DREYFUS/LAUREL SHORT-TERM BOND FUND
GROWTH OF $10,000 INVESTED FROM OCTOBER 18, 1988-AUGUST 31, 1995*
$16,491
Merrill Lynch 1-3 Year
Government Treasury
Index
Dollars
$15,553
Dreyfus/Laurel
Short-Term Bond Fund
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS-INVESTOR SHARES
YEAR ENDED FIVE YEARS ENDED FROM INCEPTION (10/18/88)
AUGUST 31, 1995 AUGUST 31, 1995 THROUGH AUGUST 31, 1995
--------------------- --------------------- ---------------------------
<S> <C> <C>
7.12% 6.32% 6.64%
</TABLE>
*Hypothetical illustration of $10,000 invested in Investor Shares at
inception (October 18, 1988) and reinvestment of dividends and capital gains
at net asset value through August 31, 1995.
The Merrill Lynch 1-3 Year Government Treasury Index consists of AAA U.S.
Government and Treasury bonds maturing from 1 to 2.99 years.
Index information is available at month-end only; therefore, the closest
month-end to inception date of the Fund has been used.
This period was one in which short-term bond prices fluctuated and the
results should not be considered as a representation of the dividend income
or capital gain or loss which may be realized from an investment in the Fund
today. No adjustment has been made for a shareholder's tax liability on
dividends or capital gains.
NOTE: All figures cited here and on the following pages represent past
performance and do not guarantee future results. Investment return and
principal value of an investment will fluctuate so that an investor's shares
upon redemption may be worth more or less than original cost.
<TABLE>
<CAPTION>
DREYFUS/LAUREL SHORT-TERM BOND FUND
STATEMENT OF INVESTMENTS AUGUST 31, 1995
PRINCIPAL
BONDS AND NOTES-99.5% AMOUNT VALUE
---------------- ----------------
<S> <C> <C>
INDUSTRIAL-1.7%
Schering Plough;
Zero Coupon, 12/2/1996 (a).............................................. $ 50,000 $ 46,368
----------------
OTHER-.1%
Security Pacific National Bank Home Equity Loan, Ser. 1991-2, Cl. A.;
8.10%, 6/15/2020........................................................ 3,114 3,151
----------------
U.S. GOVERNMENT AND AGENCIES-97.7%
Federal Home Loan Mortgage Corp., Participation Certificates;
7.415%, 3/1/2019 (b).................................................... 5,725 5,843
Government National Mortgage Association I:
10%, 3/15/2003.......................................................... 16,139 17,053
11 1/2%, 7/15/2013 (b).................................................. 28,097 31,619
Government National Mortgage Association II;
7%, 7/20/2017........................................................... 46,787 47,607
U.S. Treasury Notes:
5 1/8%, 12/31/1998...................................................... 350,000 340,977
7 1/4%, 11/30/1996...................................................... 2,100,000 2,136,422
7 1/2%, 2/29/1996....................................................... 150,000 151,383
----------------
2,730,904
TOTAL BONDS AND NOTES
(cost $2,729,498).......................................... 99.5% $2,780,423
======== ================
RECEIVABLES (NET).............................................. .5% $ 13,881
======== ================
NET ASSETS ............................................... 100.0% $2,794,304
======== ================
NOTES TO STATEMENT OF INVESTMENTS:
(a) Security exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(b) Adjustable rate mortgage-interest rate subject to change
periodically.
See notes to financial statements.
DREYFUS/LAUREL SHORT-TERM BOND FUND
STATEMENT OF ASSETS AND LIABILITIES AUGUST 31, 1995
ASSETS:
Investments in securities, at value
(cost $2,729,498)-see statement....................................... $2,780,423
Interest receivable..................................................... 42,326
----------------
2,822,749
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 3,069
Due to Distributor...................................................... 689
Cash overdraft due to Custodian......................................... 23,905
Accrued expenses........................................................ 782 28,445
----------------
NET ASSETS.................................................................. $2,794,304
================
REPRESENTED BY:
Paid-in capital......................................................... $2,902,291
Distributions in excess of net investment income........................ (561)
Accumulated net realized (loss) on investments.......................... (158,351)
Accumulated net unrealized appreciation on investments-Note 4........... 50,925
----------------
TOTAL NET ASSETS............................................................ $2,794,304
================
NET ASSET VALUE:
Investor Shares;
Net asset value, offering and redemption price per share
($2,794,304 / 233,332 shares of Beneficial Interest outstanding)........ $11.98
===========
STATEMENT OF OPERATIONS YEAR ENDED AUGUST 31, 1995
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 262,404
EXPENSES:
Management fee-Note 2................................................. $20,799
Distribution fee-Note 3............................................... 9,770
Trustees' fees and expenses-Note 2.................................... 694
---------------
TOTAL EXPENSES.................................................... 31,263
--------------
INVESTMENT INCOME-NET............................................. 231,141
REALIZED AND UNREALIZED GAIN ON INVESTMENTS-Notes 1 and 4:
Net realized (loss) on investments sold during the year................. $ (7,875)
Net unrealized appreciation on investments during the year.............. 50,486
---------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................... 42,611
---------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 273,752
===============
See notes to financial statements.
