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SHAWMUT INVESMTENT ADVISERS
SHAWMUT MUTUAL FUNDS
SEMI-ANNUAL REPORT
APRIL 30, 1994
PRESIDENT'S MESSAGE
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Dear Investor:
I am pleased to present your Semi-Annual Report to Shareholders of The Shawmut
Funds for the six-month period ended April 30, 1994. This report contains
complete financial information--including the Portfolio of Investments--for each
portfolio of The Shawmut Funds. In addition, Financial Highlights have been
included for Trust Shares and Investment Shares.
The Shawmut Funds' 11 investment choices give you access to most key financial
markets. By the end of the Report period, investors had entrusted more than $1
billion to The Shawmut Funds--a strong show of shareholder confidence.
Thank you for your confidence in The Shawmut Funds. We will continue to inform
you about your investment on a regular basis. As always, we welcome your
questions, comments, or suggestions.
Sincerely,
/s/Edward C. Gonzales
Edward C. Gonzales
President
June 15, 1994
OVERVIEW OF THE FINANCIAL MARKETS
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As the fourth quarter of 1993 evolved, it became clear that real economic growth
was accelerating and, therefore, long-term interest rates which had reached a
lull of 5.78% early in the year started moving upwards, ending the year at 6.3%.
With real Gross Domestic Product ("GDP") increasing by 7.0% in the fourth
quarter of 1993, and the evidence of strong demand continuing through the first
quarter of 1994, the Federal Reserve moved from an accommodative policy to a
more neutral stance by increasing the Federal Funds rate a total of 50 basis
points during the quarter. The Federal Reserve's first tightening of monetary
policy in five years altered the market's consensus of a benign environment of
modest growth and modest inflation. As a result, in the U.S. markets, the best
performing assets for the first four months of 1994 were cash equivalents,
which, measured by the 91-day Treasury bill rate, returned 1.1%. Bonds, as
measured by the Lehman Brothers Government/Corporate Bond Index, returned -3.9%,
and the Standard & Poor's 500 Composite Stock Index (the "S&P 500")* was down
2.6%.
As we look at the balance of 1994, in the near future we believe that there is
likely to be a further increasing of short-term interest rates which will result
in a further flattening of the yield curve. We also believe long-term rates are
likely to decline as it becomes evident that inflationary concerns are
overstated. The U.S. economy should continue to grow albeit at a slower rate in
the second half of 1994 than the first half. The European economies should also
be demonstrating evidence of recovery by the end of 1994. As to the equity
market, if our rate forecast proves to be accurate, we anticipate that with
rising earnings, the trend of the equity market will be modestly positive as the
year progresses, with small capitalization and international equities
outperforming the U.S. markets.
* Indices unlike mutual funds are unmanaged.
SHAWMUT CONNECTICUT INTERMEDIATE MUNICIPAL
INCOME FUND
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INVESTMENT REVIEW
The Shawmut Connecticut Intermediate Municipal Income Fund (the
"Connecticut Intermediate Municipal Income Fund") was funded in June of
1993 to provide current income which is exempt from federal regular and
Connecticut state income taxes by investing primarily in Connecticut
municipal obligations.* At the end of April, 1994, at least 86% of the bond
holdings were rated AA or higher, with the rest being A rated. This quality
structure was distributed through over 20 cities, towns, state authorities,
hospitals and higher education issuers providing broad diversification to
minimize credit risk exposure. In addition, bond maturities were dispersed
to provide an average maturity of 8.5 years, varying, for the most part,
between four through thirteen years.
While municipal bond rates were hovering near their lows during the
fourth quarter of 1993, in February, the Federal Reserve began a program to
raise short-term rates that caused the municipal bond market to decline by
nearly 100 basis points. The Connecticut Intermediate Municipal Income Fund
has reacted in concert with the rise in rates, but due to its intermediate
term characteristics, it had not fallen as sharply as bond funds designed
to invest for the long-term, 20-30 year bonds.
Since the average maturity of the bond funds was at the upper end of
the intermediate range, we anticipate shortening the average maturity and
look to invest in slightly higher coupon issues during any rally in the
bond market.
* Income may be subject to the federal alternative minimum tax.
SHAWMUT FIXED INCOME FUND
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INVESTMENT REVIEW
The Shawmut Fixed Income Fund (the "Fixed Income Fund") was
established in December of 1992 to provide current income consistent with
total return from a professionally managed portfolio of investment grade
fixed income securities. The Fixed Income Fund uses investment disciplines
which Shawmut Bank has used successfully since 1984. The emphasis of the
process is to constantly monitor the risk of the Fixed Income Fund relative
to an appropriate broad based securities index. The risk on the Fixed
Income Fund's returns appears to be controlled by limiting the Fixed Income
Fund's exposure to conform with a level which is no less than 80% or no
more than 120% of the index risk. The market index used for the Fixed
Income Fund is the Lehman Brothers Government/Corporate Bond Index.
In the last six months, the market has sold off, at first slowly and
since February more precipitously. The Fixed Income Fund has positioned its
maturity structure to benefit from the rising interest rates. The yield on
short maturities will move up faster than the yield on longer maturities.
The Fixed Income Fund has increased its exposure to both the short end of
the maturity spectrum and the long end. At the same time, it has
significantly reduced its exposure to the two to seven year maturities. We
believe that this strategy has worked well. As rates rose, the risk
exposure of the Fixed Income Fund has been increased slightly. During this
period, a risk level lower than the market would have performed better.
Management of the Fixed Income Fund believes that long-term bonds are
a good value at these levels and an over exposure is warranted. We continue
to believe that there will be a further increase in short-term rates and
are thus de-emphasizing the two to seven year maturities. We continue to
look for securities that offer good yields relative to the credit and
maturity risk. The increase in yield spreads between corporate bonds and
U.S. Treasury bonds have made corporate bonds more attractive and should
allow for an increase in the current yield of the Fixed Income Fund.
SHAWMUT GROWTH AND INCOME EQUITY FUND
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INVESTMENT REVIEW
On April 30, 1994, the Shawmut Growth and Income Equity Fund (the
"Growth and Income Equity Fund") was approximately 91% invested in common
and convertible preferred stocks with the remainder held in money market
instruments. The Growth and Income Equity Fund portfolio, in keeping with
its longer term objective, generated a gross annual income distribution
rate of 3.2%, 15% higher than the 2.8% gross annual income distribution
rate of the S&P 500 as of April 30, 1994. For the six-month period ended
April 30, 1994, the Growth and Income Equity Fund has returned 1.04%*
versus -2.31% return for the S&P 500. The Growth and Income Equity Fund's
defensive characteristics of lower relative price/earnings ratio and higher
relative dividend yield than the S&P 500 has allowed the Growth and Income
Equity Fund to outperform the S&P 500 during a difficult market
environment.
The management of the Growth and Income Equity Fund faced a
challenging environment of rising interest rates and lower market
valuations during the past six months. The Growth and Income Equity Fund
was well positioned to take advantage of this environment given the Growth
and Income Equity Fund's cash position, low exposure to the utility sector
and value orientation. The equity market's adjustment to higher interest
rates and a stronger economy created an opportunity to increase the average
growth rate of the Growth and Income Equity Fund's portfolio by purchasing
companies with attractive growth rates without paying substantial premiums
to the market. The Growth and Income Equity Fund initiated positions in
General Motors Class E and Corning, adding two holdings with good growth
rates and attractive industry fundamentals. The management of the Growth
and Income Equity Fund continued to focus on equities trading at reasonable
price/earnings relative to their growth rates and the S&P 500 during this
period.
The Growth and Income Equity Fund's portfolio characteristics reflect
its value orientation. We believe that the average long-term estimated
earnings growth of the portfolio's holdings is 10.9% (annually) versus 8%
(annually) for the S&P 500. The average price/earnings ratio (trailing 12
months) is 18.8X earnings compared to 20.3X earnings for the S&P 500. On
average, the Growth and Income Equity Fund's portfolio has a lower debt to
capital ratio than the S&P 500, a reflection of the portfolio's quality
holdings.
* This represents total return for Trust Shares of the Growth and Income
Equity Fund at the end of the Report period. The total return for
Investment Shares for the same period was (3.20)%, which includes the
effect of the sales charge. Total return assumes the reinvestment of all
dividends and other distributions. Of course, past performance may not be
indicative of future performance. Your investment return and principal
value will fluctuate so when shares are redeemed, they may be worth more
or less than original cost.
SHAWMUT GROWTH EQUITY FUND
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INVESTMENT REVIEW
The Shawmut Growth Equity Fund (the "Growth Equity Fund") was
established in December of 1992 to provide the opportunity for investment
in a diversified portfolio of stocks of companies with superior growth
characteristics. The typical company in the Growth Equity Fund's portfolio
has an earnings growth rate that is at least 150% of the typical company
represented in the S&P 500 index.
The total return for the Trust Shares of the Growth Equity Fund for
the end of the Report period was (2.91)% which includes the effect of the
sales charge. The total return for the Investment Shares for the same
period was (6.96)%* which includes the effect of the sales charge. Total
return assumes the reinvestment of all dividends and other distributions.
The Growth Equity Fund modestly underperformed the market's negative 2%
total return (as represented by the S&P 500) for the same period. The
sector most responsible for the Growth Equity Fund's underperformance
during this period was the consumer cyclical sector as the Growth Equity
Fund, like most growth funds, was overweighted in this group relative to
the market. Within this sector specifically, gaming stocks were depressed
by the proposed imposition of new excise taxes, retail stocks were hurt by
the poor winter weather, and cable television stocks suffered as Congress
once again forced rate rollbacks. Additionally, drug and airline stocks
performed poorly as President Clinton continued with his health-care agenda
and airlines continued with detrimental price wars.
The more economically sensitive technology, capital goods and basic
industry sectors continued to outperform the market. Also, the Growth
Equity Fund's financial and energy stocks surprisingly outperformed the
market during this period in the face of rising interest rates and weak oil
and gas fundamentals.
We believe the stock market may continue to be as volatile for the
remainder of 1994 as it has been in the first four months. This volatility
comes from a tug-of-war occurring between the quality of corporate earnings
reports and the associated pressure on interest rates. As stated in the
first paragraph of this review, we will continue to seek out companies
whose prospects are significantly greater than that of the market and,
therefore, we should mitigate the potential impact of rising interest
rates.
* Past performance may not be indicative of future performance. Your
investment return and principal value will fluctuate so when shares are
redeemed, they may be worth more or less than original cost.
SHAWMUT INTERMEDIATE GOVERNMENT INCOME FUND
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INVESTMENT REVIEW
Shawmut Intermediate Government Income Fund (the "Intermediate
Government Income Fund") was established in December of 1992 to provide the
opportunity for current income consistent with total return from a
professionally managed portfolio of fixed income securities composed
primarily of U.S. government securities of intermediate maturity. The
Intermediate Government Income Fund uses investment disciplines which
Shawmut Bank has used successfully since 1984. The emphasis of these
disciplines is to closely monitor the risk of the Intermediate Government
Income Fund's investments relative to an appropriate broad-based securities
market index. The risk of the Intermediate Government Income Fund is
limited to conform to a level which is no greater than 120% of the
broad-based securities market index and no less than 80% of that index. For
the Intermediate Government Income Fund, the market index used is the
Lehman Brothers Government/Corporate Bond Index.
Over the last six months, interest rates have moved sharply higher. As
interest rates have moved higher, the Intermediate Government Income Fund
began to lengthen maturities to bring the risk, first, to a level
substantially the same as the market in early February and, then, to a
level slightly higher than the market as rates have continued to move up.
During this period, a risk level lower than the market would have performed
better. Management of the Intermediate Government Income Fund believes that
interest rates have corrected too far and that a risk level higher than the
market's risk is warranted as we expect to profit as interest rates fall.
During the Report period, the Intermediate Government Income Fund avoided
the four to nine year part of the curve in favor of securities with
maturities under four years or over nine years. This had good results. We
believe that this part of the yield curve is still vulnerable, on a risk
adjusted basis, thus we will continue to avoid it.
For the period ended April 30, 1994, the Intermediate Government
Income Fund was positioned at a risk level slightly higher than that of the
market, and was concentrated in securities with terms shorter than four
years and longer than nine. As rates fall somewhat, we would anticipate
going to a more neutral market position. We continue to seek out government
securities with high income to maintain a high current yield while
following these strategies.
SHAWMUT LIMITED TERM INCOME FUND
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INVESTMENT REVIEW
The Shawmut Limited Term Income Fund (the "Limited Term Income Fund")
was established in December of 1992 to provide current income consistent
with a minimum of price volatility and total return. The Limited Term
Income Fund pursues a low risk posture by utilizing investment grade, fixed
income securities with average maturities no longer than five years. The
Limited Term Income Fund employs an investment discipline which has been
used successfully by Shawmut Bank since 1984. The emphasis of this
discipline is to closely monitor the Limited Term Income Fund's risk
relative to the Merrill Lynch 1-5 year Treasury Index, an index of
securities which conforms to the Limited Term Income Fund's investment
guidelines. The risk of the Limited Term Income Fund is limited to a level
of no more than 120% or no less than 80% of the index's risk level.
During the last six months, yield levels of all fixed income
securities increased dramatically as the Federal Reserve changed its policy
on short-term interest rates and raised the Federal Funds rate. This
increase in yields resulted in the most significant losses to the fixed
income market since the first half of 1987. In addition, sector yield
spreads widened as both corporate and mortgage backed securities
underperformed Treasury securities.
The Limited Term Income Fund was positioned slightly defensive over
the last six months in anticipation of the Federal Reserve's policy to
raise short-term interest rates in a series of small steps. As interest
rates moved higher, the Limited Term Income Fund began to lengthen
maturities to bring the risk level closer to that of the Limited Term
Income Fund's comparative index. For the period ended April 30, 1994, the
Limited Term Income Fund's aggregate risk profile was still positioned
slightly defensive to its comparative index, but management intends to move
to a neutral position once it appears that the Federal Reserve has
completed its initial round of tightening. Thereafter, the Limited Term
Income Fund may extend its duration to a level exceeding the risk level of
its index if it becomes apparent that the economy is slowing significantly.
SHAWMUT MASSACHUSETTS INTERMEDIATE MUNICIPAL
INCOME FUND
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INVESTMENT REVIEW
The Shawmut Massachusetts Intermediate Municipal Income Fund (the
"Massachusetts Intermediate Income Fund") was funded in June of 1993 to
provide current income which is exempt from federal regular and
Massachusetts state income taxes by investing primarily in Massachusetts
municipal obligations*. For the period ended April 30, 1994, at least 55%
of the bond holdings were rated AA or higher with the rest being A rated.
This quality structure was distributed through over 20 cities, towns, state
authorities, hospitals and higher education issuers providing broad
diversification to minimize credit risk exposure. In addition, bond
maturities were dispersed to provide an average maturity of 8.9 years
varying for the most part between four through thirteen years.
While municipal bond rates were hovering near their lows during the
fourth quarter of 1993, in February the Federal Reserve began a program to
raise short-term rates that caused the municipal bond market to decline by
nearly 100 basis points. The Massachusetts Intermediate Income Fund has
reacted in concert with the rise in rates, but due to its intermediate term
characteristics, it has not fallen as sharply as bond funds designed to
invest for the long-term, 20-30 year bonds.
Since the average maturity of the bond funds was at the upper end of
the intermediate range, we anticipate shortening the average maturity and
look to invest in slightly higher coupon issues during any rally in the
bond market.
* Income may be subject to the federal alternative minimum tax.
SHAWMUT SMALL CAPITALIZATION EQUITY FUND
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INVESTMENT REVIEW
The Shawmut Small Capitalization Equity Fund's (the "Small
Capitalization Equity Fund") total return for the six-months ended April
30, 1994 reflected a loss of 3.01%.*
The total return for the Report period was somewhat below the Russell
2000. This is primarily a reflection of the negative market reaction to the
increase in interest rates in mid-March. Our contrarian style of investment
has not been popular of late, but we sense a change in investor attitudes
away from the high valuation stocks which have been market leaders.
The Small Cap markets have been volatile over this period. The market
was generally strong until mid-March when the Federal Reserve raised
interest rates. While the rise in rates came as no surprise, the timing of
the move was unexpected. The interest sensitive stocks such as
homebuilders, furniture, and financial services were particularly hard hit
in the early stage of the decline.
We ultimately expect interest rates to moderate and provide
opportunity for an improved stock market. Our recent investment focus
continues to be more cyclical stocks with paper, steel, and specialty
chemicals as areas of interest. We are selectively adding to bank stocks
particularly where there is potential for consolidation. After the initial
reaction to the downside in March, the bank group has seen a strong
recovery in prices.
While the near term market remains uncertain, we believe our value
oriented style of investment will be well rewarded over time.
* This represents total return for Trust Shares of the Small Capitalization
Equity Fund at the end of the Report period. The total return for
Investment Shares for the same period was (7.03)%, which includes the
effect of the sales charge. Total return assumes the reinvestment of all
dividends and other distributions. Of course, past performance may not be
indicative of future performance. Your investment return and principal
value will fluctuate so when shares are redeemed, they may be worth more
or less than original cost.
SHAWMUT CONNECTICUT MUNICIPAL MONEY MARKET FUND
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INVESTMENT REVIEW
Since February, the Bond Buyer One Year Note Index has risen 109 basis
points to 3.79%, responding to the Federal Reserve's 75 basis point
anti-inflation hike in the Federal Funds rate. The yield rise on one year
issues exceeds the current Federal Reserve rate boost, as the market
anticipates additional Federal Reserve rate hikes in the near term. On the
other hand, bonds with maturities six months and under show a parallel rate
increase. Since February, the Public Securities Association Municipal Swap
Index, which measures the return on high grade variable demand obligations,
has risen 77 basis points.
The rise in short rates in Connecticut has been more restricted than
the Bond Buyer One Year Note Index and the Public Securities Association
Municipal Swap Index would suggest. The reduced supply of and voracious
demand for Connecticut issues have limited the yield rise on Connecticut
issues. In December, four month City of Brooklyn Bond Anticipation Notes
came at a yield of 2.39%. Recently, two month Town of Killingly Bond
Anticipation Notes came at 2.99%, only 60 basis points higher. As mentioned
earlier the Public Securities Association Municipal Swap Index rose 77
basis points.
The yield increases in the Shawmut Connecticut Municipal Money Market
Fund ("Connecticut Municipal Money Market Fund") reflect the limited supply
and strong demand for short Connecticut paper. Since February, seven-day
net yields for the Trust Shares and Investment Shares of the Connecticut
Municipal Money Market Fund have risen 32 basis points*. To more
effectively take advantage of the rise in rates, the average maturity of
the Connecticut Municipal Money Market Fund was shortened from 60 to 46
days. In the next quarter, the yield on the Connecticut Municipal Money
Market Fund should continue to rise as maturities are reinvested at higher
returns, and as the Federal Reserve continues to pursue its aggressive
anti-inflation campaign. The Connecticut Municipal Money Market Fund
remains 100% invested in tier I credit quality issuers.
* Past performance may not be indicative of future performance.
SHAWMUT MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
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INVESTMENT REVIEW
Most tax exempt money market funds invest 50% of their assets in short
demand notes having maturities of less than seven days. Consequently, the
daily return of most tax exempt money market funds mimic that of short
demand notes. Since October, the Public Securities Association Municipal
Swap Index, which measures the average yield on seven day high grade demand
obligations, rose 80 basis points from 2.40% to 3.20%. The rise was
propelled by the Federal Reserve's 75 basis point anti-inflation boost in
short rates. The Shawmut Massachusetts Municipal Money Market Fund
("Massachusetts Municipal Money Market Fund"), which holds 44% of its
assets in variable rate demand notes, rose a modest 40 basis points. The
strong investor demand and scarce supply of Massachusetts issues limited
the yield gains. In October, Framingham 10 month Bond Anticipation Notes
were priced to yield 2.75%. In April, Framingham returned to the market
issuing 5 month Bond Anticipation Notes at 3%, only 25 basis points higher.
Strong investor demand for Massachusetts paper explains the modest yield
pick-up.
In response to the modest rise in rates, the average maturity of the
Massachusetts Municipal Money Market Fund was reduced to 36 days. This
should enable the Massachusetts Municipal Money Market Fund to benefit from
the expected continued rise in short rates as the Federal Reserve pursue
its anti-inflation policy. The Massachusetts Municipal Money Market Fund
remains 100% invested in high quality tier I issuers.
SHAWMUT PRIME MONEY MARKET FUND
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INVESTMENT REVIEW
Six months ago, in late October and early November, the market was
volatile, responding to each new economic release as market makers tried to
glean some insight into the future direction of monetary policy and
interest rates. For the preceding five years, money market yields had
declined. At the beginning of the Report period, most market participants
were forecasting a stable rate environment. The relatively flat money
market yield curve reaffirmed the market view of stable rates. The spread
between 30 day and 90 day commercial paper was only 5 basis points. With a
stable interest rate outlook, we lengthened the average maturity of the
Shawmut Prime Money Market Fund ("Prime Money Market Fund") to 56 days.
In early February, following a 7% fourth quarter Gross Domestic
Product, the market switched gears as the Federal Reserve Bank unexpectedly
showed an aggressive intolerance of inflation, real or imagined, boosting
the Federal Funds rate .25% point to 3.25%. Over the next two months, the
Federal Reserve continued its anti-inflation policy, raising the Federal
Funds rate 25 basis points in March and 25 more in April. The Prime Money
Market Fund responded to these shifts in monetary policy by reducing its
average maturity from 57 days to 43 days. The shorter average maturity
allowed the Prime Money Market Fund to more quickly benefit from the rise
in rates. Since February, the seven-day net yield for the Trust Shares and
Investment Shares of the Prime Money Market Fund rose 52 basis points*. As
we move into the new quarter, we will gradually lengthen the average
maturity, foreseeing only modest changes in Federal Reserve policy through
the summer months. The Prime Money Market Fund remains 100% invested in
tier I credit quality issuers.
* Past performance may not be indicative of future performance.
SHAWMUT CONNECTICUT INTERMEDIATE MUNICIPAL
INCOME FUND
PORTFOLIO OF INVESTMENTS
APRIL 30, 1994
(UNAUDITED)
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<TABLE>
<CAPTION>
CREDIT
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S & P'S* VALUE
- --------- ------------------------------------------------------------ ------------ ----------
<C> <S> <C> <C>
LONG-TERM MUNICIPAL SECURITIES--97.1%
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CONNECTICUT--91.2%
------------------------------------------------------------
$450,000 Connecticut State 5.00% Refunding Bonds (Series A),
11/15/2003 AA- $ 440,303
------------------------------------------------------------
200,000 Connecticut State 6.50% Refunding Bonds (Series A),
3/15/2009 (Pre-refunded 3/15/2002 @ 102) AA- 217,146
------------------------------------------------------------
200,000 Connecticut State 4.75% Refunding Bonds (Series D), 8/1/2004 AA- 188,194
------------------------------------------------------------
200,000 Connecticut State 4.50% Refunding Bonds (Series E),
3/15/2004 AA- 183,112
------------------------------------------------------------
100,000 Connecticut State Health & Education Facility Authority,
4.80% Revenue Bonds, (Taft School)/(Series B), 7/1/2004 A 94,297
------------------------------------------------------------
400,000 Connecticut State Health & Education Facility Authority,
4.05% Revenue Bonds, (Fairfield University)/(Series G)/(MBIA
Insured), 7/1/2000 AAA 376,960
------------------------------------------------------------
200,000 Connecticut State Health & Education Facility Authority,
4.30% Revenue Bonds, (St. Francis Hospital & Medical
Center)/ (Series C)/(FGIC Insured), 7/1/2002 AAA 185,604
------------------------------------------------------------
200,000 Connecticut State Health & Education Facility Authority,
4.80% Revenue Bonds, (St. Francis Hospital & Medical
Center)/ (Series C)/(FGIC Insured), 7/1/2007 AAA 180,882
------------------------------------------------------------
300,000 Connecticut State Health & Education Facility Authority,
4.70% Revenue Bonds, (Hospital of St. Raphael)/(Series H)/
(AMBAC Insured), 7/1/2003 AAA 283,077
------------------------------------------------------------
105,000 Connecticut Housing Finance Authority, 5.60%, (Series A),
5/15/2005 AA 103,301
------------------------------------------------------------
400,000 Connecticut Housing Finance Authority, 5.65%, (Series B),
5/15/2006 AA 391,448
------------------------------------------------------------
200,000 Connecticut State Electric Energy Power Supply System, 3.80%
Refunding Revenue Bonds, (Series A)/(MBIA Insured), 1/1/98 AAA 193,458
------------------------------------------------------------
400,000 Connecticut State Resource Recovery Authority, 5.60%
Refunding Revenue Bonds, (Series A), 11/15/99 AA- 409,560
------------------------------------------------------------
200,000 Connecticut State 4.60% Special Assessment Unemployment,
(Series A)/(AMBAC Insured), 5/15/2000 AAA 194,544
------------------------------------------------------------
220,000 Connecticut State 4.60% Special Assessment Unemployment,
(Series A)/(AMBAC Insured), 11/15/2000 AAA 214,654
------------------------------------------------------------
200,000 Connecticut State, 4.40% Special Tax Obligations, Refunding
Revenue Bonds, 10/1/2002 A1 185,830
------------------------------------------------------------
</TABLE>
SHAWMUT CONNECTICUT INTERMEDIATE MUNICIPAL
INCOME FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CREDIT
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S & P'S* VALUE
- --------- ------------------------------------------------------------ ------------ ----------
<C> <S> <C> <C>
LONG-TERM MUNICIPAL SECURITIES--CONTINUED
- -------------------------------------------------------------------------
CONNECTICUT--CONTINUED
------------------------------------------------------------
$200,000 Connecticut State, 4.75% Special Tax Obligations, Refunding
Revenue Bonds, 9/1/2001 A1 $ 194,316
------------------------------------------------------------
100,000 Connecticut State, 5.00% Special Tax Obligations, Refunding
Revenue Bonds, 9/1/2003 A1 97,231
------------------------------------------------------------
700,000 Connecticut State, 5.125% Special Tax Obligations, Refunding
Revenue Bonds, 9/1/2005 A1 674,583
------------------------------------------------------------
400,000 Connecticut State, 5.25% Special Tax Obligations, Refunding
Revenue Bonds, 9/1/2007 A1 380,796
------------------------------------------------------------
325,000 Connecticut State Clean Water Fund, 5.50% Revenue Bonds,
10/1/2004 AA 327,291
------------------------------------------------------------
250,000 Farmington, CT, 4.90% UT GO Bonds, 1/15/2002 AA1 246,200
------------------------------------------------------------
400,000 Hartford, CT, 4.40% UT GO Bonds, 2/1/99 AA 390,916
------------------------------------------------------------
100,000 Middletown, CT, 6.50% UT GO Bonds, 4/15/98 AA- 106,583
------------------------------------------------------------
430,000 Regional School District No. 5, 5.05% LT GO Bonds, 5/15/2004 A1 415,526
------------------------------------------------------------
250,000 Regional School District No. 9, 4.25% UT GO Bonds, 8/1/2002 Aa 233,407
------------------------------------------------------------
100,000 South Central, CT, Regional Water Authority, 5.00% Water
System Revenue Bonds, (FGIC Insured), 8/1/2005 AAA 95,998
------------------------------------------------------------
100,000 Southington, CT, 4.60% UT GO Bonds, (MBIA Insured) 6/15/2003 AAA 94,980
------------------------------------------------------------
110,000 Stonington, CT, 5.00% UT GO Bonds, 6/15/2006 Aa 105,171
------------------------------------------------------------
260,000 Weston, CT, 4.35% BQ UT GO Bonds, 8/1/2003 Aaa 244,088
------------------------------------------------------------ ----------
Total 7,449,456
------------------------------------------------------------ ----------
PUERTO RICO--5.9%
------------------------------------------------------------
250,000 Puerto Rico, 4.00%, Industrial Medical & Environmental
Pollution Control Facility Authority, Refunding Bonds,
9/1/2013, (Optional Put 9/1/98 @ 100) A+ 240,620
------------------------------------------------------------
250,000 Puerto Rico, Telephone Authority Revenue, 4.80% (Series M),
1/1/2001 A+ 241,398
------------------------------------------------------------ ----------
Total 482,018
------------------------------------------------------------ ----------
TOTAL LONG-TERM MUNICIPAL SECURITIES
(IDENTIFIED COST $8,346,866) $7,931,474
------------------------------------------------------------ ----------
</TABLE>
SHAWMUT CONNECTICUT INTERMEDIATE MUNICIPAL
INCOME FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CREDIT
RATING:
MOODY'S
SHARES OR S & P'S* VALUE
- --------- ------------------------------------------------------------ ------------ ----------
<C> <S> <C> <C>
MUTUAL FUND SHARES--1.7%
- -------------------------------------------------------------------------
115,057 Dreyfus Connecticut Municipal Money Market Fund $ 115,057
------------------------------------------------------------
20,000 Connecticut Municipal Money Fund 20,000
------------------------------------------------------------ ----------
TOTAL MUTUAL FUND SHARES (AT NET ASSET VALUE) 135,057
------------------------------------------------------------ ----------
TOTAL INVESTMENTS (IDENTIFIED COST $8,481,923) $8,066,531+
------------------------------------------------------------ ----------
</TABLE>
+ The cost of investments for federal tax purposes amounts to $8,481,923. The
net unrealized depreciation of investments on a federal tax basis amounts to
$415,392.
