<PAGE> 1
INVESTMENT ADVISER
OLDE ASSET MANAGEMENT, INC.
PRINCIPAL UNDERWRITER
OLDE DISCOUNT CORPORATION
CUSTODIAN
THE BANK OF NEW YORK
INDEPENDENT AUDITORS
ERNST & YOUNG LLP
TRANSFER AGENT
OLDE DISCOUNT CORPORATION
For information regarding your
account, telephone your local
OLDE Discount branch office
or
OLDE Discount Customer Service
at: 1-800-235-3100
This report is authorized for use by
nonshareholders only when accompanied or
preceded by a current prospectus of
OLDE Custodian Fund.
OLDE
CUSTODIAN FUND
SEMI - ANNUAL REPORT
APRIL 30, 2000
(UNAUDITED)
OLDE MONEY
MARKET SERIES
OLDE PREMIUM
MONEY MARKET SERIES
OLDE PREMIUM PLUS
MONEY MARKET SERIES
81471 - 6/00
[GRAPHIC OF BUILDING]
<PAGE> 2
[TOP LOGO]
OLDE CUSTODIAN FUND
June 6, 2000
Dear Shareholder,
We are pleased to present the Semi-Annual Report for the period ending
April 30, 2000, for OLDE Custodian Fund. The Fund consists of OLDE Money Market
Series, OLDE Premium Money Market Series, and OLDE Premium Plus Money Market
Series. This report contains unaudited schedules of investments and financial
statements for all three series.
The past six months have been characterized by periods of increasing price
volatility and higher interest rates as the Federal Reserve has shown
determination to slow the growth of the U.S. economy. By initiating six federal
funds rate increases since the summer of 1999, the Fed has pushed the federal
funds rate up to 6.5%. This is the highest level since 1991. Recent economic
reports do show the economy slowing and this may persuade the Fed to rethink its
intentions for the June 28 FOMC meeting. Nonetheless, this may not be the end of
the present tightening cycle.
Generally, when the Federal Reserve embarks on a trend of tightening
monetary policy, all interest rates move higher. The present environment has
proved to be an exception to the norm. This is due, in large part, to the
dichotomy of policies being undertaken by the Federal Reserve and the U.S.
Treasury. While the Fed has been tightening in an attempt to slow the growth of
bank reserves, the Treasury has been buying back treasury bonds (in an attempt
to reduce total debt outstanding) leading to increased bank reserves. The
Treasury's policy, in effect, lowers long-term rates, making Fed policy somewhat
less effective.
While this is problematic for the Federal Reserve, it creates a unique
opportunity for money fund investors. Not only are nominal rates increasing as a
result of the Fed's tightening, but real rates are increasing, since inflation
has remained subdued. This appears to be the trend for the coming year.
Strong economic growth has bolstered the financial position of many
companies. Meanwhile the Adviser remains attentive to any changes in the
creditworthiness of the Fund's portfolio holdings, giving special attention to
the present and future financial condition of any firms targeted for investment.
Our commitment to maintaining the quality and liquidity of the portfolios
continues to be our top priority.
Sincerely,
OLDE CUSTODIAN FUND
/s/ Lisa Fildes
Lisa S. Fildes
President
[TOP LOGO]
2
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OLDE CUSTODIAN FUND
--------------------------------------------------------------------------------
OLDE MONEY MARKET SERIES
SCHEDULE OF INVESTMENTS
APRIL 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
AMOUNT COST
<C> <S> <C>
DOMESTIC COMMERCIAL PAPER - 29.13%
$10,085,000 American General Finance Corporation, 6.030%, due
05/01/00.................................................... $ 10,085,000
4,595,000 Conagra Incorporated, 6.130%, due 05/02/00.................. 4,594,218
10,000,000 G.E. Capital Services, 6.050%, due 05/02/00................. 9,998,320
12,220,000 General Motors Acceptance Corporation, 6.060%, due
05/04/00.................................................... 12,213,829
11,000,000 Citicorp, 6.030%, due 05/05/00.............................. 10,992,630
11,395,000 CIT Group Incorporated L.P., 6.020%, due 05/08/00........... 11,381,662
10,225,000 American General Finance Corporation, 6.010%, due
05/09/00.................................................... 10,211,344
16,280,000 DaimlerChrysler N.A. Holding Corporation, 6.020%, due
05/10/00.................................................... 16,255,499
13,255,000 Aetna Services Incorporated, 6.100%, due 05/12/00........... 13,230,294
7,115,000 Goldman Sachs Group L.P., 6.060%, due 05/15/00.............. 7,098,232
6,305,000 Xerox Credit Corporation, 6.070%, due 05/16/00.............. 6,289,054
6,215,000 Goldman Sachs Group L.P., 6.030%, due 05/18/00.............. 6,197,303
10,015,000 Sears Roebuck Acceptance Corporation, 6.080%, due
05/19/00.................................................... 9,984,554
8,015,000 Morgan Stanley Dean Witter Discover, 6.170%, due 05/26/00... 7,980,658
11,080,000 Salomon Smith Barney Holdings, 6.110%, due 06/02/00......... 11,019,824
------------
147,532,421
YANKEE COMMERCIAL PAPER - 19.98%
13,195,000 Bank One Australia, 6.080%, due 05/01/00.................... 13,195,000
29,350,000 FCE Bank PLC, 6.020%, due 05/11/00.......................... 29,300,920
6,810,000 Repsol International Finance, 6.080%, due 05/16/00.......... 6,792,748
13,960,000 Total Fina, 6.020%, due 05/17/00............................ 13,922,649
16,600,000 Deutsche Bank Financial Incorporated, 6.060%, due
05/25/00.................................................... 16,532,936
8,000,000 Deutsche Bank Financial Incorporated, 6.160%, due
05/30/00.................................................... 7,960,302
13,540,000 Bills Securitisation Limited, 6.100%, due 05/31/00.......... 13,471,173
------------
101,175,728
</TABLE>
3
<PAGE> 4
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
AMOUNT COST
<C> <S> <C>
SHORT TERM NOTES - 48.33%
$ 5,000,000 Texaco Capital Incorporated, 5.110%, due 05/03/00........... $ 4,999,981
