LETTER FROM THE PRESIDENT
August 11, 1995
Dear Fellow Shareholder:
Midwest Group is pleased to update you on the progress of your investments and
provide you with the audited Annual Report for the fiscal year ended June 30,
1995.
After several months of lackluster performance, recent demand has brought the
relative value of municipal securities more in line with U.S. Treasury
securities. This improved relative performance can primarily be attributed to
heavy July 1 coupon payments, redemptions and maturities. As this glut of cash
entered the market and secondary supply dried up, new issues were very well
received.
A lack of consensus in Washington and an extended legislative timetable have
combined to abate the near-term impact of tax reform. While tax reform remains a
long-term hurdle for the municipal market, municipal securities continue to be
an attractive investment for those in higher tax brackets. We continue to pursue
higher quality securities for optimum performance.
Many investors have sought refuge from the market's uncertainty by investing in
tax-free money market funds, keeping demand at lofty levels which, in turn,
surpressed yields. To meet the varying needs of individual investors, the
following four tax-free money market funds are currently offered:
Ohio Tax-Free Money Fund
The Fund seeks high current income, free from both federal and Ohio income
taxes, combined with stability, liquidity and convenience. The Fund's 7-day
effective yield as of June 30, 1995 was 3.58%, which is equivalent to a taxable
yield of 6.41%, assuming the maximum combined federal and Ohio income tax
bracket for individuals.
Tax-Free Money Fund
The Fund seeks high current income, free from federal income tax, combined with
stability, liquidity and convenience. The Fund's 7-day effective yield as of
June 30, 1995 was 3.79%, which is equivalent to a taxable yield of 6.27%,
assuming the maximum federal income tax bracket for individuals.
California Tax-Free Money Fund
The Fund seeks high current income, free from both federal and California income
taxes, combined with stability, liquidity and convenience. The Fund's 7-day
effective yield as of June 30, 1995 was 3.37%, which is equivalent to a taxable
yield of 6.27%, assuming the maximum combined federal and California income tax
bracket for individuals.
Royal Palm Florida Tax-Free Money Fund
The Fund seeks the highest level of interest income that is exempt from federal
income tax, consistent with liquidity and stability of principal, by investing
in high quality, short-term Florida municipal obligations, the value of which is
exempt from the Florida personal property tax. The Fund's 7-day effective yield
as of June 30, 1995 was 3.73%, which is equivalent to a taxable yield of 6.18%,
assuming the maximum federal income tax bracket for individuals.
In addition, two tax-free bond funds, the Tax-Free Intermediate Term Fund and
the Ohio Insured Tax-Free Fund, are also available to investors. For an overall
discussion of the investment objective, total returns and performance of each
Fund, please refer to the Management Discussion and Analysis which follows this
letter.
As always, Midwest Group strives to help you meet your financial goals by
offering competitive returns, quality investments and diversification through
its conservative approach to money management.
Sincerely,
Robert H. Leshner
President
MANAGEMENT DISCUSSION AND ANALYSIS
The Tax-Free Intermediate Term Fund seeks high current income exempt from
federal income tax, consistent with protection of capital, by investing
primarily in high-grade municipal obligations maturing within twenty years or
less with a dollar-weighted average portfolio maturity under normal conditions
of between three and ten years. To the extent consistent with the Fund's primary
objective, capital appreciation is a secondary objective. For the fiscal year
ended June 30, 1995, the Fund's total returns (excluding the impact of
applicable sales loads) were 6.36% and 5.82% for Class A shares and Class C
shares, respectively.
The Ohio Insured Tax-Free Fund seeks the highest level of interest income exempt
from federal income tax and Ohio personal income tax, consistent with protection
of capital. The Fund invests primarily in high and medium-quality long-term Ohio
municipal obligations which are protected by insurance guaranteeing the payment
of principal and interest in the event of a default. For the fiscal year ended
June 30, 1995, the Fund's total returns (excluding the impact of applicable
sales loads) were 7.75% and 7.31% for Class A shares and Class C shares,
respectively.
Bond market performance over the past twelve months can be divided into two
distinct periods. During the first half of the fiscal year, a robust economy
pushed interest rates higher as investors feared an increase in the level of
inflation. In an effort to slow the pace of the economy and calm inflationary
fears, the Federal Reserve increased the Federal Funds rate three times from
4.25% to 6.00%. Short and intermediate-term Treasuries of five years and under
bore the brunt of the rate increases. Early in 1995, however, it became clear
that the pace of economic activity could not be maintained. With expectations of
slower growth, the bond market rallied and interest rates declined as quickly as
they had risen almost a year earlier.
For the most part, the performance of the municipal bond market mirrored that of
the Treasury bond market until the last quarter of the fiscal year. At that time
the issues of tax reform and the default of Orange County in California took
center stage causing municipal bonds to underperform. For the twelve months
ended June 30, 1995, the Lehman Brothers 5-year Municipal G.O. Bond Index
returned 7.23% while the Lehman Brothers 15-year Municipal G.O. Bond Index
returned 9.34%.
The comparative performance of the Tax-Free Intermediate Term Fund was
influenced by average maturity and credit quality management. During the first
five months of the fiscal year, the average maturity was lowered from 7.3 years
to 6.5 years to lessen the negative impact of rising interest rates on security
valuations. During the last half of the fiscal year, we worked to improve the
credit quality and performance characteristics of portfolio securities by
increasing our position in issues that are either prerefunded or escrowed to
maturity. These issues are some of the safest in the municipal market as they
are backed by government securities. This strategy should continue to enhance
performance during this ongoing period of tax reform debate.
Similar considerations contributed to the comparative performance of the Ohio
Insured Tax-Free Fund. Throughout the fiscal year, the average maturity of the
Fund was maintained slightly in excess of fifteen years, the minimum average
maturity permitted by the prospectus. This lower average maturity aided
performance during the first half of the fiscal year when interest rates were
rising, but hindered performance in the second half as the bond market rallied
and interest rates moved lower. We also began improving the performance
characteristics of individual bonds in the portfolio by increasing their call
protection (i.e. increasing the number of years to the first call date). Bonds
with call protection are generally more marketable because long-term investors
prefer this feature.
Looking ahead, the question is not whether economic activity has slowed, but to
what extent. As a result of such uncertainty, we believe that interest rates
will trade in the 6.50% to 7.00% range using the 30-year Treasury bond as a
benchmark. In addition, tax reform is certainly an issue which will be closely
followed by the municipal market. While some tax reform is likely, reform as
drastic as a flat tax appears less so. The supply and demand variables of the
municipal market remain favorable as new issue supply is running about 40% less
than 1994. While this should be a positive for the municipal market in the short
term, the long run will depend on the outcome of the debate on tax reform.
<TABLE>
<CAPTION>
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1995
TAX-FREE MONEY MARKET FUNDS
__________________________________________________________
ROYAL PALM
OHIO CALIFORNIA FLORIDA
TAX-FREE TAX-FREE TAX-FREE TAX-FREE
MONEY FUND MONEY FUND MONEY FUND MONEY FUND
------------ ------------- ------------- ------------
<S> <C> <C> <C> <C>
ASSETS
Investments in securities:
At acquisition cost......................... $228,393,860 $ 27,514,175 $ 19,234,156 $ 23,873,899
============ ============= ============= ============
At amortized cost........................... $228,219,069 $ 27,461,370 $ 19,136,828 $ 23,767,487
============ ============= ============= ============
At value (Note 1)........................... $228,219,069 $ 27,461,370 $ 19,136,828 $ 23,767,487
Cash .......................................... 834,590 72,514 114,882 91,591
Interest receivable ........................... 2,082,497 299,224 282,628 275,017
Other assets .................................. 52,911 6,640 4,432 5,812
------------ ------------- ------------- ------------
TOTAL ASSETS.............................. 231,189,067 27,839,748 19,538,770 24,139,907
------------ ------------- ------------- ------------
LIABILITIES
Dividends payable.............................. 226,345 2,876 2,146 6,565
Payable for securities purchased............... 4,245,168 1,124,504 -- --
Payable to affiliates (Note 3) ................ 97,638 16,465 8,858 11,459
Other accrued expenses and liabilities ........ 13,561 3,686 3,010 3,311
------------ ------------- ------------- ------------
TOTAL LIABILITIES......................... 4,582,712 1,147,531 14,014 21,335
------------ ------------- ------------- ------------
NET ASSETS ................................... $226,606,355 $ 26,692,217 $ 19,524,756 $ 24,118,572
============ ============= ============= ============
Net assets consist of:
Capital shares ................................ $226,592,741 $ 26,690,002 $ 19,526,452 $ 24,119,770
Undistributed net investment income............ -- 2,701 -- --
Accumulated net realized gains (losses) from
security transactions....................... 13,614 ( 486) ( 1,696) ( 1,198)
------------ ------------- ------------- ------------
Net assets..................................... $226,606,355 $ 26,692,217 $ 19,524,756 $ 24,118,572
============ ============= ============= ============
Shares of beneficial interest outstanding
(unlimited number of shares authorized,
no par value) ........................... 226,592,739 26,700,445 19,526,452 24,119,770
============ ============= ============= ============
Net asset value, offering price and redemption
price per share (Note 1) ................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============= ============= ============
<FN>
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
For the Year Ended June 30, 1995
TAX-FREE MONEY MARKET FUNDS
__________________________________________________________
ROYAL PALM
OHIO CALIFORNIA FLORIDA
TAX-FREE TAX-FREE TAX-FREE TAX-FREE
MONEY FUND MONEY FUND MONEY FUND MONEY FUND
------------ ------------- ------------- ------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest income............................. $ 8,379,074 $ 1,151,369 $ 803,427 $ 994,950
------------ ------------- ------------- ------------
EXPENSES
Investment advisory fees (Note 3)........... 1,026,778 144,305 113,878 131,885
Distribution expenses (Note 3).............. 363,420 24,169 1,749 1,797
Accounting services fees (Note 3)........... 48,000 42,000 42,000 42,000
Shareholder services and transfer
agent fees (Note 3) ........................ 66,960 23,881 13,302 12,000
Postage and supplies........................ 30,080 12,461 3,524 3,618
Insurance expense........................... 27,213 4,126 3,129 3,387
Professional fees........................... 18,288 5,387 4,888 5,288
Registration fees........................... 8,045 16,410 3,590 3,266
Pricing expenses............................ 5,406 1,913 3,147 2,426
Reports to shareholders .................... 5,382 2,995 720 332
Custodian fees (Note 3)..................... 2,042 4,029 476 1,470
Trustees' fees and expenses ................ 1,984 1,984 1,984 1,984
Other expenses ............................. 13,204 2,059 1,587 1,694
------------ ------------- ------------- ------------
TOTAL EXPENSES................................. 1,616,802 285,719 193,974 211,147
Fees waived by the Adviser (Note 3) ........ -- -- (34,500) (38,141)
------------ ------------- ------------- ------------
NET EXPENSES................................... 1,616,802 285,719 159,474 173,006
------------ ------------- ------------- ------------
NET INVESTMENT INCOME ......................... 6,762,272 865,650 643,953 821,944
------------ ------------- ------------- ------------
NET REALIZED GAINS (LOSSES) FROM
SECURITY TRANSACTIONS ...................... 8,226 (774) 234 2
------------ ------------- ------------- ------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ............................ $ 6,770,498 $ 864,876 $ 644,187 $ 821,946
============ ============= ============= ============
<FN>
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
For the Years Ended June 30, 1995 and 1994
TAX-FREE MONEY MARKET FUNDS
OHIO TAX-FREE TAX-FREE
MONEY FUND MONEY FUND
______________________________________________________
Year Year Year Year
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net investment income ............................................... $ 6,762,272 $ 4,278,633 $ 865,650 $ 681,252
Net realized gains (losses) from security transactions .............. 8,226 -- (774) 2,204
------------ ------------ ----------- -----------
Net increase in net assets from operations.............................. 6,770,498 4,278,633 864,876 683,456
------------ ------------ ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME ............... (6,764,671) (4,276,234) (862,949) (681,252)
------------ ------------ ----------- -----------
FROM CAPITAL SHARE TRANSACTIONS (Note 4):
Proceeds from shares sold ........................................... 532,441,705 546,916,284 51,748,931 54,880,538
Net asset value of shares issued in reinvestment of
distributions to shareholders ..................................... 4,449,982 2,891,227 814,800 640,626
Payments for shares redeemed......................................... (523,292,513) (558,583,425) (57,041,748) (59,141,953)
------------ ------------ ----------- -----------
Net increase (decrease) in net assets from
capital share transactions .......................................... 13,599,174 (8,775,914) (4,478,017) (3,620,789)
------------ ------------ ----------- -----------
TOTAL INCREASE (DECREASE) IN NET ASSETS ............................... 13,605,001 (8,773,515) (4,476,090) (3,618,585)
NET ASSETS:
Beginning of year.................................................... 213,001,354 221,774,869 31,168,307 34,786,892
------------ ------------ ----------- -----------
End of year.......................................................... $226,606,355 $213,001,354 $26,692,217 $31,168,307
============ ============ =========== ===========
UNDISTRIBUTED NET INVESTMENT INCOME .................................... $ -- $ 2,399 $ 2,701 $ --
============ ============ =========== ===========
ROYAL PALM
CALIFORNIA FLORIDA
TAX-FREE TAX-FREE
MONEY FUND MONEY FUND
_______________________________________________________
Year Year Year Year
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
1995 1994 1995 1994
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net investment income ............................................... $ 643,953 $ 480,898 $ 821,944 $ 592,588
Net realized gains (losses) from security transactions .............. 234 (1,022) 2 (1,200)
----------- ----------- ----------- -----------
Net increase in net assets from operations.............................. 644,187 479,876 821,946 591,388
----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME ............... (644,370) (480,481) (822,616) (591,916)
----------- ----------- ----------- -----------
FROM CAPITAL SHARE TRANSACTIONS (Note 4):
Proceeds from shares sold ........................................... 84,546,054 106,173,458 44,740,157 80,250,968
Net asset value of shares issued in reinvestment of
distributions to shareholders ..................................... 572,727 411,397 747,824 504,94
Payments for shares redeemed......................................... (90,102,140) (116,562,528) (47,644,429) (76,386,404)
----------- ----------- ----------- -----------
Net increase (decrease) in net assets from
capital share transactions .......................................... (4,983,359) (9,977,673) (2,156,448) 4,369,511
----------- ----------- ----------- -----------
TOTAL INCREASE (DECREASE) IN NET ASSETS ............................... (4,983,542) (9,978,278) (2,157,118) 4,368,983
NET ASSETS:
Beginning of year.................................................... 24,508,298 34,486,576 26,275,690 21,906,707
----------- ----------- ----------- -----------
End of year.......................................................... $19,524,756 $24,508,298 $24,118,572 $26,275,690
=========== =========== =========== ===========
UNDISTRIBUTED NET INVESTMENT INCOME .................................... $ -- $ 417 $ -- $ 672
=========== =========== =========== ===========
<FN>
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1995
TAX-FREE BOND FUNDS
TAX-FREE OHIO INSURED
INTERMEDIATE TAX-FREE
TERM FUND FUND
--------------- ---------------
<S> <C> <C>
ASSETS
Investments in securities:
At acquisition cost.................................................... $ 85,911,101 $ 71,102,999
=============== ===============
At amortized cost...................................................... $ 85,335,134 $ 71,072,336
=============== ===============
At value (Note 1) ..................................................... $ 87,134,195 $ 74,765,269
Cash ..................................................................... -- 57,284
Receivable for capital shares sold........................................ 139,788 41,339
Interest receivable ...................................................... 1,465,884 930,148
Other assets ............................................................. 34,354 27,252
--------------- ---------------
TOTAL ASSETS........................................................... 88,774,221 75,821,292
--------------- ---------------
LIABILITIES
Bank overdraft............................................................ 39,107 --
Payable for capital shares redeemed ...................................... 1,023,853 121,800
Dividends payable......................................................... 70,068 95,059
Payable for securities purchased.......................................... 1,630,729 --
Payable to affiliates (Note 3) ........................................... 48,710 38,496
Other accrued expenses and liabilities.................................... 7,793 7,682
--------------- ---------------
TOTAL LIABILITIES ................................................... 2,820,260 263,037
--------------- ---------------
NET ASSETS .............................................................. $ 85,953,961 $ 75,558,255
=============== ===============
Net assets consist of:
Capital shares ........................................................... $ 86,194,255 $ 72,503,679
Accumulated net realized losses from security transactions ............... (2,039,355) (638,357)
Net unrealized appreciation on investments................................ 1,799,061 3,692,933
--------------- ---------------
Net assets................................................................ $ 85,953,961 $ 75,558,255
=============== ===============
PRICING OF CLASS A SHARES
Net assets applicable to Class A shares................................... $ 81,139,685 $ 71,392,898
=============== ===============
Shares of beneficial interest outstanding (unlimited number of shares
authorized, no par value) (Note 4)..................................... 7,470,758 5,951,947
=============== ===============
Net asset value and redemption price per share (Note 1) .................. $ 10.86 $ 11.99
=============== ===============
Maximum offering price per share (Note 1) ................................ $ 11.08 $ 12.49
=============== ===============
PRICING OF CLASS C SHARES
Net assets applicable to Class C shares................................... $ 4,814,276 $ 4,165,357
=============== ===============
Shares of beneficial interest outstanding (unlimited number of shares
authorized, no par value) (Note 4) .................................... 443,255 347,217
=============== ===============
Net asset value and redemption price per share (Note 1) .................. $ 10.86 $ 12.00
=============== ===============
Maximum offering price per share (Note 1)................................. $ 10.86 $ 12.00
=============== ===============
<FN>
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
For the Year Ended June 30, 1995
TAX-FREE BOND FUNDS
TAX-FREE OHIO INSURED
INTERMEDIATE TAX-FREE
TERM FUND FUND
--------------- ---------------
<S> <C> <C>
INVESTMENT INCOME
Interest income........................................................ $ 5,284,856 $ 4,813,451
--------------- ---------------
EXPENSES
Investment advisory fees (Note 3)...................................... 472,968 394,825
Distribution expenses, Class A (Note 3)................................ 153,050 9,476
Distribution expenses, Class C (Note 3) ............................... 18,070 5,296
Accounting services fees (Note 3) ..................................... 75,000 72,000
Shareholder services and transfer agent fees, Class A (Note 3)......... 78,065 40,945
Shareholder services and transfer agent fees, Class C (Note 3)......... 12,000 12,000
Postage and supplies................................................... 48,842 23,834
Pricing expenses....................................................... 25,619 19,605
Registration fees, Common.............................................. 16,082 4,518
