The following information indicates, by state, the percentage of income earned by the Tax Exempt Money Market Portfolio for the calendar year ended December 31, 1999:

Alabama 2.80% Kentucky 1.76% Ohio 2.01% Alaska 0.00% Louisiana 1.61% Oklahoma 1.25% Arizona 4.41% Maine 0.47% Oregon 0.92% Arkansas 0.05% Maryland 2.39% Pennsylvania 7.02% California 0.64% Massachusetts 1.77% Puerto Rico 0.00% Colorado 0.57% Michigan 3.83% Rhode Island 0.00% Connecticut 1.61% Minnesota 3.09% South Carolina 2.40% Delaware 0.37% Mississippi 0.00% South Dakota 0.13% District of Columbia 0.00% Missouri 1.93% Tennessee 1.12% Florida 5.60% Montana 0.79% Texas 10.91% Georgia 4.26% Nebraska 0.67% Utah 0.81% Guam 0.00% Nevada 2.50% Vermont 0.00% Hawaii 1.43% New Hampshire 2.46% Virginia 0.36% Idaho 0.00% New Jersey 2.85% Washington 4.72% Illinois 3.36% New Mexico 0.34% West Virginia 0.00% Indiana 1.55% New York 3.26% Wisconsin 0.88% Iowa 0.22% North Carolina 7.13% Wyoming 1.37% Kansas 1.44% North Dakota 0.94%

The percentage of Federally tax exempt income subject to alternative minimum tax (AMT) is 16.28%.

Income From U.S. Treasury Securities - Listed below are the percentages of the ordinary income dividends (net investment income and short term capital gains) paid by each of the Treasurer's Fund portfolios in 1999 that were derived from U.S. Treasury Securities. Such income is exempt from state and local tax in most states. However, many states including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets in U.S. Government Securities at the end of each quarter of the Fund's fiscal year. Only the U.S. Treasury Money Market Portfolio qualifies under this strict requirement.

U.S. Government Securities Held at December 31, 1999 - Also listed below are the percentage of each Fund's portfolio that is held in U.S. Government Securities. This may also be useful to shareholders for state and local taxation purposes.

	% of Income U.S. Treasury Securities(a)	% of Income Repurchase Agreements(a)	Other Federal Agency Obligations(a)	Gov't Nat'l Mtg. Assoc./ Fed. Nat'l Mtg. Assoc.(a)	U.S. Government Securities held as of 12/31/99(d)
Domestic Prime	0.08%	(c) 37.33%	21.87%	1.12%	10.71%
U. S. Treasury	39.25%	(b) 60.75%	0.00%	0.00%	92.08%
Tax Exempt	----	----	----	----	----

Due to the diversity in state and local tax laws, it is recommended that you consult with your personal tax advisor for the applicability of the information provided. We do not provide tax advice but can provide statistical information useful for such purposes. Please call us at 1-800-TSR FUND (1-800-877-3863). One of our investor representatives will assist you.

(a) Represents the percentage of ordinary income reported on Form 1099 DIV line 1.
(b) Repurchase agreements collateralized by U.S. Treasury Securities only.
(c) Repurchase agreements collateralized by U.S. Treasury Securities and Agency Securities.
(d) Represents the percentage of the net asset value for the respective fund.