ANNUAL REPORT
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Electric City Value Fund
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August 31, 2000
<PAGE>
Electric City Value Fund
Letter to Shareholders
To Our Shareholders:
Thank you for placing your trust in us by investing in the Electric City Value
Fund during its first fiscal year of operation. I hope that the success we have
achieved is a harbinger of good things to come.
Portfolio Summary and Performance History
On August 31, 2000 we had 41 holdings in the fund, in addition to cash and
equivalents. A complete list of the fund's holdings is available for your review
on the accompanying Schedule of Investments.
Since the fund's December 30, 1999 inception, through its fiscal year ending
August 31, 2000, the fund appreciated by 19.10% versus gains of 3.66% for the
Standard & Poor's 500 Index and 6.95% for the Russell 3000(R) Index.
Apples and Oranges
I wrote in the semi-annual report that it would be appropriate in the near
future to examine some of the many stock indices that are available and to
determine which are most appropriate for us to use as benchmarks in evaluating
our performance and to report to you in our shareholder reports. Unfortunately,
the limitations of indexes and the unique composition and style of each mutual
fund can result in comparing apples to oranges.
However, the Securities and Exchange Commission requires us to provide a
comparison to an equity index that we deem appropriate. So, to avoid running
afoul of their well-intentioned regulation, a reasonable decision seems to be to
compare our performance to both the S&P 500 and Russell 3000(R) Indexes. For
those who have no interest in the reasons behind this decision, please feel free
to continue to the next section.
The Dow Jones Industrial Average (DJIA), S&P 500 Index and the NASDAQ are the
most widely published and discussed U.S. equity indexes. Many domestic equity
mutual funds utilize the Standard and Poor's 500 Index for comparison purposes.
The design and composition of these major indexes do not attempt to reflect the
composition of the stock market as a whole. The DJIA has only 30 companies, all
very large market capitalization. The S&P 500 more accurately reflects industry
diversification, but the performance still is weighted almost entirely to
"large-cap" companies. In fact, as of the end of 1999, the top 10 companies
represented slightly more than 25% of the index. The NASDAQ is heavily weighted
towards technology stocks.
However, since our fund is not restricted to large companies or concentrated on
technology, these indexes may not be appropriate. Two indexes that are commonly
used to attempt to reflect the performance of the entire stock market are the
Russell 3000 and the Wilshire 5000 indexes. The Russell indexes are fairly well
known and the data is easily obtainable.
The Frank Russell Company calculates a group of 21 U.S. equity indexes, all of
which are subsets of the Russell 3000(R) Index. The Russell 3000(R) Index
measures the performance of the 3,000 largest U.S. companies based on total
market capitalization, which represents about 98% of the investable U.S. stock
market. The Russell indexes are reconstituted annually on May 31.
<PAGE>
According to the Frank Russell Company, as of the latest reconstitution of the
Russell 3000(R) Index, the average market capitalization was approximately $5.1
billion; the median market capitalization was approximately $791.1 million. The
range of market capitalization in the index was approximately $178 million to
$520 billion.
Since the Electric City Value Fund can invest in a company, regardless of market
capitalization, this index should serve us well as a U.S equity benchmark. Since
the Standard & Poor's 500 Index is a common and reasonable benchmark, we will
utilize it as well.
The key to "building wealth"
Perhaps the most appropriate index to utilize is not a stock market index at
all, but rather the Consumer Price Index, commonly referred to as CPI. The CPI
is a measure of inflation experienced by consumers.
Our fund objective is to seek "to build shareholder wealth by maximizing the
total return of the Fund's portfolio." The key to building wealth is to invest
capital in a manner that results in a "real return", that is a return in excess
of inflation.
Most investors in recent years, with inflation averaging around 4% since 1983,
would be reasonably satisfied with a 10% return. However, an annual return of
10% from 1974 to 1981, a period when inflation averaged over 9% annually, would
have resulted in a real rate of return of less than 1%.
