<PAGE>
LIQUID CAPITAL INCOME TRUST -- FINANCIAL HIGHLIGHTS
Data for each share outstanding throughout the period
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED JULY 31,
JANUARY 31, --------------------------------------------------------------------
1999 1998 1997 1996 1995 1994
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income 0.021 0.047 0.045 0.047 0.047 0.026
------------ ------------ ------------ ------------ ------------ ------------
Total from Investment
Operations 0.021 0.047 0.045 0.047 0.047 0.026
LESS DISTRIBUTIONS:
Distributions from Net
Investment Income (0.021) (0.047) (0.045) (0.047) (0.047) (0.026)
------------ ------------ ------------ ------------ ------------ ------------
Total Distributions (0.021) (0.047) (0.045) (0.047) (0.047) (0.026)
Net Asset Value, End of
Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------
RATIOS/SUPPLEMENTAL
INFORMATION
Expenses as a
percentage of average
daily net assets(1) 1.00%(2) 0.88% 0.94% 0.90% 0.87% 0.88%
Net investment income
and total return as a
percentage of average
daily net assets(1) 4.29%(2) 4.71% 4.48% 4.69% 4.72% 2.62%
Net Assets at end of
period $101,363,287 $164,475,955 $185,185,738 $205,508,605 $247,385,884 $289,950,268
------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------
</TABLE>
(1) The percentages should not be construed as representative of the yield or
expenses related to further investments in the Trust.
(2) Annualized basis.
CARNEGIE GOVERNMENT SECURITIES TRUST -- FINANCIAL HIGHLIGHTS
Data for each share outstanding throughout the period
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED JULY 31,
JANUARY 31, ------------------------------------------------------------------------
1999 1998 1997 1996 1995 1994
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income 0.021 0.045 0.042 0.045 0.044 0.024
------------ ------------ ------------ ------------ ------------ ------------
Total from Investment
Operations 0.021 0.045 0.042 0.045 0.044 0.024
LESS DISTRIBUTIONS:
Distributions from Net
Investment Income (0.021) (0.045) (0.042) (0.045) (0.044) (0.024)
------------ ------------ ------------ ------------ ------------ ------------
Total Distributions (0.021) (0.045) (0.042) (0.045) (0.044) (0.024)
Net Asset Value, End of
Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------
RATIOS/SUPPLEMENTAL
INFORMATION
Expenses as a
percentage of average
daily net assets(1) 1.04%(2) 0.98% 1.11% 1.03% 1.06% 0.98%
Net investment income
and total return as a
percentage of average
daily net assets(1) 4.17%(2) 4.51% 4.25% 4.50% 4.38% 2.37%
Net Assets at end of
period $ 9,366,167 $ 14,534,252 $ 12,440,409 $ 12,737,746 $ 14,424,876 $ 18,078,719
------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------
</TABLE>
(1) The percentages should not be construed as representative of the yield or
expenses related to further investments in the Trust.
(2) Annualized basis.
SEMI-ANNUAL MESSAGE FROM THE PRESIDENT:
Dear Fellow Shareholders:
With the exception of the crisis in Asia, and the turmoil in both the Middle
East and the White House, the investment landscape remains benevolent. Our
economy continues its expansionary trends, although in moderation, with both
inflation and interest rates apparently heading lower.
Carnegie Capital Management Co. continues to hold fast to the policy of
investing in quality. Now, in our opinion, is not the time to "stretch" for
yield.
Thank you for your continued support of the Carnegie Funds Group. Please
call or write with any comments or suggestions.
Sincerely,
[SIGNATURE]
George R. Mateyo
President
1
<PAGE>
CARNEGIE TAX FREE INCOME TRUST -- FINANCIAL HIGHLIGHTS
Data for each share outstanding throughout the period
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED JULY 31,
JANUARY 31, ---------------------------------------------------------------
1999 1998 1997 1996 1995 1994
------------ ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income 0.013 0.028 0.027 0.029 0.029 0.018
------------ ----------- ----------- ----------- ----------- -----------
Total from Investment
Operations 0.013 0.028 0.027 0.029 0.029 0.018
LESS DISTRIBUTIONS:
Distributions from Net
Investment Income (0.013) (0.028) (0.027) (0.029) (0.029) (0.018)
------------ ----------- ----------- ----------- ----------- -----------
Total Distributions (0.013) (0.028) (0.027) (0.029) (0.029) (0.018)
Net Asset Value, End of
Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
------------ ----------- ----------- ----------- ----------- -----------
------------ ----------- ----------- ----------- ----------- -----------
RATIOS/SUPPLEMENTAL
INFORMATION
Expenses as a
percentage of average
daily net assets(1) 0.68%(2) 0.90% 0.84% 0.80% 0.82% 0.77%
Net investment income
and total return as a
percentage of Average
daily net assets(1) 2.61%(2) 2.78% 2.74% 2.92% 2.86% 1.77%
Net Assets at end of
period $ 21,865,770 $21,805,702 $20,188,763 $25,266,098 $27,615,905 $31,640,760
------------ ----------- ----------- ----------- ----------- -----------
------------ ----------- ----------- ----------- ----------- -----------
</TABLE>
(1) The percentages should not be construed as representative of the yield or
expenses related to further investments in the Trust.
(2) Annualized basis.
