CLOSED-END MUTUAL FUND/TRUST SCORECARD

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1.  Sponsor (Inv’t. Mgr./Administrator)      ___   5.  Liquidity (include. guarantees)         ____

     Experience: # of yrs. in this business                       

                                                     a)  Fully liquid - NYSE hist.   (5pts)

     a)  20 years or more             (5 pts)        b)  App. listing NYSE - ASE

     b)  15-19 years                  (4 pts)            (No illiquid aspects)       (4 pts)

     c)  10-14 years                  (3 pts)        c)  Liquid, some illiq. chac.   (3 pts)

     d)  6-9 years                    (2 pts)        d)  Not fully liquid - OTC      (2 pts)

     e)  2-5 years                    (1 pts)        e)  Illiquid, not yet traded    (1 pts)

2.  Track Record:  # of funds of this type ____    6.  Self Dealing/ Conflicts of int:         ____

      (assumes good results shown)

     a)  More than 10                 (5 pts)        a)  All arms length trans.      (5 pts)

     b)  8-10                         (4 pts)        b)  Paying self in 1 area       (4 pts)

     c)  5-7                          (3 pts)        c)  Paying self in 2 areas      (3 pts)

     d)  2-4                          (2 pts)        d)  Paying self in 3 areas      (2 pts)

     e)  None or first one            (1 pts)        e)  Paying self in 4+areas      (1 pts)

 3.  Compensation/Expenses:  Fees +    ____       7.  Shareholder’s Rights                     ____

      turnover % projected                           a)  Majority vote only req. 

                                                         on all key items            (5 pts)

      a)  Less than 1.00%             (5 pts)        b)  Maj. vote on 3/4 items      (4 pts)

      b)  1.01% - 1.25%               (4 pts)        c)  Maj. vote on 2/4 items      (3 pts)

      c)  1.26% - 1.50%               (3 pts)        d)  Maj. vote on 1/4 items      (2 pts)

      d)  1.51% - 1.99%               (2 pts)        e)  More than a maj. vote

      e)  2.0% or more                (1 pts)            on all key items            (1 pts)

  4.  Load Factors:                    ____        8.  Leverage:                               ____

      a) Less than 4%                 (5 pts)        a)  Less than 30%               (5 pts)

      b)  4.1% - 5.0%                 (4 pts)        b)  31% - 35%                   (4 pts)

      c)  5.1% - 6.0%                 (3 pts)        c)  36% - 40%                   (3 pts)

      d)  6.1% - 7.5%                 (2 pts)        d)  41% - 50%                   (2 pts)

      e)  7.5% or more                (1 pts)        e)  More than 50%               (1 pts)

                                    SCORECARD (Page 2)

  9.  Assumptions:                                    _____

      a)  Very conservative criteria & safeguards    (5 pts)

      b)  Semi-conservative criteria with many       

          safeguards                                 (4 pts)

      c)  Semi-aggressive criteria with some

          safeguards                                 (3 pts)

      d)  Aggressive criteria with few safeguards    (2 pts)

      e)  Aggressive criteria with virtually no 

          safeguards                                 (1 pts)

  10.  Risk Factors:                                 _____

       (% of Normal Risk)

      a)  80%                                        (5 pts)

      b)  90%                                        (4 pts)

      c)  100%                                       (3 pts)

      d)  110%                                       (2 pts)

      e)  120%                                       (1 pts)

                                     TOTAL POINTS    ______

     Note:  A minimum of 35 points (70%) is required for

            due diligence consideration.  Further, a score

            of one (1) in any one category may cause the

            offering to be rejected.  

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                                      SCORECARDS

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