SEMI-ANNUAL REPORT
APRIL 30, 1997
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
(800) 992-8151
<PAGE>
CT&T FUNDS -- SHAREOWNERS BENEFITS
- ------------------------------------------------------------------
- -------------
The CT&T Family of Funds offers 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 and can be
reached at (800)
992-8151.
LOW MINIMUM INVESTMENTS
The minimum initial investment is $2,500 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. The
minimum initial
investment for the automatic investment plan is $50.
Our automated shareowner account information line is available
for your
convenience 24-hours a day, 7 days a week by calling
(800) 992-8151
Distributed by:
First Data Distributors, Inc
4400 Computer Drive
Westborough, MA 01581
(effective June 1, 1997)
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.
<PAGE>
Dear Shareowner,
We view these semi-annual reports as an opportunity to provide you
with our
report card. The performance of our funds has obviously been
outstanding over
the past twelve months, and the financial press has taken notice
of our funds
with recent articles in Money Magazine (March 1997), Financial
Planning (May
1997), Kiplinger's (March 1997) and Morningstar.
<TABLE>
<CAPTION>
TOTAL RETURN
(DIVIDENDS
RE-INVESTED)
FOR THE AVERAGE ANNUAL
12 MONTHS TOTAL RETURN
RANK AMONG SIMILAR FUNDS
(LIPPER) ENDED SINCE
FOR THE 12 MONTHS ENDED
4/30/97* 4/30/97* (INCEPTION)
-----------------------------------
- ----- ------------ ----------------
<S> <C>
<C> <C>
MONTAG & CALDWELL GROWTH 23 out of 736 Growth Funds
27.8% 30.0% (11/2/94)
CHICAGO TRUST GROWTH & INCOME 109 out of 546 Growth & Income
Funds 21.9% 19.5% (12/13/93)
CHICAGO TRUST TALON 16 out of 180 MidCap Funds
16.2% 22.3% (9/19/94)
MONTAG & CALDWELL BALANCED 8 out of 295 Balanced Funds
19.5% 21.0% (11/2/94)
CHICAGO TRUST ASSET
ALLOCATION 25 out of 195 Flexible Portfolio
Funds 16.8% 16.1% (9/21/95)
CHICAGO TRUST BOND 33 out of 181 Int. Inv. Grd. Debt
Funds 7.2% 5.5% (12/13/93)
</TABLE>
Thank you for your confidence in the Chicago Trust/Montag &
Caldwell family of
mutual funds.
Sincerely,
/s/ Stuart D. Bilton
Stuart D. Bilton
Chairman and Chief Executive Officer
- --------
*Lipper Analytical Services, Inc. (Lipper) is the source of the
rankings,
which are based on total return fund performance for the twelve
months ended
April 30, 1997 for funds of similar investment objectives. The
Lipper rankings
listed include all classes of multiple-class funds. Certain
expenses for all
of the ranked Chicago Trust/Montag & Caldwell mutual funds were
subsidized
during the ranking period for the twelve months ended April 30,
1997.
The Chicago Trust/Montag & Caldwell Funds (CT&T Funds) are no-load
mutual
funds distributed by First Data Distributors, Inc., Westborough,
MA 01581.
This is not an offer to sell or a solicitation of an offer to buy
shares of
any of the Funds described. The performance data quoted represents
past
performance and is no guarantee of future performance. Investment
return and
principal value of an investment will fluctuate so that an
Investor's shares,
when redeemed, may be worth more or less than their original cost.
For more
complete information, including charges and expenses, please
contact our
shareholder servicing group at 800-992-8151 for a prospectus.
Please read the
prospectus carefully before investing.
<PAGE>
CT&T FUNDS SUMMARY INFORMATION
PERFORMANCE FOR THE PERIOD ENDED APRIL 30, 1997
(UNAUDITED)
<TABLE>
MONTAG & CALDWELL GROWTH FUND
CHICAGO TRUST GROWTH & INCOME FUND
CLASS N (RETAIL) CLASS I (INSTITUTIONAL)
<S> <C> <C>
<C>
Total Return:
6 Months 12.3% 12.5%
9.9%
1Year 27.8% N/A
21.9%
Three Year
Average Annual
Total Return N/A N/A
23.1%
Average Annual
Total Return
Since Inception 30.0% N/A
19.5%
Value of $10,000 $19,245 $12,341
$18,258
from inception
date 11/2/94 6/28/96
12/13/93
</TABLE>
<TABLE>
<S> <C> <C>
<C> <C>
TOP TEN HOLDINGS as of April 30, 1997
Company and Intel Corp. 4.5%
Microsoft Corp. 4.3%
% of Total Net Microsoft Corp. 4.3%
Illinois Tool Works, Inc. 4.2%
Assets Seagate Technology, Inc. 4.2%
Pfizer, Inc. 4.0%
Coca-Cola Co. 4.1%
Royal Dutch Petroleum Co.,
Gillette Co. 4.1%
NY Registered 3.8%
Procter & Gamble Co. 3.9%
Federal Home Loan Mortgage Corp. 3.8%
Cisco Systems, Inc. 3.4%
Walgreen Co. 3.8%
Johnson & Johnson 3.2%
American International Group,
Compaq Computer Corp. 3.2%
Inc. 3.7%
Medtronic, Inc. 3.1%
Newell Co. 3.5%
Norwest Corp. 3.4%
General Electric Co. 3.2%
</TABLE>
<TABLE>
CHICAGO TRUST TALON FUND
CHICAGO TRUST ASSET ALLOCATION FUND
<S> <C>
<C>
Total Return:
6 Months 9.8%
7.4%
1Year 16.2%
16.8%
Average Annual
Total Return
Since Inception 22.3%
16.1%
Value of $10,000 $16,935
$12,720
from inception
date 9/19/94
9/21/95
</TABLE>
TOP TEN HOLDINGS as of April 30, 1997
<TABLE>
<S> <C> <C>
<C> <C>
Company and U.S. Treasury Bill, 5.380%,3/5/98 6.9%
Microsoft Corp. 2.9%
% of Total Net
Gillette Co. 2.5%
Assets Falcon Building Products, Inc. 5.3%
Coca-Cola Co. 2.2%
American Management Systems, Inc. 5.2%
Procter & Gamble Co. 2.2%
U.S. Treasury Bill, 6.375%, 5/15/99 4.8%
Illinois Tool Works, Inc. 2.1%
Federal Home
Federal Home Loan Mortgage Corp. 2.1%
Loan Bank Bond, 5.875%, 02/26/98 4.8%
Pfizer, Inc. 2.0%
Risk Capital Holdings, Inc. 4.7%
MBNA Corp. 2.0%
North American Vaccine, Inc. 4.5%
General Electric Co. 2.0%
Berg Electronics Corp. 4.3%
Norwest Corp. 1.8%
Starbucks Corp. 4.2%
St. Paul Bancorp, Inc. 4.1%
</TABLE>
2
<PAGE>
CT&T FUNDS SUMMARY INFORMATION
PERFORMANCE FOR THE PERIOD ENDED APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MONTAG & CALDWELL BALANCED FUND
CHICAGO TRUST BOND FUND
<S> <C>
<C>
Total Return:
6 Months 7.9%
1.8%
1 Year 19.5%
7.2%
Three Year
Average Annual
Total Return N/A
7.3%
Average Annual
Total Return
Since Inception 21.0%
5.5%
Value of $10,000 $16,071
$11,972
from inception
date 11/2/94
12/13/93
</TABLE>
TOP TEN HOLDINGS
Company and
% of Total Net
Assets
as of April 30, 1997
<TABLE>
<S> <C>
Intel Corp. 3.0%
Microsoft Corp. 2.8%
Coca-Cola Co. 2.6%
Seagate Technology, Inc. 2.5%
Gillette Co. 2.5%
Procter & Gamble Co. 2.4%
Cisco Systems, Inc. 2.1%
Federal National Mortgage
Association
7.250%, 01/17/21, CMO REMIC 2.1%
Citicorp Subordinated Notes,
7.125%, 05/15/06 2.0%
Merck & Co., Inc. 2.0%
Government National Mortgage
Assoc., 8.000%, 6/15/17 3.0%
Chemical Master Credit Card
Trust I,
CL A, 5.550%, 09/15/03 2.5%
Federal Home Loan Mortgage
Corp.,
Debs. 5.850%, 02/21/06 2.4%
Gulf States Utilities, 8.250%,
04/01/04 2.1%
U.S. Treasury Notes, 7.250%,
05/15/04 2.1%
U.S. Treasury Notes, 5.500%,
02/28/99 2.1%
Banker's Trust--N.Y. Corp. Sub.