CARNEGIE TAX EXEMPT INCOME TRUST -- OHIO GENERAL MUNICIPAL FUND
FINANCIAL HIGHLIGHTS -- Data for each share outstanding throughout the period
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED JULY 31,
JANUARY 31, -----------------------------------------------------------------------
1999 1998 1997 1996 1995 1994
------------ ----------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $9.64 $9.66 $9.41 $9.46 $9.50 $9.87
INCOME FROM INVESTMENT
OPERATIONS:
Net investment
income(2) 0.239 0.477 0.484 0.514 0.556 0.549
Net realized and
unrealized
gains/(losses) on
securities 0.085 (0.019) 0.250 (0.050) (0.040) (0.370)
------------ ----------- ------------ ------------ ------------ ------------
Total from investment
operations 0.324 0.458 0.734 0.464 0.516 0.179
LESS DISTRIBUTIONS:
Distributions from net
investment income (0.239) (0.477) (0.484) (0.514) (0.556) (0.549)
------------ ----------- ------------ ------------ ------------ ------------
Total distributions (0.239) (0.477) (0.484) (0.514) (0.556) (0.549)
Net Asset Value, End of
Period $9.72 $9.64 $9.66 $9.41 $9.46 $9.50
------------ ----------- ------------ ------------ ------------ ------------
------------ ----------- ------------ ------------ ------------ ------------
ANNUAL TOTAL RETURN 6.65% 4.84% 9.41% 4.98% 5.50% 1.82%
------------ ----------- ------------ ------------ ------------ ------------
------------ ----------- ------------ ------------ ------------ ------------
RATIOS/SUPPLEMENTAL
INFORMATION
Net assets at end of
period $ 9,787,598 $ 9,220,496 $ 10,283,205 $ 11,655,988 $ 11,448,521 $ 12,574,835
Expenses as a
percentage of average
daily net
assets(1)(2) 0.83%(3) 1.00% 0.95% 0.88% 0.97% 0.93%
Net investment income
as a percentage of
average daily net
assets(1) 4.93%(3) 4.96% 5.12% 5.41% 5.95% 5.68%
Portfolio Turnover rate 4.53% 5.36% 3.88% 23.45% 8.77% 10.04%
</TABLE>
(1) The percentages should not be construed as representative of the yield or
expenses related to further investments in the Fund.
(2) During the periods indicated, the Fund did not make payments or made
partial payments under their Distribution Expenses Plan and CCMC waived
management fees. Net investment income for the Ohio General Municipal Fund
would have been $.268 for the six months ended January 31, 1999, $.448,
$.455, $.483, $528, and $.520, for the years ended July 31, 1998, 1997,
1996, 1995 and 1994, respectively; had such Distribution Expense Plan
payments been made and had such fees not been waived. Expenses as a
percentage of average net assets would have been .716% for the six months
ended January 31, 1999, 1.30%, 1.25%, 1.18%, 1.27%, and 1.23%, for the
same periods, respectively.
(3) Annualized basis.
2
<PAGE>
LIQUID CAPITAL INCOME TRUST
STATEMENT OF NET ASSETS
JANUARY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL MATURITY DATES VALUE
AMOUNT (1999) (NOTE A)
- ----------- -------------- --------------
<C> <S> <C> <C>
COMMERCIAL PAPER+ -- 57.6%
Abbott Laboratories Corp., 4.80%... 2/9 $ 4,994,667
$ 5,000,000
Associates First Capital Corp.,
6.00%.............................. 3/15 3,530,552
3,525,000
Cargill Inc., 5.17%................ 2/1 5,000,000
5,000,000
Coca-Cola Company, 4.78%........... 2/22 4,986,058
5,000,000
Emerson Electric Company, 5.05%.... 2/11 4,992,986
5,000,000
Ford Motor Credit Company, 4.81%... 4/12 4,953,236
5,000,000
General Electric Company, 4.82%.... 2/24 4,984,603
5,000,000
GTE Funding Corp., 5.15%........... 2/1 5,000,000
5,000,000
International Lease Finance Corp.,
4,77%.............................. 2/8 4,995,363
5,000,000
National City Corp., 4.83%......... 2/5 4,997,317
5,000,000
Southern California Edison,
4.85%.............................. 3/12 4,973,729
5,000,000
Transamerica Finance Corp.,
5.00%.............................. 3/1 4,980,555
5,000,000
--------------
TOTAL COMMERCIAL PAPER (Cost
$58,389,066)....................... 58,389,066
--------------
U.S. GOVERNMENT INTEREST BEARING AND AGENCIES -- 24.6%
Federal Home Loan Mortgage Corp.,
4.77%.............................. 2/10 4,994,037
5,000,000
Federal Home Loan Mortgage Corp.,
5.04%.............................. 2/11 4,993,000
5,000,000
Federal Home Loan Mortgage Corp.,
4.73%.............................. 2/18 4,988,832
5,000,000
Federal Home Loan Mortgage Corp.,
4.72%.............................. 3/4 4,979,678
5,000,000
Federal Home Loan Mortgage Corp.,
4.75%.............................. 3/8 4,976,910
5,000,000
--------------
TOTAL U.S. GOVERNMENT INTEREST
BEARING AND AGENCIES
(Cost $24,932,457)................. 24,932,457
--------------
REPURCHASE AGREEMENTS -- 17.8%
Merrill Lynch Government
Securities, Inc. 4.65%;
Collateralized by $17,680,000
Federal National Mortgage
Association, 7.79% due 9/27/06
(repurchase proceeds
$18,074,001)....................... 2/1 18,067,000
18,067,000
--------------
TOTAL INVESTMENTS -- 100% (COST
$101,388,523)...................... 101,388,523
OTHER ASSETS LESS LIABILITIES...... (25,236)
--------------
NET ASSETS -- 100.0% -- equivalent
to $1.00 per share for
101,363,287 outstanding Capital
Shares in the Trust, $.10 par
value (unlimited number of shares
authorized) -- NOTE E............ $ 101,363,287
--------------
--------------
</TABLE>
+ At January 31, 1999, investments in commercial paper are diversified among
several industries with no significant concentration. At the time of
purchase, all commercial paper investments are rated A-1 by S&P or P-1 by
Moody's Rating Services.