Registration fees, Class A............................................. 4,586 3,210
Registration fees, Class C............................................. 4,941 2,000
Insurance expense...................................................... 13,676 10,711
Reports to shareholders ............................................... 12,477 5,798
Professional fees ..................................................... 9,288 8,888
Custodian fees......................................................... 8,272 8,299
Trustees' fees and expenses ........................................... 1,984 1,984
Other expenses ........................................................ 6,030 4,855
--------------- ---------------
TOTAL EXPENSES ........................................................... 960,950 628,244
Fees waived by the Adviser (Note 3).................................... -- (14,000)
Class A expenses reimbursed by the Adviser (Note 3).................... -- (5,077)
--------------- ---------------
NET EXPENSES.............................................................. 960,950 609,167
--------------- ---------------
NET INVESTMENT INCOME .................................................... 4,323,906 4,204,284
--------------- ---------------
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses from security transactions ...................... (1,487,447) (553,505)
Net change in unrealized appreciation/depreciation on investments ... 2,397,778 2,078,922
--------------- ---------------
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS ........................ 910,331 1,525,417
--------------- ---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS ............................... $ 5,234,237 $ 5,729,701
=============== ===============
<FN>
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
For the Years Ended June 30, 1995 and 1994
TAX-FREE BOND FUNDS
TAX-FREE
INTERMEDIATE OHIO INSURED
TERM FUND TAX-FREE FUND
___________________________________________________________
Year Year Year Year
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
1995 1994 1995 1994
------------ ------------- ------------- ------------
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net investment income ...................... $ 4,323,906 $ 4,672,574 $ 4,204,284 $ 4,131,255
Net realized gains (losses) from
security transactions .................... (1,487,447) (46,296) (553,505) 256,296
Net change in unrealized appreciation/
depreciation on investments............... 2,397,778 (3,941,206) 2,078,922 (4,633,136)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets
from operations ............................ 5,234,237 685,072 5,729,701 (245,585)
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income, Class A ........ (4,158,531) (4,621,632) (4,060,262) (4,077,931)
From net investment income, Class C......... (182,065) (34,252) (165,164) (32,182)
From net realized gains from security
transactions, Class A .................... -- -- -- (176,296)
From net realized gains from security
transactions, Class C .................... -- -- -- (443)
------------ ------------ ------------ ------------
Decrease in net assets from distributions
to shareholders ............................ (4,340,596) (4,655,884) (4,225,426) (4,286,852)
------------ ------------ ------------ ------------
FROM CAPITAL SHARES TRANSACTIONS (Note 4):
CLASS A
Proceeds from shares sold .................. 27,134,058 114,026,590 135,489,969 163,625,583
Net asset value of shares issued in
reinvestment of distributions
to shareholders ........................ 3,413,920 3,849,926 3,071,603 3,347,910
Payments for shares redeemed ............... (56,693,107) (89,674,117) (148,483,241) (163,755,568)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets
from Class A share transactions............. (26,145,129) 28,202,399 (9,921,669) 3,217,925
------------ ------------ ------------ ------------
CLASS C
Proceeds from shares sold .................. 7,031,053 4,010,491 1,936,052 3,032,598
Net asset value of shares issued in
reinvestment of distributions
to shareholders ........................ 174,884 33,735 141,387 26,100
Payments for shares redeemed ............... (5,556,496) (887,900) (650,441) (296,756)
------------ ------------ ------------ ------------
Net increase in net assets from Class C
share transactions ......................... 1,649,441 3,156,326 1,426,998 2,761,942
------------ ------------ ------------ ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS ...... (23,602,047) 27,387,913 (6,990,396) 1,447,430
NET ASSETS:
Beginning of year........................... 109,556,008 82,168,095 82,548,651 81,101,221
------------ ------------ ------------ ------------
End of year................................. $ 85,953,961 $109,556,008 $ 75,558,255 $ 82,548,651
============ ============ ============ ============
UNDISTRIBUTED NET INVESTMENT INCOME .......... $ -- $ 16,690 $ -- $ 21,142
============ ============ ============ ============
<FN>
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OHIO TAX-FREE MONEY FUND
FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Year
Year Ended June 30,
____________________________________________________________
1995 1994 1993 1992 1991
------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value at beginning of year............ $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
---------- ---------- ---------- ---------- ----------
Net investment income........................... 0.031 0.020 0.022 0.034 0.048
---------- ---------- ---------- ---------- ----------
Distributions from net investment income ....... (0.031) (0.020) (0.022) (0.034) (0.048)
---------- ---------- ---------- ---------- ----------
Net asset value at end of year.................. $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
========== ========== ========== ========== ==========
Total return.................................... 3.12% 1.99% 2.19% 3.52% 4.99%
========== ========== ========== ========== ==========
Net assets at end of year (000's) .............. $226,606 $213,001 $221,775 $218,503 $204,034
========== ========== ========== ========== ==========
Ratio of expenses to average net assets ........ 0.74% 0.73% 0.74% 0.75% 0.77%
Ratio of net investment income to
average net assets .......................... 3.08% 1.97% 2.16% 3.43% 4.80%
</TABLE>
<TABLE>
<CAPTION>
TAX-FREE MONEY FUND
FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Year
Year Ended June 30,
____________________________________________________________
1995 1994 1993 1992 1991
------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value at beginning of year............ $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
---------- ---------- ---------- ---------- ----------
Net investment income........................... 0.030 0.021 0.024 0.036 0.050
---------- ---------- ---------- ---------- ----------
Distributions from net investment income........ (0.030) (0.021) (0.024) (0.036) (0.050)
---------- ---------- ---------- ---------- ----------
Net asset value at end of year.................. $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
========== ========== ========== ========== ==========
Total return ................................... 3.07% 2.12% 2.40% 3.63% 5.09%
========== ========== ========== ========== ==========
Net assets at end of year (000's) .............. $26,692 $ 31,168 $ 34,787 $ 50,000 $ 45,210
========== ========== ========== ========== ==========
Ratio of expenses to average net assets......... 0.99% 0.99% 0.99% 0.99% 0.99%
Ratio of net investment income to
average net assets .......................... 3.00% 2.09% 2.39% 3.55% 4.98%
<FN>
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CALIFORNIA TAX-FREE MONEY FUND
FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Year
Year Ended June 30,
____________________________________________________________
1995 1994 1993 1992 1991
------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value at beginning of year............ $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
---------- ---------- ---------- ---------- ----------
Net investment income........................... 0.029 0.019 0.022 0.035 0.046
---------- ---------- ---------- ---------- ----------
Distributions from net investment income........ (0.029) (0.019) (0.022) (0.035) (0.046)
---------- ---------- ---------- ---------- ----------
Net asset value at end of year.................. $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
========== ========== ========== ========== ==========
Total return ................................... 2.95% 1.93% 2.26% 3.71% 4.70%
========== ========== ========== ========== ==========
Net assets at end of year (000's) .............. $19,525 $ 24,508 $ 34,487 $ 21,246 $ 13,524
========== ========== ========== ========== ==========
Ratio of expenses to average net assets(A) .... 0.70% 0.60% 0.56% 0.34% 0.40%
Ratio of net investment income to
average net assets .......................... 2.83% 1.90% 2.22% 3.49% 4.56%
<FN>
(A)Ratio of expenses to average net assets assuming no waiver of fees or
reimbursement of expenses by the Adviser was 0.85%, 0.86%, 0.85%, 0.89% and
1.01% for the years ended June 30, 1995, 1994, 1993, 1992 and 1991,
respectively (Note 3).
</FN>
</TABLE>
<TABLE>
<CAPTION>
ROYAL PALM FLORIDA TAX-FREE MONEY FUND
FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Period
From Date of
Public Offering
Year Year (Nov. 13, 1992)
Ended Ended through
June 30, 1995 June 30, 1994 June 30, 1993(A)
--------------- --------------- ---------------
<S> <C> <C> <C>
Net asset value at beginning of period ................... $ 1.000 $ 1.000 $ 1.000
--------------- --------------- ---------------
Net investment income..................................... 0.031 0.021 0.016
--------------- --------------- ---------------
Distributions from net investment income ................. (0.031) (0.021) (0.016)
--------------- --------------- ---------------
Net asset value at end of period ......................... $ 1.000 $ 1.000 $ 1.000
=============== =============== ===============
Total return ............................................. 3.17% 2.11% 2.49%(C)
=============== =============== ===============
Net assets at end of period (000's) ...................... $ 24,119 $ 26,276 $ 21,907
=============== =============== ===============
Ratio of expenses to average net assets(B) .............. 0.66% 0.58% 0.34%(C)
Ratio of net investment income to average net assets...... 3.12% 2.10% 2.41%(C)
<FN>
(A)No income was earned or expenses incurred from the start of business through
the date of public offering.
(B)Ratio of expenses to average net assets assuming no waiver of fees or
reimbursement of expenses by the Adviser was 0.80%, 0.81% and 0.94%(C) for
the periods ended June 30, 1995, 1994 and 1993, respectively (Note 3).
(C)Annualized.
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TAX-FREE INTERMEDIATE TERM FUND - CLASS A
FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Year
Year Ended June 30,
____________________________________________________________
1995 1994 1993 1992 1991
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value at beginning of year............ $ 10.69 $ 10.98 $ 10.42 $ 10.15 $ 10.05
---------- ---------- ---------- ---------- ----------
Income from investment operations:
Net investment income ....................... 0.49 0.48 0.53 0.59 0.62
Net realized and unrealized gains (losses)
on investments............................. 0.17 (0.29) 0.56 0.27 0.10
---------- ---------- ---------- ---------- ----------
Total from investment operations ............... 0.66 0.19 1.09 0.86 0.72
---------- ---------- ---------- ---------- ----------
Distributions from net investment income ....... (0.49) (0.48) (0.53) (0.59) (0.62)
---------- ---------- ---------- ---------- ----------
Net asset value at end of year.................. $ 10.86 $ 10.69 $ 10.98 $ 10.42 $ 10.15
========== ========== ========== ========== ==========
Total return(A) ................................ 6.36% 1.70% 10.75% 8.78% 7.38%
========== ========== ========== ========== ==========
Net assets at end of year (000's) .............. $81,140 $106,472 $ 82,168 $ 26,720 $ 15,638
========== ========== ========== ========== ==========
Ratio of expenses to average net assets ........ 0.99% 0.99% 0.99% 1.07% 1.13%
Ratio of net investment income to
average net assets ........................... 4.59% 4.35% 4.90% 5.75% 6.15%
Portfolio turnover rate......................... 32% 46% 28% 12% 48%
<FN>
(A)The total returns shown do not include the effect of applicable sales loads.
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TAX-FREE INTERMEDIATE TERM FUND - CLASS C
FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Period
From Date of
Public Offering
Year (Feb. 1, 1994)
Ended through
June 30, 1995 June 30, 1994
--------------- ---------------
<S> <C> <C>
Net asset value at beginning of period.................................... $ 10.69 $ 11.27
--------------- ---------------
Income from investment operations:
Net investment income.................................................. 0.44 0.20
Net realized and unrealized gains (losses) on investments.............. 0.17 (0.58)
--------------- ---------------
Total from investment operations.......................................... 0.61 (0.38)
--------------- ---------------
Distributions from net investment income.................................. (0.44) (0.20)
--------------- ---------------
Net asset value at end of period.......................................... $ 10.86 $ 10.69
=============== ===============
Total return(A) .......................................................... 5.82% (8.28%)(C)
=============== ===============
Net assets at end of period (000's)....................................... $ 4,814 $ 3,084
=============== ===============
Ratio of expenses to average net assets(B) ............................... 1.49% 1.45%(C)
Ratio of net investment income to average net assets...................... 4.08% 3.79%(C)
Portfolio turnover rate................................................... 32% 46%(C)
<FN>
(A)The total returns shown do not include the effect of applicable sales loads.
(B)Ratio of expenses to average net assets assuming no waiver of fees or
reimbursement of expenses by the Adviser was 1.75%(C) for the period ended
June 30, 1994 (Note 3).
(C)Annualized.
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OHIO INSURED TAX-FREE FUND - CLASS A
FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Year
Year Ended June 30,
____________________________________________________________
1995 1994 1993 1992 1991
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value at beginning of year............ $ 11.74 $ 12.41 $ 11.67 $ 11.13 $ 10.96
---------- ---------- ---------- ---------- ----------
Income from investment operations:
Net investment income ....................... 0.63 0.61 0.65 0.70 0.68
Net realized and unrealized gains (losses)
on investments............................. 0.25 (0.64) 0.74 0.54 0.17
---------- ---------- ---------- ---------- ----------
Total from investment operations ............... 0.88 (0.03) 1.39 1.24 0.85
---------- ---------- ---------- ---------- ----------
Less distributions:
Distributions from net investment income .... (0.63) (0.61) (0.65) (0.70) (0.68)
Distributions from net realized gains........ -- (0.03) -- -- --
---------- ---------- ---------- ---------- ----------
Total distributions ............................ (0.63) (0.64) (0.65) (0.70) (0.68)
---------- ---------- ---------- ---------- ----------
Net asset value at end of year.................. $ 11.99 $ 11.74 $ 12.41 $ 11.67 $ 11.13
========== ========== ========== ========== ==========
Total return(A) ............................... 7.75% (0.41%) 12.24% 11.55% 7.98%
========== ========== ========== ========== ==========
Net assets at end of year (000's) .............. $71,393 $ 79,889 $ 81,101 $ 49,288 $ 20,791
========== ========== ========== ========== ==========
Ratio of expenses to average net assets(B) .... 0.75% 0.75% 0.75% 0.60% 1.07%
Ratio of net investment income to
average net assets .......................... 5.35% 4.94% 5.35% 6.10% 6.14%
Portfolio turnover rate......................... 29% 45% 15% 3% 86%
<FN>
(A)The total returns shown do not include the effect of applicable sales loads.
(B)Ratio of expenses to average net assets assuming no waiver of fees or
reimbursement of expenses by the Adviser was 0.77% and 0.77% for the years
ended June 30, 1995 and 1992, respectively (Note 3).
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OHIO INSURED TAX-FREE FUND - CLASS C
FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Period
From Date of
Public Offering
Year (Nov. 1, 1993)
Ended through
June 30, 1995 June 30, 1994
--------------- ---------------
<S> <C> <C>
Net asset value at beginning of period.................................... $ 11.74 $ 12.62
--------------- ---------------
Income from investment operations:
Net investment income.................................................. 0.57 0.36
Net realized and unrealized gains (losses) on investments.............. 0.26 (0.85)
--------------- ---------------
Total from investment operations.......................................... 0.83 (0.49)
--------------- --------------
Less distributions:
Distributions from net investment income............................... (0.57) (0.36)
Distributions from net realized gains.................................. -- (0.03)
--------------- ---------------
Total distributions....................................................... (0.57) (0.39)
--------------- --------------
Net asset value at end of period.......................................... $ 12.00 $ 11.74
=============== ===============
Total return(A) .......................................................... 7.31% (6.05%)(C)
=============== ===============
Net assets at end of period (000's)....................................... $ 4,165 $ 2,659
=============== ===============
Ratio of expenses to average net assets(B) ............................... 1.25% 1.22%(C)
Ratio of net investment income to average net assets...................... 4.84% 4.09%(C)
Portfolio turnover rate................................................... 29% 45%(C)
<FN>
(A)The total returns shown do not include the effect of applicable sales loads.
(B)Ratio of expenses to average net assets assuming no waiver of fees or
reimbursement of expenses by the Adviser was 1.27% and 1.28%(C) for the
periods ended June 30, 1995 and 1994, respectively (Note 3).
(C)Annualized.
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
June 30, 1995
1. Significant Accounting Policies
Midwest Group Tax Free Trust (the Trust) is registered under the Investment
Company Act of 1940, as amended (the 1940 Act), as an open-end management
investment company. The Trust was established as a Massachusetts business trust
under the Declaration of Trust dated April 13, 1981. The Declaration of Trust,
as amended, permits the Trustees to issue an unlimited number of shares of six
funds: the Ohio Tax-Free Money Fund, the Tax-Free Money Fund, the California
Tax-Free Money Fund, the Royal Palm Florida Tax-Free Money Fund, the Tax-Free
Intermediate Term Fund and the Ohio Insured Tax-Free Fund (individually a Fund
and collectively the Funds).
The Tax-Free Intermediate Term Fund and the Ohio Insured Tax-Free Fund each
offer two classes of shares: Class A shares (sold subject to a maximum front-end
sales load of 2% for the Tax-Free Intermediate Term Fund and 4% for the Ohio
Insured Tax-Free Fund and a distribution fee of up to .25% of average daily net
assets for each Fund) and Class C shares (sold subject to a maximum contingent
deferred sales load of 1% if redeemed within a one-year period from purchase and
a distribution fee of up to 1% of average daily net assets). Each Class A and
Class C share of a Fund represents identical interests in the investment
portfolio of such Fund and has the same rights, except that (i) Class C shares
bear the expenses of higher distribution fees, which will cause Class C shares
to have a higher expense ratio and to pay lower dividends than Class A shares;
(ii) certain other class specific expenses will be borne solely by the class to
which such expenses are attributable; and (iii) each class has exclusive voting
rights with respect to matters relating to its own distribution arrangements.
The following is a summary of the Trust's significant accounting policies:
Security valuation -- Ohio Tax-Free Money Fund, Tax-Free Money Fund, California
Tax-Free Money Fund and Royal Palm Florida Tax-Free Money Fund securities are
valued on the amortized cost basis, which approximates market. This involves
initially valuing a security at its original cost and thereafter assuming a
constant amortization to maturity of any discount or premium. This method of
valuation is expected to enable these Funds to maintain a constant net asset
value per share. The Tax-Free Intermediate Term Fund and the Ohio Insured
Tax-Free Fund use an independent pricing service which generally utilizes a
computerized grid matrix of tax-exempt securities and evaluations by its staff
to determine what it believes is the fair value of the securities. On limited
occasions, if the valuation provided by the pricing service ignores certain
market conditions affecting the value of a security or the pricing service
cannot provide a valuation, the fair value of the security will be determined in
good faith consistent with procedures established by the Board of Trustees.
Share valuation -- The net asset value per share of the Ohio Tax-Free Money
Fund, the Tax-Free Money Fund, the California Tax-Free Money Fund, and the Royal
Palm Florida Tax-Free Money Fund is calculated daily. Net asset value per share
is calculated for each of these Funds by dividing the total value of a Fund's
assets, less liabilities, by the number of shares outstanding. The offering
price and redemption price per share is equal to the net asset value per share.
