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Previous: FIRST SECURITY AUTO GRANTOR TRUST 1998-A, 8-K, 1998-11-09 |
Next: NATIONWIDE CREDIT INC, 8-K, 1998-11-09 |
REGIONAL OPPORTUNITY FUND: OHIO, INDIANA, KENTUCKY
PORTFOLIO OF INVESTMENTS - AUGUST 31, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
------ -----
COMMON STOCKS - 88.6%
AIRLINES - 3.6%
3,855 Comair Holdings, Inc. $ 98,062
1,000 Delta Air Lines, Inc. 102,000
----------
200,062
----------
AUTOMOBILE PARTS - 1.1%
1,500 Dana Corp. 58,781
----------
BUILDING MATERIALS - 0.5%
1,500 Thomas Industries, Inc. 27,844
----------
CLOTHING & FABRICS - 0.4%
1,000 Fabric-Centers of America (a) 22,938
----------
COMMUNICATIONS - 1.1%
6,874 Brightpoint, Inc. (a) 62,296
----------
COMPUTERS & INFORMATION - 13.5%
4,500 Compaq Computer Corp. 125,719
3,500 Dell Computer Corp. (a) 350,000
4,000 EMC Corp. (a) 180,750
1,000 Lexmark International, Inc. Class A (a) 60,562
1,000 Sun Microsystems, Inc. (a) 39,625
----------
756,656
----------
CONGLOMERATES - 2.1%
1,500 General Electric Co. 120,000
----------
CONTAINERS & PACKAGING - 1.6%
3,000 Owens Illinois, Inc. (a) 93,562
----------
COSMETICS/PERSONAL CARE - 1.1%
1,000 Avon Products, Inc. 62,875
----------
DIVERSIFIED MANUFACTURING - 1.0%
1,000 Tyco International, Inc. 55,500
----------
ELECTRICAL COMPONENTS - 0.7%
1,750 Diebold, Inc. 38,281
----------
FOOD - 0.3%
600 Papa John's International, Inc. (a) 15,900
----------
FOOD RETAILERS - 1.2%
1,500 Kroger Company (a) 67,500
----------
HEALTH CARE PROVIDERS - 1.7%
6,750 Res-Care, Inc. (a) 98,296
----------
<PAGE>
REGIONAL OPPORTUNITY FUND: OHIO, INDIANA, KENTUCKY
PORTFOLIO OF INVESTMENTS - AUGUST 31, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
HEAVY MACHINERY - 0.9%
6,750 Chart Industries, Inc. $ 47,672
----------
HOUSEHOLD PRODUCTS, NONDURABLE - 1.2%
860 The Procter & Gamble Co. 65,790
----------
INDUSTRIAL & COMMERCIAL SERVICES - 1.1%
1,500 Cintas Corp. 61,125
----------
INSURANCE, LIFE - 1.0%
2,000 Conseco, Inc. 55,250
----------
MEDIA PUBLISHING - 2.2%
2,000 Central Newspapers, Inc. - Class A 124,000
----------
MEDICAL SUPPLIES - 8.3%
4,000 Biomet, Inc. 107,500
4,300 Guidant Corp. 265,525
1,225 Hillenbrand Industries, Inc. 65,614
1,000 Steris Corp. (a) 23,875
----------
462,514
----------
PHARMACEUTICALS - 10.8%
3,700 Eli Lilly & Co. 242,350
2,800 Johnson & Johnson 193,200
900 Jones Pharma Inc. 18,788
1,600 Pfizer, Inc. 148,800
----------
603,138
----------
REGIONAL BANKS - 5.9%
1,100 Bank One Corp. 41,800
2,375 Fifth Third Bancorp 126,320
2,955 Star Banc Corp. 162,156
----------
330,276
----------
RETAILERS, APPAREL - 1.8%
2,000 Gap, Inc. 102,125
----------
RETAILERS, DRUG-BASED - 3.1%
2,000 Cardinal Health, Inc. 175,000
----------
SEMICONDUCTOR & RELATED - 1.3%
1,000 Intel Corp. 71,187
----------
SOFTWARE & PROCESSING - 19.8%
4,700 America Online, Inc. (a) 385,106
2,850 Cisco Systems, Inc. (a) 233,344
6,500 Compuware Corp. (a) 295,344
2,000 Microsoft Corp. (a) 191,875
----------
1,105,669
----------
<PAGE>
REGIONAL OPPORTUNITY FUND: OHIO, INDIANA, KENTUCKY
PORTFOLIO OF INVESTMENTS - AUGUST 31, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
TELEPHONE SYSTEMS - 1.3%
3,000 Cincinnati Bell, Inc. 70,500
----------
TOTAL COMMON STOCKS (COST $4,373,279) $4,954,737
----------
MARKET
SHARES VALUE
------ -----
REPURCHASE AGREEMENTS (B) - 11.
