<PAGE> 1
================================================================================
BARTLETT & CO.
------------------------------
REGISTERED INVESTMENT ADVISORS
BARTLETT
MUTUAL
FUNDS
SEMI-ANNUAL
REPORT
================================================================================
FOR THE SIX MONTHS ENDED
SEPTEMBER 30, 1995
BARTLETT
VALUE INTERNATIONAL FUND
BARTLETT
BASIC VALUE FUND
BARTLETT
FIXED INCOME FUND
BARTLETT
SHORT TERM BOND FUND
BARTLETT
CASH RESERVES FUND
<PAGE> 2
================================================================================
BARTLETT & CO.
PROFILE
================================================================================
Bartlett & Co., headquartered in Cincinnati, Ohio, is a
privately owned, asset management firm which manages over $2
billion for individuals, family groups and institutions.
Established in 1898, Bartlett & Co. is the oldest independent investment
advisory firm registered with the Securities and Exchange Commission. For nearly
a century, the firm has built a reputation among individual and institutional
investors of strong performance and superior client service.
Bartlett & Co. offers its clients a diversity of services through five business
divisions:
- Mutual Funds
- Institutional Client Services
- Private Client Services
- Real Estate Programs
- Brokerage/Custody Services
Our tradition of excellence, the breadth of our services and the depth of our
experience give Bartlett & Co. the capabilities to serve as your financial
advisor.
<PAGE> 3
CONTENTS
<TABLE>
<CAPTION>
Pages
- --------------------------------------------------------------------------------
<S> <C>
BARTLETT & CO. PROFILE INSIDE COVER
- --------------------------------------------------------------------------------
CHAIRMEN'S LETTER 2
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REPORTS TO SHAREHOLDERS
Bartlett Value International Fund Report 3
Bartlett Basic Value Fund Report 4
Bartlett Fixed Income Fund Report 6
Bartlett Short Term Bond Fund Report 7
Bartlett Cash Reserves Fund Report 7
- --------------------------------------------------------------------------------
GROWTH OF A $10,000 INVESTMENT
Bartlett Value International Fund 8
Bartlett Basic Value Fund 8
Bartlett Fixed Income Fund 9
Bartlett Short Term Bond Fund 9
- --------------------------------------------------------------------------------
PORTFOLIOS OF INVESTMENTS
Bartlett Value International Fund 10
Bartlett Basic Value Fund 12
Bartlett Fixed Income Fund 13
Bartlett Short Term Bond Fund 15
Bartlett Cash Reserves Fund 16
- --------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES 18
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS 19
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STATEMENTS OF CHANGES IN NET ASSETS 20
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FINANCIAL HIGHLIGHTS
Bartlett Value International Fund 22
Bartlett Basic Value Fund 22
Bartlett Fixed Income Fund 23
Bartlett Short Term Bond Fund 24
Bartlett Cash Reserves Fund 24
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 25
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TRUSTEES AND OFFICERS 29
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</TABLE>
This report is for the information of shareholders of the Bartlett Mutual Funds.
It may be used as sales literature if preceded or accompanied by a current
prospectus of the Bartlett Mutual Funds.
1
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================================================================================
CHAIRMEN'S LETTER
================================================================================
Dear Fellow Shareholder:
The past six months have been an exhilarating time for investors. U.S. stock
markets have climbed steadily higher amid an ideal combination of low interest
rates, subdued inflation and improved corporate earnings. And in a measure of
revenge for investors who survived a sour bond market last year, bond prices
have rebounded sharply.
The Bartlett Mutual Funds also enjoyed strong gains over the past six months.
The Bartlett Basic Value Fund posted double-digit returns, yet continues to
maintain less volatility than a popular stock market index.* And the Bartlett
Value International Fund topped its benchmark index.** Thanks to profits from a
number of individual stocks, we distributed capital gains of 68 cents per share
to Bartlett Basic Value Fund shareholders and 34 cents per share to Bartlett
Value International Fund shareholders September 29. If you reinvested those
gains, along with dividends, you now own more Fund shares.
AUTOMATIC INVESTMENT PLAN LAUNCHED THIS FALL
In our annual report, we mentioned plans for new services that would make
investing with the Bartlett Mutual Funds easier than ever. In late September, we
introduced the Bartlett Mutual Funds Automatic Investment Plan, which lets you
buy Fund shares via automatic withdrawals from your bank checking or savings
account each month. We believe the plan may be an ideal way to save for
long-term financial goals such as retirement, a vacation home or a child's
college tuition.
AS RALLY CONTINUES, SKEPTICISM GROWS
Of course, any time the investment markets climb sharply over a sustained
period, the likelihood of a correction also increases. The latest rally caught
many investors by surprise. Apparently they did not expect such a sustained
run-up in stock prices. As a result, investors poured an unprecedented amount of
money into stock mutual funds over the summer, hoping to ride the upswing before
it ends.
No matter what direction the U.S. financial markets take toward the end of 1995,
we believe our value-oriented approach to investing can help us preserve and
increase your wealth. Thank you for your continued investment in the Bartlett
Mutual Funds.
*See Page 4 for full details.
**See Page 3 for full details.
2
<PAGE> 5
================================================================================
BARTLETT
VALUE INTERNATIONAL
FUND REPORT
================================================================================
Strong gains in the value of the U.S. dollar against foreign currencies during
the past six months chased away some of the gloom that had been nagging overseas
markets since last year. Policy makers became more concerned about growth than
inflation, especially in Japan and Germany. They responded by lowering interest
rates and pumping fresh money into their economies, which helped reduce the
overvaluation of the German deutschemark and the Japanese yen.
Our concern about the high valuation of these two currencies led us to purchase
stock in overseas companies that have a substantial level of earnings
denominated in U.S. dollars. As the U.S. dollar has climbed in value, the
earnings prospects for these companies - and their stock prices - have improved.
For the six months ended September 30, the Bartlett Value International Fund
gained 8.6%. By comparison, the benchmark Europe, Australia and Far East (EAFE)
Index* increased 4.9% in U.S. dollars. For the 12-month period ended September
30, the Fund rose 3.9%, versus the EAFE Index's 5.8% climb. Your Fund's low
exposure to the weakening German deutschemark and Japanese yen, combined with
gains in several individual stocks, helped it to recently outpace the broader
market index.
OPPORTUNITIES SURFACE IN ASIA
Our value-based investment approach increasingly has led us to Japan, where we
have begun to find more opportunities among electronics and communications
companies. In other countries, we have reduced our investments in automotive and
banking stocks, which already have performed well and allowed us to cash in
profits. As a result of this repositioning, the Bartlett Value International
Fund's portfolio is more heavily weighted in the Asian markets - and less in
Europe - than at any time in the past two years.
LATIN AMERICA CONTINUES TO PUZZLE
Our investment in the Latin American markets continues to be small. Slower
economic growth in Mexico and Argentina has made the evaluation of company
prospects difficult, and Brazil remains in the midst of a difficult political
transformation. We will continue to watch these markets for long-term investment
opportunities once those risks subside.
Now that some of the tension has gone out of the currency markets, we look
forward to finding new value opportunities overseas. For investors who fear U.S.
stocks are near their peak, international markets may offer a comforting degree
of diversification.
PORTFOLIO COMPOSITION
Bartlett Value International Fund vs.
Europe, Australia, Far East (EAFE) Index
September 30, 1995
Bar chart in which vertical axis is percent of total portfolio;
horizontal axis lists three geographic areas: Americas, Europe and Pacific. In
some cases, bars are broken down by country. Data points are:
<TABLE>
<CAPTION>
Fund EAFE
---- ----
<S> <C> <C>
Europe 55% 50%
Pacific 33% (Japan, 11%) 50% (Japan, 44%)
Latin America 4% --
Canada 2% --
Cash Equivalents 6% --
</TABLE>
/s/ Madelynn M. Matlock
Madelynn M. Matlock, CFA
Portfolio Manager
*The EAFE Index is an unmanaged index of common stocks of foreign companies. The
returns for the Index do not include any expenses or transaction costs. The
returns for the Fund include such expenses.
3
<PAGE> 6
================================================================================
BARTLETT
BASIC VALUE
FUND REPORT
================================================================================
U.S. stock markets, led by spectacular gains among technology and health-related
companies, posted a series of record highs over the past six months. The
combination of low interest rates and moderate economic growth - an ideal
environment for stock prices - provided an extra tailwind.
For the six months ended September 30, the Bartlett Basic Value Fund returned
14.0%, compared to a 18.3% gain for the Standard & Poor's 500 Index*. For the
trailing 12 months, the Fund rose 21.6%, while the S&P 500 increased 29.8%. Your
Fund achieved its double-digit returns despite at one point having up to 18% of
its assets in cash reserves while searching for undervalued stocks in a rapidly
advancing market. That cash position slightly diluted the return.
TECHNOLOGY STOCKS PACE THE MARKET
Buoyed by employers' continued quest for productivity gains through computer
advancements, technology companies are enjoying robust growth. That sustained
upward trend has defied skeptics, who worry that technology stock prices are
already overpriced and unlikely to climb much further.
We agree with that skepticism. Technology stocks boast some of the market's
loftiest price-to-earnings multiples, making it difficult to find many true
"value" stocks. Moreover, their earnings tend to be quite volatile. New
products hit the market so fast that today's best-selling microchip might be
next year's also-ran. The ability of many of these high-flying technology
companies to sustain earnings and cash flow is questionable.
BANK MERGERS PICK UP SPEED
We have stayed away from the science and technology industry, opting instead to
add financial service, retail and basic industry stocks to the Fund's portfolio.
Now that strategy has paid off. A growing wave of consolidations among regional
banks, and even a few
MEASURING BOTH RISK AND RETURN
Bartlett Basic Value Fund vs. Standard & Poor's 500 Index
May 1983 to September 1995
Bar chart in which vertical axis above horizontal axis shows return;
vertical axis below horizontal axis shows risk. Data points are:
<TABLE>
<CAPTION>
Bartlett
Basic S&P
Value 500
Fund Index
<S> <C> <C>
Return 11.6% 14.3%
Risk 11.1% 14.5%
</TABLE>
This chart compares the historical average annual total return and the risk (as
measured by the standard deviation) of the Bartlett Basic Fund and The
Standard & Poor's 500 Index from May 1983 to September 30, 1995. The S&P 500
Index is an unmanaged index of common stocks widely used as a measure of stock
market activity.
Standard deviation is a statistical measure of volatility often used as a
measure of risk. In general, the greater the standard deviation, the greater the
tendency to vary from the average annual total return. By comparing the
magnitude of the standard deviations, the relative volatility of each investment
can be determined. A lower standard deviation reflects lower volatility.
The average annual total return figures assume the reinvestment of dividends.
Of course, past performance is no guarantee of future results. The principal
value and investment returns of the Fund fluctuate so that upon redemption you
may receive more or less than your original investment.
4
<PAGE> 7
national rivals, has pushed their stock prices higher. These mergers appear to
be prompted by a number of factors, including increased competition for deposits
and potential cost savings from eliminating duplicate operations.
Of course, finding apparent bargains during a market rally requires patience and
attention to detail. As investors rush to jump aboard pace-setting issues, other
segments of the marketplace may be overlooked. It is there, among the energy
companies, auto makers and other industrial firms, that we have positioned your
Fund's holdings.
This strategy has enabled us to keep pace with the broader market gains, while
incurring less volatility than the popular index. We believe this value-based
approach to investing will serve our shareholders well when a market correction
comes along.
/s/ James A. Miller
James A. Miller, CFA
Portfolio Manager
/s/ Woodrow H. Uible
Woodrow H. Uible, CFA
Portfolio Manager
*The Standard & Poor's 500 Index is an unmanaged index of common stocks. The
returns for the index do not include any expenses or transaction costs. The
returns for the Fund include such expenses.
LARGEST INDUSTRY ALLOCATIONS
Barlett Basic Value Fund vs. Standard & Poor's 500 Index
September 30, 1995
Bar chart in which vertical axis shows percent of total equity
portfolio; horizontal axis shows six industry allocations for Bartlett Basic
Value Fund and Standard & Poor's 500 Index. Data points are:
<TABLE>
<CAPTION>
FUND S&P 500
<S> <C> <C>
Financial 24% 10%
Consumer Cyclical 20% 12%
Basic Industry 18% 13%
Consumer Staples 9% 15%
Energy 7% 10%
Technology/Defense 5% 12%
</TABLE>
5
<PAGE> 8
================================================================================
BARTLETT
FIXED INCOME
FUND REPORT
================================================================================
The bond market stopped to catch its breath over the summer after consecutive
strong quarterly performances in the first half of the year. After falling
significantly last spring, yields stabilized in the third quarter.
For the six-month period ended September 30, your investment in the Bartlett
Fixed Income Fund gained 6.13%, versus a 6.73% increase for the Lehman Brothers
Intermediate Government/Corporate Bond Index*. For the trailing 12 months, the
Fund rose 9.8%, while the Index returned 11.3%. Our value-based investment
approach, which is inherently defensive and conservative, tends to outperform
the broader market during depressed cycles, and underperform during strong
rallies. Fund total returns include transaction costs and expenses, while the
Index returns do not.
