Countrywide Investments Tax-Exempt
......................... .
.
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 SEMI-ANNUAL REPORT
Nationwide: (Toll Free) 800-543-0407 December 31, 1997
Cincinnati: 629-2050 (Unaudited)
...................
BOARD OF TRUSTEES TAX-FREE
Angelo R. Mozilo, Chairman MONEY FUND
Robert H. Leshner, President .......
Donald L. Bogdon, M.D. CALIFORNIA TAX-FREE
John R. Delfino MONEY FUND
H. Jerome Lerner .......
Oscar P. Robertson OHIO TAX-FREE
John F. Seymour, Jr. MONEY FUND
Sebastiano Sterpa ........
FLORIDA TAX-FREE
INVESTMENT ADVISER MONEY FUND
Countrywide Investments, Inc. .........
312 Walnut St., 21st Floor TAX-FREE INTERMEDIATE
Cincinnati, Ohio 45202-4094 TERM FUND
..........
TRANSFER AGENT OHIO INSURED
Countrywide Fund Services, Inc. TAX-FREE FUND
P.O. Box 5354 ..........
Cincinnati, Ohio 45201-5354 KENTUCKY
TAX-FREE FUND
This report is authorized for distribution only when Countrywide
it is accompanied by a current prospectus of ---------------
Countrywide Tax-Free Trust. Investments
<PAGE>
TABLE OF CONTENTS
===============================================================================
Letter From the Chairman.....................................................2
Letter From the President....................................................3
Statements of Assets and Liabilities.......................................4-7
Statements of Operations..................................................8-11
Statements of Changes in Net Assets......................................12-15
Financial Highlights.....................................................16-23
Notes to Financial Statements............................................24-30
Portfolios of Investments:
Tax-Free Money Fund.................................................31-32
California Tax-Free Money Fund......................................33-34
Ohio Tax-Free Money Fund............................................35-39
Florida Tax-Free Money Fund.........................................40-41
Tax-Free Intermediate Term Fund.....................................42-45
Ohio Insured Tax-Free Fund..........................................46-48
Kentucky Tax-Free Fund.................................................49
Notes to Portfolios of Investments..........................................50
<PAGE>
LETTER FROM THE CHAIRMAN
===============================================================================
(PHOTOGRAPH OF A. MOZILO)
Dear Shareholders:
Since David Loeb and I founded Countrywide in 1969, management has continually
endeavored to make Countrywide a leader in every venture it undertakes. As we
recently welcomed you to the Countrywide family, with the acquisition of Midwest
Group by Countrywide, our vision of evolving into a widely recognized, highly
skilled innovator of diversified financial products and services has become even
more of a reality.
Nineteen funds are now offered through the Countrywide Family of Funds. The
recent acquisition of five new funds is part of Countrywide's aggressive
strategy to expand its Financial Services Division through the purchase of
existing high-performance funds. As we continue to add new funds, fund
shareholders will be provided with an even broader spectrum of investment
choices. To follow through on our commitment to product expansion, Countrywide
Investments recently created a merger and acquisition team of key managers
dedicated to seeking out opportunities to grow our product line.
Countrywide proudly embraces and is committed to our new family members. We will
continue to search for and offer financial products and services that provide
the potential for profitable growth. We look forward to the future's endless
opportunities.
Sincerely,
/s/ Angelo R. Mozilo
Angelo R. Mozilo
Chairman
<PAGE>
LETTER FROM THE PRESIDENT
==============================================================================
(Photograph of R. Leshner)
Dear Fellow Shareholders:
We are pleased to present Countrywide Tax-Free Trust's semi-annual report for
the six months ended December 31, 1997. Countrywide Investments' acquisition of
Trans Adviser Funds, Inc., a family of five mutual funds, broadened our product
offering. One of the newly-acquired funds, Kentucky Tax-Free Fund, is now part
of Countrywide Tax-Free Trust and its results are included herein.
Financial markets performed very well in 1997, with U.S. Treasury and other
long-term, fixed-income securities posting strong results during the second half
of the year. The impressive rally in long-term interest rates was precipitated
primarily by the combination of three factors: declining inflation, the prospect
of a budget surplus and a "flight to quality" due to the Asian financial crisis.
The 30-year Treasury bond's price continued to climb, sending its yield to a low
of 5.69% on January 12, 1998. This marked only the second time in over twenty
years that this yield has dipped below the 6% level.
The municipal market also performed well in the second half of 1997, thanks to
lower interest rates which boosted prices and contributed to municipal
investors' returns. Overall, however, municipal bonds generally underperformed
Treasuries during this sustained bond market rally. Induced by lower interest
rates, municipalities stepped up their bond issuance to refinance outstanding
debt and lock in attractive financing rates. This additional supply pressured
prices through the end of 1997 and into 1998.
U.S. economic fundamentals have changed very little during the past year --
growth remains robust while inflation fades. We believe that economic growth
will continue, but on a more moderate track, and that inflation will remain
under control in 1998. These trends should be favorable for the bond market.
Further, a steady economy should help municipal issuers maintain their high
average credit quality. Even with municipal bonds under near-term pressure due
to increased supply, their value relative to other fixed-income investments is
attractive.
Countrywide's tax-free money funds, including state-specific tax-free money
funds serving the Ohio, California and Florida markets, continue to offer
stability and tax-free income. The Tax-Free Intermediate Term Fund, Ohio Insured
Tax-Free Fund and Kentucky Tax-Free Fund offer competitive tax-free yields for
investors with longer-term orientations.
Countrywide Investments remains committed to providing products and services
that help investors meet their financial goals. Our success has been built on
the confidence our investors have extended to us. We thank you for your support
and look forward to continued service to you in the future.
Sincerely,
/s/ Robert H. Leshner
Robert H. Leshner
President
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1997 (Unaudited)
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==================================================================================================================================
CALIFORNIA
TAX-FREE TAX-FREE
MONEY FUND MONEY FUND
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments in securities:
At acquisition cost................................................... $ 32,425,029 $ 40,209,439
=============== ===============
At amortized cost..................................................... $ 32,384,050 $ 40,169,966
=============== ===============
At market value (Note 2).............................................. $ 32,384,050 $ 40,169,966
Cash .................................................................... 101,955 122,188
Interest receivable ..................................................... 314,934 379,404
Other assets ............................................................ 6,241 7,836
--------------- ---------------
TOTAL ASSETS........................................................ 32,807,180 40,679,394
--------------- ---------------
LIABILITIES
Dividends payable........................................................ 1,138 3,603
Payable for securities purchased......................................... -- 110,497
Payable to affiliates (Note 4) .......................................... 21,163 23,295
Other accrued expenses and liabilities .................................. 3,340 4,246
--------------- ---------------
TOTAL LIABILITIES................................................... 25,641 141,641
--------------- ---------------
NET ASSETS ............................................................. $ 32,781,539 $ 40,537,753
=============== ===============
Net assets consist of:
Paid-in capital ......................................................... $ 32,782,582 $ 40,541,256
Accumulated net realized losses from security transactions............... ( 1,043 ) ( 3,503 )
--------------- ---------------
Net assets............................................................... $ 32,781,539 $ 40,537,753
=============== ===============
Shares of beneficial interest outstanding (unlimited
number of shares authorized, no par value) (Note 5) .................. 32,793,025 40,541,256
=============== ===============
Net asset value, offering price and redemption price per share (Note 2) . $ 1.00 $ 1.00
=============== ===============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1997 (Unaudited)
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===================================================================================================================================
OHIO FLORIDA
TAX-FREE TAX-FREE
MONEY FUND MONEY FUND
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments in securities:
At acquisition cost................................................... $ 340,821,778 $ 50,527,897
=============== ===============
At amortized cost..................................................... $ 340,689,327 $ 50,497,617
--------------- ---------------
At market value (Note 2) ............................................. $ 340,689,327 $ 50,497,617
Cash .................................................................... 1,129,549 6,167,939
Interest receivable ..................................................... 2,769,198 356,678
Other assets ............................................................ 54,798 10,169
--------------- ---------------
TOTAL ASSETS ......................................................... 344,642,872 57,032,403
--------------- ---------------
LIABILITIES
Dividends payable........................................................ 386,077 84,245
Payable for securities purchased......................................... 1,000,321 255,808
Payable to affiliates (Note 4) .......................................... 176,202 23,429
Other accrued expenses and liabilities................................... 11,124 5,452
--------------- ---------------
TOTAL LIABILITIES .................................................. 1,573,724 368,934
--------------- ---------------
NET ASSETS ............................................................. $ 343,069,148 $ 56,663,469
=============== ===============
Net assets consist of:
Paid-in capital ......................................................... $ 343,056,174 $ 56,666,472
Accumulated net realized gains (losses) from security transactions ...... 12,974 ( 3,003)
--------------- ---------------
Net assets............................................................... $ 343,069,148 $ 56,663,469
=============== ===============
PRICING OF CLASS A SHARES
Net assets applicable to Class A shares.................................. $ 211,132,224 $ 21,852,336
=============== ===============
Shares of beneficial interest outstanding (unlimited number of shares
authorized, no par value) (Note 5) ................................... 211,119,246 21,854,312
=============== ===============
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 ................................. $ 131,936,924 $ 34,811,133
=============== ===============
Shares of beneficial interest outstanding (unlimited number of shares
authorized, no par value) (Note 5).................................... 131,936,926 34,812,160
=============== ===============
Net asset value, offering price and redemption price per share (Note 2) . $ 1.00 $ 1.00
=============== ===============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1997 (Unaudited)
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==================================================================================================================================
TAX-FREE OHIO INSURED
INTERMEDIATE TAX-FREE
TERM FUND FUND
- ----------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments in securities:
At acquisition cost................................................... $ 56,350,443 $ 67,718,537
=============== ===============
At amortized cost..................................................... $ 55,917,831 $ 67,651,644
--------------- ---------------
At market value (Note 2) ............................................. $ 58,855,236 $ 73,387,739
Cash .................................................................... 44,228 95,267
Interest receivable ..................................................... 1,132,458 678,707
Receivable for capital shares sold....................................... 31,162 3,673,798
Other assets ............................................................ 13,775 17,316
--------------- ---------------
TOTAL ASSETS ......................................................... 60,076,859 77,852,827
--------------- ---------------
LIABILITIES
Dividends payable........................................................ 42,978 82,946
Payable for capital shares redeemed ..................................... 54,191 79,995
Payable to affiliates (Note 4) .......................................... 46,527 43,841
Other accrued expenses and liabilities................................... 6,596 8,629
--------------- ---------------
TOTAL LIABILITIES .................................................... 150,292 215,411
--------------- ---------------
NET ASSETS ............................................................. $ 59,926,567 $ 77,637,416
=============== ===============
Net assets consist of:
Paid-in capital ......................................................... $ 58,319,239 $ 71,641,312
Accumulated net realized gains (losses) from security transactions ...... ( 1,330,077 ) 260,009
Net unrealized appreciation on investments............................... 2,937,405 5,736,095
--------------- ---------------
Net assets............................................................... $ 59,926,567 $ 77,637,416
=============== ===============
PRICING OF CLASS A SHARES
Net assets applicable to Class A shares.................................. $ 55,208,807 $ 71,593,929
=============== ===============
Shares of beneficial interest outstanding (unlimited number of shares
authorized, no par value) (Note 5).................................... 4,952,736 5,773,885
=============== ===============
Net asset value and redemption price per share (Note 2) ................. $ 11.15 $ 12.40
=============== ===============
Maximum offering price per share (Note 2) ............................... $ 11.38 $ 12.92
=============== ===============
PRICING OF CLASS C SHARES
Net assets applicable to Class C shares ................................. $ 4,717,760 $ 6,043,487
=============== ===============
Shares of beneficial interest outstanding (unlimited number of shares
authorized, no par value) (Note 5) ................................... 423,150 487,441
=============== ===============
Net asset value, offering price and redemption price per share (Note 2) . $ 11.15 $ 12.40
=============== ===============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1997 (Unaudited)
<TABLE>
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==================================================================================================================================
KENTUCKY
TAX-FREE
FUND
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments in securities:
At acquisition cost...................................................................... $ 7,490,470
---------------
At amortized cost........................................................................ $ 7,437,112
---------------
At market value (Note 2)................................................................. $ 7,654,741
Cash ....................................................................................... 18,492
Interest receivable......................................................................... 140,688
Receivable from affiliates (Note 4)......................................................... 8,313
Organization costs, net (Note 2)............................................................ 17,465
Other assets................................................................................ 2,528
---------------
TOTAL ASSETS............................................................................. 7,842,227
--------------
LIABILITIES
Dividends payable........................................................................... 14,414
Payable for capital shares redeemed......................................................... 87,306
Other accrued expenses and liabilities...................................................... 2,860
---------------
TOTAL LIABILITIES........................................................................ 104,580
---------------
NET ASSETS ................................................................................. $ 7,737,647
---------------
Net assets consist of:
Paid-in capital............................................................................. $ 7,498,297
Undistributed net investment income......................................................... 2,608
Accumulated net realized gains from security transactions................................... 19,113
Net unrealized appreciation on investments.................................................. 217,629
---------------
Net assets.................................................................................. $ 7,737,647
---------------
Shares of beneficial interest outstanding (unlimited
number of shares authorized, no par value) (Note 5)...................................... 741,075
---------------
Net asset value and redemption price per share (Note 2)..................................... $ 10.44
---------------
Maximum offering price per share (Note 2)................................................... $ 10.88
---------------
See accompanying notes to financial statements.
</TABLE>
<PAGE>
STATEMENTS OF OPERATIONS
For the Six Months Ended December 31, 1997 (Unaudited)
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===================================================================================================================================
CALIFORNIA
TAX-FREE TAX-FREE
MONEY FUND MONEY FUND
- -----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Interest income....................................................... $ 557,094 $ 723,873
--------------- ---------------
EXPENSES
Investment advisory fees (Note 4)..................................... 70,765 98,464
Accounting services fees (Note 4)..................................... 19,500 19,500
Transfer agent and shareholder services fees (Note 4)................. 15,555 13,755
Distribution expenses (Note 4)........................................ 6,535 6,467
Registration fees..................................................... 9,248 2,466
Postage and supplies.................................................. 7,530 2,957
Professional fees..................................................... 3,081 3,231
Trustees' fees and expenses .......................................... 2,234 2,234
Insurance expense..................................................... 1,672 2,178
Pricing expenses...................................................... 1,244 1,252
Reports to shareholders .............................................. 1,091 1,267
Custodian fees ....................................................... 555 --
Other expenses ....................................................... 1,104 3,781
--------------- ---------------
TOTAL EXPENSES .......................................................... 140,114 157,552
--------------- ---------------
NET INVESTMENT INCOME ................................................... 416,980 566,321
--------------- ---------------
NET REALIZED GAINS (LOSSES) FROM SECURITY TRANSACTIONS .................. -- --
--------------- ---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS .............................. $ 416,980 $ 566,321
--------------- ---------------
See accompanying notes to financial statements.
</TABLE>
<PAGE>
STATEMENTS OF OPERATIONS
<TABLE>
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For the Six Months Ended December 31, 1997 (Unaudited)
==================================================================================================================================
OHIO FLORIDA
TAX-FREE TAX-FREE
MONEY FUND MONEY FUND
- -----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Interest income....................................................... $ 5,732,801 $ 1,043,562
--------------- ---------------
EXPENSES
Investment advisory fees (Note 4)..................................... 677,012 139,464
Distribution expenses, Class A (Note 4)............................... 211,083 21,880
Accounting services fees (Note 4) .................................... 31,500 25,500
Transfer agent and shareholder services fees, Class A (Note 4)........ 37,983 6,000
Transfer agent and shareholder services fees, Class B (Note 4) ....... 6,000 6,000
Postage and supplies.................................................. 22,964 4,258
Professional fees .................................................... 9,831 3,651
Insurance expense..................................................... 9,728 2,599
Registration fees..................................................... 8,637 949
Pricing expenses...................................................... 3,571 2,251
Custodian fees (Note 4)............................................... -- 7,231
Trustees' fees and expenses .......................................... 2,234 2,234
Reports to shareholders .............................................. 2,492 323
Other expenses ....................................................... 7,516 2,463
--------------- ---------------
TOTAL EXPENSES .......................................................... 1,030,551 224,803
Fees waived by the Adviser (Note 4)................................... ( 39,352 ) ( 55,786 )
Class B expenses reimbursed by the Adviser (Note 4)................... -- ( 3,034 )
--------------- ---------------
NET EXPENSES ............................................................ 991,199 165,983
--------------- ---------------
NET INVESTMENT INCOME ................................................... 4,741,602 877,579
--------------- ---------------
NET REALIZED GAINS (LOSSES) FROM SECURITY TRANSACTIONS .................. 23 ( 2,175 )
--------------- ---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS .............................. $ 4,741,625 $ 875,404
--------------- ---------------
See accompanying notes to financial statements.
</TABLE>
<PAGE>
STATEMENTS OF OPERATIONS
For the Six Months Ended December 31, 1997 (Unaudited)
<TABLE>
<S> <C> <C>
==================================================================================================================================
TAX-FREE OHIO INSURED
INTERMEDIATE TAX-FREE
TERM FUND FUND
- ----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Interest income....................................................... $ 1,706,402 $ 2,202,459
--------------- ---------------
EXPENSES
Investment advisory fees (Note 4)..................................... 155,448 191,408
Distribution expenses, Class A (Note 4)............................... 33,498 4,126
Distribution expenses, Class C (Note 4) .............................. 15,063 13,255
Transfer agent and shareholder services fees, Class A (Note 4)........ 32,109 18,926
Transfer agent and shareholder services fees, Class C (Note 4)........ 6,000 6,000
Accounting services fees (Note 4) .................................... 28,500 28,500
Postage and supplies.................................................. 20,612 11,125
Registration fees, Common............................................. 1,450 285
Registration fees, Class A............................................ 6,212 4,032
Registration fees, Class C............................................ 4,356 2,312
Pricing expenses...................................................... 6,418 7,771
Professional fees .................................................... 4,251 4,731
Insurance expense..................................................... 3,112 3,506
Custodian fees........................................................ 1,744 4,007
Reports to shareholders .............................................. 2,748 1,772
Trustees' fees and expenses .......................................... 2,234 2,234
Other expenses ....................................................... 3,065 3,715
--------------- ---------------
TOTAL EXPENSES .......................................................... 326,820 307,705
Class A expenses reimbursed by the Adviser (Note 4) .................. -- ( 948 )
--------------- ---------------
NET EXPENSES ............................................................ 326,820 306,757
--------------- ---------------
NET INVESTMENT INCOME ................................................... 1,379,582 1,895,702
--------------- ---------------
REALIZED AND UNREALIZED GAINS ON INVESTMENTS
Net realized gains from security transactions ...................... 170,559 595,375
Net change in unrealized appreciation/depreciation on investments ........ 619,687 1,035,866
--------------- ---------------
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS ....................... 790,246 1,631,241
--------------- ---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS .............................. $ 2,169,828 $ 3,526,943
=============== ===============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
STATEMENTS OF OPERATIONS
For the Periods Ended December 31, 1997 and August 31, 1997
<TABLE>
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===================================================================================================================================
KENTUCKY TAX-FREE FUND
-------------------------
Four Months
Ended Year
Dec. 31, Ended
1997(A) August 31,
(Unaudited) 1997
- -----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Interest income....................................................... $ 141,233 $ 626,947
--------------- ---------------
EXPENSES
Investment advisory fees (Note 4)..................................... 13,521 47,946
Accounting services fees (Note 4) .................................... 13,000 36,000
Transfer agent fees (Note 4).......................................... 3,830 29,221
Shareholder services fees (Note 4).................................... -- 29,966
Professional fees..................................................... 1,833 25,286
Administration fees (Note 4).......................................... -- 24,866
Amortization of organization costs (Note 2) .......................... 2,119 6,351
Pricing expenses...................................................... 1,686 6,443
Custodian fees........................................................ 729 2,150
Reports to shareholders............................................... 224 2,199
Trustees' fees and expenses........................................... 962 1,193
Distribution expenses (Note 4) ....................................... 1,658 --
Insurance expense..................................................... -- 1,367
Postage and supplies.................................................. 1,274 --
Registration fees..................................................... 196 238
Other expenses........................................................ 227 1,623
--------------- ---------------
TOTAL EXPENSES ......................................................... 41,259 214,849
Fees waived and expenses reimbursed by the Adviser (Note 4) .......... (18,888 ) ( 112,585 )
--------------- ---------------
NET EXPENSES ........................................................... 22,371 102,264
--------------- ---------------
NET INVESTMENT INCOME ................................................... 118,862 524,683
--------------- ---------------
REALIZED AND UNREALIZED GAINS ON INVESTMENTS
Net realized gains from security transactions ...................... 14,988 6,913
Net change in unrealized appreciation/depreciation on investments ..... 125,529 351,842
--------------- ---------------
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS ....................... 140,517 358,755
--------------- ---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS .............................. $ 259,379 $ 883,438
=============== ===============
(A) Effective as of the close of business on August 29, 1997, the Kentucky Tax-Free Fund was reorganized
and the fiscal year-end of the Fund, subsequent to August 31, 1997, was changed to June 30 (Note 7).
