<PAGE>
SEMI-ANNUAL REPORT
APRIL 30, 1996
MONTAG & CALDWELL GROWTH FUND
CHICAGO TRUST GROWTH & INCOME FUND
CHICAGO TRUST TALON FUND
CHICAGO TRUST ASSET ALLOCATION FUND
MONTAG & CALDWELL BALANCED FUND
CHICAGO TRUST BOND FUND
CHICAGO TRUST MUNICIPAL BOND FUND
CHICAGO TRUST MONEY MARKET FUND
CT&T FUNDS
The Chicago Trust Company, Investment Advisor
Montag & Caldwell, Inc., Investment Advisor
<PAGE>
DEAR SHAREOWNER:
Thank you for your confidence in the CT&T Family of Mutual Funds. It remains
our strategy to only offer superior funds to our shareowners. We would rather
have a limited number of top quality funds than a potpourri of also-rans. While
we may not be a household name, like some of the brand name mutual fund groups,
our investment results place us among the top tier of fund managers. We are
very pleased with the outstanding returns achieved by our equity funds over the
past twelve months, though we recognize that such returns are partly a result
of a sizzling stock market. Rest assured that we will continue to carefully
monitor our portfolios and remain vigilant to the risks and returns in
securities markets.
Fund Performance Review
The Montag & Caldwell Growth Fund continues to excel! Over the past twelve
months, the fund is up 37.0%, a superb result for a fund specializing in large
capitalization growth stocks. Even over the six month period ending 4/30/96,
the fund increased 14.2%, a very good record in a market dominated by mid and
small capitalization stocks. The Chicago Trust Growth & Income Fund also had
superior performance, up 33.4% for the twelve months ending 4/30/96 and an
impressive 14.5% for the past six months. Completing our troika of equity
funds, the mid capitalization Chicago Trust Talon Fund increased 35.4% for the
past year and a spectacular 19.6% from November through April.
The Montag & Caldwell Balanced Fund (a mixture of stocks and bonds) was up
24.3% for the year ending 4/30/96--a very strong performance for a fund with
40% of its assets in bonds. For the most recent six month period, the fund
increased 8.7%. The newly introduced Chicago Trust Asset Allocation Fund
recorded a 7.8% return for the six months ending 4/30/96.
Our taxable Chicago Trust Bond Fund recorded a total return of 8.4% for the
twelve months ending April 30, 1996, though with rising interest rates, fund
returns have been only marginally positive for the past six months. Our Chicago
Trust Municipal Bond Fund showed a similar pattern of returns with a 5.8%
twelve month return, but a 0.9% gain for the past six months.
The Chicago Trust Money Market Fund's 30-day average yield as of 4/30/96 was
4.9%.
If you have any questions about the CT&T Family of Funds, please call me at
(800) 621-1919 extension 2319.
Sincerely,
LOGO
Stuart D. Bilton
Chairman and Chief Executive Officer
<PAGE>
CT&T FUNDS SUMMARY INFORMATION
PERFORMANCE FOR THE PERIOD ENDED APRIL 30, 1996
(UNAUDITED)
<TABLE>
<S> <C> <C>
MONTAG & CALDWELL GROWTH CHICAGO TRUST GROWTH & INCOME
</TABLE>
<TABLE>
<S> <C> <C>
Total Return:
6 Months 14.2% 14.5%
1 Year 37.0% 33.4%
Average Annual
Total Return
ince InceptionS 31.6% 18.6%
alue of $10,000V $15,065 $14,983
from inception
date 11/02/94 12/13/93
</TABLE>
TOP TEN HOLDINGS as of April 30, 1996
<TABLE>
<CAPTION>
Company and Procter & Gamble Co. 4.0%
<C> <S> <C>
% of Total Net Coca-Cola Co. 4.0%
Assets Intel Corp. 4.0%
Seagate Technology, Inc. 3.7%
Microsoft Corp. 3.4%
Johnson & Johnson 3.4%
Gillette Co. 3.3%
Cisco Systems, Inc. 3.3%
General Motors Corp. CL E 3.1%
American Express Co. 3.1%
</TABLE>
<TABLE>
<S> <C>
Illinois Tool Works, Inc. 4.1%
Royal Dutch Petroleum Co.
- - NY Registered 3.9%
Pfizer, Inc. 3.7%
Service Corp. Interna-
tional 3.6%
Newell Co. 3.6%
Raytheon Co. 3.4%
Microsoft Corp. 3.4%
American International
Group, Inc. 3.4%
Walgreen Co. 3.4%
Federal Home Loan Mortgage
Corp. 3.4%
</TABLE>
<TABLE>
<S> <C> <C>
CHICAGO TRUST TALON CHICAGO TRUST ASSET ALLOCATION
</TABLE>
<TABLE>
<S> <C> <C>
Total Return:
6 Months 19.6% 7.8%
1 Year 35.4% N/A
Average Annual
Total Return
ince InceptionS 26.3% N/A
alue of $10,000V $14,580 $10,893
from inception
date 09/19/94 09/21/95
</TABLE>
TOP TEN HOLDINGS as of April 30, 1996
<TABLE>
<CAPTION>
North American Vaccine,
Company and Inc. 6.3%
<C> <S> <C>
% of Total Net Cliffs Drilling Co. 5.6%
Assets Starbucks Corp. 5.4%
Ply-Gem Industries, Inc. 4.4%
Risk Capital Holdings,
Inc. 4.1%
Amdahl Corp. 3.9%
Teva Pharmaceutical In-
dustries ADR 3.4%
Gymboree Corp. 3.4%
Pyxis Corp. 3.3%
Danielson Holdings Corp. 3.2%
</TABLE>
<TABLE>
<S> <C>
Pfizer, Inc. 2.1%
Illinois Tool Works,
Inc. 2.0%
Gillette Co. 1.8%
Schlumberger, Ltd. 1.8%
Amoco Corp. 1.7%
Exxon Corp. 1.7%
Procter & Gamble Co. 1.7%
Coca-Cola Co. 1.6%
Harley Davidson, Inc. 1.6%
Walgreen Co. 1.6%
</TABLE>
2
<PAGE>
CT&T FUNDS SUMMARY INFORMATION
PERFORMANCE FOR THE PERIOD ENDED APRIL 30, 1996
(UNAUDITED)
<TABLE>
<S> <C> <C>
MONTAG & CALDWELL BALANCED CHICAGO TRUST BOND
</TABLE>
<TABLE>
<S> <C> <C>
Total Return:
6 Months 8.7% 0.5%
1 Year 24.3% 8.4%
Average Annual
Total Return
ince InceptionS 22.0% 4.8%
alue of $10,000V $13,446 $11,169
from inception
date 11/02/94 12/13/93
</TABLE>
TOP TEN HOLDINGS as of April 30, 1996
<TABLE>
<CAPTION>
U.S. Treasury Note
Company and 6.250%, 02/15/03 5.5%
<C> <S> <C>
U.S. Treasury Note
% of Total Net 6.375%, 08/15/02 3.0%
Assets Intel Corp. 2.6%
Coca-Cola Co. 2.4%
U.S. Treasury Note
6.250%, 05/31/00 2.3%
Federal Home Loan Mort-
gage Corp.
7.500%, 03/15/07 2.3%
General Motors Corp. CL E 2.2%
J.C. Penney & Co. Deben-
tures
9.750%, 06/15/21 2.2%
Microsoft Corp. 2.1%
Procter & Gamble Co. 2.1%
</TABLE>
<TABLE>
<S> <C>
Government National Mort-
gage Association 7.500%,
04/15/23 3.1%
U.S. Treasury Note 5.625%,
01/31/98 2.6%
U.S. Treasury Note 5.125%,
11/30/98 2.5%
Federal Home Loan Mortgage
Corp.
6.500%, 01/01/11 2.5%
Government National Mort-
gage Association 7.000%,
10/15/23 2.2%
Federal Home Loan Mortgage
Corp.
6.500%, 06/01/09 2.1%
Government National Mort-
gage Association 7.000%,
10/15/23 2.0%
Hilton Hotels, Inc. Note
7.700%, 07/15/02 2.0%
Federal National Mortgage
Association 6.250%,
07/25/02 2.0%
Federal National Mortgage
Association 6.000%,
06/25/02 1.9%
</TABLE>
<TABLE>
<S> <C> <C>
CHICAGO TRUST MUNICIPAL BOND
</TABLE>
<TABLE>
<S> <C> <C>
Total Return:
6 Months 0.9%
1 Year 5.8%
Average Annual
Total Return
Since Inception 3.3%
Value of $10,000 $10,811
from inception
date 12/13/93
</TABLE>
TOP TEN HOLDINGS as of April 30, 1996
<TABLE>
<CAPTION>
Company and King County, Washington,
% of Total Net Series A, G.O. 5.800%,
01/01/04 4.5%
<C> <S> <C>
Assets Jordan School District,
Series A, G.O. 5.250%,
06/15/00 4.4%
State of Florida, G.O.
4.700%, 07/01/97 4.3%
State of Illinois, G.O.
5.400%, 06/01/96 4.3%
Cook County, Illinois Se-
ries B, G.O., 4.700%,
11/15/01 4.3%
State of Nevada, Water
Pollution Control, Re-
volving Funding, G.O.
4.100%, 11/01/98 4.3%
</TABLE>
<TABLE>
<S> <C>
Salt River Project Elec-
tric System Revenue, Re-
funding Series A 5.500%,
01/01/05 4.2%
Texas Water Development
Board, G.O. 5.000%,
08/01/99 4.1%
Commonwealth of Puerto Ri-
co, G.O. 6.500%, 07/01/03 4.0%
Hempstead Town, G.O.
5.625%, 02/01/07 3.5%
</TABLE>
3
<PAGE>
CT&T FUNDS
MONTAG & CALDWELL GROWTH FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
----------- -----------
<S> <C> <C>
COMMON STOCK - 95.15%
COMPUTER HARDWARE - 17.86%
Adaptec, Inc.*......................................... 25,100 $ 1,443,250
General Motors Corp. CL E.............................. 45,000 2,536,875
Hewlett-Packard Co. ................................... 18,000 1,905,750
Intel Corp. ........................................... 48,000 3,252,000
Intelligent Electronics, Inc. ......................... 67,500 430,312
Seagate Technology, Inc.* ............................. 52,000 3,016,000
Solectron Corp.*....................................... 46,500 2,069,250
-----------
14,653,437
-----------
COMPUTER SOFTWARE - 10.73%
Cisco Systems, Inc.*................................... 51,600 2,676,750
Electronic Arts, Inc.*................................. 40,000 1,070,000
Microsoft Corp.*....................................... 24,500 2,777,687
Oracle Systems Corp.*.................................. 67,500 2,278,125
-----------
8,802,562
-----------
CONSUMER DURABLES - 2.18%
Harley Davidson, Inc. ................................. 40,600 1,791,475
-----------
CONSUMER NON-DURABLES - 13.18%
CUC International, Inc.*............................... 55,000 1,808,125
Gillette Co. .......................................... 50,000 2,700,000
Interpublic Group of Companies, Inc. .................. 34,000 1,589,500
Mattel, Inc. .......................................... 54,400 1,414,400
Procter & Gamble Co. .................................. 39,000 3,295,500
-----------
10,807,525
-----------
ELECTRICAL EQUIPMENT - 3.03%
Duracell International, Inc. .......................... 55,000 2,488,750
-----------
ENTERTAINMENT & LEISURE - 2.87%
Walt Disney Co. ....................................... 38,000 2,356,000
-----------
FINANCIAL SERVICES - 7.15%
American Express Co. .................................. 52,000 2,522,000
Federal National Mortgage Association.................. 52,800 1,617,000
First Data Corp. ...................................... 22,700 1,725,200
-----------
5,864,200
-----------
FOOD & BEVERAGE - 9.70%
Coca-Cola Co. ......................................... 40,000 3,260,000
McDonalds Corp. ....................................... 41,500 1,986,813
Pioneer Hi-Bred International, Inc. ................... 25,000 1,393,750
Wrigley, Wm. Jr., Co. ................................. 25,000 1,315,625
-----------
7,956,188
-----------
</TABLE>
See accompanying notes to financial statements.
4
<PAGE>
CT&T FUNDS
MONTAG & CALDWELL GROWTH FUND
SCHEDULE OF INVESTMENTS - CONTINUED (UNAUDITED) APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
----------- -----------
<S> <C> <C>
COMMON STOCK--CONTINUED
HEALTH CARE - 3.38%
Johnson & Johnson .................................... 30,000 $ 2,775,000
-----------
HOUSEHOLD PRODUCTS - 2.03%
Rubbermaid, Inc. ..................................... 59,000 1,666,750
-----------
LODGING - 2.08%
Marriott International, Inc. ......................... 35,000 1,706,250
-----------
MEDICAL SUPPLIES - 2.53%
Medtronic, Inc. ...................................... 39,000 2,071,875
-----------
PHARMACEUTICALS - 8.15%
Lilly (Eli) & Co. .................................... 36,000 2,124,000
Merck & Co., Inc. .................................... 39,000 2,359,500
Pfizer, Inc. ......................................... 32,000 2,204,000
-----------
6,687,500
-----------
RESTAURANTS - 1.45%
Cracker Barrel Old Country Store, Inc. ............... 50,200 1,185,975
-----------
RETAIL - 4.86%
Home Depot, Inc. ..................................... 50,900 2,411,388
The Gap, Inc. ........................................ 52,400 1,578,550
-----------
3,989,938
-----------
SERVICE - 0.92%
Manpower, Inc. ....................................... 20,500 758,500
-----------
TELECOMMUNICATIONS EQUIPMENT - 3.05%
U.S. Robotics, Inc. .................................. 16,000 2,504,000
-----------
TOTAL COMMON STOCK (COST $66,081,163)................. 78,065,925
-----------
MONEY MARKET FUND - 4.40% (COST $3,605,514)
Fidelity U.S. Government Reserves..................... 3,605,514 3,605,514
-----------
<CAPTION>
PRINCIPAL
AMOUNT
-----------
<S> <C> <C>
REPURCHASE AGREEMENT - 0.42% (COST $345,000)
United Missouri Bank, U.S. Treasury Note, $345,000
par, 7.500% coupon, due 10/31/99, dated 04/30/96, to
be sold on 05/01/96 at $345,048...................... $ 345,000 345,000
-----------
TOTAL INVESTMENTS - 99.97% (COST $70,031,677)/1/...... 82,016,439
-----------
CASH AND OTHER ASSETS NET OF LIABILITIES - 0.03%...... 25,937
-----------
NET ASSETS - 100.00%.................................. $82,042,376
===========
/1/Aggregate cost for federal income tax purposes is
$70,031,677; and net unrealized appreciation is as
follows:
Gross unrealized appreciation........................ $12,411,960
Gross unrealized depreciation........................ (427,198)
-----------
Net unrealized appreciation......................... $11,984,762
===========
</TABLE>
* Non-income producing security.
See accompanying notes to financial statements.
