<PAGE>
Tax-Exempt
Annual
Report
June 30, 1999
Countrywide Investments
Countrywide Investment Logo
Tax-Free Money Fund
California Tax-Free Money Fund
Ohio Tax-Free Money Fund
Florida Tax-Free Money Fund
Tax-Free Intermediate Term Fund
Ohio Insured Tax-Free Fund
<PAGE>
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
Letter from the Chairman.......................................................3
Letter from the President......................................................4
Management Discussion and Analysis...........................................5-6
Statements of Assets and Liabilities.........................................7-9
Statements of Operations...................................................10-12
Statements of Changes in Net Assets........................................13-15
Financial Highlights.......................................................16-22
Notes to Financial Statements..............................................23-29
Portfolios of Investments:
Tax-Free Money Fund...................................................30-31
California Tax-Free Money Fund........................................32-33
Ohio Tax-Free Money Fund..............................................34-40
Florida Tax-Free Money Fund...........................................41-43
Tax-Free Intermediate Term Fund.......................................44-47
Ohio Insured Tax-Free Fund............................................48-50
Notes to Portfolios of Investments............................................51
Report of Independent Public Accountants......................................52
2. Countrywide Investments
<PAGE>
LETTER FROM THE CHAIRMAN
- --------------------------------------------------------------------------------
PHOTO OF ANGELO R. MOZILO
CHAIRMAN
Dear Shareholders:
Thirty years ago, David Loeb and I had an ambitious vision for a new mortgage
lending company. As we pondered a name for the company, we thought big:
Worldwide. But even the two of us, as ambitious as we were, could not conceive
of a global reach for the company. After rejecting Nationwide, we settled on
Countrywide and the rest is history. Now it seems our dreams were too modest. On
February 17, Countrywide signed a letter of intent to form a European mortgage
banking joint venture with Woolwich, plc, one of the five largest mortgage
originators and servicers in the United Kingdom. The initial purpose of the
joint venture is to provide fee-based mortgage services for Woolwich, which has
a mortgage servicing portfolio equivalent to $40 billion, annual fundings
equivalent to $10 billion and mortgage operations in France and Italy. The joint
venture will also market its services to other lenders throughout the European
Union.
Growth and change are crucial to our success at Countrywide. New ideas
and the latest technology -- as well as huge ambition and passion to be the best
- -- made us the nation's largest independent residential mortgage lender and
servicer. This philosophy also applies to the many Countrywide subsidiaries,
including Countrywide Investments. We are committed to creating value for our
shareholders by offering a variety of investment opportunities. There are
currently 16 funds offered through Countrywide Investments, each designed to
fulfill specific financial needs. As the merger and acquisition team adds new
funds, shareholders will enjoy an even broader range of investment choices. Just
as Countrywide Home Loans delivers the American dream of homeownership,
Countrywide Investments brings financial dreams within the reach of every
investor. Whether planning for a family, college education or retirement,
Countrywide Investments makes saving and investing money easy and convenient.
Thank you for choosing Countrywide Investments for your financial planning
needs. We hope our services will bring you the financial rewards of careful
planning and big dreams.
Sincerely,
/S/ Angelo R. Mozilo
Angelo R. Mozilo
Chairman
<PAGE>
LETTER FROM THE PRESIDENT
- --------------------------------------------------------------------------------
PHOTO OF ROBERT H. LESHNER
Dear Fellow Shareholder:
We are pleased to present Countrywide Tax-Free Trust's Annual Report for the
fiscal year ended June 30, 1999. This report provides financial data and
performance information for the Tax-Free Money Fund, California Tax-Free Money
Fund, Ohio Tax-Free Money Fund, Florida Tax-Free Money Fund, Tax-Free
Intermediate Term Fund and Ohio Insured Tax-Free Fund. These Funds represent the
six tax-free money market and bond products offered among the 16 mutual funds
that comprise the Countrywide Family of Funds.
The economic expansion that started in March 1991 showed no signs of faltering
during the past year, and the index of leading economic indicators suggests that
it will continue into the year 2000. The strong economy, coupled with negligible
inflation, low unemployment and a bull market, has resulted in the highest level
of consumer confidence in 30 years.
Continued strength in our economy and signs of improvement in Asian and Latin
American economies proved to be the catalyst for an interest rate increase by
the Federal Reserve Board during the second quarter of 1999. The Fed raised the
federal funds target rate, a key short-term interest rate, by a quarter of a
percentage point to 5%. By increasing the rate just 0.25%, the Fed sent a
message that the 0.75% reduction made in the fall of 1998 was no longer
completely necessary. As the Federal Open Market Committee (FOMC) stated in its
announcement, "Much of the financial strain has eased, foreign economies have
firmed and economic activity in the United States has moved forward at a brisk
pace."
Municipal bonds outperformed Treasuries by a significant margin in the first
half of 1999, reversing last year's underperformance. Heavy issuance of
municipals in 1998, coupled with turmoil in foreign economies, caused a flight
to quality that hurt the performance of municipals relative to Treasuries. This
flight to quality has reversed dramatically in 1999 with returns on municipal
bonds down only half as much as comparable Treasuries.
We believe the tax-exempt sector continues to offer an attractive investment
alternative. Investors can buy high quality, intermediate and longer-term
municipal bonds at yields close to 90% of Treasuries. This gives investors an
appealing tax-free yield with an investment that should continue to provide
relative stability compared to Treasuries and equities.
Countrywide Investments is committed to offering you quality products and
services to help you meet your financial goals. Your confidence in us is
reflected in our success. We thank you for your support and look forward to our
continued partnership.
Sincerely,
/s/ Robert H. Leshner
Robert H. Leshner
President
<PAGE>
MANAGEMENT DISCUSSION AND ANALYSIS
- --------------------------------------------------------------------------------
OVERVIEW
The pace of economic activity in the U.S. over the past year remained quite
brisk. Strong employment growth, rising incomes and a relentless stock market
combined to fuel consumer consumption. Inflation remained subdued with the
Consumer Price Index up only 2% for the past fiscal year. The yield curve
steepened during the year with short-term maturities declining in yield, while
yields on bonds with intermediate and long-term maturities increased. During the
quarter ended September 30, 1998, a near meltdown in the emerging markets of
Russia, Asia and Latin America sparked a liquidity crisis in the bond market,
resulting in a "flight to quality" which sent Treasury yields sharply lower.
This caused a dislocation between the Treasury market and other sectors of the
bond market forcing yield spreads to widen dramatically. The Federal Reserve
Board responded by lowering the federal funds rate on three occasions, providing
the liquidity necessary for stability to return to the bond markets.
Interest rates began to rise by the start of 1999 due to improving conditions
overseas and a concern that robust domestic growth would lead to higher
inflation. By mid-year, Treasury yields had increased about 1% and, after
several warnings, the Fed finally raised the federal funds rate by 0.25% to 5%.
The change in municipal yields over the twelve months ended June 30 was
comparable to the change in Treasuries; however, in the second half of the
fiscal year, municipals outperformed Treasuries by a wide margin. Municipal bond
yields were up only about half as much as comparable maturity Treasuries, and
the total returns in most municipal sectors were twice that of the Treasury
market.
TAX-FREE INTERMEDIATE TERM FUND
The Tax-Free Intermediate Term Fund seeks high current income exempt from
federal income tax, consistent with protection of capital, by investing
primarily in high-grade municipal obligations maturing within twenty years or
less with a dollar-weighted average portfolio maturity under normal conditions
of between three and ten years. To the extent consistent with the Fund's primary
objective, capital appreciation is a secondary objective. For the fiscal year
ended June 30, 1999, the Fund's total returns (excluding the impact of
applicable sales loads) were 2.07% and 1.40% for Class A shares and Class C
shares, respectively. The Lehman Brothers 5-Year Municipal G.O. Bond Index
returned 3.42% during the same period.
Our focus in managing the Tax-Free Intermediate Term Fund is to maximize the
tax-free yield while minimizing the share price volatility. This focus can
negatively impact our total return during periods of declining interest rates as
was experienced during the first three quarters of the Fund's fiscal year.
However, during the last quarter, as interest rates increased, the performance
of the Fund improved relative to the comparative Lehman Brothers Index, and
outperformed it after taking the Fund's operating expenses into consideration.
In addition, the Fund outperformed its Lipper peer group for the fiscal year.
Recently, we have made changes that we believe will help to improve the overall
total return of the portfolio. These changes include selling some of the shorter
maturity, higher coupon issues from the portfolio and buying new issues in the
10-year maturity range. The additional yield available in this maturity sector
provides an attractive opportunity for the Fund.
OHIO INSURED TAX-FREE FUND
The Ohio Insured Tax-Free Fund seeks the highest level of interest income exempt
from federal income tax and Ohio personal income tax, consistent with protection
of capital. The Fund invests primarily in high and medium-quality, long-term
Ohio municipal obligations which are protected by insurance guaranteeing the
payment of principal and interest in the event of a default. For the fiscal year
ended June 30, 1999, the Fund's total returns (excluding the impact of
applicable sales loads) were 1.81% and 1.05% for Class A shares and Class C
shares, respectively. The Lehman Brothers 15-Year Municipal G.O. Bond Index
returned 2.70% during the same period.
Performance of the Ohio Insured Tax-Free Fund for the fiscal year was comparable
to that of the Lehman Brothers 15-year Municipal G.O. Bond Index after factoring
in the associated expenses of the Fund. Over the course of the year, we
initiated several trades in the portfolio to improve the overall structure of
the portfolio. To accomplish this, we sold issues with higher coupons and short
call features and bought new issues with better call protection. Concerning the
purchases, we focused on issues in the 20-year maturity range offering call
protection of at least ten years. These issues provide the best combination of
yield and total return which, we believe, will ultimately improve the total
return potential of the Fund.
<PAGE>
Comparison of the Change in Value since June 30, 1989
of a $10,000 Investment in the Tax-Free Intermediate Term Fund - Class A*
and the Lehman Brothers 5-Year Municipal G.O. Bond Index
Tax-Free Intermediate Term Fund
Average Annual Total Returns
1 Year 5 Years 10 Years Since Inception*
Class A 0.03% 4.52% 5.73% 6.05%
Class C 1.40% 4.30% - 3.30%
Lehman Brothers 5-Year Tax-Free Intermediate
Municipal G.O. Bond Index Term Fund - Class A
6/89 10000 9800
10111 9951
10413 10182
10463 10241
6/90 10698 10422
10811 10472
11170 10797
11410 11005
6/91 11610 11191
12022 11515
12425 11779
12415 11835
6/92 12818 12174
13137 12441
13346 12687
13685 13118
6/93 14008 13483
14311 13910
14487 14075
14031 13600
6/94 14219 13711
14334 13789
14286 13663
14866 14257
6/95 15246 14583
15662 14884
15948 15246
16000 15180
6/96 16069 15241
16331 15486
16687 15835
16660 15811
6/97 17076 16184
17450 16486
17771 16764
17979 16905
6/98 18160 17096
18660 17519
18807 17614
19001 17677
6/99 18780 17450
Past performance is not predictive of future performance.
* The chart above represents performance of Class A shares only, which will vary
from the performance of Class C shares based on the difference in loads and
fees paid by shareholders in the different classes. Fund inception was
September 10, 1981, and the initial public offering of Class C shares
commenced on February 1, 1994.
<PAGE>
Comparison of the Change in Value since June 30, 1989
of a $10,000 Investment in the Ohio Insured Tax-Free Fund - Class A*
and the Lehman Brothers 15-Year Municipal G.O. Bond Index
Ohio Insured Tax-Free Fund
Average Annual Total Returns
1 Year 5 Years 10 Years Since Inception*
Class A -2.27% 4.92% 6.09% 7.26%
Class C 1.05% 5.11% - 3.75%
Lehman Brothers 15-Year Ohio Insured
Municipal G.O. Bond Index Tax-Free Fund - Class A
6/89 10000 9600
9957 9596
10397 9952
10396 9942
6/90 10634 10131
10591 10139
11059 10541
11263 10729
6/91 11484 10939
11954 11340
12328 11701
12394 11694
6/92 12867 12203
13235 12441
13561 12726
14137 13207
6/93 14655 13696
15266 14224
15505 14328
14453 13571
6/94 14659 13639
14719 13663
14461 13558
15677 14452
6/95 16027 14696
16612 15039
17285 15709
17120 15371
6/96 17180 15438
17593 15805
18126 16191
18113 16059
6/97 18870 16574
19517 16975
20070 17356
20335 17511
6/98 20693 17740
21469 18285
21606 18318
21764 18408
6/99 21252 18060
Past performance is not predictive of future performance.
* The chart above represents performance of Class A shares only, which will vary
from the performance of Class C shares based on the difference in loads and fees
paid by shareholders in the different classes. Fund inception was April 1,
1985, and the initial public offering of Class C shares commenced on November
1, 1993.
6. Countrywide Investments
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1999
- --------------------------------------------------------------------------------
California
Tax-Free Tax-Free
(000's) Money Fund Money Fund
- --------------------------------------------------------------------------------
ASSETS
Investment securities:
At acquisition cost $ 24,986 $ 47,809
============================
At amortized cost $ 24,935 $ 47,711
============================
At market value (Note 2) $ 24,935 $ 47,711
Cash 106 119
Interest receivable 208 378
Other assets 9 1
----------------------------
Total assets 25,258 48,209
----------------------------
LIABILITIES
Dividends payable 1 4
Payable for securities purchased -- 201
Payable to affiliates (Note 4) 15 26
Other accrued expenses and liabilities 8 11
----------------------------
Total liabilities 24 242
----------------------------
NET ASSETS $ 25,234 $ 47,967
----------------------------
NET ASSETS CONSIST OF:
Paid-in capital $ 25,231 $ 47,980
Undistributed net investment income 6 --
Accumulated net realized losses from
security transactions (3) (13)
----------------------------
Net assets $ 25,234 $ 47,967
============================
Shares of beneficial interest outstanding (unlimited number of
shares authorized, no par value) (Note 5) 25,242 47,980
============================
Net asset value, offering price and redemption price
per share (Note 2) $ 1.00 $ 1.00
============================
See accompanying notes to financial statements.
Countrywide Investments 7.
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1999
- --------------------------------------------------------------------------------
Ohio Florida
Tax-Free Tax-Free
(000's) Money Fund Money Fund
- --------------------------------------------------------------------------------
ASSETS
Investment securities:
At acquisition cost $ 393,693 $ 36,451
============================
At amortized cost $ 393,522 $ 36,379
============================
At market value (Note 2) $ 393,522 $ 36,379
Cash 312 15
Interest receivable 2,753 306
Other assets 12 2
----------------------------
Total assets 396,599 36,702
----------------------------
LIABILITIES
Dividends payable 430 23
Payable for securities purchased 5,113 --
Payable to affiliates (Note 4) 224 12
Other accrued expenses and liabilities 35 12
----------------------------
Total liabilities 5,802 47
----------------------------
NET ASSETS $ 390,797 $ 36,655
============================
NET ASSETS CONSIST OF:
Paid-in capital $ 390,787 $ 36,666
Accumulated net realized gains (losses) from
security transactions 10 (11)
----------------------------
NET ASSETS $ 390,797 $ 36,655
============================
PRICING OF RETAIL SHARES
Net assets applicable to Retail shares $ 214,691 $ 21,371
============================
Shares of beneficial interest outstanding
(unlimited number of shares authorized,
no par value) (Note 5) 214,679 21,375
============================
Net asset value, offering price and redemption price
per share (Note 2) $ 1.00 $ 1.00
============================
PRICING OF INSTITUTIONAL SHARES
Net assets applicable to Institutional shares $ 176,106 $ 15,284
============================
Shares of beneficial interest outstanding
(unlimited number of shares authorized,
no par value) (Note 5) 176,108 15,291
============================
Net asset value, offering price and
redemption price per share (Note 2) $ 1.00 $ 1.00
============================
See accompanying notes to financial statements.
8. Countrywide Investments
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1999
- --------------------------------------------------------------------------------
Tax-Free Ohio Insured
Intermediate Tax-Free
(000's) Term Fund Fund
- --------------------------------------------------------------------------------
ASSETS
Investment securities:
<S> <C> <C>
At acquisition cost $ 52,764 $ 62,029
============================
At amortized cost $ 52,525 $ 61,971
============================
At market value (Note 2) $ 53,176 $ 64,501
Cash 59 86
Interest receivable 891 623
Receivable for capital shares sold 143 25
Receivable for securities sold 491 3,579
Other assets 14 7
----------------------------
Total assets 54,774 68,821
----------------------------
LIABILITIES
Dividends payable 33 72
Payable for capital shares redeemed 130 229
Payable for securities purchased 2,027 990
Payable to affiliates (Note 4) 37 36
Other accrued expenses and liabilities 14 17
----------------------------
Total liabilities 2,241 1,344
----------------------------
NET ASSETS $ 52,533 $ 67,477
============================
NET ASSETS CONSIST OF:
Paid-in capital $ 52,244 $ 65,021
Accumulated net realized losses from
security transactions (362) (74)
Net unrealized appreciation on investments 651 2,530
----------------------------
Net Assets $ 52,533 $ 67,477
============================
PRICING OF CLASS A SHARES
Net assets applicable to Class A shares $ 47,899 $ 62,737
============================
Shares of beneficial interest outstanding (unlimited number of
shares authorized, no par value) (Note 5) 4,405 5,343
============================
Net asset value and redemption price
per share (Note 2) $ 10.87 $ 11.74
============================
Maximum offering price per share (Note 2) $ 11.09 $ 12.23
============================
PRICING OF CLASS C SHARES
Net assets applicable to Class C shares $ 4,634 $ 4,740
============================
Shares of beneficial interest outstanding (unlimited number of
shares authorized, no par value) (Note 5) 426 404
============================
Net asset value, offering price and redemption price
per share (Note 2) $ 10.88 $ 11.74
============================
</TABLE>
See accompanying notes to financial statements.
