258,971.98   94,532,333.87
06/22/09 86,157,747.66 9,398,077.89   95,555,825.55
06/23/09 84,467,316.13 9,220,599.93   93,687,916.06
06/24/09 84,799,833.09 9,267,809.12   94,067,642.21
06/25/09 86,229,715.95 9,352,714.60   95,582,430.55
06/26/09 86,954,417.41 9,430,814.13   96,385,231.54
06/27/09 86,954,417.41 9,430,814.13   96,385,231.54
06/28/09 86,954,417.41 9,430,814.13   96,385,231.54
06/29/09 86,928,323.64 9,534,953.00   96,463,276.64
06/30/09 87,143,378.00 9,538,678.72   96,682,056.72
07/01/09 86,569,574.33 9,537,081.35   96,106,655.68
07/02/09 87,559,601.19 9,646,944.98   97,206,546.17
07/03/09 87,559,601.19 9,646,944.98   97,206,546.17
07/04/09 87,559,601.19 9,646,944.98   97,206,546.17
07/05/09 87,559,601.19 9,646,944.98   97,206,546.17
07/06/09 85,698,444.20 9,472,479.85   95,170,924.05
07/07/09 86,726,409.61 9,576,827.05   96,303,236.66
07/08/09 85,466,841.65 9,438,134.90   94,904,976.55
07/09/09 85,115,522.84 9,397,746.03   94,513,268.87
07/10/09 85,553,574.08 9,467,113.16   95,020,687.24
07/11/09 85,553,574.08 9,467,113.16   95,020,687.24
07/12/09 85,553,574.08 9,467,113.16   95,020,687.24
07/13/09 85,793,145.24 9,494,060.04   95,287,205.28
07/14/09 87,824,030.58 9,728,828.06   97,552,858.64
07/15/09 88,083,811.95 9,748,034.10   97,831,846.05
07/16/09 89,091,628.02 9,935,717.05   99,027,345.07
07/17/09 89,388,222.49 9,981,839.37   99,370,061.86
07/18/09 89,388,222.49 9,981,839.37   99,370,061.86
07/19/09 89,388,222.49 9,981,839.37   99,370,061.86
07/20/09 89,523,069.68 10,014,543.07   99,537,612.75
07/21/09 89,901,978.67 10,068,488.51   99,970,467.18
07/22/09 91,786,654.23 9,982,606.37   101,769,260.60
07/23/09 92,056,251.02 10,013,500.08   102,069,751.10
07/24/09 93,197,956.87 10,191,256.71   103,389,213.58
07/25/09 93,197,956.87 10,191,256.71   103,389,213.58
07/26/09 93,197,956.87 10,191,256.71   103,389,213.58
07/27/09 93,569,162.30 10,172,481.26   103,741,643.56
07/28/09 94,313,929.76 10,291,032.33   104,604,962.09
07/29/09 94,335,629.20 10,321,812.15   104,657,441.35
07/30/09 94,854,087.16 10,347,316.86   105,201,404.02
07/31/09 96,020,073.36 10,438,276.04   106,458,349.40
08/01/09 96,654,125.88 10,597,998.55   107,252,124.43
08/02/09 96,654,125.88 10,597,998.55   107,252,124.43
08/03/09 96,654,125.88 10,597,998.55   107,252,124.43
08/04/09 98,053,469.91 10,675,193.54   108,728,663.45
08/05/09 99,094,353.40 10,805,641.09   109,899,994.49
08/06/09 99,821,879.20 10,862,819.13   110,684,698.33
08/07/09 99,275,304.85 10,894,004.71   110,169,309.56
08/08/09 99,275,304.85 10,894,004.71   110,169,309.56
08/09/09 99,275,304.85 10,894,004.71   110,169,309.56
08/10/09 99,868,876.95 10,892,687.47   110,761,564.42
08/11/09 100,494,894.86 10,882,143.32   111,377,038.18
08/12/09 100,767,361.07 10,668,066.21   111,435,427.28
08/13/09 100,640,817.59 10,523,709.76   111,164,527.35
08/14/09 101,453,855.67 10,573,849.95   112,027,705.62
08/15/09 101,453,855.67 10,573,849.95   112,027,705.62
