<PAGE> 1
[AIM LOGO]
LETTER
TO OUR
SHAREHOLDERS
March 6, 1995
Dear Shareholder:
Volatility persisted in short-term fixed-income securities
markets over the six months ended February 28, 1995, as interest
[PHOTO rates continued to climb. The Federal Reserve Board maintained
Charles T. its restrictive monetary policy by raising short-term interest
Bauer, rates in November and again in February, which positioned the
Chairman of federal funds rate at approximately 6 percent and the discount
the Board of rate at 5.25 percent.
the Fund] Financial markets strengthened as economic indicators,
though mixed, suggested a slower rate of growth in the economy.
Federal Reserve Chairman Alan Greenspan provided encouraging
testimony before Congress in late February that the current
condition of the economy--moderate growth, low unemployment, and
low inflation--was healthier than it had been in years. In
addition, the Chairman said the central bank would be ready to
loosen credit at the first sign of recession. Greenspan's remarks
triggered a rally in both stock and bond markets, but the dollar
fell. The dollar's persistent weakness led some analysts to
speculate that inflation remains a near-term possibility,
prompting renewed concerns that interest rates would have to rise
again in coming months.
YOUR INVESTMENT PORTFOLIO
The Short-Term Investments Trust (STIT) Treasury TaxAdvantage Portfolio
managers consistently pursued the Portfolio's objective of maximizing current
income consistent with the preservation of capital and maintenance of liquidity
by investing in direct obligations of the U.S. Treasury. The Portfolio's
weighted average maturity for February was 35 days. A complete listing of
Treasury TaxAdvantage Portfolio's holdings begins on page 3.
Treasury TaxAdvantage Portfolio managers took advantage of rising interest
rates to capture attractive yields competitive with the yields of similar funds
tracked by the IBC/Donoghue's Money Fund Averages(TM). As of February 28, 1995,
the 30-day average yield of the Institutional Class of Treasury TaxAdvantage
Portfolio was 5.43 percent compared to 5.56 percent for IBC/Donoghue's Money
Fund Averages--Government Only/Institutional Only. Net assets of the
Institutional Class of Treasury TaxAdvantage Portfolio were $417.16 million.
The Portfolio maintained its superior credit quality rating of AAAm-G, the
highest given by Standard & Poor's Corporation, a widely known credit rating
agency. The AAAm-G rating is historical and is based on an annual analysis of
the Portfolio's credit quality and composition, management, and weekly
portfolio review.
OUTLOOK FOR THE FUTURE
Leading economic indicators continue to suggest healthy economic conditions and
low inflation, and the economy is widely expected to slow in the second half of
1995. As a result, fixed-income securities have begun to exhibit more stability
across most maturity levels. The direction of the dollar remains a significant
uncertainty that could precipitate renewed inflation concerns and higher
short-term interest rates.
AIM remains committed to the primary objectives of safety, liquidity, and
yield in institutional money fund management. As always, we are ready to
respond to your comments about this report and any questions you may have about
your Fund. Please call us at (800) 659-1005.
Respectfully submitted,
/s/ CHARLES T. BAUER
Charles T. Bauer
Chairman
<PAGE> 2
AVERAGE
MONTHLY YIELD
COMPARISON
(6 months ended
2/28/95)
STIT Treasury TaxAdvantage Portfolio Institutional Class vs.
IBC/Donoghue's Money Fund Averages(TM)--Government Only/Institutional Only
[GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
STIT IBC/DONOGHUE'S
TREASURY MONEY FUND
TAXADVANTAGE AVERAGES --
PORTFOLIO GOVERNMENT ONLY/
Measurement Period INSTITUTIONAL CLASS INSTITUTIONAL ONLY
(6 months ended 2/28/95) (YIELD) (YIELD)
- - ----------------------- ------------------- ------------------
<S> <C> <C>
9/94 4.25% 4.34%
10/94 4.48 4.47
11/94 4.72 4.78
12/94 5.01 5.15
1/95 5.21 5.27
2/95 5.43 5.56
</TABLE>
Yields are 30-day average yields for the month-ends shown.
WEIGHTED
AVERAGE MATURITY
COMPARISON
(6 months ended
2/28/95)
STIT Treasury TaxAdvantage Portfolio Institutional Class vs.
