[Front cover]
[Graphic: Acorn]
[Graphic: Column]
[Graphic: Graduation cap]
[Graphic: Handshake]
Semi-Annual Report
April 30, 1999
Galaxy Money Market Funds
Galaxy Funds
Galaxy Money Market Fund
Galaxy Government Fund
Galaxy U.S. Treasury Fund
Galaxy Tax-Exempt Fund
Galaxy Connecticut Municipal
Money Market Fund
Galaxy Massachusetts Municipal
Money Market Fund
[Graphic: Galaxy Funds logo]
<PAGE>
Chairman's Message
Dear Shareholder:
Enclosed is the Galaxy Money Market Funds' performance report for the six
months ended April 30, 1999. The report includes a Market Overview that
describes the different economic and market factors influencing money market
instruments during this time. Following the Market Overview are portfolio
reviews for both the Galaxy Taxable Money Market Funds and the Galaxy Tax-Exempt
Money Market Funds that describe how Fleet Investment Advisors Inc. managed the
Funds' portfolios in this climate. Financial statements and a list of portfolio
holdings for each of the Funds as of April 30, 1999 appear at the end of the
report.
Although the economic outlook brightened during the recent six-month
period, there was enough uncertainty about the direction of inflation and
interest rates to cause significant fluctuations in money market yields. Stocks
advanced and bonds declined in this environment, with individual sectors
responding to market changes in different ways. As in previous transitions,
experienced investors held to their long-term strategies and kept their
portfolios well diversified.
During this time, Fleet Investment Advisors Inc. has also worked with us to
expand the information we provide to our shareholders. By giving you more
information that is easier to access, we hope to help you manage current market
conditions more effectively and develop investment plans that bring you closer
to your financial goals.
At the end of 1998, we launched The Galaxy, America's first mutual fund
newspaper. Sent to more than 200,000 retail shareholders of the Galaxy Funds,
this quarterly publication provides in-depth coverage of key market trends,
investment issues, and planning tools. There are also interviews with Galaxy
Fund portfolio managers, as well as announcements of new products and services
for shareholders.
In addition, we are expanding our web site (www.galaxyfunds.com). The
revised site - which should be completed by the end of this summer - will
include more educational articles, interactive services, and market reports.
Shareholders will also be able to access many of the articles from The Galaxy on
the site.
We hope these new shareholder services will help you make the most of your
Galaxy Fund investments. We encourage you to contact us for any additional
information you may need, including questions about the material in this report,
by calling the Galaxy Information Center toll-free at 1-877-BUY-GALAXY
(1-877-289-4252). You can also visit our investment professionals located at
Fleet branches.
Sincerely,
[Graphic: Signature of Dwight E. Vicks, Jr.]
Dwight E. Vicks, Jr.
Chairman of the Board of Trustees
[Begin sidebar]
Mutual Funds:
o are not bank
deposits
o are not FDIC
insured
o are not obligations
of Fleet Bank
o are not guaranteed
by Fleet Bank
o are subject to
investment risk
including possible
loss of principal
amount invested
[End sidebar]
<PAGE>
Market Overview
MONEY MARKET OVERVIEW
By Fleet Investment Advisors Inc.
During the six months ended April 30, 1999, money market yields fluctuated
substantially as the outlooks for economic growth, inflation, and interest rates
continued to change.
After slicing short-term interest rates by 25 basis points in November of
1998, for a total cut of 75 basis points since September 1998, the Federal
Reserve (the "Fed") left rates alone in the first four months of 1999. This was
largely because inflation remained quite low. But with economic growth at home
significantly stronger than analysts had expected, and economies abroad more
stable, investors were frequently concerned that the Fed may have to raise
short-term rates to keep inflation under control.
By adjusting the maturities and investment mixes of the Galaxy Money Market
Funds to make the most of changing yields, we helped the Funds earn total
returns during the reporting period that compared favorably with the total
returns of their market benchmarks.
Economic Outlook Brightens
When the period began, three-month Treasury bills were yielding about 4.3%,
and the annual rate of inflation was about 1.6%. Following an annualized growth
rate of 3.7% in the third quarter of 1998, the gross domestic product ("GDP"),
which measures the output of U.S. goods and services, rose by 6% in the fourth
quarter of 1998.
The significant increase in growth occurred despite continued economic
problems in Asia and many emerging markets in other parts of the world.
Concerned about the global impact of these problems on financial markets,
investors had fled to the safety of U.S. Treasury issues for some time. The
Fed's rate cut in November restored investors' confidence and eased the demand
for Treasury securities. In making the third rate cut, the Fed suggested that it
would require additional economic deterioration before slicing rates again,
which caused short-term yields to edge upward.
U.S. economic growth remained surprisingly strong in the first quarter of
1999, with an estimated GDP rate of 4.1%. Although inflation remained tame,
investors worried that the next Fed move would be an increase in short-term
rates to slow growth and prevent future inflation. U.S. Treasury bill yields
moved higher in January and February, and reached 4.7% by March 1. With reports
that inflation was still in check, short-term yields edged lower again. By the
end of April, three-month Treasury bills were yielding about 4.5%.
During this time, the Galaxy Money Market Funds benefited from sizable
investments in overnight securities and issues with floating interest rates.
When we felt yields were peaking, we used instruments with longer maturities to
lock in higher yields. Throughout the period we looked for opportunities to take
advantage of changes in the spreads between yields of different short-term
securities, as well as yield fluctuations caused by seasonal market changes.
[Begin sidebar]
"U.S. economic
growth remained sur-
prisingly strong in the
first quarter of 1999,
with an estimated
GDP rate of 4.1%."
[End sidebar]
1
<PAGE>
Performance At-A-Glance As of April 30, 1999
<TABLE>
<CAPTION>
Retail A Retail B Trust
Shares Shares Shares
------ ------ ------
<S> <C> <C> <C>
Galaxy Money Market Fund
7-day average yield................ 4.27% 3.69% 4.44%
30-day average yield............... 4.27% 3.68% 4.44%
Galaxy Government Fund
7-day average yield................ 4.14% N/A 4.32%
30-day average yield............... 4.15% N/A 4.33%
Galaxy Tax-Exempt Fund
7-day average yield................ 2.85% N/A 2.99%
30-day average yield............... 2.41% N/A 2.55%
Galaxy U.S. Treasury Fund
7-day average yield................ 3.94% N/A 4.10%
30-day average yield............... 3.99% N/A 4.14%
Galaxy Connecticut Municipal
Money Market Fund
7-day average yield................ 2.78% N/A N/A
30-day average yield............... 2.35% N/A N/A
Galaxy Massachusetts Municipal
Money Market Fund
7-day average yield................ 2.87% N/A N/A
30-day average yield............... 2.40% N/A N/A
</TABLE>
Past performance is no guarantee of future results. Investments in the Galaxy
Money Market Funds are neither insured nor guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. Although the Funds seek to
preserve the value of your investment at $1.00 per share, it is possible to lose
money by investing in the Funds. Yields are historical and will vary with market
performance.
Retail A Shares are currently charged a shareholder servicing fee of 0.10% of
average daily net assets. Retail B Shares are currently charged a distribution
fee of 0.65% of average daily net assets and a shareholder servicing fee of
0.10% of average daily net assets. (See Note 3 in the Notes to Financial
Statements.)
Slower Growth Possible
The current U.S. economic expansion is now more than eight years old,
making it the longest period of continuous economic growth since 1969. While
there are many positive economic conditions that could sustain growth in coming
months, we believe several factors could slow the GDP rate to less than 3% in
the second half of 1999.
Although economies overseas have become increasingly stable, many problems
remain that could continue to curb U.S. exports. With consumer spending
outpacing income, it seems likely that consumers will reduce spending later this
year. Despite a recent uptick in inflation, due largely to increases in the
price of oil, inflation should remain modest if growth slows. This would let the
Fed keep interest rates on hold and prevent short-term yields from moving much
higher.
When yields reach levels that we feel are attractive, we may add
longer-maturity investments to the Galaxy Money Market Funds. To remain prepared
for any interim increase in yields, we are also purchasing investments with
shorter maturities. As before, we expect to take advantage of special yield
opportunities that arise and focus on high-quality investments with good
liquidity.
[Begin sidebar]
"Despite a recent
uptick in inflation,
due largely to
increases in the price
of oil, inflation
should remain mod-
est if growth slows."
[End sidebar]
2
<PAGE>
Portfolio Reviews
GALAXY TAXABLE MONEY MARKET FUNDS
By Karen Arneil
Portfolio Manager
As economic expectations changed in the past six months, causing money
market yields to fluctuate, we emphasized investments with good liquidity and
strong credit quality in the Galaxy Taxable Money Market Funds, which include
the Galaxy Money Market Fund, the Galaxy Government Fund, and the Galaxy U.S.
Treasury Fund. By also taking advantage of special opportunities to enhance
yield that appeared in individual market sectors, we helped the Funds earn total
returns for the six months ended April 30, 1999 that were competitive with the
returns for their benchmarks.
During the period, Trust Shares of the Galaxy Money Market Fund had a total
return of 2.28%, and Retail A Shares of the Galaxy Money Market Fund earned a
total return of 2.19%. Retail B Shares earned a total return of 1.87% before
deducting the 5.00% contingent deferred sales charge, and a total return of
- -3.13% after deducting the 5.00% contingent deferred sales charge.
Over the same time, Lipper Analytical Services ("Lipper"), a mutual fund
performance tracking service, reported average total returns of 2.38% for trust
shares and 2.16% for retail shares of other taxable money market funds that
reported their results to Lipper.
For the six months ended April 30, 1999, Trust Shares of the Galaxy
Government Fund had a total return of 2.23%, and Retail A Shares of the Galaxy
Government Fund had a total return of 2.14%. Trust shares of other money market
funds investing in U.S. government issues that reported their performance to
Lipper earned an average total return of 2.32% over the same period. Retail
shares of similar funds that reported their performance to Lipper earned an
average total return of 2.15% for the period.
During this time, Trust Shares of the Galaxy U.S. Treasury Fund had a total
return of 2.09%. Retail A Shares of the Galaxy U.S. Treasury Fund earned a total
return of 2.01%. These returns compared with an average total return of 2.19%
for trust shares of other money market funds investing in U.S. Treasury issues
that reported their results to Lipper. Retail shares of similar funds that
reported their performance to Lipper earned an average total return of 2.03% for
the period.
On April 30, 1999, the Galaxy Money Market Fund had an average maturity of
43 days, the Galaxy Government Fund had an average maturity of 36 days, and the
Galaxy U.S. Treasury Fund had an average maturity of 59 days.
Responding to Stronger Growth
When the reporting period began in November 1998, all the Galaxy Money
Market Funds held sizable positions in overnight securities. This gave the Funds
much-needed liquidity
[Picture: Karen Arneil]
Karen Arneil has managed the Galaxy Taxable Money Market Funds and the Galaxy
Tax-Exempt Money Market Funds since September 1996. She has managed money market
investments since 1993.
Galaxy Money Market Fund
Distribution of Total Net Assets as of April 30, 1999
[Pie Chart Data]
Commercial Paper 43%
U.S. Gov't. and Agency Obligations 27%
Corporate Notes and Bonds 19%
Certificates of Deposit 8%
Repurchase Agreement and Net Other Assets and Liabilities 2%
Asset-Backed Securities 1%
Galaxy Money Market Fund
7-Day Average Yield (%)
[LINE CHART]
May 1, 1998 April 30, 1999
Galaxy Government Fund
Distribution of Total Net Assets as of April 30, 1999
[Pie Chart Data]
Federal National Mortgage Association 32%
Federal Home Loan Mortgage Corporation 31%
Federal Home Loan Bank 17%
Repurchase Agreement and Net Other Assets and Liabilities 17%
Federal Farm Credit Bank 3%
3
<PAGE>
Portfolio Reviews
in a very nervous market. With economic uncertainty keeping the demand for
Treasuries strong, we emphasized longer-term issues in the Galaxy U.S. Treasury
Fund to enhance yield.
Later in the fourth quarter of 1998, with corporate spreads still wide, we
added high-quality corporate floating-rate securities to the Galaxy Money Market
Fund. As demand for Treasuries began to ease, and the yield curve flattened, we
gave greater emphasis to shorter-term issues in the Galaxy U.S. Treasury Fund.
At the end of 1998, when standard year-end technical pressures increased yields
for issues that mature in 1999, we made selective purchases of longer-term
securities for all of the Funds. To maintain adequate liquidity, we balanced
these purchases with investments in overnight issues.
In February of 1999, as an improving economic outlook drove money market
yields higher, we added one-year investments to the Funds to lock in the
stronger yields. In the Money Market Fund, we continued to add high-quality
corporate floaters. With the approach of the April 15 tax filing deadline, the
U.S. Treasury issued multiple cash management bills. We added these securities
to the Galaxy U.S. Treasury Fund to take advantage of the high yields they
offered. Because the yield curve was flat for government agency issues and U.S.
Treasuries, we emphasized shorter-term investments in both the Galaxy U.S.
Treasury Fund and the Galaxy Government Fund during this time. As government
agency paper that we had purchased at the end of 1998 for the Galaxy Money
Market Fund matured, we increased our corporate exposure.
Adding Longer Maturities
If economic growth slows and inflation remains moderate, money market
yields should begin to peak. As a result, we may invest in longer maturities to
make the most of the attractive yields that are available. As always, we will
focus on high-quality investments, while maintaining a healthy level of
liquidity.
Galaxy Government Fund
7-Day Average Yield (%)
[LINE CHART]
May 1, 1998 April 30, 1999
Galaxy U.S. Treasury Fund
Distribution of Total Net Assets as of April 30, 1999
[Pie Chart Data]
U.S. Treasury Bills 48%
Federal Home Loan Bank 30%
U.S. Treasury Notes 20%
Federal Farm Credit Bank and Net Other Assets and Liabilities 2%
Galaxy U.S. Treasury Fund
7-Day Average Yield (%)
[LINE CHART]
May 1, 1998 April 30, 1999
4
<PAGE>
Portfolio Reviews
GALAXY TAX-EXEMPT MONEY MARKET FUNDS
By Karen Arneil
Portfolio Manager
In addition to fluctuations in short-term interest rates, the yields on
tax-exempt money market securities are strongly affected by changes in market
supply and demand. As such changes occurred over the past six months, we were
able to maximize yield opportunities by adjusting the maturities of investments
in the Galaxy Tax-Exempt Money Market Funds, which include the Galaxy Tax-Exempt
Fund, the Galaxy Connecticut Municipal Money Market Fund and the Galaxy
Massachusetts Municipal Money Market Fund. This helped the Funds earn total
returns that compared favorably with other tax-exempt money market funds.
For the six-month reporting period ended April 30, 1999, Trust and Retail A
Shares of the Galaxy Tax-Exempt Fund had total returns of 1.26% and 1.20%,
respectively. Over the same time, retail and trust shares of other tax-exempt
money market funds reporting their performance to Lipper earned average total
returns of 1.39% and 1.25%, respectively.
Shares of the Galaxy Connecticut Municipal Money Market Fund had a total return
of 1.17%, versus 1.15% for the retail shares of other Connecticut tax-exempt
money market funds tracked by Lipper. Shares of the Galaxy Massachusetts
Municipal Money Market Fund had a total return of 1.20%, versus 1.22% for the
retail shares of other Massachusetts tax-exempt money market funds reporting
their performance to Lipper.
As of April 30, 1999, the average maturity of the Tax-Exempt Fund was 26
days, and the average maturities of the Connecticut and Massachusetts Municipal
Money Market Funds were 40 days and 60 days, respectively.
Changes in Supply and Demand
In the fourth quarter of 1998, when the reporting period began, issuers of
tax-exempt securities were emphasizing longer-term debt over money market
securities because low long-term securities were more attractive to issuers. As
the supply of tax-exempt money market securities was shrinking, demand remained
strong, which put downward pressure on short-term tax-exempt yields. With the
turmoil abroad, we concentrated on buying general obligation issues of state and
local governments and paper backed by domestic banks, for the Galaxy Tax-Exempt
Money Market Funds. We purchased general obligation notes which increased the
average maturity of the Funds slightly.
Galaxy Tax-Exempt Fund
Distribution of Total Net Assets as of April 30, 1999
[Pie Chart Data]
South 51%
East 13%
Mountain 13%
North Central 12%
Pacific 6%
Other Territories, Cash Equivalents & Net Other Assets and Liabilities 5%
Galaxy Tax-Exempt Fund
7-Day Average Yield (%)
[LINE CHART]
May 1, 1998 April 30, 1999
Galaxy Connecticut Municipal Money Market Fund
7-Day Average Yield (%)
[LINE CHART]
May 1, 1998 April 30, 1999
5
<PAGE>
Portfolio Reviews
In January and February of 1999, tax-exempt money market securities faced
seasonal downward pressure on yields as demand increased. During this time we
continued to find attractive yield opportunities in tax-exempt notes. As the
April tax season approached, we increased liquidity in the Galaxy Tax-Exempt
Money Market Funds to meet expected liquidations. The majority of liquidations
occured just after April 15. As a result of the large drop in demand that took
place at that time, tax-exempt money market yields moved sharply higher. The
Galaxy Tax-Exempt Money Market Funds benefited in this environment from sizable
investments in variable-rate issues. While we continued to look for tax-exempt
notes to enhance yield further, supplies of these issues were limited.
Future Yield Enhancements
The weeks ahead should bring an increase in new tax-exempt securities, as
state and local governments start new fiscal years. As supplies grow, and yields
improve, we plan to lock in the higher yields with purchases of tax-exempt
notes. At the same time, we will continue to look for opportunities in
variable-rate products to capture fluctuations in yields that a strong economy
and fear of inflation might bring. As always we expect to keep the portfolios of
the Galaxy Tax-Exempt Money Market Funds liquid and well diversified.
Galaxy
Connecticut Municipal Money Market Fund
Distribution of Total Net Assets as of April 30, 1999
[Pie Chart Data]
Connecticut 65%
Puerto Rico 11%
South 9%
Pacific 5%
North Central 4%
East, Other Territories, Cash Equivalents
and Net Other Assets and Liabilities 3%
Mountain 3%
Galaxy Massachusetts Municipal Money Market Fund
7-Day Average Yield (%)
[PLOT POINTS]
May 1, 1998 April 30, 1999
Galaxy Massachusetts Municipal Money Market Fund
Distribution of Total Net Assets as of April 30, 1999
[Pie Chart Data]
Massachusetts 76%
South 9%
North Central, Cash Equivalents & Net Other Assets and Liabilities 6%
Mountain 3%
Pacific 3%
Other Territories 3%
- --------------------------------------------------------------------------------
Past performance is no guarantee of future results. Investment returns and
principal values will vary with market conditions so that an investor's shares,
when redeemed, may be worth more or less than their original cost. The
Investment Advisor is presently waiving fees and/or reimbursing expenses and may
revise or discontinue such practice at any time. Without such waivers and/or
reimbursements, performance would be lower. Total return figures in this report
include changes in share price, reinvestment of dividends and capital gains
distributions and exclude the deduction of any contingent deferred sales charge
unless otherwise indicated. Retail B Shares of the Galaxy Money Market Fund are
subject to a 5.00% contingent deferred sales charge if shares are redeemed
within the first year after purchase. The charge decreases to 4.00%, 3.00%,
3.00%, 2.00% and 1.00% for redemptions made during the second through sixth
years, respectively. Retail B Shares automatically convert to Retail A Shares
after six years. There can be no assurance that the Funds will be able to
maintain a stable net asset value of $1.00 per share.
6
<PAGE>
Shareholder Services
AUTOMATIC INVESTMENT PROGRAM
The Golden Rule of investing is "pay yourself first." That is easy to do with
Galaxy's Automatic Investment Program. For as little as $50 per month deducted
directly from your checking, savings, or bank money market account, you can
consistently and conveniently add to your Galaxy investment. When you establish
an Automatic Investment Program, the $2,500 initial investment requirement for
Galaxy is waived. Of course, such a program does not assure a profit and does
not protect against loss in a declining market.
DIVERSIFICATION
A fundamental investment practice is "diversification." A well-balanced asset
allocation plan may help to control your risk while pursuing your goals. Many
mutual funds offer a low-cost way to diversify your investments while you
benefit from professional management. Galaxy's comprehensive array of investment
choices can be used in combination to match the needs of nearly everyone.
EXCHANGE PRIVILEGES
As your investment needs change, you can conveniently exchange your shares in
one fund for shares in another fund within the same share class.
CONSOLIDATED STATEMENTS
Timely, comprehensive mutual fund account statements offer detailed information
on your individual account. If you have a FleetOne Gold or a Fleet Private
Banking Account, your Galaxy Fund information can be added to these statements.
