Kanebridge 401(k) Plan

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CIBC 401(k) Consulting Group

Presentation to:

Kanebridge

401(k) Plan

Presented by:

Richard Devine

Howard Franzblau

March 2002

Quarterly

Report

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I. Notes to Investment Options

II. Investment Options

Description of Asset Category

Performance Comparison of Funds Suggested within Asset Class

Peer Group Comparison and Performance vs. Risk

Total Return Percentile Rank to Peer Group

Performance vs. Risk: 3 Years

Style Analysis

Historical Style Exposure

Average Equity Style - Rolling

Modern Portfolio Theory Statistics

R-Squared

Beta

Alpha

Sharpe Ratio

w w w w

Individual Fund Descriptions - Performance and Statistics

T a b l e o f C o n t e n t s

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I. Notes to

Investment Options

3 Month T-Bill

- A benchmark used to show the growth of money.

Dow Jones Utility

- A benchmark that consists of 15 geographically representative

gas and electric utility companies. This index is price-weighted.

LB 1-3 Year Government Bond

- A benchmark comprised of both the Treasury

Bond Index and the Agency Bond Index.

LB Aggregate Bond

- A combination of the Government/Corporate Index, the

Mortgage-Backed Securities Index and the Asset-Backed Securities Index,

maintained by Lehman Brothers.

LB Aggregate / S&P 500 Mix

- A combination of the LB Aggregate and the S&P

500, used to measure funds that invest in both fixed instruments and common

stocks.

LB Credit Bond

- A benchmark which tracks all publicly issued non-convertible

investment grade corporate debt, maintained by Lehman Brothers.

LB Credit Long Bond

- A benchmark which tracks all public-issued nonconvertible

investment-grade corporate debts that have a maturity of 10 years or more.

LB GNMA

- This index covers the mortgage-backed pass-through securities of the

Government National Mortgage Association (GNMA).

LB Government Bond

- A benchmark which tracks obligations of the US

Government and its agencies, maintained by Lehman Brothers.

LB Government Long Bond

- A benchmark that tracks those indexes found in the

LB Government index which have a maturity of ten years or more.

The following is a glossary of indices used throughout the proposal. These indices are used to

compare and measure the performance of the selected funds to their respective asset categories.

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Notes to

Investment Options

LB High Yield Bond

- A benchmark that covers the universe of fixed-rate,

noninvestment grade debt.

LB Intermediate Government Bond

- A benchmark which includes those indices in

the LB Government which have a maturity of one to three years.

Morningstar Average

- Represents the average performance of all funds in the

asset category of the named fund as reported by Morningstar, a mutual fund rating

service.

MSCI Emerging Markets ID

- This index serves as a benchmark for each emerging

country. The average size of these companies is (U.S.) $400 million, as compared

with $300 billion for those companies in the World index.

MSCI Europe ND

- This index measures the performance of stock markets in

Austria, Belgium, Denmark, Finland, France, Germany, Italy, the Netherlands,

Norway, Spain, Sweden, Switzerland, Ireland, Portugal and the United Kingdom.

MSCI Pacific ND

- An index that measures the performance of stock markets in

Australia, Hong Kong, Japan, New Zealand, Singapore and Malaysia.

MSCI World ND

- An index of the stock markets in the US, Europe, Canada,

Australia, New Zealand, the Far East, and 13 Emerging Markets, maintained by

Morgan Stanley Capital International (MSCI).

MSCI World ex US ND

- An index that measures the performance of the stock

market in the following countries: Australia, Austria, Belgium, Canada, Denmark,

Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, Malaysia, Netherlands,

New Zealand, Norway, Singapore, Spain, Sweden, Switzerland and the UK.

of the plan

The following is a glossary of indices used throughout the proposal. These indices are used to

compare and measure the performance of the selected funds to their respective asset categories.

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Notes to

Investment Options

NASDAQ Composite

- An index measuring the performance of all issues listed in

the NASDAQ Stock Market, except for rights, warrants, units and convertible

debentures.

PSE Tech 100

- A price-weighted index that measures 100 exchange-listed and over

the counter stocks.

Russell 1000

- An index consisting of the 1000 largest companies within the Russell

3000 index.

Russell 1000 Growth

- A market-capitalization weighted index of those firms in the

Russell 1000 with higher price-to-book ratios and higher forecasted growth values.

The Russell 1000 includes the largest 1000 firms in the Russell 3000.

Russell 1000 Value

- A market-capitalization weighted index of those firms in the

Russell 1000 with lower price-to-book ratios and lower forecasted growth values.

The Russell 1000 includes the largest 1000 firms in the Russell 3000.

Russell 2000

- An index of the smallest 2000 companies in the Russell 3000 index.

