TAX-EXEMPT
SEMI-ANNUAL REPORT
DECEMBER 31, 1999
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
[GRAPHIC]
COUNTRYWIDE
INVESTMENTS
[LOGO]
<PAGE>
TABLE OF CONTENTS
================================================================================
Letter from the President ................................................ 3
Management Discussion and Analysis ....................................... 4-5
Statements of Assets and Liabilities ..................................... 6-8
Statements of Operations ................................................. 9-11
Statements of Changes in Net Assets ...................................... 12-14
Financial Highlights ..................................................... 15-21
Notes to Financial Statements ............................................ 22-28
Portfolios of Investments:
Tax-Free Money Fund ................................................... 29-30
California Tax-Free Money Fund ........................................ 31-33
Ohio Tax-Free Money Fund .............................................. 34-39
Florida Tax-Free Money Fund ........................................... 40-41
Tax-Free Intermediate Term Fund ....................................... 42-45
Ohio Insured Tax-Free Fund ............................................ 46-48
Notes to Portfolios of Investments ....................................... 49
2 - Countrywide Investments
<PAGE>
LETTER FROM THE PRESIDENT
================================================================================
[PHOTO]
Dear Fellow Shareholders:
We are pleased to present Countrywide Tax-Free Trust's semi-annual report for
the six months ended December 31, 1999. This report provides financial data and
performance information for the Tax-Free Money Fund, Ohio Tax-Free Money Fund,
California 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 currently offered among the 16
mutual funds which comprise the Countrywide Family of Funds.
As 1999 came to a close, many of the themes that drove bond market performance
for much of the year remained intact. Economic growth continues to surge, led by
consumer demand, rising incomes and a soaring stock market. 1999 was a difficult
year for bond investors. "Phantom" concerns regarding rising inflation prompted
the Federal Reserve to increase interest rates three times in 1999, effectively
taking back the three interest rate cuts made in the fall of 1998. Rising
interest rates provided downward price pressure, and as a result, the bond
market suffered its worst year since 1994. The 2-year Treasury gained 1.9
percent for the year, while the 30-year Treasury fell 14.8 percent.
We believe the tax-exempt sector continues to offer attractive investment
alternatives. Investors can buy high-quality, intermediate and longer-term
municipal bonds at yields close to 80% to 90% of Treasuries. This gives
tax-conscious investors an appealing tax-free yield.
Countrywide Financial Services, Inc, was acquired by Fort Washington Investment
Advisors, Inc. on October 29, 1999. Fort Washington is part of the
Western-Southern Enterprise, a dynamic financial services group. As part of the
Enterprise, Countrywide will have access to broad managerial, financial and
technological resources. In addition, we will help the Enterprise fulfill its
potential in the financial marketplace by enhancing flexibility, responsiveness,
product diversity and client satisfaction. With the acquisition of Countrywide
Financial Services, Inc., Western-Southern Enterprise assets owned or under
management passed the $20 billion mark.
Countrywide Investments remains committed to providing products and services
that help investors meet their financial goals. On May 1, 2000 we will be
expanding our fund offerings to include the Touchstone Funds, also a part of the
Western-Southern Enterprise. The names of all the Countrywide Funds will be
changed to Touchstone. You will be receiving more information in the near
future.
Our success has been built on the confidence investors have extended to us. We
thank you for your support and look forward to offering continued service to you
in the future.
Sincerely,
/s/ Robert H. Leshner
Robert H. Leshner
President
Countrywide Investments - 3
<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.
4 - Countrywide Investments
<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
[GRAPHIC OMITTED]
6/99
----
TAX-FREE INTERMEDIATE TERM FUND - CLASS A $17,450
LEHMAN BROTHERS 5-YEAR MUNICIPAL G.O. BOND INDEX $18,780
Past performance is not predictive of future performance.
- --------------------------------------------------------
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%
- --------------------------------------------------------
* 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.
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
[GRAPHIC OMITTED]
6/99
----
OHIO INSURED TAX-FREE FUND - CLASS A $18,060
LEHMAN BROTHERS 15-YEAR MUNICIPAL G.O. BOND INDEX $21,252
Past performance is not predictive of future performance.
- --------------------------------------------------------
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%
- --------------------------------------------------------
* 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.
Countrywide Investments - 5
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999 (UNAUDITED)
================================================================================
CALIFORNIA
TAX-FREE TAX-FREE
(000'S) MONEY FUND MONEY FUND
- --------------------------------------------------------------------------------
ASSETS
Investment securities:
At acquisition cost ................................. $ 27,263 $ 56,178
-------- --------
At amortized cost ................................... $ 27,245 $ 56,130
-------- --------
At market value (Note 2) ............................ $ 27,245 $ 56,130
Cash ................................................... 98 46
Interest receivable .................................... 265 435
Other assets ........................................... 14 14
-------- --------
TOTAL ASSETS ........................................... 27,622 56,625
-------- --------
LIABILITIES
Dividends payable ...................................... 1 5
Payable to affiliates (Note 4) ......................... 10 25
Other accrued expenses and liabilities ................. 5 7
-------- --------
TOTAL LIABILITIES ...................................... 16 37
-------- --------
NET ASSETS ............................................. $ 27,606 $ 56,588
-------- --------
NET ASSETS CONSIST OF:
Paid-in capital ........................................ $ 27,609 $ 56,590
Accumulated net realized losses from security
transactions ........................................ (3) (2)
-------- --------
Net Assets ............................................. $ 27,606 $ 56,588
-------- --------
Shares of beneficial interest outstanding (unlimited
number of shares authorized, no par value) (Note 5) . 27,620 56,590
-------- --------
Net asset value, offering price and redemption price
per share (Note 2) .................................. $ 1.00 $ 1.00
-------- --------
See accompanying notes to financial statements.
6 - Countrywide Investments
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999 (UNAUDITED)
================================================================================
OHIO FLORIDA
TAX-FREE TAX-FREE
(000'S) MONEY FUND MONEY FUND
- --------------------------------------------------------------------------------
ASSETS
Investment securities:
At acquisition cost .................................. $398,005 $ 28,585
-------- --------
At amortized cost .................................... $397,807 $ 28,560
-------- --------
At market value (Note 2) ............................. $397,807 $ 28,560
Cash .................................................... 469 --
Interest receivable ..................................... 3,472 199
Other assets ............................................ 109 8
-------- --------
TOTAL ASSETS ............................................ 401,857 28,767
-------- --------
LIABILITIES
Bank overdraft .......................................... -- 369
Dividends payable ....................................... 514 26
Payable to affiliates (Note 4) .......................... 194 6
Other accrued expenses and liabilities .................. 32 6
-------- --------
TOTAL LIABILITIES ....................................... 740 407
-------- --------
NET ASSETS .............................................. $401,117 $ 28,360
-------- --------
NET ASSETS CONSIST OF:
Paid-in capital ......................................... $401,106 $ 28,373
Accumulated net realized gains (losses) from security
transactions ......................................... 11 (13)
-------- --------
NET ASSETS .............................................. $401,117 $ 28,360
-------- --------
PRICING OF RETAIL SHARES
Net assets applicable to Retail shares .................. $236,129 $ 20,084
-------- --------
Shares of beneficial interest outstanding (unlimited
number of shares authorized, no par value) (Note 5) .. 236,116 20,089
-------- --------
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 ........... $164,988 $ 8,276
-------- --------
Shares of beneficial interest outstanding (unlimited
number of shares authorized, no par value) (Note 5) .. 164,990 8,283
-------- --------
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
DECEMBER 31, 1999 (UNAUDITED)
================================================================================
TAX-FREE OHIO INSURED
INTERMEDIATE TAX-FREE
(000'S) TERM FUND FUND
- --------------------------------------------------------------------------------
ASSETS
Investment securities:
At acquisition cost ................................... $ 46,289 $ 61,550
-------- --------
At amortized cost ..................................... $ 46,121 $ 61,484
-------- --------
At market value (Note 2) .............................. $ 45,782 $ 61,575
Cash ..................................................... 70 6
Interest receivable ...................................... 802 677
Receivable for capital shares sold ....................... 87 69
Other assets ............................................. 25 32
-------- --------
TOTAL ASSETS ............................................. 46,766 62,359
-------- --------
LIABILITIES
Dividends payable ........................................ 35 78
Payable for capital shares redeemed ...................... 87 67
Payable to affiliates (Note 4) ........................... 24 29
Other accrued expenses and liabilities ................... 9 9
-------- --------
TOTAL LIABILITIES ........................................ 155 183
-------- --------
NET ASSETS ............................................... $ 46,611 $ 62,176
-------- --------
NET ASSETS CONSIST OF:
Paid-in capital .......................................... $ 47,404 $ 62,395
Accumulated net realized losses from security transactions (454) (310)
Net unrealized appreciation (depreciation) on investments (339) 91
-------- --------
NET ASSETS ............................................... $ 46,611 $ 62,176
-------- --------
PRICING OF CLASS A SHARES
Net assets applicable to Class A shares .................. $ 42,845 $ 58,044
-------- --------
Shares of beneficial interest outstanding (unlimited
number of shares authorized, no par value) (Note 5) ... 4,025 5,159
-------- --------
Net asset value and redemption price per share (Note 2) .. $ 10.64 $ 11.25
-------- --------
Maximum offering price per share (Note 2) ................ $ 11.17 $ 11.81
-------- --------
PRICING OF CLASS C SHARES
Net assets applicable to Class C shares .................. $ 3,766 $ 4,132
-------- --------
Shares of beneficial interest outstanding (unlimited
number of shares authorized, no par value) (Note 5) ... 354 367
-------- --------
Net asset value and redemption price per share (Note 2) .. $ 10.65 $ 11.25
-------- --------
Maximum offering price per share (Note 2) ................ $ 10.78 $ 11.39
-------- --------
See accompanying notes to financial statements.
8 - Countrywide Investments
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 1999 (UNAUDITED)
================================================================================
CALIFORNIA
TAX-FREE TAX-FREE
(000'S) MONEY FUND MONEY FUND
- --------------------------------------------------------------------------------
INVESTMENT INCOME
Interest income ............................. $ 507 $ 909
----- -----
EXPENSES
Investment advisory fees (Note 4) ........... 68 137
Transfer agent fees (Note 4) ................ 16 15
Accounting services fees (Note 4) ........... 15 18
Postage and supplies ........................ 10 1
Registration fees ........................... 7 4
Professional fees ........................... 6 7
Custodian fees .............................. 5 5
Trustees' fees and expenses ................. 4 4
Reports to shareholders ..................... 3 2
Distribution expenses (Note 4) .............. 2 6
Insurance expense ........................... 2 4
Pricing expenses ............................ 1 2
----- -----
TOTAL EXPENSES .............................. 139 205
Fees waived by the Adviser (Note 4) ......... (19) --
----- -----
NET EXPENSES ................................ 120 205
----- -----
NET INVESTMENT INCOME ....................... 387 704
----- -----
NET REALIZED GAINS FROM SECURITY TRANSACTIONS -- 11
----- -----
NET INCREASE IN NET ASSETS FROM OPERATIONS .. $ 387 $ 715
----- -----
See accompanying notes to financial statements.
Countrywide Investments - 9
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 1999 (UNAUDITED)
================================================================================
OHIO FLORIDA
TAX-FREE TAX-FREE
(000'S) MONEY FUND MONEY FUND
- --------------------------------------------------------------------------------
INVESTMENT INCOME
Interest income ................................. $ 7,186 $ 555
------- -------
EXPENSES
Investment advisory fees (Note 4) ............... 878 80
Distribution expenses, Retail class (Note 4) .... 249 15
Insurance expense ............................... 50 6
Transfer agent fees, Retail class (Note 4) ...... 37 6
Transfer agent fees, Institutional class (Note 4) 6 6
Custodian fees (Note 4) ......................... 34 7
Accounting services fees (Note 4) ............... 30 21
Postage and supplies ............................ 25 1
Registration fees ............................... 17 --
Professional fees ............................... 16 5
Pricing expenses ................................ 5 2
Trustees' fees and expenses ..................... 4 4
Reports to shareholders ......................... 2 1
------- -------
TOTAL EXPENSES .................................. 1,353 154
Fees waived by the Adviser (Note 4) ............. (55) (49)
------- -------
NET EXPENSES .................................... 1,298 105
------- -------
NET INVESTMENT INCOME ........................... 5,888 450
------- -------
NET REALIZED LOSSES FROM SECURITY TRANSACTIONS .. -- (1)
------- -------
NET INCREASE IN NET ASSETS FROM OPERATIONS ...... $ 5,888 $ 449
------- -------
See accompanying notes to financial statements.
10 - Countrywide Investments
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 1999 (UNAUDITED)
================================================================================
TAX-FREE OHIO INSURED
INTERMEDIATE TAX-FREE
(000'S) TERM FUND FUND
- --------------------------------------------------------------------------------
INVESTMENT INCOME
Interest income ..................................... $ 1,366 $ 1,874
------- -------
EXPENSES
Investment advisory fees (Note 4) ................... 128 162
Transfer agent fees, Class A (Note 4) ............... 26 16
Transfer agent fees, Class C (Note 4) ............... 6 6
Accounting services fees (Note 4) ................... 24 24
Postage and supplies ................................ 19 3
Distribution expenses, Class A (Note 4) ............. 16 6
Distribution expenses, Class C (Note 4) ............. 9 11
Professional fees ................................... 7 7
Pricing expenses .................................... 6 7
Reports to shareholders ............................. 6 4
Insurance expense ................................... 5 7
Registration fees, Common ........................... 3 3
Registration fees, Class A .......................... 5 2
Registration fees, Class C .......................... 5 1
Custodian fees ...................................... 4 8
Trustees' fees and expenses ......................... 4 4
------- -------
TOTAL EXPENSES ...................................... 273 271
------- -------
Fees waived by the Adviser (Note 4) ................. (5) (11)
------- -------
NET INVESTMENT INCOME ............................... 1,098 1,614
------- -------
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses from security transactions ...... (92) (236)
Net change in unrealized appreciation/depreciation
on investments ................................... (990) (2,440)
------- -------
NET REALIZED AND UNREALIZED LOSSES ON INVESTMENTS ... (1,082) (2,676)
------- -------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS $ 16 $(1,062)
------- -------
See accompanying notes to financial statements.