The net asset value per share of the Tax-Free Intermediate Term Fund and the
Ohio Insured Tax-Free Fund is also calculated daily. Net asset value per share
is calculated for each class of a Fund by dividing the total value of a Fund's
assets applicable to that class, less liabilities applicable to that class, by
the number of shares of that class outstanding. The maximum offering price of
Class A shares of the Tax-Free Intermediate Term Fund is equal to net asset
value per share plus a sales load equal to 2.04% of the net asset value (or 2%
of the offering price). The maximum offering price of Class A Shares of the Ohio
Insured Tax-Free Fund is equal to net asset value per share plus a sales load
equal to 4.17% of the net asset value (or 4% of the offering price). The
offering price of Class C shares of each Fund is equal to the net asset value
per share.
The redemption price per share of Class A shares and Class C shares of the
Tax-Free Intermediate Term Fund and the Ohio Insured Tax-Free Fund is equal to
the net asset value per share. Effective February 1, 1995, Class C shares of the
Tax-Free Intermediate Term Fund and the Ohio Insured Tax-Free Fund are each
subject to a contingent deferred sales load of 1% of the original purchase price
if redeemed within a one-year period from the date of purchase.
<PAGE>
Investment income and distributions to shareholders -- Interest income is
accrued as earned. Discounts and premiums on securities purchased are amortized
in accordance with income tax regulations which approximate generally accepted
accounting principles. Distributions from net investment income are declared
daily and paid on the last business day of each month. Net realized short-term
capital gains, if any, may be distributed throughout the year and net realized
long-term capital gains, if any, are distributed at least once each year. Income
distributions and capital gain distributions are determined in accordance with
income tax regulations.
Security transactions -- Security transactions are accounted for on the trade
date. Securities sold are valued on a specific identification basis.
Allocations between classes -- Investment income earned by the Tax-Free
Intermediate Term Fund and the Ohio Insured Tax-Free Fund is allocated daily to
each class of shares based on the percentage of the net asset value of settled
shares of such class to the total of the net asset value of settled shares of
both classes of shares. Realized capital gains and losses and unrealized
appreciation and depreciation is allocated daily to each class of shares based
upon its proportionate share of total net assets of the Fund. Class specific
expenses are charged directly to the class incurring the expense. Joint expenses
which are not attributable to a specific class are allocated daily to each class
of shares based upon its proportionate share of total net assets of the Fund.
Federal income tax -- It is each Fund's policy to comply with the special
provisions of the Internal Revenue Code available to regulated investment
companies. As provided therein, in any fiscal year in which a Fund so qualifies
and distributes at least 90% of its taxable net income, the Fund will be
relieved of federal income tax on the income distributed. Accordingly, no
provision for income taxes has been made. In addition, each Fund intends to
satisfy conditions which enable it to designate distributions from the interest
income generated by its investment in municipal securities, which is exempt from
federal income tax when received by the Fund, as exempt-interest dividends to
shareholders.
In order to avoid imposition of the excise tax applicable to regulated
investment companies, it is also each Fund's intention to declare as dividends
in each calendar year at least 98% of its net investment income (earned during
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 as of June 30, 1995:
<TABLE>
Tax-Free
Intermediate Ohio Insured
Term Fund Tax-Free Fund
--------------- ---------------
<S> <C> <C>
Gross unrealized appreciation....... $ 2,057,046 $ 3,898,026
Gross unrealized depreciation....... (257,985) (205,093)
--------------- ---------------
Net unrealized appreciation......... $ 1,799,061 $ 3,692,933
=============== ===============
</TABLE>
The tax basis of investments for each Fund is equal to the amortized cost as
shown on the Statements of Assets and Liabilities.
As of June 30, 1995, the Tax-Free Money Fund, the California Tax-Free Money
Fund, the Royal Palm Florida Tax-Free Money Fund, the Tax-Free Intermediate Term
Fund and the Ohio Insured Tax-Free Fund had capital loss carryforwards for
federal income tax purposes of $774, $1,696, $1,198, $2,039,355, and $638,357,
respectively, none of which expire prior to June 30, 1999. These capital loss
carryforwards may be utilized in the current or future years to offset net
realized capital gains prior to distributing such gains to shareholders.
2. Investment Transactions
For the year ended June 30, 1995, purchases and proceeds from sales and
maturities of investment securities, excluding short-term investments, amounted
to $28,391,712 and $53,294,417, respectively, for the Tax-Free Intermediate Term
Fund, and $21,806,732 and $26,408,778, respectively, for the Ohio Insured
Tax-Free Fund.
3. Transactions with Affiliates
The President of the Trust is the Chairman of the Board and the controlling
shareholder of Leshner Financial, Inc., whose subsidiaries include Midwest Group
Financial Services, Inc. (the Adviser), the investment adviser and principal
underwriter of the Trust's shares, and MGF Service Corp. (MGF), the shareholder
servicing and transfer agent and accounting and pricing agent for the Trust.
<PAGE>
MANAGEMENT AGREEMENT
The Funds' investments are managed by the Adviser pursuant to the terms of a
Management Agreement. Under the Management Agreement, each Fund pays the Adviser
a fee, computed and accrued daily and paid monthly, at an annual rate of 0.5% of
its respective average daily net assets up to $100,000,000, 0.45% of such assets
from $100,000,000 to $200,000,000, 0.4% of such assets from $200,000,000 to
$300,000,000 and 0.375% of such assets in excess of $300,000,000.
States in which shares of the Trust are offered may impose an expense limitation
based upon net assets. The Adviser has agreed to reimburse each Fund for
expenses which exceed the most restrictive applicable expense limitation of any
state. No reimbursement was required from the Adviser with respect to any Fund
for the year ended June 30, 1995. However, in order to reduce operating
expenses, the Adviser voluntarily waived $34,500, $38,141 and $14,000 of its
advisory fees from the California Tax-Free Money Fund, the Royal Palm Florida
Tax-Free Money Fund and the Ohio Insured Tax-Free Fund, respectively, during the
year ended June 30, 1995. In addition, in order to reduce the operating expenses
of Class A shares of the Ohio Insured Tax-Free Fund, the Adviser voluntarily
reimbursed the Fund for $5,077 of Class A expenses.
TRANSFER AGENT AND SHAREHOLDER SERVICE AGREEMENT
Under the terms of the Transfer Agent and Shareholder Service Agreement, MGF
maintains the records of each shareholder's account, answers shareholders'
inquiries concerning their accounts, processes purchases and redemptions of each
Fund's shares, acts as dividend and distribution disbursing agent and performs
other shareholder service functions. Under the terms of the Agreement, MGF
receives for its services a fee payable monthly at an annual rate of $25.00 per
shareholder account from each of the Ohio Tax-Free Money Fund, the Tax-Free
Money Fund, the California Tax-Free Money Fund, and the Royal Palm Florida
Tax-Free Money Fund and $21.00 per shareholder account from each of the Tax-Free
Intermediate Term Fund and the Ohio Insured Tax-Free Fund, subject to a $1,000
minimum monthly fee for each Fund or for each class of shares of a Fund. In
addition, each Fund pays out-of-pocket expenses, including but not limited to,
postage and supplies.
ACCOUNTING SERVICES AGREEMENT
Under the terms of the Accounting Services Agreement between the Trust and MGF,
MGF calculates the daily net asset value per share and maintains the financial
books and records of each Fund. Effective July 1, 1995, MGF receives a monthly
fee, based on current asset levels, of $3,250 per month from each of the
Tax-Free Money Fund, the California Tax-Free Money Fund and the Royal Palm
Florida Tax-Free Money Fund, $3,750 per month from the Ohio Tax-Free Money Fund
and $4,750 per month from each of the Tax-Free Intermediate Term Fund and the
Ohio Insured Tax-Free Fund. In addition, each Fund pays certain out-of-pocket
expenses incurred by MGF in obtaining valuations of such Fund's portfolio
securities.
UNDERWRITING AGREEMENT
Under the terms of the Underwriting Agreement, the Adviser and affiliates earned
$5,557 and $25,570 from underwriting and broker commissions on the sale of
shares of the Tax-Free Intermediate Term Fund and the Ohio Insured Tax-Free
Fund, respectively, during the year ended June 30, 1995.
PLANS OF DISTRIBUTION
The Funds have a Plan of Distribution (Class A Plan) under which shares of each
Fund having one class of shares and Class A shares of each Fund having two
classes of shares may directly incur or reimburse the Adviser for expenses
related to the distribution and promotion of shares. The annual limitation for
payment of such expenses under the Class A Plan is .25% of average daily net
assets.
The Trust has a Plan of Distribution (Class C Plan) under which Class C shares
of the Tax-Free Intermediate Term Fund and the Ohio Insured Tax-Free Fund may
directly incur or reimburse the Adviser for expenses related to the distribution
and promotion of shares. The annual limitation for payment of such expenses
under the Class C Plan is 1% of a Fund's average daily net assets applicable to
Class C shares.
CUSTODIAN AGREEMENT
The Fifth Third Bank, which serves as the custodian for each Fund except the
California Tax-Free Money Fund, was a significant shareholder of record of the
Ohio Tax-Free Money Fund as of June 30, 1995. Under the terms of the Custodian
Agreement, The Fifth Third Bank receives from each Fund a base fee at an annual
rate of .005% of its average net assets (subject to a minimum fee of $1,500 and
a maximum fee of $5,000) plus transaction charges for each security transaction
of the Funds.
<PAGE>
4. Capital Share Transactions
Proceeds and payments on capital shares as shown in the Statements of Changes in
Net Assets are the result of the following capital share transactions for the
years ended June 30, 1995 and 1994:
<TABLE>
TAX-FREE INTERMEDIATE OHIO INSURED
TERM FUND TAX-FREE FUND
___________________________________________________________
Year Year Year Year
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
1995 1994 1995 1994
------------ ------------- ------------- ------------
<S> <C> <C> <C> <C>
CLASS A
Shares sold.................................... 2,523,254 10,275,868 11,576,223 13,310,072
Shares issued in reinvestment of
distributions to shareholders............... 320,606 350,367 262,171 271,821
Shares redeemed................................ (5,334,216) (8,147,207) (12,691,802) (13,313,151)
------------ ------------- ------------- ------------
Net increase (decrease) in shares outstanding.. (2,490,356) 2,479,028 (853,408) 268,742
Shares outstanding, beginning of year.......... 9,961,114 7,482,086 6,805,355 6,536,613
------------ ------------- ------------- ------------
Shares outstanding, end of year................ 7,470,758 9,961,114 5,951,947 6,805,355
============ ============= ============= ============
CLASS C
Shares sold.................................... 661,291 368,101 164,356 248,640
Shares issued in reinvestment of
distributions to shareholders............... 16,430 3,142 12,037 2,197
Shares redeemed................................ (522,939) (82,770) (55,643) (24,370)
------------ ------------- ------------- ------------
Net increase in shares outstanding............. 154,782 288,473 120,750 226,467
Shares outstanding, beginning of year.......... 288,473 -- 226,467 --
------------ ------------- ------------- ------------
Shares outstanding, end of year................ 443,255 288,473 347,217 226,467
============ ============= ============= ============
</TABLE>
Capital share transactions for the Ohio Tax-Free Money Fund, the Tax-Free Money
Fund, the California Tax-Free Money Fund and the Royal Palm Florida Tax-Free
Money Fund are identical to the dollar value of those transactions as shown in
the Statements of Changes in Net Assets.
5. Portfolio Composition
As of June 30, 1995, the Ohio Tax-Free Money Fund and the Ohio Insured Tax-Free
Fund were invested exclusively in debt obligations issued by the State of Ohio
and its political subdivisions, agencies, authorities, and instrumentalities and
other issuers the interest from which is exempt from Ohio income tax. The
California Tax-Free Money Fund was invested exclusively in debt obligations
issued by the State of California and its political subdivisions, agencies,
authorities, and instrumentalities and other issuers the interest from which is
exempt from California income tax. As of June 30, 1995, 84.7% of the Royal Palm
Florida Tax-Free Money Fund's portfolio securities were invested in debt
obligations issued by the State of Florida and its political subdivisions,
agencies, authorities, and instrumentalities and other issuers the value of
which is exempt from the Florida intangible personal property tax. As of June
30, 1995, 19.8% of the portfolio securities of the Tax-Free Money Fund were
concentrated in the State of Ohio, 10.8% in the State of Kentucky and 10.4% in
the State of Minnesota. For information regarding portfolio composition by state
for the Tax-Free Intermediate Term Fund as of June 30, 1995, see the Fund's
Portfolio of Investments.
As diversified Funds registered under the 1940 Act, it is the policy of the
Tax-Free Money Fund and the Tax-Free Intermediate Term Fund that not more than
25% of the total assets of each such Fund may be invested in securities of
issuers which individually comprise more than 5% of its total assets.
<PAGE>
The Ohio Tax-Free Money Fund, the California Tax-Free Money Fund, the Royal Palm
Florida Tax-Free Money Fund and the Ohio Insured Tax-Free Fund are each
non-diversified Funds under the 1940 Act. Thus, investments may be concentrated
in fewer issuers than those of a diversified fund. However, as of June 30, 1995,
each of the Ohio Tax-Free Money Fund, the California Tax-Free Money Fund and the
Ohio Insured Tax-Free Fund had no concentrations of investments (10% or greater)
in any one issuer. The Royal Palm Florida Tax-Free Money Fund had 12.3% of its
investments concentrated in one issuer.
The Ohio Tax-Free Money Fund, the Tax-Free Money Fund, the California Tax-Free
Money Fund and the Royal Palm Florida Tax-Free Money Fund each invest in
municipal securities maturing in 13 months or less and having a short-term
rating in one of the top two ratings categories by at least two nationally
recognized statistical rating agencies (or by one such agency if a security is
rated by only that agency) or, if unrated, are determined by the Adviser, under
the supervision of the Board of Trustees, to be of comparable quality.
As of June 30, 1995, 44.2% of the Tax-Free Intermediate Term Fund's portfolio
securities were rated AAA/Aaa [using the higher of Standard & Poor's Corporation
(S&P) or Moody's Investors Services, Inc. (Moody's) ratings], 29.8% were rated
AA/Aa, 17.7% were rated A/A and 8.3% were not rated.
As of June 30, 1995, 97.8% of the Ohio Insured Tax-Free Fund's long-term
portfolio securities were either (1) insured by an insurance policy obtained
from a recognized insurer which carries a rating of AAA by S&P or Aaa by
Moody's, (2) guaranteed as to the payment of interest and principal by an agency
or instrumentality of the U.S. Government, or (3) secured as to the payment of
interest and principal by an escrow account consisting of obligations of the
U.S. Government. Three private insurers individually insure more than 10% of the
Ohio Insured Tax-Free Fund's portfolio securities and collectively insure 82.5%
of its portfolio securities.
The concentration of investments for each Fund as of June 30, 1995, classified
by revenue source, was as follows:
<TABLE>
Royal Palm
Ohio California Florida Tax-Free Ohio
Tax-Free Tax-Free Tax-Free Tax-Free Intermediate Insured
Money Money Money Money Term Tax-Free
Fund Fund Fund Fund Fund Fund
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
General Obligations................. 26.5% 13.6% 6.2% 10.9% 30.9% 29.4%
Revenue Bonds:
Industrial Development............ 36.4% 36.0% 27.2% 8.1% 6.4% 7.0%
Hospital/Health Care.............. 16.8% 8.6% 7.6% 22.7% 13.6% 22.6%
Utilities......................... 2.9% 13.1% 27.8% 17.5% 9.9% 23.4%
Housing/Mortgage.................. 4.5% 15.7% 4.6% 24.3% 11.3% 7.1%
Education......................... 5.3% 2.8% 3.3% 4.0% 10.3% 7.2%
Public Facilities................. -- 2.0% 7.3% 4.2% 5.8% 1.5%
Special Tax....................... -- 0.4% 10.2% 2.6% 2.5% 1.8%
Transportation.................... -- 2.1% 5.8% 4.7% 3.8% --
Economic Development.............. 5.8% 3.6% -- -- 2.0% --
Miscellaneous..................... 1.8% 2.1% -- 1.0% 3.5% --
----------- ----------- ----------- ----------- ----------- -----------
Total .............................. 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
=========== =========== =========== =========== =========== ===========
</TABLE>
See each Fund's Portfolio of Investments for additional information on portfolio
composition.
<PAGE>
Footnotes to Portfolios of Investments:
Variable and adjustable rate put bonds earn interest at a coupon rate which
fluctuates at specified intervals, usually daily, monthly, or semiannually. The
rates shown in the Portfolio of Investments are the coupon rates in effect at
June 30, 1995.
Put bonds may be redeemed at the discretion of the holder on specified dates
prior to maturity. Mandatory put bonds are automatically redeemed at a specified
put date unless action is taken by the holder to prevent redemption.
Bonds denoted as prerefunded are anticipated to be redeemed prior to their
scheduled maturity. The dates indicated in the Portfolios of Investments are the
stipulated prerefunded dates.
