1
The following is the Semi-Annual Report for the Tennessee Tax-Free Bond
Fund, covering the six-month period ended January 31, 1995. If you have
any questions or comments, please contact your investment
representative.
TENNESSEE TAX-FREE BOND FUND
PORTFOLIO OF INVESTMENTS
(A Portfolio of The Planters Funds)
January 31, 1995 (unaudited)
Principal Credit
Amount Rating* Value
Municipal Notes--99.5%
TENNESSEE--99.5%
$500,000 Anderson County, TN, 6.30% Refunding UT
GO Bonds, (Rural High School)/(Callable A $513,715
1/1/97 @ 102), 7/1/2001
1,000,000 Chattanooga-Hamilton County, TN,
Hospital Authority Revenue, 5.50%
Refunding Bonds, (Erlanger Medical
Center)/(Callable 10/1/2003 @ 102)/(FSA AAA 900,650
Insured)/(Original Issue Yield: 5.85%),
10/1/2013
465,000 Chattanooga-Hamilton County, TN,
Hospital Authority Revenue, 5.50%
Refunding Bonds, (Erlanger Medical
Center)/(FSA Insured)/(Original Issue AAA 446,400
Yield: 5.60%), 10/1/2006
1,130,000 Clarksville, TN, Electric System
Revenue, 5.125% Refunding and
Improvement Bonds, (Callable 9/1/2003 @ A 968,511
102), 9/1/2011
735,000 Clarksville, TN, Water, Sewer and Gas
Systems, 6.125% Refunding and
Improvement Revenue Bonds, (Callable
2/1/2002 @ 102)/(MBIA Insured)/(Original AAA 753,118
Issue Yield: 6.15%), 2/1/2007
500,000 Clarksville, TN, Water, Sewer and Gas
Systems, 6.125% Refunding and
Improvement Revenue Bonds, (Callable
2/1/2002 @ 102)/(MBIA Insured)/(Original AAA 500,510
Issue Yield: 6.328%), 2/1/2012
400,000 Hamblen County, TN, Hospital Revenue,
4.90% UT GO Bonds, (Callable 5/1/99 @
102)/(AMBAC Insured), 5/1/2006 AAA 362,816
400,000 Hamilton County, TN, Industrial
Development Revenue, 9.50% Refunding
Bonds, (Series 1985)/(Pre-Refunded AAA 418,936
9/1/95 @ 102), 9/1/96 (a)(b)
185,000 Jackson, TN, Health, Educational and
Housing Facilities Revenue, 5.70%
(Jackson-Madison County General AAA 186,824
Hospital)/(MBIA Insured), 4/1/99
1,000,000 Jackson, TN, Health, Educational and
Housing Facilities Revenue, 5.90%,
(Jackson-Madison County General AAA 1,018,130
Hospital)/(MBIA Insured), 4/1/2000
400,000 Jackson, TN, Water and Sewer Authority
Revenue, 5.125% Refunding Bonds,
(Callable 1/1/2003 @ 102)/(AMBAC AAA 352,828
Insured), 1/1/2010
440,000 Johnson City, TN, Health and Educational
Facilities, 6.75% Refunding Revenue
Bonds, (Johnson City Medical)/(Callable
7/1/2001 @ 102)/(MBIA Insured)/(Original AAA 466,294
Issue Yield: 6.912%), 7/1/2006
TENNESSEE TAX-FREE BOND FUND
PORTFOLIO OF INVESTMENTS
(A Portfolio of The Planters Funds)
January 31, 1995 (unaudited)
Principal Credit
Amount Rating* Value
$810,000 Johnson City, TN, Health and Educational
Facilities, 6.75% Refunding Revenue
Bonds, (Johnson City Medical)/(MBIA
Insured)/(Original Issue Yield: AAA $875,505
6.912%)/(Pre-Refunded 7/1/2001 @ 102),
7/1/2006
805,000 Knox County, TN, Health, Educational and
Housing Facilities Revenue, 4.90% ,
(Fort Sanders Alliance)/(Series
A)/(Callable 1/1/2004 @ 102)/(MBIA AAA 725,522
Insured)/(Original Issue Yield: 5.10%),
1/1/2005
150,000 Knox County, TN, Health, Educational and