DREYFUS/LAUREL SHORT-TERM BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED AUGUST 31,
------------------------------
1995 1994
------------- -------------
OPERATIONS:
Investment income-net................................................... $ 231,141 $ 150,040
Net realized gain (loss) on investments................................. (7,875) 699
Net unrealized appreciation (depreciation) on investments during the year (50,486) (156,593)
-------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS... (273,752) (5,854)
-------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income-net;
Investor Shares....................................................... (226,738) (131,766)
Institutional Class................................................... --- (13,133)
Distributions to shareholders in excess of investment income-net;
Investor Shares....................................................... --- (4,675)
Institutional Class................................................... --- (466)
-------------- --------------
TOTAL DISTRIBUTIONS............................................... (226,738) (150,040)
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS FROM FUND SHARE
TRANSACTIONS-NOTE 5;
Investor Shares....................................................... 474,703 (1,106,873)
------------- ---------------
TOTAL INCREASE (DECREASE) IN NET ASSETS........................... 521,717 (1,262,767)
NET ASSETS:
Beginning of year....................................................... 2,272,587 3,535,354
------------- ---------------
End of year (including distributions in excess of investment income-net
of $4,964 and $561, respectively)..................................... $ 2,794,304 $ 2,272,587
============= ===============
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS/LAUREL SHORT-TERM BOND FUND
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average
net assets and other supplemental data for each year indicated. This
information has been derived from the Fund's financial statements.
YEAR ENDED AUGUST 31,
---------------------------------------------------------------
PER SHARE DATA: 1995(1) 1994(2) 1993(3,4) 1992(3) 1991(3)
----------- ---------- ------------- ----------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year........... $11.85 $12.50 $12.64 $12.23 $11.82
----------- --------- ------------- ----------- -----------
INVESTMENT OPERATIONS:
Investment income-net (5).................... 0.71 0.63 0.68 0.75 0.82
Net realized and unrealized gain (loss)
on investments............................. 0.11 (0.62) (0.15) 0.41 0.41
----------- ---------- ------------- ----------- ----------
TOTAL FROM
INVESTMENT OPERATIONS.................. 0.82 0.01 0.53 1.16 1.23
DISTRIBUTIONS:
Distributions from investment
income-net................................. (0.69) (0.64) (0.67) (0.75) (0.82)
Distributions in excess of net
investment income.......................... -- (0.02) (0.00)(6) -- --
----------- ---------- ------------- ----------- ----------
TOTAL DISTRIBUTIONS........................ (0.69) (0.66) (0.67) (0.75) (0.82)
----------- ---------- ------------- ----------- ----------
Net asset value, end of year................. $11.98 $11.85 $12.50 $12.64 $12.23
=========== ========== ============= =========== ==========
TOTAL INVESTMENT
RETURN ..................................... 7.12% .06% 4.34% 9.73% 10.79%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to
average net assets(7)...................... 0.80% 0.95% 0.99% 0.98% 0.99%
Ratio of net investment income
to average net assets ..................... 5.91% 5.38% 5.29% 5.96% 6.90%
Portfolio Turnover Rate...................... 45% 53% 6% 30% 70%
Net Assets, end of year
(000's Omitted)............................ $2,794 $2,273 $3,477 $5,449 $3,895
</TABLE>
(1) Based on an Investor Class share outstanding.
(2) Effective April 4, 1994 the Retail and Institutional Classes of
shares were reclassified as a single class of shares
known as Investor shares. The amounts shown for the year ended August 31,
1994 were calculated using the performance of a Retail Class share
outstanding from September 1, 1993 to April 3, 1994, and the performance
of an Investor share outstanding from April 4, 1994 to August 31, 1994.
(3) Based on a Retail Class share outstanding.
(4) Per share amounts have been calculated using the monthly average
share method, which more appropriately presents the per
share data for this year since use of the undistributed income method
does not accord with results of operations.
(5) Net investment income before waiver of fees and/or reimbursement of
expenses by investment adviser, transfer agent and
custodian for the years ended August 31, 1994, 1993, 1992 and 1991 would
have been $0.25, $0.48, $0.63 and $0.57, respectively.
