[Logo]
THE MONITOR FUNDS
Semi-Annual Report
To Shareholders
MONEY MARKET FUNDS
Trust Shares and Investment Shares
The Monitor Money Market Fund
The Monitor Ohio Municipal Money Market Fund
The Monitor U.S. Treasury Money Market Fund
EQUITY FUNDS
Trust Shares and Investment Shares
The Monitor Growth Fund
Trust Shares
The Monitor Income Equity Fund
INCOME FUNDS
Trust Shares and Investment Shares
The Monitor Ohio Tax-Free Fund
The Monitor Fixed Income Securities Fund
The Monitor Mortgage Securities Fund
Trust Shares
The Monitor Short/Intermediate Fixed Income
Securities Fund
June 30, 1995
[Logo]
Huntington Trust
Investment Manager
- --------------------------------------------------------------------------------
Message from the Investment Manager
Dear Shareholder:
I am pleased to present the Semi-Annual Report for The Monitor Funds. This
Report covers the six month period ended June 30, 1995. It opens with a
"question and answer" section featuring our portfolio managers, outlining both
equity and bond market performance along with recent activity in the Funds'
portfolios. Also included are performance information, a complete listing of
each Fund's holdings, comprehensive financial statements and financial
highlights.
The weakness in the economic indicators intensified in late May and early June,
lowering the likely path for real Gross Domestic Product and raising the odds of
a reversal in monetary policy. Our updated second quarter real Gross Domestic
Product growth forecast is zero, down from 2% in mid-May. The third quarter
forecast is 1.4%, also down from 2%. However, it appears that an outright
recession still seems no more than a remote possibility.
If investors have learned anything from the experiences of 1994, it is the
importance of maintaining a diversified portfolio. In almost any market, at
almost any time, one of the best ways to reduce risk--and seek attractive
returns--is to diversify. Spreading assets over a variety of instruments is one
of the soundest rules of investment management. The old adage of "putting one's
eggs" into the same basket is doubly true when managing money. A wisely
structured, diversified portfolio which includes the basic types of financial
assets--chosen to meet your investment goals from college education to
retirement savings--can pursue an attractive return over time with modest
volatility. We hope that you will continue to think of one or more of The
Monitor Funds as you invest to meet your personal financial goals.
We appreciate your ongoing confidence in The Monitor Funds. I encourage you to
add to your fund investment by reinvesting your dividends, or by making
additional share purchases through our Systematic Investment Plan.
On behalf of The Monitor Funds and The Huntington Trust Company, I thank you for
your investment.
Norman A. Jacobs
President and C.E.O.
The Huntington Trust Company, N.A.
Investment Manager
August 15, 1995
- --------------------------------------------------------------------------------
Investment Review
The following questions were answered by a panel consisting of the following
Portfolio Managers:
<TABLE>
<S> <C>
James M. Buskirk (Chief Investment
Officer, The Huntington
Trust Company, N.A.).................... The Monitor Income Equity Fund
Philip H. Farrington,
James Gibboney, Jr. and
Thomas J. Sauer......................... The Monitor Growth Fund
Stephen M. Geis........................... The Monitor Fixed Income Securities
Fund
The Monitor Short/Intermediate Fixed
Income Securities Fund
William G. Doughty........................ The Monitor Money Market Fund
The Monitor U.S. Treasury Money
Market Fund
The Monitor Ohio Municipal Money
Market Fund
The Monitor Ohio Tax-Free Fund
Worth Bruntjen (Senior Vice President,
Piper Capital Management) and
Marijo Goldstein........................ The Monitor Mortgage Securities Fund
</TABLE>
Money Market Funds: The Monitor Money Market Fund, The Monitor U.S. Treasury
Money Market Fund, and The Monitor Ohio Municipal Money
Market Fund
Q
Can you comment on the interest rate environment during the reporting
period and how The Monitor Money Market Funds performed in this
environment?
A
During the first half of 1995, we saw two different environments. In the
first quarter, we saw higher rates and the expectation that the Federal
Reserve Board would continue to increase rates to slow down economic
growth. The second quarter saw a reversal as the economy started to slow and
there was anticipation that the Federal Reserve Board would lower rates to keep
the economy on a moderate growth path. During the first half of 1995, yields on
the two taxable money market funds increased by 25 to 50 basis points, while the
yield on the municipal fund remained stable.*
Q
What was the average life of the securities in each fund at the end of the
period?
A
The average life of the securities in each of the Money Market Funds, at
the end of the second quarter, was as follows:
<TABLE>
<S> <C>
The Monitor Money Market Fund 42 days
The Monitor U.S. Treasury Money Market Fund 39 days
The Monitor Ohio Municipal Money Market Fund 46 days
</TABLE>
Q
Do you anticipate that rates will remain relatively stable over the near
future?
A
We believe that the second half of 1995 should continue to see declining
interest rates as the economy slows and the Federal Reserve Board reacts to
the economic slowdown.
- ---------
* Past performance is not indicative of future results. Yield will vary.
- --------------------------------------------------------------------------------
Equity Funds
The Monitor Growth Fund
Q
The equity market experienced strong growth during the reporting period.
How did The Monitor Growth Fund perform compared to its relevant index?
A
The Monitor Growth Fund's total return was 16.67% for Trust Shares and
11.83% for Investment Shares* for the first six months of 1995. In this
same period, the total return of the S&P 500** was 20.21% and the Lipper
Growth Fund Index** was 18.70%. Technology stocks remain market leaders. While
the Growth Fund has had exposure to that sector for the past two years, our
weighting in technology has been cut back over the last six months because of
lofty valuations in these stocks. Cyclical stocks rebounded in the first half
and actually outpaced their growth counterparts. The Growth Fund managers have
reduced their exposure to cyclical stocks in favor of a greater array of growth
stocks.
Q
What are your strategies for the fund over the next six months?
A
The fund will continue with its emphasis on growth stocks over the next six
months. We will continue to search for companies that generate
above-average earnings and dividend growth. We are carefully monitoring the
weighting of our technology growth exposure, along with the specific stocks we
own. Within this framework, we are maintaining a careful watch on the economy,
interest rates and inflation and how these may affect individual stocks within
the fund.
The Monitor Income Equity Fund
Q
How did The Monitor Income Equity Fund perform over the period in relation
to the equity market overall?
A
The Monitor Income Equity Fund has remained true to its objective of
achieving high current income and moderate appreciation of capital
primarily through investment in income-producing equity securities. This
fund participated in the second quarter's stock market advance, even though
faster growing sectors like technology captured the attention of the media and
investors. Because of our high yield bias, we have not invested heavily in these
segments. The solid dividend increases in The Monitor Income Equity Fund, which
benefited shareholders in the second quarter, came from steady performers such
as Worthington Industries, Inc., DuPont, Monsanto Co. and Chemical Bank. The few
changes made to the fund during this period were implemented to boost its
current yield.
Q
What is your strategy for the fund in this market, which continues to climb
to new highs? Are you maintaining a defensive position in expectation of a
correction?
A
Our strategy remains unchanged, in that we are maintaining some cash
reserves and Treasury note holdings based primarily on the fund's primary
goal of providing an above market current yield. Beyond that, the fund
remains well-diversified across all industry sectors and continues to focus on
the stocks of those companies that pay attractive current dividends, as well as
offering the potential for steady dividend increases.
- ---------
* Performance quoted represents past performance. Investment return and
principal value will fluctuate, so that an investor's shares, when redeemed,
may be worth more or less than their original cost.
** These indices are unmanaged.
- --------------------------------------------------------------------------------
Income Funds: The Monitor Fixed Income Securities Fund, The Monitor
Short/Intermediate Fixed Income Securities Fund, The Monitor
Mortgage Securities Fund, and The Monitor Ohio Tax-Free Fund
Q
In the interest rate environment during the six-month period ended June 30,
1995, how did The Monitor Fixed Income Securities Fund, The Monitor
Short/Intermediate Fixed Income Securities Fund, The Monitor Mortgage
Securities Fund, and The Monitor Ohio Tax-Free Fund perform?
A
The magnitude of the decline in interest rates over the first half of 1995,
while not unprecedented, was certainly a major surprise and a reversal of
the trend during 1994. With respect to bonds and bond funds in general, the
longer your maturities, the better off you were. We have never managed The
Monitor Fixed Income, Short/Intermediate Fixed Income and Ohio Tax-Free bond
funds by engaging in extreme maturity shifts. Instead, we have sought to
maintain fairly stable average maturities in all of these funds, and as such,
this has, to a large degree, allowed them to participate in this year's market
rally.
With regard to The Monitor Mortgage Securities Fund, those securities in the
portfolio with long duration contributed significantly to the fund's six month
total return performance of 21.33% for Trust Shares and 19.02% for Investment
Shares.* Near the end of the six month period, the investment management group
reduced the holdings of selected long duration assets to take advantage of their
very favorable performance and to dampen volatility.
- ---------
* Performance quoted represents past performance. Investment return and
principal value will fluctuate, so that an investor's shares, when redeemed,
may be worth more or less than their original cost.
- --------------------------------------------------------------------------------
Portfolios of Investments
----------------------------------------------------
THE MONITOR MONEY MARKET FUND June 30, 1995 (unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------
PRINCIPAL AMOUNT VALUE
- -------------------------------------------------------
<C> <S> <C>
(A) COMMERCIAL PAPER 83.0%
- ----------------------------------------------------------------------
AGRICULTURE 2.7%
$10,000,000 Cargill, Inc., 5.78%-5.87%,
8/22/1995-8/24/1995 $9,914,256
- ----------------------------------------------------------------------
AUTOMOTIVE 1.3%
5,000,000 Daimler-Benz North America
Corp., 5.76%, 9/21/1995 4,934,400
- ----------------------------------------------------------------------
BANKING 10.9%
5,000,000 AIG Funding, Inc., 5.95%,
8/2/1995 4,973,556
10,000,000 Corporate Asset Funding Co.,
5.87%-5.92%,
8/22/1995-9/11/1995 9,898,544
10,000,000 PNC Funding Corp.,
5.94%-5.98%,
7/31/1995-8/1/1995 9,949,503
5,000,000 Royal Bank of Canada, 5.74%,
9/7/1995 4,945,789
10,000,000 Toronto Dominion Holdings,
5.71%-6.00%,
7/6/1995-9/8/1995 9,941,113
- ----------------------------------------------------------------------
39,708,505
- ----------------------------------------------------------------------
BANKING & FINANCE 9.5%
5,000,000 American Express Credit
Corp., 5.83%, 9/28/1995 5,000,000
10,000,000 Ford Motor Credit Co.,
5.69%-6.08%,
7/25/1995-10/27/1995 9,906,747
5,000,000 General Electric Capital
Corp., 6.00%, 7/12/1995 4,990,833
10,000,000 Goldman, Sachs & Co., 5.90%,
8/25/1995-9/6/1995 9,900,028
5,000,000 Xerox Credit Corp., 5.83%,
9/12/1995 4,940,890
- ----------------------------------------------------------------------
34,738,498
- ----------------------------------------------------------------------
BASIC INDUSTRY 5.4%
5,000,000 Australian International,
6.05%,
7/24/1995 4,980,674
10,000,000 Hanson Finance (U.K.) PLC,
5.93%-6.02%,
7/13/1995-8/17/1995 9,951,257
5,000,000 Siemens Corp., 5.77%,
9/22/1995 4,933,485
- ----------------------------------------------------------------------
19,865,416
- ----------------------------------------------------------------------
CHEMICALS 8.2%
5,000,000 Akzo America, Inc., 5.94%,
8/17/1995 4,961,225
15,000,000 duPont (E.I.) de Nemours &
Co., 5.75%-5.92%,
8/9/1995-9/28/1995 14,847,903
5,000,000 Monsanto Co., 6.05%,
7/31/1995 4,974,792
5,000,000 U.S. Borax & Chemical Corp.,
6.05%, 7/17/1995 4,986,556
- ----------------------------------------------------------------------
29,770,476
- ----------------------------------------------------------------------
COMMUNICATION 2.7%
10,000,000 Motorola, Inc., 5.88%-5.97%,
7/18/1995-8/28/1995 9,938,538
- ----------------------------------------------------------------------
ELECTRONICS 1.3%
5,000,000 Sharp Electronics Corp.,
5.69%,
12/15/1995 4,868,024
- ----------------------------------------------------------------------
FINANCE-COMMERCIAL 6.8%
10,000,000 AT & T Capital Corp.,
5.88%-5.92%,
7/28/1995-8/4/1995 9,949,994
10,000,000 Pitney Bowes Credit Corp.,
5.99%-6.00%,
7/10/1995-7/26/1995 9,971,701
5,000,000 Sony Capital, 5.93%,
8/14/1995 4,963,761
- ----------------------------------------------------------------------
24,885,456
- ----------------------------------------------------------------------
FOOD & BEVERAGE 9.6%
5,000,000 Anheuser-Busch Cos., Inc.,
5.90%,
7/14/1995 4,989,347
10,000,000 Coca-Cola Co., 5.93%-6.00%,
7/12/1995-8/3/1995 9,963,654
$10,000,000 Golden Peanut Co.,
6.03%-6.09%,
7/5/1995-7/10/1995 $9,989,037
5,000,000 Hershey Foods Corp., 5.92%,
8/11/1995 4,966,260
5,000,000 Nestle Capital Corp., 5.65%,
9/5/1995 4,948,208
- ----------------------------------------------------------------------
34,856,506
- ----------------------------------------------------------------------
INSURANCE 5.4%
5,000,000 A I Credit Corp., 5.88%,
7/24/1995 4,981,217
10,000,000 Metlife Funding, Inc.,
5.65%-5.74%,
9/7/1995-9/27/1995 9,876,483
5,000,000 USAA Capital Corp., 5.98%,
7/27/1995 4,978,406
- ----------------------------------------------------------------------
19,836,106
- ----------------------------------------------------------------------
METALS & MINING 1.3%
5,000,000 RTZ America, Inc., 5.96%,
8/16/1995 4,961,922
- ----------------------------------------------------------------------
OFFICE EQUIPMENT 1.4%
5,000,000 Xerox Corp., 5.88%,
8/16/1995 4,962,433
- ----------------------------------------------------------------------
PRINTING & PUBLISHING 1.4%
5,000,000 McGraw-Hill, Inc., 6.05%,
8/8/1995 4,968,070
- ----------------------------------------------------------------------
RETAIL STORES 1.4%
5,000,000 PHH Corp., 5.95%, 7/27/1995 4,978,514
- ----------------------------------------------------------------------
SOVEREIGN GOVERNMENT 2.8%
10,100,000 Canadian Wheat Board, 5.90%-
6.00%, 7/17/1995-8/11/1995 10,052,803
- ----------------------------------------------------------------------
TELECOMMUNICATIONS 5.5%
5,000,000 AT & T Co., 5.82%, 8/30/1995 4,951,500
5,000,000 BellSouth Capital Funding,
6.03%,
7/3/1995 4,998,325
10,000,000 U.S. West Communications,
5.87%-6.00%,
7/7/1995-8/29/1995 9,946,899
- ----------------------------------------------------------------------
19,896,724
- ----------------------------------------------------------------------
TOBACCO 4.0%
4,500,000 B.A.T. Capital Corp., 5.95%,
7/11/1995 4,492,562
10,000,000 Philip Morris Cos., Inc.,
5.92%-6.00%, 8/7/1995 9,938,744
- ----------------------------------------------------------------------
14,431,306
- ----------------------------------------------------------------------
UTILITIES 1.4%
5,000,000 Southern California Edison
Co., 6.05%, 7/11/1995 4,991,597
- ----------------------------------------------------------------------
TOTAL COMMERCIAL PAPER 302,559,550
- ----------------------------------------------------------------------
ASSET-BACKED SECURITIES 1.0%
- ----------------------------------------------------------------------
3,459,793 Banc One Auto Trust 1995-A1,
6.36%, 4/15/1996 3,459,793
- ----------------------------------------------------------------------
BANKERS ACCEPTANCE 1.6%
6,000,000 Bank of New York Co., Inc.,
5.71%, 9/25/1995 5,918,157
- ----------------------------------------------------------------------
GOVERNMENT AGENCIES 2.7%
5,000,000 Student Loan Marketing
Association, Weekly FRN 5,000,000
5,000,000 Tennessee Valley Authority,
4.125%, 8/15/1995 4,987,827
- ----------------------------------------------------------------------
9,987,827
- ----------------------------------------------------------------------
(B) REPURCHASE AGREEMENT 12.1%
- ----------------------------------------------------------------------
43,924,500 Morgan Stanley & Co., Inc.,
6.05%, dated 6/30/1995,
due 7/3/1995 43,924,500
- ----------------------------------------------------------------------
TOTAL INVESTMENTS (AT AMORTIZED COST) $365,849,827(C)
- ----------------------------------------------------------------------
See Notes to Portfolios of Investments.
</TABLE>
- --------------------------------------------------------------------------------
-------------------------
THE MONITOR OHIO MUNICIPAL MONEY June 30, 1995 (unaudited)
MARKET FUND
<TABLE>
<CAPTION>
CREDIT
RATINGS:
MOODY'S
PRINCIPAL AMOUNT OR S&P VALUE
- ------------------------------------------------------------
<C> <S> <C> <C>
SHORT-TERM MUNICIPAL SECURITIES
99.6%
- ------------------------------------------------------------
GEORGIA 4.2%
$4,200,000 Burke County, GA,
Daily VRDNs (Georgia
Power) VMIG1 $4,200,000
- ------------------------------------------------------------
OHIO 93.4%
1,000,000 Akron, OH, 5.25% GO LT
Bonds, Special
Assessment Note,
12/14/95 MIG1* 1,001,370
- ------------------------------------------------------------
668,000 Bedford, OH, 4.98%
BANs,
9/8/95 MIG1* 668,375
- ------------------------------------------------------------
1,555,000 Butler County, OH,
4.86% BANs, 3/15/96 MIG1* 1,559,907
- ------------------------------------------------------------
500,000 Centerville, OH, 4.40%
BANs, 3/14/96 MIG1* 501,885
- ------------------------------------------------------------
2,000,000 Centerville, OH,
Weekly VRDNs Revenue
Bonds, (Bethany
Lutheran Village
Project)/(PNC Bank
LOC) VMIG1 2,000,000
- ------------------------------------------------------------
1,300,000 Cincinnati, OH,
Student Loan Funding
Corp., Weekly VRDNs
Revenue Bonds,
(Series 1983A)/(Fuji
Bank Ltd. LOC) VMIG1 1,300,000
- ------------------------------------------------------------
3,333,000 Clermont County, OH,
Hospital Facilities,
Daily VRDNs Revenue
Bonds, (Mercy Health
Care System)/(Series
B)/(MBIA Insured) VMIG1 3,333,000
- ------------------------------------------------------------
1,000,000 Columbus City, OH,
Weekly VRDNs (West
Deutsche Landesbank
LOC) VMIG1 1,000,000
- ------------------------------------------------------------
900,000 Columbus, OH, Electric
System Revenue Weekly
VRDNs (Dai-Ichi
Kangyo Bank Ltd. LOC) VMIG1 900,000
- ------------------------------------------------------------
3,700,000 Columbus, OH, Sewer
System Revenue
Refunding Bonds,
Weekly VRDNs (Series
1994)/ (Columbus, OH
Sewer System
Guaranty) A-1+ 3,700,000
- ------------------------------------------------------------
905,000 Cuyahoga County, OH,
4.25% Health Care
Facilities Revenue
Bonds, (Cleveland
Neighborhood)/
(Series A), (Society
Bank LOC), 12/01/95 MIG1* 905,000
- ------------------------------------------------------------
1,400,000 Cuyahoga County, OH,
IDA Weekly VRDNs (The
Allen Group, Inc.