After a volatile performance through the first half of 1995, the bond market
settled into a more comfortable pace over the summer. This could be attributed
to the doldrums typically associated with bond market summers, though it also
reflects a certain wait-and-see attitude regarding the strength of the economy
and the future course of U.S. fiscal policy.
POLICY MAKERS HOLD THE KEY
There appears to be little consensus about whether or not the economy is picking
up steam. The general belief is the Federal Reserve is waiting to see if
Congress or the White House decides to reduce the deficit by shrinking federal
spending. Such a move would likely slow economic growth. Policy makers have
hinted that any meaningful progress on the budget front could prompt another
round of interest rate cuts.
MORTGAGE BONDS FARE WELL
We continue to favor mortgage-backed securities, which accounted for just over
one-third of the Fund's portfolio on September 30. We believe these securities
offer excellent value, particularly when compared to the corporate debt
alternatives. Mortgage securities, which didn't fare as well when interest rates
were falling during the second quarter of 1995, performed admirably as interest
rates stabilized over the summer. We expect mortgage bonds to continue to add
value going forward.
As always, we will endeavor to structure the portfolio of the Bartlett Fixed
Income Fund with what we believe to be the best blend of risk/reward
characteristics under prevailing market conditions.
PORTFOLIO COMPOSITION
Bartlett Fixed Income Fund
September 30, 1995
[Pie chart with the following percentages:]
U.S. Government Obligations 36%
Mortgage Backed Securities 36%
Corporate Bonds 17%
U.S. Government Agencies 6%
Cash Equivalents 5%
PORTFOLIO HIGHLIGHTS
Weighted Average Credit Quality AAA
Weighted Average Portfolio Maturity 4.7 Years
Weighted Average Portfolio Duration 3.5 Years
/s/ Dale H. Rabiner /s/ R. Stuart Crickmer
Dale H. Rabiner, CFA R. Stuart Crickmer, CPA, CFA
Portfolio Manager Fixed Income Analyst
*The Lehman Brothers Intermediate Government/Corporate Bond Index is an
unmanaged index of intermediate-term bonds. The returns for the Index do not
include any expenses or transaction costs. The returns of the Fund include such
expenses.
6
<PAGE> 9
================================================================================
BARTLETT
SHORT TERM BOND
FUND REPORT
================================================================================
After declining significantly during the first half of the calendar year,
interest rates remained relatively unchanged over the summer. Returns for the
Fund were essentially driven by income received from bond interest payments,
since actual bond prices changed very little.
For the six months ended September 30, the Bartlett Short Term Bond Fund
returned 4.51%, versus 4.76% for the Merrill Lynch 1-3 year Government Bond
Index*, a representative short-term index. The slight disparity can be
attributed to the portfolio's position in mortgage-backed securities and
expenses associated with operating the Fund.
For the 12 months ended September 30, the Fund gained 6.32%. By comparison, the
Merrill Lynch Index returned 8.28%. The disparity can be traced to the Fund
portfolio's position in mortgage-backed securities, which were hurt by concerns
about mortgage prepayments. In our opinion, those concerns are overblown. We
continue to believe mortgage-backed bonds offer superior value to corporate
bonds. At September 30, the Fund had approximately 50% of its assets invested in
mortgages.
The Fund's 30-day yield (annualized) was 5.84% on September 30, compared to
5.65% on June 30.
PORTFOLIO COMPOSITION
Bartlett Short Term Bond Fund
September 30, 1995
[Pie chart with the following percentages:]
Mortgage Backed Securities 50%
U.S. Government Obligations 19%
Corporate Bonds 15%
U.S. Government Agencies 11%
Cash Equivalents 5%
PORTFOLIO HIGHLIGHTS
Weighted Average Credit Quality AAA
Weighted Average Portfolio Maturity 3.6 Years
Weighted Average Portfolio Duration 2.5 Years
*The Merrill Lynch 1-3 Year Government Bond Index is an unmanaged index of
short-term government bonds. The returns for the Index do not include any
expenses or transaction costs. The returns for the Fund include such expenses.
================================================================================
BARTLETT
CASH RESERVES
FUND REPORT
================================================================================
Returns for the Bartlett Cash Reserves Fund followed the declining yields on
money market instruments during the past six months.
With the economy apparently on track for modest growth and inflation in check,
the Federal Reserve has enough ammunition to hold the Federal Funds rate steady
for the immediate future.
Over the past six months, we extended the Bartlett Cash Reserve Fund portfolio's
average weighted maturity to guard against falling short-term interest rates. At
September 30, the average weighted maturity stood at 54 days, compared to 32
days at March 31.
The average 30-day discounted yield for the Fund's top-tier commercial paper was
5.73% at September 30, compared to 5.98% six months ago. Short-term interest
rates have gradually declined over the past six months. The yield on the
three-month Treasury bill was 5.41% on September 30, down from 5.84% six months
ago. Yields on other short-term instruments have posted similar declines.
For the six months ended September 30, the Fund paid income dividends of 2.57
cents per share, which translates into a net annualized yield of 5.14%. If all
monthly dividends were reinvested, shareholders received an effective annualized
return of 5.19%. The Bartlett Cash Reserves Fund 7-day current yield on
September 30 was 5.00%.
/s/ Dale H. Rabiner
Dale H. Rabiner, CFA
Portfolio Manager
/s/ R. Stuart Crickmer /s/ Troy R. Snider
R. Stuart Crickmer, CPA, CFA Troy R. Snider, CFA
Fixed Income Analyst Fixed Income Analyst
The Bartlett Cash Reserves Fund is neither insured nor guaranteed by the U.S.
Government and there can be no assurance that the Fund will be able to maintain
a stable net asset value of $1.00 per share.
7
<PAGE> 10
================================================================================
GROWTH OF A
$10,000
INVESTMENT
================================================================================
The following graphs compare each Fund's total return against that of the most
closely matched broad-based securities market index.
The lines illustrate the cumulative total return of an initial $10,000
investment for the period indicated. The line for each Bartlett Mutual Fund
represents the total return AFTER deducting all Fund investment management
expenses, operating expenses (such as legal and audit fees and shareholder and
Fund accounting expenses) and the transaction costs of buying and selling
securities. The line representing the securities market index (which is, in each
case, an unmanaged index) does not include any transaction costs associated with
buying and selling securities in the index or other administrative expenses.
The Bartlett Cash Reserves Fund is excluded from these graphs because it does
not have a variable share price.
Growth of a $10,000 Investment
BARTLETT VALUE INTERNATIONAL FUND
October 31, 1989 through September 30, 1995
AVERAGE ANNUAL TOTAL RETURNS*
For periods ended September 30, 1995
<TABLE>
<CAPTION>
1 Year 3 Years 5 Years Life of the Fund
(since 10/06/89)
----------------------------------------------------
<S> <C> <C> <C>
3.9% 11.4% 11.9% 6.8%
----------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Bartlett Value International Fund
VS
Europe, Australia, Far East Index
DATE BVI EAFE
<S> <C> <C>
10/31/89 10,000 10,000
12/31/89 10,958 10,891
03/31/90 10,796 8,737
06/30/90 11,226 9,572
09/30/90 9,074 7,543
12/31/90 9,367 8,337
03/31/91 10,381 8,958
06/30/91 9,970 8,469
09/30/91 10,972 9,195
12/31/91 11,380 9,350
03/31/92 11,614 8,241
06/30/92 12,351 8,414
09/30/92 11,526 8,541
12/31/92 11,172 8,212
03/31/93 11,929 9,196
06/30/93 12,153 10,121
09/30/93 13,413 10,793
12/31/93 14,674 10,886
03/31/94 14,841 11,266
06/30/94 14,555 11,844
09/30/94 15,331 11,862
12/31/94 14,597 11,741
03/31/95 14,666 11,960
06/30/95 15,271 12,048
09/30/95 15,928 12,556
</TABLE>
The Europe, Australia, Far East (EAFE) Index is a broad-based index administered
by Morgan Stanley Capital International and is composed of select common stocks
of companies based outside the United States and including Europe, Australia,
and the Far East. It is often used to measure international stock market
activity. The index does not include any expenses or transaction costs
associated with buying and selling stocks within the index. The total returns
for the Bartlett Value International Fund are quoted after deducting Fund
expenses and transaction costs, and assume the reinvestment of all
distributions. The performance figures reflect the periodic absorption of some
expenses of the Fund through the waiver of management fees. Had a portion of
these fees not been waived, the Fund's total returns would have been slightly
lower.
The Standard & Poor's 500 Index is a broad-based unmanaged index of common
stocks commonly used to measure general stock market activity. The index does
not include any expenses or transaction costs associated with buying and selling
stocks within the index. The total returns for the Bartlett Basic Value Fund are
quoted after deducting Fund expenses and transaction costs, and assume the
reinvestment of all distributions.
Growth of a $10,000 Investment
BARTLETT BASIC VALUE FUND
May 31, 1983 through September 30, 1995
AVERAGE ANNUAL TOTAL RETURNS*
For periods ended September 30, 1995
<TABLE>
<CAPTION>
1 Year 3 Years 5 Years 10 Years Life of the Fund
(since 05/05/83)
----------------------------------------------------------------
<S> <C> <C> <C> <C>
21.6% 13.0% 16.1% 11.6% 11.6%
----------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
BARTLETT BASIC VALUE FUND
VS
STANDARD & POOR'S 500 INDEX
DATE BBV S&P
<S> <C> <C>
05/31/83 10,000 10,000
06/30/83 10,080 10,379
09/30/83 10,261 10,362
12/31/83 10,544 10,407
03/31/84 10,668 10,156
06/30/84 10,647 9,892
09/30/84 11,089 10,847
12/31/84 11,431 11,042
03/31/85 12,202 12,059
06/30/85 12,717 12,935
09/30/85 13,000 12,400
12/31/85 14,319 14,529
03/31/86 16,194 16,572
06/30/86 16,811 17,518
09/30/86 16,276 16,300
12/31/86 16,276 17,178
03/31/87 18,037 20,840
06/30/87 18,830 21,913
09/30/87 19,616 23,360
12/31/87 15,665 18,067
03/31/88 17,813 19,105
06/30/88 18,686 20,355
09/30/88 19,221 20,429
12/31/88 19,781 21,047
03/31/89 20,593 22,524
06/30/89 21,577 24,503
09/30/89 22,703 27,113
12/31/89 22,088 27,656
03/31/90 21,930 26,812
06/30/90 22,730 28,502
09/30/90 18,460 24,568
12/31/90 19,967 26,776
03/31/91 23,310 30,674
06/30/91 22,792 30,610
09/30/91 24,173 32,248
12/31/91 25,151 34,948
03/31/92 25,624 34,056
06/30/92 26,575 34,715
09/30/92 26,939 35,795
12/31/92 27,726 37,624
03/31/93 29,268 39,268
06/30/93 28,911 39,458
09/30/93 30,008 40,476
12/31/93 30,957 41,417
03/31/94 30,268 39,848
06/30/94 30,573 40,015
09/30/94 31,982 41,972
12/31/94 31,082 41,966
03/31/95 34,102 46,052
06/30/95 36,518 50,450
09/30/95 38,838 54,461
</TABLE>
8
<PAGE> 11
The Lehman Brothers Intermediate Government/Corporate Bond Index is a
broad-based unmanaged index of intermediate-term bonds often used to measure
bond market activity. The index does not include any expenses or transaction
costs associated with buying and selling bonds within the index. The total
returns for the Bartlett Fixed Income Fund are quoted after deducting Fund
expenses and transaction costs, and assume the reinvestment of all
distributions.