In fact, the importance of generating "real return" is made quite clear by the
following example. Over a thirty year time period 4% inflation will result in
$1.00 of goods and services at the beginning costing $3.24 at the end of the
thirty years. By generating a gross return of 10% and a net real return of 6%
(10%-4%), the $1.00 grows to $17.45, increasing purchasing power more than
fivefold.
Only by achieving a return above inflation do we build purchasing power, which
is what financial wealth is. So, we will also report in these shareholder
letters our performance relative to the Consumer Price Index, since this will
best reflect our progress in achieving our objective to build shareholder
wealth. From January 1, 2000 through August 30, 2000 our fund achieved a total
return of 18.51% and according to the most recent data the Consumer Price Index
(CPI) increased by 2.7%.
The pendulum has swung in our direction
In the section of the semi-annual report titled "Bull Market! What Bull
Market?", I discussed the narrow stock market advance that had occurred during
1999 and into the first months of this year. While the major indexes,
particularly the NASDAQ and S&P 500, were up substantially during 1999, the
often-overlooked fact was that the majority of publicly traded companies were
down in value. This trend continued during the first two months of this year.
Here is a brief excerpt from the semi-annual report:
In general, newer companies with minimal revenues and no earnings, or even
losses, far outperformed boring old companies that have substantial revenues and
actually make money. Many speculators and aggressive investors have done very
well in this short-term oriented, momentum based market.
Conservative and prudent investors have typically not fared as well.
Will these wide disparities in performance continue? We think not. In fact,
basic economics and common sense dictate that they cannot. We just don't know
when the pendulum will swing the other way.
However, for the types of shareholders we are interested in working for, the
question isn't when the pendulum will swing in either direction. Obviously, it
will swing back and forth in an entirely unpredictable manner.
<PAGE>
The more appropriate question is: "How can I build wealth in a manner which is
likely to succeed in the long term, is prudent and will allow me to sleep well
at night?"
It appears, at least for the time being, that the pendulum has swung in our
direction. The stock market, and most importantly our fund, is healthier as a
result.
However, even though dot com fever has broken, Dr. Koop has flown the coop, and
Living.com is now Dead.com, lets not get a big head. When the pendulum swings
the other way again, and it will, we should give that swinging pendulum as small
a target as possible!
Our Successes and a Failure
This annual report begins what will be a regular feature, discussing some of the
successes and failures in our fund. Hopefully this will provide you with better
insight into, and confidence in, your fund investment and the process and
concepts utilized in determining the securities purchased and sold.
Most portfolio managers discuss their winners and avoid talking about their
losers. I have found that examining investment failures, or holdings performing
somewhat different than anticipated, has enabled me to improve as an investor.
As in all aspects of life, we often learn more by our failures than our
successes.
Not so grand, Grand Union
By far our worst position, Grand Union Company was disposed of prior to the end
of the fiscal year for investment and tax purposes.
At the time of our investment, although the company had a highly leveraged
balance sheet, the company appeared to be in the early stages of a turnaround.
In addition, a large shareholder was actively pressuring the company to make
changes, including a proposal to remove and replace a number of directors. This
was the catalyst, or trigger, that we identified.
Following a management shakeup in the spring and poor operating performance, the
stock price began a steady decline. In hindsight, we should have avoided an
investment in the company due to the lack of margin for error caused by the high
leverage and industry conditions. The balance sheet condition, combined with the
fact that the supermarket business is low margin and is highly competitive,
accelerated the market response and price decline.
Lesson learned.
A Discount Pays Dividends
Our largest holding, Oppenheimer Multi-Sector Income Trust, is a closed-end
management investment company. The company invests primarily in bonds and pays a
monthly dividend to shareholders. Since acquiring our shares the market price
has increased by over 10%, while we continue to receive a monthly dividend, on
our cost basis, of approximately 1%.
Unlike open-end mutual funds, such as the Electric City Value Fund, which are
purchased and sold at net asset value, closed-end funds trade on a stock
exchange. Because the number of shares is fixed, unlike an open-end fund, supply
and demand determines the market price. This can present the opportunity of
buying assets at a substantial discount to the underlying net asset value.