Countrywide Investments - 11
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
====================================================================================
CALIFORNIA
TAX-FREE TAX-FREE
MONEY FUND MONEY FUND
- ------------------------------------------------------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR
DEC. 31, ENDED DEC. 31, ENDED
1999 JUNE 30, 1999 JUNE 30,
(000'S) (UNAUDITED) 1999 (UNAUDITED) 1999
- ------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income .......... $ 387 $ 783 $ 704 $ 1,401
Net realized gains (losses) from
security transactions ....... -- (2) 11 (12)
--------- --------- --------- ---------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ............. 387 781 715 1,389
--------- --------- --------- ---------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income ..... (393) (777) (704) (1,401)
--------- --------- --------- ---------
FROM CAPITAL SHARE
TRANSACTIONS (NOTE 5)
Proceeds from shares sold ... 24,135 48,307 94,741 196,122
Reinvested distributions .... 392 751 677 1,332
Payments for shares redeemed (22,149) (61,211) (86,807) (190,488)
--------- --------- --------- ---------
NET INCREASE (DECREASE)
IN NET ASSETS FROM CAPITAL
SHARE TRANSACTIONS .......... 2,378 (12,153) 8,610 6,966
--------- --------- --------- ---------
TOTAL INCREASE (DECREASE)
IN NET ASSETS ............... 2,372 (12,149) 8,621 6,954
NET ASSETS
Beginning of year .............. 25,234 37,383 47,967 41,013
--------- --------- --------- ---------
End of year .................... $ 27,606 $ 25,234 $ 56,588 $ 47,967
--------- --------- --------- ---------
UNDISTRIBUTED NET INVESTMENT
INCOME ...................... $ -- $ 6 $ -- $ --
--------- --------- --------- ---------
</TABLE>
See accompanying notes to financial statements.
12 - Countrywide Investments
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
=======================================================================================
OHIO FLORIDA
TAX-FREE TAX-FREE
MONEY FUND MONEY FUND
- ---------------------------------------------------------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR
DEC. 31, ENDED DEC. 31, ENDED
1999 JUNE 30, 1999 JUNE 30,
(000'S) (UNAUDITED) 1999 (UNAUDITED) 1999
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income ............. $ 5,888 $ 10,174 $ 450 $ 1,596
Net realized losses from
security transactions .......... -- (3) (2) (11)
--------- --------- --------- ---------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ................ 5,888 10,171 448 1,585
--------- --------- --------- ---------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income,
Retail ......................... (3,096) (5,927) (274) (501)
From net investment income,
Institutional .................. (2,792) (4,247) (176) (1,095)
From net realized gains,
Retail ......................... -- -- -- (6)
From net realized gains,
Institutional .................. -- -- -- (16)
--------- --------- --------- ---------
DECREASE IN NET ASSETS FROM
DISTRIBUTIONS TO SHAREHOLDERS .. (5,888) (10,174) (450) (1,618)
--------- --------- --------- ---------
FROM CAPITAL SHARE
TRANSACTIONS (NOTE 5)
RETAIL
Proceeds from shares sold ......... 182,555 455,007 9,162 29,958
Reinvested distributions .......... 3,042 5,786 277 495
Payments for shares redeemed ...... (164,160) (451,416) (10,725) (23,442)
--------- --------- --------- ---------
NET INCREASE (DECREASE)
IN NET ASSETS FROM RETAIL
SHARE TRANSACTIONS ............. 21,437 9,377 (1,286) 7,011
--------- --------- --------- ---------
INSTITUTIONAL
Proceeds from shares sold ......... 190,959 459,806 35,156 67,739
Reinvested distributions .......... 224 18 50 427
Payments for shares redeemed ...... (202,301) (398,983) (42,213) (102,016)
--------- --------- --------- ---------
NET INCREASE (DECREASE)
IN NET ASSETS FROM INSTITUTIONAL
SHARE TRANSACTIONS ............. (11,118) 60,841 (7,007) (33,850)
--------- --------- --------- ---------
TOTAL INCREASE (DECREASE)
IN NET ASSETS .................. 10,319 70,215 (8,295) (26,872)
NET ASSETS
Beginning of year ................. 390,797 320,582 36,655 63,527
--------- --------- --------- ---------
End of year ....................... $ 401,117 $ 390,797 $ 28,360 $ 36,655
--------- --------- --------- ---------
</TABLE>
See accompanying notes to financial statements.
Countrywide Investments - 13
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
====================================================================================
TAX-FREE OHIO INSURED
INTERMEDIATE TAX-FREE
TERM FUND FUND
- ------------------------------------------------------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR
DEC. 31, ENDED DEC. 31, ENDED
1999 JUNE 30, 1999 JUNE 30,
(000'S) (UNAUDITED) 1999 (UNAUDITED) 1999
- ------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income .......... $ 1,098 $ 2,320 $ 1,614 $ 3,294
Net realized gains (losses) from
security transactions ....... (92) 634 (236) 353
Net change in unrealized
appreciation/depreciation
on investments .............. (990) (1,787) (2,439) (2,151)
--------- --------- --------- ---------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ............. 16 1,167 (1,061) 1,496
--------- --------- --------- ---------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income,
Class A ..................... (1,021) (2,149) (1,517) (3,095)
From net investment income,
Class C ..................... (77) (171) (97) (199)
From net realized gains,
Class A ..................... -- -- -- (1,554)
From net realized gains,
Class C ..................... -- -- -- (115)
--------- --------- --------- ---------
DECREASE IN NET ASSETS FROM
DISTRIBUTIONS TO SHAREHOLDERS (1,098) (2,320) (1,614) (4,963)
--------- --------- --------- ---------
FROM CAPITAL SHARE
TRANSACTIONS (NOTE 5)
CLASS A
Proceeds from shares sold ...... 5,100 13,620 32,312 142,439
Reinvested distributions ....... 835 1,723 1,094 3,500
Payments for shares redeemed ... (9,998) (19,292) (35,618) (149,279)
--------- --------- --------- ---------
NET DECREASE IN NET ASSETS FROM
CLASS A SHARE TRANSACTIONS .. (4,063) (3,949) (2,212) (3,340)
--------- --------- --------- ---------
CLASS C
Proceeds from shares sold ...... 463 2,454 106 550
Reinvested distributions ....... 69 158 83 268
Payments for shares redeemed ... (1,309) (2,620) (603) (1,038)
--------- --------- --------- ---------
NET DECREASE IN NET ASSETS FROM
CLASS C SHARE TRANSACTIONS .. (777) (8) (414) (220)
--------- --------- --------- ---------
TOTAL DECREASE IN NET ASSETS ... (5,922) (5,110) (5,301) (7,027)
NET ASSETS
Beginning of year .............. 52,533 57,643 67,477 74,504
--------- --------- --------- ---------
End of year .................... $ 46,611 $ 52,533 $ 62,176 $ 67,477
--------- --------- --------- ---------
</TABLE>
See accompanying notes to financial statements.
14 - Countrywide Investments
<PAGE>
TAX-FREE MONEY FUND
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
================================================================================================================
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- ----------------------------------------------------------------------------------------------------------------
SIX MONTHS
ENDED
DEC. 31, YEAR ENDED JUNE 30,
1999 ----------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of year $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
--------- --------- --------- --------- --------- ---------
Net investment income .............. 0.014 0.027 0.030 0.029 0.031 0.030
--------- --------- --------- --------- --------- ---------
Dividends from net investment income (0.014) (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 $ 1.000
--------- --------- --------- --------- --------- ---------
Total return ....................... 2.91%(B) 2.75% 3.03% 2.89% 3.15% 3.07%
--------- --------- --------- --------- --------- ---------
Net assets at end of year (000's) .. $ 27,606 $ 25,234 $ 37,383 $ 30,126 $ 25,342 $ 26,692
--------- --------- --------- --------- --------- ---------
Ratio of net expenses to
average net assets(A) ........... 0.89%(B) 0.89% 0.92% 0.99% 0.99% 0.99%
Ratio of net investment income to
average net assets .............. 2.86%(B) 2.74% 2.98% 2.85% 3.09% 3.00%
</TABLE>
(A) Absent fee waivers by the Adviser, the ratio of expenses to average net
assets would have been 1.03% and 0.95% for the periods ended December 31,
1999 and June 30, 1999, respectively (Note 4).
(B) Annualized
CALIFORNIA TAX-FREE MONEY FUND
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
================================================================================================================
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- ----------------------------------------------------------------------------------------------------------------
SIX MONTHS
ENDED
DEC. 31, YEAR ENDED JUNE 30,
1999 ----------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of year $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
--------- --------- --------- --------- --------- ---------
Net investment income .............. 0.013 0.025 0.029 0.028 0.029 0.029
--------- --------- --------- --------- --------- ---------
Dividends from net investment income (0.013) (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 $ 1.000
--------- --------- --------- --------- --------- ---------
Total return ....................... 2.58%(B) 2.56% 2.94% 2.81% 2.95% 2.95%
--------- --------- --------- --------- --------- ---------
Net assets at end of year (000's) .. $ 56,588 $ 47,967 $ 41,013 $ 32,186 $ 36,122 $ 19,525
--------- --------- --------- --------- --------- ---------
Ratio of net expenses to
average net assets(A) ........... 0.75%(B) 0.75% 0.77% 0.80% 0.80% 0.70%
Ratio of net investment income to
average net assets .............. 2.57%(B) 2.52% 2.89% 2.76% 2.88% 2.83%
</TABLE>
(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.
(B) Annualized
See accompanying notes to financial statements.
Countrywide Investments - 15
<PAGE>
OHIO TAX-FREE MONEY FUND - RETAIL
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
================================================================================================================
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- ----------------------------------------------------------------------------------------------------------------
SIX MONTHS
ENDED
DEC. 31, YEAR ENDED JUNE 30,
1999 ----------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of year $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
--------- --------- --------- --------- --------- ---------
Net investment income .............. 0.014 0.027 0.030 0.030 0.031 0.031
--------- --------- --------- --------- --------- ---------
Dividends from net investment income (0.014) (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 $ 1.000
--------- --------- --------- --------- --------- ---------
Total return ....................... 2.79%(B) 2.73% 3.07% 2.99% 3.14% 3.12%
--------- --------- --------- --------- --------- ---------
Net assets at end of year (000's) .. $ 236,129 $ 214,691 $ 205,316 $ 166,719 $ 240,323 $ 226,606
--------- --------- --------- --------- --------- ---------
Ratio of net expenses to
average net assets(A) ........... 0.75%(B) 0.75% 0.75% 0.75% 0.75% 0.74%
Ratio of net investment income to
average net assets .............. 2.78%(B) 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 0.78%, 0.77%, 0.76% and
0.77% for the periods ended December 31, 1999 and June 30, 1999, 1998 and
1997, respectively (Note 4).
(B) Annualized
OHIO TAX-FREE MONEY FUND - INSTITUTIONAL
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
=============================================================================================
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- ---------------------------------------------------------------------------------------------
SIX MONTHS
ENDED PERIOD
DEC. 31, YEAR ENDED JUNE 30, ENDED
1999 ------------------------------ JUNE 30,
(UNAUDITED) 1999 1998 1997(A)
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value at beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000
--------- --------- --------- ---------
Net investment income ................ 0.015 0.029 0.033 0.016
--------- --------- --------- ---------
Dividends from net investment income . (0.015) (0.029) (0.033) (0.016)
--------- --------- --------- ---------
Net asset value at end of period ..... $ 1.000 $ 1.000 $ 1.000 $ 1.000
--------- --------- --------- ---------
Total return ......................... 3.05%(C) 2.98% 3.33% 3.31%(C)
--------- --------- --------- ---------
Net assets at end of period (000's) .. $ 164,988 $ 176,106 $ 115,266 $ 97,589
--------- --------- --------- ---------
Ratio of net expenses to
average net assets(B) ............. 0.50%(C) 0.50% 0.50% 0.50%(C)
Ratio of net investment income to
average net assets ................ 3.01%(C) 2.93% 3.27% 3.28%(C)
</TABLE>
(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 0.53%, 0.51%, 0.52% and
0.56%(C) for the periods ended December 31, 1999 and June 30, 1999, 1998
and 1997, respectively (Note 4).
(C) Annualized.
See accompanying notes to financial statements.
16 - Countrywide Investments
<PAGE>
FLORIDA TAX-FREE MONEY FUND - RETAIL
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
================================================================================================================
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- ----------------------------------------------------------------------------------------------------------------
SIX MONTHS
ENDED
DEC. 31, YEAR ENDED JUNE 30,
1999 ----------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of year $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
--------- --------- --------- --------- --------- ---------
Net investment income .............. 0.014 0.026 0.030 0.029 0.032 0.031
--------- --------- --------- --------- --------- ---------
Dividends from net investment income (0.014) (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 $ 1.000
--------- --------- --------- --------- --------- ---------
Total return ....................... 2.76%(B) 2.68% 3.03% 2.90% 3.29% 3.17%
--------- --------- --------- --------- --------- ---------
Net assets at end of year (000's) .. $ 20,084 $ 21,371 $ 14,368 $ 22,434 $ 28,906 $ 24,119
--------- --------- --------- --------- --------- ---------
Ratio of net expenses to
average net assets(A) ........... 0.75%(B) 0.75% 0.75% 0.75% 0.61% 0.66%
Ratio of net investment income to
average net assets .............. 2.73%(B) 2.58% 2.98% 2.85% 3.24% 3.12%
</TABLE>
(A) Absent fee waivers and/or expense reimbursements by the Adviser, the ratio
of expenses to average net assets would have been 0.99%, 0.98%, 0.95%,
0.94%, 0.80% and 0.80% for the periods ended December 31, 1999 and June 30,
1999, 1998, 1997, 1996 and 1995, respectively (Note 4).
(B) Annualized
FLORIDA TAX-FREE MONEY FUND - INSTITUTIONAL
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
=========================================================================================================
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- ---------------------------------------------------------------------------------------------------------
SIX MONTHS
ENDED PERIOD
DEC. 31, YEAR ENDED JUNE 30, ENDED
1999 ------------------------------------ JUNE 30,
(UNAUDITED) 1999 1998 1997 1996(A)
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value at beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
--------- --------- --------- --------- ---------
Net investment income ................ 0.015 0.029 0.032 0.031 0.003
--------- --------- --------- --------- ---------
Dividends from net investment income . (0.015) (0.029) (0.032) (0.031) (0.003)
--------- --------- --------- --------- ---------
Net asset value at end of period ..... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
--------- --------- --------- --------- ---------
Total return ......................... 3.01%(C) 2.93% 3.28% 3.16% 3.03%(C)
--------- --------- --------- --------- ---------
Net assets at end of period (000's) .. $ 8,276 $ 15,284 $ 49,159 $ 19,349 $ 19,145
--------- --------- --------- --------- ---------
Ratio of net expenses to
average net assets(B) ............. 0.50%(C) 0.50% 0.50% 0.50% 0.50%(C)
Ratio of net investment income to
average net assets ................ 2.95%(C) 2.91% 3.23% 3.11% 3.03%(C)
</TABLE>
(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 0.91%, 0.71%, 0.71%,
0.79% and 0.87%(C) for the periods ended December 31, 1999 and June 30,
1999, 1998, 1997 and 1996, respectively (Note 4).
(C) Annualized.
See accompanying notes to financial statements.