Growth of a $10,000 Investment
BARTLETT FIXED INCOME FUND
April 22, 1986 through September 30, 1995
AVERAGE ANNUAL TOTAL RETURNS*
For periods ended September 30, 1995
<TABLE>
<CAPTION>
30-Day Yield 1 Year 3 Years 5 Years Life of the Fund
(Annualized) (since 04/22/86)
- ----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
5.78% 9.8% 4.5% 7.2% 7.6%
- ----------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
BARTLETT FIXED INCOME FUND
VS
LEHMAN BROTHERS INTERMEDIATE
GOVERNMENT/CORPORATE
BOND INDEX
<S> <C> <C>
DATE BFIF LBIGC
04/22/86 10,000 10,000
06/30/86 10,151 10,133
09/30/86 10,473 10,381
12/31/86 10,799 10,652
03/31/87 11,059 10,793
06/30/87 10,949 10,699
09/30/87 10,800 10,557
12/31/87 11,096 11,042
03/31/88 11,546 11,407
06/30/88 11,714 11,518
09/30/88 11,935 11,711
12/31/88 11,952 11,779
03/31/89 12,104 11,904
06/30/89 12,879 12,696
09/30/89 13,024 12,849
12/31/89 13,463 13,283
03/31/90 13,323 13,263
06/30/90 13,711 13,688
09/30/90 13,739 13,928
12/31/90 14,276 14,499
03/31/91 14,636 14,863
06/30/91 14,879 15,128
09/30/91 15,569 15,858
12/31/91 16,325 16,619
03/31/92 16,168 16,468
06/30/92 16,836 17,120
09/30/92 17,520 17,875
12/31/92 17,456 17,811
03/31/93 18,078 18,517
06/30/93 18,362 18,917
09/30/93 18,752 19,343
12/31/93 18,664 19,375
03/31/94 18,385 18,982
06/30/94 18,137 18,868
09/30/94 18,198 19,022
12/31/94 18,130 19,001
03/31/95 18,828 19,832
06/30/95 19,636 20,823
09/30/95 19,981 21,166
</TABLE>
Growth of a $10,000 Investment
BARTLETT SHORT TERM BOND FUND
February 4, 1994 through September 30, 1995
AVERAGE ANNUAL TOTAL RETURNS*
For periods ended September 30, 1995
<TABLE>
<CAPTION>
30-Day Yield 1 Year Life of the Fund
(Annualized) (since 02/04/94)
----------------------------------------------------
<S> <C> <C>
5.84% 6.3% 4.3%
----------------------------------------------------
</TABLE>
<TABLE>
BARTLETT SHORT TERM
BOND FUND
VS
MERRILL LYNCH 1-3 YEAR
GOVERNMENT BOND INDEX
<CAPTION>
<S> <C> <C>
Date BSBF Merrill
02/04/94 10,000 10,000
03/31/94 10,004 9,911
06/30/94 10,028 9,919
09/30/94 10,089 10,017
12/31/94 9,999 10,017
03/31/95 10,262 10,353
06/30/95 10,540 10,685
09/30/95 10,726 10,847
</TABLE>
The Merrill Lynch 1-3 Year Government Bond Index is a broad-based unmanaged
index of U.S. Treasury bonds with maturities of 1-3 years. The index does not
include any expenses or transaction costs associated with buying and selling
bonds within the index. The total returns for the Bartlett Short Term Bond Fund
are quoted after deducting Fund expenses and transaction costs and assume the
reinvestment of all distributions. The Fund also may invest in securities of
lower credit quality, which generally have greater yields than U.S. Treasury
securities of similar maturities.
- --------------------------------------------------------------------------------
* The average annual total return numbers and line graphs on pages 8 and 9
represent only past performance and are not a guarantee of future results. As
the graphs illustrate, the share price of the Funds fluctuate and, upon
redemption, you may receive more or less than your original investment.
- --------------------------------------------------------------------------------
9
<PAGE> 12
================================================================================
PORTFOLIOS OF INVESTMENTS
================================================================================
BARTLETT VALUE INTERNATIONAL FUND
As of September 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Market
Shares Value
================================================================================
<S> <C> <C>
COMMON STOCK-94.33%
- --------------------------------------------------------------------------------
Argentina-2.16%
YPF Sociedad Anonima SA (ADR)
(Energy, Oil & Gas) 81,600 $1,468,800
- --------------------------------------------------------------------------------
Australia-7.04%
Brambles Industries Ltd.
(Transport Services) 162,800 1,788,660
Burns Philp & Company Ltd.
(Food, Manufacturing) 712,190 1,506,825
National Australia Bank (ADR)
(Banking) 33,600 1,491,000
----------
4,786,485
- --------------------------------------------------------------------------------
Canada-2.39%
Hudson's Bay Co.
(Retailing) 83,000 1,623,026
- --------------------------------------------------------------------------------
Chile-1.86%
Sociedad Quimica
Minera de Chile (ADR)
(Chemicals) 28,900 1,264,375
- --------------------------------------------------------------------------------
Finland-5.35%
Metro OY - "B" Shares
(Engineering, Construction) 42,000 1,946,037
Tampella AB*
(Paper Products) 527,000 1,689,537
----------
3,635,574
- --------------------------------------------------------------------------------
France-8.60%
Alcatel Althsom
(Capital Goods) 6,700 563,367
Alcatel Althsom (ADR)
(Capital Goods) 61,600 1,047,200
Essilor International
(Consumer Goods) 7,400 1,262,183
St. Gobain
(Glass/Building Materials) 11,634 1,417,398
Total Co. Francaise Petrole-B
(Energy) 11,200 677,713
Total SA (ADR)
(Energy) 29,100 876,637
----------
5,844,498
- --------------------------------------------------------------------------------
Germany-4.74%
Bayer AG
(Chemicals) 6,630 1,691,777
Deutsche Lufthansa AG
(Air Transportation) 11,000 1,526,814
----------
3,218,591
- --------------------------------------------------------------------------------
Hong Kong-3.13%
Hutchison Wampoa
(Real Estate/Communications) 222,000 $ 1,203,026
Wo Kee Hong Holdings Ltd.
(Retail) 4,000,000 920,849
----------
2,123,875
- --------------------------------------------------------------------------------
India-2.25%
Morgan Stanley India Investment Fund
(Closed-End Mutual Fund) 147,000 1,525,125
- --------------------------------------------------------------------------------
Ireland-1.93%
Allied Irish Banks PLC (ADR)
(Banking) 43,800 1,314,000
- --------------------------------------------------------------------------------
Italy-5.32%
Istituto Mobiliare SpA (ADR)
(Banking) 88,700 1,618,775
Sasib SpA - Savings Shares
(Capital Goods) 352,000 918,698
STET - Savings Shares
(Communications) 462,715 1,078,327
----------
3,615,800
- --------------------------------------------------------------------------------
Japan-11.20%
Canon Inc.
(Visual Image Equipment) 86,000 1,528,390
Fujitsu Ltd.
(Computers) 136,000 1,706,913
Ito-Yokado (ADR)
(Retailing) 6,700 1,475,675
Matsushita Electric Industries
(Consumer Electronics Equip.) 83,000 1,266,730
Rohm Company
(Electronics) 26,000 1,634,219
----------
7,611,927
- --------------------------------------------------------------------------------
Korea-2.12%
Korea Fund Inc.
(Closed-End Mutual Fund) 65,000 1,438,125
- --------------------------------------------------------------------------------
Netherlands-2.17%
Koninklijke Ahold NV (ADR)
(Grocery Retailing) 39,046 1,473,987
- --------------------------------------------------------------------------------
</TABLE>
10
<PAGE> 13
BARTLETT VALUE INTERNATIONAL FUND (Cont.)
As of September 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Market
Shares Value
================================================================================
<S> <C> <C>
Norway-4.65%
Hafslund Nycomed Cl.B (ADR)
(Health) 60,500 $ 1,603,250
Kvaerner Cl. A Free Shares
(Shipbuilding) 36,800 1,559,272
-----------
3,162,522
- --------------------------------------------------------------------------------
Portugal-1.42%
Portugal Fund Inc.
(Closed-End Mutual Fund) 79,000 967,750
- --------------------------------------------------------------------------------
Singapore-5.14%
Dairy Farm Intl. Holdings Ltd.
(Food Retailing) 2,148,000 1,868,760
Jurong Shipyard, Ltd.
(Shipbuilding) 227,000 1,624,842
-----------
3,493,602
- --------------------------------------------------------------------------------
Spain-6.07%
Banco Santander SA Reg
(Banking) 20,356 855,252
Repsol SA (ADR)
(Energy) 49,800 1,581,150
Telefonica de Espana SA (ADR)
(Communications) 40,850 1,690,169
-----------
4,126,571
- --------------------------------------------------------------------------------
Sweden-4.24%
AGA AB-"B" Free Shares
(Gas Supplier) 99,000 1,293,454
Atlas Copco AB-"A" Free Shares
(Construction/Mining
Manufacturer) 95,000 1,584,065
-----------
2,877,519
- --------------------------------------------------------------------------------
Switzerland-2.81%
Sandoz AG
(Pharmaceuticals) 2,500 1,906,908
- --------------------------------------------------------------------------------
Taiwan-2.11%
Taiwan Fund Inc.
(Closed-End Mutual Fund) 64,125 1,434,797
- --------------------------------------------------------------------------------
United Kingdom-7.63%
Cadbury Schweppes PLC (ADR)
(Beverages) 55,000 $ 1,694,688
Grand Metropolitan PLC (ADR)
(Consumer Goods) 64,300 1,800,400
Tomkins PLC (ADR)
(Diversified) 104,600 1,686,675
-----------
5,181,763
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK $64,095,620
- --------------------------------------------------------------------------------
(Cost-$58,182,740)
<CAPTION>
Face Market
Amount Value
================================================================================
<S> <C> <C>
COMMERCIAL PAPER-5.15%
- --------------------------------------------------------------------------------
Associates Corp. of North America
5.47%, 10/4/95 $2,000,000 $ 2,000,000
Ford Motor Credit Corp.
5.50%, 10/11/95 1,500,000 1,500,000
- --------------------------------------------------------------------------------
TOTAL COMMERCIAL PAPER $ 3,500,000
- --------------------------------------------------------------------------------
(Cost-$3,500,000)
<CAPTION>
Market
Shares Value
================================================================================
<S> <C> <C>
INVESTMENT COMPANIES-0.85%
- --------------------------------------------------------------------------------
Highmark Government
Obligations Fund 578,374 $ 578,374
- --------------------------------------------------------------------------------
TOTAL INVESTMENT COMPANIES $ 578,374
- --------------------------------------------------------------------------------
(Cost-$578,374)
TOTAL INVESTMENTS AT VALUE-100.33% $68,173,994
- --------------------------------------------------------------------------------
(Cost-$62,261,114)
ALL OTHER ASSETS LESS LIABILITIES-(0.33%) (227,414)
- --------------------------------------------------------------------------------
NET ASSETS-100.00% $67,946,580
- --------------------------------------------------------------------------------
</TABLE>
*Non-dividend paying investment.
See accompanying notes to financial statements.
11
<PAGE> 14
BARTLETT BASIC VALUE FUND
As of September 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Market
Shares Value
================================================================================
<S> <C> <C>
COMMON STOCK-87.48%
- --------------------------------------------------------------------------------
Aerospace/Defense - 4.65%
Lockheed Martin Corp. 46,000 $ 3,087,750
Raytheon Co. 29,000 2,465,000
------------
5,552,750
- --------------------------------------------------------------------------------
Air Transportation - 1.64%
AMR Corp.* 27,150 1,958,194
- --------------------------------------------------------------------------------
Apparel - 2.42%
Kellwood Co. 140,000 2,887,500
- --------------------------------------------------------------------------------
Automobiles & Auto Parts - 3.10%
Ford Motor Co. 25,000 778,125
General Motors Corp. 62,275 2,919,141
------------
3,697,266
- --------------------------------------------------------------------------------
Broadcasting - 5.07%
Multimedia, Inc. 86,000 3,751,750
Time Warner, Inc. 58,000 2,305,500
------------
6,057,250
- --------------------------------------------------------------------------------
Chemicals - 1.73%
Bayer AG (ADR) 80,500 2,072,875
- --------------------------------------------------------------------------------
Communications - 1.56%
Telefonica de Espana SA (ADR) 45,100 1,866,012
- --------------------------------------------------------------------------------
Diversified - 6.89%
Canadian Pacific Ltd.(ADR) 107,050 1,712,800
Hanson PLC (ADR) 103,750 1,685,937
ITT Corp. 22,125 2,743,500
Tenneco, Inc. 45,000 2,081,250
------------
8,223,487
- --------------------------------------------------------------------------------
Energy - 6.34%
Cabot Oil & Gas Corp., Class A 140,700 1,917,037
Phillips Petroleum Co. 65,000 2,112,500
Southwestern Energy Co. 125,000 1,703,125
Total SA (ADR) 61,000 1,837,625
------------
7,570,287
- --------------------------------------------------------------------------------
Financial Services - 20.89%
CCB Financial Corp. 57,200 2,917,200
Chase Manhattan Corp. 13,600 831,300
Federal National Mtg. Assoc. 25,000 2,587,500
First America Bank Corp. 43,650 1,876,950
First Tennessee National Corp. 30,469 1,687,221
Loews Corp. 20,500 2,982,750
MBIA, Inc. 34,300 2,418,150
PMC Capital, Inc. 20,000 237,500
Regions Financial Corp. 49,185 1,998,141
Salomon, Inc. 30,000 1,147,500
State Auto Financial Corp. 79,800 1,790,512
Torchmark Corp. 50,500 2,127,313
U.S. Trust Corp. 20,000 925,000
Washington Fed., Inc. 60,000 1,413,750
------------
24,940,787
- --------------------------------------------------------------------------------
Food & Beverage - 3.53%
Archer-Daniels-Midland 141,015 $ 2,168,106
Guinness PLC (ADR) 50,000 2,043,750
------------
4,211,856
- --------------------------------------------------------------------------------
Health Care - 2.85%
Bristol Myers-Squibb Co. 16,000 1,166,000
Merck & Co., Inc. 40,000 2,240,000
------------
3,406,000
- --------------------------------------------------------------------------------
Housewares - 1.88%
National Presto Ind., Inc. 50,000 2,243,750
- --------------------------------------------------------------------------------
Machinery - 2.51%
Kaydon Corp. 40,000 1,180,000
York International 43,000 1,811,375
------------
2,991,375
- --------------------------------------------------------------------------------
Manufactured Housing - 1.66%
Fleetwood Enterprises, Inc. 100,000 1,987,500
- --------------------------------------------------------------------------------
Metals & Mining - 1.80%
Potash Corp. of Saskatchewan (ADR) 34,600 2,153,850
- --------------------------------------------------------------------------------
Paper - 1.24%
Wausau Paper Mills Co. 61,721 1,481,304
- --------------------------------------------------------------------------------
Railroad - 2.32%
Kansas City Southern Inds. 61,000 2,775,500
- --------------------------------------------------------------------------------
Retailing - 1.78%
Federated Dept. Stores 75,000 2,128,125
- --------------------------------------------------------------------------------
Security Services - 1.27%
ADT, Ltd. (ADR) 110,000 1,512,500
- --------------------------------------------------------------------------------
Steel Products - 1.63%
British Steel PLC (ADR) 68,000 1,946,500
- --------------------------------------------------------------------------------
Tobacco - 2.69%
Philip Morris Cos., Inc. 23,000 1,920,500
RJR Nabisco Holdings 40,000 1,295,000
------------
3,215,500
- --------------------------------------------------------------------------------
Toys - 1.17%
Toys 'R' Us, Inc. 51,700 1,395,900
- --------------------------------------------------------------------------------
Utilities - 3.00%
KU Energy, Inc. 51,300 1,487,700
NIPSCO Ind., Inc. 60,000 2,092,500
------------
3,580,200
- --------------------------------------------------------------------------------
Other Common Stock - 3.86%
ROC Communities (REIT) 50,000 1,156,250
Royce Value Trust, Inc.