Notes, 7.500%, 01/15/02 2.1%
Prudential Ins. Co. of America-
144A
Surplus Notes, 8.300%, 07/01/25 2.1%
U.S. Treasury Notes, 5.625%,
01/31/98 2.0%
U.S. Treasury Notes, 6.375%,
08/15/02 2.0%
</TABLE>
CHICAGO TRUST MUNICIPAL BOND FUND
Total Return:
6 Months 0.9%
1 Year 3.6%
Three Year
Average Annual
Total Return 4.5%
Average Annual
Total Return
Since 3.4%
Inception
Value of $11,203
$10,000
from inception
date 12/13/93
TOP TEN HOLDINGS
Company and
% of Total Net
Assets
as of April 30, 1997
<TABLE>
<S> <C>
King County, Washington, Series
A, GO, 5.800%, 01/01/04 4.4%
Utah State Building Authority
Revenue, Series A, 5.125%,
5/15/03 4.3%
State of Nevada, Water Pollution
Control, Revolving Funding, GO
4.100%, 11/01/98 4.2%
Cook County, Illinois, Series B,
GO, Escrowed to Maturity,
5.000%, 07/01/05 4.2%
Salt River Project Electric
System Revenue, Refunding
Series A,
5.500%, 07/01/05 4.1%
Texas Water Development Board,
GO, Escrowed to Maturity,
5.000%, 08/01/99 4.1%
Commonwealth of Puerto Rico,
Series A, GO, MBIA Insured,
6.500%, 07/01/03 3.9%
Arlington Independent
School District, Refunding, GO,
5.400%, 02/15/99 3.4%
Clark County, Nevada
School District, GO,
FGIC Insured, 6.400%, 06/15/06 3.4%
Mohave County,
Arizona Development Hospital
System Authority Revenue,
6.000%, 07/01/00 3.2%
</TABLE>
3
<PAGE>
CT&T FUNDS
MONTAG & CALDWELL GROWTH FUND
SCHEDULE OF INVESTMENTS (UNAUDITED)
APRIL 30, 1997
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<TABLE>
<CAPTION>
MARKET
SHARES
VALUE
-----------
- ------------
<S> <C>
<C>
COMMON STOCK - 96.65%
COMMERCIAL SERVICES - 2.57%
Manpower, Inc. ....................................... 280,100
$ 11,239,013
- ------------
COMPUTERS/OFFICE EQUIPMENT - 31.39%
Adaptec, Inc.* ....................................... 228,340
8,448,580
Cisco Systems, Inc.* ................................. 286,550
14,828,963
Compaq Computer Corp.* ............................... 162,000
13,830,750
Electronic Arts, Inc.* ............................... 360,000
8,685,000
Electronic Data Systems Corp. ........................ 290,000
9,678,750
Intel Corp. .......................................... 127,155
19,470,609
Microsoft Corp.* ..................................... 154,000
18,711,000
Oracle Corp.* ........................................ 320,000
12,720,000
Seagate Technology, Inc.* ............................ 400,000
18,350,000
Solectron Corp.* ..................................... 220,000
12,622,500
- ------------
137,346,152
- ------------
CONSUMER DURABLES - 1.91%
Harley Davidson, Inc. ................................ 211,300
8,346,350
- ------------
CONSUMER NON-DURABLES - 12.31%
CUC International, Inc.* ............................. 480,000
10,140,000
Gillette Co. ......................................... 210,000
17,850,000
Interpublic Group of Companies, Inc. ................. 156,900
8,884,463
Procter & Gamble Co. ................................. 135,000
16,976,250
- ------------
53,850,713
- ------------
ENTERTAINMENT & LEISURE - 3.00%
Walt Disney Co. ...................................... 159,980
13,118,360
- ------------
FINANCIAL SERVICES - 6.69%
American Express Co. ................................. 200,000
13,175,000
Federal National Mortgage Association ................ 210,000
8,636,250
First Data Corp. ..................................... 216,400
7,465,800
- ------------
29,277,050
- ------------
FOOD & BEVERAGE - 10.29%
Coca-Cola Co. ........................................ 285,000
18,133,125
Pioneer Hi-Bred International, Inc. .................. 160,000
11,300,000
Sysco Corp. .......................................... 209,400
7,433,700
Wrigley, Wm. Jr., Co. ................................ 140,000
8,155,000
- ------------
45,021,825
- ------------
</TABLE>
See accompanying notes to financial statements.
4
<PAGE>
CT&T FUNDS
MONTAG & CALDWELL GROWTH FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
APRIL 30, 1997
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
MARKET
SHARES
VALUE
-----------
- ------------
<S> <C>
<C>
COMMON STOCK - CONTINUED
HEALTH CARE - 3.22%
Johnson & Johnson .................................. 230,000
$ 14,087,500
- ------------
LODGING - 2.53
Marriott International, Inc. ....................... 200,000
11,050,000
- ------------
MEDICAL SUPPLIES - 3.03%
Medtronic, Inc. .................................... 191,700
13,275,225
- ------------
PHARMACEUTICALS - 8.82%
Eli Lilly & Co. .................................... 142,000
12,478,250
Merck & Co., Inc. .................................. 140,000
12,670,000
Pfizer, Inc. ....................................... 140,000
13,440,000
- ------------
38,588,250
- ------------
RESTAURANTS - 1.35%
Cracker Barrel Old Country Store, Inc. ............. 220,000
5,885,000
- ------------
RETAIL - 5.19%
Home Depot, Inc. ................................... 225,000
13,050,000
The Gap, Inc. ...................................... 303,500
9,674,062
- ------------
22,724,062
- ------------
TELECOMMUNICATIONS EQUIPMENT - 4.35%
Ericsson (LM) Telefonaktiebolaget ADR .............. 230,000
7,733,750
U.S. Robotics Corp. ................................ 223,000
11,289,375
- ------------
19,023,125
- ------------
TOTAL COMMON STOCK (COST $356,046,715)..............