Housing Facilities Revenue, 5.40%
Refunding Bonds, (Fort Sanders Medical
Center)/(Callable 1/1/2002 @ 102)/(MBIA AAA 143,661
Insured)/(Original Issue Yield: 5.50%),
1/1/2005
1,000,000 Knox County, TN, Health, Educational and
Housing Facilities Revenue, 7.00%, (Fort
Sanders Alliance)/(Series C)/(MBIA
Insured)/(Pre-Refunded 1/1/2000 @ 102), AAA 1,080,900
1/1/2008
475,000 Knoxville, TN, 5.80% UT GO Bonds,
Refunding and Improvement Revenue,
(Series A)/(Callable 5/1/96 @ 102), AA- 481,109
5/1/99
1,000,000 Knoxville, TN, Natural Gas Revenue,
5.05% Refunding Bonds, (Callable
3/1/2000 @ 102)/(Original Issue Yield: AA 888,020
5.10%), 3/1/2008
1,330,000 Knoxville, TN, Water Revenue, 5.20%
Refunding and Improvement Bonds,
(Callable 3/1/2000 @ 102)/(Original AA 1,200,804
Issue Yield: 5.45%), 3/1/2010
250,000 Memphis, TN, Electric System Revenue,
5.00% Refunding Bonds, (Series AA 247,280
A)/(Original Issue Yield: 5.05%),
1/1/99
1,865,000 Memphis-Shelby County, TN, Airport
Revenue, 6.75% Refunding Bonds, (Federal
Express Corp.)/(Callable 9/1/2002 @ BBB 1,866,138
102), 9/1/2012
230,000 Metropolitan Government Nashville and
Davidson County, TN, 5.25% Refunding UT
GO Bonds, (Original Issue Yield: AA 215,892
5.45%), 5/15/2007
750,000 Metropolitan Government Nashville and
Davidson County, TN, Electric Revenue,
6.00%, (Series A)/(Callable 5/15/2002 @
102)/(Original Issue Yield: 6.282%), AA 712,845
5/15/2017
1,500,000 Metropolitan Government Nashville and
Davidson County, TN, Health and
Educational Facilities Revenue, 5.20%
Refunding Bonds, (Vanderbilt AA 1,260,675
University)/(Callable 7/1/2003 @
102)/(Original Issue Yield: 5.55%),
7/1/2018
230,000 Metropolitan Government Nashville and
Davidson County, TN, Water and Sewer
Revenue, 5.20% Refunding Bonds, (FGIC AAA 202,595
Insured)/(Original Issue Yield:
5.53%), 1/1/2013
TENNESSEE TAX-FREE BOND FUND
PORTFOLIO OF INVESTMENTS
(A Portfolio of The Planters Funds)
January 31, 1995 (unaudited)
Principal Credit
Amount Rating* Value
$250,000 Metropolitan Government Nashville and
Davidson County, TN, Water and Sewer
Revenue, 5.75%, (Callable 1/1/2002 @
102)/(AMBAC Insured)/(Original Issue AAA $239,307
Yield: 6.15%), 1/1/2012
770,000 Metropolitan Government Nashville and
Davidson County, TN, Water and Sewer
Revenue, 7.25% Refunding Bonds, A 798,097
(Callable 1/1/96 @ 102), 1/1/2006
400,000 Metropolitan Government Nashville and
Davidson County, TN, Water and Sewer
Revenue, 7.30% Refunding Bonds, A 415,508
(Callable 1/1/96 @ 102), 1/1/2008
1,380,000 Montgomery County, TN, Public Building
Authority Revenue, 7.50%, (Tennessee
County Loan Pool)/(Callable 6/15/95 @
100)/(Prudential Insurance Company of AA+ 1,382,622
America Insured), 12/15/2000
800,000 Mt. Juliet, TN, Public Building
Authority Revenue, 7.00%, (Series
O)/(Callable 2/1/2001 @ 102)/(MBIA AAA 858,576
Insured), 2/1/2006
1,500,000 Putnam County, TN, 5.125% UT GO Bonds,
(Public Improvements)/ (Callable
4/1/2003 @ 102)/(MBIA Insured)/(Original AAA 1,315,815
Issue Yield: 5.35%), 4/1/2011
400,000 Rutherford County, TN, 5.10% UT GO
Bonds, Capital Outlay Notes, (School