Project)/ (Dresdner
Bank A.G., LOC) VMIG1 1,400,000
- ------------------------------------------------------------
$730,000 Cuyahoga County, OH,
IDR 5.10% Revenue
Bonds, (Fogg Centax
II Project)/
(Equitable Federal
Savings & Loan LOC),
7/1/95 Aa $729,139
- ------------------------------------------------------------
500,000 Delaware County, OH,
IDR Weekly VRDNs
Revenue Bonds,
(Radiation
Sterilizers)/(Wells
Fargo Bank LOC) VMIG1 500,000
- ------------------------------------------------------------
1,350,000 Dover, OH, 4.08% BANs,
9/14/95 MIG1* 1,350,053
- ------------------------------------------------------------
1,000,000 Dublin, OH, 5.00%,
9/20/95 MIG1* 1,002,076
- ------------------------------------------------------------
500,000 Elyria, OH, 4.15% LT
BANs,
7/28/95 MIG1* 500,048
- ------------------------------------------------------------
1,240,000 Elyria, OH, 4.90%
BANs,
10/18/95 MIG1* 1,240,934
- ------------------------------------------------------------
1,000,000 Euclid, OH, 4.47%
BANs,
9/29/95 NR(2) 1,000,793
- ------------------------------------------------------------
1,600,000 Evandale, OH, IDR
Weekly VRDNs (Shaver
Real
Estate, Inc.)/(ABN
AMRO
Bank LOC) P-1 1,600,000
- ------------------------------------------------------------
800,000 Findlay, OH, Water
Revenue Refunding
Bonds, Weekly VRDNs
(Series 1984)/
(Dai-Ichi Kangyo LOC) A1 800,000
- ------------------------------------------------------------
500,000 Franklin County, OH,
Solid Waste
Facilities, 4.10% GO
LT BANs, (Series
8-94),
8/25/95 MIG1* 500,039
- ------------------------------------------------------------
1,300,000 Franklin County, OH,
Hospital Revenue
Bonds, Weekly VRDNs
(Childrens' Hospital
Project)/(Series
B)/(Bank One SPA) VMIG1 1,300,000
- ------------------------------------------------------------
2,500,000 Franklin County, OH,
Hospital Revenue
Bonds, Weekly VRDNs
(Holy Cross Health
Systems) VMIG1 2,500,000
- ------------------------------------------------------------
950,000 Franklin County, OH,
IDR Daily VRDNs
(Columbus College Art
Project)/(Bank One
LOC) MIG1* 950,000
- ------------------------------------------------------------
1,500,000 Franklin County, OH,
EDR Weekly VRDNs
(Dominican
Sisters)/(Fifth Third
Bank LOC) VMIG1 1,500,000
- ------------------------------------------------------------
1,100,000 Hamilton County, OH,
Weekly VRDN
(Automated Data
Processing Company)/
(National Westminster
Bank PLC LOC) P-1 1,100,000
- ------------------------------------------------------------
1,000,000 Highland Heights, OH,
5.65% GO LT BANs,
12/28/95 MIG1* 1,002,134
- ------------------------------------------------------------
$810,000 Hilliard, OH, City
School District,
4.35% BANs,
12/1/95 AA- $810,000
- ------------------------------------------------------------
1,656,000 Lakota, OH, 4.30%,
BANs,
6/12/96 MIG1* 1,662,038
- ------------------------------------------------------------
985,000 Mahoning County, OH,
Healthcare Facilities
Revenue Bonds, Daily
VRDNs (Series 1992)/
(Copeland Oaks
Project)/ (Bank One
LOC) MIG1* 985,000
- ------------------------------------------------------------
1,200,000 Marion County, OH,
Hospital Revenue
Bonds, Daily VRDNs
(Pooled Lease
Program)/(Bank One,
Columbus LOC) A1+ 1,200,000
- ------------------------------------------------------------
1,000,000 Marysville, OH,
Exempted Village
School, 4.27%,
12/20/95 MIG1* 1,001,939
- ------------------------------------------------------------
1,000,000 Montgomery County
Hospital, OH, 3.65%
Miami Valley Hospital
Revenue Bonds, (Fuji
Bank Ltd. LOC),
7/13/95 A1 1,000,000
- ------------------------------------------------------------
1,000,000 Morrow County, OH, IDR
Daily VRDNs (Field
Container Corp.)/
(American National
Bank
and Trust LOC) A-1 1,000,000
- ------------------------------------------------------------
2,200,000 Muskingham County, OH,
Hospital Facilities
Revenue, Weekly VRDNs
(Bethesda Care System
Project)/ (National
City Bank LOC) VMIG1 2,200,000
- ------------------------------------------------------------
1,000,000 North Olmsted, OH,
4.55% BANs, 7/20/95 MIG1* 1,000,220
- ------------------------------------------------------------
1,000,000 Ohio State Air Quality
Development
Authority, 3.00% PCR
(Cleveland
Electric)/(Series
B)/(FGIC Insured),
Mandatory Tender
7/19/95 A-1+ 1,000,000
- ------------------------------------------------------------
1,500,000 Ohio State Air Quality
Development
Authority, 3.10% PCR
(Cleveland
Electric)/(Series
B)/(FGIC Insured),
Mandatory Tender
8/3/95 A-1+ 1,500,000
- ------------------------------------------------------------
900,000 Ohio State Air Quality
Development
Authority, 3.50%
Revenue Bonds,
(Cincinnati Gas &
Electric)/ (Union
Bank, Switzerland
LOC), Mandatory
Tender
9/6/95 A-1+ 900,000
- ------------------------------------------------------------
OHIO (CONTINUED)
$2,000,000 Ohio State Air Quality
Development
Authority, 3.70%
Revenue Bonds,
(Cincinnati Gas &
Electric)/ (Toronto
Dominion Bank LOC),
Mandatory Tender
9/11/95 A-1+ $2,000,000
- ------------------------------------------------------------
2,000,000 Ohio State Air Quality
Development
Authority, 3.75%
Revenue Bonds,
(Cincinnati Gas &
Electric)/ (Union
Bank, Switzerland
LOC), Mandatory
Tender
8/4/95 A-1+ 2,000,000
- ------------------------------------------------------------
2,000,000 Ohio State Air Quality
Development
Authority, 3.90%
Revenue Bonds,
(Cleveland
Electric)/(FGIC
Insured), 7/5/95 A-1+ 2,000,000
- ------------------------------------------------------------
2,200,000 Ohio State Air Quality
Development
Authority, Monthly
VRDNs Revenue
Refunding Bonds, (The
Mead Corp.)/(Deutsche
Bank A.G. LOC) A-1+ 2,200,000
- ------------------------------------------------------------
3,200,000 Ohio State
Environmental
Improvement, Weekly
VRDNs Revenue
Refunding Bonds, (USX
Corp.)/ (Sanwa Bank
Ltd. LOC) P-1 3,200,000
- ------------------------------------------------------------
3,200,000 Ohio State Higher
Educational
Facilities
Commission, Daily
VRDNs Revenue Bonds,
(Oberlin College
Project)/(Bank of
Tokyo Ltd. LOC) A-1+ 3,200,000
- ------------------------------------------------------------
1,000,000 Ohio State Higher
Education Facility,
Weekly VRDNs (Mt.
Vernon Nazarene
College)/(National
City Bank LOC) VMIG1* 1,000,000
- ------------------------------------------------------------
1,000,000 Ohio State Pollution
Control, Weekly VRDNs
(ALCOA) VMIG1 1,000,000
- ------------------------------------------------------------
900,000 Ohio State University
Revenue Bonds, Weekly
VRDNs (Series 1985B)/
(National Westminster
Bank PLC LOC) VMIG1 900,000
- ------------------------------------------------------------
3,175,000 Ohio State University
Revenue Bonds, Weekly
VRDNs (General
Receipts)/ (Series
1992B) VMIG1 3,175,000
- ------------------------------------------------------------
2,195,000 Ohio State University
Revenue Bonds, Weekly
VRDNs (General
Receipts)/ (Series
1986B)/(National
Westminster Bank PLC
LOC) VMIG1 2,195,000
- ------------------------------------------------------------
$2,300,000 Ohio State Water
Development
Authority, Daily
VRDNs Revenue
Refunding Bonds,
(American Honda
Finance)/ (Industrial
Bank of Japan Ltd.
LOC) MIG1* $2,300,000
- ------------------------------------------------------------
1,100,000 Ohio State Water
Development
Authority, Daily
VRDNs Revenue
Refunding Bonds, (The
Mead Corp.)/(Series
1986B)/(Swiss Bank
Corp. LOC) VMIG1 1,100,000
- ------------------------------------------------------------
500,000 Richland County, OH,
4.85% GO LT BANs,
9/14/95 MIG1* 500,373
- ------------------------------------------------------------
660,000 Stark County, OH,
5.18% BANs, 12/6/95 MIG1* 660,641
- ------------------------------------------------------------
585,000 Stark County, OH, IDR
Various Purpose
Notes, 5.00% BANs,
(Series 1995-1),
4/3/96 NR(3) 586,706
- ------------------------------------------------------------
2,000,000 Summit County, OH, IDR
Weekly VRDNs
(Petrarca/
Cedarwood)/(Firemans
Insurance LOC) Aa2 2,000,000
- ------------------------------------------------------------
1,000,000 Sylvania, OH, City
School, 4.125% BANs,
12/28/95 MIG1* 1,001,030
- ------------------------------------------------------------
500,000 Talawanda, OH, Local
School District,
5.37% BANs,
4/4/95 SP-1 503,326
- ------------------------------------------------------------
1,500,000 Toledo-Lucas County,
OH, Port Authority,
3.10% Revenue
Refunding Bonds, (CSX
Transportation, Inc.
Project)/(Bank of
Nova Scotia LOC),
Mandatory Tender
7/12/95 A-1+ 1,500,000
- ------------------------------------------------------------
1,000,000 Toledo-Lucas County,
OH, Port Authority,
3.50% Revenue
Refunding Bonds, (CSX
Transportation, Inc.
Project)/(Bank of
Nova Scotia LOC),
Mandatory Tender
8/1/95 A-1+ 1,000,000
- ------------------------------------------------------------
1,400,000 Toledo-Lucas County,
OH, Port Authority,
3.70% Revenue
Refunding Bonds, (CSX
Transportation, Inc.
Project)/(Bank of
Nova Scotia LOC),
Mandatory Tender
8/7/95 A-1+ 1,400,000
- ------------------------------------------------------------
OHIO (CONTINUED)
$1,890,000 Toledo-Lucas County,
OH, Monthly VRDNs
Revenue Refunding
Bonds, Convention
Center & Visitors
Bureau, Inc., (Lucas
County Convention
Center
Project)/(Marine
Midland Bank LOC) VMIG1 $1,890,000
- ------------------------------------------------------------
500,000 University Heights
City, OH, 4.20% GO LT
BANs,
9/8/95 MIG1* 500,052
- ------------------------------------------------------------
600,000 University of
Cincinnati, 4.75%
BANs, (General
Receipts), 8/30/95 MIG1* 600,516
- ------------------------------------------------------------
340,000 Warren County, OH,
4.50% GO BANs,
(Deerfield Twp.),
9/22/95 MIG1* 340,099
- ------------------------------------------------------------
1,000,000 Warren County, OH, IDR
Weekly VRDNs (Pioneer
Industrial
Componets)/
(Mitsubishi Bank Ltd.
LOC) P-1 1,000,000
- ------------------------------------------------------------
600,000 Willoughby, OH, 4.19%
GO BANs, 8/16/95 MIG1* 600,113
- ------------------------------------------------------------
800,000 Wilmington, OH, 4.35%
GO LT BANs, (Second
Series),
7/11/95 MIG1* 800,194
- ------------------------------------------------------------
800,000 Wilmington, OH, 4.39%
GO BANs, 4/10/96 MIG1* 801,745
- ------------------------------------------------------------
700,000 Wooster, OH, IDR
Weekly VRDNs Revenue
Bonds, (The Allen
Group, Inc.)/
(Dresdner Bank A.G.
LOC) VMIG1 700,000
- ------------------------------------------------------------
92,758,745
- ------------------------------------------------------------
PUERTO RICO 2.0%
2,000,000 Puerto Rico Government
Development Bank,
3.90%, 7/18/95 A1+ 2,000,000
- ------------------------------------------------------------
TOTAL SHORT-TERM MUNICIPAL SECURITIES
(AT AMORTIZED COST) 98,958,745
- ------------------------------------------------------------
OTHER 1.8%
- ------------------------------------------------------------
1,781,000 Nuveen Tax-Exempt
Money Market Fund,
Inc. (at net asset
value) NR 1,781,000
- ------------------------------------------------------------
TOTAL INVESTMENTS (AT AMORTIZED COST) $100,739,745(C)
- ------------------------------------------------------------
</TABLE>
See Notes to Portfolios of Investments.
- --------------------------------------------------------------------------------
-------------------------
THE MONITOR U.S. TREASURY MONEY MARKET FUND June 30, 1995 (unaudited)
- ----------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE
- ----------------------------------------------------------------------
U.S. TREASURY BILLS 45.0%
- ----------------------------------------------------------------------
$146,000,000 7/13/1995-12/14/1995 $144,195,551
- ----------------------------------------------------------------------
(E) REPURCHASE AGREEMENTS 55.5%
- ----------------------------------------------------------------------
22,636,200 Daiwa Securities America,
Inc., 6.10%, dated
6/30/1995, due
7/3/1995 22,636,200
15,000,000 Sanwa Securities USA Co.,
LP, 5.85%, dated
6/30/1995, due
7/3/1995 15,000,000
15,000,000 CS First Boston Corp.,
6.01%, dated 6/30/1995,
due
7/5/1995 15,000,000
50,000,000 Daiwa Securities America,
Inc., 6.07%, dated
6/30/1995, due
7/5/1995 50,000,000
15,000,000 Nomura Securities
International, Inc.,
6.00%, dated 6/30/1995,
due 7/5/1995 15,000,000
$15,000,000 J.P. Morgan Securities,
Inc., 5.90%, dated
6/30/1995, due 7/6/1995 $15,000,000
15,000,000 Lehman Brothers, Inc.,
6.00%, dated 6/30/1995,
due 7/6/1995 15,000,000
15,000,000 Goldman, Sachs & Co.,
6.05%, dated 6/30/1995,
due 7/7/1995 15,000,000
15,000,000 Morgan Stanley & Co., Inc.,
5.98%, dated 6/30/1995,
due 7/7/1995 15,000,000
- ----------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS 177,636,200
- ----------------------------------------------------------------------
TOTAL INVESTMENTS (AT AMORTIZED COST) $321,831,751(C)
- ----------------------------------------------------------------------
See Notes to Portfolios of Investments.
- --------------------------------------------------------------------------------
------------------------------------------
THE MONITOR GROWTH FUND June 30, 1995 (unaudited)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------------------
<C> <S> <C>
COMMON STOCKS 93.3%
- ----------------------------------------------------------------------
CAPITAL GOODS 3.0%
65,000 Boeing Co. $4,070,625
- ----------------------------------------------------------------------
CHEMICALS 6.5%
41,800 duPont (EI) deNemours & Co. 2,873,750
17,600 Great Lakes Chemical Corp. 1,060,400
145,000 Hanna (M.A.) Co. 3,770,000
19,000 Potash Corp. 1,061,625
- ----------------------------------------------------------------------
8,765,775
- ----------------------------------------------------------------------
CONSUMER GOODS & SERVICES 2.7%
120,000 Media General Cl. A 3,660,000
- ----------------------------------------------------------------------
CONSUMER NON-DURABLES 4.8%
90,000 American Brands 3,577,500
40,000 Colgate-Palmolive Co. 2,925,000
- ----------------------------------------------------------------------
6,502,500
- ----------------------------------------------------------------------
CONSUMER PRODUCTS 16.7%
130,000 American Greetings Corp. 3,818,750
65,000 International Flavors &
Fragrances 3,233,750
135,000 Mattel, Inc. 3,510,000
150,000 Newell Co. 3,675,000
55,000 Philip Morris Cos., Inc. 4,090,625
100,000 Tambrands, Inc. 4,275,000
- ----------------------------------------------------------------------
22,603,125
- ----------------------------------------------------------------------
ELECTRICAL EQUIPMENT 5.6%
40,000 Emerson Electric Co. 2,860,000
42,800 General Electric Co. 2,412,850
40,582 Hubbell, Inc. 2,292,883
- ----------------------------------------------------------------------
7,565,733
- ----------------------------------------------------------------------
ELECTRONICS 2.5%
145,000 Premier Industrial Corp. 3,425,625
- ----------------------------------------------------------------------
ENERGY 5.3%
80,000 Anadarko Petroleum 3,450,000
60,000 Schlumberger 3,727,500
- ----------------------------------------------------------------------
7,177,500
- ----------------------------------------------------------------------
FINANCIAL 7.1%
105,000 American Express $3,688,125
15,000 American International Group 1,710,000
73,500 Cincinnati Financial Corp. 4,116,000
- ----------------------------------------------------------------------
9,514,125
- ----------------------------------------------------------------------
FOOD & BEVERAGE 5.2%
76,600 McDonald's Corp. 2,996,975
88,500 Pepsico, Inc. 4,037,813
- ----------------------------------------------------------------------
7,034,788
- ----------------------------------------------------------------------
FOOD DISTRIBUTOR/SERVICE SYSTEM 2.2%
100,000 Sysco Corp. 2,950,000
- ----------------------------------------------------------------------
HEALTHCARE 8.2%
105,000 Abbott Laboratories 4,252,500
35,000 Medtronic, Inc. 2,699,375
45,000 Pfizer, Inc. 4,156,875
- ----------------------------------------------------------------------
11,108,750
- ----------------------------------------------------------------------
INDUSTRIAL PRODUCTS 5.6%
50,000 Crown Cork & Seal Co.,
Inc.(f) 2,506,250
62,000 Illinois Tool Works, Inc. 3,410,000
45,000 Parker-Hannifin Corp. 1,631,250
- ----------------------------------------------------------------------
7,547,500
- ----------------------------------------------------------------------
PRODUCER MANUFACTURING 2.8%
70,000 Nordson Corp. 3,815,000
- ----------------------------------------------------------------------
RETAIL 4.4%
75,000 Home Depot 3,046,875
110,000 Wal-Mart Stores, Inc. 2,942,500
- ----------------------------------------------------------------------
5,989,375
- ----------------------------------------------------------------------
TECHNOLOGY 9.3%
55,000 Automatic Data Processing,
Inc. 3,458,125
25,000 Hewlett-Packard Co. 1,862,500
25,000 Microsoft Corp.(f) 2,259,375
45,000 Motorola, Inc. 3,020,625
51,100 Pitney Bowes, Inc. 1,960,963
- ----------------------------------------------------------------------
12,561,588
- ----------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------
SHARES OR PRINCIPAL AMOUNT VALUE
- ----------------------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS 1.4%
35,000 American Telephone &
Telegraph Co. $1,859,375
- ----------------------------------------------------------------------
TOTAL COMMON STOCKS (IDENTIFIED COST
$98,352,394) 126,151,384
- ----------------------------------------------------------------------
(G) COMMERCIAL PAPER 7.0%
- ----------------------------------------------------------------------
FINANCE-COMMERCIAL 7.0%
$2,000,000 American Express Co., 5.80%,
7/18/95 2,000,000
2,000,000 Cargill, Inc., 5.95%,
7/13/95 1,996,033
2,000,000 Ford Motor Credit Corp.,
5.97%,
7/6/95 2,000,000
FINANCE-COMMERCIAL (CONTINUED)
$3,464,134 GE Capital Corp., 5.75%,
7/3/95 $3,464,134
- ----------------------------------------------------------------------
TOTAL COMMERCIAL PAPER (AT AMORTIZED COST) 9,460,168
- ----------------------------------------------------------------------
TOTAL INVESTMENTS (IDENTIFIED COST
$107,812,562) $135,611,552
- ----------------------------------------------------------------------
See Notes to Portfolios of Investments.
</TABLE>
- -------------------------------------------------------------------------------
-------------------------------------
THE MONITOR INCOME EQUITY FUND June 30, 1995 (unaudited)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------
SHARES VALUE
AMOUNT
- ----------------------------------------------------------------------
<C> <S> <C>
COMMON STOCKS 80.4%
- ----------------------------------------------------------------------
BANKS & FINANCE 11.9%
65,000 Chemical Bank $3,071,250
120,000 Corestates Financial Corp. 4,185,000
70,000 H.F. Ahmanson & Co. 1,540,000
100,000 National City Corp. 2,937,500
100,000 Ohio Casualty Corp. 3,150,000
- ----------------------------------------------------------------------
14,883,750
- ----------------------------------------------------------------------
BASIC INDUSTRY 6.9%
25,000 duPont (EI) deNemours & Co. 1,718,750
34,000 Monsanto Co. 3,064,250
90,000 PPG Industries, Inc. 3,870,000
- ----------------------------------------------------------------------
8,653,000
- ----------------------------------------------------------------------
BUSINESS SERVICES 5.3%
65,000 Dun & Bradstreet Corp. 3,412,500
140,000 John H. Harland Co. 3,202,500
- ----------------------------------------------------------------------
6,615,000
- ----------------------------------------------------------------------
CAPITAL GOODS 3.9%
105,000 Worthington Industries,
Inc. 2,145,937
180,000 Zero Corp. 2,700,000
- ----------------------------------------------------------------------
4,845,937
- ----------------------------------------------------------------------
CONGLOMERATES 0.1%
6,750 US Industries Inc. 91,969
- ----------------------------------------------------------------------
CONSUMER DURABLES 2.4%
100,000 Ford Motor Co. 2,975,000
- ----------------------------------------------------------------------
CONSUMER NON-DURABLES 18.2%
70,000 American Brands 2,782,500
40,000 American Home Products
Corp. 3,095,000
35,000 Bristol-Meyers Squibb Corp. 2,384,375
55,000 Clorox Co. 3,588,750
135,000 Hanson PLC 2,379,375
50,000 Philip Morris Cos., Inc. 3,718,750
300,000 RJR Nabisco (Series C) 1,837,500
80,000 Upjohn Co. 3,030,000
- ----------------------------------------------------------------------
22,816,250
- ----------------------------------------------------------------------
ELECTRICAL EQUIPMENT 2.4%
54,000 General Electric Co. 3,044,250
- ----------------------------------------------------------------------
ENERGY 10.8%
46,000 Chevron 2,144,750
42,000 Exxon Corp. 2,966,250
35,000 Repsol S.A. 1,106,875
25,000 Royal Dutch Petroleum Co. 3,046,875
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------
SHARES OR
PRINCIPAL AMOUNT VALUE
- ----------------------------------------------------------------------
<C> <S> <C>
ENERGY (CONTINUED)
50,000 Sun & Co. 1,368,750
45,000 Texaco, Inc. $2,953,125
- ----------------------------------------------------------------------
13,586,625
- ----------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS 2.5%
40,000 Nationwide Health
Properties 1,560,000
65,500 Simon Property Group 1,645,688
- ----------------------------------------------------------------------
3,205,688
- ----------------------------------------------------------------------
TECHNOLOGY 2.8%
30,000 Xerox Corp. 3,517,500
- ----------------------------------------------------------------------
UTILITIES 13.2%
55,000 Bell Atlantic Corp. 3,080,000
120,000 DPL, Inc. 2,655,000
65,000 GTE Corp. 2,218,125
80,000 IPALCO Enterprises 2,550,000
45,000 Pacific Telesis Group 1,185,300
90,000 Peoples Energy Corp. 2,328,750
90,000 Wisconsin Energy Corp. 2,520,000
- ----------------------------------------------------------------------
16,537,175
- ----------------------------------------------------------------------
TOTAL COMMON STOCKS (IDENTIFIED COST
$81,758,945) 100,772,144
- ----------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS 17.0%
- ----------------------------------------------------------------------
U.S. TREASURY NOTES 11.5%
$13,000,000 6.75%,6/30/1999 13,304,100
1,000,000 7.75%, 2/15/2001 1,080,690
- ----------------------------------------------------------------------
14,384,790
- ----------------------------------------------------------------------
U.S. TREASURY BOND 1.7%
1,700,000 8.875%, 8/15/2017 2,117,486
- ----------------------------------------------------------------------
U.S. TREASURY BILLS 3.8%
4,000,000 6/30/1999 3,864,216
1,000,000 2/8/1996 966,054
- ----------------------------------------------------------------------
4,830,270
- ----------------------------------------------------------------------
TOTAL U.S. TREASURY OBLIGATIONS
(IDENTIFIED COST $20,610,550) 21,332,546
- ----------------------------------------------------------------------
COMMERCIAL PAPER 2.3%
- ----------------------------------------------------------------------
2,938,842 General Electric Capital
Corp., 5.75%, 7/3/1995
(at amortized cost) 2,938,842
- ----------------------------------------------------------------------
TOTAL INVESTMENTS (IDENTIFIED COST
$105,308,337) $125,043,532
- ----------------------------------------------------------------------
See Notes to Portfolios of Investments.