<TABLE>
<CAPTION>
Portfolio Abbreviations:
<S> <C>
ARPB - Adjustable Rate Put Bonds ISD - Independent School District
BANS - Bond Anticipation Notes LSD - Local School District
COP - Certificates of Participation MFH - Multi-Family Housing
CSD - City School District MFM - Multi-Family Mortgage
EDR - Economic Development Revenue PCR - Pollution Control Revenue
GO - General Obligation RANS - Revenue Anticipation Notes
HCR - Housing Corporation Revenue SFM - Single Family Mortgage
HFA - Housing Finance Authority/Agency TANS - Tax Anticipation Notes
HFC - Housing Finance Corporation TRANS - Tax Revenue Anticipation Notes
IDA - Industrial Development Authority/Agency USD - Unified School District
IDR - Industrial Development Revenue VRDN - Variable Rate Demand Notes
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OHIO TAX-FREE MONEY FUND
PORTFOLIO OF INVESTMENTS
June 30, 1995
Principal Coupon Maturity
Amount Fixed Rate Revenue & General Obligation Bonds-- 29.2% Rate Date Value
- - ------------ ----------------------------------------------------- -------- ---------- ---------
<C> <S> <C> <C> <C>
$ 1,130,000 Youngstown, OH, CSD RANS....................................... 5.300% 07/01/1995 $1,130,000
1,200,000 Alliance, OH, Street Impt. GO BANS............................. 4.500 07/06/1995 1,200,043
2,000,000 Stark Co., OH, Various Purpose GO BANS......................... 4.310 07/12/1995 2,000,121
3,000,000 Greene Co., OH, Various Purpose GO BANS........................ 4.320 07/19/1995 3,000,314
3,000,000 North Olmsted, OH, Various Purpose GO BANS, Ser. 1994E......... 4.550 07/20/1995 3,000,531
2,220,500 West Clermont, OH, LSD School Impt. GO BANS.................... 5.250 08/09/1995 2,221,782
2,500,000 Univ. of Cincinnati Gen. Receipts BANS, Ser. T................. 4.750 08/30/1995 2,502,769
3,000,000 Ohio St. GO, Escrowed to Maturity.............................. 6.650 09/01/1995 3,009,570
1,000,000 University Heights, OH, Park Impt. GO BANS..................... 4.200 09/08/1995 1,000,181
3,000,000 Richland Co., OH, GO BANS (Madison-Marlow Sewer Impt.)......... 4.850 09/14/1995 3,003,548
300,000 Columbus, OH, Waterworks Enlargement Rev., No. 42EU,
Escrowed to Maturity......................................... 8.200 09/15/1995 302,051
350,000 Cuyahoga Co., OH, Hosp. Rev. (Deaconess Hosp. Cleveland),
Prerefunded @ 102............................................ 9.250 10/01/1995 360,976
1,000,000 Berea, OH, GO BANS............................................. 4.500 10/25/1995 1,003,463
1,950,000 Blue Ash, OH, GO BANS (Cornell Rd. Impt.)...................... 5.000 10/30/1995 1,955,362
1,065,000 Lorain, OH, Hosp. Impt. Rev. (Lakeland Comm. Hosp.),
Prerefunded @ 102............................................ 9.500 11/01/1995 1,102,876
650,000 Cleveland, OH, GO, Prerefunded @ 102.50........................ 9.875 11/01/1995 677,378
825,000 Butler Co., OH, GO BANS (Road Proj.)........................... 4.730 11/29/1995 826,419
2,200,000 Jackson, OH, Elec. Sys. Impt. GO BANS.......................... 5.060 11/29/1995 2,202,334
2,300,000 Belmont Co., OH, Sani. Sewer GO BANS........................... 5.170 11/30/1995 2,302,459
1,780,000 Lucas Co., OH, Various Purpose Impt., GO BANS.................. 5.750 11/30/1995 1,785,285
100,000 Cincinnati, OH, CSD GO TANS, Escrowed to Maturity.............. 6.700 12/01/1995 100,747
3,000,000 Toledo, OH, City Serv. Special Assessment Notes, GO BANS....... 4.520 12/01/1995 3,002,398
1,400,000 Anthony Wayne, OH, LSD GO BANS................................. 4.000 12/14/1995 1,401,867
1,100,000 Marysville, OH, GO BANS........................................ 5.090 12/15/1995 1,100,671
1,000,000 Hamilton, OH, CSD GO TANS...................................... 3.820 12/19/1995 1,001,463
1,500,000 Marysville, OH, Exempted Village Schools GO BANS............... 4.270 12/20/1995 1,502,898
375,000 Ohio St. Coal Dev. GO.......................................... 6.450 02/01/1996 378,553
900,000 Union Co., OH, Courthouse Renovation GO BANS................... 5.070 03/01/1996 901,544
1,850,000 Salem, OH, CSD School Impt. GO BANS............................ 4.290 03/07/1996 1,850,474
1,200,000 Centerville, OH, CSD BANS...................................... 4.400 03/14/1996 1,204,507
2,100,000 Univ. of Cincinnati Gen. Receipts BANS, Ser. K-1............... 5.000 03/21/1996 2,105,057
895,000 Marysville, OH, GO BANS........................................ 4.770 03/29/1996 896,719
1,500,000 Stark Co., OH, Sewer Dist. Impt. GO BANS....................... 5.000 04/03/1996 1,504,338
1,800,000 Talawanda, OH, CSD Bd. of Educ. School Impt. GO BANS........... 5.370 04/04/1996 1,812,043
1,750,000 Trumbull Co., OH, Correctional Fac. GO BANS.................... 4.830 04/11/1996 1,751,686
870,000 Middleburg Heights, OH, Various Purpose GO BANS................ 4.500 05/30/1996 871,908
295,000 Ohio St. Water Dev. Auth PCR................................... 4.250 06/01/1996 295,000
3,000,000 Cleveland, OH, CSD RANS........................................ 4.500 06/01/1996 3,024,885
645,000 Valley View, OH, LSD School Energy Conservation GO BANS........ 4.700 06/06/1996 647,591
1,000,000 North Olmsted, OH, Various Purpose Impt. GO BANS............... 4.670 06/20/1996 1,003,901
990,000 Loveland, OH, Various Purpose Impt. GO BANS.................... 4.210 06/27/1996 991,968
2,570,000 Cuyahoga Falls, OH, CSD GO BANS................................ 4.300 06/28/1996 2,577,787
1,665,000 Euclid City, OH, Various Impt. GO BANS......................... 4.250 07/12/1996 1,667,381
- - ------------- ------------
$65,975,500 TOTAL FIXED RATE REVENUE & GENERAL OBLIGATION BONDS
- - ------------- (Amortized Cost $66,182,848)............................... $66,182,848
------------
</TABLE>
<PAGE>
<TABLE>
Principal Coupon Maturity
Amount Floating and Variable Rate Demand Notes-- 55.4% Rate Date Value
- - ------------ ----------------------------------------------- -------- ---------- ---------
<C> <S> <C> <C> <C>
$ 1,900,000 Cincinnati-Hamilton Co., OH, Port. Auth. EDR
(Kenwood Office Assoc. Proj.) ............................... 4.200% 07/03/1995 $1,900,000
2,200,000 Columbus, OH, Elec. Sys. Rev................................... 3.650 07/03/1995 2,200,000
2,100,000 Cuyahoga Co., OH, Hosp. Impt. Rev. (University Hosp. Cleveland) 4.200 07/03/1995 2,100,000
2,495,000 Cuyahoga Co., OH, IDR (S & R Playhouse Realty)................. 4.100 07/03/1995 2,495,000
1,600,000 Delaware Co., OH, IDR (Radiation Sterilizers, Inc.)............ 3.850 07/03/1995 1,600,000
400,000 Franklin Co., OH, Health Sys. Rev. (St. Anthony Medical Ctr.).. 4.200% 07/03/1995 $ 400,000
250,000 Franklin Co., OH, IDR (Boa Ltd. Proj.)......................... 4.650 07/03/1995 250,000
700,000 Franklin Co., OH, IDR (Capitol South).......................... 4.600 07/03/1995 700,000
1,300,000 Franklin Co., OH, IDR (Jacobson's Stores)...................... 4.600 07/03/1995 1,300,000
3,500,000 Hamilton Co., OH, Health Sys. Rev. (Franciscan Sisters)........ 4.200 07/03/1995 3,500,000
2,300,000 Muskingum Co., OH, IDR (Elder-Beerman)......................... 3.900 07/03/1995 2,300,000
700,000 Ohio Air Quality Dev. Auth. Environ. Impt. Rev. (Mead Corp.)... 4.250 07/03/1995 700,000
1,100,000 Ohio Higher Educ. Fac. Rev. (John Carroll Univ.)............... 4.500 07/03/1995 1,100,000
500,000 Ohio St. Environ. Impt. Rev. (U.S. Steel Corp.)................ 3.900 07/03/1995 500,000
400,000 Ohio Water Dev. Auth. Environ. Impt. Rev.,
Ser. 1986B (Mead Corp.)...................................... 4.250 07/03/1995 400,000
245,000 Akron, OH, Sani. Sewer Sys. Rev., Ser. 1994.................... 4.150 07/05/1995 245,000
1,000,000 Butler Co., OH, IDR (Phillip Morris Co.)....................... 4.150 07/05/1995 1,000,000
1,250,000 Centerville, OH, Healthcare Rev. (Bethany-Lutheran)............ 4.050 07/05/1995 1,250,000
1,000,000 Centerville, OH, Healthcare Rev. (Bethany-Lutheran)............ 4.050 07/05/1995 1,000,000
300,000 Centerville, OH, Healthcare Rev. (Bethany-Lutheran)............ 4.050 07/05/1995 300,000
4,250,000 Cincinnati-Hamilton Co., OH, Port. Auth. Rev.
(Kaiser Agric. Chemical Co.)................................. 4.000 07/05/1995 4,250,000
2,340,000 Cincinnati, OH, Student Loan Funding Corp. Rev................. 4.250 07/05/1995 2,340,000
1,800,000 Cleveland-Cuyahoga Co., OH, Port. Auth. Rev.
(Rock & Roll Hall of Fame)................................... 4.150 07/05/1995 1,800,000
1,180,000 Cuyahoga Co., OH, Healthcare Fac. Rev., Ser. 1993A
(Hospice of the Western Reserve) ............................ 4.200 07/05/1995 1,180,000
1,750,000 Cuyahoga Co., OH, Healthcare Fac. Rev., Ser. 1993B
(Hospice of the Western Reserve) ............................ 4.200 07/05/1995 1,750,000
280,000 Cuyahoga Co., OH, IDR (Schottenstein Stores)................... 4.100 07/05/1995 280,000
2,000,000 Cuyahoga Co., OH, IDR, Ser. 1989 (Motch Corp. Proj.)........... 4.550 07/05/1995 2,000,000
900,000 Delaware Co., OH, Indust. Rev., Ser. 1985 (MRG Limited, LP).... 4.250 07/05/1995 900,000
2,000,000 Franklin Co., OH, IDR (Alco Standard Corp.).................... 4.250 07/05/1995 2,000,000
635,000 Franklin Co., OH, IDR (Columbus Dist.)......................... 4.150 07/05/1995 635,000
1,720,000 Greene Co., OH, Healthcare Fac. Rev. (Green Oaks Proj.)........ 4.200 07/05/1995 1,720,000
950,000 Hardin Co., OH, Hosp. Impt. Rev., Ser. A (Hardin Memorial Hosp.) 4.150 07/05/1995 950,000
1,410,000 Huron Co., OH, Ref. Rev. (Norfolk Furniture Corp.)............. 4.200 07/05/1995 1,410,000
494,000 Lorain Co., OH, IDR, Ser. C (Kindercare)....................... 4.350 07/05/1995 494,000
1,200,000 Lucas Co., OH, EDR (Glendale Meadows).......................... 4.200 07/05/1995 1,200,000
200,000 Medina, OH, IDR (Kindercare)................................... 4.350 07/05/1995 200,000
1,100,000 Meigs Co., OH, Indust. Rev., Ser. 1985 (MGR Limited, LP)....... 4.250 07/05/1995 1,100,000
1,050,000 Montgomery Co., OH, Healthcare Rev., Ser. A
(Dayton Area MRI Consortium)................................. 4.200 07/05/1995 1,050,000
2,100,000 Montgomery Co., OH, Hosp. Rev. (Sisters of Charity)............ 4.200 07/05/1995 2,100,000
1,000,000 Morrow Co., OH, IDR (Field Container Corp.).................... 4.250 07/05/1995 1,000,000
600,000 Ohio Air Quality Dev. Auth. Rev. (Honda of America)............ 4.250 07/05/1995 600,000
5,000,000 Ohio Higher Educ. Fac. Rev. (Oberlin College).................. 4.000 07/05/1995 5,000,000
1,900,000 Ohio St. Environ. Impt. Rev. (Honda of America)................ 4.250 07/05/1995 1,900,000
200,000 Ohio Water Dev. Auth. Rev. (Timken Co. Proj.).................. 4.000 07/05/1995 200,000
900,000 Orrville, OH, Hosp. Fac. Rev., Ser. 1990 (Orrville Hosp.)...... 4.100 07/05/1995 900,000
200,000 Stark Co., OH, IDR, Ser. D (Kindercare)........................ 4.350 07/05/1995 200,000
2,875,000 Summit Co., OH, IDR (Bowery Assoc.)............................ 4.200 07/05/1995 2,875,000
275,000 Wadsworth, OH, IDR (Kindercare)................................ 4.350 07/05/1995 275,000
1,200,000 Wyandot Co., OH, Indust. Rev., Ser. 1985 (MRG Limited, LP)..... 4.250 07/05/1995 1,200,000
1,860,000 Ashland, OH, IDR (Landover Properties)......................... 4.150 07/06/1995 1,860,000
2,000,000 Clinton Co., OH, Hosp. Rev. (Clinton Memorial)................. 4.200 07/06/1995 2,000,000
3,200,000 Columbus, OH, Sewer Ref. Rev................................... 3.900 07/06/1995 3,200,000
1,000,000 Cuyahoga Co., OH, IDR (Edgecomb Metals)........................ 4.125 07/06/1995 1,000,000
1,265,000 Franklin Co., OH, IDR (Ohio Girl Scouts)...................... 4.200 07/06/1995 1,265,000
7,000,000 Franklin Co., OH, IDR (Berwick Steel).......................... 4.250 07/06/1995 7,000,000
400,000 Franklin Co., OH, IDR (Columbus College)....................... 4.200 07/06/1995 400,000
1,200,000 Franklin Co., OH, Port. Auth. Rev. (Rickenbacker Holdings, Inc.) 4.200 07/06/1995 1,200,000
1,750,000 Hamilton Co., OH, EDR, Ser. 1995
(Cincinnati Assoc. Performing Arts).......................... 4.100 07/06/1995 1,750,000
2,000,000 Lucas Co., OH, IDR (Ohio Citizens Bank Proj.).................. 4.250 07/06/1995 2,000,000
450,000 Lucas Co., OH, Rev. (Sunshine Children's Home)................. 4.250 07/06/1995 450,000
2,090,000 Mahoning Co., OH, Healthcare Fac. Rev. (Copeland Oaks)......... 4.200 07/06/1995 2,090,000
1,870,000 Mahoning Co., OH, Healthcare Fac. Rev. (Ohio Heart Institute).. 4.200 07/06/1995 1,870,000
1,090,000 Marion Co., OH, Hosp. Impt. Rev. (Pooled Lease Proj.).......... 4.200 07/06/1995 1,090,000
4,800,000 Ohio EDR, Ser. 1983 (Court St. Ctr. Assoc. Ltd. Proj.)......... 4.350% 07/06/1995 4,800,000
5,140,000 Ohio St. Infrastructure Indust. Rev., Ser. PA-53............... 4.100 07/06/1995 5,140,000
1,500,000 Pike Co., OH, EDR (Pleasant Hill).............................. 4.200 07/06/1995 1,500,000
3,610,000 Sharonville, OH, IDR (Edgecomb Metals)......................... 4.125 07/06/1995 3,610,000
705,000 Summit Co., OH, IDR (Go-Jo Indust.)............................ 4.200 07/06/1995 705,000
2,725,000 Toledo-Lucas Co., OH, Port. Auth. IDR Ref., Ser. 1994.......... 4.200 07/06/1995 2,725,000
4,650,000 Trumbull Co., OH, Hosp. Rev. (Shepherd Valley Lutheran)........ 4.250 07/06/1995 4,650,000
1,600,000 Warren Co., OH, IDR (Liquid Container)......................... 4.250 07/06/1995 1,600,000
3,050,000 Westlake, OH, IDR (Nordson Co.)................................ 4.150 07/06/1995 3,050,000
205,000 Wood Co., OH, IDR (North American Science)..................... 4.200 07/06/1995 205,000
2,200,000 Ashland Co., OH, Hosp. Fac. Rev., Ser. 1989 (Good Shepherd).... 4.500 07/07/1995 2,200,000
1,400,000 Hamilton Co., OH, IDR (ADP System)............................. 3.600 07/15/1995 1,400,000
- - ------------- ------------
$125,509,000 TOTAL FLOATING AND VARIABLE RATE DEMAND NOTES
- - ------------- (Amortized Cost $125,509,000)................................ $125,509,000
------------
</TABLE>
<PAGE>
<TABLE>
Principal Coupon Maturity
Amount Adjustable Rate Put Bonds-- 16.1% Rate Date Value
- - ------------ --------------------------------- -------- ---------- ---------
<C> <S> <C> <C> <C>
$ 935,000 Franklin Co., OH, EDR (JAL Realty)............................. 5.100% 07/15/1995 $ 935,000
1,605,000 Hamilton, OH, First Mtg. Rev.
(Continental Commercial Properties).......................... 4.700 08/01/1995 1,605,000
660,000 Middletown, OH, First Mtg. Rev.