(Closed-End Mutual Fund) 255,568 3,450,168
------------
4,606,418
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK $104,462,686
- --------------------------------------------------------------------------------
(Cost $76,014,361)
- --------------------------------------------------------------------------------
PREFERRED STOCK-0.73%
J.P. Morgan Co., Adj. Rate Pfd. "A" 12,000 $ 876,000
- --------------------------------------------------------------------------------
TOTAL PREFERRED STOCK $ 876,000
- --------------------------------------------------------------------------------
(Cost $738,250)
</TABLE>
12
<PAGE> 15
BARTLETT BASIC VALUE FUND (Cont.)
As of September 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Face Market
Amount Value
================================================================================
<S> <C> <C>
CORPORATE BONDS - 1.68%
- --------------------------------------------------------------------------------
Merrill Lynch
6.14%, 1/26/00 $2,000,000 $ 2,000,600
- --------------------------------------------------------------------------------
TOTAL CORPORATE BONDS $ 2,000,600
- --------------------------------------------------------------------------------
(Cost $1,977,980)
- --------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 1.67%
- --------------------------------------------------------------------------------
Federal National
Mortgage Assn.
Floating Rate Notes
5.725%, 10/30/95 $2,000,000 $ 2,000,000
- --------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS $ 2,000,000
- --------------------------------------------------------------------------------
(Cost $1,999,980)
- --------------------------------------------------------------------------------
COMMERCIAL PAPER - 6.99%
- --------------------------------------------------------------------------------
Sears Roebuck Corp.
5.75%, 10/4/95 $3,500,000 $ 3,498,882
Snap-On Tools, Inc.
6.00%, 10/3/95 1,350,000 1,349,775
UPS, Inc.
6.50%, 10/2/95 3,500,000 3,500,000
- --------------------------------------------------------------------------------
TOTAL COMMERCIAL PAPER $ 8,348,657
- --------------------------------------------------------------------------------
(Cost $8,338,819)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT - 1.17%
- --------------------------------------------------------------------------------
The Provident Bank,
6.25%, issued 9/29/95,
due 10/2/95, collateralized by
U.S. Treasury Bills,
(par value $1,435,000,
due 11/24/95) (repurchase
proceeds $1,393,726) $1,393,000 $ 1,393,000
- --------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENT $ 1,393,000
- --------------------------------------------------------------------------------
(Cost $1,393,000)
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS AT VALUE -99.72% $119,080,943
- --------------------------------------------------------------------------------
(Cost $90,462,390)
- --------------------------------------------------------------------------------
ALL OTHER ASSETS LESS LIABILITIES - .28% $ 334,771
- --------------------------------------------------------------------------------
NET ASSETS-100.00% $119,415,714
- --------------------------------------------------------------------------------
</TABLE>
*Non-dividend paying investment.
See accompanying notes to financial statements.
================================================================================
BARTLETT FIXED INCOME FUND
As of September 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Face Market
Amount Value
================================================================================
<S> <C> <C>
U.S. GOVERNMENT AND
AGENCIES OBLIGATIONS
- -77.85%
- --------------------------------------------------------------------------------
U.S. Treasury Obligations
- - 36.45%
- --------------------------------------------------------------------------------
U.S. Treasury Note
7.875%, 04/15/98 $ 7,000,000 $ 7,320,467
U.S. Treasury Note
6.875%, 08/31/99 5,000,000 5,149,220
U.S. Treasury Note
7.500%, 10/31/99 6,175,000 6,500,151
U.S. Treasury Note
7.125%, 02/29/00 4,000,000 4,166,252
U.S. Treasury Note Strips
0.000%, 08/15/03 5,000,000 3,084,000
U.S. Treasury Note
5.875%, 02/15/04 2,000,000 1,956,562
U.S. Treasury Note
7.250%, 05/15/04 5,000,000 5,336,720
-----------
33,513,372
- --------------------------------------------------------------------------------
U.S. Government Agency Obligations
- -5.83%
- --------------------------------------------------------------------------------
Federal Home Loan Banks
Inverse French Franc
Pibor-Indexed
Consolidated Bonds
5.331%, 02/09/96 $ 1,200,000 $ 1,201,500
Federal Home Loan Banks
Inverse French Franc
Pibor-Indexed
Consolidated Bonds
4.688%, 06/29/98 4,275,000 4,157,438
-----------
5,358,938
- --------------------------------------------------------------------------------
Mortgage-Backed Obligations
- -35.57%
- --------------------------------------------------------------------------------
Federal National Mortgage
Assn.-REMIC CMO
6.500%, 09/25/08 $ 537,194 $ 538,369
Federal National Mortgage
Assn.-REMIC CMO
7.000%, 09/25/20 2,250,000 2,287,969
Government National
Mortgage Assn.
7.500%, 03/15/17-08/15/24 15,214,952 15,386,120
</TABLE>
13
<PAGE> 16
BARTLETT FIXED INCOME FUND (Cont.)
As of September 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Face Market
Amount Value
================================================================================
<S> <C> <C>
Government National
Mortgage Assn.
8.000%, 06/15/22-07/15/25 $14,075,432 $14,493,303
-----------
32,705,761
- --------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCIES OBLIGATIONS $71,578,071
- --------------------------------------------------------------------------------
(Cost-$70,485,950)
- --------------------------------------------------------------------------------
CORPORATE OBLIGATIONS
- -16.78%
- --------------------------------------------------------------------------------
Associates Corp. of N. Amer.
6.750%, 07/15/97 $ 4,000,000 $ 4,038,000
General Motors Acc. Corp.
7.000%, 08/19/97 4,250,000 4,306,525
Merrill Lynch
8.230%, 04/30/02 1,100,000 1,132,560
Pepsico Corp.
Step Up Rate Note
7.000%, 10/14/99 5,900,000 5,950,740
- --------------------------------------------------------------------------------
TOTAL CORPORATE OBLIGATIONS $15,427,825
- --------------------------------------------------------------------------------
(Cost-$15,325,387)
- --------------------------------------------------------------------------------
COMMERCIAL PAPER - 3.26%
Sears Roebuck Acc. Corp.
5.75%, 10/04/95 $ 3,000,000 $ 2,999,041
- --------------------------------------------------------------------------------
TOTAL COMMERCIAL PAPER $ 2,999,041
- --------------------------------------------------------------------------------
(Cost $2,996,646)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT
- -0.77%
- --------------------------------------------------------------------------------
The Provident Bank,
6.25%, issued 9/29/95,
due 10/2/95, collateralized
by U.S. Treasury Bills
(par value $735,000,
due 11/24/95) (repurchase
proceeds $709,369) $ 709,000 $ 709,000
- --------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENT $ 709,000
- --------------------------------------------------------------------------------
(Cost-$709,000)
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS AT VALUE
- -98.66% $90,713,937
- --------------------------------------------------------------------------------
(Cost $89,516,983)
- --------------------------------------------------------------------------------
ALL OTHER ASSETS LESS LIABILITIES
- -1.34% $ 1,228,758
- --------------------------------------------------------------------------------
NET ASSETS-100.00% $91,942,695
================================================================================
</TABLE>
See accompanying notes to financial statements.
14
<PAGE> 17
================================================================================
BARTLETT SHORT TERM BOND FUND
As of September 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Face Market
Amount Value
================================================================================
<S> <C> <C>
U.S. GOVERNMENT AND
AGENCIES OBLIGATIONS-79.67%
- --------------------------------------------------------------------------------
U.S. Treasury Obligations- 19.30%
- --------------------------------------------------------------------------------
U.S. Treasury Note
7.250%, 11/30/96 $1,000,000 $ 1,015,781
U.S. Treasury Note (Strips)
0.00%, 05/15/97 1,000,000 912,100
U.S. Treasury Note (Strips)
0.00%, 08/15/97 1,000,000 899,600
U.S. Treasury Note
6.500%, 08/15/97 1,000,000 1,011,250
U.S. Treasury Note
6.125%, 05/15/98 1,000,000 1,005,313
----------
4,844,044
- --------------------------------------------------------------------------------
U.S. Government Obligations-10.73%
- --------------------------------------------------------------------------------
Federal Home Loan Banks
Inverse French Franc
Pibor-Indexed
Consolidated Bonds
5.331%, 02/09/96 $ 600,000 $ 600,750
Federal Home Loan Banks
Libor-Indexed
Consolidated Bonds
5.70%, 04/15/98 1,500,000 1,485,000
Federal Home Loan Banks
Inverse French Franc
Pibor-Indexed
Consolidated Bonds
4.688%, 06/29/98 625,000 607,812
2,693,562
- --------------------------------------------------------------------------------
Mortgage-Backed Obligations-49.64%
- --------------------------------------------------------------------------------
Federal National Mortgage
Assn.-Step Up Note
0.00%, 08/21/01 $1,250,000 $1,184,750
Federal National Mortgage
Assn.-REMIC CMO
6.500%, 09/25/08 429,755 430,695
Federal National Mortgage
Assn.-REMIC CMO
7.000%, 03/25/19 475,000 483,906
Federal National Mortgage
Assn.-REMIC CMO
7.000%, 10/25/19 750,000 762,656
Federal National Mortgage
Assn.-REMIC CMO
7.000%, 09/25/20 750,000 759,844
Government National
Mortgage Assn.
9.000%, 3/15/20-9/15/22 146,283 154,328
Government National
Mortgage Assn.
8.000%, 1/15/23-7/15/25 8,335,212 8,582,669
Government National
Mortgage Assn.
7.500%, 5/15/24 $ 99,691 $ 100,813
-----------
12,459,661
- --------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCIES OBLIGATIONS $19,997,267
- --------------------------------------------------------------------------------
(Cost-$19,849,878)
- --------------------------------------------------------------------------------
CORPORATE OBLIGATIONS-14.77%
- --------------------------------------------------------------------------------
AT&T Capital Corp.
7.66%, 01/30/97 $1,000,000 $ 1,021,700
GMAC Med Term Note
7.20%, 01/29/98 1,000,000 1,019,200
Merrill Lynch
Step Up Rate Note
8.230%, 04/30/02 150,000 154,440
Pepsico Corp.
Step Up Rate Note
7.000%, 10/14/99 1,500,000 1,512,900
- --------------------------------------------------------------------------------
TOTAL CORPORATE OBLIGATIONS $ 3,708,240
- --------------------------------------------------------------------------------
(Cost-$3,697,504)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT-4.43%
- --------------------------------------------------------------------------------
The Provident Bank,
6.25%, issued 9/29/95,
due 10/2/95, collateralized
by U.S. Treasury Bills,
(par value $1,145,000,
due 11/24/95) (repurchase
proceeds $1,111,579) $1,111,000 $ 1,111,000
- --------------------------------------------------------------------------------
Total Repurchase Agreement $1,111,000
(Cost-$1,111,000)
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS AT VALUE-98.87% $24,816,507
- --------------------------------------------------------------------------------
(Cost-$24,658,382)
- --------------------------------------------------------------------------------
ALL OTHER ASSETS LESS LIABILITIES
- -1.13% $ 283,523
- --------------------------------------------------------------------------------
NET ASSETS-100.00% $25,100,030
================================================================================
</TABLE>
See accompanying notes to financial statements.
15
<PAGE> 18
================================================================================
BARTLETT CASH RESERVES FUND
As of September 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Face Market
Amount Value
================================================================================
<S> <C> <C>
COMMERCIAL PAPER- 81.69%
- --------------------------------------------------------------------------------
American Express Co.
