TAX EXEMPT
SEMI-ANNUAL
REPORT
DECEMBER 31, 1995
(UNAUDITED)
OHIO TAX-FREE
MONEY FUND
TAX-FREE
MONEY FUND
CALIFORNIA TAX-FREE
MONEY FUND
ROYAL PALM FLORIDA TAX-FREE
MONEY FUND
TAX-FREE INTERMEDIATE
TERM FUND
OHIO INSURED
TAX-FREE FUND
<PAGE>
MIDWEST GROUP OF FUNDS(R)
MIDWEST GROUP TAX FREE TRUST
312 WALNUT ST., 21ST FLOOR
CINCINNATI, OHIO 45202-3874
NATIONWIDE (TOLL FREE) 800-543-8721
CINCINNATI 629-2000
RATE LINE 579-0999
SHAREHOLDER SERVICES
NATIONWIDE (TOLL FREE) 800-543-0407
CINCINNATI 629-2050
BOARD OF TRUSTEES
DALE P. BROWN
GARY W. HELDMAN
H. JEROME LERNER
ROBERT H. LESHNER
RICHARD A. LIPSEY
DONALD J. RAHILLY
FRED A. RAPPOPORT
OSCAR P. ROBERTSON
ROBERT B. SUMEREL
OFFICERS
ROBERT H. LESHNER, PRESIDENT
JOHN F. SPLAIN, SECRETARY
MARK J. SEGER, TREASURER
INVESTMENT ADVISER/UNDERWRITER
MIDWEST GROUP FINANCIAL SERVICES, INC.
312 WALNUT ST., 21ST FLOOR
CINCINNATI, OHIO 45202-3874
TRANSFER AGENT
MGF SERVICE CORP.
P.O. BOX 5354
CINCINNATI, OHIO 45201-5354
THIS REPORT IS AUTHORIZED FOR DISTRIBUTION ONLY WHEN IT IS ACCOMPANIED OR
PRECEDED BY A CURRENT PROSPECTUS OF MIDWEST GROUP TAX FREE TRUST.
<PAGE>
LETTER FROM THE PRESIDENT
==============================================================================
February 21, 1996
Dear Fellow Shareholder:
The past year was one of lower than expected inflation which led to a decline
in interest rates. Municipal bond supply was down, as both refunding and new
issuance declined. Tax reform concerns affected municipal bond demand and the
shape of the yield curve.
Looking forward, inflation is expected to remain low. Tax reform remains an
important issue with many different plans being offered by political leaders.
They range from slight revisions to the current system, to a flat tax, to more
radical proposals such as a national sales tax. While we believe tax reform
may be in our future, once the details of these plans are analyzed and have
gone through the political process, compromise will more than likely deliver a
package substantially different than those that are currently proposed.
OHIO TAX-FREE MONEY FUND
The Fund seeks high current income exempt from federal income tax and Ohio
personal income tax, consistent with stability, liquidity and convenience. The
Fund's 7-day effective yield as of December 31, 1995 was 3.92%, which is
equivalent to a taxable yield of 7.02%, assuming the maximum combined federal
and Ohio income tax bracket for individuals.
TAX-FREE MONEY FUND
The Fund seeks high current income exempt from federal income tax, consistent
with stability, liquidity and convenience. The Fund's 7-day effective yield as
of December 31, 1995 was 3.59%, which is equivalent to a taxable yield of
5.94%, assuming the maximum federal income tax bracket for individuals.
CALIFORNIA TAX-FREE MONEY FUND
The Fund seeks high current income exempt from federal and California income
taxes, consistent with stability, liquidity and convenience. The Fund's 7-day
effective yield as of December 31, 1995 was 3.84%, which is equivalent to a
taxable yield of 7.14%, assuming the maximum combined federal and California
income tax bracket for individuals.
ROYAL PALM FLORIDA TAX-FREE MONEY FUND
The Fund seeks high current income exempt from federal income tax, consistent
with stability, liquidity and convenience, by investing primarily in
high-quality, short-term Florida municipal obligations, the value of which is
exempt from the Florida intangible personal property tax. The Fund's 7-day
effective yield as of December 31, 1995 was 4.27%, which is equivalent to a
taxable yield of 7.07%, assuming the maximum federal income tax bracket for
individuals.
TAX-FREE INTERMEDIATE TERM FUND
The Fund seeks high current income exempt from federal income tax, consistent
with protection of capital. The yield for the Fund's Class A shares for
December 31, 1995 was 4.34%, which is equivalent to a taxable yield of 7.19%,
and the yield for the Fund's Class C shares was 3.93%, which is equivalent to
a taxable yield of 6.51%, assuming the maximum federal income tax bracket for
individuals. The Fund's total returns for the twelve months ended December 31,
1995 for Class A and Class C shares, excluding the impact of applicable sales
loads, were 11.58% and 11.03%, respectively.
OHIO INSURED TAX-FREE FUND
The Fund seeks high current income exempt from federal income tax and Ohio
personal income tax, consistent with protection of capital. The yield for the
Fund's Class A shares for December 31, 1995 was 4.73%, which is equivalent to
a taxable yield of 8.47%, and the yield for the Fund's Class C shares was
4.43%, which is equivalent to a taxable yield of 7.93%, assuming the maximum
combined federal and Ohio income tax bracket for individuals. The Fund's total
returns for the twelve months ended December 31, 1995 for Class A and Class C
shares, excluding the impact of applicable sales loads, were 15.86% and
15.29%, respectively.
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,
/s/Robert H. Leshner
Robert H. Leshner
President
<PAGE>
<TABLE>
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1995 (UNAUDITED)
==============================================================================================================
TAX-FREE MONEY MARKET FUNDS
==============================================================================================================
<CAPTION>
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......................... $249,079,935 $ 29,002,339 $ 21,486,213 $ 32,367,544
============ ============= ============= ============
At amortized cost........................... $248,968,561 $ 28,922,583 $ 21,440,612 $ 32,310,265
============ ============= ============= ============
At value (Note 1)........................... $248,968,561 $ 28,922,583 $ 21,440,612 $ 32,310,265
Cash .......................................... -- 163,791 46,532 50,686
Interest receivable ........................... 2,017,427 311,962 267,093 239,562
Other assets .................................. 51,161 7,059 6,170 7,855
------------ ------------- ------------- ------------
TOTAL ASSETS.............................. 251,037,149 29,405,395 21,760,407 32,608,368
------------ ------------- ------------- ------------
LIABILITIES
Bank overdraft................................. 427,659 -- -- --
Dividends payable.............................. 275,629 2,504 4,348 10,622
Payable for securities purchased............... 1,004,198 786,061 -- --
Payable to affiliates (Note 3) ................ 129,477 22,915 13,209 13,897
Other accrued expenses and liabilities ........ 10,526 4,083 2,156 2,203
------------ ------------- ------------- ------------
TOTAL LIABILITIES......................... 1,847,489 815,563 19,713 26,722
------------ ------------- ------------- ------------
NET ASSETS ................................... $249,189,660 $ 28,589,832 $ 21,740,694 $ 32,581,646
============ ============= ============= ============
Net assets consist of:
Capital shares ................................ $249,170,673 $ 28,590,318 $ 21,742,274 $ 32,582,844
Undistributed net investment income............ 5,233 -- -- --
Accumulated net realized gains (losses) from
security transactions....................... 13,754 ( 486) ( 1,580) ( 1,198)
------------ ------------- ------------- ------------
Net assets..................................... $249,189,660 $ 28,589,832 $ 21,740,694 $ 32,581,646
============ ============= ============= ============
Shares of beneficial interest outstanding (unlimited
number of shares authorized, no par value) . 249,170,673 28,600,761 21,742,274 32,582,844
============ ============= ============= ============
Net asset value, offering price and redemption price
per share (Note 1) ......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============= ============= ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENTS OF OPERATIONS FOR
THE SIX MONTHS ENDED DECEMBER 31, 1995 (UNAUDITED)
================================================================================================================
TAX-FREE MONEY MARKET FUNDS
================================================================================================================
<CAPTION>
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............................. $ 4,748,398 $ 610,091 $ 476,600 $ 570,959
------------ ------------- ------------- ------------
EXPENSES
Investment advisory fees (Note 3)........... 547,899 72,650 61,944 70,899
Distribution expenses (Note 3).............. 211,938 11,847 1,585 1,738
Accounting services fees (Note 3)........... 22,500 19,500 19,500 19,500
Shareholder services and transfer agent
fees (Note 3).............................. 36,473 12,740 6,952 6,000
Postage and supplies........................ 26,864 10,011 2,551 2,854
Professional fees........................... 9,345 3,346 2,746 3,045
Insurance expense........................... 11,616 2,025 1,732 1,781
Registration fees........................... 2,389 4,950 1,004 854
Pricing expenses............................ 3,268 1,155 1,932 1,596
Custodian fees (Note 3)..................... 1,988 1,939 2,000 1,169
Reports to shareholders .................... 3,297 1,522 793 386
Trustees' fees and expenses ................ 1,240 1,240 1,240 1,240
Other expenses ............................. 6,701 920 731 915
------------ ------------- ------------- ------------
TOTAL EXPENSES................................. 885,518 143,845 104,710 111,977
Fees waived by the Adviser (Note 3) ........ -- -- ( 5,600) ( 26,900)
------------ ------------- ------------- ------------
NET EXPENSES................................... 885,518 143,845 99,110 85,077
------------ ------------- ------------- ------------
NET INVESTMENT INCOME ......................... 3,862,880 466,246 377,490 485,882
------------ ------------- ------------- ------------
NET REALIZED GAINS FROM
SECURITY TRANSACTIONS ...................... 140 -- 116 --
------------ ------------- ------------- ------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ............................ $ 3,863,020 $ 466,246 $ 377,606 $ 485,882
============ ============= ============= ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENTS OF CHANGES IN NET
ASSETS FOR THE PERIODS ENDED DECEMBER 31, 1995 AND JUNE 30, 1995
<CAPTION>
TAX-FREE MONEY MARKET FUNDS
OHIO TAX-FREE TAX-FREE
MONEY FUND MONEY FUND
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
DEC. 31, 1995 JUNE 30, DEC. 31, 1995 JUNE 30,
(UNAUDITED) 1995 (UNAUDITED) 1995
FROM OPERATIONS:
<S> <C> <C> <C> <C>
Net investment income $ 3,862,880 $6,762,272 $ 466,246 $ 865,650
Net realized gains (losses) from security transactions 140 8,226 -- ( 774)
--------- -------- ------- --------
Net increase in net assets from operations 3,863,020 6,770,498 466,246 864,876
--------- --------- ------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME (3,857,647) (6,764,671) (468,947) (862,949)
----------- ----------- -------- --------
FROM CAPITAL SHARE TRANSACTIONS (NOTE 4):
Proceeds from shares sold 271,684,367 532,441,705 26,913,371 51,748,931
Net asset value of shares issued in reinvestment of
distributions to shareholders 2,538,372 4,449,982 451,436 814,800
Payments for shares redeemed (251,644,807) (523,292,513) (25,464,491) (57,041,748)
----------- ------------ ------------ -----------
Net increase (decrease) in net assets from capital
share transactions 22,577,932 13,599,174 1,900,316 (4,478,017)
----------- ------------ ------------ ----------
TOTAL INCREASE (DECREASE) IN NET ASSETS 22,583,305 13,605,001 1,897,615 (4,476,090)
NET ASSETS:
Beginning of period 226,606,355 213,001,354 26,692,217 31,168,307
----------- ----------- ----------- -----------
End of period $ 249,189,660 $226,606,355 $ 28,589,832 $ 26,692,217
============= ============= ============= =============
UNDISTRIBUTED NET INVESTMENT INCOME $ 5,233 $ -- $ -- $ 2,701
============== ============ ============== ============
<FN>
See accompanying notes to financial statements.
</FN>
<PAGE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS FOR THE PERIODS ENDED DECEMBER 31, 1995
AND JUNE 30, 1995
TAX-FREE MONEY MARKET FUNDS
ROYAL PALM
CALIFORNIA FLORIDA
TAX-FREE TAX-FREE
MONEY FUND MONEY FUND
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
DEC. 31, 1995 JUNE 30, DEC. 31, 1995 JUNE 30,
(UNAUDITED) 1995 (UNAUDITED) 1995
FROM OPERATIONS:
<S> <C> <C> <C> <C>
Net investment income $ 377,490 $ 643,953 $ 485,882 $ 821,944
Net realized gains (losses) from security transactions 116 234 -- 2
-------- --------- --------- ---------
Net increase in net assets from operations 377,606 644,187 485,882 821,946
--------- ---------- --------- ----------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME (377,490) (644,370) (485,882) (822,616)
--------- ----------- ---------- ---------
FROM CAPITAL SHARE TRANSACTIONS (NOTE 4):
Proceeds from shares sold 45,076,232 84,546,054 27,465,055 44,740,157
Net asset value of shares issued in reinvestment of
distributions to shareholders 347,585 572,727 443,865 747,824
Payments for shares redeemed (43,207,995) (90,102,140) (19,445,846) (47,644,429)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets from capital
share transactions 2,215,822 (4,983,359) 8,463,074 (2,156,448)
TOTAL INCREASE (DECREASE) IN NET ASSETS 2,215,938 (4,983,542) 8,463,074 (2,157,118)
NET ASSETS:
Beginning of period 19,524,756 24,508,298 24,118,572 26,275,690
---------- ---------- ---------- ----------
End of period $ 21,740,694 $19,524,756 $ 32,581,646 $ 24,118,572
============ =========== ============ ============
UNDISTRIBUTED NET INVESTMENT INCOME $ -- $ -- $ -- $ --
============ =========== ============ =============
<FN>
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1995 (UNAUDITED)
====================================================================================================================
TAX-FREE BOND FUNDS
====================================================================================================================
<CAPTION>
TAX-FREE OHIO INSURED
INTERMEDIATE TAX-FREE
TERM FUND FUND
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS
Investments in securities:
At acquisition cost.................................................... $ 76,452,039 $ 71,365,956
=============== ===============
At amortized cost...................................................... $ 76,126,957 $ 71,345,249
=============== ===============
At value (Note 1) ..................................................... $ 79,392,246 $ 77,850,366
Cash ..................................................................... 55,263 92,227
Receivable for capital shares sold........................................ 42,733 2,044,265
Interest receivable ...................................................... 1,281,262 778,803
Other assets ............................................................. 20,671 20,892
--------------- ---------------
TOTAL ASSETS........................................................... 80,792,175 80,786,553
--------------- ---------------
LIABILITIES
Payable for capital shares redeemed ...................................... 130,014 24,484
Dividends payable......................................................... 58,513 86,247
Payable for securities purchased.......................................... 992,113 --
Payable to affiliates (Note 3) ........................................... 45,890 43,436
Other accrued expenses and liabilities.................................... 7,836 3,078
--------------- ---------------
TOTAL LIABILITIES ................................................... 1,234,366 157,245
--------------- ---------------
NET ASSETS .............................................................. $ 79,557,809 $ 80,629,308
=============== ===============
Net assets consist of:
Capital shares ........................................................... $ 77,989,591 $ 74,166,675
Accumulated net realized losses from security transactions ............... ( 1,697,071) ( 42,484)
Net unrealized appreciation on investments................................ 3,265,289 6,505,117
--------------- ---------------
Net assets................................................................ $ 79,557,809 $ 80,629,308
=============== ===============
PRICING OF CLASS A SHARES
Net assets applicable to Class A shares................................... $ 74,752,405 $ 76,089,300
=============== ===============
Shares of beneficial interest outstanding (unlimited number of shares
authorized, no par value) (Note 4)..................................... 6,733,930 6,091,429
=============== ===============
Net asset value and redemption price per share (Note 1) .................. $ 11.10 $ 12.49
=============== ===============
Maximum offering price per share (Note 1) ................................ $ 11.33 $ 13.01
=============== ===============
PRICING OF CLASS C SHARES
Net assets applicable to Class C shares................................... $ 4,805,404 $ 4,540,008
=============== ===============
Shares of beneficial interest outstanding (unlimited number of shares
authorized, no par value) (Note 4) .................................... 432,822 363,450
=============== ===============
Net asset value, offering price and redemption price per share (Note 1) .. $ 11.10 $ 12.49
=============== ===============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENTS OF OPERATIONS FOR
THE SIX MONTHS ENDED DECEMBER 31, 1995 (UNAUDITED)
==================================================================================================================
TAX-FREE BOND FUNDS
==================================================================================================================
<CAPTION>
TAX-FREE OHIO INSURED
INTERMEDIATE TAX-FREE
TERM FUND FUND
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME
Interest income........................................................ $ 2,307,720 $ 2,358,340
--------------- ---------------
EXPENSES
Investment advisory fees (Note 3)...................................... 210,013 200,032
Distribution expenses, Class A (Note 3)................................ 58,635 6,643
Distribution expenses, Class C (Note 3) ............................... 11,756 6,067
Shareholder services and transfer agent fees, Class A (Note 3)......... 38,704 21,181
Shareholder services and transfer agent fees, Class C (Note 3)......... 6,000 6,000
Accounting services fees (Note 3) ..................................... 28,500 28,500
Postage and supplies................................................... 32,867 12,246
Pricing expenses....................................................... 9,464 7,917
Custodian fees......................................................... 6,032 6,149
Insurance expense...................................................... 5,637 4,830
Professional fees ..................................................... 5,407 5,029
Reports to shareholders ............................................... 6,042 3,705
Registration fees, Common.............................................. 2,609 1,135
Registration fees, Class A............................................. 1,304 233