24-HOUR ACCESS TO REGISTERED REPRESENTATIVES
24 hours a day, seven days a week, 365 days a year, we are ready and available
to help. Our toll-free telephone lines offer round-the-clock access to Fund
information and services. Call toll-free 1-877-BUY-GALAXY (1-877-289-4252) for
information on initial purchases and current performance.
- --------------------------------------------------------------------------------
Certain shareholder services may not be available to Trust Share investors.
Please consult the Fund Prospectus. * Shares of the Funds are distributed
through First Data Distributors, Inc., member NASD and SIPC. Investment
Specialists are registered representatives of FIS Securities, Inc., Fleet
Enterprises Inc. or Quick & Reilly Inc., members NASD and SIPC.
[Begin sidebar]
"A well-balanced
asset allocation
plan may help
to control your
risk while
pursuing your
goals."
[End sidebar]
7
<PAGE>
Shareholder Information
This report is submitted for the general information of shareholders of The
Galaxy Fund. It is not authorized for distribution to prospective investors
unless accompanied or preceded by an effective prospectus for each Fund of The
Galaxy Fund, which contains more information concerning the investment policies
and expenses of the Funds as well as other pertinent information. For complete
information, and before making an investment decision on any of the Funds of The
Galaxy Fund, you should request a prospectus from First Data Distributors, Inc.
by calling toll-free 1-877-BUY-GALAXY (1-877-289-4252). Read the prospectus
carefully before you invest.
Shares of the Funds are not bank deposits or obligations of, or guaranteed or
endorsed by, Fleet Financial Group, Inc. or any of its affiliates, Fleet
Investment Advisors Inc., or any Fleet bank. Shares of the Funds are not
federally insured by, guaranteed by, obligations of or otherwise supported by
the U.S. Government, the Federal Deposit Insurance Corporation, the Federal
Reserve Board or any other governmental agency. Investment return and principal
value will vary as a result of market conditions or other factors so that shares
of the Funds, when redeemed, may be worth more or less than their original cost.
An investment in the Funds involves investment risks, including the possible
loss of principal amount invested. There is no assurance that the Funds will be
able to maintain a stable net asset value of $1.00 per share.
[Graphic: Recycle bug]
This report was printed on recycled paper.
[Begin sidebar]
TRUSTEES
AND OFFICERS
Dwight E. Vicks, Jr.
Chairman and Trustee
John T. O'Neill
President, Treasurer
and Trustee
Louis DeThomasis,
F.S.C., Ph.D.
Trustee
Donald B. Miller
Trustee
James M. Seed
Trustee
Bradford S. Wellman
Trustee
W. Bruce
McConnel, III, Esq.
Secretary
Jylanne Dunne
Vice President and
Assistant Treasurer
William Greilich
Vice President
INVESTMENT ADVISOR
Fleet Investment
Advisors Inc.
75 State Street
Boston, MA
02109
DISTRIBUTOR
First Data
Distributors, Inc.
4400 Computer Drive
Westborough,
Massachusetts 01581-5108
ADMINISTRATOR
First Data Investor
Services Group, Inc.
4400 Computer Drive
Westborough,
Massachusetts 01581-5108
[End sidebar]
8
<PAGE>
Money Market Fund
Portfolio of Investments
April 30, 1999 (unaudited)
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
COMMERCIAL PAPER (A) - 42.67%
Finance - 25.34%
$ 50,000,000 American Express Credit Corp.
4.80%, 05/26/99 ................. $ 49,833,333
40,000,000 American Express Credit Corp.
4.78%, 06/24/99 ................. 39,713,200
30,000,000 American Express Credit Corp.
4.78%, 06/28/99 ................. 29,768,967
50,000,000 Associates Corp. of North America
4.82%, 05/03/99 ................. 49,986,611
50,000,000 Associates Corp. of North America
4.78%, 06/21/99 ................. 49,661,417
30,000,000 Associates Corp. of North America
4.78%, 06/22/99 ................. 29,792,867
47,000,000 BP America, Inc.
4.92%, 05/03/99 ................. 46,987,153
37,400,000 BellSouth Capital Funding Corp.
4.79%, 05/26/99 (C) ............. 37,275,593
50,000,000 Cargill, Inc.
4.93%, 05/03/99 ................. 49,986,306
45,000,000 Ford Motor Credit Co.
4.79%, 05/07/99 ................. 44,964,075
40,000,000 Ford Motor Credit Co.
4.80%, 05/13/99 ................. 39,936,000
50,000,000 Ford Motor Credit Co.
4.83%, 06/09/99 ................. 49,738,375
25,000,000 General Electric Capital Corp.
4.79%, 05/04/99 ................. 24,990,021
50,000,000 General Electric Capital Corp.
4.81%, 06/01/99 ................. 49,792,903
25,000,000 General Electric Capital Corp.
4.81%, 07/09/99 ................. 24,769,521
35,000,000 General Electric Capital Corp.
4.79%, 07/20/99 ................. 34,627,444
50,000,000 General Motors Acceptance Corp.
4.84%, 05/03/99 ................. 49,986,555
50,000,000 General Motors Acceptance Corp.
4.80%, 05/21/99 ................. 49,866,667
50,000,000 General Re Corp.
4.78%, 06/08/99 ................. 49,747,722
20,000,000 National Rural Utilities Cooperative
Finance Corp.
4.81%, 05/14/99 ................. 19,965,261
45,000,000 National Rural Utilities Cooperative
Finance Corp.
4.82%, 05/20/99 ................. 44,885,525
20,000,000 National Rural Utilities Cooperative
Finance Corp.
4.78%, 06/23/99 ................. 19,859,256
20,000,000 USAA Capital Corp.
4.79%, 06/16/99 ................. 19,877,589
75,000,000 Xerox Credit Corp.
4.90%, 05/03/99 ................. 74,979,584
-------------
980,991,945
-------------
</TABLE>
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
Consumer Staples - 9.90%
$ 40,990,000 Coca-Cola Co.
4.81%, 05/06/99 ................. $ 40,962,616
43,080,000 Coca-Cola Co.
4.80%, 05/18/99 ................. 42,982,352
9,600,000 Coca-Cola Co.
4.77%, 06/21/99 ................. 9,535,128
50,000,000 DaimlerChrysler
4.80%, 05/17/99 ................. 49,893,333
23,850,000 DaimlerChrysler
4.80%, 07/15/99 ................. 23,611,500
41,351,000 Heinz, (H.J.) Co.
4.81%, 05/14/99 ................. 41,279,176
10,200,000 Heinz, (H.J.) Co.
4.83%, 05/25/99 ................. 10,167,156
12,800,000 Kellogg Co.
4.78%, 05/07/99 ................. 12,789,803
7,375,000 Procter & Gamble Co.
4.82%, 05/06/99 ................. 7,370,063
35,000,000 Procter & Gamble Co.
4.77%, 06/11/99 ................. 34,809,863
35,000,000 Procter & Gamble Co.
4.76%, 06/18/99 ................. 34,777,867
75,000,000 United Parcel Service
5.02%, 05/03/99 ................. 74,979,083
-------------
383,157,940
-------------
Chemicals and Drugs - 3.34%
30,000,000 Pfizer, Inc.
4.76%, 05/28/99 (C) ............. 29,892,900
100,000,000 Pfizer, Inc.
4.76%, 06/09/99 (C) ............. 99,484,333
-------------
129,377,233
-------------
Technology - 2.87%
50,000,000 Ameritech Corp.
4.80%, 05/12/99 ................. 49,926,667
50,000,000 IBM Credit Corp.
4.80%, 05/10/99 ................. 49,940,000
11,445,000 IBM Credit Corp.
4.77%, 05/28/99 ................. 11,404,055
-------------
111,270,722
-------------
Utilities - 1.22%
47,500,000 Emerson Electric Co.
4.77%, 06/01/99 ................. 47,304,894
-------------
Total Commercial Paper .......... 1,652,102,734
-------------
(Cost $1,652,102,734)
</TABLE>
See Notes to Financial Statements.
9
<PAGE>
Money Market Fund
Portfolio of Investments (continued)
April 30, 1999 (unaudited)
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 27.19%
Federal National
Mortgage Association - 12.51%
$ 36,000,000 4.75%, 05/05/99 (A) ............. $ 35,981,000
40,000,000 4.72%, 05/10/99 (A) ............. 39,952,800
71,400,000 4.74%, 05/11/99 (A) ............. 71,305,990
30,000,000 4.75%, 05/13/99 (A) ............. 29,952,500
24,425,000 4.75%, 05/18/99 (A) ............. 24,370,213
25,000,000 4.76%, 05/19/99 (A) ............. 24,940,500
31,365,000 4.77%, 05/24/99 (A) ............. 31,269,515
23,222,000 4.63%, 06/10/99 (A) ............. 23,102,536
40,000,000 4.64%, 06/15/99 (A) ............. 39,768,000
50,000,000 4.74%, 07/02/99 (A) ............. 49,591,833
30,000,000 4.69%, 07/07/99 (A) ............. 29,738,142
50,000,000 4.69%, 07/22/99 (A) ............. 49,465,861
35,000,000 4.76%, 05/14/99, MTN (B) ........ 34,998,959
-------------
484,437,849
-------------
Federal Home Loan
Mortgage Corporation - 11.97%
50,000,000 4.70%, 05/04/99 (A) ............. 49,980,417
85,000,000 4.76%, 05/14/99 (A) ............. 84,853,913
100,000,000 4.75%, 05/17/99 (A) ............. 99,789,111
40,000,000 4.78%, 05/27/99 (A) ............. 39,861,911
30,000,000 4.78%, 06/02/99 (A) ............. 29,872,533
50,000,000 4.74%, 06/04/99 (A) ............. 49,776,169
50,000,000 4.69%, 06/21/99 (A) ............. 49,667,792
30,000,000 4.75%, 06/25/99 (A) ............. 29,782,292
30,000,000 4.73%, 08/27/99 (B) ............. 29,986,020
-------------
463,570,158
-------------
Federal Home Loan Bank - 2.71%
40,000,000 4.73%, 05/07/99 (A) ............. 39,968,467
50,000,000 4.74%, 05/12/99 (A) ............. 49,927,583
15,000,000 5.56%, 08/04/99 ................. 14,998,009
-------------
104,894,059
-------------
Total U.S. Government and
Agency Obligations 1,052,902,066
-------------
(Cost $1,052,902,066)
CORPORATE NOTES AND BONDS (B) - 19.07%
Banking - 13.26%
50,000,000 Comerica Bank, Bank Note
4.93%, 11/23/99 ................. 49,988,876
50,000,000 First National Bank of Chicago, Bank Note
4.82%, 06/16/99 ................. 50,000,000
50,000,000 First Union National Bank, Bank Note
5.02%, 11/22/99 ................. 49,992,805
50,000,000 First Union National Bank, Bank Note
5.04%, 11/29/99 ................. 50,000,000
</TABLE>
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
Banking (continued)
$ 50,000,000 Huntington National Bank, Bank Note
5.02%, 12/01/99 ................. $ 49,985,290
50,000,000 Huntington National Bank, Bank Note
5.03%, 12/03/99 ................. 50,000,000
20,000,000 Key Bank, Bank Note
4.90%, 06/10/99 ................. 19,998,869
50,000,000 Mellon Bank, Bank Note
4.85%, 03/10/00 ................. 49,979,275
11,000,000 Morgan Guaranty Trust Co., Bank Note
4.86%, 09/27/99 ................. 11,000,228
50,000,000 NationsBank, N.A., Bank Note
4.89%, 12/15/99 ................. 49,987,710
25,000,000 Old Kent Bank, Bank Note
4.87%, 03/10/00 ................. 24,989,437
50,000,000 PNC Bank, N.A., Bank Note
4.81%, 07/02/99 ................. 49,993,929
7,500,000 PNC Bank, N.A., Bank Note
4.80%, 08/16/99 ................. 7,498,379
-------------
513,414,798
-------------
Finance - 5.16%
50,000,000 Deere (John) Capital Corp., MTN
4.99%, 12/10/99 ................. 49,986,552
50,000,000 IBM Credit Corp.
4.99%, 12/07/99 ................. 50,000,000
100,000,000 Texaco Capital, Inc.
4.85%, 05/03/00 ................. 99,906,000
-------------
199,892,552
-------------
Utilities - 0.65%
25,000,000 National Rural Utilities
Cooperative, MTN
4.92%, 09/21/99 ................. 25,000,000
-------------
Total Corporate Notes and Bonds . 738,307,350
-------------
(Cost $738,307,350)
CERTIFICATES OF DEPOSIT - 8.48%
50,000,000 Bank of Nova Scotia
5.00%, 04/20/00 ................. 50,024,629
25,000,000 PNC Bank, N.A.
4.81%, 07/27/99 ................. 24,995,531
74,500,000 Royal Bank of Canada, Yankee
5.27%, 03/02/00 ................. 74,466,958
50,000,000 Royal Bank of Canada, Yankee
4.81%, 08/06/99 ................. 49,988,659
29,000,000 Toronto Dominion Holdings, Yankee
5.27%, 03/02/00 ................. 28,988,307
100,000,000 UBS AG, Yankee
5.28%, 03/03/00 ................. 99,967,639
-------------
Total Certificates of Deposit ... 328,431,723
-------------
(Cost $328,431,723)
</TABLE>
See Notes to Financial Statements.
10
<PAGE>
Money Market Fund
Portfolio of Investments (continued)
April 30, 1999 (unaudited)
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
ASSET-BACKED SECURITIES - 1.28%
$ 16,087,110 Daimler-Benz Vehicle Trust
Series 1998, Class A
5.27%, 01/03/00 ................. $ 16,087,110
16,174,363 First Security Auto Trust
Series 1999, Class 1
4.96%, 03/15/00 ................. 16,174,363
17,186,299 Honda Auto Receivables
Owner Trust
Series 1999, Class 1
4.97%, 02/15/00 ................. 17,186,299
--------------
Total Asset-Backed Securities ... 49,447,772
--------------
(Cost $49,447,772)
REPURCHASE AGREEMENT - 5.49%
212,520,000 Repurchase Agreement with:
Goldman Sachs
4.90%, 05/03/99, dated 04/30/99
Repurchase Price $212,606,779
(Collateralized by U.S. Treasury Notes
5.500% to 7.625%, Due 05/15/01
thru 08/15/28,
Total Par $193,258,000
Market Value $216,771,274) ...... 212,520,000
--------------
Total Repurchase Agreement ...... 212,520,000
--------------
(Cost $212,520,000)
Total Investments - 104.18% ....................... 4,033,711,645
--------------
(Cost $4,033,711,645)*
Net Other Assets and Liabilities - (4.18)% ........ (161,856,518)
--------------
Net Assets - 100.00% .............................. $3,871,855,127
==============
</TABLE>
- ----------------------------
* Aggregate cost for federal tax purposes.
(A) Discount yield at time of purchase.
(B) Interest is reset at various time intervals. The interest rate shown
reflects the rate in effect at April 30, 1999.
(C) Securities exempt from registration under section 4(2) of the Securities
Act of 1933, as amended. These securities may only be resold in an exempt
transaction to qualified buyers. At April 30, 1999, these securities
amounted to $166,652,826 or 4.30% of net assets.
MTN Medium Term Note
See Notes to Financial Statements.
11
<PAGE>
Government Fund
Portfolio of Investments
April 30, 1999 (unaudited)
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 82.98%
Federal National
Mortgage Association - 31.53%
$ 25,000,000 4.72%, 05/10/99 (A) ............. $ 24,970,500
30,000,000 4.74%, 05/11/99 (A) ............. 29,960,500
40,000,000 4.75%, 05/13/99 (A) ............. 39,936,667
30,000,000 4.76%, 05/14/99 MTN (B) ......... 29,999,108
25,000,000 4.76%, 05/19/99 (A) ............. 24,940,500
25,000,000 4.80%, 05/24/99 (A) ............. 24,923,254
45,492,000 4.63%, 06/07/99 (A) ............. 45,275,522
25,000,000 4.64%, 06/15/99 (A) ............. 24,855,000
28,350,000 4.74%, 07/02/99 (A) ............. 28,118,569
25,000,000 4.71%, 07/13/99 (A) ............. 24,760,976
35,000,000 4.69%, 07/22/99 (A) ............. 34,626,103
-------------
332,366,699
-------------
Federal Home Loan
Mortgage Corporation - 31.37%
40,000,000 4.80%, 05/06/99 (A) ............. 39,973,333
25,000,000 4.74%, 05/17/99 (A) ............. 24,947,333
30,000,000 4.80%, 05/18/99 (A) ............. 29,932,000
35,000,000 4.74%, 06/04/99 (A) ............. 34,843,317
13,943,000 4.75%, 06/07/99 (A) ............. 13,874,931
38,330,000 4.73%, 06/16/99 (A) ............. 38,098,338
25,000,000 4.70%, 07/09/99 (A) ............. 24,774,792
35,000,000 4.69%, 07/12/99 (A) ............. 34,671,700
40,000,000 4.70%, 07/14/99 (A) ............. 39,613,555
50,000,000 4.73%, 08/27/99 (B) ............. 49,976,701
-------------
330,706,000
-------------
Federal Home Loan Bank - 16.76%
15,000,000 4.71%, 05/07/99 (A) ............. 14,988,225
40,000,000 4.74%, 05/12/99 (A) ............. 39,942,067
35,000,000 4.74%, 05/21/99 (A) ............. 34,907,930
32,000,000 4.68%, 06/11/99 (A) ............. 31,829,440
25,000,000 4.76%, 09/08/99 (B) ............. 24,995,548
30,000,000 5.16%, 03/08/00 ................. 29,977,853
-------------
176,641,063
-------------
Federal Farm Credit Bank - 3.32%
35,000,000 4.60%, 05/03/99 ................. 34,999,703
-------------
Total U.S. Government
and Agency Obligations .......... 874,713,465
-------------
(Cost $874,713,465)
</TABLE>
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
REPURCHASE AGREEMENT - 17.09%
$ 180,135,000 Repurchase Agreement with:
Goldman Sachs
4.90%, 05/03/99, dated 04/30/99
Repurchase Price $180,208,555
(Collateralized by U.S. Treasury Notes
and Bonds 5.375% to 8.125%,
Due 06/30/03 thru 08/15/21
Total Par $155,305,000
Market Value $183,737,957) ...... $ 180,135,000
--------------
Total Repurchase Agreement ...... 180,135,000
--------------
(Cost $180,135,000)
Total Investments - 100.07% ....................... 1,054,848,465
--------------
(Cost $1,054,848,465)*
Net Other Assets and Liabilities - (0.07)% ........ (745,295)
--------------
Net Assets - 100.00% .............................. $1,054,103,170
==============
</TABLE>
- ----------------------------
* Aggregate cost for federal tax purposes.
(A) Discount yield at time of purchase.
(B) Interest is reset at various time intervals. The interest rate shown
reflects the rate in effect at April 30, 1999.
MTN Medium Term Note
See Notes to Financial Statements.
12
<PAGE>
Tax-Exempt Fund
Portfolio of Investments
April 30, 1999 (unaudited)
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
MUNICIPAL SECURITIES - 96.25%
Alabama - 3.37%
$ 6,000,000 Chatom IDB, PCR
Alabama Electric Cooperative
3.10%, 06/21/99
Guaranteed: National Rural
Utilities CFC ................... $ 6,000,000
10,000,000 Montgomery IDB, PCR
General Electric Co. Project
3.50%, 05/06/99 ................. 10,000,000
1,200,000 North Alabama, PCR
Environmental Improvement Authority
Reynolds Metals
4.25%, 12/01/00 (A)
LOC: Bank of Nova Scotia ........ 1,200,000
1,000,000 Phenix County IDB
Environmental Improvements
Georgia Kraft Project
4.25%, 12/01/15 (A)
LOC: Deutsche Bank AG ........... 1,000,000
1,700,000 Stevenson IDB
Environmental Improvements
Mead Corp Project
4.20%, 11/01/16 (A)
LOC: Credit Suisse First Boston . 1,700,000
-------------
19,900,000
-------------
Alaska - 1.30%
6,600,000 Valdez Marine Terminal Revenue
Exxon Pipeline Co. Project, Series A
4.25%, 12/01/33 (A) ............. 6,600,000
1,100,000 Valdez Marine Terminal Revenue
Exxon Pipeline Co. Project, Series C
4.25%, 12/01/33 (A) ............. 1,100,000
-------------
7,700,000
-------------
Arizona - 1.42%
1,600,000 Maricopa County IDA
Samaritan Health Service Hospital
Class B2
4.25%, 12/01/08 (A)
Insured: MBIA
SPA: Bank of America NT & SA .... 1,600,000
4,000,000 Maricopa County, PCR
Arizona Public Service Co.
Series A
4.25%, 05/01/29 (A)
LOC: Morgan Guaranty Trust Co. .. 4,000,000
2,800,000 Maricopa County, PCR
Arizona Public Service Co.