5
<PAGE>
CT&T FUNDS
CHICAGO TRUST GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------- ------------
<S> <C> <C>
COMMON STOCK - 92.14%
CHEMICALS - 1.93%
Praxair, Inc. ............................................. 92,400 $ 3,568,950
------------
COMPUTERS/OFFICE EQUIPMENT - 11.55%
Cisco Systems, Inc.*....................................... 60,400 3,133,250
Computer Sciences Corp.*................................... 58,600 4,336,400
General Motors Corp. CL E ................................. 35,500 2,001,313
Hewlett-Packard Co. ....................................... 52,900 5,600,788
Microsoft Corp.*........................................... 55,700 6,314,987
------------
21,386,738
------------
CONSUMER DURABLES - 3.02%
Harley Davidson, Inc. ..................................... 126,600 5,586,225
------------
CONSUMER NON-DURABLES - 11.44%
Gillette Co. .............................................. 84,400 4,557,600
Mattel, Inc. .............................................. 155,000 4,030,000
Newell Co. ................................................ 234,100 6,671,850
Procter & Gamble Co. ...................................... 70,000 5,915,000
------------
21,174,450
------------
ELECTRICAL/ELECTRONICS - 3.25%
General Electric Co. ...................................... 77,700 6,021,750
------------
ENERGY - 6.96%
Exxon Corp. ............................................... 66,400 5,644,000
Royal Dutch Petroleum Co. - NY Registered* ................ 50,500 7,234,125
------------
12,878,125
------------
ENTERTAINMENT & LEISURE - 2.21%
Carnival Corp. ............................................ 141,000 4,089,000
------------
FINANCIAL SERVICES - 12.08%
Federal Home Loan Mortgage Corp. .......................... 74,850 6,240,619
First Data Corp. .......................................... 28,000 2,128,000
Green Tree Financial Corp. ................................ 181,000 6,108,750
MBNA Corp. ................................................ 70,350 1,996,181
Norwest Corp. ............................................. 162,600 5,873,925
------------
22,347,475
------------
FOOD & BEVERAGE - 4.59%
Coca-Cola Co. ............................................. 50,200 4,091,300
Sysco Corp. ............................................... 137,000 4,401,125
------------
8,492,425
------------
</TABLE>
See accompanying notes to financial statements.
6
<PAGE>
CT&T FUNDS
CHICAGO TRUST GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS - CONTINUED (UNAUDITED) APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------- ------------
<S> <C> <C>
COMMON STOCK - CONTINUED
HEALTH CARE - 0.51%
Health Management Associates, Inc. CL A*.................. 29,500 $ 944,000
------------
INSURANCE - 5.39%
American International Group, Inc. ....................... 68,650 6,272,894
General Re Corp. ......................................... 25,950 3,707,606
------------
9,980,500
------------
MANUFACTURING - 7.93%
Federal Signal Corp. ..................................... 115,000 3,004,375
Illinois Tool Works, Inc. ................................ 114,000 7,666,500
Pall Corp. ............................................... 143,000 4,004,000
------------
14,674,875
------------
PAPER/WOOD PRODUCTS - 2.41%
Kimberly Clark Corp. ..................................... 61,400 4,459,175
------------
PHARMACEUTICALS - 5.54%
Merck & Co., Inc. ........................................ 57,000 3,448,500
Pfizer, Inc. ............................................. 98,800 6,804,850
------------
10,253,350
------------
RESTAURANTS - 1.31%
Outback Steakhouse, Inc.*................................. 60,400 2,423,550
------------
RETAIL - 3.39%
Walgreen Co. ............................................. 196,000 6,272,000
------------
SCIENTIFIC & TECH INSTRUMENTS - 3.42%
Raytheon Co. ............................................. 125,000 6,328,125
------------
SERVICE - 3.62%
Service Corp. International............................... 126,250 6,707,031
------------
TEXTILES - 0.58%
Cintas Corp. ............................................. 20,000 1,075,000
------------
WHOLESALE TRADE - 1.01%
Grainger (W.W.), Inc. .................................... 27,150 1,873,350
------------
TOTAL COMMON STOCK (COST $144,709,851).................... 170,536,094
------------
</TABLE>
See accompanying notes to financial statements.
7
<PAGE>
CT&T FUNDS
CHICAGO TRUST GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS - CONTINUED (UNAUDITED) APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
----------- ------------
<S> <C> <C>
REPURCHASE AGREEMENT - 8.28% (COST $15,336,000)
Bank of America, U.S. Treasury Bills, $15,690,000
par, 5.340% coupon, due 05/16/96, dated 04/30/96,
to be sold on 05/01/96 at $15,338,275.............. $15,336,000 $ 15,336,000
------------
TOTAL INVESTMENTS - 100.42% (COST $160,045,851)/1/.. 185,872,094
------------
LIABILITIES NET OF CASH AND OTHER ASSETS - (0.42%).. (777,471)
------------
NET ASSETS - 100.00%................................ $185,094,623
============
/1/Aggregate cost for federal income tax purposes is
$160,045,851; and net unrealized appreciation is as
follows:
Gross unrealized appreciation...................... $26,441,892
Gross unrealized depreciation...................... (615,649)
-----------
Net unrealized appreciation....................... $25,826,243
===========
</TABLE>
*Non-income producing security.
See accompanying notes to financial statements.
8
<PAGE>
CT&T FUNDS
CHICAGO TRUST TALON FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCK - 66.42%
APPAREL - 3.35%
Gymboree Corp.*......................................... 19,000 $ 491,625
-----------
BIOTECHNOLOGY - 6.33%
North American Vaccine, Inc.*........................... 45,000 928,125
-----------
BUILDING MATERIALS - 4.41%
Ply-Gem Industries, Inc. ............................... 50,200 646,325
-----------
CABLE TELEVISION - 3.59%
Comcast Corp. CL A...................................... 16,000 280,000
Tele-Communications, Inc. CL A.......................... 12,600 240,975
Tescorp., Inc. ......................................... 1,534 5,753
-----------
526,728
-----------
COMMUNICATION EQUIPMENT/MANUFACTURERS - 2.15%
DSC Communications Corp.*............................... 10,000 315,000
-----------
COMPUTER SOFTWARE & SERVICES - 3.91%
Amdahl Corp.*........................................... 45,000 573,750
-----------
FINANCIAL SERVICES - 2.10%
Data Broadcasting Corp. ................................ 30,000 307,500
-----------
HEALTH CARE & EQUIPMENT - 2.96%
Cerner Corp.*........................................... 21,000 433,125
-----------
HOMEBUILDING - 2.96%
Falcon Building Products, Inc.*......................... 45,000 433,125
-----------
INSURANCE - 7.25%
Danielson Holdings Corp.*............................... 56,500 466,125
Risk Capital Holdings, Inc.*............................ 30,000 596,250
-----------
1,062,375
-----------
MEDICAL PRODUCTS & SUPPLIES - 3.27%
Pyxis Corp.*............................................ 19,000 479,750
-----------
MEDICAL SERVICES - 1.99%
I-Stat Corp.*........................................... 10,000 291,250
-----------
OIL FIELD SERVICES/EQUIPMENT - 5.62%
Cliffs Drilling Co.*.................................... 32,628 823,857
-----------
PHARMACEUTICALS - 5.17%
Elan Corp.*............................................. 4,000 264,500
Teva Pharmaceutical Industries ADR...................... 11,000 493,625
-----------
758,125
-----------
</TABLE>
See accompanying notes to financial statements.
9
<PAGE>
CT&T FUNDS
CHICAGO TRUST TALON FUND
SCHEDULE OF INVESTMENTS - CONTINUED (UNAUDITED) APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCK - CONTINUED
RETAILING-SPECIALTY - 8.42%
Department 56, Inc.*................................. 18,000 $ 447,750
Starbucks Corp.*..................................... 29,000 786,625
-----------
1,234,375
-----------
SCIENTIFIC & TECH INSTRUMENTS - 2.94%
Robotic Vision Systems, Inc.*........................ 25,000 431,250
-----------
TOTAL COMMON STOCK (COST $7,308,322)................. 9,736,285
-----------
PREFERRED STOCK - 2.29% (COST $300,000)
Tescorp., Inc. Series 95, 8.000%, Conv. Pfd.......... 3,000 336,000
-----------
<CAPTION>
PRINCIPAL
AMOUNT
----------
<S> <C> <C>
REPURCHASE AGREEMENT - 21.61% (COST $3,167,000)
United Missouri Bank, U.S. Treasury Note, $3,118,000
par, 7.500% coupon, due 10/31/99, dated 04/30/96, to
be sold on 05/01/96 at $3,167,440................... $3,167,000 3,167,000
-----------
U.S. GOVERNMENT OBLIGATIONS - 9.86%
U.S. TREASURY BILLS - 9.86%
4.870%, 07/11/96..................................... 500,000 495,010
5.190%, 04/03/97..................................... 1,000,000 950,614
-----------
TOTAL U.S. GOVERNMENT OBLIGATIONS (COST $1,446,613).. 1,445,624
-----------
TOTAL INVESTMENTS - 100.18% (COST $12,221,935)/1/.... 14,684,909
-----------
LIABILITIES NET OF CASH AND OTHER ASSETS - (0.18%)... (26,992)
-----------
NET ASSETS - 100.00%................................. $14,657,917
===========
/1/Aggregate cost for federal income tax purposes is
$12,221,935; and net unrealized appreciation is as
follows:
Gross unrealized appreciation....................... $2,603,580
Gross unrealized depreciation....................... (140,606)
----------
Net unrealized appreciation........................ $2,462,974
==========
</TABLE>
*Non-income producing security.
See accompanying notes to financial statements.
10
<PAGE>
CT&T FUNDS
CHICAGO TRUST ASSET ALLOCATION FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------ ----------
<S> <C> <C>
COMMON STOCK - 53.74%
CHEMICALS - 1.03%
Praxair, Inc. ............................................... 40,000 $1,545,000
----------
COMPUTERS/OFFICE EQUIPMENT - 5.56%
Cisco Systems, Inc.* ........................................ 40,000 2,075,000
Computer Sciences Corp.* .................................... 25,000 1,850,000
Hewlett-Packard Co. ......................................... 20,000 2,117,500
Microsoft Corp.* ............................................ 20,000 2,267,500
----------
8,310,000
----------
CONSUMER DURABLES - 1.62%
Harley Davidson, Inc. ....................................... 55,000 2,426,875
----------
CONSUMER NON-DURABLES - 6.46%
CUC International, Inc.* .................................... 40,000 1,315,000
Gillette Co. ................................................ 50,000 2,700,000
Mattel, Inc. ................................................ 37,500 975,000
Newell Co. .................................................. 75,000 2,137,500
Procter & Gamble Co. ........................................ 30,000 2,535,000
----------
9,662,500
----------
ELECTRICAL/ELECTRONICS - 2.64%
General Electric Co. ........................................ 30,000 2,325,000
Molex, Inc. ................................................. 50,000 1,625,000
----------
3,950,000
----------
ENERGY - 6.62%
Amoco Corp. ................................................. 35,000 2,555,000
Exxon Corp. ................................................. 30,000 2,550,000
Royal Dutch Petroleum Co. - NY Registered*................... 15,000 2,148,750
Schlumberger, Ltd. .......................................... 30,000 2,647,500
----------
9,901,250
----------
ENTERTAINMENT & LEISURE - 2.81%
Carnival Corp. .............................................. 70,000 2,030,000
Walt Disney Co. ............................................. 35,000 2,170,000
----------
4,200,000
----------
FINANCIAL SERVICES - 6.29%
Federal Home Loan Mortgage Corp. ............................ 28,000 2,334,500
First Data Corp. ............................................ 15,000 1,140,000
Green Tree Financial Corp. .................................. 55,000 1,856,250
MBNA Corp. .................................................. 67,500 1,915,312
Norwest Corp. ............................................... 60,000 2,167,500
----------
9,413,562
----------
</TABLE>
See accompanying notes to financial statements.
11
<PAGE>
CT&T FUNDS
CHICAGO TRUST ASSET ALLOCATION FUND
SCHEDULE OF INVESTMENTS - CONTINUED (UNAUDITED) APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
---------- ------------
<S> <C> <C>
COMMON STOCK - CONTINUED
FOOD & BEVERAGE - 3.29%
Coca-Cola Co. .......................................... 30,000 $ 2,445,000
Lancaster Colony Corp. ................................. 45,000 1,518,750
Sysco Corp. ............................................ 30,000 963,750
------------
4,927,500
------------
INSURANCE - 2.96%
American International Group, Inc. ..................... 25,000 2,284,375
General Re Corp. ....................................... 15,000 2,143,125
------------
4,427,500
------------
MANUFACTURING - 5.99%
Boeing Co. ............................................. 20,000 1,642,500
Deere & Co. ............................................ 45,000 1,749,375
Federal Signal Corp..................................... 65,000 1,698,125
Illinois Tool Works, Inc. .............................. 45,000 3,026,250
Pall Corp. ............................................. 30,000 840,000
------------
8,956,250
------------
MEDICAL SUPPLIES - 1.07%
Medtronic, Inc. ........................................ 30,000 1,593,750
------------
PHARMACEUTICALS - 4.37%
Abbott Laboratories..................................... 55,000 2,234,375
Merck & Co., Inc. ...................................... 20,000 1,210,000
Pfizer, Inc. ........................................... 45,000 3,099,375
------------
6,543,750
------------
RETAIL - 1.60%
Walgreen Co. ........................................... 75,000 2,400,000
------------
TELECOMMUNICATION SERVICES - 1.43%
AT&T Corp. ............................................. 35,000 2,143,750
------------
TOTAL COMMON STOCK (COST $70,670,062)................... 80,401,687
------------
</TABLE>
See accompanying notes to financial statements.
12
<PAGE>
CT&T FUNDS
CHICAGO TRUST ASSET ALLOCATION FUND
SCHEDULE OF INVESTMENTS - CONTINUED (UNAUDITED) APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
----------- ------------
<S> <C> <C>
REPURCHASE AGREEMENT - 6.92% (COST $10,355,000)
Bank of America, U.S. Treasury Bills, $10,800,000 par,
5.340% coupon, due 09/26/96, dated 04/30/96, to be
sold on 05/01/96 at $10,356,536...................... $10,355,000 $ 10,355,000
------------
FIXED INCOME SECURITIES - 38.77%
U.S. GOVERNMENT OBLIGATIONS - 7.41%
U.S. TREASURY NOTES - 6.03%
4.375%, 11/15/96...................................... 1,000,000 994,500
5.625%, 08/31/97...................................... 1,000,000 997,190
8.750%, 10/15/97...................................... 1,000,000 1,039,140
9.000%, 05/15/98...................................... 1,000,000 1,055,550
8.000%, 08/15/99...................................... 1,000,000 1,049,640
6.375%, 01/15/00...................................... 1,500,000 1,502,505
5.250%, 01/31/01...................................... 1,500,000 1,431,315
5.875%, 02/15/04...................................... 1,000,000 953,350
------------
9,023,190
------------
U.S. TREASURY BONDS - 1.38%
8.500%, 02/15/20...................................... 1,000,000 1,158,220
6.250%, 08/15/23...................................... 1,000,000 902,410
------------
2,060,630
------------
TOTAL U.S. GOVERNMENT OBLIGATIONS (COST $11,294,555).. 11,083,820
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 14.84%
FEDERAL HOME LOAN BANK - 0.35%
9.200%, 08/25/97...................................... 500,000 521,695
------------
FEDERAL HOME LOAN MORTGAGE CORP. - 4.53%
5.850%, 02/21/06, Debentures.......................... 1,000,000 919,270
6.500%, 09/15/07, CMO REMIC........................... 1,000,000 976,588
7.500%, 04/01/08...................................... 692,005 697,259
6.500%, 06/01/09...................................... 1,264,649 1,231,822
7.500%, 11/01/10...................................... 1,234,359 1,243,957
7.000%, 11/15/13, CMO PAC--Interest Only.............. 2,200,000 162,426
7.000%, 07/01/23...................................... 734,789 714,455
6.000%, 12/15/23, CMO REMIC........................... 1,000,000 833,679
------------
6,779,456
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 2.60%
6.000%, 06/25/02, CMO REMIC........................... 1,800,000 1,783,990
6.250%, 07/25/02, CMO REMIC........................... 1,000,000 998,621
7.000%, 07/25/23, CMO PAC--Interest Only.............. 1,931,630 208,597
9.000%, 05/01/25...................................... 855,280 893,087
------------
3,884,295
------------
</TABLE>
See accompanying notes to financial statements.