See accompanying notes to financial statements.
</TABLE>
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
For the Periods Ended December 31, 1997 and June 30, 1997
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=======================================================================================================================
CALIFORNIA
TAX-FREE TAX-FREE
MONEY FUND MONEY FUND
------------------------------------------------------------------
Six Months Six Months
Ended Year Ended Year
Dec. 31, Ended Dec. 31, Ended
1997 June 30, 1997 June 30,
(Unaudited) 1997 (Unaudited) 1997
- -----------------------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income ...................... $ 416,980 $ 850,627 $ 566,321 $ 1,106,884
Net realized gains (losses) from -- 7 -- ( 1,923 )
security transactions ------------ -------------- ------------- -------------
Net increase in net assets from operations..... 416,980 850,634 566,321 1,104,961
------------ -------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income ................. ( 416,980) ( 850,627) ( 566,321 ) ( 1,106,884)
------------ -------------- ------------- -------------
FROM CAPITAL SHARE
TRANSACTIONS (Note 5):
Proceeds from shares sold .................. 26,864,477 59,171,857 86,548,558 166,476,608
Net asset value of shares issued in
reinvestment of distributions to shareholders 412,889 828,537 542,655 1,029,746
Payments for shares redeemed ............... ( 24,621,503) ( 55,217,113) ( 78,739,771) ( 171,440,181)
------------ -------------- ------------- -------------
Net increase (decrease) in net assets
from capital share transactions............. 2,655,863 4,783,281 8,351,442 ( 3,933,827)
------------ -------------- ------------- -------------
TOTAL INCREASE (DECREASE)
IN NET ASSETS ............................. 2,655,863 4,783,288 8,351,442 ( 3,935,750)
NET ASSETS:
Beginning of period......................... 30,125,676 25,342,388 32,186,311 36,122,061
------------ -------------- ------------- -------------
End of period............................... $ 32,781,539 $ 30,125,676 $40,537,753 $32,186,311
------------ -------------- ------------- -------------
See accompanying notes to financial statements.
</TABLE>
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
For the Periods Ended December 31, 1997 and June 30, 1997
<TABLE>
<S> <C> <C> <C> <C>
===============================================================================================================
OHIO FLORIDA
TAX-FREE TAX-FREE
MONEY FUND MONEY FUND
------------------------------------------------------------
Six Months Six Months
Ended Year Ended Year
Dec. 31, Ended Dec. 31, Ended
1997 June 30, 1997 June 30,
(Unaudited) 1997 (Unaudited) 1997
- ----------------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income ...................... $ 4,741,602 $ 7,733,755 $ 877,579 $ 1,386,725
Net realized gains (losses) from security 23 46 ( 2,175) 370
transactions ------------ ------------- ------------- ------------
Net increase in net assets from operations .... 4,741,625 7,733,801 875,404 1,387,095
------------ -------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income, Class A ........ ( 2,903,087) ( 6,297,760) ( 318,518 ) ( 814,499 )
From net investment income, Class B ........ ( 1,838,515) ( 1,435,995) ( 559,061 ) ( 572,226 )
------------ -------------- ------------- -------------
Decrease in net assets from distributions to
shareholders ............................... ( 4,741,602) ( 7,733,755) ( 877,579 ) ( 1,386,725 )
------------ -------------- ------------- -------------
FROM CAPITAL SHARE
TRANSACTIONS (Note 5):
CLASS A
Proceeds from shares sold .................. 234,517,170 572,337,891 17,602,072 57,130,891
Net asset value of shares issued in
reinvestment of distributions to shareholders 2,881,744 4,862,899 312,676 675,817
Payments for shares redeemed ............... (192,986,051) (650,804,392) (18,495,338) (64,279,383)
------------ -------------- ------------- -------------
Net increase (decrease) in net assets
from Class A share transactions............. 44,412,863 ( 73,603,602) ( 580,590) (6,472,675)
------------ -------------- ------------- -------------
CLASS B
Proceeds from shares sold .................. 133,144,626 216,396,635 69,562,828 38,407,914
Payments for shares redeemed ............... ( 98,796,020) ( 118,808,315) (54,099,058) (38,204,284)
------------ -------------- ------------- -------------
Net increase in net assets
from Class B share transactions ........... 34,348,606 97,588,320 15,463,770 203,630
------------ -------------- ------------- -------------
TOTAL INCREASE (DECREASE)
IN NET ASSETS ............................ 78,761,492 23,984,764 14,881,005 (6,268,675)
NET ASSETS:
Beginning of period......................... 264,307,656 240,322,892 41,782,464 48,051,139
------------ -------------- ------------- -------------
End of period............................... $343,069,148 $264,307,656 $56,663,469 $41,782,464
------------ -------------- ------------- -------------
See accompanying notes to financial statements.
</TABLE>
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
For the Periods Ended December 31, 1997 and June 30, 1997
<TABLE>
<S> <C> <C> <C> <C>
================================================================================================================
TAX-FREE OHIO INSURED
INTERMEDIATE TAX-FREE
TERM FUND FUND
------------------------------------------------------------
Six Months Six Months
Ended Year Ended Year
Dec. 31, Ended Dec. 31, Ended
1997 June 30, 1997 June 30,
(Unaudited) 1997 (Unaudited) 1997
- -----------------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income ...................... $ 1,379,582 $ 3,097,197 $ 1,895,702 $ 3,949,356
Net realized gains from security transactions 170,559 120,146 595,375 134,212
Net change in unrealized appreciation/depreciation
on investments............................ 619,687 896,811 1,035,866 1,565,046
------------ -------------- ------------- -------------
Net increase in net assets from operations .... 2,169,828 4,114,154 3,526,943 5,648,614
------------ -------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income, Class A ........ ( 1,284,374) ( 2,894,253) ( 1,784,426 ) ( 3,767,741 )
From net investment income, Class C......... ( 95,208) ( 202,944) ( 111,276 ) ( 181,615 )
From net realized gains, Class A............ -- -- ( 434,274 ) --
From net realized gains, Class C............ -- -- ( 34,810 ) --
------------ -------------- ------------- -------------
Decrease in net assets from distributions to
shareholders ............................... ( 1,379,582) ( 3,097,197) ( 2,364,786 ) ( 3,949,356 )
------------ -------------- ------------- -------------
FROM CAPITAL SHARE
TRANSACTIONS (Note 5):
CLASS A
Proceeds from shares sold .................. 6,164,525 12,588,991 74,500,370 171,413,856
Net asset value of shares issued in
reinvestment of distributions to shareholders 1,038,257 2,298,321 1,684,123 2,840,761
Payments for shares redeemed ............... ( 11,205,405) (25,016,687) (76,497,455) (180,995,415)
------------ -------------- ------------- -------------
Net decrease in net assets
from Class A share transactions............ ( 4,002,623) ( 10,129,375) (312,962) (6,740,798)
------------ -------------- ------------- -------------
CLASS C
Proceeds from shares sold .................. 782,563 1,847,102 1,626,350 1,641,830
Net asset value of shares issued in
reinvestment of distributions to shareholders 88,032 191,889 122,269 159,120
Payments for shares redeemed ............... ( 1,377,818) ( 2,193,811) ( 415,585 ) ( 1,214,900 )
------------ -------------- ------------- -------------
Net increase (decrease) in net assets
from Class C share transactions .......... ( 507,223) ( 154,820) 1,333,034 586,050
------------ -------------- ------------- -------------
TOTAL INCREASE (DECREASE)
IN NET ASSETS ............................. ( 3,719,600) ( 9,267,238) 2,182,229 ( 4,455,490 )
NET ASSETS:
Beginning of period......................... 63,646,167 72,913,405 75,455,187 79,910,677
------------ -------------- ------------- -------------
End of period............................... $ 59,926,567 $ 63,646,167 $77,637,416 $75,455,187
------------ -------------- ------------- -------------
See accompanying notes to financial statements.
</TABLE>
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
For the Periods Ended December 31, 1997
and August 31, 1997 and 1996
<TABLE>
<S> <C> <C> <C>
===================================================================================================================
KENTUCKY TAX-FREE FUND
-------------------------------------------------------
Four Months
Ended Year Period
Dec. 31, Ended Ended
1997(A) August 31, August 31,
(Unaudited) 1997 1996(B)
- ---------------------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income................................ $ 118,862 $ 524,683 $ 714,832
Net realized gains (losses) from security transactions 14,988 6,913 ( 2,788 )
Net change in unrealized appreciation/depreciation
on investments..................................... 125,529 351,842 ( 259,742 )
-------------- --------------- ---------------
Net increase in net assets from operations.............. 259,379 883,438 452,302
-------------- --------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income........................... ( 116,254) ( 524,683 ) ( 828,883 )
Distributions in excess of net investment income..... -- ( 100,598 ) --
-------------- --------------- ---------------
Decrease in net assets from distributions to shareholders ( 116,254) ( 625,281 ) ( 828,883)
-------------- --------------- ---------------
FROM CAPITAL SHARE TRANSACTIONS (Note 5):
Proceeds from shares sold............................ 180,262 1,302,552 28,751,437
Net asset value of shares issued in
reinvestment of distributions to shareholders...... 58,922 303,297 559,139
Payments for shares redeemed......................... ( 1,082,294) ( 9,266,863 ) ( 13,093,506)
-------------- --------------- ---------------
Net increase (decrease) in net assets from ( 843,110) ( 7,661,014) 16,217,070
capital share transactions -------------- --------------- ---------------
TOTAL INCREASE (DECREASE) IN NET ASSETS ................ ( 699,985) ( 7,402,857 ) 15,840,489
NET ASSETS:
Beginning of period.................................. 8,437,632 15,840,489 --
-------------- --------------- ---------------
End of period........................................ $ 7,737,647 $ 8,437,632 $ 15,840,489
============== =============== ===============
UNDISTRIBUTED NET INVESTMENT INCOME .................... $ 2,608 $ -- $ --
============== =============== ===============
(A) Effective as the close of business on August 29, 1997, the Kentucky Tax-Free Fund was reorganized and the
fiscal year-end of the Fund, subsequent to August 31, 1997, was changed to June 30 (Note 7).
(B) Represents the period from the commencement of operations (September 27, 1995) through August 31, 1996.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
TAX-FREE MONEY FUND
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
===================================================================================================================================
Per Share Data for a Share Outstanding Throughout Each Period
===================================================================================================================================
Six Months
Ended
Dec. 31, Year Ended June 30,
1997 ------------------------------------------------------------------
(Unaudited) 1997 1996 1995 1994 1993
- -----------------------------------------------------------------------------------------------------------------------------
Net asset value at beginning of period..... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
---------- ---------- --------- --------- --------- ---------
Net investment income...................... 0.015 0.029 0.031 0.030 0.021 0.024
---------- ---------- --------- --------- --------- ---------
Distributions from net investment income... ( 0.015) ( 0.029) ( 0.031 ) ( 0.030 ) ( 0.021 ) ( 0.024)
---------- ---------- --------- --------- --------- ---------
Net asset value at end of period........... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
========== ========== ========= ========= ========= =========
Total return .............................. 2.97%(A) 2.89% 3.15% 3.07% 2.12% 2.40%
========== ========== ========= ========= ========= =========
Net assets at end of period (000's) ....... $ 32,782 $ 30,126 $ 25,342 $ 26,692 $31,168 $34,787
========== ========== ========= ========= ========= =========
Ratio of expenses to average net assets.... 0.99%(A) 0.99% 0.99% 0.99% 0.99% 0.99%
Ratio of net investment income to average 2.95%(A) 2.85% 3.09% 3.00% 2.09% 2.39%
net assets
- ----------------------------------------------------------------------------------------------------------------
(A) Annualized.
</TABLE>
CALIFORNIA TAX-FREE MONEY FUND
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
=================================================================================================================================
Per Share Data for a Share Outstanding Throughout Each Period
=================================================================================================================================
Six Months
Ended
Dec. 31, Year Ended June 30,
1997 -----------------------------------------------------------------------
(Unaudited) 1997 1996 1995 1994 1993
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value at beginning of period..... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
---------- ---------- --------- --------- --------- ---------
Net investment income...................... 0.014 0.028 0.029 0.029 0.019 0.022
---------- ---------- --------- --------- --------- ---------
Distributions from net investment income... ( 0.014) ( 0.028) ( 0.029 ) ( 0.029 ) ( 0.019 ) ( 0.022)
---------- ---------- --------- --------- --------- ---------
Net asset value at end of period........... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $1.000
---------- ---------- --------- --------- --------- ---------
Total return .............................. 2.89%(B) 2.81% 2.95% 2.95% 1.93% 2.26%
---------- ---------- --------- --------- --------- ---------
Net assets at end of period (000's) ....... $ 40,538 $ 32,186 $ 36,122 $ 19,525 $24,508 $34,487
---------- ---------- --------- --------- --------- ---------
Ratio of expenses to average net assets(A) 0.80%(B) 0.80% 0.80% 0.70% 0.60% 0.56%
Ratio of net investment income to average 2.88%(B) 2.76% 2.88% 2.83% 1.90% 2.22%
net assets
- -----------------------------------------------------------------------------------------------------------------------------------
(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.
(B) Annualized.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
OHIO TAX-FREE MONEY FUND - CLASS A
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
===================================================================================================================================
Per Share Data for a Share Outstanding Throughout Each Period
===================================================================================================================================
Six Months
Ended
Dec. 31, Year Ended June 30,
1997 --------------------------------------------------
(Unaudited) 1997 1996 1995 1994 1993
- -------------------------------------------------------------------------------------------------------------
Net asset value at beginning of period..... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
---------- ---------- --------- --------- --------- ---------
Net investment income...................... 0.015 0.030 0.031 0.031 0.020 0.022
---------- ---------- --------- --------- --------- ---------
Distributions from net investment income .. ( 0.015) ( 0.030) ( 0.031 ) ( 0.031 ) ( 0.020 ) ( 0.022)
---------- ---------- --------- --------- --------- ---------
Net asset value at end of period........... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
========== ========== ========= ========= ========= =========
Total return............................... 3.07%(B) 2.99% 3.14% 3.12% 1.99% 2.19%
========== ========== ========= ========= ========= =========
Net assets at end of period (000's) ....... $211,132 $166,719 $240,323 $226,606 $213,001 $ 221,775
========== ========== ========= ========= ========= =========
Ratio of expenses to average net assets(A) 0.75%(B) 0.75% 0.75% 0.74% 0.73% 0.74%
Ratio of net investment income to average 3.05%(B) 2.93% 3.09% 3.08% 1.97% 2.16%
net assets
- -----------------------------------------------------------------------------------------------------------------------------------
(A) Absent fee waivers by the Adviser, the ratio of expenses to average net assets would have been 0.78%(B)
and 0.77% for the periods ended December 31, 1997 and June 30, 1997, respectively (Note 4).
(B) Annualized.
OHIO TAX-FREE MONEY FUND - CLASS B
FINANCIAL HIGHLIGHTS
===================================================================================================================================
Per Share Data for a Share Outstanding Throughout Each Period
===================================================================================================================================
Six Months
Ended Period
Dec. 31, Ended
1997 June 30,
(Unaudited) 1997(A)
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value at beginning of period .................................. $ 1.000 $ 1.000
--------------- ---------------
Net investment income.................................................... 0.017 0.016
--------------- ---------------
Distributions from net investment income ................................ ( 0.017 ) ( 0.016 )
--------------- ---------------
Net asset value at end of period ........................................ $ 1.000 $ 1.000
=============== ===============
Total return............................................................. 3.32% (C) 3.31% (C)
=============== ===============
Net assets at end of period (000's) ..................................... $ 131,937 $ 97,589
=============== ===============
Ratio of expenses to average net assets(B) ............................. 0.50% (C) 0.50% (C)
Ratio of net investment income to average net assets..................... 3.30% (C) 3.28% (C)
- -----------------------------------------------------------------------------------------------------------------------------------
(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/or expense reimbursements by the Adviser, the ratio of expenses to average net assets would
have been 0.53%(C) and 0.56% for the periods ended December 31, 1997 and June 30, 1997,
respectively (Note 4).
(C) Annualized.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
FLORIDA TAX-FREE MONEY FUND - CLASS A
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
===================================================================================================================================
Per Share Data for a Share Outstanding Throughout Each Period
===================================================================================================================================
Six Months
Ended Period
Dec. 31, Year Ended June 30, Ended
1997 --------------------------------------- June 30,
(Unaudited) 1997 1996 1995 1994 1993(A)
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value at beginning of period .... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
---------- ---------- --------- --------- --------- ---------
Net investment income...................... 0.015 0.029 0.032 0.031 0.021 0.016
---------- ---------- --------- --------- --------- ---------
Distributions from net investment income .. ( 0.015) ( 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 $ 1.000
========== ========== ========= ========= ========= =========
Total return .............................. 3.02%(C) 2.90% 3.29% 3.17% 2.11% 2.49%(C)
========== ========== ========= ========= ========= =========
Net assets at end of period (000's) ....... $ 21,852 $ 22,434 $ 28,906 $ 24,119 $26,276 $21,907
========== ========== ========= ========= ========= =========
Ratio of expenses to average net assets(B) 0.75%(C) 0.75% 0.61% 0.66% 0.58% 0.34%(C)
Ratio of net investment income to average 3.00%(C) 2.85% 3.24% 3.12% 2.10% 2.41%(C)
net assets
- -----------------------------------------------------------------------------------------------------------------------------------
(A) Represents the period from the initial public offering of Class A shares (November 13, 1992) through June 30, 1993.