Countrywide Investments - 17
<PAGE>
TAX-FREE INTERMEDIATE TERM FUND - CLASS A
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
=====================================================================================================================
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- ---------------------------------------------------------------------------------------------------------------------
SIX MONTHS
ENDED
DEC. 31, YEAR ENDED JUNE 30,
1999 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of year $ 10.87 $ 11.12 $ 11.01 $ 10.85 $ 10.86 $ 10.69
--------- --------- --------- --------- --------- ---------
Income from investment operations:
Net investment income ........... 0.24 0.48 0.50 0.50 0.50 0.49
Net realized and unrealized gains
(losses) on investments ...... (0.23) (0.25) 0.11 0.16 (0.01) 0.17
--------- --------- --------- --------- --------- ---------
Total from investment operations ... 0.01 0.23 0.61 0.66 0.49 0.66
--------- --------- --------- --------- --------- ---------
Dividends from net investment income (0.24) (0.48) (0.50) (0.50) (0.50) (0.49)
--------- --------- --------- --------- --------- ---------
Net asset value at end of year ..... $ 10.64 $ 10.87 $ 11.12 $ 11.01 $ 10.85 $ 10.86
--------- --------- --------- --------- --------- ---------
Total return(A) .................... 0.12%(C) 2.07% 5.63% 6.19% 4.51% 6.36%
--------- --------- --------- --------- --------- ---------
Net assets at end of year (000's) . $ 46,611 $ 47,899 $ 52,896 $ 58,485 $ 67,675 $ 81,140
--------- --------- --------- --------- --------- ---------
Ratio of net expenses to
average net assets .............. 0.99%(C) 0.99% 0.99% 0.99% 0.99% 0.99%
Ratio of net investment income to
average net assets .............. 4.37%(C) 4.33% 4.50% 4.55% 4.52% 4.59%
Portfolio turnover rate ............ 42%(C) 51% 36% 30% 37% 32%
</TABLE>
(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 1.01% for the period
ended December 31, 1999.
(C) Annualized.
See accompanying notes to financial statements.
18 - Countrywide Investments
<PAGE>
TAX-FREE INTERMEDIATE TERM FUND - CLASS C
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
=====================================================================================================================
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- ---------------------------------------------------------------------------------------------------------------------
SIX MONTHS
ENDED
DEC. 31, YEAR ENDED JUNE 30,
1999 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of year $ 10.88 $ 11.12 $ 11.01 $ 10.85 $ 10.86 $ 10.69
--------- --------- --------- --------- --------- ---------
Income from investment operations:
Net investment income ........... 0.16 0.40 0.42 0.43 0.44 0.44
Net realized and unrealized gains
(losses) on investments ...... (0.23) (0.24) 0.11 0.16 (0.01) 0.17
--------- --------- --------- --------- --------- ---------
Total from investment operations ... (0.07) 0.16 0.53 0.59 0.43 0.61
--------- --------- --------- --------- --------- ---------
Dividends from net investment income (0.16) (0.40) (0.42) (0.43) (0.44) (0.44)
--------- --------- --------- --------- --------- ---------
Net asset value at end of year ..... $ 10.65 $ 10.88 $ 11.12 $ 11.01 $ 10.85 $ 10.86
--------- --------- --------- --------- --------- ---------
Total return(A) .................... (0.62%) 1.40% 4.85% 5.49% 4.00% 5.82%
--------- --------- --------- --------- --------- ---------
Net assets at end of year (000's) .. $ 3,766 $ 4,634 $ 4,747 $ 5,161 $ 5,239 $ 4,814
--------- --------- --------- --------- --------- ---------
Ratio of net expenses to
average net assets .............. 1.74%(C) 1.74% 1.74% 1.65% 1.49% 1.49%
Ratio of net investment income to
average net assets .............. 3.62%(C) 3.58% 3.75% 3.89% 4.02% 4.08%
Portfolio turnover rate ............ 42%(C) 51% 36% 30% 37% 32%
</TABLE>
(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 1.76% for the period
ended December 31, 1999.
(C) Annualized.
See accompanying notes to financial statements.
Countrywide Investments - 19
<PAGE>
OHIO INSURED TAX-FREE FUND - CLASS A
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
=====================================================================================================================
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- ---------------------------------------------------------------------------------------------------------------------
SIX MONTHS
ENDED
DEC. 31, YEAR ENDED JUNE 30,
1999 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of year $ 11.74 $ 12.37 $ 12.22 $ 11.97 $ 11.99 $ 11.74
--------- --------- --------- --------- --------- ---------
Income from investment operations:
Net investment income ........... 0.29 0.58 0.61 0.61 0.62 0.63
Net realized and unrealized gains
(losses) on investments ...... (0.49) (0.34) 0.23 0.25 (0.02) 0.25
--------- --------- --------- --------- --------- ---------
Total from investment operations ... (0.20) 0.24 0.84 0.86 0.60 0.88
--------- --------- --------- --------- --------- ---------
Less distributions:
Dividends from net investment
income ....................... (0.29) (0.58) (0.61) (0.61) (0.62) (0.63)
Distributions from net realized
gains ........................ -- (0.29) (0.08) -- -- --
--------- --------- --------- --------- --------- ---------
Total distributions ................ (0.29) (0.87) (0.69) (0.61) (0.62) (0.63)
--------- --------- --------- --------- --------- ---------
Net asset value at end of year ..... $ 11.25 $ 11.74 $ 12.37 $ 12.22 $ 11.97 $ 11.99
--------- --------- --------- --------- --------- ---------
Total return(A) .................... (3.39%)(C) 1.81% 7.03% 7.36% 5.05% 7.75%
--------- --------- --------- --------- --------- ---------
Net assets at end of year (000's) .. $ 58,044 $ 62,737 $ 69,289 $ 70,816 $ 75,938 $ 71,393
--------- --------- --------- --------- --------- ---------
Ratio of net expenses to
average net assets(B) ........... 0.75%(C) 0.75% 0.75% 0.75% 0.75% 0.75%
Ratio of net investment income to
average net assets .............. 5.03%(C) 4.72% 4.95% 5.05% 5.12% 5.35%
Portfolio turnover rate ............ 63%(C) 26% 41% 33% 46% 29%
</TABLE>
(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 0.78% and 0.77% for the
periods ended December 31, 1999 and June 30, 1995, respectively.
(C) Annualized.
See accompanying notes to financial statements.
20 - Countrywide Investments
<PAGE>
OHIO INSURED TAX-FREE FUND - CLASS C
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
=====================================================================================================================
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- ---------------------------------------------------------------------------------------------------------------------
SIX MONTHS
ENDED
DEC. 31, YEAR ENDED JUNE 30,
1999 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of year $ 11.74 $ 12.37 $ 12.22 $ 11.97 $ 12.00 $ 11.74
--------- --------- --------- --------- --------- ---------
Income from investment operations:
Net investment income ........... 0.25 0.49 0.52 0.53 0.56 0.57
Net realized and unrealized gains
(losses) on investments ...... (0.49) (0.34) 0.23 0.25 (0.03) 0.26
--------- --------- --------- --------- --------- ---------
Total from investment operations ... (0.24) 0.15 0.75 0.78 0.53 0.83
--------- --------- --------- --------- --------- ---------
Less distributions:
Dividends from net investment
income ....................... (0.25) (0.49) (0.52) (0.53) (0.56) (0.57)
Distributions from net realized
gains ........................ -- (0.29) (0.08) -- -- --
--------- --------- --------- --------- --------- ---------
Total distributions ................ (0.25) (0.78) (0.60) (0.53) (0.56) (0.57)
--------- --------- --------- --------- --------- ---------
Net asset value at end of year ..... $ 11.25 $ 11.74 $ 12.37 $ 12.22 $ 11.97 $ 12.00
--------- --------- --------- --------- --------- ---------
Total return(A) .................... (4.13%)(C) 1.05% 6.24% 6.65% 4.44% 7.31%
--------- --------- --------- --------- --------- ---------
Net assets at end of year (000's) .. $ 4,132 $ 4,740 $ 5,215 $ 4,639 $ 3,972 $ 4,165
--------- --------- --------- --------- --------- ---------
Ratio of net expenses to
average net assets(B) ........... 1.50%(C) 1.50% 1.50% 1.42% 1.25% 1.25%
Ratio of net investment income to
average net assets .............. 4.28%(C) 3.97% 4.20% 4.37% 4.62% 4.84%
Portfolio turnover rate ............ 63%(C) 26% 41% 33% 46% 29%
</TABLE>
(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 1.53% and 1.27% for the
periods ended December 31, 1999 and June 30, 1995, respectively.
(C) Annualized.
See accompanying notes to financial statements.
Countrywide Investments - 21
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 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).
22 - Countrywide Investments
<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.
Countrywide Investments - 23
<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 December 31, 1999:
- --------------------------------------------------------------------------------
TAX-FREE OHIO INSURED
INTERMEDIATE TAX-FREE
(000'S) TERM FUND FUND
- --------------------------------------------------------------------------------
Gross unrealized appreciation ........................ $ 687 $ 1,480
Gross unrealized depreciation ........................ (1,026) (1,389)
------- -------
Net unrealized appreciation .......................... $ (339) $ 91
------- -------
- --------------------------------------------------------------------------------
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 December 31, 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 December 31, 1999:
- --------------------------------------------------------------------------------
TAX-FREE OHIO INSURED
INTERMEDIATE TAX-FREE
(000'S) TERM FUND FUND
- --------------------------------------------------------------------------------
Purchases of investment securities .................. $10,014 $22,466
------- -------
Proceeds from sales and maturities of
investment securities ............................ $12,784 $19,380
------- -------
- --------------------------------------------------------------------------------
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.
24 - Countrywide Investments
<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 six months ended
December 31, 1999, the Adviser waived investment advisory fees of $19,415 for
the Tax-Free Money Fund, $54,856 for the Ohio Tax-Free Money Fund, $39,160 for
the Florida Tax-Free Money Fund, $10,671 for the Ohio Insured Tax-Free Fund, and
$5,375 for the Tax-Free Intermediate 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 $1,888 and
$11,412 from underwriting and broker commissions on the sale of shares of the
Tax-Free Intermediate Term Fund and the Ohio Insured Tax-Free Fund,
respectively, during the six months ended December 31, 1999. In addition, the
Adviser collected $2,318 and $552 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.
Countrywide Investments - 25
<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 December 31, 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 December 31, 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
- --------------------------------------------------------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
(000'S) 1999 1999 1999 1999
- --------------------------------------------------------------------------------
CLASS A
Shares sold ......................... 472 1,222 2,802 11,637
Shares reinvested ................... 78 154 95 287
Shares redeemed ..................... (930) (1,729) (3,081) (12,181)
------ ------ ------ ------
Net increase (decrease) in
shares outstanding ............... (380) (353) (184) (257)
Shares outstanding, beginning of year 4,405 4,758 5,343 5,600
------ ------ ------ ------
Shares outstanding, end of year ..... 4,025 4,405 5,159 5,343
------ ------ ------ ------
CLASS C
Shares sold ......................... 43 219 9 45
Shares reinvested ................... 6 14 7 22
Shares redeemed ..................... (121) (234) (53) (85)
------ ------ ------ ------
Net increase (decrease) in
shares outstanding ............... (72) (1) (37) (18)
Shares outstanding, beginning of year 426 427 404 422
------ ------ ------ ------
Shares outstanding, end of year ..... 354 426 367 404
------ ------ ------ ------
- --------------------------------------------------------------------------------
26 - Countrywide Investments
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
================================================================================
6. PORTFOLIO COMPOSITION
As of December 31, 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 94.0% 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 December 31, 1999, 26.6% of the
portfolio securities of the Tax-Free Money Fund were concentrated in the State
of Ohio, and 13.3% in the State of Illinois. For information regarding portfolio
composition by state for the Tax-Free Intermediate Term Fund, see the Fund's
Portfolio of Investments.
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 December 31, 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 December 31, 1999, 40.5% of the Tax-Free Intermediate Term Fund's
portfolio securities were rated AAA/Aaa [using the higher of Standard & Poor's
Corporation (S&P) or Moody's Investors Service, Inc. (Moody's) ratings], 28.2%
were rated AA/Aa, 29.8% were rated A/A and 1.5% were not rated.
As of December 31, 1999, 80.0% 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 60.2%
of its portfolio securities.
Countrywide Investments - 27
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
================================================================================
The concentration of investments for each Fund as of December 31, 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 ...... 11.1% 7.4% 18.3% 0.4% 16.8% 39.2%
Revenue Bonds:
Industrial Development/
Pollution Control .. 41.6% 29.2% 16.4% 2.9% 4.5% 5.0%
Hospital/Health Care .. 12.8% 6.8% 18.4% 20.1% 22.7% 19.6%
Utilities ............. 8.7% 12.3% 15.0% 11.6% 7.9% 11.7%
Bank & Financial ...... -- -- 1.2% 5.3% -- --
Education ............. 6.7% 9.5% 8.7% 11.7% 15.0% 8.4%
Housing/Mortgage ...... 6.1% 6.5% 3.8% 22.1% 10.7% 5.5%
Economic Development .. 5.1% 6.4% 7.7% 1.8% 6.8% 1.4%
Public Facilities ..... 2.4% 0.2% 1.9% 5.3% 5.0% 6.2%
Transportation ........ -- 1.3% 2.6% -- 5.5% 3.0%
Special Tax ........... -- -- -- -- 2.8% --
Leases ................ -- 2.9% -- -- -- --
Miscellaneous ......... 5.5% 10.4% 1.1% 6.5% 2.3% --
Commercial Paper ...... -- 7.1% 4.9% 12.3% -- --
----- ----- ----- ----- ----- -----
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 six months ended December
31, 1999, as "exempt-interest dividends."