Registration fees, Class C............................................. 1,025 228
Trustees' fees and expenses ........................................... 1,240 1,240
Other expenses ........................................................ 3,105 2,469
--------------- ---------------
TOTAL EXPENSES ........................................................... 428,340 313,604
Class A expenses reimbursed by the Adviser (Note 3).................... -- ( 2,708)
--------------- ---------------
NET EXPENSES.............................................................. 428,340 310,896
--------------- ---------------
NET INVESTMENT INCOME .................................................... 1,879,380 2,047,444
--------------- ---------------
REALIZED AND UNREALIZED GAINS ON INVESTMENTS
Net realized gains from security transactions ....................... 342,284 595,873
Net change in unrealized appreciation/depreciation on investments ... 1,466,228 2,812,184
--------------- ---------------
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS ........................ 1,808,512 3,408,057
--------------- ---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS ............................... $ 3,687,892 $ 5,455,501
=============== ===============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENTS OF CHANGES IN NET
ASSETS FOR THE PERIODS ENDED DECEMBER 31, 1995 AND JUNE 30, 1995
==============================================================================================================
TAX-FREE BOND FUNDS
==============================================================================================================
<CAPTION>
TAX-FREE
INTERMEDIATE OHIO INSURED
TERM FUND TAX-FREE FUND
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
DEC. 31, 1995 JUNE 30, DEC. 31, 1995 JUNE 30,
(UNAUDITED) 1995 (UNAUDITED) 1995
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net investment income ...................... $ 1,879,380 $ 4,323,906 $ 2,047,444 $ 4,204,284
Net realized gains (losses) from security
transactions.............................. 342,284 ( 1,487,447) 595,873 ( 553,505)
Net change in unrealized appreciation/depreciation
on investments............................ 1,466,228 2,397,778 2,812,184 2,078,922
------------ ------------- ------------- ------------
Net increase in net assets from operations .... 3,687,892 5,234,237 5,455,501 5,729,701
------------ ------------- ------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income, Class A ........ ( 1,779,295) ( 4,158,531) ( 1,946,662) ( 4,060,262)
From net investment income, Class C......... ( 100,085) ( 182,065) ( 100,782) ( 165,164)
------------ ------------- ------------- ------------
Decrease in net assets from distributions
to shareholders........................... ( 1,879,380) ( 4,340,596) ( 2,047,444) ( 4,225,426)
------------ ------------- ------------- ------------
FROM CAPITAL SHARES TRANSACTIONS (NOTE 4):
CLASS A
Proceeds from shares sold .................. 8,264,853 27,134,058 67,170,024 135,489,969
Net asset value of shares issued in reinvestment
of distributions to shareholders 1,425,341 3,413,920 1,429,037 3,071,603
Payments for shares redeemed ............... ( 17,776,728) ( 56,693,107) ( 67,134,648) ( 148,483,241)
------------ ------------- ------------- ------------
Net increase (decrease) in net assets
from Class A share transactions............. ( 8,086,534) ( 26,145,129) 1,464,413 ( 9,921,669)
------------ ------------- ------------- ------------
CLASS C
Proceeds from shares sold .................. 1,337,686 7,031,053 611,886 1,936,052
Net asset value of shares issued in reinvestment
of distributions to shareholders 93,157 174,884 87,087 141,387
Payments for shares redeemed ............... ( 1,548,973) ( 5,556,496) ( 500,390) ( 650,441)
------------ ------------- ------------- ------------
Net increase (decrease) in net assets
from Class C share transactions............. ( 118,130) 1,649,441 198,583 1,426,998
------------ ------------- ------------- ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS ...... ( 6,396,152) ( 23,602,047) 5,071,053 ( 6,990,396)
NET ASSETS:
Beginning of period......................... 85,953,961 109,556,008 75,558,255 82,548,651
------------ ------------- ------------- ------------
End of period............................... $ 79,557,809 $ 85,953,961 $ 80,629,308 $ 75,558,255
============ ============= ============= ============
UNDISTRIBUTED NET INVESTMENT INCOME .......... $ -- $ -- $ -- $ --
============ ============= ============= ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
OHIO TAX-FREE MONEY FUND
FINANCIAL HIGHLIGHTS
=====================================================================================================================
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
=====================================================================================================================
<CAPTION>
SIX MONTHS
ENDED
DEC. 31, YEAR ENDED JUNE 30,
1995
(UNAUDITED) 1995 1994 1993 1992 1991
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of period........... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
--------- --------- --------- --------- --------- ---------
Net investment income............................ 0.016 0.031 0.020 0.022 0.034 0.048
--------- --------- --------- --------- --------- ---------
Distributions from net investment income ........ ( 0.016) ( 0.031) ( 0.020) ( 0.022) ( 0.034) ( 0.048)
--------- --------- --------- --------- --------- ---------
Net asset value at end of period................. $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
========= ========= ========= ========= ========= =========
Total return..................................... 3.29%(A) 3.12% 1.99% 2.19% 3.52% 4.99%
========= ========= ========= ========= ========= =========
Net assets at end of period (000's) ............. $249,190 $226,606 $ 213,001 $ 221,775 $218,503 $ 204,034
========= ========= ========= ========= ========= =========
Ratio of expenses to average net assets ......... 0.75% (A) 0.74% 0.73% 0.74% 0.75% 0.77%
Ratio of net investment income to average
net assets................................. 3.27%(A) 3.08% 1.97% 2.16% 3.43% 4.80%
- ---------------------------------------------------------------------------------------------------------------------
<FN>
(A)Annualized.
</FN>
</TABLE>
<PAGE>
<TABLE>
TAX-FREE MONEY FUND
FINANCIAL HIGHLIGHTS
=====================================================================================================================
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
=====================================================================================================================
<CAPTION>
SIX MONTHS
ENDED
DEC. 31, YEAR ENDED JUNE 30,
1995
(UNAUDITED) 1995 1994 1993 1992 1991
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of period........... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
--------- --------- --------- --------- --------- ---------
Net investment income............................ 0.016 0.030 0.021 0.024 0.036 0.050
--------- --------- --------- --------- --------- ---------
Distributions from net investment income......... ( 0.016) ( 0.030) ( 0.021) ( 0.024) ( 0.036) ( 0.050)
--------- --------- --------- --------- --------- ---------
Net asset value at end of period................. $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
========= ========= ========= ========= ========= =========
Total return .................................... 3.25% (A) 3.07% 2.12% 2.40% 3.63% 5.09%
========= ========= ========= ========= ========= =========
Net assets at end of period (000's) ............. $28,590 $ 26,692 $ 31,168 $34,787 $50,000 $ 45,210
========= ========= ========= ========= ========= =========
Ratio of expenses to average net assets.......... 0.99%(A) 0.99% 0.99% 0.99% 0.99% 0.99%
Ratio of net investment income to average net assets 3.21%(A) 3.00% 2.09% 2.39% 3.55% 4.98%
- ---------------------------------------------------------------------------------------------------------------------
<FN>
(A)Annualized.
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
CALIFORNIA TAX-FREE MONEY FUND
FINANCIAL HIGHLIGHTS
=====================================================================================================================
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
=====================================================================================================================
<CAPTION>
SIX MONTHS
ENDED
DEC. 31, YEAR ENDED JUNE 30,
1995
(UNAUDITED) 1995 1994 1993 1992 1991
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of period........... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
--------- --------- --------- --------- --------- ---------
Net investment income............................ 0.015 0.029 0.019 0.022 0.035 0.046
--------- --------- --------- --------- --------- ---------
Distributions from net investment income......... ( 0.015) ( 0.029) ( 0.019) ( 0.022) ( 0.035) ( 0.046)
--------- --------- --------- --------- --------- ---------
Net asset value at end of period................. $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
========= ========= ========= ========= ========= =========
Total return .................................... 3.07%(B) 2.95% 1.93% 2.26% 3.71% 4.70%
========= ========= ========= ========= ========= =========
Net assets at end of period (000's) ............. $21,741 $ 19,525 $ 24,508 $34,487 $21,246 $ 13,524
========= ========= ========= ========= ========= =========
Ratio of expenses to average net assets(A) ..... 0.80%(B) 0.70% 0.60% 0.56% 0.34% 0.40%
Ratio of net investment income to average
net assets.................................. 3.05%(B) 2.83% 1.90% 2.22% 3.49% 4.56%
- ----------------------------------------------------------------------------------------------------------------------
<FN>
(A)Absent fee waivers and/or expense reimbursements by the Adviser, the ratio
of expenses to average net assets would have been 0.85%(B), 0.85%, 0.86%,
0.85%, 0.89% and 1.01% for the periods ended December 31, 1995 and June 30,
1995, 1994, 1993, 1992 and 1991, respectively (Note 3).
(B)Annualized.
</FN>
</TABLE>
<PAGE>
<TABLE>
ROYAL PALM FLORIDA TAX-FREE MONEY FUND
FINANCIAL HIGHLIGHTS
=======================================================================================================================
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
=======================================================================================================================
<CAPTION>
FROM DATE OF
SIX MONTHS PUBLIC OFFERING
ENDED YEAR YEAR (NOV. 13, 1992)
DEC. 31, 1995 ENDED ENDED THROUGH
(UNAUDITED) JUNE 30, 1995 JUNE 30, 1994 JUNE 30, 1993(A)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value at beginning of period ........ $ 1.000 $ 1.000 $ 1.000 $ 1.000
------------ ------------- ------------- ------------
Net investment income.......................... 0.017 0.031 0.021 0.016
------------ ------------- ------------- ------------
Distributions from net investment income ...... ( 0.017) ( 0.031) ( 0.021) ( 0.016)
------------ ------------- ------------- ------------
Net asset value at end of period .............. $ 1.000 $ 1.000 $ 1.000 $ 1.000
============ ============= ============= ============
Total return .................................. 3.45%(C) 3.17% 2.11% 2.49%(C)
============ ============= ============= ============
Net assets at end of period (000's) ........... $ 32,582 $ 24,119 $ 26,276 $ 21,907
============ ============= ============= ============
Ratio of expenses to average net assets(B) ... 0.60%(C) 0.66% 0.58% 0.34%(C)
Ratio of net investment income to average
net assets................................ 3.43%(C) 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)Absent fee waivers and/or expense reimbursements by the Adviser, the ratio of
expenses to average net assets would have been 0.79%(C), 0.80%, 0.81% and
0.94%(C) for the periods ended December 31, 1995 and June 30, 1995, 1994 and
1993, respectively (Note 3).
(C)Annualized.
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
TAX-FREE INTERMEDIATE TERM FUND - CLASS A
FINANCIAL HIGHLIGHTS
========================================================================================================================
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
========================================================================================================================
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED JUNE 30,
DEC. 31, 1995
(UNAUDITED) 1995 1994 1993 1992 1991
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning
of period...................... $ 10.86 $ 10.69 $ 10.98 $ 10.42 $ 10.15 10.05
----------- ----------- ----------- ----------- ----------- -----------
Income from investment operations:
Net investment income ............ 0.25 0.49 0.48 0.53 0.59 0.62
Net realized and unrealized gains
(losses) on investments......... 0.24 0.17 ( 0.29) 0.56 0.27 0.10
----------- ----------- ----------- ----------- ----------- -----------
Total from investment operations ... 0.49 0.66 0.19 1.09 0.86 0.72
----------- ----------- ----------- ----------- ----------- -----------
Distributions from net investment
income......................... ( 0.25 ) ( 0.49) ( 0.48) ( 0.53) ( 0.59) ( 0.62)
----------- ----------- ----------- ----------- ----------- -----------
Net asset value at end of period.... $ 11.10 $ 10.86 $ 10.69 $ 10.98 $ 10.42 $ 10.15
=========== =========== =========== =========== =========== ===========
Total return(A) .................... 9.02%(B) 6.36% 1.70% 10.75% 8.78% 7.38%
=========== =========== =========== =========== =========== ===========
Net assets at end of
period (000's)............... $ 74,752 $ 81,140 $ 106,472 $ 82,168 $ 26,720 $ 15,638
=========== =========== =========== =========== =========== ===========
Ratio of expenses to average
net assets..................... 0.99%(B) 0.99% 0.99% 0.99% 1.07% 1.13%
Ratio of net investment income
to average net assets ............ 4.51%(B) 4.59% 4.35% 4.90% 5.75% 6.15%
Portfolio turnover rate............. 47%(B) 32% 46% 28% 12% 48%
- ------------------------------------------------------------------------------------------------------------------------
<FN>
(A)The total returns shown do not include the effect of applicable sales
loads.
(B)Annualized.
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
TAX-FREE INTERMEDIATE TERM FUND - CLASS C FINANCIAL HIGHLIGHTS
=========================================================================================================================
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
=========================================================================================================================
<CAPTION>
FROM DATE OF
SIX MONTHS PUBLIC OFFERING
ENDED YEAR (FEB. 1, 1994)
DEC. 31, 1995 ENDED THROUGH
(UNAUDITED) JUNE 30, 1995 JUNE 30, 1994
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value at beginning of period.................... $ 10.86 $ 10.69 $ 11.27
--------------- --------------- ---------------
Income from investment operations:
Net investment income.................................. 0.22 0.44 0.20
Net realized and unrealized gains (losses)
on investments...................................... 0.24 0.17 ( 0.58)
--------------- --------------- ---------------
Total from investment operations.......................... 0.46 0.61 ( 0.38)
--------------- --------------- `--------------
Distributions from net investment income.................. ( 0.22) ( 0.44) ( 0.20)
--------------- --------------- ---------------
Net asset value at end of period.......................... $ 11.10 $ 10.86 $ 10.69
=============== =============== ===============
Total return(A) .......................................... 8.50%(C) 5.82% ( 8.28%)(C)
=============== =============== ===============
Net assets at end of period (000's)....................... $ 4,805 $ 4,814 $ 3,084
=============== =============== ===============
Ratio of expenses to average net assets(B) ............... 1.49%(C) 1.49% 1.45%(C)
Ratio of net investment income to average net assets...... 4.00%(C) 4.08% 3.79%(C)
Portfolio turnover rate................................... 47%(C) 32% 46%(C)
- -----------------------------------------------------------------------------------------------------------------------
<FN>
(A)The total returns shown do not include the effect of applicable sales
loads.
(B)Absent expense reimbursements by the Adviser, the ratio of expenses to
average net assets would have been 1.75%(C) for the period ended June 30,
1994 (Note 3).
(C)Annualized.
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
OHIO INSURED TAX-FREE FUND - CLASS A
FINANCIAL HIGHLIGHTS
=======================================================================================================================
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
=======================================================================================================================
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED JUNE 30,
DEC. 31, 1995
(UNAUDITED) 1995 1994 1993 1992 1991
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of
period......................... $ 11.99 $ 11.74 $ 12.41 $ 11.67 $ 11.13 $ 10.96
----------- ----------- ----------- ----------- ----------- -----------
Income from investment operations:
Net investment income ............ 0.32 0.63 0.61 0.65 0.70 0.68
Net realized and unrealized gains
(losses) on investments......... 0.50 0.25 ( 0.64) 0.74 0.54 0.17
----------- ----------- ----------- ----------- ----------- -----------
Total from investment operations ... 0.82 0.88 ( 0.03) 1.39 1.24 0.85
----------- ----------- ----------- ----------- ----------- -----------
Less distributions:
Distributions from net
investment income.............. ( 0.32) ( 0.63) ( 0.61) ( 0.65) ( 0.70) ( 0.68)
Distributions from net
realized gains................. -- -- ( 0.03) -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total distributions ................ ( 0.32) ( 0.63) ( 0.64) ( 0.65) ( 0.70) ( 0.68)
----------- ----------- ----------- ----------- ----------- -----------
Net asset value at end of period.... $ 12.49 $ 11.99 $ 11.74 $ 12.41 $ 11.67 $ 11.13
=========== ========== =========== =========== =========== ===========
Total return(A) ................... 13.67%(C) 7.75% (0.41%) 12.24% 11.55% 7.98%
=========== ========= ========== ========== =========== ===========
Net assets at end of period (000's) $ 76,089 $ 71,393 $ 79,889 $ 81,101 $ 49,288 $ 20,791
=========== =========== =========== =========== =========== ===========
Ratio of expenses to average net
assets(B).................... 0.75%(C) 0.75% 0.75% 0.75% 0.60% 1.07%
Ratio of net investment income to
average net assets................ 5.14%(C) 5.35% 4.94% 5.35% 6.10% 6.14%
Portfolio turnover rate............. 43%(C) 29% 45% 15% 3% 86%
- -----------------------------------------------------------------------------------------------------------------------
<FN>
(A)The total returns shown do not include the effect of applicable sales
loads.