(B) Absent fee waivers and/or expense reimbursements by the Adviser, the ratio of expenses to average net assets would
have been 0.95%(C), 0.94%, 0.80%, 0.80%, 0.81% and 0.94%(C) for the periods ended December 31, 1997 and
June 30, 1997, 1996, 1995, 1994 and 1993, respectively (Note 4).
(C) Annualized.
FLORIDA TAX-FREE MONEY FUND - CLASS B
FINANCIAL HIGHLIGHTS
===================================================================================================================================
Per Share Data for a Share Outstanding Throughout Each Period
===================================================================================================================================
Six Months
Ended Year Period
Dec. 31, Ended Ended
1997 June 30, June 30,
(Unaudited) 1997 1996(A)
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value at beginning of period ................. $ 1.000 $ 1.000 $ 1.000
-------------- --------------- ---------------
Net investment income................................... 0.016 0.031 0.003
-------------- --------------- ---------------
Distributions from net investment income ............... ( 0.016) ( 0.031 ) ( 0.003 )
-------------- --------------- ---------------
Net asset value at end of period ....................... $ 1.000 $ 1.000 $ 1.000
============== =============== ===============
Total return............................................ 3.27%(C) 3.16% 3.03% (C)
============== =============== ===============
Net assets at end of period (000's) .................... $ 34,811 $ 19,349 $ 19,145
============== =============== ===============
Ratio of expenses to average net assets(B) ............ 0.50%(C) 0.50% 0.50% (C)
Ratio of net investment income to average net assets.... 3.23%(C) 3.11% 3.03% (C)
- -----------------------------------------------------------------------------------------------------------------------------------
(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/or expense reimbursements by the Adviser, the ratio of expenses to average net assets would
have been 0.72%(C), 0.79% and 0.87%(C) for the periods ended December 31, 1997 and June 30, 1997 and 1996,
respectively (Note 4).
(C) Annualized.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
TAX-FREE INTERMEDIATE TERM FUND - CLASS A
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
==================================================================================================================================
Per Share Data for a Share Outstanding Throughout Each Period
==================================================================================================================================
Six Months
Ended
Dec. 31, Year Ended June 30,
1997 -----------------------------------------------------------------------
(Unaudited) 1997 1996 1995 1994 1993
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value at beginning of period..... $ 11.01 $ 10.85 $ 10.86 $ 10.69 $ 10.98 $ 10.42
---------- ---------- --------- --------- --------- ---------
Income from investment operations:
Net investment income .................. 0.25 0.50 0.50 0.49 0.48 0.53
Net realized and unrealized gains (losses)
on investments........................ 0.14 0.16 ( 0.01 ) 0.17 ( 0.29 ) 0.56
---------- ---------- --------- --------- --------- ---------
Total from investment operations .......... 0.39 0.66 0.49 0.66 0.19 1.09
---------- ---------- --------- --------- --------- ---------
Distributions from net investment income .. ( 0.25) ( 0.50) ( 0.50 ) ( 0.49 ) ( 0.48 ) ( 0.53 )
---------- ---------- --------- --------- --------- ---------
Net asset value at end of period........... $ 11.15 $ 11.01 $ 10.85 $ 10.86 $ 10.69 $ 10.98
========== ========== ========= ========= ========= =========
Total return(A) ........................... 7.11%(B) 6.19% 4.51% 6.36% 1.70% 10.75%
========== ========== ========= ========= ========= =========
Net assets at end of period (000's) ....... $ 55,209 $ 58,485 $ 67,675 $ 81,140 $106,472 $ 82,168
======== ========= ========= ========= ========= ========
Ratio of expenses to average net assets ... 0.99%(B) 0.99% 0.99% 0.99% 0.99% 0.99%
Ratio of net investment income to average 4.50%(B) 4.55% 4.52% 4.59% 4.35% 4.90%
net assets
Portfolio turnover rate.................... 21%(B) 30% 37% 32% 46% 28%
- ----------------------------------------------------------------------------------------------------------------------------------
(A) Total returns shown exclude the effect of applicable sales loads.
(B) Annualized.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
TAX-FREE INTERMEDIATE TERM FUND - CLASS C
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C>
==================================================================================================================================
Per Share Data for a Share Outstanding Throughout Each Period
===================================================================================================================================
Six Months
Ended Period
Dec. 31, Year Ended June 30, Ended
1997 ---------------------------- June 30,
(Unaudited) 1997 1996 1995 1994(A)
- ---------------------------------------------------------------------------------------------------------------
Net asset value at beginning of period.......... $ 11.01 $ 10.85 $ 10.86 $ 10.69 $ 11.27
---------- --------- ---------- --------- ----------
Income from investment operations:
Net investment income........................ 0.21 0.43 0.44 0.44 0.20
Net realized and unrealized gains (losses)
on investments............................. 0.14 0.16 ( 0.01) 0.17 ( 0.58)
---------- --------- ---------- --------- ----------
Total from investment operations................ 0.35 0.59 0.43 0.61 ( 0.38 )
---------- --------- ---------- --------- ----------
Distributions from net investment income........ ( 0.21) ( 0.43) ( 0.44) ( 0.44 ) ( 0.20 )
---------- --------- ---------- --------- ----------
Net asset value at end of period................ $ 11.15 $ 11.01 $ 10.85 $ 10.86 $ 10.69
========== ========= ========== ========= ==========
Total return(B) ................................ 6.34%(D) 5.49% 4.00% 5.82% ( 8.28%)(D)
========== ========= ========== ========= ==========
Net assets at end of period (000's)............. $ 4,718 $ 5,161 $ 5,239 $ 4,814 $ 3,084
========== ========= ========== ========= ==========
Ratio of expenses to average net assets(C) ..... 1.74%(D) 1.65% 1.49% 1.49% 1.45%(D)
Ratio of net investment income to average net assets 3.75%(D) 3.89% 4.02% 4.08% 3.79%(D)
Portfolio turnover rate......................... 21%(D) 30% 37% 32% 46%(D)
- -------------------------------------------------------------------------------------------------------------------------
(A) Represents the period from the initial public offering of Class C shares (February 1, 1994) through June 30, 1994.
(B) Total returns shown exclude the effect of applicable sales loads.
(C) Absent expense reimbursements by the Adviser, the ratio of expenses to average net assets would have been 1.75%(D)
for the period ended June 30, 1994.
(D) Annualized.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
OHIO INSURED TAX-FREE FUND - CLASS A
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
==================================================================================================================
Per Share Data for a Share Outstanding Throughout Each Period
===================================================================================================================
Six Months
Ended
Dec. 31, Year Ended June 30,
1997 -------------------------------------------------
(Unaudited) 1997 1996 1995 1994 1993
- -------------------------------------------------------------------------------------------------------------
Net asset value at beginning of period..... $ 12.22 $ 11.97 $ 11.99 $ 11.74 $ 12.41 $ 11.67
---------- ---------- --------- --------- --------- ---------
Income from investment operations:
Net investment income .................. 0.31 0.61 0.62 0.63 0.61 0.65
Net realized and unrealized gains (losses)
on investments........................ 0.26 0.25 ( 0.02 ) 0.25 ( 0.64 ) 0.74
---------- ---------- --------- --------- --------- ---------
Total from investment operations .......... 0.57 0.86 0.60 0.88 ( 0.03 ) 1.39
---------- ---------- --------- --------- --------- ---------
Less distributions:
Distributions from net investment income ( 0.31) (0.61) (0.62) (0.63) (0.61) (0.65)
Distributions from net realized gains... ( 0.08) -- -- -- ( 0.03 ) --
---------- ---------- --------- --------- --------- ---------
Total distributions ....................... ( 0.39) ( 0.61) ( 0.62 ) ( 0.63 ) (0.64) (0.65)
---------- ---------- --------- --------- --------- ---------
Net asset value at end of period........... $ 12.40 $ 12.22 $ 11.97 $ 11.99 $ 11.74 $12.41
========== ========== ========= ========= ========= =========
Total return(A) .......................... 9.36%(C) 7.36% 5.05% 7.75% ( 0.41%) 12.24%
========== ========== ========= ========= ========= =========
Net assets at end of period (000's) ....... $ 71,594 $ 70,816 $ 75,938 $ 71,393 $79,889 $81,101
========== ========== ========= ========= ========= =========
Ratio of expenses to average net assets(B) 0.75%(C) 0.75% 0.75% 0.75% 0.75% 0.75%
Ratio of net investment income to average 5.00%(C) 5.05% 5.12% 5.35% 4.94% 5.35%
net assets
Portfolio turnover rate.................... 36%(C) 33% 46% 29% 45% 15%
- ---------------------------------------------------------------------------------------------------------------------
(A) Total returns shown exclude 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% for the year ended June 30, 1995.
(C) Annualized.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
OHIO INSURED TAX-FREE FUND - CLASS C
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C>
============================================================================================================================
Per Share Data for a Share Outstanding Throughout Each Period
============================================================================================================================
Six Months
Ended Period
Dec. 31, Year Ended June 30, Ended
1997 ---------------------------- June 30,
(Unaudited) 1997 1996 1995 1994(A)
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value at beginning of period.......... $ 12.22 $ 11.97 $ 12.00 $ 11.74 $12.62
---------- --------- ---------- --------- ----------
Income from investment operations:
Net investment income........................ 0.26 0.53 0.56 0.57 0.36
Net realized and unrealized gains (losses)
on investments............................. 0.26 0.25 ( 0.03) 0.26 ( 0.85)
---------- --------- ---------- --------- ----------
Total from investment operations................ 0.52 0.78 0.53 0.83 ( 0.49)
---------- --------- ---------- -------- ----------
Less distributions:
Distributions from net investment income..... ( 0.26) ( 0.53) ( 0.56) ( 0.57 ) ( 0.36)
Distributions from net realized gains........ ( 0.08) -- -- -- ( 0.03)
---------- --------- ---------- --------- ----------
Total distributions............................. ( 0.34) ( 0.53) ( 0.56) ( 0.57 ) ( 0.39)
---------- --------- --------- --------- ----------
Net asset value at end of period................ $ 12.40 $ 12.22 $ 11.97 $ 12.00 $11.74
========== ========= ========== ========= ==========
Total return(B) ................................ 8.58%(D) 6.65% 4.44% 7.31% (6.05%)(D)
========== ========= ========== ========= ==========
Net assets at end of period (000's)............. $ 6,043 $ 4,639 $ 3,972 $ 4,165 $ 2,659
========== ========== =========== ========== ==========
Ratio of expenses to average net assets(C) ..... 1.50%(D) 1.42% 1.25% 1.25% 1.22%(D)
Ratio of net investment income to average net assets 4.24%(D) 4.37% 4.62% 4.84% 4.09%(D)
Portfolio turnover rate......................... 36%(D) 33% 46% 29% 45%(D)
- --------------------------------------------------------------------------------------------------------------------
(A) Represents the period from the initial public offering of Class C shares (November 1, 1993) through
June 30, 1994.
(B) Total returns shown exclude the effect of applicable sales loads.
(C) 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%(D) for the periods ended June 30, 1995 and 1994, respectively.
(D) Annualized.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
KENTUCKY TAX-FREE FUND
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C>
================================================================================================================================
Per Share Data For a Share Outstanding Throughout Each Period
================================================================================================================================
Four Months
Ended Year Period
Dec. 31, Ended Ended
1997(A) August 31, August 31,
(Unaudited) 1997 1996(B)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value at beginning of period.................. $ 10.26 $ 10.06 $ 10.00
-------------- --------------- ---------------
Income from investment operations:
Net investment income................................ 0.15 0.44 0.51 (C)
Net realized and unrealized gains on investments..... 0.17 0.28 0.06
-------------- --------------- ---------------
Total from investment operations........................ 0.32 0.72 0.57
-------------- --------------- ---------------
Less distributions:
Dividends from net investment income................. ( 0.14) ( 0.44 ) ( 0.51 )
Distributions in excess of net investment income..... -- ( 0.08 ) --
-------------- --------------- ---------------
Total distributions..................................... ( 0.14) ( 0.52 ) ( 0.51 )
-------------- --------------- ---------------
Net asset value at end of period........................ $ 10.44 $ 10.26 $ 10.06
============== =============== ===============
Total return(D) ........................................ 9.59%(F) 7.36% 5.80%
============== =============== ===============
Net assets at end of period (000's)..................... $ 7,738 $ 8,438 $ 15,840
-------------- --------------- ---------------
Ratio of expenses to average net assets(E) ............. 0.82%(F) 0.85% 0.82%
Ratio of net investment income to average net assets.... 4.36%(F) 4.35% 5.30% (F)
Portfolio turnover rate................................. 54%(F) 0% 145%
- ----------------------------------------------------------------------------------------------------------------------
(A) Effective as of the close of business on August 29, 1997, the Kentucky Tax-Free Fund was reorganized and
the fiscal year-end of the Fund, subsequent to August 31, 1997, was changed to June 30 (Note 7).
(B) Represents the period from the commencement of operations (September 27, 1995) through August 31, 1996.
(C) Calculated using weighted average shares outstanding during the period.
(D) Total returns shown exclude the effect of applicable sales loads.
(E) Absent fee waivers and/or expense reimbursements, the ratio of expenses to average net assets would have been
1.51%(F), 1.78% and 1.65%(F) for the periods ended December 31, 1997 and August 31, 1997 and 1996,
respectively (Note 4).
(F) Annualized.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
December 31, 1997 (Unaudited)
================================================================================
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, the Tax-Free Intermediate Term
Fund, the Ohio Insured Tax-Free Fund and the Kentucky Tax-Free Fund
(collectively, the Funds) are each a separate series of shares of Countrywide
Tax-Free Trust (the Trust). The 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 Kentucky
Tax-Free fund was originally organized as a series of Trans Adviser Funds, Inc.
(Note 7).
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 Kentucky Tax-Free Fund seeks the highest level of interest income exempt
from federal and Kentucky income taxes, consistent with protection of capital.
The Fund invests primarily in high and medium-quality Kentucky municipal
obligations.
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 periods ended December 31, 1997, referred to within the Notes to Financial
Statements, represent the six months then ended, except for the Kentucky
Tax-Free Fund which represents the four months then ended. 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, Ohio Insured Tax-Free Fund and Kentucky 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, the Ohio Tax-Free Money Fund, the Florida Tax-Free
Money Fund and the Kentucky Tax-Free Fund is calculated daily by dividing the
total value of a Fund's assets, less liabilities, by its number of shares
outstanding. 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 offering price per share 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 is
equal to the net asset value per share. 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 and shares of the Kentucky 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 each Fund, including each class of shares with
respect to 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 the
Tax-Free Intermediate Term Fund and the Ohio Insured Tax-Free 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.
Organization costs -- Costs incurred by the Kentucky Tax-Free Fund in connection
with the organization and registration of shares, net of certain expenses, have
been capitalized and are being amortized on a straight-line basis over a five
year period beginning with the Fund's commencement of operations.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Continued)
================================================================================
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.
Federal income tax -- It is each Fund's policy to comply with the special
provisions of the Internal Revenue Code available to regulated investment
companies. As provided therein, in any fiscal year in which a Fund so qualifies
and distributes at least 90% of its taxable net income, the Fund will be
relieved of federal income tax on the income distributed. Accordingly, no
provision for income taxes has been made. In addition, each Fund intends to
satisfy conditions which enable it to designate the interest income generated by
its investment in municipal securities, which is exempt from federal income tax
when received by the Fund, as exempt-interest dividends upon distribution to
shareholders.
In order to avoid imposition of the excise tax applicable to regulated
investment companies, it is also each Fund's intention to declare as dividends
in each calendar year at least 98% of its net investment income (earned during
the calendar year) and 98% of its net realized capital gains (earned during the
twelve months ended October 31) plus undistributed amounts from prior years.
The following information is based upon the federal income tax cost of portfolio
investments as of December 31, 1997:
<TABLE>
<S> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------
Tax-Free Ohio Insured Kentucky
Intermediate Tax-Free Tax-Free
Term Fund Fund Fund
Gross unrealized appreciation........................... $ 2,937,405 $ 5,736,095 $ 217,629
Gross unrealized depreciation........................... -- -- --
-------------- --------------- --------------
Net unrealized appreciation............................. $ 2,937,405 $ 5,736,095 $ 217,629
============== =============== ===============
</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. As of August 31, 1997, the Kentucky
Tax-Free Fund elected to defer until the Fund's subsequent tax year $39,798 of
capital losses incurred after October 31, 1996. These capital loss carryforwards
and "post-October" losses may be utilized in the current or future years to
offset net realized capital gains prior to distribution to shareholders.
3. INVESTMENT TRANSACTIONS
For the periods ended December 31, 1997, purchases and proceeds from sales and
maturities of investment securities, excluding short-term investments, amounted
to $6,206,595 and $10,477,243, respectively, for the Tax-Free Intermediate Term
Fund, $13,231,197 and $16,678,754, respectively, for the Ohio Insured Tax-Free
Fund and $1,431,647 and $1,978,523, respectively, for the Kentucky 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.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Continued)
===============================================================================
In order to voluntarily reduce operating expenses during the periods ended
December 31, 1997, the Adviser waived $39,352 of its advisory fees for the Ohio
Tax-Free Money Fund, waived $55,786 of its advisory fees and reimbursed $3,034
of Class B expenses for the Florida Tax-Free Money Fund, reimbursed $948 of
Class A expenses for the Ohio Insured Tax-Free Fund and waived its entire
advisory fee of $13,521 and reimbursed $5,367 of other operating expenses for
the Kentucky Tax-Free Fund.
The Adviser has agreed, until at least August 31, 1999, to waive fees and
reimburse expenses to the extent necessary to limit total operating expenses to
0.82% for the Kentucky Tax-Free Fund.
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, the Ohio Insured Tax-Free Fund and the Kentucky 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 received a monthly fee
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, the California Tax-Free Money Fund and the Kentucky Tax-Free 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 $2,202, $3,314
and $5,456 from underwriting and broker commissions on the sale of shares of the
Tax-Free Intermediate Term Fund, the Ohio Insured Tax-Free Fund and the Kentucky
Tax-Free Fund, respectively, during the periods ended December 31, 1997. In
addition, the Adviser collected $2,776 and $233 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 December 31, 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 December 31, 1997. Under the terms of its Custodian
Agreement, Huntington receives from the Fund an asset-based fee.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Continued)
================================================================================
PRIOR AFFILIATE AGREEMENTS
Prior to August 30, 1997, the investment adviser of the Kentucky Tax-Free Fund
was Trans Financial Bank, N.A.; Forum Financial Corp. served as the transfer
agent and dividend disbursing agent and performed portfolio accounting services;
Forum Financial Services, Inc. acted as distributor of the Fund's shares; and
Forum Administrative Services, LLC supervised the administration of all aspects
of the Fund's operations. Contractual amounts paid by the Fund for the
performance of these services are reflected in the Fund's Statement of
Operations for the year ended August 31, 1997. As of December 31, 1997, Trans
Financial Bank, N.A. was a significant shareholder of record of the Kentucky
Tax-Free Fund.