08/16/09 101,453,855.67 10,573,849.95   112,027,705.62
08/17/09 101,348,968.17 10,557,755.75   111,906,723.92
08/18/09 100,912,358.16 10,621,561.31   111,533,919.47
08/19/09 102,776,051.95 10,778,710.55   113,554,762.50
08/20/09 103,410,693.69 10,846,060.07   114,256,753.76
08/21/09 104,298,376.33 10,756,196.29   115,054,572.62
08/22/09 104,298,376.33 10,756,196.29   115,054,572.62
08/23/09 104,298,376.33 10,756,196.29   115,054,572.62
08/24/09 103,878,001.42 10,756,375.44   114,634,376.86
08/25/09 103,379,067.69 10,807,127.22   114,186,194.91
08/26/09 103,866,334.90 10,855,522.61   114,721,857.51
08/27/09 104,395,263.27 10,892,420.01   115,287,683.28
08/28/09 103,967,410.19 10,991,524.82   114,958,935.01
08/29/09 103,967,410.19 10,991,524.82   114,958,935.01
08/30/09 103,967,410.19 10,991,524.82   114,958,935.01
08/31/09 104,057,966.71 10,997,460.05   115,055,426.76
09/01/09 104,652,415.63 11,070,874.86   115,723,290.49
09/02/09 103,543,795.02 10,952,892.62   114,496,687.64
09/03/09 102,801,034.73 11,342,065.40   114,143,100.13
09/04/09 103,463,481.43 11,307,604.47   114,771,085.90
09/05/09 103,463,481.43 11,307,604.47   114,771,085.90
09/06/09 103,463,481.43 11,307,604.47   114,771,085.90
09/07/09 103,463,481.43 11,307,604.47   114,771,085.90
09/08/09 103,917,484.76 11,144,727.31   115,062,212.07
09/09/09 104,275,316.91 11,177,283.89   115,452,600.80
09/10/09 104,911,969.85 11,208,112.05   116,120,081.90
09/11/09 106,000,191.22 11,290,970.73   117,291,161.95
09/12/09 106,000,191.22 11,290,970.73   117,291,161.95
09/13/09 106,000,191.22 11,290,970.73   117,291,161.95
09/14/09 106,059,269.70 11,313,625.97   117,372,895.67
09/15/09 106,566,209.11 11,331,249.16   117,897,458.27
09/16/09 106,502,802.92 11,275,942.08   117,778,745.00
09/17/09 107,426,197.54 11,352,265.38   118,778,462.92
09/18/09 106,891,168.83 11,272,090.20   118,163,259.03
09/19/09 106,891,168.83 11,272,090.20   118,163,259.03
09/20/09 106,891,168.83 11,272,090.20   118,163,259.03
09/21/09 106,443,059.15 11,326,108.89   117,769,168.04
09/22/09 106,871,448.18 11,379,278.89   118,250,727.07
09/23/09 108,608,336.41 11,490,942.41   120,099,278.82
09/24/09 108,425,999.61 11,429,200.93   119,855,200.54
09/25/09 107,791,844.68 11,361,960.43   119,153,805.11
09/26/09 107,791,844.68 11,361,960.43   119,153,805.11
09/27/09 107,791,844.68 11,361,960.43   119,153,805.11
09/28/09 109,096,401.91 11,339,018.24   120,435,420.15
09/29/09 110,256,717.73 11,438,856.80   121,695,574.53
09/30/09 110,592,864.56 11,484,539.41   122,077,403.97
10/01/09 110,948,151.29 11,464,569.29   122,412,720.58
10/02/09 109,852,648.51 11,365,414.69   121,218,063.20
10/03/09 109,852,648.51 11,365,414.69   121,218,063.20
10/04/09 109,852,648.51 11,365,414.69   121,218,063.20
10/05/09 110,283,604.94 11,428,335.09   121,711,940.03
10/06/09 111,027,774.00 11,520,913.46   122,548,687.46
10/07/09 111,261,255.28 11,536,957.65   122,798,212.93