8,000,000 Texaco Capital Incorporated, 5.941%, due 05/03/00 (a)....... 7,999,960
4,000,000 Continental Bank Corporation (BOA), 6.465%, due 05/18/00
(a)......................................................... 4,000,827
5,000,000 IBM Corporation, 6.375%, due 06/15/00....................... 5,003,155
11,000,000 John Deere Capital Corporation, 5.640%, due 06/19/00........ 11,000,000
10,000,000 Merrill Lynch & Company, 6.480%, due 06/21/00 (a)........... 10,004,103
5,000,000 J.P. Morgan & Company, 6.220%, due 06/23/00 (a)............. 5,000,000
5,000,000 Merrill Lynch & Company, 6.748%, due 06/26/00 (a)........... 5,003,839
8,000,000 National Rural Utilities CFC, 6.208%, due 06/26/00 (a)...... 8,000,000
7,000,000 PNC Bank NA, 6.130%, due 06/26/00 (a)....................... 6,999,985
4,000,000 DaimlerChrysler N.A. Holding Corporation, 6.011%, due
07/06/00 (a)................................................ 3,999,131
8,000,000 Toyota Motor Credit Corporation, 5.770%, due 07/06/00....... 8,000,000
8,000,000 Norwest Financial Incorporated, 6.175%, due 07/07/00 (a).... 7,999,355
4,000,000 American Express Centurion Bank, 6.250%, due 07/13/00 (a)... 4,000,000
8,000,000 First Tennessee Bank NA, 6.090%, due 07/17/00 (a)........... 7,999,328
5,000,000 Paccar Financial Corporation, 5.540%, due 07/17/00.......... 4,998,940
5,000,000 American General Finance Corporation, 6.380%, due
07/18/00.................................................... 5,003,215
9,000,000 Xerox Capital Europe, 6.221%, due 07/19/00 (a).............. 8,998,816
10,000,000 IBM Credit Corporation, 5.580%, due 07/26/00................ 9,996,545
8,000,000 Ford Motor Credit Company, 6.058%, due 08/18/00 (a)......... 7,998,070
6,000,000 Morgan Stanley Dean Witter Discover, 6.170%, due 08/29/00
(a)......................................................... 6,000,000
4,000,000 Bank One NA, 6.170%, due 10/16/00........................... 3,999,296
4,000,000 DaimlerChrysler N.A. Holding Corporation, 5.250%, due
10/19/00.................................................... 3,983,667
4,000,000 Goldman Sachs Group L.P., 6.500%, due 12/22/00.............. 4,000,000
3,000,000 AT&T Capital Corporation, 6.875%, due 01/16/01.............. 3,003,988
6,000,000 Chrysler Financial Corporation, 5.150%, due 01/22/01........ 5,937,899
12,000,000 Bank of America Corporation, 5.340%, due 02/09/01........... 11,881,321
3,000,000 Nationsbank Corporation, 5.670%, due 02/09/01............... 2,973,728
6,000,000 Texaco Capital Incorporated, 6.650%, due 02/12/01........... 5,995,965
3,000,000 Merrill Lynch & Company, 6.375%, due 02/28/01............... 3,000,000
9,000,000 John Deere Capital Corporation, 6.750%, due 03/07/01........ 9,000,000
9,000,000 Associates Corporation of N.A., 6.030%, due 03/16/01 (a).... 8,993,730
15,000,000 J.P. Morgan & Company, 6.120%, due 03/16/01 (a)............. 15,000,000
9,000,000 Bank One Corporation, 6.440%, due 04/04/01 (a).............. 9,012,675
7,000,000 Merrill Lynch & Company, 6.110%, due 04/18/01 (a)........... 7,000,000
8,000,000 E.I. Dupont De Numours & Company, 6.750%, due 04/19/01...... 7,996,286
------------
244,783,805
U.S. GOVERNMENT AGENCY - 2.15%
11,000,000 Federal National Mortgage Association, 5.270%, due
02/02/01.................................................... 10,904,043
------------
10,904,043
------------
TOTAL INVESTMENTS -
99.59% ............... 504,395,997
OTHER ASSETS LESS
LIABILITIES - 0.41%
...................... 2,083,017
------------
NET ASSETS - 100% .... $506,479,014
============
</TABLE>
(a) - Variable rate securities. The rates shown are the current rates as of
April 30, 2000.
See accompanying notes.
4
<PAGE> 5
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OLDE CUSTODIAN FUND
--------------------------------------------------------------------------------
OLDE MONEY MARKET SERIES
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS:
Investments at amortized cost (Note 1).................... $504,395,997
Cash...................................................... 521
Interest receivable....................................... 2,458,444
Prepaid expenses.......................................... 87,566
------------
TOTAL ASSETS.......................................... 506,942,528
LIABILITIES:
Dividends payable (Note 2)................................ 218,975
Accrued expenses.......................................... 94,299
Payable to OLDE Asset Management, Inc..................... 150,240
------------
TOTAL LIABILITIES..................................... 463,514
------------
NET ASSETS applicable to 506,479,014 outstanding shares,
unlimited number of shares authorized, $0.01 par value.... $506,479,014
============
NET ASSET VALUE, offering and redemption price per share on
506,479,014 shares of beneficial interest outstanding..... $1.00
============
</TABLE>
OLDE MONEY MARKET SERIES
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INTEREST INCOME (Note 1):................................... $15,600,891
EXPENSES:
Management fees........................................... 1,135,381
Transfer agent fees....................................... 737,737
Custodian fees............................................ 14,201
Professional fees......................................... 11,101
Accounting fees........................................... 7,573
Printing and postage...................................... 36,253
Trustee fees.............................................. 3,449
Insurance................................................. 3,440
Registration costs........................................ 56,571
12b-1 distribution costs.................................. 48,737
-----------
TOTAL EXPENSES........................................ 2,054,443
-----------
NET INVESTMENT INCOME....................................... $13,546,448
===========
</TABLE>
See accompanying notes.