</TABLE>
- --------------------------------------------------------------------------------
THE MONITOR OHIO TAX-FREE FUND June 30, 1995 (unaudited)
--------------------------
<TABLE>
<CAPTION>
CREDIT
RATING:
MOODY'S
PRINCIPAL AMOUNT OR S&P(D) VALUE
<C> <S> <C> <C>
LONG-TERM MUNICIPAL SECURITIES 93.0%
- ------------------------------------------------------------
$215,000 Alliance, OH, City
School District, 6.20%
(AMBAC Insured),
12/1/2001 Aaa $231,205
- ------------------------------------------------------------
250,000 Archbold, OH, Local
School District, 6.80%
(MBIA
Insured)/(Prerefunded
12/1/1999 @ 102) Aaa 274,490
- ------------------------------------------------------------
290,000 Aurora, OH, 7.35% (BIG
Insured), 12/1/2000 Aaa 326,665
- ------------------------------------------------------------
300,000 Aurora, OH, City School
District, 5.55% (FGIC
Insured), 12/1/2007 Aaa 300,519
- ------------------------------------------------------------
280,000 Avon Lake, OH, 5.10%
Water System Mortgage
Revenue Bonds,
10/1/2005 Aaa 278,650
- ------------------------------------------------------------
250,000 Beachwood, OH, City
School District,
6.60%, 12/1/2004 Aa 273,195
- ------------------------------------------------------------
215,000 Bedford, OH, City
School District
(Energy Conservation
Improvement), 5.35%,
6/15/2002 A 218,236
- ------------------------------------------------------------
200,000 Bedford, OH, City
School District
(Energy Conservation
Improvement), 5.40%,
6/15/2003 A 202,574
- ------------------------------------------------------------
205,000 Berea, OH, 6.95%,
12/1/1998 Aa 221,619
- ------------------------------------------------------------
250,000 Blue Ash, OH, 6.50%,
11/1/1999 Aa 269,478
- ------------------------------------------------------------
230,000 Bowling Green, OH, City
School District,
6.90%,
12/1/1998 A1 248,665
- ------------------------------------------------------------
500,000 Butler County, OH,
4.80% Sewer System
Revenue Bonds (AMBAC
Insured), 12/1/1998 Aaa 509,925
- ------------------------------------------------------------
250,000 Butler County, OH,
Hospital Facilities,
5.25%,
11/15/2000 AAA 255,023
- ------------------------------------------------------------
250,000 Centerville, OH, City
School District,
6.625%, 12/1/1999 A 268,990
- ------------------------------------------------------------
730,000 Cincinnati, OH, 4.50%,
12/1/1997 AA+ 739,490
- ------------------------------------------------------------
250,000 Cincinnati, OH, 6.75%
12/1/2001 AA+ 277,813
- ------------------------------------------------------------
250,000 Cincinnati, OH, 7.00%,
10/1/1997 AA+ 265,983
- ------------------------------------------------------------
250,000 Cincinnati, OH, Street
Improvement, 7.00%,
12/1/1999 Aa 275,835
- ------------------------------------------------------------
250,000 Clermont, OH, 4.40%
Sewer Revenue Bonds
(AMBAC Insured),
12/1/2002 Aaa 240,338
- ------------------------------------------------------------
500,000 Cleveland Heights, OH,
5.60%, 12/1/2002 Aa 520,265
- ------------------------------------------------------------
LONG-TERM MUNICIPAL SECURITIES (CONTINUED)
- ------------------------------------------------------------
$500,000 Cleveland Heights, OH,
6.75% (FGIC Insured),
12/1/1997 Aaa $530,080
- ------------------------------------------------------------
500,000 Cleveland, OH, 5.90%
(MBIA Insured),
11/15/2001 AAA 529,020
- ------------------------------------------------------------
200,000 Cleveland, OH, 6.40% GO
Bonds (AMBAC Insured),
10/1/2002 Aaa 217,726
- ------------------------------------------------------------
200,000 Cleveland, OH Regional
Transit Authority,
4.85% GO LT Capital
Improvement Bonds,
12/1/1998 A 203,010
- ------------------------------------------------------------
500,000 Clyde, OH, Temp. Water
System, 5.60%
Improvement Revenue
Bonds (Series 1994),
5/1/1997 MIG1 513,100
- ------------------------------------------------------------
750,000 Columbus, OH, 4.35%
(Series C), 9/15/1998 Aa1 756,210
- ------------------------------------------------------------
270,000 Columbus, OH, 5.35%,
5/15/2003 Aa1 279,269
- ------------------------------------------------------------
250,000 Columbus, OH, 6.30%,
4/15/2003 Aa1 268,350
- ------------------------------------------------------------
500,000 Columbus, OH, 6.30%,
1/1/2005 Aa1 541,215
- ------------------------------------------------------------
250,000 Columbus, OH, 7.00%
Sewer Revenue Bonds
(Prerefunded, 3/1/2000
@ 102) Aa1 274,970
- ------------------------------------------------------------
250,000 Columbus, OH, 7.50%
Sewer Revenue Bonds
(Prerefunded, 6/1/1997
@ 102) Aaa 262,723
- ------------------------------------------------------------
250,000 Columbus, OH, City
School District, 5.05%
(FGIC Insured),
12/1/2002 AAA 252,297
- ------------------------------------------------------------
250,000 Copley Fairlawn, OH,
5.15% UT GO Bonds,
Fairlawn City School
District, 12/1/2001 A1 254,913
- ------------------------------------------------------------
500,000 Cuyahoga County, OH,
4.50% GO Bonds,
10/1/2000 Aa 484,275
- ------------------------------------------------------------
500,000 Cuyahoga County, OH,
4.90%, 10/1/2004 Aa 479,475
- ------------------------------------------------------------
500,000 Cuyahoga County, OH,
6.90% (Prerefunded,
10/1/2003 @ 102) Aa 553,795
- ------------------------------------------------------------
250,000 Cuyahoga County, OH,
7.00% (Prerefunded,
10/1/2000 @ 102) Aa1 274,695
- ------------------------------------------------------------
200,000 Cuyahoga Falls, OH,
5.40% GO Bonds (MBIA
Insured), 12/1/2006 AAA 202,714
- ------------------------------------------------------------
400,000 Delaware, OH, 5.40%,
11/1/2002 A 406,632
- -------------------------------------------------------------
Dover, OH, Municipal Aaa $250,408
$250,000 Electric System
Revenue, 5.50% (FGIC
Insured), 12/1/2007
- -------------------------------------------------------------
Dublin, OH, City School Aaa 267,315
250,000 District, 6.05% (FGIC
Insured), 12/1/2003
- -------------------------------------------------------------
Dublin, OH, City School Aaa 268,653
250,000 District, 6.15% (FGIC
Insured), 12/1/2004
- -------------------------------------------------------------
Dublin, OH, Local Aaa 212,260
200,000 School District, 6.80%
(AMBAC Insured)/(ETM),
12/1/1997
- -------------------------------------------------------------
Eastlake, OH, 5.00% GO A1 245,207
250,000 Bonds, 12/1/2004
- -------------------------------------------------------------
Euclid, OH, 6.40%, Aa 270,635
250,000 12/1/2004
- -------------------------------------------------------------
Euclid, OH, 7.00%, Aa 461,072
420,000 12/1/2002
- -------------------------------------------------------------
Fairfield City School AAA 250,787
245,000 District, OH, 5.65%
(FGIC Insured),
12/1/2006
- -------------------------------------------------------------
Findlay, OH, 5.20% GO A1 246,298
250,000 Sewer System Bonds,
7/1/2006
- -------------------------------------------------------------
Findlay, OH, 6.70%, A1 283,997
270,000 8/1/1997
- -------------------------------------------------------------
Franklin County, OH, A 502,135
500,000 5.05% Hospital Revenue
Bonds (Doctors
Hospital),
12/1/1999
- -------------------------------------------------------------
Franklin County, OH, Aaa 497,575
500,000 5.05% Refunding
Revenue Bonds,
12/1/2005
- -------------------------------------------------------------
Franklin County, OH, Aaa 294,285
285,000 5.50% Revenue
Anticipation Bonds
(Convention
Authority)/ (MBIA
Insured), 12/1/2003
- -------------------------------------------------------------
Franklin County, OH, AAA 318,091
305,000 6.00% GO Bonds,
9/1/2006
- -------------------------------------------------------------
Franklin County, OH, Aaa 258,852
250,000 6.40% (Convention
Authority)/ (MBIA
Insured), 12/1/1996
- -------------------------------------------------------------
Franklin County, OH, Aa 525,455
500,000 6.40% Hospital Revenue
Bonds (Series
1991A)/(Children's
Hospital), 11/1/2006
- -------------------------------------------------------------
Franklin County, OH, Aa 267,668
250,000 6.50% Hospital Revenue
Bonds (Series
1992A)/(Children's
Hospital), 5/1/2007
- -------------------------------------------------------------
Franklin County, OH, A1 592,971
550,000 7.20% Hospital Revenue
Bonds (Holy Cross
Health Systems),
6/1/2000
- -------------------------------------------------------------
Gahanna, OH, 5.25%, A1 524,234
515,000 6/1/2002
- -------------------------------------------------------------
Gahanna, OH, 5.55%, A1 592,389
580,000 6/1/2005
- -------------------------------------------------------------
Gahanna, OH, 6.40%, A1 $275,385
$250,000 6/1/2002
- -------------------------------------------------------------
Grandview Heights, OH, A1 277,060
250,000 7.10%, 12/1/2006
- -------------------------------------------------------------
Grandview Heights, OH, A1 252,568
250,000 City School District,
5.40%,
12/1/2005
- -------------------------------------------------------------
Hamilton, OH, 4.40% Aaa 235,682
250,000 (MBIA Insured),
10/15/2003
- -------------------------------------------------------------
Hamilton, OH, 5.10% Aaa 400,698
390,000 Electric System
Mortgage Revenue Bonds
(Series A)/(FGIC
Insured), 10/15/1999
- -------------------------------------------------------------
Hamilton County, OH, AAA 247,408
250,000 4.60% Hospital Revenue
Bonds (MBIA Insured),
5/15/2000
- -------------------------------------------------------------
Hamilton County, OH, Aa 482,625
500,000 4.70%, 12/1/2004
- -------------------------------------------------------------
Hamilton County, OH, Aaa 494,185
500,000 4.90% Hospital Revenue
Bonds (Series
1993D)/(FGIC Insured),
5/15/2003
- -------------------------------------------------------------
Hamilton County, OH, AA 320,922
300,000 5.95%, 12/1/2002
- -------------------------------------------------------------
Hamilton County, OH, A1 270,208
250,000 6.30% Sewer Revenue
Bonds,
12/1/2001
- -------------------------------------------------------------
Hamilton County, OH, A1 541,850
500,000 6.40% Sewer Revenue
Bonds
12/1/2003
- -------------------------------------------------------------
Hamilton County, OH, Aa1 517,210
500,000 Hospital Facilities,
5.90% (Episcopal
Retirement
Home)/(Fifth Third
Bank LOC), 1/1/1999
- -------------------------------------------------------------
Hamilton County, OH, Aaa 535,440
500,000 Hospital Facilities,
6.50 (Christ
Hospital)/(FGIC
Insured),
1/1/2002
- -------------------------------------------------------------
Hamilton County, OH, Aaa 530,510
500,000 Hospital Facilities,
6.75% (Children's
Hospital)/(BIG
Insured),
5/15/2002
- -------------------------------------------------------------
Hamilton County, OH, Aaa 1,094,680
1,000,000 Improvement Museum,
7.125% (Prerefunded,
12/1/2001 @ 102)
- -------------------------------------------------------------
Hilliard, OH, 6.75%, A1 247,199
230,000 12/1/1998
- -------------------------------------------------------------
Hilliard, OH School AAA 249,648
250,000 District, 5.00% (AMBAC
Insured), 12/1/2003
- -------------------------------------------------------------
Hilliard, OH, City A1 503,655
500,000 School District,
5.35%, 12/1/2004
- -------------------------------------------------------------
Indian Hill Water A+ 237,135
245,000 Works, OH, 4.90%
Revenue Bonds,
6/1/2005
- -------------------------------------------------------------
Kettering, OH, 5.05% GO Aa $576,365
$585,000 Bonds, 12/1/2004
- -------------------------------------------------------------
Kettering, OH, 6.70%, Aa 365,034
345,000 12/1/1997
- -------------------------------------------------------------
Lakewood, OH, 5.05%, Aa 252,748
255,000 12/1/2005
- -------------------------------------------------------------
Lakewood, OH, 5.85%, Aa 564,907
535,000 12/1/2002
- -------------------------------------------------------------
Lakuta, OH, 6.40% GO UT AAA 270,237
250,000 School Improvement
Bonds (AMBAC Insured),
12/1/2000
- -------------------------------------------------------------
Lorain County Water AAA 491,590
500,000 Authority, 4.95%
(AMBAC Insured),
10/1/2004
- -------------------------------------------------------------
Lyndhurst, OH, 7.40%, Aa 300,504
275,000 12/1/2000
- -------------------------------------------------------------
Marysville, OH, Exempt Aaa 221,732
200,000 Village School, 6.90%
(AMBAC Insured),
12/1/2000
- -------------------------------------------------------------
Massillion, OH, City AAA 285,528
300,000 School District, 4.80%
GO UT Revenue Bonds
(AMBAC Insured),
12/1/2008
- -------------------------------------------------------------
Mentor, OH, 6.70%, A 272,150
250,000 12/1/2003
- -------------------------------------------------------------
Mentor, OH, 6.80%, A 285,235
265,000 12/1/1998
- -------------------------------------------------------------
Miami University, OH, A+ 498,005
500,000 5.40%, 12/1/2005
- -------------------------------------------------------------
Miami Valley Regional A 201,842
200,000 Transit Authority,
5.10% GO UT Revenue
Bonds, 12/1/2001
- -------------------------------------------------------------
Montgomery County, OH, Aaa 535,770
500,000 6.10% (Series
1992/(Miami Valley
Hospital)/(AMBAC
Insured), 11/15/2002
- -------------------------------------------------------------
Montgomery County, OH, Aa 544,950
500,000 6.45% (Prerefunded,
9/1/2004 @ 100)
- -------------------------------------------------------------
Montgomery County, OH, Aa 546,275
500,000 6.50% (Series A)/
(Prerefunded, 9/1/2005
@ 100)
- -------------------------------------------------------------
Montgomery County, OH, Aaa 514,545
500,000 6.60% Revenue Bonds
(Refuse
Disposal)/(FGIC
Insured), Mandatory
Tender 11/1/2010
- -------------------------------------------------------------
Montgomery, OH, 5.60% Aa 277,233
270,000 GO Bonds, 12/1/2005
- -------------------------------------------------------------
Montgomery, OH, 5.75% Aa 293,296
285,000 GO Bonds, 12/1/2006
- -------------------------------------------------------------
Northeast, OH, Regional Aaa 543,135
500,000 Sewer District, 6.40%
(Wastewater
Improvement)/(AMBAC
Insured), 11/15/2003
- -------------------------------------------------------------
Ohio Municipal Electric AAA $501,410
Generation, 4.75%
$500,000 (Agency Joint Venture
5)/(AMBAC Insured),
2/15/2000
- -------------------------------------------------------------
Ohio State Building A 270,380
250,000 Authority (DAS Data
Center), 7.10%
(Prerefunded,
10/1/1998
@ 102)
- -------------------------------------------------------------
Ohio State Building A+ 265,287
250,000 Authority (DAS Data
Center) (ETM), 7.00%,
10/1/1997
- -------------------------------------------------------------
Ohio State Building A 533,765
500,000 Authority, 6.20%,
6/1/2004
- -------------------------------------------------------------
Ohio State Building A 542,920
500,000 Authority, 6.50%,
10/1/2004
- -------------------------------------------------------------
Ohio State Building A 138,710
125,000 Authority, 7.25%
(Prerefunded,
3/1/2001 @ 102)
- -------------------------------------------------------------
Ohio State Building A 139,477
125,000 Authority, 7.25%
(Prerefunded,
8/1/2001 @ 102)
- -------------------------------------------------------------
Ohio State Capital AAA 264,105
250,000 Facilities,
5.80% (Series 1995A)/
(AMBAC Insured),
6/1/2003
- -------------------------------------------------------------
Ohio State Economic A 319,080
300,000 Development, 6.60%
(Sysco Food Service),
12/1/2003
- -------------------------------------------------------------
Ohio State Higher Aaa 271,680
250,000 Education Facility
Commission, 7.10%
(Xavier
University)/(MBIA
Insured), 11/1/1998
- -------------------------------------------------------------
Ohio State Higher AA 249,695
250,000 Education Facility,
4.50% (Oberlin
College), 10/1/1999
- -------------------------------------------------------------
Ohio State Higher AAA 545,054
555,000 Education Facility,
4.90% (Ohio Northern
University)/(Connie
Lee Insured), 5/1/2003
- -------------------------------------------------------------
Ohio State Higher Aa 249,678
250,000 Education Facility,
5.00% (Oberlin
College), 10/1/2002
- -------------------------------------------------------------
Ohio State Higher A 247,645
250,000 Education Facility,
5.35% (John Carroll
University), 10/1/2005
- -------------------------------------------------------------
Ohio State Higher AA 210,556
200,000 Education Facility,
6.05% (Bank One LOC),
12/1/1998
- -------------------------------------------------------------
Ohio State Higher Aaa 267,760
250,000 Education Facility,
6.10% (University of
Dayton)/(FGIC
Insured), 12/1/2001
- -------------------------------------------------------------
Ohio State Higher Aaa 233,860
225,000 Education Facility,
6.70% (University of
Dayton)/(FGIC
Insured), 12/1/1996
- -------------------------------------------------------------
Ohio State Highway, Aa $288,318
$275,000 6.70%,
5/15/1997
- -------------------------------------------------------------
Ohio State Public AAA 261,983
250,000 Facilities Commission
Higher Education,
5.70% (AMBAC Insured),
11/1/1999
- -------------------------------------------------------------
Ohio State Public A 267,147
250,000 Facilities Commission
Higher Education,
6.90%, 6/1/1998
- -------------------------------------------------------------
Ohio State Public Aaa 546,495
500,000 Facilities Commission
Mental Health, 6.75%
(MBIA Insured),
12/1/2001
- -------------------------------------------------------------
Ohio State Public A 275,135
250,000 Facilities Commission
Mental Health, 7.30%,
6/1/2001
- -------------------------------------------------------------
Ohio State Public A 403,104
400,000 Facilities Commission,
4.40%,
12/1/1996
- -------------------------------------------------------------
Ohio State Public Aaa 1,227,110
1,195,000 Facilities Commission,
5.30% (FSA Insured),
12/1/1997
- -------------------------------------------------------------
Ohio State Public Aaa 270,230
250,000 Facilities Commission,
6.50% (MBIA Insured),
6/1/2000
- -------------------------------------------------------------
Ohio State Public Aaa 261,333
250,000 Facilities Commission,
6.50% (MBIA Insured),
6/1/1997
- -------------------------------------------------------------
Ohio State Public A 267,680
250,000 Facilities Commission,
7.125%,
5/1/2001
- -------------------------------------------------------------
Ohio State Public A 266,332
250,000 Facilities Commission,
7.20%,
12/1/1999
- -------------------------------------------------------------
Ohio State University, A1 507,210
500,000 4.85%, 12/1/1998
- -------------------------------------------------------------
Ohio State University, A1 512,815
500,000 5.30%, 12/1/2001
- -------------------------------------------------------------
Ohio State Water A 274,065
250,000 Development Authority
Revenue, 7.10%
(Prerefunded, 6/1/1999
@ 102)
- -------------------------------------------------------------
Ohio State Water Aaa 514,310
500,000 Development Authority,
5.65% (MBIA Insured),
6/1/2005
- -------------------------------------------------------------
Ohio State Water AAA 664,924
650,000 Development Authority,
5.00% (MBIA Insured),
12/1/1998