Late last year, as result of a weak bond market and year-end tax selling by
investors, many closed-end bond funds traded at historically wide discounts to
net asset value. In the case of Oppenheimer Multi-Sector, we were able to
initiate our position at approximately an 18% discount. As a result of investing
at a substantial discount, our monthly yield from the dividend is also leveraged
to more than the yield of the underlying securities that the company invests in.
<PAGE>
Spread the Word!
The main reason for starting the Electric City Value Fund is that being an owner
of a prudently managed group of companies which are purchased at an attractive
price is still, and always will be, a great way to build wealth.
During the speculative mania discussed above, some of our friends, family and
co-workers had a great time telling us about their swelling portfolios. Rather
than reminding them that their portfolios now resemble the Titanic, let's be
compassionate and spread the word. Allay the frayed nerves, and portfolios, of
these formerly fully margined, day trading, masters of the universes and
introduce them to the benefits of a more rational and less-emotional method of
achieving their financial goals.
In addition to our goal of building shareholder wealth, we are dedicated to
communicating with our shareholders in a manner which will be informative,
possibly entertaining and enhancing the likelihood that your investment
decisions are aligned with your investment objectives and life goals.
Please don't hesitate to call us if you have any questions about your account or
want to discuss the fund. Our Shareholder Services Department can be reached by
calling 1-800-453-6556. I can be reached at 518-370-0289.
Thanks again for your trust and confidence. We hope that in the years to come we
will be able to repay you by achieving our fund objective of building
shareholder wealth.
James W. Denney
Portfolio Manager
Electric City Value Fund
<PAGE>
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Electric City Value Fund
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Schedule of Investments
August 31, 2000
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Shares/Principal Amount Market Value % of Assets
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COMMON STOCKS
Beauty Shops
1,000 Steiner Leisure Limited* $ 22,875 2.22%
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Commercial Economic, Sociological Research
600 Dun & Bradstreet 19,800 1.92%
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Commercial Printing, Lithographic
700 Valassis Communications * 20,213 1.96%
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Communication Services
200 Crown Castle International * 6,938 0.67%
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Computer Peripheral Equipment
175 Seagate Technology * 10,391 1.01%
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Computer Related Service
1,000 Frontline Capital* 17,562 1.70%
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Curtins and Draperies
4,500 Decorator Industries Inc. New 19,688 1.91%
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Deep Sea Foreign Transportation of Freight
800 Alexander & Baldwin 21,050 2.04%
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Deep Sea Transportation of Passangers
700 Carnival Corporation 13,956 1.35%
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Department Stores
1000 BJ's Wholesale Club * 33,875 3.28%
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Electric Services
1,000 Niagara Mohawk Holdings* 12,875 1.25%
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Electronic Coils, Transformers, and Other Conductors
800 Bel Fuse, Class B 27,900 2.70%
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Fire, Marine, and Casualty Insurance
800 Allstate 23,250
10 Berkshire Hathaway, Class B * 19,130
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42,380 4.11%
Footwear
3,300 Stride Rite 19,800 1.92%
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Hobby, Toy, and Game Shops
1,100 Toys-R-Us * 20,006 1.94%
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<PAGE>
Household Audio and Video Equipment
5,000 Rockford Corporation* 31,875 3.09%
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Investment Advice
900 United Asset Management 22,050 2.14%
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Legal Services
700 Pre-Paid Legal Services* 22,969 2.23%
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Lumber and Other Building Materials Dealers
500 Lowe's Companies 22,406 2.17%
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Motion Picture and Video Tape Production
500 Disney (Walt) 19,469 1.89%
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Motor Vehicle Supplies and New Parts
600 Visteon 9,413 0.91%
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Motor Vehicles and Passenger Car Bodies
400 Ford Motor* 9,675
100 General Motors 7,219
-----------
16,894 1.64%
Natural, Processed, and Imitation Cheese
7,000 Galaxy Foods * 32,813 3.18%
