ANNUAL REPORT
JUNE 30, 1997
TAX-FREE
MONEY FUND
CALIFORNIA TAX-FREE
MONEY FUND
OHIO TAX-FREE
MONEY FUND
FLORIDA TAX-FREE
MONEY FUND
TAX-FREE INTERMEDIATE
TERM FUND
OHIO INSURED
TAX-FREE FUND
Countrywide Investments
COUNTRYWIDE TAX-FREE TRUST
312 Walnut St., 21st Floor
Cincinnati, Ohio 45202-4094
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
Angelo R. Mozilo, Chairman
Robert H. Leshner, President
Donald L. Bogdon, M.D.
John R. Delfino
H. Jerome Lerner
Oscar P. Robertson
John F. Seymour, Jr.
Sebastiano Sterpa
INVESTMENT ADVISER
Countrywide Investments, Inc.
312 Walnut St., 21st Floor
Cincinnati, Ohio 45202-4094
TRANSFER AGENT
Countrywide Fund Services, Inc.
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 Countrywide Tax-Free Trust.
<PAGE>
LETTER FROM THE CHAIRMAN
===============================================================================
Photo of Chairman Angelo R. Mozilo
Dear Shareholders:
Welcome to the Countrywide Family. The recent acquisition of Midwest Group by
Countrywide is cause for celebration within both organizations.
Midwest Group's experienced management team, reputation for excellence, and
strong customer relationships significantly enhance Countrywide's long-term
commitment to being a leading provider of financial services.
In turn, Countrywide offers this excellent team an atmosphere of innovative
technology, industry leadership, and dynamic organization. It is a blending of
talents and abilities that will position our newly expanded Countrywide family
for leadership into the twenty-first century.
Countrywide Home Loans is the nation's leading independent residential mortgage
lender and servicer. Our loan servicing operation now serves more than 1.5
million homeowners. With nearly 400 offices, Countrywide employs over 6,000
individuals across the United States. In addition to first lien prime and
subprime mortgages and home equity loans, a variety of other financial products
and services augments our mortgage lending and servicing operations including
insurance products, credit cards, and now investments.
Countrywide Investments adds a critical component to Countrywide's
strategic business plan. While mortgage lending is Countrywide's core business,
we believe diversification of financial products and services will provide
greater customer retention and enhanced customer service.
In addition to the quality and performance you've come to expect in meeting
your investment needs, we think you will be pleased with the additional
opportunities Countrywide offers. Again, welcome to the Countrywide family.
Sincerely,
/s/Angelo R. Mozilo
Angelo R. Mozilo
Chairman
<PAGE>
LETTER FROM THE PRESIDENT
===============================================================================
Photo of President, Robert H. Leshner
Dear Fellow Shareholders:
We are pleased to present the audited annual report for the Countrywide Tax-Free
Trust for the fiscal year ended June 30, 1997.
As you may already have noticed, our name and look have changed. We are
answering the phone as Countrywide Investments, and your statement bears the
Countrywide brand. Our Funds are now listed under the Countrywide name in local
and national newspapers, magazines and other publications.
Countrywide has a long-term commitment to be a leading provider of financial
services. It views the acquisition of Midwest Group as an opportunity to offer a
broader variety of financial products and services to complement its residential
lending and servicing operations. If we can be of assistance to you with your
home loan needs, please don't hesitate to call us at 800-586-9150, our hotline
number especially for Countrywide Investments shareholders.
As a result of these exciting changes, we now have access to Countrywide's broad
managerial, financial and technological resources. These tools will help us to
ensure that we continue to develop and deliver quality investment products and
services to help meet your financial goals.
What has not changed is the Funds' management team and the investment strategies
employed by the Funds. We remain committed to providing you with the same level
of quality service to which you are accustomed.
Economic growth continued during the past year, marked by strong employment
gains and record levels of consumer confidence. More important to the bond
market, however, is that inflation remained subdued. Typically, strong economic
growth causes inflation to increase, hurting the value of bonds. But the Federal
Reserve Board, under the leadership of Alan Greenspan, has been able to hold
inflation at bay while maintaining economic growth. Thanks to these factors,
interest rate trends were favorable in the past year, which benefited the
tax-free market including Countrywide's Funds.
We believe that the economy will continue to grow with few inflationary threats.
The bond market will likely experience some volatility, but the promising
outlook for inflation should remain in place. The dramatic reduction in the
federal deficit as well as the recent budget agreement also should help the bond
market in the second half of 1997.
The Tax-Free Money Fund and the state-specific money funds serving the Ohio,
Florida and California markets continue to offer stable, tax-free income. The
Tax-Free Intermediate Term Fund and the Ohio Insured Tax-Free Fund offer
competitive tax-free yields for investors with a longer-term orientations.
Countrywide Investments remains committed to providing conservative,
high-quality opportunities to help investors meet their financial goals. Our
success can be attributed to the support of shareholders like you. We thank you
for your continued confidence and look forward to serving your investment needs
in the years to come.
Sincerely,
/s/Robert H. Leshner
Robert H. Leshner
President
<PAGE>
MANAGEMENT DISCUSSION AND ANALYSIS
Tax-Free Intermediate Term Fund
Ohio Insured Tax-Free Fund
===============================================================================
The Tax-Free Intermediate Term Fund seeks high current income exempt from
federal income tax, consistent with protection of capital, by investing
primarily in high-grade municipal obligations maturing within twenty years or
less with a dollar-weighted average portfolio maturity under normal market
conditions of between three and ten years. To the extent consistent with the
Fund's primary objective, capital appreciation is a secondary objective. For the
fiscal year ended June 30, 1997, the Fund's total returns (excluding the impact
of applicable sales loads) were 6.19% and 5.49% for Class A shares and Class C
shares, respectively. The yield for the Fund's Class A shares at June 30, 1997
was 4.31%, which is equivalent to a taxable yield of 7.14%, and the yield for
the Fund's Class C shares was 3.65%, which is equivalent to a taxable yield of
6.04%, assuming the maximum federal income tax bracket for individuals.
The Ohio Insured Tax-Free Fund seeks the highest level of interest income exempt
from federal income tax and Ohio personal income tax, consistent with protection
of capital. The Fund invests primarily in high and medium-quality, long-term
Ohio municipal obligations which are protected by insurance guaranteeing the
payment of principal and interest in the event of a default. For the fiscal year
ended June 30, 1997, the Fund's total returns (excluding the impact of
applicable sales loads) were 7.36% and 6.65% for Class A shares and Class C
shares, respectively. The yield for the Fund's Class A shares at June 30, 1997
was 4.81%, which is equivalent to a taxable yield of 8.61%, and the yield for
the Fund's Class C shares was 4.26%, which is equivalent to a taxable yield of
7.62%, assuming the maximum combined federal and Ohio income tax bracket for
individuals.
To begin the second half of 1996, interest rates peaked with the yield on the
30-year Treasury bond trading as high as 7.20%. Investors were concerned that
robust economic growth combined with a very strong labor market would lead to an
increase in the level of inflation. As the year progressed it became clear that
this was not the case and growth began to moderate. Slowing economic growth and
nominal inflation paved the way for lower interest rates with yields on
intermediate and long-term Treasuries declining approximately 0.40% by
mid-February. However, the positive sentiment was short-lived as it became
apparent that economic activity was beginning to surge, unemployment was
declining and personal incomes and consumer spending were on the rise. This
euphoric combination led to the belief that the economy was once again expanding
at an above-trend rate of growth. In an effort to stem the growth rate, the
Federal Reserve Board raised short-term interest rates in late March, increasing
the Federal Funds rate by 0.25%. During the second quarter of 1997, growth did
indeed moderate and interest rates again declined with the benchmark Treasury
bond yielding 6.75% on June 30, 1997.
With the uncertainties regarding tax reform a distant memory, performance of the
municipal bond market mirrored that of the Treasury market for much of the year.
New issue supply, which increased for the first time since 1993, was met
enthusiastically by investors seeking the tax-free income offered by municipal
bonds. For the twelve months ended June 30 ,1997, the Lehman Brothers 5-Year
Municipal G.O. Bond Index returned 6.27%, while the Lehman Brothers 15-Year
Municipal G.O. Bond Index returned 9.84%.
The Tax-Free Intermediate Term Fund performed comparably with the Lehman
Brothers 5-year Municipal G.O. Bond Index. During the first half of the fiscal
year, the average maturity of the Fund was lengthened slightly to take advantage
of declining interest rates. When rates did, in fact, move lower, the average
maturity was shortened to a more neutral stance which helped the Fund weather a
rather difficult first quarter of 1997. Our current strategy is unchanged as we
continue to focus on those issues which we believe will provide us the best
combination of quality and yield while minimizing principal volatility.
Performance of the Ohio Insured Tax-Free Fund during the first half of the
fiscal year was in line with that of the Lehman Brothers 15-Year Municipal G.O.
Bond Index. However, our longer average maturity hindered performance in the
first quarter of 1997 when interest rates increased sharply. In the second
quarter, our focus was on the 15 to 20-year maturity range which we felt offered
the best yield versus market risk. We continue to focus on this maturity range
and on those issues which offer the maximum call protection and yield.
As we move through 1997, the economy has slowed from its torrid pace and seems
to be expanding at a much more sustainable rate of growth. Inflation remains
muted running at a 1.4% annualized rate of growth year-to-date. This should keep
interest rates trading within a narrow range, possibly moving lower should the
economy slow further. However, continued strong employment growth and a
potential increase in consumer spending could again spark inflation fears.
<PAGE>
A Representation of the Graphic Material Contained in the Countrywide Tax-Free
Trust Annual Report is set forth below:
COMPARISON OF THE CHANGE IN VALUE SINCE JUNE 30, 1987 OF A $10,000 INVESTMENT
IN THE TAX-FREE INTERMEDIATE TERM FUND* AND THE LEHMAN BROTHERS 5-YEAR MUNICIPAL
G.O. INDEX
LEHMAN BROTHERS 5-YEAR MUNICIPAL TAX-FREE INTERMEDIATE TERM FUND:
G.O. INDEX CLASS A
QTRLY QTRLY
DATE RETURN BALANCE DATE RETURN BALANCE
06/30/87 10,000 06/30/87 9,800
09/30/87 -2.06% 9,794 09/30/87 -1.38% 9,665
12/31/87 3.82% 10,168 12/31/87 2.19% 9,877
03/31/88 3.10% 10,483 03/31/88 2.35% 10,109
06/30/88 0.42% 10,527 06/30/88 0.71% 10,181
09/30/88 1.14% 10,647 09/30/88 1.14% 10,296
12/31/88 0.61% 10,712 12/31/88 1.16% 10,416
03/31/89 -0.28% 10,682 03/31/89 0.79% 10,498
06/30/89 4.70% 11,184 06/30/89 2.56% 10,767
09/30/89 1.11% 11,309 09/30/89 1.54% 10,933
12/31/89 2.99% 11,647 12/31/89 2.32% 11,187
03/31/90 0.48% 11,703 03/31/90 0.57% 11,251
06/30/90 2.24% 11,965 06/30/90 1.78% 11,451
09/30/90 1.06% 12,092 09/30/90 0.47% 11,505
12/31/90 3.32% 12,493 12/31/90 3.11% 11,862
03/31/91 2.15% 12,762 03/31/91 1.93% 12,090
06/30/91 1.75% 12,985 06/30/91 1.69% 12,295
09/30/91 3.55% 13,446 09/30/91 2.89% 12,651
12/31/91 3.35% 13,896 12/31/91 2.29% 12,941
03/31/92 -0.08% 13,885 03/31/92 0.48% 13,002
06/30/92 3.25% 14,336 06/30/92 2.87% 13,375
09/30/92 2.49% 14,693 09/30/92 2.19% 13,668
12/31/92 1.59% 14,927 12/31/92 1.98% 13,938
03/31/93 2.54% 15,306 03/31/93 3.40% 14,412
06/30/93 2.36% 15,667 06/30/93 2.78% 14,813
09/30/93 2.16% 16,006 09/30/93 3.17% 15,282
12/31/93 1.23% 16,203 12/31/93 1.19% 15,463
03/31/94 -3.15% 15,692 03/31/94 -3.37% 14,942
06/30/94 1.34% 15,903 06/30/94 0.82% 15,064
09/30/94 0.81% 16,031 09/30/94 0.57% 15,149
12/31/94 -0.33% 15,979 12/31/94 -0.91% 15,011
03/31/95 4.06% 16,627 03/31/95 4.35% 15,663
06/30/95 2.55% 17,051 06/30/95 2.29% 16,021
09/30/95 2.73% 17,517 09/30/95 2.07% 16,352
12/31/95 1.83% 17,837 12/31/95 2.43% 16,750
03/31/96 0.32% 17,895 03/31/96 -0.43% 16,678
06/30/96 0.43% 17,972 06/30/96 0.40% 16,745
09/30/96 1.63% 18,265 09/30/96 1.60% 17,013
12/31/96 2.18% 18,663 12/31/96 2.26% 17,397
03/31/97 -0.16% 18,633 03/31/97 -0.15% 17,371
06/30/97 2.49% 19,098 06/30/97 2.36% 17,781
Past Performance is not Predictive of Future Performance.
*The chart above represents performance of Class A shares only, which will vary
from the performance of Class C shares based on the difference in loads and fees
paid by shareholders in the different classes. Fund inception was September
10, 1981, and the initial public offering of Class C shares commenced on
February 1, 1994.
Tax-Free Intermediate Term Fund Average Annual Total Returns
1 Year 5 Years 10 Years Since Inception
Class A 4.06% 5.43% 5.92% 6.33%
Class C 5.49% -- -- 3.41%
<PAGE>
COMPARISON OF THE CHANGE IN VALUE SINCE JUNE 30, 1987 OF A $10,000 INVESTMENT
IN THE OHIO INSURED TAX-FREE FUND* AND THE LEHMAN BROTHERS 15-YEAR MUNICIPAL
G.O. INDEX
LEHMAN BROTHERS 15-YEAR MUNICIPAL OHIO INSURED TAX-FREE FUND
G.O. INDEX CLASS A
QTRLY QTRLY
DATE RETURN BALANCE DATE RETURN BALANCE
06/30/87 10,000 06/30/87 9,600
09/30/87 -3.49% 9,651 09/30/87 -2.38% 9,371
12/31/87 6.64% 10,292 12/31/87 3.41% 9,691
03/31/88 3.11% 10,612 03/31/88 3.62% 10,042
06/30/88 1.98% 10,822 06/30/88 2.10% 10,253
09/30/88 2.57% 11,100 09/30/88 2.15% 10,473
12/31/88 1.94% 11,315 12/31/88 2.24% 10,707
03/31/89 0.38% 11,358 03/31/89 0.79% 10,792
06/30/89 6.32% 12,076 06/30/89 4.27% 11,253
09/30/89 -0.43% 12,024 09/30/89 -0.04% 11,248
12/31/89 4.42% 12,556 12/31/89 3.71% 11,665
03/31/90 -0.01% 12,555 03/31/90 -0.10% 11,654
06/30/90 2.29% 12,842 06/30/90 1.90% 11,874
09/30/90 -0.41% 12,789 09/30/90 0.08% 11,884
12/31/90 4.42% 13,355 12/31/90 3.97% 12,356
03/31/91 1.85% 13,602 03/31/91 1.78% 12,576
06/30/91 1.96% 13,868 06/30/91 1.96% 12,822
09/30/91 4.09% 14,436 09/30/91 3.66% 13,292
12/31/91 3.13% 14,887 12/31/91 3.19% 13,716
03/31/92 0.54% 14,968 03/31/92 -0.06% 13,708
06/30/92 3.81% 15,538 06/30/92 4.35% 14,304
09/30/92 2.86% 15,983 09/30/92 1.95% 14,582
12/31/92 2.47% 16,377 12/31/92 2.29% 14,917
03/31/93 4.24% 17,072 03/31/93 3.78% 15,481
06/30/93 3.67% 17,698 06/30/93 3.70% 16,054
09/30/93 4.17% 18,436 09/30/93 3.86% 16,673
12/31/93 1.56% 18,724 12/31/93 0.73% 16,794
03/31/94 -6.78% 17,454 03/31/94 -5.28% 15,907
06/30/94 1.42% 17,702 06/30/94 0.50% 15,987
09/30/94 0.41% 17,775 09/30/94 0.17% 16,015
12/31/94 -1.75% 17,464 12/31/94 -0.77% 15,892
03/31/95 8.41% 18,932 03/31/95 6.59% 16,940
06/30/95 2.23% 19,355 06/30/95 1.69% 17,226
09/30/95 3.65% 20,061 09/30/95 2.33% 17,628
12/31/95 4.05% 20,874 12/31/95 4.45% 18,413
03/31/96 -0.95% 20,675 03/31/96 -2.15% 18,016
06/30/96 0.35% 20,748 06/30/96 0.44% 18,096
09/30/96 2.40% 21,246 09/30/96 2.38% 18,526
12/31/96 3.03% 21,889 12/31/96 2.44% 18,978
03/31/97 -0.07% 21,874 03/31/97 -0.81% 18,823
06/30/97 4.18% 22,788 06/30/97 3.21% 19,427
Past performance is not predictive of future performance.
*The chart above represents performance of Class A shares only, which will
vary from the performance of Class C shares based on the difference in loads
and fees paid by shareholders in the different classes. Fund inception was
April 1, 1985, and the initial public offering of Class C shares commenced
on November 1, 1993.