- -------------------------------------------------------------
Olmstead Falls, OH, Aaa 271,763
250,000 Local School District,
6.30% (FGIC Insured),
12/15/2001
- -------------------------------------------------------------
Pickerington, OH, Local AAA 167,785
175,000 School District, 4.70%
(FGIC Insured),
12/1/2004
- -------------------------------------------------------------
Pickerington, OH, Local Aaa $253,342
School District, 5.55%
$250,000 (AMBAC Insured),
12/1/2007
- -------------------------------------------------------------
Portage County, OH, AAA 204,476
200,000 5.20% GO Bonds (AMBAC
Insured), 12/1/2001
- -------------------------------------------------------------
Salem, OH, 6.00% Sewer Aaa 203,612
200,000 System Revenue Bonds
(Series 1992)/(AMBAC
Insured), 2/1/2001
- -------------------------------------------------------------
Sandusky County, OH, Aaa 268,568
250,000 6.65% (AMBAC Insured),
12/1/1998
- -------------------------------------------------------------
Solon, OH, 5.65%, Aa 154,960
150,000 12/1/2005
- -------------------------------------------------------------
Solon, OH, 6.55%, Aa 271,763
250,000 12/1/2000
- -------------------------------------------------------------
Solon, OH, 6.65%, Aa 272,052
250,000 12/1/2001
- -------------------------------------------------------------
Solon, OH, School Aa 274,560
250,000 District, 6.85%,
12/1/2000
- -------------------------------------------------------------
South Euclid, OH, A1 261,689
245,000 Recreational
Facilities, 6.15%,
12/1/2000
- -------------------------------------------------------------
South Western City AAA 265,497
250,000 School District, 6.00%
(AMBAC Insured),
12/1/2004
- -------------------------------------------------------------
South Western City Baa 264,727
250,000 School District, 6.10%
(ETM),
12/1/1999
- -------------------------------------------------------------
Springfield, OH, Local A 268,045
250,000 School District,
6.00%, 12/1/2002
- -------------------------------------------------------------
State of Ohio, 4.50% Aa 249,770
250,000 Highway Revenue Bonds,
(Series S), 5/15/2000
- -------------------------------------------------------------
State of Ohio, 4.50%, Aa 396,208
400,000 8/1/2001
- -------------------------------------------------------------
State of Ohio, 4.80% AA+ 503,790
500,000 Highway Revenue Bonds,
5/15/2001
- -------------------------------------------------------------
Summit County, OH, AAA 253,127
250,000 5.65% GO Bonds (MBIA
Insured), 12/1/2007
- -------------------------------------------------------------
Toledo, OH, Sewer Aaa 547,545
500,000 System Revenue, 7.25%
(MBIA Insured),
11/15/2000
- -------------------------------------------------------------
University of A1 246,932
250,000 Cincinnati, OH, 5.15%
Revenue Bonds (Series
R5), 6/1/2005
- -------------------------------------------------------------
University of A1 246,192
250,000 Cincinnati, OH, 5.60%,
6/1/2009
- -------------------------------------------------------------
University of A1 272,070
250,000 Cincinnati, OH, 6.40%
(MBIA Insured),
12/1/2003
- -------------------------------------------------------------
University of Toledo, Aaa 238,535
250,000 5.00% (FGIC Insured),
6/1/2008
- --------------------------------------------------------------
Upper Arlington, OH, City A1 $219,592
$200,000 School District, 6.80%
(Prerefunded, 12/1/1999
@ 102)
- ---------------------------------------------------------------
Warren County, OH, 6.95% Aaa 191,269
170,000 Sewer System Revenue Bonds
(Prerefunded,
12/1/2002 @ 102)
- ----------------------------------------------------------------
Warren County, OH, Water Aa 391,416
400,000 Improvement, 5.25%,
12/1/2007
- ----------------------------------------------------------------
Warren County, OH, Aaa 252,202
235,000 Waterworks Revenue, 6.10%
(FGIC Insured),
12/1/2002
- ----------------------------------------------------------------
Westerville, OH, 5.90%, Aa 499,991
470,000 12/1/2004
- ----------------------------------------------------------------
Worthington, OH, City School Aaa 263,782
250,000 District, 5.85% (FGIC
Insured), 6/1/2002
- ----------------------------------------------------------------
Worthington, OH, City School Aaa 260,530
250,000 District, 6.90% (MBIA
Insured), 12/1/1996
- ----------------------------------------------------------------
Worthington, OH, City School Aaa 278,245
250,000 District, 7.15% (MBIA
Insured), 12/1/2000
- ----------------------------------------------------------------
Wright State University, Aaa 244,462
250,000 5.00% (AMBAC Insured),
5/1/2006
- ----------------------------------------------------------------
TOTAL LONG-TERM MUNICIPAL SECURITIES 57,186,613
(IDENTIFIED COST $54,910,325)
- ----------------------------------------------------------------
SHORT-TERM MUNICIPAL SECURITIES 6.2%
- -----------------------------------------------------------------
A+ 430,300
Cincinnati, OH, City School
District, 5.40%, 6/1/1996
425,000
- ----------------------------------------------------------------
Clermont County, OH, VMIG1 99,000
99,000 Hospital Facilities, Daily
VRDNs (Mercy Health Care
System)/(MBIA Insured)
- ----------------------------------------------------------------
Columbus, OH, 5.05% Water A1 200,962
200,000 System Revenue Bonds
(Series 1991),
11/1/1995
- ----------------------------------------------------------------
Columbus, OH, 7.00%, Aa1 256,897
$250,000 5/1/1996
- ----------------------------------------------------------------
Columbus, OH, 7.30% Sewer A1 515,735
500,000 Revenue Bonds,
6/1/1996
- ----------------------------------------------------------------
Hamilton County, OH, 8.50% Aaa 305,877
300,000 Sewer System Revenue Bonds
(ETM), 12/1/1995
- ----------------------------------------------------------------
Mentor, OH, Exempt Village Aaa 202,874
200,000 School District, 7.10%
(MBIA Insured)/(ETM),
12/1/1995
- ----------------------------------------------------------------
Miami University, OH, 6.60%, A+ 424,855
420,000 12/1/1995
- ----------------------------------------------------------------
Ohio State University Daily VMIG1 450,000
450,000 VRDNs (Series 1986B)/
(National Westminster Bank
PLC LOC)
- ----------------------------------------------------------------
Ohio State University, 7.10% A1 253,573
250,000 (ETM), 12/1/1995
- ----------------------------------------------------------------
Ohio State Water Development Aaa 257,620
250,000 Authority Revenue, 7.15%
(AMBAC Insured)/(ETM),
6/1/1996
- ----------------------------------------------------------------
Ohio Water Development A1+ 300,000
300,000 Authority, Daily VRDNs
(Mead Corp.)/(Swiss Bank
Corp. LOC)
- ----------------------------------------------------------------
Summit County, OH, IDR Aa2 100,000
100,000 Monthly VRDNs (Fireman's
Insurance LOC)
- ----------------------------------------------------------------
TOTAL SHORT-TERM MUNICIPAL SECURITES 3,797,693
(IDENTIFIED COST $3,753,817)
- ----------------------------------------------------------------
TOTAL INVESTMENTS (IDENTIFIED COST $58,664,142) 60,984,306
See Notes to Portfolios of Investments.
</TABLE>
---------------------------
THE MONITOR FIXED INCOME SECURITIES FUND June 30, 1995 (unaudited)
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT VALUE
<C> <S> <C>
CORPORATE BONDS 46.1%
- ----------------------------------------------------------------------
BANKS & SAVINGS AND LOANS 2.8%
$1,000,000 ABN AMRO Bank Notes, 7.25%,
5/31/2005 $1,018,750
250,000 BankAmerica Corp., 7.75%,
7/15/2002 262,812
250,000 Citicorp, 9.75%, 8/1/1999 277,500
$500,000 Comerica Bank Notes, 9.75%,
5/1/1999 $551,250
500,000 Comerica Bank, Detroit,
5.95%,
9/15/1997 497,500
1,000,000 Mellon Bank N.A., 6.50%,
8/1/2005 972,500
$250,000 Security Pacific Corp.,
9.75%,
5/15/1999 $275,625
- ----------------------------------------------------------------------
3,855,937
- ----------------------------------------------------------------------
BASIC INDUSTRY 1.0%
500,000 Air Products & Chemicals,
8.875%, 8/1/2001 561,250
250,000 Arco Chemical Co., 9.90%,
11/1/2000 287,500
250,000 Dow Chemical Co., 4.625%,
10/15/1995 249,062
250,000 Weyerhaeuser Co., 9.05%,
2/1/2003 283,750
- ----------------------------------------------------------------------
1,381,562
- ----------------------------------------------------------------------
CAPITAL GOODS 0.4%
250,000 Caterpillar, Inc., 9.375%,
7/15/2000 280,313
250,000 Deere & Co., 8.25%, 6/1/1996 254,375
- ----------------------------------------------------------------------
534,688
- ----------------------------------------------------------------------
CONSUMER GOODS & SERVICES 11.8%
1,500,000 American Home Products,
6.50%, 10/15/2002 1,485,000
500,000 Baxter International, Inc.,
5.00%,
10/1/1995 498,750
1,000,000 Bergen Brunswig, 7.25%,
6/1/2005 1,021,250
1,000,000 Carnival Corp., 6.15%,
10/1/2003 951,250
1,000,000 Columbia/HCA Healthcare,
8.85%,
1/1/2007 1,131,250
250,000 Dayton Hudson Corp., 10.00%,
12/1/2000 287,813
750,000 Grand Metro Investment
Corp., 7.125%, 9/15/2004 769,687
250,000 Great Atlantic & Pacific Tea
Company, Inc., 9.125%,
1/15/98 257,812
1,000,000 Hertz Corp., 7.00%,
7/15/2003 996,250
500,000 Joseph E. Seagram & Sons,
Inc., 7.00%, 4/15/2008 498,125
1,000,000 Limited, Inc., 7.80%,
5/15/2002 1,048,750
250,000 Limited, Inc., 9.125%,
2/1/2001 275,937
750,000 May Dept. Stores Co.,
9.875%,
6/15/2000 856,875
250,000 Nordstrom, Inc., 8.875%,
2/15/1998 265,312
500,000 Philip Morris Cos., Inc.,
7.50%,
3/15/1997 508,125
500,000 Philip Morris Cos., Inc.,
7.625%,
5/15/2002 522,500
1,000,000 Ralston Purina Notes, 9.25%,
10/15/2009 1,187,500
500,000 Scripps Howard, Inc.,
7.375%,
12/15/1998 514,375
1,000,000 Service Corp. Int'l.,
8.375%,
12/15/2004 1,102,500
250,000 Super Value Stores, Inc.,
8.875%,
6/15/1999 270,312
250,000 Universal Corp., 9.25%,
2/15/2001 280,625
1,500,000 V.F. Corp., 7.60%, 4/1/2004 1,569,375
- ----------------------------------------------------------------------
16,299,373
- ----------------------------------------------------------------------
DIVERSIFIED INDUSTRIAL 1.3%
250,000 Alco Standard Corp., 8.875%,
4/15/2001 272,813
250,000 Harsco Corp., 8.75%,
5/15/1996 255,000
500,000 United Technologies Corp.,
9.625%, 5/15/1999 515,625
250,000 Whirlpool Corp., 9.50%,
6/15/2000 280,625
DIVERSIFIED INDUSTRIAL (CONTINUED)
$500,000 Xerox Corp., 8.125%,
4/15/2002 $540,000
- ----------------------------------------------------------------------
1,864,063
- ----------------------------------------------------------------------
ENERGY--OIL & GAS 0.6%
500,000 Consolidated Natural Gas
Co., 5.875%, 10/1/1998 493,125
250,000 Pennzoil Co., 9.625%,
11/15/1999 273,438
- ----------------------------------------------------------------------
766,563
- ----------------------------------------------------------------------
FINANCE COMPANIES 7.3%
1,000,000 Bear Stearns, 6.625%,
1/15/2004 965,000
750,000 Bell Atlantic Financial,
6.625%,
11/30/1997 756,562
750,000 BHP U.S. Finance Corp.,
7.00%,
12/1/1997 760,313
1,000,000 Countrywide Funding Corp.,
8.25%, 7/15/2002 1,065,000
1,000,000 Dean Witter Discover, 6.00%,
3/1/1998 992,500
250,000 Dow Capital, B.V., 8.25%,
2/15/1996 252,813
500,000 Eaton Off Shore Ltd., 9.00%,
2/15/2001 558,125
1,000,000 Ford Motor Credit Co.,
7.75%,
3/15/2005 1,052,500
250,000 International Lease Finance
Co., 6.50%, 7/15/1997 251,250
1,000,000 MBNA Corp. Notes, 6.875%,
6/1/2005 985,000
1,000,000 Salomon Brothers, 6.75%,
1/15/2006 915,000
500,000 Transamerica Finance Corp.,
5.40%, 9/1/1995 500,060
1,000,000 U.S. Life Notes, 6.375%,
6/15/2000 982,500
- ----------------------------------------------------------------------
10,036,623
- ----------------------------------------------------------------------
FOREIGN INDUSTRIAL 4.1%
1,000,000 Barcelona City, 8.125%,
2/15/2005 1,085,000
1,000,000 Canadian National Rr, 7.00%,
3/15/2004 1,000,000
500,000 Hanson PLC, 7.375%,
1/15/2003 516,250
750,000 Hydro-Quebec, Canada,
7.375%,
2/1/2003 768,750
500,000 Northern Telecom Ltd.,
8.75%,
6/12/2001 551,875
1,000,000 Philips Electronics, 8.375%,
9/15/2006 1,087,500
615,000 Rhone Poulenc, 7.75%,
1/15/2002 644,213
- ----------------------------------------------------------------------
5,653,588
- ----------------------------------------------------------------------
FOREIGN SOVEREIGN 4.3%
500,000 Province of Ontario, Canada,
5.70%, 10/1/1997 495,000
500,000 Province of Ontario, Canada,
6.125%, 6/28/2000 492,500
1,000,000 Province of Ontario, Canada,
7.375%, 1/27/2003 1,035,000
1,000,000 Province of Quebec, Canada,
8.625%, 1/19/2005 1,107,500
250,000 Province of Quebec, Canada,
8.80%, 4/15/2003 277,188
1,000,000 Republic of Finland, 7.875%,
7/28/2004 1,077,500
1,550,000 Republic of Iceland, 6.125%,
2/1/2004 1,470,563
- ----------------------------------------------------------------------
5,955,251
- ----------------------------------------------------------------------
GAS & ELECTRIC UTILITIES 6.1%
$500,000 Baltimore Gas & Electric
Co., 6.625%, 3/15/2008 $489,375
250,000 Baltimore Gas & Electric
Co., 9.125%, 10/15/1995 252,188
1,000,000 Big Rivers Electric, 9.50%,
2/15/2017 1,102,500
1,000,000 Cajun Electric Power, 9.52%,
3/15/2019 1,105,000
500,000 Commonwealth Edison, 9.375%,
2/15/2000 554,375
500,000 Georgia Power Co., 5.125%,
9/1/1995 500,000
200,000 Houston Lighting & Power
Co., 6.75%, 11/1/1997 201,250
700,000 Iowa Electric Power & Light,
8.625%, 5/15/2001 773,500
1,000,000 Minnesota Power & Light,
7.75%,
6/1/2007 1,052,500
750,000 Orange & Rockland Utilities,
Inc., 6.50%, 10/15/1997 754,688
1,000,000 Soyland Power Co-op., Inc.,
9.63%, 9/30/2011 1,086,250
500,000 Western Resources, Inc.,
7.25%,
7/1/1999 512,500
- ----------------------------------------------------------------------
8,384,126
- ----------------------------------------------------------------------
INSURANCE 1.9%
1,000,000 Lincoln National Corp.,
Inc., 7.25%, 5/15/2005 1,017,500
1,500,000 MBIA, Inc., 9.00%, 2/15/2001 1,661,250
- ----------------------------------------------------------------------
2,678,750
- ----------------------------------------------------------------------
TECHNOLOGY 1.2%
500,000 International Business
Machines, 6.375%,
6/15/2000 497,500
1,000,000 Texas Instruments Notes,
9.25%,
6/15/2003 1,141,250
- ----------------------------------------------------------------------
1,638,750
- ----------------------------------------------------------------------
TELEPHONE UTILITIES & COMMUNICATION COMPANIES 3.1%
550,000 Cincinnati Bell, Inc.,
9.10%,
6/15/2000 610,500
1,000,000 Comsat Corp., 8.95%,
5/15/2001 1,118,750
1,000,000 General Telephone of the
Southeast, 7.625%,
7/1/2002 1,018,750
900,000 GTE Corp., 9.10%, 6/1/2003 1,010,250
500,000 Southwestern Bell Telephone
Co., 6.625%, 4/1/2005 494,375
- ----------------------------------------------------------------------
4,252,625
- ----------------------------------------------------------------------
TRANSPORTATION 0.2%
250,000 Union Pacific Corp., 9.625%,
12/15/2002 292,812
- ----------------------------------------------------------------------
TOTAL CORPORATE BONDS (IDENTIFIED COST
$61,277,513) 63,594,711
- ----------------------------------------------------------------------
GOVERNMENT AGENCIES 8.5%
- ----------------------------------------------------------------------
$3,000,000 Federal Home Loan Bank,
8.03%,
12/19/1997 $3,122,010
750,000 Federal National Mortgage
Association, 9.40%,
8/10/1998 815,392
1,954,492 GNMA Pool Number 345128,
6.50%, 1/15/2024 1,880,588
992,052 GNMA Pool Number 352982,
7.50%, 5/15/2024 998,562
1,949,688 GNMA Pool Number 372962,
7.00%, 3/15/2024 1,920,443
1,007,708 GNMA Pool Number 373015,
8.00%, 6/15/2024 1,032,585
1,899,320 GNMA Pool Number 391615,
8.50%, 9/15/2024 1,973,512
- ----------------------------------------------------------------------
TOTAL GOVERNMENT AGENCIES
(IDENTIFIED COST $11,520,322) 11,743,092
- ----------------------------------------------------------------------
U.S. TREASURY SECURITIES 42.9%
- ----------------------------------------------------------------------
U.S. TREASURY NOTES 41.1%
2,000,000 6.875%, 3/31/2000 2,068,980
1,000,000 7.00%, 4/15/1999 1,034,290
9,000,000 7.125%, 2/29/2000 9,399,239
8,000,000 7.25%, 5/15/2004 8,543,599
1,500,000 7.25%, 8/31/1996 1,523,745
10,000,000 7.50%, 11/15/2001 10,732,999
3,000,000 7.50%, 2/15/2005 3,268,050
1,000,000 7.50%, 5/15/2002 1,077,440
2,500,000 7.875%, 8/15/2001 2,727,200
8,000,000 8.00%, 5/15/2001 8,763,119
3,500,000 8.00%, 8/15/1999 3,752,105
1,000,000 8.50%, 11/15/2000 1,112,030
500,000 8.75%, 8/15/2000 559,215
2,000,000 9.125%, 5/15/1999 2,213,320
- ----------------------------------------------------------------------
56,775,331
- ----------------------------------------------------------------------
U.S. TREASURY BONDS 1.8%
1,000,000 8.75%, 8/15/2020 1,241,030
1,000,000 9.375%, 2/15/2006 1,237,330
- ----------------------------------------------------------------------
2,478,360
- ----------------------------------------------------------------------
TOTAL U.S. TREASURY SECURITIES
(IDENTIFIED COST $55,287,790) 59,253,691
- ----------------------------------------------------------------------
(A) COMMERCIAL PAPER 1.7%
- ----------------------------------------------------------------------
FINANCECOMMERCIAL 1.7%
2,347,432 General Electric Capital
Corp., 5.75%, 7/3/1995 (at
amortized cost) 2,347,432
- ----------------------------------------------------------------------
TOTAL INVESTMENTS (IDENTIFIED COST
$130,433,057) $136,938,926
- ----------------------------------------------------------------------
</TABLE>
See Notes to Portfolios of Investments.
- --------------------------------------------------------------------------------
-------------------------------
THE MONITOR MORTGAGE SECURITIES FUND June 30, 1995 (unaudited)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------
PRINCIPAL
AMOUNT(I) VALUE
<C> <S> <C>
LONG-TERM OBLIGATIONS 122.3%
- ----------------------------------------------------------------------
FEDERAL HOME LOAN MORTGAGE CORP. 38.3%
$54,885 REMIC, Inv. Flt., 12.523%,
Series 1041G, 2/15/2021 $52,774
731,549 REMIC, Inv. Flt., 8.470%,
Series 1542OB, 7/15/2022 559,832
5,941,399 REMIC, PAC, 7.00%, Series
1319E, 11/15/2004 5,956,312
813,567 REMIC, Inv. Flt., 6.125%,
Series 1500SH, 4/15/2023 525,206
1,109,916 REMIC, Inv. Flt., 7.20%,
Series 1704S, 3/15/2009 887,933
707,275 REMIC, Inv. Flt., 7.878%,
Series 1564SE, 8/15/2008 563,910
133,895 10.50%, 7/1/2004 140,506
219,656 10.00%, 3/1/2001-10/1/2003 229,676
1,800,639 REMIC, Inv. Flt., 7.124%,
Series 1647SB, 12/15/2008 1,376,588
227,206 9.50%, 10/1/2004 236,578
1,441,214 9.00%, 11/1/1998-1/1/2005 1,492,622
326,231 8.75%, 8/1/2001 337,039
2,805,495 REMIC, Inv. Flt., 4.790%,
Series 1604SE, 11/15/2008 2,064,339
2,597,578 REMIC, Inv. Flt., 6.088%,
Series 1606SB, 11/15/2008 2,289,765
1,000,000 REMIC, Inv. Flt., 8.242%,
Series 1422SA, 11/15/2007 827,130
1,204,572 REMIC, Z-Bond, 7.00%, Series
1388L, 10/15/2007 1,164,701
3,231,602 6.50%, 1/1/1998 3,236,643
18,302,650 REMIC, Inv. Flt., IO, 4.25%,
Series 1669JB, 7/15/2020 738,878
5,563,972 REMIC, Inv. Flt., IO,
3.375%, Series 1443L,
4/15/2020 332,447
3,894,418 REMIC, Inv. Flt., IO,
3.325%, Series1454MJ,
4/15/2022 245,621
27,484 REMIC, Inv. Flt., IO,
418.50%, Series 1394KD,
3/15/2022 161,709
- ----------------------------------------------------------------------
TOTAL FEDERAL HOME LOAN MORTGAGE CORP.
