| Amount | Implied Tax | ||
|---|---|---|---|
| 12/31/2000 Portfolio Value | 10,000,000.00 | ||
| Additions/Withdrawals | -5,000,000.00 | ||
| Weighted Cash Flows | -2,580,645.16 | ||
| Unrealized Gains | 5,000,000.00 | 0.00 | |
| Dividends | 0.00 | 0.00 | |
| Corporate Interest | 1,000.00 | 447.60 | |
| Treasury Interest | 1,000.00 | 391.00 | |
| Muni Interest | 1,000.00 | 0.00 | |
| Out of State Muni Interest | 1,000.00 | 56.60 | |
| Short Term Capital Gains | 0.00 | 0.00 | |
| Mid Term Capital Gains | 0.00 | 0.00 | |
| Long Term Capital Gains | 1,000,000.00 | 256,600.00 | |
| ________________ | ________________ | ||
| Total Income and Taxes | 1,004,000.00 | 257,495.20 | |
| 01/31/01 Portfolio Value | 7,000,000.00 | ||
| Pre-Tax Performance | 26.96 | % | |
| After-Tax Performance | 23.49 | % | |
| Non-Discretionary Capital Gains | 5,000,000.00 | 641,500.00 | |
| Adjusted After-Tax Performance | 32.13 | % | |
| Performance Net of Fees | |||
| __Fees from portfolio | 0.00 | 0.00 | |
| __Fees paid externally | 0.00 | ||
| __Pre-Tax Performance Net of Fees | 26.96 | % | |
| __After-Tax Performance Net of Fees | 23.49 | % | |
| __Adjusted After-Tax Performance Net of Fees | 32.13 | % |
* Assumed maximum federal tax rate = 39.10% and maximum state tax rate for CA = 9.30%. [D]