Improvements)/(Original Issue Yield: AA- 389,424
5.15%), 6/1/2001
500,000 Shelby County, TN, 5.10% UT GO Bonds,
(Public Improvements),(Callable 3/1/2001
@ 101)/(Original Issue Yield: 5.25%), AA+ 440,775
3/1/2011
500,000 Shelby County, TN, 5.875% Refunding UT
GO Bonds, (Series B)/(Callable 3/1/2001
@ 101 1/2)/(Original Issue Yield: AA+ 503,965
5.95%), 3/1/2007
480,000 Shelby County, TN, 6.20% Refunding UT GO
Bonds, (Series A)/(Callable 3/1/2000 @
101 1/2)/(Original Issue Yield: 6.30%), AA+ 497,131
3/1/2006
250,000 Shelby County, TN, Health, Educational
and Housing Facilities Revenue, 5.00%
Refunding Bonds, (Le Bonhuer Children's
Medical Center)/(Series D)/(MBIA AAA 240,418
Insured)/(Original Issue Yield: 5.10%),
8/15/2001
1,000,000 Shelby County, TN, Health, Educational
and Housing Facilities Revenue, 6.00%,
(St. Joseph Hospital East,
Inc.)/(Callable 3/1/2005 @ 100), AAA 1,020,400
3/1/2005 (Escrowed to Maturity) (a)
1,250,000 Shelby County, TN, Health, Educational
and Housing Facilities Revenue, 7.40%
Refunding Bonds, (Methodist Health
System)/(Series A)/(Callable 6/1/98 @ AAA 1,342,950
102)/(MBIA Insured), 6/1/2003
TENNESSEE TAX-FREE BOND FUND
PORTFOLIO OF INVESTMENTS
(A Portfolio of The Planters Funds)
January 31, 1995 (unaudited)
Principal Credit
Amount Rating* Value
$1,500,000 Tennessee Housing Development Agency
Mortgage, 5.40% Refunding Revenue Bonds,
(Series A)/(Callable 7/1/2003 @ 102), A+ $1,398,570
7/1/2004
235,000 Tennessee Housing Development Agency
Mortgage, 5.65% Refunding Revenue Bonds,
(Series A)/(Callable 7/1/2003 @ 102), A+ 219,887
1/1/2007
1,500,000 Tennessee Housing Development Agency
Mortgage, 5.70% Refunding Revenue Bonds,
(Series A)/(Callable 7/1/2003 @ 102), A+ 1,402,080
1/1/2008
1,205,000 Tennessee Housing Development Agency
Mortgage, 5.70% Refunding Revenue Bonds,
(Series A)/(Callable 7/1/2003 @ 102), A+ 1,121,518
7/1/2008
2,050,000 Tennessee Housing Development Agency
Mortgage, 5.85% Refunding Revenue Bonds,
(Series A)/(Callable 7/1/2003 @ 102), A+ 1,885,303
7/1/2013
425,000 Tennessee Housing Development Agency,
6.40% Revenue Bonds, (Homeownership A+ 429,803
Program-Issue U), 7/1/2000
430,000 Tennessee Housing Development Agency,
6.90% Revenue Bonds, (Homeownership
Program-Issue U)/(Callable 7/1/2001 @ A+ 442,947
102), 7/1/2005
500,000 Tennessee State Local Development
Authority, 5.65% Refunding Revenue
Bonds, State Loan Program, (Series AA- 488,010
A)/(Callable 3/1/2003 @ 102), 3/1/2007
495,000 Tennessee State Local Development
Authority, 6.10% Revenue Bonds,
(Community Provider Pooled Loan
Program)/(State Aid A- 489,367
Withholding)/(Callable 10/1/2004 @ 102),
10/1/2007
195,000 Tennessee State School Board Authority,
5.75% Refunding Revenue Bonds, (Callable
9/23/94 @ 101)/(GO of Authority), AA 194,181
5/1/2006
750,000 Tennessee State School Board Authority,
6.25% Refunding Revenue Bonds, (Higher
Educational Facilities)/(Series AA 730,583
A)/(Callable 5/1/2002 @ 101 1/2),
5/1/2017
265,000 Tennessee State, 5.375% UT GO Bonds,
(Public Improvements)/(Series