(B)Absent fee waivers and/or expense reimbursements by the Adviser, the ratio
of expenses to average net assets would have been 0.76%(C), 0.77% and 0.77%
for the periods ended December 31, 1995 and June 30, 1995 and 1992,
respectively (Note 3).
(C)Annualized.
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
OHIO INSURED TAX-FREE FUND - CLASS C
FINANCIAL HIGHLIGHTS
=======================================================================================================================
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
=======================================================================================================================
<CAPTION>
FROM DATE OF
SIX MONTHS PUBLIC OFFERING
ENDED YEAR (NOV. 1, 1993)
DEC. 31, 1995 ENDED THROUGH
(UNAUDITED) JUNE 30, 1995 JUNE 30, 1994
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value at beginning of period.................... $ 12.00 $ 11.74 $ 12.62
--------------- --------------- ---------------
Income from investment operations:
Net investment income.................................. 0.29 0.57 0.36
Net realized and unrealized gains (losses) on investments 0.49 0.26 ( 0.85 )
--------------- --------------- ---------------
Total from investment operations.......................... 0.78 0.83 ( 0.49)
--------------- --------------- --------------
Less distributions:
Distributions from net investment income............... ( 0.29 ) ( 0.57 ) ( 0.36)
Distributions from net realized gains.................. -- -- ( 0.03)
--------------- --------------- ---------------
Total distributions....................................... ( 0.29 ) ( 0.57 ) ( 0.39)
--------------- --------------- --------------
Net asset value at end of period.......................... $ 12.49 $ 12.00 $ 11.74
=============== =============== ===============
Total return(A) .......................................... 12.96%(C) 7.31% ( 6.05%)(C)
=============== =============== ===============
Net assets at end of period (000's)....................... $ 4,540 $ 4,165 $ 2,659
=============== =============== ===============
Ratio of expenses to average net assets(B) ............... 1.25%(C) 1.25% 1.22%(C)
Ratio of net investment income to average net assets...... 4.64%(C) 4.84% 4.09%(C)
Portfolio turnover rate................................... 43%(C) 29% 45%(C)
- -----------------------------------------------------------------------------------------------------------------------
<FN>
(A)The total returns shown do not include the effect of applicable sales
loads.
(B)Absent fee waivers and/or expense reimbursements by the Adviser, the ratio
of expenses to average net assets would have been 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
DECEMBER 31, 1995 (UNAUDITED)
==============================================================================
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 a 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 of 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 is
expected to 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 its 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 each 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 attributable to that class, less liabilities attributable
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. However, Class C shares of each Fund are
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.
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 are 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. Common 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 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 upon distribution
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 December 31, 1995:
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
TAX-FREE
INTERMEDIATE OHIO INSURED
TERM FUND TAX-FREE FUND
<S> <C> <C>
Gross unrealized appreciation............................................. $ 3,290,889 $ 6,505,117
Gross unrealized depreciation............................................. ( 25,600 ) --
--------------- ---------------
Net unrealized appreciation............................................... $ 3,265,289 $ 6,505,117
=============== ===============
- ------------------------------------------------------------------------------------------------------------------------
</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 six months ended December 31, 1995, purchases and proceeds from sales
and maturities of investment securities, excluding short-term investments,
amounted to $19,098,832 and $28,191,525, respectively, for the Tax-Free
Intermediate Term Fund and $16,611,778 and $17,032,451, respectively, for the
Ohio Insured Tax-Free Fund.
3. TRANSACTIONS WITH AFFILIATES
The President of the Trust is the controlling shareholder of Leshner
Financial, Inc., whose subsidiaries include Midwest Group Financial Services,
Inc. (the Adviser), the Trust's investment adviser and principal underwriter,
and MGF Service Corp. (MGF), the shareholder servicing and transfer agent and
accounting and pricing agent for the Trust.
MANAGEMENT AGREEMENT
Each Fund's investments are managed by the Adviser under 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 six months ended December 31, 1995. However, in
order to reduce the operating expenses of the California Tax-Free Money Fund
and the Royal Palm Florida Tax-Free Money Fund, the Adviser voluntarily waived
advisory fees of $5,600 and $26,900, respectively, during the six months ended
December 31, 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 $2,708 of Class A expenses during the period.
TRANSFER AGENT AND SHAREHOLDER SERVICE AGREEMENT
Under the terms of the Transfer Agent and Shareholder Service Agreement
between the Trust and MGF, 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. For these services, MGF receives a monthly fee 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. For these services, 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
The Adviser is the Funds' principal underwriter and, as such, acts as
exclusive agent for distribution of the Funds' shares. Under the terms of the
Underwriting Agreement between the Trust and the Adviser, the Adviser and
affiliates earned $6,057 and $9,928 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 six months ended December 31,
1995. In addition, the Adviser collected $3,502 and $39 of contingent deferred
sales loads on the redemption of Class C shares of the Tax-Free Intermediate
Term Fund and the Ohio Insured Tax-Free Fund, respectively.
PLANS OF DISTRIBUTION
The Trust has 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 average daily net assets
attributable to Class C shares.
CUSTODIAN AGREEMENT
The Fifth Third Bank, which serves as the custodian for each Fund, was a
significant shareholder of record of the Ohio Tax-Free Money Fund as of
December 31, 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.
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 periods ended December 31, 1995 and June 30, 1995:
<TABLE>
- ----------------------------------------------------------------------------------------------------------------------
<CAPTION>
TAX-FREE INTERMEDIATE OHIO INSURED
TERM FUND TAX-FREE FUND
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
DEC. 31,1995 JUNE 30, DEC. 31,1995 JUNE 30,
(UNAUDITED) 1995 (UNAUDITED) 1995
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A
Shares sold.................................... 753,661 2,523,254 5,540,675 11,576,223
Shares issued in reinvestment of
distributions to shareholders............... 129,596 320,606 116,951 262,171
Shares redeemed................................ ( 1,620,085) ( 5,334,216) ( 5,518,144) ( 12,691,802)
------------ ------------- ------------- ------------
Net increase (decrease) in shares outstanding.. ( 736,828) ( 2,490,356) 139,482 ( 853,408)
Shares outstanding, beginning of period........ 7,470,758 9,961,114 5,951,947 6,805,355
------------ ------------- ------------- ------------
Shares outstanding, end of period.............. 6,733,930 7,470,758 6,091,429 5,951,947
============ ============= ============= ============
CLASS C
Shares sold.................................... 121,938 661,291 50,436 164,356
Shares issued in reinvestment of
distributions to shareholders............... 8,467 16,430 7,124 12,037
Shares redeemed................................ ( 140,838) ( 522,939) ( 41,327) ( 55,643)
------------ ------------- ------------- ------------
Net increase (decrease) in shares outstanding.. ( 10,433) 154,782 16,233 120,750
Shares outstanding, beginning of period........ 443,255 288,473 347,217 226,467
------------ ------------- ------------- ------------
Shares outstanding, end of period.............. 432,822 443,255 363,450 347,217
============ ============= ============= ============
- ----------------------------------------------------------------------------------------------------------------------
</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 December 31, 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 by 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 by other issuers
the interest from which is exempt from California income tax. The Royal Palm
Florida Tax-Free Money Fund was invested exclusively in debt obligations
issued by the State of Florida and its political subdivisions, agencies,
authorities and instrumentalities and by other issuers the value of which is
exempt from the Florida intangible personal property tax. As of December 31,
1995, 17.9% of the portfolio securities of the Tax-Free Money Fund were
concentrated in the State of Ohio, 11.9% in the State of Minnesota and 10.1%
in the State of Kentucky. For information regarding portfolio composition by
state for the Tax-Free Intermediate Term Fund as of December 31, 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 be invested in securities of issuers
which individually comprise more than 5% of its total assets.
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
December 31, 1995, each of 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 had no concentrations of investments (10% or greater) in
any 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 December 31, 1995, 51.8% 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 Service, Inc. (Moody's) ratings], 24.5%
were rated AA/Aa, 20.2% were rated A/A and 3.5% were not rated.
As of December 31, 1995, 96.6% 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 84.3% of its portfolio securities.
The concentration of investments for each Fund as of December 31, 1995,
classified by revenue source, was as follows:
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------
<CAPTION>
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................. 21.6% 18.2% 9.7% 11.8% 23.1% 42.1%
Revenue Bonds:
Industrial Development/Pollution
Control......................... 39.0% 33.4% 33.5% 19.0% 11.3% 5.5%
Hospital/Health Care.............. 23.5% 4.8% 6.1% 26.2% 16.3% 17.4%
Utilities......................... 1.9% 12.6% 13.8% 12.4% 11.9% 17.9%
Housing/Mortgage.................. 4.1% 13.8% -- 17.1% 11.4% 6.0%
Education......................... 2.3% 3.8% 4.7% 0.8% 10.8% 4.9%
Transportation.................... -- 2.5% 7.0% 7.3% 3.4% --
Public Facilities................. -- 0.4% 7.8% 1.1% 6.3% 2.7%
Leases............................ -- 1.1% 13.1% -- 2.1% --
Economic Development.............. 4.3% 4.7% -- -- -- --
Special Tax....................... -- 3.5% 1.1% 0.9% 1.4% 0.7%
Miscellaneous..................... 3.3% 1.2% 3.2% 3.4% 2.0% 2.8%
----------- ----------- ----------- ----------- ----------- -----------
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.
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 semi-annually.
The rates shown in the Portfolios of Investments are the coupon rates in
effect at December 31, 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> <C> <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>
OHIO TAX-FREE MONEY FUND
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995 (UNAUDITED)
======================================================================================================================
<CAPTION>
PRINCIPAL COUPON MATURITY
AMOUNT FIXED RATE REVENUE AND GENERAL OBLIGATION BONDS-- 24.3% RATE DATE VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 1,000,000 Cleveland, OH, Waterworks Rev. (First Mtg.), Ser. C,
Prerefunded @102.............................................. 9.250% 01/01/1996 $ 1,020,000
3,632,050 Hamilton, OH, GO BANS.......................................... 3.910 01/18/1996 3,632,063
475,000 Ohio St. Coal Dev. GO BANS..................................... 6.450 02/01/1996 475,720
2,900,000 Centerville, OH, Rec. Fac. GO.................................. 5.400 02/01/1996 2,903,469
900,000 Union Co., OH, Courthouse Renovation GO BANS................... 5.070 03/01/1996 900,380
1,850,000 Salem, OH, CSD School Impt. GO BANS............................ 4.290 03/07/1996 1,850,125
1,200,000 Centerville, OH, CSD GO BANS................................... 4.400 03/14/1996 1,201,280
2,100,000 Univ. of Cincinnati, OH, Gen. Receipts GO BANS, Ser. K-1....... 5.000 03/21/1996 2,101,532
895,000 Marysville, OH, GO BANS........................................ 4.770 03/29/1996 895,556
1,500,000 Stark Co., OH, Sewer Dist. Impt. GO BANS....................... 5.000 04/03/1996 1,501,456
1,800,000 Talawanda, OH, CSD Bd. of Educ. School Impt. GO BANS........... 5.370 04/04/1996 1,804,072
3,840,000 Springboro, OH, Comm. CSD GO................................... 4.180 04/11/1996 3,844,470
1,750,000 Trumbull Co., OH, Correctional Fac. GO BANS.................... 4.830 04/11/1996 1,750,598
3,000,000 Upper Arlington, OH, CSD GO.................................... 4.200 04/11/1996 3,004,491
870,000 Middleburg Heights, OH, Various Purpose GO BANS................ 4.500 05/30/1996 870,857
295,000 Ohio St. Water Dev. Auth. PCR.................................. 4.250 06/01/1996 295,000
3,000,000 Cleveland, OH, CSD GO RANS..................................... 4.500 06/01/1996 3,011,258
700,000 Columbus, OH, Sewer Rev., Ser. A, Prerefunded @102............. 8.000 06/01/1996 725,541
1,050,000 Brooklyn City, OH, Various Purpose GO BANS..................... 4.250 06/06/1996 1,051,203
1,200,000 Liberty Benton, OH, LSD GO BANS................................ 4.140 06/06/1996 1,200,449
645,000 Valley View, OH, LSD School Energy Conservation GO BANS........ 4.700 06/06/1996 646,193
1,000,000 Northeastern, OH, LSD GO BANS.................................. 4.100 06/11/1996 1,001,296
2,754,624 Union, OH, LSD GO BANS......................................... 4.800 06/13/1996 2,762,411
1,000,000 North Olmsted, OH, Various Purpose Impt. GO BANS............... 4.670 06/20/1996 1,001,879
750,000 Groveport-Madison, OH, LSD GO TANS............................. 4.200 06/21/1996 751,205
990,000 Loveland, OH, Various Purpose Impt. GO BANS.................... 4.210 06/27/1996 990,968
2,570,000 Cuyahoga Falls, OH, CSD GO BANS................................ 4.300 06/28/1996 2,573,861
1,665,000 Euclid City, OH, Various Impt. GO BANS......................... 4.250 07/12/1996 1,666,259
675,000 Dayton, OH, Airport GO BANS.................................... 4.050 07/25/1996 675,545
1,667,040 Willoughby, OH, Landfill Closure GO BANS....................... 4.200 07/25/1996 1,669,742
1,450,000 Powell Village, OH, Road Impt. GO BANS......................... 4.100 08/15/1996 1,452,619
180,000 Powell Village, OH, Street Impt. GO BANS....................... 4.380 08/15/1996 180,520
2,500,000 Univ. of Cincinnati, OH, General Receipts, Ser. S.............. 4.250 08/28/1996 2,503,940
1,105,000 Loraine Co., OH, Water & Sewer Impt. GO BANS................... 4.250 08/30/1996 1,106,050
245,000 Ohio HFA Mtg. Rev., Ser A-1.................................... 4.400 09/01/1996 245,589
1,000,000 Plain Township, OH, Fire Station Const. & Impt. BANS........... 4.390 09/17/1996 1,003,710