5. CAPITAL SHARE TRANSACTIONS
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. Proceeds and payments on capital shares as shown in
the Statements of Changes in Net Assets for the Tax-Free Intermediate Term Fund,
the Ohio Insured Tax-Free Fund and the Kentucky Tax-Free Fund are the result of
the following capital share transactions for the periods shown:
<TABLE>
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------
Tax-Free Intermediate Ohio Insured
Term Fund Tax-Free Fund
- ----------------------------------------------------------------------------------------------------------------
Six Months Six Months
Ended Year Ended Year
Dec. 31, Ended Dec. 31, Ended
1997 June 30, 1997 June 30,
(Unaudited) 1997 (Unaudited) 1997
- -----------------------------------------------------------------------------------------------------------------
CLASS A
Shares sold.................................... 555,821 1,150,995 6,037,342 14,158,992
Shares issued in reinvestment of
distributions to shareholders............... 93,510 209,803 136,313 233,941
Shares redeemed................................ ( 1,010,274) ( 2,285,966) ( 6,194,508 ) ( 14,943,520)
------------ -------------- ------------- -------------
Net decrease in shares outstanding............. ( 360,943) ( 925,168) ( 20,853 ) ( 550,587)
Shares outstanding, beginning of period........ 5,313,679 6,238,847 5,794,738 6,345,325
------------ -------------- ------------- -------------
Shares outstanding, end of period.............. 4,952,736 5,313,679 5,773,885 5,794,738
============ ============== ============= =============
CLASS C
Shares sold.................................... 70,565 168,900 131,533 135,167
Shares issued in reinvestment of
distributions to shareholders............... 7,926 17,517 9,901 13,108
Shares redeemed................................ ( 124,198) ( 200,429) ( 33,657 ) ( 100,548 )
------------ -------------- ------------- -------------
Net increase (decrease) in shares outstanding.. ( 45,707) ( 14,012) 107,777 47,727
Shares outstanding, beginning of period........ 468,857 482,869 379,664 331,937
------------ -------------- ------------- -------------
Shares outstanding, end of period.............. 423,150 468,857 487,441 379,664
============ ============== ============= =============
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
NOTES TO FINANCIAL STATEMENTS (Continued)
===================================================================================================================================
- -----------------------------------------------------------------------------------------------------------------------------------
Kentucky Tax-Free Fund
Four Months
Ended Year Period
Dec. 31, Ended Ended
1997 Aug. 31, Aug. 31,
(Unaudited) 1997 1996(A)
- -----------------------------------------------------------------------------------------------------------------------------------
Shares sold............................................. 17,300 127,642 2,814,888
Shares issued in reinvestment of distributions to shareholders 5,683 29,744 57,538
Shares redeemed......................................... ( 104,650) ( 909,256 ) ( 1,297,814 )
-------------- --------------- ---------------
Net increase (decrease) in shares outstanding........... ( 81,667) ( 751,870 ) 1,574,612
Shares outstanding, beginning of period................. 822,742 1,574,612 --
-------------- --------------- ---------------
Shares outstanding, end of period....................... 741,075 822,742 1,574,612
============== =============== ===============
- -----------------------------------------------------------------------------------------------------------------------------------
(A) Represents the period from the commencement of operations (September 27, 1995) through August 31, 1996.
</TABLE>
6. PORTFOLIO COMPOSITION
As of December 31, 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 exclusively 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. The Kentucky Tax-Free Fund was
invested exclusively in debt obligations issued by the State of Kentucky and its
political subdivisions, agencies, authorities and instrumentalities and by other
issuers the interest from which is exempt from Kentucky personal income taxes.
As of December 31, 1997, 14.3% of the portfolio securities of the Tax-Free Money
Fund were concentrated in the State of Ohio, 11.8% in the State of Wisconsin and
10.0% in the State of Illinois. 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.
The California Tax-Free Money Fund, the Ohio Tax-Free Money Fund, the Florida
Tax-Free Money Fund, the Ohio Insured Tax-Free Fund and the Kentucky 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 December
31, 1997, the Kentucky Tax-Free Fund had concentrations of investments in two
issuers which exceeded 10% individually and, collectively, totaled 28.2%. No
other non-diversified Funds had 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 December 31, 1997, 40.7% 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], 33.8%
were rated AA/Aa, 22.0% were rated A/A and 3.5% were not rated. For the Kentucky
Tax-Free Fund's portfolio securities, 38.5% were rated AAA/Aaa, 8.9% were rated
AA/Aa, 32.6% were rated A/A and 20.0% were rated BBB/Baa.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Continued)
===============================================================================
As of December 31, 1997, 99.1% 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. Four private insurers individually insure more than 10% of the
Ohio Insured Tax-Free Fund's portfolio securities and collectively insure 88.6%
of its portfolio securities.
The concentration of investments for each Fund as of December 31, 1997,
classified by revenue source, was as follows:
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
California Ohio Florida Tax-Free Ohio
Tax-Free Tax-Free Tax-Free Tax-Free Intermediate Insured Kentucky
Money Money Money Money Term Tax-Free Tax-Free
Fund Fund Fund Fund Fund Fund Fund
- -----------------------------------------------------------------------------------------------------------------------------------
General Obligations............................ 16.4% 18.4% 31.7% 12.9% 18.9% 45.4% --
Revenue Bonds:
Industrial Development/Pollution Control..... 24.9% 31.0% 25.5% 15.8% 7.1% 4.5% 17.5%
Hospital/Health Care......................... 25.3% 5.0% 28.2% 19.6% 9.0% 16.6% 5.3%
Housing/Mortgage............................. 18.4% 1.5% 2.1% 21.1% 13.0% 5.6% 3.6%
Utilities.................................... 2.7% 20.6% 1.0% 12.8% 9.0% 13.9% 3.0%
Education.................................... 3.0% -- 3.5% 10.8% 21.5% 5.8% 28.0%
Transportation............................... 2.9% 3.8% -- 0.7% 7.7% 2.7% 12.2%
Public Facilities............................ 1.6% 2.5% 2.9% 0.3% 2.7% 2.4% --
Economic Development......................... 4.8% 3.8% 3.3% -- 2.8% -- 5.4%
Leases....................................... -- 4.1% -- -- 2.8% 0.8% 25.0%
Special Tax.................................. -- 2.5% -- 1.3% 3.6% 1.3% --
Miscellaneous................................ -- 6.8% 1.8% 4.7% 1.9% 1.0% --
------- ------- ------- ------ ------ ------ ------
Total ......................................... 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
======= ====== ====== ===== ======= ====== =======
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
7. AGREEMENT AND PLAN OF REORGANIZATION
The Kentucky Tax-Free Fund was originally organized as series of Trans Adviser
Funds, Inc., an open-end management investment company incorporated under the
laws of the State of Maryland. Trans Adviser Funds, Inc. consisted of five
investment portfolios, including the Kentucky Tax-Free Fund (the Predecessor
Fund). The Predecessor Fund had investment objectives, policies and restrictions
substantially identical to the Fund.
As of the close of business on August 29, 1997, pursuant to an Agreement and
Plan of Reorganization dated May 31, 1997, all assets and liabilities of the
Predecessor Fund were transferred in exchange for capital shares of a
corresponding series of Countrywide Tax-Free Trust. The Predecessor Fund then
distributed to its shareholders as a liquidating dividend all capital shares of
the like Fund in exchange for and in cancellation of its capital shares. When
the reorganization was completed, shareholders of the Fund owned the same
proportional interest as they owned in the Predecessor Fund immediately before
the reorganization, and each Fund owned the same portfolio of investments as the
Predecessor Fund immediately before the reorganization.
For federal income tax purposes, the reorganization of the Kentucky Tax-Free
Fund qualifies as a tax-free reorganization with no tax consequences to the
Predecessor Fund, the Fund or their shareholders. In connection with the
reorganization, the fiscal year-end of the Fund has been changed from August 31
to June 30.
<PAGE>
TAX-FREE MONEY FUND
PORTFOLIO OF INVESTMENTS
December 31, 1997 (Unaudited)
<TABLE>
<S> <C> <C> <C>
==================================================================================================================================
Principal Coupon Maturity Market
Amount Fixed Rate Revenue & General Obligation Bonds-- 24.3% Rate Date Value
- -----------------------------------------------------------------------------------------------------------------------------------
$ 500,000 Chicago, IL, Public Bldg. Comm. Rev., Prerefunded @ 102..... 7.700% 01/01/1998 $ 510,000
255,000 Atlanta, GA, Airport Extension & Impt.Rev.,Escrowed to Mat 7.250 01/01/1998 255,000
500,000 Silver Lake, WI, Joint School District No. 1 GO BANS........ 4.400 02/01/1998 500,217
225,000 South Carolina St.EDA Hosp.Facs.Rev.(Ander. Area Medical Ctr.)4.100 02/01/1998 225,050
200,000 Buffalo, NY, GO............................................. 5.600 02/01/1998 200,262
100,000 South Carolina St. GO, Ser. 2000............................ 5.700 02/01/1998 100,133
475,000 Kearny, NJ, GO.............................................. 4.000 02/15/1998 475,110
150,000 Buffalo, NY, Impt. Rev., Ser. A............................. 3.900 02/15/1998 150,018
140,000 Rowlett, TX, GO............................................. 4.200 02/15/1998 140,000
235,000 Garland, TX, GO, Ser. A..................................... 7.000 02/15/1998 235,838
330,000 Quinlan, TX, ISD GO......................................... 4.500 02/15/1998 330,265
140,000 New York St. Medical Care Facs. Rev., Escrowed to Maturity.. 6.900 02/15/1998 140,486
125,000 Univ. of Southern Mississippi Educ. Bldg. Rev., Ser. A...... 6.000 03/01/1998 125,402
105,000 Richmond, TX, GO............................................ 6.500 03/01/1998 105,378
790,000 Mukwonago, WI, School Dist. GO.............................. 4.200 04/01/1998 790,689
490,000 Ross Co., OH, Airport Impt. GO BANS......................... 4.560 04/24/1998 490,377
165,000 West Virginia Univ. Dormitory Rev., Ser. A.................. 5.400 05/01/1998 165,577
150,000 Ypsilanti, MI, School Dist. GO.............................. 4.100 05/01/1998 150,110
100,000 Lanse Creuse, MI, Public School GO.......................... 3.900 05/01/1998 100,000
200,000 Arizona St. Highway Trans. Rev., Ser. A..................... 5.700 07/01/1998 201,798
635,000 Los Alamos Co., NM, Income Utility Rev., Ser. A............. 4.800 07/01/1998 637,440
500,000 Pima Co., AZ, USD No. 1 (Tucson), Prerefunded @ 102......... 6.750 07/01/1998 516,424
500,000 Mesquite, TX, ISD GO, Ser. A................................ 7.250 08/15/1998 510,117
245,000 Pace, FL, Utility Sys. Rev.................................. 4.000 09/01/1998 245,000
150,000 Ohio St. IDR, Ser. 1997 (Bomaine Corp. Proj.)............... 4.300 11/01/1998 150,000
500,000 Chesterfield Co., VA, GO, Ser. B............................ 6.200 01/01/1999 511,437
- -------------- ------------
$ 7,905,000 TOTAL FIXED RATE REVENUE & GENERAL OBLIGATION BONDS
- --------------
(Amortized Cost $7,962,128)................................. $ 7,962,128
------------
<PAGE>
===================================================================================================================================
Principal Coupon Maturity Market
Amount Floating & Variable Rate Demand Notes-- 55.0% Rate Date Value
- -----------------------------------------------------------------------------------------------------------------------------------
$ 330,000 Coppell, TX, IDR (Minyards Prop., Inc.)..................... 3.800% 01/01/1998 $ 330,000
1,000,000 New Jersey EDA & EDR (Union Avenue Assoc.).................. 4.300 01/01/1998 1,000,000
500,000 Arapahoe Co., CO, Rev., Ser. 1997 (Denver Jet Ctr. Proj.)... 4.000 01/01/1998 500,000
1,100,000 Washington St. Hsg. Fin. Comm. Rev. (Panorama City Proj.)... 4.750 01/01/1998 1,100,000
1,000,000 Washington St. Health Care Fac. Auth. Rev., Ser. 1996
(Fred Hutchinson Cancer Ctr.).............................. 5.100 01/01/1998 1,000,000
1,300,000 Hamilton Co., OH, Health System Rev. (Franciscan Sisters)... 5.250 01/01/1998 1,300,000
200,000 Farmington Hills,MI HFA Rev.Ser.1991B (Botsford General Hosp.) 5.100 01/01/1998 200,000
1,000,000 Cuyahoga Co., OH, Hosp. Impt. Rev. (University Hosp. Cleveland)5.200 01/01/1998 1,000,000
200,000 Missouri St. Health & Educ. Fac. Auth. Rev. (Cox Health Sys.) 5.000 01/01/1998 200,000
207,500 St. Cloud, MN, Hsg. & Redev. Auth. (Coborn Realty Co.)...... 4.350 01/01/1998 207,500
1,000,000 District of Columbia MFH, Tyler House Trust COP, Ser. 1995A 4.500 01/01/1998 1,000,000
2,000,000 Wisconsin St. Health & Educ. Fac. Auth. Rev., Ser. 1997
(Cedar Crest Proj.).................................. 4.300 01/01/1998 2,000,000
820,000 Redwood Falls, MN, IDR (Zytec Corp. Proj.).................. 4.750 01/01/1998 820,000
525,000 Frankfort, MN, IDR, Ser. 1995 (J&B, Inc.)................... 4.350 01/01/1998 525,000
335,000 Frankfort, MN, IDR, Ser. 1995 (J&B, Inc.)................... 4.600 01/01/1998 335,000
750,000 Brooklyn Park, MN, IDR (Schmidt Proj.)...................... 4.350 01/01/1998 750,000
1,920,000 Clinton Co.,PA, Municipal Auth.Hosp.Rev.(Lockhaven Hosp.Proj.) 4.100 01/07/1998 1,920,000
<PAGE>
TAX-FREE MONEY FUND (Continued)
===================================================================================================================================
Principal Coupon Maturity Market
Amount Floating & Variable Rate Demand Notes-- 55.0% Rate Date Value
- -----------------------------------------------------------------------------------------------------------------------------------
$ 900,000 Eddyville, IA, IDR (Heartland Lysine, Inc.)................. 4.000% 01/07/1998 $ 900,000
200,000 Kentucky EDR, Ser. D (Health Alliance)...................... 3.700 01/07/1998 200,000
2,735,000 Illinois St. Dev. Fin. Auth. MFH Rev. (Cobbler Square Proj.) 4.450 01/07/1998 2,735,000
- -------------- ------------
$ 18,022,500 TOTAL FLOATING & VARIABLE RATE DEMAND NOTES
- --------------
(Amortized Cost $18,022,500)................................ $18,022,500
------------
===================================================================================================================================
Principal Coupon Maturity Market
Amount Adjustable Rate Put Bonds-- 19.5% Rate Date Value
- -----------------------------------------------------------------------------------------------------------------------------------
$ 680,000 Lexington-Fayette Co.,KY,Urban Gov't Rev.
(Providence Montessori)................................. 4.250% 01/01/1998 $ 680,000
795,000 Buckeye Tax-Exempt Mtg. Bond Trust.......................... 4.260 02/01/1998 793,481
605,000 Corpus Cristi, TX, IDR (Tex-Air Investment Co. Proj.)....... 3.900 02/01/1998 605,000
570,000 Fort Mitchell, KY, Indust. Bldg. Rev. (Grandview/Hemmer Proj.)4.000 02/01/1998 570,000
540,000 Milwaukee, WI, IDR (Wayne C. Oldenburg Proj.)............... 4.100 02/01/1998 540,000
310,000 Lansing, MI, EDR (LGH Office Bldg. Proj.)................... 3.700 02/15/1998 310,000
111,000 Citizens Federal Tax-Exempt Mtg. Bond Trust................. 3.900 03/01/1998 111,000
1,200,000 Owensboro, KY, IDR, Ser. 1985 (Dart Container).............. 3.950 03/01/1998 1,200,000
150,000 Cuyahoga Co., OH, IDR (Halle Office Bldg.).................. 4.235 04/01/1998 150,000
205,000 Medina Co., OH, IDR (Nationwide One Proj.).................. 4.050 05/01/1998 204,941
235,000 Westlake, OH, EDR (Cross County Inns)....................... 3.900 05/01/1998 235,000
1,000,000 Westmoreland Co., PA, IDR (White Cons Indust.)............. 4.180 06/01/1998 1,000,000
- -------------- ------------
$ 6,401,000 TOTAL ADJUSTABLE RATE PUT BONDS
- --------------
(Amortized Cost $6,399,422)................................. $ 6,399,422
------------
$ 32,328,500 TOTAL INVESTMENTS AT VALUE-- 98.8%
==============
(Amortized Cost $32,384,050)................................ $32,384,050
OTHER ASSETS IN EXCESS OF LIABILITIES-- 1.2% ............... 397,489
------------
NET ASSETS-- 100.0% ........................................ $32,781,539
============
See accompanying notes to portfolios of investments.