(IDENTIFIED COST $26,262,562) 23,420,209
- ----------------------------------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION 60.2%
1,000,000 REMIC, Inv. Flt., 9.184%,
Series 1992-201SB,
10/25/2022 761,970
450,000 REMIC, Inv. Flt., 7.770%,
Series 1993-175SD,
9/25/2008 310,676
689,930 REMIC, Inv. Flt., 7.661%,
Series 1994-32S, 3/25/2009 589,890
289,999 REMIC, Inv. Flt., 7.336%,
Series 1993-85SA,
6/25/2008 190,680
FEDERAL NATIONAL MORTGAGE ASSOCIATION (CONTINUED)
$1,939,448 REMIC, Inv. Flt., 7.228%,
Series 1994-30S, 6/25/2023 $1,426,716
1,485,695 REMIC, Inv. Flt., 5.314%,
Series 1994-33SA,
2/25/2008 858,331
422,751 10.00%, 6/1/2003-7/1/2004 444,550
537,779 9.00%, 4/1/2003-3/1/2006 560,300
379,271 8.50%, 2/1/2005 393,023
4,422,900 7.50%, 12/1/2001-1/1/2002 4,494,772
7,500,000 8.00%, 8/23/1995 7,675,800(h)
7,500,000 7.50%, 9/18/1995 7,619,550(h)
2,586,373 6.50%, 10/1/2008 2,549,207
1,000,000 REMIC, FRN, 6.264%, Series
1993-133FE, 8/25/2023 972,120
5,925,280 REMIC, IO, 7.50%, Series
1993-G34PV, 2/25/2017 851,937
4,530,213 REMIC, FRN, 6.464%, Series
1994-76FA, 4/25/2024 4,525,728
9,000,000 REMIC, IO, 6.50%, Series
1994-28JC, 3/25/2023 1,773,270
7,597,290 REMIC, Inv. Flt., IO,
2.00625%, Series
1993-G35S, 1/25/2022 406,151
8,026,060 REMIC, Inv. Flt., IO,
2.00625%, Series
1993-G36S, 2/25/2022 399,778
213,501 REMIC, Inv. Flt., IO,
1.85625%, Series
1993-82SA, 5/25/2023 5,111
- ----------------------------------------------------------------------
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION
(IDENTIFIED COST $39,098,102) 36,809,560
- ----------------------------------------------------------------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 15.0%
849,343 8.50%, 4/15/2006-5/15/2007 883,852
4,077,694 7.00%, 1/15/2008-6/15/2008 4,092,985
4,000,000 GNMA II ARM, 9.00%,
7/20/2025 4,168,760
- ----------------------------------------------------------------------
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
(IDENTIFIED COST $9,251,866) 9,145,597
- ----------------------------------------------------------------------
U.S. TREASURY NOTES 8.8%
5,000,000 8.00%, 8/15/1999 (identified
cost $5,035,842) 5,363,800
- ----------------------------------------------------------------------
TOTAL LONG-TERM OBLIGATIONS
(IDENTIFIED COST $79,648,373) 74,739,166
- ----------------------------------------------------------------------
(B) REPURCHASE AGREEMENT 8.5%
- ----------------------------------------------------------------------
5,174,000 Morgan Stanley & Co., 5.90%,
dated 6/30/95, due 7/3/95
(at amortized cost) 5,174,000
- ----------------------------------------------------------------------
TOTAL INVESTMENTS (IDENTIFIED COST
$84,822,372) $79,913,166
- ----------------------------------------------------------------------
</TABLE>
See Notes to Portfolios of Investments.
- --------------------------------------------------------------------------------
--------------------------
THE MONITOR SHORT/INTERMEDIATE FIXED INCOME June 30, 1995 (unaudited)
SECURITIES FUND
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------
PRINCIPAL
AMOUNT(I) VALUE
<C> <S> <C>
CORPORATE BONDS 68.9%
- ----------------------------------------------------------------------
BANKING 11.9%
$1,000,000 Bank of Montreal, 10.00%,
9/1/1998 $1,092,500
1,000,000 Bankers Trust, 9.20%,
7/15/1999 1,071,250
1,000,000 Barnett Banks, 8.50%,
3/1/1999 1,060,000
1,100,000 Chase Manhattan Corp.,
10.00%,
6/15/1999 1,222,375
BANKING (CONTINUED)
$1,000,000 Chemical NY Corp., 9.75%,
6/15/1999 $1,105,000
1,000,000 Citicorp, 9.00%, 4/15/1999 1,080,000
500,000 Comerica Bank Notes, 9.75%,
5/1/1999 551,250
1,000,000 Comerica Bank, Detroit,
5.95%,
9/15/1997 995,000
$1,000,000 Dominion Bankshares,
9.625%,
6/15/1999 $1,100,000
1,000,000 First Chicago, 9.875%,
7/1/1999 1,111,250
500,000 First Fidelity Bancorp,
9.625%,
8/15/1999 553,750
1,000,000 First Security Bank Utah,
7.875%,
10/15/1999 1,043,750
1,000,000 Golden West Financial,
9.15%,
5/23/1998 1,070,000
500,000 Key Corp., 8.40%, 4/1/1999 530,000
1,000,000 Mellon Corp., 6.30%,
6/1/2000 990,000
1,000,000 Republic National Bank of
New York, 4.75%,
10/15/1995 997,500
500,000 Sovran Financial, 9.75%,
6/15/1999 553,125
- ----------------------------------------------------------------------
16,126,750
- ----------------------------------------------------------------------
BASIC INDUSTRY 2.2%
250,000 Alcan Aluminum Ltd., 9.70%,
10/15/1996 259,687
765,000 Conrail, Inc., 9.75%,
6/1/2000 867,319
250,000 Dow Chemical Co., 4.625%,
10/15/1995 249,062
500,000 duPont (E.I.) deNemours &
Co., 8.65%, 12/1/1997 525,625
1,000,000 WMX Technologies, Inc.,
8.25%, 11/15/1999 1,065,000
- ----------------------------------------------------------------------
2,966,693
- ----------------------------------------------------------------------
CAPITAL GOODS 1.1%
500,000 Baker Hughes, Inc., 7.625%,
2/15/1999 515,000
1,000,000 Deere & Co., 8.25%,
6/1/1996 1,017,500
- ----------------------------------------------------------------------
1,532,500
- ----------------------------------------------------------------------
CONSUMER PRODUCTS 8.7%
1,000,000 American Brands, 9.00%,
6/15/1999 1,086,250
1,000,000 American Home Products,
7.70%, 2/15/2000 1,045,000
1,000,000 Anheuser Busch Co., 8.75%,
7/15/1995 1,001,250
1,000,000 Columbia Healthcare, 6.50%,
3/15/1999 997,500
1,400,000 Columbia Pictures
Entertainment, 9.875%,
2/1/1998 1,492,750
1,000,000 Dayton Hudson, 7.50%,
3/1/1999 1,028,750
250,000 Dillard Dept. Stores, Inc.,
9.50%,
1/15/1998 267,813
1,120,000 Dillard Dept. Stores, Inc.,
8.75%,
6/15/1998 1,187,200
500,000 Philip Morris Cos., Inc.,
6.375%,
1/15/1998 498,750
1,000,000 Philip Morris Cos., Inc.,
7.375%, 2/15/1999 1,022,500
500,000 Scripps Howard, Inc.,
7.375%,
12/15/1998 514,375
1,000,000 Super Value Stores, Inc.,
8.875%,
6/15/1999 1,081,250
500,000 Wal-Mart Stores, Inc.,
8.00%,
5/1/1996 506,875
- ----------------------------------------------------------------------
11,730,263
- ----------------------------------------------------------------------
DIVERSIFIED INDUSTRIAL 2.7%
$750,000 Harsco Corp., 8.75%,
5/15/1996 $765,000
1,250,000 Loews Corp., 8.50%,
4/15/1998 1,317,187
1,500,000 Martin Marietta Corp.,
8.50%,
3/1/1996 1,518,750
- ----------------------------------------------------------------------
3,600,937
- ----------------------------------------------------------------------
ENERGY--OIL & GAS 2.7%
1,000,000 Burlington Resources,
7.15%,
5/1/1999 1,023,750
1,000,000 Elf Aquitaine, 7.75%,
5/1/1999 1,037,500
1,500,000 Texaco, Inc., 9.00%,
11/15/1997 1,593,750
- ----------------------------------------------------------------------
3,655,000
- ----------------------------------------------------------------------
FINANCE COMPANIES 16.8%
1,000,000 American Express Credit,
7.375%, 2/1/1999 1,027,500
1,000,000 American General Finance,
6.875%, 7/1/1999 1,013,750
1,050,000 Aristar, Inc., 7.875%,
2/15/1999 1,092,000
1,000,000 Associates Corp., N.A.,
8.70%,
1/1/1997 1,036,250
1,000,000 Avco Financial Services,
Inc., 5.875%, 10/15/1997 995,000
1,200,000 Bear, Stearns & Co., Inc.,
7.625%, 9/15/1999 1,239,000
1,250,000 Bell Atlantic Financial,
6.625%,
11/30/1997 1,260,937
1,250,000 BHP U.S. Finance Corp.,
7.00%,
12/1/1997 1,267,187
1,000,000 Chrysler Financial Corp.,
13.25%,
10/15/1999 1,232,500
500,000 CNA Financial, 8.875%,
3/1/1998 526,875
1,000,000 Dean Witter Discover,
6.00%,
3/1/1998 992,500
750,000 Dow Capital, B.V., 8.25%,
2/15/1996 758,438
1,000,000 Ford Motor Credit Co.,
7.75%,
10/1/1999 1,042,500
1,000,000 General Motors Acceptance
Corp., 7.00%, 3/1/2000 1,010,000
1,000,000 Goldman, Sachs & Co.,
6.875%,
9/15/1999 991,250
500,000 Heller Financial Corp.,
6.50%,
11/15/1995 501,530
1,000,000 Household International,
6.00%,
3/15/1999 985,000
1,000,000 International Lease Finance
Corp., 5.75%, 7/1/1998 982,500
1,000,000 Lehman Bros., Inc., 7.625%,
8/1/1998 1,017,500
500,000 Morgan Stanley Group,
7.875%,
12/15/1998 520,625
1,000,000 Salomon, Inc., 9.375%,
4/15/1998 1,057,500
1,000,000 Transamerica Finance Corp.,
5.40%, 9/1/1995 1,000,120
250,000 Transamerica Finance Corp.,
6.75%, 1/15/1998 252,187
1,000,000 Xerox Credit Corp.,
10.125%,
4/15/1999 1,033,750
- ----------------------------------------------------------------------
22,836,399
- ----------------------------------------------------------------------
FOOD & BEVERAGE 0.7%
1,000,000 PepsiCo, Inc., 6.80%,
5/15/2000 1,016,250
- ----------------------------------------------------------------------
FOREIGN INDUSTRIAL 1.5%
$1,000,000 Hanson Finance (U.K.) PLC,
5.50%, 1/15/1996 $997,500
1,000,000 Rhone Poulenc, 6.75%,
10/15/1999 1,000,000
- ----------------------------------------------------------------------
1,997,500
- ----------------------------------------------------------------------
FOREIGN SECURITIES 3.7%
1,000,000 Korea Development Bank,
9.25%,
6/15/1998 1,072,500
1,000,000 Province of Ontario,
Canada, 5.70%, 10/1/1997 990,000
1,500,000 Province of Quebec, Canada,
9.375%, 4/1/1999 1,638,750
1,250,000 Republic of Finland, 6.75%,
11/24/1997 1,264,062
- ----------------------------------------------------------------------
4,965,312
- ----------------------------------------------------------------------
GAS & ELECTRIC UTILITIES 6.5%
1,200,000 Baltimore Gas & Electric
Co., 9.125%, 10/15/1995 1,210,500
500,000 Empire District Electric
Co., 5.70%, 5/1/1998 494,375
1,000,000 Georgia Power Co., 5.125%,
9/1/1995 1,000,000
500,000 Houston Lighting & Power
Co., 6.75%, 11/1/1997 503,125
1,000,000 Iowa Electric Power &
Light, 7.60%, 3/1/1999 1,040,000
1,000,000 National Rural Utilities,
8.50%,
2/15/1998 1,055,000
1,250,000 Orange & Rockland
Utilities, Inc., 6.50%,
10/15/1997 1,257,813
1,000,000 Southern California Edison,
7.50%, 4/15/1999 1,038,750
1,250,000 Southern California Gas
Co., 6.50%, 12/15/1997 1,256,250
- ----------------------------------------------------------------------
8,855,813
- ----------------------------------------------------------------------
INSURANCE 4.5%
1,000,000 Allstate Corp., 5.875%,
6/15/1998 983,750
1,000,000 Cigna Corp., 8.00%,
9/1/1996 1,019,760
1,000,000 Continental Corp., 8.25%,
4/15/1999 1,050,000
1,000,000 Torchmark Corp., 9.625%,
5/1/1998 1,075,000
1,000,000 Travelers, Inc., 7.75%,
6/15/1999 1,035,000
INSURANCE (CONTINUED)
$1,000,000 U.S. Life Notes, 6.375%,
6/15/2000 $982,500
- ----------------------------------------------------------------------
6,146,010
- ----------------------------------------------------------------------
TECHNOLOGY 1.5%
750,000 Becton Dickinson & Co.,
8.375%,
6/1/1996 764,063
1,250,000 IBM Credit Corp., 6.375%,
11/1/1997 1,253,125
- ----------------------------------------------------------------------
2,017,188
- ----------------------------------------------------------------------
TELEPHONE UTILITIES & COMMUNICATION COMPANIES 2.4%
1,250,000 Cincinnati Bell, Inc.,
6.70%,
12/15/1997 1,254,688
1,000,000 GTE Corp., 8.85%, 3/1/1998 1,055,000
1,000,000 MCI Communications Corp.,
6.25%, 3/23/1999 987,500
- ----------------------------------------------------------------------
3,297,188
- ----------------------------------------------------------------------
TRANSPORTATION 2.0%
1,500,000 CSX Corp., 9.50%, 8/1/2000 1,696,875
1,000,000 Union Pacific Corp., 6.25%,
3/15/1999 991,250
- ----------------------------------------------------------------------
2,688,125
- ----------------------------------------------------------------------
TOTAL CORPORATE BONDS (IDENTIFIED COST
$92,431,622) 93,431,928
- ----------------------------------------------------------------------
U.S. TREASURY NOTES 28.1%
- ----------------------------------------------------------------------
3,000,000 6.50%, 5/15/1997 3,033,720
8,000,000 6.875%, 2/28/1997 8,129,039
5,000,000 6.875%, 4/30/1997 5,086,050
1,500,000 6.875%, 3/31/2000 1,551,735
12,000,000 7.125%, 2/29/2000 12,532,319
2,000,000 7.25%, 8/31/1996 2,031,660
4,000,000 7.25%, 2/15/1998 4,129,760
1,500,000 7.75%, 1/31/2000 1,602,060
- ----------------------------------------------------------------------
TOTAL U.S. TREASURY NOTES
(IDENTIFIED COST $37,076,313) 38,096,343
- ----------------------------------------------------------------------
(G) COMMERCIAL PAPER 2.0%
- ----------------------------------------------------------------------
FINANCE COMMERCIAL
2,703,123 General Electric Capital
Corp., 5.75%, 7/3/1995
(at amortized cost) 2,703,123
- ----------------------------------------------------------------------
TOTAL INVESTMENTS (IDENTIFIED COST
$132,211,058) $134,231,394
- ----------------------------------------------------------------------
See Notes to Portfolios of Investments.
</TABLE>
- --------------------------------------------------------------------------------
Notes to Portfolios of Investments
<TABLE>
<C> <S>
* Underlying rating equivalent to MIG1.
(a) Each issue shows the rate of discount at the time of purchase.
(b) The repurchase agreement is fully collateralized by U.S. Government
and/or agency obligations based on market
prices at the date of the portfolio.
(c) Also represents cost for federal tax purposes.
(d) Please refer to the Appendix of the Statement of Additional
Information for an explanation of the credit
ratings.
(e) The repurchase agreements are fully collateralized by U.S. Treasury
obligations based on market prices at the
date of the portfolio.
(f) Non-income producing securities.
(g) Each issue shows the coupon rate.
(h) Indicates securities subject to dollar roll transactions with a total
market value of $15,295,350.
(i) Securities with notional or nominal principal amounts show the
current rate which may vary from the stated rate.
</TABLE>
The following abbreviations are used in these portfolios:
<TABLE>
<S> <C>
AMBAC -- American Municipal Bond Assurance Inv. Flt. -- Inverse
Floater
Corporation IO -- Interest Only
ARM -- Adjustable Rate Mortgage LOC -- Letter of Credit
BANs -- Bond Anticipation Notes LP -- Limited Partnership
BIG -- Bond Investors Guaranty LT -- Limited Tax
CMO -- Collateralized Mortgage Obligation MBIA -- Municipal Bond
Investors Assurance
EDR -- Economic Development Revenue PAC -- Planned
Amortization Class
ETM -- Escrowed to Maturity PCR -- Pollution Control
Revenue
FGIC -- Financial Guaranty Insurance Co. PLC -- Public Limited
Company
FRN -- Floating Rate Note REMIC -- Real Estate
Mortgage Investment Conduit
FSA -- Financial Security Assurance SPA -- Standby Purchase
Agreement
GNMA -- Government National Mortgage Association UT -- Unlimited Tax
GO -- General Obligation VRDNs -- Variable Rate
Demand Notes
IDA -- Industrial Development Authority Z-Bond -- Accrual Bond
IDR -- Industrial Development Revenue
</TABLE>
The categories of investments are shown as a percentage of net assets:
The following is a summary of the financial investment activity for the six
months ended June 30, 1995:
<TABLE>
<CAPTION>
Cost of
Investments Net
for Federal Unrealized Gross
Gross
Tax Appreciation/ Unrealized
Unrealized Total
MONITOR FUNDS Purposes (Depreciation)
Appreciation Depreciation Net Assets
<S> <C> <C> <C>
<C> <C>
- --------------------------------------------------------------------------------
- -----------------------
Money Market Fund $365,849,827 $0 $0
$0 $364,343,638
Ohio Municipal Money Market Fund 100,739,745 0 0
0 99,322,757
U.S. Treasury Money Market Fund 321,831,751 0 0
0 320,200,565
Growth Fund 107,812,562 27,798,990 28,201,695
402,705 135,143,625
Income Equity Fund 105,308,337 19,735,195 20,234,220
499,025 125,388,656
Ohio Tax-Free Fund 58,664,142 2,320,164 2,493,362
173,198 61,493,172
Fixed Income Securities Fund 130,433,057 6,505,869 6,861,128
355,259 138,002,576
Mortgage Securities Fund 84,822,372 (4,909,206 ) 1,057,949
5,967,155 61,097,337
Short/Intermediate Fixed Income
Securities Fund 132,211,058 2,020,336 2,369,941
349,605 135,599,025
- --------------------------------------------------------------------------------
- -----------------------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
- --------------------------------------------------------------------------------
Statements of Operations
SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
(All numbers in thousands)
<TABLE>
<CAPTION>
THE MONITOR
THE MONITOR
THE MONITOR OHIO MUNICIPAL
U.S. TREASURY
MONEY MARKET MONEY MARKET
MONEY MARKET
FUND FUND
FUND
<S> <C> <C>
<C>
- --------------------------------------------------------------------------------
- ------------------------------
INVESTMENT INCOME:
Interest $10,341 $1,762
$9,322
Dividends -- --
- --
- --------------------------------------------------------------------------------
- ------------------------------
Total income 10,341 1,762
9,322
- --------------------------------------------------------------------------------
- ------------------------------
EXPENSES:
Investment advisory fee 508 132
314
Directors'/Trustees' fees 2 1
4
Administrative personnel and services fee 252 65
234
Custodian and recordkeeping fees and expenses 95 25
88
Transfer and dividend disbursing agent fees
and expenses 23 25
28
Share registration costs 11 9
12
Auditing fees 4 7
9
Legal fees 4 --
9
Printing and postage 4 5
6
Insurance premiums 3 2
4
Distribution services fees 27 20
32
Miscellaneous 3 2
3
- --------------------------------------------------------------------------------
- ------------------------------
Total expenses 936 293
743
- --------------------------------------------------------------------------------
- ------------------------------
Deduct--
Waiver of investment advisory fees -- 65
- --
Reimbursement of other operating expenses by
the adviser -- --
- --
Waiver of distribution services fees -- --
19
Waiver of administrative personnel and
services fees -- --
- --
Reduction of administrative personnel and
services fees 37 25
36
- --------------------------------------------------------------------------------
- ------------------------------
NET EXPENSES 899 203
688
- --------------------------------------------------------------------------------
- ------------------------------
NET INVESTMENT INCOME 9,442 1,559
8,634
- --------------------------------------------------------------------------------
- ------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net realized gain (loss) on investments -- --
- --
Net change in unrealized appreciation
(depreciation) of investments -- --
- --
- --------------------------------------------------------------------------------
- ------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS -- --
- --
- --------------------------------------------------------------------------------
- ------------------------------
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS $9,442 $1,559
$8,634
================================================================================
==============================
</TABLE>
- --------------------------------------------------------------------------------
Statements of Assets & Liabilities
JUNE 30, 1995 (UNAUDITED)
(All numbers in thousands except net asset values)
<TABLE>
<CAPTION>
THE MONITOR
THE MONITOR
THE MONITOR OHIO MUNICIPAL
U.S. TREASURY
MONEY MARKET MONEY MARKET
MONEY MARKET
FUND FUND
FUND
<S> <C> <C>
<C>
- --------------------------------------------------------------------------------
- ----------------------------
ASSETS:
Investments at value $321,925 $100,740
$144,196
Investments in repurchase agreements 43,925 --
177,636
Cash -- --
- --
Income receivable 206 698
60
Receivable for investments sold -- --
- --
Deferred expenses -- --
- --
- --------------------------------------------------------------------------------
- ----------------------------
Total assets 366,056 101,438
321,892
- --------------------------------------------------------------------------------
- ----------------------------
LIABILITIES:
Payable for investments purchased -- 1,803
- --
Payable for shares redeemed -- --
- --
Payable for dollar roll transactions -- --
- --
Income distribution payable 1,625 275
1,614
Accrued expenses 70 37
77
Payable to Administrator 17 --
- --
- --------------------------------------------------------------------------------
- ----------------------------
Total liabilities 1,712 2,115
1,691
- --------------------------------------------------------------------------------
- ----------------------------
NET ASSETS:
Paid in capital 364,344 99,323
320,201
Net unrealized appreciation (depreciation) of
investments -- --
- --
Accumulated net realized gain (loss) on
investments -- --
- --
Distributions in excess of net investment
income -- --
- --
Undistributed net investment income -- --
- --
- --------------------------------------------------------------------------------
- ----------------------------
Total Net Assets $364,344 $99,323
$320,201
- --------------------------------------------------------------------------------
- ----------------------------
NET ASSETS:
Trust Shares $290,028 $59,311
$291,458
Investment Shares $74,316 $40,012
$28,743
- --------------------------------------------------------------------------------
- ----------------------------
NET ASSET VALUE AND REDEMPTION PROCEEDS PER
SHARE:
Trust Shares $1.00 $1.00
$1.00
Investment Shares $1.00 $1.00
$1.00
- --------------------------------------------------------------------------------
- ----------------------------
OFFERING PRICE PER SHARE:
Trust Shares $1.00 $1.00
$1.00
Investment Shares $1.00 $1.00
$1.00
- --------------------------------------------------------------------------------
- ----------------------------
SHARES OUTSTANDING:
Trust Shares 290,028 59,311
291,458
Investment Shares 74,316 40,012
28,743
- --------------------------------------------------------------------------------
- ----------------------------
Total shares outstanding ($0.001 par value) 364,344 99,323
320,201
================================================================================
==============================
Investments, at identified cost $365,850 $100,740
$321,832
================================================================================
==============================
</TABLE>
<TABLE>
<S> <C>
* Computation of Offering price: 100/96 of net asset
value. Dividend income is
recorded net of withholding taxes of
** Computation of Offering price: 100/98 of net asset $1 and $15 for The
Monitor Growth Fund and The Monitor
value. Income Equity Fund,
respectively.