800,000 Miamisburg, OH, Street Impt. GO BANS........................... 4.250 09/27/1996 801,416
2,260,000 Canfield, OH, LSD School Impt. GO BANS......................... 4.150 10/03/1996 2,263,273
2,300,000 Belmont Co., OH, Sanitary Sewer Impt. BANS..................... 4.090 11/26/1996 2,305,787
975,000 Marysville, OH, GO BANS........................................ 4.140 12/12/1996 977,575
- ------------- ------------
$60,488,714 TOTAL FIXED RATE REVENUE AND GENERAL OBLIGATION BONDS
- -------------
(Amortized Cost $60,619,358)................................. $60,619,358
------------
<PAGE>
=======================================================================================================================
<CAPTION>
PRINCIPAL COUPON MATURITY
AMOUNT FLOATING AND VARIABLE RATE DEMAND NOTES-- 56.9% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 1,000,000 Ohio Higher Educ. Fac. Rev. (John Carroll Univ.)............... 4.250% 01/01/1996 $ 1,000,000
2,500,000 Cincinnati-Hamilton Co., OH, Port. Auth. IDR
(Multi-Color Corp.)........................................... 5.250 01/02/1996 2,500,000
4,250,000 Cincinnati-Hamilton Co., OH, Port. Auth. Rev. (Kaiser
Agric. Chemical Co.).......................................... 5.300 01/02/1996 4,250,000
2,200,000 Columbus, OH, Elec. Sys. Rev................................... 3.900 01/02/1996 2,200,000
900,000 Cuyahoga Co., OH, Hosp. Impt. Rev. (University Hosp. Cleveland) 5.950 01/02/1996 900,000
<PAGE>
OHIO TAX-FREE MONEY FUND (CONTINUED)
=======================================================================================================================
<CAPTION>
PRINCIPAL COUPON MATURITY
AMOUNT FLOATING AND VARIABLE RATE DEMAND NOTES-- 56.9% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 4,320,000 Cuyahoga Co., OH, IDR (S & R Playhouse Realty)................. 3.850% 01/02/1996 $ 4,320,000
1,600,000 Delaware Co., OH, IDR (Radiation Sterilizers, Inc.)............ 3.900 01/02/1996 1,600,000
400,000 Franklin Co., OH, Health Sys. Rev. (St. Anthony Medical Ctr.).. 5.950 01/02/1996 400,000
250,000 Franklin Co., OH, IDR (BOA Ltd. Proj.)......................... 4.150 01/02/1996 250,000
600,000 Franklin Co., OH, IDR (Capitol South).......................... 4.100 01/02/1996 600,000
1,300,000 Franklin Co., OH, IDR (Jacobson's Stores)...................... 4.100 01/02/1996 1,300,000
8,500,000 Hamilton Co., OH, Health Sys. Rev. (Franciscan Sisters)........ 5.950 01/02/1996 8,500,000
3,000,000 Muskingum Co., OH, IDR (Elder-Beerman)......................... 4.000 01/02/1996 3,000,000
2,500,000 Ohio Air Quality Dev. Auth. Environ. Impt. Rev. (Mead Corp.)... 5.900 01/02/1996 2,500,000
500,000 Ohio St. Environ. Impt. Rev. (U.S. Steel Corp.)................ 4.000 01/02/1996 500,000
400,000 Ohio Water Dev. Auth. Environ. Impt. Rev., Ser. 1986B
(Mead Corp.).................................................. 5.900 01/02/1996 400,000
2,110,000 Ohio St. PCR (Sohio Water Proj.)............................... 6.000 01/02/1996 2,110,000
245,000 Akron, OH, Sani. Sewer Sys. Rev., Ser. 1994.................... 5.150 01/03/1996 245,000
1,000,000 Butler Co., OH, IDR (Phillip Morris Co.)....................... 5.150 01/03/1996 1,000,000
2,550,000 Centerville, OH, Healthcare Rev. (Bethany-Lutheran)............ 5.250 01/03/1996 2,550,000
1,800,000 Cleveland-Cuyahoga Co., OH, Port. Auth. Rev. (Rock & Roll Hall
of Fame)...................................................... 5.150 01/03/1996 1,800,000
8,100,000 Clermont Co., OH, Hosp. Fac. Rev., Ser. B (Mercy Health Sys.).. 5.250 01/03/1996 8,100,000
1,075,000 Cuyahoga Co., OH, Healthcare Fac. Rev., Ser. 1993A (Hospice of
the Western Reserve).......................................... 5.300 01/03/1996 1,075,000
1,750,000 Cuyahoga Co., OH, Healthcare Fac. Rev., Ser. 1993B (Hospice of
the Western Reserve).......................................... 5.300 01/03/1996 1,750,000
1,250,000 Cuyahoga Co., OH, Healthcare Fac. Rev. (Benjamin Rose Inst.)... 5.200 01/03/1996 1,250,000
220,000 Cuyahoga Co., OH, IDR (Schottenstein Stores)................... 5.250 01/03/1996 220,000
2,000,000 Cuyahoga Co., OH, IDR, Ser. 1989 (Motch Corp. Proj.)........... 5.650 01/03/1996 2,000,000
1,000,000 Cuyahoga Co., OH, IDR (Pleasant Lake Assoc.)................... 5.300 01/03/1996 1,000,000
900,000 Delaware Co., OH, Indust. Rev., Ser. 1985 (MRG Limited Proj.).. 5.300 01/03/1996 900,000
564,000 Franklin Co., OH, IDR, Ser. D (Kindercare)..................... 5.350 01/03/1996 564,000
540,000 Franklin Co., OH, IDR (Columbus Dist.)......................... 5.300 01/03/1996 540,000
1,605,000 Greene Co., OH, Healthcare Fac. Rev. (Green Oaks Proj.)........ 5.300 01/03/1996 1,605,000
900,000 Hardin Co., OH, Hosp. Impt. Rev., Ser. A (Hardin Memorial Hosp.) 5.300 01/03/1996 900,000
1,160,000 Huron Co., OH, Ref. Rev. (Norwalk Furniture Corp.)............. 5.300 01/03/1996 1,160,000
375,000 Hudson Village, OH, IDR, Ser. A (Kindercare)................... 5.350 01/03/1996 375,000
494,000 Lorain Co., OH, IDR, Ser. C (Kindercare)....................... 5.350 01/03/1996 494,000
1,120,000 Lucas Co., OH, EDR (Glendale Meadows).......................... 5.300 01/03/1996 1,120,000
300,000 Medina, OH, IDR (Kindercare)................................... 5.350 01/03/1996 300,000
1,100,000 Meigs Co., OH, Indust. Rev., Ser. 1985 (MRG Limited Proj.)..... 5.300 01/03/1996 1,100,000
287,000 Middletown, OH, IDR, Ser. A (Kindercare)....................... 5.350 01/03/1996 287,000
935,000 Montgomery Co., OH, Healthcare Rev., Ser. A (Dayton Area
MRI Consortium)............................................... 5.300 01/03/1996 935,000
340,000 Montgomery Co., OH, IDR (Kindercare)........................... 5.350 01/03/1996 340,000
1,000,000 Morrow Co., OH, IDR (Field Container Corp.).................... 5.200 01/03/1996 1,000,000
600,000 Ohio Air Quality Dev. Auth. Rev. (Honda of America)............ 5.650 01/03/1996 600,000
1,900,000 Ohio St. Environ. Impt. Rev. (Honda of America)................ 5.650 01/03/1996 1,900,000
200,000 Ohio Water Dev. Auth. Rev. (Timken Co. Proj.).................. 5.100 01/03/1996 200,000
850,000 Orrville, OH, Hosp. Fac. Rev., Ser. 1990 (Orrville Hosp.)...... 5.250 01/03/1996 850,000
200,000 Stark Co., OH, IDR, Ser. D (Kindercare)........................ 5.350 01/03/1996 200,000
2,765,000 Summit Co., OH, IDR (Bowery Assoc.)............................ 5.200 01/03/1996 2,765,000
375,000 Wadsworth, OH, IDR (Kindercare)................................ 5.350 01/03/1996 375,000
1,200,000 Wyandot Co., OH, Indust. Rev., Ser. 1985 (MRG Limited Proj.)... 5.300 01/03/1996 1,200,000
500,000 Akron, Bath & Copley, OH, Joint Twp. Hosp. Rev. (Visiting
Nurse Svcs. Proj.)............................................ 5.300 01/04/1996 500,000
4,420,000 Ashtabula Co., OH, Hosp. Fac. Rev., Ser. 1995 (Ashtabula Co.
Med. Ctr. Proj.).............................................. 5.200 01/04/1996 4,420,000
1,750,000 Ashland, OH, IDR (Landover Properties)......................... 5.150 01/04/1996 1,750,000
2,000,000 Clinton Co., OH, Hosp. Rev. (Clinton Memorial)................. 5.250 01/04/1996 2,000,000
1,000,000 Cuyahoga Co., OH, IDR (Edgecomb Metals)........................ 5.000 01/04/1996 1,000,000
1,240,000 Franklin Co., OH, IDR (Ohio Girl Scout Council)................ 5.200 01/04/1996 1,240,000
8,000,000 Franklin Co., OH, IDR (Berwick Steel).......................... 5.250 01/04/1996 8,000,000
400,000 Franklin Co., OH, IDR (Columbus College)....................... 5.200 01/04/1996 400,000
2,000,000 Franklin Co., OH, IDR (Alco Standard Corp.).................... 5.350 01/04/1996 2,000,000
<PAGE>
OHIO TAX-FREE MONEY FUND (CONTINUED)
=======================================================================================================================
<CAPTION>
PRINCIPAL COUPON MATURITY
AMOUNT FLOATING AND VARIABLE RATE DEMAND NOTES-- 56.9% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 1,550,000 Hamilton Co., OH, EDR, Ser. 1995 (Cincinnati Assoc.
Performing Arts).............................................. 5.200% 01/04/1996 $ 1,550,000
2,000,000 Lucas Co., OH, IDR (Ohio Citizens Bank Proj.).................. 5.300 01/04/1996 2,000,000
425,000 Lucas Co., OH, Rev. (Sunshine Children's Home)................. 5.300 01/04/1996 425,000
2,090,000 Mahoning Co., OH, Healthcare Fac. Rev. (Copeland Oaks)......... 5.200 01/04/1996 2,090,000
1,830,000 Mahoning Co., OH, Healthcare Fac. Rev. (Ohio Heart Institute).. 5.200 01/04/1996 1,830,000
4,330,000 Marion Co., OH, Hosp. Impt. Rev. (Pooled Lease Proj.).......... 5.200 01/04/1996 4,330,000
3,920,000 Montgomery Co., OH, Healthcare Rev. (Comm. Blood Ctr. Proj.)... 5.200 01/04/1996 3,920,000
4,800,000 Ohio EDR, Ser. 1983 (Court St. Ctr. Assoc. Ltd. Proj.)......... 4.950 01/04/1996 4,800,000
1,385,000 Pike Co., OH, EDR (Pleasant Hill).............................. 5.200 01/04/1996 1,385,000
1,100,000 Franklin Co., OH, Port. Auth. Rev. (Rickenbacker Holdings, Inc.) 5.200 01/04/1996 1,100,000
3,610,000 Sharonville, OH, IDR (Edgecomb Metals)......................... 5.000 01/04/1996 3,610,000
685,000 Summit Co., OH, IDR (Go-Jo Indust.)............................ 5.200 01/04/1996 685,000
2,725,000 Toledo Lucas Co., OH, Port. Auth. IDR, Ser. 1994............... 5.200 01/04/1996 2,725,000
4,695,000 Trumbull Co., OH, Hosp. Rev. (Shepherd Valley Lutheran)........ 5.200 01/04/1996 4,695,000
1,600,000 Warren Co., OH, IDR (Liquid Container)......................... 5.250 01/04/1996 1,600,000
3,050,000 Westlake, OH, IDR (Nordson Co.)................................ 5.200 01/04/1996 3,050,000
100,000 Wood Co., OH, IDR (North American Science)..................... 5.300 01/04/1996 100,000
2,125,000 Ashland Co., OH, Hosp. Fac. Rev., Ser. 1989 (Good Shepherd).... 5.500 01/04/1996 2,125,000
1,400,000 Hamilton Co., OH, IDR (ADP System)............................. 4.250 01/15/1996 1,400,000
- ------------- ------------
$141,760,000 TOTAL FLOATING AND VARIABLE RATE DEMAND NOTES
- -------------
(Amortized Cost $141,760,000)................................ $141,760,000
------------
<PAGE>
======================================================================================================================
<CAPTION>
PRINCIPAL COUPON MATURITY
AMOUNT ADJUSTABLE RATE PUT BONDS-- 13.8% RATE DATE VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 1,400,000 Montgomery Co., OH, Rev. (Sisters of Charity).................. 4.600% 01/11/1996 $ 1,400,000
880,000 Franklin Co., OH, EDR (JAL Realty)............................. 4.000 01/15/1996 880,000
1,505,000 Hamilton, OH, IDR (Continental Commercial Properties Proj.).... 3.750 02/01/1996 1,505,000
540,000 Middletown, OH, IDR (Continental Commercial Properties Proj.).. 3.750 02/01/1996 540,000
1,010,000 Citizens Federal Tax-Exempt Mtg. Bond Trust.................... 4.350 03/01/1996 1,010,000
950,000 M & M Tax-Exempt Mtg. Bond Trust.............................. 3.900 03/01/1996 950,000
680,000 Riverside, OH, EDR (Riverside Assoc. Ltd. Proj.)............... 4.150 03/01/1996 680,000
4,895,000 Cuyahoga Co., OH, IDR (Halle Office Bldg.)..................... 3.900 04/01/1996 4,895,000
180,000 Franklin Co., OH, IDR (Pan Western Life)....................... 3.900 04/01/1996 180,000
690,000 Franklin Co., OH, IDR (GSW Proj.).............................. 3.800 05/01/1996 690,000
145,000 Ohio Company Tax-Exempt Mtg. Bond Trust, Ser. 1................ 3.960 05/01/1996 145,000
3,300,000 Ohio HFA MFH (Lincoln Park).................................... 4.250 05/01/1996 3,300,000
100,000 Summit Co., OH, IDR (SGS Tool Co. II).......................... 3.800 05/01/1996 100,000
3,955,000 Richland Co., OH, IDR (Mansfield Sq. Proj.).................... 3.750 05/15/1996 3,955,000
930,000 Cuyahoga Co., OH, Healthcare Rev. (Cleveland Neighborhood
Health Svcs.)................................................. 4.375 06/01/1996 930,000
540,000 Cuyahoga Co., OH, IDR (Southwest Partners Ltd.)................ 4.150 06/01/1996 540,000
725,000 Cuyahoga Co., OH, IDR (Welded Ring)............................ 3.750 06/01/1996 725,000
2,415,000 Franklin Co., OH, IDR (Leveque & Assoc. Proj.)................. 3.750 06/01/1996 2,415,000
340,000 Lucas Co., OH, EDR (Cross County Inns, Inc.)................... 4.000 06/01/1996 340,000
960,000 Scioto Co., OH, Healthcare Rev. (Hillview Retirement Ctr.)..... 3.750 06/01/1996 960,000
1,115,000 Gallia Co., OH, IDR (Jackson Pike Assoc.)...................... 3.700 06/15/1996 1,115,000
3,280,000 Ohio Company Tax-Exempt Mtg. Bond Trust, Ser. 2................ 3.900 06/15/1996 3,279,203
2,500,000 Ohio St. Air Quality Dev. Auth. Rev., Ser. A (Duquesne Light).. 3.650 07/18/1996 2,500,000
1,285,000 Miami Valley Tax-Exempt Mtg. Bond Trust........................ 4.880 10/15/1996 1,285,000
- ------------- ------------
$34,320,000 TOTAL ADJUSTABLE RATE PUT BONDS
- -------------
(Amortized Cost $34,319,203)................................. $34,319,203
------------
<PAGE>
OHIO TAX-FREE MONEY FUND (CONTINUED)
=========================================================================================================================
<CAPTION>
PRINCIPAL COUPON MATURITY
AMOUNT COMMERCIAL PAPER-- 4.9% RATE DATE VALUE
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 3,000,000 Ohio St. Air Quality (Cleveland Electric)...................... 4.250% 01/09/1996 $ 3,000,000
3,820,000 Ohio St. Air Quality (Cleveland Electric)...................... 3.700 01/11/1996 3,820,000
5,450,000 Ohio St. Air Quality (Cleveland Electric)...................... 3.450 01/17/1996 5,450,000
- ------------- ------------
$12,270,000 TOTAL COMMERCIAL PAPER
- -------------
(Amortized Cost $12,270,000) ................................ $12,270,000
------------
$248,838,714 TOTAL INVESTMENTS AT VALUE -- 99.9%
=============
(Amortized Cost $248,968,561)................................ $248,968,561
OTHER ASSETS AND LIABILITIES, NET-- .1% ....................... 221,099
------------
NET ASSETS-- 100.0% ........................................... $249,189,660
============
</TABLE>
<PAGE>
<TABLE>
TAX-FREE MONEY FUND
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995 (UNAUDITED)
=======================================================================================================================
<CAPTION>
PRINCIPAL COUPON MATURITY
AMOUNT FIXED RATE REVENUE AND GENERAL OBLIGATION BONDS-- 37.5% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 235,000 North Carolina Educ. Facs. (Elon College)...................... 4.800% 01/01/1996 $ 235,000
110,000 Indiana Muni. Power Supply Rev., Ser. A, Prerefunded @ 103..... 9.200 01/01/1996 113,300
105,000 Michigan Pub. Power Agy. Rev. (Belle River Proj.),
Prerefunded @ 101............................................. 7.000 01/01/1996 106,050
100,000 New York St. Urban Dev. Correctional Facs. Rev., Ser. B,
Prerefunded @ 102............................................. 7.600 01/01/1996 102,000
725,000 Piedmont, SC, Muni. Power Agy. Elec. Rev., Prerefunded @ 103... 9.700 01/01/1996 746,750
130,000 Barnwell Co., SC, GO........................................... 6.750 02/01/1996 130,288
250,000 Cobb Co., GA, School Dist. GO.................................. 6.125 02/01/1996 250,403
855,000 Garland, TX, ISD GO............................................ 5.800 02/15/1996 856,786
100,000 Longview, TX, Water & Sewer Rev., Prerefunded @ 100............ 8.700 03/01/1996 100,771
200,000 Montgomery Co., AL, Waterwks. & Sanit. Sewer Rev.,
Prerefunded @ 100............................................. 9.700 03/01/1996 201,904
1,000,000 Sulphur, LA, Public Impt. Rev.................................. 4.500 04/01/1996 1,001,661
560,000 Ross Co., OH, GO BANS.......................................... 5.040 04/26/1996 560,491
120,000 Wright St. Univ., OH, Rev. (College Impts.), Prerefunded @ 102. 7.375 05/01/1996 123,727