IBC/Donoghue's Money Fund Averages(TM)--Government Only/Institutional Only
[GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
STIT IBC/DONOGHUE'S
TREASURY MONEY FUND
TAXADVANTAGE AVERAGES --
PORTFOLIO GOVERNMENT ONLY/
Measurement Period INSTITUTIONAL CLASS INSTITUTIONAL ONLY
(6 months ended 2/28/95) (DAYS) (DAYS)
- - ----------------------- ------------------- ------------------
<S> <C> <C>
9/94 33 37
10/94 39 38
11/94 35 35
12/94 34 33
1/95 32 34
2/95 35 37
</TABLE>
Source: IBC's Money Market Insight(R) of Holliston, MA 01746
<PAGE> 3
SCHEDULE OF INVESTMENTS
February 28, 1995
(Unaudited)
<TABLE>
<CAPTION>
MATURITY PAR VALUE
<S> <C> <C> <C>
U.S. TREASURY SECURITIES
U.S. TREASURY BILLS(a)
5.26% 03/02/95 $ 6,520,000 $ 6,519,047
-------------------------------------------------------------------------------------------
5.375% 03/02/95 510,000 509,924
-------------------------------------------------------------------------------------------
5.22% 03/09/95 27,900,000 27,867,636
-------------------------------------------------------------------------------------------
5.31% 03/09/95 27,550,000 27,517,491
-------------------------------------------------------------------------------------------
5.315% 03/09/95 2,020,000 2,017,614
-------------------------------------------------------------------------------------------
5.35% 03/09/95 9,000,000 8,989,300
-------------------------------------------------------------------------------------------
5.20% 03/23/95 18,840,000 18,780,131
-------------------------------------------------------------------------------------------
5.50% 04/06/95 20,000,000 19,890,000
-------------------------------------------------------------------------------------------
5.57% 04/06/95 17,480,000 17,382,636
-------------------------------------------------------------------------------------------
5.58% 04/06/95 5,000,000 4,972,100
-------------------------------------------------------------------------------------------
5.585% 04/06/95 6,565,000 6,528,335
-------------------------------------------------------------------------------------------
5.595% 04/06/95 1,900,000 1,889,369
-------------------------------------------------------------------------------------------
5.62% 04/06/95 1,445,000 1,436,879
-------------------------------------------------------------------------------------------
5.63% 04/06/95 25,040,000 24,899,025
-------------------------------------------------------------------------------------------
5.605% 04/13/95 32,630,000 32,411,547
-------------------------------------------------------------------------------------------
5.69% 04/20/95 21,140,000 20,972,935
-------------------------------------------------------------------------------------------
5.73% 04/20/95 25,000,000 24,801,042
-------------------------------------------------------------------------------------------
5.66% 05/04/95 2,605,000 2,578,788
-------------------------------------------------------------------------------------------
5.71% 05/04/95 21,590,000 21,370,838
-------------------------------------------------------------------------------------------
5.75% 05/04/95 3,400,000 3,365,244
-------------------------------------------------------------------------------------------
5.815% 05/04/95 15,000,000 14,844,933
-------------------------------------------------------------------------------------------
5.83% 05/04/95 5,000,000 4,948,178
-------------------------------------------------------------------------------------------
5.71% 05/25/95 30,000,000 29,595,542
-------------------------------------------------------------------------------------------
5.76% 06/01/95 30,000,000 29,558,400
-------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE> 4
SCHEDULE OF INVESTMENTS (CONTINUED)
February 28, 1995
(Unaudited)
<TABLE>
<CAPTION>
MATURITY PAR VALUE
<S> <C> <C> <C>
U.S. TREASURY SECURITIES-(continued)
U.S. TREASURY NOTES
3.875% 03/31/95 $15,000,000 $ 14,975,329
-------------------------------------------------------------------------------------------
3.875% 04/30/95 10,310,000 10,274,430
-------------------------------------------------------------------------------------------
5.875% 05/15/95 18,650,000 18,643,746
-------------------------------------------------------------------------------------------
8.50% 05/15/95 21,485,000 21,590,739
-------------------------------------------------------------------------------------------
4.125% 06/30/95 2,390,000 2,375,791
-------------------------------------------------------------------------------------------
Total U.S. Treasury Securities 421,506,969
-------------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 100.11%(b) 421,506,969(c)
-------------------------------------------------------------------------------------------
OTHER ASSETS LESS LIABILITIES -- (0.11%) (483,773)
-------------------------------------------------------------------------------------------
NET ASSETS -- 100.00% $421,023,196
===========================================================================================
</TABLE>
(a) U.S. Treasury bills are traded on a discount
basis. In such cases the interest rate shown
represents the rate of discount paid or received
at the time of purchase by the Portfolio.