5
<PAGE> 6
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OLDE CUSTODIAN FUND
--------------------------------------------------------------------------------
OLDE MONEY MARKET SERIES
STATEMENTS OF CHANGES IN NET ASSETS
(UNAUDITED)
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2000 OCTOBER 31, 1999
---------------- ----------------
<S> <C> <C>
OPERATIONS:
Net investment income..................................... $ 13,546,448 $ 21,708,455
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income..................................... (13,546,448) (21,708,455)
SHARE TRANSACTIONS (AT $1.00 PER SHARE):
Proceeds from sales of shares............................. 1,441,580,467 2,158,159,629
Net asset value of shares issued in reinvestment of
dividends............................................... 12,661,976 20,486,319
--------------- ---------------
1,454,242,443 2,178,645,948
Cost of shares redeemed................................... (1,435,530,244) (2,146,795,037)
--------------- ---------------
Net increase in shareholders' equity from share
transactions.............................................. 18,712,199 31,850,911
--------------- ---------------
NET INCREASE IN SHAREHOLDERS' EQUITY........................ 18,712,199 31,850,911
SHAREHOLDERS' EQUITY:
At beginning of period.................................... 487,766,815 455,915,904
--------------- ---------------
At end of period.......................................... $ 506,479,014 $ 487,766,815
=============== ===============
</TABLE>
OLDE MONEY MARKET SERIES
FINANCIAL HIGHLIGHTS
(UNAUDITED)
For a share of capital stock outstanding throughout each period:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
APRIL 30, 2000 1999 1998 1997 1996
---------------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD.......................... $1.00 $1.00 $1.00 $1.00 $1.00
-------- -------- -------- -------- --------
INVESTMENT OPERATIONS:
Net investment income........... 0.0515 0.0439 0.0476 0.0470 0.0460
DISTRIBUTIONS:
Dividends from net investment
income........................ (0.0515) (0.0439) (0.0476) (0.0470) (0.0460)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD.... $1.00 $1.00 $1.00 $1.00 $1.00
======== ======== ======== ======== ========
Total return (annualized)....... +5.15% +4.39% +4.76% +4.70% +4.60%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)...................... $506,479 $487,797 $455,916 $403,167 $373,147
Ratio of expenses to average net
assets........................ 0.84% 0.90% 0.91% 0.95% 1.00%
Ratio of net investment income
to average net assets......... 5.15% 4.39% 4.76% 4.70% 4.60%
</TABLE>
See accompanying notes.
6
<PAGE> 7
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OLDE CUSTODIAN FUND
--------------------------------------------------------------------------------
OLDE PREMIUM MONEY MARKET SERIES
SCHEDULE OF INVESTMENTS
APRIL 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
AMOUNT COST
<C> <S> <C>
DOMESTIC COMMERCIAL PAPER - 27.09%
$ 9,000,000 G.E. Capital Services, 6.500%, due 05/01/00................. $ 9,000,000
6,065,000 Heller Financial Incorporated, 6.100%, due 05/02/00......... 6,063,972
8,380,000 John Deere Capital Corporation, 6.010%, due 05/02/00........ 8,378,601
6,000,000 Heller Financial Incorporated, 6.090%, due 05/03/00......... 5,997,970
5,500,000 Heller Financial Incorporated, 6.090%, due 05/04/00......... 5,497,209
14,250,000 Prudential Funding, 6.010%, due 05/05/00.................... 14,240,484
12,235,000 Aetna Services Incorporated, 6.100%, due 05/08/00........... 12,220,488
5,700,000 Aetna Services Incorporated, 6.100%, due 05/10/00........... 5,691,307
8,360,000 Heller Financial Incorporated, 6.120%, due 05/10/00......... 8,347,209
10,280,000 Xerox Credit Corporation, 6.060%, due 05/16/00.............. 10,254,043
6,585,000 Goldman Sachs Group L.P., 6.030%, due 05/18/00.............. 6,566,249
5,860,000 Associates Corporation of N.A. 6.040%, due 05/24/00......... 5,837,388
------------
98,094,920
YANKEE COMMERCIAL PAPER - 15.77%
7,915,000 FCE Bank PLC, 6.020%, due 05/04/00.......................... 7,911,029
9,865,000 FCE Bank PLC, 6.020%, due 05/09/00.......................... 9,851,803
6,815,000 Repsol International Finance, 6.080%, due 05/15/00.......... 6,798,886
10,040,000 Total Fina, 6.020%, due 05/17/00............................ 10,013,137
13,305,000 Deutsche Bank Financial Incorporated, 6.060%, due
05/25/00.................................................... 13,251,248
9,300,000 Bills Securitisation LTD, 6.100%, due 05/31/00.............. 9,252,726
------------
57,078,829
BANK OBLIGATIONS - 9.39%
7,000,000 First Tennessee Bank NA, 6.100%, due 05/26/00............... 7,000,000
5,000,000 Rabobank Nederland New York, 5.310%, due 05/30/00........... 4,999,827
5,000,000 UBS AG Stamford, 5.410%, due 06/01/00....................... 4,999,796
5,000,000 UBS AG Stamford, 5.600%, due 06/26/00....................... 4,999,633
5,000,000 Rabobank Nederland New York, 6.210%, due 12/06/00........... 4,998,570
7,000,000 Rabobank Nederland New York, 6.510%, due 01/31/01........... 6,997,494
------------
33,995,320
</TABLE>
7
<PAGE> 8
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
AMOUNT COST
<C> <S> <C>
SHORT TERM NOTES - 45.24%
$ 3,000,000 Texaco Capital Incorporated, 5.110%, due 05/03/00........... $ 2,999,990
6,000,000 Texaco Capital Incorporated, 5.941%, due 05/03/00 (a)....... 5,999,971
3,000,000 Toyota Motor Credit Corporation, 6.000%, due 05/19/00....... 2,991,143