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JANUARY 31, 1999
(UNAUDITED)
<TABLE>
<S> <C> <C>
Interest income......................... $ 4,093,671
EXPENSES -- NOTE B
Management fees....................... $ 386,457
Custodian and transfer agent fees..... 222,707
Printing.............................. 52,150
Postage............................... 31,100
Registration and filing fees.......... 21,500
Professional fees..................... 20,876
Trustees' fees........................ 12,000
Insurance expense..................... 8,498
Miscellaneous......................... 16,687 771,975
----------------- --------------
INVESTMENT INCOME -- NET................ $ 3,321,696
--------------
--------------
</TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 1999 JULY 31, 1998
----------------- --------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS --
NOTE E
Operations:
Investment income -- net............ $ 3,321,696 $ 10,216,408
Distributions to shareholders from net
investment income..................... (3,321,696) (10,216,408)
Capital share transactions -- net..... (63,112,668) (20,709,783)
----------------- --------------
Total decrease in net assets.... (63,112,668) (20,709,783)
NET ASSETS
Beginning of period................... 164,475,955 185,185,738
----------------- --------------
End of period......................... $101,363,287 $164,475,955
----------------- --------------
----------------- --------------
</TABLE>
See Notes to Financial Statements.
3
<PAGE>
CARNEGIE GOVERNMENT SECURITIES TRUST
STATEMENT OF NET ASSETS
JANUARY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL MATURITY DATES VALUE
AMOUNT (1999) (NOTE A)
- ----------- -------------- ------------
<C> <S> <C> <C>
U.S. GOVERNMENT AGENCIES -- 79.9%
Federal Agriculture Mortgage
Association, 4.72%................. 2/2 $ 999,869
$ 1,000,000
Federal Agriculture Mortgage
Association, 4.72%................. 2/22 498,623
500,000
Federal Farm Credit Bank, 4.72%.... 2/5 399,790
400,000
Federal Home Loan Mortgage Corp.,
4.82%.............................. 2/4 999,598
1,000,000
Federal Home Loan Mortgage Corp.,
4.77%.............................. 2/8 999,073
1,000,000
Federal Home Loan Mortgage Corp.,
4.77%.............................. 2/10 998,808
1,000,000
Federal Home Loan Mortgage Corp.,
4.72%.............................. 2/11 599,213
600,000
Federal Home Loan Mortgage Corp.,
4.71%.............................. 2/12 499,280
500,000
Federal Home Loan Mortgage Corp.,
4.75%.............................. 2/16 998,021
1,000,000
Federal Home Loan Mortgage Corp.,
4.72%.............................. 2/19 498,820
500,000
------------
TOTAL U.S. GOVERNMENT AGENCIES
(Cost $7,491,095).................. $ 7,491,095
------------
REPURCHASE AGREEMENTS -- 20.1%
Merrill Lynch Government
Securities, Inc., 4.65%;
Collateralized by $1,915,000.00
Federal Home Loan Mortgage Corp.,
5.85% due 11/19/2003 (repurchase
proceeds $1,887,731.22)............ 2/1 1,887,000
1,887,000
------------
TOTAL INVESTMENTS -- 100.0% (COST
$9,378,095)........................ 9,378,095
OTHER ASSETS LESS LIABILITIES...... (11,928)
------------
NET ASSETS -- 100.0% -- equivalent
to $1.00 per share for 9,366,167
outstanding Capital Shares in the
Trust, $.10 par value (unlimited
number of shares authorized) --
NOTE E........................... $ 9,366,167
------------
------------
</TABLE>
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JANUARY 31, 1999
(UNAUDITED)
<TABLE>
<S> <C> <C>
Interest income......................... $ 366,829
EXPENSES -- NOTE B
Management fees....................... 35,111
Custodian and transfer agent fees..... 12,197
Registration and filing fees.......... 10,450
Professional fees..................... 5,040
Trustees' fees........................ 4,000
Printing.............................. 3,849
Postage............................... 868
Insurance expense..................... 706
Miscellaneous......................... 1,279 73,500
----------- -----------
INVESTMENT INCOME -- NET................ $ 293,329
-----------
-----------
</TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
JANUARY 31, YEAR ENDED
1999 JULY 31, 1998
------------- -------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS --
NOTE E
Operations:
Investment income -- net............ $ 293,329 $ 657,166
Distributions to shareholders from net
investment income..................... (293,329) (657,166)
Capital share transactions -- net..... (5,168,085) 2,093,843
------------- -------------
Total increase (decrease) in net
assets.................................. (5,168,085) 2,093,843
NET ASSETS
Beginning of period................... 14,534,252 12,440,409
------------- -------------
End of period......................... $ 9,366,167 $ 14,534,252
------------- -------------
------------- -------------
</TABLE>
See Notes to Financial Statements.
4
<PAGE>
CARNEGIE TAX FREE INCOME TRUST
STATEMENT OF NET ASSETS
JANUARY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT RATING* (NOTE A)
- ----------- ------- ------------
<C> <S> <C> <C>
MUNICIPAL SECURITIES -- 99.7%
ALABAMA -- 10.5%
Alabama Special Care Facility
Variable Rate Demand Revenue Bonds
2.75%, 2/3/1999.................... Aaa $ 200,000
$ 200,000
Birmingham-Carraway Alabama Special
Care Facility Variable Rate Demand
Revenue Bonds 2.75%, 2/3/1999...... Aa3 300,000
300,000
Daphne Alabama Special Care
Facility Variable Rate Demand
Revenue Bonds 3.1%,
2/3/1999........................... Aa3 800,000
800,000
Columbia Industrial Development
Brd. Pollution Control Variable
Rate Demand Revenue Bonds 3.25%,
2/1/1999........................... A2 700,000
700,000
North Alabama Environmental
Improvement Authority Variable Rate
Demand Revenue Bonds 2.8%,
2/1/1999........................... Aa3 300,000
300,000
ALASKA -- 3.2%
Alaska State Housing Finance Corp.