(b) Percentage of Net Assets.
(c) Also represents cost for federal income tax
purposes.
See Notes to Financial Statements
4
<PAGE> 5
STATEMENT OF ASSETS AND LIABILITIES
February 28, 1995
(Unaudited)
<TABLE>
<S> <C>
ASSETS:
Investments, at value (amortized cost) $421,506,969
---------------------------------------------------------------------------------
Cash 110
---------------------------------------------------------------------------------
Interest receivable 1,247,958
---------------------------------------------------------------------------------
Investment for deferred compensation plan 5,212
---------------------------------------------------------------------------------
Receivable for reimbursement from advisor 9,100
---------------------------------------------------------------------------------
Other assets 28,155
---------------------------------------------------------------------------------
Total assets 422,797,504
---------------------------------------------------------------------------------
LIABILITIES:
Dividends payable 1,677,820
---------------------------------------------------------------------------------
Deferred compensation payable 5,212
---------------------------------------------------------------------------------
Accrued advisory fees 45,045
---------------------------------------------------------------------------------
Accrued transfer agent fees 7,930
---------------------------------------------------------------------------------
Accrued trustees' fees 2,741
---------------------------------------------------------------------------------
Accrued administrative service fees 6,347
---------------------------------------------------------------------------------
Accrued operating expenses 29,213
---------------------------------------------------------------------------------
Total liabilities 1,774,308
---------------------------------------------------------------------------------
NET ASSETS $421,023,196
=================================================================================
NET ASSETS:
Institutional Class $417,159,255
=================================================================================
Private Investment Class $ 3,863,941
=================================================================================
NET ASSET VALUE PER SHARE:
Shares outstanding, $.01 par value per share:
Institutional Class 417,079,252
=================================================================================
Private Investment Class 3,863,200
=================================================================================
Net asset value, offering and redemption price per share $ 1.00
=================================================================================
</TABLE>
See Notes to Financial Statements.
5
<PAGE> 6
STATEMENT OF OPERATIONS
For the six months ended February 28, 1995
(Unaudited)
<TABLE>
<S> <C>
INVESTMENT INCOME:
Interest income $9,973,205
---------------------------------------------------------------------------------
EXPENSES:
Advisory fees 293,710
---------------------------------------------------------------------------------
Custodian fees 22,376
---------------------------------------------------------------------------------
Administrative service fees 21,642
---------------------------------------------------------------------------------
Trustees' fees and expenses 4,042
---------------------------------------------------------------------------------
Transfer agent fees 12,747
---------------------------------------------------------------------------------
Printing expenses 22,565
---------------------------------------------------------------------------------
Distribution fees 2,438
---------------------------------------------------------------------------------
Other 28,262
---------------------------------------------------------------------------------
Total expenses 407,782
---------------------------------------------------------------------------------
Less expenses assumed by advisor (9,100)
=================================================================================
Net expenses 398,682
=================================================================================
Net investment income 9,574,523
---------------------------------------------------------------------------------
Net realized gain on sales of investments 25,275
---------------------------------------------------------------------------------
Net increase in net assets resulting from operations $9,599,798
=================================================================================
</TABLE>
See Notes to Financial Statements.