Series F
4.25%, 05/01/29 (A)
LOC: Bank of America NT & SA .... 2,800,000
-------------
8,400,000
-------------
</TABLE>
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
Arkansas - 1.17%
$ 5,700,000 Crossett, PCR
Georgia Pacific Corp. Project
4.00%, 10/01/07 (A)
LOC: Wachovia Bank, N.A. ........ $ 5,700,000
1,200,000 Pulaski County, PCR
Minnesota Mining & Manufacturing
3.45%, 08/01/22 (A) ............. 1,200,000
-------------
6,900,000
-------------
California - 0.25%
1,500,000 Los Angeles Regional
Airports Improvement Corp.
American Airlines, Inc., Series D
Los Angeles International Airport
4.25%, 12/01/24 (A)
LOC: Wachovia Bank, N.A. ........ 1,500,000
-------------
Colorado - 1.04%
3,895,000 Colorado State HFA
Boulder Community Hospital
Series B
4.00%, 10/01/14 (A)
Insured: MBIA
SPA: Rabobank Nederland NV ...... 3,895,000
2,265,000 Colorado State HFA
Boulder Community Hospital
Series C
4.00%, 10/01/14 (A)
Insured: MBIA
SPA: Rabobank Nederland NV ...... 2,265,000
-------------
6,160,000
-------------
Connecticut - 0.17%
1,000,000 Connecticut State Special Assessment
Unemployment Compensation
Advisory Fund, Series C
3.60%, 11/15/01 (A)
Insured: FGIC
SPA: FGIC ....................... 1,000,000
-------------
Delaware - 0.68%
4,000,000 Delaware State Economic
Development Authority
Gore & Associates
2.75%, 05/19/99
LOC: Morgan Guaranty Trust Co. .. 4,000,000
-------------
</TABLE>
See Notes to Financial Statements.
13
<PAGE>
Tax-Exempt Fund
Portfolio of Investments (continued)
April 30, 1999 (unaudited)
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
Florida - 2.44%
$ 10,000,000 Putnam County Development
Authority, PCR, Seminole Electric
Cooperative, Series D
2.85%, 12/15/09 (A)
Guaranteed: National Rural
Utilities CFC ................... $ 10,000,000
4,400,000 West Orange Memorial Hospital
Tax District, Series A-2
3.15%, 06/09/99
LOC: Rabobank Nederland ......... 4,400,000
-------------
14,400,000
-------------
Georgia - 3.28%
8,495,000 Burke County Development
Authority, PCR, Oglethorpe
Power Corp., Series A
3.85%, 01/01/16 (A)
Insured: FGIC
SPA: Canadian Imperial
Bank of Commerce ................ 8,495,000
9,000,000 Municipal Electric Authority
Project One - Series B
4.00%, 01/01/16 (A)
LOC: ABN-AMRO Bank N.V. ......... 9,000,000
1,900,000 Municipal Electric Authority
Project One - Series D
4.00%, 01/01/22 (A)
LOC: ABN-AMRO Bank N.V. ......... 1,900,000
-------------
19,395,000
-------------
Illinois - 4.93%
4,900,000 Chicago O'Hare International Airport
American Airlines, Series C
4.30%, 12/01/17(A)
LOC: Royal Bank of Canada ....... 4,900,000
5,000,000 Illinois Development Finance
Authority, PCR, Illinois Power Co.
Project, Series A
4.00%, 11/01/28 (A)
LOC: Canadian Imperial
Bank of Commerce ................ 5,000,000
7,800,000 Illinois Educational Facilities
Authority, Pooled Financing
Program, Series 95
2.95%, 06/09/99 (A)
LOC: Northern Trust Co. ......... 7,800,000
4,000,000 Illinois Educational Facilities
Authority, Pooled Financing
Program, Series 95
2.85%, 06/09/99 (A)
LOC: Northern Trust Co. ......... 4,000,000
5,100,000 Joliet Regional Port District
Marine Terminal Revenue
Exxon Project
4.25%, 10/01/24 (A) ............. 5,100,000
</TABLE>
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
Illinois (continued)
$ 2,300,000 Northbrook, IDR
Euromarket Designs, Inc.
4.05%, 07/01/02 (A)
LOC: Harris Trust & Savings Bank $ 2,300,000
-------------
29,100,000
-------------
Indiana - 1.62%
1,205,000 Fort Wayne Hospital Authority
Parkview Memorial Hospital
Series B
4.00%, 01/01/16 (A)
LOC: Bank of America NT & SA .... 1,205,000
3,840,000 Fort Wayne Hospital Authority
Parkview Memorial Hospital
Series C
4.00%, 01/01/16 (A)
LOC: Bank of America NT & SA .... 3,840,000
4,500,000 Indiana Development Finance
Authority, USX Corp. Project
3.00%, 12/01/22 (A)
LOC: Bank of Nova Scotia ........ 4,500,000
-------------
9,545,000
-------------
Kentucky - 3.91%
7,900,000 Ashland, PCR
Ashland Oil, Inc. Project
3.90%, 04/01/09 (A)
LOC: Suntrust Bank of Nashville . 7,900,000
15,200,000 Kentucky Asset Liability Commission
General Fund Revenue, TRAN
Series A
4.50%, 06/25/99 ................. 15,220,378
-------------
23,120,378
-------------
Louisiana - 6.84%
9,500,000 Ascension Parish, PCR
Shell Oil Co.
3.90%, 05/01/26 (A) ............. 9,500,000
1,800,000 Lake Charles Harbor &
Terminal District
Port Facilities Revenue
Citgo Petroleum Corp.
4.00%, 08/01/07 (A)
LOC: Westdeutsche Landesbank .... 1,800,000
1,100,000 Lake Charles Harbor &
Terminal District
Revenue Updates
Reynolds Metals Co. Project
3.95%, 05/01/06 (A)
LOC: Canadian Imperial
Bank of Commerce ................ 1,100,000
</TABLE>
See Notes to Financial Statements.
14
<PAGE>
Tax-Exempt Fund
Portfolio of Investments (continued)
April 30, 1999 (unaudited)
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
Louisiana (continued)
$ 4,000,000 Louisiana Offshore Terminal
Authority, Deepwater Port Revenue
Loop, Inc., 1st Stage
4.25%, 09/01/06
LOC: UBS AG ..................... $ 4,000,000
2,900,000 Louisiana Offshore Terminal
Authority, Deepwater Port Revenue
Loop, Inc., 1st Stage A
4.25%, 09/01/08 (A)
LOC: UBS AG ..................... 2,900,000
1,000,000 Louisiana Public Facilities Authority
PCR, Ciba-Geigy Corp. Project
3.90%, 12/01/04 (A)
LOC: UBS AG ..................... 1,000,000
6,100,000 St. Charles Parish, PCR
Shell Oil Co. Project
3.90%, 06/01/05 (A) ............. 6,100,000
14,000,000 St. James Parish, PCR
3.20%, 05/13/99
Guaranteed: Texaco, Inc. ........ 14,000,000
-------------
40,400,000
-------------
Maryland - 0.47%
2,800,000 Baltimore County, GO
5.00%, 06/01/99 ................. 2,805,062
-------------
Massachusetts - 3.78%
6,000,000 Brookline, BAN, GO
3.25%, 12/16/99 ................. 6,012,799
2,500,000 Massachusetts, GO
Series A
5.50%, 07/01/99 ................. 2,510,146
3,000,000 Massachusetts State Housing Finance
Agency, Multi-Family, Series A
3.95%, 12/01/25 (A)
LOC: GNMA
SPA: Republic National Bank NY .. 3,000,000
3,930,000 Massachusetts State Water
Pollution Abatement Treatment
Series-A
4.25%, 08/01/99 ................. 3,935,934
3,000,000 Natick, BAN, GO, Lot A
3.25%, 08/06/99 ................. 3,002,578
3,850,000 Stoneham, BAN, GO
3.25%, 11/16/99 ................. 3,857,137
-------------
22,318,594
-------------
Michigan - 2.84%
2,240,000 Michigan Municipal Bond
Authority, Series B-1
4.50%, 07/02/99 ................. 2,243,379
10,000,000 Michigan State Building
Authority, Series 2
3.15%, 06/09/99 (A)
LOC: Canadian Imperial Bank of Canada 10,000,000
</TABLE>
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
Michigan (continued)
$ 4,535,000 Michigan State University
Revenue, Series A-2
3.95%, 08/15/22 (A) ............. $ 4,535,000
-------------
16,778,379
-------------
Mississippi - 1.14%
2,000,000 Claiborne County, PCR
National Rural Utilities
Series G-2
2.80%, 05/06/99 ................. 2,000,000
2,500,000 Jackson County, PCR
Chevron USA, Inc. Project
4.25%, 06/01/23 (A) ............. 2,500,000
2,240,000 Mississippi State, GO
Capital Improvements, Series B
4.50%, 11/01/99 ................. 2,256,869
-------------
6,756,869
-------------
Missouri - 1.35%
1,900,000 Jackson County, PCR
Chevron USA, Inc. Project
4.25%, 12/01/16 (A) ............. 1,900,000
6,100,000 Missouri State, PCR
Environmental Improvement &
Energy Research Authority
3.10%, 06/15/99
LOC: UBS AG ..................... 6,100,000
-------------
8,000,000
-------------
Nevada - 1.20%
7,100,000 Reno Hospital, St. Mary's Regional
Medical Center, Series B
4.25%, 05/15/23 (A)
Insured: MBIA
SPA: Rabobank Nederland NV ...... 7,100,000
-------------
New Mexico - 3.03%
3,900,000 Farmington, PCR
El Paso Electric Co.
Series B
3.95%, 11/01/13 (A)
LOC: Barclays Bank Plc .......... 3,900,000
6,500,000 Farmington, PCR
Arizona Public Service Co.
Series B
4.25%, 09/01/24 (A)
LOC: Barclays Bank Plc .......... 6,500,000
7,500,000 New Mexico State, TRAN
4.25%, 06/30/99 ................. 7,507,735
-------------
17,907,735
-------------
</TABLE>
See Notes to Financial Statements.
15
<PAGE>
Tax-Exempt Fund
Portfolio of Investments (continued)
April 30, 1999 (unaudited)
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
New York - 0.34%
$ 2,000,000 New York State, PCR
Research & Development Authority
New York State Electric & Gas Co.
Series D
4.10%, 10/01/29 (A)
LOC: First National Bank of Chicago $ 2,000,000
-------------
North Carolina - 2.78%
4,200,000 North Carolina Eastern
Municipal Power Agency
3.15%, 05/25/99
LOC: UBS AG,
Morgan Guaranty Trust Co. ....... 4,200,000
7,700,000 North Carolina Educational
Facilities Finance Agency
Bowman Gray School Project
3.95%, 09/01/26 (A)
LOC: Wachovia Bank, N.A. ........ 7,700,000
4,500,000 Wake County Industrial Facilities &
Pollution Control Financing Authority
Carolina Power & Light
Co. Project, Series A
4.15%, 06/15/14 (A)
LOC: First National Bank of Chicago 4,500,000
-------------
16,400,000
-------------
Ohio - 1.81%
1,700,000 Evendale, IDR
SHV Real Estate, Inc.
3.45%, 09/01/15 (A)
LOC: ABN-AMRO Bank NV ........... 1,700,000
4,900,000 Ohio State Air Quality
Development Authority
Cincinnati Gas & Electric, Series A
4.20%, 09/01/30 (A)
LOC: ABN-AMRO Bank NV ........... 4,900,000
1,000,000 Ohio State Air Quality
Development Authority
Mead Corp.
4.15%, 10/01/01 (A)
LOC: Deutsche Bank AG ........... 1,000,000
3,100,000 Toledo-Lucas County Port Authority
CSX Transportation, Inc. Project
2.70%, 05/12/99
LOC: Bank of Nova Scotia ........ 3,100,000
-------------
10,700,000
-------------
Oregon - 1.39%
8,200,000 Port Portland, PCR
Reynolds Metals Co.
4.25%, 12/01/09 (A)
LOC: Bank of Nova Scotia ........ 8,200,000
-------------
</TABLE>
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
Pennsylvania - 7.39%
$ 2,000,000 Beaver County IDA, PCR
Duquesne-Beaver Valley, Series A
3.90%, 08/01/20 (A)
LOC: Barclays Bank Plc .......... $ 2,000,000
6,900,000 Beaver County IDA, PCR
Duquesne-Mansfield, Series B
3.90%, 08/01/09 (A)
LOC: Barclays Bank Plc .......... 6,900,000
3,500,000 Chester County IDA, IDR
General Motors Corp. Project
3.90%, 08/01/01 (A) ............. 3,500,000
3,005,000 Delaware County IDA
Resource Recovery Facility, Series G
3.90%, 12/01/31 (A)
Guaranteed: General Electric
Capital Corp. ................... 3,005,000
2,140,000 Delaware County IDA
Resource Recovery Facility
Series G
3.90%, 12/01/31 (A)
Guaranteed: General Electric Capital
Corp. ........................... 2,140,000
6,300,000 Delaware County IDA, PCR
Philadelphia Electric Co. Project
Series A
2.65%, 05/11/99
Insured: FGIC ................... 6,300,000
5,000,000 Delaware Valley Regional
Finance Authority, Local
Government Revenue, Series B
3.90%, 12/01/20 (A)
LOC: Credit Suisse First Boston . 5,000,000
8,100,000 Delaware Valley Regional
Finance Authority, Local
Government Revenue, Series C
3.90%, 12/01/20 (A)
LOC: Credit Suisse First Boston . 8,100,000
2,300,000 Lehigh County
General Purpose Authority Revenue
Lehigh Valley Hospital, Series A
4.15%, 07/01/28 (A)
Insured: AMBAC
SPA: Chase Manhattan Bank, N.A. . 2,300,000
4,400,000 Quakertown General Authority Revenue
Pooled Financing Program, Series A
4.00%, 06/01/28 (A)
LOC: PNC Bank, N.A. ............. 4,400,000
-------------
43,645,000
-------------
South Carolina - 3.45%
2,000,000 South Carolina State, GO
Capital Improvements, Series A
5.00%, 07/01/99 ................. 2,006,973
8,385,000 South Carolina Jobs
Economic Development Authority
St. Francis Hospital
4.25%, 07/01/22 (A)
LOC: Chase Manhattan Bank, N.A. . 8,385,000
</TABLE>
See Notes to Financial Statements.
16
<PAGE>
Tax-Exempt Fund
Portfolio of Investments (continued)
April 30, 1999 (unaudited)
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
South Carolina (continued)
$ 10,000,000 Spartanburg County
Health Services District, Inc.
Hospital Revenue
3.85%, 04/15/23 (A)
LOC: MBIA
SPA: NationsBank N.A. ........... $ 10,000,000
-------------
20,391,973
-------------
Tennessee - 5.45%
3,500,000 Knox County IDB
Old Kingston Properties. Ltd.
3.45%, 12/01/14 (A)
Insured: FGIC
LOC: BankBoston N.A. ............ 3,500,000
11,400,000 Metropolitan Nashville Airport
Authority Special Facilities Revenue
Series-A, American Airlines Project
4.25%, 10/01/12 (A)
LOC: Credit Suisse First Boston . 11,400,000
2,700,000 Sullivan County IDB, PCR
Mead Corp. Project
4.20%, 10/01/16 (A)
LOC: UBS AG ..................... 2,700,000
1,100,000 Tennessee State, BAN, GO, Series A
3.85%, 07/01/01 (A)
SPA: Tennessee Conservative
Retirement System ............... 1,100,000
10,000,000 Tennessee State, BAN, GO, Series C
3.85%, 07/02/01 (A)
SPA: Tennessee Conservative
Retirement System ............... 10,000,000
3,450,000 Tennessee State, GO
Series A
5.00%, 05/01/00 ................. 3,515,777
-------------
32,215,777
-------------
Texas - 15.59%
2,750,000 Dallas, GO
7.50%, 02/15/00 ................. 2,848,403
6,600,000 Guadalupe-Blanco River Authority
PCR, Central Power & Light Co. Project
4.25%, 11/01/15 (A)
LOC: ABN-AMRO Bank NV ........... 6,600,000
3,000,000 Gulf Coast Waste Disposal Authority
PCR, Amoco Oil Co. Project
4.25%, 10/01/17 (A) ............. 3,000,000
12,500,000 Gulf Coast Waste Disposal
Authority, PCR
Exxon Project
3.90%, 10/01/24 (A) ............. 12,500,000
6,300,000 Harris County HFDC
Texas Medical Center Project
4.40%, 02/15/22 (A)
Insured: MBIA
SPA: Texas Commerce Bank NA ..... 6,300,000
</TABLE>
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
Texas (continued)
$ 13,000,000 Harris County IDC
Baytank Houston, Inc. Project
3.95%, 02/01/20 (A)
LOC: Rabobank Nederland ......... $ 13,000,000
2,500,000 Harris County IDC, PCR
Exxon Project
4.25%, 03/01/24 (A) ............. 2,500,000
5,000,000 Hockley County IDC, PCR
Amoco Project, Standard Oil Co.
2.90%, 03/01/14 (A) ............. 5,001,079
2,570,000 Lone Star Airport
Improvement Authority
American Airlines, Inc., Series A4
4.25%, 12/01/14 (A)
LOC: Royal Bank of Canada ....... 2,570,000
2,100,000 Lone Star Airport
Improvement Authority
American Airlines, Inc., Series A5
4.25%, 12/01/14 (A)
LOC: Royal Bank of Canada ....... 2,100,000
10,300,000 Lower Neches Valley Authority
Chevron USA, Inc. Project
2.75%, 02/15/17 (A) ............. 10,300,000
7,300,000 Plano HFDC
Childrens & Presbyterian Hospital
3.00%, 06/16/99
Insured: MBIA
SPA: Texas Commerce Bank NA ..... 7,300,000
14,300,000 Sabine River Authority, PCR
Texas Utilities Project, Series A
4.25%, 03/01/26 (A)
Insured: AMBAC
SPA: Bank of New York ........... 14,300,000
3,800,000 Sabine River Authority, PCR
Texas Utilities Electric Co., Series B
4.40%, 06/01/30 (A)
LOC: UBS AG ..................... 3,800,000
-------------
92,119,482
-------------
Utah - 1.44%
5,000,000 State of Utah, GO, Highway
Commercial Paper Notes
2.60%, 05/05/99
SPA: Toronto-Dominion Bank ...... 5,000,000
3,500,000 State of Utah, GO, Highway
Commercial Paper Notes
3.05%, 05/05/99
SPA: Toronto-Dominion Bank ...... 3,500,000
-------------
8,500,000
-------------
Virginia - 0.58%
3,400,000 Peninsula Ports Authority
Dominion Terminal Assoc. Project
Series C
4.25%, 07/01/16 (A)
LOC: Barclays Bank Plc .......... 3,400,000
-------------
</TABLE>
See Notes to Financial Statements.
17
<PAGE>
Tax-Exempt Fund
Portfolio of Investments (continued)
April 30, 1999 (unaudited)
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
Washington - 2.88%
$ 6,750,000 Seattle
Municipal Light & Power
2.75%, 06/03/99
SPA: Morgan Guaranty Trust Co. .. $ 6,750,000
1,000,000 Snohomish County Public Utility
District No. 1, Electric Revenue
Generation System
3.85%, 01/01/25 (A)
Insured: MBIA
SPA: Bayerische Hypo-Und
Vereinsbank AG .................. 1,000,000
5,205,000 Washington State
Public Power Supply System
Nuclear Project No. 1
Series 1A-1
3.95%, 07/01/17 (A)
LOC: Bank of America NT & SA .... 5,205,000
4,090,000 Washington State
Public Power Supply System
Nuclear Project No. 1
Series 1A-3
3.95%, 07/01/17 (A)
LOC: Morgan Guaranty Trust Co. .. 4,090,000
-------------
17,045,000
-------------
Wisconsin - 1.02%
6,000,000 Wisconsin State, GO
Series 2
4.85%, 05/01/99 ................. 6,000,000
-------------
Wyoming - 5.90%
4,000,000 Kemmerer, PCR
Exxon Project
4.25%, 11/01/14 (A) ............. 4,000,000
1,400,000 Platte County, PCR
Tri-State G & T, Series A
4.40%, 07/01/14 (A)
LOC: National Rural Utilities CFC 1,400,000
8,900,000 Sweetwater County, PCR
Pacificorp Project, Series A
2.70%, 05/04/99
LOC: UBS AG ..................... 8,900,000
2,200,000 Uinta County, PCR
Chevron USA, Inc. Project
4.25%, 04/01/10 (A) ............. 2,200,000
6,650,000 Uinta County, PCR
Chevron USA, Inc. Project
4.25%, 08/15/20 (A) ............. 6,650,000
</TABLE>
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
Wyoming (continued)
$ 2,400,000 Uinta County, PCR
Chevron USA, Inc. Project
4.25%, 12/01/22 (A) ............. $ 2,400,000
9,300,000 Uinta County, PCR
Amoco Oil Co. Project
4.25%, 07/01/26 (A) ............. 9,300,000
-------------
34,850,000
-------------
Total Municipal Securities ...... 568,654,249
-------------
(Cost $568,654,249)
<CAPTION>
Shares
----------
<S> <C> <C>
INVESTMENT COMPANIES - 0.20%
201,094 Dreyfus Tax Exempt Cash
Management Fund ................. 201,094
-------------
988,162 Federated Investors Tax-Free
Obligations Fund ................ 988,162
-------------
Total Investment Companies ...... 1,189,256
-------------
(Cost $1,189,256)
Total Investments - 96.45% ........................ 569,843,505
-------------
(Cost $569,843,505) *
Net Other Assets and Liabilities - 3.55% .......... 20,955,420
-------------
Net Assets - 100.00% .............................. $ 590,798,925
=============
</TABLE>
- ----------------------------
* Aggregate cost for federal tax purposes
(A) Variable rate demand notes are payable upon not more than one, seven or
thirty business days notice. Put bonds and notes have demand features
which mature within one year. The interest rate shown reflects the rate
in effect at April 30, 1999.