13
<PAGE>
CT&T FUNDS
CHICAGO TRUST ASSET ALLOCATION FUND
SCHEDULE OF INVESTMENTS - CONTINUED (UNAUDITED) APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
----------- ------------
<S> <C> <C>
FIXED INCOME SECURITIES - CONTINUED
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 7.36%
7.000%, 06/15/08...................................... $ 661,578 $ 658,789
8.000%, 03/15/17...................................... 855,794 866,643
8.000%, 06/15/17...................................... 1,205,254 1,220,650
7.500%, 04/15/23...................................... 859,724 850,053
7.500%, 04/15/23...................................... 1,568,010 1,553,289
7.000%, 09/15/23...................................... 1,928,765 1,865,617
7.000%, 10/15/23...................................... 1,361,010 1,311,673
7.000%, 10/15/23...................................... 1,331,192 1,282,937
6.500%, 03/01/26...................................... 1,498,306 1,403,329
------------
11,012,980
------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST
$22,605,772)......................................... 22,198,426
------------
GOVERNMENT TRUST CERTIFICATES - 1.02%
GTC Greece, 8.000%, 05/15/98--Series G-2.............. 449,485 449,485
GTC Israel, 9.250%, 11/15/01--Class 1-C............... 1,000,000 1,080,000
------------
TOTAL GOVERNMENT TRUST CERTIFICATES (COST $1,549,416). 1,529,485
------------
ASSET BACKED NOTES - 0.69%
Chemical Master Credit Card Trust, 5.550%, 09/15/03... 1,000,000 951,288
Premier Auto Trust, 5.900%, 11/15/97.................. 80,201 80,110
------------
TOTAL ASSET BACKED NOTES (COST $1,048,986)............ 1,031,398
------------
CORPORATE BONDS, NOTES AND DEBENTURES - 14.81%
AIRLINES - 0.31%
Delta Airlines, Inc. Equipment Trust Bonds, 8.540%,
01/02/07............................................. 452,212 470,637
------------
COMPUTERS - 0.50%
International Business Machines Corp. Notes, 6.375%,
06/15/00............................................. 750,000 743,437
------------
CONSUMER NON-DURABLES - 0.26%
Philip Morris Cos., Inc. Notes, 7.125%, 10/01/04...... 400,000 393,500
------------
ENTERTAINMENT - 0.30%
Time Warner, Inc. Convertible Subordinated Debentures,
Zero Coupon, 07/01/16*............................... 450,000 450,000
------------
EQUIPMENT - 0.72%
John Deere Capital Corp. Debentures, 8.625%, 08/01/19. 1,000,000 1,072,500
------------
FINANCIAL SERVICES - 5.30%
Chrysler Financial Corp., 6.625%, 08/15/00............ 1,000,000 990,000
Heller Financial Corp. Notes, 5.625%, 03/15/00........ 1,000,000 951,250
International Bank for Reconstruction & Development,
9.770%, 05/27/98..................................... 1,000,000 1,067,500
International Lease Finance Debentures, 7.900%,
10/01/96............................................. 1,000,000 1,009,280
</TABLE>
See accompanying notes to financial statements.
14
<PAGE>
CT&T FUNDS
CHICAGO TRUST ASSET ALLOCATION FUND
SCHEDULE OF INVESTMENTS - CONTINUED (UNAUDITED) APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
----------- ------------
<S> <C> <C>
FIXED INCOME SECURITIES - CONTINUED
FINANCIAL SERVICES - CONTINUED
Leucadia National Corp. Senior Subordinated Notes,
8.250%, 06/15/05..................................... $ 975,000 $ 957,938
Pacific Mutual Life Insurance Co. - 144A Surplus
Notes, 7.900%, 12/30/23.............................. 1,000,000 943,750
Prudential Insurance Co. - 144A Surplus Notes, 8.300%,
07/01/25............................................. 1,000,000 990,000
U.S. Leasing International, Inc. Notes, 7.000%,
11/01/97............................................. 1,000,000 1,019,650
------------
7,929,368
------------
FOOD & BEVERAGE - 0.65%
Nabisco, Inc. Notes, 6.700%, 06/15/02................. 1,000,000 972,500
------------
HEALTH CARE - 1.20%
Columbia/HCA Healthcare Corp. Notes, 7.690%, 06/15/25. 1,000,000 978,750
Hospital Corp. America, Zero Coupon Debentures,
06/01/00*............................................ 1,100,000 823,625
------------
1,802,375
------------
LODGING - 0.67%
Hilton Hotels, Inc., Notes, 7.700%, 07/15/02.......... 1,000,000 1,007,500
------------
MINING - 0.33%
Santa Fe Pacific Gold Corp. Senior Debentures, 8.375%,
07/01/05............................................. 500,000 493,125
------------
PUBLISHING/PRINTING - 0.34%
Valassis Inserts, Inc. Senior Subordinated Notes,
9.375%, 03/15/99..................................... 500,000 507,500
------------
RETAILING-SPECIALTY - 0.75%
Federated Department Stores Senior Debentures, 8.125%,
10/15/02............................................. 500,000 486,875
Southland Corp. Senior Subordinated Debentures,
5.000%, 12/15/03..................................... 800,000 634,000
------------
1,120,875
------------
TOBACCO - 0.28%
RJR Nabisco, Inc. Notes, 7.625%, 09/15/03............. 450,000 418,500
------------
UTILITIES - 2.58%
Commonwealth Edison Co. First Mortgage Bonds, 8.000%,
04/15/23............................................. 1,000,000 952,500
Georgia Power Co., 6.125%, 09/01/99................... 500,000 491,875
Gulf States Utilities, 7.350%, 11/01/98............... 500,000 503,750
Long Island Lighting Co. Debentures, 9.000%, 11/01/22. 1,000,000 927,500
Philadelphia Electric Co. First Mortgage Bonds,
5.625%, 11/01/01..................................... 500,000 470,625
Public Service Co. - N.H. First Mortgage Bonds,
9.170%, 05/15/98..................................... 500,000 515,000
------------
3,861,250
------------
YANKEE - 0.62%
Chilgener S.A. Notes, 6.500%, 01/15/06................ 1,000,000 926,250
------------
TOTAL CORPORATE BONDS, NOTES AND DEBENTURES (COST
$22,815,532)......................................... 22,169,317
------------
</TABLE>
See accompanying notes to financial statements.
15
<PAGE>
CT&T FUNDS
CHICAGO TRUST ASSET ALLOCATION FUND
SCHEDULE OF INVESTMENTS - CONTINUED (UNAUDITED) APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
VALUE
------------
<S> <C> <C>
TOTAL FIXED INCOME SECURITIES (COST $59,314,261).... $ 58,012,446
------------
TOTAL INVESTMENTS - 99.43% (COST $140,339,323)/1/... 148,769,133
------------
CASH AND OTHER ASSETS NET OF LIABILITIES - 0.57%.... 849,118
------------
NET ASSETS - 100.00%................................ $149,618,251
============
/1/Aggregate cost for federal income tax purposes is
$140,339,323; and net unrealized appreciation is as
follows:
Gross unrealized appreciation...................... $10,620,066
Gross unrealized depreciation...................... (2,190,256)
-----------
Net unrealized appreciation....................... $ 8,429,810
===========
</TABLE>
*Non-income producing security.
See accompanying notes to financial statements.
16
<PAGE>
CT&T FUNDS
MONTAG & CALDWELL BALANCED FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------ ----------
<S> <C> <C>
COMMON STOCK - 57.91%
COMPUTER HARDWARE - 11.20%
Adaptec, Inc.*............................................... 5,200 $ 299,000
General Motors Corp. CL E.................................... 10,000 563,750
Hewlett-Packard Co. ......................................... 3,200 338,800
Intel Corp. ................................................. 10,000 677,500
Intelligent Electronics, Inc. ............................... 15,000 95,625
Seagate Technology, Inc.*.................................... 8,900 516,200
Solectron Corp.*............................................. 9,200 409,400
----------
2,900,275
----------
COMPUTER SOFTWARE - 6.72%
Cisco Systems, Inc.*......................................... 9,900 513,563
Electronic Arts, Inc.*....................................... 7,800 208,650
Microsoft Corp.*............................................. 4,800 544,200
Oracle Systems Corp.*........................................ 14,100 475,875
----------
1,742,288
----------
CONSUMER DURABLES - 1.79%
Harley Davidson, Inc. ....................................... 10,500 463,312
----------
CONSUMER NON-DURABLES - 7.33%
CUC International, Inc.*..................................... 9,500 312,313
Gillette Co. ................................................ 8,200 442,800
Interpublic Group of Companies, Inc. ........................ 7,000 327,250
Mattel, Inc. ................................................ 10,925 284,050
Procter & Gamble Co. ........................................ 6,300 532,350
----------
1,898,763
----------
ELECTRICAL EQUIPMENT - 1.38%
Duracell International, Inc. ................................ 7,900 357,475
----------
ENTERTAINMENT & LEISURE - 1.39%
Walt Disney Co. ............................................. 5,800 359,600
----------
FINANCIAL SERVICES - 4.48%
American Express Co. ........................................ 9,200 446,200
Federal National Mortgage Association........................ 12,400 379,750
First Data Corp. ............................................ 4,400 334,400
----------
1,160,350
----------
FOOD & BEVERAGE - 6.32%
Coca-Cola Co. ............................................... 7,700 627,550
McDonalds Corp. ............................................. 8,700 416,512
Pioneer Hi-Bred International, Inc. ......................... 5,000 278,750
Wrigley, Wm. Jr., Co. ....................................... 6,000 315,750
----------
1,638,562
----------
</TABLE>
See accompanying notes to financial statements.
17
<PAGE>
CT&T FUNDS
MONTAG & CALDWELL BALANCED FUND
SCHEDULE OF INVESTMENTS - CONTINUED (UNAUDITED) APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCK - CONTINUED
HEALTH CARE - 1.79%
Johnson & Johnson....................................... 5,000 $ 462,500
-----------
HOUSEHOLD PRODUCTS - 1.11%
Rubbermaid, Inc. ....................................... 10,200 288,150
-----------
LODGING - 1.51%
Marriott International, Inc. ........................... 8,000 390,000
-----------
MEDICAL SUPPLIES - 1.39%
Medtronic, Inc. ........................................ 6,800 361,250
-----------
PHARMACEUTICALS - 5.46%
Lilly (Eli) & Co. ...................................... 8,000 472,000
Merck & Co., Inc. ...................................... 7,500 453,750
Pfizer, Inc. ........................................... 7,100 489,013
-----------
1,414,763
-----------
RESTAURANTS - 0.97%
Cracker Barrel Old Country Store, Inc. ................. 10,600 250,425
-----------
RETAIL - 3.02%
Home Depot, Inc. ....................................... 9,800 464,275
The Gap, Inc. .......................................... 10,600 319,325
-----------
783,600
-----------
TELECOMMUNICATIONS EQUIPMENT - 2.05%
U.S. Robotics, Inc. .................................... 3,400 532,100
-----------
TOTAL COMMON STOCK (COST $11,754,630)................... 15,003,413
-----------
MONEY MARKET FUND - 3.52% (COST $911,170)
Fidelity U.S. Government Reserves....................... 911,170 911,170
-----------
<CAPTION>
PRINCIPAL
AMOUNT
----------
<S> <C> <C>
FIXED INCOME SECURITIES - 37.93%
U.S. GOVERNMENT OBLIGATIONS - 16.98%
U.S. TREASURY NOTES - 16.29%
9.250%, 08/15/98........................................ $ 100,000 106,596
8.500%, 02/15/00........................................ 100,000 107,158
6.250%, 05/31/00........................................ 600,000 597,402
8.000%, 05/15/01........................................ 200,000 213,324
6.375%, 08/15/02........................................ 775,000 768,784
6.250%, 02/15/03........................................ 1,450,000 1,426,278
</TABLE>
See accompanying notes to financial statements.
18
<PAGE>
CT&T FUNDS
MONTAG & CALDWELL BALANCED FUND
SCHEDULE OF INVESTMENTS - CONTINUED (UNAUDITED) APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
---------- ------------
<S> <C> <C>
FIXED INCOME SECURITIES - CONTINUED
U.S. TREASURY NOTES - CONTINUED
7.250%, 05/15/04....................................... $ 500,000 $ 517,795
7.875%, 11/15/04....................................... 450,000 483,939
------------
4,221,276
------------
U.S. TREASURY BONDS - 0.69%
8.000%, 11/15/21....................................... 160,000 176,859
------------
TOTAL U.S. GOVERNMENT OBLIGATIONS (COST $4,401,502).... 4,398,135
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 11.45%
FEDERAL HOME LOAN BANK - 1.16%
5.990%, 10/01/03....................................... 320,000 299,766
------------
FEDERAL HOME LOAN MORTGAGE CORP. - 7.33%
7.000%, 11/15/01, CMO REMIC ........................... 205,000 207,197
6.500%, 06/01/02, Mortgage Balloon Pass Through ....... 289,326 284,896
6.500%, 06/15/04, CMO REMIC ........................... 100,000 99,995
7.730%, 08/10/04, Debentures........................... 100,000 101,244
7.500%, 03/15/07, CMO REMIC ........................... 600,000 581,764
7.500%, 07/15/07, CMO REMIC ........................... 100,000 100,593
6.000%, 04/15/08, CMO REMIC ........................... 150,000 142,895
6.500%, 11/15/20, CMO PAC ............................. 400,000 382,231
------------
1,900,815
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 2.96%
7.500%, 03/01/99, Mortgage Pass Through ............... 172,270 174,531
6.000%, 02/25/07, CMO REMIC ........................... 125,000 121,144
7.070%, 03/08/11 ...................................... 500,000 470,655
------------
766,330
------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST
$3,018,441) .......................................... 2,966,911
------------
ASSET BACKED NOTES - 4.05%
AT&T Universal Card, 5.950%, 10/17/02, CMO ............ 445,000 431,218
Chemical Master Credit Card, 6.230%, 06/15/03 ......... 300,000 293,344
Discover Card Trust, 6.800%, 06/15/00 ................. 175,000 176,254
Discover Card Trust, 6.250%, 08/16/00 ................. 50,000 49,888
Paine Webber Trust, 9.000%, 10/20/99, CMO--Corporate .. 99,138 99,683
------------
TOTAL ASSET BACKED NOTES (COST $1,061,924) ............ 1,050,387
------------
</TABLE>
See accompanying notes to financial statements.