6
<PAGE> 7
STATEMENT OF CHANGES IN NET ASSETS
For the six months ended February 28, 1995 and
the year ended August 31, 1994
(Unaudited)
<TABLE>
<CAPTION>
February 28, August 31,
1995 1994
-------------------------------------------------------------------------------------
<S> <C> <C>
OPERATIONS:
Net investment income $ 9,574,523 $ 13,926,577
-------------------------------------------------------------------------------------
Net realized gain on sales of investments 25,275 12,246
-------------------------------------------------------------------------------------
Net increase in net assets resulting from
operations 9,599,798 13,938,823
-------------------------------------------------------------------------------------
Distributions to shareholders from net investment
income (9,574,523) (13,926,577)
-------------------------------------------------------------------------------------
Share transactions-net 17,116,216 (30,823,909)
-------------------------------------------------------------------------------------
Net increase (decrease) in net assets 17,141,491 (30,811,663)
-------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period 403,881,705 434,693,368
-------------------------------------------------------------------------------------
End of period $421,023,196 $403,881,705
=====================================================================================
NET ASSETS CONSIST OF:
Shares of beneficial interest $420,942,452 $403,826,236
-------------------------------------------------------------------------------------
Undistributed net realized gain on sales of
investments 80,744 55,469
-------------------------------------------------------------------------------------
$421,023,196 $403,881,705
=====================================================================================
</TABLE>
See Notes to Financial Statements.
7
<PAGE> 8
NOTES TO FINANCIAL STATEMENTS
February 28, 1995
(Unaudited)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES
Short-Term Investments Trust (the "Fund") is
registered under the Investment Company Act of 1940,
as amended, as an open-end series, diversified
management investment company. The Fund is organized
as a Delaware business trust consisting of two
different portfolios, each of which offers separate
series of shares: the Treasury Portfolio and the
Treasury TaxAdvantage Portfolio, with the assets,
liabilities and operations of each portfolio
accounted for separately. Information presented in
these financial statements pertains only to the
Treasury TaxAdvantage Portfolio (the "Portfolio").
The Portfolio consists of two different classes of
shares: the Institutional Class and the Private
Investment Class.
The following is a summary of the significant
accounting policies followed by the Portfolio in the
preparation of its financial statements.
A. Security Valuations - The Portfolio invests only
in securities which have maturities of 397 days
or less. The securities are valued on the basis
of amortized cost which approximates market
value. This method values a security at its cost
on the date of purchase and thereafter assumes a
constant amortization to maturity of any discount
or premium.
B. Securities Transactions, Investment Income and
Distributions - Securities transactions are
accounted for on a trade date basis. Realized
gains or losses are computed on the basis of
specific identification of the securities sold.
Interest income, adjusted for amortization of
premiums and discounts on investments, is accrued
daily. Dividends to shareholders are declared
daily and are paid on the first business day of
the following month.
C. Federal Income Taxes - The Portfolio intends to
comply with the requirements of the Internal
Revenue Code necessary to qualify as a regulated
investment company and, as such, will not be
subject to federal income taxes on otherwise
taxable income (including net realized capital
gains) which is distributed to shareholders.
Therefore, no provision for federal income taxes
is recorded in the financial statements.
D. Expenses - Operating expenses directly
attributable to a class of shares are charged to
that class' operations. Expenses which are
applicable to more than one class, e.g., advisory
fees, are allocated among them.
8
<PAGE> 9
NOTE 2-ADVISORY FEES AND OTHER TRANSACTIONS WITH
AFFILIATES
The Fund has entered into a master investment
advisory agreement with A I M Advisors, Inc.
("AIM"). Under the terms of the master advisory
agreement, AIM receives a monthly fee with respect
to the Portfolio calculated by applying a monthly
rate, based upon the following annual rates, to the
average daily net assets of the Portfolio:
<TABLE>
<CAPTION>
Net Assets Rate
----------------------------------------------------------------------------
<S> <C>
First $250 million 0.20%
----------------------------------------------------------------------------
Over $250 million to $500 million 0.15
----------------------------------------------------------------------------
Over $500 million 0.10
----------------------------------------------------------------------------
</TABLE>
During the six months ended February 28, 1995, AIM
voluntarily waived advisory fees of $64,500 and
assumed expenses of $9,100.