<PAGE>
CALIFORNIA TAX-FREE MONEY FUND
PORTFOLIO OF INVESTMENTS
December 31, 1997 (Unaudited)
===================================================================================================================================
Principal Coupon Maturity Market
Amount Fixed Rate Revenue & General Obligation Bonds-- 29.0% Rate Date Value
- -----------------------------------------------------------------------------------------------------------------------------------
$ 500,000 California St. GO Veterans Bonds, Ser. AT................... 9.300% 02/01/1998 $ 502,276
300,000 California St. GO........................................... 5.750 02/01/1998 300,468
1,000,000 Burbank, Glendale, Pasadena, CA, Airport Auth. Rev.......... 5.000 06/01/1998 1,004,812
250,000 Berkeley, CA, Joint Powers Fin. Auth. Lease Rev............. 4.500 06/01/1998 250,699
1,000,000 California St. GO RANS...................................... 4.500 06/30/1998 1,003,201
1,000,000 Fremont, CA, Unified School Dist., GO TRANS................. 4.250 06/30/1998 1,001,657
150,000 Brawley, CA, Wastewater Treatment Fac. Rev., COP............ 3.800 07/01/1998 150,000
500,000 Los Angeles Co., CA, Transportation Sales Tax Rev., Ser. A.. 5.200 07/01/1998 503,415
460,000 Shasta,CA, Joint Powers Fin. Auth. Landfill Rev.,Ser. 1997-A 3.850 07/01/1998 460,000
110,000 San Mateo Co., CA, Joint Powers Fin. Auth. Lease Rev........ 3.700 07/15/1998 110,000
1,000,000 Santa Cruz Co., CA, Office of Educ. TRANS................... 4.500 07/30/1998 1,003,329
1,000,000 Butte Co., CA, Office of Educ., TRANS....................... 4.500 07/31/1998 1,003,422
250,000 Pasadena, CA, Community Dev. Tax Allocation
(Downtown Redev. Proj.)................................. 4.750 08/01/1998 251,264
1,000,000 Oxnard, CA, School Dist. TRANS.............................. 4.500 08/13/1998 1,003,823
235,000 Northern CA, Power Agcy. Rev................................ 6.125 08/15/1998 238,300
265,000 Montebello, CA,Community Redev.Agcy.Tax Allocation,Ser. A... 4.500 09/01/1998 266,196
300,000 California St. GO........................................... 5.400 09/01/1998 303,003
1,200,000 Simi Valley, CA, Public Fin. Auth. Rev., Prerefunded @ 102.. 7.000 09/01/1998 1,248,272
1,000,000 California St. GO Veterans Bonds, Ser. AQ................... 8.750 10/01/1998 1,035,829
100,000 California St.Dept.of Veteran Affairs,Home Purchase Rev.Ser.B 3.850 12/01/1998 100,000
------------ ------------
$ 11,620,000 TOTAL FIXED RATE REVENUE & GENERAL OBLIGATION BONDS
- --------------
(Amortized Cost $11,739,966)................................ $11,739,966
------------
===================================================================================================================================
Principal Coupon Maturity Market
Amount Floating and Variable Rate Demand Notes-- 59.7% Rate Date Value
- -----------------------------------------------------------------------------------------------------------------------------------
$ 2,000,000 Newport Beach, CA, Rev., Ser. 1992 (Hoag Memorial Hosp.).... 5.000% 01/01/1998 $ 2,000,000
2,000,000 California RANS............................................. 4.500 01/01/1998 2,000,000
500,000 National City, CA, Community Dev. MFH Rev., Ser. 1997B
(Park Villas Apts.)..................................... 4.150 01/01/1998 500,000
1,300,000 San Bernardino Co., CA, COP................................. 4.250 01/01/1998 1,300,000
1,800,000 Alameda Co., CA, IDR (Adeline Assoc. PJ-A).................. 4.250 01/01/1998 1,800,000
1,300,000 Alameda Co., CA, IDR, Ser. A (Plyproperties Proj.).......... 4.250 01/01/1998 1,300,000
700,000 Alameda Co., CA, IDR, Ser. 1996A (Edward L. Shimmon Proj.).. 4.250 01/01/1998 700,000
1,000,000 San Bernardino Co., CA, Capital Impt. Refinancing Proj. Rev. 4.400 01/01/1998 1,000,000
1,500,000 Hanford, CA, Sewer Rev., Ser. A............................. 4.250 01/01/1998 1,500,000
1,000,000 San Bernardino, CA, IDR (LaQuinta Motor Inns)............... 4.250 01/01/1998 1,000,000
400,000 Alameda Co., CA, IDR (Dicon Fiberoptics, Inc. Proj. A)...... 4.250 01/01/1998 400,000
2,900,000 Santa Paula, CA, Public Fin. Auth. Rev., Ser. 1996
(Water Sys. Acquisition Proj.)..................... 4.150 01/07/1998 2,900,000
2,700,000 San Rafeal, CA, IDR, Ser. 1984 (Phoenix American, Inc.)..... 3.800 01/07/1998 2,700,000
1,000,000 Montebello, CA, COP, Ser. 1997 (Montebello Public Impt. Corp.)4.150 01/07/1998 1,000,000
1,600,000 Vacaville, CA, IDR (Leggett & Platt, Inc.).................. 3.900 01/07/1998 1,600,000
1,000,000 Orange Co., CA, Spec. Fin. Auth. Teeter Plan Rev., Ser. 1995B 4.100 01/07/1998 1,000,000
1,500,000 Dinuba,CA, Fin. Auth., Ser. 1996A (Wastewater Treatment
Plant Exp. Proj.)...................................... 3.950 01/07/1998 1,500,000
- -------------- ------------
$ 24,200,000 TOTAL FLOATING AND VARIABLE RATE DEMAND NOTES
- --------------
(Amortized Cost $24,200,000)................................ $24,200,000
-----------
<PAGE>
CALIFORNIA TAX-FREE MONEY FUND (Continued)
==================================================================================================================================
Principal Coupon Maturity Market
Amount Adjustable Rate Put Bonds-- 1.8% Rate Date Value
- ----------------------------------------------------------------------------------------------------------------------------------
$ 730,000 Huntington Park, CA, Redev. Agcy. Rev.,
(Huntington Park Personal Storage II)................... 3.850% 02/01/1998 $ 730,000
- -------------- ------------
$ 730,000 TOTAL ADJUSTABLE RATE PUT BONDS
- --------------
(Amortized Cost $730,000)................................... $ 730,000
------------
===================================================================================================================================
Principal Coupon Maturity Market
Amount Commercial Paper-- 8.6% Rate Date Value
- -----------------------------------------------------------------------------------------------------------------------------------
$ 1,500,000 California PCR (PG&E)....................................... 3.750% 01/12/1998 $ 1,500,000
2,000,000 San Diego, CA, Water Auth................................... 3.650 01/15/1998 2,000,000
------------ ------------
$ 3,500,000 TOTAL COMMERCIAL PAPER
------------
(Amortized Cost $3,500,000)................................. $ 3,500,000
------------
$ 40,050,000 TOTAL INVESTMENTS AT VALUE-- 99.1%
==============
(Amortized Cost $40,169,966)................................ $40,169,966
OTHER ASSETS IN EXCESS OF LIABILITIES-- 0.9% ............... 367,787
------------
NET ASSETS-- 100.0% ........................................ $40,537,753
============
See accompanying notes to portfolios of investments.
<PAGE>
OHIO TAX-FREE MONEY FUND
PORTFOLIO OF INVESTMENTS
December 31, 1997 (Unaudited)
===================================================================================================================================
Principal Coupon Maturity Market
Amount Fixed Rate Revenue & General Obligation Bonds-- 32.2% Rate Date Value
- -----------------------------------------------------------------------------------------------------------------------------------
$ 500,000 Cleveland, OH, Water Works Rev., First Mortgage, Ser. G..... 4.400% 01/01/1998 $ 500,000
1,000,000 Butler, OH, Public Bldg. Impt. GO BANS...................... 4.110 01/23/1998 1,000,243
1,000,000 Springboro, OH, Water Sys. Impt. GO BANS.................... 4.350 01/28/1998 1,000,214
4,000,000 East Palestine, OH, CSD GO BANS............................. 4.000 01/29/1998 4,000,295
810,000 Marysville, OH, Water Storage GO BANS....................... 4.160 01/29/1998 810,155
1,750,000 Chagrin Falls, OH, Exempted Village School Dist. GO BANS... 4.500 02/10/1998 1,751,354
950,000 Holmes Co., OH, Bldg. Acq. GO BANS.......................... 4.500 02/12/1998 950,584
500,000 Maple Heights, OH, CSD Energy Cons. GO BANS................. 3.930 02/13/1998 500,062
950,000 South Euclid-Lyndhurst, OH, CSD Energy Cons. GO BANS........ 4.125 02/13/1998 950,350
1,550,000 South Euclid-Lyndhurst, OH, CSD GO BANS..................... 4.150 02/13/1998 1,550,708
3,000,000 Liberty, OH, LSD GO BANS.................................... 4.350 02/17/1998 3,002,060
1,200,000 Muskingum Co., OH, County Bldg. GO BANS, Ser. 1997.......... 4.150 03/04/1998 1,200,587
2,000,000 Plain Township, OH, Fire Station Construction & Impt. GO BANS 4.300 03/09/1998 2,001,068
1,000,000 Mason, OH, CSD School Impt. GO BANS........................ 4.450 03/20/1998 1,001,477
5,000,000 Indian Lake, OH, LSD School Impt. GO BANS................... 4.350 03/25/1998 5,003,275
1,150,000 Ohio St. Natural Resources Cap. Fac. GO, Ser. C............. 4.500 04/01/1998 1,152,055
2,175,000 Anna, OH, LSD School Impt. GO BANS.......................... 4.390 04/06/1998 2,178,303
1,411,000 Crestline Village, OH, Capital Fac. GO BANS................. 4.650 04/09/1998 1,412,086
2,000,000 Bath Township, OH, Real Estate Acq.& Impt.GO BANS,Ser.1997 4.300 04/14/1998 2,002,771
1,000,000 Little Miami, OH, LSD GO BANS............................... 4.400 04/15/1998 1,001,693
4,245,000 Plain Township, OH, LSD GO BANS............................. 4.000 04/15/1998 4,249,205
1,400,000 Worthington, OH, CSD GO BANS................................ 3.900 04/15/1998 1,400,786
670,000 Marysville, OH, Road Realignment GO BANS.................... 4.370 04/17/1998 670,410
900,000 Allen Co., OH, Bath Twp. Dist. GO BANS...................... 4.200 04/28/1998 900,136
2,250,000 Seven Hills City, OH, Various Purpose GO BANS, Ser. 1997-2.. 4.250 04/30/1998 2,253,217
5,000,000 Greene Co., OH, GO BANS.................................... 4.500 05/07/1998 5,009,863
2,000,000 Mentor, OH, Exempted Village School Dist. GO BANS........... 4.250 05/07/1998 2,001,302
1,350,000 Marysville, OH, Various Purpose GO BANS.................... 4.410 05/08/1998 1,351,168
1,000,000 Ohio St. Highway GO, Ser. S................................. 4.100 05/15/1998 1,000,876
1,000,000 Graham, OH, LSD School Impt. GO BANS........................ 4.290 05/28/1998 1,001,536
1,170,000 Middleburg Heights City, OH, Various Purpose GO BANS........ 4.100 05/29/1998 1,170,683
2,500,000 Barberton, OH, CSD School Impt. Notes, Ser. 1997B........... 4.480 06/01/1998 2,506,601
500,000 Perry, OH, LSD GO........................................... 4.250 06/01/1998 500,710
500,000 Ohio St. Pub. Fac. Comm. Mental Hlth. Fac. Rev., Ser. A..... 7.000 06/01/1998 506,358
3,000,000 Ohio St. Pub. Fac. Comm. Mental Hlth. Fac. Rev., Ser. 2B.... 4.250 06/01/1998 3,007,298
1,000,000 Summit Co., OH, GO BANS, Ser. A............................. 4.500 06/04/1998 1,002,511
1,494,000 Groveport-Madison, OH, LSD RANS, Ser. 1997.................. 5.100 06/15/1998 1,497,889
1,000,000 New Knoxville, OH, LSD GO BANS.............................. 4.530 06/16/1998 1,002,813
2,300,000 Canal Winchester, OH, LSD School Impt. GO BANS.............. 4.300 06/17/1998 2,304,125
2,400,000 Obetz Village, OH, Street Impt. GO BANS..................... 4.200 06/19/1998 2,401,600
1,190,000 Van Wert City, OH, Sewer Impt. GO BANS...................... 4.350 06/23/1998 1,191,894
500,730 Beavercreek, OH, LSD GO BANS................................ 4.430 06/25/1998 501,606
500,000 Ohio St. Higher Educ. Fac. Comm. Rev.,
(Case Western Reserve University)....................... 4.750 07/01/1998 502,164
1,000,000 Eucild City, OH, Various Purpose GO BANS.................... 4.120 07/31/1998 1,000,942
2,226,000 Wood County, OH, Sheriff's Dept. Impt. GO BANS, Ser. 1997... 4.250 07/31/1998 2,230,324
2,000,000 Ohio St. GO................................................. 3.850 08/01/1998 2,000,498
1,000,000 Wadsworth, OH, CSD GO BANS.................................. 4.375 08/04/1998 1,002,726
1,060,000 Mason-Deerfield Joint Fire Dist. GO, Ser. 1997.............. 4.260 08/05/1998 1,061,568
2,440,000 Ottawa Co., OH, Regional Water Sys. Impt. GO BANS........... 4.125 08/06/1998 2,443,482
<PAGE>
OHIO TAX-FREE MONEY FUND (Continued)
===================================================================================================================================
Principal Coupon Maturity Market
Amount Fixed Rate Revenue & General Obligation Bonds-- 32.2% Rate Date Value
- -----------------------------------------------------------------------------------------------------------------------------------
$ 890,000 Marysville, OH, GO BANS..................................... 4.160% 09/03/1998 $ 891,492
1,055,000 Marysville, OH, Downtown Sidewalk GO BANS................... 4.220 09/03/1998 1,056,841
1,180,000 Loveland, OH, Real Estate Acq. GO BANS...................... 4.110 09/10/1998 1,181,647
4,075,000 Mayfield Village, OH, Various Purpose GO BANS............... 4.125 09/29/1998 4,081,345
900,000 Salem, OH, CSD Energy Conservation GO BANS, Ser. 1997....... 4.130 10/01/1998 901,158
1,050,000 Ohio St. Bldg. Auth. Rev., Ser. C........................... 7.100 10/01/1998 1,074,828
1,200,000 Rural Lorain, OH, Water Auth., Prerefunded @ 102............ 7.700 10/01/1998 1,256,959
1,000,000 Lake Co., OH, GO BANS....................................... 4.070 10/08/1998 1,001,250
1,580,000 Streetsboro City, OH, Various Purpose GO BANS............... 4.150 10/09/1998 1,581,752
2,030,000 Jackson Co., OH, Correction Facilities GO BANS, Ser. 1997... 4.330 10/15/1998 2,035,100
500,000 Lima, OH, River Corridor Land Acq. GO BANS.................. 4.250 11/10/1998 501,030
3,500,000 Hamilton, OH, Real Estate Acq. GO BANS...................... 4.850 11/19/1998 3,507,369
1,155,000 Marysville, OH, GO BANS..................................... 4.220 11/19/1998 1,157,643
2,000,000 Summit., OH, GO BANS, Ser. 1997B............................ 4.875 11/19/1998 2,018,261
1,425,000 Marion Co., OH, Correctional Facility GO BANS............... 4.100 11/23/1998 1,427,687
1,580,000 Toledo, OH, Various Purpose, GO, Ser. A..................... 3.850 12/01/1998 1,580,000
230,000 Toledo, OH, Various Purpose, GO, Ser. B..................... 3.850 12/01/1998 230,000
640,000 Muskingum Co., OH, Branywine Blvd. Extension GO BANS........ 4.350 12/02/1998 641,692
2,900,000 Geauga Co., OH, Park Dist................................... 4.080 12/10/1998 2,902,077
885,000 Painesville City, OH, GO BANS............................... 4.140 12/16/1998 886,946
- -------------- ------------
$110,316,730 TOTAL FIXED RATE REVENUE & GENERAL OBLIGATION BONDS
- --------------
(Amortized Cost $110,558,708)............................... $110,558,708
------------
===================================================================================================================================
Principal Coupon Maturity Market
Amount Floating and Variable Rate Demand Notes-- 51.5% Rate Date Value
- -----------------------------------------------------------------------------------------------------------------------------------
$ 2,800,000 Muskingum Co., OH, IDR (Elder-Beerman)...................... 4.000% 01/01/1998 $ 2,800,000
1,300,000 Franklin Co., OH, IDR (Jacobsen Stores)..................... 3.800 01/01/1998 1,300,000
2,800,000 Ohio St. Air Quality Dev. Auth. Rev.,
Ser. 1995A (Cincinnati Gas & Elect.)................... 4.500 01/01/1998 2,800,000
4,900,000 Ohio St. Air Quality Dev. Auth. Rev.,
Ser. 1995B (Cincinnati Gas & Elect.)................... 4.500 01/01/1998 4,900,000
2,170,000 Cuyahoga Co. OH, Hosp.Impt.Rev.(University Hosp. Cleveland) 5.200 01/01/1998 2,170,000
7,600,000 Hamilton Co., OH, Health Sys. Rev. (Franciscan Sisters)..... 5.250 01/01/1998 7,600,000
165,000 Franklin Co., OH, IDR (BOA Ltd. Proj.)...................... 3.850 01/01/1998 165,000
500,000 Ohio St. Environmental Impt. Rev. (U.S. Steel Corp.)........ 4.000 01/01/1998 500,000
1,600,000 Delaware Co., OH, IDR (Radiation Sterilizers, Inc.)......... 4.500 01/01/1998 1,600,000
1,000,000 Franklin Co., OH, IDR (Capitol South)....................... 3.800 01/01/1998 1,000,000
4,045,000 Cuyahoga Co., OH, IDR (S & R Playhouse Realty).............. 3.850 01/01/1998 4,045,000
4,000,000 Montgomery Co., OH, Rev. (Sisters of Charity)............... 4.150 01/01/1998 4,000,000
1,900,000 Summit Co.,OH, Health Care Fac.Rev.,Ser.1997(Evant Inc.Proj.) 4.200 01/01/1998 1,900,000
1,180,000 Franklin Co., OH, IDR (Ohio Girl Scouts).................... 4.150 01/01/1998 1,180,000
150,000 Marion Co., OH, Hosp. Impt. Rev. (Pooled Lease Proj.)....... 4.150 01/01/1998 150,000
4,600,000 Mahoning Co., OH, (Claridge Corp. Proj.).................... 4.250 01/01/1998 4,600,000
4,540,000 Trumbull Co., OH, Health Care Fac. Rev. (Shepherd Valley)... 4.150 01/01/1998 4,540,000
770,000 Marion Co., OH, Hosp. Impt. Rev. (Pooled Leased Proj.)...... 4.150 01/01/1998 770,000
770,000 Marion Co., OH, Hosp. Impt. Rev.,Ser.1992(Pooled Lease Proj.) 4.150 01/01/1998 770,000
4,600,000 Ohio St. Higher Educ. Fac. Rev. (Pooled Financing).......... 4.150 01/01/1998 4,600,000
2,000,000 Mahoning Co., OH, Health Care Fac. Rev. (Copeland Oaks)..... 4.150 01/01/1998 2,000,000
5,800,000 Hamilton Co., OH, Hosp.Fac.Rev., Ser. 1997A
(Children's Hosp.Med.Ctr.).............................. 4.100 01/01/1998 5,800,000
4,400,000 Columbus, OH, GO, Ser. 1.................................... 4.050 01/01/1998 4,400,000
5,630,000 Sharonville, OH, IDR (Duke Realty Proj.).................... 4.150 01/01/1998 5,630,000
5,000,000 Hamilton Co., OH, Fac. Rev., Ser. 1997A
(Episcopal Retirement Homes)........................... 4.130 01/01/1998 5,000,000
<PAGE>
OHIO TAX-FREE MONEY FUND (Continued)
===================================================================================================================================
Principal Coupon Maturity Market
Amount Floating and Variable Rate Demand Notes-- 51.5% Rate Date Value
- -----------------------------------------------------------------------------------------------------------------------------------
$ 1,600,000 Warren Co., OH, IDR (Liquid Container)...................... 4.250% 01/01/1998 $ 1,600,000
3,740,000 Montgomery Co., OH, Health Care Rev. (Comm. Blood Ctr. Proj.) 4.150 01/01/1998 3,740,000
8,000,000 Franklin Co., OH, IDR (Berwick Steel)....................... 4.400 01/01/1998 8,000,000
450,000 Akron, Bath & Copley, OH, Joint Twp. Hosp. Rev.