Ohio Insured Tax-Free Fund Average Annual Total Returns
1 Year 5 Years 10 Years Since Inception
Class A 3.06% 5.45% 6.87% 7.73%
Class C 6.65% -- -- 3.82%
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1997
===================================================================================================================================
CALIFORNIA
TAX-FREE TAX-FREE
MONEY FUND MONEY FUND
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS
Investments in securities:
At acquisition cost................................................... $ 30,184,507 $ 32,479,071
============== ===============
At amortized cost..................................................... $ 30,147,370 $ 32,408,985
============== ===============
At market value (Note 2).............................................. $ 30,147,370 $ 32,408,985
Cash .................................................................... 173,501 287,500
Interest receivable ..................................................... 304,930 517,323
Other assets ............................................................ 1,290 1,607
-------------- ---------------
TOTAL ASSETS........................................................ 30,627,091 33,215,415
-------------- ---------------
LIABILITIES
Dividends payable........................................................ 990 4,431
Payable for securities purchased......................................... 476,266 1,003,350
Payable to affiliates (Note 4) .......................................... 17,916 15,145
Other accrued expenses and liabilities .................................. 6,243 6,178
-------------- ---------------
TOTAL LIABILITIES................................................... 501,415 1,029,104
-------------- ---------------
NET ASSETS ............................................................. $ 30,125,676 $ 32,186,311
============== ===============
Net assets consist of:
Paid-in capital ......................................................... $ 30,126,719 $ 32,189,814
Accumulated net realized losses from security transactions............... ( 1,043) ( 3,503)
-------------- ---------------
Net assets............................................................... $ 30,125,676 $ 32,186,311
============== ===============
Shares of beneficial interest outstanding (unlimited
number of shares authorized, no par value) (Note 5) .................. 30,137,162 32,189,814
============== ===============
Net asset value, offering price and redemption price per share (Note 2) . $ 1.00 $ 1.00
============== ===============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
For the Year Ended June 30, 1997
===================================================================================================================================
CALIFORNIA
TAX-FREE TAX-FREE
MONEY FUND MONEY FUND
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME
Interest income....................................................... $ 1,145,840 $ 1,427,032
-------------- ---------------
EXPENSES
Investment advisory fees (Note 4)..................................... 149,097 200,103
Distribution expenses (Note 4)........................................ 21,442 16,900
Accounting services fees (Note 4)..................................... 39,000 39,000
Transfer agent and shareholder services fees (Note 4)................. 28,729 22,110
Postage and supplies.................................................. 19,075 9,194
Professional fees..................................................... 6,403 6,703
Insurance expense..................................................... 3,721 4,537
Registration fees..................................................... 13,016 4,867
Custodian fees ....................................................... 1,631 4,984
Pricing expenses...................................................... 4,486 5,028
Trustees' fees and expenses .......................................... 4,080 4,080
Reports to shareholders .............................................. 2,310 1,697
Other expenses ....................................................... 2,223 945
-------------- ---------------
TOTAL EXPENSES .......................................................... 295,213 320,148
-------------- ---------------
NET INVESTMENT INCOME ................................................... 850,627 1,106,884
-------------- ---------------
NET REALIZED GAINS (LOSSES) FROM SECURITY TRANSACTIONS .................. 7 ( 1,923)
-------------- ---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS .............................. $ 850,634 $ 1,104,961
============= ==============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
For the Years Ended June 30, 1997 and 1996
===================================================================================================================================
CALIFORNIA
TAX-FREE TAX-FREE
MONEY FUND MONEY FUND
Year Year Year Year
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
1997 1996 1997 1996
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net investment income ...................... $ 850,627 $ 870,333 $ 1,106,884 $ 818,679
Net realized gains (losses) from
security transactions..................... 7 ( 564) ( 1,923) 116
------------ -------------- ------------- --------------
Net increase in net assets from operations..... 850,634 869,769 1,104,961 818,795
------------ -------------- ------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS
FROM NET INVESTMENT INCOME ................. ( 850,627) ( 873,034) ( 1,106,884) ( 818,679)
------------ -------------- ------------- --------------
FROM CAPITAL SHARE
TRANSACTIONS (NOTE 5):
Proceeds from shares sold .................. 59,171,857 49,546,956 166,476,608 119,659,991
Net asset value of shares issued in
reinvestment of distributions
to shareholders........................... 828,537 839,246 1,029,746 753,406
Payments for shares redeemed ............... ( 55,217,113) ( 51,732,766) (171,440,181) ( 103,816,208)
------------ -------------- ------------- --------------
Net increase (decrease) in net assets from
capital share transactions.................. 4,783,281 ( 1,346,564) ( 3,933,827) 16,597,189
------------ -------------- ------------- --------------
TOTAL INCREASE (DECREASE)
IN NET ASSETS ............................. 4,783,288 ( 1,349,829) ( 3,935,750) 16,597,305
NET ASSETS:
Beginning of year........................... 25,342,388 26,692,217 36,122,061 19,524,756
------------ -------------- ------------- --------------
End of year................................. $ 30,125,676 $ 25,342,388 $32,186,311 36,122,061
============ ============= ============ =============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TAX-FREE MONEY FUND
FINANCIAL HIGHLIGHTS
===================================================================================================================================
Per Share Data for a Share Outstanding Throughout Each Year
===================================================================================================================================
Year Ended June 30,
1997 1996 1995 1994 1993
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value at beginning of year............ $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
---------- --------- ---------- --------- -----------
Net investment income........................... 0.029 0.031 0.030 0.021 0.024
---------- --------- ---------- --------- -----------
Distributions from net investment income........ ( 0.029) ( 0.031) ( 0.030) ( 0.021) ( 0.024)
---------- --------- ---------- --------- -----------
Net asset value at end of year.................. $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
========== ========= ========== ========= ===========
Total return ................................... 2.89% 3.15% 3.07% 2.12% 2.40%
========== ========= ========== ========= ===========
Net assets at end of year (000's) .............. $ 30,126 $ 25,342 $ 26,692 $ 31,168 $34,787
========== ========= ========== ========= ===========
Ratio of expenses to average net assets......... 0.99% 0.99% 0.99% 0.99% 0.99%
Ratio of net investment income to average
net assets.................................. 2.85% 3.09% 3.00% 2.09% 2.39%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CALIFORNIA TAX-FREE MONEY FUND
FINANCIAL HIGHLIGHTS
===================================================================================================================================
Per Share Data for a Share Outstanding Throughout Each Year
===================================================================================================================================
Year Ended June 30,
1997 1996 1995 1994 1993
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value at beginning of year............ $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
---------- --------- ---------- --------- -----------
Net investment income........................... 0.028 0.029 0.029 0.019 0.022
---------- --------- ---------- --------- -----------
Distributions from net investment income........ ( 0.028) ( 0.029) ( 0.029) ( 0.019) ( 0.022)
---------- --------- ---------- --------- -----------
Net asset value at end of year.................. $ 1.000 $ 1.000 $ 1.000 $ 1.000 $1.000
---------- --------- ---------- --------- -----------
Total return ................................... 2.81% 2.95% 2.95% 1.93% 2.26%
========== ========= ========= ======== ===========
Net assets at end of year (000's) .............. $ 32,186 $ 36,122 $ 19,525 $ 24,508 $34,487
========== ========= ========= ======== ===========
Ratio of expenses to average net assets(A) .... 0.80% 0.80% 0.70% 0.60% 0.56%
Ratio of net investment income to average
net assets................................. 2.76% 2.88% 2.83% 1.90% 2.22%
- -----------------------------------------------------------------------------------------------------------------------------------
<FN>
(A) Absent fee waivers and/or expense reimbursements by the Adviser, the ratio
of expenses to average net assets would have been 0.82%, 0.85%, 0.86% and 0.85%
for the years ended June 30, 1996, 1995, 1994 and 1993, respectively.
</FN>
See accompanying notes to finacial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1997
===================================================================================================================================
OHIO FLORIDA
TAX-FREE TAX-FREE
MONEY FUND MONEY FUND
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS
Investments in securities:
At acquisition cost................................................... $ 262,582,999 $ 42,979,267
============== ===============
At amortized cost..................................................... $ 262,508,765 $ 42,907,587
============== ===============
At market value (Note 2) ............................................. $ 262,508,765 $ 42,907,587
Cash .................................................................... 112,177 175,922
Interest receivable ..................................................... 2,111,040 349,792
Other assets ............................................................ 8,578 1,765
-------------- ---------------
TOTAL ASSETS ......................................................... 264,740,560 43,435,066
-------------- ---------------
LIABILITIES
Dividends payable........................................................ 302,770 60,826
Payable for securities purchased......................................... -- 1,567,623
Payable to affiliates (Note 4) .......................................... 109,798 16,878
Other accrued expenses and liabilities................................... 20,336 7,275
-------------- ---------------
TOTAL LIABILITIES .................................................. 432,904 1,652,602
-------------- ---------------
NET ASSETS ............................................................. $ 264,307,656 $ 41,782,464
============== ===============
Net assets consist of:
Paid-in capital ......................................................... $ 264,294,705 $ 41,783,292
Accumulated net realized gains (losses) from security transactions ...... 12,951 ( 828)
-------------- ---------------
Net assets............................................................... $ 264,307,656 $ 41,782,464
============== ===============
PRICING OF CLASS A SHARES
Net assets applicable to Class A shares.................................. $ 166,719,026 $ 22,433,909
============== ===============
Shares of beneficial interest outstanding (unlimited number of shares
authorized, no par value) (Note 5) ................................... 166,706,383 22,434,902
============== ===============
Net asset value, offering price and redemption price per share (Note 2).. $ 1.00 $ 1.00
============== ===============
PRICING OF CLASS B SHARES
Net assets applicable to Class B shares ................................. $ 97,588,630 $ 19,348,555
============== ===============
Shares of beneficial interest outstanding (unlimited number of shares
authorized, no par value) (Note 5).................................... 97,588,320 19,348,390
============== ===============
Net asset value, offering price and redemption price per share (Note 2).. $ 1.00 $ 1.00
============== ===============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
For the Year Ended June 30, 1997
===================================================================================================================================
OHIO FLORIDA
TAX-FREE TAX-FREE
MONEY FUND MONEY FUND
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME
Interest income....................................................... $ 9,559,104 $ 1,692,646
-------------- ---------------
EXPENSES
Investment advisory fees (Note 4)..................................... 1,181,638 234,628
Distribution expenses, Class A (Note 4)............................... 434,537 48,951
Transfer agent and shareholder services fees, Class A (Note 4)........ 73,519 12,000
Transfer agent and shareholder services fees, Class B (Note 4) ....... 6,000 12,000
Accounting services fees (Note 4) .................................... 57,500 51,000
Postage and supplies.................................................. 51,628 10,886
Pricing expenses...................................................... 8,260 4,182
Professional fees .................................................... 19,903 7,503
Insurance expense..................................................... 20,324 4,764
Custodian fees (Note 4)............................................... 539 12,890
Registration fees..................................................... 9,325 6,694
Reports to shareholders .............................................. 8,290 829
Trustees' fees and expenses .......................................... 4,080 4,080
Other expenses ....................................................... 13,626 1,625
-------------- ---------------
TOTAL EXPENSES .......................................................... 1,889,169 412,032
Fees waived by the Adviser (Note 4)................................... ( 54,672 ) ( 87,852 )
Class B expenses reimbursed by the Adviser (Note 4)................... ( 9,148 ) ( 18,259 )
-------------- ---------------
NET EXPENSES ............................................................ 1,825,349 305,921
-------------- ---------------
NET INVESTMENT INCOME ................................................... 7,733,755 1,386,725
-------------- ---------------
NET REALIZED GAINS FROM SECURITY TRANSACTIONS ........................... 46 370
-------------- ---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS .............................. $ 7,733,801 $ 1,387,095
============== ===============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
For the Years Ended June 30, 1997 and 1996
===================================================================================================================================
OHIO FLORIDA
TAX-FREE TAX-FREE
MONEY FUND MONEY FUND
Year Year Year Year
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
1997 1996 1997 1996
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net investment income ...................... $ 7,733,755 $ 7,465,588 $ 1,386,725 $ 984,325
Net realized gains (losses) from
security transactions..................... 46 ( 709) 370 --
------------ -------------- ------------- --------------
Net increase in net assets from operations .... 7,733,801 7,464,879 1,387,095 984,325
------------ -------------- ------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income, Class A ........ ( 6,297,760) ( 7,465,588) ( 814,499) ( 941,390)
From net investment income, Class B ........ ( 1,435,995) -- ( 572,226) ( 42,935)
------------ -------------- ------------- --------------
Decrease in net assets from distributions to
shareholders ............................... ( 7,733,755) ( 7,465,588) ( 1,386,725) ( 984,325)
------------ -------------- ------------- --------------
FROM CAPITAL SHARE
TRANSACTIONS (NOTE 5):
CLASS A
Proceeds from shares sold .................. 572,337,891 565,969,095 57,130,891 51,380,671
Net asset value of shares issued in
reinvestment of distributions to
shareholders.............................. 4,862,899 4,885,920 675,817 836,936
Payments for shares redeemed ............... (650,804,392) (557,137,769) (64,279,383) (47,429,798)
------------ -------------- ------------- --------------
Net increase (decrease) in net assets
from Class A share transactions............. (73,603,602) 13,717,246 ( 6,472,675) 4,787,809
------------ -------------- ------------- --------------
CLASS B
Proceeds from shares sold .................. 216,396,635 -- 38,407,914 19,950,303
Payments for shares redeemed ............... (118,808,315) -- (38,204,284) ( 805,545)
------------ -------------- ------------- --------------
Net increase in net assets
from Class B share transactions ........... 97,588,320 -- 203,630 19,144,758
------------ -------------- ------------- --------------
TOTAL INCREASE (DECREASE)
IN NET ASSETS ............................ 23,984,764 13,716,537 ( 6,268,675) 23,932,567
NET ASSETS:
Beginning of year........................... 240,322,892 226,606,355 48,051,139 24,118,572
------------ -------------- ------------- --------------
End of year................................. $264,307,656 $240,322,892 $41,782,464 $48,051,139
============ ============ ============ ==============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OHIO TAX-FREE MONEY FUND - CLASS A
FINANCIAL HIGHLIGHTS
===================================================================================================================================
Per Share Data for a Share Outstanding Throughout Each Year
===================================================================================================================================
Year Ended June 30,
1997 1996 1995 1994 1993
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value at beginning of year............ $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
---------- --------- ---------- --------- -----------
Net investment income........................... 0.030 0.031 0.031 0.020 0.022
---------- --------- ---------- --------- -----------
Distributions from net investment income ....... ( 0.030) ( 0.031) ( 0.031) ( 0.020 ) ( 0.022 )
---------- --------- ---------- --------- -----------
Net asset value at end of year.................. $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
========== ========= ========== ========= ===========
Total return.................................... 2.99% 3.14% 3.12% 1.99% 2.19%
========== ========= ========== ========= ===========
Net assets at end of year (000's) .............. $166,719 $240,323 $226,606 $213,001 $221,775
========== ========= ========== ========= ===========
Ratio of expenses to average net assets ........ 0.75%(A) 0.75% 0.74% 0.73% 0.74%
Ratio of net investment income to average
net assets................................. 2.93% 3.09% 3.08% 1.97% 2.16%
- -----------------------------------------------------------------------------------------------------------------------------------
<FN>
(A) Absent fee waivers by the Adviser, the ratio of expenses to average net
assets would have been 0.77% for the year ended June 30, 1997 (Note 4).
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OHIO TAX-FREE MONEY FUND - CLASS B
FINANCIAL HIGHLIGHTS
===================================================================================================================================
Per Share Data for a Share Outstanding Throughout the Period
===================================================================================================================================
PERIOD ENDED
JUNE 30,
1997(A)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Net asset value at beginning of period ..................................................... $ 1.000
---------------
Net investment income....................................................................... 0.016
---------------
Distributions from net investment income ................................................... ( 0.016 )
---------------
Net asset value at end of period ........................................................... $ 1.000
===============
Total return................................................................................ 3.31% (C)
---------------
Net assets at end of period (000's) ........................................................ $ 97,589
===============
Ratio of expenses to average net assets(B) ................................................ 0.50% (C)
Ratio of net investment income to average net assets........................................ 3.28% (C)
- -----------------------------------------------------------------------------------------------------------------------------------
<FN>
(A) Represents the period from the initial public offering of Class B shares
(January 7, 1997) through June 30, 1997.
(B) Absent fee waivers and expense reimbursements by the Adviser, the ratio of
expenses to average net assets would have been 0.56% for the period ended June
30, 1997 (Note 4).
(C) Annualized.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FLORIDA TAX-FREE MONEY FUND - CLASS A
FINANCIAL HIGHLIGHTS
===================================================================================================================================
Per Share Data for a Share Outstanding Throughout Each Period
===================================================================================================================================
Period
Ended
Year Ended June 30, June 30,
1997 1996 1995 1994 1993 (A)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value at beginning of period ......... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
---------- --------- ---------- --------- -----------
Net investment income........................... 0.029 0.032 0.031 0.021 0.016
---------- --------- ---------- --------- -----------
Distributions from net investment income ....... ( 0.029) ( 0.032) ( 0.031) ( 0.021 ) ( 0.016 )
---------- --------- ---------- --------- -----------
Net asset value at end of period ............... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
========== ========= ========== ========= ===========
Total return ................................... 2.90% 3.29% 3.17% 2.11% 2.49% (C)
========== ========= ========== ========= ===========
Net assets at end of period (000's) ............ $ 22,434 $ 28,906 $ 24,119 $ 26,276 $21,907
========== ========= ========== ========= ===========
Ratio of expenses to average net assets(B) .... 0.75% 0.61% 0.66% 0.58% 0.34% (C)
Ratio of net investment income to average net assets 2.85% 3.24% 3.12% 2.10% 2.41% (C)
- -----------------------------------------------------------------------------------------------------------------------------------
<FN>
(A) Represents the period from the initial public offering of Class A shares
(November 13, 1992) through June 30, 1993. 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 0.94%, 0.80%, 0.80%, 0.81% and
0.94%(C) for the periods ended June 30, 1997, 1996, 1995, 1994 and 1993,
respectively (Note 4).
(C) Annualized.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FLORIDA TAX-FREE MONEY FUND - CLASS B
FINANCIAL HIGHLIGHTS
===================================================================================================================================
Per Share Data for a Share Outstanding Throughout Each Period
===================================================================================================================================
Year Period
Ended Ended
June 30, June 30,
1997 1996 (A)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value at beginning of period .................................. $ 1.000 $ 1.000
-------------- ---------------
Net investment income.................................................... 0.031 0.003
-------------- ---------------
Distributions from net investment income ................................ ( 0.031 ) ( 0.003 )
-------------- ---------------
Net asset value at end of period ........................................ $ 1.000 $ 1.000
============== ===============
Total return............................................................. 3.16% 3.03% (C)
============== ===============
Net assets at end of period (000's) ..................................... $ 19,349 $ 19,145
============== ===============
Ratio of expenses to average net assets(B) ............................. 0.50% 0.50% (C)
Ratio of net investment income to average net assets..................... 3.11% 3.03% (C)
- -----------------------------------------------------------------------------------------------------------------------------------
<FN>
(A) Represents the period from the initial public offering of Class B shares
(May 29, 1996) through June 30, 1996.
(B) Absent fee waivers and expense reimbursements by the Adviser, the ratio of
expenses to average net assets would have been 0.79% and 0.87%(C) for the
periods ended June 30, 1997 and 1996, respectively (Note 4).