5,000,000 PNC Bank NA, 6.130%, due 05/26/00 (a)....................... 4,999,990
8,000,000 Chrysler Financial Corporation, 6.100%, due 06/09/00 (a).... 7,999,995
4,000,000 IBM Corporation, 6.375%, due 06/15/00....................... 4,002,523
2,000,000 John Deere Capital Corporation, 6.640%, due 06/19/00........ 2,000,000
4,000,000 J.P. Morgan & Company, 6.220%, due 06/23/00 (a)............. 4,000,000
5,000,000 National Rural Utilities CFC, 6.208%, due 06/26/00 (a)...... 5,000,000
3,000,000 DaimlerChrysler N.A. Holding Corporation, 6.011%, due
07/06/00 (a)................................................ 2,999,349
2,000,000 Toyota Motor Credit Corporation, 5.770%, due 07/06/00....... 2,000,000
5,000,000 Norwest Financial Incorporated, 6.175%, due 07/07/00 (a).... 4,999,596
5,000,000 American Express Centurion Bank, 6.250%, due 07/13/00 (a)... 5,000,000
8,000,000 Key Bank NA, 6.200%, due 07/14/00 (a)....................... 7,999,208
6,000,000 First Tennessee Bank NA, 6.090%, due 07/17/00 (a)........... 5,999,496
5,000,000 American General Finance Corporation, 6.380%, due
07/18/00.................................................... 5,003,215
6,000,000 Xerox Capital Europe, 6.221%, due 07/19/00 (a).............. 5,999,211
7,000,000 IBM Credit Corporation, 5.580%, due 07/26/00................ 6,997,581
6,000,000 Ford Motor Credit Company, 6.058%, due 08/18/00 (a)......... 5,998,552
4,000,000 Morgan Stanley Dean Witter Discover, 6.170%, due 08/29/00
(a)......................................................... 4,000,000
3,000,000 Bank One NA, 6.170%, due 10/16/00........................... 2,999,473
3,000,000 DaimlerChrysler N.A. Holding Corp, 5.250%, due 10/19/00..... 2,987,751
2,000,000 Goldman Sachs Group L.P., 6.500%, due 12/22/00.............. 2,000,000
2,100,000 Ford Motor Credit Company, 6.060%, due 12/27/00............. 2,095,862
3,000,000 AT&T Capital Corporation, 6.875%, due 01/16/01.............. 3,003,988
3,810,000 Chrysler Financial Corporation, 5.150%, due 01/22/01........ 3,770,566
4,000,000 Nationsbank Corporation, 5.670%, due 02/09/01............... 3,964,970
2,000,000 Texaco Capital Incorporated, 6.650%, due 02/12/01 (a)....... 1,998,655
2,000,000 Merrill Lynch & Company, 6.735%, due 02/28/01............... 2,000,000
6,000,000 John Deere Capital Corporation, 6.750%, due 03/07/01........ 6,000,000
6,000,000 Associates Corporation of N.A. 6.030%, due 03/16/01 (a)..... 5,995,820
10,000,000 J.P. Morgan & Company, 6.120%, due 03/16/01 (a)............. 10,000,000
6,000,000 Bank One Corporation, 6.440%, due 04/04/01 (a).............. 6,008,450
8,000,000 Merrill Lynch & Company, 6.110%, due 04/18/01 (a)........... 8,000,000
6,000,000 E.I. Dupont De Nemours & Company, 6.750%, due 04/19/01...... 5,997,214
------------
163,812,569
US GOVERNMENT AGENCY - 1.92%
7,000,000 Federal National Mortgage Association, 5.270%, due
02/02/01.................................................... 6,938,937
------------
6,938,937
------------
TOTAL INVESTMENTS -
99.41% ............... 359,920,575
OTHER ASSETS LESS
LIABILITIES - 0.59%
...................... 2,148,739
------------
NET ASSETS - 100% .... $362,069,314
============
</TABLE>
(a) - Variable rate securities. The rates shown are the current rates as of
April 30, 2000.
See accompanying notes.
8
<PAGE> 9
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OLDE CUSTODIAN FUND
--------------------------------------------------------------------------------
OLDE PREMIUM MONEY MARKET SERIES
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS:
Investments at amortized cost (Note 1).................... $359,920,575
Cash...................................................... 2,716
Interest receivable....................................... 2,426,631
Prepaid expenses.......................................... 64,734
------------
TOTAL ASSETS............................................ 362,414,656
LIABILITIES:
Dividends payable (Note 2)................................ 168,109
Accrued expenses.......................................... 55,614
Payable to OLDE Asset Management, Inc..................... 121,619
------------
TOTAL LIABILITIES....................................... 345,342
NET ASSETS applicable to 362,069,314 outstanding shares,
unlimited number of shares authorized, $0.01 par value.... $362,069,314
============
NET ASSET VALUE, offering and redemption price per share on
362,069,314 shares of beneficial interest outstanding..... $1.00
============
</TABLE>
OLDE PREMIUM MONEY MARKET SERIES
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INTEREST INCOME (Note 1):................................... $10,928,655
EXPENSES:
Management fees........................................... 522,063
Transfer agent fees....................................... 246,471
Custodian fees............................................ 12,270
Professional fees......................................... 12,817
Accounting fees........................................... 8,250
Printing and postage...................................... 17,301
Trustee fees.............................................. 2,288
Insurance................................................. 2,865
Registration costs........................................ 40,331
12b-1 distribution costs.................................. 65,102
-----------
TOTAL EXPENSES.......................................... 929,758
-----------
NET INVESTMENT INCOME....................................... $ 9,998,897
===========
</TABLE>
See accompanying notes.