+ Includes dollar
roll income of $752.
</TABLE>
(See Notes which are an integral part of the Financial Statements)
- --------------------------------------------------------------------------------
- ----------
<TABLE>
<CAPTION>
THE
THE
THE THE MONITOR THE
MONITOR SHORT/
THE MONITOR MONITOR FIXED MONITOR
INTERMEDIATE
MONITOR INCOME OHIO INCOME MORTGAGE
FIXED INCOME
GROWTH EQUITY TAX-FREE SECURITIES SECURITIES
SECURITIES
FUND FUND FUND FUND FUND
FUND
<S> <C> <C> <C> <C> <C>
<C>
- --------------------------------------------------------------------------------
- -------------
$225 $793 $1,696 $4,699 $2,222+
$4,398
1,094+ 2,067 -- -- --
- --
- --------------------------------------------------------------------------------
- -------------
1,319 2,860 1,696 4,699 2,222
4,398
- --------------------------------------------------------------------------------
- -------------
357 362 151 320 145
323
2 1 1 2 1
2
89 63 45 95 43
67
33 34 17 36 64
36
29 14 24 29 32
15
8 5 -- 8 15
6
7 8 6 8 23
12
1 1 2 2 3
4
6 5 4 7 8
6
2 1 2 5 5
3
4 -- 3 2 6
- --
2 1 2 3 6
3
- --------------------------------------------------------------------------------
- -------------
540 495 257 517 351
477
- --------------------------------------------------------------------------------
- -------------
-- -- -- -- 145
- --
-- -- -- -- 7
- --
-- -- -- -- 3
- --
-- -- -- -- 12
- --
26 -- 20 27 22
- --
- --------------------------------------------------------------------------------
- -------------
514 495 237 490 162
477
- --------------------------------------------------------------------------------
- -------------
805 2,365 1,459 4,209 2,060
3,921
- --------------------------------------------------------------------------------
- -------------
5,924 1,337 1 (463) (9,394)
(397)
11,669 10,752 2,556 10,132 18,614
6,401
- --------------------------------------------------------------------------------
- -------------
17,593 12,089 2,557 9,669 9,220
6,004
- --------------------------------------------------------------------------------
- -------------
$18,398 $14,454 $4,016 $13,878 $11,280
$9,925
================================================================================
=============
</TABLE>
- --------------------------------------------------------------------------------
- -------------
<TABLE>
<CAPTION>
THE
THE
THE THE MONITOR THE
MONITOR SHORT/
THE MONITOR MONITOR FIXED MONITOR
INTERMEDIATE
MONITOR INCOME OHIO INCOME MORTGAGE
FIXED INCOME
GROWTH EQUITY TAX-FREE SECURITIES SECURITIES
SECURITIES
FUND FUND FUND FUND FUND
FUND
<S> <C> <C> <C> <C> <C>
<C>
- --------------------------------------------------------------------------------
- -----------
$135,612 $125,043 $60,984 $136,939 $79,913
$134,231
-- -- -- -- --
- --
-- -- 59 -- --
- --
219 456 497 2,209 601
2,441
-- -- -- -- 45
- --
-- -- -- -- 13
- --
- --------------------------------------------------------------------------------
- -----------
135,831 125,499 61,540 139,148 80,572
136,672
- --------------------------------------------------------------------------------
- -----------
577 -- -- 1,069 4,164
994
-- -- -- -- 1
- --
-- -- -- -- 15,277
- --
-- -- -- -- --
- --
110 100 47 76 33
79
-- 10 -- -- --
- --
- --------------------------------------------------------------------------------
- -----------
687 110 47 1,145 19,475
1,073
- --------------------------------------------------------------------------------
- -----------
101,344 104,650 59,159 133,649 86,794
134,044
27,799 19,735 2,320 6,506 (4,909)
2,020
5,924 1,047 1 (2,264) (20,383)
(597)
-- (43) -- -- (405)
- --
77 -- 13 112 --
132
- --------------------------------------------------------------------------------
- -----------
$135,144 $125,389 $61,493 $138,003 $61,097
$135,599
- --------------------------------------------------------------------------------
- -----------
$131,599 $125,389 $59,289 $135,924 $59,062
$135,599
$3,545 -- $2,204 $2,079 $2,035
- --
- --------------------------------------------------------------------------------
- -----------
$30.49 $24.19 $21.38 $21.22 $7.77
$20.05
$30.49 -- $21.38 $21.22 $7.80
- --
- --------------------------------------------------------------------------------
- -----------
$30.49 $24.19 $21.38 $21.22 $7.77
$20.05
$31.76* -- $21.82** $21.65** 7.96**
- --
- --------------------------------------------------------------------------------
- -----------
4,316 5,184 2,774 6,405 7,603
6,764
116 -- 103 98 261
- --
- --------------------------------------------------------------------------------
- -----------
4,432 5,184 2,877 6,503 7,864
6,764
================================================================================
=============
$107,813 $105,308 $58,664 $130,433 $84,822
$132,211
================================================================================
=============
</TABLE>
- --------------------------------------------------------------------------------
Statements of Changes In Net Assets
(All numbers in thousands)
<TABLE>
<CAPTION>
THE
THE
MONITOR
THE MONITOR OHIO
U.S. TREASURY
MONITOR MONEY MUNICIPAL MONEY
MONEY MARKET
MARKET FUND MARKET FUND
FUND
- --------------------------------------------------------------------------------
- ------------------
SIX SIX
SIX
MONTHS MONTHS
MONTHS
ENDED YEAR ENDED YEAR
ENDED YEAR
JUNE 30, ENDED JUNE 30, ENDED
JUNE 30, ENDED
1995 DEC. 31, 1995 DEC. 31,
1995 DEC. 31,
(UNAUDITED) 1994 (UNAUDITED) 1994
(UNAUDITED) 1994
- --------------------------------------------------------------------------------
- ------------------
<S> <C> <C> <C> <C>
<C> <C>
INCREASE (DECREASE) IN NET
ASSETS
OPERATIONS--
Net investment income $9,442 $12,722 $1,559 $1,608
$8,634 $9,290
Net realized gain (loss) on
investment transactions -- -- -- --
- -- --
Net change in unrealized
appreciation (depreciation)
of investments -- -- -- --
- -- --
- --------------------------------------------------------------------------------
- ------------------
Change in net assets
resulting from operations 9,442 12,722 1,559 1,608
8,634 9,290
- --------------------------------------------------------------------------------
- ------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM--
Net investment income:
Trust Shares (7,976) (11,713) (848) (882)
(7,951) (9,022)
Investment Shares (1,466) (1,009) (711) (726)
(683) (268)
Net realized gain on
investments:
Trust Shares -- -- -- --
- -- --
Investment Shares -- -- -- --
- -- --
DISTRIBUTIONS IN EXCESS OF
Net investment income:
Trust Shares -- -- -- --
- -- --
Investment Shares -- -- -- --
- -- --
- --------------------------------------------------------------------------------
- ------------------
Change in net assets from
distributions to
shareholders (9,442) (12,722) (1,559) (1,608)
(8,634) (9,290)
- --------------------------------------------------------------------------------
- ------------------
FUND SHARE (PRINCIPAL) TRANSACTIONS--
Proceeds from sale of shares 355,629 655,673 96,835 160,243
543,026 569,508
Net assets value of shares
issued to
shareholders in payment of
distributions declared 962 950 130 197
427 231
Cost of shares redeemed (321,681) (686,049) (74,400) (144,135)
(500,180) (524,882)
- --------------------------------------------------------------------------------
- ------------------
Change in net assets
resulting from
share transactions 34,910 (29,426) 22,565 16,305
43,273 44,857
- --------------------------------------------------------------------------------
- ------------------
Change in net assets 34,910 (29,426) 22,565 16,305
43,273 44,857
NET ASSETS:
Beginning of period 329,434 358,860 76,758 60,453
276,928 232,071
- --------------------------------------------------------------------------------
- ------------------
End of period $364,344 $329,434 $99,323 $76,758
$320,201 $276,928
================================================================================
==================
Undistributed net investment
income included in net
assets at end of period -- -- -- --
- -- --
================================================================================
==================
</TABLE>
(See Notes which are an integral part of the Financial Statements)
- --------------------------------------------------------------------------------
- -------------------
<TABLE>
<CAPTION>
THE
THE THE THE MONITOR
FIXED THE
MONITOR GROWTH MONITOR INCOME MONITOR OHIO INCOME
SECURITIES MONITOR MORTGAGE
FUND EQUITY FUND TAX-FREE FUND FUND
SECURITIES FUND
- --------------------------------------------------------------------------------
- -----------------------------
SIX SIX SIX SIX
SIX
MONTHS MONTHS MONTHS MONTHS
MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR ENDED
YEAR ENDED YEAR
JUNE 30, ENDED JUNE 30, ENDED JUNE 30, ENDED JUNE 30,
ENDED JUNE 30, ENDED
1995 DEC. 31, 1995 DEC. 31, 1995 DEC. 31, 1995
DEC. 31, 1995 DEC. 31,
(UNAUDITED) 1994 (UNAUDITED) 1994 (UNAUDITED) 1994 (UNAUDITED)
1994 (UNAUDITED) 1994
<C> <C> <C> <C> <C> <C> <C>
<C> <C> <C>
- --------------------------------------------------------------------------------
- -----------------------------
$805 $1,632 $2,365 $4,915 $1,459 $2,803 $4,209
$7,244 $2,060 $8,618
5,924 289 1,337 (290) 1 -- (463)
(1,801) (9,394) (10,599)
11,669 381 10,752 (7,216) 2,556 (4,412) 10,132
(10,947) 18,614 (21,638)
- --------------------------------------------------------------------------------
- -----------------------------
18,398 2,302 14,454 (2,591) 4,016 (1,609) 13,878
(5,504) 11,280 (23,619)
- --------------------------------------------------------------------------------
- -----------------------------
(739) (1,568) (2,510) (4,805) (1,425) (2,670) (4,133)
(7,377) (2,062) (8,326)
(17) (42) N/A N/A (53) (115) (63)
(143) (83) (718)
-- (280) -- -- -- -- --
- -- -- --
-- (9) N/A N/A -- -- --
- -- -- --
-- -- (43) -- -- -- --
- -- (389) (58)
-- -- N/A N/A -- -- --
- -- (16) (4)
- --------------------------------------------------------------------------------
- -----------------------------
(756) (1,899) (2,553) (4,805) (1,478) (2,785) (4,196)
(7,520) (2,550) (9,106)
- --------------------------------------------------------------------------------
- -----------------------------
15,466 19,171 5,250 13,781 5,542 17,971 11,881
31,386 819 8,288
267 592 850 1,580 99 216 1,681
3,143 367 3,682
(4,906) (27,028) (8,011) (28,184) (5,462) (17,396) (6,316)
(15,096) (7,242) (19,816)
- --------------------------------------------------------------------------------
- -----------------------------
10,827 (7,265) (1,911) (12,823) 179 791 7,246
19,433 (6,056) (7,846)
- --------------------------------------------------------------------------------
- -----------------------------
28,469 (6,862) 9,990 (20,219) 2,717 (3,603) 16,928
6,409 2,674 (40,571)
106,675 113,537 115,399 135,618 58,776 62,379 121,075
114,666 58,423 98,994
- --------------------------------------------------------------------------------
- -----------------------------
$135,144 $106,675 $125,389 $115,399 $61,493 $58,776 $138,003
$121,075 $61,097 $58,423
================================================================================
=============================
$77 $28 -- $145 $13 $32 $112
$99 -- --
================================================================================
=============================
<CAPTION>
THE
MONITOR SHORT/
INTERMEDIATE FIXED
INCOME SECURITIES
FUND
- ---------------------
SIX
MONTHS
ENDED YEAR
JUNE 30, ENDED
1995 DEC. 31,
(UNAUDITED) 1994
<C> <C>
- ---------------------
$3,921 $7,305
(397) (200)
6,401 (8,318)
- ---------------------
9,925 (1,213)
- ---------------------
(3,905) (7,912)
N/A N/A
-- --
N/A N/A
-- --
N/A N/A
- ---------------------
(3,905) (7,912)
- ---------------------
12,482 34,446
1,654 3,221
(9,669) (27,327)
- ---------------------
4,467 10,340
- ---------------------
10,487 1,215
125,112 123,897
- ---------------------
$135,599 $125,112
=====================
$132 $116
=====================
</TABLE>
- --------------------------------------------------------------------------------
Statement of Cash Flows
SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
(All numbers in thousands)
<TABLE>
<CAPTION>
THE
MONITOR
MORTGAGE
SECURITIES
FUND
<S>
<C>
- --------------------------------------------------------------------------------
- -------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Investment income received
$2,072
Payment of operating expenses
(162)
Proceeds from sales and maturities of investments
112,566
Purchases of investments
(98,815)
Net purchases of short-term investments
(2,407)
- --------------------------------------------------------------------------------
- -------------------------------
Cash provided by operating activities
13,254
- --------------------------------------------------------------------------------
- -------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from Fund share activity
(6,626)
Decrease on payable for dollar roll transactions
(4,446)
Distributions paid
(2,183)
- --------------------------------------------------------------------------------
- -------------------------------
Cash used by financing activities
(13,255)
- --------------------------------------------------------------------------------
- -------------------------------
Decrease in cash
(1)
Cash at beginning of period
1
- --------------------------------------------------------------------------------
- -------------------------------
Cash at end of period
$0
- --------------------------------------------------------------------------------
- -------------------------------
RECONCILIATION OF NET INCREASE IN NET ASSETS FROM
OPERATIONS TO CASH PROVIDED BY OPERATING ACTIVITIES:
Net increase in net assets resulting from operations
11,280
Net increase in investments
(2,016)
Increase in interest receivable
(151)
Decrease in receivable for investments sold
5,004
Decrease in deferred expenses
22
Decrease in payable for investments purchased
(863)
Decrease in accrued expenses
(22)
- --------------------------------------------------------------------------------
- -------------------------------
Cash provided by operating activities
$13,254
- --------------------------------------------------------------------------------
- -------------------------------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
THIS PAGE INTENTIONALLY LEFT BLANK
- --------------------------------------------------------------------------------
- ----
Financial Highlights
MONEY MARKET FUNDS
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
NET ASSET DISTRIBUTIONS TO
VALUE, NET SHAREHOLDERS NET ASSET
YEAR ENDED BEGINNING INVESTMENT FROM NET VALUE, END TOTAL
DECEMBER 31, OF PERIOD INCOME INVESTMENT INCOME OF PERIOD RETURN(G)
<S> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------
- -------
TRUST SHARES
<CAPTION>
THE MONITOR MONEY MARKET FUND
<S> <C> <C> <C> <C> <C>
1987(b) $1.00 0.04 (0.04) $1.00 3.38%
1988 $1.00 0.07 (0.07) $1.00 7.45%
1989 $1.00 0.09 (0.09) $1.00 9.13%
1990 $1.00 0.08 (0.08) $1.00 8.10%
1991 $1.00 0.06 (0.06) $1.00 5.85%
1992 $1.00 0.03 (0.03) $1.00 3.44%
1993 $1.00 0.03 (0.03) $1.00 2.74%
1994 $1.00 0.04 (0.04) $1.00 3.86%
1995(a) $1.00 0.03 (0.03) $1.00 2.81%
<CAPTION>
THE MONITOR OHIO MUNICIPAL MONEY MARKET FUND
<S> <C> <C> <C> <C> <C>
1987(c) $1.00 0.02 (0.02) $1.00 2.14%
1988 $1.00 0.05 (0.05) $1.00 4.89%
1989 $1.00 0.06 (0.06) $1.00 6.01%
1990 $1.00 0.05 (0.05) $1.00 5.43%
1991 $1.00 0.04 (0.04) $1.00 4.07%
1992 $1.00 0.03 (0.03) $1.00 2.61%
1993 $1.00 0.02 (0.02) $1.00 2.08%
1994 $1.00 0.02 (0.02) $1.00 2.41%
1995(a) $1.00 0.02 (0.02) $1.00 1.79%
<CAPTION>
THE MONITOR U.S. TREASURY MONEY MARKET FUND
<S> <C> <C> <C> <C> <C>
1989(d) $1.00 0.02 (0.02) $1.00 1.37%
1990 $1.00 0.07 (0.07) $1.00 7.97%
1991 $1.00 0.05 (0.05) $1.00 5.66%
1992 $1.00 0.03 (0.03) $1.00 3.43%
1993 $1.00 0.03 (0.03) $1.00 2.77%
1994 $1.00 0.04 (0.04) $1.00 3.79%
1995(a) $1.00 0.03 (0.03) $1.00 2.75%
<CAPTION>
INVESTMENT SHARES
THE MONITOR MONEY MARKET FUND
<S> <C> <C> <C> <C> <C>
1991(e) $1.00 0.04 (0.04) $1.00 3.56%
1992 $1.00 0.03 (0.03) $1.00 3.34%
1993 $1.00 0.03 (0.03) $1.00 2.63%
1994 $1.00 0.04 (0.04) $1.00 3.76%
1995(a) $1.00 0.03 (0.03) $1.00 2.76%
<CAPTION>
THE MONITOR OHIO MUNICIPAL MONEY MARKET FUND
<S> <C> <C> <C> <C> <C>
1991(e) $1.00 0.03 (0.03) $1.00 2.51%
1992 $1.00 0.03 (0.03) $1.00 2.51%
1993 $1.00 0.02 (0.02) $1.00 1.98%
1994 $1.00 0.02 (0.02) $1.00 2.31%
1995(a) $1.00 0.02 (0.02) $1.00 1.74%
<CAPTION>
THE MONITOR U.S. TREASURY MONEY MARKET FUND
<S> <C> <C> <C> <C> <C>
1993(f) $1.00 0.01 (0.01) $1.00 0.54%
1994 $1.00 0.04 (0.04) $1.00 3.68%
1995(a) $1.00 0.03 (0.03) $1.00 2.70%
- --------------------------------------------------------------------------------
</TABLE>
(a) Six months ended June 30, 1995 (unaudited).
(b) Reflects operations for the period from June 11, 1987 (date of initial
public investment) to December 31, 1987.
(c) Reflects operations for the period from June 10, 1987 (date of initial
public investment) to December 31, 1987.
(d) Reflects operations for the period from October 2, 1989 (date of initial
public investment) to December 31, 1989.
(e) Reflects operations for the period from May 1, 1991 (effective date of
Investment Shares) to December 31, 1991.
(f) Reflects operations for the period from October 19, 1993 (date of initial
public investment) to December 31, 1993.
(g) Based on net asset value, which does not reflect the sales load or
contingent deferred sales charge, if applicable.
(h) Computed on an annualized basis.
(i) This voluntary expense decrease is reflected in both the expense and net
investment income ratios.
