LETTER TO SHAREHOLDERS
Dear Shareholder:
It is a pleasure to write to you as an investor in the First Prairie U.S.
Government Income Fund, Intermediate Series. The Fund is managed as a
diversified mutual fund which seeks to provide investors with as high a level
of current income as is consistent with preservation of capital.
To this end, for the semi-annual reporting period ended July 31, 1994,
the Fund provided an attractive annualized distribution rate per share of
6.75% for the Class A shares, 6.40% for the Class B shares since their
inception on February 8, 1994, and 6.81% for the Class F shares.*
As always, net asset value fluctuates in response to changes in interest
rates. Taking these price changes into account, the total return for the same
semi-annual period was -1.54% for the A shares, -.99% for the B shares since
their inception, and -1.74% for the F shares.**
At the end of the semi-annual period ended July 31, 1994, the Fund had an
average maturity of 5.39 years, which represents a defensive posture relative
to the Fund's market benchmark. As stated in the January letter, we were
cautious toward rising Government security interest rates given their
historically low interest rate yield. Since then, the Federal Reserve Board
has raised the Federal Funds rate in an effort to head off inflationary
pressures associated with the easy monetary policy of the previous several
years. Given our defensive posture in the Fund in anticipation of higher
interest rates, price erosion of shares was kept to a minimum. Relative to
the Lipper Category of Intermediate U.S. Government Funds, performance of the
First Prairie U.S. Government Income Fund, Intermediate Series, Class A
shares, ranked 3 out of 76 funds for the six months ended July 31, 1994,
outperforming the average return of the competition by 208 basis points.***
As of the end of July, Treasury securities represented 69.5% of Fund net
assets, mortgage pass-throughs represented 3.3% (Government National Mortgage
Association: 1.4%, Federal National Mortgage Corporation: 1.9%), U.S.
Government Agencies represented 2.1%, collateralized mortgage obligations
represented 10.4% and cash and cash equivalents represented 14.7%. Our
current strategy is to remain defensive, at least until we are certain of the
Federal Reserve's resolve to fight inflation.
Since the last letter to you, our fears of higher short- and long-term
interest rates have materialized. We will continue to invest defensively
until our fears of higher interest rates are calmed by a bold Fed and a more
responsible fiscal policy. Until then, we hope to bring you another six
months of outstanding performance compared to our peers.
Sincerely,
(signature logo)
T. Scott McCartan
Portfolio Manager
First Prairie Funds
August 11, 1994
New York, N.Y.
* Annualized distribution rate per share is based upon dividends per
share paid from net investment income during the
period, divided by the maximum offering price per share at the end of
the period in the case of Class A shares, or the net asset value per
share at the end of the period in the case of Class B and Class F
shares.
**Total return represents the change during the period in a hypothetical
account with dividends reinvested (without taking into account the
maximum initial sales charge in the case of Class A shares, or the
applicable contingent deferred sales charge imposed on redemptions in
the case of Class B shares.)
***Source: Lipper Analytical Services, Inc. Reflects the reinvestment of
dividends and, where applicable, capital gain distributions, and does
not take sales load into account. Lipper rankings for Class B and Class
F shares are not available for this time period. During this six-month
time period, certain Fund expenses were absorbed by the First National
Bank of Chicago. Had they not been absorbed, the Fund's total return and
ranking would have been lower. This arrangement may be terminated at any
time. Past performance is no guarantee of future results. Net asset
value of the portfolio securities and the Fund's shares are not insured
or guaranteed by the U.S. Government. Portfolio composition is subject
to change at any time. More complete information, including charges and
expenses, is contained in the Fund's Prospectus. Please read it
carefully before investing.