The Fund has entered into a master distribution
agreement with Fund Management Company ("FMC") for
the distribution of shares of the Institutional
Class and the Private Investment Class. The Company
has also adopted a distribution plan (the "Plan")
pursuant to Rule 12b-1 under the 1940 Act with
respect to the Private Investment Class. The Plan
provides that the Private Investment Class may pay
up to a 0.50% maximum annual rate of the Private
Investment Class' average daily net assets. Of this
amount, the Fund may pay an asset-based sales charge
to FMC and the Portfolio may pay a service fee of
0.25% of the average daily net assets of the Private
Investment Class to selected broker-dealers and
other financial institutions who offer continuing
personal shareholder services to their customers who
purchase and own shares of the Private Investment
Class. Any amounts not paid as a service fee under
such Plan would constitute an asset-based sales
charge. The Plan also imposes a cap on the total
amount of sales charges, including asset-based sales
charges, that may be paid by the Portfolio with
respect to the Private Investment Class. During the
six months ended February 28, 1995, the Private
Investment Class paid $2,438 as compensation under
the Plan.
AIM will, if necessary, reduce its fee for any
fiscal year to the extent required so that the
amount of ordinary expenses of the Portfolio
(excluding interest, taxes, brokerage commissions
and extraordinary expenses) paid or incurred by the
Portfolio for such fiscal year does not exceed the
applicable expense limitations imposed by the state
securities regulations in any state in which the
Portfolio's shares are qualified for sale.
The Portfolio, pursuant to its administrative
services agreement with AIM, has agreed to reimburse
AIM for certain costs incurred in providing
administrative services to the Portfolio. During the
six months ended February 28, 1995 the Portfolio
reimbursed AIM $21,642 for such services. Effective
September 16, 1994, A I M Institutional Fund
Services, Inc. ("AIFS") became a transfer agent to
the Fund.
Certain officers and trustees of the Fund are
officers and directors of AIM, FMC, and AIFS.
The Portfolio paid legal fees of $700 for services
rendered by Reid & Priest as counsel to the Board of
Trustees. In September 1994, Kramer, Levin,
Naftalis, Kamin & Frankel was appointed as counsel
to the Board of Trustees and the Portfolio paid
legal fees of $630 for services rendered by that
firm as counsel to the Board of Trustees. A trustee
of the Trust was a member of the firm of Reid &
Priest until September 1994, when be became a member
of Kramer, Levin, Naftalis, Kamin & Frankel.
9
<PAGE> 10
NOTE 3-TRUSTEES' FEES
Trustees' fees represent remuneration paid or
accrued to each trustee who is not an "interested
person" of the Fund. The Fund may invest trustees'
fees, if so elected by a trustee, in mutual fund
shares in accordance with a deferred compensation
plan.
NOTE 4-SHARE INFORMATION
Changes in shares outstanding for the six months
ended February 28, 1995 and the year ended August
31, 1994 were as follows:
<TABLE>
<CAPTION>
FEBRUARY 28, 1995 AUGUST 31, 1994
------------------------------ ----------------------------------
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C>
--------------------------------------------------------------------------------------------------
TaxAdvantage Portfolio:
Sold:
Institutional Class 824,235,524 $ 824,235,524 1,529,572,244 $ 1,529,572,244
--------------------------------------------------------------------------------------------------
Private Investment Class 13,381,821 13,381,821 -- --
--------------------------------------------------------------------------------------------------
Issued as reinvestment of
dividends:
--------------------------------------------------------------------------------------------------
Institutional Class 157,060 157,060 72,270 72,270
--------------------------------------------------------------------------------------------------
Private Investment Class 69,990 69,990 -- --
--------------------------------------------------------------------------------------------------
Reacquired:
Institutional Class (811,139,568) (811,139,568) (1,560,468,423) (1,560,468,423)
--------------------------------------------------------------------------------------------------
Private Investment Class (9,588,611) (9,588,611) -- --
--------------------------------------------------------------------------------------------------
Net increase (decrease) 17,116,216 $ 17,116,216 (30,823,909) $ (30,823,909)
==================================================================================================
</TABLE>
* The Private Investment Class commenced operations
on December 21, 1994.
10
<PAGE> 11
NOTE 5-FINANCIAL HIGHLIGHTS
Shown below are the condensed financial highlights
for a share outstanding during the six months ended
February 28, 1995, each of the years in the
four-year period ended August 31, 1994 and the
period August 17, 1990 (date operations commenced)
through August 31, 1990.