28 - Countrywide Investments
<PAGE>
TAX-FREE MONEY FUND
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
=============================================================================================================
PRINCIPAL MARKET
AMOUNT FIXED RATE REVENUE COUPON MATURITY VALUE
(000'S) GENERAL OBLIGATION BONDS-- 27.4% RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 600 Massillon City, OH, Parks and Recreation GO BANS ........... 3.730% 01/14/00 $ 600
500 American Municipal Power Sys. Equipment BANS
(Distributive Generation Proj.) ......................... 4.250 01/21/00 500
571 American Municipal Power Sys. Impt. BANS
(Milan Village Proj.) ................................... 3.500 01/21/00 571
500 Northern Ozaukee School Dist., WI, GO BANS ................. 3.400 02/01/00 500
395 Umatilla Indian Reservation Conferated Tribes GO, Ser. A ... 4.200 02/01/00 395
700 North Hampton Village, OH, Sewer Sys. First Mtg
BANS, Ser. B ............................................ 4.950 02/11/00 701
180 Lewisville, TX, GO ......................................... 5.000 02/15/00 180
120 The Colony, TX, GO, Prerefunded @ 100 ...................... 6.800 02/15/00 120
475 American Municipal Power Sys. Impt. BANS
(Bradner Village Proj.) ................................. 3.600 03/23/00 475
250 Denver, CO, City and County COP, Ser. A .................... 4.100 05/01/00 250
175 Greenville, SC, Hosp. Sys. Facs. Rev.,
Prerefunded @ 102 ....................................... 7.000 05/01/00 180
200 Campbell-Savona, NY, Central School Dist. GO ............... 4.650 06/15/00 201
100 Brownsburg, IN, Multi-School Bldg. Corp. Rev ............... 9.750 07/01/00 103
100 Washington St. Public Power Supply Sys. Rev.,
Ser. C (Nuclear Proj. No. 1), Prerefunded @ 102 ......... 8.000 07/01/00 104
100 Westmoreland Co., PA, Municipal Auth. Serv. Rev.,
Ser. M, Prerefunded @ 100 ............................... 7.250 07/01/00 102
155 Aransas Pass, TX, GO ....................................... 4.200 08/01/00 155
200 Floresville, TX, Electric Light and Power Sys. Rev ......... 5.570 08/15/00 202
200 Johnson Co., KS, USD No. 233 GO ............................ 5.500 09/01/00 202
660 Westminster, CO, COP ....................................... 3.800 09/01/00 660
400 New Knoxville, OH, Waterworks Sys. BANS .................... 4.250 10/05/00 400
450 Crestline, OH, Swimming Pool Impt. BANS .................... 4.470 11/16/00 451
520 American Municipal Power Sys. Impt. BANS
- ---------- (Wellington Village Proj.) .............................. 4.300 12/15/00 520
--------
$ 7,551 TOTAL FIXED RATE REVENUE & GENERAL OBLIGATION BONDS
- ---------- (Amortized Cost $7,590,217) ................................ $ 7,572
--------
- -------------------------------------------------------------------------------------------------------------
PRINCIPAL MARKET
AMOUNT FLOATING & VARIABLE RATE COUPON MATURITY VALUE
(000'S) DEMAND NOTES-- 46.2% RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
$ 200 Illinois Health Fac. Auth. Rev., Ser. B (Elmhurst Hosp.) ... 4.800% 01/01/00 $ 200
590 Brooklyn Park, MN, IDR (Schmidt Proj.) ..................... 5.700 01/07/00 590
900 Eddyville, IA, IDR (Heartland Lysine, Inc.) ................ 6.000 01/07/00 900
200 Flint, MI, Hosp. Bldg. Auth. Rev., Ser. B
(Hurley Medical Center) ................................. 5.500 01/07/00 200
475 Frankfort, MN, IDR, Ser. 1995 (J&B, Inc.) .................. 5.700 01/07/00 475
245 Frankfort, MN, IDR, Ser. 1995 (J&B, Inc.) .................. 5.950 01/07/00 245
649 Franklin Park, IL, Rev., Ser. 1994 (A.M. Castle & Co. Proj.) 5.800 01/07/00 649
1,395 Harvard, IL, Health Care Fac. Rev., Ser. 1998
(Harvard Memorial Hosp. Proj.) .......................... 5.750 01/07/00 1,395
200 Hope, AR, IDR, Ser. A (Champion Parts, Inc. Proj.) ......... 5.800 01/07/00 200
Countrywide Investments - 29
<PAGE>
TAX-FREE MONEY FUND (CONTINUED)
=============================================================================================================
PRINCIPAL MARKET
AMOUNT FLOATING & VARIABLE RATE COUPON MATURITY VALUE
(000'S) DEMAND NOTES-- 46.2% (CONTINUED) RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
$ 300 Illinois Dev. Fin. Auth. Rev. (Jewish Elderly Council) ..... 5.500% 01/07/00 $ 300
1,080 Illinois Dev. Fin. Auth. Rev., Ser. 1992
(Uhlich Children's Home Proj.) .......................... 5.500 01/07/00 1,080
500 Indiana Health Fac. Fin. Auth. Rev., Ser. 1997
(Capital Access Designated Pool) ........................ 5.500 01/07/00 500
200 Indiana Health Fac. Fin. Auth. Rev., Ser. 1998
(Capital Access Designated Pool) ........................ 5.500 01/07/00 200
700 Indiana St. Dev. Fin. Auth. Rev. (Lutheran High School) .... 5.600 01/07/00 700
300 Iowa Fin. Auth. Rev. (Burlington Medical Center) ........... 5.550 01/07/00 300
973 Kansas City, MO, IDR (A.M. Castle & Co. Proj.) ............. 5.800 01/07/00 973
1,255 Mankota, MN, IDR, Ser. 1998 (Sacco Family LP Proj.) ........ 5.850 01/07/00 1,255
188 Rosemont, IL, IDR (A.M. Castle & Co. Proj.) ................ 5.800 01/07/00 188
1,100 Scio Twnp., MI, EDR ........................................ 4.920 01/07/00 1,100
500 Arapahoe Co., CO, Parkview Metro. Dist. GO ................. 4.000 01/30/00 500
800 Coppell, TX, IDR (Minyards Prop., Inc.) .................... 3.750 01/30/00 800
- ---------- --------
$ 12,750 TOTAL FLOATING & VARIABLE RATE DEMAND NOTES
- ---------- (Amortized Cost $12,750) ................................... $ 12,750
--------
- -------------------------------------------------------------------------------------------------------------
PRINCIPAL MARKET
AMOUNT COUPON MATURITY VALUE
(000'S) ADJUSTABLE RATE PUT BONDS-- 25.1% RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
$ 620 Lexington-Fayette Co., KY, Urban Govt. Rev
(Providence Montessori) ................................. 3.750% 01/01/00 $ 620
525 Colorado Health Fac. Auth. Rev., Ser. 1998A
(AMC Cancer Center) ..................................... 3.400 01/15/00 525
580 Buckeye Tax-Exempt Mtg. Bond Trust ......................... 3.900 02/01/00 578
555 Corpus Christi, TX, IDR (Tex-Air Invest. Co. Proj.) ........ 3.750 02/01/00 555
260 Summit Co., OH, IDR (S.D. Myers Inc. Proj.) ................ 3.800 02/15/00 260
1,200 Owensboro, KY, IDR, Ser. 1985 (Dart Container) ............. 4.100 03/01/00 1,200
270 Portage Co., OH, IDR (Neidlinger Proj.) .................... 3.900 03/01/00 270
255 Summit Co., OH, IDR (Keltec Inc. Proj.) .................... 3.900 03/01/00 255
500 Summit Co., OH, IDR (Struktol Co. America Proj.) ........... 3.900 03/01/00 500
265 Summit Co., OH, IDR (Triscari Proj.) ....................... 3.900 03/01/00 265
140 Cuyahoga Co., OH, IDR (Halle Office Bldg.) ................. 4.235 04/01/00 140
120 Richland Co., OH, IDR (Robon Partnership Proj.) ............ 4.000 04/01/00 120
435 Summit Co., OH, IDR (L & W Mfg. Proj.) ..................... 4.000 04/01/00 435
1,000 Westmoreland Co., PA, IDR (White Consolidated Industries) .. 4.180 06/01/00 1,000
200 Fairfield, OH, IDR (Skyline Chili) ......................... 5.000 09/01/00 200
- ---------- --------
$ 6,925 TOTAL ADJUSTABLE RATE PUT BONDS
- ---------- (Amortized Cost $6,923) .................................... $ 6,923
--------
$ 27,226 TOTAL INVESTMENT SECURITIES - 98.7%
- ---------- (Amortized Cost $27,263) ................................... $ 27,245
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.3% ............... 361
--------
NET ASSETS - 100.0% ........................................ $ 27,606
--------
</TABLE>
30 - Countrywide Investments
<PAGE>
CALIFORNIA TAX-FREE MONEY FUND
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
=============================================================================================================
PRINCIPAL MARKET
AMOUNT FIXED RATE REVENUE & COUPON MATURITY VALUE
(000'S) GENERAL OBLIGATION BONDS-- 23.1% RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$ 802 University of California, Regents COP, Ser. A .............. 3.350% 01/01/00 $ 800
200 California St. GO .......................................... 6.500 02/01/00 200
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 02/01/00 115
250 Santa Clara Valley, CA, Water Dist. COP,
Prerefunded @ 102 ....................................... 6.600 02/01/00 256
250 California St. GO .......................................... 4.800 03/01/00 251
100 Mesa, CA, Consolidated Water Dist. COP ..................... 4.400 03/15/00 100
100 California St. GO .......................................... 6.650 04/01/00 101
350 California St. GO .......................................... 4.900 05/01/00 352
160 Newman, CA, Wastewater Treatment Fac. COP .................. 4.000 05/01/00 160
150 Northern California Trans. Rev., Ser. A,
Prerefunded @ 101.5 ..................................... 7.000 05/01/00 154
1,000 California St. Veterans GO ................................. 3.200 06/01/00 1,000
500 Riverside Co., CA, Trans. Comm. Sales Tax Rev., Ser. A ..... 5.000 06/01/00 503
1,500 Los Angeles Co., CA, School Pooled Fin. Prog. COP,
Ser. A .................................................. 4.000 06/30/00 1,503
200 California Health. Fac. Fin. Auth. Rev., Ser. B
(Catholic Health Facs.) ................................. 4.250 07/01/00 201
500 Puerto Rico Commonwealth Public Impt. GO, Ser. B ........... 5.500 07/01/00 505
165 Sacramento, CA, Utility Dist. Rev., Ser. 7 ................. 5.000 07/01/00 166
155 California Health. Fac. Fin. Auth. Rev. (Children's Hosp.),
Prerefunded @ 102 ....................................... 6.500 07/01/00 160
250 Los Angeles Co., CA, Trans. Comm. Sales Tax Rev.,
Ser. B .................................................. 5.600 07/01/00 253
200 Los Angeles Co., CA, Trans. Comm. Sales Tax Rev.,
Ser. A (Proposition C) .................................. 5.500 07/01/00 202
350 Southern California Rapid Trans. Dist. COP
(Workers Comp) .......................................... 7.625 07/01/00 357
1,000 Fremont, CA, USD, Alameda Co.TRANS ......................... 4.000 07/28/00 1,003
255 Berkeley, CA, USD GO, Ser. D ............................... 8.250 08/01/00 261
160 Long Beach, CA, USD GO, Ser. A ............................. 7.500 08/01/00 164
175 Santa Paula, CA, USD GO, Prerefunded @ 102 ................. 7.200 08/01/00 184
100 California St. Dept. of Veteran Affairs Home Purchase
Rev., Ser. A ............................................ 6.450 08/01/00 102
200 Castaic Lake, CA, Water Sys. Impt. Rev ..................... 6.750 08/01/00 203
1,040 Los Angeles Co., CA, Schools Regionalized Business
Svcs. Rev., Ser. A ...................................... 0.000 08/01/00 1,017
300 Paso Robles, CA, Joint USD COP ............................. 4.500 08/01/00 302
185 San Lorenzo, CA, USD COP ................................... 4.000 08/01/00 185
110 San Marcos, CA, Public Fac. Auth. Tax Rev., Ser. A ......... 4.500 08/01/00 111
625 Corona, CA, Comnty Fac. Dist. Special Tax .................. 4.000 09/01/00 627
320 Fontana, CA, Comnty Fac. Dist. Special Tax, Ser. A ......... 4.000 09/01/00 321
205 San Bernardino, CA, Joint Powers Fin. Auth. COP
(Police Station Proj.) .................................. 3.700 09/01/00 205
100 San Francisco, CA, City & Co. COP .......................... 5.300 09/01/00 101
Countrywide Investments - 31
<PAGE>
CALIFORNIA TAX-FREE MONEY FUND (CONTINUED)
=============================================================================================================
PRINCIPAL MARKET
AMOUNT FIXED RATE REVENUE & COUPON MATURITY VALUE
(000'S) GENERAL OBLIGATION BONDS-- 23.1% (CONTINUED) RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
$ 165 Kern Co., CA, Capital Impt. Proj. COP ...................... 4.000% 11/01/00 $ 165
590 Santa Ana, CA, Cmnty Redevelopment Agcy. Tax
- ---------- Allocation, Ser. B, Prerefunded @ 102 ................... 6.500 12/15/00 615
$ 12,952 TOTAL FIXED RATE REVENUE & GENERAL OBLIGATION BONDS --------
- ---------- (Amortized Cost $13,078) ................................... $ 13,030
--------
- -------------------------------------------------------------------------------------------------------------
PRINCIPAL MARKET
AMOUNT FLOATING & VARIABLE RATE COUPON MATURITY VALUE
(000'S) DEMAND NOTES-- 65.5% RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
$ 2,100 Newport Beach, CA, Rev., Ser. B (Hoag Memorial Hosp.) ...... 4.400% 01/01/00 $ 2,100
1,500 Newport Beach, CA, Rev., Ser. C (Hoag Memorial Hosp.) ...... 4.000 01/01/00 1,500
2,000 ABAG Fin. Auth. Nonprofit Corps. MFH Rev., Ser. A .......... 5.400 01/07/00 2,000
2,000 ABN AMRO Munitops Trust Cert. (San Diego, CA) .............. 5.390 01/07/00 2,000
2,000 ABN AMRO Munitops Trust Cert., Ser. 1999-7 (LA USD) ........ 5.440 01/07/00 2,000
290 Alameda Co., CA, IDR (BAT Properties LLC Proj.) ............ 5.250 01/07/00 290
2,100 Alameda Co., CA, IDR (Meskimen Family Proj.) ............... 4.450 01/07/00 2,100
300 Alameda Co., CA, IDR, Ser. A (Tool Family Partnership) ..... 4.450 01/07/00 300
3,000 California Educ. Fac. Auth. Rev.(Foundation for Educ.) ..... 5.150 01/07/00 3,000
600 California St. EDR, Ser. A (Joseph Schmidt Proj.) .......... 5.250 01/07/00 600
220 California Statewide Cmntys. Dev. Auth. Apt. Dev. Rev ......
(Jaygee Realty Proj.) ................................... 5.050 01/07/00 220
520 California Statewide Cmntys. Dev. Corp. Rev ................
(Michigan Hanger) ....................................... 5.050 01/07/00 520
1,100 California Statewide Cmntys. Dev. Corp. Rev ................