Russell 2000 Growth

- A market-weighted total return index that measures the

performance of companies within the Russell 2000 Index having higher price-to-book

ratios and higher forecasted growth values.

of the plan

The following is a glossary of indices used throughout the proposal. These indices are used to

compare and measure the performance of the selected funds to their respective asset categories.

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Notes to

Investment Options

Russell 2000 Value

- A market-weighted total return index that measures the

performance of companies within the Russell 2000 Index having lower price-to-book

ratios and lower forecasted growth values.

Russell Midcap Growth

- A market-weighted total return index that measures the

performance of companies within the Russell Midcap Index having higher

price-to-book ratios and higher forecasted growth values.

Russell Midcap Value

- A market-weighted total return index that measures the

performance of companies within the Russell Midcap Index having lower

price-to-book ratios and lower forecasted growth values.

S&P 400

- An index consisting of 400 middle capitalization, domestic stocks chosen

for market size, liquidity, and industry group representation.

S&P 500

- An index of 500 widely held stocks, often used as a proxy for the stock

market. It measures the movement of the largest issues. Included are the stocks of

400 industrial companies, 40 financial companies, 40 public utility companies, and 20

transportation companies.

The following is a glossary of indices used throughout the proposal. These indices are used to

compare and measure the performance of the selected funds to their respective asset categories.

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"Our cutting edge technology and

our academic discipline will ensure

a menu of investment options that

remain the "better of the better"...

Investment

Options

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Money Market

Funds in this asset class invest in short-term

high quality financial instruments like certificates

of deposit and commercial paper (short-term

loans to individual corporations). Money market

accounts typically have a very low amount of

risk.

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1 2 3 4 5 6 7

Tot Ret YTD Tot Ret 1 Yr Tot Ret 3 Yr Tot Ret 5 Yr Tot Ret 10 Yr Tot Ret Since Incep

Oppenheimer Cash Reserves 3 Month T-Bill

Oppenheimer Cash Reserves

Performance as of March 29, 2002

Investment Review

The Oppenheimer Cash Reserves seeks

safety of principal, liquidity, and maximum

current income.

The fund maintains a diversified portfolio of

high quality money market securities, which

at the time of investment have remaining

maturities of thirteen months or less. The

types of money market securities include: 1)

marketable obligations of, or guaranteed by,

the United States Government, or its

instrumentalities, 2) U.S. dollar-denominated

CDs and bankers' acceptances, 3) domestic

or foreign commercial paper, and 4)

repurchase agreements that are

collateralized in full each day by U.S.

Government Securities.

Performance is historical and is not representative of future results. Investment return and principal value of an investment will fluctuate so that if shares are redeemed, they may be worth more or less than their original cost. The index and Morningstar Average are used as benchmarks in comparing the relative performance of mutual funds. Sources: Morningstar, Inc., CDA Wiesenberger and Bloomberg.

Annual Return % Tot Ret YTD Tot Ret 1 Yr Tot Ret 3 Yr Tot Ret 5 Yr Tot Ret 10 Yr Tot Ret Since Incep

Oppenheimer Cash Reserves 0.22 2.22 4.13 4.27 3.91 4.66

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Stable Value

Funds in this asset class invest primarily in

investment contracts issued by insurance

companies and banks. This asset class has a

higher degree of risk than money market funds

with a corresponding expectation of greater

return, and a lesser degree of risk than other

asset classes (except Government

Bond—Treasury) with a corresponding

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1 2 3 4 5 6 7

Tot Ret YTD Tot Ret 1 Yr Tot Ret 3 Yr Tot Ret 5 Yr Tot Ret 10 Yr Tot Ret Since Incep

Gartmore Morley Stable Value 3 Month T-Bill

Morley Capital Stable Value

Performance as of March 29, 2002

Investment Review

The Morley Capital Stable Value Fund seeks

a consistent rate of return while preserving

capital and minimizing risk.

The fund is a portfolio of contracts purchased

from leading life insurance agencies. These

companies have well-diversified portfolios

with very low exposure to below-investment

grade bonds and problem mortgages. The

fund seeks only high-quality investments that

carry less market risk than stocks and bonds.

These instruments include guaranteed

investments contracts (GICs) issued by

insurance companies, and bank investment

contracts (BICs), issued by banks. Your

return is a blend of all the rates of various

investments purchased by the fund.

Annual Return % Tot Ret YTD Tot Ret 1 Yr Tot Ret 3 Yr Tot Ret 5 Yr Tot Ret 10 Yr Tot Ret Since Incep

Gartmore Morley Stable Value 1.44 6.24 6.28 6.31 6.46 6.33

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Intermediate-Term Bond

Intermediate-term bond funds have average

durations that are greater than 3.5 years and less

than six years. Most of the funds rotate among a

variety of sectors in the bond market, based upon

which appear to offer better values. Whatever

types of bonds they hold, these funds are less

sensitive to interest rates, and therefore less

volatile, than funds that have longer durations.