(Continental Commercial Properties).......................... 4.700 08/01/1995 660,000
1,010,000 Citizens Federal Tax-Exempt Mtg. Bond Trust.................... 5.050 09/01/1995 1,010,000
975,000 M & M Tax-Exempt Mtg. Bond Trust.............................. 4.550 09/01/1995 975,000
695,000 Riverside, OH, EDR (Riverside Assoc. Ltd. Proj.)............... 5.100 09/01/1995 695,000
730,000 Summit Co., OH, IDR (Arlington Plaza).......................... 4.500 09/01/1995 729,860
4,565,000 Cuyahoga Co., OH, IDR (Halle Office Bldg.)..................... 4.752 10/01/1995 4,568,158
180,000 Franklin Co., OH, IDR (Pan Western Life)....................... 4.550 10/01/1995 180,000
1,000,000 Marion Co., OH, Hosp. Impt. Rev., Ser. 1992 (Pooled Lease Proj.) 4.250 10/01/1995 1,000,000
1,300,000 Miami Valley Tax-Exempt Mtg. Bond Trust........................ 4.880 10/15/1995 1,300,000
735,000 Franklin Co., OH, IDR (GSW Proj.).............................. 4.300 11/01/1995 735,000
1,445,000 Marion Co., OH, Hosp. Impt. Rev. (Pooled Lease Proj.).......... 4.250 11/01/1995 1,445,000
170,000 Ohio Company Tax-Exempt Mtg. Bond Trust, Ser. 1................ 4.540 11/01/1995 170,000
3,380,000 Ohio HFA MFH (Lincoln Park).................................... 4.400 11/01/1995 3,380,000
185,000 Summit Co., OH, IDR (SGS Tool Co. II).......................... 4.350 11/01/1995 185,000
3,955,000 Richland Co., OH, IDR (Mansfield Sq. Proj.).................... 4.450 11/15/1995 3,955,000
2,500,000 Ohio St. Air Quality Dev. Auth. Rev., Ser. A (Duquesne Light).. 4.800 11/30/1995 2,500,000
930,000 Cuyahoga Co., OH, Healthcare Rev............................... 4.300 12/01/1995 930,000
545,000 Cuyahoga Co., OH, IDR (Southwest Partners Ltd.)................ 4.700 12/01/1995 545,000
725,000 Cuyahoga Co., OH, IDR (Welded Ring)............................ 4.200 12/01/1995 725,000
2,470,000 Franklin Co., OH, IDR (Leveque & Assoc. Proj.)................. 4.200 12/01/1995 2,470,000
360,000 Lucas Co., OH, EDR (Cross County Inns, Inc.)................... 4.400 12/01/1995 360,000
985,000 Scioto Co., OH, Healthcare Rev. (Hillview Retirement).......... 4.200 12/01/1995 985,000
1,165,000 Gallia Co., OH, IDR (Jackson Pike Assoc.)...................... 3.850 12/15/1995 1,165,000
3,320,000 Ohio Company Tax-Exempt Mtg. Bond Trust, Ser. 2................ 4.430 12/15/1995 3,319,203
- - ------------- ------------
$36,525,000 TOTAL ADJUSTABLE RATE PUT BONDS
- - ------------- (Amortized Cost $36,527,221)................................ $36,527,221
------------
$228,009,500 TOTAL INVESTMENTS AT VALUE -- 100.7%
============= (Amortized Cost $228,219,069)............................... $228,219,069
OTHER ASSETS AND LIABILITIES, NET-- (0.7)% .................... (1,612,714)
-------------
NET ASSETS-- 100.0% ........................................... $226,606,355
=============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TAX-FREE MONEY FUND
PORTFOLIO OF INVESTMENTS
June 30, 1995
Principal Coupon Maturity
Amount Fixed Rate Revenue & General Obligation Bonds-- 31.3% Rate Date Value
- - ------------ ----------------------------------------------------- -------- ---------- ---------
<C> <S> <C> <C> <C>
$ 100,000 Metro. Atlanta Rapid Transit Auth. Sales Tax Rev.,
Prerefunded @ 102 ........................................... 8.750% 07/01/1995 $ 102,000
150,000 Ft. Wayne, IN, Hosp. Auth., Ser. B (Ancilla Sys.),
Prerefunded @ 102 ........................................... 9.500 07/01/1995 153,000
200,000 Intermountain Power Agy., UT, Power Supply Rev., Ser. J,
Prerefunded @ 102 ........................................... 8.200 07/01/1995 204,000
585,000 Mobile, AL, Water & Sewer Rev., Ser. A, Escrowed to Maturity... 7.700 07/01/1995 585,000
250,000 Seattle, WA, Museum Auth. Rev., Prerefunded @ 100.............. 8.600 07/01/1995 250,000
325,000 Ft. Wayne, IN, Sewer Works Impt. Rev........................... 5.200 08/01/1995 325,107
200,000 Minnesota St. Various Purpose GO............................... 6.600 08/01/1995 200,399
240,000 South Carolina, GO, Prerefunded @ 102.......................... 6.200 08/01/1995 245,083
285,000 Texas Pub. Bldg. Auth. Pub. Impt. Rev., Ser. A,
Prerefunded @ 102 ........................................... 9.375 08/01/1995 291,884
550,000 Washington, MD, Suburban Sani. Dist., Prerefunded @ 102........ 8.500 08/01/1995 562,943
110,000 Austin, TX, GO, Prerefunded @ 100.............................. 9.000 09/01/1995 110,739
320,000 Kansas City, KS, Util. Sys. Rev., Escrowed to Maturity......... 4.700 09/01/1995 320,035
300,000 Austin, TX, Elec. Util. COP.................................... 5.900 09/15/1995 301,137
250,000 Salt Lake Co., UT, Water Conservancy Dist. Ref. Rev............ 5.700 10/01/1995 250,495
110,000 Pulaski Co., AK, Health Facs. Rev.
(Sisters of Charity Nazareth), Prerefunded @ 102 ............ 9.500 11/01/1995 114,144
140,000 Austin, TX, Util. Sys. Rev., Prerefunded @ 102................. 10.250 11/15/1995 145,711
125,000 Mesa Co., CO, Sales Tax Rev., Ser. A, Prerefunded @ 102........ 8.000 12/01/1995 129,629
145,000 Milwaukee, WI, GO, Ser. BV-2................................... 6.300 12/01/1995 146,152
190,000 Texas St. GO................................................... 8.800 12/01/1995 193,326
125,000 Jefferson Co., CO, School Dist. No. R-001 GO, Ser. C,
Escrowed to Maturity ........................................ 7.800 12/15/1995 126,818
500,000 Lawrence Twp., IN, Metro. School Dist. Tax
Anticipation Warrants, Ser. 1995 ............................ 5.500 12/29/1995 500,593
110,000 Indiana Muni. Power Supply Rev., Ser. A, Prerefunded @ 103..... 9.200 01/01/1996 115,507
105,000 Michigan Pub. Power Agy. Rev. (Belle River Proj.),
Prerefunded @ 101 ........................................... 7.000 01/01/1996 107,096
525,000 Piedmont, SC, Muni. Power Agy. Elec. Rev., Prerefunded @ 103... 9.700 01/01/1996 554,083
130,000 Barnwell Co., SC, GO........................................... 6.750 02/01/1996 131,996
250,000 Cobb Co., GA, School Dist. GO.................................. 6.125 02/01/1996 252,793
560,000 Ross Co., OH, GO BANS.......................................... 5.040 04/26/1996 561,269
250,000 Florida St. Board of Educ. GO, Ser. A, Prerefunded @ 102....... 7.500 06/01/1996 262,610
995,000 Covington, KY, GO TRANS........................................ 5.500 06/28/1996 999,676
110,000 Washington St. Pub. Power Supply Sys. Rev., Ser. 1990
(Nuclear Proj. #1), Prerefunded @ 103........................ 15.000 07/01/1996 124,736
- - ------------- -----------
$ 8,235,000 TOTAL FIXED RATE REVENUE & GENERAL OBLIGATION BONDS
- - ------------- (Amortized Cost $8,367,961)................................. $8,367,961
------------
</TABLE>
<PAGE>
<TABLE>
Principal Coupon Maturity
Amount Floating and Variable Rate Demand Notes-- 44.8% Rate Date Value
- - ------------ ----------------------------------------------- -------- ---------- ---------
<C> <S> <C> <C> <C>
$ 220,000 Muskogee, OK, IDR (Brockway, Inc.)............................. 4.500% 07/03/1995 $ 220,000
790,000 Washington Co., PA, IDA (Dynamet, Inc. Proj.).................. 4.140 07/03/1995 790,000
2,100,000 Cuyahoga Co., OH, Hosp. Impt. Rev. (University Hosp. Cleveland) 4.200 07/03/1995 2,100,000
480,000 NCNB Pooled Tax-Exempt Trust, Ser. 1990A....................... 4.500 07/03/1995 480,000
1,000,000 New Jersey EDA & EDR (Union Avenue Assoc.)..................... 4.050 07/03/1995 1,000,000
900,000 Eddyville, IA, IDR (Heartland Lysine, Inc.).................... 4.450 07/05/1995 900,000
1,000,000 Illinois Dev. Fin. Auth. MFH Rev. (Cobbler Square Proj.)....... 4.350 07/05/1995 1,000,000
1,000,000 Stark Co., OH, IDR (Wilkof-Morris Proj.)....................... 4.350 07/05/1995 1,000,000
890,000 Brooklyn Park, MN, IDR (Schmidt Proj.)......................... 4.400 07/06/1995 890,000
600,000 Larimer Co., CO, IDR, Ser. 1995B (Ultimate Support Sys.)....... 4.550 07/06/1995 600,000
1,205,000 Michigan Strategic Fund IDR (Rochester Gear, Inc.)............. 4.800 07/06/1995 1,205,000
1,300,000 Redwood Falls, MN, IDR (Zytec Corp. Proj.)..................... 4.800 07/06/1995 1,300,000
460,000 St. Cloud, MN, Hsg. & Redev. Auth. (Coborn Realty Co.)......... 4.400 07/06/1995 460,000
- - ------------- ------------
$11,945,000 TOTAL FLOATING AND VARIABLE RATE DEMAND NOTES
- - ------------- (Amortized Cost $11,945,000)................................ $11,945,000
------------
</TABLE>
<PAGE>
<TABLE>
Principal Coupon Maturity
Amount Adjustable Rate Put Bonds-- 26.8% Rate Date Value
- - ------------ --------------------------------- -------- ---------- ---------
<C> <S> <C> <C> <C>
$ 760,000 Lexington-Fayette Co., KY, Urban Gov't. Rev.
(Providence Montessori) ..................................... 4.750% 07/01/1995 $ 760,000
1,190,000 Buckeye Tax-Exempt Mtg. Bond Trust............................. 5.200 08/01/1995 1,188,481
350,000 Lansing, MI, EDR (LGH Office Bldg. Proj.)...................... 4.950 08/15/1995 350,000
1,500,000 Charleston, SC, Center Tax-Exempt Mtg. Bond Trust.............. 4.550 09/01/1995 1,500,000
160,000 Citizens Federal Tax-Exempt Mtg. Bond Trust.................... 5.050 09/01/1995 160,000
1,200,000 Owensboro, KY, IDR, Ser. 1985 (Dart Container)................. 4.100 09/01/1995 1,200,000
170,000 Cuyahoga Co., OH, IDR (Halle Office Bldg.)..................... 4.752 10/01/1995 170,000
570,000 Romulus, MI, Econ. Dev. Corp. (Airport Realty Proj.)........... 4.700 10/01/1995 570,000
250,000 Medina Co., OH, IDR (Nationwide One Proj.)..................... 4.500 11/01/1995 249,928
1,000,000 Westmoreland Co., PA, IDR (White Cons Indust.)................. 4.620 12/01/1995 1,000,000
- - ------------- ------------
$ 7,150,000 TOTAL ADJUSTABLE RATE PUT BONDS
- - ------------- (Amortized Cost $7,148,409)................................. $7,148,409
------------
$27,330,000 TOTAL INVESTMENTS AT VALUE -- 102.9%
============= (Amortized Cost $27,461,370)................................ $27,461,370
OTHER ASSETS AND LIABILITIES, NET-- (2.9%) .................... (769,153)
-----------
NET ASSETS-- 100.0% ........................................... $26,692,217
============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CALIFORNIA TAX-FREE MONEY FUND
PORTFOLIO OF INVESTMENTS
June 30, 1995
Principal Coupon Maturity
Amount Fixed Rate Revenue & General Obligation Bonds--39.2% Rate Date Value
- - ------------ ---------------------------------------------------- -------- ---------- ---------
<C> <S> <C> <C> <C>
$ 10,000 Northern California Power Agy. Rev. (Geothermal Proj.),
Prerefunded @ 103 ........................................... 11.500% 07/01/1995 $ 10,000
500,000 Northern California Power Agy. Rev. (Geothermal Proj.),
Prerefunded @ 102 ........................................... 9.750 07/01/1995 510,000
200,000 Northern California Power Agy. Rev. (Geothermal Proj.),
Prerefunded @ 102 ........................................... 9.500 07/01/1995 204,000
100,000 Puerto Rico Elec. Power Auth. Rev., Ser. M..................... 6.700 07/01/1995 100,000
275,000 San Francisco Bay, CA, Rapid Transit Dist.
Sales Tax Rev., Prerefunded @ 103 ........................... 8.750 07/01/1995 283,250
100,000 Southern California Public Power Auth.
Rev. (Palo Verde Project), Prerefunded @ 102.50 ............. 9.375 07/01/1995 102,500
100,000 Southern California Rapid Transit COP (Workers' Comp.)......... 5.200 07/01/1995 100,000
280,000 Fremont, CA, USD TRANS......................................... 4.500 07/06/1995 280,017
500,000 Los Angeles, CA, USD TRANS..................................... 4.500 07/10/1995 499,945
255,000 Compton, CA, COP (Convention Center Proj.), Prerefunded @ 102.. 11.125 08/01/1995 261,363
150,000 Oakland, CA, Redev. Agy. COP, Prerefunded @ 102................ 9.000 08/01/1995 153,581
750,000 San Francisco, CA, City & Co. Sewer Rev., Prerefunded @ 102.... 7.125 08/01/1995 766,673
230,000 Los Angeles, CA, Convention & Exhibition Center Auth. COP...... 6.300 08/15/1995 230,425
100,000 California Health Fac. Fin. Auth. Rev.
(Centinela Hosp. Medical Center - A), Prerefunded @ 102...... 9.375 09/01/1995 102,747
195,000 East Bay, CA, Regional Park Dist. Rev......................... 9.250 09/01/1995 196,570
100,000 Los Angeles Co., CA COP (Correctional Fac. Proj.).............. 5.200 09/01/1995 100,120
165,000 Ontario, CA, Redev. Agy. Tax Rev.
(Ontario Redev. Proj. #1), Prerefunded @ 102.50 ............. 8.750 09/01/1995 170,207
120,000 Redding, CA, Redev. Agy. Tax Rev.
(Canby, Hilltop & Cypress Redev. Proj.), Prerefunded @ 102... 8.000 09/01/1995 123,043
140,000 California Educ. Fac. Auth. Rev., 1st Series
(Univ. of Southern California), Prerefunded @ 102............ 9.200 10/01/1995 144,256
100,000 Los Angeles Co., CA, COP (Los Angeles Co. Public Property),
Prerefunded @ 101.50......................................... 10.500 10/01/1995 103,032
100,000 Modesto, CA, Irrigation Dist. COP (Geysters Geothermal),
Prerefunded @ 102............................................ 8.875 10/01/1995 103,124
500,000 San Jose & Santa Clara, CA, Clean Water Fin.
Auth. Rev., Ser. A .......................................... 6.400 10/01/1995 502,658
100,000 Brea, CA, Redev. Agy. Tax Allocation (Redev. Proj. AB),
Prerefunded @ 102.50 ........................................ 8.300 11/01/1995 103,705
170,000 California Health Fac. Fin. Auth. Rev., Ser. A
(St. Francis Memorial Hosp.), Prerefunded @ 102.............. 9.000 11/01/1995 176,011
250,000 Rancho, CA, Water Dist. COP, Prerefunded @ 102................. 9.250 11/01/1995 259,048
300,000 La Mirada, CA, Redev. Agy. Tax Allocation, Prerefunded @ 102.50 8.900 11/15/1995 312,939
400,000 California St. Dept. of Water Resources Rev., Ser. A
(Central Valley Proj.), Prerefunded @ 101.50................. 7.500 12/01/1995 412,607
100,000 Elk Grove, CA, USD Special Tax Rev............................. 8.300 12/01/1995 101,782
100,000 Glendale, CA, Redev. Agy. Rev. (Central Glendale Redev Proj.).. 6.100 12/01/1995 100,688
665,000 Tri City, CA, Hosp. Dist. COP (Imperial Muni.
Services Group, Inc.), Prerefunded @ 100..................... 9.875 02/01/1996 687,691
190,000 Tri City, CA, Hosp. Dist. COP (Imperial Muni.
Services Group, Inc.), Prerefunded @ 100..................... 9.875 02/01/1996 196,449
150,000 East Bay, CA, Muni. Util. Dist. Rev., Ser. D,
Prerefunded @ 102.50 ........................................ 7.000 04/01/1996 156,683
100,000 California St. Revenue Anticipation Warrants, Ser. C........... 5.750 04/25/1996 101,714
- - ------------- ------------
$ 7,495,000 TOTAL FIXED RATE REVENUE & GENERAL OBLIGATION BONDS
- - ------------- (Amortized Cost $7,656,828)................................. $ 7,656,828
------------
</TABLE>
<TABLE>
Principal Coupon Maturity
Amount Floating and Variable Rate Demand Notes-- 46.0% Rate Date Value
- - ------------ ----------------------------------------------- -------- ---------- ---------
<C> <S> <C> <C> <C>
$ 300,000 California Health Fac. Fin. Auth. Rev. (Sutter Health)......... 4.050% 07/03/95 $ 300,000
600,000 Irvine Ranch, CA, Water Dist. Rev.............................. 4.300 07/03/95 600,000
700,000 Irvine Ranch, CA, Water Dist. Rev. (1986 Cap. Impt. Proj.)..... 4.150 07/03/95 700,000
400,000 Irvine Ranch, CA, Water Dist. Rev.............................. 4.350 07/03/95 400,000
700,000 Irvine Ranch, CA, Water Dist. Rev., Ser. 1993.................. 4.350 07/03/95 $ 700,000
100,000 California PCR Fin. Auth. Rev. (Del Marva Power & Light)....... 4.350 07/03/95 100,000
200,000 California PCR Fin. Auth. Rev. (Del Marva Power & Light
- Burney Forest Proj.) ...................................... 4.350 07/03/95 200,000
400,000 California PCR Fin. Auth. Rev. (Honeylake Power)............... 4.250 07/03/95 400,000
300,000 California PCR Rev., Ser. A (Ultrapower-Rocklin)............... 4.300 07/03/95 300,000
600,000 Los Angeles Co., CA, IDA IDR (Kransco)......................... 4.150 07/05/95 600,000
880,000 California HFA Home Mtg. Rev., Ser. 1993B...................... 4.250 07/06/95 880,000
1,000,000 Corona, CA, IDA (Syroco of CA, Inc.)........................... 4.350 07/06/95 1,000,000
1,000,000 Los Angeles Co., CA, Metro Transit Auth. Rev.,
Ser. 95A (Union St. Gateway Proj.) .......................... 4.250 07/06/95 1,000,000
1,000,000 San Bernardino, CA, IDR (LaQuinta Motor Inns).................. 4.250 07/06/95 1,000,000
800,000 San Francisco Parking Auth. Rev................................ 4.400 07/06/95 800,000
- - ------------- ------------
$ 8,980,000 TOTAL FLOATING AND VARIABLE RATE DEMAND NOTES
- - ------------- (Amortized Cost $8,980,000)................................. $ 8,980,000
------------
</TABLE>
<TABLE>
Principal Coupon Maturity
Amount Adjustable Rate Put Bonds-- 2.6% Rate Date Value
- - ------------ -------------------------------- -------- ---------- ---------
<C> <S> <C> <C> <C>
$ 500,000 California Higher Educ. Student Loan Auth. Rev., Ser. 1995E.... 4.250% 12/01/1995 $ 500,000
- - ------------- ------------
$ 500,000 TOTAL ADJUSTABLE RATE PUT BONDS
- - ------------- (Amortized Cost $500,000)................................... $ 500,000
------------
</TABLE>
<TABLE>
Principal Coupon Maturity
Amount Commercial Paper-- 10.2% Rate Date Value
- - ------------ ------------------------ -------- ---------- ---------
<C> <S> <C> <C> <C>
$ 1,000,000 San Diego, CA, IDR, Ser. 1995 (San Diego G & E)................ 3.400% 07/12/1995 $ 1,000,000
1,000,000 California PCR Fin. Auth. Rev. (Pacific G & E)................. 4.150 09/07/1995 1,000,000
- - ------------- ------------
$ 2,000,000 TOTAL COMMERCIAL PAPER
- - ------------- (Amortized Cost $2,000,000)................................. $ 2,000,000
------------
$18,975,000 TOTAL INVESTMENTS AT VALUE -- 98.0%
=============
(Amortized Cost $19,136,828)................................. $19,136,828
OTHER ASSETS AND LIABILITIES, NET-- 2.0% ...................... 387,928
------------
NET ASSETS-- 100.0% ........................................... $19,524,756
============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ROYAL PALM FLORIDA TAX-FREE MONEY FUND
PORTFOLIO OF INVESTMENTS
June 30, 1995
Coupon Maturity Principal
Amount Fixed Rate Revenue & General Obligation Bonds-- 37.6% Rate Date Value
- - ------------ ------------------------------------------------------ -------- ---------- ---------
<C> <S> <C> <C> <C>
$ 115,000 Collier Co., FL, Cap. Impt. Rev., Prerefunded @ 102............ 6.875% 07/01/1995 $ 117,300
100,000 Collier Co., FL, Water & Sewer Dist. Rev., Prerefunded @ 102... 8.750 07/01/1995 102,000
100,000 Florida St. GO (Broward Co. Highway Impt.), Escrowed to Maturity 9.750 07/01/1995 100,000
500,000 Florida St. GO, Ser. A (Broward Co.