(C) Annualized.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1997
===================================================================================================================================
TAX-FREE OHIO INSURED
INTERMEDIATE TAX-FREE
TERM FUND FUND
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS
Investments in securities:
At acquisition cost................................................... $ 61,193,510 $ 70,231,497
============== ===============
At amortized cost..................................................... $ 60,807,141 $ 70,182,058
-------------- ---------------
At market value (Note 2) ............................................. $ 63,124,859 $ 74,882,287
Cash .................................................................... 235,778 46,602
Receivable for capital shares sold....................................... 39,154 7,235
Interest receivable ..................................................... 1,243,582 671,325
Other assets ............................................................ 2,896 3,104
-------------- ---------------
TOTAL ASSETS ......................................................... 64,646,269 75,610,553
-------------- ---------------
LIABILITIES
Dividends payable........................................................ 42,791 72,902
Payable for capital shares redeemed ..................................... 403,972 30,584
Payable for securities purchased......................................... 497,853 --
Payable to affiliates (Note 4) .......................................... 44,737 40,269
Other accrued expenses and liabilities................................... 10,749 11,611
-------------- ---------------
TOTAL LIABILITIES .................................................. 1,000,102 155,366
-------------- ---------------
NET ASSETS ............................................................. $ 63,646,167 $ 75,455,187
============== ===============
Net assets consist of:
Paid-in capital ......................................................... $ 62,829,085 $ 70,621,240
Accumulated net realized gains (losses) from security transactions ...... ( 1,500,636 ) 133,718
Net unrealized appreciation on investments............................... 2,317,718 4,700,229
-------------- ---------------
Net assets............................................................... $ 63,646,167 $ 75,455,187
============== ===============
PRICING OF CLASS A SHARES
Net assets applicable to Class A shares.................................. $ 58,484,876 $ 70,816,181
============== ===============
Shares of beneficial interest outstanding (unlimited number of shares
authorized, no par value) (Note 5).................................... 5,313,679 5,794,738
============== ===============
Net asset value and redemption price per share (Note 2) ................. $ 11.01 $ 12.22
============== ===============
Maximum offering price per share (Note 2) ............................... $ 11.23 $ 12.73
============== ===============
PRICING OF CLASS C SHARES
Net assets applicable to Class C shares ................................. $ 5,161,291 $ 4,639,006
============== ===============
Shares of beneficial interest outstanding (unlimited number of shares
authorized, no par value) (Note 5) ................................... 468,857 379,664
============== ===============
Net asset value, offering price and redemption price per share (Note 2) . $ 11.01 $ 12.22
============== ===============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
For the Year Ended June 30, 1997
===================================================================================================================================
TAX-FREE OHIO INSURED
INTERMEDIATE TAX-FREE
TERM FUND FUND
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME
Interest income....................................................... $ 3,811,882 $ 4,567,667
-------------- ---------------
EXPENSES
Investment advisory fees (Note 4)..................................... 343,509 393,579
Distribution expenses, Class A (Note 4)............................... 82,961 13,046
Distribution expenses, Class C (Note 4) .............................. 28,121 16,632
Transfer agent and shareholder services fees, Class A (Note 4)........ 65,211 37,726
Transfer agent and shareholder services fees, Class C (Note 4)........ 12,000 12,000
Accounting services fees (Note 4) .................................... 57,000 57,000
Postage and supplies.................................................. 55,697 29,869
Pricing expenses...................................................... 15,691 16,650
Professional fees .................................................... 8,703 9,703
Insurance expense..................................................... 7,601 8,103
Custodian fees........................................................ 3,047 3,008
Registration fees, Common............................................. 4,224 2,965
Registration fees, Class A............................................ 8,135 3,840
Registration fees, Class C............................................ 7,217 2,310
Reports to shareholders .............................................. 6,810 4,216
Trustees' fees and expenses .......................................... 4,080 4,080
Other expenses ....................................................... 4,678 3,584
-------------- ---------------
TOTAL EXPENSES .......................................................... 714,685 618,311
-------------- ---------------
NET INVESTMENT INCOME ................................................... 3,097,197 3,949,356
-------------- ---------------
REALIZED AND UNREALIZED GAINS ON INVESTMENTS
Net realized gains from security transactions ...................... 120,146 134,212
Net change in unrealized appreciation/depreciation on investments... 896,811 1,565,046
-------------- ---------------
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS ....................... 1,016,957 1,699,258
-------------- ---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS .............................. $ 4,114,154 $ 5,648,614
============== ===============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS For the Years Ended June 30, 1997 and 1996
===================================================================================================================================
TAX-FREE
INTERMEDIATE OHIO INSURED
TERM FUND TAX-FREE FUND
Year Ended Year Ended Year Ended Year Ended
June 30, 1997 June 30, 1996 June 30, 1997 June 30, 1996
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net investment income ...................... $ 3,097,197 $ 3,575,536 $ 3,949,356 $ 4,034,181
Net realized gains from security
transactions.............................. 120,146 418,573 134,212 637,863
Net change in unrealized appreciation/
depreciation on investments............... 896,811 ( 378,154) 1,565,046 ( 557,750)
------------ -------------- ------------- --------------
Net increase in net assets from operations .... 4,114,154 3,615,955 5,648,614 4,114,294
------------ -------------- ------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income, Class A ........ ( 2,894,253) ( 3,370,231) ( 3,767,741) ( 3,835,050)
From net investment income, Class C......... ( 202,944) ( 205,305) ( 181,615) ( 199,131)
------------ -------------- ------------- --------------
Decrease in net assets from distributions to
shareholders ............................... ( 3,097,197) ( 3,575,536) ( 3,949,356) ( 4,034,181)
------------ -------------- ------------- --------------
FROM CAPITAL SHARE
TRANSACTIONS (NOTE 5):
CLASS A
Proceeds from shares sold .................. 12,588,991 15,528,848 171,413,856 149,454,410
Net asset value of shares issued in
reinvestment of distributions to
shareholders.............................. 2,298,321 2,685,608 2,840,761 2,832,266
Payments for shares redeemed ............... ( 25,016,687) ( 31,733,808) (180,995,415) ( 147,848,817)
------------ -------------- ------------- --------------
Net increase (decrease) in net assets
from Class A share transactions............. ( 10,129,375) ( 13,519,352) ( 6,740,798) 4,437,859
------------ -------------- ------------- --------------
CLASS C
Proceeds from shares sold .................. 1,847,102 3,208,583 1,641,830 1,212,806
Net asset value of shares issued in
reinvestment of distributions to
shareholders.............................. 191,889 192,684 159,120 173,201
Payments for shares redeemed ............... ( 2,193,811) ( 2,962,890) ( 1,214,900 ) ( 1,551,557)
------------ -------------- ------------- --------------
Net increase (decrease) in net assets
from Class C share transactions .......... ( 154,820) 438,377 586,050 ( 165,550)
------------ -------------- ------------- --------------
TOTAL INCREASE (DECREASE)
IN NET ASSETS ............................ ( 9,267,238) ( 13,040,556) ( 4,455,490) 4,352,422
NET ASSETS:
Beginning of year........................... 72,913,405 85,953,961 79,910,677 75,558,255
------------ -------------- ------------- --------------
End of year................................. $ 63,646,167 $ 72,913,405 $75,455,187 $79,910,677
============ ============== ============= ==============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TAX-FREE INTERMEDIATE TERM FUND - CLASS A
FINANCIAL HIGHLIGHTS
===================================================================================================================================
Per Share Data for a Share Outstanding Throughout Each Year
===================================================================================================================================
Year Ended June 30,
1997 1996 1995 1994 1993
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value at beginning of year............ $ 10.85 $ 10.86 $ 10.69 $ 10.98 $ 10.42
---------- --------- ---------- --------- -----------
Income from investment operations:
Net investment income ....................... 0.50 0.50 0.49 0.48 0.53
Net realized and unrealized gains (losses)
on investments............................. 0.16 ( 0.01) 0.17 ( 0.29 ) 0.56
---------- --------- ---------- --------- -----------
Total from investment operations ............... 0.66 0.49 0.66 0.19 1.09
---------- --------- ---------- --------- -----------
Distributions from net investment income ....... ( 0.50) ( 0.50) ( 0.49) ( 0.48 ) ( 0.53 )
---------- --------- ---------- --------- -----------
Net asset value at end of year.................. $ 11.01 $ 10.85 $ 10.86 $ 10.69 $ 10.98
========== ========= ========== ========= ===========
Total return(A) ................................ 6.19% 4.51% 6.36% 1.70% 10.75%
========== ========= ========== ========= ===========
Net assets at end of year (000's) .............. $ 58,485 $ 67,675 $ 81,140 $106,472 $82,168
========== ========= ========== ========= ===========
Ratio of expenses to average net assets ........ 0.99% 0.99% 0.99% 0.99% 0.99%
Ratio of net investment income to average
net assets................................. 4.55% 4.52% 4.59% 4.35% 4.90%
Portfolio turnover rate......................... 30% 37% 32% 46% 28%
- -----------------------------------------------------------------------------------------------------------------------------------
<FN>
(A) The total returns shown do not include the effect of applicable sales loads.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TAX-FREE INTERMEDIATE TERM FUND - CLASS C FINANCIAL HIGHLIGHTS
===================================================================================================================================
Per Share Data for a Share Outstanding Throughout Each Period
===================================================================================================================================
From Date of
Public Offering
Year Ended June 30, (Feb. 1, 1994)
through
1997 1996 1995 June 30, 1994
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value at beginning of period......... $ 10.85 $ 10.86 $ 10.69 $ 11.27
------------ -------------- ------------- --------------
Income from investment operations:
Net investment income....................... 0.43 0.44 0.44 0.20
Net realized and unrealized gains (losses)
on investments............................ 0.16 ( 0.01) 0.17 ( 0.58 )
------------ -------------- ------------- --------------
Total from investment operations............... 0.59 0.43 0.61 ( 0.38 )
------------ -------------- ------------- --------------
Distributions from net investment income....... ( 0.43) ( 0.44) ( 0.44 ) ( 0.20 )
------------ -------------- ------------- --------------
Net asset value at end of period............... $ 11.01 $ 10.85 $ 10.86 $ 10.69
============ ============== ============= ==============
Total return(A) ............................... 5.49% 4.00% 5.82% ( 8.28%) (C)
============ ============== ============= ==============
Net assets at end of period (000's)............ $ 5,161 $ 5,239 $ 4,814 $ 3,084
============ ============== ============= ==============
Ratio of expenses to average net assets(B) .... 1.65% 1.49% 1.49% 1.45% (C)
Ratio of net investment income to average
net assets................................ 3.89% 4.02% 4.08% 3.79% (C)
Portfolio turnover rate........................ 30% 37% 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.
(C) Annualized.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OHIO INSURED TAX-FREE FUND - CLASS A
FINANCIAL HIGHLIGHTS
===================================================================================================================================
Per Share Data for a Share Outstanding Throughout Each Year
===================================================================================================================================
Year Ended June 30,
1997 1996 1995 1994 1993
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value at beginning of year............ $ 11.97 $ 11.99 $ 11.74 $ 12.41 $ 11.67
---------- --------- ---------- --------- -----------
Income from investment operations:
Net investment income ....................... 0.61 0.62 0.63 0.61 0.65
Net realized and unrealized gains (losses)
on investments............................. 0.25 ( 0.02) 0.25 ( 0.64 ) 0.74
---------- --------- ---------- --------- -----------
Total from investment operations ............... 0.86 0.60 0.88 ( 0.03 ) 1.39
---------- --------- ---------- --------- -----------
Less distributions:
Distributions from net investment income .... ( 0.61) ( 0.62) ( 0.63) ( 0.61 ) ( 0.65 )
Distributions from net realized gains........ -- -- -- ( 0.03 ) --
---------- --------- ---------- --------- -----------
Total distributions ............................ ( 0.61) ( 0.62) ( 0.63) ( 0.64 ) ( 0.65 )
---------- --------- ---------- --------- -----------
Net asset value at end of year.................. $ 12.22 $ 11.97 $ 11.99 $ 11.74 $12.41
========== ========= ========== ========= ===========
Total return(A) ............................... 7.36% 5.05% 7.75% ( 0.41% ) 12.24%
========== ========= ========== ========= ===========
Net assets at end of year (000's) .............. $ 70,816 $ 75,938 $ 71,393 $ 79,889 $81,101
========== ========= ========== ========= ===========
Ratio of expenses to average net assets(B) .... 0.75% 0.75% 0.75% 0.75% 0.75%
Ratio of net investment income to average
net assets 5.05% 5.12% 5.35% 4.94% 5.35%
Portfolio turnover rate......................... 33% 46% 29% 45% 15%
- -----------------------------------------------------------------------------------------------------------------------------------
<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 0.77% and 0.77% for the years
ended June 30, 1995 and 1992, respectively.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OHIO INSURED TAX-FREE FUND - CLASS C
FINANCIAL HIGHLIGHTS
===================================================================================================================================
Per Share Data for a Share Outstanding Throughout Each Period
===================================================================================================================================
From Date of
Public Offering
Year Ended June 30, (Nov. 1, 1993)
through
1997 1996 1995 June 30, 1994
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value at beginning of period......... $ 11.97 $ 12.00 $ 11.74 $ 12.62
------------ -------------- ------------- --------------
Income from investment operations:
Net investment income....................... 0.53 0.56 0.57 0.36
Net realized and unrealized gains (losses)
on investments............................ 0.25 ( 0.03) 0.26 ( 0.85 )
------------ -------------- ------------- --------------
Total from investment operations............... 0.78 0.53 0.83 ( 0.49 )
------------ -------------- ------------- -------------
Less distributions:
Distributions from net investment income.... ( 0.53) ( 0.56) ( 0.57 ) ( 0.36 )
Distributions from net realized gains....... -- -- -- ( 0.03 )
------------ -------------- ------------- --------------
Total distributions............................ ( 0.53) ( 0.56) ( 0.57 ) ( 0.39 )
------------ -------------- ------------ --------------
Net asset value at end of period............... $ 12.22 $ 11.97 $ 12.00 $ 11.74
============ ============== ============= ==============
Total return(A) ............................... 6.65% 4.44% 7.31% ( 6.05%)(C)
============ ============== ============= ==============
Net assets at end of period (000's)............ $ 4,639 3,972 $ 4,165 $ 2,659
============ ============== ============= ==============
Ratio of expenses to average net assets(B) .... 1.42% 1.25% 1.25% 1.22% (C)
Ratio of net investment income to average
net assets................................ 4.37% 4.62% 4.84% 4.09% (C)
Portfolio turnover rate........................ 33% 46% 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.
(C) Annualized.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
June 30, 1997
===============================================================================
1. Organization
===============================================================================
The Tax-Free Money Fund, the California Tax-Free Money Fund, the Ohio Tax-Free
Money Fund, the Florida Tax-Free Money Fund (formerly the Royal Palm Florida
Tax-Free Money Fund), the Tax-Free Intermediate Term Fund and the Ohio Insured
Tax-Free Fund (collectively, the Funds) are each a separate series of shares of
Countrywide Tax-Free Trust (the Trust). The Trust (formerly Midwest Group
Tax-Free Trust) is registered under the Investment Company Act of 1940 (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 each Fund.
The Tax-Free Money Fund seeks the highest level of interest income exempt from
federal income tax, consistent with protection of capital, by investing
primarily in high-quality, short-term municipal obligations.
The California Tax-Free Money Fund seeks the highest level of interest income
exempt from federal and California income taxes, consistent with liquidity and
stability of principal, by investing primarily in high-quality, short-term
California municipal
obligations.
The Ohio Tax-Free Money Fund seeks the highest level of current income exempt
from federal income tax and Ohio personal income tax, consistent with liquidity
and stability of principal. The Fund invests primarily in a portfolio of
high-quality, short-term Ohio
municipal obligations.
The Florida Tax-Free Money Fund seeks the highest level of interest income
exempt from federal income tax, consistent with liquidity and stability of
principal, 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 Tax-Free Intermediate Term Fund seeks high current income exempt from
federal income tax, consistent with protection of capital, by investing
primarily in high-grade municipal obligations maturing within twenty years or
less with a dollar-weighted average portfolio maturity under normal market
conditions of between three and ten years. To the extent consistent with the
Fund's primary objective, capital appreciation is a secondary objective.
The Ohio Insured Tax-Free Fund seeks the highest level of interest income exempt
from federal income tax and Ohio personal income tax, consistent with protection
of capital. The Fund invests primarily in high and medium-quality, long-term
Ohio municipal obligations which are protected by insurance guaranteeing the
payment of principal and interest in the event of a default.
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 0.25% of average daily net
assets of each Fund) and Class C shares (sold subject to a maximum contingent
deferred sales load of 1% for a one-year period and a distribution fee of up to
1% of average daily net assets of each Fund). Each Class A and Class C share of
the Fund represents identical interests in the Fund's investment portfolio and
has the same rights, except that (i) Class C shares bear the expenses of higher
distribution fees, which will cause Class C shares to have a higher expense
ratio and to pay lower dividends than those related to 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 Ohio Tax-Free Money Fund and the Florida Tax-Free Money Fund each offer two
classes of shares: Class A shares (Retail shares), sold subject to a
distribution fee of up to 0.25% of average daily net assets of each Fund, and
Class B shares (Institutional shares), sold without a distribution fee. Each
Retail and Institutional share of the Fund represents identical interests in the
Fund's investment portfolio and has the same rights, except that (i) Retail
shares bear the expenses of distribution fees, which will cause Retail shares to
have a higher expense ratio and to pay lower dividends than those related to
Institutional shares; (ii) certain other class specific expenses will be borne
solely by the class to which such expenses are attributable; (iii) each class
has exclusive voting rights with respect to matters affecting only that class;
and (iv) Retail shares are subject to a lower minimum initial investment
requirement and offer certain shareholder services not available to
Institutional shares such as checkwriting and automatic investment and
redemption plans.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Continued)
===============================================================================
2. Significant Accounting Policies
The following is a summary of the Trust's significant accounting policies:
Security valuation -- Tax-Free Money Fund, California Tax-Free Money Fund, Ohio
Tax-Free Money Fund and Florida Tax-Free Money Fund securities are valued on an
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. Tax-Free
Intermediate Term Fund and Ohio Insured Tax-Free Fund securities are valued at
market using 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 Tax-Free Money Fund, the
California Tax-Free Money, Ohio Tax-Free Money Fund and the Florida Tax-Free
Money Fund is calculated daily 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 class of shares of the Tax-Free
Intermediate Term Fund and the Ohio Insured Tax-Free Fund is also calculated
daily 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
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-- 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 to shareholders -- 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 Ohio Tax-Free
Money Fund, the Florida Tax-Free Money Fund, 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.