Variable Rate Demand Revenue Bonds
2.75%, 2/3/1999.................... Aaa 700,000
700,000
ARIZONA -- 5.0%
Arizona Health Facilities Authority
Variable Rate Demand Revenue Bonds
2.85%, 2/3/1999.................... Aaa 600,000
600,000
Pima County Variable Rate Demand
Industrial Development Revenue
Bonds 3.00%, 2/3/1999.............. NR 500,000
500,000
CALIFORNIA -- 5.5%
California Health Facilities
Financing Authority Variable Rate
Demand Revenue Bonds 2.35%,
2/3/1999........................... Aaa 400,000
400,000
Los Angeles Regional Airports
Improvement Corporation Variable
Rate Demand Revenue Bonds 3.25%,
2/1/1999........................... Aa2 800,000
800,000
CONNECTICUT -- 3.2%
Connecticut State Health and
Educational Facility Variable Rate
Demand Revenue Bonds 3%,
2/3/1999........................... A2 700,000
700,000
DELAWARE -- 2.3%
Delaware State Economic Development
Authority Demand Revenue Bonds 3%,
2/3/1999........................... A2 500,000
500,000
FLORIDA -- .5%
Florida Housing Finance Agency
Variable Rate Demand Revenue Bonds
2.85%, 2/3/1999.................... AA 100,000
100,000
HAWAII -- 4.6%
Hawaii Housing Financial and
Development Corporation Variable
Rate Demand Revenue Bonds 2.85%,
2/3/1999........................... Aa3 1,000,000
1,000,000
ILLINOIS -- 3.7%
Chicago O'Hare International
Airport Variable Rate Demand
Revenue Bonds 2.75%, 2/3/1999...... Aa3 400,000
400,000
Illinois Health Facilities Variable
Rate Demand Revenue Bonds 2.85%,
2/3/1999........................... Aaa 400,000
400,000
LOUISIANA -- 5.5%
Delhi Louisiana Industrial
Development Variable Rate Demand
Revenue Bonds 3%, 2/3/1999......... A1 1,000,000
1,000,000
Lake Charles Louisiana Harbor and
Terminal District Variable Rate
Demand Revenue Bonds 2.75%,
2/3/1999........................... AA- 200,000
200,000
MARYLAND -- 4.6%
Montgomery County Housing
Opportunity Variable Rate Demand
Revenue Bonds 3%, 2/3/1999......... Aa2 1,000,000
1,000,000
MICHIGAN -- 2.7%
Michigan State Hospital Finance
Authority Variable Rate Demand
Revenue Bonds 2.95%, 2/3/1999...... A1 600,000
600,000
NEW YORK -- 1.8%
New York State Energy Research
Variable Rate Demand Revenue Bonds
3.2%, 2/1/1999..................... Aa3 100,000
100,000
New York State Medical Care
Facilities Variable Rate Demand
Revenue Bonds 2.55%, 2/3/1999...... Aa2 300,000
300,000
NORTH DAKOTA -- 1.4%
Grand Forks North Dakota Hospital
Facilities Variable Rate Demand
Revenue Bonds 3.25%, 2/1/1999...... Aa3 300,000
300,000
</TABLE>
See Notes to Financial Statements.
5
<PAGE>
CARNEGIE TAX FREE INCOME TRUST
STATEMENT OF NET ASSETS-- CONTINUED
JANUARY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT RATING* (NOTE A)
- ----------- ------- ------------
OHIO -- 2.7%
<C> <S> <C> <C>
Hamilton County Health System
Variable Rate Demand Revenue Bonds
2.75%, 2/3/1999.................... Aa2 $ 600,000
$ 600,000
OKLAHOMA -- 1.8%
Garfield County Oklahoma Pollution
Control Variable Rate Demand
Revenue Bonds 2.95%, 2/3/1999...... Aa3 400,000
400,000
OREGON -- .9%
Port of Portland Pollution Control
Variable Rate Demand Revenue Bonds
3.25%, 2/1/1999.................... Aa3 200,000
200,000
PENNSYLVANIA -- 12.8%
Allegheny County Pennsylvania
Hospital Development Authority
Variable Rate Revenue Bonds 2.8%,
2/3/1999........................... Aaa 1,000,000
1,000,000
Delaware County Variable Rate
Industrial Development Demand
Revenue Bonds 3.15%, 2/1/1999...... Aaa 500,000
500,000
New Castle Pennsylvania Hospital
Authority Variable Rate Demand
Revenue Bonds 2.80%, 2/3/1999...... Aaa 300,000
300,000
Pennsylvania State Higher
Educational Facilities Authority
Variable Rate Demand Revenue Bonds
2.75%, 2/3/1999.................... Aa3 1,000,000
1,000,000
SOUTH CAROLINA -- .5%
South Carolina Economic Development
Authority Variable Rate Demand
Revenue Bonds 3.25%, 2/1/1999...... Aa2 100,000
100,000
TENNESSEE -- 2.3%
Nashville Metropolitan Government
Health and Education Variable Rate
Demand Revenue Bonds 2.75%,
2/3/1999........................... Aaa 500,000
500,000
TEXAS -- 18.2%
Bexar County Housing Finance
Variable Rate Demand Revenue Bonds
2.95%, 2/3/1999.................... AA 1,000,000
1,000,000
Grapevine Texas Industrial
Development Corporation Variable
Rate Demand Revenue Bonds 3.25%,
2/1/1999........................... Aa3 700,000
700,000
Harris County Texas Health
Facilities Variable Rate Demand
Revenue Bonds 3.25%, 2/1/1999...... AA 600,000
600,000
Lone Star Texas Airport Variable
Rate Demand Revenue Bonds 3.25%,
2/1/1999........................... VMIG1 500,000
500,000
Lower Neches Valley Authority
Variable Rate Demand Revenue Bonds
2.75%, 2/3/1999.................... Aa2 1,000,000
1,000,000
North Central Texas Health Facility
Variable Rate Demand Revenue Bonds
3.25%, 2/1/1999.................... Aaa 200,000
200,000
VIRGINIA -- 1.4%
Fairfax County Industrial
Development Authority Variable Rate
Demand Revenue Bonds 2.80%,
2/3/1999........................... Aa2 300,000
300,000
WASHINGTON -- 4.6%
Port of Seattle Washington Variable
Rate Demand General Obligation
Bonds 2.75%,
2/3/1999........................... Aa1 400,000
400,000
Seattle Washington Municipal Light
and Power Variable Rate Demand
Revenue Bonds 2.75%, 2/3/1999...... Aa2 600,000
600,000
------------
TOTAL INVESTMENTS -- 99.7% (COST
$21,800,000)....................... 21,800,000
OTHER ASSETS LESS LIABILITIES --
.3%................................ 65,770
------------
NET ASSETS -- 100% -- equivalent to
$1.00 per share for 21,865,770
outstanding Capital Shares in the
Trust, $.10 par value (unlimited
number of shares authorized) --
Note E............................. $ 21,865,770
------------
------------
</TABLE>
+ Floating Rate Demand Notes (F.R.D.N.) and Floating Rate Participation
Certificates (F.R.P.C.) are instruments whose interest rates vary with
changes in a designated base rate (such as the prime interest rate).