9
<PAGE> 10
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OLDE CUSTODIAN FUND
--------------------------------------------------------------------------------
OLDE PREMIUM MONEY MARKET SERIES
STATEMENTS OF CHANGES IN NET ASSETS
(UNAUDITED)
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2000 OCTOBER 31, 1999
---------------- ----------------
<S> <C> <C>
OPERATIONS:
Net investment income..................................... $ 9,998,897 $ 17,204,553
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income..................................... (9,998,897) (17,204,553)
SHARE TRANSACTIONS (AT $1.00 PER SHARE):
Proceeds from sales of shares............................. 565,941,604 1,011,820,864
Net asset value of shares issued in reinvestment of
dividends............................................... 9,504,061 16,421,277
------------- ---------------
575,445,665 1,028,242,141
Cost of shares redeemed................................... (577,424,918) (1,013,127,750)
------------- ---------------
Net change in shareholders' equity from share
transactions............................................ (1,979,253) 15,114,391
------------- ---------------
NET CHANGE IN SHAREHOLDERS' EQUITY.......................... (1,979,253) 15,114,391
SHAREHOLDERS' EQUITY:
At beginning of period.................................... 364,048,567 348,934,176
------------- ---------------
At end of period.......................................... $ 362,069,314 $ 364,048,567
============= ===============
</TABLE>
OLDE PREMIUM MONEY MARKET SERIES
FINANCIAL HIGHLIGHTS
(UNAUDITED)
For a share of capital stock outstanding throughout each period:
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
APRIL 30, 2000 1999 1998 1997 1996
-------------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD............................. $1.00 $1.00 $1.00 $1.00 $1.00
-------- -------- -------- -------- --------
INVESTMENT OPERATIONS:
Net investment income.............. 0.0540 0.0479 0.0519 0.0508 0.0490
DISTRIBUTIONS:
Dividends from net investment
income........................... (0.0540) (0.0479) (0.0519) (0.0508) (0.0490)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD....... $1.00 $1.00 $1.00 $1.00 $1.00
======== ======== ======== ======== ========
Total return (annualized).......... +5.40% +4.79% +5.19% +5.08% +4.90%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)......................... $362,069 $364,049 $348,934 $289,963 $233,962
Ratio of expenses to average net
assets........................... 0.50% 0.52% 0.50% 0.58% 0.70%
Ratio of net investment income to
average net assets............... 5.40% 4.79% 5.19% 5.08% 4.90%
</TABLE>
See accompanying notes.
10
<PAGE> 11
--------------------------------------------------------------------------------
OLDE CUSTODIAN FUND
--------------------------------------------------------------------------------
OLDE PREMIUM PLUS MONEY MARKET SERIES
SCHEDULE OF INVESTMENTS
APRIL 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
AMOUNT COST
<C> <S> <C>
DOMESTIC COMMERCIAL PAPER - 29.24%
$22,825,000 G.E. Capital Services, 6.050%, due 05/01/00................. $ 22,825,000
21,000,000 American General Finance Corporation, 6.030%, due
05/01/00.................................................... 21,000,000
15,400,000 Avnet Incorporated, 6.220%, due 05/01/00.................... 15,400,000
50,000,000 G.E. Capital Services, 6.050%, due 05/02/00................. 49,991,597
2,125,000 Conagra Incorporated, 6.150%, due 05/02/00.................. 2,124,637
50,000,000 Goldman Sachs Group L.P., 6.060%, due 05/04/00.............. 49,974,750
50,000,000 CIT Group Incorporated, 6.030%, due 05/05/00................ 49,966,500
47,910,000 Aetna Services Incorporated, 6.100%, due 05/08/00........... 47,853,173
50,000,000 CIT Group Incorporated, 6.030%, due 05/08/00................ 49,941,375
73,785,000 Prudential Funding, 6.010%, due 05/09/00.................... 73,686,456
20,000,000 Xerox Credit Corporation, 6.090%, due 05/10/00.............. 19,969,550
46,120,000 G.E. Capital Corporation, 6.010%, due 05/10/00.............. 46,050,705
50,000,000 G.E. Capital Corporation, 6.010%, due 05/11/00.............. 49,916,528
33,600,000 American General Finance Corporation, 6.010%, due
05/12/00.................................................... 33,538,297
25,000,000 Aetna Services Incorporated, 6.100%, due 05/16/00........... 24,936,458
37,050,000 Citicorp, 6.030%, due 05/16/00.............................. 36,956,912
50,000,000 Xerox Credit Corporation, 6.060%, due 05/17/00.............. 49,865,333
46,495,000 Salomon Smith Barney Holdings, 6.030%, due 05/23/00......... 46,323,666
31,875,000 Salomon Smith Barney Holdings, 6.150%, due 06/08/00......... 31,668,079
--------------
721,989,016
YANKEE COMMERCIAL PAPER - 15.31%
38,400,000 Total Fina, 6.010%, due 05/12/00............................ 38,329,483
15,700,000 FCE Bank PLC, 6.020%, due 05/12/00.......................... 15,671,121
45,000,000 Caisse Des Depots, 6.020%, due 05/15/00..................... 44,894,650
40,000,000 France Telecom, 5.900%, due 05/15/00........................ 39,908,222
30,555,000 Repsol International Finance, 6.080%, due 05/19/00.......... 30,462,113
50,000,000 FCE Bank PLC, 6.030%, due 05/24/00.......................... 49,807,375
43,410,000 Deutsche Bank Financial Incorporated, 6.060%, due