Estimates -- The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Continued)
===============================================================================
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 June 30, 1997:
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Tax-Free
Intermediate Ohio Insured
Term Fund Tax-Free Fund
<S> <C> <C>
Gross unrealized appreciation............................................ $ 2,324,630 $ 4,724,477
Gross unrealized depreciation............................................ ( 6,912 ) ( 24,248 )
-------------- ---------------
Net unrealized appreciation.............................................. $ 2,317,718 $ 4,700,229
============== ===============
- -----------------------------------------------------------------------------------------------------------------------------------
</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, 1997, the Tax-Free Money Fund, the California Tax-Free Money
Fund, the Ohio Tax-Free Money Fund, the Florida Tax-Free Money Fund and the
Tax-Free Intermediate Term Fund had capital loss carryforwards for federal
income tax purposes of $1,331, $3,503, $663, $828 and $1,500,636, respectively,
none of which expire prior to June 30, 1999. These capital loss carryforwards
may be utilized in future years to offset net realized capital gains prior to
distributing such gains to shareholders.
3. Investment Transactions
For the year ended June 30, 1997, purchases and proceeds from sales and
maturities of investment securities, excluding short-term investments, amounted
to $19,506,970 and $25,890,112, respectively, for the Tax-Free Intermediate Term
Fund and $25,884,456 and $24,348,031, respectively, for the Ohio Insured
Tax-Free Fund.
4. Transactions with Affiliates
The Chairman and the President of the Trust are also officers of Countrywide
Financial Services, Inc., whose subsidiaries include Countrywide Investments,
Inc. (the Adviser), the Trust's investment adviser and principal underwriter,
and Countrywide Fund Services, Inc. (CFS), the Trust's transfer agent,
shareholder service agent and accounting services agent. Countrywide Financial
Services, Inc. is a wholly-owned subsidiary of Countrywide Credit Industries,
Inc., a New York Stock Exchange listed company principally engaged in the
business of residential mortgage lending.
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 million, 0.45% of such net
assets from $100 million to $200 million, 0.4% of such net assets from $200
million to $300 million and 0.375% of such net assets in excess of $300 million.
In order to voluntarily reduce operating expenses during the year ended June 30,
1997, the Adviser waived $54,672 of its advisory fees and reimbursed $9,148 of
Class B expenses for the Ohio Tax-Free Money Fund and waived $87,852 of its
advisory fees and reimbursed $18,259 of Class B expenses for the Florida
Tax-Free Money Fund.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Continued)
===============================================================================
TRANSFER AGENT AND SHAREHOLDER SERVICE AGREEMENT
Under the terms of the Transfer, Dividend Disbursing, Shareholder Service and
Plan Agency Agreement between the Trust and CFS, CFS maintains the records for
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, CFS receives a monthly fee at an annual
rate of $25.00 per shareholder account from each of the Tax-Free Money Fund, the
California Tax-Free Money Fund, the Ohio Tax-Free Money Fund and the 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, as
applicable. 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 CFS,
CFS calculates the daily net asset value per share and maintains the financial
books and records of each Fund. For these services, CFS receives a monthly fee,
based on current asset levels, of $5,250 per month from the Ohio Tax-Free Money
Fund, $4,250 per month from the Florida Tax-Free Money Fund, $3,250 per month
from each of the Tax-Free Money Fund and the California 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 CFS 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 earned $5,277 and
$14,414 from underwriting and broker commissions on the sale of shares of the
Tax-Free Intermediate Term Fund and the Ohio Insured Tax-Free Fund,
respectively, during the year ended June 30, 1997. In addition, the Adviser
collected $5,958 and $1,441 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 0.25% of average daily net
assets attributable to such shares.
The Trust also 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 AGREEMENTS
The Fifth Third Bank, which serves as the custodian for each Fund except for the
Florida Tax-Free Money Fund, was a significant shareholder of record of the Ohio
Tax-Free Money Fund as of June 30, 1997. Under the terms of its Custodian
Agreement, The Fifth Third Bank receives from each such Fund an asset-based fee
plus transaction charges for each security transaction entered into by the
Funds. Huntington Trust Company, N.A. (Huntington), which serves as the
custodian for the Florida Tax-Free Money Fund, was a significant shareholder of
record of such Fund as of June 30, 1997. Under the terms of its Custodian
Agreement, Huntington receives from the Fund an asset-based fee.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Continued)
===============================================================================
5. Capital Share Transactions
Proceeds and payments on capital shares as shown in the Statements of Changes in
Net Assets are the result of the following capital share transactions for the
years ended June 30, 1997 and 1996:
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Tax-Free Intermediate Ohio Insured
Term Fund Tax-Free Fund
Year Year Year Year
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
1997 1996 1997 1996
- -----------------------------------------------------------------------------------------------------------------------------------
CLASS A
<S> <C> <C> <C> <C>
Shares sold.................................... 1,150,995 1,417,723 14,158,992 12,319,913
Shares issued in reinvestment of
distributions to shareholders............... 209,803 244,633 233,941 232,739
Shares redeemed................................ ( 2,285,966) ( 2,894,267) ( 14,943,520) ( 12,159,274)
------------ -------------- ------------- --------------
Net increase (decrease) in shares outstanding.. ( 925,168) ( 1,231,911) ( 550,587 ) 393,378
Shares outstanding, beginning of year.......... 6,238,847 7,470,758 6,345,325 5,951,947
------------ -------------- ------------- --------------
Shares outstanding, end of year................ 5,313,679 6,238,847 5,794,738 6,345,325
============ ============== ============= ==============
CLASS C
Shares sold.................................... 168,900 292,369 135,167 99,911
Shares issued in reinvestment of
distributions to shareholders............... 17,517 17,558 13,108 14,227
Shares redeemed................................ ( 200,429) ( 270,313) ( 100,548 ) ( 129,418)
------------ -------------- ------------- --------------
Net increase (decrease) in shares outstanding.. ( 14,012) 39,614 47,727 ( 15,280 )
Shares outstanding, beginning of year.......... 482,869 443,255 331,937 347,217
------------ -------------- ------------- --------------
Shares outstanding, end of year................ 468,857 482,869 379,664 331,937
============ ============== ============= ==============
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Capital share transactions for the Tax-Free Money Fund, the California Tax-Free
Money Fund, the Ohio Tax-Free Money Fund and the Florida Tax-Free Money Fund are
identical to the dollar value of those transactions as shown in the Statements
of Changes in Net Assets.
6. Portfolio Composition
As of June 30, 1997, 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 personal 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 Florida Tax-Free Money Fund
was 85.3% invested 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 June 30, 1997, 11.0% of the portfolio securities of the
Tax-Free Money Fund were concentrated in the State of Florida. For information
regarding portfolio composition by state for the Tax-Free Intermediate Term
Fund, 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.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Continued)
===============================================================================
The California Tax-Free Money Fund, the Ohio Tax-Free Money Fund, the 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. As of June 30, 1997, each non-diversified Fund
had no concentrations of investments (10% or greater) in any one issuer.
The Tax-Free Money Fund, the California Tax-Free Money Fund, the Ohio Tax-Free
Money Fund and the Florida Tax-Free Money Fund each invest in municipal
securities maturing in 13 months or less and having a short-term rating in one
of the top two ratings categories by at least two nationally recognized
statistical rating agencies (or by one such agency if a security is rated by
only that agency) or, if unrated, are determined by the Adviser, under the
supervision of the Board of Trustees, to be of comparable quality.
As of June 30, 1997, 42.5% 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], 33.4% were rated
AA/Aa, 20.1% were rated A/A and 4.0% were not rated.
As of June 30, 1997, 98.2% 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 78.9%
of its portfolio securities.
The concentration of investments for each Fund as of June 30, 1997, classified
by revenue source, was as follows:
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
California Ohio 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................. 21.7% 28.9% 26.3% 16.8% 18.4% 41.1%
Revenue Bonds:
Industrial Development/
Pollution Control.............. 37.3% 18.8% 32.6% 11.7% 6.2% 4.5%
Hospital/Health Care.............. 3.4% 0.9% 24.5% 23.9% 12.7% 18.8%
Housing/Mortgage.................. 18.3% 1.2% 3.1% 19.7% 12.7% 5.6%
Utilities......................... 0.8% 27.2% 0.1% 11.9% 8.7% 18.1%
Education......................... 5.1% 1.0% 3.7% 7.9% 22.0% 4.9%
Transportation.................... 0.9% 8.2% 1.3% 1.5% 7.0% 2.3%
Public Facilities................. 2.6% 1.7% 1.5% 3.8% 2.5% 2.2%
Economic Development.............. 5.2% 0.5% 4.5% -- 2.2% --
Leases............................ -- 5.3% -- -- 2.6% 0.7%
Special Tax....................... -- 0.9% -- 0.3% 3.3% --
Miscellaneous..................... 4.7% 5.4% 2.4% 2.5% 1.7% 1.8%
----------------------- ----------- ------------ ----------- ------------
Total .............................. 100.0% 100.0% 100.0% 100.0% 100.0% 100%
======================= =========== ============ =========== ============
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TAX-FREE MONEY FUND
PORTFOLIO OF INVESTMENTS
June 30, 1997
===================================================================================================================================
PRINCIPAL COUPON MATURITY MARKET
AMOUNT FIXED RATE REVENUE & GENERAL OBLIGATION BONDS-- 30.5% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 185,000 Philadelphia, PA, School Dist. GO, Ser. A................... 4.300% 07/01/1997 $ 185,000
220,000 Arizona St. Muni. Financing Prog. COP, Ser. 16, Escrowed
to Maturity............................................ 8.000 08/01/1997 220,735
250,000 Trinity River, TX, Reg. Wastewater Sys. Auth. Rev., Ser. A.. 4.375 08/01/1997 250,107
415,000 New York, NY, GO, Prerefunded @ 102......................... 8.000 08/01/1997 424,780
420,000 Missouri St. Health & Educ. Facs. Rev.
(William Jewell College)............................... 4.000 08/01/1997 420,085
225,000 San Juan Co., NM, Jr. College Dist. Rev.,
Escrowed to Maturity................................... 6.600 08/01/1997 225,466
1,000,000 Anchorage, AK, GO........................................... 4.150 08/01/1997 1,000,335
235,000 Hudson Co., NJ, Vocational School GO, Ser. B................ 5.050 10/01/1997 235,670
250,000 Salt Lake Co., UT, Muni. Bldg. Authority Lease Rev., Ser. A. 4.850 10/01/1997 250,583
200,000 Texas National Guard Armory Rev............................. 6.200 10/01/1997 201,005
100,000 Waterford Township, NJ, GO.................................. 4.850 11/01/1997 100,278
500,000 Hamilton, OH, Real Estate Acquisition Rev................... 4.700 11/20/1997 500,557
570,000 Metex Metro District, CO, Ser. A............................ 4.000 12/01/1997 570,590
250,000 Adams & Weld Co., CO, School Dist. #27J, Ser. B............. 4.050 12/01/1997 250,043
500,000 Shawano-Gresham, WI, School Dist. GO BANS................... 4.100 12/01/1997 500,118
100,000 Penn Hills, PA, GO.......................................... 4.400 12/01/1997 100,203
500,000 Chicago, IL, Public Bldg. Comm. Rev., Prerefunded @ 102..... 7.700 01/01/1998 518,857
255,000 Atlanta, GA, Airport Extension & Improvement Rev.,
Escrowed to Maturity................................... 7.250 01/01/1998 259,434
200,000 Buffalo, NY, GO............................................. 5.600 02/01/1998 201,818
235,000 Garland, TX, GO, Ser. A..................................... 7.000 02/15/1998 239,266
475,000 Kearny, NJ, GO.............................................. 4.000 02/15/1998 475,527
140,000 Rowlett, TX, GO............................................. 4.200 02/15/1998 140,000
140,000 New York St. Medical Care Fac. Rev., Escrowed to Maturity... 6.900 02/15/1998 142,472
500,000 Kaukauna, WI, Area School Dist. BANS........................ 4.350 02/26/1998 500,553
105,000 Richmond, TX, GO............................................ 6.500 03/01/1998 106,558
490,000 Ross Co., OH, Airport Impt. GO BANS......................... 4.560 04/24/1998 490,992
165,000 West Virginia University Dormitory Rev...................... 5.400 05/01/1998 166,462
500,000 Pima Co., AZ, USD #1(Tuscon), Prerefunded @ 102............. 6.750 07/01/1998 522,954
- -------------- ------------
$ 9,125,000 TOTAL FIXED RATE REVENUE & GENERAL OBLIGATION BONDS
- --------------
(Amortized Cost $9,200,448)................................. $ 9,200,448
------------
<PAGE>
<CAPTION>
===================================================================================================================================
PRINCIPAL COUPON MATURITY MARKET
AMOUNT FLOATING AND VARIABLE RATE DEMAND NOTES-- 49.9% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 1,350,000 Washington St. Hsg. Fin. Comm. Rev. (Panorama City Proj.)... 5.600% 07/01/1997 $ 1,350,000
1,000,000 New Jersey EDA (Union Avenue Assoc.)........................ 3.800 07/01/1997 1,000,000
700,000 Baltimore, MD, IDR (Wicomico Indust. Center Fac.)........... 3.673 07/01/1997 700,000
900,000 Pinellas Co., FL, Health Facility Rev.
(Pooled Hospital Loan)................................. 4.000 07/01/1997 900,000
400,000 Ohio St. PCR (SOHIO Air Proj.).............................. 4.050 07/01/1997 400,000
1,500,000 Pinal Co., AZ, IDA PCR (Magma Copper Co.)................... 4.000 07/01/1997 1,500,000
1,000,000 Michigan St. Strategic Fund Rev............................. 4.000 07/01/1997 1,000,000
400,000 Jacksonville, FL, PCR (Florida Power & Light)............... 4.000 07/01/1997 400,000
1,000,000 Illinois St. Dev. Fin. Auth. MFH Rev.
(Cobbler Square Proj.)................................. 4.600 07/02/1997 1,000,000
1,000,000 Dade Co., FL, IDR (Michael-Ann Russell Jewish Comm. Ctr.)... 4.200 07/02/1997 1,000,000
900,000 Eddyville, IA, IDR (Heartland Lysine, Inc.)................. 4.450 07/02/1997 900,000
1,000,000 Marion Co., FL, HFA (Summer Trace Apts.).................... 4.250 07/03/1997 1,000,000
550,000 Frankfort, MN, IDR, Ser. 1995 (J&B, Inc.)................... 4.400 07/03/1997 550,000
380,000 Frankfort, MN, IDR, Ser. 1995 (J&B, Inc.)................... 4.600 07/03/1997 380,000
1,000,000 District of Columbia MFH, Tyler House Trust COP, Ser. 1995A. 4.500 07/03/1997 1,000,000
980,000 Redwood Falls, MN, IDR (Zytec Corp. Proj.).................. 4.750 07/03/1997 980,000
<PAGE>
<CAPTION>
TAX-FREE MONEY FUND (Continued)
===================================================================================================================================
PRINCIPAL COUPON MATURITY MARKET
AMOUNT FLOATING AND VARIABLE RATE DEMAND NOTES-- 49.9% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 207,500 St. Cloud, MN, Hsg. & Redev. Auth. (Coborn Realty Co.)...... 4.600% 07/03/1997 $ 207,500
750,000 Brooklyn Park, MN, IDR (Schmidt Proj.)...................... 4.400 07/03/1997 750,000
- -------------- ------------
$ 15,017,500 TOTAL FLOATING AND VARIABLE RATE DEMAND NOTES
- --------------
(Amortized Cost $15,017,500)................................ $15,017,500
------------
<PAGE>
<CAPTION>
===================================================================================================================================
PRINCIPAL COUPON MATURITY MARKET
AMOUNT ADJUSTABLE RATE PUT BONDS-- 19.7% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 585,000 Fort Mitchell, KY, Indust. Bldg. Rev.
(Grandview/Hemmer Proj.)............................... 3.950% 08/01/1997 $ 585,000
550,000 Milwaukee, WI, IDR (Wayne C. Oldenburg Proj.)............... 3.750 08/01/1997 550,000
310,000 Lansing, MI, EDR (LGH Office Bldg. Proj.)................... 3.750 08/15/1997 310,000
121,000 Citizens Federal Tax-Exempt Mtg. Bond Trust................. 3.900 08/15/1997 121,000
1,200,000 Owensboro, KY, IDR, Ser. 1985 (Dart Container).............. 3.750 09/01/1997 1,200,000
160,000 Cuyahoga Co., OH, IDR (Halle Office Bldg.).................. 3.700 10/01/1997 160,000
205,000 Medina Co., OH, IDR (Nationwide One Proj.).................. 4.050 11/01/1997 204,941
255,000 Westlake, OH, EDR (Cross County Inns)....................... 3.900 11/01/1997 255,000
1,000,000 Westmoreland Co., PA, IDR (White Cons Indust.).............. 3.950 12/01/1997 1,000,000
710,000 Lexington-Fayette Co., KY, Urban Gov't. Rev.
(Providence Montessori)................................ 4.100 01/01/1998 710,000
835,000 Buckeye Tax-Exempt Mtg. Bond Trust.......................... 4.000 02/01/1998 833,481
- -------------- ------------
$ 5,931,000 TOTAL ADJUSTABLE RATE PUT BONDS
- --------------
(Amortized Cost $5,929,422)................................. $ 5,929,422
------------
$ 30,073,500 TOTAL INVESTMENTS AT VALUE-- 100.1%
==============
(Amortized Cost $30,147,370)................................ $30,147,370
LIABILITIES IN EXCESS OF OTHER ASSETS-- (0.1)% ............. ( 21,694 )
------------
NET ASSETS-- 100.0% ........................................ $30,125,676
============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CALIFORNIA TAX-FREE MONEY FUND
PORTFOLIO OF INVESTMENTS
June 30, 1997
===================================================================================================================================
PRINCIPAL COUPON MATURITY MARKET
AMOUNT FIXED RATE REVENUE & GENERAL OBLIGATION BONDS-- 40.4% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 150,000 Los Angeles Co., CA, Transportation Commission Sales Tax
Rev., Ser. A, Prerefunded @ 102........................ 8.000% 07/01/1997 $ 153,000
250,000 Puerto Rico Electric Power Auth. Rev., Ser. O............... 6.300 07/01/1997 250,000
100,000 Puerto Rico Public Bldg. Auth. Rev., Ser. H,
Prerefunded @ 102...................................... 7.875 07/01/1997 102,000
2,000,000 California School Cash Reserve Prog. Auth., Ser. 1996A...... 4.750 07/02/1997 2,000,048
1,600,000 Millbrae, CA, School Dist. GO TRANS......................... 4.250 07/10/1997 1,600,133
300,000 Puerto Rico Commonwealth TRANS, Ser. A...................... 4.000 07/30/1997 300,050
295,000 California Housing Finance Agcy. Rev., Ser. F-1............. 5.000 08/01/1997 295,261
100,000 San Jose, CA, Redev. Agcy., Ser. A (Merged Area Redev.