Note: The categories of investments are shown as a percentage of net assets
($8,172,367) at April 30, 1994.
* Please refer to the Appendix of the Statement of Additional Information for an
explanation of the credit ratings.
The following abbreviations are used in this portfolio:
<TABLE>
<S> <C>
AMBAC -- American Municipal Bond Assurance Corporation
BQ -- Bank Qualified
FGIC -- Financial Guaranty Insurance Company
GO -- General Obligations
LT -- Limited Tax
MBIA -- Municipal Bond Investors Assurance
UT -- Unlimited Tax
</TABLE>
(See Notes which are an integral part of the Financial Statements)
SHAWMUT FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS
APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<C> <C> <S> <C>
LONG-TERM U.S. TREASURY OBLIGATIONS--26.0%
- ---------------------------------------------------------------------------------------
U.S. TREASURY NOTES--7.1%
--------------------------------------------------------------------
$3,500,000 5.50%, 7/31/97 $ 3,425,065
--------------------------------------------------------------------
1,050,000 6.00%, 12/31/97 1,037,369
--------------------------------------------------------------------
1,500,000 7.50%, 2/29/96--5/15/2002 1,547,495
--------------------------------------------------------------------
1,000,000 7.875%, 11/15/99 1,052,500
-------------------------------------------------------------------- ------------
Total 7,062,429
-------------------------------------------------------------------- ------------
U.S. TREASURY BONDS--18.9%
--------------------------------------------------------------------
14,500,000 7.125%, 2/15/2023 14,017,440
--------------------------------------------------------------------
2,000,000 8.125%, 8/15/2019 2,586,240
--------------------------------------------------------------------
2,000,000 11.625%, 11/15/2002 2,145,000
-------------------------------------------------------------------- ------------
Total 18,748,680
-------------------------------------------------------------------- ------------
TOTAL LONG-TERM U.S. TREASURY OBLIGATIONS
(IDENTIFIED COST $27,310,847) 25,811,109
-------------------------------------------------------------------- ------------
LONG-TERM GOVERNMENT OBLIGATIONS--26.5%
- ---------------------------------------------------------------------------------------
AGENCY FOR INTERNATIONAL DEVELOPMENT INDONESIA--3.3%
--------------------------------------------------------------------
3,300,000 7.80%, 10/15/2022 3,316,500
-------------------------------------------------------------------- ------------
FEDERAL FARM CREDIT BANK--0.4%
--------------------------------------------------------------------
400,000 8.40%, 11/14/94 407,940
-------------------------------------------------------------------- ------------
FEDERAL HOME LOAN BANK--0.6%
--------------------------------------------------------------------
248,825 7.00%, 6/1/2004 251,099
--------------------------------------------------------------------
219,943 7.50%, 8/1/2008 223,253
--------------------------------------------------------------------
99,393 8.75%, 8/1/2001 102,033
-------------------------------------------------------------------- ------------
Total 576,385
-------------------------------------------------------------------- ------------
FEDERAL HOME LOAN MORTGAGE CORP.--0.7%
--------------------------------------------------------------------
700,000 8.90%, 5/15/2019 717,717
-------------------------------------------------------------------- ------------
FEDERAL HOME LOAN MORTGAGE CORP.--REMIC--2.1%
--------------------------------------------------------------------
700,000 7.00%, (Series 1156), 1/15/2004 677,704
--------------------------------------------------------------------
1,000,000 7.00%, (Series 1204), 11/15/2005 1,009,370
--------------------------------------------------------------------
74,450 7.95%, (Series 1014), 1/15/2015 74,450
--------------------------------------------------------------------
360,233 9.00%, (Series 28), 2/15/2018 364,058
-------------------------------------------------------------------- ------------
Total 2,125,582
-------------------------------------------------------------------- ------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION TBA--4.7%
--------------------------------------------------------------------
5,000,000 ** 6.00%, 1/1/99 4,642,150
-------------------------------------------------------------------- ------------
</TABLE>
SHAWMUT FIXED INCOME FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<C> <C> <S> <C>
LONG-TERM GOVERNMENT OBLIGATIONS--CONTINUED
- ---------------------------------------------------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION--REMIC--5.6%
--------------------------------------------------------------------
$2,000,000 7.40%, (Series 1992-10), 7/25/2017 $ 2,020,000
--------------------------------------------------------------------
2,600,000 8.95%, (Series 1990-117), 7/25/2017 2,665,806
--------------------------------------------------------------------
800,000 9.50%, (Series 1990-63), 6/25/2020 834,000
-------------------------------------------------------------------- ------------
Total 5,519,806
-------------------------------------------------------------------- ------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION--1.9%
--------------------------------------------------------------------
1,744,937 9.00%-10.50%, 9/15/2004-6/15/2019 1,888,370
-------------------------------------------------------------------- ------------
GUARANTEED EXPORT TRUST--1.8%
--------------------------------------------------------------------
1,914,894 5.23%, (Series 93-D), 5/15/2005 1,761,702
-------------------------------------------------------------------- ------------
GUARANTEED TRADE TRUST--1.5%
--------------------------------------------------------------------
1,600,000 4.86%, (Series 93-A), 4/1/98 1,533,472
-------------------------------------------------------------------- ------------
U.S. GOVERNMENT, DEPARTMENT OF NAVY--2.0%
--------------------------------------------------------------------
2,000,000 8.625%, 12/15/2013 2,012,500
-------------------------------------------------------------------- ------------
U.S. GOVERNMENT HOUSING--1.0%
--------------------------------------------------------------------
990,901 8.50%, 7/15/2013 1,005,765
-------------------------------------------------------------------- ------------
SSMC GSA--0.9%
--------------------------------------------------------------------
1,000,000 6.875%, 5/15/2013 896,250
-------------------------------------------------------------------- ------------
TOTAL LONG-TERM GOVERNMENT OBLIGATIONS
(IDENTIFIED COST $27,352,932) 26,404,139
-------------------------------------------------------------------- ------------
CORPORATE BONDS--37.6%
- ---------------------------------------------------------------------------------------
BANKING--5.9%
--------------------------------------------------------------------
400,000 Bankers Trust New York Corp., 9.50%, 6/14/2000 439,124
--------------------------------------------------------------------
500,000 First Chicago Corp., 8.85%, Medium Term Note, 5/30/95 517,080
--------------------------------------------------------------------
1,000,000 First USA Bank, 5.05%, 10/24/95 984,310
--------------------------------------------------------------------
1,000,000 Liberty National Bank & Trust Co., 6.75%, 6/1/2003 935,800
--------------------------------------------------------------------
1,000,000 Manufacturers & Traders Trust, 8.125%, 12/1/2002 1,020,120
--------------------------------------------------------------------
1,500,000 Republic New York Corp., 5.875%, 10/15/2008 1,235,700
--------------------------------------------------------------------
710,000 Security Pacific Corp., 9.625%, Medium Term Note, 3/13/95 736,235
-------------------------------------------------------------------- ------------
Total 5,868,369
-------------------------------------------------------------------- ------------
FINANCE--7.8%
--------------------------------------------------------------------
2,000,000 AIG Matched Funding Corp., 5.314%, 9/25/98 1,857,500
--------------------------------------------------------------------
1,600,000 Allstate Corp., 7.50%, 6/15/2013 1,485,472
--------------------------------------------------------------------
1,000,000 Comdisco Inc., 5.375%, Medium Term Notes, 7/15/95 992,300
--------------------------------------------------------------------
2,000,000 Dr Structured Finance Corp., 8.375%, 8/15/2015 1,935,000
--------------------------------------------------------------------
</TABLE>
SHAWMUT FIXED INCOME FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<C> <C> <S> <C>
CORPORATE BONDS--CONTINUED
- ---------------------------------------------------------------------------------------
FINANCE--CONTINUED
--------------------------------------------------------------------
$1,000,000 Liberty Mutual Capital Corp., 7.08%, 6/2/2003 $ 960,790
--------------------------------------------------------------------
300,000 National Rural Utilities Co-op, 8.80%, 12/22/94 307,062
--------------------------------------------------------------------
250,000 Pitney Bowes Credit Corp., 8.55%, 9/15/2009 267,638
-------------------------------------------------------------------- ------------
Total 7,805,762
-------------------------------------------------------------------- ------------
FINANCE--ASSET BACKED--0.4%
--------------------------------------------------------------------
407,037 Rochester Community Savings Bank, 5.70%, (Series 1992-A), 12/15/97 407,416
-------------------------------------------------------------------- ------------
FINANCE--AUTOMOTIVE--4.8%
--------------------------------------------------------------------
750,000 Ford Motor Credit Co., 8.00%, 12/1/96 773,917
--------------------------------------------------------------------
3,900,000 General Motors Acceptance Corp., 4.80%-8.875%, 9/30/94-6/1/2010 4,023,675
-------------------------------------------------------------------- ------------
Total 4,797,592
-------------------------------------------------------------------- ------------
FINANCE--SERVICES--2.1%
--------------------------------------------------------------------
1,000,000 Smith Barney Holdings, Inc., 5.375%, 6/1/96 980,540
--------------------------------------------------------------------
1,000,000 Xerox Credit Corp., 10.125%, 4/15/99 1,066,830
-------------------------------------------------------------------- ------------
Total 2,047,370
-------------------------------------------------------------------- ------------
FOREIGN--5.2%
--------------------------------------------------------------------
625,000 Columbia Rep. 7.25%, 2/23/2004 560,938
--------------------------------------------------------------------
500,000 Export-Import Bank of Japan, 10.125%, Guaranteed Note, 10/28/97 551,580
--------------------------------------------------------------------
1,000,000 Industrias Penoles, S.A. De C.V., 7.74%, 12/31/99 917,500
--------------------------------------------------------------------
2,000,000 Newfoundland Province CDA, 7.32%, 10/13/2023 1,741,840
--------------------------------------------------------------------
1,500,000 Quebec Provinces CDA, 7.50%, 7/15/2023 1,363,672
-------------------------------------------------------------------- ------------
Total 5,135,530
-------------------------------------------------------------------- ------------
INDUSTRIAL--4.1%
--------------------------------------------------------------------
1,150,000 Occidental Petroleum Corp., 10.75%, 5/1/98 1,203,820
--------------------------------------------------------------------
1,350,000 Occidental Petroleum Corp., 5.37%, Medium Term Notes, 9/11/95 1,336,446
--------------------------------------------------------------------
1,000,000 Syntex USA Inc., 6.00%, 8/15/2000 930,110
--------------------------------------------------------------------
600,000 Tenneco Corp., 10.75%-11.00%, 6/15/95-11/15/95 634,500
-------------------------------------------------------------------- ------------
Total 4,104,876
-------------------------------------------------------------------- ------------
LEISURE--PHOTO EQUIPMENT--1.0%
--------------------------------------------------------------------
930,000 Eastman Kodak Co., 9.125%, 3/1/98 954,701
-------------------------------------------------------------------- ------------
RETAIL STORE--1.0%
--------------------------------------------------------------------
1,000,000 Sears Roebuck & Co., 9.15%, 12/19/94 1,023,650
-------------------------------------------------------------------- ------------
RETAIL--AUTO--2.6%
--------------------------------------------------------------------
2,500,000 Ryder System, Inc., 9.375%, 1/15/98 2,560,850
-------------------------------------------------------------------- ------------
</TABLE>
SHAWMUT FIXED INCOME FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
OR
SHARES VALUE
<C> <C> <S> <C>
CORPORATE BONDS--CONTINUED
- ---------------------------------------------------------------------------------------
TELECOMMUNICATIONS--2.7%
--------------------------------------------------------------------
$2,000,000 Northern Telecommunications, Ltd., 6.875%, 9/1/2023 $ 1,715,680
--------------------------------------------------------------------
1,000,000 U.S. West Communications, Inc., 7.50%, 6/15/2023 927,980
-------------------------------------------------------------------- ------------
Total 2,643,660
-------------------------------------------------------------------- ------------
UTILITIES--1.0%
--------------------------------------------------------------------
1,007,970 Commonwealth Edison Co., 8.375%, 10/15/2006 1,007,970
-------------------------------------------------------------------- ------------
TOTAL CORPORATE BONDS (IDENTIFIED COST $40,979,608) 38,357,746
-------------------------------------------------------------------- ------------
MUTUAL FUND SHARES--7.8%
- ---------------------------------------------------------------------------------------
2,850,374 Dreyfus Cash Management 2,850,374
--------------------------------------------------------------------
4,896,338 Fidelity Institutional Cash Money Market Fund 4,896,338
-------------------------------------------------------------------- ------------
TOTAL MUTUAL FUND SHARES (AT NET ASSET VALUE) 7,746,712
-------------------------------------------------------------------- ------------
*REPURCHASE AGREEMENT--4.8%
- ---------------------------------------------------------------------------------------
4,800,000 Carrol McEntee & Co., 3.74%, dated 4/22/94, due 5/20/94 (Note 2B) 4,800,000
-------------------------------------------------------------------- ------------
TOTAL INVESTMENTS (IDENTIFIED COST $108,190,099) $103,119,706+
-------------------------------------------------------------------- ------------
</TABLE>
+ The cost of investments for federal tax purposes amounts to $108,190,099. The
net unrealized depreciation of investments on a federal tax cost basis
amounts to $5,070,393, which is comprised of $38,184 appreciation and
$5,108,577 depreciation at April 30, 1994.
* The repurchase agreement is fully collateralized by U.S. government and/or
agency obligations. Although final maturity falls beyond seven days, a
liquidity feature is included in this transaction to permit termination of
the repurchase agreement with seven days.
** Includes securities with a market value of $4,642,150 subject to dollar roll
transactions.
Note: The categories of investments are shown as a percentage of net assets
($99,403,295) at April 30, 1994.
(See Notes which are an integral part of the Financial Statements)
SHAWMUT GROWTH AND INCOME EQUITY FUND
PORTFOLIO OF INVESTMENTS
APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- ------------------------------------------------------------------- ------------
<C> <C> <S> <C>
COMMON STOCKS--89.0%
- --------------------------------------------------------------------------------------
BASIC MATERIALS--4.4%
-------------------------------------------------------------------
22,000 Aluminum Co. of America $ 1,496,000
-------------------------------------------------------------------
78,000 Dexter Corp. 1,872,000
-------------------------------------------------------------------
40,000 Du Pont (E.I.) de Nemours & Co. 2,285,000
-------------------------------------------------------------------
52,000 Lubrizol Corp. 1,878,500
------------------------------------------------------------------- ------------
Total 7,531,500
------------------------------------------------------------------- ------------
CAPITAL GOODS/CONSTRUCTION--9.2%
-------------------------------------------------------------------
44,000 Boeing Co. 1,980,000
-------------------------------------------------------------------
34,000 Emerson Electric Co. 1,980,500
-------------------------------------------------------------------
28,000 General Electric Co. 2,663,500
-------------------------------------------------------------------
62,000 Hubbell, Inc. 3,410,000
-------------------------------------------------------------------
36,000 * Thermo Electron Corp. 1,359,000
-------------------------------------------------------------------
30,000 United Technologies Corp. 1,912,500
-------------------------------------------------------------------
96,000 WMX Technologies, Inc. 2,508,000
------------------------------------------------------------------- ------------
Total 15,813,500
------------------------------------------------------------------- ------------
CONSUMER CYCLICAL--15.7%
-------------------------------------------------------------------
68,000 Arvin Industries, Inc. 1,819,000
-------------------------------------------------------------------
105,000 Circuit City Stores, Inc. 1,995,000
-------------------------------------------------------------------
40,000 Dayton Hudson Corp. 3,160,000
-------------------------------------------------------------------
46,000 Disney (Walt) Co. 1,949,250
-------------------------------------------------------------------
78,000 Donnelley (R.R.) & Sons Co. 2,125,500
-------------------------------------------------------------------
58,000 Eastman Chemical Co. 2,581,000
-------------------------------------------------------------------
76,000 Eastman Kodak Co. 3,154,000
-------------------------------------------------------------------
42,000 Lilly (Eli) & Co. 2,068,500
-------------------------------------------------------------------
60,000 Melville Corp. 2,385,000
-------------------------------------------------------------------
126,000 Morrison Restaurants, Inc. 3,228,750
-------------------------------------------------------------------
126,000 Rite Aid Corp. 2,442,825
------------------------------------------------------------------- ------------
Total 26,908,825
------------------------------------------------------------------- ------------
CONSUMER STAPLES--18.2%
-------------------------------------------------------------------
100,000 Alberto Culver Co. 1,937,500
-------------------------------------------------------------------
42,000 American Cyanamid Co. 1,974,000
-------------------------------------------------------------------
47,000 American Home Products Corp. 2,714,250
-------------------------------------------------------------------
47,000 Anheuser-Busch Companies, Inc. 2,543,875
-------------------------------------------------------------------
</TABLE>
SHAWMUT GROWTH AND INCOME EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- ------------------------------------------------------------------- ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- --------------------------------------------------------------------------------------
CONSUMER STAPLES--CONTINUED
-------------------------------------------------------------------
75,000 Baxter International, Inc. $ 1,715,625
-------------------------------------------------------------------
34,000 Bristol-Myers Squibb Co. 1,831,750
-------------------------------------------------------------------
44,000 General Mills, Inc. 2,271,500
-------------------------------------------------------------------
72,000 Johnson & Johnson 2,979,000
-------------------------------------------------------------------
60,000 Merck and Co., Inc. 1,777,500
-------------------------------------------------------------------
62,000 PepsiCo, Inc. 2,263,000
-------------------------------------------------------------------
47,000 Pfizer, Inc. 2,773,000
-------------------------------------------------------------------
40,000 Phillip Morris Cos., Inc. 2,180,000
-------------------------------------------------------------------
36,000 Proctor & Gamble Co. 2,047,500
-------------------------------------------------------------------
68,000 Super Valu Stores, Inc. 2,218,500
------------------------------------------------------------------- ------------
Total 31,227,000
------------------------------------------------------------------- ------------
ENERGY--9.6%
-------------------------------------------------------------------
38,000 Amoco Corp. 2,132,750
-------------------------------------------------------------------
28,000 Atlantic Richfield Co. 2,670,500
-------------------------------------------------------------------
26,000 Mobil Corp. 2,034,500
-------------------------------------------------------------------
24,000 Royal Dutch Petroleum Corp. 2,616,000
-------------------------------------------------------------------
42,000 Schlumberger, Ltd. 2,310,000
-------------------------------------------------------------------
46,000 Texaco, Inc. 2,961,250
-------------------------------------------------------------------
106,000 USX Marathon Group 1,788,750
------------------------------------------------------------------- ------------
Total 16,513,750
------------------------------------------------------------------- ------------
FINANCIAL--8.7%
-------------------------------------------------------------------
74,000 Capital Holdings Corp. 2,220,000
-------------------------------------------------------------------
32,000 Chubb Corp. 2,448,000
-------------------------------------------------------------------
115,000 Comerica, Inc. 3,220,000
-------------------------------------------------------------------
80,000 Huntington Bancshares, Inc. 1,930,000
-------------------------------------------------------------------
57,500 NBB Bancorp, Inc. 2,465,312
-------------------------------------------------------------------
100,000 National City Corp. 2,675,000
------------------------------------------------------------------- ------------
Total 14,958,312
------------------------------------------------------------------- ------------
TECHNOLOGY--9.6%
-------------------------------------------------------------------
40,000 AMP Inc. 2,555,000
-------------------------------------------------------------------
46,000 AT & T Corp. 2,351,750
-------------------------------------------------------------------
52,000 * Computer Sciences Corp. 1,976,000
-------------------------------------------------------------------
56,000 General Motors Corp.Cl E 1,890,000
-------------------------------------------------------------------
38,000 International Business Machines Corp. 2,175,500
-------------------------------------------------------------------
40,000 Motorola, Inc. 1,785,000
-------------------------------------------------------------------
</TABLE>
SHAWMUT GROWTH AND INCOME EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- ------------------------------------------------------------------- ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- --------------------------------------------------------------------------------------
TECHNOLOGY--CONTINUED
-------------------------------------------------------------------
94,000 * Novell, Inc. $ 1,727,250
-------------------------------------------------------------------
50,000 Pitney Bowes, Inc. 1,912,500
------------------------------------------------------------------- ------------
Total 16,373,000
------------------------------------------------------------------- ------------
TRANSPORTATION & SERVICES--1.8%
-------------------------------------------------------------------
25,000 Delta Air Lines, Inc. 1,187,500
-------------------------------------------------------------------
30,000 Norfolk Southern Corp. 1,916,250
------------------------------------------------------------------- ------------
Total 3,103,750
------------------------------------------------------------------- ------------
UTILITIES--5.8%
-------------------------------------------------------------------
39,000 BellSouth Corp. 2,374,125
-------------------------------------------------------------------
96,000 GTE Corp. 3,036,000
-------------------------------------------------------------------
60,000 Texas Utilities Co. 2,115,000
-------------------------------------------------------------------
60,000 U.S. West, Inc. 2,445,000
------------------------------------------------------------------- ------------
Total 9,970,125
------------------------------------------------------------------- ------------
MISCELLANEOUS--5.9%
-------------------------------------------------------------------
85,000 Corning, Inc. 2,677,500
-------------------------------------------------------------------
52,000 Minnesota Mining & Manufacturing Co. 2,541,500
-------------------------------------------------------------------
110,000 Ogden Corp. 2,337,500
-------------------------------------------------------------------
73,400 PHH Corp. 2,605,700
------------------------------------------------------------------- ------------
Total 10,162,200
------------------------------------------------------------------- ------------
TOTAL COMMON STOCKS (IDENTIFIED COST, $152,989,934) 152,561,962
------------------------------------------------------------------- ------------
CONVERTIBLE PREFERRED STOCK--2.1%
- --------------------------------------------------------------------------------------
14,000 Delta Air Lines, Inc., Series C, Cum. Cv. Pfd. 686,000
-------------------------------------------------------------------
30,000 Ford Motor Co., Series A, Cum. Cv. Pfd. 2,895,000
------------------------------------------------------------------- ------------
TOTAL CONVERTIBLE-PREFERRED STOCK (IDENTIFIED COST $3,504,284) 3,581,000
------------------------------------------------------------------- ------------
MUTUAL FUND SHARES--8.9%
- --------------------------------------------------------------------------------------
7,069,702 Dreyfus Cash Management 7,069,702
-------------------------------------------------------------------
8,157,285 Fidelity Institutional Cash Money Market Fund 8,157,286
------------------------------------------------------------------- ------------
TOTAL MUTUAL FUND SHARES (AT NET ASSET VALUE) 15,226,987
------------------------------------------------------------------- ------------
TOTAL INVESTMENTS (IDENTIFIED COST $171,805,972) $171,369,950+
------------------------------------------------------------------- ------------
</TABLE>
* Non-income producing
+ The cost of investments for federal tax purposes amounts to $171,805,972. The
net unrealized depreciation of investments on a federal tax basis amounts to
$436,022, which is comprised of $8,167,081 appreciation and $8,603,103
depreciation at April 30, 1994.