<TABLE>
<CAPTION>
FIRST PRAIRIE U.S. GOVERNMENT INCOME FUND, Intermediate Series
STATEMENT OF INVESTMENTS JULY 31, 1994 (UNAUDITED)
PRINCIPAL
BONDS AND NOTES-85.3% AMOUNT VALUE
---------- -----------
<S> <C> <C>
U.S. GOVERNMENT AGENCIES-15.8%
Federal Home Loan Mortgage Corp.,
Multiclass Mortgage Participation Ctfs.,
Ser. 98, Cl. 98-E, 8 1/4%, 11/15/2020................................... $ 250,000 $ 255,130
Federal National Mortgage Association:
7%, 6/1/2023............................................................ 93,917 89,397
Deb., 7.65%, 4/29/2004.................................................. 100,000 98,970
Real Estate Mortgage Investment Conduit Trust
(Collateralized by FNMA Pass-Through Ctfs.),
Ser. 1991-174, Cl. 174-K, 7%, 4/25/2006............................... 250,000 238,510
Government National Mortgage Association I,
8 1/2%, 3/15/2023....................................................... 66,355 67,973
-----------
TOTAL U.S. GOVERNMENT AGENCIES.............................................. 749,980
-----------
U.S. TREASURY NOTES-69.5%
7 3/4%, 2/15/1995....................................................... 200,000 202,875
7 3/8%, 5/15/1996....................................................... 750,000 768,398
8 7/8%, 11/15/1997...................................................... 480,000 514,500
5 3/8%, 5/31/1998....................................................... 375,000 360,527
5 1/8%, 6/30/1998....................................................... 400,000 380,688
5%, 1/31/1999........................................................... 300,000 280,969
7 7/8%, 11/15/1999...................................................... 415,000 435,555
7 1/2%, 11/15/2001...................................................... 200,000 206,219
7 1/2%, 5/15/2002....................................................... 150,000 154,617
-----------
TOTAL U.S. TREASURY NOTES................................................... 3,304,348
-----------
TOTAL BONDS AND NOTES
(cost $4,072,222)....................................................... $4,054,328
===========
SHORT-TERM INVESTMENTS-11.4%
Federal National Mortgage Association,
Discount Notes, 5%, 8/2/1994
(cost $544,936)......................................................... $ 545,000 $ 544,749
===========
TOTAL INVESTMENTS
(cost $4,617,158)....................................................... 96.7% $ 4,599,077
====== ==========
CASH AND RECEIVABLES (NET).................................................. 3.3% $ 155,773
====== ==========
NET ASSETS ................................................................ 100.0% $ 4,754,850
====== ==========
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
FIRST PRAIRIE U.S. GOVERNMENT INCOME FUND, Intermediate Series
STATEMENT OF ASSETS AND LIABILITIES JULY 31, 1994 (UNAUDITED)
ASSETS:
<S> <C> <C>
Investments in securities, at value
(cost $4,617,158)-see statement....................................... $4,599,077
Interest receivable..................................................... 60,234
Prepaid expenses........................................................ 52,400
Due from The First National Bank of Chicago............................. 149,211
-----------
4,860,922
LIABILITIES:
Payable for shares of Beneficial Interest redeemed...................... $ 9,520
Accrued expenses and other liabilities.................................. 96,552 106,072
-------- ----------
NET ASSETS ................................................................ $4,754,850
=========
REPRESENTED BY:
Paid-in capital......................................................... $4,795,486
Accumulated net realized (loss) on investments.......................... (22,555)
Accumulated net unrealized (depreciation) on investments-Note 3......... (18,081)
-----------
NET ASSETS at value......................................................... $4,754,850
=========
Shares of Beneficial Interest outstanding:
Class A Shares
(unlimited number of $.001 par value shares authorized)............... 8,132
=========
Class B Shares
(unlimited number of $.001 par value shares authorized)............... 252
=========
Class F Shares
(unlimited number of $.001 par value shares authorized)............... 597,908
=========
NET ASSET VALUE per share:
Class A Shares
($63,807 / 8,132 shares).............................................. $7.85
=====
Class B Shares
($1,980 / 252 shares)................................................. $7.84
=====
Class F Shares
($4,689,063 / 597,908 shares)......................................... $7.84
=====
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
FIRST PRAIRIE U.S. GOVERNMENT INCOME FUND, Intermediate Series
STATEMENT OF OPERATIONS SIX MONTHS ENDED JULY 31, 1994 (UNAUDITED)
INVESTMENT INCOME:
<S> <C> <C>
INTEREST INCOME......................................................... $ 165,579
EXPENSES:
Management fee-Note 2(a).............................................. $ 14,421
Legal fees............................................................ 24,455
Auditing fees......................................................... 11,007
Prospectus and shareholders' reports.................................. 9,213
Organization fees..................................................... 4,686
Shareholder servicing costs-Note 2(b,c)............................... 4,102
Trustees' fees and expenses-Note 2(d)................................. 3,277
Registration fees..................................................... 1,927
Custodian fees........................................................ 656
Distribution fees (Class B Shares)-Note 2(b).......................... 5
Miscellaneous......................................................... 1,559
-----------
75,308
Less-expense reimbursement from Manager due to undertaking............ 75,303
-----------
TOTAL EXPENSES.................................................... 5
-------
INVESTMENT INCOME-NET............................................. 165,574
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized (loss) on investments-Note 3............................... $ (23,761)