Expressway Auth.), Prerefunded @ 102 ........................ 9.200 07/01/1995 510,000
500,000 Florida St. GO (Broward Co. Expressway Auth.), Prerefunded @ 102 9.800 07/01/1995 510,000
150,000 Florida St. Division of Bond Fin. Rev., Ser. E (Save Our Coast) 12.000 07/01/1995 150,000
105,000 Okaloosa Co., FL, Water & Sewer Rev., Prerefunded @ 103........ 9.500 07/01/1995 108,150
300,000 Pompano Beach, FL, Water & Sewer Rev., Prerefunded @ 102....... 7.600 07/01/1995 306,000
100,000 East Chicago, IN, CSD COP, Prerefunded @ 103................... 9.600 08/01/1995 103,430
850,000 Lee Co., FL, School Board COP, Ser. A.......................... 5.700 08/01/1995 850,707
250,000 Marion Co., FL, Solid Waste Sys. Rev........................... 5.650 08/01/1995 250,298
125,000 Palm Beach Co., FL, School Dist. GO, Ser. A, Prerefunded @ 103. 7.875 08/01/1995 129,101
200,000 Pasco Co., FL, Gas Tax Rev..................................... 6.700 08/01/1995 200,404
250,000 Hillsborough Co., FL, School Dist. GO, Prerefunded @ 102....... 8.875 09/01/1995 256,726
100,000 Sarasota, FL, Infrastructure Sales Surtax Rev.,
Prerefunded @ 102 ........................................... 6.500 09/01/1995 102,238
180,000 Dunedin, FL, Hosp. Rev. (Mease Health Care), Prerefunded @ 102. 9.250 10/01/1995 185,733
400,000 Jacksonville, FL, Elec. Auth. Rev. (St. John's River),
Prerefunded @ 102 ........................................... 10.250 10/01/1995 413,649
230,000 Jacksonville, FL, Elec. Auth. Rev. (St. John's River),
Prerefunded @ 102 ........................................... 9.375 10/01/1995 237,255
100,000 Jacksonville, FL, Elec. Auth. Rev. (St. John's River),
Prerefunded @ 101.50 ........................................ 7.000 10/01/1995 102,114
200,000 Jacksonville, FL, Elec. Auth. Rev. (St. John's River),
Prerefunded @ 101.50 ........................................ 7.375 10/01/1995 204,448
100,000 Orlando, FL, Util. Common Water & Elec. Rev.,
Escrowed to Maturity ........................................ 5.700 10/01/1995 100,658
105,000 Tallahassee, FL, Airport Sys. Rev., Ser. A..................... 6.650 10/01/1995 105,411
315,000 Tampa, FL, Util. Tax & Special Rev., Prerefunded @ 102......... 8.875 10/01/1995 324,458
250,000 Tampa, FL, Water & Sewer Rev., Ser. B.......................... 6.800 10/01/1995 251,549
100,000 Valdosta & Lowndes Co., GA, Hosp. Auth. Ref. Rev.
(South Georgia Medical Center), Escrowed to Maturity........ 6.600 10/01/1995 100,566
110,000 Allegheny Co., PA, Health Fac. Rev. (Episcopal Church),
Prerefunded @ 100 ........................................... 8.100 12/01/1995 111,826
250,000 Broward Co., FL, Health Fac. Rev. (Holy Cross Hosp.),
Prerefunded @ 102 ........................................... 8.750 12/01/1995 258,731
170,000 Broward Co., FL, Health Fac. Rev. (Holy Cross Hosp.),
Prerefunded @ 102 ........................................... 9.250 12/01/1995 177,085
225,000 Clearwater, FL, Water & Sewer Rev., Prerefunded @ 102.......... 8.100 12/01/1995 233,187
445,000 Clearwater, FL, Water & Sewer Rev., Prerefunded @ 102.......... 8.400 12/01/1995 461,734
100,000 Lake Co., FL, Sales Rev., Prerefunded @ 102.................... 7.800 12/01/1995 103,594
150,000 Palm Beach Co., FL, Solid Waste Sewer Impt. Auth. Rev.,
Prerefunded @ 102 ........................................... 10.000 12/01/1995 155,982
500,000 Lawrence Twp., IN, Metro. School Dist. Tax
Anticipation Warrants, Ser. 1995 ............................ 5.500 12/29/1995 500,593
300,000 North Broward, FL, Hosp. Dist. Rev............................. 5.000 01/01/1996 300,820
100,000 Hillsborough Co., FL, Cap. Impt. Rev., Subser. 2,
Prerefunded @ 102 ........................................... 7.200 02/01/1996 103,699
250,000 South Broward, FL, Hosp. Dist. Rev., Prerefunded @ 102......... 7.250 05/01/1996 260,419
455,000 Florida St. Board of Educ. GO, Ser. B., Prerefunded @ 102...... 7.250 06/01/1996 477,364
100,000 Ft. Lauderdale, FL, GO, Prerefunded @ 102...................... 7.600 07/01/1996 105,258
- - ------------- ------------
$ 8,880,000 TOTAL FIXED RATE REVENUE & GENERAL OBLIGATION BONDS
- - ------------- (Amortized Cost $9,072,487 )................................ $ 9,072,487
------------
</TABLE>
<PAGE>
<TABLE>
Principal Coupon Maturity
Amount Floating and Variable Rate Demand Notes-- 44.9% Rate Date Value
- - ------------ ----------------------------------------------- -------- ---------- ---------
<C> <S> <C> <C> <C>
$ 200,000 Dade Co., FL, IDA IDR (Dates-Pot Co., Inc.).................... 4.550% 07/03/1995 $ 200,000
1,000,000 Jacksonville, FL, Health Fac. Auth. Rev.,
Ser. 1988 (River Garden) .................................... 4.700 07/03/1995 1,000,000
200,000 Dade Co., FL, IDA IDR (Dates-Young Assoc.)..................... 4.550 07/03/1995 200,000
1,100,000 Cuyahoga Co., OH, Hosp. Impt. Rev. (University Hosp. Cleveland) 4.200 07/03/1995 1,100,000
800,000 Florida HFA Rev. (Monterey Meadows)............................ 4.000 07/05/1995 800,000
735,000 Illinois Dev. Fin. Auth. MFH Rev. (Cobbler Square Proj.)....... 4.350 07/05/1995 735,000
250,000 Subiaco, AR, IDR (Cloves Gear)................................. 4.350 07/05/1995 250,000
1,000,000 Boca Raton, FL, IDR (Parking Garage)........................... 4.375 07/06/1995 1,000,000
1,000,000 Broward Co., FL, MFH Rev. (Sawgrass Pines)..................... 4.600 07/06/1995 1,000,000
550,000 Dade Co., FL, IDA (Kantor Brothers Neckwear Co.)............... 4.400 07/06/1995 550,000
1,000,000 Florida Muni. Power Rev. (Stanton II Proj.).................... 4.200 07/06/1995 1,000,000
400,000 Lee Co., FL, HFA Rev. (Forestwood Apts. Proj. A)............... 4.000 07/06/1995 400,000
700,000 Manatee Co., FL, HFA Rev. (Hampton Ct.)........................ 4.250 07/06/1995 700,000
1,900,000 Plant City, FL, Hosp. Rev. (South Florida Baptist Hosp.)....... 4.400 07/06/1995 1,900,000
- - ------------- ------------
$10,835,000 TOTAL FLOATING AND VARIABLE RATE DEMAND NOTES
- - ------------- (Amortized Cost $10,835,000)................................ $10,835,000
------------
</TABLE>
<TABLE>
Principal Coupon Maturity
Amount Adjustable Rate Put Bonds-- 11.9% Rate Date Value
- - ------------ --------------------------------- -------- ---------- ---------
<C> <S> <C> <C> <C>
$ 725,000 Summit Co., OH, IDR (Akromold, Inc. Proj.)..................... 4.600% 11/01/1995 $ 725,000
2,135,000 Florida HFA Rev................................................ 4.250 12/15/1995 2,135,000
- - ------------- ------------
$ 2,860,000 TOTAL ADJUSTABLE RATE PUT BONDS
- - ------------- (Amortized Cost $2,860,000)................................. $ 2,860,000
------------
</TABLE>
<TABLE>
Principal Coupon Maturity
Amount Commercial Paper-- 4.1% Rate Date Value
- - ------------ ----------------------- -------- ---------- ---------
<C> <S> <C> <C> <C>
$ 1,000,000 Greater Orlando, FL, Aviation Tax-Exempt Notes................. 4.300% 07/31/1995 $ 1,000,000
- - ------------- ------------
$ 1,000,000 TOTAL COMMERCIAL PAPER
- - ------------- (Amortized Cost $1,000,000)................................ $ 1,000,000
------------
$23,575,000 TOTAL INVESTMENTS AT VALUE -- 98.5%
============= (Amortized Cost $23,767,487)................................ $23,767,487
OTHER ASSETS AND LIABILITIES, NET-- 1.5% ...................... 351,085
------------
NET ASSETS-- 100.0% ........................................... $24,118,572
============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TAX-FREE INTERMEDIATE TERM FUND
PORTFOLIO OF INVESTMENTS
June 30, 1995
Principal Coupon Maturity
Amount Municipal Bonds Rate Date Value
- - ------------ --------------- -------- ---------- ---------
<C> <S> <C> <C> <C>
ALABAMA -- .2%
$ 200,000 Montgomery Co., AL, Waterworks & Sani. Sewer Rev.,
Prerefunded @ 100 ........................................... 9.700% 03/01/1996 $ 207,828
------------
ALASKA -- .5%
385,000 Alaska St. HFC Rev............................................. 7.650 12/01/2010 407,811
60,000 Alaska St. HFC Coll. Home Mtg. Rev............................. 7.250 12/01/2011 60,823
------------
468,634
------------
ARIZONA -- 2.3%
500,000 Pima Co., AZ, USD No. 1 (Tuscon), Prerefunded @ 102............ 6.750 07/01/1998 543,255
400,000 Arizona Educ. Loan Mkt. Corp. Rev., Ser. A..................... 6.700 03/01/2000 420,664
600,000 Maricopa Co., AZ, School Dist. Rev., Ser. 1991C (Tempe Elem.).. 8.000 07/01/2004 722,436
255,000 Maricopa Co., AZ, SFM Rev., Ser. 1991.......................... 7.375 08/01/2005 273,230
------------
1,959,585
------------
CALIFORNIA -- 2.7%
245,000 California Health Fac. Auth. Rev. (Stanford Univ. Hosp.),
Prerefunded @ 102 ........................................... 7.125 11/01/1996 259,690
300,000 California St. Public Works Dept. of Corrections Rev.,
Prerefunded @ 102 ........................................... 7.375 11/01/1996 319,281
500,000 Santa Clara Co., CA, Hsg. Auth. ARPB (Orchard Glen Apts.)...... 5.250 11/01/1998 502,985
490,000 Sacramento Co., CA, MFH ARPB (Fairway One Apts.)............... 5.875 02/01/2003 496,238
500,000 Santa Monica, CA, Redev. Agy. Lease Rev........................ 6.000 07/01/2003 524,245
250,000 California HFA Multi-Unit Rental Rev., Ser. B.................. 6.500 08/01/2005 259,882
------------
2,362,321
------------
DELAWARE -- 1.2%
500,000 Delaware St. GO................................................ 7.100 05/01/1996 501,435
500,000 Delaware St. Transit Auth. Rev................................. 6.100 07/01/2002 531,855
------------
1,033,290
------------
FLORIDA -- 1.0%
100,000 Hillsborough Co., FL, Cap. Impt. Rev., Subser. 2,
Prerefunded @ 102 ........................................... 8.300 02/01/1996 104,649
500,000 Florida HFA MFH ARPB, Ser. B (Hampton Lakes II Proj.).......... 5.700 04/01/2001 508,580
200,000 Florida St. GO................................................. 6.500 05/01/2004 203,868
------------
817,097
------------
GEORGIA -- 1.2%
255,000 Atlanta, GA, Airport Extension & Impt. Rev.,
Escrowed to Maturity ........................................ 7.250 01/01/1998 272,121
700,000 Fulton Co., GA, Water & Sewer Rev., Ser. 1986,
Prerefunded @ 101 ........................................... 6.800 01/01/2000 766,500
------------
1,038,621
------------
HAWAII -- 1.9%
500,000 Honolulu, HI, City & Co. GO, Prerefunded @ 101.50.............. 7.400 07/01/1997 538,075
1,000,000 Honolulu, HI, City & Co. GO, Ser. D, Escrowed to Maturity...... 6.300 12/01/1998 1,064,880
------------
1,602,955
------------
ILLINOIS -- 4.4%
500,000 Aurora, IL, MFH Rev., Ser. 1988 (Fox Valley)................... 7.750 09/01/1998 531,080
480,000 Hoffman Estates, IL, MFH ARPB (Park Place Apts.)............... 7.000 11/30/1998 494,875
500,000 Joliet, IL, Gas Supply Rev. (Peoples Gas Light & Coke)......... 8.000 06/01/1999 560,685
1,000,000 Illinois St. GO................................................ 6.250 12/01/2001 1,036,490
660,000 Alsip, IL, MFH ARPB, Ser. A (Woodland Ct.)..................... 5.125 11/01/2003 647,836
500,000 Chicago, IL, Public Bldg. Comm. Rev., Escrowed to Maturity..... 7.700 01/01/2008 540,565
------------
3,811,531
------------
INDIANA -- 3.7%
1,500,000 Indianapolis, IN, Local Public Impt. Rev., Ser. A,
Prerefunded @ 102 ........................................... 6.500 01/15/1998 1,609,305
1,000,000 Indiana Bond Bank Special Prog. Rev., Ser. A1.................. 6.650 01/01/2004 1,065,360
500,000 Indiana HFA Multi-Unit Mtg. Prog. Rev., Ser. 1992A............. 6.600 01/01/2012 515,285
------------
3,189,950
------------
IOWA -- 1.4%
$ 250,000 Iowa Student Loan Liquidity Corp. Rev.......................... 6.400 07/01/2004 262,548
435,000 Iowa HFA Rev................................................... 6.500 07/01/2006 455,815
240,000 Iowa Student Loan Liquidity Corp. Rev.......................... 6.600 07/01/2008 249,902
250,000 Cedar Rapids, IA, Hosp. Fac. Rev. (St. Luke's Methodist Hosp.). 6.000 08/15/2009 252,050
------------
1,220,315
------------
KENTUCKY -- 2.4%
675,000 Owensboro, KY, Elec. Light & Power Rev., Prerefunded @ 102..... 0.000 01/01/2000 787,705
500,000 Louisville & Jefferson Co., KY, Airport Auth. System Rev....... 5.125 07/01/2004 494,150
750,000 Kentucky St. Turnpike Auth. EDR (Revitalization Proj.)......... 5.250 07/01/2005 751,732
------------
2,033,587
------------
LOUISIANA -- 1.8%
500,000 Louisiana St. Recovery Dist. Sales Tax Rev..................... 7.625 07/01/1996 511,555
440,000 Louisiana Public Fac. Auth. Rev. (Medical Ctr. of Louisiana)... 6.000 10/15/2003 460,007
500,000 West Ouachita Parish, LA, School Dist. GO, Ser. A.............. 6.700 03/01/2006 539,490
------------
1,511,052
------------
MAINE -- .7%
600,000 Maine St. GO................................................... 6.250 07/01/2000 643,512
------------
MARYLAND -- 1.3%
500,000 Maryland St. Health & Higher Educ. Fac. Auth. Rev.