Note: The categories of investments are shown as a percentage of net assets
($171,415,270) at April 30, 1994.
(See Notes which are an integral part of the Financial Statements)
SHAWMUT GROWTH EQUITY FUND
PORTFOLIO OF INVESTMENTS
APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- ---------------------------------------------------------------------- -----------
<C> <C> <S> <C>
COMMON STOCKS--97.6%
- ---------------------------------------------------------------------------------------
BASIC MATERIALS--5.4%
----------------------------------------------------------------------
9,000 Avery Dennison Corp. $ 259,875
----------------------------------------------------------------------
4,000 du Pont (E.I.) deNemours & Co. 228,500
----------------------------------------------------------------------
4,800 Ferro Corp. 131,400
----------------------------------------------------------------------
5,000 Georgia Pacific Corp. 298,125
----------------------------------------------------------------------
4,000 Morton International, Inc. 349,000
---------------------------------------------------------------------- -----------
Total 1,266,900
---------------------------------------------------------------------- -----------
CAPITAL GOODS/CONSTRUCTION--7.1%
----------------------------------------------------------------------
2,500 Caterpillar, Inc. 274,687
----------------------------------------------------------------------
2,000 General Electric Co. 190,250
----------------------------------------------------------------------
14,000 General Signal Corp. 458,500
----------------------------------------------------------------------
5,700 Masco Corp. 162,450
----------------------------------------------------------------------
1,600 Raytheon Co. 103,200
----------------------------------------------------------------------
9,000 Trinity Industries, Inc. 312,750
----------------------------------------------------------------------
9,000 Wheelabrator Technologies 177,750
---------------------------------------------------------------------- -----------
Total 1,679,587
---------------------------------------------------------------------- -----------
CONSUMER CYCLICAL--25.8%
----------------------------------------------------------------------
13,200 Arvin Industries, Inc. 353,100
----------------------------------------------------------------------
13,200 Blockbuster Entertainment Corp. 358,050
----------------------------------------------------------------------
3,200 Carnival Cruise Lines, Inc. 148,800
----------------------------------------------------------------------
14,500 * Circus Circus Enterprises, Inc. 442,250
----------------------------------------------------------------------
39,900 * Consolidated Stores Corp. 688,275
----------------------------------------------------------------------
10,600 * CUC International, Inc. 311,375
----------------------------------------------------------------------
6,200 Disney (Walt) Co. 262,725
----------------------------------------------------------------------
5,000 Dun & Bradstreet Corp. 293,750
----------------------------------------------------------------------
13,400 Echlin, Inc. 348,400
----------------------------------------------------------------------
3,100 Home Depot, Inc. 130,200
----------------------------------------------------------------------
19,500 International Game Technology 507,000
----------------------------------------------------------------------
9,000 Mattel, Inc. 226,125
----------------------------------------------------------------------
23,200 Morrison Restaurants, Inc. 594,500
----------------------------------------------------------------------
5,400 * Office Depot, Inc. 190,350
----------------------------------------------------------------------
11,000 Pep Boys Manny, Moe, & Jack 335,500
----------------------------------------------------------------------
</TABLE>
SHAWMUT GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- ---------------------------------------------------------------------- -----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ---------------------------------------------------------------------------------------
CONSUMER CYCLICAL--CONTINUED
----------------------------------------------------------------------
16,200 * Tele Communications, Inc. $ 317,925
----------------------------------------------------------------------
7,700 Time Warner, Inc. 273,350
----------------------------------------------------------------------
9,000 * Toys "R" Us, Inc. 311,625
---------------------------------------------------------------------- -----------
Total 6,093,300
---------------------------------------------------------------------- -----------
CONSUMER STAPLES--20.0%
----------------------------------------------------------------------
10,000 Albertson's, Inc. 286,250
----------------------------------------------------------------------
9,000 * Amgen, Inc. 364,500
----------------------------------------------------------------------
7,000 * Chiron Corp. 454,125
----------------------------------------------------------------------
3,600 Gillette Co. 241,650
----------------------------------------------------------------------
17,200 * Healthtrust, Inc. 503,100
----------------------------------------------------------------------
9,000 Johnson & Johnson 372,375
----------------------------------------------------------------------
3,000 Medtronic, Inc. 226,125
----------------------------------------------------------------------
8,000 Merck and Co., Inc. 237,000
----------------------------------------------------------------------
5,400 * Novacare, Inc. 95,175
----------------------------------------------------------------------
24,000 * Ornda Healthcorp. 414,000
----------------------------------------------------------------------
13,000 PepsiCo, Inc. 474,500
----------------------------------------------------------------------
3,600 Pfizer 212,400
----------------------------------------------------------------------
3,800 Schering Plough Corp. 231,800
----------------------------------------------------------------------
14,600 * Science Med Life System, Inc. 430,700
----------------------------------------------------------------------
5,800 Super Valu Stores, Inc. 189,225
---------------------------------------------------------------------- -----------
Total 4,732,925
---------------------------------------------------------------------- -----------
ENERGY--8.0%
----------------------------------------------------------------------
17,500 Camco International, Inc. 301,875
----------------------------------------------------------------------
8,300 Coastal Corp. 262,487
----------------------------------------------------------------------
14,000 Dresser Industries, Inc. 318,500
----------------------------------------------------------------------
9,000 Halliburton Co. 266,625
----------------------------------------------------------------------
6,700 McDermott International, Inc. 142,375
----------------------------------------------------------------------
7,500 Pennzoil Co. 369,375
----------------------------------------------------------------------
7,800 Triton Energy Corp. 229,125
---------------------------------------------------------------------- -----------
Total 1,890,362
---------------------------------------------------------------------- -----------
FINANCIAL--7.8%
----------------------------------------------------------------------
4,100 AFLAC, Inc. 124,538
----------------------------------------------------------------------
2,900 American International Group, Inc. 247,225
----------------------------------------------------------------------
7,400 Bank of New York, Inc. 409,775
----------------------------------------------------------------------
10,000 Comerica, Inc. 280,000
----------------------------------------------------------------------
</TABLE>
SHAWMUT GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- ---------------------------------------------------------------------- -----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ---------------------------------------------------------------------------------------
FINANCIAL--CONTINUED
----------------------------------------------------------------------
16,500 Countrywide Credit Industries, Inc. $ 348,563
----------------------------------------------------------------------
4,400 Federal National Mortgage Association 366,300
----------------------------------------------------------------------
9,400 First Financial Management Corp. 509,950
----------------------------------------------------------------------
7,000 Midlantic Corp. 206,500
----------------------------------------------------------------------
6,000 Norwest Corp. 154,500
---------------------------------------------------------------------- -----------
Total 2,647,351
---------------------------------------------------------------------- -----------
TECHNOLOGY--14.1%
----------------------------------------------------------------------
7,400 AMP, Inc. 472,675
----------------------------------------------------------------------
9,800 * BMC Software, Inc. 588,000
----------------------------------------------------------------------
600 * Computer Sciences Corp. 22,800
----------------------------------------------------------------------
10,000 Intel Corp. 610,000
----------------------------------------------------------------------
4,700 * McCaw Cellular Communications 228,538
----------------------------------------------------------------------
4,400 * Microsoft Corp. 407,000
----------------------------------------------------------------------
23,000 * Novell, Inc. 422,625
----------------------------------------------------------------------
28,000 * Tandem Computers, Inc. 329,000
----------------------------------------------------------------------
3,000 Vodafone Group Plc. 246,000
---------------------------------------------------------------------- -----------
Total 3,326,638
---------------------------------------------------------------------- -----------
TRANSPORT & SERVICES--4.4%
----------------------------------------------------------------------
10,200 Delta Air Lines, Inc. 484,500
----------------------------------------------------------------------
14,000 Ryder Systems, Inc. 350,000
----------------------------------------------------------------------
1,600 * UAL Corp. 206,600
---------------------------------------------------------------------- -----------
Total 1,041,100
---------------------------------------------------------------------- -----------
UTILITIES--1.7%
----------------------------------------------------------------------
16,000 Century Telephone Enterprises, Inc. 404,000
---------------------------------------------------------------------- -----------
TOTAL COMMON STOCKS (IDENTIFIED COST $23,242,997) 23,082,163
---------------------------------------------------------------------- -----------
MUTUAL FUND SHARES--1.8%
- ---------------------------------------------------------------------------------------
425,658 Fidelity Institutional Cash Money Market Fund (at net asset value) 425,658
---------------------------------------------------------------------- -----------
TOTAL INVESTMENTS (IDENTIFIED COST $23,668,655) $23,507,821+
---------------------------------------------------------------------- -----------
</TABLE>
* Non-income producing securities
+ The cost of investments for federal tax purposes amounts to $23,668,655. The
net unrealized depreciation of investments on a federal tax cost basis amounts
to $160,834, which is comprised of $1,550,778 appreciation and $1,711,612
depreciation at April 30, 1994.
Note: The categories of investments are shown as a percentage of net assets
($23,630,038) at April 30, 1994.
(See Notes which are an integral part of the Financial Statements)
SHAWMUT INTERMEDIATE GOVERNMENT INCOME FUND
PORTFOLIO OF INVESTMENTS
APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ---------- --------------------------------------------------------------------- -----------
<C> <C> <S> <C>
LONG-TERM U.S. TREASURY OBLIGATIONS--31.1%
- ----------------------------------------------------------------------------------------
U.S. TREASURY NOTES--31.1%
---------------------------------------------------------------------
$ 570,000 4.25%, 8/31/94 $ 570,000
---------------------------------------------------------------------
1,500,000 4.625%, 2/15/96 1,473,285
---------------------------------------------------------------------
800,000 7.875%, 7/31/96 832,872
---------------------------------------------------------------------
1,000,000 7.25%, 11/15/96 1,028,120
---------------------------------------------------------------------
2,000,000 8.50%, 7/15/97 2,125,940
---------------------------------------------------------------------
1,500,000 5.625%, 8/31/97 1,469,055
---------------------------------------------------------------------
1,500,000 5.75%, 10/31/97 1,472,340
---------------------------------------------------------------------
1,500,000 6.00%, 12/31/97 1,481,955
---------------------------------------------------------------------
2,500,000 7.875%, 1/15/98 2,618,750
---------------------------------------------------------------------
500,000 5.50%, 4/15/2000 470,780
---------------------------------------------------------------------
1,500,000 6.25%, 2/15/2003 1,423,365
---------------------------------------------------------------------
4,500,000 5.75%, 8/15/2003 4,099,905
---------------------------------------------------------------------
2,000,000 5.75%, Reconstituted Receipts, 2/15/2005 1,768,260
---------------------------------------------------------------------
4,000,000 6.00%, Treasury Linked Custody Receipts (Series 1994-A), 8/15/2009 3,459,040
--------------------------------------------------------------------- -----------
TOTAL LONG-TERM TREASURY OBLIGATIONS
(IDENTIFIED COST $25,842,590) 24,293,667
--------------------------------------------------------------------- -----------
LONG-TERM GOVERNMENT OBLIGATIONS--45.2%
- ----------------------------------------------------------------------------------------
FEDERAL AGRICULTURE MORTGAGE CORP., MEDIUM TERM NOTE--1.7%
---------------------------------------------------------------------
1,300,000 7.74%, 11/25/2003 1,332,903
--------------------------------------------------------------------- -----------
FEDERAL HOME LOAN BANK--4.5%
---------------------------------------------------------------------
3,497,082 6.50%-7.50%, 8/1/97-5/1/2019 3,488,662
--------------------------------------------------------------------- -----------
FEDERAL HOME LOAN MORTGAGE CORP.--ARM--6.3%
---------------------------------------------------------------------
5,000,000 4.60%, 7/13/98 4,899,750
--------------------------------------------------------------------- -----------
FEDERAL HOME LOAN MORTGAGE CORP.--REMIC--4.5%
---------------------------------------------------------------------
3,500,000 7.00%, 11/15/2005 3,532,795
--------------------------------------------------------------------- -----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION--0.6%
---------------------------------------------------------------------
457,910 8.50%-9.00%, 12/1/97-9/1/98 472,569
--------------------------------------------------------------------- -----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION--REMIC--7.4%
---------------------------------------------------------------------
6,000,000 4.00%-7.40%, 7/25/2017-6/25/2018 5,758,740
--------------------------------------------------------------------- -----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION TBA--5.9%
---------------------------------------------------------------------
5,000,000 ** 6.00%, 1/1/99 4,642,150
--------------------------------------------------------------------- -----------
</TABLE>
SHAWMUT INTERMEDIATE GOVERNMENT INCOME FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ---------- --------------------------------------------------------------------- -----------
<C> <C> <S> <C>
LONG-TERM GOVERNMENT OBLIGATIONS--CONTINUED
- ----------------------------------------------------------------------------------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION--2.4%
---------------------------------------------------------------------
$1,797,972 9.00%, 7/15/2001-10/15/2018 $ 1,881,847
--------------------------------------------------------------------- -----------
GUARANTEED TRADE TRUST--2.4%
---------------------------------------------------------------------
2,000,000 4.86%, (Series 1993-A)/(Guaranteed Trade Certificates), 4/1/98 1,916,840
--------------------------------------------------------------------- -----------
NORTH STAR ALASKA HOUSING CORP.--1.1%
---------------------------------------------------------------------
900,000 5.99%, 5/15/98 860,625
--------------------------------------------------------------------- -----------
SSMC IV LIMITED PARTNERSHIP, GSA--5.8%
---------------------------------------------------------------------
5,000,000 6.625%, 5/15/2013 4,531,250
--------------------------------------------------------------------- -----------
U.S. GOVERNMENT DEPT. OF NAVY--2.6%
---------------------------------------------------------------------
2,000,000 8.625%, 12/15/2013 2,012,500
--------------------------------------------------------------------- -----------
TOTAL LONG-TERM GOVERNMENT OBLIGATIONS
(IDENTIFIED COST $36,947,143) 35,330,631
--------------------------------------------------------------------- -----------
CERTIFICATE OF DEPOSIT--1.3%
- ----------------------------------------------------------------------------------------
1,000,000 First USA Bank of Wilmington, 5.05%, 10/24/95 (identified cost
$1,003,540) 984,310
--------------------------------------------------------------------- -----------
CORPORATE BONDS--16.9%
- ----------------------------------------------------------------------------------------
BANKING--4.6%
---------------------------------------------------------------------
1,000,000 Chemical Banking Corp., 7.375%, 6/15/97 1,016,850
---------------------------------------------------------------------
775,000 Liberty National Bank & Trust Co., 6.75%, 6/1/2003 725,245
---------------------------------------------------------------------
500,000 National City Corp., 8.375%, Notes, 3/15/96 517,300
---------------------------------------------------------------------
1,000,000 Republic N.Y. Corp., 5.875%, Notes, 10/15/2008 823,800
---------------------------------------------------------------------
500,000 Security Pacific Corp. 8.49%, Medium Term Notes, 12/27/96 525,170
--------------------------------------------------------------------- -----------
Total 3,608,365
--------------------------------------------------------------------- -----------
FINANCE--ASSET BACKED--3.3%
---------------------------------------------------------------------
289,642 Chase Manhattan Corp., 6.90%, Grantor Trust Certificate, (Series
1991A), 9/15/97 290,456
---------------------------------------------------------------------
315,962 General Motors Acceptance Corp., 8.25%, Grantor Trust Certificate,
(Series 1990A), 11/15/95 315,962
---------------------------------------------------------------------
971,572 Premier Auto Trust, 5.90%, (Series 1992-3), 11/17/97 953,056
---------------------------------------------------------------------
1,000,000 SPNB Home Equity Loan, 8.85%, 5/15/98 1,030,310
--------------------------------------------------------------------- -----------
Total 2,589,784
--------------------------------------------------------------------- -----------
FINANCE--AUTOMOTIVE--1.3%
---------------------------------------------------------------------
1,000,000 General Motors Acceptance Corp., 8.90%, Medium Term Notes, 2/7/95 1,025,260
--------------------------------------------------------------------- -----------
FINANCE--INSURANCE--2.4%
---------------------------------------------------------------------
1,000,000 AIG Matched Funding Corp., 5.314%, 9/25/98 928,750
---------------------------------------------------------------------
1,000,000 Liberty Mutual Capital Corp., 7.08%, 6/2/2003 960,790
--------------------------------------------------------------------- -----------
Total 1,889,540
--------------------------------------------------------------------- -----------
</TABLE>
SHAWMUT INTERMEDIATE GOVERNMENT INCOME FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ---------- --------------------------------------------------------------------- -----------
<C> <C> <S> <C>
CORPORATE BONDS--CONTINUED
- ----------------------------------------------------------------------------------------
FOREIGN--1.2%
---------------------------------------------------------------------
$ 515,000 Columbia Rep., 7.25%, 2/23/2004 $ 462,213
---------------------------------------------------------------------
500,000 Industrias Penoles DE CV, 7.74%, 12/31/99 458,750
--------------------------------------------------------------------- -----------
Total 920,963
--------------------------------------------------------------------- -----------
INDUSTRIAL--2.7%
---------------------------------------------------------------------
2,000,000 Tenneco Corp., 10.75%, 6/15/95 2,100,000
--------------------------------------------------------------------- -----------
TELECOMMUNICATIONS--1.4%
---------------------------------------------------------------------
1,000,000 Nynex Corp., 9.55%, 5/1/2010 1,092,270
--------------------------------------------------------------------- -----------
TOTAL CORPORATE BONDS (IDENTIFIED COST $14,013,613) 13,226,182
--------------------------------------------------------------------- -----------
COMMERCIAL PAPER--1.5%
- ----------------------------------------------------------------------------------------
1,200,000 General Electric Capital Corp., 3.77%, 5/20/94 (at amortized cost) 1,200,000
--------------------------------------------------------------------- -----------
MUTUAL FUND SHARES--2.0%
- ----------------------------------------------------------------------------------------
1,557,748 Fidelity Institutional Cash Money Market Fund (at net asset value) 1,557,748
--------------------------------------------------------------------- -----------
*REPURCHASE AGREEMENT--4.9%
- ----------------------------------------------------------------------------------------
3,800,000 Carroll McEntee & McGinley, Inc., 3.74%, dated 4/22/94, due 5/20/94
(at amortized cost) (Note 2B) 3,800,000
--------------------------------------------------------------------- -----------
TOTAL INVESTMENTS (IDENTIFIED COST $84,364,634) $80,392,538+
--------------------------------------------------------------------- -----------
</TABLE>
* The repurchase agreement is fully collateralized by U.S. government
obligations based on market prices at the date of the portfolio. Although
final maturity falls beyond seven days, a liquidity feature is included in
this transaction to permit termination of the repurchase agreement.
** Includes securities with a market value of $4,642,150 subject to dollar roll
transactions.
+ The cost of investments for federal tax purposes amounts to $84,364,634. The
net unrealized depreciation on a federal tax basis amounts to $3,972,096,
which is comprised of $904 appreciation and $3,973,000 depreciation at April
30, 1994.
Note: The categories of investments are shown as a percentage of net assets
($78,197,163) at April 30, 1994.
The following abbreviations are used in this portfolio:
<TABLE>
<S> <C>
ARM -- Adjustable Rate Mortgage
GSA -- General Services Administration
REMIC -- Real Estate Mortgage Investment Conduit
TBA -- To Be Announced
</TABLE>
(See Notes which are an integral part of the Financial Statements)
SHAWMUT LIMITED TERM INCOME FUND
PORTFOLIO OF INVESTMENTS
APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ----------- ----------------------------------------------------------------------- -----------
<C> <C> <S> <C>
LONG-TERM U.S. TREASURY OBLIGATIONS--32.5%
- -----------------------------------------------------------------------------------------
U.S. TREASURY NOTES
-----------------------------------------------------------------------
$ 5,000,000 4.375%, 11/15/96 $ 4,811,700
-----------------------------------------------------------------------
2,000,000 5.50%, 4/30/96 1,990,620
-----------------------------------------------------------------------
11,000,000 5.625%, 8/31/97 10,773,070
-----------------------------------------------------------------------
4,000,000 6.25%, 1/31/97 4,016,880
-----------------------------------------------------------------------
500,000 8.75%, 10/15/97 536,720
----------------------------------------------------------------------- -----------
TOTAL LONG-TERM U.S. TREASURY OBLIGATIONS
(IDENTIFIED COST $22,488,135) 22,128,990
----------------------------------------------------------------------- -----------
LONG-TERM GOVERNMENT OBLIGATIONS--17.0%
- -----------------------------------------------------------------------------------------
FEDERAL HOME LOAN BANK--3.1%
-----------------------------------------------------------------------
1,661,523 7.00%, 6/1/2010-5/1/2019 1,413,782
-----------------------------------------------------------------------
718,017 7.50%, 8/1/97 730,352
----------------------------------------------------------------------- -----------
Total 2,144,134
----------------------------------------------------------------------- -----------
FEDERAL HOME LOAN MORTGAGE CORP.--2.9%
-----------------------------------------------------------------------
1,000,000 4.60%, 7/13/98 979,950
-----------------------------------------------------------------------
1,000,000 7.00%, (Series 1204G), 11/15/2005 1,009,370
----------------------------------------------------------------------- -----------
Total 1,989,320
----------------------------------------------------------------------- -----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION--TBA--6.8%
-----------------------------------------------------------------------
5,000,000 * 6.00%, 1/1/99 4,642,150
----------------------------------------------------------------------- -----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION--1.8%
-----------------------------------------------------------------------
323,953 9.00%, 10/1/97-9/1/98 336,101
-----------------------------------------------------------------------
885,519 6.50%, 7/1/2000 866,419
----------------------------------------------------------------------- -----------
Total 1,202,520
----------------------------------------------------------------------- -----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION--REMIC--1.4%
-----------------------------------------------------------------------
857,361 6.00%, (Series 1993-174KB), 5/25/2008 804,848
-----------------------------------------------------------------------
163,349 8.95%, (Series 1988-10B), 5/25/2003 170,189
----------------------------------------------------------------------- -----------
Total 975,037
----------------------------------------------------------------------- -----------
MILITARY HOUSING--1.0%
-----------------------------------------------------------------------
629,647 8.70%, 4/15/97 635,943
----------------------------------------------------------------------- -----------
TOTAL LONG-TERM GOVERNMENT OBLIGATIONS
(IDENTIFIED COST $11,464,919) 11,589,104
----------------------------------------------------------------------- -----------
</TABLE>
SHAWMUT LIMITED TERM INCOME FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ----------- ----------------------------------------------------------------------- -----------
<C> <C> <S> <C>
CORPORATE BONDS--46.0%
- -----------------------------------------------------------------------------------------
BANKING--3.7%
-----------------------------------------------------------------------
$ 1,000,000 First Chicago Corp., 9.25%, Medium Term Note, 5/30/96 $ 1,057,470
-----------------------------------------------------------------------
1,000,000 First Union Corp., 5.95%, 7/1/95 1,001,310
-----------------------------------------------------------------------
440,000 Security Pacific Corp., 8.49% Medium Term Note, 12/27/96 462,150
----------------------------------------------------------------------- -----------
Total 2,520,930
----------------------------------------------------------------------- -----------
FINANCE--ASSET BACKED--3.7%
-----------------------------------------------------------------------
152,443 Chase Manhattan Bank, 6.90%, Grantor Trust Certificate, 9/15/97 152,872
-----------------------------------------------------------------------
60,341 Ford Motor Credit Corp., 8.75%, Grantor Trust Certificate, 10/16/95 60,398
-----------------------------------------------------------------------
1,000,000 Ford Credit Auto Loan Master, 6.875%, 1/15/99 1,010,930
-----------------------------------------------------------------------
257,890 General Motors Acceptance Corp., 4.30%-5.55%, Grantor Trust
Certificates,
11/15/94-5/15/97 257,756
-----------------------------------------------------------------------
1,010,166 ML Asset Backed Corp., 5.50%, 5/15/98 1,008,266
----------------------------------------------------------------------- -----------
Total 2,490,222
----------------------------------------------------------------------- -----------
FINANCE--AUTOMOTIVE--10.9%
-----------------------------------------------------------------------
1,000,000 General Motors Acceptance Corp., 6.60%, Medium Term Note, 6/2/95 1,008,050
-----------------------------------------------------------------------
3,500,000 General Motors Acceptance Corp., 5.85%-6.25%, 7/31/96-9/12/97 3,436,350
-----------------------------------------------------------------------
2,451,551 Premier Auto Trust, 4.65-5.90%, 11/17/97-2/2/99 2,421,161
-----------------------------------------------------------------------
510,587 Volvo Auto Receivables, 4.65%, Grantor Trust Certificate, 6/15/98 505,640
-----------------------------------------------------------------------
32,854 U.S. Auto Receivables Trust, 8.00%, 3/15/96 33,008
----------------------------------------------------------------------- -----------
Total 7,404,209
----------------------------------------------------------------------- -----------
FINANCE--INSURANCE--1.4%
-----------------------------------------------------------------------
1,000,000 AIG Matched Funding Corp., 5.314%, 9/25/98 928,750
----------------------------------------------------------------------- -----------
FINANCE--LEASING--4.4%
-----------------------------------------------------------------------
3,000,000 Comdisco, Inc., 5.375%-6.20%, 7/15/95-3/5/96 2,979,285
----------------------------------------------------------------------- -----------
FINANCE--MORTGAGE PASSTHROUGH CMO--4.5%
-----------------------------------------------------------------------
167,812 Lomas Mortgage Funding Corp., 9.00%, Collateralized Mortgage
Obligation, 9/20/2015 166,709
-----------------------------------------------------------------------
890,211 Saxon Mortgage Securities Corp., 7.375%, 9/25/2023 875,189
-----------------------------------------------------------------------
1,161,360 Chase Mortgage Finance Corp., 6.75%, (Series 1993-A1), 11/25/2024 1,157,731
-----------------------------------------------------------------------
1,000,000 CMC Securities Corp., 6.75%, (Series 1993-A2), 11/25/2003 964,531
----------------------------------------------------------------------- -----------
Total 3,164,160
----------------------------------------------------------------------- -----------
FINANCE--SERVICE--2.9%
-----------------------------------------------------------------------
500,000 American Express Co., 8.625%, 7/15/94 503,765
-----------------------------------------------------------------------
1,000,000 Merrill Lynch & Co., Inc. 5.50%, 7/28/95 996,630
-----------------------------------------------------------------------
500,000 Smith Barney Shearson Holdings Corp., 5.375%, 6/1/96 490,270
----------------------------------------------------------------------- -----------
Total 1,990,665
----------------------------------------------------------------------- -----------
</TABLE>
SHAWMUT LIMITED TERM INCOME FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
OR SHARES VALUE
- ----------- ----------------------------------------------------------------------- -----------
<C> <C> <S> <C>
FOREIGN--0.3%
-----------------------------------------------------------------------
$ 200,000 International Bank for Reconciliation & Development, 8.625%, 10/1/95 $ 207,882
----------------------------------------------------------------------- -----------
HOME EQUITY MORTGAGE--2.2%
-----------------------------------------------------------------------
1,477,508 Contimortgage Home Equity, 3.75%, (Series 1994-A1), 3/15/96 1,477,508
----------------------------------------------------------------------- -----------
INDUSTRIAL--5.7%
-----------------------------------------------------------------------
2,250,000 Pacific Dunlop Ltd., 6.54%, Medium Term Note, 5/1/95 2,275,448
-----------------------------------------------------------------------
1,500,000 Tenneco Corp., 10.75%, 6/15/95 1,575,000
----------------------------------------------------------------------- -----------
Total 3,850,448
----------------------------------------------------------------------- -----------
MACHINERY--0.5%
-----------------------------------------------------------------------
300,000 Caterpillar Financial Services, 8.95%, Medium Term Note, 5/21/2000 321,882
----------------------------------------------------------------------- -----------
RAILROADS--0.4%
-----------------------------------------------------------------------
245,000 CSX Corp., 8.25%, 11/1/96 254,261
----------------------------------------------------------------------- -----------
RETAIL STORE--2.4%
-----------------------------------------------------------------------
500,000 Reebok International, Ltd., 9.75%, 9/15/98 523,475
-----------------------------------------------------------------------
1,150,000 TJX Cos, Inc., 4.55%, 10/21/96 1,095,157
----------------------------------------------------------------------- -----------
Total 1,618,632
----------------------------------------------------------------------- -----------
TRUCK LEASING--1.5%
-----------------------------------------------------------------------
1,000,000 Ryder System Inc., 9.375%, 1/15/98 1,024,340
----------------------------------------------------------------------- -----------
UTILITIES--1.5%
-----------------------------------------------------------------------
1,000,000 Public Service Electric & Gas Co., 9.00%, 11/27/96 1,055,000
----------------------------------------------------------------------- -----------
TOTAL CORPORATE BONDS (IDENTIFIED COST $32,667,910) 31,288,174
----------------------------------------------------------------------- -----------
CERTIFICATES OF DEPOSIT--3.6%
- -----------------------------------------------------------------------------------------
1,000,000 Fleet Bank of Connecticut, 8.57%, 11/29/94 1,019,610
-----------------------------------------------------------------------
1,500,000 First USA Bank of Wilmington, 5.05%-5.75%, 10/24/95-1/15/99 1,453,005
----------------------------------------------------------------------- -----------
TOTAL CERTIFICATES OF DEPOSIT (IDENTIFIED COST $2,561,659) 2,472,615
----------------------------------------------------------------------- -----------
COMMERCIAL PAPER--2.5%
- -----------------------------------------------------------------------------------------
1,700,000 General Electric Capital Corp., 3.77%, 5/20/94 (at amortized cost) 1,700,000
----------------------------------------------------------------------- -----------
MUTUAL FUND SHARES--3.4%
- -----------------------------------------------------------------------------------------
2,303,907 Fidelity Institutional Cash Money Market Fund (at net asset value) 2,303,907
----------------------------------------------------------------------- -----------
</TABLE>
SHAWMUT LIMITED TERM INCOME FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ----------- ----------------------------------------------------------------------- -----------
<C> <C> <S> <C>
**REPURCHASE AGREEMENT--4.9%
- -----------------------------------------------------------------------------------------
$ 3,300,000 Carroll McEntee & McGinley Inc., 3.74%, dated 4/22/94, due 5/20/94
(at amortized cost, Note 2B) $ 3,300,000
----------------------------------------------------------------------- -----------
TOTAL INVESTMENTS (IDENTIFIED COST $76,486,530) $74,782,790+
----------------------------------------------------------------------- -----------
</TABLE>
* Includes securities with a market value of $4,642,150 subject to dollar roll
transactions.