422,832,625
- ------------
MONEY MARKET FUND - 3.33% (COST $14,550,953)
Fidelity U.S. Government Reserves................... 14,550,953
14,550,953
- ------------
TOTAL INVESTMENTS - 99.98% (COST $370,597,668)/1/...
437,383,578
- ------------
CASH AND OTHER ASSETS NET OF LIABILITIES - 0.02%....
96,397
- ------------
NET ASSETS - 100.00%................................
$437,479,975
============
/1/Aggregate cost for federal income tax purposes is
$370,597,668; and net unrealized appreciation is as
follows:
Gross unrealized appreciation...................... $75,893,114
Gross unrealized depreciation...................... (9,107,204)
-----------
Net unrealized appreciation....................... $66,785,910
===========
</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, 1997
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
MARKET
SHARES
VALUE
-------
- ------------
<S> <C>
<C>
COMMON STOCK - 90.15%
CHEMICALS - 2.01%
Praxair, Inc. ............................................ 92,400
$ 4,770,150
- ------------
COMPUTERS/OFFICE EQUIPMENT - 10.67%
Cisco Systems, Inc.* ..................................... 76,400
3,953,700
Computer Sciences Corp.* ................................. 58,600
3,662,500
Electronic Data Systems Corp. ............................ 75,500
2,519,813
Microsoft Corp.* ......................................... 84,400
10,254,600
Oracle Corp.* ............................................ 92,000
3,657,000
Pitney Bowes, Inc. ....................................... 20,000
1,280,000
- ------------
25,327,613
- ------------
CONSUMER NON-DURABLES - 14.85%
Cintas Corp. ............................................. 51,600
2,825,100
Gillette Co. ............................................. 84,400
7,174,000
Johnson Controls, Inc. ................................... 64,000
2,456,000
Kohl's Corp.* ............................................ 51,000
2,492,625
Mattel, Inc. ............................................. 155,000
4,320,625
Newell Co. ............................................... 234,100
8,193,500
Procter & Gamble Co. ..................................... 62,000
7,796,500
- ------------
35,258,350
- ------------
ELECTRICAL/ELECTRONICS - 3.24%
General Electric Co. ..................................... 69,400
7,694,725
- ------------
ENERGY - 7.00%
Exxon Corp. .............................................. 132,800
7,519,800
Royal Dutch Petroleum Co. - NY Registered* ............... 50,500
9,102,625
- ------------
16,622,425
- ------------
FINANCIAL SERVICES - 13.00%
Associates First Capital Corp. CL A ...................... 57,000
2,921,250
Federal Home Loan Mortgage Corp. ......................... 284,600
9,071,625
First Data Corp. ......................................... 56,000
1,932,000
Green Tree Financial Corp. ............................... 181,000
5,362,125
MBNA Corp. ............................................... 105,525
3,482,325
Norwest Corp. ............................................ 162,600
8,109,675
- ------------
30,879,000
- ------------
FOOD & BEVERAGE - 5.55%
Coca-Cola Co. ............................................ 100,400
6,387,950
Richfood Holdings, Inc. .................................. 94,500
1,925,437
Sysco Corp. .............................................. 137,000
4,863,500
- ------------
13,176,887
- ------------
</TABLE>
See accompanying notes to financial statements.
6
<PAGE>
CT&T FUNDS
CHICAGO TRUST GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
APRIL 30, 1997
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
MARKET
SHARES
VALUE
-------
- ------------
<S> <C>
<C>
COMMON STOCK - CONTINUED
HEALTH CARE - 5.70%
Cardinal Health, Inc. .................................... 101,000
$ 5,378,250
Columbia/HCA Healthcare Corp. ............................ 66,000
2,310,000
Health Management Associates, Inc. CL A* ................. 143,250
3,831,938
PacifiCare Health Systems, Inc. CL B* .................... 25,000
2,006,250
- ------------
13,526,438
- ------------
INSURANCE - 5.54%
American International Group, Inc. ....................... 68,650
8,821,525
General Re Corp. ......................................... 25,950
4,340,137
- ------------
13,161,662
- ------------
MANUFACTURING - 5.95%
Federal Signal Corp. ..................................... 171,000
4,168,125
Illinois Tool Works, Inc. ................................ 109,000
9,959,875
- ------------
14,128,000
- ------------
PAPER/WOOD PRODUCTS - 2.65%
Kimberly-Clark Corp. ..................................... 122,800
6,293,500
- ------------
PHARMACEUTICALS - 6.17%
Merck & Co., Inc. ........................................ 57,000
5,158,500
Pfizer, Inc............................................... 98,800
9,484,800
- ------------
14,643,300
- ------------
RETAIL - 3.80%
Walgreen Co............................................... 196,000
9,016,000
- ------------
SERVICE - 2.21%
Service Corp. International............................... 153,500
5,257,375
- ------------
TELECOMMUNICATIONS EQUIPMENT - 1.81%
U.S. Robotics Corp........................................ 85,000
4,303,125
- ------------
TOTAL COMMON STOCK (COST $154,569,896)....................
214,058,550
- ------------
</TABLE>
See accompanying notes to financial statements.
7
<PAGE>
CT&T FUNDS
CHICAGO TRUST GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
APRIL 30, 1997
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
PRINCIPAL
MARKET
AMOUNT
VALUE
-----------
- ------------
<S> <C>
<C>
REPURCHASE AGREEMENT - 9.90% (COST $23,500,000)
First Chicago NBD, U.S. Treasury Notes, $22,675,000
par, 9.250% coupon, due 08/15/98, dated 04/30/97,
to be sold on 05/01/97 at $23,503,427.............. $23,500,000
$ 23,500,000
- ------------
TOTAL INVESTMENTS - 100.05% (COST $178,069,896)/1/.
237,558,550
- ------------
LIABILITIES NET OF CASH AND OTHER ASSETS - (0.05%).
(124,065)
- ------------
NET ASSETS - 100.00%...............................
$237,434,485
============
/1/Aggregate cost for federal income tax purposes
is $178,069,896; and net unrealized appreciation
is as follows:
Gross unrealized appreciation..................... $63,380,132
Gross unrealized depreciation..................... (3,891,478)
-----------
Net unrealized appreciation...................... $59,488,654
===========
</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, 1997
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
MARKET
SHARES
VALUE
--------
- - -----------
<S> <C>
<C>
COMMON STOCK - 71.44%
BIOTECHNOLOGY - 4.51%
North American Vaccine, Inc.*............................
