Investment Research Associates - Page 45

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          9/1/84 Through 8/31/85                                                      
               On August 31, 1985, Holding Co. sold or liquidated its stock           
          in Nominee.  It reacquired the stock in Nominee on September 1,             
          1986.                                                                       
          I.   Holding Co. & Subsidiaries Returns                                     
               The consolidated returns of Holding Co. and its subsidiaries           
          show the following with respect to taxable years ending July 31,            
          1977 to 1987:                                                               

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