(Visiting Nurse Svcs. Proj.)............................ 4.200 01/01/1998 450,000
400,000 Franklin Co., OH, IDR (Columbus College).................... 4.150 01/01/1998 400,000
1,800,000 Clinton Co., OH, Hosp. Rev. (Clinton Memorial).............. 4.200 01/01/1998 1,800,000
1,655,000 Mahoning Co., OH, Health Care Fac. Rev. (Ohio Heart Institute)4.150 01/01/1998 1,655,000
3,500,000 Lima, OH, Hosp. Fac.& Impt. Rev., Ser. 1996
(Lima Memorial Hosp.).................................... 4.200 01/01/1998 3,500,000
4,000,000 Montgomery Co., OH, Ltd. Oblig. Rev., Ser. 1996
(St. Vincent de Paul Proj.).............................. 4.150 01/01/1998 4,000,000
900,000 Rickenbacker, OH, Port. Auth.Rev.(Rickenbacker Holdings, Inc.)4.150 01/01/1998 900,000
590,000 Summit Co., OH, IDR (Go-Jo Indust.)......................... 4.150 01/01/1998 590,000
445,000 Lucas Co., OH, IDR (Associated Proj.)...................... 4.250 01/01/1998 445,000
1,495,000 Village Of Andover, OH, Health Care Rev., Ser. 1996
(D&M Realty Proj.)...................................... 4.150 01/01/1998 1,495,000
3,800,000 Ashtabula Co., OH, Hosp. Fac. Rev., Ser. 1995
(Ashtabula Co. Med. Ctr. Proj.)......................... 4.150 01/01/1998 3,800,000
350,000 Lucas Co., OH, Rev. (Sunshine Children's Home).............. 4.200 01/01/1998 350,000
1,552,900 Hamilton Co., OH, EDR, Ser.1995 (Cinti Ass. Performing Arts) 4.150 01/01/1998 1,552,900
2,200,000 Westlake, OH, IDR (Nordson Co.)............................. 4.100 01/01/1998 2,200,000
2,000,000 Franklin Co., OH, IDR (Alco Standard Corp.)................. 4.250 01/01/1998 2,000,000
885,000 Pike Co., OH, EDR (Pleasant Hill)........................... 4.150 01/01/1998 885,000
4,800,000 OH, EDR, Ser. 1983 (Court St. Ctr. Assoc. Ltd. Proj.)....... 4.250 01/01/1998 4,800,000
1,975,000 Ashland Co., OH, Hosp. Fac.Rev.,Ser.1989 (Good Shepherd Home) 4.650 01/02/1998 1,975,000
600,000 Ohio St. Higher Educ. Fac. Rev., (John Carroll University).. 4.250 01/05/1998 600,000
4,250,000 Cincinnati & Hamilton Co., OH, Port. Auth. Rev.
(Kaiser Agric. Chemical Co.) 3.700 01/06/1998 4,250,000
150,000 Franklin Co., OH, IDR (Columbus Dist.)...................... 4.000 01/07/1998 150,000
1,000,000 Morrow Co., OH, IDR (Field Container Corp.)................. 4.000 01/07/1998 1,000,000
2,160,000 Defiance Co., OH, IDR (Isaac Property Proj.)................ 4.220 01/07/1998 2,160,000
564,000 Franklin Co., OH, IDR, Ser. D (Kindercare).................. 3.900 01/07/1998 564,000
935,000 Lucas Co., OH, IDR, Ser. D (Kindercare)..................... 3.900 01/07/1998 935,000
437,000 Stark Co., OH, IDR, Ser. D (Kindercare)..................... 3.900 01/07/1998 437,000
775,000 Cuyahoga Co., OH, Health Care Fac. Rev., Ser. 1993A
(Hospice of the Western Reserve)............................ 4.220 01/07/1998 775,000
900,000 Cuyahoga Co., OH, Health Care Fac. Rev. (Benjamin Rose Inst.) 3.900 01/07/1998 900,000
494,000 Lorain Co., OH, IDR, Ser. C (Kindercare).................... 3.900 01/07/1998 494,000
200,000 Ohio St. Water Dev. Auth. Rev. (Timken Co. Proj.)........... 3.700 01/07/1998 200,000
670,000 Montgomery Co., OH, Health Care Rev., Ser. A
(Dayton Area MRI Consortium).......................... 4.220 01/07/1998 670,000
1,070,000 Huron Co., OH, Rev. (Norwalk Furniture Corp.)............... 4.220 01/07/1998 1,070,000
375,000 Hudson Village, OH, IDR, Ser. A (Kindercare)................ 3.900 01/07/1998 375,000
300,000 Medina, OH, IDR (Kindercare)................................ 3.900 01/07/1998 300,000
287,000 Middletown, OH, IDR, Ser. A (Kindercare).................... 3.900 01/07/1998 287,000
340,000 Montgomery Co., OH, IDR (Kindercare)........................ 3.900 01/07/1998 340,000
375,000 Wadsworth, OH, IDR (Kindercare)............................. 3.900 01/07/1998 375,000
2,000,000 Cuyahoga Co., OH, IDR, Ser. 1989 (Motch Corp. Proj.)........ 4.250 01/07/1998 2,000,000
1,750,000 Cuyahoga Co., OH, Health Care Fac. Rev., Ser. 1993B
(Hospice of the Western Reserve)............................ 4.220 01/07/1998 1,750,000
1,000,000 Delaware Co., OH, IDR, Ser. 1985 (MRG Ltd. Proj.)........... 3.850 01/07/1998 1,000,000
1,000,000 Meigs Co., OH, IDR, Ser. 1985 (MRG Ltd. Proj.).............. 3.850 01/07/1998 1,000,000
2,290,000 Summit Co., OH, IDR (Bowery Assoc.)......................... 3.750 01/07/1998 2,290,000
1,000,000 Wyandot Co., OH, IDR, Ser. 1985 (MRG Ltd. Proj.)............ 3.850 01/07/1998 1,000,000
900,000 Lucas Co., OH, EDR (Glendale Meadows)....................... 4.220 01/07/1998 900,000
750,000 Orrville, OH, Hosp. Fac. Rev., Ser. 1990 (Orrville Hosp.)... 3.950 01/07/1998 750,000
2,390,000 Erie Co., OH, IDR (Toft Dairy, Inc.)........................ 4.220 01/07/1998 2,390,000
935,000 Cuyahoga Co., OH, IDR (Pleasant Lake Assoc.)................ 4.220 01/07/1998 935,000
<PAGE>
OHIO TAX-FREE MONEY FUND (Continued)
===================================================================================================================================
Principal Coupon Maturity Market
Amount Floating and Variable Rate Demand Notes-- 51.5% Rate Date Value
- ----------------------------------------------------------------------------------------------------------------------------------
$ 6,200,000 Ohio St., Ser. 1986 (USX Corp.)............................. 4.150% 01/07/1998 $ 6,200,000
1,375,000 Greene Co., OH, Health Care Fac. Rev. (Green Oaks Proj.).... 4.220 01/07/1998 1,375,000
1,000,000 Butler Co., OH, IDR (Phillip Morris Co.).................... 3.900 01/07/1998 1,000,000
965,000 Centerville, OH, Health Care Rev. (Bethany Memorial)........ 3.800 01/07/1998 965,000
3,000,000 Cuyahoga Co., OH, Hospital Rev., Ser. 1997C
(Cleveland Clinic Foundation).......................... 3.650 01/07/1998 3,000,000
3,500,000 Summit, OH, Civic Fac. Rev., Ser. 1997 (YMCA Proj.)......... 4.220 01/07/1998 3,500,000
4,400,000 Hamilton Co., OH, Hosp. Fac. Rev., Ser. 1997B
(Health Alliance of Greater Cincinnati)..................... 3.700 01/07/1998 4,400,000
1,700,000 Hamilton Co., OH, Health Alliance, Ser. F................... 3.700 01/07/1998 1,700,000
1,000,000 Lorain Co., OH, IDR (EMH Med. Ctr. Proj.)................... 0.000 01/07/1998 1,000,000
2,000,000 Montgomery Co., OH, EDR (Dayton Art Institute).............. 3.850 01/07/1998 2,000,000
1,400,000 Hamilton Co., OH, IDR (ADP System).......................... 4.050 01/15/1998 1,400,000
- -------------- ------------
$176,794,900 TOTAL FLOATING AND VARIABLE RATE DEMAND NOTES
- --------------
(Amortized Cost $176,794,900)............................... $176,794,900
------------
===================================================================================================================================
Principal Coupon Maturity Market
Amount Adjustable Rate Put Bonds-- 11.0% Rate Date Value
- -----------------------------------------------------------------------------------------------------------------------------------
$ 600,000 Franklin Co., OH, EDR (JAL Realty).......................... 3.900% 01/15/1998 $ 600,000
1,265,000 Hamilton, OH, IDR (Continental Commercial Properties Proj.). 3.850 02/01/1998 1,265,000
5,850,000 Ohio St. Air Quality Dev. Auth., Ser. A (Ohio Edison)....... 3.950 02/01/1998 5,850,688
640,000 Riverside, OH, EDR (Riverside Assoc. Ltd. Proj.)............ 3.750 03/01/1998 640,000
709,000 Citizens Federal Tax-Exempt Mtg. Bond Trust................. 3.900 03/01/1998 709,000
170,000 Franklin Co., OH, IDR (Pan Western Life).................... 3.700 04/01/1998 170,000
4,915,000 Cuyahoga Co.,OH, IDR (Halle Office Bldg.)................... 4.235 04/01/1998 4,915,191
1,225,000 Miami Valley Tax-Exempt Mtg. Bond Trust..................... 4.880 04/15/1998 1,225,000
1,430,000 Clermont Co., OH, EDR (John Q. Hammons Proj.)............... 3.800 05/01/1998 1,430,000
615,000 Franklin Co., OH, IDR (GSW Proj.)........................... 3.800 05/01/1998 615,000
3,125,000 Ohio HFA MFH (Lincoln Park)................................. 3.850 05/01/1998 3,125,000
3,705,000 Richland Co., OH, IDR (Mansfield Sq. Proj.)................. 3.900 05/15/1998 3,705,000
905,000 Scioto Co., OH, Health Care Rev. (Hillview Retirement)...... 3.850 06/01/1998 905,000
2,290,000 Franklin Co., OH, IDR (Leveque & Assoc. Proj.).............. 3.850 06/01/1998 2,290,000
395,000 Cuyahoga Co., OH, IDR (Welded Ring)......................... 3.850 06/01/1998 395,000
1,000,000 Franklin Co., OH (U.S. Health Corp)......................... 4.100 06/01/1998 1,001,614
710,000 Cuyahoga Co., OH, Health Care Rev........................... 3.950 06/01/1998 710,000
1,000,000 Gallia Co., OH, IDR (Jackson Pike Assoc.)................... 3.850 06/15/1998 1,000,000
1,965,000 Ohio Company Tax-Exempt Mtg. Bond Trust, Ser. 2............. 3.900 06/15/1998 1,964,226
2,500,000 Ohio St. Air Quality Dev. Auth. Rev., Ser. A................ 3.950 07/10/1998 2,500,000
2,520,000 Perry Co., OH, Nursing Fac. Rev., Ser. 1996
(New Lexington Health Care Corp.)..................... 4.000 09/01/1998 2,520,000
- -------------- ------------
$ 37,534,000 TOTAL ADJUSTABLE RATE PUT BONDS
- --------------
(Amortized Cost $37,535,719)................................ $37,535,719
----------
<PAGE>
OHIO TAX-FREE MONEY FUND (Continued)
===================================================================================================================================
Principal Coupon Maturity Market
Amount Commercial Paper-- 4.6% Rate Date Value
- -----------------------------------------------------------------------------------------------------------------------------------
$ 1,000,000 Ohio St. Air Quality (Cleveland Electric)................... 3.600% 01/09/1998 $ 1,000,000
2,800,000 Ohio St. Air Quality (Cleveland Electric)................... 3.800 01/12/1998 2,800,000
12,000,000 Lorain Co., OH, Hosp........................................ 3.700 02/09/1998 12,000,000
- -------------- ------------
$ 15,800,000 TOTAL COMMERCIAL PAPER
- --------------
(Amortized Cost $15,800,000)................................ $15,800,000
------------
$340,445,630 TOTAL INVESTMENTS AT VALUE -- 99.3%
==============
(Amortized Cost $340,689,327)............................... $340,689,327
OTHER ASSETS IN EXCESS OF LIABILITIES-- 0.7% ............... 2,379,821
------------
NET ASSETS-- 100.0% ........................................ $343,069,148
============
See accompanying notes to portfolios of investments.
<PAGE>
FLORIDA TAX-FREE FUND
PORTFOLIO OF INVESTMENTS
December 31, 1997 (Unaudited)
===================================================================================================================================
Principal Coupon Maturity Market
Amount Fixed Rate Revenue & General Obligation Bonds-- 23.7% Rate Date Value
- -----------------------------------------------------------------------------------------------------------------------------------
$ 250,000 Polk Co., FL, School Board COP, Ser. A...................... 4.400% 01/01/1998 $ 250,000
400,000 St. Lucie Co., FL, School Dist. GO.......................... 4.000 02/01/1998 400,034
1,000,000 Broward Co., FL, School Dist. GO............................ 6.750 02/15/1998 1,003,514
925,000 Broward Co., FL, School Dist. GO, Prerefunded @ 102......... 7.750 02/15/1998 947,806
500,000 Collier Co., FL, Spec. Oblig. Rev........................... 3.700 03/01/1998 500,000
100,000 Manatee Co., FL, Refunding & Impt., Rev..................... 5.350 04/01/1998 100,370
300,000 Broward Co., FL, Solid Waste Mgmt. Sys. Rev................. 4.000 04/01/1998 300,194
365,000 Turtle Run Comm. Dev. Dist. FL, Water Mgmt. Rev., Ser. 1997. 3.750 05/01/1998 364,909
100,000 Sarasota Co.,FL,Utility Sys. Rev., Ser. A, Prerefunded @ 102 7.100 06/01/1998 103,290
450,000 Florida St., Board of Educ. Cap. Outlay GO, Ser. A.......... 4.200 06/01/1998 450,535
500,000 Dade Co., FL, GO............................................ 6.500 06/01/1998 505,326
1,200,000 Florida St. Board of Educ., Ser. B1, Prerefunded @ 102...... 7.875 06/01/1998 1,243,400
1,200,000 Lake Butler, FL, Water & Sewer Rev. BANS.................... 4.625 06/15/1998 1,201,929
335,000 Clay Co., FL, School Board Master Lease Program COP......... 4.200 07/01/1998 335,324
150,000 Florida St. Div. Board Fin. Rev. (Dept. of Natural Resources) 4.300 07/01/1998 150,325
155,000 Florida St. GO, Prerefunded @ 102........................... 7.000 07/01/1998 160,364
1,150,000 Dade Co., FL, GO, Ser. 1.................................... 6.750 07/01/1998 1,166,513
100,000 Lee Co., FL, School Board COP, Ser. A....................... 4.750 08/01/1998 100,507
500,000 Palm Beach Co., FL, School Board COP, Ser. A................ 4.150 08/01/1998 500,942
100,000 Dade Co., FL, School Dist. GO............................... 6.400 08/01/1998 101,410
250,000 Dade Co., FL, School Board COP (G.Holmes Braddock High School)4.375 08/01/1998 250,661
500,000 Dade Co., FL, School Dist. GO............................... 6.000 08/01/1998 506,437
500,000 Seminole Co., FL, School Dist. GO........................... 5.400 08/01/1998 504,598
200,000 Indian River Co., FL, Water & Sewer Rev., Ser. B............ 4.400 09/01/1998 200,704
150,000 Miami, FL, Spec. Rev........................................ 4.500 09/01/1998 150,626
250,000 Dade Co., FL, Aviation Rev., Ser. A......................... 5.150 10/01/1998 252,410
100,000 Hollywood, FL, Water & Sewer Rev............................ 6.000 10/01/1998 101,504
200,000 Tallahassee, FL, Municipal Electric Rev.,Ser. A............. 4.900 10/01/1998 201,229
250,000 Destin, FL, Capital Impt. Rev., Prerefunded @ 102........... 7.100 10/01/1998 261,308
100,000 Broward Co., FL, Airport Sales Rev., Ser. C................. 4.100 10/01/1998 100,179
1,000,000 Florida St. Board of Educ. Cap. Outlay GO, Ser. A........... 4.500 01/01/1999 1,006,269
- -------------- ------------
$ 13,280,000 TOTAL FIXED RATE REVENUE & GENERAL OBLIGATION BONDS
- --------------
(Amortized Cost $13,422,617)................................ $13,422,617
------------
===================================================================================================================================
Principal Coupon Maturity Market
Amount Floating & Variable Rate Demand Notes-- 46.3% Rate Date Value
- -----------------------------------------------------------------------------------------------------------------------------------
$ 500,000 Jacksonville, FL, PCR (Florida Power & Light)............... 4.500% 01/01/1998 $ 500,000
1,900,000 Hillsborough Co., FL, PCR (Tampa Electric).................. 4.500 01/01/1998 1,900,000
2,100,000 Pinellas Co., FL, Health Fac. Auth. Rev. (Pooled Hosp. Loan) 3.900 01/01/1998 2,100,000
800,000 Jacksonville, FL, Health Fac. Auth. Rev., Ser. 1988
(River Garden)......................................... 3.500 01/01/1998 800,000
300,000 Dade Co., FL, PCR (Florida Power & Light ).................. 4.500 01/01/1998 300,000
1,400,000 Jacksonville, FL, Health Fac. Auth. Rev.
(Faculty Practice Assoc.).............................. 4.250 01/01/1998 1,400,000
1,200,000 Jacksonville, FL, Health Fac. Auth. Rev., Ser. 1996
(Genesis Rehab. Hosp.)................................. 5.000 01/01/1998 1,200,000
300,000 St. Lucie Co., FL, PCR (Florida Power & Light )............. 4.500 01/01/1998 300,000
500,000 Pinellas Co., FL, Health Fac. Auth. Rev..................... 4.150 01/01/1998 500,000
1,500,000 Marion Co., FL, Health Fac. Auth. Rev. (Summer Trace Apts.). 4.000 01/01/1998 1,500,000
1,500,000 Marion Co., FL, Health Fac. Auth. Rev. (Paddock Place Proj.) 4.000 01/01/1998 1,500,000
<PAGE>
FLORIDA TAX-FREE FUND (Continued)
===================================================================================================================================
Principal Coupon Maturity Market
Amount Floating & Variable Rate Demand Notes-- 46.3% Rate Date Value
- -----------------------------------------------------------------------------------------------------------------------------------
$ 2,000,000 Boca Raton, FL, IDR (Parking Garage)........................ 4.525% 01/01/1998 $ 2,000,000
1,700,000 Plant City, FL, Hosp. Rev. (South Florida Baptist Hosp.).... 4.250 01/01/1998 1,700,000
875,000 Volusia Co.,FL, Health Fac. Auth.Rev.(Sun Pointe Apt. Proj.) 3.650 01/06/1998 875,000
2,000,000 Orange Co., FL, IDR, Ser. 1997
(Univ. of Central Foundation Proj.)..................... 3.700 01/07/1998 2,000,000
1,000,000 Eustis, FL, Multi-Purpose Rev............................... 4.200 01/07/1998 1,000,000
1,000,000 St. Petersburg, FL, Health Fac. Auth. Rev., Ser. 1997
(Menorah Manor Proj.).................................. 3.700 01/07/1998 1,000,000
720,000 Volusia Co., FL, Health Fac. Auth. Rev.