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-1 0 1 2 3 4 5 6 7 8

Total Annualized Return, %

Morningstar Intermediate Bond Universe Average

Oppenheimer Bond A LB Aggregate Bond

Annual Return %

YTD

1 Year

3 Years

5 Years

10 Years

Oppenheimer Bond A

-0.42

2.54

3.67

5.26

6.16 LB Aggregate Bond

0.09

5.35

6.49

7.57

7.38 Morningstar Intermediate Bond Universe Average

-0.18

4.28

5.53

6.64

6.85 Intermediate-Term Bond

Performance as of March 29, 2002

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Performance as of March 29, 2002

Performance is historical and is not representative of future results. Investment return and principal value of an investment will fluctuate so that if shares are redeemed, they may be worth more or less than their original cost. The index and Morningstar Average are used as benchmarks in comparing the relative performance of mutual funds. Sources: MPI Stylus, 1Morningstar, Inc., CDA Wiesenberger and Bloomberg. 2 Albert J. Friedman and Russ Wiles, How Mutual Funds Work (New York Institute of Finance: Simon & Schuster, 1993) 65.

Intermediate-Term Bond

Total Return Percentile Rank to Peer Group

0

25

50

75

100

YTD 1 Year 3 Years 5 Years 10 Years Since Inception

69.5 25.5 90.8 15.6 95.8 15.4 96.9 10.2 84.9 16.5 85.7 12.7 5th to 25th Percentile 25th Percentile to Median Median to 75th Percentile 75th to 95th Percentile Oppenheimer Bond A LB Aggregate Bond

Performance vs. Risk: 3 Years

Apr-99 - Mar-02 -2 -1 0 1 2 3 4 5 6 7 8 9

0 1 2 3 4 5 6

Total Annualized StdDev, %

Morningstar Intermediate Bond Universe Oppenheimer Bond A

LB Aggregate Bond

The chart to the right illustrates a fund's total return percentile rank relative to all fund's that have the same objective in

Morningstar's Intermediate-Term Bond universe of funds. The highest percentile rank is 1 and the lowest is 100. When considering a fund's percentile ranking within its peer group, check to make sure the fund invests in the same kinds of issues as most of its peers. An Intermediate-Term Bond fund that has drifted from its style or focuses on a particular sector may perform differently than its peers

.

1

The Performance vs. Risk chart evaluates portfolio returns by taking into account the associated risk. It is computed as the ratio of the fund's return to the fund's standard deviation. Standard deviation is a

non-relative measure of volatility.1_{It doesn't}

depend on any relationship to another variable, such as an arbitrarily chosen market index.2_{It offers a probable range}

within which a fund's realized return is likely to deviate from its expected return. When a fund has a high standard deviation, the predicted range of performance is wide, implying greater volatilit

y

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Performance as of March 29, 2002

Performance is historical and is not representative of future results. Investment return and principal value of an investment will fluctuate so that if shares are redeemed, they may be worth more or less than their original cost. The index and Morningstar Average are used

Intermediate-Term Bond

Historical Style Exposure

0 10 20 30 40 50 60 70 80 90 100 110 Weight, %

Apr-97 Nov-97 Mar-98 Jul-98 Nov-98 Mar-99 Jul-99 Nov-99 Mar-00 Jul-00 Nov-00 Mar-01 Jul-01 Nov-01 Mar-02

Cash

Lehman Aggregate Bond Int'l Equity

LB Gov Long Bond LB Gov Int Bond LB Corp Long Bond LB Corporate Int Bond

Average Equity Style - Rolling

6 Month moving average, Nov-96 - Mar-02

-1 0 1 Corp. - Govt. -1 0 1 Interm. - Long

LB Gov Long Bond LB Gov Int Bond

LB Corp Long Bond LB Corporate Int Bond

LB Fixed Income Style Indices

Morningstar Intermediate Bond Universe Oppenheimer Bond A

LB Aggregate Bond

Investors need a way to estimate the market exposure of portfolios in order to

successfully allocate assets and manage risk. Exposure to asset classes can be qualitatively defined as a proportion of the portfolio assets invested in each asset class. A real portfolio containing hundreds or thousands of securities can be described (or modeled) by an "ideal" portfolio -- a

combination of a relatively small number of indices. This combination is called the portfolio's asset mix and its main function is to describe portfolio exposure to asset classes.3_{On the Historical Style Exposure}

chart to the right, each fund's market

exposure over the past 5 years is expressed in terms of asset classes represented by the Lehman Brothers Fixed Income Indices.

The chart to the right displays the changes in investment style of each fund that have taken place over the last 5 years, from corporate debt to government debt, intermediate-term to long-term, or vice versa. Style Analysis allows an investor to examine the consistency of a fund

manager's investment policy. No investment policy has to be 100%

consistent. However, the inconsistencies must be identified and the investor must evaluate potential consequences.3_When

studying a style analysis, please be aware that current market conditions may provoke a style drift rather than an individual fund manager's decree.