Variable Rate Demand Notes (V.R.D.N.) are instruments whose interest rates
change on a specified date (such as coupon date or interest payment date).
These instruments are payable on demand and are secured by letters of
credit or other credit support agreements from major banks.
* All ratings are stated as of January 31, 1999 by Moody's Investor Services,
Inc. or Standard and Poor's. The unrated municipal obligations are
considered by the Trust's investment adviser, Carnegie Capital Management
Company, to have characteristics and quality comparable to the rated
municipal obligations purchased by the Fund, and are in accordance with
policies established by the Board of Trustees.
See Notes to Financial Statements.
6
<PAGE>
CARNEGIE TAX FREE INCOME TRUST
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JANUARY 31, 1999
(UNAUDITED)
<TABLE>
<S> <C> <C>
Interest income......................... $ 378,065
EXPENSES -- NOTE B
Management fees....................... $ 57,183
Custodian and transfer fees........... 8,437
Registration and filing fees.......... 4,902
Trustees' fees........................ 4,000
Professional fees..................... 995
Insurance Expense..................... 970
Printing.............................. 650
Postage............................... 548
Miscellaneous......................... 727 78,412
------------ -----------
INVESTMENT INCOME -- NET................ $ 299,653
-----------
-----------
</TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JANUARY 31, JULY 31,
1999 1998
----------- -----------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS --
NOTE E
OPERATIONS:
Investment income -- net............ $ 299,653 $ 570,497
Distributions to shareholders from
net investment income............... (299,653) (570,497)
Capital share transactions -- net... 60,068 1,616,939
----------- -----------
Total increase in net
assets................................ 60,068 1,616,939
NET ASSETS
Beginning of period................. 21,805,702 20,188,763
----------- -----------
End of period....................... $21,865,770 $21,805,702
----------- -----------
----------- -----------
</TABLE>
See Notes to Financial Statements.
7
<PAGE>
CARNEGIE TAX EXEMPT INCOME TRUST
OHIO GENERAL MUNICIPAL FUND
STATEMENT OF NET ASSETS -- JANUARY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT RATING* (NOTE A)
- ----------- ------- -----------
<C> <S> <C> <C>
MUNICIPAL BONDS -- 91.2%
Columbus Citation Housing Corp.
Revenue Bonds 7.63%, 1/1/2022...... AA $ 934,583
$ 750,000
Cuyahoga Cnty. University Hosp.
Revenue Refunding & Improvement
5.63%, 1/15/2026................... AAA 421,270
400,000
Cuyahoga Cnty. Meridia Hlth. Care
Sys. Revenue Bonds 7.00%,
8/15/2001.......................... AAA 554,377
500,000
Dublin Ohio City Sch Dist. General
Obligation Bonds 6.20%,
12/1/2002.......................... AAA 557,401
500,000
Franklin Cnty. Hosp. Revenue
Refunding & Improvement Riverside
7.60%, 5/15/2000................... AAA 645,971
600,000
Franklin Cnty. Riverside Hosp.
Revenue Bonds 7.25%, 5/15/2020..... AAA 214,442
200,000
Franklin Cnty. Holy Cross Hlth.
Revenue Bonds 5.00%, 6/1/2018...... AAA 402,384
400,000
Hamilton Cnty. Bethesda Hosp.
Revenue Bonds 7.00%, 1/1/2009...... A 859,220
850,000
Mahoning Cnty. Sanitary Sewer Sys.