AMBAC American Municipal Bond Assurance Corp.
BAN Bond Anticipation Notes
CFC Cooperative Finance Corp.
FGIC Federal Guaranty Insurance Corp.
GNMA Government National Mortgage Association
GO General Obligation
HFA Health Facilities Authority
HFDC Health Facilities Development Corp.
IDA Industrial Development Authority
IDB Industrial Development Board
IDR Industrial Development Revenue
LOC Letter of Credit
MBIA Municipal Bond Insurance Association
PCR Pollution Control Revenue
SPA Stand-by Purchase Agreement
TRAN Tax and Revenue Anticipation Notes
See Notes to Financial Statements.
18
<PAGE>
U.S. Treasury Fund
Portfolio of Investments
April 30, 1999 (unaudited)
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 99.70%
U.S. Treasury Bills (A) - 48.19%
$ 35,000,000 4.36%, 05/06/99 ................. $ 34,978,806
50,000,000 4.46%, 05/13/99 ................. 49,925,700
55,000,000 4.47%, 05/20/99 ................. 54,870,219
85,000,000 4.47%, 05/27/99 ................. 84,725,538
35,000,000 4.26%, 06/03/99 ................. 34,863,485
50,000,000 4.22%, 06/24/99 ................. 49,683,500
20,000,000 4.29%, 07/01/99 ................. 19,854,786
40,000,000 4.29%, 07/15/99 ................. 39,642,917
50,000,000 4.31%, 07/22/99 ................. 49,509,139
50,000,000 4.26%, 08/19/99 ................. 49,349,167
20,000,000 4.46%, 09/16/99 ................. 19,658,450
-------------
487,061,707
-------------
Federal Home Loan Bank - 30.17%
122,147,000 4.90%, 05/03/99 (A) ............. 122,113,749
20,000,000 4.73%, 05/05/99 (A) ............. 19,989,489
25,000,000 4.70%, 05/07/99 (A) ............. 24,980,417
28,000,000 4.68%, 05/12/99 (A) ............. 27,959,960
25,000,000 4.74%, 05/19/99 (A) ............. 24,940,750
40,000,000 4.76%, 09/08/99 (B) ............. 39,992,373
45,000,000 5.16%, 03/08/00 ................. 44,966,780
-------------
304,943,518
-------------
</TABLE>
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
U.S. Treasury Notes - 19.86%
$ 85,000,000 6.00%, 06/30/99 ................. $ 85,201,837
30,000,000 6.38%, 07/15/99 ................. 30,107,550
55,000,000 5.88%, 08/31/99 ................. 55,225,866
30,000,000 5.75%, 09/30/99 ................. 30,131,367
--------------
200,666,620
--------------
Federal Farm Credit Bank (A) - 1.48%
15,000,000 4.76%, 05/13/99 ................. 14,976,200
--------------
Total Investments - 99.70% ........................ 1,007,648,045
--------------
(Cost $1,007,648,045)*
Net Other Assets and Liabilities - 0.30% .......... 2,991,386
--------------
Net Assets - 100.00% .............................. $1,010,639,431
==============
</TABLE>
- ----------------------------
* Aggregate cost for federal tax purposes
(A) Discount yield at time of purchase
(B) Interest is reset at various time intervals. The interest rate shown
reflects the rate in effect at April 30, 1999.
See Notes to Financial Statements.
19
<PAGE>
Connecticut Municipal Money Market Fund
Portfolio of Investments
April 30, 1999 (unaudited)
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
MUNICIPAL SECURITIES - 98.35%
Alaska - 1.43%
$ 2,800,000 Valdez Marine Terminal Revenue
Exxon Pipeline Co., Series B
4.25%, 12/01/33 (A) ............. $ 2,800,000
-------------
Arizona - 1.13%
2,230,000 Farmington, PCR
Arizona Public Services Co.
Series B
4.25%, 09/01/24 (A)
LOC: Barclays Bank Plc .......... 2,230,000
-------------
California - 1.02%
1,000,000 Los Angeles Regional Airports
Improvement Corp.
Lease Revenue, Series A
LA International Airport
4.25%, 12/01/24 (A)
LOC: Wachovia Bank, N.A. ........ 1,000,000
1,000,000 Los Angeles Regional Airports
Improvement Corp.
Lease Revenue, Series E
LA International Airport
4.25%, 12/01/24 (A)
LOC: Wachovia Bank, N.A. ........ 1,000,000
-------------
2,000,000
-------------
Connecticut - 64.28%
5,000,000 Connecticut State
Series B, GO
3.80%, 05/15/14 (A)
SPA: Bayerische Landesbank GZ ... 5,000,000
1,000,000 Connecticut State
Series C, GO
6.80%, 09/15/99 ................. 1,014,334
5,000,000 Connecticut State
Series C, GO
3.50%, 10/15/99 ................. 5,016,602
2,600,000 Connecticut State
Development Authority, PCR
Central Vermont Public Service
3.30%, 12/01/15 (A)
LOC: Toronto Dominion Bank ...... 2,600,000
1,300,000 Connecticut State
Development Authority
Conco Project
3.75%, 11/01/05 (A)
LOC: Bayerische Hypo-Und
Vereinsbank AG .................. 1,300,000
</TABLE>
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
Connecticut (continued)
$ 10,780,000 Connecticut State
Development Authority
HealthCare Corp.
for Independent Living Project
3.80%, 07/01/15 (A)
LOC: Chase Manhattan Bank, N.A. . $ 10,780,000
1,540,000 Connecticut State HEFA
Charlotte Hungerford, Series C
3.80%, 07/01/13 (A)
LOC: BankBoston, N.A. ........... 1,540,000
5,000,000 Connecticut State HEFA
Stamford Hospital Issue, Series H
3.80%, 07/01/24 (A)
Insured: MBIA
SPA: Chase Manhattan Bank ....... 5,000,000
1,000,000 Connecticut State HEFA
Sharon Hospital Issue, Series A
3.80%, 07/01/27 (A)
LOC: BankBoston, N.A. ........... 1,000,000
10,000,000 Connecticut State HEFA
St. Vincents Hospital Issue, Series B
3.50%, 11/01/28 (A) ............. 10,000,000
1,190,000 Connecticut State HEFA
Yale University
3.00%, 05/06/99 ................. 1,190,000
5,500,000 Connecticut State HEFA
Yale University
2.55%, 06/11/99 ................. 5,500,000
2,000,000 Connecticut State HEFA
Yale University
2.60%, 06/11/99 ................. 2,000,000
5,000,000 Connecticut State HEFA
Yale University, Series T-1
3.80%, 07/01/29 (A) ............. 5,000,000
6,200,000 Connecticut State
Housing Finance Authority
Housing Mortgage Finance Program
Series G
3.90%, 05/15/18 (A)
Insured: AMBAC
SPA: Morgan Guaranty ............ 6,200,000
2,500,000 Connecticut State
Housing Finance Authority
2.80%, 05/06/99
Subject to AMT
SPA: Morgan Guaranty Trust Co. .. 2,500,000
3,500,000 Connecticut State, IDA
Allen Group, Inc.
3.35%, 02/01/13 (A)
LOC: Bayerische Hypo-Und
Vereinsbank AG .................. 3,500,000
6,000,000 Connecticut State Special Assessment
Unemployment Compensation
Advisory Fund, Series C
3.60%, 11/15/01 (A)
Insured: FGIC
SPA: FGIC ....................... 6,000,000
</TABLE>
See Notes to Financial Statements.
20
<PAGE>
Connecticut Municipal Money Market Fund
Portfolio of Investments (continued)
April 30, 1999 (unaudited)
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
Connecticut (continued)
$ 5,500,000 Connecticut State Special Assessment
Second Injury Fund
2.75%, 05/12/99
LOC: Credit Communal de Belgique,
Caisse Nationale Credit Agricole $ 5,500,000
4,500,000 Connecticut State Special Assessment
Second Injury Fund
2.85%, 05/25/99
LOC: Credit Communal de Belgique,
Caisse Nationale Credit Agricole 4,500,000
1,000,000 Connecticut State Special Tax
Obligation Revenue, Second Lien
Transportation Infrastructure
Series 1
3.90%, 12/01/10 (A)
LOC: Commerzbank AG ............. 1,000,000
4,500,000 East Lyme, BAN, GO
3.10%, 01/20/00 ................. 4,507,246
1,387,000 Fairfield, BAN
Lot A, GO
3.75%, 06/04/99 ................. 1,387,149
2,525,000 Farmington, BAN
3.25%, 09/16/99 ................. 2,528,256
1,000,000 Hartford Redevelopment Agency
Multi-Family Mortgage Revenue
Underwood Tower Project
3.85%, 06/01/20 (A)
Insured: FSA
SPA: Societe Generale ........... 1,000,000
4,800,000 Madison, BAN, GO
3.00%, 10/19/99 ................. 4,805,015
1,505,000 Manchester, Temporary Notes, Lot A
3.75%, 07/08/99 ................. 1,505,512
7,000,000 Norwich, BAN, GO
3.00%, 11/04/99 ................. 7,006,964
7,550,000 Ridgefield, BAN, GO
3.00%, 07/13/99 ................. 7,553,416
5,925,000 Stamford, GO
4.50%, 07/15/99 ................. 5,936,683
1,477,000 Westport, BAN, GO
Lot B
3.90%, 06/25/99 ................. 1,477,707
2,400,000 Wilton, BAN, GO
3.75%, 07/20/99 ................. 2,401,371
-------------
126,250,255
-------------
Idaho - 0.36%
700,000 Power County, PCR
FMC Corp. Project
4.25%, 12/01/10 (A)
LOC: Wachovia Bank, N.A. ........ 700,000
-------------
</TABLE>
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
Illinois - 2.55%
$ 1,600,000 Chicago O'Hare International Airport
American Airlines, Series C
4.30%, 12/01/17 (A)
LOC: Royal Bank of Canada ....... $ 1,600,000
3,400,000 Joliet Regional Port District
Marine Terminal Revenue
Exxon Project
4.25%, 10/01/24 (A) ............. 3,400,000
-------------
5,000,000
-------------
Indiana - 0.56%
1,100,000 Princeton, PCR
PSI Energy, Inc. Project
4.25%, 03/01/19 (A)
LOC: Canadian Imperial
Bank of Commerce ................ 1,100,000
-------------
Louisiana - 1.68%
1,200,000 Louisiana State Offshore Terminal
Authority, Deepwater Port Revenue,
1st Stage A Loop, Inc.
4.25%, 09/01/06 (A)
LOC: UBS AG ..................... 1,200,000
2,100,000 St. Charles Parish, PCR
Shell Oil Co. Project
4.30%, 10/01/25 (A) ............. 2,100,000
-------------
3,300,000
-------------
Massachusetts - 0.51%
1,000,000 Massachusetts State HEFA
Capital Asset Program, Series E
4.20%, 01/01/35 (A)
LOC: First National Bank of
Chicago, N.A. ................... 1,000,000
-------------
Mississippi - 2.65%
2,200,000 Jackson County, PCR
Chevron USA, Inc. Project
4.25%, 12/01/16 (A) ............. 2,200,000
3,005,000 Jackson County, PCR
Chevron USA, Inc. Project
4.25%, 06/01/23 (A) ............. 3,005,000
-------------
5,205,000
-------------
Montana - 0.51%
1,000,000 Forsyth, PCR
PacifiCorp Project
4.40%, 01/01/18 (A)
LOC: Rabobank Nederland ......... 1,000,000
-------------
</TABLE>
See Notes to Financial Statements.
21
<PAGE>
Connecticut Municipal Money Market Fund
Portfolio of Investments (continued)
April 30, 1999 (unaudited)
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
Ohio - 0.71%
$ 1,400,000 Ohio State
Air Quality Development Authority
Cincinnati Gas & Electric, Series A
4.20%, 09/01/30 (A)
LOC: ABN-AMRO Bank NV ........... $ 1,400,000
-------------
Oregon - 2.49%
4,900,000 Port Portland, PCR
Reynolds Metals
4.25%, 12/01/09 (A)
LOC: Bank of Nova Scotia ........ 4,900,000
-------------
Puerto Rico - 11.06%
10,000,000 Puerto Rico Commonwealth
Government Development Bank
3.80%, 12/01/15 (A)
LOC: Credit Suisse First Boston . 10,000,000
9,000,000 Puerto Rico Commonwealth
Highway & Transportation Authority
Series A
3.90%, 07/01/28 (A)
Insured: AMBAC
SPA: Bank of Nova Scotia ........ 9,000,000
2,728,100 Puerto Rico Commonwealth
Highway & Transportation Authority
Series X
3.80%, 07/01/99 (A)
LOC: UBS AG ..................... 2,728,100
-------------
21,728,100
-------------
Texas - 2.34%
1,400,000 Lone Star Airport Improvement
Authority, American Airlines
Series A-1
4.25%, 12/01/14 (A)
LOC: Royal Bank of Canada ....... 1,400,000
2,200,000 Lone Star Airport Improvement
Authority, American Airlines
Series A-3
4.25%, 12/01/14 (A)
LOC: Royal Bank of Canada ....... 2,200,000
1,000,000 Lone Star Airport Improvement
Authority, American Airlines
Series B-4
4.25%, 12/01/14 (A)
LOC: Royal Bank of Canada ....... 1,000,000
-------------
4,600,000
-------------
</TABLE>
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
Virginia - 2.04%
$ 4,000,000 Peninsula Ports Authority
Dominion Terminal Assoc. Project
Series C
4.25%, 07/01/16 (A)
LOC: Barclays Bank Plc .......... $ 4,000,000
-------------
Wyoming - 3.03%
2,950,000 Uinta County, PCR
Chevron USA, Inc. Project
4.25%, 08/15/20 (A) ............. 2,950,000
1,500,000 Uinta County, PCR
Chevron USA, Inc. Project
4.25%, 12/01/22 (A) ............. 1,500,000
1,500,000 Uinta County, PCR
AMOCO Project
4.25%, 07/01/26 (A) ............. 1,500,000
-------------
5,950,000
-------------
Total Municipal Securities ...... 193,163,355
-------------
(Cost $193,163,355)
<CAPTION>
Shares
----------
<S> <C> <C>
INVESTMENT COMPANY - 0.73%
1,436,991 Federated Municipal Trust
Connecticut Municipal Cash Trust 1,436,991
-------------
Total Investment Company ........ 1,436,991
-------------
(Cost $1,436,991)
Total Investments - 99.08% ........................ 194,600,346
-------------
(Cost $194,600,346)*
Net Other Assets and Liabilities - 0.92% .......... 1,803,517
-------------
Net Assets - 100.00% .............................. $ 196,403,863
=============
</TABLE>
- ----------------------------
* Aggregate cost for federal tax purposes
(A) Variable rate demand notes are payable upon not more than one, seven or
thirty business days notice. Put bonds and notes have demand features
which mature within one year. The interest rate shown reflects the rate
in effect at April 30, 1999.
AMBAC American Municipal Bond Assurance Corp.
AMT Alternative Minimum Tax. Private activity obligations the interest on
which is subject to Federal AMT for individuals.
BAN Bond Anticipation Notes
FGIC Federal Guaranty Insurance Corp.
FSA Financial Security Assurance Company
GO General Obligation
HEFA Health and Educational Facilities Authority
IDA Industrial Development Authority
LOC Letter of Credit
MBIA Municipal Bond Insurance Association
PCR Pollution Control Revenue
SPA Stand-by Purchase Agreement
See Notes to Financial Statements.
22
<PAGE>
Massachusetts Municipal Money Market Fund
Portfolio of Investments
April 30, 1999 (unaudited)
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
MUNICIPAL SECURITIES - 95.16%
Alaska - 1.18%
$ 2,400,000 Valdez Alaska Marine Terminal
Exxon Pipeline Co., Project C
4.25%, 12/01/33 (A) ............. $ 2,400,000
-------------
Arizona - 2.32%
2,000,000 Farmington, NM, PCR
Arizona Public Services Co.
Series B
4.25%, 09/01/24 (A)
LOC: Barclays Bank Plc .......... 2,000,000
2,700,000 Maricopa County, PCR
Arizona Public Services Co.
Series A
4.25%, 05/01/29 (A)
LOC: Morgan Guaranty Trust Co. .. 2,700,000
-------------
4,700,000
-------------
California - 0.49%
1,000,000 Los Angeles Regional Airports
Improvement Corp., Lease Revenue
American Airlines, Inc., Series A
LA International Airport
4.25%, 12/01/24 (A)
LOC: Wachovia Bank, N.A. ........ 1,000,000
-------------
Colorado - 0.49%
1,000,000 Moffat County, PCR
PacifiCorp, Inc. Project
4.25%, 05/01/13 (A)
Insured: AMBAC
SPA: Bank of New York ........... 1,000,000
-------------
Louisiana - 2.56%
2,000,000 Louisiana State Offshore Terminal
Authority Deepwater Port Revenue
Loop, Inc., 1st Stage
4.25%, 09/01/06 (A)
LOC: UBS AG ..................... 2,000,000
3,200,000 Louisiana State Offshore Terminal
Authority Deepwater Port Revenue
Loop, Inc., 1st Stage A
4.25%, 09/01/08 (A)
LOC: UBS AG ..................... 3,200,000
-------------
5,200,000
-------------
</TABLE>
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
Massachusetts - 76.28%
$ 2,400,000 Boston Water and Sewer Commission
General Purpose, Senior Series A
3.90%, 11/01/24 (A)
LOC: State Street Bank .......... $ 2,400,000
4,000,000 Brookline, BAN, GO
4.00%, 06/04/99 ................. 4,001,002
5,000,000 Brookline, BAN, GO
3.25%, 12/16/99 ................. 5,010,666
2,000,000 Cambridge, GO
6.55%, 06/15/99 ................. 2,008,907
1,070,000 Cambridge, GO
4.30%, 08/01/99 ................. 1,071,969
5,167,000 Canton, BAN, GO
3.25%, 11/12/99 ................. 5,176,260
1,043,000 Framingham, GO
5.25%, 02/01/00 ................. 1,060,344
1,925,000 Hanover, BAN, GO
3.25%, 10/28/99 ................. 1,927,300
3,300,000 Hopkinton, BAN, GO
4.00%, 08/03/99 ................. 3,302,703
1,000,000 Lexington, GO
3.25%, 08/15/99 ................. 1,000,968
1,395,000 Lexington, BAN, GO
3.09%, 10/15/99 ................. 1,395,242
2,250,000 Lexington, BAN, GO
3.50%, 10/15/99 ................. 2,254,538
6,000,000 Marlborough, BAN, GO
3.25%, 06/25/99 ................. 6,002,815
5,405,000 Massachusetts Bay
Transportation Authority
General Transportation System
Series 1984-A
2.95%, 03/01/14 (A)
LOC: State Street Bank .......... 5,406,214
2,500,000 Massachusetts Municipal
Wholesale Electric Co.
Power Supply System, Series C
3.90%, 07/01/19 (A)
Insured: MBIA
LOC: Credit Suisse First Boston . 2,500,000
1,500,000 Massachusetts State, GO
Series A
5.50%, 07/01/99 ................. 1,506,087
2,000,000 Massachusetts State, GO
Series A
4.60%, 11/01/99 ................. 2,014,600
6,000,000 Massachusetts State, GO
Series B
3.95%, 09/01/16 (A)
SPA: Toronto Dominion Bank ...... 6,000,000
6,700,000 Massachusetts State HEFA
Amherst College, Series F
3.90%, 11/01/26 (A) ............. 6,700,000
</TABLE>
See Notes to Financial Statements.