A)/(Callable 7/1/2002 @ 101 AA+ 263,129
1/2)/(Original Issue Yield: 5.45%),
7/1/2003
500,000 Tennessee State, 5.50% UT GO Bonds,
(Public Improvements)/(Series
A)/(Callable 7/1/2002 @ 101 AA+ 496,065
1/2)/(Original Issue Yield: 5.65%),
7/1/2005
300,000 Tennessee State, 6.10% Refunding UT GO
Bonds, (Series A), 6/1/2000 AA+ 312,267
1,000,000 Tennessee State, 6.60% UT GO Bonds,
(Miscellaneous Improvements)/(Series
B)/(Callable 6/1/2001 @ 101 1/2), AA+ 1,070,910
6/1/2004
TENNESSEE TAX-FREE BOND FUND
PORTFOLIO OF INVESTMENTS
(A Portfolio of The Planters Funds)
January 31, 1995 (unaudited)
Principal Credit
Amount Rating* Value
$1,035,000 Williamson County, TN, 6.00% Refunding
UT GO Bonds, 3/1/2008 AA $1,046,157
Total Long-Term Municipal Securities (c) $38,225,44
(identified cost $ 40,504,938) 3
(a) The issuer of this security has placed U.S. government securities in
escrow with a trustee. The proceeds from the government securities
will be used to pay principal and interest on the security.
(b) While this security is unrated, the Fund's managers are of the opinion
that it is comparable to the highest quality ratings issued by Moody's
or Standard & Poor's.
(c) The cost of investments for federal tax purposes amounts to
$40,504,938. The net unrealized depreciation of investments on a
federal tax basis amounts to $2,279,495, which is comprised of $10,745
appreciation and $2,290,240 depreciation at January 31, 1995.
* Please refer to the Appendix of the Statement of Additional
Information for an explanation of the credit ratings. Current credit
ratings are unaudited.
Note The categories of investments are shown as a percentage of net assets
: ($38,423,241) at January 31, 1995.
The following abbreviations are used throughout this portfolio:
AMBAC --American Municipal Bond Assurance
Corporation
FGIC --Financial Guaranty Insurance Company
FSA --Financial Security Assurance
GO --General Obligation
MBIA --Municipal Bond Investors Assurance
UT --Unlimited Tax
(See Notes which are an integral part of the Financial Statements)
TENNESSEE TAX-FREE BOND FUND
(A PORTFOLIO OF THE PLANTERS FUNDS )
STATEMENT OF ASSETS AND LIABILITIES
January 31, 1995 (unaudited)
Assets:
Investments in securities (identified cost and tax cost $ 40,504,938)$38,225,443
Income receivable 558,850
Receivable for shares sold 10,200
Deferred expenses 22,722
Total assets 38,817,215
Liabilities:
Payable to Bank $312,168
Payable for shares redeemed 56,811
Accrued expenses 24,995
Total liabilities 393,974
Net Assets for 3,855,166 shares of beneficial interest outstanding$ 38,423,241
Net Assets Consists of:
Paid in capital $ 40,747,606
Net unrealized appreciation (depreciation) of investments (2,279,495)
Accumulated net realized gain (loss) on investments (153,288)
Undistributed net investment income 108,418
Total Net Assets $ 38,423,241
Net Asset Value, and Redemption Proceeds PER SHARE:
($38,423,241/3,855,166 shares of beneficial interest outstanding) $9.97
Computation of Offering Price:
Offering Price Per Share (100/98 of $9.97)* $10.17
* See "What Shares Cost" in the Prospectus.