05/25/00.................................................... 43,234,624
44,125,000 Deutsche Bank Financial Incorporated, 6.070%, due
05/26/00.................................................... 43,939,001
35,000,000 Deutsche Bank Financial Incorporated, 6.160%, due
05/30/00.................................................... 34,826,322
37,160,000 Bills Securitisation LTD, 6.100%, due 05/31/00.............. 36,971,103
--------------
378,044,014
BANK OBLIGATIONS - 9.02%
50,000,000 First Tennessee Bank NA, 6.050%, due 05/18/00............... 50,000,000
20,000,000 Rabobank Nederland New York, 5.310%, due 05/30/00........... 19,999,313
20,000,000 UBS AG Stamford, 5.410%, due 06/01/00....................... 19,999,185
25,000,000 UBS AG Stamford, 5.600%, due 06/14/00....................... 24,998,699
20,000,000 UBS AG Stamford, 5.600%, due 06/26/00....................... 19,998,529
45,000,000 Rabobank Nederland New York, 6.210%, due 12/06/00........... 44,987,131
43,000,000 Rabobank Nederland New York, 6.510%, due 01/31/01........... 42,984,604
--------------
222,967,461
</TABLE>
11
<PAGE> 12
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
AMOUNT COST
<C> <S> <C>
SHORT TERM NOTES - 43.50%
$42,000,000 Texaco Capital Incorporated, 5.110%, due 05/03/00........... $ 41,999,844
26,000,000 Texaco Capital Incorporated, 5.941%, due 05/03/00 (a)....... 25,999,869
12,000,000 Toyota Motor Credit Corporation, 6.100%, due 05/19/00....... 11,964,574
13,000,000 PNC Bank NA, 6.130%, due 05/26/00 (a)....................... 12,999,971
10,000,000 IBM Corporation, 6.375%, due 06/15/00....................... 10,006,309
12,000,000 John Deere Capital Corporation, 5.640%, due 06/19/00........ 12,000,000
16,000,000 J.P. Morgan & Company, 6.220%, due 06/23/00 (a)............. 16,000,000
45,000,000 National Rural Utilities CFC, 6.208%, due 06/26/00 (a)...... 45,000,000
40,000,000 Toyota Motor Credit Corporation, 5.770%, due 07/06/00....... 40,000,000
18,000,000 DaimlerChrysler N.A. Holding Corporation, 6.011%, due
07/06/00 (a)................................................ 17,996,089
37,000,000 Norwest Financial Incorporated, 6.175%, due 07/07/00 (a).... 36,997,017
16,000,000 American Express Centurion, 6.250%, due 07/13/00 (a)........ 16,000,000
42,000,000 Key Bank NA, 6.200%, due 07/14/00 (a)....................... 41,995,847
36,000,000 First Tennessee Bank NA, 6.090%, due 07/17/00 (a)........... 35,996,976
10,000,000 Paccar Financial Corporation, 5.540%, due 07/17/00.......... 9,997,883
45,000,000 Xerox Capital Europe, 6.221%, due 07/19/00 (a).............. 44,994,080
33,945,000 Nationsbank NA, 6.280%, due 07/24/00........................ 33,939,297
48,000,000 IBM Credit Corporation, 5.580%, due 07/26/00................ 47,983,421
25,000,000 Goldman Sachs Group L.P., 6.180%, due 08/09/00 (a).......... 25,000,000
36,000,000 Ford Motor Credit Company, 6.058%, due 08/18/00 (a)......... 35,991,313
21,000,000 Ford Motor Credit Company, 6.240%, due 08/18/00 (a)......... 20,996,433
40,000,000 Morgan Stanley Dean Witter Discover, 6.170%, due 08/29/00
(a)......................................................... 40,000,000
16,000,000 Bank One Corporation, 6.250%, due 09/01/00.................. 16,006,653
20,000,000 Goldman Sachs Group L.P., 6.350%, due 09/18/00 (a).......... 20,014,387
18,000,000 Bank One NA, 6.170%, due 10/16/00........................... 17,996,836
19,000,000 DaimlerChrysler N.A. Holding Corporation, 5.250%, due
10/19/00.................................................... 18,922,418
21,000,000 John Deere Capital Corporation, 6.250%, due 10/25/00........ 20,996,222
12,000,000 Caterpiller Financial Service Corporation, 6.180%, due
11/17/00 (a)................................................ 12,006,630
19,000,000 Goldman Sachs Group L.P., 6.500%, due 12/22/00.............. 19,000,000
10,000,000 Ford Motor Credit Company, 6.060%, due 12/27/00............. 9,980,297
14,505,000 AT&T Capital Corporation, 6.875%, due 01/16/01.............. 14,524,284
8,000,000 Bank of America Corporation, 5.340%, due 02/09/01........... 7,920,881
17,000,000 Texaco Capital Incorporated, 6.650%, due 02/12/01 (a)....... 16,988,567
20,000,000 Merrill Lynch & Company, 6.735%, due 02/28/01............... 20,000,000
45,000,000 John Deere Capital Corporation, 6.750%, due 03/07/01........ 45,000,000
35,000,000 Associates Corporation of N.A., 6.030%, due 03/16/01 (a).... 34,975,615
75,000,000 J.P. Morgan & Company, 6.120%, due 03/16/01 (a)............. 75,000,000
30,000,000 Bank One Corporation, 6.440%, due 04/04/01 (a).............. 30,042,250
35,000,000 Merrill Lynch & Company, 6.110%, due 04/18/01 (a)........... 35,000,000
36,000,000 E.I. Dupont De Numours & Company, 6.750%, due 04/19/01...... 35,983,286
--------------
1,074,217,249
US GOVERNMENT AGENCY - 2.30%
25,000,000 Student Loan Marketing Association, 6.232%, due 11/11/00
(a)......................................................... 24,997,314
32,000,000 Federal National Mortgage Association, 6.270%, due 02/02/01
(a)......................................................... 31,720,853
--------------
56,718,167
--------------
TOTAL INVESTMENTS -
99.37% ............... 2,453,935,907
OTHER ASSETS LESS
LIABILITIES - 0.63% .. 15,617,987
--------------
NET ASSETS - 100% .... $2,469,553,894
==============
</TABLE>
(a) - Variable rate securities. The rates shown are the current rates as of
April 30, 2000.