$ 629,819 Fifth Third Bank, 5.25%, dated 8/31/98,
due 9/1/98, repurchase proceeds $629,911
(Cost $629,819) $ 629,819
----------
TOTAL INVESTMENTS AND REPURCHASE AGREEMENTS
AT VALUE - 99.9% 5,584,556
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1% 6,436
----------
NET ASSETS - 100.0% $5,590,992
==========
(a) Non-income producing security
(b) Repurchase agreement is fully collateralized by $643,000 par value
FNMA Pool #406608, 6.75%, due 7/1/2024.
See accompanying notes to financial statements.
<PAGE>
REGIONAL OPPORTUNITY FUND: OHIO, INDIANA, KENTUCKY
STATEMENT OF ASSETS AND LIABILITIES - AUGUST 31, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
ASSETS:
Investments in securities at market value
(identified cost $4,373,279)(Note 1) $ 4,954,737
Investment in repurchase agreements (Note 1) 629,819
Dividends receivable 3,235
Interest receivable 92
Prepaid Expenses 5,969
Unamortized organization costs (Note 1) 14,508
-----------
Total Assets 5,608,360
-----------
LIABILITIES:
Payable for capital stock redeemed 950
Payable to Adviser (Note 3) 2,043
Accrued expenses 14,375
-----------
Total Liabilities 17,368
-----------
NET ASSETS $ 5,590,992
===========
NET ASSET VALUE AND OFFERING PRICE PER SHARE (NOTE 1):
($5,590,992/397,042 shares outstanding,
no par value, unlimited shares authorized) $ 14.08
===========
SOURCE OF NET ASSETS:
Paid in capital $ 5,100,664
Accumulated net realized loss on investments (91,130)
Net unrealized appreciation of securities 581,458
-----------
$ 5,590,992
===========
See accompanying notes to financial statements.
<PAGE>
REGIONAL OPPORTUNITY FUND: OHIO, INDIANA, KENTUCKY
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED AUGUST 31, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividend income $ 14,329
Interest income 11,684
-----------
Total Investment Income 26,013
Expenses:
Advisory fees (Note 3) 37,360
Distribution fees (Note 3) 29,878
Administration fees (Note 3) 4,000
Shareholder services and transfer agent fees (Note 3) 6,000
Reports and notices to stockholders 3,363
Audit fees 2,705
Legal fees 6,398
Directors' fees and expenses 1,700
Custodian fees 1,393
Fund accounting fees (Note 3) 8,414
Registration and filing fees 678
Amortization of organization expenses (Note 1) 3,224
Insurance expense 1,025
Miscellaneous 10,891
-----------
Total Expenses 117,029
Fees waived by the Adviser (Note 3) (36,360)
-----------
Net Expenses 80,669
-----------
Net Investment Loss (54,656)
-----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss from security transactions (19,429)
Unrealized appreciation of investments:
Beginning of period $ 1,074,668
End of period 581,458
-----------
Net change in unrealized appreciation of investments (493,210)
-----------
Net realized and unrealized loss on investments (512,639)
-----------
Net decrease in net assets resulting from operations $ (567,295)
===========
See accompanying notes to financial statements.
<PAGE>
REGIONAL OPPORTUNITY FUND: OHIO, INDIANA, KENTUCKY
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
AUGUST 31, 1998 FEBRUARY 28, 1998
--------------- -----------------
(UNAUDITED)
OPERATIONS:
<S> <C> <C>
Net investment loss $ (54,656) $ (40,721)
Net realized loss on investments (19,429) (20,541)
Net change in unrealized appreciation (depreciation) of investments (493,210) 946,951
----------- -----------
Net increase (decrease) in net assets resulting from operations (567,295) 885,689
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- --
Net realized gain on investments -- --
----------- -----------
Net decrease in net assets reulting from distributions -- --
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold 1,353,730 3,086,528
Net asset value of shares issued in reinvestment
of distributions to shareholders -- --
Payments for shares redeemed (160,877) (154,966)
----------- -----------
Net increase in net assets from capital share transactions 1,192,853 2,931,562
Total increase in net assets 625,558 3,817,251
NET ASSETS:
Beginning of period 4,965,434 1,148,183
----------- -----------
End of period $ 5,590,992 $ 4,965,434
=========== ===========
Summary of capital share activity:
Shares sold 87,324 270,297
Shares issued in reinvestment of distributions to shareholders -- --
Shares redeemed (12,496) (5,124)
----------- -----------
Net increase in shares outstanding 74,828 265,173
Shares outstanding, beginning of year 322,214 57,041
----------- -----------
Shares outstanding, end of year 397,042 322,214
=========== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
REGIONAL OPPORTUNITY FUND: OHIO, INDIANA, KENTUCKY
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period
SIX
MONTHS YEAR
ENDED ENDED
AUGUST 31, FEBRUARY 28,
1998 1998
----------- -----------
(UNAUDITED)
PER SHARE DATA
<S> <C> <C>
Net asset value at beginning of period $ 15.41 $ 11.33
Income from investment operations:
Net investment loss (0.15) (0.13)
Net realized and unrealized gain (loss) (1.18) 4.21
----------- -----------
Total from investment operations (1.33) 4.08
----------- -----------
Less distributions from:
Net investment income -- --
Net realized gains -- --
----------- -----------
Total distributions -- --
----------- -----------
Net asset value at end of period $ 14.08 $ 15.41
=========== ===========
TOTAL RETURN (%) (1) (8.63)% 36.01%
=========== ===========
RATIOS/SUPPLEMENTAL DATA
Net assets at end of period $ 5,590,992 $ 4,965,434
Ratio of expenses to average net assets:
Before expense reimbursement and waived fees 3.92%(2) 5.81%
After expense reimbursement and waived fees 2.70%(2) 2.69%
Ratio of net investment loss to average net assets (1.83)%(2) (1.69)%
Portfolio turnover rate 12% 21%
</TABLE>
(1) Calculated without sales charge.