(See Notes which are an integral part of the Financial Statements)
TENNESSEE TAX-FREE BOND FUND
(A PORTFOLIO OF THE PLANTERS FUNDS)
STATEMENT OF OPERATIONS
Six months ended January 31, 1995 (unaudited)
Investment Income:
Interest income $ 1,101,259
Expenses:
Investment advisory fee $ 147,608
Administrative personnel and services fee 60,494
Custodian fees 10,709
Transfer agent and dividend disbursing agent fees and expenses14,354
Trustees fees 4,509
Auditing fees 7,513
Legal fees 3,431
Portfolio accounting fees 28,591
Share registration costs 9,139
Printing and postage 8,516
Insurance premiums 3,005
Miscellaneous 1,496
Total expenses 299,365
Deduct -
Waiver of investment advisory fee ($147,608)
Waiver of administrative personnel and services fee (37,808)
Total waivers (185,416)
Net expenses 113,949
Net investment income 987,310
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments (103,789)
Net change in unrealized appreciation (depreciation) on investments (917,739)
Net realized and unrealized gain (loss) on investments (1,021,528)
Change in net assets resulting from operations ($34,218)
(See Notes which are an integral part of the Financial Statements)
TENNESSEE TAX-FREE BOND FUND
(A PORTFOLIO OF THE PLANTERS FUNDS)
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS
ENDED
JANUARY 31, YEAR ENDED
1995
(UNAUDITED) JULY 31,
1994*
Increase (Decrease) in Net Assets:
Operations-
Net investment income $987,310 $1,564,175
Net realized gain (loss) on investment
transactions ($103,789 and
$49,499, net loss, respectively, as (103,789) (49,499)
computed for federal tax purposes)
Net change in unrealized appreciation (917,739) (1,361,756)
(depreciation)
Change in assets resulting from operations (34,218) 152,920
Distributions to Shareholders-
Distributions from net investment income (1,002,623) (1,440,444)
Share Transactions-
Proceeds from sale of Shares 1,812,034 50,071,452
Net asset value of Shares issued to
shareholders in
payment of distributions declared 75,094 151,236
Cost of Shares redeemed (4,826,769) (6,535,441)
Change in net assets resulting from Fund (2,939,641) 43,687,247
share transactions
Change in net assets (3,976,482) 42,399,723
Net Assets:
Beginning of period 42,399,723 -----------
--
End of period (including undistributed net
investment income
of $108,418 and $123,731, respectively) $ 38,423,241 $
42,399,723
* For the period from August 5, 1993 (start of business) to July 31,
1994.
(See Notes which are an integral part of the Financial Statements)
TENNESSEE TAX-FREE BOND FUND
(A PORTFOLIO OF THE PLANTERS FUNDS)
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
Six Months
Ended Year
January Ended
31, 1995 July 31,
(unaudited 1994 (a)
)
NET ASSET VALUE, BEGINNING OF $10.22 $10.50
PERIOD
Income from investment operations
Net investment income 0.25 0.44
Net realized and unrealized gain (0.25) (0.31)
(loss) on investments
Total from investment operations 0.00 0.13
Less distributions
Distributions from net investment (0.25) (0.41)
income
NET ASSET VALUE, END OF PERIOD $9.97 $10.22
Total Return (b) 0.10% 1.19%
Ratios to average net assets
Expenses 0.58%(c) 0.56%(c)
Net investment income 5.02%(c) 4.69%(c)
Expense waiver/reimbursement (d) 0.94%(c) 0.87%(c)
Supplemental data
Net assets, end of period (000 $38,423 $42,400
omitted)
Portfolio Turnover 0% 30%
(a) Reflects operations for the period from August 30, 1993 (date of
initial public investment) to July 31, 1994.
For the period from August 5, 1993 (start of business) to August
29, 1993, all income was distributed to the administrator.
(b) Based on net asset value, which does not reflect the sales load or
contingent deferred sales charge, if applicable.
(c) Computed on an annualized basis.
(d) This voluntary expense decrease is reflected in both the expense
and net investment income ratios shown above.