(Univ. of Maryland Medical Sys.) ............................ 6.500 07/01/2001 543,330
500,000 Maryland St. Comm. Dev. Admin. Rev............................. 8.500 04/01/2002 533,720
------------
1,077,050
------------
MASSACHUSETTS -- 2.4%
750,000 Massachusetts St. Indust. Fin. Agy. ARPB (Asahi/America, Inc.). 5.100 03/01/1999 754,995
500,000 New England Educ. Loan Mkt. Corp. Rev., Ser. 1992A............. 6.500 09/01/2002 530,460
500,000 New England Educ. Loan Mkt. Corp. Rev., Ser. 1992B............. 6.600 09/01/2002 533,395
250,000 Massachusetts St. HFA MFH Rev.................................. 9.000 12/01/2009 260,610
------------
2,079,460
------------
MICHIGAN -- 3.1%
1,000,000 Michigan St. Bldg. Auth. Rev., Ser. I.......................... 5.200 10/01/1995 1,003,680
1,000,000 Michigan St. Bldg. Auth. Rev., Ser. II......................... 6.400 10/01/2004 1,080,550
600,000 Kalamazoo, MI, Hosp. Fin. Auth. Rev., Ser. A
(Borgess Medical Ctr.) ...................................... 5.000 06/01/2006 573,216
------------
2,657,446
------------
MISSISSIPPI -- .6%
500,000 Mississippi Higher Educ. Rev., Ser. B.......................... 6.100 07/01/2001 515,675
------------
NEBRASKA -- .9%
60,000 Nebraska Invest. Fin. Auth. SFM Rev., Ser. A................... 8.600 05/15/1997 61,800
705,000 Nebraska Invest. Fin. Auth. Rev., Ser. 1989
(Foundation for Educ. Fund) ................................. 7.000 11/01/2009 742,485
------------
804,285
------------
NEVADA -- 1.9%
1,000,000 Las Vegas, NV, GO, Sewer Impt. Rev............................. 6.500 10/01/2006 1,062,910
500,000 Washoe Co., NV, GO............................................. 7.375 07/01/2009 547,385
------------
1,610,295
------------
NEW HAMPSHIRE -- .5%
400,000 New Hampshire Higher Educ. Rev. (Dartmouth College)............ 5.250 06/01/2008 390,816
------------
NEW YORK -- 1.3%
415,000 New York, NY, GO, Prerefunded @ 102............................ 8.000 08/01/1997 455,168
500,000 New York Local Gov't. Asst. Corp. Rev., Ser. 1991B............. 7.000 04/01/2002 557,265
85,000 New York, NY, GO............................................... 8.000 08/01/2005 92,304
------------
1,104,737
------------
NORTH CAROLINA -- 2.8%
$ 1,065,000 Durham, NC, COP................................................ 6.375% 12/01/2006 $ 1,132,968
1,200,000 Asheville, NC, GO.............................................. 6.100 03/01/2008 1,261,848
------------
2,394,816
------------
OHIO -- 24.7%
1,500,000 Cuyahoga Co., OH, Hosp. Impt. VRDN (Univ. Hosp. Cleveland)..... 4.200 07/03/1995 1,500,000
750,000 Youngstown, OH, CSD RANS, Ser. 1994............................ 5.300 06/15/1996 752,752
245,000 Ohio HFA Mtg. Rev., Ser. A-1................................... 4.400 09/01/1996 245,512
500,000 Ohio St. Bldg. Auth. Rev., Ser. A.............................. 7.150 03/01/1999 543,255
1,000,000 Ohio St. Higher Educ. Fac. Rev. (Oberlin College),
Prerefunded @ 102 ........................................... 7.100 10/01/1999 1,101,770
700,000 Franklin Co., OH, Dev. & Ref. Rev., Ser. 1993
(American Chemical Soc.) .................................... 5.500 04/01/2000 699,930
500,000 Franklin Co., OH, Rev. (Online Computer Library Ctr.).......... 5.500 04/15/2000 499,325
500,000 Columbus, OH, CSD GO, Prerefunded @ 102........................ 7.000 12/01/2000 563,740
1,000,000 Franklin Co., OH, IDR Ref. Rev. (Hoover Universal, Inc.)....... 5.850 06/01/2002 1,019,860
950,000 Akron, Bath & Copley, OH, Joint Twp. Hosp. Rev.
(Summa Health Systems) ...................................... 5.900 11/15/2002 987,288
850,000 Columbus, OH, CSD GO, Prerefunded @ 102........................ 6.650 12/01/2002 957,959
270,000 Warren Co., OH, Hosp. Fac. Rev. (Otterbein Home)............... 7.000 07/01/2003 291,492
870,000 Lorain Co., OH, Hosp. Fac. Rev. (EMH Regl. Medical Ctr.)....... 5.000 11/01/2003 855,401
500,000 Hamilton Co., OH, Hosp. Fac. Rev. (Episcopal Retirement Home).. 6.600 01/01/2004 531,545
1,000,000 Columbus, OH, GO............................................... 4.950 06/15/2004 1,000,690
1,000,000 Ohio St. Natural Resources Fac. GO, Ser. B..................... 4.250 10/01/2004 927,370
425,000 Lorain Co., OH, Hosp. Fac. Rev. (EMH Regl. Medical Ctr.)....... 5.100 11/01/2004 423,096
485,000 Ohio St. Econ. Dev. Comm. Rev. (Cheryl & Co.).................. 5.500 12/01/2004 495,340
625,000 Cuyahoga Co., OH, Util. Sys. Impt. & Ref. Rev., Ser. 1995B..... 5.500 08/15/2005 625,431
1,005,000 Franklin Co., OH, Health Care Fac. Rev. (First Comm. Village).. 6.000 06/01/2006 969,111
1,000,000 Ohio St. Water Dev. Auth. PCR, Ser. 1995....................... 5.200 06/01/2006 986,040
400,000 Painesville, OH, Elec. Rev..................................... 6.000 11/01/2006 412,060
500,000 Delaware Co., OH, GO........................................... 5.250 12/01/2006 494,900
1,000,000 Mahoning Co., OH, GO........................................... 6.600 12/01/2006 1,088,780
500,000 Hamilton Co., OH, Hosp. Fac. Rev. (Episcopal Retirement Home).. 6.800 01/01/2008 527,275
800,000 West Clermont, OH, LSD GO...................................... 6.150 12/01/2008 839,488
500,000 Hamilton Co., OH, Hosp. Fac. Rev. (Bethesda Hosp.)............. 7.000 01/01/2009 521,525
600,000 Franklin Co., OH, GO........................................... 5.450 12/01/2009 592,890
750,000 Univ. of Cincinnati General Receipts, Ser. G................... 7.000 06/01/2011 811,493
------------
21,265,318
------------
PENNSYLVANIA -- 3.6%
840,000 Chartiers Valley, PA, Comm. Dev. ARPB
(Colonial Bldg. Partners Proj.) ............................. 5.625 12/01/1997 845,216
1,000,000 Washington Co., PA, Auth. Lease Rev., Prerefunded @ 103........ 7.450 06/15/2000 1,147,050
500,000 Pennsylvania St., IDR, Ser. A, Prerefunded @ 102............... 7.000 07/01/2001 564,580
500,000 Pennsylvania Fin. Auth. Muni. Cap. Impt. Proj. Rev............. 6.600 11/01/2009 515,810
------------
3,072,656
------------
PUERTO RICO -- 1.2%
175,000 Puerto Rico Commonwealth GO, Prerefunded @ 102................. 7.125 07/01/1997 188,515
825,000 Puerto Rico Commonwealth GO.................................... 7.125 07/01/2002 877,347
------------
1,065,862
------------
SOUTH CAROLINA -- 2.8%
1,000,000 Piedmont, SC, Muni. Power Agy. Rev., Ser. A.................... 6.000 01/01/2002 1,064,620
525,000 South Carolina St. GO, Ser. A.................................. 6.000 03/01/2004 560,144
725,000 Richland-Lexington, SC, Airport Dist. Rev., Ser. 1995
(Columbia Metro.) ........................................... 6.000 01/01/2008 734,947
------------
2,359,711
------------
TENNESSEE -- .7%
525,000 Southeast, TN, Tax-Exempt Mtg. Trust ARPB, Ser. 1990........... 7.250 04/01/2003 569,420
------------
TEXAS -- 13.0%
510,000 Pasadena, TX, IDR (Univ. Space Research Assn.)................. 6.650 10/01/1996 520,435
5,000 Lancaster, TX, ISD GO.......................................... 9.700 02/01/1997 5,426
260,000 Lancaster, TX, ISD GO, Escrowed to Maturity.................... 9.700 02/01/1997 282,162
$ 500,000 Texas Turnpike Auth. Rev. (Dallas N. Tollway),
Prerefunded @ 102 ........................................... 7.250 01/01/1999 553,000
360,000 Texas St. Hsg. Agy. SFM Rev.................................... 9.000 03/01/1999 370,350
500,000 Fort Worth, TX, Water & Sewer Rev., Prerefunded @ 100.......... 6.500 02/15/2001 542,710
500,000 Houston, TX, Sr. Lien Rev., Ser. A
(Hotel Tax & Parking Fac.), Prerefunded @ 100 ............... 7.000 07/01/2001 559,260
1,000,000 Texas National Research Lab. Fin. Corp. Lease Rev.,
Prerefunded @ 102 ........................................... 6.850 12/01/2001 1,120,930
500,000 N. Texas Higher Educ. Student Loan Rev., Ser. 1991A............ 6.875 04/01/2002 534,355
1,000,000 Garland, TX, GO, Ser. B........................................ 5.000 08/15/2003 994,660
580,000 Texas St. Veterans GO.......................................... 8.000 12/01/2003 602,040
625,000 Texas St. Veterans GO.......................................... 8.000 12/01/2005 650,869
785,000 Ennis, TX, ISD Ref. & Impt. GO................................. 5.400 08/15/2006 786,154
750,000 Harris Co., TX, Ref. Rev. (Toll Road).......................... 5.000 08/15/2007 717,720
500,000 N. Central, TX, Health Fac. Rev. (Baylor Health Care),
Indexed Inverse Floater ..................................... 7.440 05/15/2008 537,965
515,000 Irving, TX, GO................................................. 5.500 09/15/2009 512,440
550,798 Midland, TX, HFC Rev., Ser. A2................................. 8.450 12/01/2011 607,254
515,000 Irving, TX, GO................................................. 5.500 09/15/2012 500,997
485,000 Irving, TX, GO................................................. 5.500 09/15/2013 469,781
315,000 Irving, TX, GO................................................. 5.500 09/15/2014 303,402
------------
11,171,910
------------
UTAH -- 1.4%
70,000 Intermountain Power Agy., UT, Power Supply Rev.,
Ser. I, Prerefunded @ 100 ................................... 7.000 07/01/1995 70,006
200,000 Utah St. HFA MFM Rev. (Colony Apts.)........................... 7.750 01/01/1997 204,020
870,000 Utah St. School Dist. Fin. Corp. Rev........................... 8.375 08/15/1998 963,186
------------
1,237,212
------------
VIRGINIA -- 5.2%
500,000 Chesterfield Co., VA, GO, Ser. B............................... 6.200 01/01/1999 530,585
1,000,000 Henrico Co., VA, IDA Rev....................................... 5.800 08/01/1999 1,044,570
1,060,000 Norfolk, VA, Indust. Dev. Hosp. Rev.
(Sentara Hosp.), Prerefunded @ 102 .......................... 7.000 11/01/2000 1,191,408
750,000 Virginia St. Public School Auth. Rev., Ser. B.................. 5.850 01/01/2002 790,972
500,000 Chesapeake, VA, GO............................................. 5.900 08/01/2005 527,840
345,000 Norfolk, VA, Redev. & Hsg. Auth. Educ. Fac. Rev.
(Tidewater Comm. College) ................................... 5.500 11/01/2006 342,675
------------
4,428,050
------------
WASHINGTON -- 5.0%
245,000 Washington St. GO, Prerefunded @ 100........................... 9.200 05/01/1996 255,888
750,000 Seattle, WA, Drain & Wastewater Util. Rev...................... 7.000 12/01/1999 795,652
1,000,000 Seattle, WA, Muni. Metro. Sewer Rev., Prerefunded @ 102........ 6.875 01/01/2000 1,106,150
440,000 Port of Everett, WA, Rev....................................... 6.500 04/01/2000 442,108
1,000,000 Washington St. Motor Vehicle Fuel Tax Ref. GO.................. 6.000 09/01/2004 1,057,890
300,000 Washington St. Hsg. Fin. Comm. Rev. (Gonzaga Univ.)............ 5.650 07/01/2007 295,128
335,000 Washington St. GO, Ser. A...................................... 6.400 03/01/2009 346,189
------------
4,299,005
------------
WEST VIRGINIA -- .6%
500,000 West Virginia Econ. Dev. Auth. Rev. (N. American Processing Co.) 7.850 11/01/2009 514,431
------------
WISCONSIN -- 3.0%
605,000 Village of Dresser, WI, PCR Ref. Rev. (F & A Dairy, Inc.)...... 6.000 05/01/2000 608,969
500,000 Wisconsin Public Power System Rev., Ser. A, Prerefunded @ 102.. 7.500 07/01/2000 571,135
700,000 Racine, WI, School Dist. GO.................................... 5.000 04/01/2003 697,718
750,000 Wisconsin St. Health & Educ. Fac. Auth. Rev.
- - ------------ (Hosp. Sisters Service, Inc.) .............................. 5.000 06/01/2003 737,940
------------
2,615,762
------------
$83,265,798 TOTAL MUNICIPAL BONDS -- 101.4%
============= (Amortized Cost $85,335,134)................................ $87,134,195
OTHER ASSETS AND LIABILITIES, NET-- (1.4)% .................... (1,180,234)
------------
NET ASSETS-- 100.0% ........................................... $85,953,961
============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OHIO INSURED TAX-FREE FUND
PORTFOLIO OF INVESTMENTS
June 30,1995
Principal Coupon Maturity
Amount Fixed Rate Revenue & General Obligation Bonds-- 98.0% Rate Date Value
- - ------------ ----------------------------------------------------- -------- ---------- ---------
<C> <S> <C> <C> <C>
$ 470,000 Clermont Co., OH, Hosp. Fac. Rev. (Mercy Health Care),
Prerefunded @ 102 ........................................... 7.500% 09/01/1999 $ 531,203
500,000 Ohio St. Bldg. Auth. Local Jail Rev., Prerefunded @ 102........ 7.350 04/01/2000 558,840
500,000 Ohio St. Higher Educ. Fac. Rev. (Ohio Northern Univ.),
Prerefunded @ 100 ........................................... 7.250 05/15/2000 556,315
105,000 Puerto Rico Hsg. Fin. Corp. SFM Rev., Ser. A (Portfolio One)... 7.800 10/01/2000 111,335
500,000 Akron, Bath & Copley, OH, Joint Twp. Hosp. Rev.
(Children's Hosp.), Prerefunded @ 102 ....................... 7.450 11/15/2000 573,935
500,000 Franklin Co., OH, Convention Fac. Auth. Tax & Lease Rev.,
Prerefunded @ 102 ........................................... 7.000 12/01/2000 563,740
500,000 Fairfield Co., OH, Hosp. Fac. Rev.
(Lancaster-Fairfield Hosp.), Prerefunded @ 102 .............. 7.100 06/15/2001 569,020
250,000 Franklin Co., OH, IDR (1st Community Village Healthcare),
Crossover Refunded .......................................... 10.125 08/01/2001 311,963
30,000 Clermont Co., OH, Hosp. Fac. Rev. Ser. A (Mercy Health Sys.),
Prerefunded @ 100 ........................................... 7.500 09/01/2001 34,433
500,000 Clermont Co., OH, Sewer System Rev., Ser. 1991,
Prerefunded @ 102 ........................................... 7.100 12/01/2001 572,925
1,260,000 Cleveland, OH, Waterworks Impt. Rev., Prerefunded @ 102........ 6.500 01/01/2002 1,395,450
40,000 Ohio St. Bldg. Auth. Rev. (Frank Lausch Proj.),
Prerefunded @ 100 ........................................... 10.125 04/01/2003 50,134
160,000 Ohio St. Bldg. Auth. Rev. (Columbus St. Proj.),
Prerefunded @ 100 ........................................... 10.125 04/01/2003 201,158
290,000 Alliance, OH, CSD GO........................................... 6.900 12/01/2006 322,802
725,000 Cleveland, OH, Waterworks Rev.................................. 6.250 01/01/2007 762,533
1,000,000 Trumbull Co., OH, GO........................................... 5.250 12/01/2007 988,280
1,420,000 Stow, OH, Safety Center Const., GO............................. 6.150 12/01/2007 1,463,466
750,000 Ohio Municipal Elec. Generation Agency Joint Venture Rev....... 5.500 02/15/2008 742,553
1,430,000 Montgomery Co., OH, Hosp. Rev. (Sisters of Charity)............ 6.250 05/15/2008 1,501,414
520,000 Cleveland St. Univ. General Receipts........................... 5.375 06/01/2008 514,015
500,000 Hamilton, OH, Elec. System Rev., Ser. A........................ 6.125 10/15/2008 522,815
500,000 Cleveland, OH, Waterworks Impt. Rev., Ser. G (First Mtg.)...... 5.500 01/01/2009 494,835
775,000 Akron, OH, Waterworks System Mtg. Impt. Rev., Ser. 1994....... 5.900 03/01/2009 785,951
1,000,000 Franklin Co., OH, Hosp. Impt. Rev. (Holy Cross Health System).. 7.625 06/01/2009 1,123,070
500,000 Mansfield, OH, Hosp. Impt. Rev. (Mansfield General)............ 6.700 12/01/2009 541,100
250,000 Ohio St. Water Dev. Auth. Ref. & Impt. Rev.
(Pure Water), Escrowed to Maturity .......................... 7.000 12/01/2009 276,698
500,000 Ohio Capital Corp. MFH Rev..................................... 7.500 01/01/2010 540,305
500,000 Hamilton, OH, Water System Mtg. Rev., Ser. 1991A............... 6.400 10/15/2010 525,350
500,000 Montgomery Co., OH, Garbage & Refuse Rev., Ser. A.............. 7.100 11/01/2010 545,240
500,000 Butler Co., OH, Hosp. Fac. Rev. (Middletown Regional Hosp.).... 6.750 11/15/2010 543,085
1,000,000 Chillicothe, OH, Water System Mtg. Ref. Rev.................... 5.400 12/01/2010 966,450
500,000 St. Mary's, OH, Elec. System Rev............................... 7.150 12/01/2010 553,095
1,000,000 Canton, OH, Waterworks System GO, Ser. 1995.................... 5.750 12/01/2010 991,870
500,000 Cleveland, OH, Waterworks Impt. Rev............................ 6.500 01/01/2011 525,285
285,000 Cuyahoga Co., OH, Hosp. Rev. (University Hosp.),
Escrowed to Maturity ........................................ 9.000 06/01/2011 329,263
1,700,000 Ohio St. Water Dev. Auth. Rev.................................. 5.700 06/01/2011 1,671,984
500,000 Montgomery Co., OH, Sewer System Ref. Rev.