10/08/09 110,593,959.93 11,541,108.80   122,135,068.73
10/09/09 111,051,042.85 11,570,652.56   122,621,695.41
10/10/09 111,051,042.85 11,570,652.56   122,621,695.41
10/11/09 111,051,042.85 11,570,652.56   122,621,695.41
10/12/09 110,963,834.52 11,569,320.14   122,533,154.66
10/13/09 110,620,793.50 11,520,655.52   122,141,449.02
10/14/09 110,275,704.23 11,475,138.32   121,750,842.55
10/15/09 111,113,887.55 11,557,310.11   122,671,197.66
10/16/09 110,923,961.30 11,517,445.64   122,441,406.94
10/17/09 110,923,961.30 11,517,445.64   122,441,406.94
10/18/09 110,923,961.30 11,517,445.64   122,441,406.94
10/19/09 109,511,310.75 11,593,766.26   121,105,077.01
10/20/09 109,886,476.65 11,690,128.84   121,576,605.49
10/21/09 107,074,304.07 11,687,028.09   118,761,332.16
10/22/09 106,134,099.51 11,563,839.58   117,697,939.09
10/23/09 107,221,726.74 11,691,763.10   118,913,489.84
10/24/09 107,221,726.74 11,691,763.10   118,913,489.84
10/25/09 107,221,726.74 11,691,763.10   118,913,489.84
10/26/09 105,666,014.43 11,520,346.68   117,186,361.11
10/27/09 104,797,986.68 11,437,923.68   116,235,910.36
10/28/09 103,508,987.84 11,273,939.84   114,782,927.68
10/29/09 102,755,251.59 11,228,680.59   113,983,932.18
10/30/09 104,675,607.29 11,431,107.82   116,106,715.11
10/31/09 104,675,607.29 11,431,107.82   116,106,715.11
11/01/09 101,912,470.37 11,129,803.24   113,042,273.61
11/02/09 101,912,470.37 11,129,803.24   113,042,273.61
11/03/09 101,978,093.79 11,162,249.40   113,140,343.19
11/04/09 101,704,693.34 11,115,048.77   112,819,742.11
11/05/09 100,938,438.76 10,976,721.17   111,915,159.93
11/06/09 101,984,033.59 11,110,556.57   113,094,590.16
11/07/09 101,984,033.59 11,110,556.57   113,094,590.16
11/08/09 101,984,033.59 11,110,556.57   113,094,590.16
11/09/09 101,533,060.95 11,097,070.97   112,630,131.92
11/10/09 104,266,868.39 11,443,923.11   115,710,791.50
11/11/09 101,559,656.07 11,328,507.54   112,888,163.61
11/12/09 101,315,479.58 11,307,905.65   112,623,385.23
11/13/09 100,219,378.09 11,182,526.96   111,401,905.05
11/14/09 100,219,378.09 11,182,526.96   111,401,905.05
11/15/09 100,219,378.09 11,182,526.96   111,401,905.05
11/16/09 100,701,903.96 11,370,882.89   112,072,786.85
11/17/09 102,313,137.01 11,544,674.46   113,857,811.47
11/18/09 102,632,486.37 11,643,678.70   114,276,165.07
11/19/09 102,570,433.15 11,687,350.64   114,257,783.79
11/20/09 101,454,974.85 11,636,007.99   113,090,982.84
11/21/09 101,454,974.85 11,636,007.99   113,090,982.84
11/22/09 101,454,974.85 11,636,007.99   113,090,982.84
11/23/09 100,897,803.61 11,626,272.43   112,524,076.04
11/24/09 101,310,646.69 11,728,929.90   113,039,576.59
11/25/09 100,686,363.41 11,688,657.42   112,375,020.83
11/26/09 100,686,363.41 11,688,657.42   112,375,020.83
11/27/09 100,561,679.04 11,715,753.40   112,277,432.44
11/28/09 100,561,679.04 11,715,753.40   112,277,432.44
11/29/09 100,561,679.04 11,715,753.40   112,277,432.44