23
<PAGE>
Massachusetts Municipal Money Market Fund
Portfolio of Investments (continued)
April 30, 1999 (unaudited)
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
Massachusetts (continued)
$ 6,530,000 Massachusetts State HEFA
Becker College, Series A-1
3.85%, 07/01/28 (A)
LOC: BankBoston, NA ............. $ 6,530,000
4,000,000 Massachusetts State HEFA
Capital Asset Program, Series A
3.90%, 01/01/01 (A)
LOC: First National
Bank of Chicago ................. 4,000,000
4,200,000 Massachusetts State HEFA
Capital Asset Program, Series E
4.20%, 01/01/35 (A)
LOC: First National
Bank of Chicago ................. 4,200,000
2,000,000 Massachusetts State HEFA
Capital Asset Program, Series G-1
3.60%, 01/01/19 (A)
Insured: MBIA
SPA: Credit Suisse First Boston . 2,000,000
1,850,000 Massachusetts State HEFA
Dimock Community Health Center
Series A
3.75%, 03/01/15 (A)
LOC: BankBoston N.A. ............ 1,850,000
5,000,000 Massachusetts State HEFA
Endicott College, Series B
3.85%, 10/01/18 (A)
LOC: BankBoston N.A. ............ 5,000,000
2,500,000 Massachusetts State HEFA
Harvard University
4.00%, 08/01/17 (A) ............. 2,500,000
2,300,000 Massachusetts State HEFA
Harvard University, Series Q
4.00%, 02/01/16 (A) ............. 2,300,000
1,000,000 Massachusetts State HEFA
Harvard University, Series Q
4.00%, 09/01/40 (A) ............. 1,000,000
7,100,000 Massachusetts State HEFA
Newton Wellesley Hospital, Series F
3.90%, 07/01/25 (A)
Insured: MBIA
SPA: Credit Suisse First Boston . 7,100,000
2,000,000 Massachusetts State HEFA
Partners Healthcare System, Series P-2
3.95%, 07/01/27 (A)
Insured: FSA
SPA: Morgan Guaranty Trust Co.
Bayerische Lundersbank GZ ....... 2,000,000
7,200,000 Massachusetts State HEFA
Wellesley College, Series G
4.15%, 07/01/39 (A) ............. 7,200,000
6,900,000 Massachusetts State
Housing Finance Agency
Multi-Family, Series A
3.95%, 12/01/25 (A)
Insured: GNMA
SPA: Republic National
Bank of New York ................ 6,900,000
</TABLE>
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
Massachusetts (continued)
$ 1,000,000 Massachusetts State IFA
Beverly Enterprises-Dedham
4.25%, 04/01/09 (A)
LOC: PNC Bank, N.A. ............. $ 1,000,000
1,800,000 Massachusetts State IFA
Buckingham Browne Nichols Issue
3.85%, 05/01/27 (A)
LOC: State Street Bank .......... 1,800,000
1,500,000 Massachusetts State IFA
Gordon College Issue
3.85%, 12/01/27 (A)
LOC: State Street Bank .......... 1,500,000
1,000,000 Massachusetts State IFA
Governor Dummer Academy
3.85%, 07/01/26 (A)
LOC: State Street Bank .......... 1,000,000
3,300,000 Massachusetts State IFA, PCR
Holyoke Water Power Co.
3.80%, 05/01/22 (A)
LOC: Canadian Imperial
Bank of Commerce ................ 3,300,000
8,100,000 Massachusetts State
Water Resource Authority
Subordinated, General Purpose, Series A
4.00%, 04/01/28 (A)
Insured: AMBAC
SPA: Bank of Nova Scotia ........ 8,100,000
5,000,000 Natick, BAN, GO
3.25%, 08/06/99 ................. 5,004,296
1,297,000 Newton, GO
5.50%, 03/15/00 ................. 1,324,628
1,500,000 Peabody, BAN, GO
3.90%, 05/14/99 ................. 1,500,102
4,275,000 Peabody, BAN, GO
3.12%, 04/06/00 ................. 4,275,761
3,000,000 Stoneham, BAN, GO
3.25%, 11/16/99 ................. 3,005,561
6,000,000 Wesford, BAN
3.50%, 04/14/00 ................. 6,019,391
3,580,000 Winchester, BAN, GO
4.00%, 07/01/99 ................. 3,582,404
-------------
154,731,758
-------------
Michigan - 1.01%
2,055,000 Cornell Township Economic
Development Corp.
Mead-Escanaba Paper Co.
4.15%, 11/01/16 (A)
LOC: Bank of America NT & SA .... 2,055,000
-------------
Mississippi - 2.12%
1,000,000 Harrison County, PCR
E.I. duPont deNemours Project
4.25%, 09/01/10 (A) ............. 1,000,000
</TABLE>
See Notes to Financial Statements.
24
<PAGE>
Massachusetts Municipal Money Market Fund
Portfolio of Investments (continued)
April 30, 1999 (unaudited)
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
Mississippi (continued)
$ 2,300,000 Jackson County, PCR
Chevron USA, Inc. Project
4.25%, 12/01/16 (A) ............. $ 2,300,000
1,000,000 Jackson County, PCR
Chevron USA, Inc. Project
4.25%, 06/01/23 (A) ............. 1,000,000
-------------
4,300,000
-------------
Puerto Rico - 1.81%
3,000,000 Puerto Rico Commonwealth
Highway & Transportation Authority
Series A
3.90%, 07/01/28 (A)
Insured: AMBAC
SPA: Bank of Nova Scotia ........ 3,000,000
672,400 Puerto Rico Commonwealth
Highway & Transportation Authority
Series X
3.80%, 07/01/99 (A)
LOC: UBS AG ..................... 672,400
-------------
3,672,400
-------------
Tennessee - 0.99%
2,000,000 Hamilton County, Chattanooga
Hospital Authority Revenue
4.30%, 10/01/17 (A)
LOC: Morgan Guaranty Trust Co. .. 2,000,000
-------------
Texas - 2.22 %
2,500,000 Guadalupe-Blanco River Authority
PCR, Central Power & Light Co. Project
4.25%, 11/01/15 (A)
LOC: ABN-AMRO Bank NV ........... 2,500,000
1,000,000 Lone Star Airport Improvement
Authority, American Airlines, Inc.
Series B-2
4.25%, 12/01/14 (A)
LOC: Royal Bank of Canada ....... 1,000,000
1,000,000 Lone Star Airport Improvement
Authority, American Airlines, Inc.
Series B-3
4.25%, 12/01/14 (A)
LOC: Royal Bank of Canada ....... 1,000,000
-------------
4,500,000
-------------
Virginia - 0.59%
1,200,000 Peninsula Ports Authority
Dominion Term Project, Series C
4.25%, 07/01/16 (A)
LOC: Barclays Bank Plc .......... 1,200,000
-------------
</TABLE>
<TABLE>
<CAPTION>
Par Value Value
---------- ---------
<S> <C> <C>
Washington - 0.54%
$ 1,095,000 Washington State
Public Power Supply System
Nuclear Project No. 1
Series 1A-1
3.95%, 07/01/17 (A)
LOC: Bank of America NT & SA .... $ 1,095,000
-------------
Wyoming - 2.56%
1,000,000 Kemmerer, PCR
Exxon Project
4.25%, 11/01/14 (A) ............. 1,000,000
4,200,000 Uinta County, PCR
Chevron USA, Inc. Project
4.25%, 08/15/20 (A) ............. 4,200,000
-------------
5,200,000
-------------
Total Municipal Securities ...... 193,054,158
-------------
(Cost $193,054,158)
<CAPTION>
Shares
----------
<S> <C> <C>
INVESTMENT COMPANIES - 0.50%
190,709 Dreyfus Massachusetts Tax
Exempt Money Market ............. 190,709
494,260 Federated Municipal Trust
Massachusetts Municipal
Cash Trust ...................... 494,260
320,860 Federated Municipal Trust
Tax Exempt Money Market ......... 320,860
-------------
Total Investment Companies ...... 1,005,829
-------------
(Cost $1,005,829)
Total Investments - 95.66% ........................ 194,059,987
-------------
(Cost $194,059,987)*
Net Other Assets and Liabilities - 4.34% .......... 8,797,459
-------------
Net Assets - 100.00% .............................. $ 202,857,446
=============
</TABLE>
- ----------------------------
* Aggregate cost for federal tax purposes
(A) Variable rate demand notes are payable upon not more than one, seven or
thirty business days notice. Put bonds and notes have demand features
which mature within one year. The interest rate shown reflects the rate
in effect at April 30, 1999.
AMBAC American Municipal Bond Assurance Corp.
BAN Bond Anticipation Note
FSA Financial Security Assurance Company
GNMA Government National Mortgage Association
GO General Obligation
HEFA Health and Educational Facilities Authority
IFA Industrial Finance Authority
LOC Letter of Credit
MBIA Municipal Bond Insurance Association
PCR Pollution Control Revenue
SPA Stand-by Purchase Agreement
See Notes to Financial Statements.
25
<PAGE>
Galaxy Money Market Funds
Statements of Assets and Liabilities
April 30, 1999 (unaudited)
<TABLE>
<CAPTION>
Money Market Government Tax-Exempt U.S. Treasury
Fund Fund Fund Fund
-------------- -------------- ------------- --------------
<S> <C> <C> <C> <C>
ASSETS:
Investments (Note 2):
Investments at amortized cost.............................. $3,821,191,645 $ 874,713,465 $ 569,843,505 $1,007,648,045
Repurchase agreement....................................... 212,520,000 180,135,000 -- --
-------------- -------------- ------------- --------------
Total investments at value............................... 4,033,711,645 1,054,848,465 569,843,505 1,007,648,045
Cash......................................................... 254,583 22,756 -- 9,659
Receivable for shares sold................................... 36,825,544 2,224,358 19,214,396 5,567,003
Interest and dividends receivable............................ 6,462,521 1,442,127 3,248,525 3,415,931
-------------- -------------- ------------- --------------
Total Assets............................................... 4,077,254,293 1,058,537,706 592,306,426 1,016,640,638
-------------- -------------- ------------- --------------
LIABILITIES:
Dividends payable............................................ 14,026,424 3,852,534 1,214,517 1,425,371
Payable for investments purchased............................ 99,906,000 -- -- --
Payable for shares repurchased............................... 89,386,720 -- -- 4,063,606
Investment advisory fee payable (Note 3)..................... 1,168,553 348,307 194,411 340,723
Payable to Fleet affiliates (Note 3)......................... 231,798 24,554 20,583 54,350
Payable to Administrator (Note 3)............................ 558,481 127,974 34,772 88,311
Trustees' fees and expenses payable (Note 3)................. 72,262 30,299 8,379 22,889
Payable to custodian......................................... -- -- 8,624 --
Accrued expenses and other payables.......................... 48,928 50,868 26,215 5,957
-------------- -------------- ------------- --------------
Total Liabilities.......................................... 205,399,166 4,434,536 1,507,501 6,001,207
-------------- -------------- ------------- --------------
NET ASSETS...................................................... $3,871,855,127 $1,054,103,170 $ 590,798,925 $1,010,639,431
============== ============== ============= ==============
NET ASSETS consist of:
Par value (Note 5)........................................... $ 3,872,943 $ 1,054,955 $ 590,950 $ 1,011,059
Paid-in capital in excess of par value....................... 3,869,062,226 1,053,900,032 590,358,941 1,010,047,803
Undistributed (overdistributed) net investment income (loss). 242,546 (45,378) (19,395) 316,537
Accumulated net realized (loss) on investments sold.......... (1,322,588) (806,439) (131,571) (735,968)
-------------- -------------- ------------- --------------
TOTAL NET ASSETS................................................ $3,871,855,127 $1,054,103,170 $ 590,798,925 $1,010,639,431
============== ============== ============= ==============
Retail A Shares:
Net assets................................................... $2,391,624,013 $ 358,272,167 $ 175,771,691 $ 583,472,252
Shares of beneficial interest outstanding.................... 2,392,250,140 358,458,711 175,829,358 583,665,678
NET ASSET VALUE, offering and redemption price per share..... $ 1.00 $ 1.00 $ 1.00 $ 1.00
============== ============== ============= ==============
Retail B Shares:
Net assets................................................... $ 2,726,649 N/A N/A N/A
Shares of beneficial interest outstanding.................... 2,726,709 N/A N/A N/A
NET ASSET VALUE and offering price per share*................ $ 1.00 N/A N/A N/A
============== ============== ============= ==============
Trust Shares:
Net assets................................................... $1,477,504,465 $ 695,831,003 $ 415,027,234 $ 427,167,179
Shares of beneficial interest outstanding.................... 1,477,966,223 696,496,276 415,120,532 427,393,181
NET ASSET VALUE, offering and redemption price per share..... $ 1.00 $ 1.00 $ 1.00 $ 1.00
============== ============== ============= ==============
</TABLE>
- --------------------------------------------------------------------------------
* Redemption price per share is equal to the Net Asset Value per share less
any applicable contingent deferred sales charge.
See Notes to Financial Statements.
26
<PAGE>
<TABLE>
<CAPTION>
Connecticut Municipal Massachusetts Municipal
Money Market Fund Money Market Fund
------------------- ------------------
<S> <C> <C>
ASSETS:
Investments (Note 2):
Investments at amortized cost.............................. $194,600,346 $194,059,987
Repurchase agreement....................................... -- --
------------ ------------
Total investments at value............................... 194,600,346 194,059,987
Cash......................................................... -- 2,042
Receivable for shares sold................................... 2,004,464 10,564,185
Interest and dividends receivable............................ 1,182,860 1,238,060
------------ ------------
Total Assets............................................... 197,787,670 205,864,274
------------ ------------
LIABILITIES:
Dividends payable............................................ 187,889 417,170
Payable for investments purchased............................ -- 2,015,111
Payable for shares repurchased............................... 1,017,132 496,621
Investment advisory fee payable (Note 3)..................... 45,513 46,901
Payable to Fleet affiliates (Note 3)......................... 18,492 17,780
Payable to Administrator (Note 3)............................ 7,293 5,345
Trustees' fees and expenses payable (Note 3)................. 3,924 1,376
Payable to custodian......................................... 95,118 --
Accrued expenses and other payables.......................... 8,446 6,524
------------ ------------
Total Liabilities.......................................... 1,383,807 3,006,828
------------ ------------
NET ASSETS...................................................... $196,403,863 $202,857,446
============ ============
NET ASSETS consist of:
Par value (Note 5)........................................... $ 196,410 $ 202,871
Paid-in capital in excess of par value....................... 196,220,295 202,667,824
Undistributed (overdistributed) net investment income (loss). (5,406) (669)
Accumulated net realized (loss) on investments sold.......... (7,436) (12,580)
------------ ------------
TOTAL NET ASSETS................................................ $196,403,863 $202,857,446
============ ============
Retail A Shares:
Net assets................................................... $196,403,863 $202,857,446
Shares of beneficial interest outstanding.................... 196,410,086 202,870,531
NET ASSET VALUE, offering and redemption price per share..... $ 1.00 $ 1.00
============ ============
Retail B Shares:
Net assets................................................... N/A N/A
Shares of beneficial interest outstanding.................... N/A N/A
NET ASSET VALUE and offering price per share*................ N/A N/A
============ ============
Trust Shares:
Net assets................................................... N/A N/A
Shares of beneficial interest outstanding.................... N/A N/A
NET ASSET VALUE, offering and redemption price per share..... N/A N/A
============ ============
</TABLE>
27
<PAGE>
Galaxy Money Market Funds
Statements of Operations
For the six months ended April 30, 1999 (unaudited)
<TABLE>
<CAPTION>
Money Market Government Tax-Exempt U.S. Treasury
Fund Fund Fund Fund
------------ ----------- ----------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest (Note 2).............................................. $ 91,862,117 $26,370,312 $ 7,394,975 $24,062,564
Dividends (Note 2)............................................. -- -- 79,056 --
------------ ----------- ----------- -----------
Total Investment Income...................................... 91,862,117 26,370,312 7,474,031 24,062,564
------------ ----------- ----------- -----------
EXPENSES:
Investment advisory fee (Note 3)............................... 7,283,879 2,123,985 981,220 1,981,972
Administration fee (Note 3).................................... 1,385,230 406,457 186,462 390,426
Custodian fee (Note 3)......................................... 27,364 14,165 8,531 10,833
Fund accounting fee (Note 3)................................... 72,943 74,101 35,690 48,421
Legal fee (Note 3)............................................. 76,105 25,434 8,710 21,186
Audit fee...................................................... 29,574 8,949 11,582 8,949
Shareholder servicing and 12b-1 fees (Note 3).................. 1,090,324 181,649 88,573 291,487
Transfer agent fee (Note 3).................................... 1,121,166 197,490 31,089 211,685
Trustees' fees and expenses (Note 3)........................... 46,332 13,256 5,303 10,183
Reports to shareholders (Note 3)............................... 257,507 43,472 7,861 52,342
Miscellaneous.................................................. 156,117 39,543 26,556 40,607
------------ ----------- ----------- -----------
Total expenses before reimbursement/waiver (Note 4).......... 11,546,541 3,128,501 1,391,577 3,068,091
------------ ----------- ----------- -----------
Less: reimbursement/waiver (Note 4).......................... (724,530) (79,539) -- --
------------ ----------- ----------- -----------
Total expenses net of reimbursement/waiver................. 10,822,011 3,048,962 1,391,577 3,068,091
------------ ----------- ----------- -----------
NET INVESTMENT INCOME............................................. 81,040,106 23,321,350 6,082,454 20,994,473
------------ ----------- ----------- -----------
NET REALIZED GAIN ON INVESTMENTS SOLD (Note 2).................... 19,413 37,116 -- 10,819
------------ ----------- ----------- -----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS................................................ $ 81,059,519 $23,358,466 $ 6,082,454 $21,005,292
============ =========== =========== ===========
</TABLE>
See Notes to Financial Statements.
28
<PAGE>
<TABLE>
<CAPTION>
Connecticut Municipal Massachusetts Municipal
Money Market Fund Money Market Fund
------------------- -------------------
<S> <C> <C>
INVESTMENT INCOME:
Interest (Note 2).............................................. $ 2,934,029 $ 2,677,029
Dividends (Note 2)............................................. -- --
----------- ------------
Total Investment Income...................................... 2,934,029 2,677,029
----------- ------------
EXPENSES:
Investment advisory fee (Note 3)............................... 396,431 354,380
Administration fee (Note 3).................................... 75,376 67,346
Custodian fee (Note 3)......................................... 7,151 7,394
Fund accounting fee (Note 3)................................... 20,730 19,696
Legal fee (Note 3)............................................. 4,360 2,766
Audit fee...................................................... 8,484 8,484
Shareholder servicing and 12b-1 fees (Note 3).................. 99,108 88,595
Transfer agent fee (Note 3).................................... 11,850 7,452
Trustees' fees and expenses (Note 3)........................... 2,188 1,140
Reports to shareholders (Note 3)............................... 2,999 1,881
Miscellaneous.................................................. 10,517 12,507
----------- ------------
Total expenses before reimbursement/waiver (Note 4).......... 639,194 571,641
----------- ------------
Less: reimbursement/waiver (Note 4).......................... (24,726) (22,353)
----------- ------------
Total expenses net of reimbursement/waiver................. 614,468 549,288
----------- ------------
NET INVESTMENT INCOME............................................. 2,319,561 2,127,741
----------- ------------
NET REALIZED GAIN ON INVESTMENTS SOLD (Note 2).................... -- --
----------- ------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS................................................ $ 2,319,561 $ 2,127,741
=========== ============
</TABLE>
29
<PAGE>
Galaxy Money Market Funds
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Money Market Fund Government Fund
------------------------------ ------------------------------
Six months Six months
ended Year ended ended Year ended
April 30, 1999 October 31, April 30, 1999 October 31,
(unaudited) 1998 (unaudited) 1998
-------------- -------------- ------------- --------------
<S> <C> <C> <C> <C>
NET ASSETS at beginning of period .............................. $3,403,719,219 $3,016,823,396 $1,075,274,938 $ 981,371,917
-------------- -------------- -------------- --------------
Increase in Net Assets resulting from operations:
Net investment income ....................................... 81,040,106 161,375,090 23,321,350 54,289,776
Net realized gain on investments sold ....................... 19,413 10,935 37,116 27,699
-------------- -------------- -------------- --------------
Net increase in net assets resulting from operations ...... 81,059,519 161,386,025 23,358,466 54,317,475
-------------- -------------- -------------- --------------
Dividends to shareholders from:
Retail A Shares:
Net investment income ..................................... (49,772,930) (101,530,947) (7,783,774) (17,622,243)
Dividends in excess of net investment income .............. -- -- -- --
-------------- -------------- -------------- --------------
Total Dividends ......................................... (49,772,930) (101,530,947) (7,783,774) (17,622,243)
-------------- -------------- -------------- --------------
Retail B Shares:
Net investment income ..................................... (35,746) (28,669) N/A N/A
Dividends in excess of net investment income .............. -- -- N/A N/A
-------------- -------------- -------------- --------------
Total Dividends ......................................... (35,746) (28,669) N/A N/A
-------------- -------------- -------------- --------------
Trust Shares:
Net investment income ..................................... (31,231,460) (59,798,762) (15,537,576) (36,667,533)
Dividends in excess of net investment income .............. -- -- -- --
-------------- -------------- -------------- --------------
Total Dividends ......................................... (31,231,460) (59,798,762) (15,537,576) (36,667,533)
-------------- -------------- -------------- --------------
Total Dividends to shareholders ......................... (81,040,136) (161,358,378) (23,321,350) (54,289,776)
-------------- -------------- -------------- --------------
Net increase (decrease) from share transactions(1) ............. 468,116,525 386,868,176 (21,208,884) 93,875,322
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets ....................... 468,135,908 386,895,823 (21,171,768) 93,903,021
-------------- -------------- -------------- --------------
NET ASSETS at end of period (including line A) ................. $3,871,855,127 $3,403,719,219 $1,054,103,170 $1,075,274,938
============== ============== ============== ==============
(A) Undistributed (overdistributed) net investment income (loss) $ 242,546 $ 242,576 $ (45,378) $ (45,378)
============== ============== ============== ==============
</TABLE>
- --------------------------------------------------------------------------------
(1) For detail on share transactions by series, see Statements of Changes in
Net Assets - Capital Stock Activity on pages 32 and 33.