(Pooled Hosp. Loan Proj.).............................. 3.700 01/07/1998 720,000
1,400,000 Broward Co., FL, MFH Rev. (Margate Proj.)................... 3.700 01/07/1998 1,400,000
1,300,000 Manatee Co., FL, Health Fac. Auth. Rev. (Harbour Proj.-B)... 3.850 01/07/1998 1,300,000
1,470,000 St. John's Co., FL, Health Fac. Auth. Rev., Ser. 1996
(Anastasia Shores Apt. Proj.).......................... 3.700 01/07/1998 1,470,000
780,000 Dade Co., FL, Ser. 1984 (La Hacienda Apts.)................ 3.850 01/07/1998 780,000
- -------------- ------------
$ 26,245,000 TOTAL FLOATING & VARIABLE RATE DEMAND NOTES
- --------------
(Amortized Cost $26,245,000)................................ $26,245,000
------------
===================================================================================================================================
Principal Coupon Maturity Market
Amount Adjustable Rate Put Bonds-- 4.1% Rate Date Value
- -----------------------------------------------------------------------------------------------------------------------------------
$ 1,000,000 Putnam Co.,FL,Dev.Auth.PCR, Ser. 1984D (Seminole Elec.Coop.). 3.650% 06/15/1998 $ 1,000,000
1,330,000 Florida HFA Rev............................................. 3.800 06/15/1998 1,330,000
- -------------- ------------
$ 2,330,000 TOTAL ADJUSTABLE RATE PUT BONDS
- --------------
(Amortized Cost $2,330,000)................................. $ 2,330,000
------------
===================================================================================================================================
Principal Coupon Maturity Market
Amount Commercial Paper-- 15.0% Rate Date Value
- -----------------------------------------------------------------------------------------------------------------------------------
$ 1,000,000 Puerto Rico Tourist Educ., Med., Environmental.............. 3.750% 01/09/1998 $ 1,000,000
2,500,000 Jacksonville, FL, Rev....................................... 3.800 01/12/1998 2,500,000
1,500,000 Pinellas Co., FL, Pooled Independent Higher Educ. Fac. Rev.. 3.700 01/13/1998 1,500,000
1,500,000 St. Lucie, FL, PCR (Florida Power & Light).................. 3.700 01/13/1998 1,500,000
2,000,000 Orange Co., FL, Health Fac. Auth. Rev....................... 3.750 01/14/1998 2,000,000
- -------------- ------------
$ 8,500,000 TOTAL COMMERCIAL PAPER
- --------------
(Amortized Cost $8,500,000)................................. $ 8,500,000
------------
$ 50,355,000 TOTAL INVESTMENTS AT VALUE-- 89.1%
==============
(Amortized Cost $50,497,617)................................ $50,497,617
OTHER ASSETS IN EXCESS OF LIABILITIES-- 10.9% ............. 6,165,852
------------
NET ASSETS-- 100.0% ........................................ $56,663,469
============
See accompanying notes to portfolios of investments.
<PAGE>
TAX-FREE INTERMEDIATE TERM FUND
PORTFOLIO OF INVESTMENTS
December 31, 1997 (Unaudited)
===================================================================================================================================
Principal Coupon Maturity Market
Amount Municipal Bonds Rate Date Value
- -----------------------------------------------------------------------------------------------------------------------------------
ARIZONA -- 1.9%
$ 400,000 Arizona Educ. Loan Mkt. Corp. Rev., Ser. A.................. 6.700% 03/01/2000 $ 417,184
600,000 Maricopa Co., AZ, School Dist. Rev., Ser. 1991C (Tempe Elem.) 8.000 07/01/2004 725,868
------------
1,143,052
------------
CALIFORNIA -- 3.0%
500,000 Santa Clara Co., CA, Hsg. Auth. ARPB (Orchard Glen Apts.)... 5.250 11/01/1998 500,560
465,000 Sacramento Co., CA, MFH ARPB (Fairway One Apts.)............ 5.875 02/01/2003 470,547
500,000 Santa Monica, CA, Redev. Agy. Lease Rev..................... 6.000 07/01/2003 543,280
250,000 California HFA Multi-Unit Rental Rev., Ser. B............... 6.500 08/01/2005 265,670
------------
1,780,057
------------
FLORIDA -- 9.1%
500,000 Florida HFA MFH ARPB, Ser. 1978B (Hampton Lakes II Proj.)... 5.700 04/01/2001 509,250
200,000 Florida St. GO.............................................. 6.500 05/01/2004 202,780
1,000,000 Jacksonville, FL, Excise Tax Rev., Ser. B................... 5.400 10/01/2006 1,042,470
750,000 Hillsborough Co., FL, Solid Waste Rev....................... 5.500 10/01/2006 805,312
455,000 Pensacola, FL, Airport Rev., Ser. 1997B..................... 5.400 10/01/2007 485,963
1,000,000 Pasco Co., FL, HFA MFH Rev., Ser. 1997B
(Cypress Trail Apt. Proj.).............................. 5.500 06/01/2008 1,021,370
1,345,000 Florida HFA MFA Sr. Lien, Ser. I-1.......................... 6.100 01/01/2009 1,396,769
------------
5,463,914
------------
GEORGIA -- 2.5%
500,000 Columbus, GA, Med. Ctr. Hosp. Auth. Rev..................... 6.400 08/01/2006 549,050
850,000 Fayette Co., GA, School Dist. GO............................ 6.000 03/01/2008 931,481
------------
1,480,531
------------
ILLINOIS -- 0.8%
500,000 Aurora, IL, MFH Rev., Ser. 1988 (Fox Valley)............... 7.750 09/01/1998 508,630
------------
INDIANA -- 8.5%
3,185,000 Purdue University, IN, COP, Prerefunded @ 102............... 6.250 07/01/2001 3,457,063
1,000,000 Indiana Bond Bank Special Prog. Rev., Ser. A-1.............. 6.650 01/01/2004 1,081,620
500,000 Indiana HFA Multi-Unit Mtg. Prog. Rev., Ser. 1992A.......... 6.600 01/01/2012 532,740
------------
5,071,423
------------
IOWA -- 2.0%
250,000 Iowa Student Loan Liquidity Corp. Rev....................... 6.400 07/01/2004 267,118
380,000 Iowa HFA Rev................................................ 6.500 07/01/2006 402,796
240,000 Iowa Student Loan Liquidity Corp. Rev....................... 6.600 07/01/2008 257,539
250,000 Cedar Rapids, IA, Hosp. Fac. Rev.(St. Luke's Methodist Hosp.) 6.000 08/15/2009 272,715
------------
1,200,168
------------
KENTUCKY -- 2.6%
675,000 Owensboro, KY, Elec. Light & Power Rev., Prerefunded @ 102.. 10.250 01/01/2000 766,597
750,000 Kentucky St. Turnpike Auth. EDR (Revitalization Proj.)...... 5.250 07/01/2005 796,253
------------
1,562,850
------------
LOUISIANA -- 1.7%
440,000 Louisiana Public Fac. Auth. Rev. (Medical Ctr. of Louisiana) 6.000 10/15/2003 472,622
500,000 West Ouachita Parish, LA, School Dist. GO, Ser. A........... 6.700 03/01/2006 546,795
------------
1,019,417
------------
<PAGE>
TAX-FREE INTERMEDIATE TERM FUND (Continued)
===================================================================================================================================
Principal Coupon Maturity Market
Amount Municipal Bonds Rate Date Value
- -----------------------------------------------------------------------------------------------------------------------------------
MARYLAND -- 0.9%
$ 500,000 Maryland St. Health & Higher Educ. Fac. Auth. Rev.
(Univ. of Maryland Medical Sys.)...................... 6.500% 07/01/2001 $540,110
------------
MASSACHUSETTS -- 3.9%
750,000 Massachusetts St. Indust. Fin. Agy. ARPB (Asahi/America, Inc.)5.100 03/01/1999 759,788
500,000 New England Educ. Loan Mkt. Corp. Rev., Ser. 1992B.......... 6.600 09/01/2002 547,015
500,000 New England Educ. Loan Mkt. Corp. Rev., Ser. 1992A.......... 6.500 09/01/2002 544,925
450,000 Massachusetts St. Indust. Fin. Agy. Rev., Ser. 1997
(Hudner Assoc.)...................................... 5.000 01/01/2008 459,954
------------
2,311,682
------------
MICHIGAN -- 2.7%
1,000,000 Michigan St. Bldg. Auth. Rev., Ser. II...................... 6.400 10/01/2004 1,090,620
500,000 Battle Creek, MI, EDR (Kellogg Co. Proj.)................... 5.125 02/01/2009 510,090
------------
1,600,710
------------
MINNESOTA -- 1.2%
700,000 Centennial, MN, ISD GO, Ser. A.............................. 5.600 02/01/2002 739,354
------------
MISSISSIPPI -- 0.9%
500,000 Mississippi Higher Educ. Rev., Ser. B....................... 6.100 07/01/2001 523,335
------------
NEBRASKA -- 1.1%
620,000 Nebraska Invest. Fin. Auth. Rev., Ser. 1989
(Foundation for Educ. Fund) Escrowed to Maturity........... 7.000 11/01/2009 638,395
------------
NEVADA -- 2.7%
315,000 Washoe Co., NV, GO, Prerefunded @ 102....................... 7.375 07/01/1999 336,697
1,000,000 Las Vegas, NV, GO, Sewer Impt. Rev., Prerefunded @ 102...... 6.500 04/01/2002 1,105,350
185,000 Washoe Co., NV, GO.......................................... 7.375 07/01/2009 197,210
------------
1,639,257
------------
NEW YORK -- 3.3%
500,000 New York Local Govt. Asst. Corp. Rev., Ser. 1991B........... 7.000 04/01/2002 550,330
1,300,000 New York St. Twy Auth. Local Hwy. & Impt. Rev............... 5.500 04/01/2006 1,397,474
------------
1,947,804
------------
NORTH CAROLINA -- 4.1%
1,065,000 Durham, NC, COP, Prerefunded @ 102.......................... 6.375 12/01/2001 1,170,382
1,200,000 Asheville, NC, GO........................................... 6.100 03/01/2008 1,306,908
------------
2,477,290
------------
<PAGE>
TAX-FREE INTERMEDIATE TERM FUND (Continued)
===================================================================================================================================
Principal Coupon Maturity Market
Amount Municipal Bonds Rate Date Value
- -----------------------------------------------------------------------------------------------------------------------------------
OHIO -- 19.6%
$ 500,000 Ohio St. Bldg. Auth. Rev., Ser. A, Escrowed to Maturity..... 7.150% 03/01/1999 $ 518,650
700,000 Franklin Co., OH, Dev. & Ref. Rev., Ser. 1993
(American Chemical Soc.).............................. 5.500 04/01/2000 719,145
500,000 Franklin Co., OH, Rev. (Online Computer Library Ctr.)...... 5.500 04/15/2000 516,040
670,000 Fairfield, OH, IDR ARPB (Skyline Chili, Inc.)............... 5.000 09/01/2000 670,529
270,000 Warren Co., OH, Hosp. Fac. Rev. (Otterbein Home)............ 7.000 07/01/2003 295,059
1,160,000 Ohio St. EDR Ohio Enterprise Bond Fd. (Smith Steelite Proj.) 5.600 12/01/2003 1,223,127
500,000 Hamilton Co., OH, Hosp. Fac. Rev. (Episcopal Retirement Home) 6.600 01/01/2004 545,300
825,000 Jackson, OH, Electric Sys. Mtg. Rev......................... 5.200 07/15/2004 852,662
1,000,000 Ohio St. Special Obligation Elem. & Secondary Educ. Fac. Rev. 5.000 12/01/2004 1,042,190
385,000 Ohio St. EDR Ohio Enterprise Bond Fd. (Cheryl & Co.)........ 5.500 12/01/2004 410,476
1,005,000 Franklin Co., OH, Health Care Fac. Rev. (First Comm. Village) 6.000 06/01/2006 1,065,953
400,000 Painesville, OH, Elec. Rev.................................. 6.000 11/01/2006 432,100
530,000 Toledo, OH, GO.............................................. 6.000 12/01/2006 593,706
840,000 Kent State University General Receipts Rev.................. 6.000 05/01/2007 939,859
500,000 Ohio St. IDR Rev., Ser. 1997 (Bomaine Corporation Proj.).... 5.500 11/01/2007 509,935
800,000 West Clermont, OH, LSD GO................................... 6.150 12/01/2008 883,864
500,000 Hamilton Co., OH, Hosp. Fac. Rev. (Bethesda Hosp.).......... 7.000 01/01/2009 511,880
------------
11,730,475
------------
PENNSYLVANIA -- 1.8%
500,000 Pennsylvania St., IDR, Ser. A, Prerefunded @ 102............ 7.000 07/01/2001 553,775
500,000 Pennsylvania Fin. Auth. Muni. Cap. Impt. Proj. Rev.......... 6.600 11/01/2009 553,670
------------
1,107,445
------------
SOUTH CAROLINA -- 4.0%
145,000 Piedmont, SC, Muni. Power Agy. Rev., Ser. A,
Escrowed to Maturity..................................... 6.000 01/01/2002 155,013
855,000 Piedmont, SC, Muni. Power Agy. Rev., Ser. A................. 6.000 01/01/2002 910,481
525,000 South Carolina St. GO, Ser. A............................... 6.000 03/01/2004 563,330
725,000 Richland-Lexington, SC, Airport Dist. Rev., Ser. 1995
(Columbia Metro.)........................................ 6.000 01/01/2008 788,322
------------
2,417,146
------------
SOUTH DAKOTA -- 0.9%
510,000 South Dakota Student Loan Assistance Corp. Rev., Ser. A..... 7.600 08/01/2004 551,381
------------
TENNESSEE -- 1.9%
525,000 Southeast, TN, Tax-Exempt Mtg. Trust ARPB, Ser. 1990........ 7.250 04/01/2003 592,053
500,000 Nashville, TN, Metro. Airport Rev., Ser. C.................. 6.625 07/01/2007 546,875
------------
1,138,928
------------
TEXAS -- 10.1%
500,000 Texas Turnpike Auth. Rev. (Dallas N. Tollway),
Prerefunded @ 102.................................... 7.250 01/01/1999 526,905
500,000 Houston, TX, Sr. Lien Rev., Ser. A
(Hotel Tax & Parking Fac.), Prerefunded @ 100......... 7.000 07/01/2001 546,830
350,000 Univ. of Texas, TX, Rev., Ser. B, Prerefunded @102.......... 6.750 08/15/2001 386,950
1,000,000 Texas National Research Lab. Fin. Corp. Lease Rev.,
Prerefunded @ 102....................................... 6.850 12/01/2001 1,115,590
500,000 N. Texas Higher Educ. Student Loan Rev., Ser. 1991A......... 6.875 04/01/2002 533,695
650,000 Lufkin TX, ISD GO........................................... 7.250 02/15/2006 776,451
500,000 N. Central, TX, Health Fac. Rev. (Baylor Health Care),
Indexed INFLOS.......................................... 7.750 05/15/2008 552,160
500,000 Tyler, TX, Health Fac. Rev. (East Texas Medical Center)..... 5.000 11/01/2008 515,675
350,975 Midland, TX, HFC Rev., Ser. A-2............................. 8.450 12/01/2011 382,468
650,000 Univ. of Texas, TX, Rev., Ser. B............................ 6.750 08/15/2013 713,992
------------
6,050,716
------------
<PAGE>
TAX-FREE INTERMEDIATE TERM FUND (Continued)
===================================================================================================================================
Principal Coupon Maturity Market
Amount Municipal Bonds Rate Date Value
- -----------------------------------------------------------------------------------------------------------------------------------
UTAH -- 1.5%
$ 870,000 Utah St. School Dist. Fin. Corp. Rev., Mandatory Redemption. 8.375% 08/15/1998 $ 883,729
------------
VIRGINIA -- 0.9%
500,000 Chesapeake, VA, GO.......................................... 5.900 08/01/2005 539,715
------------
WASHINGTON -- 3.7%
750,000 Seattle, WA, Drain & Wastewater Util. Rev., Prerefunded @ 102 7.000 12/01/1999 805,133
335,000 Washington St. GO, Ser. A, Prerefunded @ 100................ 6.400 03/01/2001 357,609
1,000,000 Washington St. Motor Vehicle Fuel Tax GO.................... 6.000 09/01/2004 1,074,930
------------
2,237,672
------------
WISCONSIN -- 0.9%
500,000 Wisconsin Public Power System Rev., Ser. A, Prerefunded @ 102 7.500 07/01/2000 550,050
- -------------- ------------
$ 54,895,975 TOTAL MUNICIPAL BONDS-- 98.2%
==============
(Amortized Cost $55,917,831)................................ $58,855,236
OTHER ASSETS IN EXCESS OF LIABILITIES-- 1.8% ............... 1,071,331
------------
NET ASSETS-- 100.0% ........................................ $59,926,567
============
See accompanying notes to portfolios of investments.
<PAGE>
OHIO INSURED TAX-FREE FUND
PORTFOLIO OF INVESTMENTS
December 31, 1997 (Unaudited)
===================================================================================================================================
Principal Coupon Maturity Market
Amount Fixed Rate Revenue & General Obligation Bonds-- 93.2% Rate Date Value
- -----------------------------------------------------------------------------------------------------------------------------------
$ 500,000 Ohio St. Bldg. Auth. Local Jail Rev., Prerefunded @ 102..... 7.350% 04/01/2000 $ 544,915
500,000 Ohio St. Higher Educ. Fac. Rev. (Ohio Northern Univ.),
Prerefunded @ 100...................................... 7.250 05/15/2000 536,395
500,000 Akron, Bath & Copely, OH, Joint Twp. Hosp. Rev
(Children's Hosp.), Prerefunded @ 102................... 7.450 11/15/2000 554,220
500,000 St. Mary's, OH, Elec. Sys. Rev., Prerefunded @ 102.......... 7.150 12/01/2000 551,330
405,000 Ohio St. Higher Educ. Fac. Comm. Rev., Prerefunded @ 102.... 7.250 12/01/2000 447,679
500,000 Franklin Co., OH, Convention Fac. Auth. Tax & Lease Rev.,
Prerefunded @ 102.................................... 7.000 12/01/2000 549,285
200,000 Montgomery Co., OH, Hosp. Rev. (Sisters of Charity),
Prerefunded @ 102................................... 6.625 05/15/2001 218,235
500,000 Fairfield Co., OH, Hosp. Rev. (Lancaster-Fairfield Hosp.),
Prerefunded @ 102.................................... 7.100 06/15/2001 556,120
250,000 Franklin Co., OH, IDR (1st Comm. Village Healthcare),
Prerefunded @ 101.50.................................. 10.125 08/01/2001 299,793
30,000 Clermont Co., OH, Hosp. Fac. Rev., Ser. A ( Mercy Health Sys.),
Prerefunded @ 100...................................... 7.500 09/01/2001 33,405
460,000 Westerville, Minerva Park & Blendon, OH, Joint Hosp. Dist.
