 AS OF DATE 01/25/94                           F U N D S     V A L U A T I O N                                        PAGE  1        
                                                                                                                                     
                                      I N C L U D I N G     R E I N V E S T M E N T S                                                
                                                                                                                                     
                                               F R O M     I N C E P T I O N                                                         
                                                                                                                                     
 FUND                     START    COST       PUR    PURCHASE   CUR     CUR     CURRENT     CURRENT      PROFIT      P OR L          
 NAME                      DATE   BASIS    SHARES       VALUE   DATE   PRICE     SHARES       VALUE        LOSS(CR)   PCT.           
                                                                                                                                     
 JANUS                   010193  10.00    100.000    1,000.00  012594  15.00    101.000    1,515.00      515.00      51.5%           
                                                                                                                                     
                                                                                                                                     
 JANUS 20                010193  20.00     20.000      400.00  012094  22.00     20.000      440.00       40.00      10.0%     SOLD  
                                                                                                                                     
                                                                                                                                     
 LINDNER                 010193  20.00    200.000    4,000.00  012594  25.00    420.000   10,500.00    6,500.00      62.5%           
                                                                                                                                     
                                                                                                                                     
 PENN MUT                012594   1.34     11.000       14.80  020194   1.23     11.000       13.57        1.23CR     8.3% CR        
                                                                                                                                     
                                PURCHASED            5,414.80**        WITH REINVESTS     12,468.57**  7,053.77  **  30.2%           
                                SOLD                   400.00**        SOLD                  440.00**     40.00  **  10.0%           
                                PURCHASED VALUE      5,014.80**        CURRENT VALUE      12,028.57**  7,013.77  **  39.8%           
AS OF DATE 01/25/94                           F U N D S     V A L U A T I O N                                        PAGE  1        
                                                                                                                                     
                                      I N C L U D I N G     R E I N V E S T M E N T S                                                
                                                                                                                                     
                                                Y E A R     T O     D A T E                                                          
                                                                                                                                     
 FUND                     BEGIN    COST    BEGIN        BEGIN    CUR     CUR    CURRENT     CURRENT      PROFIT      P OR L          
 NAME                   OF YEAR   BASIS    SHARES       VALUE   DATE   PRICE     SHARES       VALUE        LOSS(CR)   PCT.           
                                                                                                                                     
 JANUS                   010194  11.00    101.000    1,111.00  012594  15.00    101.000    1,515.00      404.00      36.3%           
                                                                                                                                     
 LINDNER                 101093  22.00     20.000      440.00  012594  25.00    420.000   10,500.00   10,060.00      86.3%           
                                                                                                                                     
 PENN MUT                012594   1.23     10.000       12.34  020194   1.23     11.000       13.57        1.23       9.9%           
                                                                                                                                     
                            BEGINNING OF YEAR        1,563.34**        WITH REINVESTS     12,028.57** 10,465.23  **  69.4%           
                            SOLD THIS YEAR                .00**        SOLD                     .00**       .00  **   0.0%           
                            YTD VALUE                1,563.34**        CURRENT VALUE      12,028.57** 10,465.23  **  69.4%           