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Performance as of March 29, 2002

Performance is historical and is not representative of future results. Investment return and principal value of an investment will fluctuate so that if shares are redeemed, they may be worth more or less than their original cost. The index and Morningstar Average

Intermediate-Term Bond

R-Squared Apr-97 - Mar-02 0 10 20 30 40 50 60 70 80 90 100 Benchmark R-Squared, % 83.2 100.0 Benchmark R-Squared 5th to 25th Percentile 25th Percentile to Median Median to 75th Percentile 75th to 95th Percentile Oppenheimer Bond A LB Aggregate Bond Beta May-88 - Mar-02 0.0 0.5 1.0 1.5 2.0 Beta

1 Year 3 Years 5 Years Inception

1.09 1.00 1.04 1.00 1.02 1.00 _0.97 1.00 5th to 25th Percentile 25th Percentile to Median Median to 75th Percentile 75th to 95th Percentile Oppenheimer Bond A LB Aggregate Bond

R-squared reflects the percentage of a fund's movements that can be explained by movements in its benchmark index. R-squared ranges between 0 percent and 100 percent. An R-squared of 100 indicates that 100% of a fund's fluctuations can be explained by movements in its benchmark index. Conversely, a low R-squared, such as 35, indicates that only 35% of the fund's fluctuations can be explained by movements in the benchmark index. R-squared can be used to ascertain the significance of a particular beta (see below). Generally, a higher R-squared will indicate a more reliable beta figure. If the R-squared is lower, the beta is less relevant to the fund's performance.1

Beta risk refers to that portion of the price variation of a fund attributable to the price movements of the stock market as a whole. The beta of the market is 1.00 by definition. Therefore, a fund with a beta of 1.00 will tend to rise and fall with its benchmark index. A fund with a beta of 1.5 will tend to rise 50% more than its index when the market is rising and to decline 50% more than its index when the market is declining. Conversely, a fund with a beta of 0.5 will tend to rise 50% less than its index when the market is rising and to decline 50% less than its index when the market is declining. Since beta risk by definition represents the degree to which each security reacts in the same way as all other securities, it is impossible to reduce beta risk through diversification without reducing the returns of the portfolio.4

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Performance as of March 29, 2002

Performance is historical and is not representative of future results. Investment return and principal value of an investment will fluctuate so that if shares are redeemed, they may be worth more or less than their original cost. The index and Morningstar Average are used as benchmarks in comparing the relative performance of mutual funds. Sources: MPI Stylus, 1Morningstar, Inc., CDA Wiesenberger and Bloomberg. 2 Albert J. Friedman and Russ Wiles, How Mutual Funds Work (New York Institute of Finance: Simon & Schuster, 1993) 67. 4

Intermediate-Term Bond

Alpha May-88 - Mar-02 -4 -3 -2 -1 0 1 2 Alpha, %

-2.91 -2.75 -2.22 -1.10 5th to 25th Percentile 25th Percentile to Median Median to 75th Percentile 75th to 95th Percentile Alpha Sharpe Ratio May-88 - Mar-02 -1.0 -0.5 0.0 0.5 1.0 Sharpe Ratio

1 Year 3 years 5 Years Inception

-0.03 0.60 -0.25 0.52 0.11 0.78 0.40 0.72 5th to 25th Percentile 25th Percentile to Median Median to 75th Percentile 75th to 95th Percentile Oppenheimer Bond A LB Aggregate Bond

Alpha risk is a measure of the difference between a fund's actual returns and its expected performance, given its level of risk as measured by beta. A positive alpha figure indicates the fund has performed better than its beta would predict. In contrast, a negative alpha indicates the fund's underperformance, given the

expectations established by the fund's beta. Please be aware that a negative alpha can sometimes result from the expenses that are present in a fund's returns, but not in the returns of the comparison index. Alpha depends on the strength of the fund's R-squared and the assumption that market risk, as measured by beta, is the only risk measure necessary.1_{Since alpha risk by}

definition is not correlated to the price movements of other securities, it can be eliminated through perfect diversification of a securities portfolio without reducing returns.4

Sharpe Ratio is a risk-adjusted measure developed by Nobel Laureate William Sharpe.1_{It is calculated by using excess}

return, or the difference between a fund's average return and the average return on a riskless Treasury bill over the same period. The excess return can be positive or negative depending on how the fund performed. The Sharpe Ratio divides the excess return by the fund's standard deviation. Higher values are favorable as they indicate more return per unit of risk.2

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-1 0 1 2 3 4 5 6 7 8 9

3 Mos. 1 Year 3 Years 5 Years 10 years Since Inception

Morningstar Intermediate Bond Universe Average

Oppenheimer Bond A LB Aggregate Bond

Oppenheimer Bond A

Performance as of March 29, 2002

Investment Review

The Oppenheimer Bond Fund seeks income

consistent with stability of capital.