Countrywide Investments 9.
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 1999
- --------------------------------------------------------------------------------
California
Tax-Free Tax-Free
(000's) Money Fund Money Fund
- --------------------------------------------------------------------------------
INVESTMENT INCOME
Interest income $ 1,037 $ 1,819
----------------------------
EXPENSES
Investment advisory fees (Note 4) 143 278
Accounting services fees (Note 4) 30 36
Transfer agent fees (Note 4) 30 27
Distribution expenses (Note 4) 2 28
Postage and supplies 18 6
Registration fees 16 5
Professional fees 8 9
Custodian fees 7 8
Trustees' fees and expenses 6 6
Pricing expenses 4 4
Insurance expense 3 4
Reports to shareholders 3 2
Other expenses 1 5
----------------------------
TOTAL EXPENSES 271 418
Fees waived by the Adviser (Note 4) ( 17) --
----------------------------
NET EXPENSES 254 418
NET INVESTMENT INCOME 783 1,401
----------------------------
NET REALIZED LOSSES FROM SECURITY TRANSACTIONS (2) ( 12)
----------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 781 $ 1,389
============================
See accompanying notes to financial statements.
10. Countrywide Investments
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 1999
- --------------------------------------------------------------------------------
Ohio Florida
Tax-Free Tax-Free
(000's) Money Fund Money Fund
- --------------------------------------------------------------------------------
INVESTMENT INCOME
Interest income $ 12,556 $ 1,931
----------------------------
EXPENSES
Investment advisory fees (Note 4) 1,597 286
Distribution expenses, Retail class (Note 4) 501 43
Accounting services fees (Note 4) 73 46
Transfer agent fees, Retail class (Note 4) 74 12
Transfer agent fees, Institutional class (Note 4) 12 12
Custodian fees (Note 4) 32 20
Postage and supplies 38 3
Registration fees 31 8
Professional fees 25 10
Pricing expenses 10 5
Insurance expense 9 5
Trustees' fees and expenses 6 6
Reports to shareholders 7 1
Other expenses 19 2
----------------------------
TOTAL EXPENSES 2,434 459
Fees waived by the Adviser (Note 4) (52) (124)
----------------------------
NET EXPENSES 2,382 335
----------------------------
NET INVESTMENT INCOME 10,174 1,596
----------------------------
NET REALIZED LOSSES FROM SECURITY TRANSACTIONS (3) (11)
----------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 10,171 $ 1,585
============================
See accompanying notes to financial statements.
Countrywide Investments 11.
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 1999
- --------------------------------------------------------------------------------
Tax-Free Ohio Insured
Intermediate Tax-Free
(000's) Term Fund Fund
- --------------------------------------------------------------------------------
INVESTMENT INCOME
Interest income $ 2,894 $ 3,861
----------------------------
EXPENSES
Investment advisory fees (Note 4) 272 353
Transfer agent fees, Class A (Note 4) 53 33
Transfer agent fees, Class C (Note 4) 12 12
Distribution expenses, Class A (Note 4) 42 9
Distribution expenses, Class C (Note 4) 25 27
Accounting services fees (Note 4) 48 48
Postage and supplies 40 20
Registration fees, Common 4 4
Registration fees, Class A 10 4
Registration fees, Class C 9 2
Pricing expenses 13 14
Custodian fees 14 8
Professional fees 10 11
Reports to shareholders 8 5
Trustees' fees and expenses 6 6
Insurance expense 5 6
Other expenses 3 5
----------------------------
TOTAL EXPENSES 574 567
----------------------------
NET INVESTMENT INCOME 2,320 3,294
----------------------------
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains from security transactions 634 353
Net change in unrealized appreciation/depreciation
on investments (1,787) (2,151)
----------------------------
NET REALIZED AND UNREALIZED LOSSES ON INVESTMENTS (1,153) (1,798)
----------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 1,167 $ 1,496
============================
See accompanying notes to financial statements.
12. Countrywide Investments
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------
California
Tax-Free Tax-Free
Money Fund Money Fund
- ------------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
(000's) 1999 1998 1999 1998
- ------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income $ 783 $ 899 $ 1,401 $ 1,220
Net realized gains (losses) from
security transactions (2) -- (12) 2
----------------------------------------------------
Net increase in net assets
from operations 781 899 1,389 1,222
----------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (777) (899) (1,401) (1,220)
----------------------------------------------------
FROM CAPITAL SHARE
TRANSACTIONS (NOTE 5)
Proceeds from shares sold 48,307 63,515 196,122 178,295
Reinvested distributions 751 884 1,332 1,139
Payments for shares redeemed (61,211) (57,142) (190,488) (170,609)
----------------------------------------------------
Net increase (decrease) in net assets
from capital share transactions (12,153) 7,257 6,966 8,825
----------------------------------------------------
TOTAL INCREASE (DECREASE) IN
NET ASSETS (12,149) 7,257 6,954 8,827
NET ASSETS
Beginning of year 37,383 30,126 41,013 32,186
----------------------------------------------------
End of year $ 25,234 $ 37,383 $ 47,967 $ 41,013
====================================================
UNDISTRIBUTED NET
INVESTMENT INCOME $ 6 $ -- $ -- $ --
====================================================
See accompanying notes to financial statements.
Countrywide Investments 13.
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
- -----------------------------------------------------------------------------------
Ohio Florida
Tax-Free Tax-Free
Money Fund Money Fund
- -----------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
(000's) 1999 1998 1999 1998
- -----------------------------------------------------------------------------------
FROM OPERATIONS
Net investment income $ 10,174 $ 9,960 $ 1,596 $ 1,737
Net realized gains (losses) from
security transactions (3) 1 (11) 23
----------------------------------------------------
Net increase in net assets
from operations 10,171 9,961 1,585 1,760
----------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income,
Retail (5,927) (6,053) (501) (587)
From net investment income,
Institutional (4,247) (3,907) (1,095) (1,150)
From net realized gains,
Retail -- -- (6) --
From net realized gains,
Institutional -- -- (16) --
----------------------------------------------------
Decrease in net assets from
distributions to shareholders (10,174) (9,960) (1,618) (1,737)
----------------------------------------------------
FROM CAPITAL SHARE
TRANSACTIONS (NOTE 5)
RETAIL
Proceeds from shares sold 455,007 443,151 29,958 27,490
Reinvested distributions 5,786 5,971 495 577
Payments for shares redeemed (451,416) (410,527) (23,442) (36,138)
----------------------------------------------------
Net increase (decrease) in net assets
from Retail share transactions 9,377 38,595 7,011 (8,071)
----------------------------------------------------
INSTITUTIONAL
Proceeds from shares sold 459,806 303,525 67,739 129,691
Reinvested distributions 18 2 427 106
Payments for shares redeemed (398,983) (285,849) (102,016) (100,005)
----------------------------------------------------
Net increase (decrease) in net assets
from Institutional
share transactions 60,841 17,678 (33,850) 29,792
----------------------------------------------------
TOTAL INCREASE (DECREASE) IN
NET ASSETS 70,215 56,274 ( 26,872) 21,744
NET ASSETS
Beginning of year 320,582 264,308 63,527 41,783
----------------------------------------------------
End of year $ 390,797 $320,582 $ 36,655 $ 63,527
====================================================
See accompanying notes to financial statements.
14. Countrywide Investments
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
- ------------------------------------------------------------------------------------
Tax-Free Ohio Insured
Intermediate Tax-Free
Term Fund Fund
- ------------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
(000's) 1999 1998 1999 1998
- ------------------------------------------------------------------------------------
FROM OPERATIONS
Net investment income $ 2,320 $ 2,689 $ 3,294 $ 3,707
Net realized gains from
security transactions 634 504 353 1,577
Net change in unrealized
appreciation/depreciation
on investments (1,787) 121 (2,151) (19)
----------------------------------------------------
Net increase in net assets
from operations 1,167 3,314 1,496 5,265
----------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income,
Class A (2,149) (2,503) (3,095) (3,489)
From net investment income,
Class C (171) (186) (199) (218)
From net realized gains,
Class A -- -- (1,554) (434)
From net realized gains,
Class C -- -- (115) (35)
----------------------------------------------------
Decrease in net assets from
distributions to shareholders (2,320) (2,689) (4,963) (4,176)
----------------------------------------------------
FROM CAPITAL SHARE
TRANSACTIONS (NOTE 5)
CLASS A
Proceeds from shares sold 13,620 12,408 142,439 140,843
Reinvested distributions 1,723 2,009 3,500 2,921
Payments for shares redeemed (19,292) (20,581) (149,279) (146,316)
-----------------------------------------------------
Net decrease in net assets from
Class A share transactions (3,949) (6,164) (3,340) (2,552)
----------------------------------------------------
CLASS C
Proceeds from shares sold 2,454 1,781 550 2,552
Reinvested distributions 158 173 268 210
Payments for shares redeemed (2,620) (2,418) (1,038) (2,250)
----------------------------------------------------
Net increase (decrease) in net assets
from Class C share transactions (8) (464) (220) 512
----------------------------------------------------
TOTAL DECREASE IN NET ASSETS (5,110) (6,003) (7,027) (951)
NET ASSETS
Beginning of year 57,643 63,646 74,504 75,455
----------------------------------------------------
End of year $ 52,533 $ 57,643 $ 67,477 $ 74,504
====================================================
</TABLE>
See accompanying notes to financial statements.
Countrywide Investments 15.
<PAGE>
TAX-FREE MONEY FUND
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Per Share Data for a Share Outstanding Throughout Each Year
- -----------------------------------------------------------------------------------------------------
Year Ended June 30,
- -----------------------------------------------------------------------------------------------------
1999 1998 1997 1996 1995
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value at beginning of year $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------------------------------------------------------------
Net investment income 0.027 0.030 0.029 0.031 0.030
-------------------------------------------------------------
Dividends from net investment
income (0.027) (0.030) (0.029) (0.031) (0.030)
-------------------------------------------------------------
Net asset value at end of year $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------------------------------------------------------------
Total return 2.75% 3.03% 2.89% 3.15% 3.07%
=============================================================
Net assets at end of year (000's) $ 25,234 $ 37,383 $30,126 $ 25,342 $ 26,692
=============================================================
Ratio of net expenses to
average net assets(A) 0.89% 0.92% 0.99% 0.99% 0.99%
Ratio of net investment income to
average net assets 2.74% 2.98% 2.85% 3.09% 3.00%
(A) Absent fee waivers by the Adviser, the ratio of expenses to average net
assets would have been 0.95% for the year ended June 30, 1999 (Note 4).
CALIFORNIA TAX-FREE MONEY FUND
FINANCIAL HIGHLIGHTS
- -----------------------------------------------------------------------------------------------------
Per Share Data for a Share Outstanding Throughout Each Year
- -----------------------------------------------------------------------------------------------------
Year Ended June 30,
-------------------------------------------------------------
1999 1998 1997 1996 1995
- -----------------------------------------------------------------------------------------------------
Net asset value at beginning of year $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------------------------------------------------------------
Net investment income 0.025 0.029 0.028 0.029 0.029
-------------------------------------------------------------
Dividends from net investment
income (0.025) (0.029) (0.028) (0.029) (0.029)
-------------------------------------------------------------
Net asset value at end of year $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------------------------------------------------------------
Total return 2.56% 2.94% 2.81% 2.95% 2.95%
=============================================================
Net assets at end of year (000's) $ 47,967 $ 41,013 $ 32,186 $ 36,122 $ 19,525
=============================================================
Ratio of net expenses to
average net assets(A) 0.75% 0.77% 0.80% 0.80% 0.70%
Ratio of net investment income to
average net assets 2.52% 2.89% 2.76% 2.88% 2.83%
(A) Absent fee waivers and/or expense reimbursements by the Adviser, the ratio
of expenses to average net assets would have been 0.82% and 0.85% for the
years ended June 30, 1996 and 1995, respectively.
See accompanying notes to financial statements.
16. Countrywide Investments
<PAGE>
OHIO TAX-FREE MONEY FUND - RETAIL
FINANCIAL HIGHLIGHTS
- -----------------------------------------------------------------------------------------------------
Per Share Data for a Share Outstanding Throughout Each Year
- -----------------------------------------------------------------------------------------------------
Year Ended June 30,
-------------------------------------------------------------
1999 1998 1997 1996 1995
- -----------------------------------------------------------------------------------------------------
Net asset value at beginning of year $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------------------------------------------------------------
Net investment income 0.027 0.030 0.030 0.031 0.031
-------------------------------------------------------------
Dividends from net investment
income (0.027) (0.030) (0.030) (0.031) (0.031)
-------------------------------------------------------------
Net asset value at end of year $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
=============================================================
Total return 2.73% 3.07% 2.99% 3.14% 3.12%
=============================================================
Net assets at end of year (000's) $214,691 $205,316 $166,719 $240,323 $ 226,606
=============================================================
Ratio of net expenses to
average net assets(A) 0.75% 0.75% 0.75% 0.75% 0.74%
Ratio of net investment income to
average net assets 2.68% 3.02% 2.93% 3.09% 3.08%
</TABLE>
(A) Absent fee waivers and/or expense reimbursements by the Adviser, the ratio
of expenses to average net assets would have been 0.77%, 0.76% and 0.77% for
the years ended June 30, 1999, 1998 and 1997, respectively (Note 4).
OHIO TAX-FREE MONEY FUND - INSTITUTIONAL
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Per Share Data for a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------------------------------
Period
Year Ended June 30, Ended
June 30,
1999 1998 1997(A)
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value at beginning of period $ 1.000 $ 1.000 $ 1.000
-------------------------------------------------------------
Net investment income 0.029 0.033 0.016
-------------------------------------------------------------
Dividends from net investment income (0.029) (0.033) (0.016)
-------------------------------------------------------------
Net asset value at end of period $ 1.000 $ 1.000 $ 1.000
=============================================================
Total return 2.98% 3.33% 3.31%(C)
=============================================================
Net assets at end of period (000's) $ 176,106 $ 115,266 $ 97,589
=============================================================
Ratio of net expenses to
average net assets(B) 0.50% 0.50% 0.50%(C)
Ratio of net investment income to
average net assets 2.93% 3.27% 3.28%(C)
(A) Represents the period from the initial public offering of Institutional
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 0.51%, 0.52% and 0.56%(C)
for the periods ended June 30, 1999, 1998 and 1997, respectively (Note 4).
(C) Annualized.
See accompanying notes to financial statements.
Countrywide Investments 17.
<PAGE>
FLORIDA TAX-FREE MONEY FUND - RETAIL
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------------------------------
Per Share Data for a Share Outstanding Throughout Each Year
- -------------------------------------------------------------------------------------------------------
Year Ended June 30,
---------------------------------------------------------------
1999 1998 1997 1996 1995
- -------------------------------------------------------------------------------------------------------
Net asset value at beginning of year $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
---------------------------------------------------------------
Net investment income 0.026 0.030 0.029 0.032 0.031
-------------------------------------------------------------
Dividends from net investment
income (0.026) (0.030) (0.029) (0.032) (0.031)
-------------------------------------------------------------
Net asset value at end of year $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
=============================================================
Total return 2.68% 3.03% 2.90% 3.29% 3.17%
=============================================================
Net assets at end of year (000's) $ 21,371 $ 14,368 $22,434 $28,906 $24,119
=============================================================
Ratio of net expenses to
average net assets(A) 0.75% 0.75% 0.75% 0.61% 0.66%
Ratio of net investment income to
average net assets 2.58% 2.98% 2.85% 3.24% 3.12%
(A) Absent fee waivers and/or expense reimbursements by the Adviser, the ratio
of expenses to average net assets would have been 0.98%, 0.95%, 0.94%, 0.80%
and 0.80% for the years ended June 30, 1999, 1998, 1997, 1996 and 1995,
respectively (Note 4).