5.72%, 11/03/95 $3,000,000 $ 2,984,720
American Express Co.
5.67%, 11/17/95 1,500,000 1,489,132
Associates Corp. of N. Amer.
5.72%, 10/06/95 1,000,000 999,339
Associates Corp. of N. Amer.
5.72%, 10/13/95 1,500,000 1,497,273
Associates Corp. of N. Amer.
5.71%, 11/09/95 1,000,000 993,952
AT&T Capital Corp.
5.65%, 11/22/95 1,500,000 1,487,951
Bellsouth Telecomm Inc.
5.70%, 10/25/95 2,000,000 1,992,678
Beneficial Corporation
5.70%, 10/25/95 1,500,000 1,494,509
Beneficial Corporation
5.72%, 10/26/95 1,000,000 996,180
Beneficial Corporation
5.73%, 10/27/95 1,500,000 1,494,031
Chevron Oil Finance Co.
5.72%, 10/13/95 3,000,000 2,994,546
Chevron Oil Finance Co.
5.67%, 11/03/95 1,000,000 994,907
Deere & Co. Capital Corp.
5.71%, 10/20/95 1,000,000 997,135
Deere & Co. Capital Corp.
5.70%, 11/08/95 1,000,000 994,111
Dupont Ei De Nemours Co.
5.67%, 10/24/95 2,500,000 2,491,246
Ford Motor Credit Co.
5.73%, 10/03/95 2,000,000 1,999,669
Ford Motor Credit Co.
5.73%, 10/03/95 1,000,000 999,835
Ford Motor Credit Co.
5.73%, 10/17/95 1,000,000 997,612
General Electric Capital Co.
5.72%, 10/18/95 1,500,000 1,496,180
General Electric Capital Co.
5.70%, 10/30/95 2,500,000 2,488,858
General Motor Acceptance
5.80%, 11/10/95 1,000,000 993,793
H.J. Heinz Co.
5.68%, 10/23/95 1,000,000 996,658
H.J. Heinz Co.
5.70%, 10/23/95 2,000,000 1,993,315
Hershey Foods Corp.
5.71%, 10/23/95 1,000,000 996,658
Hershey Foods Corp.
5.71%, 10/27/95 $1,600,000 $ 1,593,633
Hershey Foods Corp.
5.70%, 10/27/95 1,500,000 1,494,031
IBM Corporation
5.73%, 10/06/95 2,000,000 1,998,678
IBM Corporation
5.71%, 10/04/95 1,000,000 999,669
IBM Corporation
5.73%, 10/26/95 1,000,000 996,180
Illinois Tool Works Inc.
5.70%, 10/27/95 1,500,000 1,494,031
Kellogg Co.
5.69%, 10/31/95 1,000,000 995,384
Motorola Inc.
5.70%, 10/20/95 4,000,000 3,988,540
Norwest Financial Inc.
5.68%, 10/24/95 1,000,000 996,498
Norwest Financial Inc.
5.73%, 10/27/95 1,000,000 996,021
J.C. Penney Funding Corp.
5.70%, 10/24/95 1,500,000 1,494,748
Procter & Gamble Co.
5.72%, 11/10/95 3,500,000 3,478,274
Southwest Bell Capital Corp.
5.71%, 11/27/95 2,000,000 1,982,360
Sears Roebuck Acc. Corp.
5.73%, 10/13/95 1,000,000 998,182
Sears Roebuck Acc. Corp.
5.75%, 10/19/95 1,500,000 1,495,941
Sears Roebuck Acc. Corp.
5.72%, 10/23/95 1,000,000 996,658
Snap-On Inc.
5.71%, 10/05/95 4,000,000 3,998,016
U.S. West Comm. Corp.
5.67%, 10/06/95 1,000,000 999,339
- --------------------------------------------------------------------------------
Total Commercial Paper $67,860,471
- --------------------------------------------------------------------------------
(Cost-$67,590,680)
</TABLE>
16
<PAGE> 19
================================================================================
BARTLETT CASH RESERVES FUND (Cont.)
As of September 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Face Market
Amount Value
================================================================================
<S> <C> <C>
REPURCHASE AGREEMENT-0.98%
- --------------------------------------------------------------------------------
The Provident Bank, 6.25%,
issued 9/29/95, due 10/2/95,
collateralized by U.S. Treasury
Bills, (par value $840,000,
due 11/24/95)
(repurchase proceeds
$816,425) $ 816,000 $ 816,000
- --------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENT $ 816,000
- --------------------------------------------------------------------------------
(Cost-$816,000)
- --------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS-13.77%
- --------------------------------------------------------------------------------
U.S. Treasury Obligations- 5.35%
- --------------------------------------------------------------------------------
U.S. Treasury Note (Strips)
0.000%, 05/15/96 $2,000,000 $ 1,931,324
U.S. Treasury Note
6.125%, 05/31/97 $2,500,000 2,510,157
-----------
4,441,481
- --------------------------------------------------------------------------------
Mortgage-Backed Obligations-8.42%
Federal National Mortgage
Assn. Floating Rate Note
5.788%, 10/30/95 $7,000,000 $ 7,000,000
- --------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS $11,441,481
- --------------------------------------------------------------------------------
(Cost-$11,428,036)
- --------------------------------------------------------------------------------
CORPORATE OBLIGATIONS-3.02%
- --------------------------------------------------------------------------------
AT&T Capital Corp.
6.300%, 07/25/96 $2,500,000 $ 2,508,000
- --------------------------------------------------------------------------------
TOTAL CORPORATE OBLIGATIONS $ 2,508,000
- --------------------------------------------------------------------------------
(Cost-$2,509,760)
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS AT VALUE-99.46% $82,625,952
- --------------------------------------------------------------------------------
(Cost-$82,344,476)
- --------------------------------------------------------------------------------
ALL OTHER ASSETS LESS LIABILITIES-0.54% $ 440,219
- --------------------------------------------------------------------------------
NET ASSETS-100.00% $83,066,171
================================================================================
</TABLE>
REIT-Real Estate Investment Trust.
REMIC-Real Estate Mortgage Investment Conduit.
CMO-Collateralized Mortgage Obligation.
Inverse French Franc Pibor-Indexed Consolidated Bonds-Represent structured
securities that pay interest at a rate that increases (decreases) with a
decline (increase) in the Pibor (Paris InterBank Offered Rate). Interest rates
disclosed are in effect at September 30, 1995.
Libor-Indexed Consolidated Bonds-Represents a structured security that pays
interest at a rate that increases (decreases) with an increase (decrease) in
the Libor (London InterBank Offered Rate). Interest rates disclosed are in
effect at September 30, 1995.
See accompanying notes to financial statements.
17
<PAGE> 20
================================================================================
STATEMENTS OF ASSETS AND LIABILITIES
================================================================================
As of September 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Bartlett
Bartlett Bartlett Bartlett Short Bartlett
Value Basic Fixed Term Cash
International Value Income Bond Reserves
Fund Fund Fund Fund Fund
====================================================================================================
<S> <C> <C> <C> <C> <C>
ASSETS:
- ----------------------------------------------------------------------------------------------------
Investment securities,
original cost (Note 1) $62,261,114 $ 90,462,390 $89,516,983 $24,658,382 $82,344,476
====================================================================================================
Investment securities,
at value (Note 1) $68,173,994 $119,080,943 $90,713,937 $24,816,507 $82,625,952
Receivable for
securities sold 0 151,965 0 0 0
Dividends and interest
receivable 252,035 236,913 1,288,063 269,846 111,214
Receivable for share
purchases 4,306 51,112 68,677 50,197 364,571
Other assets 0 0 0 0 0
Cash 0 209 0 0 853
- ----------------------------------------------------------------------------------------------------
Total Assets 68,430,335 119,521,142 92,070,677 25,136,550 83,102,590
- ----------------------------------------------------------------------------------------------------
LIABILITIES:
- ----------------------------------------------------------------------------------------------------
Shareholder
distributions payable 480,353 96,926 76,448 35,942 34,553
Management fee payable 3,402 3,705 2,496 578 0
Payable for securities
purchased 0 0 0 0 0
Shareholder
redemptions payable 0 4,797 49,038 0 1,866
- ----------------------------------------------------------------------------------------------------
Total Liabilities 483,755 105,428 127,982 36,520 36,419
- ----------------------------------------------------------------------------------------------------
NET ASSETS $67,946,580 $119,415,714 $91,942,695 $25,100,030 $83,066,171
====================================================================================================
Net Assets Consist of:
Capital shares $61,573,045 $ 90,838,678 $93,770,337 $25,533,927 $83,150,891
Accumulated
undistributed net
investment income 316,371 45,123 0 0 0
Accumulated net realized
gains (losses) from
security transactions 144,285 (70,125) (3,038,698) (577,267) (86,430)
Net unrealized
appreciation
on investments 5,912,879 28,602,038 1,211,056 143,370 1,710
- ----------------------------------------------------------------------------------------------------
Net Assets $67,946,580 $119,415,714 $91,942,695 $25,100,030 $83,066,171
====================================================================================================
Shares of beneficial
interest outstanding
(unlimited number
of shares authorized,
no par value) (Note 4) 5,554,018 7,145,557 9,197,926 2,559,704 83,150,892
====================================================================================================
Net asset value,
offering and redemption
price per share (Note 1) $12.23 $16.71 $10.00 $9.81 $1.00
====================================================================================================
</TABLE>
See accompanying notes to financial statements.
18
<PAGE> 21
================================================================================
STATEMENT OF OPERATIONS
================================================================================
For the six months ended September 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Bartlett
Bartlett Bartlett Bartlett Short Bartlett
Value Basic Fixed Term Cash
International Value Income Bond Reserves
Fund Fund Fund Fund Fund
===========================================================================================================
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
- -----------------------------------------------------------------------------------------------------------
Interest $ 235,283 $ 479,225 $3,139,856 $773,800 $2,642,407
Dividends 1,209,772 1,219,516 0 0 0
Less foreign taxes withheld (168,222) 0 0 0 0
- -----------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME 1,276,833 1,698,741 3,139,856 773,800 2,642,407
- -----------------------------------------------------------------------------------------------------------
EXPENSES:
- -----------------------------------------------------------------------------------------------------------
Management Fee (Note 3) 593,795 660,071 460,333 99,264 348,015
- -----------------------------------------------------------------------------------------------------------
TOTAL EXPENSES 593,795 660,071 460,333 99,264 348,015
- -----------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 683,038 1,038,670 2,679,523 674,536 2,294,392
- -----------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAINS
(LOSSES) ON INVESTMENTS:
Net realized gains (losses) from
security transactions 2,241,854 3,082,108 1,009,049 (66,893) 10,092
Net change in net unrealized
appreciation/depreciation
on investments 2,252,248 10,427,682 1,755,216 378,321 2,315
- -----------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED
GAINS (LOSSES) ON INVESTMENTS 4,494,102 13,509,790 2,764,265 311,428 12,407
- -----------------------------------------------------------------------------------------------------------
NET INCREASE IN NET
ASSETS FROM OPERATIONS $5,177,140 $14,548,460 $5,443,788 $985,964 $2,306,799
===========================================================================================================
</TABLE>
See accompanying notes to financial statements.