** The repurchase agreement is fully collateralized by U.S. government and/or
agency obligations based on market prices at the date of the portfolio.
Although final maturity falls beyond seven days, a liquidity feature is
included in this transaction to permit termination of the repurchase
agreement within seven days.
+ The cost of investments for federal tax purposes amounts to $76,486,530. The
net unrealized depreciation of investments on a federal tax cost basis
amounts to $1,703,740, which is comprised of $5,598 appreciation and
$1,709,338 depreciation at April 30, 1994.
Note: The categories of investments are shown as a percentage of net assets
($68,030,788) at April 30, 1994.
The following abbreviations are used in this portfolio:
<TABLE>
<S> <C>
CMO -- Collateralized Mortgage Obligation
REMIC -- Real Estate Mortgage Investment Conduit
</TABLE>
(See Notes which are an integral part of the Financial Statements)
SHAWMUT MASSACHUSETTS INTERMEDIATE
MUNICIPAL INCOME FUND
PORTFOLIO OF INVESTMENTS
APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CREDIT
RATING
PRINCIPAL MOODY'S
AMOUNT OR S&P'S* VALUE
- --------- -------------------------------------------------------------- ---------- ----------
<C> <S> <C> <C>
LONG-TERM MUNICIPAL SECURITIES--88.8%
- ---------------------------------------------------------------------------
MASSACHUSETTS--81.7%
--------------------------------------------------------------
$375,000 Boston, MA, 5.00% Refunding Bonds, (Series A)/
(AMBAC Insured), 2/1/2003 AAA $ 365,119
--------------------------------------------------------------
250,000 Brookline, MA, 4.50% Refunding Bonds, (Series 1994), 1/15/2006 Aa1 226,790
--------------------------------------------------------------
100,000 Carlisle, MA, 4.50% Refunding Bonds, UT GO Bonds, 6/15/2001 Aa 96,794
--------------------------------------------------------------
155,000 Chatham, MA, 4.60% Refunding bonds, 1/15/2005 A1 140,878
--------------------------------------------------------------
100,000 Dedham Westwood Water District, MA, 4.30% Refunding Bonds,
(MBIA Insured), 10/15/2002 AAA 92,029
--------------------------------------------------------------
100,000 Lynn, MA, Water & Sewer Commission, 5.05% Refunding Bonds,
(FGIC Insured), 12/1/2003 AAA 97,110
--------------------------------------------------------------
100,000 Massachusetts Municipal Wholesale Electric Co., 5.75% Revenue
Bonds, (Power Supply System)/(Series E)/(AMBAC Insured),
7/1/2002 AAA 103,683
--------------------------------------------------------------
300,000 Massachusetts Municipal Wholesale Electric Co., 4.80% Revenue
Bonds, (Power Supply System)/(Series B)/(MBIA Insured),
7/1/2007 AAA 269,538
--------------------------------------------------------------
135,000 Massachusetts State, 5.00% Refunding Bonds, (Series B)
11/1/2001 A+ 133,010
--------------------------------------------------------------
500,000 Massachusetts State, 4.90% GO Refunding Bonds, (Series C),
8/1/2004 A+ 471,995
--------------------------------------------------------------
135,000 Massachusetts State, 5.70% Health & Education Facility
Authority, Revenue Bonds, (New England Deaconess Hospital),
7/1/2005, (Escrow to Maturity) AAA 130,437
--------------------------------------------------------------
200,000 Massachusetts State, 4.50% Health & Education Facility
Authority, Revenue Bonds, (New England Medical Center)/(Series
G)/ (MBIA Insured), 7/1/2002 AAA 188,344
--------------------------------------------------------------
200,000 Massachusetts State, 4.80% Health & Education Facility
Authority, Refunding Revenue Bonds, (Baystate Medical Center)/
(Series 1993D)/(FGIC Insured), 7/1/2004 AAA 186,672
--------------------------------------------------------------
300,000 Massachusetts State, 4.90% Health & Education Facility
Authority, Refunding Revenue Bonds, (Boston College), 6/1/2005 A1 283,047
--------------------------------------------------------------
150,000 Massachusetts State, 4.90% Health & Education Facility
Authority Refunding Revenue Bonds, (Baystate Medical
Center)/(Series D)/ (FGIC Insured), 7/1/2005 AAA 139,350
--------------------------------------------------------------
</TABLE>
SHAWMUT MASSACHUSETTS INTERMEDIATE
MUNICIPAL INCOME FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CREDIT
RATING
PRINCIPAL MOODY'S
AMOUNT OR S&P'S* VALUE
- --------- -------------------------------------------------------------- ---------- ----------
<C> <S> <C> <C>
LONG-TERM MUNICIPAL SECURITIES--CONTINUED
- ---------------------------------------------------------------------------
MASSACHUSETTS--CONTINUED
--------------------------------------------------------------
$100,000 Massachusetts State, 4.70% Health & Education Facility
Authority, Revenue Bonds, (Massachusetts Institute
Technology)/(Series H), 7/1/2004 Aaa $ 95,019
--------------------------------------------------------------
500,000 Massachusetts State, 5.40% Health & Education Facility
Authority, Revenue Bonds, (Williams College)/(Series 1993D),
7/1/2005 Aa1 498,300
--------------------------------------------------------------
150,000 Massachusetts State, 5.80% Special Obligations Revenue Bonds,
(Series A)/(AMBAC Surety Bond), 6/1/2000 A 155,429
--------------------------------------------------------------
200,000 Massachusetts State Turnpike Authority, 4.625% Refunding
Revenue Bonds, (Series A), 1/1/2002 A+ 189,390
--------------------------------------------------------------
150,000 Massachusetts State Turnpike Authority, 5.00% Refunding
Revenue Bonds, (Series A), 1/1/2007 A1 139,323
--------------------------------------------------------------
200,000 Massachusetts State Water Pollution Abatement, 4.85% Revenue
Bonds, 8/1/2005 AA 186,474
--------------------------------------------------------------
200,000 Massachusetts State Water Resources Authority, 5.00% Refunding
Bonds, (Series C), 12/1/2003 A 191,178
--------------------------------------------------------------
200,000 New England Education Loan Marketing Corp., MA, 5.80% Student
Loan Revenue Bonds, (Issue A), 3/1/2002 Aaa 201,986
--------------------------------------------------------------
100,000 Northampton, MA, 4.90% (AMBAC Insured), 9/1/2006 AAA 93,604
--------------------------------------------------------------
150,000 Salem, MA, 5.80% LT GO Bonds, (AMBAC Insured), 7/15/2006 AAA 151,828
--------------------------------------------------------------
200,000 Sharon, MA, 4.65% BQ Bonds, 7/15/2006 Aa 182,842
-------------------------------------------------------------- ----------
Total 5,010,169
-------------------------------------------------------------- ----------
PUERTO RICO--7.1%
--------------------------------------------------------------
100,000 Puerto Rico, 4.00% Industrial Medical & Environmental
Pollution Control Facility Authority, Revenue Bonds, (Intel
Corp.), 9/1/2013, (Optional Put 9/1/98 @ 100) A+ 96,248
--------------------------------------------------------------
350,000 Puerto Rico Telephone Authority, 4.80% Refunding Revenue
Bonds, 1/1/2001 A+ 337,956
-------------------------------------------------------------- ----------
Total 434,204
-------------------------------------------------------------- ----------
TOTAL LONG-TERM MUNICIPAL SECURITIES
(IDENTIFIED COST $5,746,250) 5,444,373
-------------------------------------------------------------- ----------
</TABLE>
SHAWMUT MASSACHUSETTS INTERMEDIATE
MUNICIPAL INCOME FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CREDIT
RATING
MOODY'S
SHARES OR S&P'S* VALUE
- --------- -------------------------------------------------------------- ---------- ----------
<C> <S> <C> <C>
MUTUAL FUND SHARES--10.1%
- ---------------------------------------------------------------------------
307,426 Dreyfus Massachusetts Municipal Money Market Fund $ 307,426
--------------------------------------------------------------
314,566 CMA Massachusetts Municipal Money Market Fund 314,566
-------------------------------------------------------------- ----------
TOTAL MUTUAL FUNDS SHARES (AT NET ASSET VALUE) 621,992
-------------------------------------------------------------- ----------
TOTAL INVESTMENTS (IDENTIFIED COST $6,368,242) $6,066,365+
-------------------------------------------------------------- ----------
</TABLE>
+ The cost of investments for federal tax purposes amounts to $6,368,242. The
net unrealized depreciation of investments on a federal tax basis amounts to
$301,877, which is comprised of $3,046 appreciation and $304,923 depreciation
at April 30, 1994.
Note: The categories of investments are shown as a percentage of net assets
($6,134,105) at April 30, 1994.
* Please refer to the Appendix of the Statement of Additional Information for an
explanation of the credit ratings.
The following abbreviations are used in this portfolio:
<TABLE>
<S> <C>
AMBAC -- American Municipal Bond Assurance Corporation
BQ -- Bank Qualified
FGIC -- Financial Guaranty Insurance Company
GO -- General Obligations
LT -- Limited Tax
MBIA -- Municipal Bond Investors Assurance
UT -- Unlimited Tax
</TABLE>
(See Notes which are an integral part of the Financial Statements)
SHAWMUT SMALL CAPITALIZATION EQUITY FUND
PORTFOLIO OF INVESTMENTS
APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- -------------------------------------------------------------------- ------------
<C> <C> <S> <C>
COMMON STOCKS--90.7%
- ---------------------------------------------------------------------------------------
BASIC MATERIALS--6.0%
--------------------------------------------------------------------
25,000 AK Steel Holdings Corp. $ 571,875
--------------------------------------------------------------------
5,600 Calgon Carbon Corp. 72,800
--------------------------------------------------------------------
15,000 Caraustar Industries, Inc. 236,250
--------------------------------------------------------------------
18,480 Chemi-Trol Chemical Co. 200,970
--------------------------------------------------------------------
31,500 Chesapeake Corp. 779,625
--------------------------------------------------------------------
27,200 Dexter Corp. 652,800
--------------------------------------------------------------------
18,000 Fuller HB Co. 630,000
--------------------------------------------------------------------
28,000 Grow Group, Inc. 441,000
--------------------------------------------------------------------
21,512 Guardsman Products, Inc. 255,455
--------------------------------------------------------------------
16,500 Petrolite Corp. 556,875
--------------------------------------------------------------------
43,900 Quaker Chemical 735,325
--------------------------------------------------------------------
26,700 * Steel of West Virginia, Inc. 327,075
--------------------------------------------------------------------
38,500 * Sybron Chemicals Industries, Inc. 962,500
--------------------------------------------------------------------
31,000 Varlen Corp. 581,250
-------------------------------------------------------------------- ------------
Total 7,003,800
-------------------------------------------------------------------- ------------
CAPITAL GOODS/CONSTRUCTION--7.4%
--------------------------------------------------------------------
21,000 Analysis & Technology, Inc. 315,000
--------------------------------------------------------------------
20,000 * Atchinson Casting Corp. 270,000
--------------------------------------------------------------------
35,600 Collins Industries, Inc. 75,650
--------------------------------------------------------------------
46,725 * D.R. Horton, Inc. 642,469
--------------------------------------------------------------------
18,000 Duriron 303,750
--------------------------------------------------------------------
23,400 * Encore Wire Corp. 330,525
--------------------------------------------------------------------
35,000 * Foster L.B. Co. Class A 118,125
--------------------------------------------------------------------
27,300 Insituform Mid American, Inc. 324,187
--------------------------------------------------------------------
48,100 Instron Corp. 535,113
--------------------------------------------------------------------
20,000 * Jason, Inc. 295,000
--------------------------------------------------------------------
13,500 Pope & Talbot, Inc. 337,500
--------------------------------------------------------------------
42,500 * Redman Industries 706,562
--------------------------------------------------------------------
23,500 Schult Homes Corp. 329,000
--------------------------------------------------------------------
26,900 * Southern Electronics Corp. 205,113
--------------------------------------------------------------------
44,600 Toro Co. 1,181,900
--------------------------------------------------------------------
</TABLE>
SHAWMUT SMALL CAPITALIZATION EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- -------------------------------------------------------------------- ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ---------------------------------------------------------------------------------------
CAPITAL GOODS/CONSTRUCTION--CONTINUED
--------------------------------------------------------------------
70,000 * Triangle Pacific Corp. $ 822,500
--------------------------------------------------------------------
24,400 Varitronic System, Inc. 213,500
--------------------------------------------------------------------
10,400 Wabash National Corp. 469,300
--------------------------------------------------------------------
40,000 * Willcox & Gibbs, Inc. 245,000
--------------------------------------------------------------------
36,000 Wolverine World Wide, Inc. 837,000
-------------------------------------------------------------------- ------------
Total 8,557,194
-------------------------------------------------------------------- ------------
CONSUMER CYCLICAL--18.2%
--------------------------------------------------------------------
21,972 * Agency Rent A Car, Inc. 285,636
--------------------------------------------------------------------
11,600 * American City Business Journals 334,950
--------------------------------------------------------------------
14,750 Bassett Furniture Industries, Inc. 381,656
--------------------------------------------------------------------
51,900 * Brauns Fashions Corp. 369,788
--------------------------------------------------------------------
79,300 Cash America International, Inc. 654,225
--------------------------------------------------------------------
27,251 * Clear Channel Communications 980,436
--------------------------------------------------------------------
82,100 * ClothesTime Inc. 492,600
--------------------------------------------------------------------
16,000 * Coherent, Inc. 212,000
--------------------------------------------------------------------
10,200 * Designs, Inc. 147,900
--------------------------------------------------------------------
56,900 Dimark, Inc. 960,188
--------------------------------------------------------------------
53,800 * El Chico Restaurants, Inc. 753,200
--------------------------------------------------------------------
43,500 * Falcon Products, Inc. 435,000
--------------------------------------------------------------------
71,000 * Fieldcrest Cannon, Inc. 2,236,500
--------------------------------------------------------------------
20,000 Galey & Lord, Inc. 400,000
--------------------------------------------------------------------
24,000 Gibson Greetings, Inc. 474,000
--------------------------------------------------------------------
32,700 * Hi-Lo Automotive, Inc. 412,837
--------------------------------------------------------------------
20,000 Houghton Mifflin Co. 877,500
--------------------------------------------------------------------
18,600 * Jones Apparel Group, Inc. 609,150
--------------------------------------------------------------------
55,000 LADD Furniture, Inc. 508,750
--------------------------------------------------------------------
48,000 * Monaco Coach Corp. 708,000
--------------------------------------------------------------------
73,650 Morrison Restaurants, Inc. 1,887,281
--------------------------------------------------------------------
23,000 * Mothers Work, Inc. 488,750
--------------------------------------------------------------------
26,500 * Optical Data Systems, Inc. 430,625
--------------------------------------------------------------------
51,700 * Payless Cashways, Inc. 814,275
--------------------------------------------------------------------
22,000 PCA International, Inc. 189,750
--------------------------------------------------------------------
25,000 * R & B, Inc. 175,000
--------------------------------------------------------------------
72,400 Richfood Holdings, Inc. 1,212,700
--------------------------------------------------------------------
62,300 * Rival Co. 1,308,300
--------------------------------------------------------------------
</TABLE>
SHAWMUT SMALL CAPITALIZATION EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- -------------------------------------------------------------------- ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ---------------------------------------------------------------------------------------
CONSUMER CYCLICAL--CONTINUED
--------------------------------------------------------------------
76,000 * Ryans Family Steak Houses $ 589,000
--------------------------------------------------------------------
10,750 * Sierra On-Line, Inc. 263,375
--------------------------------------------------------------------
28,300 * Solo Serve Corp. 91,975
--------------------------------------------------------------------
21,000 * Spaghetti Warehouse, Inc. 165,375
--------------------------------------------------------------------
36,000 Stant Corp. 549,000
--------------------------------------------------------------------
18,500 * Value City Department Stores, Inc. 256,688
--------------------------------------------------------------------
18,000 * Winston Furniture, Inc. 184,500
--------------------------------------------------------------------
70,900 * Worldtex, Inc. 310,187
-------------------------------------------------------------------- ------------
Total 21,151,097
-------------------------------------------------------------------- ------------
CONSUMER STAPLES--9.1%
--------------------------------------------------------------------
14,500 Bindley Western Industries, Inc. 186,688
--------------------------------------------------------------------
37,900 Biocraft Labs, Inc. 535,338
--------------------------------------------------------------------
12,000 Cephalon, Inc. 129,000
--------------------------------------------------------------------
49,000 Delta & Pine Land Co. 790,125
--------------------------------------------------------------------
32,000 * Focal Surgery, Inc. 30,000
--------------------------------------------------------------------
36,000 * Gish Biomedical, Inc. 189,000
--------------------------------------------------------------------
1,900 * Gull Labs, Inc. 7,600
--------------------------------------------------------------------
24,800 Hannaford Brothers Co. 542,500
--------------------------------------------------------------------
35,500 * Health Management Systems, Inc. 843,125
--------------------------------------------------------------------
25,000 * International Cabletel, Inc. 543,750
--------------------------------------------------------------------
40,000 Interstate Bakeries Corp. 495,000
--------------------------------------------------------------------
76,000 Kinetic Concepts, Inc. 275,500
--------------------------------------------------------------------
56,900 * Lifecore Biomedical, Inc. 355,625
--------------------------------------------------------------------
31,800 * Lincare Holdings, Inc. 727,425
--------------------------------------------------------------------
53,875 * Minntech Corp. 619,562
--------------------------------------------------------------------
32,000 * OEC Medical Systems, Inc. 188,000
--------------------------------------------------------------------
41,100 * Paragon Trade Brands, Inc. 1,191,900
--------------------------------------------------------------------
67,500 * Pharmaceutical Marketing Services, Inc. 961,875
--------------------------------------------------------------------
41,600 * ReadiCare, Inc. 72,800
--------------------------------------------------------------------
23,500 Sanfilippo, John B & Son, Inc. 217,375
--------------------------------------------------------------------
18,300 * Sci-Med Life Systems, Inc. 539,850
--------------------------------------------------------------------
22,900 * Somatix Therapy Corp. 148,850
--------------------------------------------------------------------
5,500 * Spacelabs Medical, Inc. 125,813
--------------------------------------------------------------------
</TABLE>
SHAWMUT SMALL CAPITALIZATION EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- -------------------------------------------------------------------- ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ---------------------------------------------------------------------------------------
CONSUMER STAPLES--CONTINUED
--------------------------------------------------------------------
104,300 * Syntro Corp. $ 221,637
--------------------------------------------------------------------
21,400 TCA Cable TV, Inc. 425,325
--------------------------------------------------------------------
41,500 * Unilab Corp. 233,437
-------------------------------------------------------------------- ------------
Total 10,597,100
-------------------------------------------------------------------- ------------
ENERGY--6.1%
--------------------------------------------------------------------
75,000 * Alamco, Inc. 525,000
--------------------------------------------------------------------
32,000 * Belden & Blake Corp. 384,000
--------------------------------------------------------------------
44,200 Berry Petroleum Co., Class A 381,225
--------------------------------------------------------------------
38,000 Cross Timbers Oil Co. 551,000
--------------------------------------------------------------------
25,200 Devon Energy Corp. 544,950
--------------------------------------------------------------------
49,000 * Dual Drilling Co. 471,625
--------------------------------------------------------------------
22,500 * Gulfmark International, Inc. 261,563
--------------------------------------------------------------------
13,200 * Hornbeck Offshore Services, Inc. 199,650
--------------------------------------------------------------------
45,000 * Kelley Oil Corp. 270,000
--------------------------------------------------------------------
33,800 * Oceaneering International, Inc. 405,600
--------------------------------------------------------------------
5,000 Penn Virginia Corp. 158,750
--------------------------------------------------------------------
15,000 Plains Petroleum Co. 333,750
--------------------------------------------------------------------
25,000 Pogo Producing Co. 475,000
--------------------------------------------------------------------
20,400 * Seagull Energy Corp. 594,150
--------------------------------------------------------------------
12,250 * Tejas Gas Corp. 658,438
--------------------------------------------------------------------
10,000 Tidelands Realty Trust 110,000
--------------------------------------------------------------------
6,700 * Triton Energy Corp. 196,812
--------------------------------------------------------------------
40,000 * United Meridian Corp. 600,000
-------------------------------------------------------------------- ------------
Total 7,121,513
-------------------------------------------------------------------- ------------
FINANCIAL--15.4%
--------------------------------------------------------------------
58,000 * American Annuity Group, Inc. 536,500
--------------------------------------------------------------------
28,500 American Federal Bank--FSB 306,375
--------------------------------------------------------------------
37,500 Amvestors Financial Corp. 339,844
--------------------------------------------------------------------
22,500 BSB Bancorp, Inc. 534,375
--------------------------------------------------------------------
27,000 * Bank of New Hampshire Corp. 509,625
--------------------------------------------------------------------
47,000 Coast Savings Financial, Inc. 640,375
--------------------------------------------------------------------
22,400 Co-operative Bank, Concord 392,000
--------------------------------------------------------------------
65,000 * Crown American Realty 934,375
--------------------------------------------------------------------
24,700 D & N Financial Corp. 74,100
--------------------------------------------------------------------
74,000 D & N Savings Financial Corp. 610,500
--------------------------------------------------------------------
</TABLE>