See Notes to Financial Statements.
30
<PAGE>
<TABLE>
<CAPTION>
Tax-Exempt Fund U.S. Treasury Fund
---------------------------- -----------------------------
Six months Six months
ended Year ended ended Year ended
April 30, 1999 October 31, April 30, 1999 October 31,
(unaudited) 1998 (unaudited) 1998
------------- ------------- -------------- -------------
<S> <C> <C> <C> <C>
NET ASSETS at beginning of period .............................. $ 391,515,416 $ 321,222,118 $ 988,698,222 $ 979,144,066
------------- ------------- -------------- -------------
Increase in Net Assets resulting from operations:
Net investment income ....................................... 6,082,454 11,105,164 20,994,473 44,998,730
Net realized gain on investments sold ....................... -- -- 10,819 28,589
------------- ------------- -------------- -------------
Net increase in net assets resulting from operations ...... 6,082,454 11,105,164 21,005,292 45,027,319
------------- ------------- -------------- -------------
Dividends to shareholders from:
Retail A Shares:
Net investment income ..................................... (2,122,435) (4,682,093) (11,795,764) (26,401,651)
Dividends in excess of net investment income .............. -- -- -- --
------------- ------------- -------------- -------------
Total Dividends ......................................... (2,122,435) (4,682,093) (11,795,764) (26,401,651)
------------- ------------- -------------- -------------
Retail B Shares:
Net investment income ..................................... N/A N/A N/A N/A
Dividends in excess of net investment income .............. N/A N/A N/A N/A
------------- ------------- -------------- -------------
Total Dividends ......................................... N/A N/A N/A N/A
------------- ------------- -------------- -------------
Trust Shares:
Net investment income ..................................... (3,959,886) (6,422,658) (9,198,709) (18,597,072)
Dividends in excess of net investment income .............. -- -- -- --
------------- ------------- -------------- -------------
Total Dividends ......................................... (3,959,886) (6,422,658) (9,198,709) (18,597,072)
------------- ------------- -------------- -------------
Total Dividends to shareholders ......................... (6,082,321) (11,104,751) (20,994,473) (44,998,723)
------------- ------------- -------------- -------------
Net increase (decrease) from share transactions(1) ............. 199,283,376 70,292,885 21,930,390 9,525,560
------------- ------------- -------------- -------------
Net increase (decrease) in net assets ....................... 199,283,509 70,293,298 21,941,209 9,554,156
------------- ------------- -------------- -------------
NET ASSETS at end of period (including line A) ................. $ 590,798,925 $ 391,515,416 $1,010,639,431 $ 988,698,222
============= ============= ============== =============
(A) Undistributed (overdistributed) net investment income (loss) $ (19,395) $ (19,528) $ 316,537 $ 316,537
============= ============= ============== =============
<CAPTION>
Connecticut Municipal Massachusetts Municipal
Money Market Fund Money Market Fund
----------------------------- -----------------------------
Six months Six months
ended Year ended ended Year ended
April 30, 1999 October 31, April 30, 1999 October 31,
(unaudited) 1998 (unaudited) 1998
-------------- ------------- ------------- --------------
<S> <C> <C> <C> <C>
NET ASSETS at beginning of period .............................. $ 165,185,627 $ 137,094,660 $ 127,921,915 $ 80,965,571
-------------- ------------- ------------- --------------
Increase in Net Assets resulting from operations:
Net investment income ....................................... 2,319,561 4,395,139 2,127,741 2,961,693
Net realized gain on investments sold ....................... -- -- -- --
-------------- ------------- ------------- --------------
Net increase in net assets resulting from operations ...... 2,319,561 4,395,139 2,127,741 2,961,693
-------------- ------------- ------------- --------------
Dividends to shareholders from:
Retail A Shares:
Net investment income ..................................... (2,319,855) (4,395,162) (2,128,357) (2,961,746)
Dividends in excess of net investment income .............. -- -- -- --
-------------- ------------- ------------- --------------
Total Dividends ......................................... (2,319,855) (4,395,162) (2,128,357) (2,961,746)
-------------- ------------- ------------- --------------
Retail B Shares:
Net investment income ..................................... N/A N/A N/A N/A
Dividends in excess of net investment income .............. N/A N/A N/A N/A
-------------- ------------- ------------- --------------
Total Dividends ......................................... N/A N/A N/A N/A
-------------- ------------- ------------- --------------
Trust Shares:
Net investment income ..................................... N/A N/A N/A N/A
Dividends in excess of net investment income .............. N/A N/A N/A N/A
-------------- ------------- ------------- --------------
Total Dividends ......................................... N/A N/A N/A N/A
-------------- ------------- ------------- --------------
Total Dividends to shareholders ......................... (2,319,855) (4,395,162) (2,128,357) (2,961,746)
-------------- ------------- ------------- --------------
Net increase (decrease) from share transactions(1) ............. 31,218,530 28,090,990 74,936,147 46,956,397
-------------- ------------- ------------- --------------
Net increase (decrease) in net assets ....................... 31,218,236 28,090,967 74,935,531 46,956,344
-------------- ------------- ------------- --------------
NET ASSETS at end of period (including line A) ................. $ 196,403,863 $ 165,185,627 $ 202,857,446 $ 127,921,915
============== ============= ============= ==============
(A) Undistributed (overdistributed) net investment income (loss) $ (5,406) $ (5,112) $ (669) $ (53)
============== ============= ============= ==============
</TABLE>
31
<PAGE>
Galaxy Money Market Funds
Statements of Changes in Net Assets --
Capital Stock Activity
<TABLE>
<CAPTION>
Money Market Fund Government Fund
------------------------------- ------------------------------
Six months Six months
ended Year ended ended Year ended
April 30, 1999 October 31, April 30, 1999 October 31,
(unaudited) 1998 (unaudited) 1998
--------------- --------------- ------------- ---------------
<S> <C> <C> <C> <C>
DOLLAR AMOUNTS
Retail A Shares:
Sold ....................................................... $ 3,263,422,892 $ 6,260,244,949 $ 402,863,236 $ 820,134,497
Issued to shareholders in reinvestment of dividends ........ 49,553,879 100,806,250 7,754,442 17,568,387
Repurchased ................................................ (3,060,577,893) (6,099,746,389) (405,160,930) (835,396,007)
--------------- --------------- ------------- ---------------
Net increase (decrease) in shares outstanding .............. $ 252,398,878 $ 261,304,810 $ 5,456,748 $ 2,306,877
=============== =============== ============= ===============
Retail B Shares:
Sold ....................................................... $ 16,993,810 $ 6,169,532 N/A N/A
Issued to shareholders in reinvestment of dividends ........ 28,786 25,226 N/A N/A
Repurchased ................................................ (15,902,894) (5,336,739) N/A N/A
--------------- --------------- ------------- ---------------
Net increase in shares outstanding ......................... $ 1,119,702 $ 858,019 N/A N/A
=============== =============== ============= ===============
Trust Shares:
Sold ....................................................... $ 1,409,274,691 $ 2,082,969,065 $ 800,742,927 $ 1,513,726,831
Issued to shareholders in reinvestment of dividends ........ 65,739 473,182 263,931 646,367
Repurchased ................................................ (1,194,742,485) (1,958,736,900) (827,672,490) (1,422,804,753)
--------------- --------------- ------------- ---------------
Net increase (decrease) in shares outstanding .............. $ 214,597,945 $ 124,705,347 $ (26,665,632) $ 91,568,445
=============== =============== ============= ===============
SHARE ACTIVITY
Retail A Shares:
Sold ....................................................... 3,263,422,892 6,260,244,949 402,863,236 820,134,497
Issued to shareholders in reinvestment of dividends ........ 49,553,879 100,806,250 7,754,442 17,568,387
Repurchased ................................................ (3,060,577,893) (6,099,746,389) (405,160,930) (835,396,007)
--------------- --------------- ------------- ---------------
Net increase (decrease) in shares outstanding .............. 252,398,878 261,304,810 5,456,748 2,306,877
=============== =============== ============= ===============
Retail B Shares:
Sold ....................................................... 16,993,810 6,169,532 N/A N/A
Issued to shareholders in reinvestment of dividends ........ 28,786 25,226 N/A N/A
Repurchased ................................................ (15,902,894) (5,336,739) N/A N/A
--------------- --------------- ------------- ---------------
Net increase in shares outstanding ......................... 1,119,702 858,019 N/A N/A
=============== =============== ============= ===============
Trust Shares:
Sold ....................................................... 1,409,274,691 2,082,969,065 800,742,927 1,513,726,831
Issued to shareholders in reinvestment of dividends ........ 65,739 473,182 263,931 646,367
Repurchased ................................................ (1,194,742,485) (1,958,736,900) (827,672,490) (1,422,804,753)
--------------- --------------- ------------- ---------------
Net increase (decrease) in shares outstanding .............. 214,597,945 124,705,347 (26,665,632) 91,568,445
=============== =============== ============= ===============
</TABLE>
See Notes to Financial Statements.
32
<PAGE>
<TABLE>
<CAPTION>
Tax-Exempt Fund U.S. Treasury Fund
---------------------------- -------------------------------
Six months Six months
ended Year ended ended Year ended
April 30, 1999 October 31, April 30, 1999 October 31,
(unaudited) 1998 (unaudited) 1998
------------- ------------- -------------- ---------------
<S> <C> <C> <C> <C>
DOLLAR AMOUNTS
Retail A Shares:
Sold ....................................................... $ 315,923,812 $ 472,089,252 $ 689,432,240 $ 1,201,282,799
Issued to shareholders in reinvestment of dividends ........ 1,056,259 4,666,644 11,763,707 26,324,657
Repurchased ................................................ (305,548,083) (464,321,475) (676,782,650) (1,254,541,716)
------------- ------------- -------------- ---------------
Net increase (decrease) in shares outstanding .............. $ 11,431,988 $ 12,434,421 $ 24,413,297 $ (26,934,260)
============= ============= ============== ===============
Retail B Shares:
Sold ....................................................... N/A N/A N/A N/A
Issued to shareholders in reinvestment of dividends ........ N/A N/A N/A N/A
Repurchased ................................................ N/A N/A N/A N/A
------------- ------------- -------------- ---------------
Net increase in shares outstanding ......................... N/A N/A N/A N/A
============= ============= ============== ===============
Trust Shares:
Sold ....................................................... $ 314,589,479 $ 253,133,512 $ 406,284,518 $ 814,143,806
Issued to shareholders in reinvestment of dividends ........ -- 23,573 659,172 1,298,463
Repurchased ................................................ (126,738,091) (195,298,621) (409,426,597) (778,982,449)
------------- ------------- -------------- ---------------
Net increase (decrease) in shares outstanding .............. $ 187,851,388 $ 57,858,464 $ (2,482,907) $ 36,459,820
============= ============= ============== ===============
SHARE ACTIVITY
Retail A Shares:
Sold ....................................................... 315,923,812 472,089,252 689,432,240 1,201,282,799
Issued to shareholders in reinvestment of dividends ........ 1,056,259 4,666,644 11,763,707 26,324,657
Repurchased ................................................ (305,548,083) (464,321,475) (676,782,650) (1,254,541,716)
------------- ------------- -------------- ---------------
Net increase (decrease) in shares outstanding .............. 11,431,988 12,434,421 24,413,297 (26,934,260)
============= ============= ============== ===============
Retail B Shares:
Sold ....................................................... N/A N/A N/A N/A
Issued to shareholders in reinvestment of dividends ........ N/A N/A N/A N/A
Repurchased ................................................ N/A N/A N/A N/A
------------- ------------- -------------- ---------------
Net increase in shares outstanding ......................... N/A N/A N/A N/A
============= ============= ============== ===============
Trust Shares:
Sold ....................................................... 314,589,479 253,133,512 406,284,518 814,143,806
Issued to shareholders in reinvestment of dividends ........ -- 23,573 659,172 1,298,463
Repurchased ................................................ (126,738,091) (195,298,621) (409,426,597) (778,982,449)
------------- ------------- -------------- ---------------
Net increase (decrease) in shares outstanding .............. 187,851,388 57,858,464 (2,482,907) 36,459,820
============= ============= ============== ===============
<CAPTION>
Connecticut Municipal Massachusetts Municipal
Money Market Fund Money Market Fund
----------------------------- -----------------------------
Six months Six months
ended Year ended ended Year ended
April 30, 1999 October 31, April 30, 1999 October 31,
(unaudited) 1998 (unaudited) 1998
-------------- ------------- ------------- --------------
<S> <C> <C> <C> <C>
DOLLAR AMOUNTS
Retail A Shares:
Sold ....................................................... $ 289,046,119 $ 439,511,535 $ 257,076,709 $ 287,313,215
Issued to shareholders in reinvestment of dividends ........ 1,322,702 3,071,043 951,614 1,572,995
Repurchased ................................................ (259,150,291) (414,491,588) (183,092,176) (241,929,813)
-------------- ------------- ------------- --------------
Net increase (decrease) in shares outstanding .............. $ 31,218,530 $ 28,090,990 $ 74,936,147 $ 46,956,397
============== ============= ============= ==============
Retail B Shares:
Sold ....................................................... N/A N/A N/A N/A
Issued to shareholders in reinvestment of dividends ........ N/A N/A N/A N/A
Repurchased ................................................ N/A N/A N/A N/A
-------------- ------------- ------------- --------------
Net increase in shares outstanding ......................... N/A N/A N/A N/A
============== ============= ============= ==============
Trust Shares:
Sold ....................................................... N/A N/A N/A N/A
Issued to shareholders in reinvestment of dividends ........ N/A N/A N/A N/A
Repurchased ................................................ N/A N/A N/A N/A
-------------- ------------- ------------- --------------
Net increase (decrease) in shares outstanding .............. N/A N/A N/A N/A
============== ============= ============= ==============
SHARE ACTIVITY
Retail A Shares:
Sold ....................................................... 289,046,119 439,511,535 257,076,709 287,313,215
Issued to shareholders in reinvestment of dividends ........ 1,322,702 3,071,043 951,614 1,572,995
Repurchased ................................................ (259,150,291) (414,491,588) (183,092,176) (241,929,813)
-------------- ------------- ------------- --------------
Net increase (decrease) in shares outstanding .............. 31,218,530 28,090,990 74,936,147 46,956,397
============== ============= ============= ==============
Retail B Shares:
Sold ....................................................... N/A N/A N/A N/A
Issued to shareholders in reinvestment of dividends ........ N/A N/A N/A N/A
Repurchased ................................................ N/A N/A N/A N/A
-------------- ------------- ------------- --------------
Net increase in shares outstanding ......................... N/A N/A N/A N/A
============== ============= ============= ==============
Trust Shares:
Sold ....................................................... N/A N/A N/A N/A
Issued to shareholders in reinvestment of dividends ........ N/A N/A N/A N/A
Repurchased ................................................ N/A N/A N/A N/A
-------------- ------------- ------------- --------------
Net increase (decrease) in shares outstanding .............. N/A N/A N/A N/A
============== ============= ============= ==============
</TABLE>
33
<PAGE>
Money Market Fund
Financial Highlights
For a Share outstanding throughout each period
<TABLE>
<CAPTION>
Retail A Shares
Six months ended Years ended October 31,
April 30, 1999 ----------------------------------------------------------------
(unaudited) 1998 1997 1996 1995 1994(1)
----------- ----------- ----------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period....... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ----------- ----------- ----------- ------------
Income from Investment Operations:
Net investment income (A)................ 0.02 0.05 0.05 0.05 0.05 0.03
Net realized gain (loss) on investments.. -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- ------------
Total from Investment Operations....... 0.02 0.05 0.05 0.05 0.05 0.03
----------- ----------- ----------- ----------- ----------- ------------
Less Dividends:
Dividends from net investment income..... (0.02) (0.05) (0.05) (0.05) (0.05) (0.03)
Dividends from net realized capital gains -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- ------------
Total Dividends........................ (0.02) (0.05) (0.05) (0.05) (0.05) (0.03)
----------- ----------- ----------- ----------- ----------- ------------
Net increase (decrease) in net asset value. -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- ------------
Net Asset Value, End of Period............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== =========== =========== ============
Total Return (B)........................... 2.19%** 5.04% 4.93% 4.78% 5.23% 3.35%
Ratios/Supplemental data:
Net assets, End of Period (000's).......... $ 2,391,624 $ 2,139,213 $ 1,877,889 $ 1,159,312 $ 580,762 $ 797,399
Ratios to average net assets:
Net investment income including
reimbursement/waiver................... 4.38%* 4.94% 4.85% 4.67% 5.12% 3.38%
Operating expenses including
reimbursement/waiver................... 0.66%* 0.67% 0.69% 0.77% 0.74% 0.64%
Operating expenses excluding
reimbursement/waiver................... 0.70%* 0.71% 0.73% 0.80% 0.76% 0.64%
</TABLE>
- --------------------------------------------------------------------------------
* Annualized.
** Not Annualized.
(1) Prior to November 1, 1994, the Fund offered a single series of shares. As
of such date, the existing series of shares was designated as Retail A
Shares and the Fund began issuing a second series of shares designated as
Trust Shares.
(2) The Fund began offering Retail B Shares on March 6, 1997.
(A) Net investment income per share before reimbursement/waiver of fees by the
Investment Advisor and/or Administrator for Retail A Shares for the six
months ended April 30, 1999 (unaudited) and the years ended October 31,
1998, 1997, 1996, 1995 and 1994 were $0.02, $0.05, $0.05, $0.05, $0.05 and
$0.03, respectively. Net investment income per share before
reimbursement/waiver of fees by the Investment Advisor and/or Administrator
for Trust Shares for the six months ended April 30, 1999 (unaudited) and
the years ended October 31, 1998, 1997, 1996 and 1995 were $0.02, $0.05,
$0.05, $0.05 and $0.05, respectively. Net investment income per share
before reimbursement/waiver of fees by the Investment Advisor and/or
Administrator for Retail B Shares for the six months ended April 30, 1999
(unaudited), the year ended October 31, 1998 and the period ended October
31, 1997 were $0.02, $0.04 and $0.03, respectively.
(B) Calculation does not include the effect of any sales charge for Retail B
Shares. Total return for the year ended October 31, 1994 includes the
effect of the voluntary capital contribution of $1.6 million from Fleet in
order to partially offset losses realized on the sale of certain securities
held by the Fund. Without this capital contribution, the total return would
have been 3.35%.
See Notes to Financial Statements.