19
<PAGE> 22
================================================================================
STATEMENTS OF CHANGES IN NET ASSETS
================================================================================
<TABLE>
<CAPTION>
Bartlett Bartlett
Value International Fund Basic Value Fund
Six Months Year Six Months Year
Ended Ended Ended Ended
9/30/95 3/31/95 9/30/95 3/31/95
(Unaudited) (Unaudited)
========================================================================================================
FROM OPERATIONS:
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net investment income $ 683,038 $ 449,472 $ 1,038,670 $ 1,768,170
Net realized gains (losses) from
security transactions 2,241,854 2,425,836 3,082,108 4,359,075
Net change in net unrealized
appreciation/depreciation on
investments 2,252,248 (3,917,520) 10,427,682 5,759,310
- --------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS 5,177,140 (1,042,212) 14,548,460 11,886,555
- --------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
- --------------------------------------------------------------------------------------------------------
From net investment income (377,793) (438,346) (1,015,710) (1,765,417)
From net realized gains from
security transactions (1,844,296) (2,727,131) (4,652,231) (6,700,292)
- --------------------------------------------------------------------------------------------------------
DECREASE IN NET ASSETS FROM
DISTRIBUTIONS TO SHAREHOLDERS (2,222,089) (3,165,477) (5,667,941) (8,465,709)
- --------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE 4):
- --------------------------------------------------------------------------------------------------------
Proceeds from shares sold 13,022,738 41,462,779 59,792,699 88,106,512
Net asset value of shares issued
in reinvestment of shareholder
distributions 1,691,845 2,650,327 5,548,453 8,073,721
Payment for shares redeemed (7,386,767) (31,848,784) (57,526,875) (91,168,817)
- --------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) FROM FUND
SHARE TRANSACTIONS 7,327,816 12,264,322 7,814,277 5,011,416
- --------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS 10,282,867 8,056,633 16,694,796 8,432,262
NET ASSETS:
Beginning of period 57,663,713 49,607,080 102,720,918 94,288,656
- --------------------------------------------------------------------------------------------------------
End of period $67,946,580 $ 57,663,713 $119,415,714 $102,720,918
========================================================================================================
UNDISTRIBUTED NET
INVESTMENT INCOME $ 316,371 $ 11,126 $ 45,123 $ 22,163
- --------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
20
<PAGE> 23
<TABLE>
<CAPTION>
Bartlett
Bartlett Short Term Bartlett
Fixed Income Fund Bond Fund Cash Reserves Fund
Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended
9/30/95 3/31/95 9/30/95 3/31/95 9/30/95 3/31/95
(Unaudited) (Unaudited) (Unaudited)
===================================================================================================================================
FROM OPERATIONS:
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net investment income $ 2,679,523 $ 5,591,914 $ 674,536 $ 1,193,289 $ 2,294,392 $ 3,276,229
Net realized gains (losses) from
security transactions 1,009,049 (3,280,414) (66,893) (497,579) 10,092 (81,479)
Net change in net unrealized
appreciation/depreciation on
investments 1,755,216 (407,515) 378,321 (127,141) 2,315 13,459
- -----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS 5,443,788 1,903,985 985,964 568,569 2,306,799 3,208,209
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
- -----------------------------------------------------------------------------------------------------------------------------------
From net investment income (2,679,523) (5,591,914) (674,536) (1,193,289) (2,294,392) (3,276,229)
From net realized gains from
security transactions 0 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------------------
DECREASE IN NET ASSETS FROM
DISTRIBUTIONS TO SHAREHOLDERS (2,679,523) (5,591,914) (674,536) (1,193,289) (2,294,392) (3,276,229)
- -----------------------------------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE 4):
- -----------------------------------------------------------------------------------------------------------------------------------
Proceeds from shares sold 13,510,899 32,641,620 14,855,898 34,220,058 200,951,641 367,680,400
Net asset value of shares issued
in reinvestment of shareholder
distributions 2,285,639 4,778,669 478,558 838,351 2,119,879 3,115,274
Payment for shares redeemed (17,967,566) (53,796,673) (10,293,955) (36,973,689) (210,190,042) (358,112,926)
NET INCREASE (DECREASE) FROM FUND
SHARE TRANSACTIONS (2,171,028) (16,376,384) 5,040,501 (1,915,280) (7,118,522) 12,682,748
- -----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS 593,237 (20,064,313) 5,351,929 (2,540,000) (7,106,115) 12,614,728
NET ASSETS:
Beginning of period 91,349,458 111,413,771 19,748,101 22,288,101 90,172,286 77,557,558
- -----------------------------------------------------------------------------------------------------------------------------------
End of period $ 91,942,695 $ 91,349,458 $ 25,100,030 $ 19,748,101 $ 83,066,171 $ 90,172,286
===================================================================================================================================
UNDISTRIBUTED NET
INVESTMENT INCOME $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
21
<PAGE> 24
================================================================================
FINANCIAL HIGHLIGHTS
================================================================================
BARTLETT VALUE INTERNATIONAL FUND
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
Six Months
Ended Year Ended March 31,
9/30/95 ----------------------------------------------------------
(Unaudited) 1995 1994 1993 1992 1991
=======================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $11.64 $12.46 $10.08 $9.93 $9.09 $9.79
- -----------------------------------------------------------------------------------------------------------------------
Income From Investment Operations:
Net Investment Income .13 .09 .07 .12 .18 .30
Net Realized and Unrealized Gains
(Losses) on Securities .87 (.21) 2.38 .15 .88 (.70)
- -----------------------------------------------------------------------------------------------------------------------
Total From Investment Operations 1.00 (.12) 2.45 .27 1.06 (.40)
- -----------------------------------------------------------------------------------------------------------------------
Less Distributions:
Dividends From Net Investment
Income (.07) (.09) (.07) (.10) (.22) (.28)
Distributions From Realized Gains (.34) (.61) -- (.02) -- (.02)
- -----------------------------------------------------------------------------------------------------------------------
Total Distributions (.41) (.70) (.07) (.12) (.22) (.30)
- -----------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $12.23 $11.64 $12.46 $10.08 $9.93 $9.09
=======================================================================================================================
Total Return 17.20%(b) (1.18%) 24.42% 2.71% 11.88% (3.84%)
=======================================================================================================================
Ratios / Supplemental Data:
Net Assets, End of Period (000's) $67,947 $57,664 $49,607 $29,572 $22,042 $23,661
Ratio of Net Expenses to Average
Net Assets (a) 1.84%(b) 1.83% 1.88% 2.00% 2.00% 1.99%
Ratio of Net Investment Income
to Average Net Assets (a) 2.12%(b) .80% .55% 1.13% 1.79% 3.31%
Portfolio Turnover Rate 34%(b) 24% 19% 19% 27% 39%
- -----------------------------------------------------------------------------------------------------------------------
BARTLETT BASIC VALUE FUND
=======================================================================================================================
Net Asset Value, Beginning of Period $15.39 $14.89 $14.76 $13.47 $12.60 $12.34
- -----------------------------------------------------------------------------------------------------------------------
Income From Investment Operations:
Net Investment Income .15 .27 .22 .30 .36 .46
Net Realized and Unrealized Gains
(Losses) on Securities 2.00 1.53 .28 1.57 .87 .26
- -----------------------------------------------------------------------------------------------------------------------
Total From Investment Operations 2.15 1.80 .50 1.87 1.23 .72
- -----------------------------------------------------------------------------------------------------------------------
Less Distributions:
Dividends From Net Investment
Income (.15) (.27) (.23) (.30) (.36) (.46)
Distributions From Realized Gains (.68) (1.03) (.14) (.28) -- --
- -----------------------------------------------------------------------------------------------------------------------
Total Distributions (.83) (1.30) (.37) (.58) (.36) (.46)
- -----------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $16.71 $15.39 $14.89 $14.76 $13.47 $12.60
=======================================================================================================================
Total Return 28.01%(b) 12.67% 3.42% 14.22% 9.91% 6.29%
=======================================================================================================================
Ratios / Supplemental Data:
- ---------------------------
Net Assets, End of Period (000's) $119,416 $102,721 $94,289 $103,507 $88,536 $96,165
Ratio of Expenses to Average
Net Assets 1.19%(b) 1.20% 1.20% 1.21% 1.22% 1.21%
Ratio of Net Investment Income
to Average Net Assets 1.87%(b) 1.81% 1.48% 2.14% 2.77% 3.87%
Portfolio Turnover Rate 23%(b) 26% 33% 43% 49% 92%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) The Advisor has periodically absorbed expenses of the Bartlett Value
International Fund through management fee waivers. If the Advisor had not
waived any fees, the ratio of net expenses to average net assets would have
been 1.94% and the ratio of net investment income to average net assets
would have been .49% for the period ended March 31, 1994.
(b) Annualized.
See accompanying notes to financial statements.
22
<PAGE> 25
BARTLETT FIXED INCOME FUND
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
Six Months
Ended Year Ended March 31,
9/30/95 --------------------------------------------------------------------
(Unaudited) 1995 1994 1993 1992 1991
=================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 9.70 $ 10.02 $ 10.48 $ 9.93 $ 9.63 $ 9.46
- ---------------------------------------------------------------------------------------------------------------------------------
Income From Investment Operations:
Net Investment Income .29 .54 .48 .59 .67 .73
Net Realized and Unrealized Gains
(Losses) on Securities .30 (.32) (.30) .55 .31 .17
- ---------------------------------------------------------------------------------------------------------------------------------
Total From Investment Operations .59 .22 .18 1.14 .98 .90
- ---------------------------------------------------------------------------------------------------------------------------------
Less Distributions:
Dividends From Net Investment
Income (.29) (.54) (.48) (.59) (.68) (.73)
Distributions From Realized Gains -- -- (.16) -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Total Distributions (.29) (.54) (.64) (.59) (.68) (.73)
- ----------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 10.00 $ 9.70 $ 10.02 $ 10.48 $ 9.93 $ 9.63
==================================================================================================================================
Total Return 12.26%(d) 2.41% 1.70% 11.81% 10.46% 9.86%
==================================================================================================================================
Ratios / Supplemental Data:
- ---------------------------
Net Assets, End of Period(000's) $91,943 $91,349 $111,414 $135,487 $147,992 $159,218
Ratio of Expenses to Average
Net Assets (a) 1.00%(d) 10% 1.00% 1.00% 1.00% 1.00%
Ratio of Net Investment Income
to Average Net Assets 5.84%(d) 5.60% 4.58% 5.81% 6.85% 7.68%
Portfolio Turnover Rate 168%(d) 118% 163% 175% 126% 165%
Amount of Debt Outstanding
at End of Period $ -- $ -- $ -- $ -- $ --
Average Amount of Debt
Outstanding During the
Period (b) (000's) $ 2,067 $ 2,550 $ 12,627 $ 6,601 $ --
Average Number of Shares
Outstanding During the
Period (c) (000's) 9,234 12,095 13,689 15,577 --
Average Amount of Debt Per
Share During the Period $ 0.22 $ 0.21 $ 0.92 $ 0.42 $ --
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Ratios do not include interest paid on reverse repurchase agreements.
(b) The average amount of debt outstanding during the period was calculated by
aggregating borrowings at the end of each day and dividing that sum by the
number of days in the period.
(c) The average number of shares outstanding during the period was calculated by
averaging the number of shares outstanding at the end of each month in the
period.
(d) Annualized.
See accompanying notes to financial statements.
23
<PAGE> 26
===============================================================================
FINANCIAL HIGHLIGHTS
===============================================================================
BARTLETT SHORT TERM BOND FUND
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
Six Months
Ended Year Ended March 31,
9/30/95 ------------------------------------------------------------
(Unaudited) 1995 1994(a) 1993 1992 1991
=========================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 9.66 $ 9.94 $ 10.00
- ----------------------------------------------------------------------------------------
Income From Investment Operations:
Net Investment Income .29 .53 .06
Net Realized and Unrealized Gains
(Losses) on Securities .15 (.28) (.06)
- ----------------------------------------------------------------------------------------
Total From Investment Operations .44 .25 --
- ----------------------------------------------------------------------------------------
Less Distributions:
Dividends From Net Investment Income (.29) (.53) (.06)
Distributions From Realized Gains -- -- --
- ----------------------------------------------------------------------------------------
Total Distributions (.29) (.53) (.06)
- ----------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 9.81 $ 9.66 $ 9.94
========================================================================================
Total Return 9.02%(c) 2.58% .29%(c)
========================================================================================
Ratios / Supplemental Data:
Net Assets, End of Period (000's) $25,100 $19,748 $22,288
Ratio of Expenses to Average Net Assets .85%(c) .85% .85%(c)
Ratio of Net Investment Income
to Average Net Assets 5.79%(c) 5.38% 4.55%(c)
Portfolio Turnover Rate 131%(c) 158% 202%(c)
==========================================================================================================================
BARTLETT CASH RESERVES FUND
==========================================================================================================================
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 .03 .04 .03 .03 .05 .07
Net Realized and Unrealized Gains
(Losses) on Securities -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------
Total From Investment Operations .03 .04 .03 .03 .05 .07
- --------------------------------------------------------------------------------------------------------------------------
Less Distributions:
Dividends From Net Investment Income (.03) (.04) (.03) (.03) (.05) (.07)
Distributions From Realized Gains -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------
Total Distributions (.03) (.04) (.03) (.03) (.05) (.07)
- --------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
==========================================================================================================================
Total Return 5.20%(c) 4.22% 2.69% 3.26% 5.07% 7.32%
==========================================================================================================================
Ratios / Supplemental Data:
- ---------------------------
Net Assets, End of Period (000's) $83,066 $90,172 $77,558 $65,962 $75,867 $130,250
Ratio of Net Expenses
to Average Net Assets (b) .78%(c) .78% .77% .72% .67% .73%
Ratio of Net Investment Income
to Average Net Assets (b) 5.16%(c) 4.16% 2.71% 3.26% 5.05% 7.08%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) The period illustrated is from initial public offering date (February 4,
1994) through March 31, 1994 for Short Term Bond Fund. No income was earned
or expense incurred from the date of organization through the initial public
offering date.
(b) The Advisor has periodically absorbed expenses of the Bartlett Cash Reserves
Fund through management fee waivers. If the Advisor had not waived any fees,
the ratios of net expenses to average net assets would have been .88%, .90%,
.90% and .90%, and the ratios of net investment income to average net assets
would have been 2.60%, 3.07%, 4.82%, and 6.91%, for the periods ended March
31, 1994 through 1991, respectively.
(c) Annualized.
See accompanying notes to financial statements.