(See Notes which are an integral part of the Financial Statements)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATIO TO AVERAGE NET ASSETS
- ----------------------------------------------
NET EXPENSE NET ASSETS,
INVESTMENT WAIVER/REDUCTION/ END OF PERIOD
EXPENSES INCOME REIMBURSEMENT(I) (000 OMITTED)
<S> <C> <C> <C>
- -----------------------------------------------------------------
0.49%(h) 6.76%(h) -- $ 303,798
0.45% 7.24% -- $ 295,414
0.50% 8.75% -- $ 327,419
0.47% 7.79% -- $ 313,436
0.50% 5.74% -- $ 335,751
0.50% 3.38% -- $ 291,818
0.51% 2.70% 0.02% $ 337,276
0.51% 3.75% 0.02% $ 287,805
0.52%(h) 5.59%(h) 0.02%(h) $ 290,028
0.50%(h) 4.33%(h) -- $ 72,001
0.52% 4.76% -- $ 70,370
0.52% 5.85% -- $ 71,527
0.60% 5.33% -- $ 72,105
0.58% 4.00% 0.02% $ 54,873
0.49% 2.60% 0.14% $ 48,893
0.45% 2.07% 0.20% $ 40,141
0.45% 2.40% 0.19% $ 39,624
0.42%(h) 3.60%(h) 0.20%(h) $ 59,311
0.38%(h) 7.58%(h) 0.05%(h) $ 62,499
0.44% 7.68% -- $ 149,066
0.44% 5.52% -- $ 130,302
0.41% 3.34% -- $ 146,453
0.40% 2.74% 0.01% $ 231,123
0.42% 3.76% 0.02% $ 256,538
0.43%(h) 5.50%(h) 0.02%(h) $ 291,458
0.60%(h) 5.08%(h) -- $ 17,936
0.60% 3.26% -- $ 19,962
0.61% 2.60% 0.02% $ 21,583
0.61% 3.85% 0.02% $ 41,629
0.62%(h) 5.49%(h) 0.02%(h) $ 74,316
0.67%(h) 3.69%(h) 0.02%(h) $ 425
0.59% 2.35% 0.14% $ 2,452
0.55% 1.88% 0.20% $ 20,312
0.55% 2.30% 0.19% $ 37,134
0.52%(h) 3.50%(h) 0.20%(h) $ 40,012
0.50%(h) 2.65%(h) 0.16%(h) $ 948
0.52% 3.66% 0.17% $ 20,390
0.53%(h) 5.40%(h) 0.17%(h) $ 28,743
- -----------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
Financial Highlights
EQUITY FUNDS
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
DISTRIBUTIONS TO
DIVIDENDS TO SHAREHOLDERS DISTRIBUTIONS
NET ASSET NET REALIZED
SHAREHOLDERS FROM NET IN EXCESS
VALUE, NET AND UNREALIZED TOTAL FROM
FROM NET REALIZED GAIN OF NET
YEAR ENDED BEGINNING INVESTMENT GAIN/(LOSS) ON INVESTMENT
INVESTMENT ON INVESTMENT INVESTMENT
DECEMBER 31, OF PERIOD INCOME INVESTMENTS OPERATIONS
INCOME TRANSACTIONS INCOME(D)
- --------------------------------------------------------------------------------
- -------------------------------------------------
TRUST SHARES
THE MONITOR GROWTH FUND
<S> <C> <C> <C> <C>
<C> <C> <C>
1989 (b) $20.00 0.33 0.59 0.92
(0.31) -- --
1990 $20.61 0.50 (0.47) 0.03
(0.51) -- --
1991 $20.13 0.53 4.74 5.27
(0.54) (0.06) (0.02)
1992 $24.78 0.56 1.36 1.92
(0.55) (0.39) --
1993 $25.76 0.46 0.44 0.90
(0.47) (0.02) --
1994 $26.17 0.39 0.21 0.60
(0.40) (0.07) --
1995 (a) $26.30 0.19 4.18 4.37
(0.18) -- --
THE MONITOR INCOME EQUITY FUND
1989 (b) $20.00 0.50 0.17 0.67
(0.42) -- --
1990 $20.25 0.80 (2.57) (1.77)
(0.88) -- --
1991 $17.60 0.71 3.31 4.02
(0.72) -- --
1992 $20.90 0.75 0.79 1.54
(0.74) -- --
1993 $21.70 0.74 1.57 2.31
(0.74) (0.06) --
1994 $23.21 0.88 (1.29) (0.41)
(0.87) -- --
1995 (a) $21.93 0.45 2.30 2.75
(0.46) -- (0.03)
INVESTMENT SHARES
THE MONITOR GROWTH FUND
1991 (c) $22.79 0.33 2.07 2.40
(0.33) (0.06) (0.02)
1992 $24.78 0.49 1.36 1.85
(0.48) (0.39) --
1993 $25.76 0.40 0.43 0.83
(0.41) (0.02) --
1994 $26.16 0.33 0.22 0.55
(0.33) (0.07) --
1995 (a) $26.31 0.16 4.17 4.33
(0.15) -- --
- --------------------------------------------------------------------------------
- -------------------------------------------------
</TABLE>
(a) Six months ended June 30, 1995 (unaudited).
(b) Reflects operations for the period from July 3, 1989 (date of initial public
investment) to December 31, 1989.
(c) Reflects operations for the period from May 1, 1991 (effective date of
Investment Shares) to December 31, 1991.
(d) Distributions in excess of net investment income were the result of certain
book and tax timing differences. These distributions do not represent a
return of capital for federal income tax purposes.
(e) Based on net asset value, which does not reflect the sales load or
contingent deferred sales charge, if applicable.
(f) This voluntary expense decrease is reflected in both the expense and net
investment income ratios.
(g) Computed on an annualized basis.
(See Notes which are an integral part of the Financial Statements)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION> RATIOS TO AVERAGE NET
ASSETS
NET ASSET --------------------------------
- ----------------
VALUE, NET
EXPENSE NET ASSETS, PORTFOLIO
TOTAL END OF TOTAL INVESTMENT
WAIVER/REDUCTION/ END OF PERIOD TURNOVER
DISTRIBUTIONS PERIOD RETURN(E) EXPENSES INCOME
REIMBURSEMENT(F) (000 OMITTED) RATE
<S> <C> <C> <C> <C>
<C> <C> <C>
- --------------------------------------------------------------------------------
- ---------------------------------------------------
(0.31) $ 20.61 4.63% 0.95%(g) 3.24%(g)
- -- $ 24,457 14%
(0.51) $ 20.13 0.16% 1.00% 2.58%
- -- $ 36,253 18%
(0.62) $ 24.78 26.47% 0.93% 2.33%
0.02% $ 71,451 13%
(0.94) $ 25.76 7.88% 0.91% 2.25%
0.01% $ 90,096 36%
(0.49) $ 26.17 3.53% 0.84% 1.79%
0.04% $ 109,576 29%
(0.47) $ 26.30 2.28% 0.88% 1.52%
0.04% $ 103,463 42%
(0.18) $ 30.49 16.67% 0.86%(g) 1.34%(g)
0.04%(g) $ 131,599 22%
(0.42) $ 20.25 3.39% 0.92%(g) 5.13%(g)
- -- $ 35,215 29%
(0.88) $ 17.60 (8.86%) 0.94% 4.43%
- -- $ 45,468 66%
(0.72) $ 20.90 23.20% 0.93% 3.67%
- -- $ 79,908 25%
(0.74) $ 21.70 7.49% 0.85% 3.53%
0.01% $ 95,182 22%
(0.80) $ 23.21 10.85% 0.82% 3.29%
- -- $ 135,618 10%
(0.87) $ 21.93 (1.82%) 0.84% 3.91%
- -- $ 115,399 50%
(0.49) $ 24.19 12.64% 0.82%(g) 3.92%(g)
- -- $ 125,389 12%
(0.41) $ 24.78 9.20% 1.24%(g) 1.88%(g)
0.02%(g) $ 1,078 13%
(0.87) $ 25.76 7.57% 1.16% 2.03%
0.01% $ 3,637 36%
(0.43) $ 26.16 3.25% 1.10% 1.54%
0.04% $ 3,961 29%
(0.40) $ 26.31 2.08% 1.13% 1.27%
0.04% $ 3,212 42%
(0.15) $ 30.49 16.50% 1.11%(g) 1.09%(g)
0.04%(g) $ 3,545 22%
- --------------------------------------------------------------------------------
- ---------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
Financial Highlights
INCOME FUNDS
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
DISTRIBUTIONS TO DISTRIBUTIONS
NET ASSET NET REALIZED AND
DISTRIBUTIONS TO SHAREHOLDERS FROM IN EXCESS
VALUE, NET UNREALIZED TOTAL FROM
SHAREHOLDERS FROM NET REALIZED GAIN OF NET
YEAR ENDED BEGINNING OF INVESTMENT GAIN/(LOSS) ON INVESTMENT
NET INVESTMENT ON INVESTMENT INVESTMENT
DECEMBER 31, PERIOD INCOME INVESTMENTS OPERATIONS
INCOME TRANSACTIONS INCOME(F)
<S> <C> <C> <C> <C>
<C> <C> <C>
- --------------------------------------------------------------------------------
- ---------------------------------------------------
TRUST SHARES
THE MONITOR OHIO TAX-FREE FUND
1988(b) $20.00 0.22 (0.05) 0.17
(0.22) -- --
1989 $19.95 1.20 0.23 1.43
(1.15) -- --
1990 $20.23 1.11 0.12 1.23
(1.15) -- --
1991 $20.31 1.05 0.74 1.79
(1.05) -- --
1992 $21.05 0.98 0.26 1.24
(0.98) -- --
1993 $21.31 0.96 0.73 1.69
(0.96) -- --
1994 $22.04 0.99 (1.55) (0.56)
(0.98) -- --
1995(a) $20.50 0.51 0.88 1.39
(0.51) -- --
THE MONITOR FIXED INCOME SECURITIES FUND
1989(c) $20.00 0.60 0.02 0.62
(0.60) -- --
1990 $20.02 1.44 (0.03) 1.41
(1.48) -- --
1991 $19.95 1.43 1.65 3.08
(1.35) (0.10) --
1992 $21.58 1.37 (0.02) 1.35
(1.47) (0.12) (0.02)
1993 $21.32 1.28 0.88 2.16
(1.39) (0.06) --
1994 $22.03 1.28 (2.28) (1.00)
(1.34) -- --
1995(a) $19.69 0.67 1.53 2.20
(0.67) -- --
THE MONITOR MORTGAGE SECURITIES FUND
1992(d)(j) $10.00 0.63 0.29 0.92
(0.61) (0.04) --
1993(j) $10.27 1.50 (0.28) 1.22
(1.46) (0.10) --
1994(j) $ 9.93 0.89 (3.19) (2.30)
(0.93) -- (0.01)
1995(a)(j) $ 6.69 0.25 1.14 1.39
(0.25) -- (0.06)
THE MONITOR SHORT/INTERMEDIATE FIXED INCOME SECURITIES FUND
1989(c) $20.00 0.72 0.05 0.77
(0.66) -- --
1990 $20.11 1.50 0.10 1.60
(1.54) -- --
1991 $20.17 1.49 1.14 2.63
(1.51) (0.11) (0.03)
1992 $21.15 1.36 (0.09) 1.27
(1.36) (0.32) (0.11)
1993 $20.63 1.19 0.31 1.50
(1.31) (0.25) --
1994 $20.57 1.13 (1.33) (0.20)
(1.23) -- --
1995(a) $19.14 0.60 0.90 1.50
(0.59) -- --
INVESTMENT SHARES
THE MONITOR OHIO TAX-FREE FUND
1991(e) $20.56 0.67 0.51 1.18
(0.69) -- --
1992 $21.05 0.93 0.26 1.19
(0.93) -- --
1993 $21.31 0.90 0.73 1.63
(0.90) -- --
1994 $22.04 0.94 (1.56) (0.62)
(0.92) -- --
1995(a) $20.50 0.48 0.89 1.37
(0.49) -- --
THE MONITOR FIXED INCOME SECURITIES FUND
1991(e) $20.17 0.91 1.47 2.38
(0.87) (0.10) --
1992 $21.58 1.33 (0.04) 1.29
(1.37) (0.12) (0.06)
1993 $21.32 1.19 0.92 2.11
(1.33) (0.06) --
1994 $22.04 1.23 (2.29) (1.06)
(1.28) -- --
1995(a) $19.70 0.64 1.53 2.17
(0.65) -- --
THE MONITOR MORTGAGE SECURITIES FUND
1992(d)(j) $10.00 0.62 0.28 0.90
(0.60) (0.03) --
1993(j) $10.27 1.47 (0.27) 1.20
(1.43) (0.10) --
1994(j) $ 9.94 0.87 (3.19) (2.32)
(0.91) -- (0.01)
1995(a)(j) $ 6.70 0.25 1.16 1.41
(0.25) -- (0.06)
- --------------------------------------------------------------------------------
- ---------------------------------------------------
</TABLE>
(a) Six months ended June 30, 1995 (unaudited).
(b) Reflects operations for the period from October 18, 1988 (date of initial
public investment) to December 31, 1988.
(c) Reflects operations for the period from July 3, 1989 (date of initial
public investment) to December 31, 1989.
(d) Reflects operations for the period from June 2, 1992 (date of initial public
investment) to December 31, 1992.
(e) Reflects operations for the period from May 1, 1991 (effective date of
Investment Shares) to December 31, 1991.
(f) Distributions in excess of net investment income were the result of certain
book and tax timing differences. These distributions did not represent a
return of capital for federal income tax purposes.
(g) Based on net asset value, which does not reflect the sales load or
contingent deferred sales charge, if applicable.
(h) This voluntary expense decrease is reflected in both the expense and net
investment income ratios.
(i) Computed on an annualized basis.
(j) Per share information presented is based upon the monthly average number of
shares outstanding due to large fluctuations in the number of shares
outstanding during the period.
(See Notes which are an integral part of the Financial Statements)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION> RATIOS TO AVERAGE NET
ASSETS
NET ASSET ----------------------------------
- ------------ NET ASSETS,
VALUE, NET
EXPENSE WAIVER/ END OF PORTFOLIO
TOTAL END OF TOTAL INVESTMENT
REDUCTION/ PERIOD (000 TURNOVER
DISTRIBUTIONS PERIOD RETURN(G) EXPENSES INCOME
REIMBURSEMENT(H) OMITTED) RATE
- --------------------------------------------------------------------------------
- ---------------------------------------------
<S> <C> <C> <C> <C> <C>
<C> <C>
(0.22) $ 19.95 0.59% 0.88%(i) 5.42%(i)
- -- $ 15,724 76%
(1.15) $ 20.23 7.37% 0.87% 5.88%
- -- $ 28,040 86%
(1.15) $ 20.31 6.28% 0.91% 5.59%
- -- $ 29,886 5%
(1.05) $ 21.05 9.06% 0.90% 5.13%
- -- $ 38,112 13%
(0.98) $ 21.31 6.04% 0.91% 4.62%
- -- $ 47,557 3%
(0.96) $ 22.04 8.08% 0.82% 4.39%
0.04% $ 59,541 2%
(0.98) $ 20.50 (2.57%) 0.77% 4.68%
0.04% $ 56,469 12%
(0.51) $ 21.38 6.86% 0.78%(i) 4.84%(i)
0.08%(i) $ 59,289 8%
(0.60) $ 20.02 3.14% 0.88%(i) 7.14%(i)
- -- $ 26,502 19%
(1.48) $ 19.95 7.49% 0.82% 7.56%
- -- $ 38,131 7%
(1.45) $ 21.58 16.13% 0.90% 7.12%
- -- $ 54,525 21%
(1.61) $ 21.32 6.54% 0.83% 6.49%
- -- $ 87,107 15%
(1.45) $ 22.03 10.32% 0.74% 5.87%
0.04% $ 112,103 7%
(1.34) $ 19.69 (4.62%) 0.75% 6.26%
0.04% $ 119,117 23%
(0.67) $ 21.22 11.33% 0.77%(i) 6.60%(i)
0.04%(i) $ 135,924 18%
(0.65) $ 10.27 9.12% 0.58%(i) 10.60%(i)
0.19%(i) $ 90,677 50%
(1.56) $ 9.93 12.10% 0.78% 14.20%
0.04% $ 90,461 154%
(0.94) $ 6.69 (24.59%) 0.88% 11.16%
0.12% $ 54,164 91%
(0.31) $ 7.77 21.33% 0.55%(i) 8.89%(i)
0.67%(i) $ 59,062 51%
(0.66) $ 20.11 3.91% 0.76%(i) 7.54%(i)
- -- $ 84,702 24%
(1.54) $ 20.17 8.34% 0.74% 7.59%
- -- $ 104,218 20%
(1.65) $ 21.15 13.62% 0.78% 7.23%
- -- $ 101,519 50%
(1.79) $ 20.63 6.25% 0.74% 6.44%
- -- $ 123,400 41%
(1.56) $ 20.57 7.43% 0.71% 5.70%
- -- $ 123,897 24%
(1.23) $ 19.14 (0.98%) 0.72% 5.76%
- -- $ 125,112 38%
(0.59) $ 20.05 7.94% 0.74%(i) 6.07%(i)
- -- $ 135,599 29%
(0.69) $ 21.05 5.78% 1.18%(i) 4.74%(i)
- -- $ 486 13%
(0.93) $ 21.31 5.76% 1.16% 4.36%
- -- $ 1,339 3%
(0.90) $ 22.04 7.78% 1.07% 4.13%
0.04% $ 2,838 2%
(0.92) $ 20.50 (2.83%) 1.02% 4.43%
0.04% $ 2,307 12%
(0.49) $ 21.38 6.74% 1.03%(i) 4.59%(i)
0.08%(i) $ 2,204 8%
(0.97) $ 21.58 12.12% 1.19%(i) 6.68%(i)
- -- $ 135 21%
(1.55) $ 21.32 6.25% 1.08% 6.16%
- -- $ 845 15%
(1.39) $ 22.04 10.07% 0.99% 5.61%
0.04% $ 2,563 7%
(1.28) $ 19.70 (4.88%) 1.00% 6.01%
0.04% $ 1,958 23%
(0.65) $ 21.22 11.18% 1.02%(i) 6.35%(i)
0.04%(i) $ 2,079 18%
(0.63) $ 10.27 8.97% 0.83%(i) 10.35%(i)
0.44%(i) $ 4,742 50%
(1.53) $ 9.94 11.94% 1.03% 13.95%
0.29% $ 8,533 154%
(0.92) $ 6.70 (24.72%) 1.13% 10.91%
0.37% $ 4,259 91%
(0.31) $ 7.80 21.51% 0.80%(i) 8.64%(i)
0.92%(i) $ 2,035 51%
- --------------------------------------------------------------------------------
- ---------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
Combined Notes to Financial Statements
JUNE 30, 1995 (UNAUDITED)
(1) ORGANIZATION
The Monitor Funds (the "Trust") is registered under the Investment Company Act
of 1940, as amended (the "Act"), as an open-end management investment company.
The Trust consists of seven diversified and two non-diversified portfolios
(individually referred to as the "Fund", or collectively as the "Funds"). The
following Funds comprise the Trust:
The Monitor Money Market Fund ("Money Market")
The Monitor Ohio Municipal Money Market Fund
("Ohio Municipal Money Market")*
The Monitor U.S. Treasury Money Market Fund
("U.S. Treasury Money Market")
The Monitor Growth Fund ("Growth")
The Monitor Income Equity Fund ("Income Equity")
The Monitor Ohio Tax-Free Fund ("Ohio Tax-Free")*
The Monitor Fixed Income Securities Fund
("Fixed Income")
The Monitor Mortgage Securities Fund
("Mortgage Securities")
The Monitor Short/Intermediate Fixed Income Securities
Fund ("Short/Intermediate Fixed Income")
*non-diversified portfolio
Money Market, Ohio Municipal Money Market, U.S. Treasury Money Market, Growth,
Ohio Tax-Free, Fixed Income, and Mortgage Securities each offer two classes of
shares ("Trust Shares" and "Investment Shares"). Investment Shares are identical
in all respects to Trust Shares, except that Investment Shares are sold pursuant
to distribution plans (the "Plans") adopted in accordance with Rule 12b-1 under
the Act.
The assets of each Fund are segregated, and a shareholder's interest is limited
to the Fund and to the class in which shares are held.
(2) SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by each Fund in the preparation of its financial statements. These
policies are in conformity with generally accepted accounting principles.
A. INVESTMENT VALUATIONS
The Board of Trustees (the "Trustees") has determined that the best method
currently available for valuing portfolio securities of the money market funds
(Money Market, Ohio Municipal Money Market and U.S. Treasury Money Market) is
amortized cost. The Trust's use of the amortized cost method to value the money
market funds' portfolio securities is conditioned on their compliance with Rule
2a-7 under the Act.
Equity securities held by Growth and Income Equity which are listed on the New
York Stock Exchange or other national securities exchanges are valued at the
last sale price or, if there has been no sale on that day, at the mean between
bid and asked prices. Unlisted equity securities are valued at the latest bid
prices. Bonds and other fixed income securities held by all the Funds (other
than Mortgage Securities) which may trade on a national securities exchange
and/or over the counter are valued at the last sale price on that day, if
available; otherwise, they are valued by an independent pricing service that
takes into consideration yield, stability, risk, credit quality, coupon,
maturity, type of issue, trading characteristics, special circumstances of
security or trading market, and any other factors or market data the independent
pricing service deems relevant in determining valuations for normal
institutional size trading units of debt securities, and does not rely
exclusively on quoted prices.
U.S. Government obligations held by Mortgage Securities are valued at the mean
between the over-the-counter bid and asked prices as furnished by an independent
pricing service. Portfolio securities for which market quotations are not
readily available are valued on the basis of quotations provided by dealers in
such securities.