(2) Annualized
See accompanying notes to financial statements.
<PAGE>
REGIONAL OPPORTUNITY FUND: OHIO, INDIANA, KENTUCKY
NOTES TO FINANCIAL STATEMENTS
August 31, 1998
Organization expenses - Expenses of organization have been capitalized and are
being amortized on a straight-line basis over five years. In the event any of
the initial shares of the Fund are redeemed during the amortization period, the
redemption proceeds will be reduced by a pro rata portion of any unamortized
organization expenses in the same proportion as the number of initial shares
being redeemed bears to the number of initial shares of the Fund outstanding at
the time of the redemption.
Security transactions - Security transactions are accounted for on trade date.
Securities sold are valued on a specific identification basis.
Estimates - The preparation of financial statements in conformity with generally
accepted accounting principles required management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of income and expenses
during the reporting period. Actual results could differ from those estimates.
Federal Income Tax - It is the Fund's policy to comply with the special
provisions of the Internal Revenue Code applicable to regulated investment
companies. As provided therein, in any fiscal year in which a Fund so qualified
and distributes at least 90% of its taxable net income, the Fund (but not the
shareholders) will be relieved of federal income tax on the income distributed.
Accordingly, no provision for income taxes has been made.
In order to avoid imposition of the excise tax applicable to regulated
investment companies, it is also the Fund's intention to declare as dividends in
each calendar year at least 98% of its net investment income (earned curing the
calendar year) and 98% of its net realized capital gains (earned during the
twelve months ended October 31) plus undistributed amounts from prior years.
The following information is based upon the federal income tax cost of portfolio
investments of $4,373,279 August 31, 1998:
Gross unrealized appreciation............................... $ 896,486
Gross unrealized depreciation .............................. (315,028)
Net unrealized appreciation................................. 581,458
As of August 31, 1998, the Fund had $91,130 of capital loss carryforwards for
federal income tax purposes, none of which expire prior to August 31, 2005. In
addition, the Fund elected to defer until its subsequent tax year $9,880 of
capital losses incurred after October 31, 1997. The Board of Trustees intends to
utilize these capital loss carryforwards and "post-October" losses in future
years to offset net realized capital gains prior to distribution to
shareholders.
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> FEB-28-1998
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 5,003,098
<INVESTMENTS-AT-VALUE> 5,584,556
<RECEIVABLES> 3,327
<ASSETS-OTHER> 5,969
<OTHER-ITEMS-ASSETS> 14,508
<TOTAL-ASSETS> 5,608,360
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,368
<TOTAL-LIABILITIES> 17,368
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,100,664
<SHARES-COMMON-STOCK> 397,042
<SHARES-COMMON-PRIOR> 322,214
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (91,130)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 581,458
<NET-ASSETS> 5,590,992
<DIVIDEND-INCOME> 14,329
<INTEREST-INCOME> 11,684
<OTHER-INCOME> 0
<EXPENSES-NET> 80,669
<NET-INVESTMENT-INCOME> (54,656)
<REALIZED-GAINS-CURRENT> (19,429)
<APPREC-INCREASE-CURRENT> (493,210)
<NET-CHANGE-FROM-OPS> (567,295)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 87,324
<NUMBER-OF-SHARES-REDEEMED> 12,496
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 625,558
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (71,701)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 37,360
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 117,029
<AVERAGE-NET-ASSETS> 5,975,500
<PER-SHARE-NAV-BEGIN> 15.41
<PER-SHARE-NII> (.15)
<PER-SHARE-GAIN-APPREC> (1.18)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.08
<EXPENSE-RATIO> 2.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
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