FLORIDA TAX-FREE MONEY FUND - INSTITUTIONAL
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------------------------------
Per Share Data for a Share Outstanding Throughout Each Period
- --------------------------------------------------------------------------------------------------------
Period
Year Ended June 30, Ended
June 30,
1999 1998 1997 1996(A)
- --------------------------------------------------------------------------------------------------------
Net asset value at beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000
----------------------------------------------------------------
Net investment income 0.029 0.032 0.031 0.003
-------------------------------------------------------------
Dividends from net investment income (0.029) (0.032) (0.031) (0.003)
-------------------------------------------------------------
Net asset value at end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------------------------------------------------------------
Total return 2.93% 3.28% 3.16% 3.03%(C)
=============================================================
Net assets at end of period (000's) $ 15,284 $ 49,159 $ 19,349 $ 19,145
=============================================================
Ratio of net expenses to
average net assets(B) 0.50% 0.50% 0.50% 0.50%(C)
Ratio of net investment income to
average net assets 2.91% 3.23% 3.11% 3.03%(C)
(A) Represents the period from the initial public offering of Institutional
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 0.71%, 0.71%, 0.79% and
0.87% for the periods ended June 30, 1999, 1998, 1997 and 1996, respectively
(Note 4).
(C) Annualized.
See accompanying notes to financial statements.
18. Countrywide Investments
<PAGE>
TAX-FREE INTERMEDIATE TERM FUND - CLASS A
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------------------------------
Per Share Data for a Share Outstanding Throughout Each Year
- --------------------------------------------------------------------------------------------------------
Year Ended June 30,
----------------------------------------------------------------
1999 1998 1997 1996 1995
- --------------------------------------------------------------------------------------------------------
Net asset value at beginning of year $ 11.12 $ 11.01 $ 10.85 $ 10.86 $ 10.69
----------------------------------------------------------------
Income from investment operations:
Net investment income 0.48 0.50 0.50 0.50 0.49
Net realized and unrealized gains
(losses) on investments (0.25) 0.11 0.16 (0.01) 0.17
----------------------------------------------------------------
Total from investment operations 0.23 0.61 0.66 0.49 0.66
----------------------------------------------------------------
Dividends from net investment
income (0.48) (0.50) (0.50) (0.50) (0.49)
----------------------------------------------------------------
Net asset value at end of year $ 10.87 $ 11.12 $ 11.01 $ 10.85 $ 10.86
================================================================
Total return(A) 2.07% 5.63% 6.19% 4.51% 6.36%
================================================================
Net assets at end of year (000's) $ 47,899 $ 52,896 $ 58,485 $ 67,675 $81,140
================================================================
Ratio of net expenses to
average net assets 0.99% 0.99% 0.99% 0.99% 0.99%
Ratio of net investment income to
average net assets 4.33% 4.50% 4.55% 4.52% 4.59%
Portfolio turnover rate 51% 36% 30% 37% 32%
(A) Total returns shown exclude the effect of applicable sales loads.
See accompanying notes to financial statements.
Countrywide Investments 19.
<PAGE>
TAX-FREE INTERMEDIATE TERM FUND - CLASS C
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------------------------------
Per Share Data for a Share Outstanding Throughout Each Year
- --------------------------------------------------------------------------------------------------------
Year Ended June 30,
----------------------------------------------------------------
1999 1998 1997 1996 1995
- --------------------------------------------------------------------------------------------------------
Net asset value at beginning of year $ 11.12 $ 11.01 $ 10.85 $ 10.86 $ 10.69
----------------------------------------------------------------
Income from investment operations:
Net investment income 0.40 0.42 0.43 0.44 0.44
Net realized and unrealized gains
(losses) on investments (0.24) 0.11 0.16 (0.01) 0.17
----------------------------------------------------------------
Total from investment operations 0.16 0.53 0.59 0.43 0.61
----------------------------------------------------------------
Dividends from net investment
income (0.40) (0.42) (0.43) (0.44) (0.44)
----------------------------------------------------------------
Net asset value at end of year $ 10.88 $ 11.12 $ 11.01 $ 10.85 $ 10.86
================================================================
Total return(A) 1.40% 4.85% 5.49% 4.00% 5.82%
================================================================
Net assets at end of year (000's) $ 4,634 $ 4,747 $ 5,161 $ 5,239 $ 4,814
================================================================
Ratio of net expenses to
average net assets 1.74% 1.74% 1.65% 1.49% 1.49%
Ratio of net investment income to
average net assets 3.58% 3.75% 3.89% 4.02% 4.08%
Portfolio turnover rate 51% 36% 30% 37% 32%
(A) Total returns shown exclude the effect of applicable sales loads.
See accompanying notes to financial statements.
20. Countrywide Investments
<PAGE>
Ohio Insured Tax-Free Fund - Class A
Financial Highlights
- --------------------------------------------------------------------------------------------------------
Per Share Data for a Share Outstanding Throughout Each Year
- --------------------------------------------------------------------------------------------------------
Year Ended June 30,
----------------------------------------------------------------
1999 1998 1997 1996 1995
- --------------------------------------------------------------------------------------------------------
Net asset value at beginning of year $ 12.37 $ 12.22 $ 11.97 $ 11.99 $ 11.74
----------------------------------------------------------------
Income from investment operations:
Net investment income 0.58 0.61 0.61 0.62 0.63
Net realized and unrealized gains
(losses) on investments (0.34) 0.23 0.25 (0.02) 0.25
----------------------------------------------------------------
Total from investment operations 0.24 0.84 0.86 0.60 0.88
----------------------------------------------------------------
Less distributions:
Dividends from net investment
income (0.58) (0.61) (0.61) (0.62) (0.63)
Distributions from net realized
gains (0.29) (0.08) -- -- --
----------------------------------------------------------------
Total distributions (0.87) (0.69) (0.61) (0.62) (0.63)
----------------------------------------------------------------
Net asset value at end of year $ 11.74 $ 12.37 $ 12.22 $ 11.97 $ 11.99
================================================================
Total return(A) 1.81% 7.03% 7.36% 5.05% 7.75%
================================================================
Net assets at end of year (000's) $ 62,737 $ 69,289 $70,816 $ 75,938 $71,393
================================================================
Ratio of net expenses to
average net assets(B) 0.75% 0.75% 0.75% 0.75% 0.75%
Ratio of net investment income to
average net assets 4.72% 4.95% 5.05% 5.12% 5.35%
Portfolio turnover rate 26% 41% 33% 46% 29%
(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.
See accompanying notes to financial statements.
Countrywide Investments 21.
<PAGE>
OHIO INSURED TAX-FREE FUND - CLASS C
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------------------------------
Per Share Data for a Share Outstanding Throughout Each Year
- --------------------------------------------------------------------------------------------------------
Year Ended June 30,
----------------------------------------------------------------
1999 1998 1997 1996 1995
- --------------------------------------------------------------------------------------------------------
Net asset value at beginning of year $ 12.37 $ 12.22 $ 11.97 $ 12.00 $ 11.74
----------------------------------------------------------------
Income from investment operations:
Net investment income 0.49 0.52 0.53 0.56 0.57
Net realized and unrealized gains
(losses) on investments (0.34) 0.23 0.25 (0.03) 0.26
----------------------------------------------------------------
Total from investment operations 0.15 0.75 0.78 0.53 0.83
----------------------------------------------------------------
Less distributions:
Dividends from net investment
income (0.49) (0.52) (0.53) (0.56) (0.57)
----------------------------------------------------------------
Distributions from net realized
gains (0.29) (0.08) -- -- --
----------------------------------------------------------------
Total distributions (0.78) (0.60) (0.53) (0.56) (0.57)
Net asset value at end of year $ 11.74 $ 12.37 $ 12.22 $ 11.97 $ 12.00
================================================================
Total return(A) 1.05% 6.24% 6.65% 4.44% 7.31%
================================================================
Net assets at end of year (000's) $ 4,740 $ 5,215 $ 4,639 $ 3,972 $ 4,165
================================================================
Ratio of net expenses to
average net assets(B) 1.50% 1.50% 1.42% 1.25% 1.25%
Ratio of net investment income to
average net assets 3.97% 4.20% 4.37% 4.62% 4.84%
Portfolio turnover rate 26% 41% 33% 46% 29%
(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 1.27% for the year ended
June 30, 1995.
</TABLE>
See accompanying notes to financial statements.
22. Countrywide Investments
<PAGE>
Notes to Financial Statements
June 30, 1999
- --------------------------------------------------------------------------------
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
and the Ohio Insured Tax-Free Fund (collectively, the Funds) are each a separate
series of shares of Countrywide Tax-Free Trust (the Trust). The Trust is
registered under the Investment Company Act of 1940 (the 1940 Act) as an
open-end management investment company. The Trust was established as a
Massachusetts business trust under a Declaration of Trust dated April 13, 1981.
The Declaration of Trust, as amended, permits the Trustees to issue an unlimited
number of shares of each Fund.
The Tax-Free Money Fund seeks the highest level of interest income exempt from
federal income tax, consistent with protection of capital, by investing
primarily in high-quality, short-term municipal obligations.
The California Tax-Free Money Fund seeks the highest level of interest income
exempt from federal and California income taxes, consistent with liquidity and
stability of principal, by investing primarily in high-quality, short-term
California municipal obligations.
The Ohio Tax-Free Money Fund seeks the highest level of current income exempt
from federal income tax and Ohio personal income tax, consistent with liquidity
and stability of principal. The Fund invests primarily in a portfolio of
high-quality, short-term Ohio municipal obligations.
The Florida Tax-Free Money Fund seeks the highest level of interest income
exempt from federal income tax, consistent with liquidity and stability of
principal, by investing primarily in high-quality, short-term Florida municipal
obligations the value of which is exempt from the Florida intangible personal
property tax.
The Tax-Free Intermediate Term Fund seeks high current income exempt from
federal income tax, consistent with protection of capital, by investing
primarily in high-grade municipal obligations maturing within twenty years or
less with a dollar-weighted average portfolio maturity under normal market
conditions of between three and ten years. To the extent consistent with the
Fund's primary objective, capital appreciation is a secondary objective.
The Ohio Insured Tax-Free Fund seeks the highest level of interest income exempt
from federal income tax and Ohio personal income tax, consistent with protection
of capital. The Fund invests primarily in high and medium-quality, long-term
Ohio municipal obligations which are protected by insurance guaranteeing the
payment of principal and interest in the event of a default.
The Ohio Tax-Free Money Fund and the Florida Tax-Free Money Fund each offer two
classes of shares: Retail shares (sold subject to a distribution fee of up to
0.25% of average daily net assets of each Fund) and 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.
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 (Note 7).
Countrywide Investments 23.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the Trust's significant accounting policies:
Security valuation -- Tax-Free Money Fund, California Tax-Free Money Fund, Ohio
Tax-Free Money Fund and Florida Tax-Free Money Fund securities are valued on an
amortized cost basis, which approximates market. This involves initially valuing
a security at its original cost and thereafter assuming a constant amortization
to maturity of any discount or premium. This method of valuation is expected to
enable these Funds to maintain a constant net asset value per share. Tax-Free
Intermediate Term Fund and Ohio Insured Tax-Free Fund securities are valued at
market using an independent pricing service which generally utilizes a
computerized grid matrix of tax-exempt securities and evaluations by its staff
to determine what it believes is the fair value of the securities. On limited
occasions, if the valuation provided by the pricing service ignores certain
market conditions affecting the value of a security or the pricing service
cannot provide a valuation, the fair value of the security will be determined in
good faith consistent with procedures established by the Board of Trustees.
Share valuation -- The net asset value per share of the Tax-Free Money Fund and
the California Tax-Free Money Fund is calculated daily by dividing the total
value of a Fund's assets, less liabilities, by its number of shares outstanding.
The net asset value per share of each class of shares of 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 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 the net asset value
per share plus a sales load equal to 2.04% of the net asset value (or 2% of the
offering price). The maximum offering price of Class A shares of the Ohio
Insured Tax-Free Fund is equal to the 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 (Note 7).
The redemption price per share of each Fund, including each class of shares with
respect to 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 equal to
the 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 -- Dividends 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 determined 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. 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.
24. Countrywide Investments
<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 income 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 June 30, 1999:
- -----------------------------------------------------------------------
Tax-Free Ohio Insured
Intermediate Tax-Free
(000's) Term Fund Fund
- -----------------------------------------------------------------------
Gross unrealized appreciation $ 1,264 $ 2,910
Gross unrealized depreciation (613) (380)
- -----------------------------------------------------------------------
Net unrealized appreciation $ 651 $ 2,530
=======================================================================
The tax basis of portfolio investments for each Fund is equal to the amortized
cost as shown on the Statements of Assets and Liabilities.
As of June 30, 1999, the Tax-Free Intermediate Term Fund had a capital loss
carryforward for federal income tax purposes of $361,822, which expires on June
30, 2004. These capital loss carryforwards may be utilized in future years to
offset net realized capital gains prior to distribution to shareholders.
3. INVESTMENT TRANSACTIONS
Investment transactions (excluding short-term investments) were as follows for
the year ended June 30, 1999:
- ------------------------------------------------------------------------
Tax-Free Ohio Insured
Intermediate Tax-Free
(000's) Term Fund Fund
- ------------------------------------------------------------------------
Purchases of investment securities $ 26,540 $ 17,908
========================================================================
Proceeds from sales and maturities of
investment securities $ 32,461 $ 26,665
========================================================================
4. TRANSACTIONS WITH AFFILIATES
The Chairman, President and certain other officers of the Trust are also
officers of Countrywide Financial Services, Inc., or its subsidiaries which
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.
Countrywide Investments 25.
<PAGE>
Notes to Financial Statements (Continued)
MANAGEMENT AGREEMENT
Each Fund's investments are managed by the Adviser under the terms of a
Management Agreement. Under the Management Agreement, each Fund pays the Adviser
a fee, computed and accrued daily and paid monthly, at an annual rate of 0.5% of
its respective average daily net assets up to $100 million, 0.45% of such net
assets from $100 million to $200 million, 0.4% of such net assets from $200
million to $300 million and 0.375% of such net assets in excess of $300 million.
In order to voluntarily reduce operating expenses during the year ended June 30,
1999, the Adviser waived investment advisory fees of $17,332 for the Tax-Free
Money Fund, $51,659 for the Ohio Tax-Free Money Fund and $124,338 for the
Florida Tax-Free Money Fund.
TRANSFER AGENT 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 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 per shareholder account from each of the Tax-Free
Intermediate Term Fund and the Ohio Insured Tax-Free Fund, subject to a $1,000
minimum monthly fee for each Fund, or for each class of shares of a Fund, as
applicable. In addition, each Fund pays CFS out-of-pocket expenses including,
but not limited to, postage and supplies.
ACCOUNTING SERVICES AGREEMENT
Under the terms of the Accounting Services Agreement between the Trust and CFS,
CFS calculates the daily net asset value per share and maintains the financial
books and records of each Fund. For these services, CFS receives a monthly fee,
based on current net assets, of $2,500 per month from the Tax-Free Money Fund,
$3,000 per month from the California Tax-Free Money Fund, $6,000 per month from
the Ohio Tax-Free Money Fund, $3,500 per month from the Florida Tax-Free Money
Fund, and $4,000 per month from each of the Tax-Free Intermediate Term Fund and
the Ohio Insured Tax-Free Fund. In addition, each Fund is subject to an
additional charge of 0.001% of its respective average daily net assets in excess
of $300 million, and 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 $3,824 and
$9,705 from underwriting and broker commissions on the sale of shares of the
Tax-Free Intermediate Term Fund and the Ohio Insured Tax-Free Fund,
respectively, during the year ended June 30, 1999. In addition, the Adviser
collected $13,216 and $1,347 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.
26. Countrywide Investments
<PAGE>
Notes to Financial Statements (Continued)
CUSTODIAN AGREEMENTS
The Fifth Third Bank, which serves as the custodian for each Fund except for the
Florida Tax-Free Money Fund, was a significant shareholder of record of the Ohio
Tax-Free Money Fund as of June 30, 1999. Under the terms of its Custodian
Agreement, The Fifth Third Bank receives from each such Fund an asset-based fee
plus transaction charges for each security transaction entered into by the
Funds. Huntington Trust Company, N.A. (Huntington), which serves as the
custodian for the Florida Tax-Free Money Fund, was a significant shareholder of
record of such Fund as of June 30, 1999. Under the terms of its Custodian
Agreement, Huntington receives from the Fund an asset-based fee.