Short-term securities with remaining maturities of sixty days or less at the
time of purchase may be valued at amortized cost, which approximates fair market
value. Investments in other open-end investment companies are valued at net
asset value.
B. REPURCHASE AGREEMENTS
It is the policy of the Funds to require the custodian bank to take possession,
to have legally segregated in the Federal Reserve Book Entry System, or to have
segregated within the custodian bank's vault, all securities held as collateral
under repurchase agreement transactions. Additionally, procedures have been
established by the Trust to monitor, on a daily basis, the market value of each
repurchase agreement's collateral to ensure that the value of collateral at
least equals the repurchase price to be paid under the repurchase agreement
transaction.
The Funds will only enter into repurchase agreements with banks and other
recognized financial institutions, such as broker/dealers, which are deemed by
the Funds' adviser to be creditworthy pursuant to the guidelines and/or
standards reviewed or established by the Trustees. Risks may arise from the
potential inability of counterparties to honor the terms of these agreements.
Accordingly, the Funds could receive less than the repurchase price on the sale
of collateral securities.
C. INVESTMENT INCOME, EXPENSES AND DISTRIBUTIONS
Dividend income and distributions to shareholders are recorded on the
ex-dividend date. Interest income and expenses are accrued daily. Bond premium
and discount, if applicable, are amortized as required by the Internal Revenue
Code, as amended (the "Code"). For stripped mortgage backed securities,
Mortgage Securities uses the constant yield method for income recognition
purposes.
The amount shown in the financial statements of Mortgage Securities for net
investment income for the year ended December 31, 1994, differed from those
determined for tax purposes because of certain book and tax timing differences.
This resulted in distributions to shareholders in excess of net investment
income for book purposes. These distributions did not represent a return of
capital for federal income tax purposes for the year ended December 31, 1994.
Income and capital gain distributions are determined in accordance with income
tax regulations which may differ from generally accepted accounting principles.
These differences are primarily due to the tax nature of distributions. Amounts
as of December 31, 1994, have been reclassified to reflect an increase/decrease
in paid in capital, accumulated net realized gain/loss and undistributed net
investment income as disclosed below. Net investment income, net realized gains,
and net assets were not affected by this change.
<TABLE>
<CAPTION>
NET UNDISTRIBUTED
ACCUMULATED NET
PAID-IN REALIZED INVESTMENT
CAPITAL GAIN/(LOSS) INCOME
<S> <C> <C> <C>
- ----------------------------------------------------------------
Growth ($ 39,120) $ 2,045 $ 37,075
Income Equity 1 265 (266)
Ohio Tax-Free (534) -- 534
Fixed Income (9,257) 9,646 (389)
Short/Intermediate
Fixed Income (29,544) 29,398 146
- ----------------------------------------------------------------
</TABLE>
D. FEDERAL TAXES
It is the Funds' policy to comply with the provisions of the Code applicable to
regulated investment companies and to distribute to shareholders each year
substantially all of their income. Accordingly, no provisions for federal tax
are necessary.
At December 31, 1994, Income Equity, Fixed Income, Mortgage Securities, and
Short/Intermediate Fixed Income, for federal tax purposes, had capital loss
carryforwards, which will reduce each Fund's taxable income arising from future
net realized gain on investments, if any, to the extent permitted by the Code,
and thus will reduce the amount of the distributions to shareholders which would
otherwise be necessary to relieve each Fund of any liability for federal tax.
Pursuant to the Code, such capital loss carryforwards will expire as listed
below:
<TABLE>
<CAPTION>
1994
CARRYFORWARDS
TO EXPIRE IN
2002
<S> <C>
- -------------------------------------------------------
Income Equity $290,275
Fixed Income 1,801,318
Mortgage Securities 10,751,124
Short/Intermediate Fixed Income 200,081
- -------------------------------------------------------
</TABLE>
Additionally, net capital losses of $113,850 attributable to security
transactions of Mortgage Securities incurred after October 31, 1994, were
treated as arising on January 1, 1995, the first day of the Fund's taxable year.
E. DEFERRED EXPENSES
The costs incurred by Mortgage Securities with respect to registration of its
shares in its first fiscal year, excluding the initial expense of registering
its shares, have been deferred and are being amortized using the straight-line
method not to exceed a period of five years from the Fund's commencement date.
F. WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS
The Funds may engage in when-issued or delayed delivery transactions. The Funds
record when-issued securities on the trade date and maintain security positions
such that sufficient liquid assets will be available to make payment for the
securities purchased. Securities purchased on a when-issued or delayed delivery
basis are marked to market daily and begin earning interest on the settlement
date.
G. DOLLAR ROLL TRANSACTIONS
Mortgage Securities enters into dollar roll transactions, with respect to
mortgage securities issued by GNMA, FNMA and FHLMC, in which the Fund sells
mortgage securities to financial institutions and simultaneously agrees to
accept substantially similar securities (same type, coupon and maturity) at a
later date at an agreed upon price. Dollar roll transactions are short-term
financing arrangements which will not exceed twelve months. The Fund will use
the proceeds generated from the transactions to invest in short-term investments
which may enhance the Fund's current yield and total return.
H. OTHER
Investment transactions are accounted for on the trade date.
I. STATEMENT OF CASH FLOWS
A Statement of Cash Flows is presented for Mortgage Securities due to its
participation in dollar roll transactions, which are considered to be financing
transactions. This statement presents information on all financial transactions
which have been settled through the receipt or disbursement of cash. The cash
amount shown in the Statement of Cash Flows is the amount reported as cash in
the Fund's Statement of Assets and Liabilities and represents cash on
hand in its custodian bank account and does not include any short-term
investments at June 30, 1995.
(3) SHARES OF BENEFICIAL INTEREST
The Declaration of Trust permits the Trustees to issue an unlimited number of
full and fractional shares of beneficial interest ($0.001 par value) for all the
Funds which may be divided into two or more classes of shares. Transactions in
Fund shares were as follows:
<TABLE>
<CAPTION>
OHIO
MUNICIPAL U.S. TREASURY
(ALL NUMBERS IN THOUSANDS) MONEY MARKET
MONEY MARKET MONEY MARKET
- --------------------------------------------------------------------------------
- ----------------------------------
SIX SIX
SIX
MONTHS YEAR MONTHS
YEAR MONTHS YEAR
ENDED ENDED ENDED
ENDED ENDED ENDED
JUNE 30, DEC. 31, JUNE 30,
DEC. 31, JUNE 30, DEC. 31,
TRUST SHARES: 1995 1994 1995
1994 1995 1994
- --------------------------------------------------------------------------------
- ----------------------------------
<S> <C> <C> <C>
<C> <C> <C>
Shares sold 268,088 593,566
49,622 70,571 508,964 535,341
Shares issued to shareholders in payment of
distributions declared 14 23
1 5 10 16
Shares redeemed (265,879) (643,060)
(29,936) (71,095) (474,053) (509,942)
- --------------------------------------------------------------------------------
- ----------------------------------
Net change resulting from Trust Share
transactions 2,223 (49,471)
19,687 (519) 34,921 25,415
- --------------------------------------------------------------------------------
- ----------------------------------
INVESTMENT SHARES:
Shares sold 87,541 62,107
47,213 89,672 34,062 34,167
Shares issued to shareholders in payment of
distributions declared 948 927
129 192 417 215
Shares redeemed (55,802) (42,989)
(44,464) (73,040) (26,127) (14,940)
- --------------------------------------------------------------------------------
- ----------------------------------
Net change resulting from Investment Share
transactions 32,687 20,045
2,878 16,824 8,352 19,442
- --------------------------------------------------------------------------------
- ----------------------------------
Net change resulting from Fund share
transactions 34,910 (29,426)
22,565 16,305 43,273 44,857
- --------------------------------------------------------------------------------
- ----------------------------------
</TABLE>
<TABLE>
<CAPTION>
SIX MONTHS ENDED JUNE 30, 1995:
OHIO
(ALL NUMBERS IN THOUSANDS) GROWTH
INCOME EQUITY TAX-FREE
- --------------------------------------------------------------------------------
- ------------------------------------------------
TRUST SHARES: SHARES AMOUNT
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C>
<C> <C> <C> <C>
Shares sold 533 $15,306
227 $5,250 257 $5,442
Shares issued to shareholders in payment of
distributions declared 9 249
37 850 3 58
Shares redeemed (160) (4,569)
(343) (8,011) (242) (5,119)
<CAPTION>
- --------------------------------------------------------------------------------
- ------------------------------------------------
<S> <C> <C>
<C> <C> <C> <C>
Net change resulting from Trust Share transactions 382 $10,986
(79) ($1,911) 18 $381
- --------------------------------------------------------------------------------
- ------------------------------------------------
INVESTMENT SHARES:
Shares sold 6 $160
N/A N/A 5 $100
Shares issued to shareholders in payment of
distributions declared 1 18
N/A N/A 2 41
Shares redeemed (12 ) (337 )
N/A N/A (16 ) (343 )
- --------------------------------------------------------------------------------
- ------------------------------------------------
Net change resulting from Investment Share
transactions (5 ) (159 )
N/A N/A (9 ) (202 )
- --------------------------------------------------------------------------------
- ------------------------------------------------
Net change resulting from Fund share transactions 377 $10,827
(79 ) ($1,911 ) 9 $179
- --------------------------------------------------------------------------------
- ------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, 1994:
OHIO
(ALL NUMBERS IN THOUSANDS) GROWTH
INCOME EQUITY TAX-FREE
- --------------------------------------------------------------------------------
- ------------------------------------------------
TRUST SHARES: SHARES AMOUNT
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C>
<C> <C> <C> <C>
Shares sold 718 $18,767
610 $13,781 830 $17,539
Shares issued to shareholders in payment of
distributions declared 21 542
70 1,580 6 127
Shares redeemed (993) (25,809)
(1,262) (28,184) (783) (16,544)
- --------------------------------------------------------------------------------
- ------------------------------------------------
Net change resulting from Trust Share transactions (254 ) ($6,500 )
(582 ) ($12,823 ) 53 $1,122
- --------------------------------------------------------------------------------
- ------------------------------------------------
INVESTMENT SHARES:
Shares sold 15 $404
N/A N/A 20 $432
Shares issued to shareholders in payment of
distributions declared 2 50
N/A N/A 4 89
Shares redeemed (47) (1,219)
N/A N/A (40) (852)
- --------------------------------------------------------------------------------
- ------------------------------------------------
Net change resulting from Investment Share
transactions (30 ) (765 )
N/A N/A (16 ) (331 )
- --------------------------------------------------------------------------------
- ------------------------------------------------
Net change resulting from Fund share transactions (284 ) ($7,265 )
(582 ) ($12,823 ) 37 $791
- --------------------------------------------------------------------------------
- ------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
SHORT/
SIX MONTHS ENDED JUNE 30, 1995:
MORTGAGE INTERMEDIATE
(ALL NUMBERS IN THOUSANDS) FIXED INCOME
SECURITIES FIXED INCOME
- --------------------------------------------------------------------------------
- ------------------------------------------------
TRUST SHARES: SHARES AMOUNT
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C>
<C> <C> <C> <C>
Shares sold 575 $11,790
103 $745 638 $12,482
Shares issued to shareholders in payment of
distributions declared 80 1,629
42 294 84 1,654
Shares redeemed (300) (6,147)
(641) (4,550) (494) (9,669)
- --------------------------------------------------------------------------------
- ------------------------------------------------
Net change resulting from Trust Share transactions 355 $7,272
(496 ) ($3,511 ) 228 $4,467
- --------------------------------------------------------------------------------
- ------------------------------------------------
INVESTMENT SHARES:
Shares sold 4 $91
11 $74 N/A N/A
Shares issued to shareholders in payment of
distributions declared 3 52
10 73 N/A N/A
Shares redeemed (8 ) (169 )
(396 ) (2,692 ) N/A N/A
- --------------------------------------------------------------------------------
- ------------------------------------------------
Net change resulting from Investment Share
transactions (1 ) (26 )
(375 ) (2,545 ) N/A N/A
- --------------------------------------------------------------------------------
- ------------------------------------------------
Net change resulting from Fund share transactions 354 $7,246
(871 ) (6,056 ) 228 $4,467
- --------------------------------------------------------------------------------
- ------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
SHORT/
YEAR ENDED DECEMBER 31, 1994:
MORTGAGE INTERMEDIATE
(ALL NUMBERS IN THOUSANDS) FIXED INCOME
SECURITIES FIXED INCOME
- --------------------------------------------------------------------------------
- ------------------------------------------------
TRUST SHARES: SHARES AMOUNT
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C>
<C> <C> <C> <C>
Shares sold 1,500 $30,808
799 $7,548 1,732 $34,446
Shares issued to shareholders in payment of
distributions declared 148 3,029
378 3,153 164 3,221
Shares redeemed (685) (14,067)
(2,188) (16,910) (1,383) (27,327)
- --------------------------------------------------------------------------------
- ------------------------------------------------
Net change resulting from Trust Share transactions 963 $19,770
(1,011 ) ($6,209 ) 513 $10,340
- --------------------------------------------------------------------------------
- ------------------------------------------------
INVESTMENT SHARES:
Shares sold 27 $578
79 $740 N/A N/A
Shares issued to shareholders in payment of
distributions declared 6 114
67 529 N/A N/A
Shares redeemed (50) (1,029)
(368) (2,906) N/A N/A
- --------------------------------------------------------------------------------
- ------------------------------------------------
Net change resulting from Investment Share
transactions (17 ) (337 )
(222 ) (1,637 ) N/A N/A
- --------------------------------------------------------------------------------
- ------------------------------------------------
Net change resulting from Fund share transactions 946 $19,433
(1,233 ) ($7,846 ) 513 $10,340
- --------------------------------------------------------------------------------
- ------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
(4) INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISORY FEE--The Huntington Trust Company, N.A., the Funds'
investment adviser (the "Adviser"), receives for its services an annual
investment advisory fee for each of the Funds at the following annual rates:
Money Market and Ohio Municipal Money Market: 0.30% of the first $500 million of
average daily net assets of each Fund, 0.25% of the next $500 million, and 0.20%
of any amount over $1 billion; Growth and Income Equity: 0.60% of each Fund's
average daily net assets; Ohio Tax-Free, Fixed Income, Mortgage Securities and
Short/Intermediate Fixed Income: 0.50% of each Fund's average daily net assets;
and U.S. Treasury Money Market: 0.20% of the Fund's average daily net assets.
The Adviser may voluntarily choose to waive a portion of its fee. The Adviser
can modify or terminate this voluntary waiver at any time at its sole
discretion.
SUB-ADVISORY FEE--The Adviser has entered into a sub-advisory agreement with
Piper Capital Management, Inc. (the "Sub-adviser"), pursuant to which the
Sub-adviser assists the Adviser in the purchase, sale and exchange of the
portfolio instruments for Mortgage Securities. The Sub-adviser receives from the
Adviser an annual fee equal to 0.15 of 1% of the Fund's average daily net
assets.
ADMINISTRATION FEE--Federated Administrative Services ("FAS") provides the Funds
with certain administrative personnel and services. For these services, Income
Equity and Short/Intermediate Fixed Income pay a fee to FAS at a blended annual
rate, based on the average daily net assets of the Trust taken as a whole, as
specified below:
<TABLE>
<CAPTION>
AVERAGE AGGREGATE DAILY
ADMINISTRATIVE FEE NET ASSETS OF THE TRUST
- ------------------------------------------------------
<S> <C>
0.150% on the first $250 million
0.125% on the next $250 million
0.100% on the next $250 million
on assets in excess of $750
0.075% million
- ------------------------------------------------------
</TABLE>
The fee paid by any of the above named Funds during any fiscal year will not be
less than $50,000.
For administrative personnel and services, Growth, Ohio Tax-Free, Fixed Income,
Mortgage Securities, Money Market, Ohio Municipal Money Market and U.S. Treasury
Money Market pay a fee to FAS at a blended annual rate, based on average daily
net assets of the Trust taken as a whole, as specified below:
<TABLE>
<CAPTION>
AVERAGE AGGREGATE DAILY
ADMINISTRATIVE FEE NET ASSETS OF THE TRUST
- ------------------------------------------------------
<S> <C>
0.160% on the first $750 million
0.135% on the next $500 million
on assets in excess of $1.25
0.110% billion
- ------------------------------------------------------
</TABLE>
The fee paid by any of the above named Funds during any fiscal year will not be
less than $75,000. FAS may voluntarily waive or limit its fee at any time.
DISTRIBUTION PLAN--Each Fund offering Investment Shares has adopted a
distribution plan ( the "Plan") pursuant to Rule 12b-1 under the Act. Growth,
Ohio Tax-Free, Fixed Income, Money Market, and Ohio Municipal Money Market will
reimburse Federated Securities Corp. ("FSC"), the Funds' principal distributor,
from the net assets of the respective Fund for fees FSC paid which relate to
distribution and administrative services with regard to the respective Fund's
Investment Shares, if any. Mortgage Securities and U.S. Treasury Money Market,
have adopted a separate Plan, which provides that Mortgage Securities and U.S.
Treasury Money Market will pay FSC to finance any activity which is principally
intended to result in the sale of their Investment Shares subject to their Plan.
The Plans provide that all of the Funds may incur distribution expenses of up to
0.25% (except for Mortgage Securities, which may incur up to 0.50%) of average
daily net assets of each Fund's Investment Shares, on an annual basis, to
reimburse or compensate, as the case may be, FSC. Money Market, Ohio Municipal
Money Market, and U.S. Treasury Money Market incurred fees of 0.10%.
TRANSFER AND DIVIDEND DISBURSING AGENT FEES AND EXPENSES, PORTFOLIO ACCOUNTING
AND CUSTODIAN FEES--Federated Services Company ("FServ") serves as transfer and
dividend disbursing agent for the Funds for which it receives a fee. The fee is
based on the size, type and number of accounts and transactions made by
shareholders.
The Huntington Trust Company ("Huntington") provides certain accounting and
recordkeeping services with respect to the Funds' portfolios of investments,
with the exception of Mortgage Securities, for which American Data Services,
Inc. ("ADS") provides these services. Huntington and ADS receive an annual fee
based on the level of each Fund's average daily net assets.
Huntington is the custodian of the Funds' investments and other assets for which
it receives a fee. The fee is based on the level of each Fund's average daily
net assets.
ORGANIZATIONAL EXPENSES--Mortgage Securities' organizational expenses ($47,922)
were initially borne by FAS. The Fund has agreed to reimburse FAS for the
organizational expenses borne initially by FAS during the five year period
following April 24, 1992, the date the Fund became effective. For the six months
ended June 30, 1995, Mortgage Securities reimbursed FAS $5,592.
Certain Officers of the Trust are Officers and Directors/ Trustees of FAS, FSC
and FServ.
(5) INVESTMENT TRANSACTIONS
Purchases and sales of investments, excluding short-term securities, for the six
months ended June 30, 1995, were as follows:
<TABLE>
<CAPTION>
INCOME OHIO
GROWTH EQUITY TAX-FREE
<S> <C> <C> <C>
- -------------------------------------------------------
Purchases $30,277,274 $14,755,150 $4,754,676
Sales $24,613,835 $24,115,419 $5,120,348
- -------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
SHORT/
FIXED MORTGAGE INTERMEDIATE
INCOME SECURITIES FIXED INCOME
<S> <C> <C> <C>
- -------------------------------------------------------
Purchases $ 30,373,289 $38,017,037 $ 38,632,282
Sales $ 22,433,985 $39,838,620 $ 36,905,785
- -------------------------------------------------------
</TABLE>
(6) INVESTMENT CONCENTRATION
Ohio Tax-Free and Ohio Municipal Money Market invest a substantial portion of
their assets in obligations and notes issued by the State of Ohio, political
subdivisions thereof, and agencies, instrumentalities, authorities of districts
of both the State and its political subdivisions. Such issues must have been
rated A or better by Moody's Investors Service, Inc. or by Standard & Poor's
Corporation, for Ohio Tax-Free, or A-2, P-2 for Ohio Municipal Money Market or,
if not rated, of equivalent quality as determined by the Funds' investment
adviser.
If there should be a default or other financial crisis relating to the State of
Ohio, an Ohio municipality or an agency or instrumentality of the State or the
municipality, the market value and marketability of the Ohio municipal bonds in
Ohio Municipal Money Market and Ohio Tax-Free's portfolios and the interest
income of the two Funds could be adversely affected.
In order to reduce the credit risk associated with such factors, at June 30,
1995, 37.18% and 63.90% of the securities in Ohio Tax-Free and Ohio Municipal
Money Market's portfolios of investments were backed by letters of credit or
bond insurance of various financial institutions and financial guaranty
assurance agencies. The value of investments insured by or supported (backed) by
a letter of credit from any one institution or agency did not exceed 11.04% and
4.50%, respectively, of each Fund's total investments.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Trustees Officers
<S> <C>
David S. Schoedinger Edward C. Gonzales
John M. Shary PRESIDENT AND
TREASURER
William R. Wise Ronald M. Petnuch
VICE PRESIDENT AND
ASSISTANT TREASURER
Peter J. Germain
SECRETARY
Gail Cagney
ASSISTANT SECRETARY
</TABLE>
Mutual funds are not bank deposits or obligations, are not guaranteed by any
bank, and
are not insured or guaranteed by the U.S. government, the Federal Deposit
Insurance
Corporation, the Federal Reserve Board, or any other government agency.
Investment in
mutual funds involves investment risk, including the possible loss of principal.
Although money market funds seek to maintain a stable net asset value of
$1.00 per share, there is no assurance that they will be able to do so.
This report is authorized for distribution to prospective investors only when
preceded
or accompanied by the funds' prospectus, which contains facts concerning the
Funds' objectives and policies, management fees, expenses and other information.
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