Revenue Bonds 7.50%, 2/1/2009...... AAA 474,112
450,000
Mahoning Cnty. Western Reserve Care
Sys. Revenue Bonds 5.38%,
10/15/2015......................... AAA 521,906
500,000
Ohio Housing Finance Agency Revenue
Bonds 5.40%, 9/1/2029.............. AAA 506,218
500,000
Ohio Capital Corp. Housing Revenue
Bonds 7.60%, 11/1/2023............. AAA 150,917
145,000
Ohio Housing Finance Agency Revenue
Bonds 7.05%, 9/1/2016.............. AAA 275,157
261,000
Ohio State Water Dev. Auth. Ref. &
Impt. Revenue Bonds 5.50%,
12/1/2018.......................... AAA 523,301
500,000
Richland Cnty. General Obligation
Bonds 5.40%, 12/1/2015............. AAA 527,634
500,000
Rural Lorain Water Auth. Ref. &
Impt. Revenue Bonds 5.45%,
10/1/2018.......................... AAA 155,739
150,000
Stark Cnty. General Obligation
Bonds 5.70%, 11/15/2017............ AAA 529,948
500,000
University Heights B General
Obligation Bonds 6.20%,
12/1/2014.......................... NR 159,605
145,000
Washington Water Sys. Revenue Bonds
5.38%, 12/1/2019................... AAA 516,384
500,000
-----------
TOTAL MUNICIPAL BONDS -- (COST
$8,374,123)........................ 8,930,569
-----------
SHORT-TERM TAX EXEMPT INVESTMENTS -- 7.2%
California Statewide Community
Development Variable Rate Demand
Revenue Bonds 3.10%, 2/1/99........ AAA 400,000
400,000
New York State Energy Research
Variable Rate Demand Revenue Bonds
3.20%, 2/1/99...................... AAA 300,000
300,000
-----------
TOTAL SHORT-TERM TAX EXEMPT
INVESTMENTS (COST $700,000)........ 700,000
-----------
TOTAL INVESTMENTS -- 98.4% (COST
$9,074,123)........................ 9,630,569
OTHER ASSETS LESS LIABILITIES --
1.6%............................... 157,029
-----------
NET ASSETS -- 100%................. $ 9,787,598
-----------
-----------
NET ASSET VALUE PER SHARE.......... $ 9.72
-----------
-----------
SHARES OUTSTANDING (unlimited
number of shares authorized; $.10
par value) -- Note C............... 1,006,472
-----------
-----------
MAXIMUM OFFERING PRICE PER SHARE
(net asset value plus 4.71% of net
amount invested or 4.5% of the
offering price).................... $ 10.18
-----------
-----------
NET ASSETS, AS OF JANUARY 31, 1999,
ARE COMPRISED OF THE FOLLOWING:
Aggregate paid in capital.......... $ 9,745,767
Accumulated undistributed net
realized losses.................... (515,727)
Unrealized appreciation of
investments -- net................. 557,558
-----------
$ 9,787,598
-----------
-----------
</TABLE>
* All ratings are stated as of January 31, 1999 by Moody's Investor Services,
Inc. or Standard and Poor's. The unrated municipal obligations are
considered by the Trust's investment adviser, Carnegie Capital Management
Company, to have characteristics and quality comparable to the rated
municipal obligations purchased by the Fund, and are in accordance with
policies established by the Board of Trustees.
See Notes to Financial Statements.
8
<PAGE>
CARNEGIE TAX EXEMPT INCOME TRUST
OHIO GENERAL MUNICIPAL FUND
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JANUARY 31, 1999
(UNAUDITED)
<TABLE>
<S> <C>
Interest Income................................... $268,141
EXPENSES -- NOTE B
Management fees................................... 23,182
Professional fees................................. 4,368
Trustee fees...................................... 4,000
Transfer agent Fees............................... 2,175
Shareholder reporting............................. 1,234
Custodian fees.................................... 1,108
Insurance expense................................. 382
Miscellaneous expenses............................ 2,290
--------
Total expenses.............................. 38,739
--------
NET INVESTMENT INCOME............................. 229,402
--------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS -- NET
Realized gain on investments...................... 16,405
Change in unrealized appreciation of
investments....................................... 65,546
--------
Net gain on investments........................... 81,951
--------
NET INCREASE IN NET ASSETS FROM OPERATIONS........ $311,353
--------
--------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JANUARY 31, JULY 31,
1999 1998
----------------- --------------
<S> <C> <C>
INCREASE (DECREASE)
IN NET ASSETS
OPERATIONS
Net investment income................... $ 229,402 $ 470,847
Realized gain on investments -- net..... 16,405 47,896
Change in unrealized appreciation of
investments -- net...................... 65,546 (67,102)
----------------- --------------
Net increase in net assets from
operations.............................. 311,353 451,641
----------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET
INVESTMENT INCOME -- NOTE A............. (229,402) (470,847)
CAPITAL SHARE TRANSACTIONS -- NOTE C
Shares sold............................. 640,452 616,998
Shares issued on reinvestment of
distributions........................... 150,876 319,004
----------------- --------------
791,328 936,002
Shares redeemed......................... (306,177) (1,979,505)
----------------- --------------
Net increase/(decrease) from capital
shares transactions..................... 485,151 (1,043,503)
----------------- --------------
Total increase/(decrease) in net
assets.................................. 567,102 (1,062,709)
NET ASSETS
Beginning of period..................... 9,220,496 10,283,205
----------------- --------------
End of period........................... $ 9,787,598 $ 9,220,496
----------------- --------------
----------------- --------------
</TABLE>
See Notes to Financial Statements.
9
<PAGE>
CARNEGIE FUNDS GROUP (THE "TRUSTS")
NOTES TO FINANCIAL STATEMENTS
NOTE A -- ACCOUNTING POLICIES
Liquid Capital Income Trust (LCI), Carnegie Government Securities Trust
(CGST) and Carnegie Tax Free Income Trust (CTF) (the "Money Funds") are money
market funds. The Trusts are open-end, diversified management investment
companies registered under the Investment Company Act of 1940, as amended.
Carnegie Tax-Exempt Income Trust is a business trust organized under the
laws of the State of Ohio pursuant to a Declaration of Trust dated September 19,
1985 and is registered under the Investment Company Act of 1940, as amended, as
a non-diversified, open-end management investment company. The Trust offers
shares of beneficial interest in the Ohio General Municipal Fund ("Ohio
General"). Ohio General is managed in accordance with the investment objectives
and policies of the Fund.
The following is a summary of significant accounting policies followed by
the Trusts. The policies are in conformity with generally accepted accounting
principles.
SECURITY VALUATIONS -- Investment securities for LCI, CGST and CTF are
valued using the amortized cost method whereby a security is valued at cost
adjusted for the amortization of any premiums or discounts over the period until
maturity. The cost of portfolio securities is substantially the same for
financial reporting and federal income tax purposes.
The value of municipal obligations held by Ohio General are furnished by
pricing services approved by the Trust's Board of Trustees using methods based
on market transactions for comparable securities and other factors which are
generally recognized by institutional traders. Short-term portfolio securities
are valued using the amortized cost method whereby a security is valued at cost
adjusted for the amortization of any premiums or discounts over the period until
maturity.