SHAWMUT SMALL CAPITALIZATION EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- -------------------------------------------------------------------- ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ---------------------------------------------------------------------------------------
FINANCIAL--CONTINUED
--------------------------------------------------------------------
15,000 Eaton Vance Corp. $ 461,250
--------------------------------------------------------------------
10,000 First American Corp., Tennessee 313,750
--------------------------------------------------------------------
45,900 Foothill Group, Inc. 631,125
--------------------------------------------------------------------
34,800 * Home State Holdings, Inc. 504,600
--------------------------------------------------------------------
23,780 Integon Corp. 457,765
--------------------------------------------------------------------
12,200 Kansas City Life Insurance Co. 564,250
--------------------------------------------------------------------
33,800 Life Partners Group, Inc. 583,050
--------------------------------------------------------------------
48,000 Magna Group, Inc. 900,000
--------------------------------------------------------------------
22,200 Monaco Financial, Inc. 191,475
--------------------------------------------------------------------
10,200 NBB Bancorp Inc. 437,325
--------------------------------------------------------------------
14,100 North American Mortgage Co. 343,687
--------------------------------------------------------------------
24,000 ONBANCORP, Inc. 708,000
--------------------------------------------------------------------
3,060 Pacific Crest Capital, Inc. 18,360
--------------------------------------------------------------------
74,400 * Payco American Corp. 688,200
--------------------------------------------------------------------
30,000 Penncorp Financial Group, Inc. 435,000
--------------------------------------------------------------------
41,500 Poe & Brown 798,875
--------------------------------------------------------------------
17,946 Portsmouth BankShares, Inc. 192,919
--------------------------------------------------------------------
40,000 Security Connecticut 790,000
--------------------------------------------------------------------
30,900 SEI Corp. 733,875
--------------------------------------------------------------------
27,500 Selective Insurance Group, Inc. 680,625
--------------------------------------------------------------------
36,750 Southwest Securities Group, Inc. 275,625
--------------------------------------------------------------------
36,000 USBancorp, Inc. 814,500
--------------------------------------------------------------------
17,000 United Missouri Bancshares, Inc. 599,250
--------------------------------------------------------------------
34,000 Victoria Bankshares, Inc. 816,000
-------------------------------------------------------------------- ------------
Total 17,817,575
-------------------------------------------------------------------- ------------
MISCELLANEOUS--3.6%
--------------------------------------------------------------------
48,750 ADVO, Inc. 847,031
--------------------------------------------------------------------
15,000 * CDI Corp. 210,000
--------------------------------------------------------------------
20,000 Gilbert Associates, Inc. 355,000
--------------------------------------------------------------------
11,000 * Harding Associates, Inc. 71,500
--------------------------------------------------------------------
7,000 Northland Cranberries, Inc. 129,500
--------------------------------------------------------------------
15,000 * Res Care, Inc. 285,000
--------------------------------------------------------------------
44,500 Thomas Group, Inc. 634,125
--------------------------------------------------------------------
68,200 * Unitog Co. 1,653,850
-------------------------------------------------------------------- ------------
Total 4,186,006
-------------------------------------------------------------------- ------------
</TABLE>
SHAWMUT SMALL CAPITALIZATION EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- -------------------------------------------------------------------- ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ---------------------------------------------------------------------------------------
TECHNOLOGY--22.9%
--------------------------------------------------------------------
57,500 * Acxiom Corp. $ 1,150,000
--------------------------------------------------------------------
22,400 * Adaptec, Inc. 352,800
--------------------------------------------------------------------
40,000 * American Management Systems, Inc. 810,000
--------------------------------------------------------------------
36,500 * Analogic Corp. 602,250
--------------------------------------------------------------------
39,100 * Ask Group, Inc. 356,788
--------------------------------------------------------------------
43,200 * Autoinfo, Inc. 156,600
--------------------------------------------------------------------
15,500 * Babbage's Inc. 147,250
--------------------------------------------------------------------
24,000 BGS Systems, Inc. 498,000
--------------------------------------------------------------------
20,000 * Benchmark Electronics, Inc. 505,000
--------------------------------------------------------------------
34,000 * Bisys Group, Inc. 616,250
--------------------------------------------------------------------
41,600 * Boole & Babbage, Inc. 1,123,200
--------------------------------------------------------------------
26,000 * CEM Corp. 292,500
--------------------------------------------------------------------
69,400 * Cognos, Inc. 798,100
--------------------------------------------------------------------
51,700 Comptek Research, Inc. 723,800
--------------------------------------------------------------------
107,500 Computer Task Group, Inc. 900,313
--------------------------------------------------------------------
37,400 * Comshare, Inc. 439,450
--------------------------------------------------------------------
15,000 * Concord EFS, Inc. 307,500
--------------------------------------------------------------------
40,000 * Continuum, Inc. 830,000
--------------------------------------------------------------------
14,500 * Cycare Systems, Inc. 148,625
--------------------------------------------------------------------
18,360 * Detection Systems, Inc. 160,650
--------------------------------------------------------------------
20,900 * Emulex Corp. 101,887
--------------------------------------------------------------------
14,500 * Evans & Sutherland Computer Co. 239,250
--------------------------------------------------------------------
20,000 Gelman Sciences, Inc. 317,500
--------------------------------------------------------------------
70,000 * Giga Tronics, Inc. 455,000
--------------------------------------------------------------------
12,000 Greiner Engineering, Inc. 165,000
--------------------------------------------------------------------
87,500 Hogan Systems, Inc. 885,937
--------------------------------------------------------------------
37,500 * IMRS, Inc. 871,875
--------------------------------------------------------------------
30,000 Intercargo Corp. 300,000
--------------------------------------------------------------------
40,000 * Interleaf, Inc. 275,000
--------------------------------------------------------------------
22,700 * Interphase Corp. 110,663
--------------------------------------------------------------------
52,500 * Intersolv, Inc. 564,375
--------------------------------------------------------------------
570 ISCO, Inc. 5,700
--------------------------------------------------------------------
19,700 * K-Tron International, Inc. 169,912
--------------------------------------------------------------------
22,900 Keithley Instruments, Inc. 234,725
--------------------------------------------------------------------
33,500 * Kent Electronic Corp. 979,875
--------------------------------------------------------------------
</TABLE>
SHAWMUT SMALL CAPITALIZATION EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- -------------------------------------------------------------------- ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ---------------------------------------------------------------------------------------
TECHNOLOGY--CONTINUED
--------------------------------------------------------------------
14,450 * Lattice Semi-conductor Corp. $ 249,262
--------------------------------------------------------------------
32,700 * Legent Corp. 1,034,137
--------------------------------------------------------------------
32,000 * MDL Information Systems, Inc. 240,000
--------------------------------------------------------------------
20,500 Mac-Neal Schwendler Corp. 258,812
--------------------------------------------------------------------
30,000 * Microcom, Inc. 165,000
--------------------------------------------------------------------
30,000 Nashua Corp. 787,500
--------------------------------------------------------------------
24,000 National Computer Systems, Inc. 270,000
--------------------------------------------------------------------
48,000 National Data Corp. 852,000
--------------------------------------------------------------------
38,500 * NetFRAME Systems, Inc. 442,750
--------------------------------------------------------------------
96,200 * Network Systems Corp. 673,400
--------------------------------------------------------------------
54,000 * PDA Engineering 168,750
--------------------------------------------------------------------
42,000 * Phoenix Technology Ltd. 215,250
--------------------------------------------------------------------
20,900 * Qlogic Corp. 99,275
--------------------------------------------------------------------
14,900 * Quantum Corp. 263,544
--------------------------------------------------------------------
32,600 * Softech, Inc. 224,125
--------------------------------------------------------------------
72,701 * Sterling Software, Inc. 2,126,504
--------------------------------------------------------------------
14,700 * Symix Systems, Inc. 128,625
--------------------------------------------------------------------
16,600 Tektronix, Inc. 502,150
--------------------------------------------------------------------
15,000 * Telebit Corp. 168,750
--------------------------------------------------------------------
8,500 Tseng Labs, Inc. 62,688
--------------------------------------------------------------------
46,400 * Unitrode Corp. 719,200
--------------------------------------------------------------------
27,625 Warner Insurance Services, Inc. 93,234
--------------------------------------------------------------------
25,000 * Zygo Corp. 178,125
-------------------------------------------------------------------- ------------
Total 26,518,856
-------------------------------------------------------------------- ------------
</TABLE>
SHAWMUT SMALL CAPITALIZATION EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- -------------------------------------------------------------------- ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ---------------------------------------------------------------------------------------
TRANSPORTATION/SERVICE--1.7%
--------------------------------------------------------------------
20,000 Arnold Industries, Inc. $ 360,000
--------------------------------------------------------------------
19,300 * Builders Transportation, Inc. 270,200
--------------------------------------------------------------------
28,875 * Cannon Express, Inc., Class A 324,444
--------------------------------------------------------------------
16,875 * Cannon Express, Inc., Class B 194,063
--------------------------------------------------------------------
13,000 Delta Queen Steamboat 191,750
--------------------------------------------------------------------
50,000 Intertrans Corp. 675,000
-------------------------------------------------------------------- ------------
Total 2,015,457
-------------------------------------------------------------------- ------------
UTILITIES--0.3%
--------------------------------------------------------------------
20,000 Middlesex Water Co. 340,000
-------------------------------------------------------------------- ------------
TOTAL COMMON STOCKS (IDENTIFIED COST, $104,386,569) 105,308,598
-------------------------------------------------------------------- ------------
MUTUAL FUND SHARES--8.9%
- ---------------------------------------------------------------------------------------
4,658,725 Dreyfus Cash Management 4,658,725
--------------------------------------------------------------------
5,676,557 Fidelity Institutional Cash Money Market Fund 5,676,557
-------------------------------------------------------------------- ------------
TOTAL MUTUAL FUND SHARES (AT NET ASSET VALUE) 10,335,282
-------------------------------------------------------------------- ------------
TOTAL INVESTMENTS (IDENTIFIED COST $114,721,851) $115,643,880+
-------------------------------------------------------------------- ------------
</TABLE>
* Non-income producing.
+ The cost of investments for federal tax purposes amounts to $114,721,851. The
net unrealized appreciation amounts to $922,029, which is comprised of
$13,620,549 appreciation and $12,698,520 depreciation at April 30, 1994.
Note: The categories of investments are shown as a percentage of net assets
($116,035,860) at April 30, 1994.
(See Notes which are an integral part of the Financial Statements)
SHAWMUT CONNECTICUT MUNICIPAL MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS
APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CREDIT
RATING
PRINCIPAL MOODY'S
AMOUNT OR S&P'S* VALUE
- ---------- ---------- -----------
<C> <S> <C> <C>
SHORT-TERM MUNICIPAL SECURITIES--90.6%
- --------------------------------------------------------------------------
CONNECTICUT--85.9%
------------------------------------------------------------
$4,965,000 Berlin, CT, 2.09%, BANs, 6/15/94 A1 $ 4,965,306
------------------------------------------------------------
1,600,000 Chesire, CT, 2.41%, BANs, 8/11/94 AA 1,600,210
------------------------------------------------------------
750,000 Connecticut State, 5.25%, (Series A), 6/15/94-12/15/94 Aa 757,541
------------------------------------------------------------
7,000,000 Connecticut State Development Authority, Weekly VRDNs,
(Connecticut Lighting & Power Co.)/(Deutsche Bank) VMIG1 7,000,000
------------------------------------------------------------
1,500,000 Connecticut State Development Authority Health Care, Weekly
VRDNs, (Credit Commercial De France) VMIG1 1,500,000
------------------------------------------------------------
1,000,000 Connecticut State HEFA, Revenue Bonds, 4.50%, (Yale New
Haven Hospital)/(Series G)/(MBIA Insured), 7/1/94 AAA 1,003,308
------------------------------------------------------------
1,000,000 Connecticut State HFA, 2.65%, (Housing Mortgage Finance),
Mandatory Put 5/16/94 VMIG1 1,550,204
------------------------------------------------------------
150,000 Connecticut State HFA, 5.30%, (Series B), 11/15/94 A 151,024
------------------------------------------------------------
3,000,000 Connecticut State Special Assessment Unemployment
Compensation Advance Fund, 3.00%, Revenue Bonds, (Series
C)/(FGIC Insured), Mandatory Put 7/1/94 AAA 3,003,943
------------------------------------------------------------
1,000,000 Connecticut State Special Assessment Unemployment
Compensation Advance Fund Revenue Bonds, Weekly VRDNs
(Series B)/(Industrial Bank of Japan/Mitsubishi LOCs) VMIG1 1,000,000
------------------------------------------------------------
2,500,000 Connecticut State Special Tax Obligations, Weekly VRDNs,
Revenue Bonds, (Industrial Bank of Japan, LOC) VMIG1 2,500,000
------------------------------------------------------------
514,000 Danbury, CT, 2.16%, BANs, 7/8/94 AA 514,038
------------------------------------------------------------
450,000 Danbury, CT, 6.40%, GO Bonds, 2/1/95 AA 454,072
------------------------------------------------------------
300,000 East Lyme, CT, 2.57%, 8/5/94 A1 300,000
------------------------------------------------------------
700,000 Lebanon, CT, 2.74%, 7/15/94 A1 705,198
------------------------------------------------------------
1,500,000 Manchester, CT, 2.24%, GO BANs, 7/15/94 Aa 1,500,028
------------------------------------------------------------
1,675,000 New Milford, CT, 9.00%, BANs, 8/18/94 AA 1,675,196
------------------------------------------------------------
</TABLE>
SHAWMUT CONNECTICUT MUNICIPAL MONEY MARKET FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CREDIT
PRINCIPAL RATING
AMOUNT MOODY'S
OR SHARES OR S&P'S* VALUE
- ---------- ---------- -----------
<C> <S> <C> <C>
SHORT-TERM MUNICIPAL SECURITIES--CONTINUED
- --------------------------------------------------------------------------
CONNECTICUT--CONTINUED
------------------------------------------------------------
545,000 Norwalk, CT, 8.00%, (Series 1985), 1/1/95 AA+ $ 545,115
------------------------------------------------------------
500,000 Norwalk, CT, 9.00%, Capital Improvement UT Bonds, 6/15/94 Aa-1 503,736
------------------------------------------------------------ -----------
Total 31,228,919
------------------------------------------------------------ -----------
PUERTO RICO--4.7%
------------------------------------------------------------
1,700,000 Puerto Rico Commonwealth Highway & Transportation, Weekly
VRDNs Revenue Bond, (Union Bank of Switzerland, LOC) VMIG1 1,700,000
------------------------------------------------------------ -----------
TOTAL SHORT-TERM MUNICIPAL SECURITIES 32,928,919
------------------------------------------------------------ -----------
MUTUAL FUND SHARES--8.8%
- --------------------------------------------------------------------------
1,566,346 CMA Connecticut Municipal Money Market Fund 1,566,346
------------------------------------------------------------
1,627,093 Dreyfus Connecticut Municipal Money Market Fund 1,627,093
------------------------------------------------------------ -----------
TOTAL MUTUAL FUND SHARES (AT NET ASSET VALUE) 3,193,439
------------------------------------------------------------ -----------
TOTAL INVESTMENTS (AT AMORTIZED COST AND VALUE) $36,122,358+
------------------------------------------------------------ -----------
</TABLE>
+ Also represents cost for federal tax purposes.
* Please refer to the appendix of the Statement of Additional Information for an
explanation of the credit ratings.
Note: The categories of investments are shown as a percentage of net assets
($36,364,525) at April 30, 1994.
The following abbreviations are used in this portfolio:
<TABLE>
<S> <C>
BANs -- Bonds Anticipation Notes
GO -- General Obligations
FGIC -- Financial Guaranty Insurance Company
HEFA -- Health and Education Facilities Authority
HFA -- Housing Finance Authority/Agency
LOC -- Letter of Credit
MBIA -- Municipal Bond Investors Assurance
UT -- Unlimited Tax
VRDNs -- Variable Rate Demand Notes
</TABLE>
(See Notes which are an integral part of the Financial Statements)
SHAWMUT MASSACHUSETTS MUNICIPAL
MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS
APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CREDIT
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- ---------- ------------------------------------------------------------- --------- -----------
<C> <S> <C> <C>
SHORT-TERM MUNICIPAL SECURITIES--95.8%
- ---------------------------------------------------------------------------
MASSACHUSETTS--92.7%
-------------------------------------------------------------
$ 600,000 Andover, MA, 2.22%, State Aid Anticipation Notes, 7/20/94 AA $ 606,064
-------------------------------------------------------------
995,000 Boston, MA, 4.00%, GO Refunding Bonds (Series A)/
(AMBAC Insured), 7/1/94 AAA 997,603
-------------------------------------------------------------
500,000 Boxborough, MA, 2.55%, TANs, 5/18/94 A-1 500,034
-------------------------------------------------------------
1,000,000 Edgartown, MA, 2.57%, BANs, 8/18/94 A 1,000,174
-------------------------------------------------------------
1,400,000 Everett, MA, 2.57%, RANs, 5/12/94 A 1,400,111
-------------------------------------------------------------
613,631 Framingham, MA, 2.36%, State Aid Anticipation Notes, 7/8/94 AA 613,676
-------------------------------------------------------------
500,000 Gloucester, MA, 4.50%, GO Refunding Bonds (Series D)/
(Amro Bank LOC)/(Callable 6/1/94 @ 100)/(FSA Insured) AAA 504,220
-------------------------------------------------------------
600,000 Lincoln, MA, 2.64%, BANs, 7/6/94 Aa1 600,147
-------------------------------------------------------------
3,300,000 Massachusetts Bay Transportation Authority, 3.00%, CP, (Amro
Bank LOC)/(Industrial Bank of Japan LOC), 6/10/94 VMIG1 3,300,000
-------------------------------------------------------------
3,200,000 Massachusetts State, Daily VRDNs (Series D)/(Amro Bank LOC) VMIG1 3,200,000
-------------------------------------------------------------
4,000,000 Massachusetts State HEFA, Weekly VRDNs (Brigham & Women's
Hospital)/(Series A)/(Sanwa Bank Ltd. LOC) Aa 4,000,000
-------------------------------------------------------------
700,000 Massachusetts State HEFA, 2.45%, CP, Revenue Refunding Bonds,
(Tufts University)/(Series E)/(First National Bank of Chicago
LOC)/(Callable 8/1/94 @ 100), 5/17/94 VMIG1 700,000
-------------------------------------------------------------
1,000,000 Massachusetts State HEFA, Weekly VRDNs, Revenue Bonds (Series
G-1)/(Credit Suisse, NY)/(MBIA Insured) AAA 1,000,000
-------------------------------------------------------------
100,000 Massachusetts State HEFA, Daily VRDNs, Revenue Refunding
Bonds (Williams College)/(Series E)/(Callable 8/1/94 @ 100) Aa1/AA+ 100,000
-------------------------------------------------------------
4,700,000 Massachusetts State Industrial Finance Agency, Weekly VRDNs,
Resource Recovery Revenue Bonds (Ogden Haverhill)/
(Project A)/(Union Bank of Switzerland LOC) VMIG1 4,700,000
-------------------------------------------------------------
500,000 Natick MA, 2.58%, BANs, 9/2/94 A1 500,131
-------------------------------------------------------------
530,900 Scituate, MA, 2.24%, State Aid Anticipation Notes, 6/15/94 AA 530,944
-------------------------------------------------------------
425,000 Sharon, MA, 5.50%, GO Bonds, 7/15/94 AA 427,872
-------------------------------------------------------------
800,000 South Essex, MA, Sewer District, 2.75%, Temporary Notes,
6/17/94 A 800,473
-------------------------------------------------------------
1,400,000 Stoughton, MA, 2.50%, RANs, 5/6/94 A1 1,400,018
-------------------------------------------------------------
</TABLE>
SHAWMUT MASSACHUSETTS MUNICIPAL
MONEY MARKET FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CREDIT
PRINCIPAL RATING:
AMOUNT MOODY'S
OR SHARES OR S&P* VALUE
- ---------- ------------------------------------------------------------- --------- -----------
<C> <S> <C> <C>
SHORT-TERM MUNICIPAL SECURITIES--CONTINUED
- ---------------------------------------------------------------------------
MASSACHUSETTS--CONTINUED
-------------------------------------------------------------
$ 700,000 Westborough, MA, 2.29%, State Aid Anticipation Notes, 7/21/94 AA $ 700,122
-------------------------------------------------------------
1,400,000 Weston, MA, 2.43%, BANs, 8/3/94 Aaa 1,400,209
-------------------------------------------------------------
1,000,000 Yarmouth, MA, 2.23%, BANs, 6/20/94 A-1 1,000,105
------------------------------------------------------------- -----------
Total 29,981,903
------------------------------------------------------------- -----------
PUERTO RICO--3.1%
-------------------------------------------------------------
1,000,000 Puerto Rico Commonwealth, 3.00%, TANs & RANs (Series A),
7/29/94 MIG1 1,001,275
------------------------------------------------------------- -----------
TOTAL SHORT-TERM MUNICIPAL SECURITIES 30,983,178
------------------------------------------------------------- -----------
MUTUAL FUND SHARES--4.1%
- ---------------------------------------------------------------------------
491,189 CMA Massachusetts Municipal Money Market Fund 491,189
-------------------------------------------------------------
841,097 Dreyfus Massachusetts Municipal Money Market Fund 841,097
------------------------------------------------------------- -----------
TOTAL MUTUAL FUND SHARES (AT NET ASSET VALUE) 1,332,286
------------------------------------------------------------- -----------
TOTAL INVESTMENTS (AT AMORTIZED COST & VALUE) $32,315,464+
------------------------------------------------------------- -----------
</TABLE>
+ Also represents cost for federal tax purposes.
* Please refer to the Appendix of the Statement of Additional Information for an
explanation of the credit ratings.
Note: The categories of investments are shown as a percentage of net assets
($32,343,557) at April 30, 1994.