300,000 Louisiana St. GO, Ser. A, Prerefunded @ 102.................... 7.375 05/01/1996 309,347
245,000 Washington St. GO, Prerefunded @ 100........................... 9.200 05/01/1996 249,136
335,000 Austin, TX, Util. Sys. Rev., Prerefunded @ 102................. 7.750 05/15/1996 346,255
100,000 Hamilton Co., OH, Sewer Sys. Rev., Prerefunded @ 100........... 7.000 06/01/1996 101,254
520,000 District of Columbia GO, Ser. A, Prerefunded @ 102............. 7.875 06/01/1996 538,380
250,000 Florida St. Board of Educ. GO, Ser. A, Prerefunded @ 102....... 7.500 06/01/1996 258,443
1,400,000 Branson, MO, BANS (Water Treatment Plant)...................... 5.000 06/01/1996 1,400,000
995,000 Covington, KY, GO TRANS........................................ 5.500 06/28/1996 997,319
110,000 Washington St. Pub. Power Supply Sys. Rev., Ser. 1990
(Nuclear Proj. #1), Prerefunded @ 103......................... 15.000 07/01/1996 119,018
200,000 Greater Cleveland Regional Transit Auth. COP................... 9.100 07/01/1996 204,841
200,000 Pennsylvania St. IDA Rev., Escrowed to Maturity................ 6.300 07/01/1996 202,334
520,000 El Paso, TX, GO, Ser. 1994 A................................... 8.000 08/15/1996 532,766
245,000 Peoria, IL, School Dist. #150 GO............................... 4.600 09/15/1996 245,924
370,000 Brook Park, OH, BANS Sewer Impr. GO............................ 4.250 09/20/1996 370,510
300,000 Greensboro, NC, COP Pkg. Facs. Proj. Rev....................... 5.700 12/01/1996 304,516
- ------------- ------------
$10,580,000 TOTAL FIXED RATE REVENUE AND GENERAL OBLIGATION BONDS
- -------------
(Amortized Cost $10,709,174)................................. $10,709,174
------------
<PAGE>
=======================================================================================================================
<CAPTION>
PRINCIPAL COUPON MATURITY
AMOUNT FLOATING AND VARIABLE RATE DEMAND NOTES-- 40.7% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 530,000 Washington Co., PA, IDA (Dynamet, Inc. Proj.).................. 4.080% 01/01/1996 $ 530,000
1,000,000 New Jersey EDA & EDR (Union Avenue Assoc.)..................... 4.450 01/01/1996 1,000,000
350,000 NCNB Pooled Tax-Exempt Rev., Ser. 1990A........................ 4.250 01/01/1996 350,000
1,400,000 Hamilton Co., OH, Health Sys. Rev. (Franciscan Sisters)........ 5.950 01/02/1996 1,400,000
200,000 St. Lucie Co., FL, PCR (Florida Power & Light)................. 6.000 01/02/1996 200,000
900,000 Eddyville, IA, IDR (Heartland Lysine, Inc.).................... 5.600 01/03/1996 900,000
1,300,000 Illinois Dev. Fin. Auth. MFH Rev. (Cobbler Square Proj.)....... 5.650 01/03/1996 1,300,000
650,000 Bossier Parish, LA, IDR ( LaQuinta Motor Inns)................. 5.350 01/04/1996 650,000
890,000 Brooklyn Park, MN, IDR (Schmidt Proj.)......................... 5.150 01/04/1996 890,000
1,000,000 District of Columbia MFH, Tyler House Trust COP, Ser. 1995 A... 5.500 01/04/1996 1,000,000
575,000 Frankfort, MN, IDR, Ser. 1995 (J&B, Inc.)...................... 5.400 01/04/1996 575,000
425,000 Frankfort, MN, IDR, Ser. 1995 (J&B, Inc.)...................... 5.700 01/04/1996 425,000
480,000 Jackson, TN, IDR Pollution Control (Florida Steel)............. 5.300 01/04/1996 480,000
400,000 Los Angeles Dept. of Water & Power Rev......................... 5.150 01/04/1996 400,000
<PAGE>
TAX-FREE MONEY FUND (CONTINUED)
=======================================================================================================================
<CAPTION>
PRINCIPAL COUPON MATURITY
AMOUNT FLOATING AND VARIABLE RATE DEMAND NOTES-- 40.7% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 1,140,000 Redwood Falls, MN, IDR (Zytec Corp. Proj.)..................... 5.850% 01/04/1996 $ 1,140,000
400,000 St. Cloud, MN, Hsg. & Redev. Auth. Rev. (Coborn Realty Co.).... 5.150 01/04/1996 400,000
- ------------- ------------
$11,640,000 TOTAL FLOATING AND VARIABLE RATE DEMAND NOTES
- -------------
(Amortized Cost $11,640,000)................................. $11,640,000
------------
=======================================================================================================================
<CAPTION>
PRINCIPAL COUPON MATURITY
AMOUNT ADJUSTABLE RATE PUT BONDS-- 23.0% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 1,125,000 Buckeye Tax-Exempt Mtg. Bond Trust............................. 4.150% 02/01/1996 $ 1,123,481
360,000 Milwaukee, WI, IDR (Wayne C. Oldenburg Proj.).................. 3.950 02/01/1996 360,000
350,000 Lansing, MI, EDR (LGH Office Bldg. Proj.)...................... 4.150 02/15/1996 350,000
160,000 Citizens Federal Tax-Exempt Mtg. Bond Trust.................... 4.350 03/01/1996 160,000
1,200,000 Owensboro, KY, IDR, Ser. 1985 (Dart Container)................. 3.950 03/01/1996 1,200,000
165,000 Cuyahoga Co., OH, IDR (Halle Office Bldg.)..................... 3.900 04/01/1996 165,000
505,000 Romulus, MI, Econ. Dev. Corp. (Airport Realty Proj.)........... 4.100 04/01/1996 505,000
250,000 Medina Co., OH, IDR (Nationwide One Proj.)..................... 4.000 05/01/1996 249,928
725,000 Summit Co., OH, IDR (Akromold Inc. Proj.)...................... 4.000 05/01/1996 725,000
1,000,000 Westmoreland Co., PA, IDR (White Cons Indust.)................. 4.180 06/01/1996 1,000,000
735,000 Lexington-Fayette Co., KY, Urban Gov't. Rev.
(Providence Montessori)....................................... 4.750 07/01/1996 735,000
- ------------- ------------
$ 6,575,000 TOTAL ADJUSTABLE RATE PUT BONDS
- -------------
(Amortized Cost $6,573,409).................................. $ 6,573,409
------------
$28,795,000 TOTAL INVESTMENTS AT VALUE -- 101.2%
=============
(Amortized Cost $28,922,583)................................. $28,922,583
OTHER ASSETS AND LIABILITIES, NET-- (1.2%) .................... (332,751)
------------
NET ASSETS-- 100.0% ........................................... $28,589,832
============
</TABLE>
<PAGE>
<TABLE>
CALIFORNIA TAX-FREE MONEY FUND
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995 (UNAUDITED)
========================================================================================================================
<CAPTION>
PRINCIPAL COUPON MATURITY
AMOUNT FIXED RATE REVENUE AND GENERAL OBLIGATION BONDS-- 28.9% RATE DATE VALUE
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 125,000 Turlock, CA, Irrigation Dist. Rev., Ser. A, Prerefunded @ 102.. 7.750% 01/01/1996 $ 127,500
855,000 Tri City, CA, Hosp. Dist. COP (Imperial Muni. Services
Group, Inc.), Prerefunded @ 100............................... 9.875 02/01/1996 859,201
440,000 Oakland, CA, Redev. Agy. Central Dist. Redev.,
Prerefunded @ 102............................................. 7.500 02/01/1996 450,092
150,000 East Bay, CA, Muni. Util. Dist. Rev., Ser. D,
Prerefunded @ 102.50.......................................... 7.000 04/01/1996 154,721
580,000 California St. Revenue Anticipation Warrants, Ser. C........... 5.750 04/25/1996 583,482
125,000 Southern California Public Power Auth. Rev. Ser. 1986B,
Prerefunded @ 102............................................. 7.125 07/01/1996 129,483
250,000 Orange Co., CA, Muni. Water Dist., Ser. 1992B
(Allen McColloch Pipeline).................................... 4.500 07/01/1996 250,800
500,000 Los Angeles Co., CA, Local Educ. Agy. COP TRANS, Ser. A........ 4.750 07/05/1996 501,776
500,000 San Mateo Co., CA, Schools Insurance Group RANS, Ser. 1995..... 4.750 07/05/1996 501,844
100,000 Mountain View, CA, Cap. Impt. Fin. Auth. Rev.
(City Hall/Community Theater)................................. 5.100 08/01/1996 100,717
200,000 Fresno, CA, COP (City Hall Construction/Golf Course),
Prerefunded @ 102............................................. 7.875 08/01/1996 208,408
240,000 Oakland, CA, Misc. Rev., Ser. 1988A............................ 6.800 08/01/1996 244,098
135,000 La Mirada, CA, Redev. Agy. Tax Allocation, Ser. A.............. 5.625 08/15/1996 136,458
100,000 South Orange Co., CA, Pub. Fin. Auth. Special Tax Rev.,
Ser. 1994C.................................................... 4.250 08/15/1996 100,190
500,000 Victor Valley, CA, Union High School Dist. TRANS............... 4.500 08/30/1996 501,350
250,000 San Jose, CA, COP (Convention Center Project), Prerefunded @ 102 7.500 09/01/1996 260,881
100,000 San Francisco, CA, City & Co. Sewer Ref. Rev................... 5.500 10/01/1996 101,014
245,000 California Health Fac. Auth. Rev. (Stanford Univ. Hosp.),
Prerefunded @ 102............................................. 7.125 11/01/1996 256,117
300,000 California St. Public Works Dept. of Corrections Rev.,
Prerefunded @ 102............................................. 7.375 11/01/1996 314,221
500,000 California School Cash Reserve Program Auth., 1995
Pool Bonds, Ser. B............................................ 4.50 012/20/1996 503,259
- ------------- ------------
$ 6,195,000 TOTAL FIXED RATE REVENUE AND GENERAL OBLIGATION BONDS
- -------------
(Amortized Cost $6,285,612).................................. $ 6,285,612
------------
<PAGE>
========================================================================================================================
<CAPTION>
PRINCIPAL COUPON MATURITY
AMOUNT FLOATING AND VARIABLE RATE DEMAND NOTES-- 52.0% RATE DATE VALUE
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 200,000 California Health Fac. Fin. Auth. Rev. (Sutter Health)......... 5.850% 01/02/96 $ 200,000
1,300,000 California Poll. Ctl. Fin. Auth. Rev., Ser. 1988A (Burney
Forest Products Proj.)........................................ 5.950 01/02/96 1,300,000
1,400,000 Irvine Ranch, CA, Water Dist. Rev., Ser. 1989.................. 6.100 01/02/96 1,400,000
1,500,000 Anaheim, CA, COP Police Facs. Refin. Proj...................... 5.250 01/03/96 1,500,000
600,000 Los Angeles Co., CA, IDR (Kransco)............................. 5.250 01/03/96 600,000
800,000 San Rafael, CA, IDR, Ser 1994 (Phoenix American, Inc.)......... 5.340 01/03/96 800,000
1,600,000 Vacaville, CA, IDR (Leggett & Platt, Inc.)..................... 5.450 01/03/96 1,600,000
800,000 Los Angeles, CA, Dept. of Water & Power........................ 5.150 01/04/96 800,000
1,000,000 San Bernardino, CA, IDR (LaQuinta Motor Inns)................. 5.350 01/04/96 1,000,000
1,300,000 San Bernardino, CA, COP........................................ 5.350 01/04/96 1,300,000
800,000 San Francisco Parking Auth. Rev................................ 5.300 01/04/96 800,000
- ------------- ------------
$11,300,000 TOTAL FLOATING AND VARIABLE RATE DEMAND NOTES
- -------------
(Amortized Cost $11,300,000)................................. $11,300,000
------------
<PAGE>
=======================================================================================================================
<CAPTION>
PRINCIPAL COUPON MATURITY
AMOUNT ADJUSTABLE RATE PUT BONDS-- 6.2% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 500,000 California Higher Educ. Student Loan Auth. Rev., Ser. 1995E.... 4.250% 06/01/1996 $ 500,000
855,000 California Poll Ctl. Fin. Auth. Rev. (San Diego Gas & Elec.)... 4.000 09/01/1996 855,000
- ------------- ------------
$ 1,355,000 TOTAL ADJUSTABLE RATE PUT BONDS
- -------------
(Amortized Cost $1,355,000).................................. $ 1,355,000
------------
<PAGE>
CALIFORNIA TAX-FREE MONEY FUND (CONTINUED)
=======================================================================================================================
<CAPTION>
PRINCIPAL COUPON MATURITY
AMOUNT COMMERCIAL PAPER-- 11.5% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 1,000,000 California Poll. Ctl. Fin. Auth. Rev. (Pacific G & E).......... 3.700% 01/17/1996 $ 1,000,000
1,500,000 Riverside Co., CA, Transportation Sales Tax Rev................ 3.900 02/13/1996 1,500,000
- ------------- ------------
$ 2,500,000 TOTAL COMMERCIAL PAPER
- -------------
(Amortized Cost $2,500,000).................................. $ 2,500,000
------------
$21,350,000 TOTAL INVESTMENTS AT VALUE -- 98.6%
=============
(Amortized Cost $21,440,612)................................. $21,440,612
OTHER ASSETS AND LIABILITIES, NET-- 1.4% ...................... 300,082
------------
NET ASSETS-- 100.0% ........................................... $21,740,694
============
</TABLE>
<PAGE>
<TABLE>
ROYAL PALM FLORIDA TAX-FREE MONEY FUND
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995 (UNAUDITED)
=======================================================================================================================
<CAPTION>
PRINCIPAL COUPON MATURITY
AMOUNT FIXED RATE REVENUE AND GENERAL OBLIGATION BONDS-- 24.0% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 150,000 Escambia Co., FL, Sales Tax Rev., Ser. A, Escrowed to Maturity. 7.100% 01/01/1996 $ 150,000
300,000 North Broward, FL, Hosp. Dist. Rev............................. 5.000 01/01/1996 300,000
230,000 Hillsborough Co., FL, Cap. Impt. Water & Waste Rev., Subser. 2,
Prerefunded @ 102............................................. 8.300 02/01/1996 235,446
100,000 Hillsborough Co., FL, Cap. Impt. Rev., Subser. 2,
Prerefunded @ 102............................................. 7.200 02/01/1996 102,245
775,000 Charlotte Co., FL, School Dist. GO, Prerefunded @ 102.......... 7.500 03/01/1996 795,064
100,000 Orlando, FL, Util. Common Water & Elec. Rev., Escrowed to
Maturity @ 100.25 5.700 04/01/1996 100,124
450,000 South Broward, FL, Hosp. Dist. Rev., Prerefunded @ 102......... 7.250 05/01/1996 463,369
500,000 Florida St. Board of Educ. Cap. Outlay GO, Ser. A,
Prerefunded @ 102............................................. 7.800 06/01/1996 517,891
100,000 Florida St. Board of Educ. Cap. Outlay GO, Ser. C,
Prerefunded @ 102............................................. 7.125 06/01/1996 103,301
830,000 Florida St. Board of Educ. Cap. Outlay GO, Ser. B,
Prerefunded @ 102............................................. 7.250 06/01/1996 857,676
265,000 Florida St. Board of Educ., Ser. 1986B., Prerefunded @ 102..... 7.250 06/01/1996 273,886
750,000 Indian River Co., FL, School Dist. TANS, Ser. 1995............. 4.000 06/30/1996 750,765
100,000 Miami, FL, GO, Sewer Impt. GO BANS............................. 6.600 07/01/1996 101,316
200,000 Cape Coral, FL, Special Obligation Wastewater Assessment Rev... 4.800 07/01/1996 200,818
250,000 Hernando Co., FL, School Board COP............................. 5.250 07/01/1996 251,507
100,000 Boward Co., FL, GO, Prerefunded @ 102.......................... 7.400 07/01/1996 103,689
100,000 Boward Co., FL, GO, Prerefunded @ 102.......................... 7.500 07/01/1996 103,737
100,000 Ft. Lauderdale, FL, GO, Prerefunded @ 102...................... 7.600 07/01/1996 103,621
110,000 Orlando & Orange Co., FL, Expressway Auth. Rev.,
Prerefunded @ 102............................................. 7.500 07/01/1996 114,099
125,000 Brevard Co., FL, Local Option Gas Tax Rev., Ser. B............. 4.300 08/01/1996 125,315
100,000 Duval Co., FL, School Dist. GO, Prerefunded @ 102.............. 7.300 08/01/1996 103,897
100,000 Duval Co., FL, School Dist. GO, Ser. 1988, Prerefunded @ 102... 7.500 08/01/1996 104,049
110,000 Ormond Beach, FL, Water & Sewer Rev. Prerefunded @ 102......... 7.875 09/01/1996 114,920
175,000 Jacksonville, FL, Elec. Auth. Rev., Ser. 2 1987A-1............. 6.600 10/01/1996 178,305
100,000 Palm Beach Co., FL, Impt. Rev., Escrowed to Maturity........... 6.900 10/01/1996 102,195
250,000 St. Petersburg, FL, Public Util. Rev........................... 5.850 10/01/1996 253,564
100,000 Tampa, FL, Rev................................................. 6.200 10/01/1996 101,681
230,000 Broward Co., FL, Airport Sys. Rev., Prerefunded @ 100.......... 10.000 10/01/1996 240,285
130,000 Lee Co., FL, Water & Sewer Rev., Prerefunded @ 102............. 6.900 10/01/1996 135,380
225,000 West Palm Beach, FL, Parking Fac. Rev., Prerefunded @ 102...... 7.700 10/01/1996 235,670
500,000 Florida HFA MFH Rev., Prerefunded @ 100........................ 5.500 11/01/1996 506,450