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
and the Ohio Insured Tax-Free Fund are the result of the following capital share
transactions:
- ------------------------------------------------------------------------
Tax-Free Intermediate Ohio Insured
Term Fund Tax-Free Fund
- ------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
(000's) 1999 1998 1999 1998
- --------------------------------------------------------------------------------
CLASS A
Shares sold 1,222 1,116 11,637 11,401
Shares reinvested 154 181 287 236
Shares redeemed (1,729) (1,853) (12,181) (11,832)
- --------------------------------------------------------------------------------
Net decrease in shares
outstanding (353) (556) (257) (195)
Shares outstanding,
beginning of year 4,758 5,314 5,600 5,795
- --------------------------------------------------------------------------------
Shares outstanding,
end of year 4,405 4,758 5,343 5,600
================================================================================
CLASS C
Shares sold 219 160 45 206
Shares reinvested 14 16 22 17
Shares redeemed (234) (218) (85) (181)
- --------------------------------------------------------------------------------
Net increase (decrease) in
shares outstanding (1) (42) (18) 42
Shares outstanding,
beginning of year 427 469 422 380
- --------------------------------------------------------------------------------
Shares outstanding,
end of year 426 427 404 422
================================================================================
Countrywide Investments 27.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
6. PORTFOLIO COMPOSITION
As of June 30, 1999, 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 74.7% invested in debt obligations issued by the State of Florida and its
political subdivisions, agencies, authorities and instrumentalities and by other
issuers the value of which is exempt from the Florida intangible personal
property tax. As of June 30, 1999, 15.5% of the portfolio securities of the
Tax-Free Money Fund were concentrated in the State of Ohio, 12.2% in the State
of Texas and 10.7% in the state of Minnesota. For information regarding
portfolio composition by state for the Tax-Free Intermediate Term Fund, see the
Fund's Portfolio of Investments.
The California Tax-Free Money Fund, the Ohio Tax-Free Money Fund, the Florida
Tax-Free Money Fund and the Ohio Insured Tax-Free Fund are each non-diversified
Funds under the 1940 Act. Thus, investments may be concentrated in fewer issuers
than those of a diversified fund. As of June 30, 1999, no non-diversified Fund
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 June 30, 1999, 49.9% 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], 22.2% were rated
AA/Aa, 24.4% were rated A/A and 3.5% were not rated.
As of June 30, 1999, 94.7% of the Ohio Insured Tax-Free Fund's long-term
portfolio securities were either (1) insured by an insurance policy obtained
from a recognized insurer which carries a rating of AAA by S&P or Aaa by
Moody's, (2) guaranteed as to the payment of interest and principal by an agency
or instrumentality of the U.S. Government or (3) secured as to the payment of
interest and principal by an escrow account consisting of obligations of the
U.S. Government. Three private insurers individually insure more than 10% of the
Ohio Insured Tax-Free Fund's portfolio securities and collectively insure 61.1%
of its portfolio securities.
28. Countrywide Investments
<PAGE>
Notes to Financial Statements (Continued)
The concentration of investments for each Fund as of June 30, 1999, classified
by revenue source, was as follows:
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------
California Ohio Florida Tax-Free Ohio
Tax-Free Tax-Free Tax-Free Tax-Free Intermediate Insured
Money Money Money Money Term Tax-Free
Fund Fund Fund Fund Fund Fund
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
General Obligations 12.2% 8.7% 19.4% 13.1% 13.3% 43.3%
Revenue Bonds:
- -----------------------------------------------------------------------------------------
Industrial Development/
Pollution Control 40.3% 32.5% 18.7% 12.3% 4.8% 4.9%
Hospital/Health Care 7.8% 10.0% 29.6% 14.3% 24.3% 19.1%
Utilities 11.1% 13.8% 12.7% 14.6% 8.7% 16.7%
Education 5.4% 12.5% 4.9% 15.8% 17.6% 2.7%
Housing/Mortgage 8.8% 7.5% 3.9% 16.4% 11.4% 4.4%
Economic Development 4.4% 8.3% 4.1% 5.8% 2.4% --
Public Facilities 5.0% -- 2.5% 1.4% 5.5% 4.9%
Transportation -- 1.1% 2.4% 2.0% 4.8% 3.0%
Special Tax 1.0% 1.3% 1.3% 1.2% 2.5% --
Leases -- 3.4% -- -- -- --
Miscellaneous 4.0% 0.9% 0.5% 3.1% 4.7% 1.0%
- -----------------------------------------------------------------------------------------
Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
=========================================================================================
</TABLE>
7. MAXIMUM OFFERING PRICE PER SHARE
Effective August 1, 1999, for accounts opened after July 31, 1999, the maximum
offering price per share of Class A shares of the Tax-Free Intermediate Term
Fund and the Ohio Insured Tax-Free Fund is equal to the net asset value per
share plus a sales load equal to 4.99% of the net asset value (or 4.75% of the
offering price). Effective August 1, 1999, for all accounts, the maximum
offering price per share of Class C shares of each Fund is equal to the net
asset value per share plus a sales load equal to 1.27% of the net asset value
(or 1.25% of the offering price).
8. FEDERAL TAX INFORMATION FOR SHAREHOLDERS (UNAUDITED)
In accordance with federal tax requirements, each Fund designates its respective
dividends paid from net investment income during the year ended June 30, 1999,
as "exempt-interest dividends." In addition, on October 30, 1998, the Florida
Tax-Free Money Fund declared and paid a long-term capital gain distribution of
$0.000324 per share, and the Ohio Insured Tax-Free Fund declared and paid a
short-term capital gain distribution of $0.0440 per share and a long-term
capital gain distribution of $0.2410 per share. In January of 1999, shareholders
were provided with Form 1099-DIV which reported the amounts and tax status of
such capital gain distributions paid during calendar year 1998.
Countrywide Investments 29.
<PAGE>
<TABLE>
<CAPTION>
Tax-Free Money Fund
Portfolio of Investments
June 30, 1999
- -----------------------------------------------------------------------------------------
Principal Market
Amount Fixed Rate Revenue & Coupon Maturity Value
(000's) General Obligation Bonds-- 30.2% Rate Date (000's)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 340 West Virginia St. Bldg. Comm. Lease Rev., Ser. C
(WV Regional Jail) 3.600% 07/01/99 $ 340
315 Washoe Co., NV, GO, Prerefunded @ 102 7.375 07/01/99 321
250 Jefferson, LA, Sales Tax Dist. Prerefunded @ 100 8.250 07/01/99 250
400 American Municipal Power Sys. Impt. BANS
(Montpelier Village Proj.) 3.550 07/15/99 400
225 Denton Co., TX, GO 7.500 07/15/99 225
150 Philadelphia, PA, Gas Works Rev., Ser. 15 4.100 08/01/99 150
485 Arlington, TX, Perm. Impt. GO 4.500 08/15/99 485
235 Georgetown, TX, GO 5.500 08/15/99 236
100 Armstrong Co., PA, Hosp. Auth. Health Center Rev.
(St. Francis Health Care Proj.) 6.300 08/15/99 100
250 Charlotte, NC, COP, Ser. D (Govt. Equip. Proj.) 5.050 09/01/99 251
500 Rhode Island St. GO, Ser. B, Prerefunded @ 102 6.800 10/15/99 508
170 Commerce Charter Twnp., MI, Spec.
Assessment GO, Ser. B 3.700 11/01/99 170
100 West Virginia St. Water Dev. Auth. Rev., Ser. A
(Loan Program) 4.800 11/01/99 100
185 Lewistown Boro, PA, GO, Prerefunded @ 100 6.100 12/15/99 187
560 American Municipal Power Sys. Impt. BANS
(Wellington Village Proj.) 3.500 12/16/99 560
600 Massillon City, OH, Parks and Recreation GO BANS 3.730 01/14/00 602
571 American Municipal Power Sys. Impt. BANS
(Milan Village Proj.) 3.500 01/21/00 571
500 American Municipal Power Sys. Equipment BANS
(Distributive Generation Proj.) 4.250 01/21/00 500
500 Northern Ozaukee School Dist., WI, GO BANS . 3.400 02/01/00 500
395 Umatilla Indian Reserv. Conferated
Tribes GO, Ser. A 4.200 02/01/00 397
180 Lewisville, TX, GO 5.000 02/15/00 182
120 The Colony, TX, GO, Prerefunded @ 100 6.800 02/15/00 122
475 American Municipal Power Sys. Impt. BANS
(Bradner Village Proj.) 3.600 03/23/00 475
- ------ ------------
$7,606 Total Fixed Rate Revenue & General Obligation Bonds
(Amortized Cost $7,632) $ 7,632
- -----------------------------------------------------------------------------------------
</TABLE>
30. Countrywide Investments
<PAGE>
<TABLE>
<CAPTION>
Tax-Free Money Fund (Continued)
- -----------------------------------------------------------------------------------------
Principal Market
Amount Floating & Variable Rate Coupon Maturity Value
(000's) Demand Notes -- 52.3% Rate Date (000's)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 800 Trinity River, TX, IDR, Ser. 1997 (ADP, Inc. Proj.) 3.700% 07/01/99 $ 800
500 Indiana Health Fac. Fin. Auth. Rev., Ser. 1997
(Capital Access Designated Pool) 3.550 07/07/99 500
600 Arapahoe Co., CO, Parkview Metro. Dist. GO 3.550 07/07/99 600
1,000 Tucson, AZ, IDA MFH Rev. (Lincoln Garden Proj.) 3.600 07/07/99 1,000
600 Illinois Dev. Fin. Auth. Rev., Ser. 1992
(Uhlich Children's Home Proj.) 3.650 07/07/99 600
1,100 Scio Twnp., MI, EDR 3.730 07/07/99 1,100
200 Indiana St. Dev. Fin. Auth. Rev.
(Lutheran High School) 3.750 07/07/99 200
500 San Rafael, CA, IDR, Ser. 1984
(Phoenix American, Inc.) 3.750 07/07/99 500
590 Brooklyn Park, MN, IDR (Schmidt Proj.) 3.850 07/07/99 590
500 Frankfort, MN, IDR, Ser. 1995 (J&B, Inc.) 3.850 07/07/99 500
815 Harvard, IL, Health Care Fac. Rev., Ser. 1998
(Harvard Memorial Hosp. Proj.) 3.850 07/07/99 815
200 Hope, AR, IDR, Ser. A (Champion Parts, Inc. Proj.) 3.950 07/07/99 200
973 Kansas City, MO, IDR (A.M. Castle & Co. Proj.) 3.950 07/07/99 973
1,275 Mankota, MN, IDR, Ser. 1998 (Sacco Family LP Proj.) 3.950 07/07/99 1,275
649 Franklin Park, IL, Rev., Ser. 1994
(A.M. Castle & Co. Proj.) 3.950 07/07/99 649
188 Rosemont, IL, IDR (A.M. Castle & Co. Proj.) 3.950 07/07/99 188
290 Frankfort, MN, IDR, Ser. 1995 (J&B, Inc.) 4.050 07/07/99 290
900 Eddyville, IA, IDR (Heartland Lysine, Inc.) 4.100 07/07/99 900
1,000 Coppell, TX, IDR (Minyards Prop., Inc.) 3.500 07/30/99 1,000
500 Arapahoe Co., CO, Rev., Ser. 1997
(Denver Jet Center Proj.) 3.550 07/30/99 500
- ------ ------------
$3,180 Total Floating & Variable Rate Demand Notes
- ------ (Amortized Cost $13,180) $ 13,180
------------
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Market
Amount Coupon Maturity Value
(000's) Adjustable Rate Put Bonds-- 16.3% Rate Date (000's)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$1,200 Owensboro, KY, IDR, Ser. 1985 (Dart Container) 3.300% 09/01/99 $ 1,200
145 Cuyahoga Co., OH, IDR (Halle Office Bldg.) 3.575 10/01/99 145
1,000 Westmoreland Co., PA, IDR (White
Consolidated Industries) 3.520 12/01/99 1,000
650 Lexington-Fayette Co., KY, Urban Govt. Rev.
(Providence Montessori) 3.625 01/01/00 650
525 Colorado Health Fac. Auth. Rev., Ser. 1998A
(AMC Cancer Center) 3.400 01/15/00 525
605 Buckeye Tax-Exempt Mtg. Bond Trust 3.400 02/01/00 603
- ------ ------------
$4,125 Total Adjustable Rate Put Bonds
(Amortized Cost $4,123) $ 4,123
- -----------------------------------------------------------------------------------------
$24,911 Total Investment Securities-- 98.8%
(Amortized Cost $24,935) $ 24,935
======= ------------
Other Assets in Excess of Liabilities-- 1.2% 299
------------
Net Assets-- 100% $ 25,234
============
</TABLE>
See accompanying notes to financial statements and notes to portfolios of
investments.
Countrywide Investments 31.
<PAGE>
- --------------------------------------------------------------------------------
California Tax-Free Money Fund
Portfolio of Investments
June 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Market
Amount Fixed Rate Revenue & Coupon Maturity Value
(000's) General Obligation Bonds-- 28.8% Rate Date (000's)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 986 University of California, Regents COP, Ser. A 3.200% 07/01/99 $ 984
425 Sacramento Co., CA, Airport Sys. Rev., Ser. B 3.500 07/01/99 425
340 Fremont, CA, USD, Ser. A 3.400 08/01/99 340
200 Roseville, CA, Local Govt. Fin. Auth. Rev.,
Prerefunded @ 101 6.250 08/01/99 203
400 California St. GO 6.700 08/01/99 401
255 Napa Valley, CA, USD GO 7.000 08/01/99 256
900 Castro Valley, CA, USD GO 7.000 08/01/99 903
110 Reef-Sunset, CA, USD GO 7.500 08/01/99 110
330 Compton, CA, Cmnty. Redev. Agcy.
(Walnut Indust. Park), Prerefunded @ 102 7.500 08/01/99 338
150 Coachella Valley Co., CA, Water Dist.
No. 54 Impt. Rev. 10.200 08/01/99 151
270 California St. Cmntys. Dev. Auth. Rev.
(Monterey Peninsula) 4.000 08/15/99 270
110 California St. Cmntys. Dev. Auth. Rev.
(Sutter Health Obligated Group) 4.500 08/15/99 110
210 Los Angeles, CA, Conv. & Exhib. Ctr. Auth. COP,
Ser. A, Prerefunded @ 101.5 7.375 08/15/99 214
200 Glendora, CA, Pub. Fin. Auth. Rev. 3.150 09/01/99 20
105 Los Angeles Co., CA, Schs. Regionalized
Business Svcs. Rev., Ser. B 3.300 09/01/99 105
250 Modesto, CA, CSD COP 3.500 09/01/99 250
405 Saratoga, CA, USD GO 4.000 09/01/99 405
100 Southern California Rapid Tran. Dist. Rev 5.000 09/01/99 100
310 Escondido, CA, Joint Pwr. Fin. Auth. Lease
Rev., Ser. B (Escondido Civic Ctr.) 5.300 09/01/99 311
100 California St. GO 5.750 09/01/99 100
500 Los Angeles, CA, GO, Ser. A 6.250 09/01/99 503
1,000 San Francisco, CA, City & Co., USD GO 4.500 09/22/99 1,002
794 University of California, Regents COP, Ser. A 3.250 10/01/99 792
250 Sunnyvale, CA, Fin. Auth. Utility Rev., Ser. B
(Solid Waste Materials Recovery) 5.300 10/01/99 251
300 California St. GO 6.600 11/01/99 304
802 University of California, Regents COP, Ser. A 3.350 01/01/00 800
125 California MFH HFA Rev., Ser. A 3.450 02/01/00 125
115 Palmdale, CA, Cmnty. Dev. Agcy.
Residential Mtg. Rev., Ser. A 6.500 02/01/00 117
250 Santa Clara Valley, CA, Water Dist. COP,
Prerefunded @ 102 6.600 02/01/00 260
250 California St. GO 4.800 03/01/00 253
100 Mesa, CA, Consolidated Water Dist. COP 4.400 03/15/00 101
100 California St. GO 6.650 04/01/00 103
150 Northern California Trans. Rev., Ser. A,
Prerefunded @ 101.5 7.000 05/01/00 157
2,500 California St. Veterans GO 3.200 06/01/00 2,500
200 California Health. Fac. Fin. Auth.
Rev., Ser. B (Catholic Health Facs.) 4.250 07/01/00 201
165 Sacramento, CA, Utility Dist. Rev., Ser. 7 5.000 07/01/00 168
- ---------- ---------
$ 13,757 Total Fixed Rate Revenue & General Obligation Bonds
(Amortized Cost $13,813) $ 13,813
- ---------- ---------
</TABLE>
32. Countrywide Investments
<PAGE>
California Tax-Free Money Fund (Continued)
<TABLE>
<CAPTION>
Principal Market
Amount Fixed Rate Revenue & Coupon Maturity Value
(000's) General Obligation Bonds-- 28.8% Rate Date (000's)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 600 California Health Fac. Fin. Auth. Rev.,
Ser. 1998C (Adventist Hosp.) 3.100% 07/01/99 $ 600
398 Orange Co., CA, Impt. Rev. Asses. Dist. No. 88 3.100 07/01/99 398
1,000 California Statewide Cmntys. Dev. Corp. Rev.