19
<PAGE>
CT&T FUNDS
MONTAG & CALDWELL BALANCED FUND
SCHEDULE OF INVESTMENTS - CONTINUED (UNAUDITED) APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
---------- -----------
<S> <C> <C>
FIXED INCOME SECURITIES - CONTINUED
CORPORATE BONDS, NOTES AND DEBENTURES - 5.45%
FINANCIAL SERVICES - 2.85%
American General Finance Corp. Notes, 7.200%, 07/08/99 . $ 55,000 $ 55,894
Chrysler Financial Corp. Notes, 8.500%, 11/23/06** ..... 100,000 100,000
International Bank for Reconstruction and Development,
8.125%, 03/01/01 ...................................... 75,000 79,781
MBNA Corp. Notes, 6.875%, 06/01/05 ..................... 125,000 121,094
Nations Bank Corp. Notes, 6.500%, 08/15/03 ............. 400,000 384,000
-----------
740,769
-----------
INSURANCE - 0.42%
National Re Corp. Notes, 8.850%, 01/15/05 .............. 100,000 108,875
-----------
RETAIL - 2.18%
J.C. Penney & Co. Debentures, 9.750%, 06/15/21 ......... 500,000 563,750
-----------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL CORPORATE BONDS, NOTES AND DEBENTURES (COST
$1,440,213).......................................... 1,413,394
-----------
TOTAL FIXED INCOME SECURITIES (COST $9,922,080)....... 9,828,827
-----------
TOTAL INVESTMENTS - 99.36% (COST $22,587,880)/1/...... 25,743,410
-----------
OTHER ASSETS NET OF LIABILITIES - 0.64%............... 165,583
-----------
NET ASSETS - 100.00%.................................. $25,908,993
===========
/1/Aggregate cost for federal income tax purposes is
$22,587,880; and net unrealized appreciation is as
follows:
Gross unrealized appreciation........................ $3,456,370
Gross unrealized depreciation........................ (300,840)
----------
Net unrealized appreciation......................... $3,155,530
==========
</TABLE>
* Non-income producing security.
**Security is callable on 11/23/96 at which date a step-up, annually reset
interest rate begins.
See accompanying notes to financial statements.
20
<PAGE>
CT&T FUNDS
CHICAGO TRUST BOND FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
---------- -----------
<S> <C> <C>
FIXED INCOME SECURITIES - 90.27%
U.S. GOVERNMENT OBLIGATIONS - 15.31%
U.S. TREASURY NOTES - 12.83%
5.125%, 11/30/98......................................... $2,000,000 $ 1,951,179
6.375%, 01/15/00......................................... 1,000,000 1,001,670
6.375%, 08/15/02......................................... 1,000,000 991,980
5.750%, 08/15/03......................................... 1,000,000 950,770
5.625%, 01/31/98......................................... 2,000,000 1,988,160
5.500%, 02/28/99......................................... 1,000,000 982,010
5.750%, 10/31/00......................................... 1,000,000 974,920
7.250%, 05/15/04......................................... 1,000,000 1,035,590
-----------
9,876,279
-----------
U.S. TREASURY BONDS - 2.48%
7.125%, 02/15/23......................................... 1,000,000 1,005,210
6.250%, 08/15/23......................................... 1,000,000 902,410
-----------
1,907,620
-----------
TOTAL U.S. GOVERNMENT OBLIGATIONS (COST $12,090,157)..... 11,783,899
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 34.09%
FEDERAL HOME LOAN MORTGAGE CORP. - 15.63%
5.850%, 02/21/06, Debentures............................. 1,500,000 1,378,905
6.000%, 03/15/07, CMO REMIC.............................. 1,500,000 1,471,416
6.500%, 09/15/07, CMO REMIC.............................. 1,000,000 976,588
5.750%, 01/15/08, CMO REMIC.............................. 500,000 470,682
7.500%, 04/01/08......................................... 692,005 697,258
6.000%, 03/15/09, CMO REMIC.............................. 1,000,000 879,726
6.500%, 06/01/09......................................... 1,686,198 1,642,429
7.500%, 11/01/10......................................... 1,410,393 1,421,360
6.500%, 01/01/11......................................... 1,973,452 1,916,617
6.000%, 12/15/23, CMO REMIC.............................. 1,400,000 1,167,150
-----------
12,022,131
-----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 7.78%
6.000%, 06/25/02, CMO REMIC.............................. 1,500,000 1,486,659
6.250%, 07/25/02, CMO REMIC.............................. 1,500,000 1,497,932
7.000%, 07/25/08......................................... 516,797 511,468
6.750%, 07/25/23, CMO REMIC.............................. 1,200,000 1,063,272
9.000%, 05/01/25......................................... 1,368,448 1,428,939
-----------
5,988,270
-----------
</TABLE>
See accompanying notes to financial statements.
21
<PAGE>
CT&T FUNDS
CHICAGO TRUST BOND FUND
SCHEDULE OF INVESTMENTS - CONTINUED (UNAUDITED) APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
---------- -----------
<S> <C> <C>
FIXED INCOME SECURITIES - CONTINUED
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 10.68%
8.000%, 06/15/17........................................ $1,205,254 $ 1,220,650
7.500%, 04/15/23........................................ 2,374,956 2,350,658
7.000%, 10/15/23........................................ 1,587,845 1,530,286
7.000%, 10/15/23........................................ 1,774,923 1,710,582
6.500%, 03/01/26........................................ 1,498,306 1,403,329
-----------
8,215,505
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST
$26,769,757)........................................... 26,225,906
-----------
GOVERNMENT TRUST CERTIFICATES - 1.02% (COST $793,250)
GTC Israel, 9.250%, 11/15/01 - Class 1-C................ 725,000 783,000
-----------
ASSET BACKED NOTES - 1.96%
Chemical Master Credit Card Trust, 5.550%, 09/15/03..... 1,500,000 1,426,933
Premier Auto Trust, 5.900%, 11/15/97.................... 80,201 80,110
-----------
TOTAL ASSET BACKED NOTES (COST $1,533,394).............. 1,507,043
-----------
CORPORATE BONDS, NOTES AND DEBENTURES - 37.89%
AIRLINES - 0.93%
Delta Airlines, Inc. Equipment Trust Bonds, 8.540%,
01/02/07............................................... 452,212 470,637
Delta Airlines, Inc. Equipment Trust Bonds, 9.375%,
09/11/07............................................... 227,542 251,149
-----------
721,786
-----------
COMPUTERS - 0.97%
International Business Machines Corp. Notes, 6.375%,
06/15/00............................................... 750,000 743,437
-----------
ENTERTAINMENT - 0.91%
Time Warner, Inc. - 144A Preferred Stock/Sinking Fund,
10.250%, 07/01/16...................................... 700,000 700,000
-----------
EQUIPMENT - 1.78%
John Deere Capital Corp. Debentures, 8.625%, 08/01/19... 1,275,000 1,367,438
-----------
FINANCIAL SERVICES - 13.47%
Associates Corp. N.A. Notes, 5.250%, 09/01/98........... 1,000,000 976,250
Chrysler Financial Corp. Notes, 6.625%, 08/15/00........ 1,250,000 1,237,500
Federal Realty Investment Trust Convertible Subordinated
Bonds,
5.250%, 10/28/03....................................... 1,000,000 875,000
Goldman Sachs Group L.P. - 144A Notes, 6.200%, 12/15/00. 1,000,000 969,567
Heller Financial Corp. Notes, 5.625%, 03/15/00.......... 1,250,000 1,189,062
Leucadia National Corp. Senior Subordinated Notes,
8.250%, 06/15/05....................................... 1,000,000 982,500
Metropolitan Life Insurance Co. - 144A Surplus Notes,
6.300%, 11/01/03....................................... 1,000,000 943,750
Pacific Mutual Life Insurance Co. - 144A Surplus Notes,
7.900%, 12/30/23....................................... 1,250,000 1,179,688
Prudential Insurance Co. - 144A Surplus Notes, 8.300%,
07/01/25............................................... 1,000,000 990,000
U.S. Leasing International, Inc. Notes, 7.000%,
11/01/97............................................... 1,000,000 1,019,650
-----------
10,362,967
-----------
</TABLE>
See accompanying notes to financial statements.
22
<PAGE>
CT&T FUNDS
CHICAGO TRUST BOND FUND
SCHEDULE OF INVESTMENTS - CONTINUED (UNAUDITED) APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
---------- -----------
<S> <C> <C>
FIXED INCOME SECURITIES - CONTINUED
FOOD & BEVERAGE - 0.63%
Nabisco, Inc. Notes, 6.700%, 06/15/02................... $ 500,000 $ 486,250
-----------
HEALTH CARE - 1.53%
Columbia/HCA Healthcare Corp. Notes, 7.690%, 06/15/25... 1,200,000 1,174,500
-----------
LODGING - 1.97%
Hilton Hotels, Inc. Notes, 7.700%, 07/15/02............. 1,500,000 1,511,250
-----------
MANUFACTURING - 2.10%
Figgie International, Inc. Senior Notes, 9.875%,
10/01/99............................................... 1,000,000 1,015,000
Owens-Illinois, Inc. Senior Debentures, 11.000%,
12/01/03............................................... 550,000 602,937
-----------
1,617,937
-----------
MINING - 0.96%
Santa Fe Pacific Gold Corp. Senior Debentures, 8.375%,
07/01/05 .............................................. 750,000 739,687
-----------
NATURAL GAS - 1.71%
Consolidated Natural Gas Convertible Subordinated
Debentures,
7.250%, 12/15/15 ...................................... 1,250,000 1,314,063
-----------
PUBLISHING/PRINTING - 0.99%
Valassis Inserts, Inc. Senior Subordinated Notes,
9.375%, 03/15/99 ...................................... 750,000 761,250
-----------
RETAIL - 1.72%
Federated Department Stores Senior Debentures, 8.125%,
10/15/02 .............................................. 750,000 730,312
Southland Corp. Senior Subordinated Debentures, 5.000%,
12/15/03 .............................................. 750,000 594,375
-----------
1,324,687
-----------
TOBACCO - 0.85%
RJR Nabisco, Inc. Notes, 7.625%, 09/15/03 .............. 700,000 651,000
-----------
UTILITIES - 3.85%
Commonwealth Edison Co. First Mortgage Bonds, 8.000%,
04/15/23 .............................................. 1,000,000 952,500
Long Island Lighting Co. Debentures, 9.000%, 11/01/22 .. 1,250,000 1,159,375
Philadelphia Electric Co. First Mortgage Bonds, 5.625%,
11/01/01 .............................................. 900,000 847,125
-----------
2,959,000
-----------
YANKEE - 3.52%
Chilgener S.A. Notes, 6.500%, 01/15/06 ................. 1,200,000 1,111,500
Province of Quebec, 7.125%, 02/09/24.................... 1,000,000 913,750
YPF Sociedad Anonima Notes, 8.000%, 02/15/04 ........... 750,000 682,500
-----------
2,707,750
-----------
</TABLE>
See accompanying notes to financial statements.
23
<PAGE>
CT&T FUNDS
CHICAGO TRUST BOND FUND
SCHEDULE OF INVESTMENTS - CONTINUED (UNAUDITED) APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
----------- -----------
<S> <C> <C>
FIXED INCOME SECURITIES - CONTINUED
TOTAL CORPORATE BONDS, NOTES AND DEBENTURES (COST
$29,833,172) ....................................... $29,143,002
-----------
TOTAL FIXED INCOME SECURITIES (COST $71,019,730) .... 69,442,850
-----------
REPURCHASE AGREEMENT - 7.43% (COST $5,715,000)
Bank of America, U.S. Treasury Bills, $5,850,000 par,
5.340% coupon,
due 05/16/96, dated 04/30/96, to be sold on 05/01/96
at $5,715,848 ...................................... $ 5,715,000 5,715,000
-----------
TOTAL INVESTMENTS - 97.70% (COST $76,734,730)/1/..... 75,157,850
-----------
CASH AND OTHER ASSETS NET OF LIABILITIES - 2.30% .... 1,766,658
-----------
NET ASSETS - 100.00% ................................ $76,924,508
===========
/1/Aggregate cost for federal income tax purposes is
$76,734,730; and net unrealized depreciation is as
follows:
Gross unrealized appreciation ...................... $ 140,849
Gross unrealized depreciation ...................... (1,717,729)
-----------
Net unrealized depreciation........................ $(1,576,880)
===========
</TABLE>
See accompanying notes to financial statements.
24
<PAGE>
CT&T FUNDS
CHICAGO TRUST MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
---------- -----------
<S> <C> <C>
MUNICIPAL BONDS - 95.28%
ARIZONA - 6.05%
Salt River Project Electric System Revenue, Refunding
Series A
5.500%, 01/01/05....................................... $ 450,000 $ 466,758
Tucson Arizona Water Revenue
5.400%, 07/01/05....................................... 200,000 204,850
-----------
671,608
-----------
FLORIDA - 7.65%
State of Florida, G.O.
4.700%, 07/01/97....................................... 475,000 479,959
Dade County Florida School District, G.O., MBIA Insured
5.000%, 07/15/02....................................... 265,000 269,577
Putnum County, FL Development Authority Revenue
4.200%, 09/01/24*...................................... 100,000 100,000
-----------
849,536
-----------
GEORGIA - 4.49%
State of Georgia, G.O.
6.100%, 03/01/05....................................... 250,000 271,007
State of Georgia, G.O.
6.700%, 08/01/09....................................... 200,000 227,318
-----------
498,325
-----------
ILLINOIS - 8.57%
Cook County, Illinois Series B, G.O., MBIA Insured
4.700%, 11/15/01....................................... 475,000 475,105
State of Illinois, G.O.
5.400%, 06/01/96....................................... 475,000 475,651
-----------
950,756
-----------
MAINE - 1.14%
State of Maine, G.O.
4.700%, 04/15/99....................................... 125,000 126,355
-----------
MICHIGAN - 1.92%
University of Michigan Revenue
5.800%, 04/01/11....................................... 210,000 212,833
-----------
MINNESOTA - 2.39%
State of Minnesota, G.O.
4.900%, 08/01/98....................................... 260,000 264,670
-----------
NEVADA - 7.69%
Clark County Nevada School District, G.O., FGIC Insured
6.400%, 06/15/06....................................... 350,000 379,890
State of Nevada, Water Pollution Control, Revolving
Funding, G.O.
4.100%, 11/01/98....................................... 475,000 473,489
-----------
853,379
-----------
</TABLE>
See accompanying notes to financial statements.
25
<PAGE>
CT&T FUNDS
CHICAGO TRUST MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS - CONTINUED (UNAUDITED) APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
---------- -----------
<S> <C> <C>
MUNICIPAL BONDS - CONTINUED
NEW JERSEY - 3.82%
South Brunswick Township Board of Education, G.O.
6.300%, 04/01/05....................................... $ 200,000 $ 215,974
State of New Jersey, G.O.
5.500%, 02/15/04....................................... 200,000 208,666
-----------
424,640
-----------
NEW YORK - 5.71%
Hempstead Town, G.O., FGIC Insured
5.625%, 02/01/07....................................... 375,000 386,876
New York State Dorm. Authority Revenue
5.100%, 05/15/03....................................... 250,000 246,798
-----------
633,674
-----------
OHIO - 1.85%
Ohio State Public Facilities Commission (Higher
Education), AMBAC Insured 5.200%, 05/01/01............. 200,000 204,904
-----------
OREGON - 4.74%
Portland, Oregon, G.O.
7.000%, 06/01/01....................................... 250,000 277,340
State of Oregon Veterans Welfare, G.O.
5.100%, 04/01/06....................................... 250,000 249,090
-----------
526,430
-----------
PENNSYLVANIA - 2.30%
Commonwealth of Pennsylvania, G.O., MBIA Insured
5.100%, 06/15/03....................................... 250,000 254,693
-----------
PUERTO RICO - 3.99%
Commonwealth of Puerto Rico, G.O., MBIA Insured
6.500%, 07/01/03....................................... 400,000 442,208
-----------
RHODE ISLAND - 2.64%
State of Rhode Island, G.O., FGIC Insured
6.000%, 06/15/02....................................... 275,000 292,842
-----------
TEXAS - 11.74%
Arlington Independent School District, Refunding, G.O.