45,000 $ 939,375
- -----------
BUILDING MATERIALS - 3.68%
Ply-Gem Industries, Inc..................................
60,200 767,550
- -----------
CABLE TELEVISION - 0.12%
Tescorp., Inc............................................
8,022 25,069
- -----------
COMPUTERS/OFFICE EQUIPMENT - 5.23%
American Management Systems, Inc.*.......................
44,000 1,089,000
- -----------
ELECTRICAL/ELECTRONICS - 4.32%
Berg Electronics Corp.*..................................
30,000 900,000
- -----------
FINANCIAL SERVICES - 5.45%
Data Broadcasting Corp.*.................................
50,000 281,250
St. Paul Bancorp, Inc....................................
31,250 855,469
- -----------
1,136,719
- -----------
HEALTH CARE & EQUIPMENT - 2.32%
Cerner Corp.*............................................
30,000 483,750
- -----------
HOMEBUILDING - 5.25%
Falcon Building Products, Inc. CL A*.....................
63,000 1,094,625
- -----------
INSURANCE - 8.72%
Danielson Holdings Corp.*................................
122,800 828,900
Risk Capital Holdings, Inc.*.............................
52,000 988,000
- -----------
1,816,900
- -----------
MANUFACTURING - 4.96%
General Dynamics Corp....................................
14,500 1,033,125
- -----------
PHARMACEUTICALS - 8.88%
Mylan Laboratories, Inc..................................
70,000 840,000
Vitalink Pharmacy Services, Inc.*........................
55,000 1,010,625
- -----------
1,850,625
- -----------
RESTAURANTS - 3.90%
Daka International, Inc.*................................
100,000 812,500
- -----------
RETAILING-DRUG STORE - 7.23%
Arbor Drugs, Inc. .......................................
37,000 679,875
Revco D.S., Inc.*........................................
19,000 826,500
- -----------
1,506,375
- -----------
</TABLE>
See accompanying notes to financial statements.
9
<PAGE>
CT&T FUNDS
CHICAGO TRUST TALON FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
APRIL 30, 1997
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
MARKET
SHARES
VALUE
----------
- ------------
<S> <C>
<C>
COMMON STOCK - CONTINUED
RETAILING-SPECIALTY - 4.16%
Starbucks Corp.*.................................... 29,000
$ 866,375
- ------------
SCIENTIFIC & TECH INSTRUMENTS - 2.71%
Robotic Vision Systems, Inc.*....................... 65,000
564,687
- ------------
TOTAL COMMON STOCK (COST $12,775,957)...............
14,886,675
- ------------
PREFERRED STOCK - 1.38% (COST $300,000)
Tescorp., Inc. 8.000%, Conv. Pfd.................... 3,000
288,000
- ------------
<CAPTION>
PRINCIPAL
AMOUNT
----------
<S> <C>
<C>
REPURCHASE AGREEMENT - 8.17% (COST $1,702,000)
United Missouri Bank, U.S. Treasury Notes,
$1,743,000 par, 5.875% coupon, due 03/31/99, dated
04/30/97, to be sold on 05/01/97 at $1,702,239..... $1,702,000
1,702,000
- ------------
U.S. GOVERNMENT OBLIGATIONS - 14.02%
U.S. TREASURY BILLS - 9.21%
5.200%, 09/11/97.................................... 500,000
490,154
5.380%, 03/05/98.................................... 1,500,000
1,429,445
- ------------
1,919,599
- ------------
U.S. TREASURY NOTES - 4.81%
6.375%, 05/15/99.................................... 1,000,000
1,001,750
- ------------
TOTAL U.S. GOVERNMENT OBLIGATIONS (COST $2,919,122).
2,921,349
- ------------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 7.20%
FEDERAL FARM CREDIT BANK - 2.40%
5.550%, 08/01/97.................................... 500,000
499,940
- ------------
FEDERAL HOME LOAN BANK - 4.80%
5.875%, 02/26/98.................................... 1,000,000
1,000,970
- ------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS -
(COST $1,500,000)..................................
1,500,910
- ------------
TOTAL INVESTMENTS - 102.21% (COST $19,197,079)/1/...
21,298,934
- ------------
LIABILITIES NET OF CASH AND OTHER ASSETS - (2.21%)..
(460,277)
- ------------
NET ASSETS - 100.00%................................
$20,838,657
============
/1/Aggregate cost for federal income tax purposes is
$19,197,079; and net unrealized appreciation is as
follows:
Gross unrealized appreciation...................... $2,875,960
Gross unrealized depreciation...................... (774,105)
----------
Net unrealized appreciation....................... $2,101,855
==========
</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, 1997
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
MARKET
SHARES
VALUE
-----------
- ------------
<S> <C>
<C>
COMMON STOCK - 55.59%
CHEMICALS - 1.21%
Praxair, Inc.......................................... 40,000
$ 2,065,000
- ------------
COMPUTERS/OFFICE EQUIPMENT - 6.57%
Cisco Systems, Inc.*.................................. 40,000
2,070,000
Computer Sciences Corp.*.............................. 25,000
1,562,500
Electronic Data Systems Corp.......................... 56,500
1,885,687
Microsoft Corp.*...................................... 40,000
4,860,000
Oracle Corp.*......................................... 20,000
795,000
- ------------
11,173,187
- ------------
CONSUMER NON-DURABLES - 8.38%
Cintas Corp........................................... 15,000
821,250
CUC International, Inc.*.............................. 60,000
1,267,500
Gillette Co........................................... 50,000
4,250,000
Mattel, Inc........................................... 55,000
1,533,125
Newell Co............................................. 75,000
2,625,000
Procter & Gamble Co................................... 30,000
3,772,500
- ------------
14,269,375
- ------------
ELECTRICAL/ELECTRONICS - 3.09%
General Electric Co................................... 30,000
3,326,250
Molex, Inc............................................ 62,500
1,937,500
- ------------
5,263,750
- ------------
ENERGY - 6.14%
Amoco Corp............................................ 30,000
2,508,750
Exxon Corp............................................ 50,000
2,831,250
Royal Dutch Petroleum Co. - NY Registered*............ 13,000
2,343,250
Schlumberger, Ltd..................................... 25,000
2,768,750
- ------------
10,452,000
- ------------
FINANCIAL SERVICES - 8.54%
Associates First Capital Corp. CL A................... 25,000
1,281,250
Federal Home Loan Mortgage Corp....................... 112,000
3,570,000
First Data Corp....................................... 50,000
1,725,000
Green Tree Financial Corp............................. 55,000
1,629,375
MBNA Corp............................................. 101,250
3,341,250
Norwest Corp.......................................... 60,000
2,992,500
- ------------
14,539,375
- ------------
FOOD & BEVERAGE - 4.84%
Coca-Cola Co.......................................... 60,000
3,817,500
Lancaster Colony Corp................................. 45,000
1,850,625
Richfood Holdings, Inc................................ 30,000
611,250
Sysco Corp............................................ 55,000
1,952,500
- ------------
8,231,875
- ------------
</TABLE>
See accompanying notes to financial statements.