(Gtr. Moraine Beavercreek) .................................. 5.600 09/01/2011 491,610
605,000 Ohio HFA SFM Rev., Ser. D...................................... 7.000 09/01/2011 641,554
365,000 Bexley, OH, CSD GO............................................. 7.125 12/01/2011 424,243
500,000 Greene Co., OH, Water System Rev............................... 6.850 12/01/2011 545,975
500,000 Maple Heights, OH, Various Purpose GO.......................... 7.000 12/01/2011 552,300
425,000 Ohio St. Water Dev. Auth. PCR (Water Control Loan)............. 6.000 12/01/2011 431,141
500,000 Stark Co., OH, Various Purpose GO.............................. 7.050 12/01/2011 550,510
530,000 Urbana, OH, Wastewater Impt. GO................................ 7.050 12/01/2011 597,294
600,000 Westerville, OH, Water System Impt. GO......................... 6.450 12/01/2011 621,792
1,000,000 Hamilton Co., OH, Hosp. Ref. Rev. (Bethesda Hosp.)............. 6.250 01/01/2012 1,028,110
500,000 Cleveland, OH, GO, Ser. A...................................... 6.375 07/01/2012 518,525
500,000 Summit Co., OH, GO............................................. 6.900 08/01/2012 547,580
1,095,000 West Clermont, OH, LSD GO...................................... 6.900 12/01/2012 1,208,398
500,000 Brunswick, OH, CSD GO......................................... 6.900 12/01/2012 547,320
500,000 Cuyahoga Heights, OH, LSD Impt. Rev............................ 5.700 12/01/2012 488,645
500,000 Ohio St. Higher Educ. Fac. Rev. (Univ. of Dayton).............. 7.250 12/01/2012 555,175
500,000 Springfield, OH, LSD GO........................................ 6.600 12/01/2012 535,250
500,000 Summit Co., OH, Various Purpose GO............................. 6.625 12/01/2012 535,985
500,000 Warrensville Heights, OH, GO................................... 6.400 12/01/2012 524,840
500,000 Worthington, OH, CSD Ref. GO................................... 6.375 12/01/2012 520,120
1,250,000 Cleveland St. Univ. General Receipts........................... 5.500 06/01/2013 1,189,775
415,000 Ohio HFA SFM Rev., Ser. 1990D.................................. 7.500 09/01/2013 444,938
800,000 Franklin Co., OH, Convention Fac. Auth. Tax & Lease Rev........ 5.800 12/01/2013 787,512
1,000,000 Hamilton Co., OH, Hosp. Rev. (Sisters of Charity).............. 6.250 05/15/2014 1,025,820
500,000 Ohio St. Bldg. Auth. Rev., Ser. 94A (Juvenile Correctional Bldg.) 6.600 10/01/2014 529,485
500,000 Mahoning Co., OH, Hosp. Impt. Rev. (YHA, Inc.)................. 7.000 10/15/2014 548,260
290,000 Garfield Heights, OH, Various Purpose GO....................... 6.300 12/01/2014 300,742
1,000,000 Portage Co., OH, GO............................................ 6.200 12/01/2014 1,025,440
460,000 Bedford Heights, OH, GO........................................ 6.500 12/01/2014 485,015
1,250,000 Maumee, OH, Hosp. Fac. Rev. Bonds, Ser. 1994
(St. Luke's Hosp. Proj.) .................................... 5.800 12/01/2014 1,215,875
530,000 Ottawa Co., OH, GO............................................. 5.750 12/01/2014 518,457
290,000 Northwest, OH, LSD GO.......................................... 7.050 12/01/2014 320,444
1,000,000 Clermont Co., OH, Hosp. Fac. Rev. (Mercy Health System)........ 5.875 09/01/2015 977,380
500,000 Ohio St. Higher Educ. Fac. Rev. (Univ. of Dayton).............. 6.750 12/01/2015 538,915
550,000 Cambridge, OH, Water System Mtg. Rev........................... 5.500 12/01/2015 524,673
1,000,000 Tuscarawas, OH, LSD GO, Ser. 1995.............................. 6.600 12/01/2015 1,068,240
700,000 Canton, OH, Waterworks System GO, Ser. 1995.................... 5.850 12/01/2015 686,077
1,000,000 Akron, Bath & Copley, OH, Joint Twp. Hosp. Rev.
(Akron General Proj.) ....................................... 5.500 01/01/2016 945,950
500,000 Cleveland, OH, Waterworks Impt. Rev............................ 6.250 01/01/2016 512,235
750,000 Columbus-Polaris Hsg. Corp. Ohio Mtg. Rev., Prerefunded @100... 7.400 01/01/2016 890,805
500,000 Ohio St. Air Quality Dev. Rev. (Ohio Edison)................... 7.450 03/01/2016 553,730
1,110,000 Ohio HFA SFM Rev., Ser. 1991D.................................. 7.050 09/01/2016 1,174,735
440,000 Ohio HFA SFM Rev., Ser. 1990F.................................. 7.600 09/01/2016 467,434
500,000 Celina, OH, Wastewater System Mtg. Rev......................... 6.550 11/01/2016 527,440
1,000,000 Cleveland, OH, Public Power System Rev......................... 7.000 11/15/2016 1,130,140
750,000 Montgomery Co., OH, Hosp. Rev. (Miami Valley Hosp.)............ 6.250 11/15/2016 764,310
705,000 Big Walnut, OH, LSD GO (Community Library Proj.)............... 6.650 12/01/2016 765,947
590,000 Garfield Heights, OH, Various Purpose GO....................... 7.050 12/01/2016 647,832
850,000 Alliance, OH, Waterworks System Rev............................ 6.650 10/15/2017 907,018
500,000 Toledo, OH, Sewer System Rev................................... 6.350 11/15/2017 517,150
675,000 Reynoldsburg, OH, CSD GO....................................... 6.550 12/01/2017 721,919
450,000 Mason, OH, Waterworks System Mtg. Rev.......................... 6.000 12/01/2017 451,895
750,000 Olmstead Falls, OH, CSD GO..................................... 5.850 12/15/2017 734,378
500,000 Ohio St. Air Quality Rev., Ser. 1990B (Ohio Edison)............ 7.100 06/01/2018 548,300
500,000 Newark, OH, Water System Impt. Rev............................. 6.000 12/01/2018 502,275
35,000 Ohio Water Dev. Auth. Ref. Rev................................. 9.375 12/01/2018 36,803
500,000 Seneca Co., OH, Jail Fac. GO................................... 6.500 12/01/2018 533,700
500,000 Franklin Co., OH, Hosp. Rev., Ser. 1991 (Mt. Carmel)........... 6.750 06/01/2019 538,515
500,000 Crawford Co., OH, GO........................................... 6.750 12/01/2019 545,250
360,000 Cuyahoga Co., OH, Hosp. Rev. (University Hosp.)................ 6.250 01/15/2020 365,209
500,000 Lucas Co., OH, Hosp. Impt. Rev. (St. Vincent).................. 6.750 08/15/2020 548,065
1,000,000 Ohio St. Air Qual. Dev. Rev., Ser. 1985A
(Columbus Southern Power) ................................... 6.375 12/01/2020 1,028,070
750,000 Fairfield, OH, CSD GO.......................................... 6.000 12/01/2020 750,525
200,000 Montgomery Co., OH, Hosp. Rev. (Sisters of Charity)............ 6.625 05/15/2021 210,424
460,000 Westerville, Minerva Park & Blendon, OH, Joint Hosp.
Dist. Rev. (St. Ann's) ...................................... 7.100 09/15/2021 508,640
1,000,000 Clermont Co., OH, Hosp. Fac. Rev. (Mercy Health System)........ 6.733 10/05/2021 1,068,780
1,000,000 Hamilton, OH, Water System Mtg. Rev., Ser. 1991A............... 6.300 10/15/2021 1,023,840
1,310,000 Cuyahoga Co., OH, Hosp. Rev. (Mt. Sinai)....................... 6.625 11/15/2021 1,389,714
1,000,000 Adams Co., Ohio Valley, LSD GO................................. 5.250 12/01/2021 911,000
1,000,000 Kent St. Univ. General Receipts................................ 6.500 05/01/2022 1,052,720
1,000,000 Ohio St. Higher Educ. Fac. Rev. (Case Western Res. Univ.)...... 6.000 10/01/2022 995,890
510,000 Fremont, OH, Hsg. Dev. Corp. Mtg. Ref. Rev.
(Little Bark View, Sect. 8) ................................. 10.125 03/01/2023 531,675
650,000 Ohio St. Air Quality Dev. Auth. PCR, Ser. 1994 (Penn Power).... 6.150 08/01/2023 655,675
250,000 Puerto Rico Hsg. Fin. Corp. Rev................................ 6.850 10/15/2023 260,856
1,000,000 Ohio St. Air Quality Dev. Auth. PCR (Penn Power)............... 6.450 05/01/2027 1,031,100
- - ------------- ------------
$70,710,000 TOTAL FIXED RATE REVENUE & GENERAL OBLIGATION BONDS
- - ------------- (Amortized Cost $70,372,336)................................ $74,065,269
------------
</TABLE>
<PAGE>
<TABLE>
Principal Coupon Maturity
Amount Floating and Variable Rate Demand Notes-- .9% Rate Date Value
- - ------------ --------------------------------------------- -------- ---------- ---------
<C> <S> <C> <C> <C>
$ 700,000 Ohio St. Infrastructure GO..................................... 4.100% 07/06/1995 $ 700,000
- - ------------- ------------
$ 700,000 TOTAL FLOATING AND VARIABLE RATE DEMAND NOTES
- - ------------- (Amortized Cost $700,000)................................... $ 700,000
------------
$71,410,000 TOTAL INVESTMENTS AT VALUE -- 98.9%
============= (Amortized Cost $71,072,336)................................ $74,765,269
OTHER ASSETS AND LIABILITIES, NET-- 1.1% ..................... 792,986
------------
NET ASSETS-- 100.0% ........................................... $75,558,255
============
</TABLE>
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Shareholders and Board of Trustees of the Midwest Group Tax Free Trust:
We have audited the accompanying statements of assets and liabilities of the
Ohio Tax-Free Money Fund, Tax-Free Money Fund, Tax-Free Intermediate Term Fund,
Ohio Insured Tax-Free Fund, California Tax-Free Money Fund and Royal Palm
Florida Tax-Free Money Fund of the Midwest Group Tax Free Trust (a Massachusetts
business trust), including the portfolios of investments, as of June 30, 1995,
and the related statements of operations for the year then ended, the statements
of changes in net assets for each of the two years in the period then ended and
the financial highlights for the periods indicated thereon. These financial
statements and financial highlights are the responsibility of the Trust's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of June
30, 1995, by correspondence with custodians and brokers. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial positions of the
Ohio Tax-Free Money Fund, Tax-Free Money Fund, Tax-Free Intermediate Term Fund,
Ohio Insured Tax-Free Fund, California Tax-Free Money Fund and Royal Palm
Florida Tax-Free Money Fund of the Midwest Group Tax Free Trust as of June 30,
1995, the results of their operations for the year then ended, the changes in
their net assets for each of the two years in the period then ended, and the
financial highlights for the periods indicated thereon, in conformity with
generally accepted accounting principles.
Cincinnati, Ohio,
August 11, 1995
Appendix
A representation of the graphic material contained in the Midwest Group Tax
Free Trust June 30, 1995 Annual Report is set forth below:
<TABLE>
1. Comparison of Change in Value Since June 30, 1985 of a $10,000
Investment in the Ohio Insured Tax-Free Fund* and the Lehman Brothers
15-Year Municipal G.O. Index
LEHMAN BROTHERS 15-YEAR G.O. INDEX: OHIO INSURED TAX-FREE FUND:
<C> <C> <C> <C> <C> <C>
QTRLY QTRLY
DATE RETURN BALANCE DATE RETURN BALANCE
- - -------- -------- ------- -------- -------- --------
06/30/85 10,000 06/30/85 9,600
09/30/85 -1.63% 9,837 09/30/85 -0.20% 9,580
12/31/85 9.60% 10,781 12/31/85 6.85% 10,237
03/31/86 11.75% 12,048 03/31/86 9.64% 11,223
06/30/86 -1.35% 11,886 06/30/86 -1.53% 11,052
09/30/86 6.37% 12,643 09/30/86 4.23% 11,519
12/31/86 3.60% 13,098 12/31/86 3.60% 11,934
03/31/87 2.71% 13,453 03/31/87 2.58% 12,242
06/30/87 -4.83% 12,803 06/30/87 -3.65% 11,795
09/30/87 -3.49% 12,356 09/30/87 -2.38% 11,514
12/31/87 6.64% 13,177 12/31/87 3.41% 11,907
03/31/88 3.11% 13,586 03/31/88 3.62% 12,338
06/30/88 1.98% 13,855 06/30/88 2.10% 12,597
09/30/88 2.57% 14,211 09/30/88 2.15% 12,868
12/31/88 1.94% 14,487 12/31/88 2.24% 13,156
03/31/89 0.38% 14,542 03/31/89 0.79% 13,259
06/30/89 6.32% 15,461 06/30/89 4.27% 13,825
09/30/89 -0.43% 15,395 09/30/89 -0.04% 13,820
12/31/89 4.42% 16,075 12/31/89 3.71% 14,333
03/31/90 -0.01% 16,074 03/31/90 -0.10% 14,318
06/30/90 2.29% 16,442 06/30/90 1.90% 14,590
09/30/90 -0.41% 16,374 09/30/90 0.08% 14,602
12/31/90 4.42% 17,098 12/31/90 3.97% 15,181
03/31/91 1.85% 17,414 03/31/91 1.78% 15,451
06/30/91 1.96% 17,756 06/30/91 1.96% 15,754
09/30/91 4.09% 18,482 09/30/91 3.66% 16,332
12/31/91 3.13% 19,060 12/31/91 3.19% 16,852
03/31/92 0.54% 19,163 03/31/92 -0.06% 16,842
06/30/92 3.81% 19,893 06/30/92 4.35% 17,574
09/30/92 2.86% 20,462 09/30/92 1.95% 17,917
12/31/92 2.47% 20,968 12/31/92 2.29% 18,328
03/31/93 4.24% 21,857 03/31/93 3.78% 19,021
06/30/93 3.67% 22,659 06/30/93 3.70% 19,725
09/30/93 4.17% 23,604 09/30/93 3.86% 20,485
12/31/93 1.56% 23,972 12/31/93 0.73% 20,635
03/31/94 -6.78% 22,347 03/31/94 -5.28% 19,545
06/30/94 1.42% 22,664 06/30/94 0.50% 19,643
09/30/94 0.41% 22,757 09/30/94 0.17% 19,677
12/31/94 -1.75% 22,359 12/31/94 -0.77% 19,526
03/31/95 8.41% 24,239 03/31/95 6.59% 20,813
06/30/95 2.23% 24,780 06/30/95 1.69% 21,165
</TABLE>
*The chart above represents performance of Class A shares only, which will
vary from the performance of Class C shares based on the difference in
loads and fees paid by shareholders in the different classes. Fund
inception was April 1, 1985, and the initial public offering of Class C
shares commenced on November 1, 1993.
Past performance is not predictive of future performance.
Ohio Insured Tax-Free Fund - Average Annual Total Returns
Since
1 Year 5 Years 10 Years Inception
------ ------- -------- ---------
Class A 3.44% 6.85% 7.79% 8.03%
Class C 7.31% N/A N/A 1.79%
2. Comparison of Change in Value Since June 30, 1985 of a $10,000
Investment in the Tax-Free Intermediate Term Fund* and the Lehman
Brothers 5-Year Municipal G.O. Index
<TABLE>
LEHMAN BROTHERS 5-YEAR G.O. INDEX: TAX-FREE INTERMEDIATE TERM FUND:
- - --------------------------------- -------------------------------
<C> <C> <C> <C> <C> <C>
QTRLY QTRLY
DATE RETURN BALANCE DATE RETURN BALANCE
- - -------- -------- ------- -------- -------- --------
06/30/85 10,000 06/30/85 9,800
09/30/85 -0.38% 9,962 09/30/85 -0.00% 9,800
12/31/85 3.39% 10,300 12/31/85 2.25% 10,021
03/31/86 7.81% 11,104 03/31/86 3.31% 10,352
06/30/86 0.27% 11,134 06/30/86 0.59% 10,413
09/30/86 3.69% 11,545 09/30/86 2.14% 10,636
12/31/86 2.63% 11,849 12/31/86 2.08% 10,857
03/31/87 2.28% 12,119 03/31/87 1.47% 11,017
06/30/87 -0.92% 12,007 06/30/87 -0.54% 10,958
09/30/87 -2.06% 11,760 09/30/87 -1.38% 10,807
12/31/87 3.82% 12,209 12/31/87 2.19% 11,044
03/31/88 3.10% 12,588 03/31/88 2.35% 11,304
06/30/88 0.42% 12,640 06/30/88 0.71% 11,384
09/30/88 1.14% 12,785 09/30/88 1.14% 11,513
12/31/88 0.61% 12,863 12/31/88 1.16% 11,647
03/31/89 -0.28% 12,827 03/31/89 0.79% 11,739
06/30/89 4.70% 13,429 06/30/89 2.56% 12,039
09/30/89 1.11% 13,578 09/30/89 1.54% 12,225
12/31/89 2.99% 13,984 12/31/89 2.32% 12,509
03/31/90 0.48% 14,052 03/31/90 0.57% 12,580
06/30/90 2.24% 14,366 06/30/90 1.78% 12,804
09/30/90 1.06% 14,519 09/30/90 0.47% 12,864
12/31/90 3.32% 15,001 12/31/90 3.11% 13,264
03/31/91 2.15% 15,323 03/31/91 1.93% 13,519
06/30/91 1.75% 15,591 06/30/91 1.69% 13,748
09/30/91 3.55% 16,145 09/30/91 2.89% 14,146
12/31/91 3.35% 16,686 12/31/91 2.29% 14,470
03/31/92 -0.08% 16,672 03/31/92 0.48% 14,539
06/30/92 3.25% 17,214 06/30/92 2.87% 14,956
09/30/92 2.49% 17,643 09/30/92 2.19% 15,283
12/31/92 1.59% 17,923 12/31/92 1.98% 15,585
03/31/93 2.54% 18,379 03/31/93 3.40% 16,115
06/30/93 2.36% 18,812 06/30/93 2.78% 16,563
09/30/93 2.16% 19,219 09/30/93 3.17% 17,088
12/31/93 1.23% 19,455 12/31/93 1.19% 17,291
03/31/94 -3.15% 18,842 03/31/94 -3.37% 16,707
06/30/94 1.34% 19,095 06/30/94 0.82% 16,844
09/30/94 0.81% 19,249 09/30/94 0.57% 16,939
12/31/94 -0.33% 19,186 12/31/94 -0.91% 16,785
03/31/95 4.06% 19,965 03/31/95 4.35% 17,514
06/30/95 2.55% 20,474 06/30/95 2.29% 17,915
</TABLE>
*The chart above represents performance of Class A shares only, which will
vary from the performance of Class C shares based on the difference in
loads and fees paid by shareholders in the different classes. Fund
inception was September 10, 1981, and the initial public offering of Class
C shares commenced on February 1, 1994.
Past performance is not predictive of future performance.
Tax-Free Intermediate Term Fund - Average Annual Total Returns
Since
1 Year 5 Years 10 Years Inception
------ ------- -------- ---------
Class A 4.23% 6.52% 6.00% 6.48%
Class C 5.82% N/A N/A 1.57%
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