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Pharmaceutical Preperations
100 Abbott Laboratories 4,375 0.42%
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Radio-TV Broadcasting Equipment
300 Sirius Satellite Radio* 15,450 1.50%
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Savings Institutions, Federally Chartered
4,100 Flagstar Bancorp 48,175 4.67%
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Search Detection, Navigation, Guidance, Aeronautical
600 General Motors Class H
(Hughes Electronics)* 19,875
650 Trimble Navigation* 27,016
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46,891 4.54%
Special Industry Machinery
1,000 Axcelis Technologies* 18,062 1.75%
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State Commercial Banks
1,100 Banknorth Group 18,012 1.75%
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Stationery Stores
3,400 Officemax* 17,637 1.71%
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<PAGE>
Telephone Communications, Except Radiotelephone
125 SBC Communications 5,218
1,000 Verizon 43,625
600 WorldCom, Inc.* 21,900
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70,743 6.86%
Telephone and Telegraph Apparatus
400 Peco II * 15,600 1.51%
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Television Broadcasting Stations
1,000 Sinclair Broadcast Group* 12,062 1.17%
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Testing Laboratories
1,300 Tejon Ranch 32,175 3.12%
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Women's Misses' and Juniors' Outerwear
500 Liz Claiborne 21,968 2.13%
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Total for Common Stock 808,348 78.36%
Investment Company
7,500 Oppenheimer Multi-Sector 62,344 6.04%
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Cash and Equivalents
144,053 Firstar Treasury Fund 4.90% 144,053 13.96%
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Total Investments 1,014,745 98.36%
(Identified Cost $ 916,168)
Other Assets Less Liabilities 16,892 1.64%
Net Assets $1,031,637 100.00%
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<PAGE>
* Non-Income producing securities.
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Electric City Value Fund
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Statement of Assets and Liabilities
August 31, 2000
Assets:
Investment Securities at Market Value $ 1,014,745
(Identified Cost $ 916,168)
Cash 24,340
Receivables:
Receivable for Investment Securities Sold 12,406
Dividends and Interest 1,848
-----------
Total Assets 1,053,339
Liabilities
Accrued Expenses 1,271
Payable for Securities Purchased 20,431
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Total Liabilities 21,702
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Net Assets $ 1,031,637
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Net Assets Consist of:
Capital Paid In 930,245
Accumulated Undistributed Net Investment Income 2,927
Accumulated Undistributed Realized Gain
(Loss) on Investments - Net (112)
Unrealized Appreciation in Value
of Investments Based on Identified Cost - Net 98,577
-----------
Net Assets, for 86,615 Shares Outstanding $ 1,031,637
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Net Asset Value and Redemption Price
Per Share ($1,031,637/86,615 shares) $ 11.91
Offering Price Per Share $ 11.91
<PAGE>
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Electric City Value Fund
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Statement of Operations
For the period of December 30, 1999 (commencement of operations)
through August 31, 2000
Investment Income:
Dividends $ 5,265
Interest 2,338
-----------
Total Investment Income 7,603
Expenses: (Note 2)
Management Fees 2,692
Administrative Fees 1,984
-----------
Total Expenses 4,676
Net Investment Income 2,927
-----------
Realized and Unrealized Gain (Loss) on Investments:
Realized Gain (Loss) on Investments (112)
Unrealized Appreciation (Depreciation) on Investments 98,577
-----------
Net Realized and Unrealized Gain (Loss) on Investments 98,465
Net Increase (Decrease) in Net Assets from Operations $ 101,392
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<PAGE>
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Electric City Value Fund
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Statement of Changes in Net Assets 12/30/99*
to
8/31/00
From Operations:
Net Investment Income $ 2,927
Net Realized Gain (Loss) on Investments (112)
Net Unrealized Appreciation (Depreciation) 98,577
-----------
Increase (Decrease) in Net Assets from Operations 101,392
From Capital Share Transactions:
Proceeds From Sale of Shares 949,667
Shares Issued on Reinvestment of Dividends 0
Cost of Shares Redeemed (19,422)
-----------
Net Increase from Shareholder Activity 930,245
Net Increase in Net Assets 1,031,637
-----------
Net Assets at Beginning of Period 0
Net Assets at End of Period (including accumulated
undistributed net investment income of $2,927) $ 1,031,637
===========
Share Transactions:
Issued 88,415
Reinvested -
Redeemed (1,800)