34
<PAGE>
<TABLE>
<CAPTION>
Trust Shares
Six months ended Years ended October 31,
April 30, 1999 ---------------------------------------------------
(unaudited) 1998 1997 1996 1995(1)
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period....... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ----------- ----------- -----------
Income from Investment Operations:
Net investment income (A)................ 0.02 0.05 0.05 0.05 0.05
Net realized gain (loss) on investments.. -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total from Investment Operations....... 0.02 0.05 0.05 0.05 0.05
----------- ----------- ----------- ----------- -----------
Less Dividends:
Dividends from net investment income..... (0.02) (0.05) (0.05) (0.05) (0.05)
Dividends from net realized capital gains -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total Dividends........................ (0.02) (0.05) (0.05) (0.05) (0.05)
----------- ----------- ----------- ----------- -----------
Net increase (decrease) in net asset value. -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Net Asset Value, End of Period............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== =========== ===========
Total Return (B)........................... 2.28%** 5.23% 5.13% 5.00% 5.43%
Ratios/Supplemental data:
Net assets, End of Period (000's).......... $ 1,477,504 $ 1,262,900 $ 1,138,185 $ 924,222 $ 334,054
Ratios to average net assets:
Net investment income including
reimbursement/waiver................... 4.55%* 5.12% 5.04% 4.89% 5.30%
Operating expenses including
reimbursement/waiver................... 0.49%* 0.49% 0.50% 0.55% 0.55%
Operating expenses excluding
reimbursement/waiver................... 0.53%* 0.53% 0.54% 0.58% 0.56%
<CAPTION>
Retail B Shares
Six months ended Years ended October 31,
April 30, 1999 -------------------------
(unaudited) 1998 1997(2)
----------- ----------- ------------
<S> <C> <C> <C>
Net Asset Value, Beginning of Period....... $ 1.00 $ 1.00 $ 1.00
----------- ----------- -----------
Income from Investment Operations:
Net investment income (A)................ 0.02 0.04 0.03
Net realized gain (loss) on investments.. -- -- --
----------- ----------- -----------
Total from Investment Operations....... 0.02 0.04 0.03
----------- ----------- -----------
Less Dividends:
Dividends from net investment income..... (0.02) (0.04) (0.03)
Dividends from net realized capital gains -- -- --
----------- ----------- -----------
Total Dividends........................ (0.02) (0.04) (0.03)
----------- ----------- -----------
Net increase (decrease) in net asset value. -- -- --
----------- ----------- -----------
Net Asset Value, End of Period............. 1.00 $ 1.00 $ 1.00
=========== =========== ===========
Total Return (B)........................... 1.87%** 4.33% 2.66%**
Ratios/Supplemental data:
Net assets, End of Period (000's).......... $ 2,727 $ 1,607 $ 749
Ratios to average net assets:
Net investment income including
reimbursement/waiver................... 3.75%* 4.26% 4.27%*
Operating expenses including
reimbursement/waiver................... 1.29%* 1.35% 1.38%*
Operating expenses excluding
reimbursement/waiver................... 1.33%* 1.39% 1.42%*
</TABLE>
35
<PAGE>
Government Fund
Financial Highlights
For a Share outstanding throughout each period
<TABLE>
<CAPTION>
Retail A Shares
Six months ended Years ended October 31,
April 30, 1999 ----------------------------------------------------------------
(unaudited) 1998 1997 1996 1995 1994(1)
----------- ----------- ----------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period....... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ----------- ----------- ----------- ------------
Income from Investment Operations:
Net investment income (A)................ 0.02 0.05 0.05 0.05 0.05 0.03
Net realized gain (loss) on investments.. -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- ------------
Total from Investment Operations....... 0.02 0.05 0.05 0.05 0.05 0.03
----------- ----------- ----------- ----------- ----------- ------------
Less Dividends:
Dividends from net investment income..... (0.02) (0.05) (0.05) (0.05) (0.05) (0.03)
Dividends from net realized capital gains -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- ------------
Total Dividends........................ (0.02) (0.05) (0.05) (0.05) (0.05) (0.03)
----------- ----------- ----------- ----------- ----------- ------------
Net increase (decrease) in net asset value -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- ------------
Net Asset Value, End of Period............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== =========== =========== ============
Total Return (B)........................... 2.14%** 4.94% 4.85% 4.72% 5.20% 3.49%
Ratios/Supplemental data:
Net assets, End of Period (000's).......... $ 358,272 $ 352,799 $ 350,513 $ 326,411 $ 320,795 $ 759,106
Ratios to average net assets:
Net investment income including
reimbursement/waiver................... 4.28%* 4.84% 4.74% 4.62% 5.11% 3.36%
Operating expenses including
reimbursement/waiver................... 0.69%* 0.70% 0.71% 0.75% 0.73% 0.54%
Operating expenses excluding
reimbursement/waiver................... 0.71%* 0.71% 0.72% 0.76% 0.74% 0.54%
</TABLE>
- --------------------------------------------------------------------------------
* Annualized.
** Not Annualized.
(1) Prior to November 1, 1994, the Fund offered a single series of shares. As
of such date, the existing series of shares was designated as Retail A
Shares and the Fund began issuing a second series of shares designated as
Trust Shares.
(A) Net investment income per share before reimbursement/waiver of fees by the
Investment Advisor and/or Administrator for Retail A Shares for the six
months ended April 30, 1999 (unaudited) and the years ended October 31,
1998, 1997, 1996, 1995 and 1994 were $0.02, $0.05, $0.05, $0.05, $0.05 and
$0.03, respectively. Net investment income per share before
reimbursement/waiver of fees by the Investment Advisor and/or Administrator
for Trust Shares for the six months ended April 30, 1999 (unaudited) and
the years ended October 31, 1998, 1997, 1996 and 1995 were $0.02, $0.05,
$0.05, $0.05 and $0.05, respectively.
(B) Total return for the year ended October 31, 1994 includes the effect of the
voluntary capital contribution of $2.3 million from Fleet in order to
partially offset losses realized on the sale of certain securities held by
the Fund. Without this capital contribution, the total return would have
been 3.49%.
See Notes to Financial Statements.
36
<PAGE>
<TABLE>
<CAPTION>
Trust Shares
Six months ended Years ended October 31,
April 30, 1999 ------------------------------------------------------------------
(unaudited) 1998 1997 1996 1995(1)
------------- -------------- ------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period....... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------- -------------- ------------- -------------- -------------
Income from Investment Operations:
Net investment income (A)................ 0.02 0.05 0.05 0.05 0.05
Net realized gain (loss) on investments.. -- -- -- -- --
------------- -------------- ------------- -------------- -------------
Total from Investment Operations....... 0.02 0.05 0.05 0.05 0.05
------------- -------------- ------------- -------------- -------------
Less Dividends:
Dividends from net investment income..... (0.02) (0.05) (0.05) (0.05) (0.05)
Dividends from net realized capital gains -- -- -- -- --
------------- -------------- ------------- -------------- -------------
Total Dividends........................ (0.02) (0.05) (0.05) (0.05) (0.05)
------------- -------------- ------------- -------------- -------------
Net increase (decrease) in net asset value -- -- -- -- --
------------- -------------- ------------- -------------- -------------
Net Asset Value, End of Period............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============= ============== ============= ============== =============
Total Return (B)........................... 2.23%** 5.15% 5.06% 4.95% 5.39%
Ratios/Supplemental data:
Net assets, End of Period (000's).......... $ 695,831 $ 722,476 $ 630,859 $ 733,759 $ 678,679
Net investment income including
reimbursement/waiver................... 4.46%* 5.03% 4.94% 4.85% 5.27%
Operating expenses including
reimbursement/waiver................... 0.51%* 0.51% 0.51% 0.52% 0.53%
Operating expenses excluding
reimbursement/waiver................... 0.53%* 0.52% 0.52% 0.53% 0.54%
</TABLE>
37
<PAGE>
Tax-Exempt Fund
Financial Highlights
For a Share outstanding throughout each period
<TABLE>
<CAPTION>
Retail A Shares
Six months ended Years ended October 31,
April 30, 1999 ----------------------------------------------------------------
(unaudited) 1998 1997 1996 1995 1994(1)
----------- ----------- ----------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ----------- ----------- ----------- ------------
Income from Investment Operations:
Net investment income (A)................ 0.01 0.03 0.03 0.03 0.03 0.02
Net realized gain (loss) on investments.. -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- ------------
Total from Investment Operations....... 0.01 0.03 0.03 0.03 0.03 0.02
----------- ----------- ----------- ----------- ----------- ------------
Less Dividends:
Dividends from net investment income..... (0.01) (0.03) (0.03) (0.03) (0.03) (0.02)
Dividends from net realized capital gains -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- ------------
Total Dividends........................ (0.01) (0.03) (0.03) (0.03) (0.03) (0.02)
----------- ----------- ----------- ----------- ----------- ------------
Net increase (decrease) in net asset value.. -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- ------------
Net Asset Value, End of Period.............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== =========== =========== ============
Total Return ............................... 1.20%** 2.89% 2.95% 2.82% 3.16% 2.24%
Ratios/Supplemental data:
Net assets, End of Period (000's)........... $ 175,772 $ 164,340 $ 151,907 $ 117,548 $ 127,056 $ 271,050
Ratios to average net assets:
Net investment income including
reimbursement/waiver................... 2.39%* 2.85% 2.92% 2.78% 3.12% 2.12%
Operating expenses including
reimbursement/waiver................... 0.65%* 0.67% 0.68% 0.68% 0.68% 0.58%
Operating expenses excluding
reimbursement/waiver................... 0.65%* 0.67% 0.69% 0.69% 0.71% 0.58%
</TABLE>
- --------------------------------------------------------------------------------
* Annualized.
** Not Annualized.
(1) Prior to November 1, 1994, the Fund offered a single series of shares. As
of such date, the existing series of shares was designated as Retail A
Shares and the Fund began issuing a second series of shares designated as
Trust Shares.
(A) Net investment income per share before reimbursement/waiver of fees by the
Investment Advisor and/or Administrator for Retail A Shares for the six
months ended April 30, 1999 (unaudited) and the years ended October 31,
1998, 1997, 1996, 1995 and 1994 were $0.01, $0.03, $0.03, $0.03, $0.03 and
$0.02, respectively. Net investment income per share before
reimbursement/waiver of fees by the Investment Advisor and/or Administrator
for Trust Shares for the six months ended April 30, 1999 (unaudited) and
the years ended October 31, 1998, 1997, 1996 and 1995 were $0.01, $0.03,
$0.03, $0.03 and $0.03, respectively.
See Notes to Financial Statements.
38
<PAGE>
<TABLE>
<CAPTION>
Trust Shares
Six months ended Years ended October 31,
April 30, 1999 -----------------------------------------------------------------
(unaudited) 1998 1997 1996 1995(1)
------------- -------------- ------------- -------------- ------------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------- -------------- ------------- -------------- ------------
Income from Investment Operations:
Net investment income (A)................ 0.01 0.03 0.03 0.03 0.03
Net realized gain (loss) on investments.. -- -- -- -- --
------------- -------------- ------------- -------------- ------------
Total from Investment Operations....... 0.01 0.03 0.03 0.03 0.03
------------- -------------- ------------- -------------- ------------
Less Dividends:
Dividends from net investment income..... (0.01) (0.03) (0.03) (0.03) (0.03)
Dividends from net realized capital gains -- -- -- -- --
------------- -------------- ------------- -------------- ------------
Total Dividends........................ (0.01) (0.03) (0.03) (0.03) (0.03)
------------- -------------- ------------- -------------- ------------
Net increase (decrease) in net asset value.. -- -- -- -- --
------------- -------------- ------------- -------------- ------------
Net Asset Value, End of Period.............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============= ============== ============= ============== ============
Total Return ............................... 1.26%** 3.03% 3.10% 2.97% 3.29%
Ratios/Supplemental data:
Net assets, End of Period (000's)........... $ 415,027 $ 227,176 $ 169,316 $ 184,307 $ 180,706
Ratios to average net assets:
Net investment income including
reimbursement/waiver................... 2.25%* 2.99% 3.05% 2.92% 3.24%
Operating expenses including
reimbursement/waiver................... 0.52%* 0.53% 0.53% 0.54% 0.55%
Operating expenses excluding
reimbursement/waiver................... 0.52%* 0.53% 0.53% 0.54% 0.56%
</TABLE>
39
<PAGE>
U.S. Treasury Fund
Financial Highlights
For a Share outstanding throughout each period
<TABLE>
<CAPTION>
Retail A Shares
Six months ended Years ended October 31,
April 30, 1999 ----------------------------------------------------------------
(unaudited) 1998 1997 1996 1995 1994(1)
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ----------- ----------- ----------- -----------
Income from Investment Operations:
Net investment income (A)................ 0.02 0.05 0.05 0.05 0.05 0.03
Net realized gain (loss) on investments.. -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total from Investment Operations....... 0.02 0.05 0.05 0.05 0.05 0.03
----------- ----------- ----------- ----------- ----------- -----------
Less Dividends:
Dividends from net investment income..... (0.02) (0.05) (0.05) (0.05) (0.05) (0.03)
Dividends from net realized capital gains -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Dividends........................ (0.02) (0.05) (0.05) (0.05) (0.05) (0.03)
----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease) in net asset value.. -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Net Asset Value, End of Period.............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== =========== =========== ===========
Total Return (B)............................ 2.01%** 4.73% 4.67% 4.63% 4.99% 3.30%
Ratios/Supplemental data:
Net assets, End of Period (000's)........... $ 583,472 $ 559,053 $ 585,969 $ 443,230 $ 318,621 $ 466,993
Ratios to average net assets:
Net investment income including
reimbursement/waiver................... 4.02%* 4.63% 4.58% 4.53% 4.90% 3.24%
Operating expenses including
reimbursement/waiver................... 0.67%* 0.68% 0.69% 0.69% 0.73% 0.56%
Operating expenses excluding
reimbursement/waiver................... 0.67%* 0.68% 0.70% 0.69% 0.73% 0.56%
</TABLE>
- --------------------------------------------------------------------------------
* Annualized.
** Not Annualized.
(1) Prior to November 1, 1994, the Fund offered a single series of shares. As
of such date, the existing series of shares was designated as Retail A
Shares and the Fund began issuing a second series of shares designated as
Trust Shares.
(A) Net investment income per share before reimbursement/waiver of fees by the
Investment Advisor and/or Administrator for Retail A Shares for the six
months ended April 30, 1999 (unaudited) and the years ended October 31,
1998, 1997, 1996, 1995 and 1994 were $0.02, $0.05, $0.05, $0.05, $0.05 and
$0.03, respectively. Net investment income per share before
reimbursement/waiver of fees by the Investment Advisor and/or Administrator
for Trust Shares for the six months ended April 30, 1999 (unaudited) and
the years ended October 31, 1998, 1997, 1996 and 1995 were $0.02, $0.05,
$0.05, $0.05 and $0.05, respectively.
(B) Total return for the year ended October 31, 1994 includes the effect of the
voluntary capital contribution of $1 million from Fleet in order to
partially offset losses realized on the sale of certain securities held by
the Fund. Without this capital contribution, the total return would have
been 3.30%.
See Notes to Financial Statements.
40
<PAGE>
<TABLE>
<CAPTION>
Trust Shares
Six months ended Years ended October 31,
April 30, 1999 -----------------------------------------------------------------
(unaudited) 1998 1997 1996 1995(1)
------------- -------------- ------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------- -------------- ------------- -------------- -------------
Income from Investment Operations:
Net investment income (A)................ 0.02 0.05 0.05 0.05 0.05
Net realized gain (loss) on investments.. -- -- -- -- --
------------- -------------- ------------- -------------- -------------
Total from Investment Operations....... 0.02 0.05 0.05 0.05 0.05
------------- -------------- ------------- -------------- -------------
Less Dividends:
Dividends from net investment income..... (0.02) (0.05) (0.05) (0.05) (0.05)
Dividends from net realized capital gains -- -- -- -- --
------------- -------------- ------------- -------------- -------------
Total Dividends........................ (0.02) (0.05) (0.05) (0.05) (0.05)
------------- -------------- ------------- -------------- -------------
Net increase (decrease) in net asset value.. -- -- -- -- --
------------- -------------- ------------- -------------- -------------
Net Asset Value, End of Period.............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============= ============== ============= ============== =============
Total Return (B)............................ 2.09%** 4.90% 4.85% 4.80% 5.18%
Ratios/Supplemental data:
Net assets, End of Period (000's)........... $ 427,167 $ 429,645 $ 393,175 $ 354,331 $ 271,036
Ratios to average net assets:
Net investment income including
reimbursement/waiver................... 4.18%* 4.80% 4.75% 4.69% 5.06%
Operating expenses including
reimbursement/waiver................... 0.51%* 0.51% 0.52% 0.53% 0.55%
Operating expenses excluding
reimbursement/waiver................... 0.51%* 0.51% 0.53% 0.53% 0.55%
</TABLE>
41
<PAGE>
Connecticut Municipal Money Market Fund(1)
Financial Highlights
For a Share outstanding throughout each period
<TABLE>
<CAPTION>
Six months ended Years ended October 31,
April 30, 1999 ---------------------------------------------
(unaudited) 1998 1997 1996
------------- ------------- -------------- -------------
Retail A Shares Retail A Shares Retail A Shares Retail A Shares(3)
------------- ------------- -------------- -------------
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of Period ....... $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------- ------------- -------------- -------------
Income from Investment Operations:
Net investment income (A) ............... 0.01 0.03 0.03 0.03
Net realized gain (loss) on investments . -- -- -- --
------------- ------------- -------------- -------------
Total from Investment Operations .... 0.01 0.03 0.03 0.03
------------- ------------- -------------- -------------
Less Dividends:
Dividends from net investment income .... (0.01) (0.03) (0.03) (0.03)
Dividends from net realized capital gains -- -- -- --
------------- ------------- -------------- -------------
Total Dividends ....................... (0.01) (0.03) (0.03) (0.03)
------------- ------------- -------------- -------------
Net increase (decrease) in net asset value . -- -- -- --
------------- ------------- -------------- -------------
Net Asset Value, End of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00
============= ============= ============== =============
Total Return (B) ........................... 1.17%** 2.87% 2.94% 2.83%
Ratios/Supplemental Data:
Net Assets, End of Period (000's) .......... $ 196,404 $ 165,186 $ 137,095 $ 110,544
Ratios to average net assets:
Net investment income
including reimbursement/waiver ........ 2.33%* 2.83% 2.91% 2.79%
Operating expenses
including reimbursement/waiver ........ 0.62%* 0.62% 0.60% 0.64%
Operating expenses
excluding reimbursement/waiver ........ 0.64%* 0.65% 0.65% 0.73%
</TABLE>
- --------------------------------------------------------------------------------
* Annualized.
** Not Annualized.
(1) The Fund commenced operations on October 4, 1993 as a separate investment
portfolio (the "Predecessor Fund") of The Shawmut Funds.
(2) The Predecessor Fund began offering Trust Shares on December 16, 1993.
(3) On December 4, 1995, the Predecessor Fund was reorganized as a new
portfolio of the Trust with a single series of shares. Prior to the
reorganization, the Predecessor Fund offered two series of shares,
Investment Shares and Trust Shares. In connection with the reorganization,
the shareholders of the Predecessor Fund exchanged shares of the two series
for a single series of shares in the Galaxy Connecticut Municipal Money
Market Fund.
(A) Net investment income per share before reimbursement/waiver of fees by the
Investment Advisor and/or Administrator for Retail A Shares for the six
months ended April 30, 1999 (unaudited) and the years ended October 31,
1998, 1997 and 1996 were $0.01, $0.03, $0.03 and $0.03, respectively. Net
investment income per share before reimbursement/waiver of fees by the
Investment Advisor and/or other parties for Investment Shares for the years
ended October 31, 1995 (unaudited) and 1994 (unaudited) were $0.03 and
$0.01, respectively. Net investment income per share before
reimbursement/waiver of fees by the Investment Advisor and/or other parties
for Trust Shares for the year ended October 31, 1995 (unaudited) and the
period ended October 31, 1994 (unaudited) were $0.02 and $0.01,
respectively.
(B) Calculation does not include the effect of any sales charge for the
Investment Shares of the Predecessor Fund.
See Notes to Financial Statements.