11
<PAGE>
CT&T FUNDS
CHICAGO TRUST ASSET ALLOCATION FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
APRIL 30, 1997
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
MARKET
SHARES
VALUE
-----------
- ------------
<S> <C>
<C>
COMMON STOCK - CONTINUED
HEALTH CARE - 0.63%
Health Management Associates, Inc. CL A*.............. 40,000
$ 1,070,000
- ------------
INSURANCE - 1.89%
American International Group, Inc..................... 25,000
3,212,500
- ------------
MANUFACTURING - 5.87%
Boeing Co............................................. 20,000
1,972,500
Federal Signal Corp................................... 75,000
1,828,125
Illinois Tool Works, Inc.............................. 40,000
3,655,000
Johnson Controls, Inc................................. 30,000
1,151,250
Pall Corp............................................. 60,000
1,387,500
- ------------
9,994,375
- ------------
MEDICAL SUPPLIES - 1.93%
Cardinal Health, Inc. ................................ 22,500
1,198,125
Medtronic, Inc. ...................................... 30,000
2,077,500
- ------------
3,275,625
- ------------
PHARMACEUTICALS - 4.47%
Abbott Laboratories .................................. 25,000
1,525,000
Merck & Co., Inc. .................................... 30,000
2,715,000
Pfizer, Inc. ......................................... 35,000
3,360,000
- ------------
7,600,000
- ------------
RETAIL - 2.03%
Walgreen Co. ......................................... 75,000
3,450,000
- ------------
TOTAL COMMON STOCK (COST $67,645,723) ................
94,597,062
- ------------
<CAPTION>
PRINCIPAL
AMOUNT
-----------
<S> <C>
<C>
REPURCHASE AGREEMENT - 8.27% (COST $14,076,000)
First Chicago NBD, U.S. Treasury Notes, $13,585,000
par, 9.250% coupon, due 08/15/98, dated 04/30/97, to
be sold on 05/01/97 at $14,078,053 .................. $14,076,000
14,076,000
- ------------
FIXED INCOME SECURITIES - 35.49%
U.S. GOVERNMENT OBLIGATIONS - 4.81%
U.S. TREASURY NOTES - 3.82%
8.750%, 10/15/97 ..................................... 1,000,000
1,013,710
9.000%, 05/15/98 ..................................... 1,000,000
1,030,240
8.000%, 08/15/99 ..................................... 1,000,000
1,035,130
7.125%, 02/29/00 ..................................... 1,000,000
1,018,100
5.250%, 01/31/01 ..................................... 1,500,000
1,440,240
5.875%, 02/15/04 ..................................... 1,000,000
957,030
- ------------
6,494,450
- ------------
</TABLE>
See accompanying notes to financial statements.
12
<PAGE>
CT&T FUNDS
CHICAGO TRUST ASSET ALLOCATION FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
APRIL 30, 1997
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
PRINCIPAL
MARKET
AMOUNT
VALUE
-----------
- ------------
<S> <C>
<C>
FIXED INCOME SECURITIES - CONTINUED
U.S. TREASURY BONDS - 0.99%
7.125%, 02/15/23 ..................................... $ 1,000,000
$ 1,008,700
6.250%, 08/15/23 ..................................... 750,000
679,387
- ------------
1,688,087
- ------------
TOTAL U.S. GOVERNMENT OBLIGATIONS (COST $8,362,383) ..
8,182,537
- ------------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 11.39%
FEDERAL HOME LOAN BANK - 0.30%
9.200%, 08/25/97 ..................................... 500,000
505,435
- ------------
FEDERAL HOME LOAN MORTGAGE CORP. - 4.64%
5.500%, 08/15/04, CMO REMIC .......................... 600,000
595,184
5.850%, 02/21/06 ..................................... 1,000,000
927,090
6.500%, 09/15/07, CMO REMIC .......................... 1,000,000
985,778
7.500%, 04/01/08 ..................................... 610,399
616,096
6.500%, 06/01/09 ..................................... 1,136,080
1,110,006
7.500%, 11/01/10 ..................................... 1,092,075
1,102,496
5.150%, 11/15/12, CMO REMIC .......................... 1,031,043
1,026,190
7.000%, 07/01/13 ..................................... 644,841
631,095
7.000%, 11/15/13, CMO PAC - Interest Only ............ 1,262,452
47,216
6.000%, 12/15/23, CMO REMIC .......................... 1,000,000
857,038
- ------------
7,898,189
- ------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 2.11%
6.000%, 06/25/02, CMO REMIC........................... 1,494,135
1,490,983
6.250%, 07/25/02, CMO REMIC........................... 437,430
436,516
6.900%, 12/25/03, CMO REMIC........................... 851,936
850,961
7.000%, 07/25/17, CMO PAC - Interest Only............. 1,268,848
118,713
9.000%, 05/01/25...................................... 666,675
697,082
- ------------
3,594,255
- ------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 4.34%
7.000%, 06/15/08...................................... 566,438
564,527
8.000%, 03/15/17...................................... 743,226
753,031
8.000%, 06/15/17...................................... 1,015,485
1,028,955
7.000%, 09/15/23...................................... 1,750,758
1,702,904
7.000%, 10/15/23...................................... 2,008,270
1,943,628
6.500%, 03/15/26...................................... 1,475,220
1,388,604
- ------------
7,381,649
- ------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST
$19,630,930).........................................
19,379,528
- ------------
</TABLE>
See accompanying notes to financial statements.
13
<PAGE>
CT&T FUNDS
CHICAGO TRUST ASSET ALLOCATION FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
APRIL 30, 1997
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
PRINCIPAL
MARKET
AMOUNT
VALUE
----------
- - ------------
<S> <C>
<C>
FIXED INCOME SECURITIES - CONTINUED
GOVERNMENT TRUST CERTIFICATES - 0.72%
GTC Greece, 8.000%, 05/15/98--CL G-2.................. $
245,068 $ 245,068
GTC Israel, 9.250%, 11/15/01--CL 1-C..................
929,859 979,839
- ------------
TOTAL GOVERNMENT TRUST CERTIFICATES (COST $1,265,471).
1,224,907
- ------------
ASSET BACKED NOTES - 1.14%
Chemical Master Credit Card Trust I CL A, 5.550%,
09/15/03.............................................
1,000,000 962,310
Citibank Credit Card Master Trust I CL A, 6.839%,
02/10/04.............................................
1,000,000 991,389
- ------------
TOTAL ASSET BACKED NOTES (COST $1,971,501)............