(House Ear Institution) 3.100 07/01/99 1,000
300 Santa Ana, CA, Health Fac. Rev.
(Town & Country Manor Proj.) 3.100 07/01/99 300
600 California PCR Fin. Auth.
(Pacific Gas & Electric) 3.100 07/01/99 600
2,000 California Health Fac. Fin. Auth. Rev.,
Ser. 1998B (Adventist Hosp.) 3.100 07/01/99 2,000
700 Newport Beach, CA, Rev., Ser. B
(Hoag Memorial Hosp.) 3.150 07/01/99 700
600 Newport Beach, CA, Rev., Ser. C
(Hoag Memorial Hosp.) 3.150 07/01/99 600
2,000 Rancho, CA, Water Dist. Fin. Rev., Ser. 1998A 3.000 07/07/99 2,000
500 Riverside, CA, IDR Issue A
(Sunclipse, Inc. Proj.) 3.050 07/07/99 500
600 Montebello, CA, IDR (Sunclipse, Inc. Proj.) 3.050 07/07/99 600
400 California PCR Fin. Auth., Ser. 1983
(Southdown, Inc.) 3.150 07/07/99 400
3,100 California PCR Fin. Auth., Ser. 1983
(Southdown, Inc.) 3.150 07/07/99 3,100
1,000 Los Angeles, CA, Comm. Dev. COP
(Willowbrook Proj.) 3.200 07/07/99 1,000
400 Orange, CA, IDR (Control Air Conditioning) 3.450 07/07/99 400
2,000 ABN AMRO Munitops Trust Cert. (San Diego, CA) 3.450 07/07/99 2,000
1,100 Los Angeles, CA, MFH Rev. (Studio Colony) 3.500 07/07/99 1,100
1,600 Vacaville, CA, IDA IDR (Leggett &
Platt, Inc.) 3.550 07/07/99 1,600
1,960 California Public Capital Impt.
Fin. Auth. Rev. 3.600 07/07/99 1,960
1,300 San Bernardino Co., CA, COP 3.620 07/07/99 1,300
900 Alameda Co., CA, IDR, Ser. A
(Plyproperties Proj.) 3.700 07/07/99 900
1,000 Alameda Co., CA, IDR, Ser. A
(Tool Family Partnership) 3.700 07/07/99 1,000
1,100 Alameda Co., CA, IDR (Dicon
Fiberoptics, Inc. Proj. A) 3.700 07/07/99 1,100
2,600 San Rafael, CA, IDR, Ser. 1984
(Phoenix American, Inc.) 3.750 07/07/99 2,600
900 San Bernardino, CA, IDR (LaQuinta Motor Inns) 3.850 07/07/99 900
1,000 San Bernardino Co., CA, Capital Impt.
Refinancing Proj. Rev. 3.850 07/07/99 1,000
1,500 Hanford, CA, Sewer Rev., Ser A 3.850 07/07/99 1,500
2,000 ABAG Fin. Auth. Nonprofit Corps.
MFH Rev., Ser. A 4.000 07/07/99 2,000
520 California Statewide Cmntys. Dev. Corp. Rev.
(Michigan Hanger) 4.400 07/07/99 520
220 California Statewide Cmntys. Dev. Corp. Rev.
(Jaygee Realty Proj.) 4.450 07/07/99 220
- ---------- ------------
$ 33,898 Total Floating & Variable Rate Demand Notes
(Amortized Cost $33,898) $33,898
- ---------- ------------
$ 47,655 Total Investment Securities-- 99.5%
(Amortized Cost $47,111) $47,711
==========
Other Assets in Excess of Liabilities-- 0.5% 256
------------
Net Assets-- 100% $47,967
============
</TABLE>
See accompanying notes to financial statements and notes to portfolios of
investments.
Countrywide Investments 33.
<PAGE>
Ohio Tax-Free Money Fund
Portfolio of Investments
June 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Market
Amount Fixed Rate Revenue & Coupon Maturity Value
(000's) General Obligation Bonds-- 29.7% Rate Date (000's)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 2,100 American Municipal Power Sys. Impt. BANS
(Montpelier Village Proj.) 3.950% 07/15/99 $ 2,100
820 Columbus, OH, GO (Police/Fireman Disability) 4.000 07/15/99 820
800 Miami Co., OH, Bldg. Impt. GO BANS 3.800 07/15/99 800
1,200 Sandusky Co., OH, Various Purpose GO BANS 4.125 07/29/99 1,200
928 Mason-Deerfield, OH, Joint Fire Dist.
GO BANS, Ser. 1998 4.000 08/05/99 928
2,500 Ottawa Co., OH, Regional Water Sys.
Impt. GO BANS 4.000 08/06/99 2,501
625 Lake Co., OH, Hosp. Fac. Rev., Ser. 1998
(Lake Hosp. Sys.) 4.000 08/15/99 625
3,000 American Municipal Power Sys. Impt. BANS
(City of Bryan Proj.) 3.850 08/27/99 3,000
1,454 Leetonia, OH, School Dist. Impt.
GO BANS, Ser. 1999 3.740 09/01/99 1,455
520 Washington Co., OH, Hosp. Impt. Rev.
(Marietta Area Health) 4.000 09/01/99 520
375 Springboro City, OH, Clear Creek
Park Impt. GO BANS 4.150 09/02/99 375
1,000 Loveland, OH, Real Estate Acq. GO BANS 3.860 09/09/99 1,000
900 Springboro, OH, Street Impt. GO BANS
(South Tech. Bus. Park) 4.050 09/09/99 901
1,000 American Municipal Power Sys. Impt. BANS
(Bowling Green Project) 3.800 09/10/99 1,000
200 American Municipal Power Sys. Impt. BANS
(Bowling Green Project) 3.800 09/10/99 200
1,000 Cleveland, OH, Parking Fac Rev. 4.450 09/15/99 1,003
1,325 Marysville, OH, Various Purpose GO BANS 3.460 09/15/99 1,326
500 Ravena Township, OH, Twnp. Hall &
Garage GO BANS 4.050 09/15/99 500
1,100 Adena, OH, LSD School Impt. GO BANS,
Ser. 1999S 3.590 09/16/99 1,101
2,440 Muskingum Co., OH, Various Purpose GO BANS 3.800 09/22/99 2,442
1,475 Mayfield Village, OH, Various Purpose GO BANS 3.650 09/28/99 1,476
50 Fairlawn, OH, Health Care Fac. Rev.
(St. Edward Proj.), Prerefunded @ 102 8.250 10/01/99 52
210 Fairlawn, OH, Health Care Fac. Rev.
(St. Edward Proj.), Prerefunded @ 102 8.300 10/01/99 217
95 Fairlawn, OH, Health Care Fac. Rev.
(St. Edward Proj.), Prerefunded @ 102 8.350 10/01/99 98
500 Fairlawn, OH, Health Care Fac. Rev.
(St. Edward Proj.), Prerefunded @ 102 8.500 10/01/99 516
500 Gallia Co., OH, Hosp. Fac. Rev.
(Holzer Med. Ctr.) 3.300 10/01/99 500
1,000 Ohio St. Bldg. Auth. Rev., Ser. C,
Prerefunded @ 103 7.200 10/01/99 1,039
200 Ohio St. Bldg. Auth. Rev., Ser. A 4.200 10/01/99 200
600 Beachwood, OH, Street & Sewer Impt. GO BANS 3.750 10/07/99 600
550 Van Wert Co., OH, Various Purpose GO BANS 3.800 10/13/99 551
1,945 Jackson Co., OH, Various Purpose GO BANS,
Ser. 1998 3.620 10/14/99 1,947
2,000 Lucas Co., OH, Metro Sewer & Water Dist.
Rev., Ser. 1998 3.625 10/20/99 2,002
135 Hamilton, OH, GO (Police/Fireman Pension) 4.650 11/01/99 136
1,000 Ohio St. Pub. Fac. Higher Educ.
Rev., Ser. II-B 4.500 11/01/99 1,005
2,300 American Municipal Power Sys. Impt. BANS
(Pioneer Village Proj.) 3.400 11/05/99 2,300
4,000 Evergreen, OH, LSD GO BANS 4.500 11/08/99 1,103
34. Countrywide Investments
<PAGE>
Ohio Tax-Free Money Fund (Continued)
- -----------------------------------------------------------------------------------------
<CAPTION>
Principal Market
Amount Fixed Rate Revenue & Coupon Maturity Value
(000's) General Obligation Bonds -- 29.7% (Continued) Rate Date (000's)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 1,100 North Hampton Village, OH, Sewer Sys.
First Mtg. RANS, Ser. 1999 4.400% 11/12/99 $ 1,104
1,065 Marysville, OH, Various Purpose GO BANS 3.510 11/18/99 1,066
2,000 Summit Co., OH, Various Purpose GO BANS,
Ser. 1998 3.625 11/18/99 2,005
2,440 Chesapeake-Union, OH, LSD School Impt. GO BANS 4.200 11/20/99 2,444
1,000 Belmont Co., OH, Sanitary Sewer Impt. GO BANS 3.510 11/23/99 1,001
1,545 Marion Co., OH, Various Purpose GO BANS 3.470 11/23/99 1,546
580 Muskingum Co., OH, GO BANS
(Brandywine Blvd. Extension) 3.650 11/30/99 581
280 Southwest Licking, OH, LSD School
Impt. GO BANS 3.100 12/01/99 280
830 Sycamore, OH, CSD School Impt. GO, Ser. A 3.400 12/01/99 830
250 Tuscarawas Valley, OH, LSD GO 3.400 12/01/99 250
2,000 Eastern Ohio Regional Wastewater
Auth. Impt. Rev. BANS 4.200 12/02/99 2,003
3,000 American Municipal Power Sys. Impt. BANS
(Bowling Green Proj.) 3.400 12/03/99 3,000
1,000 Logan Co., OH, Sanitary Sewer Sys.
Impt. GO BANS 3.640 12/15/99 1,001
810 Mahoning Valley, OH, Sanitation Dist. Rev. 4.000 12/15/99 813
5,000 Hamilton, OH, LSD School Impt.
GO BANS, Ser. 1999 4.200 12/22/99 5,016
748 Lima, OH, Land Aquisition GO BANS
(River Corridor Proj.) 3.600 01/12/00 749
660 Worthington, OH, CSD School Impt.
GO BANS, Ser. 1999 3.440 01/13/00 661
5,000 American Municipal Power Sys. Equipment BANS
(Distributive Generation Proj.) 4.250 01/21/00 5,000
1,335 Marysville, OH, Various Purpose GO BANS 3.410 01/27/00 1,337
500 North Ridgeville, OH, Water Sys. Impt. GO BANS 3.600 02/01/00 501
1,120 Marion Co., OH, Various Purpose GO BANS 3.500 02/08/00 1,122
486 Maple Heights, OH, CSD Energy Conservation Impt.
GO BANS, Ser. 1999 4.000 02/11/00 488
975 Ottawa Co., OH, Regional Water Sys.
Impt. GO BANS 3.500 02/16/00 977
1,000 Mason, OH, CSD School Impt. GO BANS, Ser. 1999 3.380 02/17/00 1,003
765 Ottawa Co., OH, Port Auth. Fac. Impt. GO BANS 3.550 02/21/00 766
600 North Ridgeville, OH, Road Impt.
GO BANS, Ser. 1999 (Bainbridge Proj.) 3.600 03/02/00 601
800 Salem, OH, CSD School Impt. GO BANS, Ser. 1999 3.460 03/03/00 801
1,000 Marysville, OH, Various Purpose GO BANS 3.360 03/16/00 1,002
2,000 American Municipal Power Sys. Impt. BANS
(St. Mary's Proj.) 3.550 03/23/00 2,000
300 New Knoxville, OH, School Construction GO BANS 4.510 03/23/00 303
2,200 American Municipal Power Sys. Impt. BANS
(Lodi Village Proj.) 3.400 03/24/00 2,200
1,400 American Municipal Power Sys. Impt. BANS
(Genoa Village Proj.) 3.600 03/28/00 1,400
850 Genoa, OH, Water Sys. Impt. GO BANS 3.400 03/30/00 850
700 Franklin Co., OH, Dev. Ref. Rev., Ser. 1983
(American Chemical Soc. Proj.) 5.500 04/01/00 710
700 Brook Park, OH, GO BANS 3.500 04/07/00 701
1,060 Marysville, OH, Various Purpose GO BANS 3.460 04/13/00 1,062
1,150 Marysville, OH, Various Purpose GO BANS 3.590 04/13/00 1,153
4,300 Hebron, OH, Sanitary Sewer Sys. Rev. 4.000 04/17/00 4,318
1,000 Ohio St. Highway Impt. GO, Ser. C 4.000 05/01/00 1,004
Countrywide Investments 35.
<PAGE>
<CAPTION>
Ohio Tax-Free Money Fund (Continued)
Principal Market
Amount Fixed Rate Revenue & Coupon Maturity Value
(000's) General Obligation Bonds -- 29.7% (Continued) Rate Date (000's)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 1,500 Mentor, OH, Exempted Village School Dist.
GO BANS, Ser. 1999 3.380% 05/04/00 $ 1,501
3,000 Cincinnati, OH, CSD GO BANS 3.900 05/12/00 3,013
1,500 Ross Co., OH, Bldg. Auth. Acquisition GO BANS 3.300 05/17/00 1,500
1,100 Williard City, OH, Street Impt. GO BANS 3.650 05/25/00 1,102
1,040 Ohio St. Water Dev. Auth. Impt. Rev. 5.000 06/01/00 1,053
450 Springboro, OH, GO BANS (South Main Street) 3.660 06/01/00 451
1,640 Ohio St. Water Dev. Auth. Impt. Rev. 5.400 06/01/00 1,671
1,100 Marysville, OH, GO BANS (Phase II Notes) 3.880 06/15/00 4,010
2,450 Marysville, OH, Various Purpose GO BANS 3.660 06/15/00 2,456
2,755 Obetz, OH, Various Purpose GO BANS 3.700 06/15/00 2,760
1,000 American Municipal Power Sys. Impt. BANS
(Village of New Bremen Proj.) 3.700 06/16/00 1,000
1,250 American Municipal Power Sys. Impt. BANS
(Deshler, OH, Proj.) 4.000 06/16/00 1,250
3,000 East Muskingum, OH, Water Auth. Rev. BANS 4.320 06/22/00 3,009
- ---------- ---------
$ 115,681 Total Fixed Rate Revenue & General Obligation Bonds
(Amortized Cost $115,964) $115,964
- ---------- ---------
<CAPTION>
- -----------------------------------------------------------------------------------------
Principal Market
Amount Floating & Variable Rate Coupon Maturity Value
(000's) Demand Notes -- 64.3% Rate Date (000's)
- -----------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 4,400 Cuyahoga Co., OH, Hosp. Rev.
(University Hosp. of Cleveland) 3.800% 07/01/99 $ 4,400
2,800 Ohio St. Air Quality Dev. Auth. Rev. (CG&E) 3.350 07/01/99 2,800
300 Ohio St. Water Dev. Auth. Impt. Rev.,
Ser. 1996B (Mead Corp.) 3.800 07/01/99 300
1,600 Ohio St. Water Dev. Auth. Impt. Rev.,
Ser. B (Mead Corp.) 3.800 07/01/99 1,600
7,000 ABN AMRO Munitops Trust Cert. 1998-I8
(Cleveland Water Works) 3.560 07/07/99 7,000
400 Akron, Bath & Copley, OH, Joint Twnsp.
Hosp. Rev. (Visiting Nurse Svcs. Proj.) 3.650 07/07/99 400
1,515 Allen Co., OH, Health Care Fac. Rev.
(Mennonite Memorial Home Proj.) 3.650 07/07/99 1,515
1,335 Village of Andover, OH, Health Care Rev.,
Ser. 1996 (D&M Realty Proj.) 3.620 07/07/99 1,335
3,400 Ashtabula Co., OH, Hosp. Fac. Rev., Ser. 1995
(Ashtabula Co. Med. Ctr. Proj.) 3.620 07/07/99 3,400
3,055 Butler Co., OH, Hosp. Fac. Rev., Ser. 1998A
(Berkeley Square Retirement Ctr. Proj.) 3.650 07/07/99 3,055
1,000 Butler Co., OH, IDR (Phillip Morris Co.) 3.650 07/07/99 1,000
950 Centerville, OH, Health Care Rev.
(Bethany Memorial) 3.500 07/07/99 950
9,400 Clermont Co., OH, Hosp. Fac. Rev., Ser. A
(Mercy Health Sys.) 3.500 07/07/99 9,400
2,600 Clermont Co., OH, Hosp. Fac. Rev., Ser. B
(Mercy Health Sys.) 3.600 07/07/99 2,600
468 Cleveland, OH, Parking Fac. Rev. 3.770 07/07/99 468
3,910 Cleveland, OH, Waterworks Rev., Ser. 58 3.700 07/07/99 3,910
1,600 Clinton Co., OH, Hosp. Rev.