Proj.), Prerefunded @ 102.............................. 6.800 08/01/1997 102,238
175,000 Los Angeles, CA, Convention & Exhibition Center Auth. COPS.. 6.400 08/15/1997 175,569
170,000 Pico, CA, Water Dist. COPS ................................. 3.900 08/15/1997 170,041
1,000,000 Butte Co., CA, Office of Education TRANS.................... 4.500 08/20/1997 1,000,764
325,000 California St. GO........................................... 6.700 09/01/1997 326,608
100,000 Capistrano, CA, Unified Public Financing Auth. Rev., Ser. A. 4.500 09/01/1997 100,138
195,000 Capistrano, CA, Unified Public Financing Auth. Rev., Ser. B. 4.500 09/01/1997 195,208
320,000 Chula Vista, CA, COPS, Ser. A............................... 3.700 09/01/1997 320,037
500,000 Los Angeles, CA, GO......................................... 6.400 09/01/1997 502,184
275,000 Pleasant Hill, CA, COP (City Hall Proj.), Prerefunded @ 102. 7.000 09/01/1997 281,913
100,000 University of California, Rev., Ser. A, Prerefunded @ 102... 6.800 09/01/1997 102,465
215,000 University of California, Rev., Ser. A, Prerefunded @ 102... 7.000 09/01/1997 220,462
300,000 University of California, Rev., Ser. B...................... 4.000 09/01/1997 300,029
500,000 Fullerton, CA, Joint Union High School District TRANS....... 4.500 09/05/1997 500,565
325,000 California St. GO........................................... 9.250 10/01/1997 329,363
125,000 Folsom, CA, Public Financing Auth. Rev...................... 4.700 10/01/1997 125,315
145,000 Kern Co., CA, COPS Capital Improvements Proj., Ser. A....... 5.000 10/01/1997 145,472
1,000,000 San Diego, CA, Unified School Dist. GO TRANS................ 4.750 10/01/1997 1,002,365
500,000 California St. GO........................................... 4.600 11/01/1997 501,381
185,000 Grossmont, CA, Hosp. Dist. Rev., Ser. A, Prerefunded @ 102.. 8.000 11/15/1997 191,449
400,000 Los Angeles Co., CA, Capital Asset Leasing Corp.
Leasehold Rev.......................................... 4.700 12/01/1997 401,474
300,000 California St. GO........................................... 5.750 02/01/1998 303,243
1,000,000 Fremont, CA, Unified School Dist. GO TRANS.................. 4.250 06/30/1998 1,003,350
- -------------- ------------
$ 12,950,000 TOTAL FIXED RATE REVENUE & GENERAL OBLIGATION BONDS
- --------------
(Amortized Cost $13,002,125)................................ $13,002,125
------------
<PAGE>
<CAPTION>
CALIFORNIA TAX-FREE MONEY FUND (Continued)
===================================================================================================================================
PRINCIPAL COUPON MATURITY MARKET
AMOUNT FLOATING AND VARIABLE RATE DEMAND NOTES-- 49.1% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 600,000 California PCR Fin. Auth. (Del Marva Power & Light
Burney Forest Proj.)................................... 3.950% 07/01/1997 $ 600,000
500,000 Irvine Ranch, CA, Water Dist. Rev., Ser. 1993A.............. 3.800 07/01/1997 500,000
500,000 Irvine Ranch, CA, Water Dist. Rev., Ser. 1985B.............. 3.800 07/01/1997 500,000
500,000 California PCR Fin. Auth. (Honeylake Power)................. 4.250 07/01/1997 500,000
1,000,000 California PCR Fin. Auth. (Solag Disposal Project).......... 4.100 07/02/1997 1,000,000
1,900,000 San Rafael, CA, IDR, Ser. 1984 (Phoenix American, Inc.)..... 4.150 07/02/1997 1,900,000
2,900,000 Santa Paula, CA, Public Fin. Auth., Ser. 1996 (Water Sys.
Acquisition Proj.)..................................... 4.200 07/02/1997 2,900,000
1,600,000 Vacaville, CA, IDA IDR (Leggett & Platt, Inc.).............. 4.200 07/02/1997 1,600,000
1,500,000 Dinuba, CA, Fin. Auth., Ser. 1996A (Wastewater Treatment
Plant Proj.)........................................... 4.200 07/02/1997 1,500,000
1,000,000 San Bernardino Co., CA, Capital Impt. Refinancing
Proj. Rev.............................................. 4.250 07/03/1997 1,000,000
1,000,000 San Bernardino, CA, IDR (LaQuinta Motor Inns)............... 4.250 07/03/1997 1,000,000
1,500,000 Hanford, CA, Sewer Rev., Ser. A............................. 4.250 07/03/1997 1,500,000
1,300,000 San Bernardino Co., CA, COP................................. 4.350 07/03/1997 1,300,000
- -------------- ------------
$ 15,800,000 TOTAL FLOATING AND VARIABLE RATE DEMAND NOTES
- --------------
(Amortized Cost $15,800,000)................................ $15,800,000
------------
<PAGE>
<CAPTION>
===================================================================================================================================
PRINCIPAL COUPON MATURITY MARKET
AMOUNT ADJUSTABLE RATE PUT BONDS-- 3.4% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 1,000,000 Orange Co., CA, Spec. Fin. Auth. Teeter Plan Rev., Ser. B... 5.850% 11/01/1997 $ 1,005,852
100,000 Sacramento Co., CA, HFA Rev., Ser 1 (Rancho Natomas)........ 6.500 12/15/1997 101,008
- -------------- ------------
$ 1,100,000 TOTAL ADJUSTABLE RATE PUT BONDS
- --------------
(Amortized Cost $1,106,860)................................. $ 1,106,860
------------
<CAPTION>
===================================================================================================================================
PRINCIPAL COUPON MATURITY MARKET
AMOUNT COMMERCIAL PAPER-- 7.8% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 1,500,000 Riverside Co., CA, Trans. Auth. Sales Tax Rev. ............. 3.550% 07/14/1997 $ 1,500,000
1,000,000 Los Angeles Co., CA, Metro. Trans. Auth. Rev., Ser. A....... 3.750 09/04/1997 1,000,000
- -------------- ------------
$ 2,500,000 TOTAL COMMERCIAL PAPER
- --------------
(Amortized Cost $2,500,000)................................. $ 2,500,000
------------
$ 32,350,000 TOTAL INVESTMENTS AT VALUE-- 100.7%
==============
(Amortized Cost $32,408,985)................................ $32,408,985
LIABILITIES IN EXCESS OF OTHER ASSETS-- (0.7)% ............. ( 222,674 )
------------
NET ASSETS-- 100.0% ........................................ $32,186,311
============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OHIO TAX-FREE MONEY FUND
PORTFOLIO OF INVESTMENTS
June 30, 1997
===================================================================================================================================
PRINCIPAL COUPON MATURITY MARKET
AMOUNT FIXED RATE REVENUE & GENERAL OBLIGATION BONDS-- 28.9% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 2,000,000 Kent, OH, CSD School Impt. GO BANS, Ser. 1997............... 4.000% 07/15/1997 $ 2,000,264
1,000,000 Madeira, OH, LSD GO TANS.................................... 4.220 07/17/1997 1,000,267
180,000 Powell Village, OH, Street Impt. GO BANS.................... 4.440 07/22/1997 180,034
1,400,000 Powell Village, OH, Road Impt. GO BANS...................... 4.250 07/22/1997 1,400,116
2,203,000 Orange, OH, CSD GO BANS..................................... 4.100 07/22/1997 2,203,122
2,000,000 Parma, OH, CSD GO BANS...................................... 4.700 07/31/1997 2,000,949
2,000,000 Olentangy, OH, LSD GO BANS.................................. 4.250 08/15/1997 2,001,344
1,205,000 Shelby, OH, GO BANS, Ser. 1996.............................. 4.300 08/21/1997 1,205,408
600,000 Marysville, OH, Street Impt. GO BANS........................ 4.270 08/28/1997 600,247
2,500,000 Mentor City, OH, GO BANS.................................... 4.150 09/04/1997 2,502,380
600,000 Hancock Co., OH, GO BANS.................................... 4.820 09/06/1997 601,309
1,165,000 Loveland, OH, GO BANS....................................... 4.150 09/12/1997 1,165,879
2,300,000 Champaign Co., OH, GO BANS.................................. 4.250 09/17/1997 2,301,192
940,000 Pepper Pike, OH, Water Impt. GO BANS........................ 4.500 09/19/1997 940,989
3,425,000 Ohio St. Bldg. Auth. Rev., Ser. A (Highway Safety Bldg.).... 4.500 10/01/1997 3,431,730
1,250,000 Lake Co., OH, GO BANS....................................... 4.150 10/09/1997 1,250,493
1,400,000 Gates Mills Village, OH, Waterworks Impt. GO BANS........... 4.125 10/16/1997 1,400,886
1,050,000 Obetz Village, OH, GO BANS.................................. 4.370 10/23/1997 1,050,849
925,000 Vermillion, OH, Sewer Sys. GO BANS.......................... 4.150 10/31/1997 925,297
2,000,000 Ohio St. Public Fac., Rev. Comm. Higher Educ., Ser. II-B.... 4.500 11/01/1997 2,005,210
1,965,000 Ohio St. Public Fac., Rev. Comm. Higher Educ., Ser. II-A.... 4.375 11/01/1997 1,969,870
1,400,000 Bryan City, OH, Hydro Electric Dam BANS..................... 4.100 11/12/1997 1,400,987
3,000,000 Hamilton, OH, Real Estate Acquisition Rev. BANS............. 4.700 11/20/1997 3,003,345
1,390,000 Brooklyn, OH, GO BANS, Ser. 2............................... 4.250 12/04/1997 1,391,731
2,000,000 Euclid City, OH, CSD TRANS.................................. 3.980 12/11/1997 2,001,996
3,000,000 Geauga Co., OH, Park Dist. GO BANS.......................... 4.000 12/11/1997 3,000,019
800,000 Maple Heights, OH, CSD GO TRANS............................. 3.840 12/12/1997 800,243
950,000 Marysville, OH, GO BANS..................................... 4.070 12/15/1997 951,061
2,000,000 Ohio School Dist. TRANS COPS, Ser. 1997A.................... 4.470 12/31/1997 2,007,057
1,000,000 Springboro, OH, Water Sys. Impt. BANS....................... 4.350 01/28/1998 1,001,676
810,000 Marysville, OH, GO BANS..................................... 4.160 01/29/1998 811,175
4,000,000 East Palestine, OH, CSD GO BANS............................. 4.000 01/29/1998 4,002,236
950,000 South Euclid-Lydnhurst, OH, CSD GO BANS..................... 4.125 02/13/1998 951,849
500,000 Maple Heights, OH, CSD GO BANS.............................. 3.930 02/13/1998 500,327
1,200,000 Muskingum Co., OH, County Building BANS, Ser. 1997.......... 4.150 03/04/1998 1,202,329
2,000,000 Plain Township, OH, Fire Station Construction &
Impt. GO BANS.......................................... 4.300 03/09/1998 2,004,001
5,000,000 Indian Lake, OH, LSD GO BANS................................ 4.350 03/25/1998 5,010,534
1,150,000 Ohio St. Natural Resources Cap. Fac. GO, Ser. C............. 4.500 04/01/1998 1,156,257
1,411,000 Crestline Village, OH, Cap. Fac. GO BANS.................... 4.650 04/09/1998 1,414,126
670,000 Marysville, OH, Road Realignment GO BANS.................... 4.370 04/17/1998 671,121
900,000 Allen Co., OH, Bath Twp. Dist. GO BANS...................... 4.200 04/28/1998 900,351
2,000,000 Mentor, OH, Exempted Village School District GO BANS........ 4.250 05/07/1998 2,003,204
1,350,000 Marysville, OH, GO BANS..................................... 4.410 05/08/1998 1,352,861
1,170,000 Middleburg Heights, OH, GO BANS ............................ 4.100 05/29/1998 1,171,532
1,494,000 Groveport-Madison, OH, LSD RANS, Ser. 1997.................. 5.100 06/15/1998 1,502,225
2,400,000 Obetz Village, OH, Street Impt. GO BANS..................... 4.200 06/19/1998 2,403,342
1,190,000 Van Wert City, OH, Sewer Impt. GO BANS...................... 4.350 06/23/1998 1,193,909
500,730 Beavercreek, OH, LSD GO BANS................................ 4.430 06/25/1998 502,528
- -------------- ------------
$ 76,343,730 TOTAL FIXED RATE REVENUE & GENERAL OBLIGATION BONDS
- --------------
(Amortized Cost $76,449,857)................................ $76,449,857
------------
<PAGE>
<CAPTION>
OHIO TAX-FREE MONEY FUND (Continued)
===================================================================================================================================
PRINCIPAL COUPON MATURITY MARKET
AMOUNT FLOATING AND VARIABLE RATE DEMAND NOTES-- 56.5% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 1,600,000 Delaware Co., OH, IDR (Radiation Sterilizers, Inc.) ........ 3.600% 07/01/1997 $ 1,600,000
1,300,000 Franklin Co., OH, IDR (Jacobsen Stores)..................... 3.650 07/01/1997 1,300,000
1,100,000 Franklin Co., OH, IDR (Capitol South)....................... 3.600 07/01/1997 1,100,000
165,000 Franklin Co., OH, IDR (Boa Ltd. Proj.)...................... 3.650 07/01/1997 165,000
2,800,000 Muskingum Co., OH, IDR (Elder-Beerman)...................... 3.950 07/01/1997 2,800,000
350,000 Marion Co., OH, Hosp. Impt. Rev. (Pooled Lease Proj.)....... 4.200 07/01/1997 350,000
2,340,000 Defiance Co., OH, IDR (Isaac Property Proj.)................ 4.250 07/01/1997 2,340,000
40,000 Cuyahoga Co., OH, IDR (Schottenstein Stores)................ 4.250 07/01/1997 40,000
4,195,000 Cuyahoga Co., OH, IDR (S & R Playhouse Realty).............. 3.750 07/01/1997 4,195,000
445,000 Lucas Co., OH, IDR (Associates Proj.)....................... 4.300 07/01/1997 445,000
4,800,000 Ohio St. Higher Educ. Fac. Rev. (Pooled Financing).......... 4.200 07/01/1997 4,800,000
4,800,000 Ohio EDR, Ser. 1983 (Court St. Ctr. Assoc. Ltd. Proj.)...... 4.100 07/01/1997 4,800,000
4,250,000 Cincinnati-Hamilton Co., OH, Port. Auth. Rev.
(Kaiser Agric. Chemical Co.)........................... 3.150 07/01/1997 4,250,000
500,000 Ohio St. Environ. Impt. Rev. (U.S. Steel Corp.)............. 3.850 07/01/1997 500,000
494,000 Lorain Co., OH, IDR, Ser. C (Kindercare).................... 4.550 07/01/1997 494,000
1,000,000 Morrow Co., OH, IDR (Field Container Corp.)................. 4.200 07/02/1997 1,000,000
2,000,000 Montgomery Co., OH, EDR (Dayton Art Institute).............. 4.250 07/02/1997 2,000,000
340,000 Montgomery Co., OH, IDR (Kindercare)........................ 4.550 07/02/1997 340,000
805,000 Montgomery Co., OH, Health Care Rev., Ser. A
(Dayton Area MRI Consortium)........................... 4.250 07/02/1997 805,000
800,000 Orrville, OH, Hosp. Fac. Rev., Ser. 1990 (Orrville Hosp.)... 4.250 07/02/1997 800,000
4,000,000 Hamilton Co., OH, Hosp. Fac. Rev., Ser. 1997B,
(Health Alliance Of Greater Cincinnati)..................... 4.150 07/02/1997 4,000,000
200,000 Ohio St. Water Dev. Auth. Rev. (Timken Co. Proj.)........... 4.100 07/02/1997 200,000
1,000,000 Butler Co., OH, IDR (Phillip Morris Co.).................... 4.150 07/02/1997 1,000,000
437,000 Stark Co., OH, IDR, Ser. D (Kindercare)..................... 4.550 07/02/1997 437,000
2,410,000 Summit Co., OH, IDR (Bowery Assoc.)......................... 4.200 07/02/1997 2,410,000
375,000 Wadsworth, OH, IDR (Kindercare)............................. 4.550 07/02/1997 375,000
1,100,000 Wyandot Co., OH, IDR, Ser. 1985 (MRG Ltd. Proj.)............ 4.350 07/02/1997 1,100,000
287,000 Middletown, OH, IDR, Ser. A (Kindercare).................... 4.550 07/02/1997 287,000
1,100,000 Meigs Co., OH, IDR, Ser. 1985 (MRG Ltd. Proj.).............. 4.350 07/02/1997 1,100,000
300,000 Medina, OH, IDR (Kindercare)................................ 4.550 07/02/1997 300,000
2,390,000 Erie Co., OH, IDR (Toft Dairy, Inc.)........................ 4.250 07/02/1997 2,390,000
980,000 Centerville, OH, Health Care Rev. (Bethany Lutheran)........ 4.100 07/02/1997 980,000
1,050,000 Cuyahoga Co., OH, Health Care Fac. Rev.
(Benjamin Rose Inst.).................................. 4.300 07/02/1997 1,050,000
960,000 Cuyahoga Co., OH, Health Care Fac. Rev., Ser. 1993A
(Hospice of the Western Reserve)............................ 4.250 07/02/1997 960,000
935,000 Lucas Co., OH, IDR, Ser. D (Kindercare)..................... 4.550 07/02/1997 935,000
960,000 Cuyahoga Co., OH, IDR (Pleasant Lake Assoc.)................ 4.250 07/02/1997 960,000
2,000,000 Cuyahoga Co., OH, IDR, Ser. 1989 (Motch Corp. Proj.)........ 4.700 07/02/1997 2,000,000
1,100,000 Delaware Co., OH, IDR, Ser. 1985 (MRG Ltd. Proj.)........... 4.350 07/02/1997 1,100,000
1,750,000 Cuyahoga Co., OH, Health Care Fac. Rev., Ser. 1993B
(Hospice of the Western Reserve)............................ 4.250 07/02/1997 1,750,000
245,000 Franklin Co., OH, IDR (Columbus Dist.)...................... 4.300 07/02/1997 245,000
375,000 Hudson Village, OH, IDR, Ser. A (Kindercare)................ 4.550 07/02/1997 375,000
1,000,000 Lucas Co., OH, EDR (Glendale Meadows)....................... 4.250 07/02/1997 1,000,000
1,070,000 Huron Co., OH, Rev. (Norwalk Furniture Corp.)............... 4.250 07/02/1997 1,070,000
1,045,000 Marion Co., OH, Hosp. Impt. Rev. (Pooled Lease Proj.)....... 4.200 07/02/1997 1,045,000
564,000 Franklin Co., OH, IDR, Ser. D (Kindercare).................. 4.550 07/02/1997 564,000
1,505,000 Greene Co., OH, Health Care Fac. Rev. (Green Oaks Proj.).... 4.250 07/02/1997 1,505,000
5,775,000 Sharonville, OH, IDR (Duke Realty Proj)..................... 4.200 07/03/1997 5,775,000
500,000 Ohio St. Air Quality Dev. Auth. Rev. (Mead Corp.)........... 4.000 07/03/1997 500,000
4,000,000 Montgomery Co., OH, Ltd. Obligation Rev., Ser. 1996
(St. Vincent de Paul Proj.)............................ 4.250 07/03/1997 4,000,000
<PAGE>
<CAPTION>
OHIO TAX-FREE MONEY FUND (Continued)
===================================================================================================================================
PRINCIPAL COUPON MATURITY MARKET
AMOUNT FLOATING AND VARIABLE RATE DEMAND NOTES-- 56.5% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 3,920,000 Montgomery Co., OH, Health Care Rev.