5.400%, 02/15/99....................................... 375,000 385,271
Carrollton Texas, G.O., Prerefunded bonds
6.500%, 02/15/00....................................... 245,000 250,461
Texas State Public Finance Authority, G.O.
5.600%, 10/01/02....................................... 200,000 210,036
Texas Water Development Board, G.O., Escrowed to
Maturity
5.000%, 08/01/99....................................... 450,000 457,726
-----------
1,303,494
-----------
</TABLE>
See accompanying notes to financial statements.
26
<PAGE>
CT&T FUNDS
CHICAGO TRUST MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS - CONTINUED (UNAUDITED) APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
---------- -----------
<S> <C> <C>
MUNICIPAL BONDS - CONTINUED
UTAH - 6.23%
Jordan School District, Series A, G.O.
5.250%, 06/15/00....................................... $ 475,000 $ 487,440
Utah State Building Authority Revenue
5.125%, 05/15/03....................................... 200,000 203,302
-----------
690,742
-----------
VIRGINIA - 2.35%
Virginia Public School Authority Revenue
5.500%, 08/01/03....................................... 250,000 260,360
-----------
WASHINGTON - 4.51%
King County, Washington, Series A, G.O.
5.800%, 01/01/04....................................... 475,000 500,189
-----------
WISCONSIN - 5.50%
Milwaukee, Wisconsin, Series CB-2, G.O.
4.250%, 12/15/00....................................... 350,000 346,006
State of Wisconsin, G.O.
5.750%, 05/01/04....................................... 250,000 264,183
-----------
610,189
-----------
TOTAL MUNICIPAL BONDS (COST $10,483,972)................ 10,571,827
-----------
<CAPTION>
SHARES
----------
<S> <C> <C>
TAX EXEMPT MONEY MARKET FUNDS - 3.01%
Goldman Sachs Tax Exempt Fund........................... 10,012 10,012
Provident Munifund...................................... 324,308 324,308
-----------
TOTAL TAX EXEMPT MONEY MARKET FUNDS (COST $334,320)..... 334,320
-----------
TOTAL INVESTMENTS - 98.29% (COST $10,818,292)/1/........ 10,906,147
-----------
CASH AND OTHER ASSETS NET OF LIABILITIES - 1.71%........ 189,284
-----------
NET ASSETS - 100.00%.................................... $11,095,431
===========
/1/Aggregate cost for federal income tax purposes is $10,818,292; and net
unrealized appreciation is as follows:
Gross unrealized appreciation.......................... $ 150,678
Gross unrealized depreciation.......................... (62,823)
----------
Net unrealized appreciation........................... $ 87,855
==========
</TABLE>
*Variable rate security. The rate shown is the rate in effect at April 30,
1996.
See accompanying notes to financial statements.
27
<PAGE>
CT&T FUNDS
CHICAGO TRUST MONEY MARKET FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
AMOUNT COST
----------- ------------
<S> <C> <C>
CORPORATE BONDS - 4.94%
Gillette Co.
4.750%, 08/15/96...................................... $ 5,000,000 $ 4,992,539
TransAmerica Finance Corp.
8.125%, 10/15/96...................................... 4,750,000 4,797,304
------------
9,789,843
------------
GIC WITHIN FUNDING AGREEMENT - 3.79%
Allstate Life Funding Agreement
5.467%, 12/02/96**.................................... 7,500,000 7,500,000
------------
TOTAL BONDS............................................ 17,289,843
------------
CERTIFICATES OF DEPOSIT - 4.80%
Old Kent Bank
5.350%, 05/03/96...................................... 4,500,000 4,500,000
U.S. National Bank of Oregon
5.310%, 05/28/96...................................... 5,000,000 5,000,000
------------
TOTAL CERTIFICATES OF DEPOSIT.......................... 9,500,000
------------
COMMERCIAL PAPER - 63.98%
American Express Credit Corp.
5.335%, 05/01/96...................................... 4,500,000 4,500,000
Beneficial Corp.
5.385%, 05/02/96...................................... 5,000,000 5,000,000
Household Finance Corp.
5.335%, 05/02/96...................................... 4,500,000 4,500,000
General Electric Capital Corp.
5.360%, 05/06/96...................................... 4,500,000 4,500,000
General Motors Acceptance Corp.
5.420%, 05/07/96...................................... 4,527,000 4,522,911
General Electric Capital Corp.
5.319%, 05/08/96...................................... 4,500,000 4,500,000
Ford Motor Credit Corp.
5.310%, 05/09/96...................................... 4,500,000 4,500,000
IBM Credit Corp.
5.306%, 05/10/96...................................... 4,500,000 4,500,000
Beneficial Corp.
5.316%, 05/13/96...................................... 4,500,000 4,500,000
TransAmerica Finance Group, Inc.
5.260%, 05/14/96...................................... 4,540,000 4,531,376
John Deere Capital Corp.
5.337%, 05/15/96...................................... 4,500,000 4,500,000
Commercial Credit Corp.
5.329%, 05/16/96...................................... 4,526,000 4,515,967
Ford Motor Credit Corp.
5.335%, 05/17/96...................................... 4,500,000 4,500,000
Heller Financial, Inc.
5.438%, 05/20/96...................................... 4,500,000 4,500,000
General Motors Acceptance Corp.
5.355%, 05/21/96...................................... 4,500,000 4,500,000
CIT Group Holdings, Inc.
5.310%, 05/22/96...................................... 4,525,000 4,510,984
</TABLE>
See accompanying notes to financial statements.
28
<PAGE>
CT&T FUNDS
CHICAGO TRUST MONEY MARKET FUND
SCHEDULE OF INVESTMENTS - CONTINUED (UNAUDITED) APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
AMOUNT COST
----------- ------------
<S> <C> <C>
COMMERCIAL PAPER - CONTINUED
Household Finance Corp.
5.360%, 05/23/96................................... $ 4,500,000 $ 4,500,000
Sears Roebuck Acceptance Corp.
5.365%, 05/29/96................................... 4,500,000 4,500,000
CIT Group Holdings, Inc.
5.300%, 05/30/96................................... 4,540,000 4,520,617
Heller Financial Corp.
5.452%, 05/31/96................................... 4,500,000 4,500,000
Avco Financial Services, Inc.
5.329%, 06/03/96................................... 4,500,000 4,500,000
Sears Roebuck Acceptance Corp.
5.378%, 06/14/96................................... 4,500,000 4,500,000
Norwest Financial, Inc.
5.333%, 06/19/96................................... 4,500,000 4,500,000
Norwest Financial, Inc.
5.336%, 06/24/96................................... 4,500,000 4,500,000
International Lease Finance
5.270%, 06/25/96................................... 4,542,000 4,505,431
Chrysler Financial Corp.
5.356%, 06/27/96................................... 4,500,000 4,500,000
Avco Financial Services, Inc.
5.317%, 06/28/96................................... 4,500,000 4,500,000
Chrysler Financial Corp.
5.370%, 07/24/96................................... 4,500,000 4,500,000
------------
TOTAL COMMERCIAL PAPER.............................. 126,607,286
------------
TIME DEPOSITS - 9.10%
Toronto Dominion Bank
5.344%, 05/24/96................................... 4,500,000 4,500,000
Toronto Dominion Bank
5.313%, 06/05/96................................... 4,500,000 4,500,000
Bank of Montreal
5.313%, 06/26/96................................... 4,500,000 4,500,000
Bank of Montreal
5.281%, 07/17/96................................... 4,500,000 4,500,000
------------
TOTAL TIME DEPOSITS................................. 18,000,000
------------
REPURCHASE AGREEMENT - 13.48% (COST $26,672,000)
J.P. Morgan, U.S. Treasury Notes, $25,220,000 par,
7.750% coupon, due 11/30/99, dated 04/30/96, to be
sold on 05/01/96 at $26,675,927.................... 26,672,000 26,672,000
------------
TOTAL INVESTMENTS* - 100.09%........................ 198,069,129
------------
LIABILITIES NET OF CASH AND OTHER ASSETS - (0.09%).. (176,310)
------------
NET ASSETS - 100.00%................................ $197,892,819
============
</TABLE>
*At April 30, 1996, cost is identical for book and federal income tax purposes.
**Variable rate security. The rate shown is the rate in effect at April 30,
1996.
See accompanying notes to financial statements.
29
<PAGE>
CT&T FUNDS
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CHICAGO
MONTAG & TRUST GROWTH CHICAGO CHICAGO
CALDWELL & INCOME TRUST TRUST ASSET
GROWTH FUND FUND TALON FUND ALLOCATION FUND
----------- ------------ ----------- ---------------
<S> <C> <C> <C> <C>
ASSETS:
Investments in securities
as value/1/
(Cost $70,031,677,
$160,045,851, $12,221,935
and $140,339,323,
respectively)............ $82,016,439 $185,872,094 $14,684,909 $148,769,133
Cash...................... 3,410,000 11,173,033 3,324,261 10,427,018
Receivables:
Dividends and interest.. 70,371 136,428 894 934,578
Fund shares sold........ 40,390 96,297 0 0
Securities sold......... 0 9,330,703 36,375 0
Deferred organization
costs (Note A)........... 11,682 13,090 11,289 6,144
Other assets.............. 734 3,505 209 8,549
----------- ------------ ----------- ------------
Total assets.......... 85,549,616 206,625,150 18,057,937 160,145,422
----------- ------------ ----------- ------------
LIABILITIES:
Payables:
Securities purchased.... 3,444,244 21,397,909 3,395,425 10,355,000
Fund shares redeemed.... 6,612 10,279 0 73,288
Due to Advisor, net..... 40,218 85,048 1,761 68,287
Accrued expenses.......... 16,166 37,291 2,834 30,596
----------- ------------ ----------- ------------
Total liabilities..... 3,507,240 21,530,527 3,400,020 10,527,171
----------- ------------ ----------- ------------
NET ASSETS:
Applicable to 5,462,181,
12,648,506, 1,075,048,
and 16,694,988 shares
outstanding,
respectively............. $82,042,376 $185,094,623 $14,657,917 $149,618,251
=========== ============ =========== ============
NET ASSETS CONSIST OF:
Capital paid-in........... $68,295,180 $156,443,091 $11,552,746 $139,209,437
Accumulated undistributed
(distributions in excess
of) net investment
income................... (30,717) 49,595 (1,269) 542,676
Accumulated net realized
gain on investments...... 1,793,151 2,775,694 643,466 1,436,328
Net unrealized
appreciation/depreciation
on investments........... 11,984,762 25,826,243 2,462,974 8,429,810
----------- ------------ ----------- ------------
$82,042,376 $185,094,623 $14,657,917 $149,618,251
=========== ============ =========== ============
Net asset value and
redemption price
per share................ $15.02 $14.63 $13.63 $8.96
=========== ============ =========== ============
</TABLE>
/1/Investments in securities at value include investments in repurchase
agreements of $345,000, $15,336,000, $3,167,000 and $10,355,000, respectively.
See accompanying notes to financial statements.
30
<PAGE>
CT&T FUNDS
STATEMENT OF ASSETS AND LIABILITIES - CONTINUED (UNAUDITED) APRIL 30, 1996
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONTAG & CALDWELL CHICAGO TRUST CHICAGO TRUST CHICAGO TRUST
BALANCED BOND MUNICIPAL BOND MONEY MARKET
FUND FUND FUND FUND
----------------- ------------- -------------- -------------
<S> <C> <C> <C> <C>
ASSETS:
Investments in securities
at value/1/
(Cost $22,587,880,
$76,734,730, $10,818,292
and $198,069,129,
respectively)............ $25,743,410 $75,157,850 $10,906,147 $198,069,129
Cash...................... 0 5,648,182 500 10,652
Receivables:
Dividends and interest.. 168,063 1,000,344 177,852 635,799
Fund shares sold........ 13,419 65,365 0 0
Securities sold......... 0 814,619 0 0
Deferred organization
costs (Note A)........... 11,682 13,090 13,090 13,090
Other assets.............. 410 1,387 229 3,662
----------- ----------- ----------- ------------
Total assets.......... 25,936,984 82,700,837 11,097,818 198,732,332
----------- ----------- ----------- ------------
LIABILITIES:
Payables:
Securities purchased.... 11,871 5,715,000 0 0
Fund shares redeemed.... 1,547 27,632 0 0
Due to Advisor, net..... 9,354 17,996 114 54,086
Distributions........... 0 0 0 785,427
Accrued expenses.......... 5,219 15,701 2,273 0
----------- ----------- ----------- ------------
Total liabilities..... 27,991 5,776,329 2,387 839,513
----------- ----------- ----------- ------------
NET ASSETS:
Applicable to 1,988,669,
7,937,932, 1,112,008, and
197,892,819 shares
outstanding,
respectively............. $25,908,993 $76,924,508 $11,095,431 $197,892,819
=========== =========== =========== ============
NET ASSETS CONSIST OF:
Capital paid-in........... $22,060,328 $78,168,122 $11,078,064 $197,892,819
Accumulated undistributed
net investment income.... 65,075 207,804 21,622 0
Accumulated net realized
gain (loss) on
investments.............. 628,060 125,462 (92,110) 0
Net unrealized
appreciation/depreciation
on investments........... 3,155,530 (1,576,880) 87,855 0
----------- ----------- ----------- ------------
$25,908,993 $76,924,508 $11,095,431 $197,892,819
=========== =========== =========== ============
Net asset value and
redemption price
per share................ $13.03 $9.69 $9.98 $1.00
=========== =========== =========== ============
</TABLE>
/1/Investments in securities at value include investments in repurchase
agreements of $0, $5,715,000, $0 and $26,672,000, respectively.
See accompanying notes to financial statements.
31
<PAGE>
CT&T FUNDS
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONTAG & CHICAGO CHICAGO
CALDWELL TRUST CHICAGO TRUST ASSET
GROWTH GROWTH & TRUST ALLOCATION
FUND INCOME FUND TALON FUND FUND
---------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends.................... $ 302,231 $ 1,220,838 $ 15,126 $ 601,863
Interest..................... 115,835 389,906 66,910 2,423,931
---------- ----------- ---------- -----------
Total investment income.... 418,066 1,610,744 82,036 3,025,794
---------- ----------- ---------- -----------
EXPENSES:
Investment advisory fees
(Note E).................... 244,143 649,054 48,325 542,711
Distribution expenses (Note
E).......................... 76,295 231,805 15,102 193,825
Transfer agent fees.......... 14,888 16,861 16,081 13,351
Administration fees (Note E). 13,588 43,825 3,149 36,464
Accounting fees.............. 17,538 30,166 10,296 27,667
Registration expenses........ 21,770 63,949 9,229 67,115
Custodian fees............... 8,373 15,598 5,872 14,791
Auditing fees................ 4,212 589 750 449
Legal fees................... 11,287 3,499 2,922 3,499
Insurance expense............ 943 4,412 269 3,889
Amortization of organization
costs (Note A).............. 1,662 2,491 1,662 699
Report to shareholder
expense..................... 2,759 9,634 1,228 7,953
Trustees fees (Note E)....... 844 844 844 844
Miscellaneous expenses....... 844 1,485 0 118
---------- ----------- ---------- -----------
Total expenses............. 419,146 1,074,212 115,729 913,375
Expenses reimbursed (Note E). (22,413) (146,992) (37,200) (138,074)
---------- ----------- ---------- -----------
Net expenses............... 396,733 927,220 78,529 775,301
---------- ----------- ---------- -----------
NET INVESTMENT INCOME.......... 21,333 683,524 3,507 2,250,493
---------- ----------- ---------- -----------
REALIZED AND UNREALIZED GAIN ON
INVESTMENTS:
Net realized gain on
investments (including a
realized loss on option
transactions of $66,026 in
the Talon Fund)............. 2,067,263 2,775,849 638,907 1,423,692
Net change in unrealized
appreciation/depreciation on
investments (including a
change in unrealized
appreciation on option
transactions of $11,400 in
the Talon Fund)............. 6,096,659 21,517,488 1,602,838 8,062,306
---------- ----------- ---------- -----------
Net realized and unrealized
gain on investments....... 8,163,922 24,293,337 2,241,745 9,485,998
---------- ----------- ---------- -----------
INCREASE IN NET ASSETS FROM
OPERATIONS.................... $8,185,255 $24,976,861 $2,245,252 $11,736,491
========== =========== ========== ===========
</TABLE>
See accompanying notes to financial statements.