Fund Family OppenheimerFunds

Manager Name Negri/Kowalik

Manager Tenure 6

Fund Incept Date 04/15/1988

Phone Number 800-525-7048

Net Assets $MM 285.09

% Cash 7.95

% US Stocks 0.04

% Bonds 89.99

% Assets in Top 10 Holdings 47.21 Total Number of Holdings 314.00

Med Mkt Cap $MM 0.00 % Other 0.20 % Utilities 0.00 % Energy 0.00 % Financials 0.00 % Industrial Cyclicals 0.00 % Consumer Durables 0.00 % Consumer Staples 0.00 % Services 0.00 % Retail 0.00 % Health 0.00 % Technology 0.00

The fund invests in publicly-issued

investment-grade debt securities, U.S.

government securities, and money-market

instruments. The average weighted maturity

generally ranges between five and 10 years.

Std Dev 3 Yr 3.93

Std Dev 5 Yr 3.89

P/E Ratio 0.00

12b-1 Current 0.25

Expense Ratio 1.31 _{Annual Return %}

3 Mos. 1 Year 3 Years 5 Years 10 Years Since Inception Oppenheimer Bond A -0.42 2.54 3.67 5.26 6.16 7.05 LB Aggregate Bond 0.09 5.35 6.49 7.57 7.38 8.33 Morningstar Intermediate Bond Universe Average -0.18 4.28 5.53 6.64 6.85 7.71

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Large Cap Value

Large Cap Value Funds focus on big companies that

are less expensive than the market as a whole. These

firms may be out-of-favor with investors due to recent

business problems or -- more often -- they’re simply

growing slower than other companies. These

slow-growers, which usually fall in the utilities, energy,

financials and cyclical sectors, also have their virtues.

Such companies tend to pay relatively high dividends

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-4 -2 0 2 4 6 8 10 12 14 16

Morningstar Large Value Universe Average

Oppenheimer Quest Opport A Oppenheimer Quest Value A Davis NY Venture A

Russell 1000 Value Index

Annual Return %

YTD

1 Year

3 Years

5 Years

10 Years

Oppenheimer Quest Opport A

0.41 -2.36

4.16

8.25

12.63 Oppenheimer Quest Value A

0.75 -3.12

1.78

7.53

11.80 Davis NY Venture A

-0.67

-2.01

3.30

11.34

15.43 Russell 1000 Value Index

4.09

4.39

3.63

11.46

14.49 Morningstar Large Value Universe Average

2.13

2.93

3.53

9.45

12.23 Large Cap Value

Performance as of March 29, 2002

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Performance as of March 29, 2002

Large Cap Value

0

25

50

75

100

78.8 74.2 90.2 19.7 86.9 91.2 84.3 36.0 41.2 61.8 50.7 46.7 65.1 75.1 25.323.4 47.0 55.7 6.7 13.2 63.4 3.7 16.6 5th to 25th Percentile 25th Percentile to Median Median to 75th Percentile 75th to 95th Percentile

Oppenheimer Quest Opport A Oppenheimer Quest Value A Davis NY Venture A Russell 1000 Value Index

Apr-99 - Mar-02 -10 -5 0 5 10 15 20 25

0 5 10 15 20 25 30 35

Morningstar Large Value Universe Oppenheimer Quest Opport A Oppenheimer Quest Value A Davis NY Venture A Russell 1000 Value Index

Morningstar's Large Cap Value universe of funds. The highest percentile rank is 1 and the lowest is 100. When considering a fund's percentile ranking within its peer group, check to make sure the fund invests in the same kinds of issues as most of its peers. A Large Cap Value fund that has drifted from its style or focuses on a particular sector may perform differently than its peers

.

1

y

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Performance as of March 29, 2002

Large Cap Value

0 20 40 60 80 100 Weight, %

Oppenheimer Quest Opport A

0 20 40 60 80 100 Weight, %

Oppenheimer Quest Value A

0 20 40 60 80 100 Weight, %

Davis NY Venture A

Cash

Russ Top 200 Value Russ Top 200 Growth Russ Midcap Value Russ Midcap Growth Russ 2000 Value Russ 2000 Growth

-1 0 1 Small - Large -1 0 1 Value - Growth

Russ Top 200 Value Russ Top 200 Growth

Russ Midcap Value Russ Midcap Growth

Russ 2000 Value Russ 2000 Growth

Russell Style Indices

Morningstar Large Value Universe Oppenheimer Quest Opport A Oppenheimer Quest Value A Davis NY Venture A Russell 1000 Value Index

exposure over the past 5 years is expressed in terms of asset classes represented by the Russell Indices.