<TABLE>
<CAPTION>
AUGUST 31,
FEBRUARY 28, -------------------------------------------------------
1995 1994 1993 1992 1991 1990
---------------------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------------------- ------- ------- ------- ------- ------- -------
Income from investment
operations:
Net investment
income 0.02 0.03 0.03 0.04 0.07 0.003
---------------------- ------- ------- ------- ------- ------- -------
Less distributions:
Dividends from net
investment income (0.02) (0.03) (0.03) (0.04) (0.07) (0.003)
---------------------- ------- ------- ------- ------- ------- -------
Net asset value, end
of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====================== ======= ======= ======= ======= ======= =======
Total return 4.86%(a) 3.29% 2.96% 4.32% 6.70% 7.79%(a)
====================== ======== ======== ======== ======== ======== ========
Ratios/supplemental
data:
Net assets, end of
period (000s
omitted) $417,159 $403,882 $434,693 $573,283 $403,846 $16,201
====================== ======== ======== ======== ======== ======== ========
Ratio of expenses to
average net assets 0.20%(b) 0.20%(c) 0.20% 0.17%(c) 0.14%(c) 0.10%(d)
====================== ======== ======== ======== ======== ======== ========
Ratio of net
investment income to
average net assets 4.85%(b) 3.23%(c) 2.93% 4.16%(c) 6.16%(e) 7.74%(d)
====================== ======== ======== ======== ======== ======== ========
</TABLE>
(a) Annualized.
(b) Ratios are annualized and based on average net
assets of $395,415,654.
After waiver of advisory fees. Annualized ratio
of expenses and net investment income to average
net assets prior to waiver of advisory fees were
0.23% and 4.81%, respectively.
(c) After waiver of advisory fees.
(d) Annualized. After waiver of advisory fees and
expense reimbursements.
11
<PAGE> 12
TRUSTEES
Charles T. Bauer John F. Kroeger
Bruce L. Crockett Lewis F. Pennock
Owen Daly II Ian W. Robinson
Carl Frischling Louis S. Sklar
Robert H. Graham
OFFICERS
Charles T. Bauer Chairman
Robert H. Graham President
John J. Arthur Sr. Vice President & Treasurer
Gary T. Crum Sr. Vice President
William H. Kleh Sr. Vice President
Carol F. Relihan Vice President & Secretary
Dana R. Sutton Vice President & Assistant Treasurer
Polly A. Ahrendts Vice President
Gary V. Beauchamp Vice President
Melville B. Cox Vice President
Karen Dunn Kelley Vice President
J. Abbott Sprague Vice President
Joseph A. Dichiara Assistant Vice President
Dineen Hughes Assistant Vice President
Nancy L. Martin Assistant Secretary
Kathleen J. Pflueger Assistant Secretary
Samuel D. Sirko Assistant Secretary
Stephen I. Winer Assistant Secretary
Mary J. Benson Assistant Treasurer
INVESTMENT ADVISOR
A I M Advisors, Inc.
11 Greenway Plaza, Suite 1919
Houston, TX 77046
(800) 347-1919
DISTRIBUTOR
Fund Management Company
11 Greenway Plaza, Suite 1919
Houston, TX 77046
(800) 659-1005
CUSTODIAN
The Bank of New York
110 Washington Street
New York, NY 10286
LEGAL COUNSEL TO FUND
Ballard Spahr Andrews & Ingersoll
1735 Market Street, 51st Floor
Philadelphia, PA 19103-7599
LEGAL COUNSEL TO TRUSTEES
Kramer, Levin, Naftalis, Nessen, Kamin & Frankel
919 Third Avenue
New York, NY 10022
TRANSFER AGENTS
State Street Bank & Trust Co.
225 Franklin Street
Boston, MA 02110
and
A I M Institutional Fund Services, Inc.
11 Greenway Plaza, Suite 1919
Houston, TX 77046
This report may be distributed only to current shareholders or to persons who
have received a current prospectus.
Short-Term
Investments Trust
(STIT)
Treasury
TaxAdvantage
Portfolio
Institutional
Class
Semi-
Annual
Report
February 28, 1995
[LOGO OF FUND MANAGEMENT COMPANY]