-----------
Net increase (decrease) in shares 86,615
Shares outstanding beginning of period -
-----------
Shares outstanding end of period 86,615
===========
*commencement of operations
<PAGE>
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Electric City Value Fund
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Financial Highlights
Selected data for a share outstanding throughout the period: 12/30/99**
to
8/31/00
Net Asset Value -
Beginning of Period $ 10.00
Net Investment Income 0.07
Net Gains or Losses on Securities
(realized and unrealized) 1.84
-----------
Total from Investment Operations 1.91
Net Asset Value -
End of Period $ 11.91
Total Return 19.10%
Ratios/Supplemental Data
Net Assets - End of Period (Thousands) 1,032
Ratio of Expenses to Average Net Assets * 1.65%
Ratio of Net Income to Average Net Assets * 1.02%
Portfolio Turnover Rate * 64.07%
* Annualized
** commencement of operations.
<PAGE>
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Electric City Value Fund
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Notes to the Financial Statements
August 31, 2000
1.)SIGNIFICANT ACCOUNTING POLICIES
Electric City Funds Inc. (the "Company") is an open-end management
investment company. The Company was organized in Maryland as a corporation
and may offer shares of beneficial interest in a number of separate series,
each series representing a distinct fund with its own investment objectives
and policies. At present, there is only one series authorized by the
Company, which series has been designated as Electric City Value Fund (the
"Fund"). The Fund's primary investment objective is to build shareholder
wealth by maximizing the total return of the Fund's portfolio. Total return
is derived by combining the total changes in the principal value of all the
Fund's investment with the total dividends and interest paid to the Fund.
Significant accounting policies of the Fund are presented below:
SECURITY VALUATION:
The Fund intends to invest in a wide variety of equity and debt securities.
The investments in securities are carried at market value. The market
quotation used for common stocks, including those listed on the NASDAQ
National Market System, is the last sale price on the date on which the
valuation is made or, in the absence of sales, at the closing bid price.
Over-the-counter securities will be valued on the basis of the bid price at
the close of each business day. Short-term investments are valued at
amortized cost, which approximates market. Securities for which market
quotations are not readily available will be valued at fair value as
determined in good faith pursuant to procedures established by the Board of
Directors.
Fixed income securities generally are valued by using market quotations,
but may be valued on the basis of prices furnished by a pricing service
when the Adviser believes such prices accurately reflect the fair market
value of such securities. A pricing service utilizes electronic data
processing techniques based on yield spreads relating to securities with
similar characteristics to determine prices for normal institutional-size
trading units of debt securities without regard to sale or bid prices. When
prices are not readily available from a pricing service, or when restricted
or illiquid securities are being valued, securities are valued at fair
value as determined in good faith by the Adviser, subject to review of the
Board of Directors. Short term investments in fixed income securities with
maturities of less than 60 days when acquired, or which subsequently are
within 60 days of maturity, are valued by using the amortized cost method
of valuation, which the Board has determined will represent fair value.
SECURITY TRANSACTION TIMING:
Security transactions are recorded on the dates transactions are entered
into (the trade dates). Dividend income and distributions to shareholders
are recorded on the ex-dividend date. Interest income is recorded as
earned. The Fund uses the identified cost basis in computing gain or loss
on sale of investment securities. Discounts and premiums on securities
purchased are amortized over the life of the respective securities.
INCOME TAXES:
It is the Fund's policy to distribute annually, prior to the end of the
calendar year, dividends sufficient to satisfy excise tax requirements of
the Internal Revenue Service. This Internal Revenue Service requirement may
cause an excess of distributions over the book year-end accumulated income.
In addition, it is the Fund's policy to distribute annually, after the end
of the fiscal year, any remaining net investment income and net realized
capital gains.
ESTIMATES:
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.