(6) Amount represents less than $0.01.
(7) Annualized expense ratios before waiver of fees and/or reimbursement
of expenses by investment adviser, transfer agent
and custodian for the years ended August 31, 1994, 1993, 1992 and 1991
were 4.21%, 2.54%, 1.88% and 3.07%, respectively.
See notes to financial statements.
DREYFUS/LAUREL SHORT-TERM BOND FUND
NOTES TO FINANCIAL STATEMENT
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
As of August 31, 1995, the Dreyfus/Laurel Investment Series (the "Trust")
(formerly The Laurel Investment Series), The Dreyfus/Laurel Funds, Inc., The
Dreyfus/Laurel Funds Trust and The Dreyfus/Laurel Tax-Free Municipal Funds
are all registered open-end investment companies that are part of The Dreyfus
Family of Funds. The Trust is an investment company which, as of August 31,
1995, consists of Dreyfus/Laurel Short-Term Bond Fund (the "Fund"). This
report contains financial statements for the Fund as of August 31, 1995. The
Trust is a Massachusetts business trust and is registered with the Securities
and Exchange Commission (the "SEC") under the Investment Company Act of 1940,
as amended (the "1940 Act"), as a diversified, open-end management investment
company. As of August 31, 1995, the Fund is authorized to issue two classes
of shares: Investor shares and Class R shares. As of August 31, 1995, the
Fund had not issued any Class R shares. Investor shares are sold primarily to
retail investors through the Fund's distributor and financial intermediaries
and bear a distribution fee. Class R shares are sold primarily to bank trust
departments and other financial service providers (including Mellon Bank and
its affiliates) acting on behalf of customers having a qualified trust or
investment account or relationship at such institution and bear no
distribution fee. Each class of shares has identical rights and privileges
except with respect to the distribution fee and voting rights on matters
affecting a single class. The following is a summary of significant
accounting policies consistently followed by the Fund in the preparation of
its financial statements in accordance with generally accepted accounting
principles.
(A) PORTFOLIO VALUATION: Investments in securities traded on a national
securities exchange are valued at the last reported sales price or, in the
absence of a recorded sale, at the mean of the closing bid and asked prices.
Over-the-counter securities are valued at the mean of the closing bid and
asked prices. When market quotations for securities are not readily
available, the securities are valued at fair value, as determined in good
faith by the Board of Trustees. Bonds are valued through valuations obtained
from a commercial pricing service or at the mean of the most recent bid and
asked prices provided by investment dealers in accordance with procedures
established by the Board of Trustees. Investments in U.S. government
securities (other than short-term securities) are valued at the most recent
quoted bid price in the over-the-counter market. Short term debt securities
with maturities of 60 days or less from the valuation day are valued on the
basis of amortized cost.
(B) REPURCHASE AGREEMENTS: The Fund may engage in repurchase agreements
transactions. Under the terms of a typical repurchase agreement, the Fund,
through its custodian, takes possession of an underlying debt obligation
subject to an obligation of the seller to repurchase, and the Fund to resell,
the obligation at an agreed-upon price and time, thereby determining the
yield during the Fund's holding period. This arrangement results in fixed
rate of return that is not subject to market fluctuations during the Fund's
holding period. The value of the collateral is at least equal, at all times,
to the total amount of the repurchase obligations, including interest. In the
event of counterparty default, the Fund has the right to use the collateral
to offset losses incurred. There is potential loss to the Fund in the event
the Fund is delayed or prevented from exercising its rights to dispose of the
collateral securities, including the risk of a possible decline in the value
of the underlying securities during the period while the Fund seeks to assert
its rights. The Fund's investment manager, acting under the supervision of
the Board of Trustees, reviews the value of the collateral and the
creditworthiness of those banks and dealers with which the Fund enters into
repurchase agreements to evaluate potential risks.
(C) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded as of the trade date. Interest income is recorded
daily on the accrual basis. Securities purchased or sold on a
DREYFUS/LAUREL SHORT-TERM BOND FUND
NOTES TO FINANCIAL STATEMENT (CONTINUED)
when-issued or delayed delivery basis may be settled a month or more after
the trade date. Realized gains and losses from securities sold are recorded
on the identified cost basis. Investment income and realized and unrealized
gains and losses are allocated based upon the relative average daily net
assets of each class of shares.