24
<PAGE> 27
================================================================================
NOTES TO FINANCIAL STATEMENTS
================================================================================
As of September 30, 1995 (Unaudited)
1 Significant Accounting Policies
Bartlett Capital Trust and Bartlett Management Trust are registered under
the Investment Company Act of 1940, as amended, as no-load, diversified,
open-end management investment companies. Bartlett Capital Trust was established
as a Massachusetts business trust under a Declaration of Trust dated October 31,
1982. The Declaration of Trust, as amended, permits the Trustees to issue an
unlimited number of shares of the Bartlett Value International Fund, Bartlett
Basic Value Fund, Bartlett Fixed Income Fund and the Bartlett Short Term Bond
Fund. The Bartlett Short Term Bond Fund started business and commenced the
public offering of shares on February 4, 1994. Bartlett Management Trust was
established as an Ohio business trust under a Declaration of Trust dated July
16, 1984. The Declaration of Trust, as amended, permits the Trustees to issue an
unlimited number of shares of the Bartlett Cash Reserves Fund, the only series
of the Trust presently authorized by the Trustees.
The following is a summary of the significant accounting policies of
Bartlett Capital Trust and Bartlett Management Trust:
Security Valuation - Equity securities, options and commodities listed on
exchanges are valued at the last sale price as of the close of business on the
day the securities are being valued. Listed securities not traded on a
particular day and securities traded in the over-the-counter market are valued
at the mean between closing bid and ask prices quoted by brokers or dealers that
make markets in the securities. Portfolio securities which are traded both in
the over-the-counter market and on an exchange are valued according to the
broadest and most representative market.
Fixed income securities generally are valued by using market quotations,
or independent pricing services which use prices provided by market makers or
estimates of market values. However, if Bartlett & Co. (the Advisor) believes
the market value of a security will be more accurately reflected thereby, it
will use market value estimates obtained from yield spreads relating to
securities with similar characteristics as to credit quality, coupon rate,
maturity and other factors.
Fixed income securities having a maturity of less than 60 days (except
for those in Bartlett Cash Reserves Fund) are valued at amortized cost, which
approximates market value.
Securities, primarily fixed income securities, of a Fund for which market
quotations or estimates are not readily available are valued at fair value as
determined in good faith by the Advisor, subject to review of the Board of
Trustees.
The values of international securities are generally based upon market
quotations converted to U.S. dollar equivalents at 4:00 p.m. Eastern Standard
time which, depending upon the exchange or market, may be last sale price, last
bid price, or the mean between the last bid and asked prices as of, in each
case, the close of the appropriate exchange or another designated time. Trading
in securities on European and Far Eastern securities exchanges and
over-the-counter markets is normally completed at various times before the close
of business on each day on which the New York Stock Exchange (NYSE) is open.
Trading of these securities may not take place on every NYSE business day. In
addition, trading may take place in various foreign markets on Saturdays or on
other days when the NYSE is not open and on which the Fund's share price is not
calculated. Therefore, the value of Bartlett Value International Fund's
portfolio may be significantly affected on days when shares may not be purchased
or redeemed.
Repurchase agreements are valued at cost which approximates market. It is
the policy of each of the Funds that their custodian take possession of the
underlying collateral securities. Collateral is marked-to-market daily to ensure
that the market value of the underlying assets equals or exceeds the value of
the seller's repurchase obligation. In the event of a bankruptcy or other
default of the seller of a repurchase agreement, a Fund could experience both
delays in liquidating the underlying securities and losses. The loss would equal
the amount by which the carrying value of the repurchase agreement(s) exceeded
the proceeds received in liquidation of the underlying collateral securities. To
minimize the possibility of loss, the Funds enter into repurchase agreements
only with institutions deemed to be creditworthy by the Advisor, including banks
that serve as custodian for the Funds, banks having assets in excess of $1
billion or primary government securities dealers.
Structured Securities - Bartlett Basic Value Fund, Bartlett Fixed Income
Fund and Bartlett Short Term Bond Fund may invest in structured securities, a
type of
25
<PAGE> 28
===============================================================================
NOTES TO FINANCIAL STATEMENTS
===============================================================================
derivative security, which are derived from securities issued by U.S. government
agencies, or other issuers, and are denominated in U.S. dollars. Structured
securities are privately issued securities. These short maturity notes differ
from traditional debt securities in that the return (principal and/or interest)
is linked to the performance of a diversified array of financial indices.
The Funds use structured securities to add to portfolio diversification
to protect the portfolio against rising interest rates. An investment in
structured securities entails risks not associated with investments in
conventional debt securities. The secondary market for such securities will be
affected by factors independent of the creditworthiness of the issuer and the
value of the index, such as the volatility of the index, time remaining to
maturity and the amount of such securities outstanding.
Foreign Currency Translation - The books and records of each Fund are
maintained in U.S. dollars. Foreign currency amounts are translated into U.S.
dollars on the following basis:
(i) market value of investment securities, other assets and
liabilities-at the daily rate of exchange as reported by a major New
York City bank at 4:00 p.m. Eastern Standard time;
(ii) purchases and sales of investment securities, income and expenses-at
the rate of exchange prevailing on the respective dates of such
transactions.
Futures and Options Accounting Principles - Premiums received from put or
call options written are recorded as an asset with an equal liability which is
marked-to-market daily with any difference between the option's current market
value and premiums received recorded as an unrealized gain or loss. If the
option is not exercised, premiums received are realized as a gain at the
expiration date. If the position is closed prior to expiration, a gain or loss
is realized based on premiums received less the cost of the closing transaction.
When an option is exercised, premiums received are added to the proceeds from
the sale of the underlying securities and a gain or loss is realized
accordingly.
Put and call options purchased are accounted for in the same manner
as portfolio securities. The cost of securities acquired through the exercise of
call options is increased by premiums paid. The proceeds from securities sold
through the exercise of put options are decreased by the premiums paid.
Futures contracts are marked-to market daily with fluctuations in value
settled daily in cash through a margin account. Gains or losses are realized at
the time the contract is closed out or the contract expires.
The primary risks associated with the use of futures contracts and
options are imperfect correlation between the change in market value of
securities held by the Funds and the prices of futures contracts and options, in
addition to the possibility of an illiquid market.
Reverse Repurchase Agreements - Bartlett Basic Value Fund, Bartlett Fixed
Income Fund, Bartlett Short Term Bond Fund and Bartlett Cash Reserves Fund may
enter into reverse repurchase agreements whereby the Funds transfer possession
of a security for cash with the intent to repay cash plus interest in exchange
for the return of the same security at a later date. A Fund's primary objective
in such a transaction would be to obtain funds to pursue additional investment
opportunities whose yield would exceed the cost of the reverse repurchase
transaction.
It is the policy of each of the Funds that their custodian place cash or
U.S. government obligations in a separate account in an amount equal to the
reverse repurchase agreement obligation. When a separate account is maintained
in connection with a reverse repurchase agreement, the securities deposited in
the separate account are valued daily at market for the purpose of determining
the adequacy of the securities in the account. If the market value of such
securities declines, additional cash or securities are placed in the account
daily to maintain the market value of the account equal to the amount of the
reverse repurchase agreement obligation.
Share Valuation - The net asset value per share is calculated daily by
dividing the total value of each Fund's investments and other assets, less
liabilities, by the total number of shares outstanding.
Investment Income and Distributions to Shareholders - Interest income is
accrued as earned. Dividend income is recorded on the ex-dividend date.
Distributions to shareholders arising from net investment income for Bartlett
Fixed Income Fund, Bartlett Cash Reserves Fund and Bartlett Short Term Bond Fund
are declared daily and paid to shareholders monthly. Distributions to
shareholders from net investment income for Bartlett Basic Value Fund and
Bartlett Value International Fund are declared and paid quarterly and are
recorded on the ex-dividend date. Net realized capital gains, if any, are di
stributed to shareholders at least once a year.
Security Transactions - Security transactions are accounted for on a
trade date basis, which is the date the order to buy or sell is executed.
Securities sold are valued on a specific identification basis.
26
<PAGE> 29
As of September 30, 1995
Securities Purchased on a When-Issued Basis - Securities purchased on a
when-issued or delayed delivery basis may be settled a month or more after the
transaction date. Such securities are subject to market fluctuation during this
period. In the event that the seller fails to deliver the securities, a Fund
could experience a loss to the extent of any appreciation, or a gain to the
extent of any depreciation, in the price of the securities. A Fund will
maintain, in a segregated account with its custodian, cash or U.S. government
securities having an aggregate value at least equal to the amount of such
purchase commitments.
Federal Income Taxes - 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 (but
not its shareholders) will be relieved of federal income tax on the income
distributed. Accordingly, no provision for income taxes is made.
In order to avoid imposition of the excise tax created by the Tax Reform
Act of 1986, as amended by the Revenue Act of 1987, it is 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 Octo-ber 31 of the calendar year)
plus undistributed amounts from prior years. Subsequent to October 31, 1994, the
Bartlett Value International Fund recognized net capital losses of $253,272
which, for tax purposes, have been deferred to fiscal 1996 and can be used to
offset future capital gains.
Capital loss carryovers for tax purposes as of March 31, 1995 are as
follows: Bartlett Cash Reserves Fund $96,522, Bartlett Fixed Income Fund
$4,047,747 and Bartlett Short Term Bond Fund $510,375. Such carryovers expire
over varying periods through March 31, 2003. The following amounts are based up
on cost for both financial reporting and federal income tax purposes as of
September 30, 1995:
<TABLE>
<CAPTION>
Bartlett
Bartlett Bartlett Bartlett Short Bartlett
Value Basic Fixed Term Cash
International Value Income Bond Reserves
Fund Fund Fund Fund Fund
=============================================================================================
<S> <C> <C> <C> <C> <C>
Unrealized
appreciation $ 8,923,350 $29,895,172 $ 1,379,947 $ 162,210 $ 3,360
Unrealized
depreciation (3,010,471) (1,293,134) (168,891) (18,840) (1,650)
- ---------------------------------------------------------------------------------------------
Net unrealized
appreciation
(depreciation) $ 5,912,879 $28,602,038 $ 1,211,056 $ 143,370 $ 1,710
=============================================================================================
Federal income
tax cost of
investments $ 62,261,114 $90,478,905 $89,502,881 $24,673,137 $82,624,242
==============================================================================================
</TABLE>
2 Investment Transactions
Investment transactions (excluding short-term securities) are as follows
for the period ended September 30, 1995:
<TABLE>
<CAPTION>
Bartlett
Bartlett Bartlett Bartlett Short Bartlett
Value Basic Fixed Term Cash
International Value Income Bond Reserves
Fund Fund Fund Fund Fund
=====================================================================================
<S> <C> <C> <C> <C> <C>
Purchases of
investment
securities $15,151,980 $13,188,271 $74,764,191 $19,601,146 $8,654,096
=====================================================================================
Proceeds
from sales
and maturities
of investment
securities $10,358,601 $11,184,010 $76,938,326 $13,431,325 $2,234,475
=====================================================================================
</TABLE>
3 Transactions with Affiliates and Related
Parties
The Chairman of the Board, President, Secretary, Treasurer, Assistant
Treasurer and Vicen-Presidents of the Trusts are shareholders or employees of
the Advisor, registered investment advisor to the Trusts. Bartlett Capital
Trust's and Bartlett Management Trust's investments are managed by the Advisor
under the terms of Management Agreements. Under the Management Agreements, the
Advisor pays all of the expenses of each Fund except brokerage, taxes, interest
and extraordinary expenses. As compensation for investment advisory services and
agreement to pay the above Fund expenses, each Fund pays the Advisor a fee
computed and accrued daily and paid monthly. The fee for Bartlett Basic Value
Fund and Bartlett Fixed Income Fund is computed at an annual rate of 2% of the
average daily net assets of Bartlett Basic Value Fund and Bartlett Fixed Income
Fund up to and including $10,000,000, 1.50% of such assets from $10,000,000 up
to and including $30,000,000 and 1% of such assets in excess of $30,000,000. The
fee for Bartlett Basic Value Fund is determined by applying the above rates to
its average daily net assets, and the remainder of the fee is allocated to
Bartlett Fixed Income Fund. The fee for Bartlett Cash Reserves Fund is computed
at an annual rate of .78% of the average daily net assets of Bartlett Cash
Reserves Fund up to and including $500,000,000 and .75% of such assets in excess
of $500,000,000. The fee for Bartlett Value International Fund is computed at an
annual rate of 2% of the average daily net assets of Bartlett Value
International Fund up to and including $20,000,000 and 1.75% of such assets from
$20,000,000 up to and including $200,000,000 and 1.25% of such assets in excess
of $200,000,000. The fee for Bartlett Short Term Bond Fund is computed at an
annual
27
<PAGE> 30
================================================================================
NOTES TO FINANCIAL STATEMENTS
================================================================================
rate of .85% of the average daily net assets of Bartlett Short Term Bond
Fund. The Advisor earned commissions as broker on trades of portfolio securities
in the following amounts for the period ended September 30, 1995: Bartlett Basic
Value Fund $327.
States in which shares of each Fund are offered may impose an expense
limitation based upon net assets. The Management Agreements between Bartlett
Capital Trust and Bartlett Management Trust and the Advisor allow for the
accrual and payment of the investment advisory services expenses not to exceed
the lowest of the applicable expense limitations imposed.