The chart to the right displays the changes in investment style of each fund that have taken place over the last 5 years, from value to growth, small cap to large cap, or vice versa. Style Analysis allows an investor to examine the consistency of a fund

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Performance as of March 29, 2002

Large Cap Value

R-Squared Apr-97 - Mar-02 0 10 20 30 40 50 60 70 80 90 100 Benchmark R-Squared, % 88.1 89.4 80.1 100.0 Benchmark R-Squared 5th to 25th Percentile 25th Percentile to Median Median to 75th Percentile 75th to 95th Percentile Oppenheimer Quest Opport A Oppenheimer Quest Value A Davis NY Venture A Russell 1000 Value Index

Beta Jan-86 - Mar-02 0.0 0.5 1.0 1.5 2.0 Beta

0.62 0.87 1.15 1.00 0.72 0.95 0.88 1.00 0.78 0.92 0.99 1.00 0.90 1.00 1.00 5th to 25th Percentile 25th Percentile to Median Median to 75th Percentile 75th to 95th Percentile Oppenheimer Quest Opport A Oppenheimer Quest Value A Davis NY Venture A Russell 1000 Value Index

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Performance as of March 29, 2002

Large Cap Value

Alpha Jan-86 - Mar-02 -10 -8 -6 -4 -2 0 2 4 6 8 Alpha, %

-6.26 -7.28 -6.33 0.10 -1.76 -0.17 -1.71 -3.10 0.27 -1.07 1.69 5th to 25th Percentile 25th Percentile to Median Median to 75th Percentile 75th to 95th Percentile Oppenheimer Quest Opport A Oppenheimer Quest Value A Davis NY Venture A Sharpe Ratio Jan-86 - Mar-02 -1.0 -0.5 0.0 0.5 1.0 Sharpe Ratio

-0.55 -0.43 -0.23 0.18 0.01 -0.11 -0.01 0.30 0.24 0.430.46 0.49 0.67 0.61 5th to 25th Percentile 25th Percentile to Median Median to 75th Percentile 75th to 95th Percentile

Oppenheimer Quest Opport A Oppenheimer Quest Value A Davis NY Venture A Russell 1000 Value Index

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-4 -2 0 2 4 6 8 10 12 14 16

Oppenheimer Quest Opport A Russell 1000 Value Index

Oppenheimer Quest Opportunity A

Performance as of March 29, 2002

Investment Review

Oppenheimer Quest Opportunity Fund -

Class A seeks growth capital.

Fund Family OppenheimerFunds Manager Name Glasebrook II, Richard J.

Manager Tenure 11

Fund Incept Date 01/03/1989 Phone Number 800-525-7048

% Cash 14.76

% US Stocks 66.13

% Bonds 15.45

The fund allocates assets among stocks,

bonds, and cash. Common stocks and

convertible securities normally constitute the

majority of investments, though it may invest

more than 50% of assets in fixed-income

securities. The fund may invest without limit

in foreign securities.

Std Dev 3 Yr 12.21

Std Dev 5 Yr 14.36

P/E Ratio 22.60

12b-1 Current 0.50

3 Mos. 1 Year 3 Years 5 Years 10 Years Since Inception

Oppenheimer Quest Opport A 0.41 -2.36 4.16 8.25 12.63 14.14 Russell 1000 Value Index 4.09 4.39 3.63 11.46 14.49 13.90 Morningstar Large Value Universe Average 2.13 2.93 3.53 9.45 12.23 12.44

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-4 -2 0 2 4 6 8 10 12 14 16

Oppenheimer Quest Value A Russell 1000 Value Index

Oppenheimer Quest Value A

Performance as of March 29, 2002

Investment Review

The Fund seeks capital appreciation through

investment in securities of companies believed by the Manager to be undervalued in the marketplace in relation to to the companies’ assets, earnings, growth potential and cash flow.

Fund Family OppenheimerFunds

Manager Name Lindenthal, John G.

Manager Tenure 1

% Cash 12.04

% US Stocks 85.12

% Bonds 0.00

The equity securities in which the Fund invests

are common stocks and preferred stocks; bonds,

debentures and notes convertible into common

stocks; and depository receipts for such

securities. To provide liquidity for the purchase of

new instruments and to effect redemptions of

shares, the Fund typically invests a part of its

assets in various types of U.S. government

securities and high quality short-term debt

securities with remaining maturities of one year or

less. For temporary defensive purposes, the

Fund may invest up to 100% of its assets in such

securities.

Std Dev 3 Yr 15.65

Std Dev 5 Yr 16.79

P/E Ratio 25.80

12b-1 Current 0.50

3 Mos. 1 Year 3 Years 5 Years 10 Years Since Inception

Oppenheimer Quest Value A 0.75 -3.12 1.78 7.53 11.80 11.86 Russell 1000 Value Index 4.09 4.39 3.63 11.46 14.49 13.94 Morningstar Large Value Universe Average 2.13 2.93 3.53 9.45 12.23 12.31

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-4 -2 0 2 4 6 8 10 12 14 16 18

3 Mos. 1 Year 3 Years 5 Years Since Inception

Davis NY Venture A Russell 1000 Value Index

Davis NY Venture A

Performance as of March 29, 2002

Investment Review

Davis New York Venture Fund seeks growth

of capital.