(Comm. Blood Ctr. Proj.)............................... 4.200% 07/03/1997 $ 3,920,000
1,015,000 Pike Co., OH, EDR (Pleasant Hill)........................... 4.200 07/03/1997 1,015,000
615,000 Summit Co., OH, IDR (Go-Jo Indust.)......................... 4.200 07/03/1997 615,000
1,000,000 Rickenbacker, OH, Port. Auth. Rev.
(Rickenbacker Holdings, Inc.).......................... 4.200 07/03/1997 1,000,000
5,000,000 Hamilton Co., OH, Health Fac. Rev., Sec. 1997A
(Episcopal Retirement Homes)........................... 4.180 07/03/1997 5,000,000
2,230,000 Toledo-Lucas Co., OH, Port. Auth. Rev.
(Countrymark Coop. Proj.).............................. 4.300 07/03/1997 2,230,000
5,800,000 Hamilton Co., OH, Hosp. Fac. Rev., Ser. 1997A
(Children's Hosp. Medical Ctr.)........................ 4.150 07/03/1997 5,800,000
1,565,000 Village of Andover, OH, Health Care Rev., Ser. 1996
(D&M Realty Proj.)..................................... 4.200 07/03/1997 1,565,000
1,600,000 Warren Co., OH, IDR (Liquid Container)...................... 4.100 07/03/1997 1,600,000
2,200,000 Westlake, OH, IDR (Nordson Co.)............................. 4.200 07/03/1997 2,200,000
4,590,000 Trumbull Co., OH, Hosp. Rev. (Shepherd Valley Lutheran)..... 4.200 07/03/1997 4,590,000
475,000 Akron, Bath & Copley, OH, Joint Twp. Hosp. Rev.
(Visiting Nurse Svcs. Proj.)........................... 4.250 07/03/1997 475,000
840,000 Marion Co., OH, Hosp. Impt. Rev. (Pooled Lease Proj.)....... 4.200 07/03/1997 840,000
1,700,000 Mahoning Co., OH, Health Care Fac. Rev.
(Ohio Heart Institute)................................. 4.200 07/03/1997 1,700,000
1,900,000 Cuyahoga Co., OH, Hosp. Impt. Rev. (Univ. Hosp. Cleveland).. 5.000 07/03/1997 1,900,000
5,300,000 Hamilton Co., OH, Health Sys. Rev. (Franciscan Sisters)..... 5.000 07/03/1997 5,300,000
1,400,000 Ohio St. Air Quality Dev. Auth. Rev., Ser. 1985B
(Cincinnati Gas & Elect.)......................... 4.700 07/03/1997 1,400,000
1,800,000 Ohio St. Air Quality Dev. Auth. Rev., Ser. 1995A
(Cincinnati Gas & Elect.).............................. 4.700 07/03/1997 1,800,000
3,920,000 Ashtabula Co., OH, Hosp. Fac. Rev., Ser. 1995
(Ashtabula Co. Med. Ctr. Proj.)................... 4.200 07/03/1997 3,920,000
1,800,000 Clinton Co., OH, Hosp. Rev. (Clinton Memorial).............. 4.300 07/03/1997 1,800,000
1,210,000 Franklin Co., OH, IDR (Ohio Girl Scouts)................... 4.200 07/03/1997 1,210,000
2,000,000 Franklin Co., OH, IDR (Alco Standard Corp.)................. 4.350 07/03/1997 2,000,000
8,000,000 Franklin Co., OH, IDR (Berwick Steel)....................... 4.250 07/03/1997 8,000,000
2,000,000 Lucas Co., OH, IDR (Ohio Citizens Bank Proj.)............... 4.300 07/03/1997 2,000,000
2,000,000 Mahoning Co., OH, Health Care Fac. Rev. (Copeland Oaks)..... 4.200 07/03/1997 2,000,000
400,000 Lucas Co., OH, Rev. (Sunshine Children's Home).............. 4.300 07/03/1997 400,000
3,600,000 Lima, OH, Hosp. Fac. & Impt. Rev., Ser. 1996
(Lima Memorial Hosp.)............................. 4.300 07/03/1997 3,600,000
400,000 Franklin Co., OH, IDR (Columbus College).................... 4.200 07/03/1997 400,000
1,389,000 Hamilton Co., OH, EDR, Ser. 1995
(Cincinnati Assoc. Performing Arts)............... 4.200 07/03/1997 1,389,000
800,000 Ohio St. Higher Educ. Fac. Rev. (John Carroll Univ.)........ 4.125 07/07/1997 800,000
1,900,000 Summit Co., OH, Health Care Fac. Rev., Ser. 1997
(Evant Inc. Proj.)................................ 4.250 07/10/1997 1,900,000
2,050,000 Ashland Co., OH, Hosp. Fac. Rev., Ser. 1989
(Good Shepherd Home).............................. 4.500 07/11/1997 2,050,000
1,400,000 Hamilton Co., OH, IDR (ADP System).......................... 3.700 07/15/1997 1,400,000
- -------------- ------------
$149,356,000 TOTAL FLOATING AND VARIABLE RATE DEMAND NOTES
- --------------
(Amortized Cost $149,356,000)............................... $149,356,000
------------
<CAPTION>
===================================================================================================================================
PRINCIPAL COUPON MATURITY MARKET
AMOUNT ADJUSTABLE RATE PUT BONDS-- 13.9% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 2,500,000 Ohio St. Air Quality Dev. Auth. Rev., Ser. A
(Duquesne Light)....................................... 3.950% 07/16/1997 $ 2,500,000
140,000 Middletown, OH, IDR (Continental Commercial
Properties Proj.)...................................... 3.850 08/01/1997 140,000
1,315,000 Hamilton, OH, IDR (Continental Commercial Properties Proj.). 3.850 08/01/1997 1,315,000
759,000 Citizens Federal Tax-Exempt Mtg. Bond Trust................. 4.150 09/01/1997 759,000
660,000 Riverside, OH, EDR (Riverside Assoc. Ltd. Proj.)............ 3.800 09/01/1997 660,000
2,545,000 Perry Co., OH, Nursing Fac. Rev., Ser. 1996
(New Lexington Hlth. Corp. Proj.)...................... 4.000 09/01/1997 2,545,000
4,740,000 Cuyahoga Co., OH, IDR (Halle Office Bldg.).................. 4.190 10/01/1997 4,740,000
170,000 Franklin Co., OH, IDR (Pan Western Life).................... 3.850 10/01/1997 170,000
1,240,000 Miami Valley Tax-Exempt Mtg. Bond Trust..................... 4.880 10/15/1997 1,240,000
1,450,000 Clermont Co., OH, EDR (John Q. Hammons Proj.)............... 4.000 11/01/1997 1,450,000
650,000 Franklin Co., OH, IDR (GSW Proj.)........................... 3.700 11/01/1997 650,000
<PAGE>
<CAPTION>
OHIO TAX-FREE MONEY FUND (Continued)
===================================================================================================================================
PRINCIPAL COUPON MATURITY MARKET
AMOUNT ADJUSTABLE RATE PUT BONDS-- 13.9% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 3,215,000 Ohio HFA MFH (Lincoln Park)................................. 4.250% 11/01/1997 $ 3,215,000
3,705,000 Richland Co., OH, IDR (Mansfield Sq. Proj.)................. 3.700 11/15/1997 3,705,000
935,000 Scioto Co., OH, Health Care Rev. (Hillview Retirement)...... 3.650 12/01/1997 935,000
395,000 Cuyahoga Co., OH, IDR (Welded Ring)......................... 3.650 12/01/1997 395,000
710,000 Cuyahoga Co., OH, Health Care Rev. (Cleveland
Neighborhood Hlth. Svcs.).............................. 3.900 12/01/1997 710,000
320,000 Lucas Co., OH, EDR (Cross County Inns, Inc.)................ 3.750 12/01/1997 320,000
2,355,000 Franklin Co., OH, IDR (Leveque & Assoc. Proj.).............. 3.650 12/01/1997 2,355,000
1,060,000 Gallia Co., OH, IDR (Jackson Pike Assoc.)................... 3.600 12/15/1997 1,060,000
2,915,000 Ohio Company Tax-Exempt Mtg. Bond Trust, Ser. 2............. 3.900 12/15/1997 2,914,203
670,000 Franklin Co., OH, EDR (JAL Realty).......................... 3.900 01/15/1998 670,000
4,250,000 Ohio St. Air Quality Dev. Auth., Ser. A (Ohio Edison)....... 3.950 02/01/1998 4,254,705
- -------------- ------------
$ 36,699,000 TOTAL ADJUSTABLE RATE PUT BONDS
- --------------
(Amortized Cost $36,702,908)................................ $36,702,908
------------
$262,398,730 TOTAL INVESTMENTS AT VALUE -- 99.3%
==============
(Amortized Cost $262,508,765)............................... $262,508,765
OTHER ASSETS IN EXCESS OF LIABILITIES-- 0.7% ............... 1,798,891
------------
NET ASSETS-- 100.0% ........................................ $264,307,656
============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FLORIDA TAX-FREE MONEY FUND
PORTFOLIO OF INVESTMENTS
June 30, 1997
===================================================================================================================================
PRINCIPAL COUPON MATURITY MARKET
AMOUNT FIXED RATE REVENUE & GENERAL OBLIGATION BONDS-- 38.3% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 175,000 Puerto Rico Commonwealth GO, Prerefunded @ 102.............. 7.125% 07/01/1997 $ 178,500
250,000 Venice, FL, Util. Rev., Prerefunded @ 102................... 6.900 07/01/1997 255,000
375,000 Florida St. Dept. of Natural Resources, Ser. 1992
(Preservation 2000).................................... 5.750 07/01/1997 375,000
200,000 Florida St. Turnpike Auth. Rev., Ser. 1992A................. 5.000 07/01/1997 200,000
200,000 Florida St. Dept. of Natural Resources, Ser. 1993
(Preservation 2000).................................... 4.200 07/01/1997 200,000
100,000 Florida St. Turnpike Auth. Rev.............................. 3.900 07/01/1997 100,000
250,000 Florida St. Turnpike Auth. Rev., Ser. 1991A................. 6.200 07/01/1997 250,000
150,000 Florida St. Div. Board Fin. Rev. (Dept. of
Environmental Protection).............................. 4.500 07/01/1997 150,000
500,000 Broward Co., FL, GO, Prerefunded @ 102...................... 6.900 07/01/1997 510,000
1,000,000 Dade Co., FL, School Board COP, Ser. B...................... 4.250 08/01/1997 1,000,411
100,000 Pinellas Co., FL, Transportation Impt. Rev., Ser. A......... 3.800 08/01/1997 100,004
170,000 Walton Co., FL, GO.......................................... 3.650 08/01/1997 170,000
400,000 Cape Coral, FL, Water Rev................................... 6.625 08/01/1997 400,902
520,000 San Antonio, TX, GO......................................... 8.000 08/01/1997 521,765
100,000 Pasco Co., FL, Optional Gas Tax Rev......................... 6.900 08/01/1997 100,238
400,000 Venice, FL, Health Care Rev. (Bon Secours Health
Sys. Proj.)............................................ 3.800 08/15/1997 400,056
475,000 Homestead, FL, Special Insurance Assessment Rev.,
Escrowed to Maturity................................... 4.400 09/01/1997 475,562
350,000 Homestead, FL, Special Insurance Assessment Rev............. 4.400 09/01/1997 350,373
225,000 Port Everglades, FL, Port Auth. Rev......................... 6.900 09/01/1997 226,090
550,000 Okaloosa Co., FL, School Board COP.......................... 5.000 09/01/1997 551,090
1,500,000 Orange Co., FL, School Dist. TANS........................... 4.000 09/15/1997 1,500,800
1,240,000 Bay Medical Ctr., FL, Hosp. Rev. (Bay Medical Ctr. Proj.)... 4.000 10/01/1997 1,240,903
500,000 Jacksonville, FL, Elec. Auth. Rev. (St. Johns River)........ 4.000 10/01/1997 500,304
200,000 Hollywood, FL, Water & Sewer Rev............................ 5.800 10/01/1997 201,034
350,000 Key West, FL, Util. Board Elec. Rev......................... 3.650 10/01/1997 350,000
250,000 Dade Co., FL, Water & Sewer Rev............................. 4.500 10/01/1997 250,493
125,000 West Palm Beach, FL, Gtd. Entitlement Rev.,
Prerefunded @ 102...................................... 6.500 10/01/1997 128,307
155,000 Laguna Madre, TX, Water Dist. Rev........................... 4.100 11/01/1997 155,000
275,000 Matteson, IL, GO, Ser. A.................................... 4.900 12/01/1997 276,267
340,000 Wichita KS, GO.............................................. 6.850 12/01/1997 344,282
1,060,000 Cook Co., IL, School Dist. GO............................... 4.500 12/01/1997 1,063,191
2,000,000 Cheshire Co., NH, TANS...................................... 3.890 12/29/1997 2,000,383
250,000 Polk Co., FL, School Board COP.............................. 4.400 01/01/1998 250,744
400,000 St. Lucie Co., FL, School Dist. GO.......................... 4.000 02/01/1998 400,236
500,000 Collier Co., FL, Special Obligation Rev..................... 3.700 03/01/1998 500,000
335,000 Clay Co., FL, School Board COP.............................. 4.200 07/01/1998 335,652
- -------------- ------------
$ 15,970,000 TOTAL FIXED RATE REVENUE & GENERAL OBLIGATION BONDS
- --------------
(Amortized Cost $16,012,587)................................ $16,012,587
------------
<PAGE>
<CAPTION>
FLORIDA TAX-FREE MONEY FUND (Continued)
===================================================================================================================================
PRINCIPAL COUPON MATURITY MARKET
AMOUNT FLOATING AND VARIABLE RATE DEMAND NOTES-- 44.1% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 100,000 St. Lucie Co., FL, PCR (Florida Power & Light).............. 4.000% 07/01/1997 $ 100,000
1,200,000 Jacksonville, FL, Health Fac. Auth. Rev., Ser. 1996
(Genesis Rehab. Hosp.)................................. 4.200 07/01/1997 1,200,000
800,000 Jacksonville, FL, Health Fac. Auth. Rev.
(River Garden Proj.)................................... 4.650 07/01/1997 800,000
800,000 Hamilton Co., OH, Health Sys. Rev. (Franciscan Sisters)..... 4.150 07/01/1997 800,000
875,000 Volusia Co., FL, Health Fac. Auth. Rev.
(Sun Point Apt. Proj.)................................. 4.150 07/01/1997 875,000
2,000,000 Orange Co., FL, IDR, Ser. 1996A (Univ. of Central
Florida Proj.)......................................... 4.100 07/02/1997 2,000,000
1,735,000 Illinois St. Dev. Fin Auth. MFH Rev. (Cobbler Square Proj.). 4.600 07/02/1997 1,735,000
1,500,000 St. John's Co., FL, HFA Rev. (Anastasia Shores Apt. Proj.).. 4.250 07/02/1997 1,500,000
1,400,000 Broward Co., FL, MFH Rev. (Margate Proj.)................... 4.250 07/02/1997 1,400,000
720,000 Volusia Co., FL, Health Fac. Auth. Rev., Pooled Hosp.
Loan Prog. ............................................ 4.150 07/02/1997 720,000
400,000 San Rafael, CA, IDR, Ser. 1994 (Phoenix American, Inc.)..... 4.150 07/02/1997 400,000
300,000 York, PA, Gen. Auth. Pooled Fin. Rev........................ 4.150 07/03/1997 300,000
1,700,000 Plant City, FL, Hosp. Rev. (South Florida Baptist Hosp.).... 4.350 07/03/1997 1,700,000
1,500,000 Marion Co., FL, HFA (Paddock Place Proj.)................... 4.250 07/03/1997 1,500,000
1,400,000 Jacksonville, FL, Health Fac. Auth. Rev.