(Whispering Winds) ...................................... 5.000 01/07/00 1,100
1,500 Hanford, CA, Sewer Rev., Ser A ............................. 5.300 01/07/00 1,500
300 Huntington Park, CA, Public Fin. Auth. Lease Rev., Ser. A
(Parking Proj.) ......................................... 4.900 01/07/00 300
1,700 Orange, CA, IDR (Control Air Conditioning) ................. 5.150 01/07/00 1,700
300 Orange, CA, Special Fin. Auth. Rev., Ser. B (Teeter Plan) .. 5.000 01/07/00 300
1,000 San Bernardino Co., CA, Capital Impt. Refinancing Proj. Rev 5.300 01/07/00 1,000
1,300 San Bernardino Co., CA, COP ................................ 5.150 01/07/00 1,300
900 San Bernardino, CA, IDR (LaQuinta Motor Inns) .............. 5.450 01/07/00 900
2,250 San Diego Co., CA, IDR (Apogee Enterprises Inc.) ........... 5.675 01/07/00 2,250
3,400 San Rafael, CA, IDR, Ser. 1984 (Phoenix American) .......... 5.500 01/07/00 3,400
500 Santa Paula, CA, Public Fin. Auth. Lease Rev ...............
(Water Sys. Acquisition Proj.) .......................... 5.000 01/07/00 500
1,600 Vacaville, CA, IDA IDR (Leggett & Platt, Inc.) ............. 5.100 01/07/00 1,600
400 California PCR Fin. Auth., Ser. 1983 (Southdown, Inc.) ..... 3.900 01/30/00 400
3,100 California PCR Fin. Auth., Ser. 1983 (Southdown, Inc.) ..... 3.900 01/30/00 3,100
600 Montebello, CA, IDR (Sunclipse, Inc. Proj.) ................ 3.500 01/30/00 600
500 Riverside, CA, IDR Issue A (Sunclipse, Inc. Proj.) ......... 3.500 01/30/00 500
- ---------- --------
$ 37,080 TOTAL FLOATING & VARIABLE RATE DEMAND NOTES
- ---------- (Amortized Cost $37,080) ................................... $ 37,080
--------
32 - Countrywide Investments
<PAGE>
CALIFORNIA TAX-FREE MONEY FUND (CONTINUED)
- -------------------------------------------------------------------------------------------------------------
PRINCIPAL MARKET
AMOUNT COUPON MATURITY VALUE
(000'S) COMMERCIAL PAPER-- 10.6% RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
$ 2,000 Modesto, CA, Irrigation Dist. COP (Capital Impt. Proj.) .... 3.650% 01/12/00 $ 2,000
2,000 State of California GO ..................................... 3.650 01/19/00 2,000
2,020 California St. Dept. of Water Resources Rev ................ 3.600 02/01/00 2,020
- ---------- --------
$ 6,020 TOTAL COMMERCIAL PAPER
- ---------- (Amortized Cost $6,020) .................................... $ 6,020
--------
$ 56,052 TOTAL INVESTMENT SECURITIES-- 99.2%
- ---------- (Amortized Cost $56,178) ................................... $ 56,130
OTHER ASSETS IN EXCESS OF LIABILITIES-- 0.8% ............... 458
--------
NET ASSETS-- 100.0% ........................................ $ 56,588
--------
</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
DECEMBER 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
=============================================================================================================
PRINCIPAL MARKET
AMOUNT FIXED RATE REVENUE & COUPON MATURITY VALUE
(000'S) GENERAL OBLIGATION BONDS-- 29.6% RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 748 Lima, OH, Land Acquisition GO BANS (River Corridor Proj.) .. 3.600% 01/12/00 $ 748
660 Worthington, OH, CSD School Impt. GO BANS, Ser. 1999 ....... 3.440 01/13/00 660
5,000 American Municipal Power Sys. Impt. 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 1,335
500 North Ridgeville, OH,Water Sys. Impt. GO BANS .............. 3.600 02/01/00 500
1,120 Marion Co., OH, Various Purpose GO BANS .................... 3.500 02/08/00 1,120
486 Maple Heights, OH, CSD Energy Conservation Impt ............
GO BANS, Ser. 1999 ...................................... 4.000 02/11/00 486
975 Ottawa Co., OH, Regional Water Sys. Impt. GO BANS .......... 3.500 02/16/00 975
1,000 Mason, OH, CSD School Impt. GO BANS, Ser. 1999 ............. 3.380 02/17/00 1,001
765 Ottawa Co., OH, Port Auth. Fac. Impt. GO BANS .............. 3.550 02/21/00 765
3,000 Kings, OH, LSD Impt. GO BANS Ser. 1999 ..................... 4.190 03/01/00 3,004
600 North Ridgeville, OH, Road Impt. GO BANS, Ser. 1999
(Bainbridge Proj.) ...................................... 3.600 03/02/00 600
800 Salem, OH, CSD School Impt. GO BANS, Ser. 1999 ............. 3.460 03/03/00 800
3,267 Barnesville, OH, Exempted Village School Dist. Impt ........
GO BANS, Ser. 1999 ...................................... 4.200 03/15/00 3,272
1,000 Marysville, OH, Various Purpose GO BANS .................... 3.360 03/16/00 1,001
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 03/23/00 301
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 Society Proj.) ....................... 5.500 04/01/00 703
700 Brook Park, OH, Street Impt. GO BANS ....................... 3.500 04/07/00 700
1,060 Marysville, OH, Various Purpose GO BANS .................... 3.460 04/13/00 1,061
1,150 Marysville, OH, Various Purpose GO BANS .................... 3.590 04/13/00 1,151
2,000 Sandusky, OH, Various Purpose GO BANS ...................... 3.875 04/13/00 2,003
2,325 Marysville, OH, Various Purpose GO BANS .................... 4.059 04/15/00 2,327
500 Franklin Co., OH, Rev. (Online Computer Library Proj.) ..... 5.500 04/15/00 501
4,300 Hebron, OH, Sanitary Sewer Sys. Rev ........................ 4.000 04/17/00 4,307
1,000 Ohio St. Highway Impt. GO, Ser. C .......................... 4.000 05/01/00 1,001
1,500 Mentor, OH, Exempted Village School Dist ...................
GO BANS, Ser. 1999 ...................................... 3.380 05/04/00 1,500
3,000 Cincinnati, OH, CSD GO BANS ................................ 3.900 05/12/00 3,005
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 1,101
2,740 Ohio St. Water Dev. Auth. Impt. Rev ........................ 5.400 06/01/00 2,762
1,040 Ohio St. Water Dev. Auth. Impt. Rev ........................ 5.000 06/01/00 1,046
450 Springboro, OH, GO BANS (South Main Street) ................ 3.660 06/01/00 450
1,100 Marysville, OH, GO BANS (Phase II Notes) ................... 3.880 06/15/00 1,101
2,450 Maryville, OH, Various Purpose GO BANS ..................... 3.660 06/15/00 2,453
1,645 Marysville, OH GO (Acquisition Notes) ...................... 3.920 06/15/00 1,647
34 - Countrywide Investments
<PAGE>
OHIO TAX-FREE MONEY FUND (CONTINUED)
=============================================================================================================
PRINCIPAL MARKET
AMOUNT FIXED RATE REVENUE & COUPON MATURITY VALUE
(000'S) GENERAL OBLIGATION BONDS-- 29.6% (CONTINUED) RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
$ 2,755 Obetz, OH, Various Purpose GO BANS ......................... 3.700% 06/15/00 $ 2,757
1,000 American Municipal Power Sys. Impt. BANS
(Village of New Breman 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
5,726 Meigs, OH, LSD Impt. GO BANS ............................... 4.770 06/20/00 5,738
3,000 East Muskingum, OH, Water Auth. Rev. BANS .................. 4.320 06/22/00 3,004
2,350 American Municipal Power Sys. Impt. BANS
(Montpelier Village Proj.) .............................. 4.000 07/13/00 2,350
6,997 Morgan, OH, LSD Impt. GO BANS Ser. 1999 .................... 4.520 07/14/00 7,005
520 Allen Co., OH, BANS Ser. 1999 .............................. 4.300 07/20/00 522
2,000 Niles City, OH, Water Line Impt. BANS ...................... 4.150 07/20/00 2,003
1,800 American Municipal Power Sys. Impt. BANS
(Wapakoneta Proj.) ...................................... 3.750 07/27/00 1,800
1,445 Cuyahoga Co., OH, Hosp. Rev. (Meridia Health Sys.),
Prerefunded @ 102 ....................................... 7.250 08/15/00 1,494
6,000 American Municipal Power Sys. Impt. BANS
(City of Bryan Proj.) ................................... 3.900 08/25/00 6,000
1,200 Lisbon, OH, Exempted Village School Dist. Impt .............
GO BANS, Ser. 1999 ...................................... 3.800 08/31/00 1,200
1,265 Lorain Co., OH, Hosp. Fac. Rev .............................
(Catholic Healthcare Partners) .......................... 4.000 09/01/00 1,267
900 Springboro, OH, Street Impt. GO BANS ....................... 3.960 09/07/00 902
2,000 Springdale, OH, Street Impt. GO BANS ....................... 3.800 09/14/00 2,000
700 Lorain Co., OH, Various Purpose GO BANS, Ser. 1999 ......... 4.000 09/15/00 701
4,574 Lorain Co., OH, Various Purpose GO BANS, Ser. 1999 ......... 4.000 09/15/00 4,583
1,795 Bluffton Village, OH, Water Sys. Rev. BANS ................. 4.450 10/26/00 1,801
2,200 American Municipal Power Sys. Impt. BANS
(Pioneer Village Proj.) ................................. 4.200 11/02/00 2,200
600 Marysville, OH, Various Purpose GO BANS, Ser. F ............ 4.210 11/16/00 601
2,075 Belmont Co., OH, Sanitary Sewer Impt. GO BANS .............. 4.210 11/21/00 2,080
2,000 American Municipal Power Sys. Impt. BANS
(Bowling Green, OH Proj.) ............................... 4.100 12/01/00 2,000
4,000 American Municipal Power Sys. Impt. BANS
(Shelby Proj.) .......................................... 4.300 12/01/00 4,000
400 Cincinnati, OH, GO ......................................... 4.500 12/01/00 402
1,000 Springboro, OH, Various Purpose GO BANS, Ser. 1999 ......... 4.260 12/07/00 1,002
940 Clermont Co., OH, Road Impt. GO BANS ....................... 4.300 12/14/00 942
- ---------- --------
$ 118,758 TOTAL FIXED RATE REVENUE & GENERAL OBLIGATION BONDS
- ---------- (Amortized Cost $119,132) .................................. $118,941
--------
Countrywide Investments - 35
<PAGE>
OHIO TAX-FREE MONEY FUND (CONTINUED)
=============================================================================================================
PRINCIPAL MARKET
AMOUNT FLOATING & VARIABLE RATE COUPON MATURITY VALUE
(000'S) DEMAND NOTES-- 57.9% RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
$ 3,700 Cincinnati & Hamilton Co., OH, Port Auth. EDR
(Kenwood Office Assoc. Proj.) ........................... 4.500% 01/01/00 $ 3,700
7,785 Cuyahoga Co., OH, Econ. Dev. Rev ...........................
(The Cleveland Orchestra Proj.) ......................... 4.750 01/01/00 7,785
900 Cuyahoga Co., OH, Hosp. Impt. Rev ..........................
(University Hosp. Of Cleveland) ......................... 4.700 01/01/00 900
100 Cuyahoga Co., OH, Hosp. Rev.(Cleveland Clinic) ............. 4.800 01/01/00 100
6,250 Ohio St. Air Quality Dev. Auth. Rev. (CG&E) ................ 4.750 01/01/00 6,250
600 Ohio St. Air Quality Dev. Auth. Rev. (CG&E) Ser. 1985A ..... 4.500 01/01/00 600
750 Ohio St. Air Quality Dev. Auth. Rev. (CG&E) Ser. 1985B ..... 4.500 01/01/00 750
500 Ohio St. Air Quality Dev. Auth. Rev. (Mead Corp.) .......... 4.700 01/01/00 500
1,600 Ohio St. PCR (Sohio Air Proj.) ............................. 4.800 01/01/00 1,600
1,210 Ohio St. PCR (Sohio Water Proj.) ........................... 4.800 01/01/00 1,210
375 Akron, Bath & Copley, OH, Joint Twnsp. Hosp. Rev ...........
(Visiting Nurse Svcs. Proj.) ............................ 5.550 01/07/00 375
7,000 ABN AMRO Munitops Trust Cert. 1998-I8
(Cleveland Water Works) ................................. 5.580 01/07/00 7,000
3,200 Ashtubula Co., OH, Hosp. Fac. Rev., Ser. 1995
(Ashtubula Co. Med. Ctr. Proj.) ......................... 5.470 01/07/00 3,200
3,055 Butler Co., OH, Hosp. Fac. Rev. Ser. 1998A
(Berkeley Square Retirement Ctr. Proj.) ................. 5.550 01/07/00 3,055
930 Centerville, OH, Health Care Rev. (Bethany Memorial) ....... 5.550 01/07/00 930
6,311 Clermont Co., OH, Hosp. Fac. Rev. Ser. B
(Mercy Health Sys.) ..................................... 5.750 01/07/00 6,311
8,285 Cleveland, OH, Waterworks Rev., Ser. 58 .................... 5.560 01/07/00 8,285
1,600 Clinton Co., OH, Hosp. Rev. (Clinton Memorial Hosp.) ....... 5.550 01/07/00 1,600
7,000 Clinton Co., OH, Hosp. Rev. (Ohio Hospital Cap., Inc.) ..... 5.600 01/07/00 7,000
400 Columbus, OH, GO, Ser. 1 ................................... 5.300 01/07/00 400
2,170 Cuyahoga Co., OH, Educ. Fac. Rev., Ser. 1998
(United Cerebral Palsy Assoc.) .......................... 5.600 01/07/00 2,170
2,000 Cuyahoga Co., OH, IDR Ser. 1989 (Motch Corp. Proj.) ........ 5.700 01/07/00 2,000
845 Cuyahoga Co., OH, IDR (Pleasant Lake Assoc.) ............... 5.600 01/07/00 845
1,795 Defiance Co., OH, IDR (Isaac Property Proj.) ............... 5.600 01/07/00 1,795
3,500 Delaware Co., OH, Health Care Fac. Rev., Ser. 1998
(Sarah Moore Home Proj.) ................................ 5.610 01/07/00 3,500
800 Delaware Co., OH, IDR, Ser. 1985 (MRG Ltd. Proj.) .......... 5.600 01/07/00 800
2,080 Erie Co., OH, IDR (Toft Dairy, Inc.) ....................... 5.600 01/07/00 2,080
2,300 Franklin Co., OH, EDR (Dominican Sisters) .................. 5.600 01/07/00 2,300
3,685 Franklin Co., OH, EDR, Ser. 1998
(Unity Resource Center Proj.) ........................... 5.600 01/07/00 3,685
1,215 Franklin Co., OH, Health Care Fac. Rev .....................
(Lifeline Organ Procurement) ............................ 5.600 01/07/00 1,215
4,145 Franklin Co., OH, Hosp. Rev. (U.S. Health Corp.) ........... 5.400 01/07/00 4,145
2,000 Franklin Co., OH, IDR (Alco Standard Corp.) ................ 5.450 01/07/00 2,000
400 Franklin Co., OH, IDR (Columbus College) ................... 5.500 01/07/00 400
1,115 Franklin Co., OH, IDR (Ohio Girl Scouts) ................... 5.500 01/07/00 1,115
564 Franklin Co., OH, IDR Ser. D (Kindercare) .................. 5.500 01/07/00 564
1,900 Geauga Co., OH Health Care Fac. Rev., Ser. 1998A
(Heather Hill Proj.) .................................... 5.560 01/07/00 1,900
1,120 Greene Co., OH, Health Care Fac. Rev. (Green Oaks Proj.) ... 5.600 01/07/00 1,120
36 - Countrywide Investments
<PAGE>
OHIO TAX-FREE MONEY FUND (CONTINUED)
=============================================================================================================
PRINCIPAL MARKET
AMOUNT FLOATING & VARIABLE RATE COUPON MATURITY VALUE
(000'S) DEMAND NOTES-- 57.9% (CONTINUED) RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
$ 5,000 Hamilton Co., OH, Fac. Rev., Ser. 1997A
(Episcopal Retirement Homes) ............................ 5.500% 01/07/00 $ 5,000
1,079 Hamilton Co., OH, EDR, Ser. 1995
(Cincinnati Assoc. for the Performing Arts) ............. 5.550 01/07/00 1,079
100 Hamilton Co., OH, Hosp. Fac. Rev., Ser. F
(Health Alliance of Greater Cincinnati) ................. 5.350 01/07/00 100
1,060 Hamilton Co., OH, Health Care Fac. Rev .....................