The following abbreviations are used in this portfolio:
<TABLE>
<S> <C>
AMBAC -- American Municipal Bond Assurance Corporation
BANs -- Bond Anticipation Notes
CP -- Commercial Paper
FSA -- Financial Security Assurance
GO -- General Obligation
HEFA -- Health and Educational Facilities Authority
LOC -- Line of Credit
MBIA -- Municipal Bond Investors Assurance
RANs -- Revenue Anticipation Notes
TANs -- Tax Anticipation Notes
VRDNs -- Variable Rate Demand Notes
</TABLE>
(See Notes which are an integral part of the Financial Statements)
SHAWMUT PRIME MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS
APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<C> <C> <S> <C>
CERTIFICATES OF DEPOSIT--3.8%
- ----------------------------------------------------------------------------------------
$10,000,000 Old Kent Bank & Trust Co., 3.48%, 5/17/94 $ 10,000,000
--------------------------------------------------------------------
10,000,000 Old Kent Bank & Trust Co., 3.68%, 5/13/94 10,000,000
-------------------------------------------------------------------- ------------
TOTAL CERTIFICATES OF DEPOSIT 20,000,000
-------------------------------------------------------------------- ------------
*COMMERCIAL PAPER--68.1%
- ----------------------------------------------------------------------------------------
AUTOMOTIVE--4.0%
--------------------------------------------------------------------
21,000,000 General Motors Acceptance Corp., 3.67%-4.05%, 5/26/94-6/20/94 20,920,132
-------------------------------------------------------------------- ------------
COMPUTER--2.6%
--------------------------------------------------------------------
14,000,000 Hewlett-Packard Co., 3.75%, 5/23/94 13,967,917
-------------------------------------------------------------------- ------------
FINANCE-AUTOMOTIVE--11.1%
--------------------------------------------------------------------
25,000,000 Ford Motor Credit Co., 3.63%-4.05%, 5/5/94-7/5/94 24,922,854
--------------------------------------------------------------------
14,000,000 General Electric Capital Corp., 3.60%-4.05%, 5/31/94-7/18/94 13,917,575
--------------------------------------------------------------------
20,000,000 Toyota Motor Credit Corp., 3.62%-3.70%, 5/6/94-5/12/94 19,983,800
-------------------------------------------------------------------- ------------
Total 58,824,229
-------------------------------------------------------------------- ------------
FINANCE--COMMERCIAL--4.5%
--------------------------------------------------------------------
19,000,000 Cargill Inc., 3.60%, 5/6/94 18,990,500
--------------------------------------------------------------------
5,000,000 Sanwa Business Credit Corp., 3.18%, 5/3/94 4,999,117
-------------------------------------------------------------------- ------------
Total 23,989,617
-------------------------------------------------------------------- ------------
FINANCIAL--RETAIL--12.8%
--------------------------------------------------------------------
20,000,000 American Express Credit Corp., 3.70%, 5/5/94 19,991,778
--------------------------------------------------------------------
23,000,000 Commercial Credit Corp., 3.62%-3.72%, 5/6/94-5/12/94 22,979,275
--------------------------------------------------------------------
25,000,000 Merrill Lynch & Co. Inc., 3.60%-4.08%, 5/13/94-7/18/94 24,927,850
-------------------------------------------------------------------- ------------
Total 67,898,903
-------------------------------------------------------------------- ------------
FOOD & BEVERAGE--4.7%
--------------------------------------------------------------------
25,000,000 Phillip Morris Cos., Inc., 3.60%-4.08%, 5/11/94-7/25/94 24,869,102
-------------------------------------------------------------------- ------------
FUNDING CORPORATION--6.6%
--------------------------------------------------------------------
15,000,000 B.A.T. Capital Corp., 3.59%-3.63%, 5/9/94-5/16/94 14,984,454
--------------------------------------------------------------------
20,000,000 Barclays U.S. Funding Corp., 3.88%, 6/28/94 19,874,978
-------------------------------------------------------------------- ------------
Total 34,859,432
-------------------------------------------------------------------- ------------
INSURANCE--1.9%
--------------------------------------------------------------------
10,000,000 AIG Funding, Inc., 3.58%, 5/16/94 9,985,083
-------------------------------------------------------------------- ------------
PHARMACEUTICAL--2.3%
--------------------------------------------------------------------
12,000,000 Schering Corp., 3.92%, 6/27/94 11,925,520
-------------------------------------------------------------------- ------------
</TABLE>
SHAWMUT PRIME MONEY MARKET FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
OR SHARES VALUE
- ----------- -------------------------------------------------------------------- ------------
<C> <C> <S> <C>
COMMERCIAL PAPER--CONTINUED
- ----------------------------------------------------------------------------------------
REAL ESTATE--9.5%
--------------------------------------------------------------------
$25,000,000 PHH Corp., 3.62%-3.67%, 5/6/94-5/12/94 $ 24,980,100
--------------------------------------------------------------------
25,300,000 Hilton Hotels Corp., 3.68%-3.72%, 5/10/94-5/17/94 25,263,284
-------------------------------------------------------------------- ------------
Total 50,243,384
-------------------------------------------------------------------- ------------
OIL AND FINANCE--1.9%
--------------------------------------------------------------------
10,000,000 Chevron Oil Finance Co., 3.93%, 6/21/94 9,934,500
-------------------------------------------------------------------- ------------
TELECOMMUNICATIONS--6.2%
--------------------------------------------------------------------
18,000,000 American Telephone & Telegraph Co., 3.10%-4.00%, 5/3/94-7/13/94 17,938,843
--------------------------------------------------------------------
15,000,000 Bell Atlantic Network Funding Corp., 3.92%, 6/22/94 14,915,067
-------------------------------------------------------------------- ------------
Total 32,853,910
-------------------------------------------------------------------- ------------
TOTAL COMMERCIAL PAPER 360,271,729
-------------------------------------------------------------------- ------------
GOVERNMENT OBLIGATIONS--22.7%
- ----------------------------------------------------------------------------------------
38,000,000 Federal Home Loan Bank Discount Notes, 3.28%-4.29%, 6/29/94-3/23/95 37,635,260
--------------------------------------------------------------------
4,875,000 Federal Home Loan Bank, 9.00%, 3/27/95 5,062,307
--------------------------------------------------------------------
53,000,000 Federal National Mortgage Association Discount Notes, 3.21%-4.01%,
7/25/94-10/17/94 52,425,267
--------------------------------------------------------------------
5,000,000 Federal Farm Credit Bank, 3.83%, 3/1/95 4,980,318
--------------------------------------------------------------------
20,000,000 U.S. Treasury Bills, 7/28/94-11/17/94 19,738,436
-------------------------------------------------------------------- ------------
TOTAL GOVERNMENT OBLIGATIONS 119,841,588
-------------------------------------------------------------------- ------------
** VARIABLE RATE INSTRUMENTS--1.6%
- ----------------------------------------------------------------------------------------
8,607,000 General Electric Capital Corp., 3.72%, Master Note, 1/1/2020 8,607,000
-------------------------------------------------------------------- ------------
MUTUAL FUND SHARES--3.8%
- ----------------------------------------------------------------------------------------
1,114,011 Dreyfus Cash Management 1,114,011
--------------------------------------------------------------------
19,215,206 Fidelity Institutional Cash Money Market Fund 19,215,206
-------------------------------------------------------------------- ------------
TOTAL MUTUAL FUND SHARES (AT NET ASSET VALUE) 20,329,217
-------------------------------------------------------------------- ------------
TOTAL INVESTMENTS, AMORTIZED COST AND VALUE $529,049,534+
-------------------------------------------------------------------- ------------
+ Also represents cost for federal tax purposes.
* Each issue shows the rate of discount at the time of purchase for discount issues.
** Current rate and next demand date shown.
</TABLE>
Note: The categories of investments are shown as a percentage of net assets
($528,316,254) at April 30, 1994.
(See Notes which are an integral part of the Financial Statements)
THE SHAWMUT FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CONNECTICUT GROWTH AND
INTERMEDIATE FIXED INCOME GROWTH
MUNICIPAL INCOME EQUITY EQUITY
INCOME FUND FUND FUND FUND
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------
ASSETS:
Investments in securities, at value (Note
2A) $8,066,531 $103,119,706 $171,369,950 $23,507,821
Cash -- 2,961,422 -- --
Interest receivable 127,981 1,540,665 29,530 2,606
Receivable for Fund shares sold 1,007 136,998 238,321 51,086
Receivable for investments sold -- -- 660,638 176,000
Dividends receivable -- -- 241,785 12,052
Prepaid/deferred expenses (Note 2F) 3,141 34,579 50,697 14,597
- -------------------------------------------------------------------------------------------------------------
Total assets 8,198,660 107,793,370 172,590,921 23,764,162
- -------------------------------------------------------------------------------------------------------------
LIABILITIES:
Payable for investments purchased -- 3,648,317 1,013,800 35,193
Payable for Fund shares redeemed 3,000 97,795 79,070 58,305
Payable to Bank -- -- 51,406 13,795
Payable for dollar roll transactions -- 4,624,051 -- --
Payable for put and call options written, at
market value (Note 2G) -- 18,125 -- --
Accrued expenses and other liabilities 23,293 1,787 31,375 26,831
- -------------------------------------------------------------------------------------------------------------
Total liabilities 26,293 8,390,075 1,175,651 134,124
- -------------------------------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in-capital 8,598,030 104,203,437 166,867,168 23,589,377
Net unrealized appreciation (depreciation)
of investments (415,392) (5,065,613)+ (436,022) (160,834)
Accumulated net realized gain (loss) on
investments (19,811) 150,469 4,824,077 196,537
Undistributed net investment income 9,540 115,002 160,047 4,958
- -------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS $8,172,367 $ 99,403,295 $171,415,270 $23,630,038
- -------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, and redemption price per
share: (net assets/shares outstanding)
Trust Shares $ -- $ 9.66 $ 10.41 $ 9.98
Investment Shares $ 9.68 $ 9.66 $ 10.41 $ 9.98
- -------------------------------------------------------------------------------------------------------------
Offering Price Per Share++
Trust Shares $ -- $ 9.66 $ 10.41 $ 9.98
Investment Shares $ 9.88 * $ 9.86* $ 10.84** $ 10.40**
- -------------------------------------------------------------------------------------------------------------
SHARES OUTSTANDING:
Trust Shares -- 9,222,090 14,639,140 1,817,487
Investment Shares 844,458 1,063,819 1,831,111 550,867
- -------------------------------------------------------------------------------------------------------------
TOTAL SHARES OUTSTANDING 844,458 10,285,909 16,470,251 2,368,354
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
Investments, at identified cost $8,481,923 $108,190,099 $171,805,972 $23,668,655
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
</TABLE>
+ Includes net unrealized appreciation for options of $4,780 (Note 2G).
++ See "What Shares Cost" in the prospectus.
* Computation of Offering Price: 100/98 of net asset value.
** Computation of Offering Price: 100/96 of net asset value.
(See Notes which are an integral part of the Financial Statements)
THE SHAWMUT FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MASSACHUSETTS
INTERMEDIATE LIMITED INTERMEDIATE SMALL
GOVERNMENT TERM MUNICIPAL CAPITALIZATION
INCOME INCOME INCOME EQUITY
FUND FUND FUND FUND
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------
ASSETS:
Investments in securities, at value (Note
2A) $80,392,538 $74,782,790 $ 6,066,365 $115,643,880
Interest receivable 1,318,738 934,847 93,280 21,532
Receivable for Fund shares sold 24,937 8,309 4,844 167,982
Receivable for investments sold 1,127,883 -- -- 161,494
Dividends receivable -- -- -- 51,895
Prepaid/deferred expenses (Note 2F) 28,233 34,090 1,892 38,486
- -----------------------------------------------------------------------------------------------------------------
Total assets 82,892,329 75,760,036 6,166,381 116,085,269
- -----------------------------------------------------------------------------------------------------------------
LIABILITIES:
Payable for investments purchased 56,184 3,051,877 -- 23,386
Payable for Fund shares redeemed -- 53,320 -- --
Payable to Bank -- -- 12,630 1,163
Payable for dollar roll transactions 4,624,051 4,624,051 -- --
Payable for call options written, at market
value (Note 2G) 13,750 -- -- --
Accrued expenses and other liabilities 1,181 -- 19,646 24,860
- -----------------------------------------------------------------------------------------------------------------
Total liabilities 4,695,166 7,729,248 32,276 49,409
- -----------------------------------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in-capital 81,997,089 71,041,641 6,424,404 111,116,333
Net unrealized appreciation (depreciation)
of investments (3,962,086 )+ (1,703,740) (301,877) 922,029
Accumulated net realized gain (loss) on
investments 58,946 (1,389,601) 6,504 3,960,099
Undistributed net investment income 103,214 82,488 5,074 37,399
- -----------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS $78,197,163 $68,030,788 $ 6,134,105 $116,035,860
- -----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, and redemption price per
share: (net assets/shares outstanding)
Trust Shares $ 9.64 $ 9.61 $ -- $ 10.55
Investment Shares $ 9.64 $ 9.61 $ 9.67 $ 10.54
- -----------------------------------------------------------------------------------------------------------------
Offering Price Per Share++
Trust Shares $ 9.64 $ 9.61 $ -- $ 10.55
Investment Shares $ 9.84 * $ 9.81* $ 9.87* $ 10.98**
- -----------------------------------------------------------------------------------------------------------------
SHARES OUTSTANDING:
Trust Shares 6,671,758 6,563,514 -- 9,270,895
Investment Shares 1,440,213 518,971 634,264 1,729,251
- -----------------------------------------------------------------------------------------------------------------
TOTAL SHARES OUTSTANDING 8,111,971 7,082,485 634,264 11,000,146
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
Investments, at identified cost $84,364,634 $76,486,530 $ 6,368,242 $114,721,851
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
+ Includes net unrealized appreciation for options of $10,010 (Note 2G).
++ See "What Shares Cost" in the prospectus.
* Computation of Offering Price: 100/98 of net asset value.
** Computation of Offering Price: 100/96 of net asset value.
(See Notes which are an integral part of the Financial Statements)
THE SHAWMUT FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CONNECTICUT MASSACHUSETTS
MUNICIPAL MUNICIPAL
MONEY MONEY MARKET PRIME MONEY
MARKET FUND FUND MARKET FUND
<S> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------
ASSETS:
Investments in securities, at value (Note 2A) $36,122,358 $32,315,464 $529,049,534
Cash -- -- 11,857
Interest receivable 217,625 116,053 280,527
Receivable for Fund shares sold 100,000 -- 239,097
Prepaid/deferred expenses (Note 2F) 2,960 393 85,864
- --------------------------------------------------------------------------------------------------------
Total assets 36,442,943 32,431,910 529,666,879
- --------------------------------------------------------------------------------------------------------
LIABILITIES:
Payable for investments purchased 4,069 19,683 --
Dividends payable 18,792 24,915 1,222,199
Accrued expenses and other liabilities 55,557 43,755 128,426
- --------------------------------------------------------------------------------------------------------
Total liabilities 78,418 88,353 1,350,625
- --------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS $36,364,525 $32,343,557 $528,316,254
- --------------------------------------------------------------------------------------------------------
NET ASSET VALUE, offering and redemption price per
share:
(net assets/shares outstanding)
Trust Shares $ 1.00 $ 1.00 $ 1.00
Investment Shares $ 1.00 -- $ 1.00
- --------------------------------------------------------------------------------------------------------
SHARES OUTSTANDING:
Trust Shares 12,925,338 32,343,557 446,654,391
Investment Shares 23,439,187 -- 81,661,863
- --------------------------------------------------------------------------------------------------------
TOTAL SHARES OUTSTANDING 36,364,525 32,343,557 528,316,254
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
THE SHAWMUT FUNDS
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CONNECTICUT
INTERMEDIATE GROWTH AND
MUNICIPAL FIXED INCOME GROWTH
INCOME INCOME EQUITY EQUITY
FUND FUND FUND FUND
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest income $190,983 $3,442,195* $252,752 $161,302
Dividend income -- -- 2,454,919 20,379
- ---------------------------------------------------------------------------------------------------------
Total income (Note 2C) 190,983 3,442,195 2,707,671 181,681
- ---------------------------------------------------------------------------------------------------------
Expenses:
Investment advisory fee** 29,291 402,396 840,245 124,334
Trustees' Fee** 125 829 1,174 100
Administrative personnel and services fees** 25,000 55,455 92,535 25,000
Custodian fees** 8,323 14,201 18,382 7,066
Transfer and dividend disbursing agent fees and
expenses** 15,445 25,733 30,535 26,756
Fund share registration costs 6,315 13,687 16,046 11,917
Auditing fees 6,702 6,257 5,481 5,117
Legal fees 2,362 7,656 4,914 2,437
Printing and postage 6,786 11,241 3,120 9,007
Portfolio accounting fees** 25,091 28,186 28,778 27,819
Distribution services fee** -- 25,700 45,020 13,004
Miscellaneous 952 9,404 5,239 5,009
- ---------------------------------------------------------------------------------------------------------
Total expenses 126,392 600,745 1,091,946 257,566
Deduct--
Waiver of investment advisory and custodian
fees** 37,614 120,629 194,847 71,967
Waiver of distribution services fee** -- 12,850 22,510 6,502
Reimbursement of other operating expenses** 67,856 -- -- 26,715
- ---------------------------------------------------------------------------------------------------------
Net expenses 20,922 467,266 874,112 152,382
- ---------------------------------------------------------------------------------------------------------
Net investment income 170,061 2,974,929 1,833,559 29,299
- ---------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net realized gain (loss) on investment
transactions (identified cost basis) (19,809) 152,534 4,897,731 226,786
Net change in unrealized appreciation
(depreciation) of investments (488,238) (8,664,651) (5,197,312) (972,977)
- ---------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on
investments (508,047) (8,512,117) (299,581) (746,191)
- ---------------------------------------------------------------------------------------------------------
Change in net assets resulting from
operations ($337,986) ($5,537,188) $1,533,978 ($716,892)
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
</TABLE>
* Net of interest expense of $17,489 (Note 2H).
** See Note 4.
(See Notes which are an integral part of the Financial Statements)
THE SHAWMUT FUNDS
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MASSACHUSETTS
INTERMEDIATE LIMITED INTERMEDIATE SMALL
GOVERNMENT TERM MUNICIPAL CAPITALIZATION
INCOME INCOME INCOME EQUITY
FUND FUND FUND FUND
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest income $2,518,900* $2,096,440* $122,059 $138,356
Dividend income -- -- -- 553,635
- -------------------------------------------------------------------------------------------------------------
Total income (Note 2C) 2,518,900 2,096,440 122,059 691,991
- -------------------------------------------------------------------------------------------------------------
Expenses:
Investment advisory fee** 319,054 282,307 17,977 585,437
Trustees' Fee** 615 506 74 313
Administrative personnel and services fees** 43,927 38,896 25,000 64,470
Custodian fees** 13,069 10,701 8,500 9,796
Transfer and dividend disbursing agent fees and
expenses** 25,642 24,918 13,862 28,267
Fund share registration costs 12,791 12,885 7,293 13,804
Auditing fees 5,510 5,972 6,298 5,296
Legal fees 5,658 6,348 2,735 5,301
Printing and postage 10,395 10,820 6,681 10,025
Portfolio accounting fees** 26,208 26,898 23,955 30,726
Distribution services fee** 37,000 11,995 -- 42,335
Miscellaneous 5,945 6,068 4,658 3,132
- -------------------------------------------------------------------------------------------------------------
Total expenses 505,454 438,314 117,033 798,902
Deduct--
Waiver of investment advisory and custodian
fees** 96,095 83,953 26,477 159,421
Waiver of distribution services fee** 18,500 5,997 -- 21,168
Reimbursement of other operating expenses** -- -- 77,716 --
- -------------------------------------------------------------------------------------------------------------
Net expenses 390,859 348,364 12,840 618,313
- -------------------------------------------------------------------------------------------------------------
Net investment income 2,128,041 1,748,076 109,219 73,678
- -------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net realized gain (loss) on investment
transactions (identified cost basis)- 113,317 (1,078,849) 6,504 3,962,693
Net change in unrealized appreciation
(depreciation) of investments (5,244,595) (1,910,012) (370,503) (7,632,713)
- -------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on
investments (5,131,278) (2,988,861) (363,999) (3,670,020)
- -------------------------------------------------------------------------------------------------------------
Change in net assets resulting from
operations ($3,003,237) ($1,240,785) ($254,780) ($3,596,342)
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
</TABLE>
* Net of interest expense of $17,489 (Note 2H).
** See Note 4.
(See Notes which are an integral part of the Financial Statements)
THE SHAWMUT FUNDS
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CONNECTICUT MASSACHUSETTS
MUNICIPAL MUNICIPAL PRIME
MONEY MONEY MONEY
MARKET MARKET MARKET
FUND FUND FUND
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest income (Note 2C) $332,283 $222,614 $7,650,400
- -------------------------------------------------------------------------------------------------------
Expenses:
Investment advisory fee* 74,298 50,830 1,130,428
Trustees' Fee* 191 40 3,187
Administrative personnel and services fees* 25,000 25,000 246,196
Custodian fees* 6,021 3,658 23,955
Transfer and dividend disbursing agent fees and expenses* 23,811 9,085 40,125
Fund share registration costs 31,929 17,208 95,845
Auditing fees 5,551 5,304 7,943
Legal fees 2,465 3,031 24,454
Printing and postage 8,009 6,994 8,876
Portfolio accounting fees* 25,488 17,739 54,226
Distribution services fee* 49,593 -- 125,565
Miscellaneous 4,990 3,571 11,922
- -------------------------------------------------------------------------------------------------------
Total expenses 257,346 142,460 1,772,722
Deduct--
Waiver of investment advisory and custodian fees* 32,999 16,975 493,923
Waiver of distribution services fee* 24,796 -- 62,990
Waiver of administrative personnel and services* -- -- 93,983
Reimbursement of other operating expenses* 111,401 75,803 81,852
- -------------------------------------------------------------------------------------------------------
Net expenses 88,150 49,682 1,039,974
- -------------------------------------------------------------------------------------------------------
Net investment income $244,133 $172,932 $6,610,426
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
</TABLE>
* See Note 4.
(See Notes which are an integral part of the Financial Statements)
THE SHAWMUT FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CONNECTICUT INTERMEDIATE FIXED GROWTH AND INCOME
MUNICIPAL INCOME FUND INCOME FUND EQUITY FUND
------------------------- ---------------------------- ----------------------------
YEAR ENDED OCTOBER 31, YEAR ENDED OCTOBER 31, YEAR ENDED OCTOBER 31,
1994* 1993** 1994* 1993*** 1994* 1993***
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS--
Net investment income $ 170,061 $ 59,881 $ 2,974,929 $ 4,568,605 $ 1,833,559 $ 2,496,184
Net realized gain (loss) on
investment transactions (19,809) 6,714 152,534 483,546 4,897,731 4,324,678
Change in unrealized appreciation
(depreciation) of investments (488,238) 72,846 (8,664,651) 3,599,038 (5,197,312) 4,761,289
- ------------------------------------------------------------------------------------------------------------------------------
Change in net assets resulting
from operations (337,986) 139,441 (5,537,188) 8,651,189 1,533,978 11,582,151
- ------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
(NOTE 2C)--
Dividends to shareholders from net
investment income:
Trust Shares -- -- (2,625,457) (4,330,490) (1,540,024) (2,334,825)
Investment Shares (160,947) (59,455) (287,240) (185,345) (154,452) (140,395)
Distributions to shareholders from
net realized gain on investment
transactions:
Trust Shares -- -- (436,120) -- (3,938,454) --
Investment Shares (6,715) -- (49,491) -- (459,878) --
- ------------------------------------------------------------------------------------------------------------------------------
Change in net assets from
distributions to shareholders (167,662) (59,455) (3,398,308) (4,515,835) (6,092,808) (2,475,220)
- ------------------------------------------------------------------------------------------------------------------------------
FUND SHARE (PRINCIPAL)
TRANSACTIONS (NOTE 3)--
Net proceeds from sale of shares 3,155,622 7,254,696 16,647,594 113,243,761 24,173,274 173,784,764
Net asset value of shares issued
to shareholders in payment of
dividends declared 99,065 28,457 724,679 150,258 4,533,606 134,568
Cost of shares redeemed (1,864,516) (75,295) (11,068,050) (15,494,805) (16,102,390) (19,656,653)
- ------------------------------------------------------------------------------------------------------------------------------
Change in net assets from Fund
share transactions 1,390,171 7,207,858 6,304,223 97,899,214 12,604,490 154,262,679
- ------------------------------------------------------------------------------------------------------------------------------
Change in net assets 884,523 7,287,844 (2,631,273) 102,034,568 8,045,660 163,369,610
NET ASSETS:
Beginning of period 7,287,844 -- 102,034,568 -- 163,369,610 --
- ------------------------------------------------------------------------------------------------------------------------------
End of period 8,172,367 7,287,844 99,403,295 102,034,568 171,415,270 163,369,610
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
Undistributed net investment
income included in net assets at
end of period $ 9,540 $ 426 $ 115,002 $ 52,770 $ 160,047 $ 20,964
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Six months ended April 30, 1994 (unaudited).
** For the period from June 17, 1993 (date of initial public investment) to
October 31, 1993.
*** For the period from December 14, 1992 (date of initial public investment) to
October 31, 1993.
(See Notes which are an integral part of the Financial Statements)
THE SHAWMUT FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERMEDIATED GOVERNMENT LIMITED TERM
GROWTH EQUITY FUND INCOME FUND INCOME FUND
--------------------------- ---------------------------- ----------------------------
YEAR ENDED OCTOBER 31, YEAR ENDED OCTOBER 31, YEAR ENDED OCTOBER 31,
1994* 1993** 1994* 1993** 1994* 1993**
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS--
Net investment income $ 29,299 $ 51,244 $ 2,128,041 $ 3,210,248 $ 1,748,076 $ 2,844,797
Net realized gain (loss) on
investment transactions 226,786 448,318 113,317 (54,371) (1,078,849) (310,753)
Change in unrealized
appreciation (depreciation) of
investments (972,977) 812,143 (5,244,595) 1,282,509 (1,910,012) 206,272
- ------------------------------------------------------------------------------------------------------------------------------
Change in net assets resulting
from operations (716,892) 1,311,705 (3,003,237) 4,438,386 (1,240,785) 2,740,316
- ------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
(NOTE 2C)--
Dividends to shareholders from
net investment income:
Trust Shares (30,907) (43,156) (1,689,014) (2,921,736) (1,559,235) (2,785,883)
Investment Shares -- (1,522) (366,559) (257,766) (107,356) (57,911)
Distributions to shareholders
from net realized gain on
investment transactions:
Trust Shares (384,883) -- -- -- -- --
Investment Shares (93,684) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
Change in net assets from
distributions to
shareholders (509,474) (44,678) (2,055,573) (3,179,502) (1,666,591) (2,843,794)
- ------------------------------------------------------------------------------------------------------------------------------
FUND SHARE (PRINCIPAL)
TRANSACTIONS (NOTE 3)--
Net proceeds from sale of shares 2,755,397 40,120,471 17,354,414 88,073,925 20,706,953 93,789,581
Net asset value of shares issued
to shareholders in payment of
dividends declared 477,508 1,520 323,264 219,922 84,341 45,667
Cost of shares redeemed (3,794,593) (15,970,926) (10,632,916) (13,341,520) (20,710,585) (22,874,315)
- ------------------------------------------------------------------------------------------------------------------------------
Change in net assets from Fund
share transactions (561,688) 24,151,065 7,044,762 74,952,327 80,709 70,960,933
- ------------------------------------------------------------------------------------------------------------------------------
Change in net assets (1,788,054) 25,418,092 1,985,952 76,211,211 (2,826,667) 70,857,455
NET ASSETS:
Beginning of period 25,418,092 -- 76,211,211 -- 70,857,455 --
- ------------------------------------------------------------------------------------------------------------------------------
End of period 23,630,038 25,418,092 78,197,163 76,211,211 68,030,788 70,857,455
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
Undistributed net investment
income included in net assets
at end of period $ 4,958 $ 6,566 $ 103,214 $ 30,746 $ 82,488 $ 1,003
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Six months ended April 30, 1994 (unaudited).
** For the period from December 14, 1992 (date of initial public investment) to
October 31, 1993.