<PAGE>
2.)INVESTMENT ADVISORY AGREEMENT
The Fund has entered into an investment advisory and administration
agreement with Mohawk Asset Management, Inc. (the "Advisor"). The Fund is
authorized to pay the Advisor a fee equal to an annual average rate of
0.95% for investment advisory services and a fee equal to an annual average
rate of 0.70% for administrative fees. As a result of the above
calculation, for the period of December 30, 1999 (commencement of
operations) through August 31, 2000, the Advisor earned management fees
totaling $2,692 and administrative fees totaling $1,984.
3.)RELATED PARTY TRANSACTIONS
Control persons of Mohawk Asset Management, Inc. also serve as directors of
the Company. These individuals receive benefits from the Advisor resulting
from the advisory and administration fees paid to the Advisor of the Fund.
The beneficial ownership, either directly or indirectly, of more than 25%
of the voting securities of a Fund creates a presumption of control of the
fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of
August 31, 2000, Waterhouse Securities Corporation beneficially owned 73%
of the Fund.
4.) DISTRIBUTION PLAN
The Fund has adopted a distribution plan in accordance with Rule 12b-1
under the Investment Company Act of 1940. During the period of December 30,
1999 (commencement of operations) through August 31, 2000 the plan had not
been implemented.
5.)CAPITAL STOCK AND DISTRIBUTION
At August 31, 2000, the Company was authorized to issue 100,000,000 shares
of capital stock ($.0001 par value). The Company has classified and
registered for sale up to 25,000,000 shares of the Fund. Paid in capital at
August 31, 2000 was $930,245.
6.)PURCHASES AND SALES OF SECURITIES
During the year ending August 31, 2000, purchases and sales of investment
securities other than U.S. Government obligations and short-term
investments aggregated $952,544 and $180,317 respectively. Purchases and
sales of U.S. Government obligations aggregated $0 and $0 respectively.
7.)SECURITY TRANSACTIONS
For Federal income tax purposes, the cost of investments owned at August
31, 2000 was the same as identified cost. At August 31, 2000, the
composition of unrealized appreciation (the excess of value over tax cost)
and depreciation (the excess of tax cost over value) was as follows:
Appreciation (Depreciation) Net Appreciation (Depreciation)
116,610 (18,033) 98,577
8.) REDEMPTION FEES
The shares carry a 0.75% redemption fee if sold within thirteen months of
purchase. The redemption fee is calculated at 0.75% of the net asset value
of such shares at the time of redemption. This fee is charged to offset the
cost to the fund of maintaining an account. No affiliated person of the
fund receives any benefit from these fees.
<PAGE>
To The Shareholders and Trustees
Electric City Funds, Inc.:
We have audited the accompanying statement of assets and liabilities of the
Electric City Funds, Inc. (comprised of the Electric City Value Fund) as of
December 27, 1999. This financial statement is the responsibility of the
Company's management. Our responsibility is to express an opinion on this
financial statement based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the statement of assets and liabilities is free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the statement of assets and
liabilities. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
statement of assets and liabilities presentation. Our procedures included
confirmation of cash held by the custodian as of December 27, 1999, by
correspondence with the custodian. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the statement of assets and liabilities referred to above
presents fairly, in all material respects, the financial position of the
Electric City Value Fund as of December 27, 1999, in conformity with generally
accepted accounting principles.
McCurdy & Associates CPA's, Inc.
Westlake, Ohio
December 27, 1999
<PAGE>
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Board of Directors
James W. Denney
Bill R. Werner
Michael J. Massey
Albert P. Jurczynski
Joseph D. Condon
Investment Adviser
Mohawk Asset Management, Inc.
112 Erie Boulevard
Schenectady, NY 12305
Dividend Paying Agent,
Shareholders' Servicing Agent,
Transfer Agent
Mutual Shareholder Services
1301 E. 9th St., Suite 1005
Cleveland, Ohio 44114
Custodian
Firstar Bank, N.A.
P.O. Box 640994
Cincinnati, Ohio 45264-0994
Counsel
David Jones & Assoc., P.C.
4747 Research Forest Drive
Suite 180, #303
The Woodlands, TX 77381
Independent Auditors
McCurdy & Associates CPA's, Inc.
27955 Clemens Rd
Westlake, Ohio 44145
<PAGE>