(Aloysius Orphanage Proj.) .............................. 5.600 01/07/00 1,060
400 Hamilton Co., OH, Hosp. Fac. Rev., Ser. 1997B
(Health Alliance of Greater Cincinnati) ................. 5.350 01/07/00 400
3,000 Hamilton OH, MFH Rev., Ser. A (Knollwood Village Apts.) .... 5.470 01/07/00 3,000
2,000 Hamilton OH, MFH Rev. (Knollwood Village Apts.) ............ 5.470 01/07/00 2,000
2,690 Hancock Co., OH, MFM Rev., Ser. A
(Crystal Glen Apts. Proj. Phase II) ..................... 5.470 01/07/00 2,690
375 Hudson Village, OH, IDR, Ser. A (Kindercare) ............... 5.500 01/07/00 375
725 Huron Co., OH, Rev. (Norwalk Furniture Corp.) .............. 5.600 01/07/00 725
6,805 Lima, OH, Hosp. Fac. & Impt. Rev., Ser. 1996
(Lima Memorial Hosp.) ................................... 5.600 01/07/00 6,805
494 Lorain Co., OH, IDR, Ser. C (Kindercare) ................... 5.000 01/07/00 494
1,875 Lorain Co., OH, IDR (EMH Med. Ctr. Proj.) .................. 5.600 01/07/00 1,875
250 Lucas Co., OH, Rev. (Sunshine Children's Home) ............. 5.550 01/07/00 250
935 Lucas Co., OH, IDR, Ser. D (Kindercare) .................... 5.500 01/07/00 935
360 Lucas Co., OH, IDR (Associates Proj.) ...................... 5.600 01/07/00 360
1,900 Mahoning Co., OH, Health Care Fac. Rev .....................
(Copeland Oaks) ......................................... 5.470 01/07/00 1,900
1,365 Mahoning Co., OH, Health Care Fac. Rev .....................
(Ohio Heart Institute) .................................. 5.500 01/07/00 1,365
330 Marion Co., OH, Hosp. Impt. Rev. (Pooled Lease Proj.) ...... 5.470 01/07/00 330
1,540 Marion Co., OH, Hosp. Impt. Rev. (Pooled Lease Proj.) ...... 5.470 01/07/00 1,540
590 Marion Co., OH, Hosp. Impt. Rev. (Pooled Lease Proj.) ...... 5.470 01/07/00 590
300 Medina, OH, IDR (Kindercare) ............................... 5.500 01/07/00 300
800 Meigs Co., OH, IDR, Ser. 1985 (MRG Ltd. Proj.) ............. 5.600 01/07/00 800
287 Middletown, OH, IDR, Ser. A (Kindercare) ................... 5.500 01/07/00 287
945 Monroe, OH, IDR, Ser. 1985 (Magnode Corp.) ................. 4.700 01/07/00 945
2,000 Montgomery Co., OH, EDR (Dayton Art Institute) ............. 5.400 01/07/00 2,000
360 Montgomery Co., OH, Health Care Rev., Ser. A
(Dayton Area MRI Consortium) ............................ 5.600 01/07/00 360
3,360 Montgomery Co., OH, Health Care Rev ........................
(Comm. Blood Ctr. Proj.) ................................ 5.500 01/07/00 3,360
340 Montgomery Co., OH, IDR (Kindercare) ....................... 5.500 01/07/00 340
3,600 Montgomery Co., OH, Ltd., Oblig. Rev., Ser. 1996
(St. Vincent de Paul Proj.) ............................. 5.500 01/07/00 3,600
1,000 Morrow Co., OH, IDR (Field Container Corp.) ................ 5.550 01/07/00 1,000
4,800 Ohio St. EDR, Ser. 1983 (Court St. Ctr. Assoc. Ltd. Proj.) . 4.850 01/07/00 4,800
4,800 Ohio St. Higher Educ. Fac. Rev. (Pooled Fin. ) ............. 5.500 01/07/00 4,800
4,100 Ohio St. Higher Educ. Fac. Rev. (Pooled Fin. ) ............. 5.500 01/07/00 4,100
4,300 Ohio St. Higher Educ. Fac. Rev. (Pooled Fin. ) ............. 5.500 01/07/00 4,300
3,500 Ohio St. Higher Educ. Fac. Rev. (Kenyon College Proj.) ..... 5.400 01/07/00 3,500
3,100 Ohio St. Higher Educ. Fac. Rev. (Kenyon College Proj.) ..... 5.400 01/07/00 3,100
5,000 Ohio St. Univ. Gen. Rec. Rev., Ser. 1999B .................. 5.600 01/07/00 5,000
Countrywide Investments - 37
<PAGE>
OHIO TAX-FREE MONEY FUND (CONTINUED)
=============================================================================================================
PRINCIPAL MARKET
AMOUNT FLOATING & VARIABLE RATE COUPON MATURITY VALUE
(000'S) DEMAND NOTES-- 57.9% (CONTINUED) RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
$ 590 Ohio St. IDR, Ser. 1994 (A.M. Castle & Co. Proj.) .......... 5.800% 01/07/00 $ 590
10,465 Ohio St. Turnpike Rev., Ser. 71 ............................ 5.560 01/07/00 10,465
5,000 Ohio St. Univ. Gen. Rec. Rev., Ser. 1999B2 ................. 5.400 01/07/00 5,000
1,200 Ohio St. Water Dev. Auth. Rev. (Timken Co. Proj.) .......... 5.650 01/07/00 1,200
650 Orrville, OH, Hosp. Fac. Rev., Ser. 1990 (Orville Hosp.) ... 5.500 01/07/00 650
1,780 Ottawa Co., OH, Hosp. Fac. Rev .............................
(Luther Home of Mercy Proj.) ............................ 5.550 01/07/00 1,780
315 Pike Co., OH, EDR (Pleasant Hill) .......................... 5.470 01/07/00 315
800 Rickenbacker, OH, Port. Auth. Rev ..........................
(Rickenbacker Holdings, Inc.) ........................... 5.500 01/07/00 800
5,555 Sharonville, OH, IDR (Duke Realty Proj.) ................... 5.500 01/07/00 5,555
437 Stark Co., OH IDR, Ser. D (Kindercare) ..................... 5.500 01/07/00 437
1,814 Summit Co., OH, Health Care Fac. Rev., Ser. 1997
(Evant, Inc. Proj.) ..................................... 5.550 01/07/00 1,814
3,400 Summit, OH, Civic Fac. Rev., Ser. 1997 (YMCA Proj.) ........ 5.600 01/07/00 3,400
1,770 Summit Co., OH, IDR (Bowery Assoc.) ........................ 5.500 01/07/00 1,770
475 Summit Co., OH, IDR (Go-Jo Indust., Inc. Proj.) ............ 5.500 01/07/00 475
4,320 Trumbull Co., OH, Health Care Fac. Rev .....................
(Shepherd of the Valley) ................................ 5.470 01/07/00 4,320
3,995 Univ. of Akron, OH, Gen. Rec., Ser. 165 .................... 5.560 01/07/00 3,995
1,270 Village of Andover, OH, Health Care Fac. Rev. Ser. 1996
(D & M Realty Proj.) .................................... 5.470 01/07/00 1,270
375 Wadsworth, OH, IDR (Kindercare) ............................ 5.500 01/07/00 375
1,600 Warren Co., OH, IDR (Liquid Container Proj.) ............... 5.550 01/07/00 1,600
1,300 Westlake, OH, IDR (Nordson Co.) ............................ 5.600 01/07/00 1,300
800 Wyandot Co., OH, IDR, Ser. 1985 (MRG Ltd. Proj.) ........... 5.600 01/07/00 800
600 Columbus, OH, Elec. Sys. Rev ............................... 3.650 01/30/00 600
3,715 Cuyahoga Co., OH, IDR (S&R Playhouse Realty) ............... 4.500 01/30/00 3,715
3,700 Delaware Co., OH, IDR, (Radiation Sterilizers, Inc.) ....... 4.050 01/30/00 3,700
200 Franklin Co., OH, IDR (BOA Ltd. Proj.) ..................... 4.250 01/30/00 200
1,200 Franklin Co., OH, IDR (Jacobsen Stores) .................... 4.250 01/30/00 1,200
1,565 Franklin Co., OH, IDR (Capitol South) ...................... 4.250 01/30/00 1,565
1,400 Hamilton Co., OH, IDR (ADP System) ......................... 3.700 01/30/00 1,400
2,800 Muskingum Co., OH, IDR (Elder-Beerman) ..................... 4.150 01/30/00 2,800
500 Ohio St. Environmental Impt. Rev. (U.S. Steel Corp. Proj.) . 4.150 01/30/00 500
- ---------- --------
$ 232,241 TOTAL FLOATING & VARIABLE RATE DEMAND NOTES
- ---------- (Amortized Cost $232,241) .................................. $232,241
--------
- -------------------------------------------------------------------------------------------------------------
PRINCIPAL MARKET
AMOUNT COUPON MATURITY VALUE
(000'S) ADJUSTABLE RATE PUT BONDS-- 6.8% RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
$ 4,000 Ohio St. Air Quality Dev. Auth. Rev. (Duquesne) ............ 3.900% 01/19/00 $ 4,000
590 Riverside, OH, EDR (Riverside Assoc. Ltd. Proj.) ........... 3.650 03/01/00 590
4,760 Cuyahoga Co., OH, IDR (Halle Office Building) .............. 4.235 04/01/00 4,760
1,345 Clermont Co., OH, EDR (John Q. Hammons Proj.) .............. 4.000 05/01/00 1,345
550 Franklin Co., OH, IDR (GSW Proj.) .......................... 3.850 05/01/00 550
2,925 Ohio St. HFA MFH (Lincoln Park) ............................ 3.900 05/01/00 2,925
3,425 Richland Co., OH, IDR (Mansfield Sq. Proj.) ................ 4.050 05/15/00 3,425
38 - Countrywide Investments
<PAGE>
OHIO TAX-FREE MONEY FUND (CONTINUED)
=============================================================================================================
PRINCIPAL MARKET
AMOUNT COUPON MATURITY VALUE
(000'S) ADJUSTABLE RATE PUT BONDS-- 6.8% (CONTINUED) RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
$ 455 Cuyahoga Co., OH, Health Care Rev., Ser. A
(Cleveland Neighborhood) ................................ 4.050% 06/01/00 $ 455
3,410 Franklin Co., OH, IDR (Leveque & Assoc. Proj.) ............. 4.000 06/01/00 3,410
975 Scioto Co., OH, Health Care Rev. (Hillview Retirement) ..... 4.000 06/01/00 975
880 Gallia Co., OH, IDR (Jackson Pike Assoc.) .................. 4.100 06/15/00 880
185 Cincinnati and Hamilton Co., OH, Port. Auth. Rev ...........
(Bethesda One Ltd. Proj.) ............................... 3.600 08/01/00 185
2,470 Perry Co., OH, Nursing Fac. Rev., Ser. 1996
(New Lexington Health Corp. Proj.) ...................... 3.700 09/01/00 2,470
1,155 Miami Valley, OH, Tax-Exempt Mtg. Rev., Ser. 86 ............ 4.880 10/15/00 1,155
- ---------- --------
$ 23,500 TOTAL ADJUSTABLE RATE PUT BONDS
- ---------- (Amortized Cost $27,132) ................................... $ 27,125
--------
COMMERCIAL PAPER -- 4.9%
10,000 Montgomery Co., OH, (Miami Valley Hosp.) ................... 3.850 01/10/00 10,000
500 Montgomery Co., OH, (Miami Valley Hosp.) ................... 3.900 01/24/00 500
4,000 Lorain Co., OH, (Catholic Health Care) ..................... 3.500 01/26/00 4,000
5,000 Lorain Co., OH, (Catholic Health Care) ..................... 3.850 02/10/00 5,000
- ---------- --------
$ 19,500 TOTAL COMMERCIAL PAPER
- ---------- (Amortized Cost $19,500) ................................... $ 19,500
--------
$ 393,999 TOTAL INVESTMENTS AT VALUE-- 99.2%
- ---------- (Amortized Cost $398,005) .................................. $397,807
OTHER ASSETS IN EXCESS OF LIABILITIES-- 0.8% ............... 3,310
--------
NET ASSETS-- 100.0% ........................................ $401,117
--------
</TABLE>
Countrywide Investments - 39
<PAGE>
FLORIDA TAX-FREE MONEY FUND
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
=============================================================================================================
PRINCIPAL MARKET
AMOUNT FIXED RATE REVENUE & COUPON MATURITY VALUE
(000'S) GENERAL OBLIGATION BONDS-- 19.0% RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 100 Dade Co., FL, GO, Ser. H ................................... 6.600% 06/01/00 $ 101
500 Florida St. Board Education Capital Outlay GO, Ser. A ...... 7.000 06/01/00 507
125 Florida St. Board Education Capital Outlay GO, Ser. A,
Prerefunded @ 102 ....................................... 7.250 06/01/00 130
600 Palm Beach Co., FL, Criminal Justice Facs. Rev.,
Prerefunded @ 102 ....................................... 7.250 06/01/00 624
1,000 Miami-Dade Co., FL, School Dist. TANS ...................... 4.000 06/28/00 1,003
500 Brevard Co., FL, School Dist. TANS ......................... 4.000 06/30/00 501
500 First Florida Governmental Fin. Commission, Rev., Ser. C ... 5.900 07/01/00 505
1,000 Florida St. Div. Board Fin. Dept. Gen. Services, Rev.,
Ser. B (Environmental Protection) ....................... 4.500 07/01/00 1,004
500 Seminole Co., FL, School Dist. TANS ........................ 4.000 07/28/00 502
500 Lee Co., FL, School Board COP, Ser. A ...................... 6.200 08/01/00 508
- ---------- --------
$ 5,325 TOTAL FIXED RATE REVENUE & GENERAL OBLIGATION BONDS
- ---------- (Amortized Cost $5,410) .................................... $ 5,385
--------
- -------------------------------------------------------------------------------------------------------------
PRINCIPAL MARKET
AMOUNT FLOATING & VARIABLE RATE COUPON MATURITY VALUE
(000'S) DEMAND NOTES-- 67.3% RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
$ 500 Collier Co., FL, Health Fac. Auth. Hosp. Rev ...............