(D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Dividends from net
investment income, if any, of the Fund are determined on a class level and
are declared daily and paid monthly. The Fund distributes any net realized
capital gains on a Fund level annually. Distributions to shareholders are
recorded on the ex-dividend date. Additional distributions of net investment
income and capital gains for the Fund may be made at the discretion of the
Board of Trustees in order to avoid the 4.00% nondeductible Federal excise
tax. Income distributions and capital gain distributions on a Fund level are
determined in accordance with income tax regulations, which may differ from
generally accepted accounting principles. These differences are primarily due
to differing treatments of income and gains on various investment securities
held by the Fund, timing differences and differing characterization of
distributions made by the Fund as a whole.
(E) FEDERAL INCOME TAXES: It is the Fund's intention to qualify as a
regulated investment company by complying with the requirements of the
Internal Revenue Code applicable to regulated investment companies and by
distributing substantially all of its taxable income to its shareholders.
Therefore, no Federal income tax provision is required.
NOTE 2-INVESTMENT MANAGEMENT FEE, TRUSTEES' FEES AND OTHER RELATED PARTY TRANS
ACTIONS:
Effective as of October 17, 1994, the Trust's investment management
agreement with Mellon Bank, N.A. ("Mellon Bank") was transferred to The
Dreyfus Corporation (the "Manager"), a wholly owned subsidiary of Mellon
Bank. The Manager provides, or arranges for one or more third parties to
provide, investment advisory, administrative, custody, fund accounting and
transfer agency services to the Trust. The Manager also directs the
investments of the Fund in accordance with its investment objective, policies
and limitations. For these services, the Fund is contractually obligated to
pay the Manager a fee, calculated daily and paid monthly, at the annual rate
of .55% of the value of the Fund's average daily net assets. Out of its fee,
the Manager pays all of the expenses of the Fund except brokerage fees,
taxes, interest, Rule 12b-1 distribution fees and expenses, fees and expenses
of the non-interested Trustees (including counsel fees) and extraordinary
expenses. In addition, the Manager is required to reduce its fee in an amount
equal to the Fund's allocable portion of the fees and expenses of the
non-interested Trustees (including counsel).
Prior to October 17, 1994, Mellon Bank served as the Trust's investment
manager pursuant to the investment management agreement described above.
Prior to September 23, 1994, Frank Russell Investment Management Company
(the "Administrator") served as the Fund's administrator and provided,
pursuant to an administration agreement, various administrative and corporate
secretarial services to the Fund. Mellon Bank, as investment manager, paid
the Administrator's fee out of the management fee described above.
Prior to October 17, 1994, Funds Distributor, Inc. served as distributor
of the Trust's shares. Effective October 17, 1994, Premier Mutual Fund
Services, Inc. ("Premier") serves as the Trust's distributor. Premier
DREYFUS/LAUREL SHORT-TERM BOND FUND
NOTES TO FINANCIAL STATEMENT (CONTINUED)
also serves as the Trust's sub-administrator and, pursuant to a
sub-administration agreement with the Manager, provides various
administrative and corporate secretarial services to the Trust.
No officer or employee of Premier (or of any parent, subsidiary or
affiliate thereof) receives any compensation from The Dreyfus/Laurel Funds,
Inc., The Dreyfus/Laurel Funds Trust, The Dreyfus/Laurel Tax-Free Municipal
Funds or The Dreyfus/Laurel Investment Series (collectively, "The
Dreyfus/Laurel Funds") for serving as an officer, Director or Trustee of The
Dreyfus/Laurel Funds. In addition, no officer or employee of the Manager (or
of any parent, subsidiary or affiliate thereof) serves as an officer,
Director or Trustee of The Dreyfus/Laurel Funds. The Dreyfus/Laurel Funds pay
each Director or Trustee who is not an officer or employee of Premier (or of
any parent, subsidiary or affiliate thereof) or of the Manager, $27,000 per
annum, $1,000 for each Board meeting attended and $750 for each Audit
Committee meeting attended, and reimbursement for travel and out-of-pocket
expenses.
NOTE 3-DISTRIBUTION PLAN:
The Fund has adopted a distribution plan (the "Plan") pursuant to Rule
12b-1 under the 1940 Act relating to its Investor shares. Under the Plan, the
Fund may pay annually up to 0.25% of the value of the average daily net
assets attributable to its Investor shares to compensate Premier for
activities primarily intended to result in the sale of Investor shares and
Dreyfus Service Corporation, an affiliate of the Manager, for shareholder
servicing activities and Premier. Class R shares bear no distribution fee.
Under its terms, the Plan shall remain in effect from year to year, provided
such continuance is approved annually by a vote of a majority of those
Trustees who are not "interested persons" of the Trust and who have no direct
or indirect financial interest in the operation of the Plan or in any
agreement related to the Plan.