- ------------- ------------
$ 7,655,000 TOTAL FIXED RATE REVENUE AND GENERAL OBLIGATION BONDS
- -------------
(Amortized Cost $7,830,265).................................. $ 7,830,265
------------
<PAGE>
========================================================================================================================
<CAPTION>
PRINCIPAL COUPON MATURITY
AMOUNT FLOATING AND VARIABLE RATE DEMAND NOTES-- 62.8% RATE DATE VALUE
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 200,000 Dade Co., FL, IDA IDR (Dates-Pot Co., Inc.).................... 6.000% 01/02/1996 $ 200,000
150,000 Dade Co., FL, IDA IDR (Dates-Young Assoc.)..................... 6.000 01/02/1996 150,000
1,520,000 Jacksonville, FL, Health Fac. Auth. Rev., Ser. 1988
(River Garden)................................................ 6.100 01/02/1996 1,520,000
600,000 Jacksonville, FL, PCR (Florida Power & Light).................. 6.000 01/02/1996 600,000
1,045,000 Palm Beach Co., FL, Water & Sewer Rev.......................... 5.950 01/02/1996 1,045,000
2,800,000 Pinellas Co., FL, Health Fac. Rev. (Pooled Hosp. Loan)......... 5.950 01/02/1996 2,800,000
1,400,000 St. Lucie Co., FL, PCR (Florida Power & Light)................. 6.000 01/02/1996 1,400,000
1,000,000 Florida HFA Rev. (Monterey Meadows)............................ 5.050 01/03/1996 1,000,000
1,000,000 Tamarac, FL, IDR, Ser. 1995 (Arch Aluminum & Glass)............ 5.500 01/03/1996 1,000,000
1,000,000 Boca Raton, FL, IDR (Parking Garage)........................... 5.375 01/04/1996 1,000,000
1,000,000 Broward Co., FL, HFA MFH Rev. (Sawgrass Pines Apt. Proj. - A).. 5.500 01/04/1996 1,000,000
1,005,000 Dade Co., FL, HFA (Kendall Court Apts.)........................ 5.150 01/04/1996 1,005,000
400,000 Dade Co., FL, IDA (Kantor Bros. Neckwear Co.).................. 5.500 01/04/1996 400,000
1,545,000 Florida Muni. Power Rev. (Stanton II Proj.).................... 5.200 01/04/1996 1,545,000
<PAGE>
ROYAL PALM FLORIDA TAX-FREE MONEY FUND
========================================================================================================================
<CAPTION>
PRINCIPAL COUPON MATURITY
AMOUNT FLOATING AND VARIABLE RATE DEMAND NOTES-- 62.8% RATE DATE VALUE
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 1,000,000 Gulf Breeze, FL, Local Gov't Loan Program Rev.................. 5.000% 01/04/1996 $ 1,000,000
1,500,000 Orange Co., FL, Health Facs. Auth. Rev. (Adventist Health
Sys./Sunbelt Oblig.).......................................... 5.200 01/04/1996 1,500,000
800,000 Palm Bay, FL, IDR (Accudyne Corp. Proj.)....................... 5.350 01/04/1996 800,000
1,900,000 Plant City, FL, Hosp. Rev. (South Florida Baptist Hosp.)....... 5.450 01/04/1996 1,900,000
600,000 Tamarac, FL, IDR, Ser. 1995 (Tamarac Business Center).......... 5.500 01/04/1996 600,000
- ------------- ------------
$20,465,000 TOTAL FLOATING AND VARIABLE RATE DEMAND NOTES
- -------------
(Amortized Cost $20,465,000)................................. $20,465,000
------------
<PAGE>
========================================================================================================================
<CAPTION>
PRINCIPAL COUPON MATURITY
AMOUNT ADJUSTABLE RATE PUT BONDS-- 6.2% RATE DATE VALUE
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 2,015,000 Florida HFA Rev................................................ 3.700% 06/15/1996 $ 2,015,000
- ------------- ------------
$ 2,015,000 TOTAL ADJUSTABLE RATE PUT BONDS
- -------------
(Amortized Cost $2,015,000).................................. $ 2,015,000
------------
<PAGE>
========================================================================================================================
<CAPTION>
PRINCIPAL COUPON MATURITY
AMOUNT COMMERCIAL PAPER-- 6.1% RATE DATE VALUE
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 2,000,000 Greater Orlando, FL, Aviation Tax-Exempt Notes................. 3.800% 02/26/1996 $ 2,000,000
- ------------- ------------
$ 2,000,000 TOTAL COMMERCIAL PAPER
- -------------
(Amortized Cost $2,000,000).................................. $ 2,000,000
------------
$32,135,000 TOTAL INVESTMENTS AT VALUE -- 99.1%
=============
(Amortized Cost $32,310,265)................................. $32,310,265
OTHER ASSETS AND LIABILITIES, NET-- .9% ....................... 271,381
------------
NET ASSETS-- 100.0% ........................................... $32,581,646
============
</TABLE>
<PAGE>
<TABLE>
TAX-FREE INTERMEDIATE TERM FUND
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995 (UNAUDITED)
========================================================================================================================
<CAPTION>
PRINCIPAL COUPON MATURITY
AMOUNT MUNICIPAL BONDS-- 99.8% RATE DATE VALUE
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ALASKA -- .5%
$ 385,000 Alaska St. HFC Rev............................................. 7.650% 12/01/2010 $ 406,706
25,000 Alaska St. HFC Coll. Home Mtg. Rev............................. 7.250 12/01/2011 25,325
------------
............................................................. 432,031
------------
ARIZONA -- 2.4%
500,000 Pima Co., AZ, USD No. 1 (Tuscon), Prerefunded @ 102............ 6.700 07/01/1998 541,150
400,000 Arizona Educ. Loan Mkt. Corp. Rev., Ser. A..................... 6.700 03/01/2000 426,060
600,000 Maricopa Co., AZ, School Dist. Rev., Ser. 1991C (Tempe Elem.).. 8.000 07/01/2004 737,034
230,000 Maricopa Co., AZ, SFM Rev., Ser. 1991.......................... 7.375 08/01/2005 247,708
------------
............................................................. 1,951,952
------------
CALIFORNIA -- 2.3%
500,000 Santa Clara Co., CA, Hsg. Auth. ARPB (Orchard Glen Apts.)...... 5.250 11/01/1998 504,680
485,000 Sacramento Co., CA, MFH ARPB (Fairway One Apts.)............... 5.875 02/01/2003 492,823
500,000 Santa Monica, CA, Redev. Agy. Lease Rev........................ 6.000 07/01/2003 542,025
250,000 California HFA Multi-Unit Rental Rev., Ser. B.................. 6.500 08/01/2005 266,740
------------
............................................................. 1,806,268
------------
COLORADO -- 1.3%
1,000,000 Westminster, CO, MFH ARPB (Oasis Wexford Apts.)................ 5.350 12/01/2005 1,009,150
------------
DELAWARE -- .6%
500,000 Delaware St. GO................................................ 7.100 05/01/1996 501,325
------------
FLORIDA -- 4.5%
500,000 Florida HFA MFH ARPB, Ser. 1978B (Hampton Lakes II Proj.)...... 5.700 04/01/2001 511,560
200,000 Florida St. GO................................................. 6.500 05/01/2004 203,754
1,000,000 Florida Board of Educ. Capital Outlay GO, Ser. A............... 6.500 05/01/2004 1,054,140
1,000,000 Alachua Co., FL, Public Impt. Rev.............................. 4.800 08/01/2004 1,014,730
750,000 Hillsborough Co., FL, Solid Waste Rev.......................... 5.500 10/01/2006 788,070
------------
............................................................. 3,572,254
------------
GEORGIA -- 1.3%
255,000 Atlanta, GA, Airport Extension & Impt. Rev., Escrowed to Maturity 7.250 01/01/1998 271,124
700,000 Fulton Co., GA, Water & Sewer Rev., Ser. 1986, Prerefunded @ 101 6.800 01/01/2000 772,926
------------
............................................................. 1,044,050
------------
ILLINOIS -- 5.0%
500,000 Aurora, IL, MFH Rev., Ser. 1988 (Fox Valley)................... 7.750 09/01/1998 536,400
350,000 Hoffman Estates, IL, MFH ARPB (Park Place Apts.)............... 7.000 11/30/1998 360,609
680,000 Illinois Educ. Fac. Auth. Rev., Ser. A (Loyola Univ.),
Prerefunded @ 102 7.125 07/01/2001 781,517
660,000 Alsip, IL, MFH ARPB, Ser. A (Woodland Ct.)..................... 5.125 11/01/2003 652,615
500,000 Chicago, IL, Public Bldg. Comm. Rev., Escrowed to Maturity..... 7.700 01/01/2008 555,220
1,000,000 Evergreen Park, IL, Hosp. Fac. Rev. (Little Co. Mary Hosp.).... 7.700 02/15/2009 1,087,840
------------
............................................................. 3,974,201
------------
INDIANA -- 2.0%
1,000,000 Indiana Bond Bank Special Prog. Rev., Ser. A1.................. 6.650 01/01/2004 1,089,750
500,000 Indiana HFA Multi-Unit Mtg. Prog. Rev., Ser. 1992A............. 6.600 01/01/2012 525,250
------------
............................................................. 1,615,000
<PAGE>
------------
TAX-FREE INTERMEDIATE TERM FUND (CONTINUED)
========================================================================================================================
<CAPTION>
PRINCIPAL COUPON MATURITY
AMOUNT MUNICIPAL BONDS-- 99.8% RATE DATE VALUE
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
IOWA -- 1.6%
$ 250,000 Iowa Student Loan Liquidity Corp. Rev.......................... 6.400% 07/01/2004 $ 268,380
430,000 Iowa HFA Rev................................................... 6.500 07/01/2006 458,298
240,000 Iowa Student Loan Liquidity Corp. Rev.......................... 6.600 07/01/2008 256,733
250,000 Cedar Rapids, IA, Hosp. Fac. Rev. (St. Luke's Methodist Hosp.). 6.000 08/15/2009 268,705
------------
............................................................. 1,252,116
------------
KENTUCKY -- 3.6%
675,000 Owensboro, KY, Elec. Light & Power Rev., Prerefunded @ 102..... 0.000 01/01/2000 791,080
500,000 Louisville & Jefferson Co., KY, Airport Auth. Sys. Rev......... 5.125 07/01/2004 509,840
750,000 Kentucky St. Turnpike Auth. EDR (Revitalization Proj.)......... 5.250 07/01/2005 780,165
750,000 Kentucky St. Property & Bldg. Comm. Proj. #59 Rev.............. 5.200 05/01/2006 766,200
------------
............................................................. 2,847,285
------------
LOUISIANA -- 1.3%
440,000 Louisiana Public Fac. Auth. Rev. (Medical Ctr. of Louisiana)... 6.000 10/15/2003 474,232
500,000 West Ouachita Parish, LA, School Dist. GO, Ser. A.............. 6.700 03/01/2006 549,630
------------
............................................................. 1,023,862
------------
MARYLAND -- 1.4%
500,000 Maryland St. Health & Higher Educ. Fac. Auth. Rev.
(Univ. of Maryland Medical Sys.).............................. 6.500 07/01/2001 551,870
500,000 Maryland St. Comm. Dev. Admin. Rev............................. 8.500 04/01/2002 532,090
------------
............................................................. 1,083,960
------------
MASSACHUSETTS -- 4.1%
750,000 Massachusetts St. Indust. Fin. Agy. ARPB (Asahi/America, Inc.). 5.100 03/01/1999 760,238
500,000 New England Educ. Loan Mkt. Corp. Rev., Ser. 1992A............. 6.500 09/01/2002 535,335
500,000 New England Educ. Loan Mkt. Corp. Rev., Ser. 1992B............. 6.600 09/01/2002 538,120
1,280,000 Worcester, MA, GO.............................................. 6.000 07/01/2006 1,400,051
------------
............................................................. 3,233,744
------------
MICHIGAN -- 2.1%
1,000,000 Michigan St. Bldg. Auth. Rev., Ser. II......................... 6.400 10/01/2004 1,102,750
600,000 Kalamazoo, MI, Hosp. Fin. Auth. Rev., Ser. A
(Borgess Medical Ctr.)........................................ 5.000 06/01/2006 602,394
------------
............................................................. 1,705,144
------------
MISSISSIPPI -- 1.3%
500,000 Mississippi Higher Educ. Rev., Ser. B.......................... 6.100 07/01/2001 525,450
500,000 Hattiesburg, MS, Water & Sewer Rev............................. 4.800 08/01/2002 507,030
------------
............................................................. 1,032,480
------------
NEBRASKA -- 1.0%
50,000 Nebraska Invest. Fin. Auth. SFM Rev., Ser. A................... 8.600 05/15/1997 51,699
680,000 Nebraska Invest. Fin. Auth. Rev., Ser. 1989 (Foundation for
Educ. Fund)................................................... 7.000 11/01/2009 711,436
------------
............................................................. 763,135
------------
NEVADA -- 2.1%
1,000,000 Las Vegas, NV, GO, Sewer Impt. Rev............................. 6.500 10/01/2006 1,103,980
500,000 Washoe Co., NV, GO............................................. 7.375 07/01/2009 556,420
------------
............................................................. 1,660,400
------------
NEW YORK -- 2.4%
415,000 New York, NY, GO, Prerefunded @ 102............................ 8.000 08/01/1997 449,831
500,000 New York Local Gov't. Asst. Corp. Rev., Ser. 1991B............. 7.000 04/01/2002 565,040
85,000 New York, NY, GO............................................... 8.000 08/01/2005 91,638
810,000 New York St. Dorm. Auth. Rev. (Devereux Foundation)............ 4.850 07/01/2006 810,656
------------
............................................................. 1,917,165
------------
<PAGE>
TAX-FREE INTERMEDIATE TERM FUND (CONTINUED)
========================================================================================================================
<CAPTION>
PRINCIPAL COUPON MATURITY
AMOUNT MUNICIPAL BONDS-- 99.8% RATE DATE VALUE
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NORTH CAROLINA -- 3.1%
$ 1,065,000 Durham, NC, COP................................................ 6.375% 12/01/2006 $ 1,163,725
1,200,000 Asheville, NC, GO.............................................. 6.100 03/01/2008 1,301,640
------------
............................................................. 2,465,365
------------
OHIO -- 26.0%
2,500,000 Hamilton Co., OH, Health Sys. VRDN (Franciscan Sisters)........ 5.950 01/02/1996 2,500,000
750,000 Youngstown, OH, CSD RANS, Ser. 1994............................ 5.300 06/15/1996 752,678
500,000 Ohio St. Bldg. Auth. Rev., Ser. A, Escrowed to Maturity........ 7.150 03/01/1999 544,270
700,000 Franklin Co., OH, Dev. & Ref. Rev., Ser. 1993
(American Chemical Soc)....................................... 5.500 04/01/2000 711,067
500,000 Franklin Co., OH, Rev. (Online Computer Library Ctr.)......... 5.500 04/15/2000 507,200
750,000 Fairfield, OH, IDR ARPB (Skyline Chili, Inc.).................. 5.000 09/01/2000 750,352
1,500,000 Franklin Co., OH, IDR Ref. Rev. (Hoover Universal, Inc.)....... 5.850 06/01/2002 1,592,055
950,000 Akron Bath & Copley, OH, Joint Twp. Hosp. Rev.
(Summa Health Systems)........................................ 5.900 11/15/2002 1,019,739
850,000 Columbus, OH, CSD GO, Prerefunded @ 102........................ 6.650 12/01/2002 977,253
270,000 Warren Co., OH, Hosp. Fac. Rev. (Otterbein Home)............... 7.000 07/01/2003 297,216
1,000,000 Ohio St. EDR Ohio Enterprise Bond Fd. (Smith Steelite Proj.)... 5.600 12/01/2003 1,012,700
500,000 Hamilton Co., OH, Hosp. Fac. Rev. (Episcopal Retirement Home).. 6.600 01/01/2004 549,415
825,000 Jackson, OH, Electric Sys. Mtg. Rev............................ 5.200 07/15/2004 830,635
1,000,000 Ohio St. GO Natural Resources Fac. Ser. B...................... 4.250 10/01/2004 970,040
465,000 Ohio St. EDR Ohio Enterprise Bond Fd. (Cheryl & Co.)........... 5.500 12/01/2004 504,892
625,000 Cuyahoga Co., OH, Util. Sys. Impt. & Ref. Rev., Ser. 1995B..... 5.500 08/15/2005 652,006
1,005,000 Franklin Co., OH, Health Care Fac. Rev. (First Comm. Village).. 6.000 06/01/2006 1,034,366
1,000,000 Ohio St. Water Dev. Auth. PCR, Ser. 1995....................... 5.200 06/01/2006 1,029,150
400,000 Painesville, OH, Elec. Rev..................................... 6.000 11/01/2006 427,380
1,000,000 Mahoning Co., OH, GO........................................... 6.600 12/01/2006 1,134,630
800,000 West Clermont, OH, LSD GO...................................... 6.150 12/01/2008 889,104
500,000 Hamilton Co., OH, Hosp. Fac. Rev. (Bethesda Hosp.)............. 7.000 01/01/2009 519,200
600,000 Franklin Co., OH, GO........................................... 5.450 12/01/2009 621,366
750,000 Univ. of Cincinnati, OH, General Receipts, Ser. G.............. 7.000 06/01/2011 847,590
------------
............................................................. 20,674,304
------------
PENNSYLVANIA -- 3.7%
825,000 Chartiers Valley, PA, Comm. Dev. ARPB (Colonial Bldg.