Rev. (St. Ann's) Prerefunded @ 102...................... 7.500 09/01/2001 514,367
1,000,000 Clermont Co., OH, Hosp. Fac. Rev. (Mercy Health Sys.),
Prerefunded @ 102....................................... 6.730 09/25/2001 1,105,220
1,310,000 Cuyahoga Co., OH, Hosp. Rev. (Mt. Sinai Med. Ctr.),
Prerefunded @ 102....................................... 6.625 11/15/2001 1,448,140
500,000 Clermont Co., OH, Sewer Sys. Rev., Ser. 1991,
Prerefunded @ 102....................................... 7.100 12/01/2001 562,470
500,000 Springfield, OH, LSD GO, Prerefunded @ 102.................. 6.600 12/01/2001 555,430
5,000 Cleveland, OH, Waterworks Impt. Rev., Ser. 1992B (First Mtg.),
Prerefunded @ 102.......................................6.500 01/01/2002 5,520
15,000 Summit Co., OH, GO, Ser. A, Prerefunded @ 100............... 6.900 08/01/2002 16,684
705,000 Big Walnut, OH, LSD GO (Community Library Proj.),
Prerefunded @102...................................... 6.650 12/01/2002 792,878
675,000 Reynoldsburg, OH, CSD GO, Prerefunded @102.................. 6.550 12/01/2002 756,162
145,000 Ohio St. Bldg. Auth. Rev. (Columbus St. Proj.),
Prerefunded @ 100.................................... 10.125 04/01/2003 174,268
35,000 Ohio St. Bldg. Auth. Rev. (Frank Lausch Proj.),
Prerefunded @ 100................................... 10.125 04/01/2003 42,065
230,000 Summit Co., OH, GO, Ser. A, Prerefunded @ 100............... 6.900 08/01/2003 260,123
290,000 Alliance, OH, CSD GO........................................ 6.900 12/01/2006 323,391
1,000,000 Franklin Co., OH, Hosp. Impt. Rev. (Holy Cross Health Sys.). 7.625 06/01/2009 1,089,920
500,000 Mansfield, OH, Hosp. Impt. Rev. (Mansfield General)......... 6.700 12/01/2009 547,475
250,000 Ohio St. Water Dev. Auth. & Impt. Rev., Ser.I,
Escrowed to Maturity................................. 7.000 12/01/2009 294,370
500,000 Ohio Capital Corp. MFH Rev., Ser. 1990A..................... 7.500 01/01/2010 531,390
500,000 Hamilton, OH, Water Sys. Mtg. Rev., Ser. 1991A.............. 6.400 10/15/2010 543,905
500,000 Butler Co., OH, Hosp. Fac. Rev. (Middletown Regional Hosp.). 6.750 11/15/2010 549,830
1,000,000 Canton, OH, Waterworks Sys. GO, Ser. 1995................... 5.750 12/01/2010 1,093,060
495,000 Cleveland, OH, Waterworks Impt Rev., Ser. F (First Mtg.).... 6.500 01/01/2011 540,109
265,000 Cuyahoga Co., OH, Hosp. Rev. (University Hosp.),
Escrowed to Maturity................................. 9.000 06/01/2011 308,606
515,000 Ohio HFA SFM Rev., Ser. 1991D............................... 7.000 09/01/2011 548,017
500,000 Greene Co., OH, Water Sys. Rev.............................. 6.850 12/01/2011 552,995
365,000 Bexley, OH, CSD GO.......................................... 7.125 12/01/2011 454,648
600,000 Westerville, OH, Water Sys. Impt. GO........................ 6.450 12/01/2011 662,105
530,000 Urbana, OH, Wastewater Impt. GO............................. 7.050 12/01/2011 598,762
500,000 Stark Co., OH, Various Purpose GO........................... 7.050 12/01/2011 546,125
500,000 Maple Heights, OH, Various Purpose GO....................... 7.000 12/01/2011 555,670
500,000 Cleveland, OH, GO, Ser. A................................... 6.375 07/01/2012 552,900
255,000 Summit Co., OH, GO, Ser. A.................................. 6.900 08/01/2012 280,719
1,095,000 West Clermont, OH, LSD GO................................... 6.900 12/01/2012 1,271,788
500,000 Brunswick, OH, CSD GO....................................... 6.900 12/01/2012 553,885
500,000 Worthington, OH, CSD GO..................................... 6.375 12/01/2012 546,420
500,000 Warrensville Heights, OH, GO................................ 6.400 12/01/2012 550,665
<PAGE>
OHIO INSURED TAX-FREE FUND (Continued)
===================================================================================================================================
Principal Coupon Maturity Market
Amount Fixed Rate Revenue & General Obligation Bonds-- 93.2% Rate Date Value
- -----------------------------------------------------------------------------------------------------------------------------------
$ 500,000 Summit Co., OH, Various Purpose GO.......................... 6.625% 12/01/2012 $ 548,985
95,000 Ohio St. Higher Educ. Fac. Comm. Rev........................ 7.250 12/01/2012 104,279
500,000 Strongsville, OH, CSD GO.................................... 5.375 12/01/2012 531,455
310,000 Ohio HFA SFM Rev., Ser 1990D................................ 7.500 09/01/2013 326,954
500,000 Ohio St. Bldg. Auth Rev., Ser. 1994A
(Juvenile Correctional Bldg.).......................... 6.600 10/01/2014 565,710
500,000 Mahoning Co., OH, Hosp. Impt. Rev. (YHA, Inc.).............. 7.000 10/15/2014 541,895
530,000 Ottawa Co., OH, GO.......................................... 5.750 12/01/2014 571,546
460,000 Bedford Heights, OH, GO..................................... 6.500 12/01/2014 518,852
1,000,000 Portage Co., OH, GO......................................... 6.200 12/01/2014 1,113,480
290,000 Garfield Heights, OH, Various Purpose GO.................... 6.300 12/01/2014 324,614
290,000 Northwest, OH, LSD GO....................................... 7.050 12/01/2014 322,805
1,000,000 Clermont Co., OH, Hosp. Fac. Rev. (Mercy Health Sys.)....... 5.875 09/01/2015 1,064,110
600,000 Toledo-Lucas Co., OH, Convention Ctr. Rev................... 5.700 10/01/2015 643,218
400,000 Warren,OH, Waterworks Rev................................... 5.500 11/01/2015 425,340
1,700,000 Massillon, OH, GO........................................... 6.625 12/01/2015 1,945,021
1,420,000 Stow, OH, Safety Center Const. GO........................... 6.150 12/01/2015 1,566,544
1,000,000 Tuscarawas Valley, OH, LSD GO, Ser. 1995.................... 6.600 12/01/2015 1,142,490
500,000 Delaware, OH, CSD GO........................................ 5.750 12/01/2015 533,025
1,000,000 Buckeye Valley, OH, LSD GO.................................. 6.850 12/01/2015 1,228,010
500,000 Ohio St. Higher Educ. Fac. Rev. (Univ. of Dayton)........... 6.750 12/01/2015 558,315
500,000 Cleveland, OH, Waterworks Impt. Rev., Ser. F (First Mtg.)... 6.250 01/01/2016 541,990
750,000 Columbus-Polaris Hsg.Corp.Ohio Mtg.Rev., Prerefunded @ 100.. 7.400 01/01/2016 883,718
500,000 Ohio St. Air Quality Dev. Rev., Ser. A (Ohio Edison)........ 7.450 03/01/2016 540,245
341,000 Ohio HFA SFM Rev., Ser. 1990F............................... 7.600 09/01/2016 361,607
966,000 Ohio HFA SFM Rev., Ser. 1991D............................... 7.050 09/01/2016 1,025,215
500,000 Celina, OH, Wastewater Sys. Mtg. Rev........................ 6.550 11/01/2016 542,655
750,000 Montgomery Co., OH, Hosp. Rev. (Miami Valley Hosp.)......... 6.250 11/15/2016 817,155
1,000,000 Cleveland, OH, Public Power Sys. Rev., Ser. 1............... 7.000 11/15/2016 1,153,960
815,000 Butler Co., OH, GO.......................................... 5.750 12/01/2016 871,569
2,250,000 North Olmsted, OH, GO....................................... 5.000 12/01/2016 2,239,290
1,000,000 Greater Cleveland, OH, Regional Transit Auth. GO............ 5.650 12/01/2016 1,056,470
590,000 Garfield Heights, OH, Various Purpose GO.................... 7.050 12/01/2016 645,277
1,260,000 Cleveland, OH, Airport Sys. Rev., Ser. C.................... 5.125 01/01/2017 1,260,554
800,000 Ohio St. Bldg. Auth. Rev. (Adult Correctional Bldg.)........ 5.600 04/01/2017 838,384
750,000 Butler Co., OH, Transportation Impt. Dist., Ser. A.......... 5.125 04/01/2017 750,953
1,500,000 Univ. of Cincinnati, OH, General Receipts Rev., Ser. AD..... 5.000 06/01/2017 1,480,860
760,000 Puerto Rico Electric Power Auth. Rev., Ser. A............... 5.250 07/01/2017 770,815
1,000,000 Lorain Co., OH, Hospital Rev................................ 5.625 09/01/2017 1,049,250
850,000 Alliance, OH, Waterworks Sys. Rev........................... 6.650 10/15/2017 931,983
500,000 Toledo, OH, Sewer Sys. Rev.................................. 6.350 11/15/2017 560,860
1,670,000 Hamilton Co., OH, Sewer Sys. Impt. Rev., Ser. A............. 5.000 12/01/2017 1,657,659
500,000 Valley View, OH, GO......................................... 5.500 12/01/2017 518,250
500,000 Ohio St. Air Quality Dev. Rev., Ser. 1990B (Ohio Edison).... 7.100 06/01/2018 540,205
1,000,000 S. Euclid-Lyndhurst, OH, CSD GO, Ser. 1996.................. 6.400 12/01/2018 1,132,700
500,000 Seneca Co., OH, GO (Jail Fac.).............................. 6.500 12/01/2018 552,850
500,000 Newark, OH, Water Sys. Impt. Rev............................ 6.000 12/01/2018 539,730
500,000 Franklin Co., OH, Hosp. Rev., Ser. 1991 (Mt. Carmel)........ 6.750 06/01/2019 551,740
500,000 Crawford Co., OH, GO........................................ 6.750 12/01/2019 571,310
1,000,000 Butler Co., OH, Sales Tax Rev............................... 5.000 12/15/2019 982,970
360,000 Cuyahoga Co., OH, Hosp. Rev. (University Hosp.)............. 6.250 01/15/2020 388,343
500,000 Lucas Co., OH, Hosp. Impt. Rev. (St. Vincent's Hosp.)....... 6.750 08/15/2020 538,205
1,000,000 Ohio St. Air Quality Dev. Rev., Ser. 1985A
(Columbus Southern Power)............................ 6.375 12/01/2020 1,100,230
<PAGE>
OHIO INSURED TAX-FREE FUND (Continued)
===================================================================================================================================
Principal Coupon Maturity Market
Amount Fixed Rate Revenue & General Obligation Bonds-- 93.2% Rate Date Value
- -----------------------------------------------------------------------------------------------------------------------------------
$ 2,000,000 Liberty, OH, LSD GO......................................... 5.250% 12/01/2020 $ 2,003,420
1,000,000 Piqua, OH, CSD GO........................................... 5.250 12/01/2020 997,260
15,000 Puerto Rico HFC SFM Rev., Ser. A............................ 7.800 10/01/2021 15,395
1,000,000 Kent St. Univ. General Receipts Rev......................... 6.500 05/01/2022 1,096,440
160,000 Puerto Rico HFC Rev......................................... 6.850 10/15/2023 169,525
1,000,000 West Holmes, OH, LSD GO..................................... 5.375 12/01/2023 1,014,020
1,000,000 Ohio St. Air Quality Dev. Rev. (Penn Power)................. 6.450 05/01/2027 1,096,570
- -------------- ------------
$ 66,807,000 TOTAL FIXED RATE REVENUE & GENERAL OBLIGATION BONDS
- --------------
(Amortized Cost $66,651,644)................................ $72,387,739
------------
===================================================================================================================================
Principal Coupon Maturity Market
Amount Floating & Variable Rate Demand Notes-- 1.3% Rate Date Value
- -----------------------------------------------------------------------------------------------------------------------------------
$ 1,000,000 Columbus, OH, GO, Ser. 1.................................... 4.050% 01/01/1998 $ 1,000,000
- -------------- ------------
$ 1,000,000 TOTAL FLOATING & VARIABLE RATE DEMAND NOTES
- --------------
(Amortized Cost $1,000,000)................................. $ 1,000,000
------------
$ 67,807,000 TOTAL INVESTMENTS AT VALUE-- 94.5%
==============
(Amortized Cost $67,651,644) ............................... $73,387,739
OTHER ASSETS IN EXCESS OF LIABILITIES-- 5.5% ............... 4,249,677
------------
NET ASSETS-- 100.0% ........................................ $77,637,416
============
See accompanying notes to portfolios of investments.
<PAGE>
KENTUCKY TAX-FREE FUND
PORTFOLIO OF INVESTMENTS
December 31, 1997 (Unaudited)
===================================================================================================================================
Principal Coupon Maturity Market
Amount Fixed Rate Revenue & General Obligation Bonds-- 98.9% Rate Date Value
- -----------------------------------------------------------------------------------------------------------------------------------
$ 90,000 Jefferson Co., KY, Capital Proj. Corp. Rev., Ser. A......... 0.000% 08/15/1999 $ 83,790
200,000 Owensboro, KY, Electric Light & Power Rev., Ser. A,
Prerefunded @ 102....................................... 10.250 01/01/2000 227,140
250,000 Trimble Co., KY, PCR, Ser. A, Prerefunded @ 102............. 7.625 11/01/2000 277,783
200,000 Mt. Sterling, KY, Lease Rev., Kentucky League of
Cities FDG-A............................................ 5.625 03/01/2003 210,916
490,000 Jefferson Co., KY, Capital Proj. Corp. Rev., Ser. A......... 5.650 08/15/2003 523,457
200,000 Hopkins Co., KY, School Dist. Fin. Corp. School
Building Rev........................................... 5.700 06/01/2006 216,736
750,000 Jefferson Co., KY, School Dist. Fin. Corp. School
Building Rev., Ser. A.................................. 5.000 02/01/2007 783,368
615,000 Kentucky St. Turnpike Auth. Resource Recovery Road Rev.,
Escrowed to Maturity................................... 6.125 07/01/2007 660,036
50,000 Lexington-Fayette Urban Co., KY, Airport Corp., First
Mtg. Rev............................................... 7.750 04/01/2008 52,419
160,000 Boone Co., KY, School Dist. Fin. Corp. School Building Rev.. 4.900 08/01/2008 164,115
275,000 Kentucky St.Turnpike Auth.Resource Recovery Road Rev., Ser.A 6.000 07/01/2009 275,489
450,000 Ashland, KY, PCR (Ashland Oil, Inc.)........................ 7.375 07/01/2009 484,137
495,000 Jefferson Co., KY, School Dist. Fin. Corp.
School Building Rev., Ser. A............................. 4.875 01/01/2011 493,822
250,000 Kentucky Higher Educ. Student Loan Rev., Ser. D............. 7.100 12/01/2011 271,360
200,000 Univ. of Louisville, KY, Rev., Ser. H....................... 5.875 05/01/2012 212,616
400,000 Kentucky St. EDR (Appalachian Regional Healthcare).......... 5.800 10/01/2012 410,840
725,000 Boone Co., KY, Public Properties Corp. Sewer Sys. Rev....... 5.150 12/01/2012 733,613
305,000 Fern Creek KY, Fire Protection Dist. Rev.................... 5.750 01/15/2014 315,635
235,000 Jefferson Co., KY, PCR (Louisville Gas & Electric Co.,
Proj. A)................................................. 7.450 06/15/2015 256,016
295,000 Ashland, KY, Solid Waste Rev. (Ashland Oil Inc. Proj.)...... 7.200 10/01/2020 323,249
270,000 Greater Kentucky Hsg Assistance Corp. Mtg. Rev., Ser. A..... 6.250 07/01/2022 276,369
370,000 Kentucky St. EDR, Ser. A (South Central Nursing)............ 6.000 07/01/2027 401,835
- -------------- ------------
$ 7,275,000 TOTAL FIXED RATE REVENUE & GENERAL OBLIGATION BONDS
- --------------
(Amortized Cost $7,437,112)................................. $ 7,654,741
------------
$ 7,275,000 TOTAL INVESTMENTS AT VALUE-- 98.9%
==============
(Amortized Cost $7,437,112)................................. $ 7,654,741
OTHER ASSETS IN EXCESS OF LIABILITIES-- 1.1% ............... 82,906
------------
NET ASSETS-- 100.0% ........................................ $ 7,737,647
============
</TABLE>
See accompanying notes to portfolios of investments.
<PAGE>
NOTES TO PORTFOLIOS OF INVESTMENTS
December 31, 1997 (Unaudited)
===============================================================================
Variable and adjustable rate put bonds earn interest at a coupon rate which
fluctuates at specified intervals, usually daily, monthly or semi-annually. The
rates shown in the Portfolios of Investments are the coupon rates in effect at
December 31, 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:
<TABLE>
<S> <C>
ARPB - Adjustable Rate Put Bonds ISD - Independent School District
BANS - Bond Anticipation Notes LSD - Local School District
COP - Certificates of Participation MFH - Multi-Family Housing
CSD - City School District MFM - Multi-Family Mortgage
EDA - Economic Development Authority PCR - Pollution Control Revenue
EDR - Economic Development Revenue RANS - Revenue Anticipation Notes
GO - General Obligation SFM - Single Family Mortgage
HFA - Housing Finance Authority/Agency TANS - Tax Anticipation Notes
HFC - Housing Finance Corporation TRANS - Tax Revenue Anticipation Notes
IDA - Industrial Development Authority/Agency USD - Unified School District
IDR - Industrial Development Revenue VRDN - Variable Rate Demand Notes
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000352667
<NAME> COUNTRYWIDE TAX FREE TRUST
<SERIES>
<NUMBER> 1
<NAME> TAX-FREE MONEY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 32,384,050
<INVESTMENTS-AT-VALUE> 32,384,050
<RECEIVABLES> 314,934
<ASSETS-OTHER> 6,241
<OTHER-ITEMS-ASSETS> 101,955
<TOTAL-ASSETS> 32,807,180
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25,641
<TOTAL-LIABILITIES> 25,641
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,782,582
<SHARES-COMMON-STOCK> 32,793,025
<SHARES-COMMON-PRIOR> 30,137,162
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,043)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 32,781,539
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 557,094
<OTHER-INCOME> 0
<EXPENSES-NET> 140,114
<NET-INVESTMENT-INCOME> 416,980
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 416,980
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 416,980
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 26,864,477
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