4 Fund Share Transactions
Proceeds and payments on shares of the Funds as shown in the Statements
of Changes in Net Assets are the result of the following share transactions:
<TABLE>
<CAPTION>
Bartlett Bartlett Bartlett
Value Basic Fixed
International Value Income
Fund Fund Fund
Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended
9/30/95 3/31/95 9/30/95 3/31/95 9/30/95 3/31/95
=================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Shares sold 1,061,509 3,417,760 3,640,429 5,942,584 1,363,003 3,365,364
Shares issued in
reinvestment of
distributions 138,441 217,711 332,626 552,366 230,127 492,992
- -------------------------------------------------------------------------------------------------
1,199,950 3,635,471 3,973,055 6,494,950 1,593,130 3,858,356
Less shares
redeemed (598,296) (2,663,521) (3,500,569) (6,153,807) (1,813,638) (5,556,676)
- -------------------------------------------------------------------------------------------------
Net increase
(decrease)
in shares
outstanding 601,654 971,950 472,486 341,143 (220,508) (1,698,320)
=================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Bartlett Bartlett
Short Term Cash
Bond Reserves
Fund Fund
Six Months Year Six Months Year
Ended Ended Ended Ended
9/30/95 3/31/95 9/30/95 3/31/95
===========================================================================
<S> <C> <C> <C> <C>
Shares sold 1,521,117 3,502,434 200,951,641 367,680,400
Shares issued in
reinvestment of
distributions 48,949 85,957 2,119,879 3,115,274
- ---------------------------------------------------------------------------
1,570,066 3,588,391 203,071,520 370,795,674
Less shares
redeemed (1,053,633) (3,787,573) (210,190,041) (358,112,926)
- ---------------------------------------------------------------------------
Net increase
(decrease)
in shares
outstanding 516,433 (199,182) (7,118,521) 12,682,748
===========================================================================
</TABLE>
28
<PAGE> 31
================================================================================
TRRUSTEES AND OFFICERS
================================================================================
================================================================================
Dale H. Rabiner, CFA Chairman of the Board
Bartlett Capital Trust
James B. Reynolds, CFA Chairman of the Board
Bartlett Management Trust
Lorrence T. Kellar Trustee
Group Vice President,
The Kroger Co.
Philip J. Ringo Trustee
President/CEO,
Chemical Leaman Tank Lines Inc.
Alan R. Schriber Trustee
President, ARS Broadcasting Corp.
William P. Sheehan Trustee
Member, State of Ohio
Employment Relations Board
George J. Wile Trustee
CEO, Planet Products Corp.
Carol D. Hard President
James F. Lummanick, Esq. Secretary
Thomas A. Steele, CPA Treasurer
Kenneth L. Schlachter, CFA Assistant Treasurer
R. Stuart Crickmer, CFA, CPA Vice President
Madelynn M. Matlock, CFA Vice President
James A. Miller, CFA Vice President
Donna M. Prieshoff Vice President
Troy R. Snider, CFA Vice President
Woodrow H. Uible, CFA Vice President
================================================================================
Investment Advisor Bartlett & Co.
36 East Fourth Street
Cincinnati, Ohio 45202
Custodians Provident Bank
One East Fourth Street
Cincinnati, Ohio 45202
Mitsubishi Global Custody,
a division of the Bank of California
475 Sansome Street
San Francisco, California 94111
Transfer Agent Bartlett & Co.
36 East Fourth Street
Cincinnati, Ohio 45202
Auditors Arthur Andersen LLP
425 Walnut Street
Cincinnati, Ohio 45202
================================================================================
BARTLETT & CO.
--------------------------------
REGISTERED INVESTMENT ADVISORS
36 East Fourth Street, Cincinnati, OH 45202-3896 - 513-345-6212 - 800-800-3609
-FAX 513-621-6462
29
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BARTLETT
CAPITAL TRUST AND BARTLETT MANAGEMENT TRUST SEMI-ANNUAL REPORT FOR THE PERIOD
ENDED SEPTEMBER 30, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000750006
<NAME> BARTLETT MANAGEMENT TRUST
<SERIES>
<NUMBER> 1
<NAME> BARTLETT CASH RESERVES FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-START> APR-01-1995
<PERIOD-END> SEP-30-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 82,344,476
<INVESTMENTS-AT-VALUE> 82,625,952
<RECEIVABLES> 475,785
<ASSETS-OTHER> 853
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 83,102,590
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 36,419
<TOTAL-LIABILITIES> 36,419
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 83,150,891
<SHARES-COMMON-STOCK> 83,150,892
<SHARES-COMMON-PRIOR> 90,269,413
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (86,430)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,710
<NET-ASSETS> 83,066,171
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,642,407
<OTHER-INCOME> 0
<EXPENSES-NET> 348,015
<NET-INVESTMENT-INCOME> 2,294,392
<REALIZED-GAINS-CURRENT> 10,092
<APPREC-INCREASE-CURRENT> 2,315
<NET-CHANGE-FROM-OPS> 2,306,799
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,294,392
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 200,951,641
<NUMBER-OF-SHARES-REDEEMED> 210,190,041
<SHARES-REINVESTED> 2,119,879
<NET-CHANGE-IN-ASSETS> (7,106,115)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (96,522)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 348,015
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 348,015
<AVERAGE-NET-ASSETS> 87,365,715
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> .00
<PER-SHARE-DIVIDEND> .03
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BARTLETT
CAPITAL TRUST AND BARTLETT MANAGEMENT TRUST SEMI-ANNUAL REPORT FOR THE PERIOD
ENDED SEPTEMBER 30, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
STATEMENTS.
</LEGEND>
<CIK> 0000710434
<NAME> BARTLETT CAPITAL TRUST
<SERIES>
<NUMBER> 1
<NAME> BARTLETT BASIC VALUE
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-START> APR-01-1995
<PERIOD-END> SEP-30-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 90,462,390
<INVESTMENTS-AT-VALUE> 119,080,943
<RECEIVABLES> 439,990
<ASSETS-OTHER> 209
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 119,521,142
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 105,428
<TOTAL-LIABILITIES> 105,428
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 90,838,678
<SHARES-COMMON-STOCK> 7,145,557
<SHARES-COMMON-PRIOR> 6,673,071
<ACCUMULATED-NII-CURRENT> 22,960
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 70,125
<ACCUM-APPREC-OR-DEPREC> 28,602,038
<NET-ASSETS> 119,415,714
<DIVIDEND-INCOME> 1,219,516
<INTEREST-INCOME> 479,225
<OTHER-INCOME> 0
<EXPENSES-NET> 660,071
<NET-INVESTMENT-INCOME> 1,038,670
<REALIZED-GAINS-CURRENT> 3,082,108
<APPREC-INCREASE-CURRENT> 10,427,682
<NET-CHANGE-FROM-OPS> 14,548,460
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,015,710
<DISTRIBUTIONS-OF-GAINS> 4,652,231
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,640,429
<NUMBER-OF-SHARES-REDEEMED> 3,500,569
<SHARES-REINVESTED> 332,626
<NET-CHANGE-IN-ASSETS> 16,694,796
<ACCUMULATED-NII-PRIOR> 22,163
<ACCUMULATED-GAINS-PRIOR> 1,499,998
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 660,071
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 660,071
<AVERAGE-NET-ASSETS> 111,157,105
<PER-SHARE-NAV-BEGIN> 15.39
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> 2.00
<PER-SHARE-DIVIDEND> .15
<PER-SHARE-DISTRIBUTIONS> .68
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 16.71
<EXPENSE-RATIO> 1.19
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BARTLETT
CAPITAL TRUST AND BARTLETT MANAGEMENT TRUST SEMI-ANNUAL REPORT FOR THE PERIOD
ENDED SEPTEMBER 30, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000710434
<NAME> BARTLETT CAPITAL TRUST
<SERIES>
<NUMBER> 2
<NAME> BARTLETT FIXED INCOME FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-START> APR-01-1995
<PERIOD-END> SEP-30-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 89,516,983
<INVESTMENTS-AT-VALUE> 90,713,937
<RECEIVABLES> 1,356,740
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 92,070,677
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 127,982
<TOTAL-LIABILITIES> 127,982
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 93,770,337
<SHARES-COMMON-STOCK> 9,197,926
<SHARES-COMMON-PRIOR> 9,418,434
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,038,698)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,211,056
<NET-ASSETS> 91,942,695
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,139,856
<OTHER-INCOME> 0
<EXPENSES-NET> 460,333
<NET-INVESTMENT-INCOME> 2,679,523
<REALIZED-GAINS-CURRENT> 1,009,049
<APPREC-INCREASE-CURRENT> 1,755,216
<NET-CHANGE-FROM-OPS> 5,443,788
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,679,523
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,363,003
<NUMBER-OF-SHARES-REDEEMED> 1,813,638
<SHARES-REINVESTED> 230,127
<NET-CHANGE-IN-ASSETS> 593,237
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (4,047,747)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 460,333
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 460,333
<AVERAGE-NET-ASSETS> 91,397,527
<PER-SHARE-NAV-BEGIN> 9.70
<PER-SHARE-NII> .29
<PER-SHARE-GAIN-APPREC> .30
<PER-SHARE-DIVIDEND> .29
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 10.00
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BARTLETT
CAPITAL TRUST AND BARTLETT MANAGEMENT TRUST SEMI-ANNUAL REPORT FOR THE PERIOD
ENDED SEPTEMBER 30, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000710434
<NAME> BARTLETT CAPITAL TRUST
<SERIES>
<NUMBER> 3
<NAME> BARTLETT VALUE INTERNATIONAL FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-START> APR-01-1995
<PERIOD-END> SEP-30-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 62,261,114
<INVESTMENTS-AT-VALUE> 68,173,994
<RECEIVABLES> 256,341
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 68,430,335
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 483,755
<TOTAL-LIABILITIES> 483,755
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 61,573,045
<SHARES-COMMON-STOCK> 5,554,018
<SHARES-COMMON-PRIOR> 4,952,364
<ACCUMULATED-NII-CURRENT> 305,245
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 144,285
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,912,879
<NET-ASSETS> 67,946,580
<DIVIDEND-INCOME> 1,041,550
<INTEREST-INCOME> 235,283
<OTHER-INCOME> 0
<EXPENSES-NET> 593,795
<NET-INVESTMENT-INCOME> 685,038
<REALIZED-GAINS-CURRENT> 2,241,854
<APPREC-INCREASE-CURRENT> 2,252,248
<NET-CHANGE-FROM-OPS> 5,177,140
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 377,793
<DISTRIBUTIONS-OF-GAINS> 1,844,296
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,061,509
<NUMBER-OF-SHARES-REDEEMED> 598,296
<SHARES-REINVESTED> 138,441
<NET-CHANGE-IN-ASSETS> 10,282,867
<ACCUMULATED-NII-PRIOR> 11,126
<ACCUMULATED-GAINS-PRIOR> (253,272)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 593,795
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 593,795
<AVERAGE-NET-ASSETS> 64,387,298
<PER-SHARE-NAV-BEGIN> 11.64
<PER-SHARE-NII> .13
<PER-SHARE-GAIN-APPREC> .87
<PER-SHARE-DIVIDEND> .07
<PER-SHARE-DISTRIBUTIONS> .34
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 12.23
<EXPENSE-RATIO> 1.84
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BARTLETT
CAPITAL TRUST AND BARTLETT MANAGEMENT TRUST SEMI-ANNUAL REPORT FOR THE PERIOD
ENDED SEPTEMBER 30, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000710434
<NAME> BARTLETT CAPITAL TRUST
<SERIES>
<NUMBER> 4
<NAME> BARTLETT SHORT TERM BOND FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-START> APR-01-1995
<PERIOD-END> SEP-30-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 24,658,382
<INVESTMENTS-AT-VALUE> 24,816,507
<RECEIVABLES> 320,043
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,136,550
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 36,520
<TOTAL-LIABILITIES> 36,520
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25,533,927
<SHARES-COMMON-STOCK> 2,559,704
<SHARES-COMMON-PRIOR> 2,043,270
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (577,267)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 143,370
<NET-ASSETS> 25,100,030
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 773,800
<OTHER-INCOME> 0
<EXPENSES-NET> 99,264
<NET-INVESTMENT-INCOME> 674,536
<REALIZED-GAINS-CURRENT> (66,893)
<APPREC-INCREASE-CURRENT> 378,321
<NET-CHANGE-FROM-OPS> 985,964
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 674,536
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,521,117
<NUMBER-OF-SHARES-REDEEMED> 1,053,633
<SHARES-REINVESTED> 48,949
<NET-CHANGE-IN-ASSETS> 5,351,929
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (510,375)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 99,264
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 99,264
<AVERAGE-NET-ASSETS> 22,977,596
<PER-SHARE-NAV-BEGIN> 9.66
<PER-SHARE-NII> .29
<PER-SHARE-GAIN-APPREC> .15
<PER-SHARE-DIVIDEND> .29
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 9.81
<EXPENSE-RATIO> .85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