(See Notes which are an integral part of the Financial Statements)
THE SHAWMUT FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MASSACHUSETTS
INTERMEDIATE SMALL CAPITALIZATION
MUNICIPAL INCOME FUND EQUITY FUND
------------------------ ----------------------------
YEAR ENDED OCTOBER 31, YEAR ENDED OCTOBER 31,
1994* 1993** 1994* 1993***
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS--
Net investment income $ 109,219 $ 38,103 $ 73,678 $ 7,644
Net realized gain (loss) on investment transactions 6,504 -- 3,962,693 3,369,998
Change in unrealized appreciation (depreciation) of
investments (370,503) 68,626 (7,632,713) 8,554,742
- ---------------------------------------------------------------------------------------------------------------
Change in net assets resulting from operations (254,780) 106,729 (3,596,342) 11,932,384
- ---------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2C)--
Dividends to shareholders from net investment
income:
Trust Shares -- -- (36,279) (7,644)
Investment Shares (106,582) (35,666) -- --
Distributions to shareholders from net realized gain
on investment transactions:
Trust Shares -- -- (2,899,114) (7,435)
Investment Shares -- -- (466,043) --
- ---------------------------------------------------------------------------------------------------------------
Change in net assets from distributions to
shareholders (106,582) (35,666) (3,401,436) (15,079)
- ---------------------------------------------------------------------------------------------------------------
FUND SHARE (PRINCIPAL) TRANSACTIONS (NOTE 3)--
Net proceeds from sale of shares 2,930,635 3,946,103 14,368,150 109,180,277
Net asset value of shares issued to shareholders in
payment of dividends declared 59,300 18,392 3,361,444 --
Cost of shares redeemed (503,889) (26,137) (10,091,940) (5,701,598)
- ---------------------------------------------------------------------------------------------------------------
Change in net assets from Fund share transactions 2,486,046 3,938,358 7,637,654 103,478,679
- ---------------------------------------------------------------------------------------------------------------
Change in net assets 2,124,684 4,009,421 639,876 115,395,984
NET ASSETS:
Beginning of period 4,009,421 -- 115,395,984 --
- ---------------------------------------------------------------------------------------------------------------
End of period 6,134,105 4,009,421 116,035,860 115,395,984
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
Undistributed net investment income included in net
assets at end of period $ 5,074 $ 2,437 $ 37,399 $ --
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
* Six months ended April 30, 1994 (unaudited),
** For the period from June 17, 1993 (date of initial public investment) to
October 31, 1993.
*** For the period from December 14, 1992 (date of initial public investment) to
October 31, 1993.
(See Notes which are an integral part of the Financial Statements)
THE SHAWMUT FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CONNECTICUT MUNICIPAL MASSACHUSETTS MUNICIPAL PRIME MONEY
MONEY MARKET FUND MONEY MARKET FUND MARKET FUND
-------------------------- -------------------------- ------------------------------
YEAR ENDED OCTOBER 31, YEAR ENDED OCTOBER 31, YEAR ENDED OCTOBER 31,
1994* 1993** 1994* 1993*** 1994* 1993****
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS--
Net investment income $ 244,133 $ 4,674 $ 172,932 $ 735 $ 6,610,426 $ 6,088,864
- ------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
(NOTE 2C)--
Dividends to shareholders from
net investment income:
Trust Shares (88,427) -- (172,932) (735) (5,927,686) (5,990,070)
Investment Shares (155,706) (4,674) -- -- (682,740) (98,794)
- ------------------------------------------------------------------------------------------------------------------------------
Change in net assets from
distributions to shareholders (244,133) (4,674) (172,932) (735) (6,610,426) (6,088,864)
- ------------------------------------------------------------------------------------------------------------------------------
FUND SHARE (PRINCIPAL)
TRANSACTIONS (NOTE 3)--
Net proceeds from sale of shares 65,220,666 6,678,827 51,466,580 1,236,303 724,423,944 651,556,019
Net asset value of shares issued
to shareholders in payment of
dividends declared 147,933 3,772 90,413 580 666,597 94,351
Cost of shares redeemed (35,586,137) (100,536) (20,450,319) -- (483,383,925) (365,140,732)
- ------------------------------------------------------------------------------------------------------------------------------
Change in net assets from Fund
share transactions 29,782,462 6,582,063 31,106,674 1,236,883 241,706,616 286,509,638
- ------------------------------------------------------------------------------------------------------------------------------
Change in net assets 29,782,462 6,582,063 31,106,674 1,236,883 241,706,616 286,509,638
NET ASSETS:
Beginning of period 6,582,063 -- 1,236,883 -- 286,609,638 100,000
- ------------------------------------------------------------------------------------------------------------------------------
End of period $ 36,364,525 $6,582,063 $ 32,343,557 $1,236,883 $ 528,316,254 $ 286,609,638
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Six months ended April 30, 1994 (unaudited).
** For the period from October 4, 1993 (date of initial public investment) to
October 31, 1993.
*** For the period from October 5, 1993 (date of initial public investment) to
October 31, 1993.
**** Reflect operations for the period from December 14, 1992 (date of initial
public investment) to October 31, 1993. For the period from October 21,
1992 (start of business) to December 13, 1992, net investment income
aggregating $0.004 per share was distributed to Federated Administrative
Services.
(See Notes which are an integral part of the Financial Statements)
SHAWMUT CONNECTICUT INTERMEDIATE
MUNICIPAL INCOME FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER
31,
-------------------
1994* 1993**
<S> <C> <C>
- ----------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $10.24 $10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.20 0.13
Net realized and unrealized gain (loss) on investments (0.56) 0.24
- ----------------------------------------------------------------------------------------------
Total from investment operations (0.36) 0.37
- ----------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends to shareholders from net investment income (0.19) (0.13 )
Distributions to shareholders from net realized gain on investment
transactions (0.01) --
- ----------------------------------------------------------------------------------------------
Total distributions (0.20) (0.13 )
- ----------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $9.68 $10.24
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
TOTAL RETURN + (3.57%) 3.75 %
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
Expenses 0.50%(a) 0.50 %(a)
Net investment income 4.13%(a) 3.80 %(a)
Expense waiver/reimbursement(b) 2.56%(a) 2.33 %(a)
- ----------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $8,172 $7,288
Portfolio turnover rate 26% 8 %
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
</TABLE>
* Six months ended April 30, 1994 (unaudited).
** For the period from June 17, 1993 (date of initial public investment) to
October 31, 1993.
+ Based on net asset value which does not reflect the sales load or contingent
deferred sales charge, if applicable.
(a) Computed on an annualized basis.
(b) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above (Note 4).
(See Notes which are an integral part of the Financial Statements)
SHAWMUT FIXED INCOME FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
--------------------------
TRUST SHARES 1994* 1993**
<S> <C> <C>
- ---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $10.55 $10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.30 0.55
Net realized and unrealized gain (loss) on investments (0.85) 0.55
- ---------------------------------------------------------------------------------------------------------------
Total from investment operations (0.55) 1.10
- ---------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends to shareholders from net investment income (0.29) (0.55 )
Distributions to shareholders from net realized gain on investment transactions (0.05) --
- ---------------------------------------------------------------------------------------------------------------
Total distributions (0.34) (0.55 )
- ---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 9.66 $10.55
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
TOTAL RETURN + (5.31%) 11.26 %
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
Expenses 0.90%(a) 0.85 %(a)
Net investment income 5.95%(a) 6.06 %(a)
Expense waiver/reimbursement(b) 0.24%(a) 0.22 %(a)
- ---------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $89,124 $92,485
Portfolio turnover rate 47% 33 %
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
--------------------------
INVESTMENT SHARES 1994* 1993***
<S> <C> <C>
- ---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $10.55 $10.23
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.29 0.40
Net realized and unrealized gain (loss) on investments (0.85) 0.31
- ---------------------------------------------------------------------------------------------------------------
Total from investment operations (0.56) 0.71
- ---------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends to shareholders from net investment income (0.28) (0.39 )
Distributions to shareholders from net realized gain on investment transactions (0.05) --
- ---------------------------------------------------------------------------------------------------------------
Total distributions (0.33) (0.39 )
- ---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 9.66 $10.55
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
TOTAL RETURN + (5.42%) 7.02 %
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
Expenses 1.15%(a) 1.12 %(a)
Net investment income 5.70%(a) 5.61 %(a)
Expense waiver/reimbursement(b) 0.49%(a) 0.48 %(a)
- ---------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $10,279 $9,550
Portfolio turnover rate 47% 33 %
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
* Six months ended April 30, 1994 (unaudited).
** For the period from December 14, 1992 (date of initial public investment) to
October 31, 1993.
*** For the period from February 12, 1993 (date of initial public offering) to
October 31, 1993.
+ Based on net asset value which does not reflect the sales load or contingent
deferred sales charge, if applicable.
(a) Computed on an annualized basis.
(b) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above (Note 4).
(See Notes which are an integral part of the Financial Statements)
SHAWMUT GROWTH AND INCOME EQUITY FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
--------------------------
TRUST SHARES 1994* 1993**
<S> <C> <C>
- ------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $10.69 $10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.12 0.18
Net realized and unrealized gain (loss) on investments (0.01) 0.69
- ------------------------------------------------------------------------------------------------------------------
Total from investment operations 0.11 0.87
- ------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends to shareholders from net investment income (0.11) (0.18)
Distributions to shareholders from net realized gain on investment transactions (0.28) --
- ------------------------------------------------------------------------------------------------------------------
Total distributions (0.39) (0.18)
- ------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $10.41 $10.69
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
TOTAL RETURN+ 1.04% 8.80 %
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
Expenses 1.01%(a) 0.98 %(a)
Net investment income 2.21%(a) 2.11 %(a)
Expense waiver/reimbursement(b) 0.23%(a) 0.27 %(a)
- ------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $152,360 $147,090
Portfolio turnover rate 35% 38 %
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
--------------------------
INVESTMENT SHARES 1994* 1993***
<S> <C> <C>
- ------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $10.69 $10.23
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.10 0.15
Net realized and unrealized gain (loss) on investments (0.01) 0.48
- ------------------------------------------------------------------------------------------------------------------
Total from investment operations (0.09) 0.63
- ------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends to shareholders from net investment income (0.09) (0.17 )
Distributions to shareholders from net realized gain on investment transactions (0.28) --
- ------------------------------------------------------------------------------------------------------------------
Total distributions (0.37) (0.17 )
- ------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $10.41 $10.69
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
TOTAL RETURN + 0.87% 6.20 %
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
Expenses 1.26%(a) 1.25 %(a)
Net investment income 1.94%(a) 1.77 %(a)
Expense waiver/reimbursement(b) 0.48%(a) 0.53 %(a)
- ------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $19,055 $16,280
Portfolio turnover rate 35% 38 %
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
* Six months ended April 30, 1994 (unaudited).
** For the period from December 14, 1992 (date of initial public investment) to
October 31, 1993.
*** For the period from February 12, 1993 (date of initial public offering) to
October 31, 1993.
+ Based on net asset value which does not reflect the sales load or contingent
deferred sales charge, if applicable.
(a) Computed on an annualized basis.
(b) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above (Note 4).
(See Notes which are an integral part of the Financial Statements)
SHAWMUT GROWTH EQUITY FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
-------------------------
TRUST SHARES 1994* 1993**
<S> <C> <C>
- ---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $10.49 $10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.015 0.023
Net realized and unrealized gain (loss) on investments (0.309) 0.487
- ---------------------------------------------------------------------------------------------------------------
Total from investment operations (0.294) 0.510
- ---------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends to shareholders from net investment income (0.016) (0.019)
Distributions to shareholders from net realized gain on investment transactions (0.200) --
- ---------------------------------------------------------------------------------------------------------------
Total distributions (0.216) (0.019)
- ---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $9.98 $10.49
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
TOTAL RETURN + (2.91)% 5.09 %
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
Expenses 1.17%(a) 1.06 %(a)
Net investment income 0.29%(a) 0.26 %(a)
Expense waiver/reimbursement(b) 0.80%(a) 0.47 %(a)
- ---------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $18,134 $20,787
Portfolio turnover rate 50% 71 %
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
-------------------------
INVESTMENT SHARES 1994* 1993***
<S> <C> <C>
- ---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $10.49 $10.01
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.002 0.004
Net realized and unrealized gain (loss) on investments (0.312) 0.480
- ---------------------------------------------------------------------------------------------------------------
Total from investment operations (0.310) 0.484
- ---------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends to shareholders from net investment income -- (0.004)
Distributions to shareholders from net realized gain on investment transactions (0.200) --
- ---------------------------------------------------------------------------------------------------------------
Total distributions (0.200) (0.004)
- ---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $9.98 $10.49
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
TOTAL RETURN + (3.06)% 4.84 %
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
Expenses 1.42%(a) 1.37 %(a)
Net investment income 0.02%(a) (0.10 %)(a)
Expense waiver/reimbursement(b) 1.05%(a) 0.72 %(a)
- ---------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $5,496 $4,631
Portfolio turnover rate 50% 71 %
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
* Six months ended April 30, 1994 (unaudited).
** For the period from December 14, 1992 (date of initial public investment) to
October 31, 1993.
*** For the period from February 12, 1993 (date of initial public offering) to
October 31, 1993.
+ Based on net asset value which does not reflect the sales load or contingent
deferred sales charge, if applicable.
(a) Computed on an annualized basis.
(b) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above (Note 4).
(See Notes which are an integral part of the Financial Statements)
SHAWMUT INTERMEDIATE GOVERNMENT INCOME FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED
OCTOBER 31,
------------------------
TRUST SHARES 1994* 1993**
<S> <C> <C>
- --------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $10.26 $10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.27 0.52
Net realized and unrealized gain (loss) on investments (0.63) 0.26
- --------------------------------------------------------------------------------------------------------
Total from investment operations (0.36) 0.78
LESS DISTRIBUTIONS
Dividends to shareholders from net investment income (0.26) (0.52)
- --------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $9.64 $10.26
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
TOTAL RETURN + (3.59%) 7.97%
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
Expenses 0.93%(a) 0.88%(a)
Net investment income 5.38%(a) 5.83%(a)
Expense waiver/reimbursement(b) 0.24%(a) 0.26%(a)
- --------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $64,315 $62,399
Portfolio turnover rate 36% 30%
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED
OCTOBER 31,
------------------------
INVESTMENT SHARES 1994* 1993***
<S> <C> <C>
- --------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $10.26 $10.18
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.26 0.37
Net realized and unrealized gain (loss) on investments (0.63) 0.08
- --------------------------------------------------------------------------------------------------------
Total from investment operations (0.37) 0.45
LESS DISTRIBUTIONS
Dividends to shareholders from net investment income (0.25) (0.37)
- --------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $9.64 $10.26
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
TOTAL RETURN + (3.70%) 4.45%
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
Expenses 1.18%(a) 1.15%(a)
Net investment income 5.13%(a) 5.41%(a)
Expense waiver/reimbursement(b) 0.49%(a) 0.50%(a)
- --------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $13,882 $13,812
Portfolio turnover rate 36% 30%
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
</TABLE>
* Six months ended April 30, 1994 (unaudited).
** For the period from December 14, 1992 (date of initial public investment) to
October 31, 1993.
*** For the period from February 12, 1993 (date of initial public offering) to
October 31, 1993.
+ Based on net asset value which does not reflect the sales load or contingent
deferred sales charge, if applicable.
(a) Computed on an annualized basis.
(b) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above (Note 4).
(See Notes which are an integral part of the Financial Statements)
SHAWMUT LIMITED TERM INCOME FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED
OCTOBER 31,
------------------------
TRUST SHARES 1994* 1993**
<S> <C> <C>
- ---------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $10.00 $10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.24 0.49
Net realized and unrealized gain (loss) on investments (0.40) 0.00
- ---------------------------------------------------------------------------------------------------
Total from investment operations (0.16) 0.49
LESS DISTRIBUTIONS
Dividends to shareholders from net investment income (0.23) (0.49)
- ---------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $9.61 $10.00
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
TOTAL RETURN + (1.60)% 5.02%
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
Expenses 0.97%(a) 0.88%(a)
Net investment income 4.97%(a) 5.54%(a)
Expense waiver/reimbursement(b) 0.24%(a) 0.23%(a)
- ---------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $63,046 $66,998
Portfolio turnover rate 64% 53%
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED
OCTOBER 31,
------------------------
INVESTMENT SHARES 1994* 1993***
<S> <C> <C>
- ---------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $10.00 $10.09
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.23 0.34
Net realized and unrealized gain (loss) on investments (0.40) (0.09)
- ---------------------------------------------------------------------------------------------------
Total from investment operations (0.17) 0.25
LESS DISTRIBUTIONS
Dividends to shareholders from net investment income (0.22) (0.34)
- ---------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $9.61 $10.00
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
TOTAL RETURN + (1.72)% 2.57%
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
Expenses 1.22%(a) 1.13%(a)
Net investment income 4.72%(a) 5.07%(a)
Expense waiver/reimbursement(b) 0.49%(a) 0.48%(a)
- ---------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $4,985 $3,859
Portfolio turnover rate 64% 53%
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
</TABLE>
* Six months ended April 30, 1994 (unaudited).
** For the period from December 14, 1992 (date of initial public investment) to
October 31, 1993.
*** For the period from February 12, 1993 (date of initial public offering) to
October 31, 1993.
+ Based on net asset value which does not reflect the sales load or contingent
deferred sales charge, if applicable.
(a) Computed on an annualized basis.
(b) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above (Note 4).
(See Notes which are an integral part of the Financial Statements)
SHAWMUT MASSACHUSETTS INTERMEDIATE
MUNICIPAL INCOME FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER
31,
-------------------
1994* 1993**
<S> <C> <C>
- ----------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $10.30 $10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.21 0.14
Net realized and unrealized gain (loss) on investments (0.64) 0.29
- ----------------------------------------------------------------------------------------------
Total from investment operations (0.43) 0.43
LESS DISTRIBUTIONS
Dividends to shareholders from net investment income (0.20) (0.13)
- ----------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 9.67 $10.30
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
TOTAL RETURN + (4.33)% 4.35%
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
Expenses 0.50%(a) 0.50%(a)
Net investment income 4.24%(a) 4.07%(a)
Expense waiver/reimbursement(b) 4.05%(a) 3.57%(a)
- ----------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $6,134 $4,009
Portfolio turnover rate 16% 0%
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
</TABLE>
* Six months ended April 30, 1994 (unaudited).
** For the period from June 17, 1993 (date of initial public investment) to
October 31, 1993.
+ Based on net asset value which does not reflect the sales load or contingent
deferred sales charge, if applicable.
(a) Computed on an annualized basis.
(b) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above (Note 4).
(See Notes which are an integral part of the Financial Statements)
SHAWMUT SMALL CAPITALIZATION EQUITY FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
---------------------------
TRUST SHARES 1994* 1993**
<S> <C> <C>
- ------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $11.21 $10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.009 0.002
Net realized and unrealized gain (loss) on investments (0.345) 1.210
- ------------------------------------------------------------------------------------------------------------------
Total from investment operations (0.336) 1.212
- ------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends to shareholders from net investment income (0.004) (0.002)
Distributions to shareholders from net realized gain on investment transactions (0.320) --
- ------------------------------------------------------------------------------------------------------------------
Total distributions (0.324) (0.002)
- ------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $10.55 $11.21
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
TOTAL RETURN + (3.01%) 12.12%
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
Expenses 1.02%(a) 1.01%(a)
Net investment income 0.16%(a) 0.02%(a)
Expense waiver/reimbursement(b) 0.27%(a) 0.28%(a)
- ------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $97,806 $100,382
Portfolio turnover rate 15% 29%
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
---------------------------
INVESTMENT SHARES 1994* 1993***
<S> <C> <C>
- ------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $11.21 $10.52
INCOME FROM INVESTMENT OPERATIONS
Net investment loss (0.003) (0.008)
Net realized and unrealized gain (loss) on investments (0.347) 0.698
- ------------------------------------------------------------------------------------------------------------------
Total from investment operations (0.350) 0.690
- ------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends to shareholders from net investment income -- 0.000
Distributions to shareholders from net realized gain on investment transactions (0.320) --
- ------------------------------------------------------------------------------------------------------------------
Total distributions (0.320) (0.000)
- ------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $10.54 $11.21
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
TOTAL RETURN + (3.14%) 6.56%
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
Expenses 1.27%(a) 1.33%(a)
Net investment loss (0.09%)(a) (0.19%)(a)
Expense waiver/reimbursement(b) 0.52%(a) 0.54%(a)
- ------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $18,230 $15,014
Portfolio turnover rate 15% 29%
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
* Six months ended April 30, 1994 (unaudited).
** For the period from December 14, 1992 (date of initial public investment) to
October 31, 1993.
*** For the period from February 12, 1993 (date of initial public offering) to
October 31, 1993.
+ Based on net asset value which does not reflect the sales load or contingent
deferred sales charge, if applicable.
(a) Computed on an annualized basis.
(b) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above (Note 4).
(See Notes which are an integral part of the Financial Statements)
SHAWMUT CONNECTICUT MUNICIPAL MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED
OCTOBER 31,
----------------------
TRUST SHARES 1994* 1993
<S> <C> <C>
- ---------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $1.00 --
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.01 --
LESS DISTRIBUTIONS
Dividends to shareholders from net investment income (0.01) --
- ---------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $1.00 --
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
TOTAL RETURN + 0.92% --
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
Expenses 0.45%(a) --
Net investment income 1.79%(a) --
Expense waiver/reimbursement(b) 0.97%(a) --
- ---------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $12,926 --
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED
OCTOBER 31,
----------------------
INVESTMENT SHARES 1994* 1993**
<S> <C> <C>
- ---------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $1.00 $1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.01 0.001
LESS DISTRIBUTIONS
Dividends to shareholders from net investment income (0.01) (0.001)
- ---------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $1.00 $1.00
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
TOTAL RETURN + 0.80% 0.14%
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
Expenses 0.66%(a) 0.36%(a)
Net investment income 1.57%(a) 2.12%(a)
Expense waiver/reimbursement(b) 1.22%(a) 5.46%(a)
- ---------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $23,439 $6,582
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
</TABLE>
* Six months ended April 30, 1994 (unaudited).
** For the period from October 4, 1993 (date of initial public investment) to
October 31, 1993.
+ Based on net asset value which does not reflect the sales load or contingent
deferred sales charge, if applicable.
(a) Computed on an annualized basis.
(b) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above (Note 4).
(See Notes which are an integral part of the Financial Statements)
SHAWMUT MASSACHUSETTS MUNICIPAL
MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
-------------------------
1994* 1993**
<S> <C> <C>
- ---------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $1.00 $1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.01 0.001
LESS DISTRIBUTIONS
Dividends to shareholders from net investment income (0.01) (0.001)
- ---------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $1.00 $1.00
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
TOTAL RETURN + 0.88% 0.12%
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
Expenses 0.49%(a) 0.11%(a)
Net investment income 1.70%(a) 2.75%(a)
Expense waiver/reimbursement (b) 0.91%(a) 35.31%(a)
- ---------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $32,344 $1,237
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
</TABLE>
* Six months ended April 30, 1994 (unaudited).
** For the period from October 5, 1993 (date of initial public investment) to
October 31, 1993.
+ Based on net asset value which does not reflect the sales load or contingent
deferred sales charge, if applicable.
(a) Computed on an annualized basis.
(b) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above (Note 4).
(See Notes which are an integral part of the Financial Statements)
SHAWMUT PRIME MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED
OCTOBER 31,
------------------------
TRUST SHARES 1994* 1993**
<S> <C> <C>
- -------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $1.00 $1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.01 0.02
LESS DISTRIBUTIONS
Dividends to shareholders from net investment income (0.01) (0.02)
- -------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $1.00 $1.00
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
TOTAL RETURN + 1.45% 2.41%
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
Expenses 0.43%(a) 0.58%(a)
Net investment income 2.96%(a) 2.71%(a)
Expense waiver/reimbursement(b) 0.30%(a) 0.12%(a)
- -------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $446,654 $257,851
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED
OCTOBER 31,
------------------------
INVESTMENT SHARES 1994* 1993***
<S> <C> <C>
- -------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $1.00 $1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.01 0.02
LESS DISTRIBUTIONS
Dividends to shareholders from net investment income (0.01) (0.02)
- -------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $1.00 $1.00
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
TOTAL RETURN + 1.33% 1.73%
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
Expenses 0.68%(a) 0.85%(a)
Net investment income 2.72%(a) 2.36%(a)
Expense waiver/reimbursement(b) 0.55%(a) 0.37%(a)
- -------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $81,662 $28,758
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
</TABLE>
* Six months ended April 30, 1994 (unaudited).
** Reflects operations for the period from December 14, 1992 (date of initial
public investment) to October 31, 1993.
For the period from October 21, 1992 (start of business) to December 13,
1992, net investment income aggregating $0.004 per share ($400) was
distributed to Federated Administrative Services.
*** Reflects operations for the period from February 12, 1993 (date of initial
public offering) to October 31, 1993.
+ Based on net asset value which does not reflect the sales load or contingent
deferred sales charge, if applicable.
(a) Computed on an annualized basis.
(b) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above (Note 4).
(See Notes which are an integral part of the Financial Statements)
THE SHAWMUT FUNDS
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
(1) ORGANIZATION
The Shawmut Funds (the "Trust") is registered under the Investment Company Act
of 1940, as amended, as an open-end, management investment company. The Trust
consists of seven diversified portfolios and four non-diversified portfolios
(individually referred to as the "Fund" or collectively as the "Funds") at April
30, 1994, as follows:
Shawmut Connecticut Intermediate Municipal Income Fund ("Connecticut
Intermediate Municipal Income Fund")*
Shawmut Fixed Income Fund ("Fixed Income Fund")
Shawmut Growth and Income Equity Fund ("Growth and Income Equity Fund")
Shawmut Growth Equity Fund ("Growth Equity Fund")
Shawmut Intermediate Government Income Fund ("Intermediate Government Income
Fund")
Shawmut Limited Term Income Fund ("Limited Term Income Fund")
Shawmut Small Capitalization Equity Fund ("Small Capitalization Equity Fund")
Shawmut Massachusetts Intermediate Municipal Income Fund ("Massachusetts
Intermediate Municipal Income Fund")*
Shawmut Connecticut Municipal Money Market Fund ("Connecticut Municipal Money
Market Fund")*
Shawmut Massachusetts Municipal Money Market Fund ("Massachusetts Municipal
Money Market Fund")*
Shawmut Prime Money Market Fund ("Prime Money Market Fund")
- ---------
* non-diversified portfolio
All Funds except Massachusetts Municipal Money Market Fund, Connecticut
Intermediate Municipal Income Fund, and Massachusetts Intermediate Municipal
Income Fund provide two classes of shares ("Investment Shares" and "Trust
Shares"). Investment Shares are identical in all respects to Trust Shares,
except that Investment Shares are sold pursuant to a distribution plan adopted
in accordance with Investment Company Act Rule 12b-1. Shares of the
Massachusetts Municipal Money Market Fund, Connecticut Intermediate Municipal
Income Fund, and Massachusetts Intermediate Municipal Income Fund are offered
without class designation. The assets of each Fund of the Trust are segregated
and a shareholder's interest is limited to the Fund in which shares are held.