Net unrealized (depreciation) on investments............................ (227,175)
-----------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS................. (250,936)
-------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................... $ (85,362)
----------
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
FIRST PRAIRIE U.S. GOVERNMENT INCOME FUND, Intermediate Series
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
JANUARY 31, JULY 31, 1994
1994(1) (UNAUDITED)
--------------- -------------------
<S> <C> <C>
OPERATIONS:
Investment income-net................................................... $ 269,055 $ 165,574
Net realized gain (loss) on investments................................. 13,430 (23,761)
Net unrealized (depreciation) on investments for the period............. (60,015) (227,175)
------------- ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS... 222,470 (85,362)
------------- ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net:
Class A shares........................................................ (1,326) (2,157)
Class B shares........................................................ -- (59)
Class F shares........................................................ (267,729) (163,358)
Net realized gain on investments:
Class A shares........................................................ (152) --
Class B shares........................................................ -- --
Class F shares........................................................ (12,072) --
------------- ------------
TOTAL DIVIDENDS................................................... (281,279) (165,574)
------------- ------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold:
Class A shares........................................................ 51,267 --
Class B shares........................................................ -- 2,000
Class F shares........................................................ 5,247,186 200,342
Dividends reinvested:
Class A shares........................................................ 1,484 2,145
Class B shares........................................................ -- 59
Class F shares........................................................ 5,299 3,031
Cost of shares redeemed:
Class A shares........................................................ -- --
Class B shares........................................................ -- --
Class F shares........................................................ (154,029) (394,189)
------------- ------------
INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS 5,151,207 (186,612)
------------- ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS..................... 5,092,398 (437,548)
NET ASSETS:
Beginning of period..................................................... 100,000 5,192,398
------------- ------------
End of period........................................................... $5,192,398 $4,754,850
============ ===========
</TABLE>
<TABLE>
<CAPTION>
SHARES
---------------------------------------------------------------------------------------
CLASS A CLASS B CLASS F
---------------------------------- ---------------- ------------------------
YEAR ENDED SIX MONTHS ENDED PERIOD ENDED YEAR ENDED SIX MONTHS ENDED
JANUARY 31, JULY 31, 1994 JULY 31, 1994(2) JANUARY 31, JULY 31, 1994
1994(1) (UNAUDITED) (UNAUDITED) 1994(1) (UNAUDITED)
-------------- --------------- ----------------- ---------- -----------------
<S> <C> <C> <C> <C> <C>
CAPITAL SHARE TRANSACTIONS:
Shares sold............... 6,185 -- 245 628,922 25,652
Shares issued for dividends
reinvested.............. 180 272 7 639 384
Shares redeemed........... -- -- -- (18,488) (49,671)
-------------- ----------- ----------- ---------- -----------
NET INCREASE (DECREASE)
IN SHARES OUTSTANDING 6,365 272 252 611,073 (23,635)
============= ========== ========= ============ =========
(1)From March 5, 1993 (commencement of operations) through January 31, 1994.
(2)From February 8, 1994 (commencement of initial offering) through
July 31, 1994.
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
FIRST PRAIRIE U.S. GOVERNMENT INCOME FUND, Intermediate Series
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 period indicated. This
information has been derived from the Fund's financial statements.
CLASS A CLASS B CLASS F
----------------------- --------------------- ---------------------------
YEAR ENDED SIX MONTHS ENDED PERIOD ENDED YEAR ENDED SIX MONTHS ENDED
JANUARY 31, JULY 31, 1994 JULY 31,1994(2) JANUARY 31, JULY 31, 1994
PER SHARE DATA: 1994(1) (UNAUDITED) (UNAUDITED) 1994(1)
(UNAUDITED)
---------- --------------- ------------------- --------- -------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of period.............. $8.36 $8.25 $8.16 $8.36 $8.25
------ --------- --------- ----------- -------
INVESTMENT OPERATIONS:
Investment income-net.... .47 .27 .24 .47 .27
Net realized and unrealized (loss)
on investments......... (.09) (.40) (.32) (.09) (.41)
------ --------- --------- ----------- -------
TOTAL FROM INVESTMENT
OPERATIONS......... .38 (.13) (.08) .38 (.14)
------ --------- --------- ----------- -------
DISTRIBUTIONS:
Dividends from investment
income-net............. (.47) (.27) (.24) (.47) (.27)
Dividends from net realized gain
on investments......... (.02) -- -- (.02) --
------ --------- --------- ----------- -------
TOTAL DISTRIBUTIONS.... (.49) (.27) (.24) (.49) (.27)
------ --------- --------- ----------- -------
Net asset value, end of period $8.25 $7.85 $7.84 $8.25 $7.84
====== ====== ======== ====== =======
TOTAL INVESTMENT RETURN(3)... 5.16%(4) (3.11%)(4) (2.08%)(4) 5.16%(4) (3.51%)(4)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average
net assets............. -- -- .50%(4) -- --
Ratio of net investment income to
average net assets..... 5.96%(4) 6.88%(4) 6.34%(4) 6.21%(4) 6.89%(4)
Decrease reflected in above
expense ratios due to
undertaking by the Manager 3.67%(4) 3.38%(4) 3.38%(4) 2.64%(4) 3.13%(4)
Portfolio Turnover Rate.. 26.54%(5) 8.36%(5) 8.36%(5) 26.54%(5) 8.36%(5)
Net Assets, end of period
(000's Omitted)........ $65 $64 $2 $5,128 $4,689
(1) From March 5, 1993 (commencement of operations) through January 31, 1994.