1,953,699
- ------------
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.36% (COST
$605,906)
Midland Realty Acceptance Corp., 7.475%, 08/25/28.....
600,000 610,219
- ------------
CORPORATE BONDS, NOTES AND DEBENTURES - 17.07%
AIRLINES - 0.27%
Delta Airlines, Inc. Equipment Trust Bonds, 8.540%,
01/02/07.............................................
433,477 453,144
- ------------
ENTERTAINMENT - 0.31%
Time Warner, Inc. - Series M Preferred Stock/Sinking
Fund,
10.250%, 07/01/16....................................
495,000 532,125
- ------------
EQUIPMENT - 0.62%
John Deere Capital Corp. Subordinated Debentures,
8.625%, 08/01/19.....................................
1,000,000 1,051,250
- ------------
FINANCIAL SERVICES - 8.05%
Advanta Corp. Notes, 7.000%, 05/01/01.................
1,000,000 965,000
Arcadia Financial Ltd. Units**, 11.500%, 03/15/07.....
600,000 573,000
Bankers Trust - N.Y. Corp. Subordinated Debentures,
8.125%, 04/01/02.....................................
750,000 782,812
Chrysler Financial Corp. Notes, 6.625%, 08/15/00......
1,000,000 996,250
Continental Corp. Notes, 7.250%, 03/01/03.............
1,000,000 998,750
Federal Realty Investment Trust Convertible
Subordinated Bonds,
5.250%, 10/28/03.....................................
945,000 845,775
First Chicago NBD Institutional,144A Bonds 7.750%,
12/01/26.............................................
1,000,000 940,000
International Bank for Reconstruction & Development
Notes,
9.770%, 05/27/98.....................................
1,000,000 1,037,500
Korea Development Bank Global Bonds, 6.625%, 11/21/03.
750,000 723,750
Leucadia National Corp. Senior Subordinated Notes,
8.250%, 06/15/05.....................................
975,000 989,625
Merrill Lynch & Co., Inc. Notes, 7.000%, 04/27/08.....
1,000,000 976,250
Metropolitan Life Insurance Co. - 144A Surplus Notes,
6.300%, 11/01/03.....................................
1,000,000 955,000
Pacific Mutual Life Insurance Co. - 144A Surplus
Notes, 7.900%, 12/30/23..............................
1,000,000 986,250
Prudential Insurance Co. of America - 144A Surplus
Notes,
8.300%, 07/01/25.....................................
1,000,000 1,002,500
Wells Fargo Capital - 144A Bonds, 7.730%, 12/01/26....
1,000,000 935,000
- ------------
13,707,462
- ------------
</TABLE>
See accompanying notes to financial statements.
14
<PAGE>
CT&T FUNDS
CHICAGO TRUST ASSET ALLOCATION FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
APRIL 30, 1997
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
PRINCIPAL
MARKET
AMOUNT
VALUE
----------
- - ------------
<S> <C>
<C>
FIXED INCOME SECURITIES - CONTINUED
FOOD & BEVERAGES - 0.58%
Nabisco, Inc. Notes, 6.700%, 06/15/02................. $
1,000,000 $ 981,250
- ------------
HEALTHCARE - 0.52%
Hospital Corp. of America, Zero Coupon Debentures,
06/01/00*............................................
1,100,000 884,125
- ------------
INDUSTRIAL - 0.91%
Brown Group, Inc. - Senior Notes, 9.500%, 10/15/06....
750,000 758,438
Continental Cablevision Senior Debentures, 9.500%,
08/01/13.............................................
700,000 787,500
- ------------
1,545,938
- ------------
MANUFACTURING - 0.49%
Owens-Illinois, Inc. Senior Debentures, 11.000%,
12/01/03.............................................
750,000 838,125
- ------------
PUBLISHING/PRINTING - 0.30%
Valassis Inserts, Inc. Senior Subordinated Notes,
9.375%, 03/15/99.....................................
500,000 515,625
- ------------
RETAILING-SPECIALTY - 0.41%
K Mart Corp. Debentures, 7.950%, 02/01/23.............
825,000 693,000
- ------------
TELECOMMUNICATION SERVICES - 0.55%
MFS Communications Co., Inc. Senior Discount Notes,
0.000%, 01/15/06***..................................
1,250,000 943,750
- ------------
UTILITIES - 2.82%
Commonwealth Edison Co. First Mortgage Bonds, 7.750%,
07/15/23.............................................
1,000,000 948,750
Gulf States Utilities First Mortgage Bonds, 8.250%,
04/01/04.............................................
1,000,000 1,041,250
Long Island Lighting Co. Debentures, 9.000%, 11/01/22.
1,000,000 1,080,000
Niagara Mohawk Power First Mortgage Bonds, 8.000%,
06/01/04.............................................
750,000 743,437
Philadelphia Electric Co. First Mortgage Bonds,
5.625%, 11/01/01.....................................
500,000 473,750
Public Service Co. - New Hampshire First Mortgage
Bonds,
9.170%, 05/15/98.....................................
500,000 507,500
- ------------
4,794,687
- ------------
YANKEE - 1.24%
Chilgener S.A. Notes, 6.500%, 01/15/06................
1,250,000 1,170,313
Province of Mendoza - 144A Secured Notes, 10.000%,
07/25/02.............................................
437,500 452,813
Skandinaviska Enskilda Subordinated Notes, 6.625%,
03/29/49.............................................
500,000 481,340
- ------------
2,104,466
- ------------
TOTAL CORPORATE BONDS, NOTES AND DEBENTURES (COST
$29,247,281).........................................
29,044,947
- ------------
TOTAL FIXED INCOME SECURITIES (COST $61,083,472)......
60,395,837
- ------------
TOTAL INVESTMENTS - 99.35% (COST $142,805,195)/1/.....
169,068,899
- ------------
CASH AND OTHER ASSETS NET OF LIABILITIES - 0.65%......
1,103,562
- ------------
NET ASSETS - 100.00%..................................
$170,172,461
============
</TABLE>
See accompanying notes to financial statements.
15
<PAGE>
CT&T FUNDS
CHICAGO TRUST ASSET ALLOCATION FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
APRIL 30, 1997
- ------------------------------------------------------------------
- -------------
<TABLE>
<S> <C>
<C>
/1/Aggregate cost for federal income tax purposes is
$142,805,195; and net unrealized appreciation is as
follows:
Gross unrealized appreciation...................... $28,875,540
Gross unrealized depreciation...................... (2,611,836)
-----------
Net unrealized appreciation....................... $26,263,704
===========
</TABLE>
* Non-income producing security.
** Each unit consists of $1,000 principal amount of Senior Notes
at 11.500%,
due 03/15/07 and one warrant to purchase 6.84 shares of common
stock of
Arcadia Financial Ltd. at an exercise price of $11.00 per
share.