Partners Proj.)............................................... 5.625 12/01/1997 835,717
500,000 Pennsylvania St., IDR, Ser. A, Prerefunded @ 102............... 7.000 07/01/2001 570,290
1,000,000 Allegheny Co., PA, Hosp. Dev. Auth. Rev. (Univ. of
Pittsburgh Medical Ctr. ..................................... 4.850 12/01/2006 991,600
500,000 Pennsylvania Fin. Auth. Muni. Cap. Impt. Proj. Rev............. 6.600 11/01/2009 545,145
------------
............................................................. 2,942,752
------------
PUERTO RICO -- 1.3%
175,000 Puerto Rico Commonwealth GO, Prerefunded @ 102................. 7.125 07/01/1997 186,904
825,000 Puerto Rico Commonwealth GO.................................... 7.125 07/01/2002 874,277
------------
............................................................. 1,061,181
------------
SOUTH CAROLINA -- 3.7%
1,000,000 Piedmont, SC, Muni. Power Agy. Rev., Ser. A.................... 6.000 01/01/2002 1,080,900
525,000 South Carolina St. GO, Ser. A.................................. 6.000 03/01/2004 569,788
500,000 Spartanburg Co., SC, Health Serv. Rev.......................... 5.200 04/15/2007 509,375
725,000 Richland-Lexington, SC, Airport Dist. Rev. Ser. 1995
(Columbia Metro.)............................................. 6.000 01/01/2008 767,891
------------
............................................................. 2,927,954
------------
TENNESSEE -- 1.4%
525,000 Southeast, TN, Tax-Exempt Mtg. Trust ARPB, Ser. 1990,
Mandatory Put................................................. 7.250 04/01/2003 572,743
500,000 Nashville, TN, Metro. Airport Rev., Ser. C..................... 6.625 07/01/2007 562,265
------------
............................................................. 1,135,008
------------
<PAGE>
TAX-FREE INTERMEDIATE TERM FUND (CONTINUED)
=======================================================================================================================
<CAPTION>
PRINCIPAL COUPON MATURITY
AMOUNT MUNICIPAL BONDS-- 99.8% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TEXAS -- 8.5%
$ 510,000 Pasadena, TX, IDR (Univ. Space Research Assn.)................. 6.650% 10/01/1996 $ 519,649
500,000 Texas Turnpike Auth. Rev. (Dallas N. Tollway), Prerefunded @ 102 7.250 01/01/1999 553,865
500,000 Houston, TX, Sr. Lien Rev., Ser. A (Hotel Tax & Parking Fac.),
Prerefunded @ 100 ............................................ 7.000 07/01/2001 566,345
1,000,000 Texas National Research Lab. Fin. Corp. Lease Rev.,
Prerefunded @ 102............................................. 6.850 12/01/2001 1,146,440
500,000 N. Texas Higher Educ. Student Loan Rev., Ser. 1991A............ 6.875 04/01/2002 535,030
500,000 Austin, TX, Airport Sys. Prior Lien Rev., Ser. A............... 5.500 11/15/2003 525,045
650,000 Galveston, TX, Health Fac. Rev. (Devereux Foundation).......... 4.900 11/01/2006 652,671
500,000 N. Central, TX, Health Fac. Rev. (Baylor Health Care),
Indexed INFLOS................................................ 6.310 05/15/2008 556,590
499,183 Midland, TX, HFC Rev., Ser. A2................................. 8.450 12/01/2011 557,703
1,000,000 Univ. of Texas Rev............................................. 6.750 08/15/2013 1,115,140
------------
............................................................. 6,728,478
------------
UTAH -- 1.2%
870,000 Utah St. School Dist. Fin. Corp. Rev., Mandatory Redemption.... 8.375 08/15/1998 948,979
------------
VIRGINIA -- 3.2%
500,000 Chesterfield Co., VA, GO, Ser. B............................... 6.200 01/01/1999 531,735
500,000 Chesapeake, VA, GO............................................. 5.900 08/01/2005 539,750
1,070,000 Hanover Co., VA, IDA (Bon Secours Health Sys.)................. 5.200 08/15/2006 1,093,615
345,000 Norfolk, VA, Redev. & Hsg. Auth. Educ. Fac. Rev.
(Tidewater Comm. College)..................................... 5.500 11/01/2006 358,396
------------
............................................................. 2,523,496
------------
WASHINGTON -- 4.8%
750,000 Seattle, WA, Drain & Wastewater Util. Rev., Prerefunded @ 102.. 7.000 12/01/1999 839,955
1,000,000 Seattle, WA, Muni. Metro. Sewer Rev., Prerefunded @ 102........ 6.875 01/01/2000 1,115,400
440,000 Port of Everett, WA, Rev....................................... 6.500 04/01/2000 441,804
1,000,000 Washington St. Motor Vehicle Fuel Tax Ref. GO.................. 6.000 09/01/2004 1,084,560
335,000 Washington St. GO, Ser. A...................................... 6.400 03/01/2009 366,966
------------
............................................................. 3,848,685
------------
WEST VIRGINIA -- .6%
500,000 West Virginia Econ. Dev. Auth. Rev. (N. American Processing Co.) 7.850 11/01/2009 514,930
------------
WISCONSIN -- 1.5%
605,000 Village of Dresser, WI, PCR Ref. Rev. (F & A Dairy, Inc.)...... 6.000 05/01/2000 619,762
500,000 Wisconsin Public Power System Rev., Ser. A, Prerefunded @ 102.. 7.500 07/01/2000 575,830
- ------------- ------------
............................................................. 1,195,592
------------
$74,604,183 TOTAL MUNICIPAL BONDS -- 99.8%
=============
(Amortized Cost $76,126,957)................................. $79,392,246
OTHER ASSETS AND LIABILITIES, NET-- .2% ....................... 165,563
------------
NET ASSETS-- 100.0% ........................................... $79,557,809
============
</TABLE>
<PAGE>
<TABLE>
OHIO INSURED TAX-FREE FUND
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995 (UNAUDITED)
=========================================================================================================================
<CAPTION>
PRINCIPAL COUPON MATURITY
AMOUNT FIXED RATE REVENUE AND GENERAL OBLIGATION BONDS-- 95.6% RATE DATE VALUE
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 470,000 Clermont Co., OH, Hosp. Fac. Rev. (Mercy Health Care),
Prerefunded @ 102............................................. 7.500% 09/01/1999 $ 532,369
500,000 Montgomery Co., OH, Garbage & Refuse Rev., Ser. A,
Prerefunded @ 102............................................. 7.100 11/01/1999 561,680
500,000 Ohio St. Bldg. Auth. Local Jail Rev. , Prerefunded @ 102....... 7.350 04/01/2000 571,025
500,000 Ohio St. Higher Educ. Fac. Rev. (Ohio Northern Univ.),
Prerefunded @ 100............................................. 7.250 05/15/2000 560,795
500,000 Akron, Bath & Copley, OH, Joint Twp. Hosp. Rev. (Children's
Hosp.), Prerefunded @ 102..................................... 7.450 11/15/2000 579,615
500,000 Franklin Co., OH, Convention Fac. Auth. Tax & Lease Rev.,
Prerefunded @ 102............................................. 7.000 12/01/2000 570,280
500,000 Fairfield Co., OH, Hosp. Fac. Rev. (Lancaster-Fairfield Hosp.),
Prerefunded @ 102............................................. 7.100 06/15/2001 576,205
250,000 Franklin Co., OH, IDR (1st Community Village Healthcare),
Prerefunded @ 101.50.......................................... 10.125 08/01/2001 315,468
30,000 Clermont Co., OH, Hosp. Fac. Rev., Ser. A (Mercy Health Sys.),
Prerefunded @ 100............................................. 7.500 09/01/2001 34,833
500,000 Clermont Co., OH, Sewer Sys. Rev., Ser. 1991, Prerefunded @ 102 7.100 12/01/2001 581,120
40,000 Ohio St. Bldg. Auth. Rev. (Frank Lausch Proj.), Prerefunded @ 100 10.125 04/01/2003 50,758
160,000 Ohio St. Bldg. Auth. Rev. (Columbus St. Proj.), Prerefunded @ 100 10.125 04/01/2003 204,154
1,100,000 Ohio HFA SFM Rev., Ser. 1991D.................................. 7.050 09/01/2003 1,178,133
290,000 Northwest, OH, LSD GO.......................................... 7.050 12/01/2003 331,699
675,000 Reynoldsburg, OH, CSD GO....................................... 6.550 12/01/2004 747,239
290,000 Alliance, OH, CSD GO........................................... 6.900 12/01/2006 336,194
1,635,000 Montgomery Co., OH, Solid Waste Rev............................ 5.000 11/01/2007 1,652,380
1,000,000 Trumbull Co., OH, GO........................................... 5.250 12/01/2007 1,033,110
500,000 Cleveland, OH, Waterworks Impt. Rev., Ser. G (First Mtg.)...... 5.500 01/01/2009 525,160
1,000,000 Franklin Co., OH, Hosp. Impt. Rev. (Holy Cross Health System).. 7.625 06/01/2009 1,141,290
500,000 Mansfield, OH, Hosp. Impt. Rev. (Mansfield General)............ 6.700 12/01/2009 557,645
250,000 Ohio St. Water Dev. Auth. Ref. & Impt. Rev. (Pure Water)....... 7.000 12/01/2009 292,003
500,000 Ohio Capital Corp. MFH Rev..................................... 7.500 01/01/2010 543,615
500,000 Hamilton, OH, Water Sys. Mtg. Rev., Ser. 1991A................. 6.400 10/15/2010 542,830
500,000 Montgomery Co., OH, Solid Waste Rev............................ 5.350 11/01/2010 510,525
500,000 Butler Co., OH, Hosp. Fac. Rev. (Middletown Regional Hosp.).... 6.750 11/15/2010 558,865
1,000,000 Canton, OH, Waterworks Sys. GO, Ser. 1995...................... 5.750 12/01/2010 1,053,830
500,000 St. Mary's, OH, Elec. Sys. Rev................................. 7.150 12/01/2010 567,115
500,000 Cleveland, OH, Waterworks Impt. Rev............................ 6.500 01/01/2011 550,310
285,000 Cuyahoga, Co., OH, Hosp. Rev. (University Hosp.),
Escrowed to Maturity.......................................... 9.000 06/01/2011 334,938
1,700,000 Ohio St. Water Dev. Auth. Rev.................................. 5.700 06/01/2011 1,773,933
2,000,000 Ohio St. Water Dev. Auth. PCR.................................. 5.300 06/01/2011 2,012,520
600,000 Ohio HFA SFM Rev., Ser. D...................................... 7.000 09/01/2011 643,896
365,000 Bexley, OH, CSD GO............................................. 7.125 12/01/2011 451,549
500,000 Greene Co., OH, Water Sys. Rev................................. 6.850 12/01/2011 568,995
500,000 Maple Heights, OH, Various Purpose GO.......................... 7.000 12/01/2011 570,610
500,000 Stark Co., OH, Various Purpose GO.............................. 7.050 12/01/2011 564,930
530,000 Urbana, OH, Wastewater Impt. GO................................ 7.050 12/01/2011 615,664
600,000 Westerville, OH, Water Sys. Impt. GO........................... 6.450 12/01/2011 657,024
500,000 Cleveland, OH, GO, Ser. A...................................... 6.375 07/01/2012 546,495
500,000 Summit Co., OH, GO............................................. 6.900 08/01/2012 566,490
500,000 Brunswick, OH, CSD GO.......................................... 6.900 12/01/2012 568,600
500,000 Ohio St. Higher Educ. Fac. Rev. (Univ. of Dayton).............. 7.250 12/01/2012 569,305
500,000 Springfield, OH, LSD GO........................................ 6.600 12/01/2012 555,085
500,000 Summit Co., OH, Various Purpose GO............................. 6.625 12/01/2012 555,725
500,000 Warrensville Heights, OH, GO................................... 6.400 12/01/2012 549,160
1,095,000 West Clermont, OH, LSD GO...................................... 6.900 12/01/2012 1,278,960
500,000 Worthington, OH, CSD GO........................................ 6.375 12/01/2012 546,070
395,000 Ohio HFA SFM Rev., Ser. 1990D.................................. 7.500 09/01/2013 423,942
500,000 Ohio St. Bldg. Auth. Rev., Ser. 1994A (Juvenile
Correctional Bldg.)........................................... 6.600 10/01/2014 562,225
500,000 Mahoning Co., OH, Hosp. Impt. Rev. (YHA, Inc.)................. 7.000 10/15/2014 559,560
460,000 Bedford Heights, OH, GO........................................ 6.500 12/01/2014 510,149
<PAGE>
OHIO INSURED TAX-FREE FUND (CONTINUED)
=======================================================================================================================
<CAPTION>
PRINCIPAL COUPON MATURITY
AMOUNT FIXED RATE REVENUE AND GENERAL OBLIGATION BONDS-- 95.6% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 290,000 Garfield Heights, OH, Various Purpose GO....................... 6.300% 12/01/2014 $ 319,484
1,250,000 Maumee, OH, Hosp. Fac. Rev. Bonds, Ser. 1994
(St. Luke's Hosp. Proj.)...................................... 5.800 12/01/2014 1,294,963
530,000 Ottawa Co., OH, GO............................................. 5.750 12/01/2014 551,804
1,000,000 Portage Co., OH, GO............................................ 6.200 12/01/2014 1,086,830
1,000,000 Clermont Co., OH, Hosp. Fac. Rev. (Mercy Health Sys.).......... 5.875 09/01/2015 1,041,450
550,000 Cambridge, OH, Water Sys. Mtg. Rev............................. 5.500 12/01/2015 553,316
700,000 Canton, OH, Waterworks Sys., GO, Ser. 1995..................... 5.850 12/01/2015 739,382
1,000,000 Dayton, OH, Airport Rev. (James M. Cox Dayton Int'l. Airport).. 5.250 12/01/2015 992,630
1,000,000 Delaware, OH, CSD GO........................................... 5.750 12/01/2015 1,038,590
790,000 Geneva, OH, GO................................................. 5.600 12/01/2015 803,027
1,700,000 Massillon, OH, GO.............................................. 6.625 12/01/2015 1,919,028
500,000 Ohio St. Higher Educ. Fac. Rev. (Univ. of Dayton).............. 6.750 12/01/2015 562,135
1,420,000 Stow, OH, Safety Center Const., GO............................. 6.150 12/01/2015 1,539,990
880,000 Troy, OH, GO................................................... 5.375 12/01/2015 888,061
1,000,000 Tuscarawas, OH, LSD GO, Ser. 1995.............................. 6.600 12/01/2015 1,140,390
500,000 Cleveland, OH, Waterworks Impt. Rev............................ 6.250 01/01/2016 535,470
750,000 Columbus-Polaris Hsg. Corp. Ohio Mtg. Rev., Prerefunded @100... 7.400 01/01/2016 907,117
500,000 Ohio St. Air Quality Dev. Rev. (Ohio Edison)................... 7.450 03/01/2016 565,025
430,000 Ohio HFA SFM Rev., Ser. 1990F.................................. 7.600 09/01/2016 461,231
500,000 Celina, OH, Wastewater Sys. Mtg. Rev........................... 6.550 11/01/2016 546,780
1,000,000 Cleveland, OH, Public Power Sys. Rev........................... 7.000 11/15/2016 1,159,500
750,000 Montgomery Co., OH, Hosp. Rev. (Miami Valley Hosp.)............ 6.250 11/15/2016 802,628
705,000 Big Walnut, OH, LSD GO (Community Library Proj.)............... 6.650 12/01/2016 789,833
590,000 Garfield Heights, OH, Various Purpose GO....................... 7.050 12/01/2016 666,895
850,000 Alliance, OH, Waterworks Sys. Rev.............................. 6.650 10/15/2017 939,284
500,000 Toledo, OH, Sewer Sys. Rev..................................... 6.350 11/15/2017 550,540
750,000 Olmstead Falls, OH, CSD GO..................................... 5.850 12/15/2017 783,307
500,000 Ohio St. Air Quality Rev., Ser. 1990B (Ohio Edison)............ 7.100 06/01/2018 561,080
560,000 Anthony Wayne, OH, LSD GO...................................... 5.750 12/01/2018 578,323
500,000 Newark, OH, Water Sys. Impt. Rev............................... 6.000 12/01/2018 532,670
25,000 Ohio Water Dev. Auth. Ref. Rev................................. 9.375 12/01/2018 26,354
500,000 Seneca Co., OH, GO (Jail Fac.)................................. 6.500 12/01/2018 556,110
1,350,000 Westerville, OH, CSD GO........................................ 5.600 12/01/2018 1,388,758
500,000 Franklin Co., OH, Hosp. Rev., Ser. 1991 (Mt. Carmel)........... 6.750 06/01/2019 552,490
500,000 Crawford Co., OH, GO........................................... 6.750 12/01/2019 578,595
1,135,000 Holmes Co., OH, GO............................................. 5.800 12/01/2019 1,182,159
360,000 Cuyahoga Co., OH, Hosp. Rev. (University Hosp.)................ 6.250 01/15/2020 381,427
500,000 Lucas Co., OH, Hosp. Impt. Rev. (St. Vincent's Hosp.).......... 6.750 08/15/2020 553,970
2,000,000 Fairfield, OH, CSD GO.......................................... 6.000 12/01/2020 2,116,340
1,000,000 Ohio St. Air Quality Dev. Rev., Ser. 1985A (Columbus
Southern Power)............................................... 6.375 12/01/2020 1,084,590
200,000 Montgomery Co., OH, Hosp. Rev. (Sisters of Charity)............ 6.625 05/15/2021 217,816
460,000 Westerville Minerva Park & Blendon, OH, Joint Hosp. Dist. Rev.