(Cleveland Clinic) ...................................... 4.700% 01/01/00 $ 500
500 Illinois Health Fac. Auth. Rev., Ser. A
(Elmhurst Memorial Health) .............................. 4.800 01/01/00 500
300 Ohio St. Air Quality Dev. Auth., Rev., Ser. A (CG&E) ....... 4.750 01/01/00 300
2,000 ABN AMRO Munitops Trust Cert., Ser. 1998-8
(Dade Co., FL, Water & Sewer Sys. Rev.) ................. 5.660 01/07/00 2,000
700 ABN AMRO Munitops Trust Cert., Ser. 1998-9
(Florida Board of Educ.) ................................ 5.660 01/07/00 700
1,000 Broward Co., FL, HFA MFH Rev. (Waters Edge Proj.) .......... 4.900 01/07/00 1,000
180 Florida HFA MFH Rev., Ser. EEE (Carlton Arms II Proj.) ..... 5.350 01/07/00 180
600 Florida Housing Fin. Corp. MFH Rev., (South Pointe Proj.) .. 4.700 01/07/00 600
1,000 Gulf Breeze, FL, Rev. (Local Government Loan Prog.) ........ 5.250 01/07/00 1,000
500 Illinois Dev. Fin. Auth. Rev., Ser. 1992
(Uhlich Children's Home Proj.) .......................... 4.700 01/07/00 500
400 Illinois Dev. Fin. Auth. Rev., Ser. 1995
(Uhlich Children's Home Proj.) .......................... 5.500 01/07/00 400
1,000 Jacksonville, FL, Health Fac. Rev. (Faculty Practice Assoc.) 5.450 01/07/00 1,000
1,150 Jacksonville, FL, Health Fac. Rev. (River Garden) .......... 5.100 01/07/00 1,150
500 Jacksonville, FL, Rev. (YMCA Florida First Coast Proj.) .... 5.000 01/07/00 500
500 Lee Co., FL, IDR Educ. Fac. Rev. (Canterbury School Proj.) . 5.550 01/07/00 500
900 Manatee Co., FL, HFA MFH Rev. (Harbour Proj. B) ............ 5.550 01/07/00 900
500 Orange Co., FL, Health Fac. Auth. Rev. (Adventist Sunbelt) . 5.400 01/07/00 500
500 Orange Co., FL, HFA MFH Rev. (Post Lake Apts. Proj.) ....... 5.500 01/07/00 500
1,750 Palm Beach Co., FL, Rev. (Community Foundation Proj.) ...... 5.350 01/07/00 1,750
900 Palm Beach Co., Fl, Rev. (Henry Morrison Flagler Proj.) .... 5.350 01/07/00 900
995 Pinellas Co., FL, Health Fac. Auth. Rev .................... 5.000 01/07/00 995
1,100 Plant City, FL, Hosp. Rev. (South Florida Baptist Hosp.) ... 5.450 01/07/00 1,100
40 - Countrywide Investments
<PAGE>
FLORIDA TAX-FREE MONEY FUND (CONTINUED)
=============================================================================================================
PRINCIPAL MARKET
AMOUNT FLOATING & VARIABLE RATE COUPON MATURITY VALUE
(000'S) DEMAND NOTES-- 67.3% (CONTINUED) RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
$ 225 Putnam Co., FL, Dev. Auth. PCR, Ser. H-1
(Seminole Elec. Coop.) .................................. 5.550% 01/07/00 $ 225
900 St. Petersburg, FL, HFA Rev., Ser. 1997
(Menorah Manor Proj.) ................................... 5.400 01/07/00 900
475 Volusia Co., FL, HFA MFH Rev., Ser. H (Sun Pointe Apts.) ... 5.200 01/07/00 475
- ---------- --------
$ 19,075 TOTAL FLOATING & VARIABLE RATE DEMAND NOTES
- ---------- (Amortized Cost $19,075) ................................... $ 19,075
--------
- -------------------------------------------------------------------------------------------------------------
PRINCIPAL MARKET
AMOUNT COUPON MATURITY VALUE
(000'S) ADJUSTABLE RATE PUT BONDS-- 2.1% RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
$ 600 Putnam Co., FL, Dev. Auth. PCR, Ser. 1984D
- ---------- (Seminole Elec. Coop.)
(Amortized Cost $600) ...................................... 3.800% 06/15/00 $ 600
--------
- -------------------------------------------------------------------------------------------------------------
PRINCIPAL MARKET
AMOUNT COUPON MATURITY VALUE
(000'S) COMMERCIAL PAPER-- 12.3% RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
$ 1,500 Jacksonville FL., Electric System .......................... 3.750% 01/10/00 $ 1,500
2,000 Orlando FL., Utilities Commission (Water & Electric) ....... 3.650% 01/18/00 2,000
- ---------- --------
$ 3,500 TOTAL COMMERCIAL PAPER
(Amortized Cost $3,500) .................................... $ 3,500
--------
$ 28,500 TOTAL INVESTMENTS AT VALUE-- 100.7%
- ---------- (Amortized Cost $28,585) ................................... $ 28,560
LIABILITIES IN EXCESS OF OTHER ASSETS-- (0.7)% ............. (200)
--------
NET ASSETS-- 100.0% ........................................ $ 28,360
--------
</TABLE>
See accompanying notes to financial statements and notes to portfolios of
investments.
Countrywide Investments - 41
<PAGE>
TAX-FREE INTERMEDIATE TERM FUND
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
=============================================================================================================
PRINCIPAL MARKET
AMOUNT COUPON MATURITY VALUE
(000'S) MUNICIPAL BONDS-- 98.2% RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ARIZONA-- 3.2%
$ 400 Arizona Educ. Loan Mkt. Corp. Rev., Ser. A ................. 6.700% 03/01/00 $ 401
600 Maricopa Co., AZ, School Dist. Rev., Ser. 1991C
(Tempe Elem.) ........................................... 8.000 07/01/04 676
300 Tucson, AZ, Water Dist. Rev ................................ 9.750 07/01/10 406
--------
1,483
--------
CALIFORNIA-- 1.5%
445 Sacramento Co., CA, MFH ARPB (Fairway One Apts.) ........... 5.875 02/01/03 445
250 California HFA Multi-Unit Rental Rev., Ser. B .............. 6.500 08/01/05 258
--------
703
--------
COLORADO-- 0.6%
300 Highland Ranch, CO, Metro. Dist. GO, Ser. A ................ 5.000 12/01/10 282
--------
DISTRICT OF COLUMBIA-- 1.1%
500 District of Columbia Rev. (Catholic University Proj.) ...... 5.250 10/01/10 494
--------
FLORIDA-- 12.0%
500 Florida HFA MFH ARPB, Ser. 1978B
(Hampton Lakes II Proj.) ................................ 5.700 04/01/01 501
750 Hillsborough Co., FL, Solid Waste Rev ...................... 5.500 10/01/05 770
455 Pensacola, FL, Airport Rev., Ser. 1997B .................... 5.400 10/01/07 462
1,000 Pasco Co., FL, HFA MFH Rev., Ser. 1997B
(Cypress Trail Apts.) ................................... 5.500 06/01/08 1,003
1,255 Florida HFA MFH Sr. Lien, Ser. I-1 ......................... 6.100 01/01/09 1,288
1,000 Halifax Hosp. Medical Ctr., FL, Health Care Fac. Rev.,
Ser. 1998A .............................................. 4.800 04/01/10 909
365 Halifax Hosp. Medical Ctr.. FL, Health Care Fac. Rev.,
Ser. 1998A .............................................. 5.000 04/01/11 334
365 Halifax Hosp. Medical Ctr., FL, Health Care Fac. Rev.,
Ser. 1998A .............................................. 5.000 04/01/12 330
--------
5,597
--------
INDIANA-- 5.6%
1,000 Indiana Bond Bank Special Prog. Rev., Ser. A-1 ............. 6.650 01/01/03 1,040
1,000 Indiana Health Fac. Fin. Auth. Hosp. Rev ...................
(Clarian Health Partners) ............................... 6.000 02/15/05 1,035
500 Indiana HFA Multi-Unit Mtg. Prog. Rev., Ser. 1992A ......... 6.600 01/01/12 516
--------
2,591
--------
IOWA-- 2.3%
120 Cedar Rapids, IA, Hosp. Fac. Rev ...........................
(St. Luke's Methodist Hosp.), Prerefunded @ 102 ......... 6.000 08/15/03 127
250 Iowa Student Loan Liquidity Corp. Rev ...................... 6.400 07/01/04 262
305 Iowa HFA Rev., Ser. A ...................................... 6.500 07/01/06 311
240 Iowa Student Loan Liquidity Corp. Rev ...................... 6.600 07/01/08 253
130 Cedar Rapids, IA, Hosp. Fac. Rev ...........................
(St. Luke's Methodist Hosp.) ............................ 6.000 08/15/09 135
--------
1,088
--------
KENTUCKY-- 1.6%
750 Kentucky St. Turnpike Auth. EDR (Revitalization Proj.) ..... 5.250 07/01/05 763
--------
42 - Countrywide Investments
<PAGE>
TAX-FREE INTERMEDIATE TERM FUND (CONTINUED)
=============================================================================================================
PRINCIPAL MARKET
AMOUNT COUPON MATURITY VALUE
(000'S) MUNICIPAL BONDS-- 98.2% (CONTINUED) RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
LOUISIANA-- 2.1%
$ 500 West Ouachita Parish, LA, School Dist. GO, Ser. A .......... 6.700% 03/01/03 $ 522
440 Louisiana Public Fac. Auth. Rev. (Medical Ctr. of Louisiana) 6.000 10/15/03 453
--------
975
--------
MASSACHUSETTS -- 3.2%
500 New England Educ. Loan Mkt. Corp. Rev., Ser. 1992A ......... 6.500 09/01/02 520
500 New England Educ. Loan Mkt. Corp. Rev., Ser. 1992B ......... 6.600 09/01/02 520
445 Massachusetts St. Indust. Fin. Agy. Rev., Ser. 1997
(Hudner Assoc.) ......................................... 5.000 01/01/08 442
--------
1,482
--------
MICHIGAN-- 1.0%
450 Battle Creek, MI, EDR ARPB (Kellogg Co. Proj.) ............. 5.125 02/01/09 445
--------
MISSISSIPPI-- 1.1%
500 Mississippi Higher Educ. Rev., Ser. B ...................... 6.100 07/01/01 509
--------
NEBRASKA-- 3.2%
555 Nebraska Invest. Fin. Auth. Rev., Ser. 1989
(Foundation for Educ. Fund), Escrowed to Maturity ....... 7.000 11/01/09 566
1,000 Nebraska Gas Supply Rev., Ser. A
(American Public Energy Agcy.) .......................... 4.600 06/01/10 907
--------
1,473
--------
NEVADA-- 2.3%
1,000 Las Vegas, NV, GO, Sewer Impt. Rev.,
Prerefunded @ 102 ....................................... 6.500 04/01/02 1,056
--------
NEW YORK-- 1.1%
500 New York Local Govt. Asst. Corp. Rev., Ser. 1991B,
Prerefunded @ 102 ....................................... 7.000 04/01/01 525
--------
OHIO-- 39.6%
500 Hamilton Co., OH, Hosp. Fac. Rev. (Bethesda Hosp.) ......... 7.000 07/01/00 506
370 Fairfield, OH, IDR ARPB (Skyline Chili, Inc.) .............. 5.000 09/01/00 370
270 Warren Co., OH, Hosp. Fac. Rev. (Otterbein Home),
Prerefunded @ 102 ....................................... 7.000 07/01/01 284
1,000 Allen Co., OH, EDR ARPB(Young Men's Christian Assoc.) ...... 4.600 04/15/03 986
835 Ohio St. EDR Ohio Enterprise Bond Fd .......................
(Smith Steelite Proj.) .................................. 5.600 12/01/03 849
500 Hamilton Co., OH, Hosp. Fac. Rev ...........................
(Episcopal Retirement Home) ............................. 6.600 01/01/04 519
290 Ohio St. EDR Ohio Enterprise Bond Fd .......................
(Cheryl & Co.) .......................................... 5.500 12/01/04 295
1,005 Franklin Co., OH, Health Care Rev ..........................
(First Comm. Village) ................................... 6.000 06/01/06 1,020
530 Toledo, OH, GO ............................................. 6.000 12/01/06 562
710 Hamilton Co., OH, Health Care Fac. (Twin Towers) ........... 5.750 10/01/07 721
500 Ohio St. IDR, Ser. 1997 (Bomaine Corporation Proj.) ........ 5.500 11/01/07 499
674 Columbus, OH, Special Assessment GO ........................ 5.050 04/15/08 662
800 West Clermont, OH, LSD GO .................................. 6.150 12/01/08 842
1,000 Franklin Co., OH, GO ....................................... 5.450 12/01/09 1,014
Countrywide Investments - 43
<PAGE>
TAX-FREE INTERMEDIATE TERM FUND (CONTINUED)
=============================================================================================================
PRINCIPAL MARKET
AMOUNT COUPON MATURITY VALUE
(000'S) MUNICIPAL BONDS-- 98.2% (CONTINUED) RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
$ 1,000 Cuyahoga Co., OH, EDR, Ser. B (University School Proj.) .... 5.300% 12/01/09 $ 995
1,000 Cuyahoga Co., OH, Hosp. Rev.
(Fairview General & Lutheran Hosp.) ..................... 6.250 08/15/10 1,047
930 Hamilton Co., OH, Health Care Fac. Rev. (Twin Towers) ...... 5.250 10/01/10 887
1,000 Franklin Co., OH, Rev. (Online Computer Library Ctr.) ...... 4.650 10/01/11 900
275 Akron, OH, GO .............................................. 6.000 11/01/11 287
1,000 Ohio St. University Rev., Ser. A ........................... 5.125 12/01/11 975
1,000 Cuyahoga Co., OH, Hosp. Rev. (University Hosp.) ............ 5.125 01/15/12 963
1,000 Franklin Co., OH, Rev. (Online Computer Library Ctr.) ...... 4.700 10/01/12 892
520 Sycamore, OH, CSD COP ...................................... 4.700 12/01/12 467
615 Ohio St. University General Receipts Rev., Ser. A .......... 5.750 12/01/13 626
1,365 Toledo, OH, GO ............................................. 5.000 12/01/13 1,298
--------
18,466
--------
PENNSYLVANIA -- 1.7%
250 Pennsylvania St. IDR, Ser. A, Prerefunded @ 102 ............ 7.000 07/01/01 264
500 Pennsylvania Fin. Auth. Muni. Capital Impt. Proj. Rev. ..... 6.600 11/01/09 530
--------
794
--------
SOUTH CAROLINA -- 1.6%
725 Richland-Lexington, SC, Airport Dist. Rev., Ser. 1995
(Columbia Metro.) ....................................... 6.000 01/01/08 749
--------
TENNESSEE-- 2.8%
500 Nashville, TN, Metro. Airport Rev., Ser. C ................. 6.625 07/01/01 523
525 Southeast, TN, Tax-Exempt Mtg. Trust ARPB, Ser. 1990 ....... 7.250 04/01/03 559
250 Nashville & Davidson Co., TN, Health & Educ. Fac. Rev.,
Ser. A (Vanderbilt Univ.) ............................... 5.000 10/01/11 240
--------
1,322
--------
TEXAS-- 8.6%
500 Houston, TX, Sr. Lien Rev., Ser. A
(Hotel Tax & Parking Fac.), Prerefunded @ 100 ........... 7.000 07/01/01 518
500 N. Texas Higher Educ. Student Loan Rev., Ser. 1991A ........ 6.875 04/01/02 512
50 N. Central, TX, Health Fac. Rev. (Baylor Health Care),
Indexed INFLOS, Prerefunded @ 102 ....................... 6.000 05/15/02 53
450 N. Central, TX, Health Fac. Rev. (Baylor Health Care),
Indexed INFLOS .......................................... 6.000 05/15/08 472
515 Robinson, TX, ISD GO ....................................... 5.750 08/15/10 533
490 Dallas, TX, ISD ............................................ 5.600 08/15/11 497
210 Midland, TX, HFC Rev., Ser. A-2 ............................ 8.450 12/01/11 222
990 San Antonio, TX, Elec. & Gas Rev. .......................... 5.000 02/01/12 937
10 San Antonio, TX, Elec. & Gas Rev., Escrowed to Maturity .... 5.000 02/01/12 10
300 Waco, TX, COP .............................................. 4.800 02/01/15 262
--------
4,016
--------
WASHINGTON-- 1.2%
550 Washington St. Power Supply Sys. Rev., Ser. A
(Nuclear Proj. No. 2) ................................... 6.500 07/01/01 574
--------
WISCONSIN-- 0.8%
430 Wisconsin St. Health & Educ. Fac. Auth. Rev.
(Agnesian Healthcare, Inc.) ............................. 4.900 07/01/11 395
--------
44 - Countrywide Investments
<PAGE>
TAX-FREE INTERMEDIATE TERM FUND (CONTINUED)
=============================================================================================================
PRINCIPAL MARKET
AMOUNT COUPON MATURITY VALUE
(000'S) MUNICIPAL BONDS-- 98.2% (CONTINUED) RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
$ 45,604 TOTAL MUNICIPAL BONDS-- 98.2%
- ---------- (Amortized Cost $46,121) ................................... $ 45,782
--------
OTHER ASSETS IN EXCESS OF LIABILITIES-- 1.8% ............... 829
--------
NET ASSETS-- 100.0% ........................................ $ 46,611
--------
</TABLE>
See accompanying notes to financial statements and notes to portfolios of
investments.