(Faculty Practice Assoc.) ............................. 4.250 07/03/1997 1,400,000
2,000,000 Boca Raton, FL, IDR (Parking Garage)........................ 4.500 07/03/1997 2,000,000
- -------------- ------------
$ 18,430,000 TOTAL FLOATING AND VARIABLE RATE DEMAND NOTES
- --------------
(Amortized Cost $18,430,000)................................ $18,430,000
------------
<PAGE>
<CAPTION>
===================================================================================================================================
PRINCIPAL COUPON MATURITY MARKET
AMOUNT ADJUSTABLE RATE PUT BONDS-- 4.7% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 1,450,000 Florida HFA Rev............................................. 3.750% 12/15/1997 $ 1,450,000
515,000 Corpus Christi, TX, IDR..................................... 3.850 02/01/1998 515,000
- -------------- ------------
$ 1,965,000 TOTAL ADJUSTABLE RATE PUT BONDS
- --------------
(Amortized Cost $1,965,000)................................. $ 1,965,000
------------
<CAPTION>
===================================================================================================================================
PRINCIPAL COUPON MATURITY MARKET
AMOUNT COMMERCIAL PAPER-- 15.6% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 1,500,000 St. Lucie Co., FL, PCR (Florida Power & Light).............. 4.000% 07/07/1997 $ 1,500,000
1,500,000 St. Lucie Co., FL, PCR (Florida Power & Light).............. 3.950 07/10/1997 1,500,000
2,000,000 Orange Co., FL, Health Fac. Auth., Pooled Hosp. Loan Prog... 3.750 07/15/1997 2,000,000
1,500,000 Pinellas Co., FL Pooled Independent Higher Educ. Fac. Rev... 3.600 07/28/1997 1,500,000
- -------------- ------------
$ 6,500,000 TOTAL COMMERCIAL PAPER
- --------------
(Amortized Cost $6,500,000)................................. $ 6,500,000
------------
$ 42,865,000 TOTAL INVESTMENTS AT VALUE-- 102.7%
==============
(Amortized Cost $42,907,587)................................ $42,907,587
LIABILITIES IN EXCESS OF OTHER ASSETS-- (2.7)% ............. ( 1,125,123 )
------------
NET ASSETS-- 100.0% ........................................ $41,782,464
============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TAX-FREE INTERMEDIATE TERM FUND
PORTFOLIO OF INVESTMENTS
June 30, 1997
===================================================================================================================================
PRINCIPAL COUPON MATURITY MARKET
AMOUNT MUNICIPAL BONDS RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ALASKA -- 0.6%
$ 385,000 Alaska St. HFC Rev.......................................... 7.650% 12/01/2010 $ 385,038
------------
ARIZONA -- 1.8%
400,000 Arizona Educ. Loan Mkt. Corp. Rev., Ser. A.................. 6.700 03/01/2000 416,556
600,000 Maricopa Co., AZ, School Dist. Rev., Ser. 1991C
(Tempe Elem.)......................................... 8.000 07/01/2004 715,806
------------
1,132,362
------------
CALIFORNIA -- 2.8%
500,000 Santa Clara Co., CA, Hsg. Auth. ARPB (Orchard Glen Apts.)... 5.250 11/01/1998 502,185
470,000 Sacramento Co., CA, MFH ARPB (Fairway One Apts.)............ 5.875 02/01/2003 475,457
500,000 Santa Monica, CA, Redev. Agy. Lease Rev..................... 6.000 07/01/2003 537,440
250,000 California HFA Multi-Unit Rental Rev., Ser. B............... 6.500 08/01/2005 262,847
------------
1,777,929
------------
FLORIDA -- 8.4%
500,000 Florida HFA MFH ARPB, Ser. 1978B (Hampton Lakes II Proj.)... 5.700 04/01/2001 509,625
200,000 Florida St. GO.............................................. 6.500 05/01/2004 202,692
1,000,000 Jacksonville, FL, ExciseTax Rev., Ser. B.................... 5.400 10/01/2006 1,028,190
750,000 Hillsborough Co., FL, Solid Waste Rev....................... 5.500 10/01/2006 783,293
455,000 Pensacola, FL, Airport Rev., Ser. 1997B..................... 5.400 10/01/2007 467,954
1,000,000 Pasco Co., FL, HFA MFH Rev., Ser. 1997B
(Cypress Trail Apt. Proj.)............................. 5.500 06/01/2008 995,900
1,345,000 Florida HFA MFH Sr. Lien, Ser. I-1.......................... 6.100 01/01/2009 1,369,815
------------
5,357,469
------------
GEORGIA -- 0.9%
500,000 Columbus, GA, Med. Ctr. Hosp. Auth. Rev..................... 6.400 08/01/2006 542,375
------------
ILLINOIS -- 2.0%
500,000 Aurora, IL, MFH Rev., Ser. 1988 (Fox Valley)................ 7.750 09/01/1998 513,600
680,000 Illinois St. Educ. Fac. Auth. Rev., Ser. A (Loyola Univ.),
Prerefunded @ 102...................................... 7.125 07/01/2001 757,690
------------
1,271,290
------------
INDIANA -- 11.0%
3,185,000 Purdue University, IN, COP, Prerefunded @ 102............... 6.250 07/01/2001 3,451,393
1,000,000 Indiana Bond Bank Special Prog. Rev., Ser. A-1.............. 6.650 01/01/2003 1,035,280
1,865,000 Purdue University, IN, COP.................................. 5.750 07/01/2007 1,962,577
500,000 Indiana HFA Multi-Unit Mtg. Prog. Rev., Ser. 1992A.......... 6.600 01/01/2012 524,675
------------
6,973,925
------------
IOWA -- 1.9%
250,000 Iowa Student Loan Liquidity Corp. Rev....................... 6.400 07/01/2004 266,593
395,000 Iowa HFA Rev................................................ 6.500 07/01/2006 414,663
240,000 Iowa Student Loan Liquidity Corp. Rev....................... 6.600 07/01/2008 252,895
250,000 Cedar Rapids, IA, Hosp. Fac. Rev. (St. Luke's
Methodist Hosp.)....................................... 6.000 08/15/2009 263,777
------------
1,197,928
------------
KENTUCKY -- 2.4%
675,000 Owensboro, KY, Elec. Light & Power Rev., Prerefunded @ 102.. 10.250 01/01/2000 780,253
750,000 Kentucky St. Turnpike Auth. EDR (Revitalization Proj.)...... 5.250 07/01/2005 773,213
------------
1,553,466
------------
<PAGE>
<CAPTION>
TAX-FREE INTERMEDIATE TERM FUND (Continued)
===================================================================================================================================
PRINCIPAL COUPON MATURITY MARKET
AMOUNT MUNICIPAL BONDS RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
LOUISIANA -- 1.6%
$ 440,000 Louisiana Public Fac. Auth. Rev. (Medical Ctr.
of Louisiana).......................................... 6.000% 10/15/2003 $ 466,910
500,000 West Ouachita Parish, LA, School Dist. GO, Ser. A........... 6.700 03/01/2006 543,150
------------
1,010,060
------------
MARYLAND -- 0.8%
500,000 Maryland St. Health & Higher Educ. Fac. Auth. Rev.,
(Univ. of Maryland Medical Sys.)............................ 6.500 07/01/2001 537,965
------------
MASSACHUSETTS -- 2.9%
750,000 Massachusetts St. Indust. Fin. Agy. ARPB
(Asahi/America, Inc.).................................. 5.100 03/01/1999 759,518
500,000 New England Educ. Loan Mkt. Corp. Rev., Ser. 1992B.......... 6.500 09/01/2002 538,595
500,000 New England Educ. Loan Mkt. Corp. Rev., Ser. 1992A.......... 6.600 09/01/2002 537,280
------------
1,835,393
------------
MICHIGAN -- 1.7%
1,000,000 Michigan St. Bldg. Auth. Rev., Ser. II...................... 6.400 10/01/2004 1,080,360
------------
MINNESOTA -- 1.2%
700,000 Centennial, MN, ISD GO, Ser. A.............................. 5.600 02/01/2002 732,739
------------
MISSISSIPPI -- 1.2%
500,000 Mississippi Higher Educ. Rev., Ser. B....................... 6.100 07/01/2001 520,095
250,000 Hattiesburg, MS, Water & Sewer Rev.......................... 4.800 08/01/2002 252,235
------------
772,330
------------
NEBRASKA -- 1.1%
655,000 Nebraska Invest. Fin. Auth. Rev., Ser. 1989 (Foundation for Educ. Fund),
Escrowed to Maturity................................... 7.000 11/01/2009 676,294
------------
NEVADA -- 2.6%
315,000 Washoe Co., NV, GO, Prerefunded @ 102....................... 7.375 07/01/1999 340,071
1,000,000 Las Vegas, NV, GO, Sewer Impt. Rev, Prerefunded @ 102....... 6.500 04/01/2002 1,100,820
185,000 Washoe Co., NV, GO.......................................... 7.375 07/01/2009 198,795
------------
1,639,686
------------
NEW YORK -- 3.1%
500,000 New York Local Govt. Asst. Corp. Rev., Ser. 1991B........... 7.000 04/01/2002 549,675
85,000 New York, NY, GO............................................ 8.000 08/01/2005 87,003
1,300,000 New York St. Twy Auth. Local Hwy. Impt. Rev................. 5.500 04/01/2006 1,355,809
------------
1,992,487
------------
NORTH CAROLINA -- 3.9%
1,065,000 Durham, NC, COP, Prerefunded @ 102.......................... 6.375 12/01/2001 1,167,975
1,200,000 Asheville, NC, GO........................................... 6.100 03/01/2008 1,288,404
------------
2,456,379
------------
<PAGE>
<CAPTION>
TAX-FREE INTERMEDIATE TERM FUND (Continued)
===================================================================================================================================
PRINCIPAL COUPON MATURITY MARKET
AMOUNT MUNICIPAL BONDS RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OHIO -- 19.8%
$ 200,000 Ohio St. Air Quality Dev. Auth. Rev., Ser. 1985B............ 5.500% 07/01/1997 $ 200,000
500,000 Ohio St. Bldg. Auth. Rev., Ser. A, Escrowed to Maturity..... 7.150 03/01/1999 523,775
700,000 Franklin Co., OH, Dev. & Ref. Rev., Ser. 1993
(American Chemical Soc.)............................... 5.500 04/01/2000 712,621
500,000 Franklin Co., OH, Rev. (Online Computer Library Ctr.)....... 5.500 04/15/2000 513,100
710,000 Fairfield, OH, IDR ARPB (Skyline Chili, Inc.)............... 5.000 09/01/2000 710,305
950,000 Akron, Bath & Copley, OH, Joint Twp. Hosp. Rev.
(Summa Health Systems)................................. 5.900 11/15/2002 1,003,077
270,000 Warren Co., OH, Hosp. Fac. Rev. (Otterbein Home)............ 7.000 07/01/2003 295,037
930,000 Ohio St. EDR Ohio Enterprise Bond Fd.
(Smith Steelite Proj.)................................. 5.600 12/01/2003 951,055
500,000 Hamilton Co., OH, Hosp. Fac. Rev. (Episcopal
Retirement Home)....................................... 6.600 01/01/2004 543,690
825,000 Jackson, OH, Electric Sys. Mtg. Rev......................... 5.200 07/15/2004 826,906
405,000 Ohio St. EDR, Ohio Enterprise Bond Fd. (Cheryl & Co.)....... 5.500 12/01/2004 421,479
1,000,000 Ohio St. Special Obligation Elem. & Secondary
Educ. Fac. Rev. ....................................... 5.000 12/01/2004 1,017,940
1,005,000 Franklin Co., OH, Health Care Fac. Rev.
(First Comm. Village).................................. 6.000 06/01/2006 1,031,019
550,000 Portage Co., OH, Hospital Rev. (Robinson Memorial
Hospital Proj.)........................................ 6.500 11/01/2006 610,704
400,000 Painesville, OH, Elec. Rev.................................. 6.000 11/01/2006 425,292
530,000 Toledo, OH, GO.............................................. 6.000 12/01/2006 575,628
840,000 Kent State University General Receipts Rev.................. 6.000 05/01/2007 911,366
800,000 West Clermont, OH, LSD GO................................... 6.150 12/01/2008 864,264
500,000 Hamilton Co., OH, Hosp. Fac. Rev. (Bethesda Hosp.).......... 7.000 01/01/2009 510,910
------------
12,648,168
------------
PENNSYLVANIA -- 2.6%
590,000 Chartiers Valley, PA, Comm. Dev. ARPB (Colonial Bldg.
Partners Proj.)........................................ 5.625 12/01/1997 592,808
500,000 Pennsylvania St., IDR, Ser. A, Prerefunded @ 102............ 7.000 07/01/2001 554,080
500,000 Pennsylvania Fin. Auth. Muni. Cap. Impt. Proj. Rev.......... 6.600 11/01/2009 539,205
------------
1,686,093
------------
SOUTH CAROLINA -- 4.5%
500,000 South Carolina EDA EDR (St. Francis Hosp.).................. 4.300 07/01/1997 500,000
145,000 Piedmont, SC, Muni. Power Agy. Rev., Ser. A,
Escrowed to Maturity................................... 6.000 01/01/2002 154,019
855,000 Piedmont, SC, Muni. Power Agy. Rev., Ser. A................. 6.000 01/01/2002 903,897
525,000 South Carolina St. GO, Ser. A............................... 6.000 03/01/2004 558,773
725,000 Richland-Lexington, SC, Airport Dist. Rev., Ser. 1995
(Columbia Metro.)...................................... 6.000 01/01/2008 766,180
------------
2,882,869
------------
TENNESSEE -- 1.8%
525,000 Southeast, TN, Tax-Exempt Mtg. Trust ARPB, Ser. 1990........ 7.250 04/01/2003 583,091
500,000 Nashville, TN, Metro. Airport Rev., Ser. C.................. 6.625 07/01/2007 544,010
------------
1,127,101
------------
TEXAS -- 10.5%
500,000 Texas Turnpike Auth. Rev. (Dallas N. Tollway),
Prerefunded @ 102...................................... 7.250 01/01/1999 532,210
500,000 Houston, TX, Sr. Lien Rev., Ser. A (Hotel Tax &
Parking Fac.), Prerefunded @ 100....................... 7.000 07/01/2001 547,815
350,000 Univ. of Texas, TX, Rev., Ser. B, Prerefunded @ 102......... 6.750 08/15/2001 386,967
1,000,000 Texas National Research Lab. Fin. Corp. Lease Rev.,
Prerefunded @ 102...................................... 6.850 12/01/2001 1,115,170
500,000 N. Texas Higher Educ. Student Loan Rev., Ser. 1991A......... 6.875 04/01/2002 529,455
650,000 Lufkin TX, ISD GO........................................... 7.250 02/15/2006 756,997
650,000 Galveston, TX, Health Fac. Rev. (Devereux Foundation)....... 4.900 11/01/2006 651,404
500,000 N. Central, TX, Health Fac. Rev. (Baylor Health Care),
Indexed INFLOS......................................... 7.300 05/15/2008 546,735
500,000 Tyler, TX, Health Fac. Rev. (East Texas Medical Center)..... 5.000 11/01/2008 494,430
394,818 Midland, TX, HFC Rev., Ser. A-2............................. 8.450 12/01/2011 424,599
650,000 Univ. of Texas, TX, Rev., Ser. B............................ 6.750 08/15/2013 706,037
------------
6,691,819
------------
<PAGE>
<CAPTION>
TAX-FREE INTERMEDIATE TERM FUND (Continued)
===================================================================================================================================
PRINCIPAL COUPON MATURITY MARKET
AMOUNT MUNICIPAL BONDS RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
UTAH -- 1.5%
$ 870,000 Utah St. School Dist. Fin. Corp. Rev., Mandatory Redemption. 8.375% 08/15/1998 $ 924,906
------------
VIRGINIA -- 1.6%
500,000 Chesterfield Co., VA, GO, Ser. B............................ 6.200 01/01/1999 515,670
500,000 Chesapeake, VA, GO.......................................... 5.900 08/01/2005 531,595
------------
1,047,265
------------
WASHINGTON -- 3.5%
750,000 Seattle, WA, Drain & Wastewater Util. Rev.,
Prerefunded @ 102...................................... 7.000 12/01/1999 811,725
335,000 Washington St. GO, Ser. A, Prerefunded @ 100................ 6.400 03/01/2001 357,683
1,000,000 Washington St. Motor Vehicle Fuel Tax GO.................... 6.000 09/01/2004 1,066,840
------------
2,236,248
------------
WISCONSIN -- 1.5%
395,000 Village of Dresser, WI, PCR (F & A Dairy, Inc.)............. 6.000 05/01/2000 401,340
500,000 Wisconsin Public Power System Rev., Ser. A,
- -------------- Prerefunded @ 102...................................... 7.500 07/01/2000 553,575
------------
954,915
------------
$ 59,614,818 TOTAL MUNICIPAL BONDS-- 99.2%
==============
(Amortized Cost $60,807,141)................................ $63,124,859
OTHER ASSETS IN EXCESS OF LIABILITIES-- 0.8% ............... 521,308
------------
NET ASSETS-- 100.0% ........................................ $63,646,167
============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OHIO INSURED TAX-FREE FUND
PORTFOLIO OF INVESTMENTS
June 30, 1997
===================================================================================================================================
PRINCIPAL COUPON MATURITY MARKET
AMOUNT FIXED RATE REVENUE & GENERAL OBLIGATION BONDS-- 98.3% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 470,000 Clermont Co., OH, Hosp. Fac. Rev. (Mercy Health Sys.),
Prerefunded @ 102...................................... 7.500% 09/01/1999 $ 510,833
500,000 Montgomery Co., OH, Garbage & Refuse Rev., Ser. A,
Prerefunded @ 102...................................... 7.100 11/01/1999 541,800
500,000 Ohio St. Bldg. Auth. Local Jail Rev., Prerefunded @ 102..... 7.350 04/01/2000 548,725
500,000 Ohio St. Higher Educ. Fac. Rev. (Ohio Northern Univ.),
Prerefunded @ 100...................................... 7.250 05/15/2000 539,880
500,000 Akron, Bath & Copley, OH, Joint Twp. Hosp. Rev.
(Children's Hosp.), Prerefunded @ 102.................. 7.450 11/15/2000 557,615
500,000 Franklin Co., OH, Convention Fac. Auth. Tax & Lease Rev.,
Prerefunded @ 102...................................... 7.000 12/01/2000 551,635
500,000 Fairfield Co., OH, Hosp. Fac. Rev.
(Lancaster-Fairfield Hosp.), Prerefunded @ 102......... 7.100 06/15/2001 557,150
250,000 Franklin Co., OH, IDR (1st Community Village Healthcare),
Prerefunded @ 101.5.................................... 10.125 08/01/2001 301,623
30,000 Clermont Co., OH, Hosp. Fac. Rev., Ser. A (Mercy
Health Sys.), Prerefunded @ 100........................ 7.500 09/01/2001 33,517
460,000 Westerville, Minerva Park & Blendon, OH, Joint Hosp.