*** Interest rate 0.000% until 01/15/01, then 8.875% to maturity.
<TABLE>
<CAPTION>
PORTFOLIO COMPOSITION
- ---------------------
<S> <C>
Common Stock 56%
Repurchase Agreement 8%
U.S. Government Obligations 5%
U.S. Government Agency Obligations 11%
Government Trust Certificates 1%
Aaa 2%
Aa 1%
A 5%
Baa 5%
Ba 5%
B 1%
----
100%
====
</TABLE>
See accompanying notes to financial statements.
16
<PAGE>
CT&T FUNDS
MONTAG & CALDWELL BALANCED FUND
SCHEDULE OF INVESTMENTS (UNAUDITED)
APRIL 30, 1997
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
MARKET
SHARES
VALUE
--------
- -- -----------
<S> <C>
<C>
COMMON STOCK - 61.14%
COMMERCIAL SERVICES - 1.63%
Manpower, Inc. ..........................................
19,811 $ 794,916
- -----------
COMPUTERS/OFFICE EQUIPMENT - 19.54%
Adaptec, Inc.* ..........................................
16,336 603,692
Cisco Systems, Inc.* ....................................
20,200 1,045,350
Compaq Computer Corp.* ..................................
11,500 981,813
Electronic Arts, Inc.* ..................................
23,000 554,875
Electronic Data Systems Corp. ...........................
16,871 563,070
Intel Corp. .............................................
9,523 1,458,209
Microsoft Corp.* ........................................
11,286 1,371,249
Oracle Corp.* ...........................................
22,000 874,500
Seagate Technology, Inc.* ...............................
27,178 1,246,791
Solectron Corp.* ........................................
15,000 860,625
- -----------
9,560,174
- -----------
CONSUMER DURABLES - 1.29%
Harley Davidson, Inc. ...................................
16,000 632,000
- -----------
CONSUMER NON-DURABLES - 7.48%
CUC International, Inc.* ................................
30,000 633,750
Gillette Co. ............................................
14,400 1,224,000
Interpublic Group of Companies, Inc. ....................
10,700 605,888
Procter & Gamble Co. ....................................
9,500 1,194,625
- -----------
3,658,263
- -----------
ENTERTAINMENT & LEISURE - 1.84%
Walt Disney Co. .........................................
11,000 902,000
- -----------
FINANCIAL SERVICES - 4.23%
American Express Co. ....................................
14,078 927,388
Federal National Mortgage Association ...................
15,000 616,875
First Data Corp. ........................................
15,200 524,400
- -----------
2,068,663
- -----------
FOOD & BEVERAGE - 6.78%
Coca-Cola Co. ...........................................
20,000 1,272,500
Pioneer Hi-Bred International, Inc. .....................
11,000 776,875
Sysco Corp. .............................................
16,100 571,550
Wrigley, Wm. Jr., Co. ...................................
12,000 699,000
- -----------
3,319,925
- -----------
HEALTH CARE - 2.00%
Johnson & Johnson .......................................
16,000 980,000
- -----------
LODGING - 1.47%
Marriott International, Inc. ............................
13,000 718,250
- -----------
</TABLE>
See accompanying notes to financial statements.
17
<PAGE>
CT&T FUNDS
MONTAG & CALDWELL BALANCED FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
APRIL 30, 1997
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
MARKET
SHARES
VALUE
--------
- -- -----------
<S> <C>
<C>
COMMON STOCK - CONTINUED
MEDICAL SUPPLIES - 1.98%
Medtronic, Inc. ........................................
14,000 $ 969,500
- -----------
PHARMACEUTICALS - 5.84%
Eli Lilly & Co. ........................................
10,245 900,279
Merck & Co., Inc. ......................................
10,900 986,450
Pfizer, Inc. ...........................................
10,100 969,600
- -----------
2,856,329
- -----------
RESTAURANTS - 0.93%
Cracker Barrel Old Country Store, Inc. .................
17,000 454,750
- -----------
RETAIL - 3.15%
Home Depot, Inc. .......................................
16,000 928,000
The Gap, Inc. ..........................................
19,200 612,000
- -----------
1,540,000
- -----------
TELECOMMUNICATIONS EQUIPMENT - 2.98%
Ericsson (LM) Telefonaktiebolaget ADR...................
18,261 614,026
U.S. Robotics Corp. ....................................
16,700 845,438
- -----------
1,459,464
- -----------
TOTAL COMMON STOCK (COST $24,305,258)...................
29,914,234
- -----------
MONEY MARKET FUND - 3.11% (COST $1,518,574)
Fidelity U.S. Government Reserves Fund..................
1,518,574 1,518,574
- -----------
<CAPTION>
PRINCIPAL
AMOUNT
--------
- --
<S> <C>
<C>
REPURCHASE AGREEMENT - 1.62% (COST $793,000)
United Missouri Bank, U.S. Treasury Notes, $812,000 par,
5.875% coupon, due 03/31/99, dated 04/30/97, to be sold
on 05/01/97 at $793,111................................ $
793,000 793,000
- -----------
FIXED INCOME SECURITIES - 32.75%
U.S. GOVERNMENT OBLIGATIONS - U.S. TREASURY NOTES -
3.24%
7.250%, 05/15/04........................................
250,000 258,313
7.875%, 11/15/04........................................
550,000 587,735
6.500%, 10/15/06........................................
750,000 737,527
- -----------
TOTAL U.S. GOVERNMENT OBLIGATIONS (COST $1,568,004).....
1,583,575
- -----------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 13.92%
FEDERAL HOME LOAN BANK - 2.45%
5.990%, 10/01/03........................................
320,000 305,558
6.940%, 02/12/04........................................
500,000 491,995
6.240%, 12/11/06........................................
425,000 404,056
- -----------
1,201,609
- -----------
</TABLE>
See accompanying notes to financial statements.
18
<PAGE>
CT&T FUNDS
MONTAG & CALDWELL BALANCED FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
APRIL 30, 1997
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT
VALUE
--------
- -- -----------
<S> <C>
<C>
FIXED INCOME SECURITIES - CONTINUED
FEDERAL HOME LOAN MORTGAGE CORP. - 7.61%
6.500%, 06/01/02........................................ $
270,441 $ 265,708
6.500%, 06/15/04, CMO REMIC.............................
265,000 265,905
7.730%, 08/10/04, Debentures............................
100,000 100,538
6.400%, 12/13/06, Debentures............................
750,000 720,833
6.700%, 01/05/07........................................
750,000 737,362
7.500%, 03/15/07, CMO REMIC.............................
600,000 579,482
6.000%, 04/15/08, CMO REMIC.............................
175,000 169,063
6.500%, 07/15/20, CMO REMIC.............................
500,000 492,661
6.500%, 11/15/20, CMO REMIC.............................
400,000 390,481
- -----------
3,722,033
- -----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 3.83%
7.500%, 03/01/99........................................
138,255 139,854
6.000%, 02/25/07, CMO REMIC.............................
255,000 250,362
7.070%, 03/08/11........................................
500,000 483,685
7.250%, 01/17/21, CMO REMIC.............................