32
<PAGE>
CT&T FUNDS
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 1996 - CONTINUED (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONTAG & CHICAGO CHICAGO TRUST CHICAGO TRUST
CALDWELL TRUST MUNICIPAL MONEY MARKET
BALANCED FUND BOND FUND BOND FUND FUND
------------- ----------- ------------- -------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends............. $ 74,244 $ 0 $ 0 $ 0
Interest.............. 337,758 2,515,965 261,660 5,508,742
---------- ----------- --------- ----------
Total investment
income............. 412,002 2,515,965 261,660 5,508,742
---------- ----------- --------- ----------
EXPENSES:
Investment advisory
fees (Note E)........ 88,989 202,814 34,144 420,971
Distribution expenses
(Note E)............. 29,663 92,188 14,227 0
Transfer agent fees... 15,417 14,605 6,645 16,437
Administration fees
(Note E)............. 5,824 17,301 2,771 46,372
Accounting fees....... 14,411 22,703 7,089 31,018
Registration expenses. 14,860 29,265 9,670 39,389
Custodian fees........ 3,784 8,082 2,241 18,174
Auditing fees......... 750 750 750 750
Legal fees............ 3,222 3,488 3,160 3,499
Insurance expense..... 279 1,778 295 4,694
Amortization of
organization costs
(Note A)............. 1,662 2,492 2,492 2,492
Report to shareholder
expense.............. 1,814 4,327 1,287 10,737
Trustees fees (Note
E)................... 844 844 844 844
Miscellaneous
expenses............. 0 413 37 8,538
---------- ----------- --------- ----------
Total expenses...... 181,519 401,050 85,652 603,915
Expenses reimbursed
(Note E)............. (33,203) (106,048) (34,436) (111,439)
---------- ----------- --------- ----------
Net expenses........ 148,316 295,002 51,216 492,476
---------- ----------- --------- ----------
NET INVESTMENT INCOME... 263,686 2,220,963 210,444 5,016,266
---------- ----------- --------- ----------
REALIZED AND UNREALIZED
GAIN (LOSS) ON
INVESTMENTS:
Net realized gain on
investments.......... 688,159 109,749 35,367 0
Net change in
unrealized
appreciation/
depreciation on
investments.......... 943,477 (2,082,315) (145,287) 0
---------- ----------- --------- ----------
Net realized and
unrealized gain
(loss) on
investments........ 1,631,636 (1,972,566) (109,920) 0
---------- ----------- --------- ----------
INCREASE IN NET ASSETS
FROM OPERATIONS........ $1,895,322 $ 248,397 $ 100,524 $5,016,266
========== =========== ========= ==========
</TABLE>
See accompanying notes to financial statements.
33
<PAGE>
CT&T FUNDS
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONTAG & CALDWELL CHICAGO TRUST
GROWTH GROWTH & INCOME
FUND FUND
---------------------------- -----------------------------
SIX MONTHS ENDED PERIOD SIX MONTHS ENDED
04/30/96 ENDED 04/30/96 YEAR ENDED
(UNAUDITED) 10/31/95A (UNAUDITED) 10/31/95
---------------- ----------- ---------------- ------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income. $ 21,333 $ 38,617 $ 683,524 $ 231,325
Net realized gain
(loss) on
investments.......... 2,067,263 (274,112) 2,775,849 1,384,988
Net change in
unrealized
appreciation/
depreciation on
investments.......... 6,096,659 5,888,103 21,517,488 3,775,287
----------- ----------- ------------ ------------
Increase in net assets
from operations...... 8,185,255 5,652,608 24,976,861 5,391,600
----------- ----------- ------------ ------------
DIVIDENDS AND
DISTRIBUTIONS TO
SHAREOWNERS:
From net investment
income............... (53,205) (37,462) (760,285) (119,541)
From capital gains.... 0 0 (976,557) 0
----------- ----------- ------------ ------------
Total distributions... (53,205) (37,462) (1,736,842) (119,541)
----------- ----------- ------------ ------------
CAPITAL SHARE
TRANSACTIONS--NOTE C 33,555,277 34,739,903 (10,441,101) 154,741,840
----------- ----------- ------------ ------------
Total increase in net
assets............... 41,687,327 40,355,049 12,798,918 160,013,899
NET ASSETS:
Beginning of period... 40,355,049 0 172,295,705 12,281,806
----------- ----------- ------------ ------------
End of period
(including
undistributed
(distributions in
excess of) net
investment income of
($30,717), $1,155,
$49,595 and $126,356,
respectively)........ $82,042,376 $40,355,049 $185,094,623 $172,295,705
=========== =========== ============ ============
</TABLE>
See accompanying notes to financial statements.
34
<PAGE>
CT&T FUNDS
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CHICAGO TRUST
CHICAGO TRUST ASSET
TALON FUND ALLOCATION FUND
------------------------ --------------------------
SIX MONTHS SIX MONTHS
ENDED ENDED
04/30/96 YEAR ENDED 04/30/96 PERIOD ENDED
(UNAUDITED) 10/31/95 (UNAUDITED) 10/31/95B
----------- ----------- ------------ ------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income... $ 3,507 $ 61,773 $ 2,250,493 $ 467,870
Net realized gain on
investments............ 638,907 667,438 1,423,692 5,993
Net change in unrealized
appreciation/
depreciation on
investments............ 1,602,838 774,370 8,062,306 367,504
----------- ----------- ------------ ------------
Increase in net assets
from operations........ 2,245,252 1,503,581 11,736,491 841,367
----------- ----------- ------------ ------------
DIVIDENDS AND
DISTRIBUTIONS TO
SHAREOWNERS:
From net investment
income................. (7,339) (67,302) (2,161,830) 0
From capital gains...... (634,240) 0 (7,214) 0
----------- ----------- ------------ ------------
Total distributions..... (641,579) (67,302) (2,169,044) 0
----------- ----------- ------------ ------------
CAPITAL SHARE
TRANSACTIONS--NOTE C..... 2,516,390 4,746,155 (12,769,662) 151,979,099
----------- ----------- ------------ ------------
Total increase
(decrease) in net
assets................. 4,120,063 6,182,434 (3,202,215) 152,820,466
NET ASSETS:
Beginning of period..... 10,537,854 4,355,420 152,820,466 0
----------- ----------- ------------ ------------
End of period (including
undistributed
(distributions in
excess of) net
investment income of
($1,269),
$2,563,$542,676 and
$466,569,
respectively).......... $14,657,917 $10,537,854 $149,618,251 $152,820,466
=========== =========== ============ ============
</TABLE>
See accompanying notes to financial statements.
35
<PAGE>
CT&T FUNDS
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONTAG & CALDWELL CHICAGO TRUST
BALANCED FUND BOND FUND
------------------------ ------------------------
SIX MONTHS SIX MONTHS
ENDED PERIOD ENDED
04/30/96 ENDED 04/30/96 YEAR ENDED
(UNAUDITED) 10/31/95C (UNAUDITED) 10/31/95
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income.... $ 263,686 $ 272,458 $ 2,220,963 $ 1,459,879
Net realized gain (loss)
on investments.......... 688,159 (61,733) 109,749 98,947
Net change in unrealized
appreciation/
depreciation on
investments............. 943,477 2,212,053 (2,082,315) 1,375,091
----------- ----------- ----------- -----------
Increase in net assets
from operations......... 1,895,322 2,422,778 248,397 2,933,917
----------- ----------- ----------- -----------
DIVIDENDS AND DISTRIBUTIONS
TO SHAREOWNERS:
From net investment
income.................. (252,619) (216,826) (2,192,005) (1,276,210)
From capital gains....... 0 0 (26,273) 0
----------- ----------- ----------- -----------
Total distributions...... (252,619) (216,826) (2,218,278) (1,276,210)
----------- ----------- ----------- -----------
CAPITAL SHARE TRANSACTION -
NOTE C................... 2,358,116 19,702,222 8,404,054 56,287,035
----------- ----------- ----------- -----------
Total increase in net
assets.................. 4,000,819 21,908,174 6,434,173 57,944,742
NET ASSETS:
Beginning of period...... 21,908,174 0 70,490,335 12,545,593
----------- ----------- ----------- -----------
End of period (including
undistributed net
investment income of
$65,075, $54,957,
$207,804 and $194,531,
respectively)........... $25,908,993 $21,908,174 $76,924,508 $70,490,335
=========== =========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
36
<PAGE>
CT&T FUNDS
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CHICAGO TRUST CHICAGO TRUST
MUNICIPAL BOND FUND MONEY MARKET FUND
------------------------ --------------------------
SIX MONTHS SIX MONTHS
ENDED ENDED
04/30/96 YEAR ENDED 04/30/96 YEAR ENDED
(UNAUDITED) 10/31/95 (UNAUDITED) 10/31/95
----------- ----------- ------------ ------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income.. $ 210,444 $ 399,438 $ 5,016,266 $ 7,979,144
Net realized gain
(loss) on investments. 35,367 (120,833) 0 0
Net change in
unrealized
appreciation/
depreciation on
investments........... (145,287) 695,561 0 0
----------- ----------- ------------ ------------
Increase in net assets
from operations....... 100,524 974,166 5,016,266 7,979,144
----------- ----------- ------------ ------------
DIVIDENDS AND
DISTRIBUTIONS TO
SHAREOWNERS:
From net investment
income................ (210,606) (394,006) (5,016,266) (7,979,144)
----------- ----------- ------------ ------------
CAPITAL SHARE
TRANSACTIONS - NOTE C (473,985) 637,249 (8,182,495) 83,146,083
----------- ----------- ------------ ------------
Total increase
(decrease) in net
assets................ (584,067) 1,217,409 (8,182,495) 83,146,083
NET ASSETS:
Beginning of period.... 11,679,498 10,462,089 206,075,314 122,929,231
----------- ----------- ------------ ------------
End of period
(including
undistributed net
investment income of
$21,622, $21,784, $0
and $0, respectively). $11,095,431 $11,679,498 $197,892,819 $206,075,314
=========== =========== ============ ============
</TABLE>
a Montag & Caldwell Growth Fund commenced investment operations on November 2,
1994.
b Chicago Trust Asset Allocation Fund commenced investment operations on
September 21, 1995.
c Montag & Caldwell Balanced Fund commenced investment operations on November
2, 1994.
See accompanying notes to financial statements.
37
<PAGE>
CT&T FUNDS
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------
The tables below set forth financial data for a share of beneficial interest
outstanding throughout each period presented.
<TABLE>
<CAPTION>
MONTAG & CALDWELL CHICAGO TRUST
GROWTH FUND GROWTH & INCOME FUND
--------------------- ----------------------------------
SIX MONTHS SIX MONTHS
ENDED PERIOD ENDED YEAR PERIOD
04/30/96 ENDED 04/30/96 ENDED ENDED
(UNAUDITED) 10/31/95A (UNAUDITED) 10/31/95 10/31/94D
----------- --------- ----------- -------- ---------
<S> <C> <C> <C> <C> <C>
Net Asset Value,
beginning of period.... $ 13.16 $ 10.00 $ 12.90 $ 10.11 $ 10.00
------- ------- -------- -------- -------
INCOME FROM INVESTMENT
OPERATIONS
Net investment income. 0.01 0.02 0.05 0.09 0.07
Net realized and
unrealized gain on
investments.......... 1.86 3.16 1.81 2.79 0.10
------- ------- -------- -------- -------
Total from
investment
operations......... 1.87 3.18 1.86 2.88 0.17
LESS DISTRIBUTIONS
Dividends from net
investment income.... (0.01) (0.02) (0.06) (0.09) (0.06)
Distributions from
realized capital
gains................ 0.00 0.00 (0.07) 0.00 0.00
------- ------- -------- -------- -------
Total distributions. (0.01) (0.02) (0.13) (0.09) (0.06)
Net Asset Value, end of
period................. $ 15.02 $ 13.16 $ 14.63 $ 12.90 $ 10.11
======= ======= ======== ======== =======
TOTAL RETURN/2/......... 14.24% 31.87% 14.48% 28.66% 1.73%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of
period (in 000's).... $82,042 $40,355 $185,095 $172,296 $12,282
Ratio of expenses to
average net asset
before reimbursement
of expenses by
Advisor/1/........... 1.37% 1.87% 1.16% 1.50% 2.21%
Ratio of expenses to
average net assets
after reimbursement
of expenses by
Advisor/1/........... 1.30% 1.30% 1.00% 1.09%/3/ 1.20%
Ratio of net
investment income to
average net assets
before reimbursement
of expenses by
Advisor/1/........... 0.00% -0.36% 0.58% 0.33% -0.15%
Ratio of net
investment income to
average net assets
after reimbursement
of expenses by
Advisor/1/........... 0.07% 0.20% 0.74% 0.74% 0.86%
Portfolio turnover/2/. 26.80% 34.46% 18.18% 9.00% 37.01%
Average commission
rate paid............ $0.0675 N/A $ 0.0580 N/A N/A
</TABLE>
See accompanying notes to financial statements.
38
<PAGE>
CT&T FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
- -------------------------------------------------------------------------------
The tables below set forth financial data for a share of beneficial interest
outstanding throughout each period presented.
<TABLE>
<CAPTION>
CHICAGO TRUST
CHICAGO TRUST ASSET ALLOCATION
TALON FUND FUND
------------------------------- ---------------------
SIX MONTHS SIX MONTHS
ENDED YEAR PERIOD ENDED PERIOD
04/30/96 ENDED ENDED 04/30/96 ENDED
(UNAUDITED) 10/31/95 10/31/94E (UNAUDITED) 10/31/95B
----------- -------- --------- ----------- ---------
<S> <C> <C> <C> <C> <C>
Net Asset Value, beginning
of period................ $ 12.07 $ 10.25 $10.00 $ 8.43 $ 8.34
------- ------- ------ -------- --------
INCOME FROM INVESTMENT
OPERATIONS
Net investment income... 0.01 0.09 0.02 0.13 0.03
Net realized and
unrealized gain on
investments............ 2.26 1.84 0.23 0.52 0.06
------- ------- ------ -------- --------
Total from investment
operations........... 2.27 1.93 0.25 0.65 0.09
LESS DISTRIBUTIONS
Dividends from net
investment income...... (0.01) (0.11) 0.00 (0.12) 0.00
Distributions from
realized capital gains. (0.70) 0.00 0.00 0.00 0.00
------- ------- ------ -------- --------
Total distributions... (0.71) (0.11) 0.00 (0.12) 0.00
Net Asset Value, end of
period................... $ 13.63 $ 12.07 $10.25 $ 8.96 $ 8.43
======= ======= ====== ======== ========
TOTAL RETURN/2/........... 19.62% 18.92% 2.50% 7.77% 1.08%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of
period
(in 000's)............. $14,658 $10,538 $4,355 $149,618 $152,820
Ratio of expenses to
average net assets
before reimbursement of
expenses by Advisor/1/. 1.91% 3.04% 7.82% 1.18% 1.19%
Ratio of expenses to
average net assets
after reimbursement of
expenses by Advisor/1/. 1.30% 1.30% 1.30% 1.00% 1.00%
Ratio of net investment
income to average net
assets before
reimbursement of
expenses by Advisor/1/. -0.56% -0.97% -4.13% 2.72% 2.56%
Ratio of net investment
income to average net
assets after
reimbursement of
expenses by Advisor/1/. 0.06% 0.77% 2.39% 2.90% 2.73%
Portfolio turnover/2/... 67.27% 229.43% 33.66% 21.64% 0.72%
Average commission rate
paid................... $0.0624 N/A N/A $ 0.0595 N/A
</TABLE>
See accompanying notes to financial statements.