(Clinton Memorial Hosp.) 3.650 07/07/99 1,600
36. Countrywide Investments
<PAGE>
<CAPTION>
Ohio Tax-Free Money Fund (Continued)
Principal Market
Amount Floating & Variable Rate Coupon Maturity Value
(000's) Demand Notes -- 64.3% (Continued) Rate Date (000's)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 7,000 Clinton Co., OH, Hosp. Rev. (Ohio
Hospital Cap., Inc.) 3.500% 07/07/99 $ 7,000
200 Columbus, OH, GO, Ser. 1 3.650 07/07/99 200
1,700 Columbus, OH, Sewer Sys. Rev. 3.700 07/07/99 1,700
2,200 Cuyahoga Co., OH, Educ. Fac. Rev., Ser. 1998
(United Cerebral Palsy Assoc.) 3.600 07/07/99 2,200
555 Cuyahoga Co., OH, Health Care Fac. Rev.,
Ser. 1993A (Hospice of Western Reserve) 3.600 07/07/99 555
1,750 Cuyahoga Co., OH, Health Care Fac. Rev.,
Ser. 1993B (Hospice of Western Reserve) 3.600 07/07/99 1,750
2,000 Cuyahoga Co., OH, IDR, Ser. 1989
(Motch Corp. Proj.) 3.800 07/07/99 2,000
865 Cuyahoga Co., OH, IDR (Pleasant Lake Assoc.) 3.600 07/07/99 865
1,890 Defiance Co., OH, IDR (Isaac Property Proj.) 3.600 07/07/99 1,890
3,500 Delaware Co., OH, Health Care Fac. Rev.,
Ser. 1998 (Sarah Moore Home Proj.) 3.770 07/07/99 3,500
900 Delaware Co., OH, IDR, Ser. 1985
(MRG Ltd. Proj.) 3.700 07/07/99 900
2,160 Erie Co., OH, IDR (Toft Dairy, Inc.) 3.600 07/07/99 2,160
2,380 Franklin Co., OH, EDR (Dominican Sisters) 3.650 07/07/99 2,380
3,685 Franklin Co., OH, EDR, Ser. 1998
(Unity Resource Center Proj.) 3.650 07/07/99 3,685
1,215 Franklin Co., OH, Health Care Fac. Rev.
(Lifeline Organ Procurement) 3.650 07/07/99 1,215
4,735 Franklin Co., OH, Hosp. Rev.
(U.S. Health Corp.) 3.550 07/07/99 4,735
4,280 Franklin Co., OH, Hosp. Rev.
(U.S. Health Corp.) 3.550 07/07/99 4,280
8,000 Franklin Co., OH, IDR (Berwick Steel) 4.700 07/07/99 8,000
1,150 Franklin Co., OH, IDR (Ohio Girl Scouts) 3.620 07/07/99 1,150
564 Franklin Co., OH, IDR, Ser. D (Kindercare) 3.650 07/07/99 564
400 Franklin Co., OH, IDR (Columbus College) 3.620 07/07/99 400
2,000 Franklin Co., OH, IDR (Alco Standard Corp.) 3.850 07/07/99 2,000
2,000 Geauga Co., OH, Health Care Fac. Rev.,
Ser. 1998A (Heather Hill Proj.) 3.720 07/07/99 2,000
1,245 Green Co., OH, Health Care Fac. Rev.
(Green Oaks Proj.) 3.600 07/07/99 1,245
1,078 Hamilton Co., OH, EDR, Ser. 1995
(Cincinnati Assoc. for the Performing Arts) 3.650 07/07/99 1,078
5,000 Hamilton Co., OH, Fac. Rev., Ser. 1997A
(Episcopal Retirement Homes) 3.600 07/07/99 5,000
1,080 Hamilton Co., OH, Health Care Fac. Rev.
(Aloysius Orphanage Proj.) 3.600 07/07/99 1,080
6,000 Hamilton Co., OH, Hosp. Fac. Rev., Ser. 1997A
(Children's Hosp. Med. Ctr.) 3.600 07/07/99 6,000
8,600 Hamilton Co., OH, Hosp. Fac. Rev., Ser. E
(Health Alliance of Greater Cincinnati) 3.350 07/07/99 8,600
600 Hamilton Co., OH, Hosp. Fac. Rev., Ser. F
(Health Alliance of Greater Cincinnati) 3.350 07/07/99 600
3,000 Hamilton OH, MFH Rev., Ser. A
(Knollwood Village Apts.) 3.620 07/07/99 3,000
2,000 Hamilton OH, MFH Rev. (Knollwood
Village Apts.) 3.620 07/07/99 2,000
2,690 Hancock Co., OH, MFM Rev., Ser. A
(Crystal Glen Apts. Proj. Phase II) 3.620 07/07/99 2,690
375 Hudson Village, OH, IDR, Ser. A (Kindercare) 3.650 07/07/99 375
885 Huron Co., OH, Rev. (Norwalk Furniture Corp.) 3.600 07/07/99 885
Countrywide Investments 37.
<PAGE>
<CAPTION>
Ohio Tax-Free Money Fund (Continued)
Principal Market
Amount Floating & Variable Rate Coupon Maturity Value
(000's) Demand Notes -- 64.3% (Continued) Rate Date (000's)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 7,105 Lima, OH, Hosp. Fac. & Impt. Rev., Ser. 1996
(Lima Memorial Hosp.) 3.650% 07/07/99 $ 7,105
7,600 Lorain Co., OH, Hosp. Fac. Rev., Ser. 1998A
(Catholic Healthcare Partners) 3.500 07/07/99 7,600
494 Lorain Co., OH, IDR, Ser. C (Kindercare) 3.650 07/07/99 494
1,880 Lorain Co., OH, IDR (EMH Med. Ctr. Proj.) 3.600 07/07/99 1,880
300 Lucas Co., OH, Rev. (Sunshine Children's Home) 3.650 07/07/99 300
935 Lucas Co., OH, IDR, Ser. D (Kindercare) 3.650 07/07/99 935
360 Lucas Co., OH, IDR (Associates Proj.) 3.720 07/07/99 360
1,900 Mahoning Co., OH, Health Care Fac. Rev.
(Copeland Oaks) 3.620 07/07/99 1,900
1,415 Mahoning Co., OH, Health Care Fac. Rev.
(Ohio Heart Institute) 3.620 07/07/99 1,415
330 Marion Co., OH, Hosp. Impt. Rev.
(Pooled Lease Proj.) 3.620 07/07/99 330
445 Marion Co., OH, Hosp. Impt. Rev.
(Pooled Lease Proj.) 3.620 07/07/99 445
680 Marion Co., OH, Hosp. Impt. Rev.
(Pooled Lease Proj.) 3.620 07/07/99 680
300 Medina, OH, IDR (Kindercare) 3.650 07/07/99 300
900 Meigs Co., OH, IDR, Ser. 1985 (MRG Ltd. Proj.) 3.700 07/07/99 900
287 Middletown, OH, IDR, Ser. A (Kindercare) 3.650 07/07/99 287
865 Monroe, OH, IDR, Ser. 1985 (Magnode Corp.) 3.550 07/07/99 865
2,000 Montgomery Co., OH, EDR (Dayton Art Institute) 3.700 07/07/99 2,000
520 Montgomery Co., OH, Health Care Rev., Ser. A
(Dayton Area MRI Consortium) 3.600 07/07/99 520
3,555 Montgomery Co., OH, Health Care Rev.
(Comm. Blood Ctr. Proj.) 3.620 07/07/99 3,555
340 Montgomery Co., OH, IDR (Kindercare) 3.650 07/07/99 340
3,700 Montgomery Co., OH, Ltd. Oblig. Rev., Ser. 1996
(St. Vincent de Paul Proj.) 3.600 07/07/99 3,700
1,000 Morrow Co., OH, IDR (Field Container Corp.) 3.550 07/07/99 1,000
4,800 Ohio St. EDR, Ser. 1983 (Court St. Ctr.
Assoc. Ltd. Proj.) 3.450 07/07/99 4,800
2,845 Ohio St. Higher Educ. Fac. Rev.
(Mount Union College Proj.) 3.550 07/07/99 2,845
4,400 Ohio St. Higher Educ. Fac. Rev. (Pooled Fin.) 3.620 07/07/99 4,400
4,900 Ohio St. Higher Educ. Fac. Rev. (Pooled Fin.) 3.620 07/07/99 4,900
5,000 Ohio St. Higher Educ. Fac. Rev. (Pooled Fin.) 3.620 07/07/99 5,000
3,500 Ohio St. Higher Educ. Fac. Rev.
(Kenyon College Proj.) 3.700 07/07/99 3,500
500 Ohio St. Higher Educ. Fac. Rev.
(John Carroll University) 3.875 07/07/99 500
590 Ohio St. IDR, Ser. 1994 (A.M. Castle
& Co. Proj.) 3.950 07/07/99 590
9,540 Ohio St. Turnpike Rev., Ser. 71 3.690 07/07/99 9,540
2,495 Ohio St. Water Dev. Auth. Impt. Rev. 3.690 07/07/99 2,495
715 Orrville, OH, Hosp. Fac. Rev., Ser. 1990
(Orrville Hosp.) 3.550 07/07/99 715
1,800 Ottawa Co., OH, Hosp. Fac. Rev.
(Luther Home of Mercy Proj.) 3.650 07/07/99 1,800
465 Pike Co., OH, EDR (Pleasant Hill) 3.620 07/07/99 465
900 Rickenbacker, OH, Port. Auth. Rev.
(Rickenbacker Holdings, Inc.) 3.620 07/07/99 900
5,725 Sharonville, OH, IDR (Duke Realty Proj.) 3.620 07/07/99 5,725
437 Stark Co., OH, IDR, Ser. D (Kindercare) 3.650 07/07/99 437
1,870 Summit Co., OH, Health Care Fac. Rev.,
Ser. 1997 (Evant, Inc. Proj.) 3.650 07/07/99 1,870
38. Countrywide Investments
<PAGE>
<CAPTION>
Ohio Tax-Free Money Fund (Continued)
Principal Market
Amount Floating & Variable Rate Coupon Maturity Value
(000's) Demand Notes -- 64.3% (Continued) Rate Date (000's)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 3,400 Summit, OH, Civic Fac. Rev., Ser. 1997
(YMCA Proj.) 3.600 07/07/99 $ 3,400
1,910 Summit Co., OH, IDR (Bowery Assoc.) 3.570 07/07/99 1,910
505 Summit Co., OH, IDR (Go-Jo Indust.,
Inc. Proj.) 3.620 07/07/99 505
4,375 Trumbull Co., OH, Health Care Fac. Rev.
(Shepherd of the Valley) 3.620 07/07/99 4,375
375 Wadsworth, OH, IDR (Kindercare) 3.650 07/07/99 375
1,600 Warren Co., OH, IDR (Liquid Container Proj.) 3.650 07/07/99 1,600
1,300 Westlake, OH, IDR (Nordson Co.) 3.700 07/07/99 1,300
900 Wyandot Co., OH, IDR, Ser. 1985
(MRG Ltd. Proj.) 3.700 07/07/99 900
800 Columbus, OH, Elec. Sys. Rev. 3.000 07/30/99 800
3,885 Cuyahoga Co., OH, IDR (S&R Playhouse Realty) 4.000 07/30/99 3,885
3,500 Delaware Co., OH, IDR (Radiation
Sterilizers, Inc.) 3.350 07/30/99 3,500
200 Franklin Co., OH, IDR (BOA Ltd. Proj.) 3.400 07/30/99 200
1,300 Franklin Co., OH, IDR (Jacobsen Stores) 3.400 07/30/99 1,300
1,765 Franklin Co., OH, IDR (Capitol South) 3.400 07/30/99 1,765
1,400 Hamilton Co., OH, IDR (ADP System) 3.250 07/30/99 1,400
2,800 Muskingum Co., OH, IDR (Elder-Beerman) 3.300 07/30/99 2,800
500 Ohio St. Environmental Impt. Rev.
(U.S. Steel Corp. Proj.) 3.300 07/30/99 500
- ---------- ---------
$ 251,323 Total Floating & Variable Rate Demand Notes
(Amortized Cost $251,323) $251,323
- ---------- ---------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------
Principal Market
Amount Coupon Maturity Value
(000's) Adjustable Rate Put Bonds-- 5.9 % Rate Date (000's)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 2,495 Perry Co., OH, Nursing Fac. Rev., Ser. 1996
(New Lexington Health Corp. Proj.) 4.000% 09/01/99 $ 2,495
615 Riverside, OH, EDR (Riverside Assoc.
Ltd. Proj.) 3.200 09/01/99 615
4,740 Cuyahoga Co., OH, IDR (Halle Office Building) 3.575 10/01/99 4,740
1,175 Miami Valley Tax-Exempt Mtg. Bond Trust 4.880 10/15/99 1,175
1,365 Clermont Co., OH, EDR (John Q. Hammons Proj.) 3.100 11/01/99 1,365
580 Franklin Co., OH, IDR (GSW Proj.) 3.300 11/01/99 580
3,030 Ohio St. HFA MFH (Lincoln Park) 3.600 11/01/99 3,030
3,425 Richland Co., OH, IDR (Mansfield Sq. Proj.) 3.100 11/15/99 3,425
455 Cuyahoga Co., OH, Health Care Rev., Ser. A
(Cleveland Neighborhood) 3.400 12/01/99 455
3,540 Franklin Co., OH, IDR (Leveque & Assoc. Proj.) 3.250 12/01/99 3,540
875 Scioto Co., OH, Health Care Rev.
(Hillview Retirement) 3.250 12/01/99 875
940 Gallia Co., OH, IDR (Jackson Pike Assoc.) 3.200 12/15/99 940
- ---------- ---------
$ 23,235 Total Adjustable Rate Put Bonds
(Amortized Cost $23,235) $ 23,235
- ---------- ---------
</TABLE>
Countrywide Investments 39.
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------
Ohio Tax-Free Money Fund (Continued)
Principal Market
Amount Coupon Maturity Value
(000's) Commercial Paper-- 0.8 % Rate Date (000's)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 3,000 Lorain Co., OH, (Catholic Healthcare Partners) 3.200% 08/03/99 $ 3,000
(Amortized Cost $3,000)
- ---------- ---------
$ 393,239 Total Investments at Value-- 100.7%
(Amortized Cost $393,522) $393,522
==========
Liabilities in Excess of Other Assets-- (0.7)% (2,725)
---------
Net Assets-- 100.0% $390,797
=========
</TABLE>
See accompanying notes to financial statements and notes to portfolios of
investments.
40. Countrywide Investments
<PAGE>
<TABLE>
<CAPTION>
Florida Tax-Free Money Fund
Portfolio of Investments
June 30, 1999
- -----------------------------------------------------------------------------------------
Principal Market
Amount Fixed Rate Revenue & Coupon Maturity Value
(000's) General Obligation Bonds-- 31.2% Rate Date (000's)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 1,700 Port St. Joe, FL, Cap. Impt. Rev. BANS,
Ser. 1998 4.350% 07/01/99 $ 1,700
100 Brevard Co., FL, School Board COP, Ser. A 5.300 07/01/99 100
100 Florida St. GO PCR, Ser. X 5.600 07/01/99 100
100 Mesa, AZ, GO 5.800 07/01/99 100
100 Broward Co., FL, School Board COP Rev. 6.000 07/01/99 100
200 Broward Co., FL, School Board COP Rev. 6.750 07/01/99 200
325 Cape Coral, FL, GO, Prerefunded @ 102 6.800 07/01/99 332
200 Miami-Dade Co., FL, School Board COP, Ser. A 4.000 08/01/99 200
100 Manatee Co., FL, School Dist. Sales Tax Rev. 4.000 08/01/99 100
500 Palm Beach Co., FL, School Board COP 4.500 08/01/99 500
100 Dade Co., FL, School Board COP
(G. Holmes Braddock Sr. H.S.) 4.625 08/01/99 100
100 Florida St. Correctional Privatization COP
(Bay Co. Proj.) 4.625 08/01/99 100
1,000 Wadsworth, OH, CSD School Impt. GO BANS 3.470 08/10/99 1,001
250 Texas Muni. Pwr. Agency Rev. 4.500 09/01/99 250
100 Florida St. Dept. of Gen. Services,
Div. of Fac. Mgmt. Rev., Ser. B 4.600 09/01/99 100
250 Las Vegas Valley, NV, Water District Rev. 4.700 09/01/99 251
150 Homestead, FL, Special Ins. Assessment Rev. 4.750 09/01/99 150
300 Abilene, TX, Hlth. Fac. Dev. Hosp. Rev.
(Hendrick Med. Ctr.) 5.100 09/01/99 301
100 Ft. Lauderdale, FL, Excise Tax Rev.,
Prerefunded @ 101 6.375 09/01/99 102
150 Town of Avon, CO, Sales Tax Rev., Ser. 1999 3.250 09/15/99 150
100 North Harris, TX, Montgomery Comm. College
District Rev. 5.000 09/15/99 100
205 Glenwood Springs, CO, Sales & Use Tax Rev. 3.250 10/01/99 205
575 St. Lucie Co., FL, Limited Tax GO 4.000 10/01/99 577
250 Orlando, FL, Capital Impt. Special Rev.,
Ser. B 4.250 10/01/99 251
500 Dade Co., FL, Water & Sewer Sys. Rev. 4.750 10/01/99 502
350 Lee Co., FL, Capital Impt. Rev., Ser. B,
Prerefunded @ 100 6.000 10/01/99 352
200 Hillsborough Co., FL, Aviation Auth.
Rev., Ser. A 6.150 10/01/99 201
500 Hillsborough Co., FL, Aviation Auth.
Rev., Ser. B, Prerefunded @ 102 7.000 10/01/99 514
375 Crawford Co., OH, Various Purpose GO 3.150 12/01/99 375
555 Fostoria, OH, CSD GO 3.200 12/01/99 555
800 Iowa Student Loan Liquidity Corp. Rev., Ser. C 6.500 12/01/99 811
573 Clarendon, NY, GO BANS 3.625 12/22/99 574
500 Northern Ozaukee, WI, School Dist. GO BANS 3.400 02/01/00 500
- ---------- ---------
$ 11,408 Total Fixed Rate Revenue & General Obligation Bonds
(Amortized Cost $11,454) $ 11,454
- ---------- ---------
</TABLE>
Countrywide Investments 41.