SECURITY TRANSACTIONS AND RELATED INVESTMENT INCOME -- Security transactions
are accounted for on the trade date (date order to buy or sell is executed).
Interest income is determined on the basis of accrued interest and discount
earned (including original issue and market discount) and premium amortized.
Realized gains and losses, if any, on sales of securities are calculated on the
identified cost basis.
REPURCHASE AGREEMENTS -- For LCI and CGST, all repurchase agreements are
collateralized by United States Government Securities and such collateral is in
the possession of the Trusts' custodian. Each Trust evaluates collateral daily.
The market value of collateral is noted in the Statement of Net Assets. Unless
otherwise noted, the purchase date for all repurchase agreements was January 29,
1999.
FEDERAL INCOME TAXES -- The Trusts have elected to fulfill the applicable
requirements of the Internal Revenue Code relating to regulated investment
companies by distributing all income to shareholders and, accordingly, no
provision for federal income taxes is required.
Distributions paid by Ohio General from net investment income on tax-exempt
municipal obligations are not includable by shareholders as gross income for
federal income tax purposes because Ohio General has fulfilled certain
requirements of the Internal Revenue Code applicable to regulated investment
companies which will enable Ohio General to pay exempt-interest distributions.
For the year ended July 31, 1998, Ohio General had capital loss carryovers for
federal income tax purposes of $273,926. If unused, such amount will expire on
July 31, 1999.
SECURITIES PURCHASED ON A WHEN-ISSUED BASIS -- Delivery and payment for
securities which have been purchased on a when-issued or delayed delivery basis
can take place a month or more after the date of the transaction. The securities
so purchased are subject to market fluctuation during this period. The Trusts
instruct the custodian to segregate assets in a separate account with a market
value equal to the amount of its purchase commitment. At January 31, 1999, there
were no when-issued securities.
CAPITAL SHARE TRANSACTIONS AND DISTRIBUTIONS TO SHAREHOLDERS -- The Money
Funds' shares are sold in continuous public offerings and are redeemed at their
respective net asset values. LCI and CGST declare and pay dividends each
business day to distribute their net investment income and realized net
short-term capital gains, if any. CTF declares a dividend each business day and
pays the dividend monthly. For LCI and CGST, all such dividends are
automatically reinvested in additional shares of the applicable Trust at their
respective net asset values. For CTF, the shareholders may elect a cash
distribution of dividends or elect automatic reinvestment in additional shares
of the Trust at its net asset value.
Ohio General shares are sold in a continuous public offering and are
redeemed at the net asset value. The Fund declares distributions each business
day and pays the distributions monthly. Shareholders may elect to reinvest such
distributions at the net asset value on the payment date or receive the
distributions in cash.
NOTE B -- MANAGEMENT FEE AND DISTRIBUTION FEE
Pursuant to the investment advisory contract (the "Advisory Contract") in
effect between the Trusts and Carnegie Capital Management Company ("CCMC"), CCMC
is responsible for the management of the investments for the Trusts, and the
overall management of the business affairs, subject to the general supervision
and control of the Board of Trustees.
CCMC performs and bears the cost of research, statistical analysis and
continuous supervision of the investment portfolios of the Trusts and furnishes
office facilities and certain clerical and administrative services. In addition,
CCMC, together with Carnegie Fund Distributors, Inc. ("CFD"), the Fund's
principal underwriter and a wholly-owned subsidiary of CCMC, bears promotional
expenses, including costs of printing and distributing prospectuses utilized for
promotional purposes, other than those waived under the Distribution Expense
Plan described below.
LCI compensates CCMC with a management fee at an annual rate of .50% of
LCI's average daily net assets up to $700 million, .45% of the next $500
million, .40% of the next $800 million and .35% of the average daily net assets
exceeding $2.0 billion. For the six months ended January 31, 1999, LCI had
$51,658 payable to CCMC for management fees, and for the six months then ended
CCMC earned management fees of $386,457.
CGST compensates CCMC with a management fee at an annual rate of .50% of
CGST's average daily net assets up to $100 million, .40% of the next $200
million and .35% of average daily net assets in excess of $300 million. For the
six months ended January 31, 1999, CGST had $4,583 payable to CCMC for
management fees, and for the six months then ended CCMC earned management fees
of $35,111.
CTF compensates CCMC with a management fee at an annual rate of .50% of
CTF's average daily net assets. For the six months ended January 31, 1999, CTF
had $8,963 payable to CCMC for management fees, and for the six months then
ended CCMC earned management fees of $57,183.
Ohio General compensates CCMC with a management fee at an annual rate of
.50% of Ohio General's average daily net assets. For the six months ended
January 31, 1999, Ohio General had $3,861 payable to CCMC for management fees,
and for the six months then ended CCMC earned management fees of $23,182.
10
<PAGE>
CARNEGIE FUNDS GROUP (THE "TRUSTS")
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
In addition, in the event that the aggregate operating expenses of the Money
Funds and Ohio General (excluding certain expenses and, where permitted by
applicable state securities regulations, expenses incurred as part of the
Distribution Expense Plan described below) exceed any expense limitations
imposed by applicable state securities regulations, CCMC will reimburse 100% of
such excess expenses. There were no excess expenses for the six months ended
January 31, 1999.
The Trustees have adopted a Distribution Expense Plan pursuant to Rule 12b-1
under the 1940 Act with respect to Ohio General. Pursuant to the Distribution
Expense Plan, Ohio General will pay to CFD quarterly a Distribution Fee at the
annual rate of .30 of 1% of the average daily net assets. If actual Distribution
Expenses incurred for the year are less than the yearly Distribution Fee, as
calculated above, the Ohio General will pay an amount equal to such Distribution
Expenses. CFD is required to use .20 of 1% of such fee to make continuing
payments to authorized securities dealers for their continuing distribution and
promotional assistance in connection with the sale of the shares of Ohio
General. The remaining portion of the Distribution Fee must be utilized by CFD
for expenses incurred which are primarily intended to result in the sale of
shares including, but not limited to, paying for the preparation, printing and
distribution of sales literature and other promotional materials to existing and
prospective investors and by directly or indirectly purchasing radio,
television, newspaper and other media advertising and conducting sales seminars,
sales contests, and other incentives. Distribution fees in the amount of $27,917
for the six months ended January 31, 1999 were waived for the Ohio General
Municipal Fund.