NOTE 4-SECURITIES TRANSACTIONS:
The cost of purchases and proceeds from sales of securities, excluding
short-term investments, for the year ended August 31, 1995 aggregated
$2,583,954 and $1,285,754, respectively, for the Fund.
At August 31, 1995, aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost amounted to
$60,112 and aggregate gross unrealized depreciation for all securities in
which there was an excess of tax cost over value amounted to $9,187 for the
Fund.
At August 31, 1995, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
DREYFUS/LAUREL SHORT-TERM BOND FUND
NOTES TO FINANCIAL STATEMENT (CONTINUED)
NOTE 5-SHARES OF BENEFICIAL INTEREST:
The Trust has the authority to issue an unlimited number of shares of
Beneficial Interest of each class with a par value of $.001 per share. The
table below summarizes transactions in Fund shares for the years shown in the
accompanying Statement of Changes in Net Assets.
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
AUGUST 31, 1995 AUGUST 31, 1994(1)
INVESTOR SHARES: SHARES AMOUNT SHARES(2) AMOUNT(3)
- -------------------- --------------- ----------------- ------------- -------------
<S> <C> <C> <C> <C>
Sold......................................... 187,423 $ 2,216,090 125,473 $ 1,547,869
Issued as reinvestment of
dividends and distributions................ 16,684 198,071 8,894 108,098
Redeemed..................................... (162,607) (1,939,458) (225,283) (2,762,840)
--------------- ----------------- ------------- -------------
NET INCREASE (DECREASE).................... 41,500 $ 474,703 (90,916) $(1,106,873)
=============== ================= ============= =============
</TABLE>
(1) Effective April 4, 1994, the Retail and Institutional Classes of shares
were reclassified as a single class of shares known as Investor shares.
(2) Shares include 51,296 of subscriptions, 1,060 of reinvestments and
5,203 of redemptions for the Institutional Class up to April 4, 1994.
(3) Amounts include $635,969 of subscriptions, $13,003 of reinvestments and
$62,943 of redemptions for the Institutional Class
up to April 4, 1994.As of August 31, 1995, the Fund had not issued any
Class R shares.
NOTE 6-CAPITAL LOSS CARRYFORWARD:
The Fund has an unused capital loss carryover of $150,476 available for
Federal income tax purposes to be applied against future net securities
profits, if any realized subsequent to August 31, 1995. The carryover does
not include net realized securities losses from November 1, 1994 through
August 31, 1995 which are treated, for Federal income tax purposes, as
arising on September 1, 1995. If not applied, $140,218 of the carryover
expires in fiscal 1997 and $10,258 expires in fiscal 1999.
NOTE 7-SUBSEQUENT EVENT:
On July 26, 1995, the Fund's Board of Trustees approved the liquidation
and dissolution of the Fund having determined it to be in the best interests
of the Fund and the Fund's shareholders. The Board's decision was based on,
among other things, the Fund's continued small asset size. Effective
September 15, 1995, shareholders who neither redeemed nor exchanged their
shares as of that date had their shares redeemed at the net asset value
determined on that date. In addition, the Board of Trustees approved the
termination of the Trust. It is anticipated that the Trust will be terminated
in November 1995.
DREYFUS/LAUREL SHORT-TERM BOND FUND
INDEPENDENT AUDITORS' REPORT
BOARD OF TRUSTEES AND SHAREHOLDERS:
THE DREYFUS/LAUREL INVESTMENT SERIES
We have audited the accompanying statement of assets and liabilities,
including the statement of investments, of the Dreyfus/Laurel Short-Term Bond
Fund (one of the series comprising The Dreyfus/Laurel Investment Series
(formerly The Boston Company Investment Series)), as of August 31, 1995, the
related statement of operations for the year then ended, and the statements
of changes in net assets and the financial highlights for each of the years
in the two year period then ended. These financial statements and financial
highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits. The financial highlights for each
of the periods prior to September 1, 1993, were audited by other auditors
whose report thereon, dated October 8, 1993, expressed an unqualified opinion
on those financial highlights.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of August 31, 1995, by correspondence with the custodian.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of the Dreyfus/Laurel Short-Term Bond Fund as of August 31, 1995,
and the results of its operations for the year then ended, the changes in net
assets, and financial highlights for each of the years in the two year period
then ended, in conformity with generally accepted accounting principles.
New York, New York
October 17, 1995
DREYFUS/LAUREL
SHORT-TERM BOND FUND
200 Park Avenue
New York, NY 10166
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
Mellon Bank, N.A.
1 Mellon Bank Center
Pittsburgh, PA 15258
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 398AR958
Laurel Short-Term
Bond Fund
Annual Report
August 31, 1995