<PAGE>
<TABLE>
<CAPTION>
Florida Tax-Free Money Fund (Continued)
Principal Market
Amount Floating & Variable Rate Coupon Maturity Value
(000's) Demand Notes -- 65.4% Rate Date (000's)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 500 Martin Co., FL, Dev. Auth. PCR, Ser. 1994
(Florida Power & Light) 3.350% 07/01/99 $ 500
400 Putnam Co., FL, Dev. Auth. PCR
(Florida Power & Light) 3.350 07/01/99 400
1,800 Hillsborough Co., FL, IDA PCR (Tampa Elec.) 3.350 07/01/99 1,800
400 Tampa Sports Auth. Rev. (Stadium Proj.) 3.450 07/01/99 400
1,200 Broward Co., FL, HFA MFH Rev.
(Margate Invest. Proj.) 3.450 07/07/99 1,200
1,800 Orange Co., FL, IDA Rev. (Trinity Prep School) 3.500 07/07/99 1,800
400 St. John's Co., FL, HFA Rev., Ser. 1996
(Anastasia Shores Apts. Proj.) 3.500 07/07/99 400
1,080 Florida HFA MFH Rev., Ser. EEE
(Carlton Arms II Proj.) 3.500 07/07/99 1,080
225 Putnam Co., FL, Dev. Auth. PCR, Ser. H-1
(Seminole Elec. Coop.) 3.550 07/07/99 225
250 Putnam Co., FL, Dev. Auth. PCR, Ser. H-2
(Seminole Elec. Coop.) 3.550 07/07/99 250
900 St. Petersburg, FL, HFA Rev., Ser. 1997
(Menorah Manor Proj.) 3.550 07/07/99 900
475 Volusia Co., FL, HFA MFH Rev., Ser. H
(Sun Pointe Apts.) 3.550 07/07/99 475
900 Manatee Co., FL, HFA MFH Rev.
(Harbour Proj. B) 3.600 07/07/99 900
700 ABN AMRO Munitops Trust Cert. 1998-9
(Florida Board of Educ.) 3.640 07/07/99 700
2,000 ABN AMRO Munitops Cert. Trust 1998-8
(Dade Co., FL, Water & Sewer Sys. Rev.) 3.640 07/07/99 2,000
1,100 Plant City, FL, Hosp. Rev.
(South Florida Baptist Hosp.) 3.650 07/07/99 1,100
1,400 Illinois Dev. Fin. Auth. Rev.
(Council for Jewish Elderly) 3.650 07/07/99 1,400
500 Orange Co., FL, Health Fac. Auth. Rev.
(Adventist Sunbelt) 3.650 07/07/99 500
600 Florida Housing Fin. Corp. MFH Rev.,
(South Pointe Proj.) 3.660 07/07/99 600
100 Dade Co., FL, IDA Rev. 3.730 07/07/99 100
960 McCreary Co., KY, IDR (Le Sportsac Proj.) 3.750 07/07/99 960
700 McCreary Co., KY, IDR, Ser. B
(Le Sportsac Proj.) 3.750 07/07/99 700
500 Highlands Co., FL, Health Fac. Rev.
(Adventist Sunbelt) 3.750 07/07/99 500
800 Marion Co., FL, HFA Rev. (Paddock Place Proj.) 3.750 07/07/99 800
500 Marion Co., FL, HFA Rev. (Summer Trace Apts.) 3.750 07/07/99 500
1,000 Lee Co., FL, IDR Educ. Fac. Rev.
(The Canterbury School Proj.) 3.750 07/07/99 1,000
1,150 Jacksonville, FL, Health Fac. Rev.
(River Garden) 3.800 07/07/99 1,150
1,000 Jacksonville, FL, Health Fac. Rev.
(Faculty Practice Assoc.) 3.850 07/07/99 1,000
635 Harvard, IL, Health Care Fac. Rev., Ser. 1998
(Harvard Memorial Hosp.) 3.850 07/07/99 635
- ---------- ---------
$ 23,975 Total Floating & Variable Rate Demand Notes
(Amortized Cost $23,975) $ 23,975
- ---------- ---------
</TABLE>
42. Countrywide Investments
<PAGE>
<TABLE>
<CAPTION>
Florida Tax-Free Money Fund (Continued)
Principal Market
Amount Coupon Maturity Value
(000's) Adjustable Rate Put Bonds-- 2.6% Rate Date (000's)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 350 Corpus Christi, TX, IDR (Tex-Air
Invest. Co. Proj.) 3.350% 08/01/99 $ 350
600 Putnam Co., FL, Dev. Auth. PCR, Ser. 1984D
(Seminole Elec. Coop.) 3.125 12/15/99 600
- ---------- ---------
$ 950 Total Adjustable Rate Put Bonds
(Amortized Cost $950) $ 950
- ---------- ---------
$ 36,333 Total Investments at Value-- 99.2%
(Amortized Cost $36,379) $ 36,379
==========
Other Assets in Excess of Liabilities-- 0.8% 276
---------
Net Assets-- 100.0% $ 36,655
=========
</TABLE>
See accompanying notes to financial statements and notes to portfolios of
investments.
Countrywide Investments 43.
<PAGE>
<TABLE>
<CAPTION>
Tax-Free Intermediate Term Fund
Portfolio of Investments
June 30, 1999
- -----------------------------------------------------------------------------------------
Principal Market
Amount Coupon Maturity Value
(000's) Municipal Bonds-- 101.2% Rate Date (000's)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Arizona -- 2.9%
$ 400 Arizona Educ. Loan Mkt. Corp. Rev., Ser. A 6.700% 03/01/00 $ 408
600 Maricopa Co., AZ, School Dist. Rev.,
Ser. 1991C (Tempe Elem.) 8.000 07/01/04 692
300 Tucson, AZ, Water Dist. Rev. 9.750 07/01/10 416
---------
1,516
---------
California -- 1.4%
450 Sacramento Co., CA, MFH ARPB
(Fairway One Apts.) 5.875 02/01/03 450
250 California HFA Multi-Unit Rental Rev., Ser. B 6.500 08/01/05 264
---------
714
---------
Colorado -- 1.3%
400 Arapahoe Co., CO, Parkview Metro. Dist. GO 3.550 07/01/99 400
300 Highland Ranch, CO, Metro. Dist. GO, Ser. A 5.000 12/01/10 295
---------
695
---------
Florida -- 12.2%
200 Hillsborough Co., FL, PCR Rev.
(Tampa Elec. Proj.) 3.350 07/01/99 200
500 Florida HFA MFH ARPB, Ser. 1978B
(Hampton Lakes II Proj.) 5.700 04/01/01 502
750 Hillsborough Co., FL, Solid Waste Rev. 5.500 10/01/06 783
455 Pensacola, FL, Airport Rev., Ser. 1997B 5.400 10/01/07 469
1,000 Pasco Co., FL, HFA MFH Rev., Ser. 1997B
(Cypress Trail Apts.) 5.500 06/01/08 1,041
1,255 Florida HFA MFH Sr. Lien, Ser. I-1 6.100 01/01/09 1,323
1,000 Halifax Hosp. Medical Ctr., FL, Health Care
Fac. Rev., Ser. 1998A 4.800 04/01/10 953
365 Halifax Hosp. Medical Ctr.. FL, Health Care
Fac. Rev., Ser. 1998A 5.000 04/01/11 354
455 Tampa, FL, Health Sys. Rev., Ser. A-1
(Catholic Health East) 5.250 11/15/11 457
365 Halifax Hosp. Medical Ctr., FL, Health Care
Fac. Rev., Ser. 1998A 5.000 04/01/12 352
---------
6,434
---------
Georgia -- 0.3%
150 Savannah, GA, Hosp. Auth. Rev.
(St. Joseph's/Candler Health Sys.) 5.250 07/01/13 149
---------
Illinois -- 2.1%
1,100 Illinois Health Fac. Auth. Rev., Ser. B
(Elmhurst Hosp.) 3.500 07/01/99 1,100
---------
Indiana -- 9.4%
3,185 Purdue University, IN, COP, Prerefunded @ 102 6.250 07/01/01 3,374
1,000 Indiana Bond Bank Special Prog. Rev., Ser. A-1 6.650 01/01/04 1,053
500 Indiana HFA Multi-Unit Mtg. Prog. Rev.,
Ser. 1992A 6.600 01/01/12 526
---------
4,953
---------
</TABLE>
44. Countrywide Investments
<PAGE>
<TABLE>
<CAPTION>
Tax-Free Intermediate Term Fund (Continued)
Principal Market
Amount Coupon Maturity Value
(000's) Municipal Bonds-- 101.2% (Continued) Rate Date (000's)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Iowa -- 2.1%
$ 120 Cedar Rapids, IA, Hosp. Fac. Rev.
(St. Luke's Methodist Hosp.),
Prerefunded @ 102 6.000% 08/15/03 $ 129
250 Iowa Student Loan Liquidity Corp. Rev. 6.400 07/01/04 265
325 Iowa HFA Rev., Ser. A 6.500 07/01/06 341
240 Iowa Student Loan Liquidity Corp. Rev. 6.600 07/01/08 255
130 Cedar Rapids, IA, Hosp. Fac. Rev.
(St. Luke's Methodist Hosp.) 6.000 08/15/09 138
---------
1,128
---------
Kentucky -- 2.4%
500 Kentucky St. EDR (Health Alliance) 3.350 07/07/99 500
750 Kentucky St. Turnpike Auth. EDR
(Revitalization Proj.) 5.250 07/01/05 777
---------
1,277
---------
Louisiana -- 1.9%
440 Louisiana Public Fac. Auth. Rev.
(Medical Ctr. of Louisiana) 6.000 10/15/03 458
500 West Ouachita Parish, LA, School Dist. GO,
Ser. A 6.700 03/01/06 530
---------
988
---------
Massachusetts -- 2.9%
500 New England Educ. Loan Mkt. Corp. Rev.,
Ser. 1992A 6.500 09/01/02 526
500 New England Educ. Loan Mkt. Corp. Rev.,
Ser. 1992B 6.600 09/01/02 528
445 Massachusetts St. Indust. Fin. Agy. Rev.,
Ser. 1997 (Hudner Assoc.) 5.000 01/01/08 449
---------
1,503
---------
Michigan -- 4.8%
1,000 Michigan St. Bldg. Auth. Rev., Ser. II 6.400 10/01/04 1,064
1,000 Michigan St. Hosp. Fin. Auth. Rev., Ser. A
(McLaren Health Care Corp.) 5.250 06/01/07 1,013
450 Battle Creek, MI, EDR (Kellogg Co. Proj.) 5.125 02/01/09 454
---------
2,531
---------
Mississippi -- 1.6%
500 Mississippi Higher Educ. Rev., Ser. B 6.100 07/01/01 515
335 Jackson, MS, GO 5.250 10/01/10 340
---------
855
---------
Nebraska -- 3.0%
590 Nebraska Invest. Fin. Auth. Rev., Ser. 1989
(Foundation for Educ. Fund),
Escrowed to Maturity 7.000 11/01/09 603
1,000 Nebraska Gas Supply Rev., Ser. A
(American Public Energy Agy.) 4.600 06/01/10 955
---------
1,558
---------
Nevada -- 2.4%
1,000 Las Vegas, NV, GO, Sewer Impt. Rev.,
Prerefunded @ 102 6.500 04/01/02 1,074
185 Washoe Co., NV, GO 7.375 07/01/09 189
---------
1,263
---------
New York -- 1.0%
500 New York Local Govt. Asst. Corp. Rev.,
Ser. 1991B, Prerefunded @ 102 7.000 04/01/01 534
---------
North Carolina -- 2.0%
1,030 Cabarrus Co., NC, Dev. Corp. Install.
Pymt. Rev. 4.950 06/01/09 1,027
---------
</TABLE>
Countrywide Investments 45.
<PAGE>
<TABLE>
<CAPTION>
Tax-Free Intermediate Term Fund (Continued)
Principal Market
Amount Coupon Maturity Value
(000's) Municipal Bonds-- 101.2% (Continued) Rate Date (000's)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Ohio -- 30.4%
$ 1,300 Ohio St. Air Quality Dev. Auth. Rev.,
Ser. A (CG&E) 3.350% 07/01/99 $ 1,300
500 Franklin Co., OH, Rev. (Online Computer
Library Ctr.) 5.500 04/15/00 506
625 Fairfield, OH, IDR ARPB (Skyline Chili, Inc.) 5.000 09/01/00 626
270 Warren Co., OH, Hosp. Fac. Rev.
(Otterbein Home), Prerefunded @ 102 7.000 07/01/01 289
930 Ohio St. EDR Ohio Enterprise Bond Fd.
(Smith Steelite Proj.) 5.600 12/01/03 961
500 Hamilton Co., OH, Hosp. Fac. Rev.
(Episcopal Retirement Home) 6.600 01/01/04 526
315 Ohio St. EDR Ohio Enterprise Bond Fd.
(Cheryl & Co.) 5.500 12/01/04 324
1,005 Franklin Co., OH, Health Care Rev.
(First Comm. Village) 6.000 06/01/06 1,043
530 Toledo, OH, GO 6.000 12/01/06 572
840 Kent State University General Receipts Rev. 6.000 05/01/07 903
710 Hamilton Co., OH, Health Care Fac.
(Twin Towers) 5.750 10/01/07 744
500 Ohio St. IDR, Ser. 1997 (Bomaine
Corporation Proj.) 5.500 11/01/07 507
674 Columbus, OH, Special Assessment GO 5.050 04/15/08 661
800 West Clermont, OH, LSD GO 6.150 12/01/08 860
500 Hamilton Co., OH, Hosp. Fac. Rev.
(Bethesda Hosp.) 7.000 01/01/09 508
930 Hamilton Co., OH, Health Care Fac.
(Twin Towers) 5.250 10/01/10 928
1,000 Franklin Co., OH, Rev.
(Online Computer Library Ctr.) 4.650 10/01/11 939
1,000 Cuyahoga Co., OH, Hosp. Rev.
(University Hosp.) 5.125 01/15/12 984
1,000 Franklin Co., OH, Rev.
(Online Computer Library Ctr.) 4.700 10/01/12 936
520 Sycamore, OH, CSD COP 4.700 12/01/12 487
1,365 Toledo, OH, GO 5.000 12/01/13 1,344
---------
15,948
---------
Pennsylvania -- 2.0%
500 Pennsylvania St. IDR, Ser. A,
Prerefunded @ 102 7.000 07/01/01 538
500 Pennsylvania Fin. Auth. Muni.
Capital Impt. Proj. Rev. 6.600 11/01/09 539
---------
1,077
---------
South Carolina -- 1.4%
725 Richland-Lexington, SC, Airport Dist. Rev.,
Ser. 1995 (Columbia Metro.) 6.000 01/01/08 759
---------
Tennessee -- 6.0%
525 Southeast, TN, Tax-Exempt Mtg. Trust ARPB,
Ser. 1990 7.250 04/01/03 570
500 Nashville, TN, Metro. Airport Rev., Ser. C 6.625 07/01/07 532
1,000 Nashville & Davidson Co., TN, Health & Educ.
Fac. Rev., Ser. A (Vanderbilt Univ.) 5.000 10/01/11 985
1,035 Johnson City, TN, Health & Educ. Rev.