Dist. Rev. (St. Ann's), Prerefunded @ 102.............. 7.100 09/15/2001 515,048
1,000,000 Clermont Co., OH, Hosp. Fac. Rev. (Mercy Health Sys.),
Prerefunded @ 102...................................... 6.733 09/25/2001 1,105,960
1,310,000 Cuyahoga Co., OH, Hosp. Rev. (Mt. Sinai), Prerefunded @ 102. 6.625 11/15/2001 1,446,974
500,000 Springfield, OH, LSD GO, Prerefunded @ 102.................. 6.600 12/01/2001 555,385
500,000 Clermont Co., OH, Sewer Sys. Rev., Ser. 1991,
Prerefunded @ 102...................................... 7.100 12/01/2001 562,770
5,000 Cleveland, OH, Waterworks Impt. Rev., Prerefunded @ 102..... 6.500 01/01/2002 5,498
15,000 Summit Co., OH, GO, Ser. A, Prerefunded @ 100............... 6.900 08/01/2002 16,663
40,000 Ohio St. Bldg. Auth. Rev. (Frank Lausch Proj.),
Prerefunded @ 100...................................... 10.125 04/01/2003 48,286
160,000 Ohio St. Bldg. Auth. Rev. (Columbus St. Proj.),
Prerefunded @ 100...................................... 10.125 04/01/2003 191,984
230,000 Summit Co., OH, GO, Ser. A, Prerefunded @ 100............... 6.900 08/01/2003 258,702
290,000 Northwest, OH, LSD GO....................................... 7.050 12/01/2003 320,760
290,000 Alliance, OH, CSD GO........................................ 6.900 12/01/2006 320,392
500,000 Cleveland, OH, Waterworks Impt. Rev., Ser. G................ 5.500 01/01/2009 521,670
1,000,000 Franklin Co., OH, Hosp. Impt. Rev. (Holy Cross Health Sys.). 7.625 06/01/2009 1,095,470
500,000 Mansfield, OH, Hosp. Impt. Rev. (Mansfield General)......... 6.700 12/01/2009 543,425
250,000 Ohio St. Water Dev. Auth. & Impt. Rev. (Pure Water),
Escrowed to Maturity................................... 7.000 12/01/2009 287,458
500,000 Ohio Capital Corp. MFH Rev.................................. 7.500 01/01/2010 532,175
500,000 Hamilton, OH, Water Sys. Mtg. Rev., Ser. 1991A.............. 6.400 10/15/2010 541,450
500,000 Montgomery Co., OH, Solid Waste Rev......................... 5.350 11/01/2010 503,910
500,000 Butler Co., OH, Hosp. Fac. Rev. (Middletown Regional Hosp.). 6.750 11/15/2010 543,465
500,000 St. Mary's, OH, Elec. Sys. Rev.............................. 7.150 12/01/2010 553,995
1,000,000 Canton, OH, Waterworks Sys. GO, Ser. 1995................... 5.750 12/01/2010 1,044,590
495,000 Cleveland, OH, Waterworks Impt. Rev., Ser. F (First Mtg.)... 6.500 01/01/2011 536,501
1,000,000 Ohio St. Water Dev. Auth. Rev............................... 5.300 06/01/2011 1,001,940
265,000 Cuyahoga Co., OH, Hosp. Rev. (University Hosp.),
Escrowed to Maturity................................... 9.000 06/01/2011 296,721
535,000 Ohio HFA SFM Rev., Ser. 1991D............................... 7.000 09/01/2011 565,827
365,000 Bexley, OH, CSD GO.......................................... 7.125 12/01/2011 436,967
500,000 Greene Co., OH, Water Sys. Rev.............................. 6.850 12/01/2011 550,150
600,000 Westerville, OH, Water Sys. Impt. GO........................ 6.450 12/01/2011 653,898
500,000 Stark Co., OH, GO........................................... 7.050 12/01/2011 545,890
500,000 Strongsville, OH, CSD GO.................................... 5.350 12/01/2011 510,580
500,000 Maple Heights, OH, GO....................................... 7.000 12/01/2011 552,050
530,000 Urbana, OH, Wastewater Sys. Impt. GO........................ 7.050 12/01/2011 593,945
760,000 Springboro, OH, CSD GO...................................... 6.000 12/01/2011 828,385
500,000 Cleveland, OH, GO, Ser. A................................... 6.375 07/01/2012 542,310
255,000 Summit Co., OH, GO, Ser. A.................................. 6.900 08/01/2012 279,141
1,095,000 West Clermont, OH, LSD GO................................... 6.900 12/01/2012 1,240,405
500,000 Brunswick, OH, CSD GO....................................... 6.900 12/01/2012 550,080
<PAGE>
<CAPTION>
OHIO INSURED TAX-FREE FUND (Continued)
===================================================================================================================================
PRINCIPAL COUPON MATURITY MARKET
AMOUNT FIXED RATE REVENUE & GENERAL OBLIGATION BONDS-- 98.3% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 500,000 Summit Co., OH, GO.......................................... 6.625% 12/01/2012 $ 545,920
500,000 Ohio St. Higher Educ. Fac. Rev. (Univ. of Dayton)........... 7.250 12/01/2012 549,015
500,000 Worthington, OH, CSD GO..................................... 6.375 12/01/2012 540,890
500,000 Strongsville, OH, CSD GO.................................... 5.375 12/01/2012 509,980
500,000 Warrensville Heights, OH, GO................................ 6.400 12/01/2012 544,735
1,000,000 Hamilton Co., OH, Hosp. Fac. Rev., Ser. D (Children's
Hosp. Medical Ctr.).................................... 5.000 05/15/2013 961,780
330,000 Ohio HFA SFM Rev., Ser. 1990D............................... 7.500 09/01/2013 347,474
500,000 Ohio St. Bldg. Auth. Rev., Ser. 1994A (Juvenile
Correctional Bldg.).................................... 6.600 10/01/2014 554,460
500,000 Mahoning Co., OH, Hosp. Impt. Rev. (YHA, Inc.).............. 7.000 10/15/2014 542,750
1,000,000 Ohio St. Higher Educ. Fac. Rev. (John Carroll Univ.)........ 5.300 11/15/2014 986,760
530,000 Ottawa Co., OH, GO.......................................... 5.750 12/01/2014 545,031
290,000 Garfield Heights, OH, GO.................................... 6.300 12/01/2014 315,250
460,000 Bedford Heights, OH, GO..................................... 6.500 12/01/2014 508,084
1,000,000 Portage Co., OH, GO......................................... 6.200 12/01/2014 1,072,910
1,000,000 Clermont Co., OH, Hosp. Fac. Rev. (Mercy Health Sys.)....... 5.875 09/01/2015 1,026,640
600,000 Toledo-Lucas Co., OH, Convention Ctr. Rev................... 5.700 10/01/2015 615,486
1,750,000 Dayton, OH, Airport Rev. (James M. Cox Dayton
Intl. Airport)......................................... 5.250 12/01/2015 1,717,520
1,000,000 Buckeye Valley, OH, LSD GO.................................. 6.850 12/01/2015 1,163,970
500,000 Delaware, OH, CSD GO........................................ 5.750 12/01/2015 511,280
500,000 Ohio St. Higher Educ. Fac. Rev. (Univ. of Dayton)........... 6.750 12/01/2015 549,720
1,420,000 Stow, OH, Safety Center Const., GO.......................... 6.150 12/01/2015 1,508,594
1,700,000 Massillon, OH, GO........................................... 6.625 12/01/2015 1,886,694
1,000,000 Tuscarawas, OH, LSD GO, Ser. 1995........................... 6.600 12/01/2015 1,108,130
750,000 Columbus-Polaris Hsg. Corp. Ohio Mtg. Rev.,
Prerefunded @100....................................... 7.400 01/01/2016 852,645
500,000 Cleveland, OH, Waterworks Impt. Rev......................... 6.250 01/01/2016 531,260
500,000 Ohio St. Air Quality Dev. Auth. Rev. (Ohio Edison).......... 7.450 03/01/2016 543,170
996,000 Ohio HFA SFM Rev., Ser. 1991D............................... 7.050 09/01/2016 1,051,417
361,000 Ohio HFA SFM Rev., Ser. 1990F............................... 7.600 09/01/2016 381,353
500,000 Celina, OH, Wastewater Sys. Mtg. Rev........................ 6.550 11/01/2016 539,750
750,000 Montgomery Co., OH, Hosp. Rev. (Miami Valley Hosp.)......... 6.250 11/15/2016 785,055
1,000,000 Cleveland, OH, Public Power Sys. Rev........................ 7.000 11/15/2016 1,141,920
590,000 Garfield Heights, OH, GO.................................... 7.050 12/01/2016 644,150
1,000,000 North Olmsted, OH, GO....................................... 5.000 12/01/2016 951,050
815,000 Butler Co., OH, GO.......................................... 5.750 12/01/2016 831,602
705,000 Big Walnut, OH, LSD GO (Community Library Proj.)............ 6.650 12/01/2016 775,683
1,000,000 Greater Cleveland, OH, Regional Transit Auth. GO............ 5.650 12/01/2016 1,011,700
800,000 Ohio St. Bldg. Auth. Rev. (Adult Correctional Bldg.)........ 5.600 04/01/2017 806,784
760,000 Puerto Rico Electric Power Auth. Rev., Ser. A............... 5.250 07/01/2017 744,336
1,000,000 Lorain Co., OH, Hosp. Rev. (Catholic Health Care Partners).. 5.625 09/01/2017 1,007,370
850,000 Alliance, OH, Waterworks Sys. Rev........................... 6.650 10/15/2017 927,247
500,000 Toledo, OH, Sewer Sys. Rev.................................. 6.350 11/15/2017 541,980
675,000 Reynoldsburg, OH, CSD GO.................................... 6.550 12/01/2017 739,490
500,000 Ohio St. Air Quality Dev. Auth. Rev., Ser. 1990B
(Ohio Edison).......................................... 7.100 06/01/2018 541,370
500,000 Seneca Co., OH, GO (Jail Fac.).............................. 6.500 12/01/2018 544,340
1,000,000 S. Euclid-Lyndhurst, OH, CSD GO, Ser. 1996.................. 6.400 12/01/2018 1,095,250
500,000 Newark, OH, Water Sys. Impt. Rev............................ 6.000 12/01/2018 518,005
500,000 Franklin Co., OH, Hosp. Rev., Ser. 1991 (Mt. Carmel)........ 6.750 06/01/2019 542,590
500,000 Crawford Co., OH, GO........................................ 6.750 12/01/2019 556,630
360,000 Cuyahoga Co., OH, Hosp. Rev. (University Hosp.)............. 6.250 01/15/2020 375,660
500,000 Lucas Co., OH, Hosp. Impt. Rev. (St. Vincent's Hosp.)....... 6.750 08/15/2020 538,385
1,000,000 Ohio St. Air Quality Dev. Rev., Ser. 1985A
(Columbus Southern Power).............................. 6.375 12/01/2020 1,082,310
1,750,000 Celina, OH, CSD GO.......................................... 5.250 12/01/2020 1,681,575
<PAGE>
<CAPTION>
OHIO INSURED TAX-FREE FUND (Continued)
===================================================================================================================================
PRINCIPAL COUPON MATURITY MARKET
AMOUNT FIXED RATE REVENUE & GENERAL OBLIGATION BONDS-- 98.3% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 200,000 Montgomery Co., OH, Hosp. Rev. (Sisters of Charity)......... 6.625% 05/15/2021 $ 214,244
15,000 Puerto Rico HFC SFM Rev., Ser. A ........................... 7.800 10/15/2021 15,380
1,220,000 Butler Co., OH, Sewer Sys. Rev.............................. 5.250 12/01/2021 1,169,748
1,000,000 Kent St. Univ. General Receipts Rev......................... 6.500 05/01/2022 1,082,540
160,000 Puerto Rico HFC Rev......................................... 6.850 10/15/2023 167,687
1,000,000 Springboro, OH, CSD GO...................................... 5.100 12/01/2023 947,230
1,000,000 West Holmes, OH, LSD GO..................................... 5.375 12/01/2023 974,490
2,500,000 Cleveland, OH, Public Power Sys. Rev., Ser. 1............... 5.000 11/15/2024 2,320,700
1,000,000 Ohio St. Air Quality Dev. Auth. Rev. (Penn Power)........... 6.450 05/01/2027 1,079,520
- -------------- ------------
$ 70,037,000 TOTAL FIXED RATE REVENUE & GENERAL OBLIGATION BONDS
- --------------
(Amortized Cost $69,512,058)................................ $74,212,287
------------
<CAPTION>
===================================================================================================================================
PRINCIPAL COUPON MATURITY MARKET
AMOUNT FLOATING AND VARIABLE RATE DEMAND NOTES-- 0.9% RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 100,000 Ohio St. Air Quality Dev. Auth. Rev., Ser. 1985B............ 5.500% 07/01/1997 $ 100,000
570,000 Cuyahoga Co., OH, Hosp. Impt. Rev. (Univ. Hosp. Cleveland).. 4.200 07/01/1997 570,000
- -------------- ------------
$ 670,000 TOTAL FLOATING AND VARIABLE RATE DEMAND NOTES
- --------------
(Amortized Cost $670,000)................................... $ 670,000
------------
$ 70,707,000 TOTAL INVESTMENTS AT VALUE-- 99.2%
==============
(Amortized Cost $70,182,058)................................ $74,882,287
OTHER ASSETS IN EXCESS OF LIABILITIES-- 0.8% ............... 572,900
------------
NET ASSETS-- 100.0% ........................................ $75,455,187
============
</TABLE>
<PAGE>
NOTES TO PORTFOLIOS OF INVESTMENTS June 30, 1997
===============================================================================
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 June 30, 1997.
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.
PORTFOLIO ABBREVIATIONS:
ARPB - Adjustable Rate Put Bonds
BANS - Bond Anticipation Notes
COP - Certificates of Participation
CSD - City School District
EDA - Economic Development Authority
EDR - Economic Development
GO - General Obligation
HFA - Housing Finance Authority/Agency
HFC - Housing Finance Corporation
IDA - Industrial Development Authority/Agency
IDR - Industrial Development Revenue
ISD - Independent School District
LSD - Local School District
MFH - Multi-Family Housing
MFM - Multi-Family Mortgage
PCR - Pollution Control Revenue
RANS - Revenue Anticipation Notes
SFM - Single Family Mortgage
TANS - Tax Anticipation Notes
TRANS - Tax Revenue Anticipation Notes
USD - Unified School District
VRDN - Variable Rate Demand Notes
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
===============================================================================
Arthur Andersen LLP
To the Shareholders and Board of Trustees of Countrywide Tax-Free Trust
(formerly Midwest Group Tax Free Trust):
We have audited the accompanying statements of assets and liabilities of the
Tax-Free Money Fund, California Tax-Free Money Fund, Ohio Tax-Free Money Fund,
Florida Tax-Free Money Fund (formerly Royal Palm Florida Tax-Free Money Fund),
Tax-Free Intermediate Term Fund and Ohio Insured Tax-Free Fund of the
Countrywide Tax-Free Trust (a Massachusetts business trust), including the
portfolios of investments, as of June 30, 1997, and the related statements of
operations for the year then ended, the statements of changes in net assets for
each of the two years then ended, and the financial highlights for the periods
indicated thereon. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of June
30, 1997, by correspondence with custodians and brokers. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial positions of the
Tax-Free Money Fund, California Tax-Free Money Fund, Ohio Tax-Free Money Fund,
Florida Tax-Free Money Fund, Tax-Free Intermediate Term Fund and Ohio Insured
Tax-Free Fund of the Countrywide Tax-Free Trust as of June 30, 1997, the results
of their operations for the year then ended, the changes in their net assets for
each of the two years then ended, and the financial highlights for the periods
indicated thereon, in conformity with generally accepted accounting principles.
/s/ Arthur Andersen LLP
Cincinnati, Ohio,
August 4, 1997
<PAGE>
RESULTS OF SPECIAL MEETING OF SHAREHOLDERS
February 28, 1997 (Unaudited)
===============================================================================
On February 28, 1997, a Special Meeting of Shareholders of the Trust was held
(1) to approve or disapprove a new investment advisory agreement with
Countrywide Investments, Inc. (formerly Midwest Group Financial Services, Inc.),
(2) to elect eight trustees and (3) 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 73.6% of the shares entitled to vote at the meeting.
Each of the matters submitted to shareholders was approved.
The results of the voting for or against the approval of the new investment
advisory agreement by each Fund follows:
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Number of Shares
For Against Abstain
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Tax-Free Money Fund 25,115,622.200 445,674.940 727,046.050
California Tax-Free Money Fund 32,987,445.770 60,870.730 170,862.090
Ohio Tax-Free Money Fund 192,287,347.050 1,767,190.110 1,212,383.020
Florida Tax-Free Money Fund 40,192,861.940 -- 212,899.750
Tax-Free Intermediate Term Fund 3,962,111.572 31,383.686 386,297.917
Ohio Insured Tax-Free Fund 4,091,196.523 72,837.433 247,000.150
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
The results of the voting for the election of trustees follows:
- -----------------------------------------------------------------------------------------------------------------------------------
Withhold
Nominees For Election Authority Status
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Donald L. Bogdon, M.D. 301,097,986.596 2,873,044.335 New Trustee
John R. Delfino 302,110,178.726 1,860,852.205 New Trustee
H. Jerome Lerner 302,101,778.163 1,869,252.768 Incumbent
Robert H. Leshner 302,070,400.086 1,900,630.845 Incumbent
Angelo R. Mozilo 301,122,746.216 2,848,284.715 New Trustee
Oscar P. Robertson 300,942,417.774 3,028,613.157 Incumbent
John F. Seymour, Jr. 301,038,801.576 2,932,229.355 New Trustee
Sebastiano Sterpa 301,121,761.916 2,849,269.015 New Trustee
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
The results of the voting for or against the ratification of Arthur Andersen LLP
as independent public accountants by each Fund follows:
- -----------------------------------------------------------------------------------------------------------------------------------
Number of Shares
For Against Abstain
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Tax-Free Money Fund 25,625,027.910 286,977,880 376,337.400
California Tax-Free Money Fund 33,154,401.010 55,799.840 8,977.740
Ohio Tax-Free Money Fund 192,902,190.560 875,777.430 1,488,952.190
Florida Tax-Free Money Fund 40,368,453.390 -- 37,308.300
Tax-Free Intermediate Term Fund 4,239,312.650 15,926.693 124,553.832
Ohio Insured Tax-Free Fund 4,295,133.611 25,321.159 90,579.336
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000352667
<NAME> COUNTRYWIDE TAX FREE TRUST
<SERIES>
<NUMBER> 1
<NAME> TAX-FREE MONEY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 30,147,370
<INVESTMENTS-AT-VALUE> 30,147,370
<RECEIVABLES> 304,930
<ASSETS-OTHER> 1,290
<OTHER-ITEMS-ASSETS> 173,501
<TOTAL-ASSETS> 30,627,091
<PAYABLE-FOR-SECURITIES> 476,266
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25,149
<TOTAL-LIABILITIES> 501,415
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,126,719
<SHARES-COMMON-STOCK> 30,137,162
<SHARES-COMMON-PRIOR> 25,353,881
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,043)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 30,125,676
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,145,840
<OTHER-INCOME> 0
<EXPENSES-NET> 295,213
<NET-INVESTMENT-INCOME> 850,627
<REALIZED-GAINS-CURRENT> 7
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 850,634
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 850,627
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 59,171,857
<NUMBER-OF-SHARES-REDEEMED> 55,217,113
<SHARES-REINVESTED> 828,537
<NET-CHANGE-IN-ASSETS> 4,783,288
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,050)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 149,097
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 295,213
<AVERAGE-NET-ASSETS> 29,851,586
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .029
<PER-SHARE-GAIN-APPREC> 0
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</TABLE>