(2) From February 8, 1994 (commencement of initial offering) through July 31, 1994.
(3) Exclusive of sales load.
(4) Annualized.
(5) Not annualized.
See notes to financial statements.
</TABLE>
FIRST PRAIRIE U.S. GOVERNMENT INCOME FUND, Intermediate Series
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a diversified open-end management investment company and operates as a
series company currently offering one series, the Intermediate Series (the
"Series"). The First National Bank of Chicago ("Manager") serves as the Fund's
investment adviser. The Dreyfus Corporation ("Dreyfus") provides certain
administrative services to the Fund--see Note 2(a). Dreyfus Service
Corporation, a wholly-owned subsidiary of Dreyfus, acted as the distributor
of the Fund's shares until August 24, 1994. Effective August 24, 1994,
Dreyfus became a direct subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services Inc. ("Premier") was
engaged as the Fund's distributor. Premier, located at One Exchange Place,
Boston, Massachusetts 02109, is a wholly-owned subsidiary of Institutional
Administration Services, Inc., a provider of mutual fund administration
services, the parent company of which is Boston Institutional Group, Inc.
On October 1, 1993 the Series' Board of Trustees authorized the issuance
of an unlimited number of $.001 par value Class B shares. In addition to
Class A and Class F shares, the Series began offering Class B shares on
February 8, 1994. Class A shares are subject to a sales charge imposed at the
time of purchase, Class B shares are subject to a contingent deferred sales
charge imposed at the time of redemption on redemptions made within five
years of purchase and Class F shares are offered without a sales charge.
Other differences between the three Classes include the services offered to
and the expenses borne by each Class and certain voting rights.
(A) PORTFOLIO VALUATION: The Series' investments (excluding short-term
investments) are valued each business day by an independent pricing service
("Service") approved by the Board of Trustees. Investments for which quoted
bid prices are readily available and are representative of the bid side of
the market in the judgment of the Service are valued at the mean between the
quoted bid prices (as obtained by the Service from dealers in such
securities) and asked prices (as calculated by the Service based upon its
evaluation of the market for such securities). Other investments (which
constitute a majority of the portfolio securities) are carried at fair value
as determined by the Service, based on methods which include consideration
of: yields or prices of securities of comparable quality, coupon, maturity
and type; indications as to values from dealers; and general market
conditions.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Interest
income including, where applicable, amortization of discount on investments,
is recognized on the accrual basis.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Series to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain are normally declared and paid
annually, but the Series may make distributions on a more frequent basis to
comply with the distribution requirements of the Internal Revenue Code.
However, to the extent that net realized capital gain can be offset by
capital loss carryovers, if any, it is the policy of the Series not to
distribute such gain.
FIRST PRAIRIE U.S. GOVERNMENT INCOME FUND, Intermediate Series
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
(D) FEDERAL INCOME TAXES: It is the policy of the Series to continue to
qualify as a regulated investment company, if such qualification is in the
best interests of its shareholders, by complying with the applicable
provisions of the Internal Revenue Code, and to make distributions of taxable
income sufficient to relieve it from substantially all Federal income taxes.
NOTE 2-MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .60 of 1% of the average
daily value of the Series' net assets and is payable monthly. The Agreement
further provides that if in any full fiscal year the aggregate expenses of
the Series, exclusive of taxes, brokerage, interest on borrowings and
extraordinary expenses, exceed the expense limitation of any state having
jurisdiction over the Series, the Series may deduct from the payments to be
made to the Manager, or the Manager will bear such excess to the extent
required by state law.