(2) SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Funds in the preparation of their financial statements. These
policies are in conformity with generally accepted accounting principles
("GAAP").
<TABLE>
<S> <C>
THE SHAWMUT FUNDS
- --------------------------------------------------------------------------------
A. INVESTMENT VALUATIONS--Listed equity securities are valued at the last sale price reported
on national securities exchanges. Unlisted securities and short-term obligations (and
private placement securities) are generally valued at the prices provided by an independent
pricing service. Listed corporate bonds (and other fixed income securities/asset backed
securities) are valued at the last sale price reported on national securities exchanges.
Unlisted bonds/securities and short-term obligations are valued at the prices provided by an
independent pricing service. U.S. government obligations are generally valued at the mean
between the over-the-counter bid and asked prices as furnished by an independent pricing
service. Municipal bonds are valued by an independent pricing service taking into
consideration yield, liquidity, risk, credit, quality, coupon, maturity, type of issue, and
any other factors or market data it deems relevant in determining valuations for normal
institutional size trading units of debt securities. The independent pricing service does
not rely exclusively on quoted prices. Short-term securities with remaining maturities of
sixty days or less may be stated at amortized cost, which approximates value. Investments in
other regulated investment companies are valued at net asset value.
The money market funds use of the amortized cost method to value their portfolio securities
is in accordance with Rule 2a-7 under the Investment Company Act of 1940.
B. REPURCHASE AGREEMENTS--It is the policy of the Funds to require the custodian bank to take
possession, to have legally segregated in the Federal Reserve Book Entry System or to have
segregated within the custodian bank's vault, all securities held as collateral in support
of repurchase agreement investments. Additionally, procedures have been established by the
Funds to monitor on a daily basis, the market value of each repurchase agreement's
underlying collateral to ensure the value at least equals the principal amount of the
repurchase agreement, including accrued interest.
The Funds will only enter into repurchase agreements with banks and other recognized
financial institutions such as broker/dealers which are deemed by the Funds' adviser to be
creditworthy pursuant to guidelines established by the Board of Trustees (the "Trustees").
Risks may arise from the potential inability of counterparties to honor the terms of the
repurchase agreement. Accordingly, the Funds could receive less than the repurchase price on
the sale of collateral securities.
C. INVESTMENT INCOME, EXPENSES AND DISTRIBUTIONS--Dividend income and distributions to share-
holders are recorded on the ex-dividend date. Interest income and expenses are accrued
daily. Bond premium and discount, if applicable, are amortized as required by the Internal
Revenue Code (the "Code").
D. FEDERAL TAXES--It is the policy of the Funds to comply with the provisions of the Code
applicable to regulated investment companies and to distribute to shareholders each year
substantially all of their taxable or tax-exempt income. Accordingly, no provision for
federal tax is necessary.
At October 31, 1993, the Fund's previous fiscal year end, Intermediate Government Income
Fund and Limited Term Income Fund, for federal tax purposes, had capital loss carryforwards
of $54,371 and $310,753, respectively, which will reduce the Funds' taxable income arising
from a future net realized gain on investments, if any, to the extent permitted by the Code,
and thus will reduce the amount of the distributions to shareholders which would otherwise
be necessary to relieve the Funds of any liability for federal tax. Pursuant to the Code,
such capital loss carryforward will expire in 2001.
E. WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS--The Funds may engage in when-issued or
delayed delivery transactions. The Funds will record when-issued securities on the trade
date and maintain security positions such that sufficient liquid assets will be available to
make payment for the securities purchased. Securities purchased on a when-issued or delayed
delivery basis are marked to market daily and begin earning interest on the settlement date.
F. DEFERRED EXPENSES--The costs incurred by each Fund with respect to registration of its
shares in its first fiscal year, excluding the initial expense of registering the shares,
have been deferred and are being amortized using the straight-line method over a period of
five years from each Fund's commencement date.
G. OPTIONS CONTRACTS--Fixed Income Fund and Intermediate Government Income Fund may write or
purchase option contracts. A written option obligates the Funds to deliver (a call), or to
receive (a put), the contract amount of foreign currency upon exercise by the holder of the
option. The value of the option contract is recorded as a liability and unrealized gain or
loss is measured by the difference between the current value and the premium received.
</TABLE>
THE SHAWMUT FUNDS
- --------------------------------------------------------------------------------
At April 30, 1994, the Fixed Income Fund had the following outstanding
options:
<TABLE>
<CAPTION>
UNREALIZED
EXPIRATION EXERCISE NUMBER OF APPRECIATION MARKET
ISSUER TYPE DATE PRICE CONTRACTS (DEPRECIATION) VALUE
------------------------------- ----- ----------- --------- ---------- --------------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
J.P. Morgan Securities, Inc. Call 5/21/94 107 20 $ (423) $ 5,937
J.P. Morgan Securities, Inc. Put 5/21/94 103 20 5,203 12,188
------- -------
Total $ 4,780 $18,125
------- -------
------- -------
</TABLE>
At April 30, 1994, the Intermediate Government Income Fund had the
following outstanding options:
<TABLE>
<CAPTION>
UNREALIZED
EXPIRATION EXERCISE NUMBER OF APPRECIATION MARKET
ISSUER TYPE DATE PRICE CONTRACTS (DEPRECIATION) VALUE
------------------------------- ----- ----------- --------- ---------- --------------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
J.P. Morgan Securities, Inc. Call 5/21/94 107 55 $10,010 $13,750
-- Put -- -- -- -- --
------- -------
Total $10,010 $13,750
------- -------
------- -------
H. DOLLAR ROLL TRANSACTIONS--The Fixed Income Fund, Intermediate Government Income Fund, and
Limited Term Income Fund enter into dollar roll transactions, with respect to mortgage
securities issued by GNMA, FNMA, and FHLMC, in which these Funds loan mortgage securities to
financial institutions and simultaneously agrees to accept substantially similar (same type,
coupon and maturity) securities at a later date at an agreed upon price. Dollar roll
transactions are short-term financing arrangements which will not exceed twelve months.
These Funds will use the proceeds generated from the transactions to invest in short-term
instruments. The income received from these short-term investments may enhance the Funds'
current yield and total return.
I. OTHER--Investment transactions are accounted for on the trade date.
</TABLE>
THE SHAWMUT FUNDS
- --------------------------------------------------------------------------------
(3) SHARES OF BENEFICIAL INTEREST
The Declaration of Trust permits the Trustees to issue an unlimited number of
full and fractional shares of beneficial interest (without par value) for each
Fund and separate class of shares. Transactions in Fund shares were as follows:
For the year ended October 31, 1994*:
<TABLE>
<CAPTION>
FIXED INCOME GROWTH EQUITY GROWTH AND INCOME
FUND FUND EQUITY FUND
-------------------------- ------------------------- ---------------------------
TRUST SHARES SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------------
Shares sold 1,351,303 $13,771,673 132,408 $ 1,383,776 1,886,615 $20,008,446
Shares issued to shareholders
in payment of dividends
declared 42,297 436,078 37,172 383,982 377,823 3,936,917
Shares redeemed (937,203) (9,549,204) (332,939) (3,466,941) (1,383,008) (14,607,789)
- --------------------------------------------------------------------------------------------------------------------------------
456,397 4,658,547 (163,359) (1,699,183) 881,430 9,337,574
--------------------------------------------------------------------------------------------
INVESTMENT SHARES
- --------------------------------------------------------------------------------------------------------------------------------
Shares sold 280,682 2,875,921 131,763 1,371,621 393,098 4,164,829
Shares issued to shareholders
in payment of dividends
declared 28,399 288,601 9,054 93,526 57,103 596,689
Shares redeemed (150,457) (1,518,846) (31,496) (327,652) (141,959) (1,494,601)
- --------------------------------------------------------------------------------------------------------------------------------
158,624 1,645,676 109,321 1,137,495 308,242 3,266,917
--------------------------------------------------------------------------------------------
Net change resulting from Fund
share transactions 615,021 $ 6,304,223 (54,038) $ (561,688) 1,189,672 $12,604,491
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
For the period ended October 31, 1993**:
<TABLE>
<CAPTION>
GROWTH AND INCOME
FIXED INCOME FUND GROWTH EQUITY FUND EQUITY FUND
---------------------------- ---------------------------- ----------------------------
TRUST SHARES SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------------
Shares sold 10,214,367 $103,565,799 3,558,465 $35,585,725 15,585,818 $157,356,704
Shares issued to
shareholders in payment
of dividends declared -- -- -- -- -- --
Shares redeemed (1,448,674) (15,079,076) (1,577,619) (15,770,615) (1,828,108) (18,850,279)
- --------------------------------------------------------------------------------------------------------------------------------
8,765,693 88,486,723 1,980,846 19,815,110 13,757,710 138,506,425
---------------------------------------------------------------------------------------------------
INVESTMENT SHARES
- --------------------------------------------------------------------------------------------------------------------------------
Shares sold 930,761 9,677,962 461,439 4,534,746 1,587,317 16,428,060
Shares issued to
shareholders in payment
of dividends declared 14,366 150,258 151 1,520 12,941 134,565
Shares redeemed (39,932) (415,729) (20,044) (200,311) (77,389) (806,371)
- --------------------------------------------------------------------------------------------------------------------------------
905,195 9,412,491 441,546 4,335,955 1,522,869 15,756,254
---------------------------------------------------------------------------------------------------
Net change resulting from
Fund share transactions 9,670,888 $ 97,899,214 2,422,392 $24,151,065 15,280,579 $154,262,679
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Six months ended April 30, 1994.
** For the period from December 14, 1992 (date of initial public investment) to
October 31, 1993.
THE SHAWMUT FUNDS
- --------------------------------------------------------------------------------
For the period ended October 31, 1994*:
<TABLE>
<CAPTION>
INTERMEDIATE GOVERNMENT LIMITED TERM SMALL CAPITALIZATION
INCOME FUND INCOME FUND EQUITY FUND
-------------------------- ---------------------------- ------------------------
TRUST SHARES SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------------
Shares sold 1,385,076 $13,967,611 1,879,024 $ 18,588,493 863,483 $9,474,234
Shares issued to shareholders
in payment of dividends
declared -- -- -- -- 273,939 2,898,277
Shares redeemed (796,707) (7,923,185) (2,013,638) (19,835,412) (819,419) (8,989,748)
- --------------------------------------------------------------------------------------------------------------------------------
588,369 6,044,426 (134,614) (1,246,919) 318,003 3,382,763
---------------------------------------------------------------------------------------------
INVESTMENT SHARES
- --------------------------------------------------------------------------------------------------------------------------------
Shares Sold 334,231 3,386,803 214,201 2,118,460 446,781 $4,893,916
Shares issued to shareholders
in payment of dividends
declared 32,254 323,264 8,572 84,341 43,778 463,167
Shares redeemed (272,952) (2,709,731) (89,615) (875,173) (100,513) (1,102,192)
- --------------------------------------------------------------------------------------------------------------------------------
93,533 1,000,336 133,158 1,327,628 390,046 4,254,891
---------------------------------------------------------------------------------------------
Net change resulting from Fund
share transactions 681,902 $ 7,044,762 (1,456) $ 80,709 708,049 $7,637,654
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
For the year ended October 31, 1993**:
<TABLE>
<CAPTION>
INTERMEDIATE GOVERNMENT LIMITED TERM SMALL CAPITALIZATION
INCOME FUND INCOME FUND EQUITY FUND
--------------------------- --------------------------- ----------------------------
TRUST SHARES SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------------
Shares sold 7,286,148 $73,447,437 8,951,067 $89,744,129 9,429,143 $ 94,833,359
Shares issued to
shareholders in payment
of dividends declared -- -- -- -- -- --
Shares redeemed (1,202,759) (12,271,381) (2,252,939) (22,657,941) (476,251) (5,009,041)
- --------------------------------------------------------------------------------------------------------------------------------
6,083,389 61,176,056 6,698,128 67,086,188 8,952,892 89,824,318
-------------------------------------------------------------------------------------------------
INVESTMENT SHARES
- --------------------------------------------------------------------------------------------------------------------------------
Shares Sold 1,429,918 14,626,488 402,814 4,045,452 1,406,367 14,346,918
Shares issued to
shareholders in payment
of dividends declared 21,484 219,918 4,558 45,667 -- --
Shares redeemed (104,722) (1,070,135) (21,559) (216,374) (67,162) (692,557)
- --------------------------------------------------------------------------------------------------------------------------------
1,346,680 13,776,271 385,813 3,874,745 1,339,205 13,654,361
-------------------------------------------------------------------------------------------------
Net change resulting from
Fund share transactions 7,430,069 $74,952,327 7,083,941 $70,960,933 10,292,097 $103,478,679
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Six months ended April 30, 1994.
** For the period from December 14, 1992 (date of initial public investment) to
October 31, 1993.
THE SHAWMUT FUNDS
- --------------------------------------------------------------------------------
For the year ended October 31, 1994*:
<TABLE>
<CAPTION>
MASSACHUSETTS
CONNECTICUT INTERMEDIATE INTERMEDIATE
MUNICIPAL INCOME FUND MUNICIPAL INCOME FUND
-------------------------- ------------------------
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------
Shares sold 311,185 $ 3,155,622 289,910 $2,931,027
Shares issued to shareholders in payment of
dividends declared 9,868 99,065 5,900 59,300
Shares redeemed (188,280) (1,864,516) (50,870) (503,889)
- ----------------------------------------------------------------------------------------------------------------
Net change resulting from Fund share transactions 132,773 $ 1,390,171 244,940 $2,486,438
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
For the year ended October 31, 1993**:
<TABLE>
<CAPTION>
MASSACHUSETTS
CONNECTICUT INTERMEDIATE INTERMEDIATE
MUNICIPAL INCOME FUND MUNICIPAL INCOME FUND
-------------------------- ------------------------
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------
Shares sold 716,256 $ 7,254,696 390,132 $3,946,103
Shares issued to shareholders in payment of
dividends declared 2,772 28,457 1,791 18,392
Shares redeemed (7,343) (75,295) (2,569) (26,137)
- ----------------------------------------------------------------------------------------------------------------
Net change resulting from Fund share transactions 711,685 $ 7,207,858 389,354 $3,938,358
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
For the year ended October 31:
<TABLE>
<CAPTION>
CONNECTICUT MUNICIPAL MASSACHUSETTS MUNICIPAL
MONEY MARKET MONEY MARKET PRIME MONEY
FUND FUND*** MARKET FUND
------------------------- ------------------------- -----------------------------
TRUST SHARES 1994* 1993**** 1994* 1993+ 1994* 1993++
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
Shares sold 25,192,605 150 51,466,580 1,236,303 635,910,733 615,788,528
Shares issued to shareholders in
payment of dividends declared 16 -- 90,413 580 2 2
Shares redeemed (12,267,433) -- (20,450,319) -- (447,107,669) (358,037,205)
- ---------------------------------------------------------------------------------------------------------------------------------
12,925,188 150 31,106,674 1,236,883 188,803,066 257,751,325
---------------------------------------------------------------------------------------------
INVESTMENT SHARES
- ---------------------------------------------------------------------------------------------------------------------------------
Shares Sold 40,028,061 6,678,677 -- -- 88,513,211 35,767,491
Shares issued to shareholders in
payment of dividends declared 147,917 3,772 -- -- 666,595 94,349
Shares redeemed (23,318,704) (100,536) -- -- (36,276,256) (7,103,527)
- ---------------------------------------------------------------------------------------------------------------------------------
16,857,274 6,581,913 -- -- 52,903,550 28,578,313
---------------------------------------------------------------------------------------------
Net change resulting from Fund
share transaction 29,782,462 6,582,063 31,106,674 1,236,883 241,706,616 286,509,638
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Six months ended April 30, 1994 (unaudited).
** For the period from June 17, 1993 (date of initial public investment) to
October 31, 1993.
*** Shares of Massachusetts Municipal Money Market Fund are offered without
class designation. Transactions in shares are listed as "Trust Shares" for
convenience only.
**** For the period from October 4, 1993 (date of initial public investment) to
October 31, 1993.
+ For the period from October 5, 1993 (date of initial public investment) to
October 31, 1993.
++ Reflects operations for the period from December 14, 1992 (date of initial
public investment) to October 31, 1993.
THE SHAWMUT FUNDS
- --------------------------------------------------------------------------------
(4) INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISORY FEE--Shawmut Bank, N.A., the Trust's investment adviser
("Adviser"), receives for its services an annual investment advisory fee based
upon a percentage of each Fund's average daily net assets (see below). Adviser
may voluntarily choose to waive a portion of its fee and reimburse certain
operating expenses of the Funds. Adviser can modify or terminate this voluntary
waiver and reimbursement at any time at its sole discretion.
<TABLE>
<CAPTION>
ANNUAL
FUND RATE*
--------------------------------------------------------------------- -------
<S> <C>
Connecticut Intermediate Municipal Income Fund 0.70%
---------------------------------------------------------------------
Fixed Income Fund 0.80%
---------------------------------------------------------------------
Growth and Income Equity Fund 1.00%
---------------------------------------------------------------------
Growth Equity Fund 1.00%
---------------------------------------------------------------------
Intermediate Government Income Fund 0.80%
---------------------------------------------------------------------
Limited Term Income Fund 0.80%
---------------------------------------------------------------------
Small Capitalization Equity Fund 1.00%
---------------------------------------------------------------------
Massachusetts Intermediate Municipal Income Fund 0.70%
---------------------------------------------------------------------
Connecticut Municipal Money Market Fund 0.50%
---------------------------------------------------------------------
Massachusetts Municipal Money Market Fund 0.50%
---------------------------------------------------------------------
Prime Money Market Fund 0.50%
---------------------------------------------------------------------
* As a percentage of average daily net assets
</TABLE>
ADMINISTRATION FEE--Federated Administrative Services ("FAS") provides the Trust
certain administrative personnel and services. The fee is based on the level of
average aggregate net assets of the Trust for the period. FAS may voluntarily
choose to waive a portion of its fee.
DISTRIBUTION PLAN--The Funds have adopted a Distribution Plan (the "Plan")
pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the terms
of the Plan, the Funds will compensate Federated Securities Corp. ("FSC"), the
principal distributor, from the net assets of the Funds, to finance activities
intended to result in the sale of the Funds' Investment Shares. The Plan
provides that the Funds may incur distribution expenses up to .50 of 1% of the
average daily net assets of the Investment Shares annually, to compensate FSC.
TRANSFER AND DIVIDEND DISBURSING AGENT, ACCOUNTING AND CUSTODY FEES--Federated
Services Company ("FServ") serves as transfer agent and dividend disbursing
agent for the Funds. The fee is based on the size, type and number of accounts
and transactions made by shareholders. FServ also maintains the Funds'
accounting records. The fee is based on the level of each Funds' average net
assets for the period plus out-of-pocket expenses.
Shawmut Bank, N.A., is the Fund's custodian. The fee is based on the level of
each Fund's average net assets for the period plus out-of-pocket expenses.
ORGANIZATIONAL EXPENSES--Organizational expenses were borne initially by FAS.
The Funds have agreed to reimburse the Administrator for the organizational
expenses during the five year period following December 1, 1992, when the
Trust's registration statement first became effective. For the six months ended
April 30, 1994, the Funds paid FAS as follows:
THE SHAWMUT FUNDS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INITIAL ORGANIZATIONAL
ORGANIZATIONAL EXPENSES
FUND EXPENSES REIMBURSED
<S> <C> <C>
- --------------------------------------------------------------------------------------------------
Connecticut Intermediate Municipal Income Fund $35,706 $ 2,314
- -------------------------------------------------------------
Fixed Income Fund 40,086 2,672
- -------------------------------------------------------------
Growth and Income Equity Fund 39,753 2,650
- -------------------------------------------------------------
Growth Equity Fund 38,503 2,567
- -------------------------------------------------------------
Intermediate Government Income Fund 39,950 2,663
- -------------------------------------------------------------
Limited Term Income Fund 38,183 2,546
- -------------------------------------------------------------
Small Capitalization Equity Fund 37,360 2,491
- -------------------------------------------------------------
Massachusetts Intermediate Municipal Income Fund 28,555 1,851
- -------------------------------------------------------------
Connecticut Municipal Money Market Fund 27,716 1,120
- -------------------------------------------------------------
Massachusetts Municipal Money Market Fund 16,751 558
- -------------------------------------------------------------
Prime Money Market Fund 37,081 2,472
- -------------------------------------------------------------
</TABLE>
During the six months ended April 30, 1994, the Connecticut Municipal Money
Market Fund engaged in purchase and sale transactions with other fund's advised
by the Adviser pursuant to Rule 17a-7 of the Investment Company Act of 1940
amounting to $15,020,387 and $10,365,621, respectively. These purchases and
sales were conducted on an arms length basis and transacted for cash
consideration only, at independent current market prices and without brokerage
commissions, fees, or other remuneration.
Certain of the Officers and Trustees of the Trust are Officers and Directors of
the above companies.
(5) CONCENTRATION OF CREDIT RISK
Since the Connecticut Intermediate Municipal Income Fund, Connecticut Municipal
Money Market Fund, Massachusetts Intermediate Municipal Income Fund and
Massachusetts Municipal Money Market Fund invest a substantial portion of their
assets in issuers located in one state, they will be more susceptible to factors
adversely affecting issuers of that state, than would be a comparable general
tax-exempt mutual fund.
In order to reduce the credit risk associated with such factors, at April 30,
1994, 22.6% of the securities in the Connecticut Intermediate Municipal Income
Fund's portfolio of investments are backed by letters of credit or bond
insurance of various financial institutions and financial guaranty assurance
agencies. The aggregate percentages by financial institutions and agencies
ranged from 5.7% to 8.6% of total investments.
At April 30, 1994, 47.0% of the securities in the Connecticut Municipal Money
Market Fund's portfolio of investments are backed by letters of credit or bond
insurance of various financial institutions and financial guaranty assurance
agencies. The aggregate percentages by financial institutions and agencies
ranged from 3.0% and 19.0% of total investments.
At April 30, 1994, 30.4% of the securities in the Massachusetts Intermediate
Municipal Income Fund's portfolio of investments are backed by letters of credit
or bond insurance of various financial institutions and financial guaranty
assurance agencies. The aggregate percentages by financial institutions and
agencies ranged from 7.0% and 14.3% of total investments.
At April 30, 1994, 57% of the securities in the Massachusetts Municipal Money
Market Fund's portfolio of investments are backed by letters of credit or bond
insurance of various financial institutions and financial guaranty assurance
agencies. The aggregate percentages by financial institutions and agencies
ranged from 2% and 22% of total investments.
THE SHAWMUT FUNDS
- --------------------------------------------------------------------------------
(6) INVESTMENT TRANSACTIONS
Purchases and sales of investments, excluding short-term securities, for the six
months ended April 30, 1994 were as follows:
<TABLE>
<CAPTION>
CONNECTICUT
INTERMEDIATE GROWTH AND
MUNICIPAL FIXED INCOME INCOME EQUITY GROWTH EQUITY
INCOME FUND FUND FUND FUND
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------
Purchases $ 3,509,592 $48,958,256 $61,343,618 $11,793,783
Sales $ 2,113,553 $44,911,878 $53,866,662 $12,546,443
- -----------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
MASSACHUSETTS
INTERMEDIATE SMALL INTERMEDIATE
GOVERNMENT LIMITED TERM CAPITALIZATION MUNICIPAL
INCOME FUND INCOME FUND EQUITY FUND INCOME FUND
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------
Purchases $32,036,988 $47,227,986 $16,387,904 $ 2,782,967
Sales $26,125,236 $44,200,320 $16,448,036 $ 698,601
- -----------------------------------------------------------------------------------------------------
</TABLE>
TRUSTEES OFFICERS
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
John F. Donahue John F. Donahue
John T. Conroy, Jr. Chairman
William J. Copeland Edward C. Gonzales
James E. Dowd President and Treasurer
Lawrence D. Ellis, M.D. J. Christopher Donahue
Edward L. Flaherty, Jr. Vice President
Edward C. Gonzales Richard B. Fisher
Peter E. Madden Vice President
Gregor F. Meyer John W. McGonigle
Wesley W. Posvar Vice President and Secretary
Marjorie P. Smuts John A. Staley, IV
Vice President
Jeffrey W. Sterling
Vice President and Assistant Treasurer
David M. Taylor
Assistant Treasurer
Robert C. Rosselot
Assistant Secretary
</TABLE>
Mutual funds are not obligations of or insured by any bank nor are they insured
by the federal government or any of its agencies. Investment in these
shares involves risk, including the possible loss of principal.
This report is authorized for distribution to prospective investors only when
preceded
or accompanied by the Trust's prospectus which contains facts concerning its
objective and policies, management fees, expenses and other information.
[THIS PAGE INTENTIONALLY LEFT BLANK]
[THIS PAGE INTENTIONALLY LEFT BLANK]
[THIS PAGE INTENTIONALLY LEFT BLANK]
THE SHAWMUT MUTUAL FUNDS
Shawmut Connecticut Intermediate Municipal Income Fund
Shawmut Fixed Income Fund
Shawmut Growth and Income Equity Fund
Shawmut Growth Equity Fund
Shawmut Intermeidate Government Income Fund
Shawmut Limited Term Income Fund
Shawmut Massachusetts Intermediate Municipal Income Fund
Shawmut Small Capitalization Equity Fund
Shawmut Connecticut Municipal Money Market Fund
Shawmut Massachusetts Municipal Money Market FUnd
Shawmut Prime MOney Market Fund
G00117-03(6/94)