39
<PAGE>
CT&T FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
- -------------------------------------------------------------------------------
The tables below set forth financial data for a share of beneficial interest
outstanding throughout each period presented.
<TABLE>
<CAPTION>
MONTAG & CALDWELL CHICAGO TRUST
BALANCED BOND
FUND FUND
--------------------- -------------------------------
SIX MONTHS SIX MONTHS
ENDED PERIOD ENDED YEAR PERIOD
04/30/96 ENDED 04/30/96 ENDED ENDED
(UNAUDITED) 10/31/95C (UNAUDITED) 10/31/95 10/31/94F
----------- --------- ----------- -------- ---------
<S> <C> <C> <C> <C> <C>
Net Asset Value, beginning
of period................ $ 12.12 $ 10.00 $ 9.94 $ 9.21 $ 10.00
------- ------- ------- ------- -------
INCOME FROM INVESTMENT
OPERATIONS
Net investment income... 0.14 0.26 0.30 0.60 0.50
Net realized and
unrealized gain (loss)
on investments......... 0.91 2.09 (0.25) 0.73 (0.82)
------- ------- ------- ------- -------
Total from investment
operations........... 1.05 2.35 0.05 1.33 (0.32)
LESS DISTRIBUTIONS FROM
NET INVESTMENT INCOME.. (0.14) (0.23) (0.30) (0.60) (0.47)
------- ------- ------- ------- -------
Net Asset Value, end of
period................... $ 13.03 $ 12.12 $ 9.69 $ 9.94 $ 9.21
======= ======= ======= ======= =======
TOTAL RETURN/2/........... 8.66% 23.75% 0.46% 14.89% -3.23%
RATIOS/SUPPLEMENTAL DATA..
Net assets, end of
period (in 000's)...... $25,909 $21,908 $76,925 $70,490 $12,546
Ratio of expenses to
average net assets
before reimbursement of
expenses by Advisor/1/. 1.53% 2.50% 1.09% 1.54% 2.02%
Ratio of expenses to
average net assets
after reimbursement of
expenses by Advisor/1/. 1.25% 1.25% 0.80% 0.80% 0.80%
Ratio of net investment
income to average net
assets before
reimbursement of
expenses by Advisor/1/. 1.94% 1.38% 5.72% 5.78% 4.83%
Ratio of net investment
income to average net
assets after
reimbursement of
expenses by Advisor/1/. 2.22% 2.63% 6.01% 6.52% 6.05%
Portfolio turnover/2/... 30.02% 27.33% 23.91% 68.24% 20.73%
Average commission rate
paid................... $0.0645 N/A N/R N/R N/R
</TABLE>
See accompanying notes to financial statements.
40
<PAGE>
CT&T FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
- -------------------------------------------------------------------------------
The table below sets forth financial data for a share of beneficial interest
outstanding throughout each period presented.
<TABLE>
<CAPTION>
CHICAGO TRUST
MUNICIPAL BOND FUND
-------------------------------
SIX MONTHS
ENDED YEAR PERIOD
04/30/96 ENDED ENDED
(UNAUDITED) 10/31/95 10/31/94G
----------- -------- ---------
<S> <C> <C> <C>
Net Asset Value, beginning of period............ $ 10.08 $ 9.56 $ 10.00
------- ------- -------
INCOME FROM INVESTMENT OPERATIONS
Net investment income......................... 0.19 0.35 0.27
Net realized and unrealized gain (loss) on
investments.................................. (0.10) 0.52 (0.46)
------- ------- -------
Total from investment operations............ 0.09 0.87 (0.19)
LESS DISTRIBUTION FROM NET INVESTMENT INCOME.. (0.19) (0.35) (0.25)
------- ------- -------
Net Asset Value, end of period.................. $ 9.98 $ 10.08 $ 9.56
======= ======= =======
TOTAL RETURN/2/................................. 0.86% 9.29% -1.92%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's).......... $11,095 $11,679 $10,462
Ratio of expenses to average net assets before
reimbursement of expenses by Advisor/1/...... 1.50% 2.16% 2.09%
Ratio of expenses to average net assets after
reimbursement of expenses by Advisor/1/...... 0.90% 0.90% 0.90%
Ratio of net investment income to average net
assets before reimbursement of expenses by
Advisor/1/................................... 3.09% 2.37% 1.90%
Ratio of net investment income to average net
assets after reimbursement of expenses by
Advisor/1/................................... 3.69% 3.63% 3.09%
Portfolio turnover/2/......................... 8.23% 42.81% 14.85%
Average commission rate paid.................. N/R N/R N/R
</TABLE>
See accompanying notes to financial statements.
41
<PAGE>
CT&T FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
- -------------------------------------------------------------------------------
The table below sets forth financial data for a share of beneficial interest
outstanding throughout each period presented.
<TABLE>
<CAPTION>
CHICAGO TRUST MONEY
MARKET FUND
----------------------------------
SIX MONTHS
ENDED YEAR PERIOD
04/30/96 ENDED ENDED
(UNAUDITED) 10/31/95 10/31/94H
----------- -------- ---------
<S> <C> <C> <C>
Net Asset Value, beginning of period........ $ 1.00 $ 1.00 $ 1.00
-------- -------- --------
INCOME FROM INVESTMENT OPERATIONS
Net investment income..................... 0.03 0.05 0.03
Net realized and unrealized gain (loss) on
investments.............................. 0.00 0.00 0.00
-------- -------- --------
Total from investment operations........ 0.03 0.05 0.03
LESS DISTRIBUTIONS FROM NET INVESTMENT
INCOME................................... (0.03) (0.05) (0.03)
-------- -------- --------
Net Asset Value, end of period.............. $ 1.00 $ 1.00 $ 1.00
======== ======== ========
TOTAL RETURN/2/............................. 2.56% 5.56% 3.20%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's)...... $197,893 $206,075 $122,929
Ratio of expenses to average net assets
before reimbursement of expenses by
Advisor/1/............................... 0.61% 0.63% 0.64%
Ratio of expenses to average net assets
after reimbursement of expenses by
Advisor/1/............................... 0.50% 0.43%/4/ 0.40%
Ratio of net investment income to average
net assets before reimbursement of
expenses by Advisor/1/................... 4.97% 5.24% 3.49%
Ratio of net investment income to average
net assets after reimbursement of
expenses by Advisor/1/................... 5.08% 5.44% 3.73%
Portfolio turnover/2/..................... N/A N/A N/A
Average commission rate paid.............. N/R N/R N/R
</TABLE>
a Montag & Caldwell Growth Fund commenced investment operations on November
2, 1994.
b Chicago Trust Asset Allocation Fund commenced investment operations on
September 21, 1995.
c Montag & Caldwell Balanced Fund commenced investment operations on November
2, 1994.
d Chicago Trust Growth & Income Fund commenced investment operations on
December 13, 1993.
e Chicago Trust Talon Fund commenced investment operations on September 19,
1994.
f Chicago Trust Bond Fund commenced investment operations on December 13,
1993.
g Chicago Trust Municipal Bond Fund commenced investment operations on
December 13, 1993.
h Chicago Trust Money Market Fund commenced investment operations on December
14, 1993.
/1/Annualized
/2/Not annualized
/3/Net Expense Ratio changed from 1.20% to 1.00% on September 21, 1995.
/4/Net Expense Ratio changed from .40% to .50% on July 12, 1995.
N/A Not applicable
N/R Not required
See accompanying notes to financial statements.
42
<PAGE>
CT&T FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) APRIL 30, 1996
- -------------------------------------------------------------------------------
NOTE (A) SIGNIFICANT ACCOUNTING POLICIES: CT&T Funds (the "Company") operates
as a series company currently issuing eight series of shares of beneficial
interest: Montag & Caldwell Growth Fund (the "Growth Fund"), Chicago Trust
Growth & Income Fund (the "Growth & Income Fund"), Chicago Trust Talon Fund
(the "Talon Fund"), Chicago Trust Asset Allocation Fund (the "Asset Allocation
Fund"), Montag & Caldwell Balanced Fund (the "Balanced Fund"), Chicago Trust
Bond Fund (the "Bond Fund"), Chicago Trust Municipal Bond Fund (the "Municipal
Bond Fund"), and Chicago Trust Money Market Fund (the "Money Market Fund")
(each a "Fund" and collectively, the "Funds"). The Company constitutes a
diversified, open-end management investment company which is registered under
the Investment Company Act of 1940 as amended (the "Act"). The Company was
organized as a Delaware business trust on September 10, 1993. The Growth &
Income Fund, Bond Fund, and Municipal Bond Fund commenced investment
operations on December 13, 1993. The Money Market Fund commenced investment
operations on December 14, 1993. The Talon Fund commenced investment
operations on September 19, 1994. The Growth Fund and the Balanced Fund
commenced investment operations on November 2, 1994. The Asset Allocation Fund
commenced investment operations on September 21, 1995. The Chicago Trust
Company is the Investment Advisor for the Growth & Income Fund, the Talon
Fund, the Asset Allocation Fund, the Bond Fund, the Municipal Bond Fund, and
the Money Market Fund. Talon Asset Management, Inc. is the Sub-Investment
Advisor for the Talon Fund. Montag & Caldwell, Inc. is the Investment Advisor
for the Growth Fund and the Balanced Fund. The following is a summary of the
significant accounting policies consistently followed by each Fund in the
preparation of its financial statements. These policies are in conformity with
generally accepted accounting principles.
(1) SECURITY VALUATION: For the Growth Fund, the Growth & Income Fund, the
Talon Fund, the Asset Allocation Fund and the Balanced Fund, equity
securities and index options traded on a national exchange and over-the-
counter securities listed in the NASDAQ National Market System are valued
at the last reported sales price at the close of the New York Stock
Exchange. Securities for which there have been no sales on the valuation
date are valued at the mean of the last reported bid and asked prices on
their principal exchange. Over-the-counter securities not listed on the
NASDAQ National Market System are valued at the mean of the current bid and
asked prices. For the Asset Allocation Fund, the Balanced Fund, the Bond
Fund, and the Municipal Bond Fund, fixed income securities, except short-
term, are valued on the basis of prices provided by a pricing service when
such prices are believed by the Advisor to reflect the fair market value of
such securities. When fair market value quotations are not readily
available, securities and other assets are valued at fair value as
determined in good faith by the Board of Trustees. For all Funds, short-
term investments, those with a remaining maturity of 60 days or less, are
valued at amortized cost, which approximates market value. For the Money
Market Fund, all securities are valued at amortized cost, which
approximates market value. Under the amortized cost method, discounts and
premiums are accreted and amortized ratably to maturity and are included in
interest income.
(2) REPURCHASE AGREEMENTS: Each Fund may enter into repurchase agreements
with financial institutions, deemed to be credit worthy by the Fund's
Advisor, subject to the seller's agreement to repurchase and the Fund's
agreement to resell such securities at a mutually agreed upon price.
Securities purchased subject to repurchase agreements are deposited with
the Fund's custodian and, pursuant to the terms of the repurchase
agreement, must have an aggregate market value greater than or equal to the
repurchase price plus accrued interest at all times. If the value of the
underlying securities falls below the value of the repurchase price plus
accrued interest, the Fund will require the seller to deposit additional
collateral by the next business day. If the request for additional
collateral is not met, or the seller defaults on its repurchase obligation,
the Fund maintains the right to sell the underlying securities at market
value and may claim any resulting loss against the seller.
(3) DERIVATIVE FINANCIAL INSTRUMENTS: A derivative financial instrument in
very general terms refers to a security whose value is "derived" from the
value of an underlying asset, reference rate or index. The Fund
43
<PAGE>
CT&T FUNDS
NOTES TO FINANCIAL STATEMENTS - CONTINUED (UNAUDITED) APRIL 30, 1996
- -------------------------------------------------------------------------------
has a variety of reasons to use derivative instruments, such as to attempt
to protect the Fund against possible changes in the market value of its
portfolio and to manage the portfolio's effective yield, maturity and
duration. All of the Fund's portfolio holdings, including derivative
instruments, are marked to market each day with the change in value
reflected in the unrealized appreciation/depreciation on investments. Upon
disposition, a realized gain or loss is recognized accordingly, except for
exercised option contracts where the recognition of gain or loss is
postponed until the disposal of the security underlying the option
contract. Summarized below is a type of derivative financial instrument
which may be used by the Funds, except by the Money Market Fund.
An option contract gives the buyer the right, but not the obligation to buy
(call) or sell (put) an underlying item at a fixed exercise price during a
specified period. These contracts are used by a Fund to manage the
portfolio's effective maturity and duration.
Transactions in options for the Talon Fund for the period ended April 30,
1996 were as follows:
<TABLE>
<CAPTION>
CONTRACTS PREMIUM
--------- ---------
<S> <C> <C>
Outstanding at October 31, 1995........................ 30 $ (28,650)
Options purchased (Net)................................ 120 (100,975)
Options terminated in closing transactions (Net)....... (80) 72,775
Options expired (Net).................................. (70) 56,850
--- ---------
Outstanding at April 30, 1996.......................... 0 $ 0
=== =========
</TABLE>
(4) MORTGAGE BACKED SECURITIES: The Asset Allocation Fund, Balanced Fund
and the Bond Fund invest in Mortgage Backed Securities (MBS), representing
interests in pools of mortgage loans. These securities provide shareholders
with payments consisting of both principal and interest as the mortgages in
the underlying mortgage pools are paid. Most of the securities are
guaranteed by federally sponsored agencies--Government National Mortgage
Association (GNMA), Federal National Mortgage Association (FNMA) or Federal
Home Loan Mortgage Corporation (FHLMC). However, some securities may be
issued by private, non-government corporations. MBS issued by private
agencies are not government securities and are not directly guaranteed by
any government agency. They are secured by the underlying collateral of the
private issuer. Yields on privately issued MBS tend to be higher than those
of government backed issues. However, risk of loss due to default and
sensitivity to interest rate fluctuations is also higher.
The Asset Allocation Fund, Balanced Fund and the Bond Fund also invest in
Collateralized Mortgage Obligations (CMOs) and Real Estate Mortgage
Investment Conduits (REMICs). A CMO is a bond which is collateralized by a
pool of MBS, and a REMIC is similar in form to a CMO. These MBS pools are
divided into classes or tranches with each class having its own
characteristics. The different classes are retired in sequence as the
underlying mortgages are repaid. A Planned Amortization Class (PAC) is a
specific class of mortgages which over its life will generally have the
most stable cash flows and the lowest prepayment risk. A GPM (Graduated
Payment Mortgage) is a negative amortization mortgage where the payment
amount gradually increases over the life of the mortgage. The early payment
amounts are not sufficient to cover the interest due, and therefore, the
unpaid interest is added to the principal, thus increasing the borrower's
mortgage balance. Prepayment may shorten the stated maturity of the CMO and
can result in a loss of premium, if any has been paid.