The Manager has engaged Dreyfus to assist it in providing certain
administrative services for the Series pursuant to a separate agreement
between the Manager and Dreyfus. Pursuant to its agreement with Dreyfus, the
Manager has agreed to pay Dreyfus a monthly fee at the annual rate of .08 of
1% of the value of the Series' average daily net assets. Dreyfus is currently
waiving its administration fee.
The Manager has undertaken from February 1, 1994 through July 31, 1994 to
reimburse all fees and expenses of the Series (excluding 12b-1 distribution
plan expenses with respect to Class B shares). Pursuant to the undertaking,
the Manager waived its fee of $14,421 and reimbursed excess expenses of
$60,882 for the six months ended July 31, 1994.
The undertaking may be modified by the Manager from time to time,
provided that the resulting expense reimbursement would not be less than the
amount required pursuant to the Agreement.
No amounts were retained by Dreyfus Service Corporation during the six
months ended July 31, 1994 from commissions earned on sales of the Series'
Class A shares.
No amounts were retained by Dreyfus Service Corporation during the period
ended July 31, 1994 from contingent deferred sales charges imposed upon
redemptions of the Series' Class B shares.
(B) Under the Distribution Plan ("Class B Distribution Plan") adopted
pursuant to Rule 12b-1 under the Act, effective February 8, 1994, the Series
pays for advertising, marketing and distributing Class B shares, at a maximum
annual rate of .50 of 1% of the value of the Series' Class B shares average
daily net assets. Under the Distribution Plan, the Series may make payments
to Service Agents, including the Manager and Dreyfus Service Corporation, in
respect of these services. The Series determines the amounts to be paid to
Service Agents. Service Agents receive such fees in respect of the average
daily value of Class B shares owned by their clients.
Prior to February 8, 1994, the Series' Service Plan ("prior Service
Plan") provided that the Fund pay for costs and expenses in connection with
advertising, and marketing Class A shares of the Series and payments made to
one or more Service Agents (which may include the Manager and Dreyfus Service
Corporation) based on the value of the Series' Class A shares owned by
clients of the Service Agent. These advertising and marketing expenses and
fees of the Service Agents may not exceed an annual rate of .25 of 1% of the
Series' Class A shares average daily net assets. The prior Service Plan also
provided for the Series' Class A shares to bear the costs of preparing,
printing and distributing certain of the Series' prospectuses and statements
of additional information and costs associated with implementing and
operating the Plan, not to exceed the greater of $100,000 or .005 of 1% of
the Series' Class A shares average daily net assets for any full fiscal year.
FIRST PRAIRIE U.S. GOVERNMENT INCOME FUND, Intermediate Series
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
During the period ended July 31, 1994, $3 was charged to the Series'
Class A shares pursuant to the prior Service Plan which was reimbursed by the
Manager pursuant to an undertaking in effect, and $5 was charged pursuant to
the Class B Distribution Plan.
(C) Under the Shareholder Services Plan, effective February 8, 1994, the
Series pays Service Agents (which may include the Manager and Dreyfus
Service Corporation), at an annual rate of up to .25 of 1% of the value of
the Series' average daily net assets of Class A and Class B shares for
servicing shareholder accounts. The services provided may include personal
services relating to shareholder accounts, such as answering shareholder
inquiries regarding the Series and providing reports and other information,
and services related to the maintenance of shareholder accounts. For the
period ended July 31, 1994, $75 and $2 were charged to the Class A and Class
B shares, respectively, pursuant to the Shareholder Services Plan.
(D) Certain officers and trustees of the Fund are "affiliated persons,"
as defined in the Act, of the Manager or Dreyfus. Each trustee who is not an
"affiliated person" receives from the Fund an annual fee of $1,000 and an
attendance fee of $250 per meeting.
NOTE 3-SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales (including paydowns) of
investment securities, excluding short-term securities, during the six months
ended July 31, 1994, amounted to $378,703 and $1,049,154, respectively.
At July 31, 1994, accumulated net unrealized depreciation on investments
was $18,081, consisting of $71,070 gross unrealized appreciation and $89,151
gross unrealized depreciation.
At July 31, 1994, 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).
FIRST PRAIRIE
U.S. GOVERNMENT INCOME FUND
INTERMEDIATE SERIES
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
Investment Adviser
THE FIRST NATIONAL BANK
OF CHICAGO
Three First National Plaza
Chicago, IL 60670
Custodian
THE BANK OF NEW YORK
90 Washington Street
New York, NY 10286
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. FPUS/SA947
FIRST
PRAIRIE
U.S. GOVERNMENT
INCOME FUND
INTERMEDIATE
SERIES
Semi-Annual Report
July 31, 1994