See accompanying notes.
12
<PAGE> 13
--------------------------------------------------------------------------------
OLDE CUSTODIAN FUND
--------------------------------------------------------------------------------
OLDE PREMIUM PLUS MONEY MARKET SERIES
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS:
Investments at amortized cost (Note 1).................... $2,453,935,907
Interest receivable....................................... 17,273,263
Prepaid expenses.......................................... 163,709
--------------
TOTAL ASSETS............................................ 2,471,372,879
LIABILITIES:
Dividends payable (Note 2)................................ 1,174,287
Accrued expenses.......................................... 217,349
Payable to OLDE Asset Management.......................... 427,349
--------------
TOTAL LIABILITIES..................................... 1,818,985
--------------
NET ASSETS applicable to 2,469,553,894 outstanding shares,
unlimited number of shares authorized, $0.01 par value.... $2,469,553,894
==============
NET ASSET VALUE, offering and redemption price per share on
2,469,553,894 shares of beneficial interest outstanding... $1.00
==============
</TABLE>
OLDE PREMIUM PLUS MONEY MARKET SERIES
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INTEREST INCOME (Note 1):................................... $75,421,503
EXPENSES:
Management fees........................................... 1,799,694
Transfer agent fees....................................... 285,271
Custodian fees............................................ 100,100
Professional fees......................................... 12,419
Accounting fees........................................... 8,250
Printing and postage...................................... 24,220
Trustee fees.............................................. 17,615
Insurance................................................. 10,911
Registration costs........................................ 100,275
12b-1 distribution costs.................................. 848,130
-----------
TOTAL EXPENSES.......................................... 3,206,885
Expenses waived and reimbursed.............................. (724,220)
-----------
NET EXPENSES.............................................. 2,482,665
-----------
NET INVESTMENT INCOME....................................... $72,938,838
===========
</TABLE>
See accompanying notes.
13
<PAGE> 14
--------------------------------------------------------------------------------
OLDE CUSTODIAN FUND
--------------------------------------------------------------------------------
OLDE PREMIUM PLUS MONEY MARKET SERIES
STATEMENTS OF CHANGES IN NET ASSETS
(UNAUDITED)
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2000 OCTOBER 31, 1999
---------------- ----------------
<S> <C> <C>
OPERATIONS:
Net investment income..................................... $ 72,938,838 $ 131,547,325
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income..................................... (72,938,838) (131,547,325)
SHARE TRANSACTIONS (AT $1.00 PER SHARE):
Proceeds from sales of shares............................. 2,524,277,825 4,221,923,872
Net asset value of shares issued in reinvestment of
dividends............................................... 70,256,138 127,771,342
--------------- ---------------
2,594,533,963 4,349,695,214
Cost of shares redeemed................................... (2,773,430,799) (4,100,388,721)
--------------- ---------------
Net change in shareholders' equity from share
transactions............................................ (178,896,836) 249,306,493
--------------- ---------------
NET CHANGE IN SHAREHOLDERS' EQUITY.......................... (178,896,836) 249,306,493
SHAREHOLDERS' EQUITY:
At beginning of period.................................... 2,648,450,730 2,399,144,237
--------------- ---------------
At end of period.......................................... $ 2,469,553,894 $ 2,648,450,730
=============== ===============
</TABLE>
OLDE PREMIUM PLUS MONEY MARKET SERIES
FINANCIAL HIGHLIGHTS
(UNAUDITED)
For a share of capital stock outstanding throughout each period:
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
APRIL 30, 2000 1999 1998 1997 1996
-------------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD.......................... $1.00 $1.00 $1.00 $1.00 $1.00
---------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS:
Net investment income........... 0.0570 0.0512 0.0548 0.0552 0.0560
DISTRIBUTIONS:
Dividends from net investment
income........................ (0.0570) (0.0512) (0.0548) (0.0552) (0.0560)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD.... $1.00 $1.00 $1.00 $1.00 $1.00
========== ========== ========== ========== ==========
Total return (annualized) +5.70% +5.12% +5.48% +5.52% +5.60%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)...................... $2,469,554 $2,648,451 $2,399,144 $2,067,279 $1,825,480
Ratio of net expenses to average
net assets.................... 0.19% 0.20% 0.20% 0.14% --
Ratio of total expenses to
average net assets............ 0.25% 0.26% 0.26% 0.27% 0.36%
Ratio of net investment income
to average net assets......... 5.70% 5.12% 5.48% 5.52% 5.60%
</TABLE>
See accompanying notes.
14
<PAGE> 15
--------------------------------------------------------------------------------
OLDE CUSTODIAN FUND
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2000
(UNAUDITED)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
OLDE Custodian Fund (the Fund) is a business trust established under the laws of
Massachusetts and is registered under the Investment Company Act of 1940 as a
diversified, open-end management company. Three series of the Fund are currently
offered for sale: OLDE Money Market Series, OLDE Premium Money Market Series and
OLDE Premium Plus Money Market Series.
NATURE OF OPERATIONS
The investment objective of each series is maximum current income, consistent
with preservation of capital and liquidity.
SECURITY VALUATION
The Fund utilizes the amortized cost method to determine the carrying value of
its investment securities. Under this method, investment securities are valued
for both financial reporting and Federal tax purposes at cost and any discount
or premium is amortized from the date of acquisition to maturity. The use of
this method results in a carrying value which approximates the market value.
Since the Fund's portfolio investments are valued at amortized cost, there will
normally not be any unrealized gains or losses on such investments. However,
should the carrying value of the Fund's investment deviate significantly from
market value, the Board of Trustees could decide to value the investments at
market value.
Investment securities purchases and sales are accounted for on a trade-date
basis.
INTEREST INCOME
Interest income is recorded daily on the accrual basis, adjusted for
amortization of premium and accretion of discount.
EXPENSES
Expenses of each series are accrued daily.
USE OF ACCOUNTING ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of increases and decreases in net
assets from operations during the reporting period. Actual results could differ
from those estimates.