Fund Family Davis Funds

Manager Name Davis/Feinberg

Manager Tenure 6

% Cash 5.52

% US Stocks 90.01

% Bonds 0.00

The fund invests predominantly in equity

securities of companies with market

capitalizations of at least $250 million. It will

also invest in issues with smaller

capitalizations. Investments will consist of

issues which have capital growth potential

due to factors such as undervalued assets or

earnings potential, product development and

demand and other similar reasons.

Std Dev 3 Yr 16.52

Std Dev 5 Yr 19.74

P/E Ratio 28.36

12b-1 Current 0.25

3 Mos. 1 Year 3 Years 5 Years Since Inception Davis NY Venture A -0.67 -2.01 3.30 11.34 16.05

Russell 1000 Value Index 4.09 4.39 3.63 11.46 15.34

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Large Cap Blend

Large Cap Blend Funds focus on big companies that

are fairly representative of the overall stock market in

both size and price. These funds tend to invest evenly

across the spectrum of U.S. industries. They hold

significant assets in easily recognized stocks,

cyclicals, consumer staples and services. Typical

major holdings for these funds are Citicorp, General

(29)

-4 -2 0 2 4 6 8 10 12

Morningstar Large Blend Universe Average

Federated Max-Cap Index InSv S&P 500 Index

Annual Return %

YTD

1 Year

3 Years

5 Years

Federated Max-Cap Index InSv

0.11 -0.40

-3.27

9.36 S&P 500 Index

0.28

0.24 -2.53

10.18 Morningstar Large Blend Universe Average

-0.13

-1.01

-1.88

8.89 Large Cap Blend

Performance as of March 29, 2002

(30)

Performance as of March 29, 2002

Large Cap Blend

0

25

50

75

100

YTD 1 Year 3 Years 5 Years Since Inception

48.0 35.6 51.1 33.2 68.5 49.2 _50.5 30.7 36.4 13.5 5th to 25th Percentile 25th Percentile to Median Median to 75th Percentile 75th to 95th Percentile

Apr-99 - Mar-02 -40 -30 -20 -10 0 10 20

0 10 20 30 40 50 60 70 80 90 100

Morningstar Large Blend Universe Federated Max-Cap Index InSv S&P 500 Index

Morningstar's Large Cap Blend universe of funds. The highest percentile rank is 1 and the lowest is 100. When considering a fund's percentile ranking within its peer group, check to make sure the fund invests in the same kinds of issues as most of its peers. A Large Cap Blend fund that has drifted from its style or focuses on a particular sector may perform differently than its peers

.

1

y

.1

(31)

Performance as of March 29, 2002

Large Cap Blend

0 10 20 30 40 50 60 70 80 90 100 Weight, %

Cash

S&P/BARRA SmCap Growth S&P/BARRA SmCap Value S&P/BARRA Value

S&P/BARRA MidCap Growth S&P/BARRA MidCap Value S&P/BARRA Growth

S&P/BARRA SmCap Growth S&P/BARRA SmCap Value

S&P/BARRA Value

S&P/BARRA MidCap Growth S&P/BARRA MidCap Value

S&P/BARRA Growth

S&P/BARRA Style Indices Morningstar Large Blend Universe Federated Max-Cap Index InSv S&P 500 Index

(32)

Performance as of March 29, 2002

Large Cap Blend

R-Squared Apr-97 - Mar-02 0 10 20 30 40 50 60 70 80 90 100 Benchmark R-Squared, % 100.0 100.0 Benchmark R-Squared 5th to 25th Percentile 25th Percentile to Median Median to 75th Percentile 75th to 95th Percentile Federated Max-Cap Index InSv S&P 500 Index Beta Jan-94 - Mar-02 0.0 0.5 1.0 1.5 2.0 Beta

1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

5th to 25th Percentile 25th Percentile to Median Median to 75th Percentile 75th to 95th Percentile Federated Max-Cap Index InSv S&P 500 Index

(33)

Performance as of March 29, 2002

Large Cap Blend

Alpha Jan-94 - Mar-02 -10 -8 -6 -4 -2 0 2 4 6 8 10 Alpha, %

-0.64 -0.78 -0.75 -0.69 5th to 25th Percentile 25th Percentile to Median Median to 75th Percentile 75th to 95th Percentile Alpha Sharpe Ratio Jan-94 - Mar-02 -1.0 -0.5 0.0 0.5 1.0 Sharpe Ratio