(Medical Center Hosp.) 5.500 07/01/13 1,060
---------
3,147
---------
</TABLE>
46. Countrywide Investments
<PAGE>
<TABLE>
<CAPTION>
Tax-Free Intermediate Term Fund (Continued)
Principal Market
Amount Coupon Maturity Value
(000's) Municipal Bonds-- 101.2% (Continued) Rate Date (000's)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Texas -- 6.9%
$ 500 Houston, TX, Sr. Lien Rev., Ser. A
(Hotel Tax & Parking Fac.),
Prerefunded @ 100 7.000% 07/01/01 $ 528
500 N. Texas Higher Educ. Student Loan Rev.,
Ser. 1991A 6.875 04/01/02 517
50 N. Central, TX, Health Fac. Rev.
(Baylor Health Care), Indexed INFLOS,
Prerefunded @ 102 8.050 05/15/02 54
450 N. Central, TX, Health Fac. Rev.
(Baylor Health Care), Indexed INFLOS 8.050 05/15/08 480
490 Dallas, TX, ISD 5.600 08/15/11 509
236 Midland, TX, HFC Rev., Ser. A-2 8.450 12/01/11 254
10 San Antonio, TX, Elec. & Gas Rev.,
Escrowed to Maturity 5.000 02/01/12 10
990 San Antonio, TX, Elec. & Gas Rev. 5.000 02/01/12 975
300 Waco, TX, COP 4.800 02/01/15 280
---------
3,607
---------
Wisconsin -- 0.8%
430 Wisconsin St. Health & Educ. Fac. Auth. Rev.
(Agnesian Healthcare, Inc.) 4.900 07/01/11 413
- ---------- ---------
$ 51,825 Total Municipal Bonds-- 101.2%
(Amortized Cost $52,525) $ 53,176
========== ---------
Liabilities in Excess of Other Assets-- (1.2)% (643)
---------
Net Assets-- 100.0% $ 52,533
=========
</TABLE>
See accompanying notes to financial statements and notes to portfolios of
investments.
Countrywide Investments 47.
<PAGE>
<TABLE>
<CAPTION>
Ohio Insured Tax-Free Fund
Portfolio of Investments
June 30, 1999
- -----------------------------------------------------------------------------------------
Principal Market
Amount Fixed Rate Revenue & Coupon Maturity Value
(000's) General Obligation Bonds-- 89.7% Rate Date (000's)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 200 Montgomery Co., OH, Hosp. Rev.
(Sisters of Charity), Prerefunded @ 102 6.625% 05/15/01 $ 212
250 Franklin Co., OH, IDR (1st Comm. Village
Healthcare), Crossover
Prerefunded @ 101.5 10.125 08/01/01 282
415 Ohio HFA SFM Rev., Ser. D 7.000 09/01/01 434
30 Clermont Co., OH, Hosp. Fac. Rev., Ser. A
(Mercy Health Sys.), Prerefunded @ 100 7.500 09/01/01 32
460 Westerville, Minerva Park & Blendon, OH,
Joint Hosp. Dist. Rev. (St. Ann's),
Prerefunded @ 102 7.100 09/15/01 497
1,000 Clermont Co., OH, Hosp. Fac. Rev.
(Mercy Health Sys.), Prerefunded @ 102 6.733 09/25/01 1,070
850 Alliance, OH, Waterworks Sys. Rev.,
Prerefunded @ 102 6.650 10/15/01 914
500 Celina, OH, Wastewater Sys. Mtg. Rev.,
Prerefunded @ 101 6.550 11/01/01 532
500 Summit Co., OH, Various Purpose GO,
Prerefunded @ 102 6.625 12/01/01 539
500 Greene Co., OH, Water Sys. Rev.,
Prerefunded @ 102 6.850 12/01/01 541
290 Northwest, OH, LSD GO, Prerefunded @ 102 7.050 12/01/01 316
500 Clermont Co., OH, Sewer Sys. Rev.,
Prerefunded @ 102 7.100 12/01/01 544
461 Cleveland, OH, Waterworks Impt. Rev.,
Ser. 1992B, Prerefunded @ 102 6.500 01/01/02 494
1,000 Kent St. University General Receipts Rev.,
Prerefunded @ 102 6.500 05/01/02 1,078
500 Franklin Co., OH, Hosp. Rev., Ser. 1991
(Mt. Carmel Health), Prerefunded @ 102 6.750 06/01/02 543
500 Cleveland, OH, GO, Ser. A, Prerefunded @ 102 6.375 07/01/02 539
500 Mahoning Co., OH, Hosp. Impt. Rev.
(YHA Proj.), Prerefunded @ 100 7.000 10/15/02 532
500 Seneca Co., OH, GO (Jail Fac.),
Prerefunded @ 102 6.500 12/01/02 545
675 Reynoldsburg, OH, CSD GO, Prerefunded @ 102 6.550 12/01/02 736
33 Ohio St. Bldg. Auth. Rev. (Frank
Lausch Proj.), Prerefunded @ 100 10.125 04/01/03 38
142 Ohio St. Bldg. Auth. Rev. (Columbus St.
Proj.), Prerefunded @ 100 10.125 04/01/03 164
230 Summit Co., OH, GO, Ser. A, Prerefunded @ 100 6.900 08/01/03 252
500 Newark, OH, Water Sys. Impt. Rev.,
Prerefunded @ 102 6.000 12/01/03 541
500 Ohio St. Bldg. Auth. Rev., Ser. 1994A
(Juvenille Correctional Bldg.),
Prerefunded @ 102 6.600 10/01/04 558
1,000 Cleveland, OH, Public Power Sys. Rev., Ser. I,
Prerefunded @ 102 7.000 11/15/04 1,136
500 Crawford Co., OH, GO, Prerefunded @ 102 6.750 12/01/04 563
1,000 Greater Cleveland, OH, Regional Transit
Auth. GO, Prerefunded @ 101 5.650 12/01/06 1,069
290 Alliance, OH, CSD GO 6.900 12/01/06 313
500 Mansfield, OH, Hosp. Impt. Rev.
(Mansfield General) 6.700 12/01/09 535
500 Hamilton, OH, Water Sys. Mtg. Rev., Ser. 1991A 6.400 10/15/10 532
500 Butler Co., OH, Hosp. Fac. Rev.
(Middleton Regional Hosp.) 6.750 11/15/10 536
1,000 Canton, OH, Waterworks Sys. GO, Ser. 1995 5.750 12/01/10 1,052
39 Cleveland, OH, Waterworks Impt. Rev., Ser. F 6.500 01/01/11 41
</TABLE>
48. Countrywide Investments
<PAGE>
<TABLE>
<CAPTION>
Ohio Insured Tax-Free Fund (Continued)
Principal Market
Amount Fixed Rate Revenue & Coupon Maturity Value
(000's) General Obligation Bonds -- 89.7% (Continued) Rate Date (000's)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 475 Ohio Capital Corp. MFH Rev., Ser. 1990A 7.500% 01/01/10 $ 493
240 Cuyahoga Co., OH, Hosp. Rev. (University
Hosp.), Escrowed to Maturity 9.000 06/01/11 298
600 Westerville, OH, Water Sys. Impt. GO 6.450 12/01/11 647
530 Urbana, OH, Wastewater Impt. GO 7.050 12/01/11 581
365 Bexley, OH, CSD GO 7.125 12/01/11 441
255 Summit Co., OH, GO, Ser. A 6.900 08/01/12 274
500 Strongsville, OH, CSD GO 5.375 12/01/12 515
500 Worthington, OH, CSD GO 6.375 12/01/12 533
500 Brunswick, OH, CSD GO 6.900 12/01/12 538
1,095 West Clermont, OH, LSD GO 6.900 12/01/12 1,232
95 Ohio St. Higher Educ. Fac. Comm. Rev. 7.250 12/01/12 101
1,000 Lorain Co., OH, Hosp. Rev. (Catholic
Health Care Partners) 5.625 09/01/14 1,024
530 Ottawa Co., OH, GO 5.750 12/01/14 554
1,000 Portage Co., OH, GO 6.200 12/01/14 1,079
290 Garfield Heights, OH, Various Purpose GO 6.300 12/01/14 314
460 Bedford Heights, OH, GO 6.500 12/01/14 503
1,000 Clermont Co., OH, Hosp. Fac. Rev.
(Mercy Health Sys.) 5.875 09/01/15 1,032
600 Toledo-Lucas Co., OH, Convention Ctr. Rev. 5.700 10/01/15 625
400 Warren, OH, Waterworks Rev. 5.500 11/01/15 414
500 Delaware, OH, CSD GO 5.750 12/01/15 519
500 Ohio St. Higher Educ. Fac. Rev. (Univ.
of Dayton) 6.750 12/01/15 542
1,000 Buckeye Valley, OH, LSD GO 6.850 12/01/15 1,161
500 Cleveland, OH, Waterworks Impt. Rev., Ser. F 6.250 01/01/16 529
750 Columbus-Polaris Hsg. Corp. Rev. 7.400 01/01/16 842
500 Ohio St. Air Quality Dev. Rev., Ser. A
(Ohio Edison) 7.450 03/01/16 521
781 Ohio HFA SFM Rev., Ser. 1991D 7.050 09/01/16 816
226 Ohio HFA SFM Rev., Ser. 1990F 7.600 09/01/16 235
750 Montgomery Co., OH, Hosp. Rev.
(Miami Valley Hosp.) 6.250 11/15/16 800
1,000 Greater Cleveland, OH, Regional Trans.
Auth. GO 4.750 12/01/16 930
815 Butler Co., OH, GO 5.750 12/01/16 849
590 Garfield Heights, OH, Various Purpose GO 7.050 12/01/16 628
1,260 Cleveland, OH, Airport Sys. Rev., Ser. C 5.125 01/01/17 1,227
750 Butler Co., OH, Trans. Impt. Dist., Ser. A 5.125 04/01/17 733
800 Ohio St. Bldg. Auth. Rev. (Adult
Correctional Bldg.) 5.600 04/01/17 820
1,000 Lorain Co., OH, Hosp. Rev. 5.625 09/01/17 1,015
2,000 Toledo, OH, Waterworks Sys. Mtg. Rev. 4.750 11/15/17 1,852
500 Toledo, OH, Sewer Sys. Rev. 6.350 11/15/17 543
1,000 Hamilton Co., OH, Sewer Sys. Impt. Rev.,
Ser. A 5.000 12/01/17 966
1,000 Mason, OH, CSD GO 5.300 12/01/17 1,002
1,000 Rocky River, OH, CSD GO, Ser. 1998 5.375 12/01/17 1,006
1,400 Cuyahoga Co., OH, Util. Sys. Impt. Rev.
(Medical Center Proj.) 5.125 02/15/18 1,358
500 Ohio St. Air Quality Dev. Rev., Ser. 1990B
(Ohio Edison) 7.100 06/01/18 523
1,670 Canton, OH, GO 4.750 12/01/18 1,538
1,000 Hamilton Co., OH, Sales Tax. Rev.
(Football Stadium Proj.) 5.000 12/01/18 955
1,000 Little Miami, OH, LSD GO 5.000 12/01/18 959
1,265 Defiance, OH, Waterworks Sys. GO 5.650 12/01/18 1,305
1,000 S. Euclid-Lyndhurst, OH, CSD GO, Ser. 1996 6.400 12/01/18 1,091
1,000 Cuyahoga Co., OH, Hosp. Rev.
(University Hosp.) 5.400 01/15/19 1,000
</TABLE>
Countrywide Investments 49.
<PAGE>
<TABLE>
<CAPTION>
Ohio Insured Tax-Free Fund (Continued)
Principal Market
Amount Fixed Rate Revenue & Coupon Maturity Value
(000's) General Obligation Bonds -- 89.7% (Continued) Rate Date (000's)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 360 Cuyahoga Co., OH, Hosp. Rev.
(University Hosp.) 6.250% 01/15/20 $ 379
720 University of Toledo, OH, General
Receipts Rev. 4.750 06/01/20 657
1,210 Greene Co., OH, Sewer Sys. Rev. 5.125 12/01/20 1,171
1,000 Ohio St. Air Quality Dev. Rev., Ser. 1985A
(Columbus & Southern Power) 6.375 12/01/20 1,066
1,000 Hamilton, OH, CSD GO 5.625 12/01/24 990
1,000 Ohio St. Air Quality Dev. Rev. (Penn. Power) 6.450 05/01/27 1,065
- ---------- ---------
$ 58,147 Total Fixed Rated Revenue & General Obligation Bonds
- ----------
(Amortized Cost $57,971) $ 60,501
---------
- -----------------------------------------------------------------------------------------
Principal Market
Amount Floating & Variable Rate Coupon Maturity Value
(000's) Demand Notes -- 5.9% Rate Date (000's)
- -----------------------------------------------------------------------------------------
$ 1,200 Montgomery Co., OH, Ser. 1998A
(Miami Valley Hosp.) 3.450% 07/01/99 $ 1,200
2,800 Columbus, OH, GO Ser. 1 3.650 07/07/99 2,800
- ---------- ---------
$ 4,000 Total Floating & Variable Rate Demand Notes
(Amortized Cost $4,000) $ 4,000
- ---------- ---------
$ 62,147 Total Investments at Value-- 95.6%
(Amortized Cost $61,971) $ 64,501
==========
Other Assets in Excess of Liabilities-- 4.4% 2,976
---------
Net Assets-- 100% $ 67,477
=========
</TABLE>
See accompanying notes to financial statements and notes to portfolios of
investments.
50. Countrywide Investments
<PAGE>
Notes to Portfolios of Investments
June 30, 1999
- --------------------------------------------------------------------------------
Variable and adjustable rate put bonds earn interest at a coupon rate which
fluctuates at specified intervals, usually daily, monthly or semi-annually. The
rates shown in the Portfolios of Investments are the coupon rates in effect at
June 30, 1999.
Put bonds may be redeemed at the discretion of the holder on specified dates
prior to maturity. Mandatory put bonds are automatically redeemed at a specified
put date unless action is taken by the holder to prevent redemption.
Bonds denoted as prerefunded are anticipated to be redeemed prior to their
scheduled maturity. The dates indicated in the Portfolios of Investments are the
stipulated prerefunded dates.
Portfolio Abbreviations:
ARPB - Adjustable Rate Put Bond
BANS - Bond Anticipation Notes
COP - Certificates of Participation
CSD - City School District
EDR - Economic Development Revenue
GO - General Obligation
HFA - Housing Finance Authority/Agency
HFC - Housing Finance Corporation
IDA - Industrial Development Authority/Agency
IDR - Industrial Development Revenue
ISD - Independent School District
LSD - Local School District
MFH - Multi-Family Housing
MFM - Multi-Family Mortgage
PCR - Pollution Control Revenue
RANS - Revenue Anticipation Notes
SFM - Single Family Mortgage
USD - Unified School District
Countrywide Investments 51.
<PAGE>
Report of Independent Public Accountants
- --------------------------------------------------------------------------------
ARTHUR ANDERSEN LLP
LOGO
To the Shareholders and Board of Trustees of Countrywide Tax-Free Trust:
We have audited the accompanying statements of assets and liabilities, including
the portfolios of investments of Countrywide Tax-Free Trust (comprising,
respectively, the Tax-Free Money Fund, California Tax-Free Money Fund, Ohio
Tax-Free Money Fund, Florida Tax-Free Money Fund, Tax-Free Intermediate Term
Fund and Ohio Insured Tax-Free Fund (a Massachusetts business trust) as of June
30, 1999, the related statements of operations for the year then ended, the
statements of changes in net assets for each of the two years then ended and the
financial highlights for the periods indicated thereon. These financial
statements and financial highlights are the responsibility of the Trust's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of June
30, 1999, by correspondence with custodians and brokers. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the respective portfolios constituting the Countrywide Tax-Free Trust as of
June 30, 1999, the results of their operations for the year then ended, the
changes in their net assets for each of the two years then ended, and the
financial highlights for the periods referred above, in conformity with
generally accepted accounting principles.
/s/ Arthur Anderson LLP
Cincinnati, Ohio,
August 6, 1999
52. Countrywide Investments
<PAGE>
Countrywide Tax-Free Trust
- --------------------------------------------------------------------------------
312 Walnut St., 21st Floor
Cincinnati, Ohio 45202-4094
Nationwide: (Toll Free) 800-543-8721
Cincinnati: 629-2000
Rate Line: 579-0999
Shareholder Services
- --------------------------------------------------------------------------------
Nationwide: (Toll Free) 800-543-0407
Cincinnati: 629-2050
Board of Trustees
- --------------------------------------------------------------------------------
Angelo R. Mozilo, Chairman
Robert H. Leshner, President
Donald L. Bogdon, M.D.
H. Jerome Lerner
Howard J. Levine
Fred A. Rappoport
Oscar P. Robertson
John F. Seymour, Jr.
Sebastiano Sterpa
Investment Adviser
- --------------------------------------------------------------------------------
Countrywide Investments, Inc.
312 Walnut St., 21st Floor
Cincinnati, Ohio 45202-4094
Transfer Agent
- --------------------------------------------------------------------------------
Countrywide Fund Services, Inc.
P.O. Box 5354
Cincinnati, Ohio 45201-5354
This report is authorized for distribution only when it is accompanied or
preceded by a current prospectus of Countrywide Tax-Free Trust.
Countrywide Investments, Inc.
312 Walnut Street
Cincinnati, Ohio 45202
www.countrywideinvestments.com
(C) 1999 Countrywide Investments, Inc. Trade/Service marks are the property of
Countrywide Credit Industries, Inc. and/or its subsidiaries.
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