11/30/09 99,956,718.50 11,512,463.92   111,469,182.42
12/01/09 101,483,759.67 11,678,906.19   113,162,665.86
12/02/09 101,988,415.54 11,772,175.31   113,760,590.85
12/03/09 103,006,417.77 11,872,729.18   114,879,146.95
12/04/09 102,363,269.37 11,722,367.63   114,085,637.00
12/05/09 102,363,269.37 11,722,367.63   114,085,637.00
12/06/09 102,363,269.37 11,722,367.63   114,085,637.00
12/07/09 105,210,691.62 11,960,870.55   117,171,562.17
12/08/09 104,679,527.33 11,898,814.51   116,578,341.84
12/09/09 104,789,202.16 11,888,782.59   116,677,984.75
12/10/09 105,021,061.62 11,924,660.80   116,945,722.42
12/11/09 104,963,187.58 11,909,632.43   116,872,820.01
12/12/09 104,963,187.58 11,909,632.43   116,872,820.01
12/13/09 104,963,187.58 11,909,632.43   116,872,820.01
12/14/09 105,278,253.55 11,943,796.93   117,222,050.48
12/15/09 106,546,574.15 12,081,004.90   118,627,579.05
12/16/09 105,050,530.22 11,919,669.89 - 116,970,200.11
12/17/09 106,113,706.61 12,038,215.80 - 118,151,922.41
12/18/09 104,979,980.28 11,922,057.46 9,901.39 116,911,939.13
12/19/09 104,979,980.28 11,922,057.46 9,901.39 116,911,939.13
12/20/09 104,979,980.28 11,922,057.46 9,901.39 116,911,939.13
12/21/09 106,734,979.73 12,116,133.43 10,065.20 118,861,178.36
12/22/09 108,000,456.49 12,093,290.64 10,077.76 120,103,824.89
12/23/09 109,257,118.84 12,233,352.41 10,455,498.98 131,945,970.23
12/24/09 110,305,667.63 12,536,951.64 10,831,214.48 133,673,833.75
12/25/09 110,305,667.63 12,536,951.64 10,831,214.48 133,673,833.75
12/26/09 110,305,667.63 12,536,951.64 10,831,214.48 133,673,833.75
12/27/09 110,305,667.63 12,536,951.64 10,831,214.48 133,673,833.75
12/28/09 110,652,432.82 12,572,982.22 11,364,596.25 134,590,011.29
12/29/09 110,867,907.22 12,590,310.42 11,377,816.82 134,836,034.46
12/30/09 110,652,993.77 12,551,681.25 11,434,426.69 134,639,101.71
12/31/09 110,888,349.20 12,564,516.72 11,455,739.14 134,908,605.06
         
ana for the yr 85,893,742.47 9,255,410.57 272,500.78 95,421,653.82
         

 

C-1
  
Prior Expenses Cap 01/01/-4/30        
         
total assets thru April 7,569,609,534.62 789,174,211.20 - 8,358,783,745.82
  120.00 120.00 120.00 120.00
  0.55% 0.55% 0.55% 0.55%
expenses thru 4/30/09 114,062.61 11,891.67 - 125,954.28
         
Current Expenses Cap 05/01/-12/31        
         
total assets 5/1-12/31 23,781,606,466.46 2,589,050,648.51 99,462,782.93 26,470,119,897.90
  245.00 245.00 14.00 245.00
  0.65% 0.65% 0.65% 0.65%
other expenses 423,508.06 46,106.38 1,771.26 471,385.70
         
total other expenses for the year 537,570.67 57,998.05 1,771.26 597,339.97
      mgmt fee 906,116.00
      interest exp 223,044.00
      dividend on sec sold short 533,918.00
      class specific 350,236.00
total Fund expenses for the year     Total Expenses 2,610,653.97
        (difference in rounding to AR)
         
Actual Expenses Fund Incurred       2,661,989.00
         
Fund in reimbursement for year     REIMBURSED

C-2