(St. Ann's)................................................... 7.100 09/15/2021 524,984
1,000,000 Clermont Co., OH, Hosp. Fac. Rev. (Mercy Health Sys.).......... 6.733 10/05/2021 1,099,700
1,000,000 Hamilton, OH, Water Sys. Mtg. Rev., Ser. 1991A................. 6.300 10/15/2021 1,070,220
105,000 Puerto Rico Hsg. Fin. Corp. SFM Rev., Ser. A (Portfolio One)... 7.800 10/15/2021 111,974
1,310,000 Cuyahoga Co., OH, Hosp. Rev. (Mt. Sinai)....................... 6.625 11/15/2021 1,433,952
2,000,000 Adams Co., Ohio Valley, LSD GO................................. 5.250 12/01/2021 1,980,340
1,000,000 Kent St. Univ. General Receipts Rev............................ 6.500 05/01/2022 1,096,320
1,000,000 Ohio St. Higher Educ. Fac. Rev. (Case Western Reserve Univ.)... 6.000 10/01/2022 1,044,160
650,000 Ohio St. Air Quality Dev. Auth. PCR, Ser. 1994 (Penn Power).... 6.150 08/01/2023 697,567
165,000 Puerto Rico Hsg. Fin. Corp. Rev................................ 6.850 10/15/2023 174,017
1,000,000 Ohio St. Air Quality PCR (Penn Power).......................... 6.450 05/01/2027 1,081,690
- ------------- ------------
$70,975,000 TOTAL FIXED RATE REVENUE AND GENERAL OBLIGATION BONDS
- -------------
(Amortized Cost $70,545,249)................................. $77,050,366
------------
<PAGE>
OHIO INSURED TAX-FREE FUND (CONTINUED)
=====================================================================================================================
<CAPTION>
PRINCIPAL COUPON MATURITY
AMOUNT FLOATING AND VARIABLE RATE DEMAND NOTES-- 1.0% RATE DATE VALUE
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 800,000 Hamilton Co., OH, Health Sys. Rev. (Franciscan Sisters)........ 5.950% 01/02/1996 $ 800,000
- ------------- ------------
$ 800,000 TOTAL FLOATING AND VARIABLE RATE DEMAND NOTES
- -------------
(Amortized Cost $800,000).................................... $ 800,000
------------
$71,775,000 TOTAL INVESTMENTS AT VALUE -- 96.6%
=============
(Amortized Cost $71,345,249)................................. $77,850,366
OTHER ASSETS AND LIABILITIES, NET-- 3.4% ..................... 2,778,942
------------
NET ASSETS-- 100.0% ........................................... $80,629,308
============
</TABLE>
RESULTS OF SPECIAL MEETING OF SHAREHOLDERS
DECEMBER 8, 1995
==============================================================================
On December 8, 1995, a Special Meeting of Shareholders of the Trust was held
to elect Trustees to serve on the Board and to ratify or reject the selection
of Arthur Andersen LLP as the Trust's independent public accountants for the
current fiscal year. The total number of shares of the Trust present by proxy
represented 59.5% of the shares entitled to vote at the meeting.
The results of the voting for Trustees were as follows:
<TABLE>
- ---------------------------------------------------------------------------------------------------------------------
<CAPTION>
WITHHOLD
NOMINEES FOR ELECTION AUTHORITY STATUS
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Dale P. Brown 192,383,988.899 1,260,008.584 New Trustee
Gary W. Heldman 192,400,900.463 1,243,097.020 Incumbent
H. Jerome Lerner 192,580,992.346 1,063,005.137 Incumbent
Robert H. Leshner 192,583,121.125 1,060,876.358 Incumbent
Richard A. Lipsey 192,561,975.259 1,082,022.224 New Trustee
Donald J. Rahilly 192,274,783.314 1,369,214.169 New Trustee
Fred A. Rappoport 192,274,473.328 1,369,524.155 New Trustee
Oscar P. Robertson 192,295,476.538 1,348,520.945 Incumbent
Robert B. Sumerel 192,343,494.643 1,300,502.840 New Trustee
- ---------------------------------------------------------------------------------------------------------------------
The results of the voting for Arthur Andersen LLP by each Fund were as
follows:
- ---------------------------------------------------------------------------------------------------------------------
<CAPTION>
NUMBER OF SHARES
FOR AGAINST ABSTAIN
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Ohio Tax-Free Money Fund 128,323,955.280 1,499,828.120 1,743,786.510
Tax-Free Money Fund 13,926,330.910 259,857.130 577,602.470
California Tax-Free Money Fund 22,081,406.040 6,308.680 26,142.000
Royal Palm Florida Tax-Free Money Fund 17,209,164.920 -- --
Tax-Free Intermediate Term Fund 4,337,774.980 7,196.251 20,956.342
Ohio Insured Tax-Free Fund 3,587,537.807 8,318.883 27,831.160
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000352667
<NAME> MIDWEST GROUP TAX FREE TRUST
<SERIES>
<NUMBER> 7
<NAME> CALIFORNIA TAX-FREE MONEY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-1-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 21,486,213
<INVESTMENTS-AT-VALUE> 21,440,612
<RECEIVABLES> 267,093
<ASSETS-OTHER> 6,170
<OTHER-ITEMS-ASSETS> 46,532
<TOTAL-ASSETS> 21,760,407
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19,713
<TOTAL-LIABILITIES> 19,713
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21,742,274
<SHARES-COMMON-STOCK> 21,742,274
<SHARES-COMMON-PRIOR> 19,526,452
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,580)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 21,740,694
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 476,600
<OTHER-INCOME> 0
<EXPENSES-NET> 99,110
<NET-INVESTMENT-INCOME> 377,490
<REALIZED-GAINS-CURRENT> 116
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 377,606
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 377,490
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 45,076,232
<NUMBER-OF-SHARES-REDEEMED> 43,207,995
<SHARES-REINVESTED> 347,585
<NET-CHANGE-IN-ASSETS> 2,215,938
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,696)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 61,944
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 104,710
<AVERAGE-NET-ASSETS> 24,575,588
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .015
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .015
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000352667
<NAME> MIDWEST GROUP TAX FREE TRUST
<SERIES>
<NUMBER> 21
<NAME> TAX-FREE INTERMEDIATE TERM FUND CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-1-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 76,452,039
<INVESTMENTS-AT-VALUE> 79,392,246
<RECEIVABLES> 1,323,995
<ASSETS-OTHER> 20,671
<OTHER-ITEMS-ASSETS> 55,263
<TOTAL-ASSETS> 80,792,175
<PAYABLE-FOR-SECURITIES> 992,113
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 242,253
<TOTAL-LIABILITIES> 1,234,366
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77,989,591
<SHARES-COMMON-STOCK> 6,733,930
<SHARES-COMMON-PRIOR> 7,470,758
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,697,071)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,265,289
<NET-ASSETS> 74,752,405
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,307,720
<OTHER-INCOME> 0
<EXPENSES-NET> 428,340
<NET-INVESTMENT-INCOME> 1,879,380
<REALIZED-GAINS-CURRENT> 342,284
<APPREC-INCREASE-CURRENT> 1,466,228
<NET-CHANGE-FROM-OPS> 3,687,892
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,779,295
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 753,661
<NUMBER-OF-SHARES-REDEEMED> 1,620,085
<SHARES-REINVESTED> 129,596
<NET-CHANGE-IN-ASSETS> (6,387,280)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,039,355)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 210,013
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 428,340
<AVERAGE-NET-ASSETS> 78,321,142
<PER-SHARE-NAV-BEGIN> 10.86
<PER-SHARE-NII> .25
<PER-SHARE-GAIN-APPREC> .24
<PER-SHARE-DIVIDEND> .25
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.10
<EXPENSE-RATIO> .99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000352667
<NAME> MIDWEST GROUP TAX FREE TRUST
<SERIES>
<NUMBER> 23
<NAME> TAX-FREE INTERMEDIATE TERM FUND CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-1-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 76,452,039
<INVESTMENTS-AT-VALUE> 79,392,246
<RECEIVABLES> 1,323,995
<ASSETS-OTHER> 20,671
<OTHER-ITEMS-ASSETS> 55,263
<TOTAL-ASSETS> 80,792,175
<PAYABLE-FOR-SECURITIES> 992,113
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 242,253
<TOTAL-LIABILITIES> 1,234,366
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77,989,591
<SHARES-COMMON-STOCK> 432,822
<SHARES-COMMON-PRIOR> 443,255
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,697,071)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,265,289
<NET-ASSETS> 4,805,404
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,307,720
<OTHER-INCOME> 0
<EXPENSES-NET> 428,340
<NET-INVESTMENT-INCOME> 1,879,380
<REALIZED-GAINS-CURRENT> 342,284
<APPREC-INCREASE-CURRENT> 1,466,228
<NET-CHANGE-FROM-OPS> 3,687,892
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 100,085
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 121,938
<NUMBER-OF-SHARES-REDEEMED> 140,838
<SHARES-REINVESTED> 8,467
<NET-CHANGE-IN-ASSETS> (8,872)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,039,355)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 210,013
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 428,340
<AVERAGE-NET-ASSETS> 4,964,569
<PER-SHARE-NAV-BEGIN> 10.86
<PER-SHARE-NII> .22
<PER-SHARE-GAIN-APPREC> .24
<PER-SHARE-DIVIDEND> .22
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.10
<EXPENSE-RATIO> 1.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000352667
<NAME> MIDWEST GROUP TAX FEE TRUST
<SERIES>
<NUMBER> 1
<NAME> TAX-FREE MONEY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-1-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 29,002,339
<INVESTMENTS-AT-VALUE> 28,922,583
<RECEIVABLES> 311,962
<ASSETS-OTHER> 7,059
<OTHER-ITEMS-ASSETS> 163,791
<TOTAL-ASSETS> 29,405,395
<PAYABLE-FOR-SECURITIES> 786,061
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29,502
<TOTAL-LIABILITIES> 815,563
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28,590,318
<SHARES-COMMON-STOCK> 28,600,761
<SHARES-COMMON-PRIOR> 26,700,445
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (486)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 28,589,832
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 610,091
<OTHER-INCOME> 0
<EXPENSES-NET> 143,845
<NET-INVESTMENT-INCOME> 466,246
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 466,246
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 468,947
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 26,913,371
<NUMBER-OF-SHARES-REDEEMED> 25,464,491
<SHARES-REINVESTED> 451,436
<NET-CHANGE-IN-ASSETS> 1,897,615
<ACCUMULATED-NII-PRIOR> 2,701
<ACCUMULATED-GAINS-PRIOR> (486)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 72,650
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 143,845
<AVERAGE-NET-ASSETS> 28,812,228
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .016
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .016
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000352667
<NAME> MIDWEST GROUP TAX FREE TRUST
<SERIES>
<NUMBER> 31
<NAME> OHIO INSURED TAX-FREE FUND CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-1-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 71,365,956
<INVESTMENTS-AT-VALUE> 77,850,366
<RECEIVABLES> 2,823,068
<ASSETS-OTHER> 20,892
<OTHER-ITEMS-ASSETS> 92,227
<TOTAL-ASSETS> 80,786,553
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 157,245
<TOTAL-LIABILITIES> 157,245
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 74,166,675
<SHARES-COMMON-STOCK> 6,091,429
<SHARES-COMMON-PRIOR> 5,951,947
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (42,484)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,505,117
<NET-ASSETS> 76,089,300
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,358,340
<OTHER-INCOME> 0
<EXPENSES-NET> 310,896
<NET-INVESTMENT-INCOME> 2,047,444
<REALIZED-GAINS-CURRENT> 595,873
<APPREC-INCREASE-CURRENT> 2,812,184
<NET-CHANGE-FROM-OPS> 5,455,501
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,946,662
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,540,675
<NUMBER-OF-SHARES-REDEEMED> 5,518,144
<SHARES-REINVESTED> 116,951
<NET-CHANGE-IN-ASSETS> 4,696,402
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (638,357)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 200,032
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 313,604
<AVERAGE-NET-ASSETS> 75,086,214
<PER-SHARE-NAV-BEGIN> 11.99
<PER-SHARE-NII> .32
<PER-SHARE-GAIN-APPREC> .50
<PER-SHARE-DIVIDEND> .32
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.49
<EXPENSE-RATIO> .75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000352667
<NAME> MIDWEST GROUP TAX FREE TRUST
<SERIES>
<NUMBER> 33
<NAME> OHIO INSURED TAX-FREE FUND CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-1-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 71,365,956
<INVESTMENTS-AT-VALUE> 77,850,366
<RECEIVABLES> 2,823,068
<ASSETS-OTHER> 20,892
<OTHER-ITEMS-ASSETS> 92,227
<TOTAL-ASSETS> 80,786,553
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 157,245
<TOTAL-LIABILITIES> 157,245
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 74,166,675
<SHARES-COMMON-STOCK> 363,450
<SHARES-COMMON-PRIOR> 347,217
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (42,484)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,505,117
<NET-ASSETS> 4,540,008
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,358,340
<OTHER-INCOME> 0
<EXPENSES-NET> 310,896
<NET-INVESTMENT-INCOME> 2,047,444
<REALIZED-GAINS-CURRENT> 595,873
<APPREC-INCREASE-CURRENT> 2,812,184
<NET-CHANGE-FROM-OPS> 5,455,501
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 100,782
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 50,436
<NUMBER-OF-SHARES-REDEEMED> 41,327
<SHARES-REINVESTED> 7,124
<NET-CHANGE-IN-ASSETS> 374,651
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (638,357)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 200,032
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 313,604
<AVERAGE-NET-ASSETS> 4,304,783
<PER-SHARE-NAV-BEGIN> 12.00
<PER-SHARE-NII> .29
<PER-SHARE-GAIN-APPREC> .49
<PER-SHARE-DIVIDEND> .29
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.49
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000352667
<NAME> MIDWEST GROUP TAX FREE TRUST
<SERIES>
<NUMBER> 6
<NAME> OHIO TAX-FREE MONEY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-1-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 249,079,935
<INVESTMENTS-AT-VALUE> 248,968,561
<RECEIVABLES> 2,017,427
<ASSETS-OTHER> 51,161
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 251,037,149
<PAYABLE-FOR-SECURITIES> 1,004,198
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 843,291
<TOTAL-LIABILITIES> 1,847,489
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 249,170,673
<SHARES-COMMON-STOCK> 249,170,673
<SHARES-COMMON-PRIOR> 226,592,739
<ACCUMULATED-NII-CURRENT> 5,233
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13,754
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 249,189,660
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,748,398
<OTHER-INCOME> 0
<EXPENSES-NET> 885,518
<NET-INVESTMENT-INCOME> 3,862,880
<REALIZED-GAINS-CURRENT> 140
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,863,020
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,857,647
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 271,684,367
<NUMBER-OF-SHARES-REDEEMED> 251,644,807
<SHARES-REINVESTED> 2,538,372
<NET-CHANGE-IN-ASSETS> 22,583,305
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 13,614
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 547,899
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 885,518
<AVERAGE-NET-ASSETS> 234,235,924
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .016
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .016
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000352667
<NAME> MIDWEST GROUP TAX FREE TRUST
<SERIES>
<NUMBER> 8
<NAME> ROYAL PALM FLORIDA TAX-FREE MONEY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-1-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 32,367,544
<INVESTMENTS-AT-VALUE> 32,310,265
<RECEIVABLES> 239,562
<ASSETS-OTHER> 7,855
<OTHER-ITEMS-ASSETS> 50,686
<TOTAL-ASSETS> 32,608,368
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26,722
<TOTAL-LIABILITIES> 26,722
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,582,844
<SHARES-COMMON-STOCK> 32,582,844
<SHARES-COMMON-PRIOR> 24,119,770
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,198)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 32,581,646
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 570,959
<OTHER-INCOME> 0
<EXPENSES-NET> 85,077
<NET-INVESTMENT-INCOME> 485,882
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</TABLE>