(See Notes which are an integral part of the Financial Statements)
TENNESSEE TAX-FREE BOND FUND
NOTES TO FINANCIAL STATEMENTS
(A PORTFOLIO OF THE PLANTERS FUNDS)
JANUARY 31, 1995 (UNAUDITED)
1. ORGANIZATION
The Planters Funds (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "Act"), as an open-end, non-
diversified management investment company. The financial statements
presented herein are those of Tennessee Tax-Free Bond Fund (the "Fund").
At January 31, 1995, the Trust did not offer any other portfolios.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies
consistently followed by the Fund in the preparation of its financial
statements. These policies are in conformity with generally accepted
accounting principles.
A. Investment Valuations - 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 the pricing service 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 at the time of purchase may be
valued at amortized cost, which approximates fair market value.
B. Investment Income, Expenses and Distributions - Interest income and
expenses are accrued daily. Bond premium and discount, if
applicable, are amortized as required by the Internal Revenue Code,
as amended (the "Code"). Distributions to shareholders are recorded
on the ex-dividend date.
C. Federal Taxes - It is the Fund's policy to comply with the provisions
of the Code applicable to regulated investment companies and to
distribute to shareholders each year substantially all of its income.
Accordingly, no provisions for federal tax are necessary.
Additionally, net capital losses of $49,499 attributable to security
transactions incurred after October 31, 1993 are treated as arising
on August 1, 1994, the first day of the Fund's next taxable year.
D. When-Issued and Delayed Delivery Transactions - The Fund may engage
in when-issued or delayed delivery transactions. The Fund records
when-issued securities on the trade date and maintains 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.
E. Deferred Expenses - The costs incurred by the Fund with respect to
registration of its shares in its first fiscal year, excluding the
initial expense of registering its shares, have been deferred and are
being amortized using the straight-line method not to exceed a period
of five years from the Fund's commencement date.
F. Concentration of Credit Risk - Since the
Fund invests a substantial portion of its assets in issuers located
in one state, it 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 January 31, 1995, 37% of the
securities in the portfolio of investments are backed by letters of
credit or bond insurance of various financial institutions and
financial guaranty assurance agencies. The value of investments
insured by or supported (backed) by a letter of credit for any one
institution or agency did not exceed 25% of total investments.
G. Other - Investment transactions are accounted for on the trade date.
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). Transactions in Fund shares were as follows:
SIX
MONTHS Year
ENDED ENDED
1/31/95 7/31/94
*
Shares sold 183,037 4,761,8
47
Shares issued to 7,625 14,402
shareholders in
payment of dividends
declared
Shares redeemed (483,87 (627,86
9) 6)
Net change resulting (293,21 4,148,3
from 7) 83
Fund share
transactions
*For the period from August 5, 1993 (start of business) to July 31,
1994.
4. INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Fee - Union Planters National Bank, the Fund's
investment adviser, (the "Adviser"), receives for its services an
annual investment advisory fee equal to .75 of 1% of the Fund's
average daily net assets.
The Adviser may voluntarily choose to waive any portion of its fee.
The Adviser can modify or terminate this voluntary waiver at any time
at its sole discretion.
Administrative Fee - Federated Administrative Services ("FAS")
provides the Fund with certain administrative personnel and services.
The FAS 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.
Transfer Agent Fees - Federated Services Company ("FServ") serves as
transfer and dividend disbursing agent for the Fund. This fee is
based on the size, type, and number of accounts and transactions made
by shareholders.
Portfolio Accounting Fees - FServ maintains the Fund's accounting
records. The fee is based on the level of the Fund's average net
assets for the period, plus out-of-pocket expenses.
Organizational Expenses - Organizational expenses of $35,622 were
initially borne by FAS.
The Fund has agreed to reimburse FAS for the organizational expenses
during the five year period following August 27, 1993 (the date the
Trust first became effective). For the six months ended January 31,
1995, the Fund paid $1,381 pursuant to this agreement.
Certain of the Officers and Trustees of the Fund are Officers and
Directors or Trustees of the above companies.
5. INVESTMENT TRANSACTIONS
Purchases and sales of investments, excluding short-term securities, for
the six months ended January 31, 1995, were as follows:
PURCHASES $144,113
SALES $2,716,286