-0.11 -0.07 -0.40 -0.35 0.32 0.37 0.55 0.60 5th to 25th Percentile 25th Percentile to Median Median to 75th Percentile 75th to 95th Percentile

(34)

-40 -35 -30 -25 -20 -15 -10 -5 0 5 10 15 20 25 30 35 40 45 50 55 60

3 Mos. 1 Year 3 Years 5 Years Since Inception

Morningstar Large Blend Universe Average

Federated Max-Cap Instl Svc S&P 500 Index

Federated Max Cap Instl Svc

Performance as of March 29, 2002

Investment Review

Federated Max-Cap Instl seeks investment results that correspond to the aggregate price and dividend performance of publicly-traded common stocks, by duplicating the composition of the S&P 500 Index.

Fund Family Federated Funds

Manager Name Management Team

Manager Tenure 3

% Cash 4.28

% US Stocks 89.20

% Bonds 0.00

The fund will attempt to achieve a correlation

between the performance of its portfolio and

that of the Index of at least 0.95 of 1% or

better; a figure of 1.00 would represent

perfect correlation. It will normally be invested

in substantially all of the stocks that comprise

the Index. Although the fund normally invests

at least 80% in stocks represented in the

Index, it is not required to sell securities if the

80% investment level changes due to

increases or decreases in the market value of

portfolio securities.

Std Dev 3 Yr 16.24

Std Dev 5 Yr 19.45

P/E Ratio 31.93

12b-1 Current 0.30

3 Mos. 1 Year 3 Years 5 Years Since Inception

Federated Max-Cap Instl Svc 0.11 -0.40 -3.27 9.36 12.78

S&P 500 Index 0.28 0.24 -2.53 10.18 13.57

(35)

Large Cap Growth

Large Cap Growth Funds invest in big companies that

are projected to grow faster than the overall stock

market. Most of these funds focus on companies in

rapidly expanding industries, such as technology and

health care, or multinational companies with a high

percentage of earnings coming from sales in foreign

markets. A typical holding for one of these funds

would be Microsoft or Johnson & Johnson.

(36)

-10 -5 0 5 10 15

Morningstar Large Growth Universe Average

Enterprise Growth A Russell 1000 Growth Index

Annual Return %

YTD

1 Year

3 Years

5 Years

10 Years

Enterprise Growth A

-0.28

2.37 -3.37

10.96

13.80 Russell 1000 Growth Index

-2.59

-2.00

-9.03

7.59

11.07 Morningstar Large Growth Universe Average

-2.48

-5.84

-5.94

8.57

10.01 Large Cap Growth

Performance as of March 29, 2002

(37)

Performance as of March 29, 2002

Large Cap Growth

0

25

50

75

100

24.9 50.5 10.2 30.4 33.5 72.6 28.7 60.6 8.8 32.7 12.0 29.6 5th to 25th Percentile 25th Percentile to Median Median to 75th Percentile 75th to 95th Percentile Enterprise Growth A Russell 1000 Growth Index

Apr-99 - Mar-02 -50 -40 -30 -20 -10 0 10 20

0 10 20 30 40 50 60 70 80 90

Morningstar Large Growth Universe Enterprise Growth A

Russell 1000 Growth Index

Morningstar's Large Cap Growth universe of funds. The highest percentile rank is 1 and the lowest is 100. When considering a fund's percentile ranking within its peer group, check to make sure the fund invests in the same kinds of issues as most of its peers. A Large Cap Growth fund that has drifted from its style or focuses on a particular sector may perform differently than its peers

.

1

y

.1

(38)

Performance as of March 29, 2002

Large Cap Growth

0 10 20 30 40 50 60 70 80 90 100 Weight, %

Cash

Russ Top 200 Value Russ Top 200 Growth Russ Midcap Value Russ Midcap Growth Russ 2000 Value Russ 2000 Growth

Russ Top 200 Value Russ Top 200 Growth

Russ Midcap Value Russ Midcap Growth

Russ 2000 Value Russ 2000 Growth

Russell Style Indices

Morningstar Large Growth Universe Enterprise Growth A

Russell 1000 Growth Index

(39)

Performance as of March 29, 2002

Large Cap Growth

R-Squared Apr-97 - Mar-02 0 10 20 30 40 50 60 70 80 90 100 Benchmark R-Squared, % 66.3 100.0 Benchmark R-Squared 5th to 25th Percentile 25th Percentile to Median Median to 75th Percentile 75th to 95th Percentile Enterprise Growth A Russell 1000 Growth Index

Beta Jan-86 - Mar-02 0.0 0.5 1.0 1.5 2.0 Beta

0.53 1.00 0.42 1.00 0.59 1.00 0.81 1.00 5th to 25th Percentile 25th Percentile to Median Median to 75th Percentile 75th to 95th Percentile Enterprise Growth A Russell 1000 Growth Index