For the six months ended January 31, 1999, CFD received sales charges paid
by the purchasers of Ohio General's shares of $8,762. Such sales charges are not
expenses of Ohio General and hence are not reflected in the accompanying
Statements of Operations. CCMC, CFD and the Trusts have certain officers in
common.
LCI compensates independent trustees with a quarterly fee of $1,500. CGST,
CTF and Ohio General compensate trustees with a quarterly fee of $500.
NOTE C -- CAPITAL SHARES
Transactions in capital shares were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 1999 JULY 31, 1998
----------------- ---------------
<S> <C> <C>
LCI
Shares sold........................... 143,801,320 666,052,853
Shares issued on reinvestment of
distributions....................... 3,321,696 10,216,408
----------------- ---------------
147,123,016 676,269,261
Shares redeemed....................... (210,235,684) (696,979,044)
----------------- ---------------
Net decrease in capital shares........ (63,112,668) (20,709,783)
----------------- ---------------
----------------- ---------------
CGST
Shares sold........................... 3,652,349 14,224,541
Shares issued on reinvestment of
distributions....................... 293,329 657,166
----------------- ---------------
3,945,678 14,881,707
Shares redeemed....................... (9,113,763) (12,787,864)
----------------- ---------------
Net increase/(decrease) in capital
shares.............................. (5,168,085) 2,093,843
----------------- ---------------
----------------- ---------------
CTF
Shares sold........................... 16,368,819 41,751,665
Shares issued on reinvestment of
distributions....................... 299,653 570,497
----------------- ---------------
16,668,472 42,322,162
Shares redeemed....................... (16,608,404) (40,705,223)
----------------- ---------------
Net increase in capital shares........ 60,068 1,616,939
----------------- ---------------
----------------- ---------------
OHIO GENERAL
Shares sold........................... 640,453 64,230
Shares issued on reinvestment of
distributions from net investment
income.............................. 150,876 33,074
----------------- ---------------
Net increase/(decrease) in capital
shares................................ 791,329 97,304
Shares redeemed......................... (306,177) (205,805)
----------------- ---------------
Net increase/(decrease) in capital
shares................................ 485,152 (108,501)
----------------- ---------------
----------------- ---------------
</TABLE>
NOTE D -- PURCHASES AND SALES OF INVESTMENT SECURITIES -- OHIO GENERAL MUNICIPAL
FUND
Purchases of investment securities and value of securities maturing or sold
excluding short-term securities during the six months
period ended January 31, 1999 amounted to $404,000 and $595,240 respectively.
For Federal income tax purposes, the identified cost of securities owned on
January 31, 1999 was $9,074,123. Aggregate unrealized appreciation on the cost
basis of investments was $65,546 and aggregate unrealized depreciation was zero.
Net realized appreciation at January 31, 1999 was $557,558.
NOTE E -- NET ASSETS
Net Assets, as of January 31, 1999, are comprised of the following:
<TABLE>
<CAPTION>
LCI CGST CTF
------------ ---------- -----------
<S> <C> <C> <C>
Capital shares, at par............. $ 10,136,329 $ 936,617 $ 2,186,577
Capital shares in excess of par.... 91,226,958 8,429,550 19,679,193
------------ ---------- -----------
Net Assets......................... $101,363,287 $9,366,167 $21,865,770
------------ ---------- -----------
------------ ---------- -----------
</TABLE>
11
<PAGE>
CARNEGIE CAPITAL
MANAGEMENT COMPANY
THE CARNEGIE FUNDS GROUP
1228 Euclid Avenue, Cleveland, Ohio 44115
Phone: (216) 781-4440
call toll free (800) 321-2322
Carnegie
Funds Group
- --------------------------------------------
CARNEGIE
Liquid Capital Income Trust
is a money market fund with dividends compounded
daily. Withdraw cash at any time without penalty.
CARNEGIE
Government Securities Trust
is a money market fund investing in securities issued
or guaranteed by the U.S. Government, its agencies
or instrumentalities and repurchase agreements.
CARNEGIE
Tax Free Income Trust
provides income free from federal income taxation--
while offering all the advantages of
a money market fund.
CARNEGIE
Tax Exempt Income Trust
Ohio General Municipal Fund
provides a high level of current income
exempt from federal income tax.
THIS REPORT WAS PREPARED FOR SHAREHOLDERS OF THE TRUST. IT IS NOT AUTHORIZED FOR
DISTRIBUTION TO OTHERS UNLESS IT IS ACCOMPANIED OR PRECEDED BY A CURRENT
COMBINED PROSPECTUS. FOR MORE COMPLETE INFORMATION ON CARNEGIE FUNDS, INCLUDING
SALES CHARGES AND EXPENSES, SEE THE APPROPRIATE SECTIONS OF THE COMBINED
PROSPECTUS, WHICH MAY BE OBTAINED FROM CARNEGIE OR YOUR BROKER. READ THE
PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
[LOGO]
CARNEGIE CAPITAL MANAGEMENT COMPANY
- Liquid Capital Income Trust
- Carnegie Government Securities Trust
- Carnegie Tax Free Income Trust
- Carnegie Tax Exempt Income Trust -- Ohio General Municipal Fund
-------------------------------------
Semi-Annual Report
January 31, 1999
--------------------------------
<TABLE>
<C> <S>
[LOGO] CARNEGIE CAPITAL MANAGEMENT COMPANY
100 The Halle Building
1228 Euclid Avenue
Cleveland, Ohio 44115-1831
</TABLE>