2. DIVIDENDS TO SHAREHOLDERS
On each day the New York Stock Exchange is open for business, the Fund declares
dividends of its daily net investment income to shareholders of record prior to
the declaration.
Each series calculates its dividends based on its daily net investment income.
For this purpose, the net investment income of each series consists of (1)
accrued interest income adjusted for amortized discount or premium, (2) any
short-term realized gains or losses on investments, and (3) a deduction for
accrued expenses allocated to that series.
3. FEDERAL INCOME TAXES
The Internal Revenue Code of 1986, as amended, treats each series of the Fund as
a separate regulated investment company. It is the Fund's policy to comply with
the requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute all of its income to shareholders. Therefore, no
Federal income tax provision is required in the accompanying financial
statements.
4. TRANSACTIONS WITH AFFILIATES
The Fund has an Investment Advisory Agreement with OLDE Asset Management, Inc.
(the Adviser). Under the current agreement, the Adviser receives a monthly
management fee equal to an annual rate of the average daily net asset value of
each series in accordance with the following schedule:
OLDE Money Market Series 0.50%
OLDE Premium Money Market Series 0.30%
OLDE Premium Plus Money Market Series 0.15%
The Advisory Agreement also provides for the Adviser to reimburse a series for
the aggregate expenses of a series (excluding taxes, brokerage fees, and, to the
extent permitted by state securities laws, extraordinary expenses) which exceed
2% of its first $10 million in assets, 1 1/2% of the next $20 million and 1% of
assets in excess of $30 million.
The Fund has an Accounting Service Agreement with the Advisor. Under the current
agreement, the Adviser receives a fixed fee of $1,375 per month for each series.
The Fund has a Shareholder Services Agreement with OLDE Discount Corporation
(OLDE Discount). Under the current agreement, OLDE Discount receives a fixed fee
of $24 per beneficial account per annum.
15
<PAGE> 16
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The Fund has an Underwriting Agreement with OLDE Discount. As underwriter for
the Fund, OLDE Discount received no commissions for the six months ended April
30, 2000. For the six months ended April 30, 2000, the Fund made no direct
payments to its officers and affiliated trustees and incurred trustee fees of
$23,352 to unaffiliated trustees.
Effective January 1, 1997 through January 1, 2001, the Adviser has voluntarily
agreed to limit expenses of OLDE Premium Plus Money Market Series to no more
than .25% of average net assets. The Adviser may, in its discretion, reimburse
additional expenses of the Series. For the six months ended April 30, 2000, the
Series incurred total expenses of $3,206,885. OLDE Discount waived 12b-1
expenses of $724,220.
5. DISTRIBUTION ASSISTANCE
Under a Plan and Agreement of Distribution pursuant to Rule 12b-1 of the
Investment Company Act of 1940, OLDE Discount is entitled to reimbursement of
certain expenses of distribution in an amount not to exceed an annual rate of
the average daily net asset value of each series in accordance with the
following schedule:
OLDE Money Market Series 0.25%
OLDE Premium Money Market Series 0.15%
OLDE Premium Plus Money Market Series 0.15%
For the six months ended April 30, 2000, the annualized percentage rate of 12b-1
expense was (.02% for OLDE Money Market Series, .04% for OLDE Premium Money
Market Series and .07% for OLDE Premium Plus Money Market Series.)
6. INVESTMENT SECURITIES TRANSACTIONS
Investment securities transactions for the six months ended April 30, 2000 are
as follows:
OLDE Money Market Series:
Purchases: $1,643,746,720
Sales (including maturities): $1,632,500,706
OLDE Premium Money Market Series:
Purchases: $1,186,563,320
Sales (including maturities): $1,193,087,899
OLDE Premium Plus Money Market Series:
Purchases: $7,519,399,269
Sales (including maturities): $7,731,108,123
7. BANK LINE OF CREDIT
At April 30, 2000 a secured line of credit in the amount of $10,000,000 was
available to the Fund. This line of credit is cancelable by the bank. Advances
under the line bear interest at the federal funds rate plus 1/2%. There have
been no borrowings under this line as of April 30, 2000.
8. H&R BLOCK PURCHASE OF OLDE FINANCIAL CORPORATION
On December 1, 1999 OLDE Financial Corporation and its subsidiaries, including
OLDE Asset Management, Inc. were acquired by H&R Block, Inc., through Block
Financial Corporation. This transaction resulted in an "assignment" of the
advisory agreements between OLDE Asset Management, Inc. (the "Adviser") and each
of the three series of the Fund. The advisory agreements terminated
automatically upon this assignment. The Adviser continued to act as adviser to
each series pursuant to an exemption granted by the SEC while seeking
shareholder approval of new advisory agreements.
Special Meetings of the Shareholders of each series were scheduled for January
18, 2000, but quorums were not present for any of the three series. The meetings
were adjourned until March 3, 2000. At that time, a quorum was present for OLDE
Premium Money Market Series and OLDE Premium Plus Money Market Series. The
shareholders approved the new advisory agreements as follows:
OLDE Premium Money Market Series:
For 159,101,958
Against 11,550,350
Abstain 29,732,091
Accordingly, the Advisory Agreement between OLDE Asset Management, Inc. and OLDE
Premium Money Market Series was approved.
OLDE Premium Plus Money Market Series:
For 1,171,430,690
Against 97,238,226
Abstain 180,971,893
Accordingly, the Advisory Agreement between OLDE Asset Management, Inc. and OLDE
Premium Plus Money Market Series was approved.
A quorum was not present for OLDE Money Market Series and the meeting was
adjourned until April 7, 2000. At that time a quorum was present and the
shareholders approved the new advisory agreement as follows:
For 218,062,005
Against 19,698,818
Abstain 44,387,200
Accordingly, the Advisory Agreement between OLDE Asset Management, Inc. and OLDE
Money Market Series was approved.
16