The Asset Allocation Fund utilizes Interest Only (IO) securities, which
increase the diversification of the portfolio and manage risk. An Interest
Only security is a class of MBS representing ownership in the cash flows of
the interest payments made from a specified pool of MBS. The cash flow on
this instrument decreases as the mortgage principal balance is repaid by
the borrower.
44
<PAGE>
CT&T FUNDS
NOTES TO FINANCIAL STATEMENTS - CONTINUED (UNAUDITED) APRIL 30, 1996
- -------------------------------------------------------------------------------
(5) INVESTMENT INCOME AND SECURITIES TRANSACTIONS: Dividend income is
recorded on the ex-dividend date. Interest income is accrued daily.
Securities transactions are accounted for on the date securities are
purchased or sold. The cost of securities sold is determined using the
first-in-first-out method.
(6) FEDERAL INCOME TAXES: The Funds have elected to be treated as
"regulated investment companies" under Sub-chapter M of the Internal
Revenue Code and to distribute substantially all of their respective net
taxable income. Accordingly, no provisions for Federal income taxes have
been made in the accompanying financial statements. The Funds intend to
utilize provisions of the federal income tax laws which allow them to carry
a realized capital loss forward for eight years following the year of the
loss and offset such losses against any future realized capital gains. At
October 31, 1995, the losses amounted to $274,112 for the Growth Fund;
$55,042 for the Balanced Fund; and $127,477 for the Municipal Bond Fund.
These amounts primarily expire October 31, 2003.
(7) DIVIDENDS AND DISTRIBUTIONS: Dividends and distributions to shareowners
are recorded on the ex-dividend date.
(8) ORGANIZATION COSTS: The Funds have reimbursed the Advisors for certain
costs incurred in connection with the Company's organization. The costs are
being amortized on a straight-line basis over five years commencing on
December 13, 1993 for the Growth & Income Fund, Bond Fund, and Municipal
Bond Fund; December 14, 1993 for the Money Market Fund; September 19, 1994
for the Talon Fund; November 2, 1994 for the Growth Fund and the Balanced
Fund; and September 21, 1995 for the Asset Allocation Fund.
(9) USE OF ESTIMATES: The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date
of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from
those estimates.
NOTE (B) DIVIDENDS FROM NET INVESTMENT INCOME AND DISTRIBUTIONS OF CAPITAL
GAINS: With respect to the Growth Fund, the Growth & Income Fund, the Talon
Fund, the Asset Allocation Fund, and the Balanced Fund, dividends from net
investment income are distributed quarterly and net realized gains from
investment transactions, if any, are distributed to shareowners annually. The
Bond Fund and the Municipal Bond Fund distribute their respective net
investment income to shareowners monthly and capital gains, if any, are
distributed annually. The Money Market Fund declares dividends daily from its
net investment income. The Money Market Fund's dividends are payable monthly
and are automatically reinvested in additional Fund shares, at the month-end
net asset value, for those shareowners that have elected the reinvestment
option.
Net investment income and realized gains and losses for federal income tax
purposes may differ from that reported on the financial statements because of
permanent book and tax basis differences. Permanent book and tax differences
of $12,556, $15,685 and $949 were reclassified at April 30, 1996 from
undistributed net investment income to accumulated net realized gain (loss) on
investments in the Asset Allocation Fund, the Bond Fund and the Balanced Fund,
respectively, due to losses on paydown adjustments from mortgage backed
securities.
45
<PAGE>
CT&T FUNDS
NOTES TO FINANCIAL STATEMENTS - CONTINUED (UNAUDITED) APRIL 30, 1996
- -------------------------------------------------------------------------------
NOTE (C) CAPITAL SHARE TRANSACTIONS: Each Fund is authorized to issue an
unlimited number of shares of beneficial interest with no par value.
Transactions in shares of beneficial interest for the six month period ended
April 30, 1996 were as follows:
<TABLE>
<CAPTION>
GROWTH FUND GROWTH & INCOME FUND
---------------------------------------------- ------------------------------------------------------
SIX MONTHS ENDED PERIOD ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 1996 OCTOBER 31, 1995 APRIL 30, 1996 OCTOBER 31, 1995
---------------------- ---------------------- -------------------------- --------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
--------- ----------- --------- ----------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
SHARES SOLD........ 2,740,888 $38,398,896 3,647,616 $41,552,317 1,800,597 $ 24,835,427 13,916,472 $177,441,408
SHARES ISSUED
THROUGH
REINVESTMENT OF
DIVIDENDS......... 3,770 53,046 3,223 37,462 126,210 1,717,023 2,987 35,488
SHARES REDEEMED.... (348,119) (4,896,665) (585,197) (6,849,876) (2,631,207) (36,993,551) (1,781,094) (22,735,056)
--------- ----------- --------- ----------- ------------ ------------ ------------ ------------
NET INCREASE
(DECREASE)........ 2,396,539 $33,555,277 3,065,642 $34,739,903 (704,400) ($10,441,101) 12,138,365 $154,741,840
========= =========== ========= =========== ============ ============ ============ ============
<CAPTION>
TALON FUND ASSET ALLOCATION FUND
---------------------------------------------- ------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED PERIOD ENDED
APRIL 30, 1996 OCTOBER 31, 1995 APRIL 30, 1996 OCTOBER 31, 1995
---------------------- ---------------------- -------------------------- --------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
--------- ----------- --------- ----------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
SHARES SOLD........ 189,746 $ 2,381,277 549,448 $ 5,975,992 1,819,329 $ 15,965,981 18,965,446 $158,962,203
SHARES ISSUED
THROUGH
REINVESTMENT OF
DIVIDENDS......... 53,134 634,945 6,101 66,183 248,429 2,169,044 0 0
SHARES REDEEMED.... (40,963) (499,832) (107,228) (1,296,020) (3,507,306) (30,904,687) (830,910) (6,983,104)
--------- ----------- --------- ----------- ------------ ------------ ------------ ------------
NET INCREASE
(DECREASE)........ 201,917 $ 2,516,390 448,321 $ 4,746,155 (1,439,548) ($12,769,662) 18,134,536 $151,979,099
========= =========== ========= =========== ============ ============ ============ ============
<CAPTION>
BALANCED FUND BOND FUND
---------------------------------------------- ------------------------------------------------------
SIX MONTHS ENDED PERIOD ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 1996 OCTOBER 31, 1995 APRIL 30, 1996 OCTOBER 31, 1995
---------------------- ---------------------- -------------------------- --------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
--------- ----------- --------- ----------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
SHARES SOLD........ 454,820 $ 5,783,414 1,891,915 $20,642,834 1,150,382 $ 11,443,953 7,252,380 $ 71,206,866
SHARES ISSUED
THROUGH
REINVESTMENT OF
DIVIDENDS......... 20,041 252,614 19,547 216,825 204,284 2,022,738 57,705 565,418
SHARES REDEEMED.... (293,567) (3,677,912) (104,087) (1,157,437) (508,753) (5,062,637) (1,580,817) (15,485,249)
--------- ----------- --------- ----------- ------------ ------------ ------------ ------------
NET INCREASE....... 181,294 $ 2,358,116 1,807,375 $19,702,222 845,913 $ 8,404,054 5,729,268 $ 56,287,035
========= =========== ========= =========== ============ ============ ============ ============
<CAPTION>
MUNICIPAL BOND FUND MONEY MARKET FUND
---------------------------------------------- ------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 1996 OCTOBER 31, 1995 APRIL 30, 1996 OCTOBER 31, 1995
---------------------- ---------------------- -------------------------- --------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
--------- ----------- --------- ----------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
SHARES SOLD........ 22,162 $ 224,861 110,913 $ 1,084,257 277,090,311 $277,090,311 684,248,485 $684,248,485
SHARES ISSUED
THROUGH
REINVESTMENT OF
DIVIDENDS......... 1,035 10,426 1,761 17,225 159,009 159,009 165,085 165,085
SHARES REDEEMED.... (70,142) (709,272) (47,826) (464,233) (285,431,815) (285,431,815) (601,267,487) (601,267,487)
--------- ----------- --------- ----------- ------------ ------------ ------------ ------------
NET INCREASE
(DECREASE)........ (46,945) ($ 473,985) 64,848 $ 637,249 (8,182,495) ($ 8,182,495) 83,146,083 $ 83,146,083
========= =========== ========= =========== ============ ============ ============ ============
</TABLE>
46
<PAGE>
CT&T FUNDS
NOTES TO FINANCIAL STATEMENTS - CONTINUED (UNAUDITED) APRIL 30, 1996
- -------------------------------------------------------------------------------
NOTE (D) INVESTMENT TRANSACTIONS: Aggregate purchases and proceeds from sales
of investment securities (other than short-term investments) for the six month
period ended April 30, 1996 were:
<TABLE>
<CAPTION>
AGGREGATE PROCEEDS
PURCHASES FROM SALES
----------- -----------
<S> <C> <C>
Growth Fund............................................. $49,381,324 $15,527,996
Growth & Income Fund.................................... 31,029,320 41,969,269
Talon Fund.............................................. 6,810,021 7,087,409
Asset Allocation Fund................................... 23,432,326 47,821,400
Balanced Fund........................................... 9,380,773 6,918,658
Bond Fund............................................... 21,993,190 16,371,257
Municipal Bond Fund..................................... 915,383 1,304,186
</TABLE>
NOTE (E) ADVISORY, ADMINISTRATION AND DISTRIBUTION SERVICES AGREEMENTS: Under
various Advisory Agreements with the Funds, each Advisor provides investment
advisory services to the Funds. The Funds will pay advisory fees at the
following annual percentage rates of the average daily net assets of each
Fund: 0.80% for the Growth Fund; 0.70% for the Growth & Income Fund; 0.80% for
the Talon Fund; 0.70% for the Asset Allocation Fund; 0.75% for the Balanced
Fund; 0.55% for the Bond Fund; 0.60% for the Municipal Bond Fund; and 0.40%
for the Money Market Fund. These fees are accrued daily and paid monthly. The
Advisors have voluntarily undertaken to reimburse the Growth Fund, the Growth
& Income Fund, the Talon Fund, the Asset Allocation Fund, the Balanced Fund,
the Bond Fund, the Municipal Bond Fund, and the Money Market Fund for
operating expenses which cause total expenses to exceed 1.30%, 1.00%, 1.30%,
1.00%, 1.25%, 0.80%, 0.90% and 0.50%, respectively. Such expense
reimbursements may be terminated at the discretion of the Advisors. For the
six month period ended April 30, 1996, the Advisors reimbursed expenses of
$22,413 for the Growth Fund, $146,992 for the Growth & Income Fund, $37,200
for the Talon Fund, $138,074 for the Asset Allocation Fund, $33,203 for the
Balanced Fund, $106,048 for the Bond Fund, $34,436 for the Municipal Bond Fund
and $111,439 for the Money Market Fund.
Effective June 15, 1995, Fund/Plan Services, Inc. was appointed as the Funds'
Sub-Administrator. Under its Sub-Administration Agreement with The Chicago
Trust Company (the Administrator), Fund/Plan Services, Inc. provides certain
administrative services for which the Funds pay an annual fee at the following
annual percentage rates of the combined average daily net assets of the Funds:
0.09% of the first $200 million, 0.05% on the next $300 million, and 0.03% in
excess of $500 million. Fund/Plan Services, Inc. also retains a portion of the
Funds' custody fees.
Fund/Plan Broker Services, Inc. (the "Distributor") serves as the Funds'
Distributor pursuant to an Underwriting Agreement dated November 15, 1993.
Pursuant to Rule 12b-1 adopted by the Securities and Exchange Commission under
the Act, the Growth Fund, the Growth & Income Fund, the Talon Fund, the Asset
Allocation Fund, the Balanced Fund, the Bond Fund, and the Municipal Bond Fund
have adopted a Plan of Distribution (the "Plan"). The Plan permits the
participating Funds to pay certain expenses associated with the distribution
of their shares. Under the Plan, each Fund may pay actual expenses not
exceeding, on an annual basis, 0.25% of each participating Fund's average
daily net assets.
Certain officers and trustees of the Funds are also officers and directors of
The Chicago Trust Company. The Funds have not compensated its officers or
affiliated trustees. Effective January 1, 1996, the Company pays each
unaffiliated trustee $1,000 per Board of Trustees meeting attended and an
annual retainer of $1,000.
47
<PAGE>
TRUSTEES OFFICERS
Leonard F. Amari, Trustee* Andrew P. Mayo
President
Stuart D. Bilton, Chairman
David F. Seng
Dorothea C. Gilliam, Trustee Senior Vice President
Gregory T. Mutz, Trustee* Kenneth C. Anderson
Vice President, Secretary and Treasurer
Nathan Shapiro, Trustee*
Thomas J. Adams, III
* Unaffiliated Trustees Vice President
ADVISORS CUSTODIAN
The Chicago Trust Company UMB Bank, N.A.
171 North Clark Street 928 Grand Avenue
Chicago, IL 60601-3294 Kansas City, MO 64141
Montag & Caldwell, Inc. LEGAL COUNSEL
1100 Atlanta Financial Center Gardner, Carton & Douglas
3343 Peachtree Road, NE 321 North Clark Street
Atlanta, GA 30326-1450 Suite 3400
Chicago, IL 60610
UNDERWRITER/
SHAREHOLDER SERVICES AUDITOR
Fund/Plan Services, Inc. KPMG Peat Marwick LLP
2 West Elm Street 303 East Wacker Drive
Conshohocken, PA 19428 Chicago, IL 60601
48
<PAGE>
SHAREOWNERS BENEFITS
- -------------------------------------------------------------------------------
The CT&T Funds offer a variety of special features and options for
shareowners. If you have not already signed up for these features and wish to
do so, a customer service representative can provide you with the form you
need to access any of our free shareowner options (800-992-8151).
LOW MINIMUM INVESTMENTS
The minimum initial investment and any subsequent investment is $50.
AUTOMATIC DIVIDEND REINVESTMENT
You can compound your investment earnings by reinvesting them automatically.
Monthly or quarterly dividends and annual capital gain distributions are
reinvested free of charge. Or, if you prefer to receive your earnings in cash,
you may elect to receive regular distributions of your dividends and capital
gain payments.
EXCHANGE PRIVILEGES
Should market conditions or your personal investment needs change, you have
the flexibility to move your investments among the CT&T Funds. Transfers
between the Funds are free of charge, and simple to make.
SAVINGS FOR RETIREMENT
Our easy and convenient IRA offers you a selection of mutual funds especially
suitable for your retirement accounts while your assets benefit from tax-
deferred growth.
CHECK WRITING
Free check writing services may be authorized and are available in the Chicago
Trust Money Market Fund. The per check minimum is $500.
AUTOMATIC INVESTMENT
You may elect to make regular investments into your account automatically by
approving electronic funds transfers into your CT&T Fund.
FOR ADDITIONAL INFORMATION ABOUT CT&T FUNDS CALL:
(800) 992-8151
DISTRIBUTED BY:
FUND/PLAN BROKER SERVICES, INC.
2 WEST ELM STREET
CONSHOHOCKEN, PA 19428
This report is submitted for general information of the shareowners of the
Funds. It is not authorized for distribution to prospective investors in the
Funds unless preceded or accompanied by an effective Prospectus which includes
details regarding the Funds' objectives, policies, expenses and other
information.