Countrywide Investments - 45
<PAGE>
OHIO INSURED TAX-FREE FUND
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
=============================================================================================================
PRINCIPAL MARKET
AMOUNT FIXED RATE REVENUE & COUPON MATURITY VALUE
(000'S) GENERAL OBLIGATION BONDS-- 98.0% RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$ 255 Summit Co., OH, GO, Ser. A, Prerefunded @ 102 .............. 6.900% 08/01/00 $ 269
95 Ohio St. Higher Educ. Fac. Comm. Rev., Prerefunded @ 102 ... 7.250 12/01/00 100
200 Montgomery Co., OH, Hosp. Rev. (Sisters of Charity),
Prerefunded @ 102 ....................................... 6.625 05/15/01 207
250 Franklin Co., OH, IDR (1st Comm. Village Healthcare),
Crossover Prerefunded @ 101.5 ........................... 10.125 08/01/01 274
30 Clermont Co., OH, Hosp. Fac. Rev., Ser. A
(Mercy Health Sys.), Prerefunded @ 100 .................. 7.500 09/01/01 31
460 Westerville, Minerva Park & Blendon, OH, Joint Hosp ........
Dist. Rev. (St. Ann's), Prerefunded @ 102 ............... 7.100 09/15/01 488
1,000 Clermont Co., OH, Hosp. Fac. Rev. (Mercy Health Sys.),
Prerefunded @ 102 ....................................... 6.733 09/25/01 1,051
850 Alliance, OH, Waterworks Sys. Rev., Prerefunded @ 102 ...... 6.650 10/01/01 897
500 Celina, OH, Wastewater Sys. Mtg. Rev., Prerefunded @ 101 ... 6.550 11/01/01 523
500 Summit Co., OH, Various Purpose GO, Prerefunded @ 102 ...... 6.625 12/01/01 529
500 Clermont Co., OH, Sewer Sys. Rev., Prerefunded @ 102 ....... 7.100 12/01/01 533
500 Greene Co., OH, Water Sys. Rev., Prerefunded @ 102 ......... 6.850 12/01/01 530
461 Cleveland, OH, Waterworks Impt. Rev., Ser. 1992B,
Prerefunded @ 102 ....................................... 6.500 01/01/02 486
360 Cuyahoga Co., OH, Hosp. Rev. (University Hosp.),
Prerefunded @ 102 ....................................... 6.250 01/15/02 378
1,000 Kent St. University General Receipts Rev.,
Prerefunded @ 102 ....................................... 6.500 05/01/02 1,059
500 Franklin Co., OH, Hosp. Rev., Ser. 1991
(Mt. Carmel Health), Prerefunded @ 102 .................. 6.750 06/01/02 533
500 Mahoning Co., OH, Hosp. Impt. Rev. (YHA Proj.),
Prerefunded @ 100 ....................................... 7.000 10/15/02 521
675 Reynoldsburg, OH, CSD GO, Prerefunded @ 102 ................ 6.550 12/01/02 722
500 Seneca Co., OH, GO (Jail Fac.), Prerefunded @ 102 .......... 6.500 12/01/02 535
127 Ohio St. Bldg. Auth. Rev. (Columbus St. Proj.),
Prerefunded @ 100 ....................................... 10.125 04/01/03 144
31 Ohio St. Bldg. Auth. Rev. (Frank Lausche Proj.),
Prerefunded @ 100 ....................................... 10.125 04/01/03 35
230 Summit Co., OH, GO, Ser. A, Prerefunded @ 100 .............. 6.900 08/01/03 246
500 Newark, OH, Water Sys. Impt. Rev., Prerefunded @ 102 ....... 6.000 12/01/03 531
290 Northwest, OH, LSD GO, Prerefunded @ 102 ................... 7.050 12/01/03 309
500 Ohio St. Bldg. Auth. Rev., Ser. 1994A
(Juvenille Correctional Bldg.), Prerefunded @ 102 ....... 6.600 10/01/04 546
290 Alliance, OH, CSD GO ....................................... 6.900 12/01/06 307
1,095 West Clermont, OH, LSD GO .................................. 6.900 12/01/07 1,203
500 Mansfield, OH, Hosp. Impt. Rev. (Mansfield General) ........ 6.700 12/01/09 525
465 Ohio Capital Corp. MFH Rev., Ser. 1990A .................... 7.500 01/01/10 479
500 Hamilton, OH, Water Sys. Mtg. Rev., Ser. 1991A ............. 6.400 10/15/10 523
500 Butler Co., OH, Hosp. Fac. Rev .............................
(Middletown Regional Hosp.) ............................. 6.750 11/15/10 526
39 Cleveland, OH, Waterworks Impt. Rev., Ser. F ............... 6.500 01/01/11 41
240 Cuyahoga Co., OH, Hosp. Rev. (University Hosp.),
Escrowed to Maturity .................................... 9.000 06/01/11 290
46 - Countrywide Investments
<PAGE>
OHIO INSURED TAX-FREE FUND (CONTINUED)
=============================================================================================================
PRINCIPAL MARKET
AMOUNT FIXED RATE REVENUE & COUPON MATURITY VALUE
(000'S) GENERAL OBLIGATION BONDS-- 98.0% (CONTINUED) RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
$ 320 Ohio HFA SFM Rev., Ser. D .................................. 7.000% 09/01/11 $ 333
365 Bexley, OH, CSD GO ......................................... 7.125 12/01/11 423
530 Urbana, OH, Wastewater Impt. GO ............................ 7.050 12/01/11 569
600 Westerville, OH, Water Sys. Impt. GO ....................... 6.450 12/01/11 635
500 Strongsville, OH, CSD GO ................................... 5.375 12/01/12 503
500 Worthington, OH, CSD GO .................................... 6.375 12/01/12 525
530 Ottawa Co., OH, GO ......................................... 5.750 12/01/14 534
1,000 Portage Co., OH, GO ........................................ 6.200 12/01/14 1,045
1,000 Clermont Co., OH, Hosp. Fac. Rev. (Mercy Health Sys.) ...... 5.875 09/01/15 1,002
400 Warren, OH, Waterworks Rev ................................. 5.500 11/01/15 393
1,000 Buckeye Valley, OH, LSD GO ................................. 6.850 12/01/15 1,128
500 Delaware, OH, CSD GO ....................................... 5.750 12/01/15 501
500 Ohio St. Higher Educ. Fac. Rev. (University of Dayton) ..... 6.750 12/01/15 529
500 Cleveland, OH, Waterworks Impt. Rev., Ser. F ............... 6.250 01/01/16 511
750 Columbus-Polaris Hsg. Corp. Rev ............................ 7.400 01/01/16 817
500 Ohio St. Air Quality Dev. Rev., Ser. A (Ohio Edison) ....... 7.450 03/01/16 512
186 Ohio HFA SFM Rev., Ser. 1990F .............................. 7.600 09/01/16 191
606 Ohio HFA SFM Rev., Ser. 1991D .............................. 7.050 09/01/16 630
750 Montgomery Co., OH, Hosp. Rev. (Miami Valley Hosp.) ........ 6.250 11/15/16 762
815 Butler Co., OH, GO ......................................... 5.750 12/01/16 816
590 Garfield Heights, OH, Various Purpose GO,
Prerefunded @ 102 ....................................... 7.050 12/01/16 617
1,000 Youngstown St. University, OH, General Receipts Rev ........ 4.750 12/15/16 861
1,260 Cleveland, OH, Airport Sys. Rev., Ser. C ................... 5.125 01/01/17 1,148
750 Butler Co., OH, Trans. Impt. Dist., Ser. A ................. 5.125 04/01/17 684
800 Ohio St. Bldg. Auth. Rev. (Adult Correctional Bldg.) ....... 5.600 04/01/17 782
1,000 Lorain Co., OH, Hosp. Rev. (Catholic Healthcare Partners) .. 5.625 09/01/17 967
500 Toledo, OH, Sewer Sys. Rev ................................. 6.350 11/15/17 515
1,000 Toledo, OH, Waterworks Sys. Mtg. Rev ....................... 4.750 11/15/17 853
1,000 Rocky River, OH, CSD GO, Ser. 1998 ......................... 5.375 12/01/17 949
1,400 Cuyahoga Co., OH, Util. Sys. Impt. Rev .....................
(Medical Center Proj.) .................................. 5.125 02/15/18 1,262
500 Ohio St. Air Quality Dev. Rev., Ser. 1990B (Ohio Edison) ... 7.100 06/01/18 515
2,500 Ohio St. Bldg. Auth. Rev. (Adult Correctional Bldg.) ....... 5.250 10/01/18 2,296
1,000 Akron, OH, GO .............................................. 5.000 12/01/18 891
1,670 Canton, OH, GO ............................................. 4.750 12/01/18 1,416
1,000 University of Cincinnati, OH, General Receipts Rev., Ser. A0 5.750 06/01/19 983
1,000 Lucas-Northgate, OH, Housing Dev. Corp. Rev., Ser. A,
(Northgate Apt.) ........................................ 5.950 07/01/19 965
1,000 Lorain Co., OH, Health Fac. Rev., Ser. A
(Catholic Healthcare Partners) .......................... 5.500 09/01/19 935
500 Rural Lorain, OH, Water Auth. Resource Impt. Rev ........... 5.750 10/01/19 493
1,750 Lucas Co., OH, Hosp. Rev. (Promedica Healthcare) ........... 5.625 11/15/19 1,665
2,000 Avon Lake, OH, CSD GO ...................................... 5.500 12/01/19 1,909
2,145 Brunswick, OH, CSD GO, Ser. B .............................. 5.750 12/01/19 2,115
745 Crawford Co., OH, GO ....................................... 4.750 12/01/19 625
1,000 Evergreen, OH, LSD GO ...................................... 5.500 12/01/19 955
2,000 Hamilton, OH, CSD GO, Ser. A ............................... 5.500 12/01/19 1,909
475 Ohio St. University General Receipts Rev., Ser. A .......... 5.750 12/01/19 464
500 Akron, OH, GO .............................................. 5.800 11/01/20 481
Countrywide Investments - 47
<PAGE>
OHIO INSURED TAX-FREE FUND (CONTINUED)
=============================================================================================================
PRINCIPAL MARKET
AMOUNT FIXED RATE REVENUE & COUPON MATURITY VALUE
(000'S) GENERAL OBLIGATION BONDS-- 98.0% (CONTINUED) RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
$ 1,000 Greene Co., OH, Sewer Sys. Rev ............................. 5.125% 12/01/20 $ 891
1,000 Ohio St. Air Quality Dev. Rev., Ser. 1985A
(Columbus & Southern Power) ............................. 6.375 12/01/20 1,018
1,000 Hamilton, OH, CSD GO ....................................... 5.625 12/01/24 949
1,250 Ohio St. University General Receipts Rev., Ser. A .......... 5.750 12/01/24 1,200
1,000 Ohio St. Air Quality Dev. Auth. Rev.(Pollution Control) .... 6.450 05/01/27 1,019
1,000 Hamilton Co., OH, Sales Tax. Rev. (Football Stadium Proj.) . 5.000 12/01/27 842
- ---------- --------
$ 61,630 TOTAL FIXED RATED REVENUE & GENERAL OBLIGATION BONDS
- ---------- (Amortized Cost $60,813) ................................... $ 60,904
--------
- -------------------------------------------------------------------------------------------------------------
PRINCIPAL MARKET
AMOUNT FLOATING & VARIABLE RATE COUPON MATURITY VALUE
(000'S) DEMAND NOTES-- 1.0% RATE DATE (000'S)
- -------------------------------------------------------------------------------------------------------------
$ 650 Cuyahoga Co., OH, Hosp. Rev. (University Hosp.) ............ 4.700% 01/01/00 $ 650
21 Summit Co., OH, Healthcare Fac. Rev., Ser. 97 .............. 5.550 01/07/00 21
- ---------- --------
$ 671 TOTAL FLOATING & VARIABLE RATE DEMAND NOTES
- ---------- (Amortized Cost $671) ...................................... 671
--------
$ 62,301 TOTAL INVESTMENTS AT VALUE-- 99.0%
- ---------- (Amortized Cost $61,484) ................................... $ 61,575
OTHER ASSETS IN EXCESS OF LIABILITIES-- 1.0% ............... 601
--------
NET ASSETS-- 100.0% ........................................ $ 62,176
--------
</TABLE>
See accompanying notes to financial statements and notes to portfolios of
investments.
48 - Countrywide Investments
<PAGE>
NOTES TO PORTFOLIOS OF INVESTMENTS
DECEMBER 31, 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
December 31, 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
TANS - Tax Anticipation Notes
USD - Unified School District
Countrywide Investments - 49
<PAGE>
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50 - Countrywide Investments
<PAGE>
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Countrywide Investments - 51
<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
- -----------------
William O. Coleman
Phillip R. Cox
H. Jerome Lerner
Robert H. Leshner
Jill T. McGruder
Oscar P. Robertson
Nelson Schwab, Jr.
Robert E. Stautberg
Joseph S. Stern, Jr.
INVESTMENT ADVISER/MANAGER
- --------------------------
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.