42
<PAGE>
<TABLE>
<CAPTION>
Year ended October 31, Year ended October 31,
------------------------------- -------------------------------
1995 1994
------------------------------- -------------------------------
Investment Trust Investment Trust
Shares Shares Shares Shares(2)
------------- -------------- -------------- -------------
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of Period ....... $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------- -------------- -------------- -------------
Income from Investment Operations:
Net investment income (A) ............... 0.03 0.03 0.02 0.02
Net realized gain (loss) on investments . -- -- -- --
------------- -------------- -------------- -------------
Total from Investment Operations .... 0.03 0.03 0.02 0.02
------------- -------------- -------------- -------------
Less Dividends:
Dividends from net investment income .... (0.03) (0.03) (0.02) (0.02)
Dividends from net realized capital gains -- -- -- --
------------- -------------- -------------- -------------
Total Dividends ....................... (0.03) (0.03) (0.02) (0.02)
------------- -------------- -------------- -------------
Net increase (decrease) in net asset value . -- -- -- --
------------- -------------- -------------- -------------
Net Asset Value, End of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00
============= ============== ============== =============
Total Return (B) ........................... 2.94% 3.19% 1.83% 2.08%**
Ratios/Supplemental Data:
Net Assets, End of Period (000's) .......... $ 71,472 $ 31,164 $ 80,663 $ 34,354
Ratios to average net assets:
Net investment income
including reimbursement/waiver ........ 2.88% 3.14% 1.99% 2.24%*
Operating expenses
including reimbursement/waiver ........ 0.82% 0.57% 0.78% 0.53%*
Operating expenses
excluding reimbursement/waiver ........ 1.29% 0.79% 1.50% 1.00%*
</TABLE>
43
<PAGE>
Massachusetts Municipal Money Market Fund(1)
Financial Highlights
For a Share outstanding throughout each period
<TABLE>
<CAPTION>
Retail A Shares
Six months ended Years ended October 31,
April 30, 1999 ----------------------------------------------------------------
(unaudited) 1998 1997 1996(2) 1995 1994
----------- ----------- ----------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ----------- ----------- ----------- ------------
Income from Investment Operations:
Net investment income (A)................ 0.01 0.03 0.03 0.03 0.03 0.02
Net realized gain (loss) on investments.. -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- ------------
Total from Investment Operations..... 0.01 0.03 0.03 0.03 0.03 0.02
----------- ----------- ----------- ----------- ----------- ------------
Less Dividends:
Dividends from net investment income..... (0.01) (0.03) (0.03) (0.03) (0.03) (0.02)
Dividends from net realized capital gains -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- ------------
Total Dividends........................ (0.01) (0.03) (0.03) (0.03) (0.03) (0.02)
----------- ----------- ----------- ----------- ----------- ------------
Net increase (decrease) in net asset value.. -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- ------------
Net Asset Value, End of Period.............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== =========== =========== ============
Total Return .............................. 1.20%** 2.86% 2.92% 2.83% 3.21% 1.99%
Ratios/Supplemental Data:
Net Assets, End of Period (000's)........... $ 202,857 $ 127,922 $ 80,966 $ 47,066 $ 40,326 $ 31,516
Ratios to average net assets:
Net investment income including
reimbursement/waiver................... 2.39%* 2.81% 2.90% 2.78% 3.16% 2.00%
Operating expenses including
reimbursement/waiver................... 0.62%* 0.62% 0.61% 0.62% 0.57% 0.53%
Operating expenses excluding
reimbursement/waiver................... 0.64%* 0.68% 0.69% 0.83% 1.06% 1.21%
</TABLE>
- --------------------------------------------------------------------------------
* Annualized.
** Not Annualized.
(1) The Fund commenced operations on October 5, 1993 as a separate investment
portfolio (the "Predecessor Fund") of the Shawmut Funds.
(2) On December 4, 1995, the Predecessor Fund was reorganized as a new
portfolio of the Trust.
(A) Net investment income per share before reimbursement/waiver of fees by the
Investment Advisor and/or other parties for the six months ended April 30,
1999 (unaudited) and the years ended October 31, 1998, 1997, 1996, 1995
(unaudited) and 1994 (unaudited) were $0.01, $0.03, $0.03, $0.03, $0.03 and
$0.01, respectively.
See Notes to Financial Statements.
44
<PAGE>
Notes to Financial Statements (unaudited)
1. Organization
The Galaxy Fund, a Massachusetts business trust (the "Trust"), is
registered under the Investment Company Act of 1940, as amended, (the "1940
Act"), as an open-end management investment company. As of the date of this
report, the Trust offered twenty-nine managed investment portfolios. The
accompanying financial statements and financial highlights are those of the
Money Market, Government, Tax-Exempt, U.S. Treasury, Connecticut Municipal Money
Market and Massachusetts Municipal Money Market Funds (individually, a "Fund,"
collectively, the "Funds") only.
The Money Market Fund is authorized to issue three series of shares (Trust
Shares, Retail A Shares and Retail B Shares). The Government, Tax-Exempt and
U.S. Treasury Funds are authorized to issue two series of Shares (Trust Shares
and Retail A Shares). Trust Shares, Retail A Shares and Retail B Shares are
substantially the same, except (i) Retail B Shares are subject to a maximum
5.00% contingent deferred sales charge and (ii) each series of shares bears the
following series specific expenses: distribution fees and/or shareholder
servicing fees and transfer agency charges. Six years after the date of
purchase, Retail B Shares of the Money Market Fund will automatically convert to
Retail A Shares of such Fund.
The Connecticut Municipal Money Market and Massachusetts Municipal Money
Market Funds are authorized to issue one series of shares. Shares of the
Connecticut Municipal Money Market and Massachusetts Municipal Money Market
Funds, together with Retail A Shares of the Money Market, Government, Tax-Exempt
and U.S. Treasury Funds, are hereinafter referred to as "Retail A Shares".
2. Significant Accounting Policies
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of income and expenses during the reporting
period. Actual results could differ from those estimates. The following is a
summary of significant accounting policies in conformity with generally accepted
accounting principles consistently followed by the Funds in the preparation of
their financial statements.
Portfolio Valuation: Securities in the Funds are valued utilizing the
amortized cost valuation method permitted in accordance with Rule 2a-7 under the
1940 Act. This method involves valuing a portfolio security initially at its
cost and thereafter assuming a constant amortization to maturity of any discount
or premium.
Securities Transactions and Investment Income: Securities transactions are
accounted for on a trade date basis. Net realized gains or losses on sales of
securities are determined by the identified cost method. Interest income is
recorded on the accrual basis. Investment income and realized and unrealized
gains and losses are allocated to the separate series of a Fund based upon the
outstanding shares of each series.
Dividends to Shareholders: Dividends from net investment income are
determined separately for each series of a Fund and are declared daily and paid
monthly. Net realized capital gains, if any, are distributed at least annually.
Income dividends and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally accepted
accounting principles.
Federal Income Taxes: The Trust treats each Fund as a separate entity for
Federal income tax purposes. Each Fund intends to qualify each year as a
"regulated investment company" under Subchapter M of the Internal Revenue Code.
By so qualifying, each Fund will not be subject to Federal income taxes to the
extent that it distributes substantially all of its taxable or tax-exempt
income, if any, for its tax year ending October 31. In addition, by distributing
in each calendar year substantially all of its net investment income, capital
gains, and certain other amounts, if any, each Fund will not be subject to a
Federal excise tax. Therefore, no Federal income or excise tax provision is
recorded.
Repurchase Agreements: Each Fund, except the U.S. Treasury Fund, may engage
in repurchase agreement transactions with institutions that the Trust's
investment advisor has determined are creditworthy pursuant to guidelines
established by the Trust's Board of Trustees. Each repurchase agreement
transaction is recorded at cost plus accrued interest. Each Fund requires that
the securities collateralizing a repurchase agreement transaction be transferred
to the Trust's custodian in a manner that is intended to enable the Fund to
obtain those securities in the event of a counterparty default. The value of the
collateral securities is monitored daily to ensure that the value of the
collateral, including accrued interest, equals or exceeds the repurchase price.
Repurchase agreement transactions involve certain risks in the event of default
or insolvency of the counterparty, including possible delays or restrictions
upon a Fund's ability to dispose of the underlying securities, and a possible
decline in the value of the underlying securities during the period while the
Fund seeks to assert its rights.
45
<PAGE>
Notes to Financial Statements
Expenses: The Trust accounts separately for the assets, liabilities and
operations of each Fund. Expenses directly attributable to a Fund are charged to
the Fund, while expenses which are attributable to more than one fund of the
Trust are allocated among the respective funds.
In addition, expenses of a Fund not directly attributable to the operations
of a particular series of shares of the Fund are allocated to the separate
series based upon the outstanding shares of each series. Operating expenses
directly attributable to a series of shares of a Fund are charged to the
operations of that series.
3. Investment Advisory, Administration, Distribution, Shareholder Services and
Other Fees
The Trust and Fleet Investment Advisors Inc. (the "Investment Advisor" or
"Fleet"), an indirect wholly-owned subsidiary of Fleet Financial Group, Inc.,
are parties to an investment advisory agreement under which the Investment
Advisor provides services for a fee, computed daily and paid monthly, at the
following annual rates: with respect to the Money Market, Government and
Tax-Exempt Funds, 0.40% of the average daily net assets of each Fund, and with
respect to the U.S. Treasury, Connecticut Municipal Money Market and
Massachusetts Municipal Money Market Funds, 0.40% of the first $750,000,000 of
average daily net assets of each Fund plus 0.35% of average daily net assets of
each Fund in excess of $750,000,000. The Trust has been advised by the
Investment Advisor that, with respect to the Money Market, Government and
Tax-Exempt Funds, the Investment Advisor intends to waive advisory fees payable
to it by each Fund by 0.05% to the extent that a Fund's average daily net assets
exceed $750,000,000.
The Trust and First Data Investor Services Group, Inc. ("Investor Services
Group"), a wholly-owned subsidiary of First Data Corporation, are parties to an
administration agreement under which Investor Services Group (the
"Administrator") provides services for a fee, computed daily and paid monthly,
at the annual rate, effective September 10, 1998, of 0.09% of the first $2.5
billion of the combined average daily net assets of the Funds and the other
funds offered by the Trust (whose financial statements are provided in separate
reports), 0.085% of the next $2.5 billion of combined average daily net assets,
0.075% of the next $7 billion of combined average daily net assets, 0.065% of
the next $3 billion of combined average daily net assets, 0.06% of the next $3
billion of combined average daily net assets and 0.0575% of combined average
daily net assets in excess of $18 billion. Prior to September 10, 1998, Investor
Services Group received administration fees at the annual rate of 0.09% of the
first $2.5 billion of combined average daily net assets of the Funds and the
other funds offered by the Trust, 0.085% of the next $2.5 billion of combined
average daily net assets and 0.075% of combined average daily net assets over $5
billion.
In addition, Investor Services Group also provides certain fund accounting,
custody administration and transfer agency services pursuant to certain fee
arrangements. In accordance with such fee arrangements, Investor Services Group
compensates the Trust's custodian bank, The Chase Manhattan Bank, for its
services.
First Data Distributors, Inc. (the "Distributor"), a wholly-owned
subsidiary of Investor Services Group and an indirect wholly-owned subsidiary of
First Data Corporation, serves as the distributor of the Trust's shares.
The Trust has adopted a shareholder services plan (the "Services Plan")
with respect to Retail A Shares and Trust Shares of the Funds. Currently, the
Services Plan has not been implemented with respect to the Funds' Trust Shares.
The Services Plan provides compensation to institutions (including and currently
limited to Fleet Bank and its affiliates) which provide administrative and
support services to their customers who beneficially own Retail A Shares, at an
aggregate annual rate not to exceed 0.25% of the average daily net asset value
of the outstanding Retail A Shares of each Fund beneficially owned by such
customers. The Trust, under the direction of the Board of the Trustees, is
currently limiting fees payable under the Services Plan with respect to each
Fund to an aggregate annual rate not to exceed 0.10% of the average daily net
asset value of the outstanding Retail A Shares beneficially owned by such
customers.
The Trust has adopted a distribution and services plan (the "12b-1 Plan")
with respect to Retail B Shares of the Money Market Fund. Under the 12b-1 Plan,
the Trust may pay (i) the Distributor or another person for expenses and
activities primarily intended to result in the sale of Retail B Shares, (ii)
institutions for shareholder liaison services and (iii) institutions for
administrative support services. Currently, payments under the 12b-1 Plan for
distribution services are being made solely to broker-dealer affiliates of Fleet
Bank and payments under the 12b-1 Plan for shareholder liaison and
administrative support services are being made solely to Fleet Bank and its
affiliates. Payments for distribution expenses may not exceed an annual rate of
0.65% of the average daily net assets attributable to the Money Market Fund's
outstanding Retail B Shares. The fees paid for shareholder liaison and
administrative support services may not exceed the annual rates of 0.25% and
0.25%, respectively, of the average daily net assets attributable to the Money
Market Fund's outstanding Retail B Shares owned of record or beneficially by
customers of institutions. The Trust is currently limiting the Money Market
Fund's payments for shareholder liaison and administrative support services
under the 12b-1 Plan to an aggregate fee of not more than 0.10% of the average
daily net asset value of Retail B Shares owned of record or beneficially by
customers of institutions. For the six months ended April 30, 1999, the Funds
paid fees under the Services Plan and 12b-1 Plan as follows:
46
<PAGE>
Notes to Financial Statements
<TABLE>
<CAPTION>
12b-1 Plan
Services ----------
Fund Plan Services Distribution
---- -------- ------------
<S> <C> <C> <C>
Money Market Fund $ 1,083,311 $ 818 $ 6,195
Government Fund 181,649 -- --
Tax-Exempt Fund 88,573 -- --
U.S. Treasury Fund 291,487 -- --
Connecticut Municipal
Money Market Fund 99,108 -- --
Massachusetts Municipal
Money Market Fund 88,595 -- --
</TABLE>
The Retail A Shares, Retail B Shares and Trust Shares of a Fund bear series
specific transfer agent charges based upon the number of shareholder accounts
for each series. Trust Shares of the Funds (except the Tax-Exempt Fund) also
bear additional transfer agency fees in order to compensate Investor Services
Group for payments made to Fleet Bank, an affiliate of the Investment Advisor,
for performing certain sub-account and administrative functions on a per account
basis with respect to Trust Shares held by defined contribution plans. These
additional fees are based on the number of underlying participant accounts. For
the six months ended April 30, 1999, transfer agent charges for each series were
as follows:
<TABLE>
<CAPTION>
Fund Retail A Retail B Trust
- ---- -------- -------- -----
<S> <C> <C> <C>
Money Market Fund $1,026,504 $ 730 $ 93,932
Government Fund 166,432 -- 31,058
Tax-Exempt Fund 31,053 -- 36
U.S. Treasury Fund 198,193 -- 13,492
Connecticut Municipal
Money Market Fund 11,850 -- --
Massachusetts Municipal
Money Market Fund 7,452 -- --
</TABLE>
Certain officers of the Trust may be officers of the Administrator. Such
officers receive no compensation from the Trust for serving in their respective
roles. No officer, director or employee of the Investment Advisor serves as an
officer, trustee or employee of the Trust. Effective March 5, 1998, each Trustee
is entitled to receive for services as a trustee of the Trust, The Galaxy VIP
Fund ("VIP") and Galaxy Fund II ("Galaxy II") an aggregate fee of $40,000 per
annum plus certain other fees for attending or participating in meetings as well
as reimbursement for expenses incurred in attending meetings. Prior to March 5,
1998, each Trustee was entitled to receive for services as a trustee of the
Trust, VIP and Galaxy II an aggregate fee of $29,000 per annum plus certain
other fees for attending or participating in meetings as well as reimbursement
for expenses incurred in attending meetings. The Chairman of the Boards of
Trustees and the President and Treasurer of the Trust, VIP and Galaxy II are
also entitled to additional fees for their services in these capacities. These
fees are allocated among the funds of the Trust, VIP and Galaxy II, based on
their relative net assets.
Each Trustee is eligible to participate in The Galaxy Fund/The Galaxy VIP
Fund/Galaxy Fund II Deferred Compensation Plan (the "Plan"), an unfunded,
non-qualified deferred compensation plan. The Plan allows each trustee to defer
receipt of all or a percentage of fees which otherwise would be payable for
services performed.
Expenses for the six months ended April 30, 1999, include legal fees paid
to Drinker Biddle & Reath LLP. A partner of that firm is Secretary of the Trust.
4. Waiver of Fees and Reimbursement of Expenses
The Investment Advisor voluntarily agreed to waive a portion of its fees
and/or reimburse the Funds for certain expenses so that total expenses would not
exceed certain expense limitations established for each Fund. The
Investment Advisor, at its discretion, may revise or discontinue the voluntary
fee waivers and/or expense reimbursements at any time. For the six months ended
April 30, 1999, the Investment Advisor waived fees and/or reimbursed expenses
with respect to the Funds in the following amounts:
<TABLE>
<CAPTION>
Fees Waived by
Fund Investment Advisor
- ---- ------------------
<S> <C>
Money Market Fund $ 724,530
Government Fund 79,539
<CAPTION>
Expenses Reimbursed by
Fund Investment Advisor
- ---- ------------------
<S> <C>
Connecticut Municipal
Money Market Fund $ 24,726
Massachusetts Municipal
Money Market Fund 22,353
</TABLE>
5. Shares of Beneficial Interest
The Trust's Declaration of Trust authorizes the Trustees to issue an
unlimited number of shares of beneficial interest in the Funds, each with a par
value of $0.001. The Trust's shares are classified into thirty classes of
shares, each consisting of one or more series including: Class A Shares (Retail
A Shares), Class A - Special Series 1 Shares (Trust Shares) and Class A -
Special Series 2 Shares (Retail B Shares) - Money Market Fund; Class B Shares
(Retail A Shares) and Class B - Special Series 1 Shares (Trust Shares) -
Government Fund; Class E Shares (Retail A Shares) and Class E Special Series 1
Shares (Trust Shares) - Tax-Exempt Fund; Class F Shares (Retail A Shares) and
Class F - Special Series 1 Shares (Trust Shares) - U.S. Treasury Fund; Class V
Shares (Retail A Shares) - Connecticut Municipal Money Market Fund; and Class W
Shares (Retail A Shares) - Massachusetts Municipal Money Market Fund.
47
<PAGE>
Notes to Financial Statements
Each share represents an equal proportionate interest in the respective
Fund, bears the same fees and expenses (except that Retail A Shares bear the
expense of payments under the Services Plan, Retail B Shares bear the expense of
payments under the 12b-1 Plan and Retail A Shares, Retail B Shares and Trust
Shares each bear series specific transfer agent charges) and are entitled to
such dividends and distributions of income earned as are declared at the
discretion of the Trust's Board of Trustees.
Shareholders are entitled to one vote for each full share held and will
vote in the aggregate and not by class or series, except as otherwise expressly
required by law or when the Board of Trustees determines that the matter to be
voted on affects only the interests of shareholders of a particular class or
series.
6. Concentration of Credit
The Connecticut Municipal Money Market and Massachusetts Municipal Money
Market Funds invest primarily in debt obligations issued by the State of
Connecticut and the Commonwealth of Massachusetts, respectively, and their
respective political subdivisions, agencies and public authorities to obtain
funds for various public purposes. Such Funds are more susceptible to economic
and political factors adversely affecting issuers of each respective state's
specific municipal securities than are municipal funds that are not concentrated
in these issuers to the same extent.
7. Federal Tax Information
At October 31, 1998, the following Funds had capital loss carryforwards:
<TABLE>
<CAPTION>
Fund Amount Expiration
---- ------ ----------
<S> <C> <C>
Money Market Fund ........... $ 1,293,766 2002
5,000 2003
43,235 2004
Government Fund ............. 843,555 2002
Tax-Exempt Fund ............. 120,301 2002
3,772 2003
7,498 2004
U.S. Treasury Fund .......... 746,787 2002
Connecticut Municipal
Money Market Fund ........... 6,619 2002
817 2004
Massachusetts Municipal
Money Market Fund ........... 133 2001
31 2002
12,416 2004
</TABLE>
8. Change of Accountants
On January 13, 1999, the Trust dismissed PricewaterhouseCoopers LLP ("PwC") as
the Funds' independent auditors by action of the Trust's Board of Trustees upon
the recommendation of a Special Committee of the Board. PwC's reports on the
Funds' financial statements for the fiscal years ended October 31, 1998 and
October 31, 1997 contained no adverse opinion or disclaimer of opinion nor were
they qualified or modified as to uncertainty, audit scope or accounting
principles. During the Funds' fiscal years ended October 31, 1998 and October
31, 1997 and the interim period commencing November 1, 1998 and ending January
13, 1999, (i) there were no disagreements with PwC on any matter of accounting
principles or practices, financial statement disclosure or auditing scope or
procedure, which disagreements, if not resolved to the satisfaction of PwC,
would have caused it to make reference to the subject matter of the
disagreements in connection with its reports on the Funds' financial statements
for such years, and (ii) there were no "reportable events" of the kind described
in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of
1934, as amended.
On January 13, 1999, the Trust by action of its Board of Trustees upon the
recommendation of a Special Committee of the Board engaged Ernst & Young LLP
("E&Y") as the independent auditors to audit the Funds' financial statements for
the fiscal year ending October 31, 1999. During the Funds' fiscal years ended
October 31, 1998 and October 31, 1997 and the interim period commencing November
1, 1998 and ending January 13, 1999, neither the Trust, the Funds nor anyone on
their behalf has consulted E&Y on items which (i) concerned the application of
accounting principles to a specified transaction, either completed or proposed,
or the type of audit opinion that might be rendered on the Funds' financial
statements or (ii) concerned the subject of a disagreement (as defined in
paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as
described in paragraph (a)(1)(v) of said Item 304).
48
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[Back cover]
[Graphic: Galaxy Funds logo]
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