1,000,000 1,001,256
- -----------
1,875,157
- -----------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 0.03%
8.500%, 06/15/01........................................
9,571 9,921
9.000%, 09/15/08........................................
4,033 4,237
- -----------
14,158
- -----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST
$6,907,048)............................................
6,812,957
- -----------
ASSET BACKED NOTES - 2.50%
AT&T Universal Card Master Trust CL A, 5.950%, 10/17/02.
445,000 436,099
Chemical Master Credit Card Trust I CL A, 6.230%,
06/15/03...............................................
300,000 294,667
Citibank Credit Card Master Trust I CL A, 6.550%,
02/15/04...............................................
500,000 493,850
- -----------
TOTAL ASSET BACKED NOTES (COST $1,238,307)..............
1,224,616
- -----------
CORPORATE BONDS, NOTES AND DEBENTURES - 13.09%
FINANCIAL SERVICES - 10.77%
American General Finance Corp. Notes, 7.200%, 07/08/99..
55,000 55,687
Citicorp Subordinated Notes, 7.125%, 05/15/06...........
1,000,000 987,500
First National Bank Commerce Senior Notes, 6.500%,
01/14/00...............................................
500,000 496,875
First Union Bank Notes, 7.125%, 10/15/06................
1,000,000 982,500
General Motors Acceptance Corp. Notes, 7.125%, 05/01/03.
750,000 750,938
Household Finance Corp. Notes, 7.250%, 05/15/06.........
500,000 499,375
NationsBank Corp. Notes, 6.500%, 08/15/03...............
500,000 483,750
Salomon, Inc. Notes, 7.125%, 08/01/99...................
285,000 287,494
Sears Roebuck Acceptance Corp. Notes, 6.700%, 11/15/06..
750,000 722,812
- -----------
5,266,931
- -----------
</TABLE>
19
<PAGE>
CT&T FUNDS
MONTAG & CALDWELL BALANCED FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
APRIL 30, 1997
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
PRINCIPAL
MARKET
AMOUNT
VALUE
----------
- -----------
<S> <C>
<C>
FIXED INCOME SECURITIES - CONTINUED
INDUSTRIAL - 0.98%
Brunswick Corp. Notes, 6.750%, 12/15/06................ $ 500,000
$ 480,000
- -----------
INSURANCE - 0.22%
National Re Corp. Notes, 8.850%, 01/15/05.............. 100,000
107,875
- -----------
RETAIL - 1.12%
J.C. Penney & Co., Inc. Debentures, 9.750%, 06/15/21... 500,000
550,000
- -----------
TOTAL CORPORATE BONDS, NOTES AND DEBENTURES (COST
$6,543,071)...........................................
6,404,806
- -----------
TOTAL FIXED INCOME SECURITIES (COST $16,256,430).......
16,025,954
- -----------
TOTAL INVESTMENTS - 98.62% (COST $42,873,262)/1/.......
48,251,762
- -----------
CASH AND OTHER ASSETS NET OF LIABILITIES - 1.38%.......
676,169
- -----------
NET ASSETS - 100.00%...................................
$48,927,931
===========
/1/Aggregate cost for federal income tax purposes is
$42,873,262; and net unrealized appreciation is as
follows:
Gross unrealized appreciation......................... $6,206,385
Gross unrealized depreciation.........................
(827,885)
----------
Net unrealized appreciation.......................... $5,378,500
==========
</TABLE>
* Non-income producing security.
<TABLE>
<CAPTION>
PORTFOLIO COMPOSITION
- ---------------------
<S> <C>
Common Stock 61%
Money Market 3%
Repurchase Agreement 2%
U.S. Government Obligations 3%
U.S. Government Agency Obligations 14%
Aaa 3%
A 12%
Baa 2%
----
100%
====
</TABLE>
See accompanying notes to financial statements.
20
<PAGE>
CT&T FUNDS
CHICAGO TRUST BOND FUND
SCHEDULE OF INVESTMENTS (UNAUDITED)
APRIL 30, 1997
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT
VALUE
--------
- -- -----------
<S> <C>
<C>
FIXED INCOME SECURITIES - 94.65%
U.S. GOVERNMENT OBLIGATIONS - 17.49%
U.S. TREASURY NOTES - 15.54%
7.375%, 11/15/97.........................................
$1,250,000 $ 1,260,175
5.625%, 01/31/98.........................................
2,000,000 1,996,240
5.125%, 11/30/98.........................................
2,000,000 1,969,740
5.500%, 02/28/99.........................................
2,000,000 1,975,660
7.125%, 02/29/00.........................................
2,000,000 2,036,200
5.750%, 10/31/00.........................................
1,000,000 978,070
6.375%, 08/15/02.........................................
2,000,000 1,983,420
5.750%, 08/15/03.........................................
1,000,000 955,710
7.250%, 05/15/04.........................................
2,000,000 2,066,500
- -----------
15,221,715
- -----------
U.S. TREASURY BONDS - 1.95%
7.125%, 02/15/23.........................................
1,000,000 1,008,700
6.250%, 08/15/23.........................................
1,000,000 905,850
- -----------
1,914,550
- -----------
TOTAL U.S. GOVERNMENT OBLIGATIONS (COST $17,439,505) ....
17,136,265
- -----------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 27.36%
FEDERAL HOME LOAN MORTGAGE CORP. - 14.63%
5.850%, 02/21/06, Debentures.............................
2,500,000 2,317,725
7.000%, 10/15/06, CMO REMIC..............................
1,379,898 1,378,949
6.000%, 03/15/07, CMO REMIC..............................
1,500,000 1,483,190
6.500%, 09/15/07, CMO REMIC..............................
1,000,000 985,778
5.750%, 01/15/08, CMO REMIC..............................
500,000 478,068
7.500%, 04/01/08.........................................
610,399 616,097
6.000%, 03/15/09, CMO REMIC..............................
1,500,000 1,381,215
6.500%, 06/01/09.........................................
1,514,773 1,480,008
7.500%, 11/01/10.........................................
1,247,817 1,259,725
6.500%, 01/01/11.........................................
1,803,083 1,756,827
6.000%, 12/15/23, CMO REMIC..............................
1,400,000 1,199,853
- -----------
14,337,435
- -----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 7.27%
6.000%, 06/25/02, CMO REMIC..............................
1,245,113 1,242,485
6.250%, 07/25/02, CMO REMIC..............................
656,145 654,775
6.900%, 12/25/03, CMO REMIC..............................
1,135,916 1,134,615
7.000%, 07/25/08.........................................
415,482 411,716
7.000%, 05/01/12.........................................
1,500,000 1,484,062
9.000%, 05/01/25.........................................
1,066,679 1,115,331
6.500%, 02/01/26.........................................
1,145,715 1,083,581
- -----------
7,126,565
- -----------
</TABLE>
See accompanying notes to financial statements.
21
<PAGE>
CT&T FUNDS
CHICAGO TRUST BOND FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
APRIL 30, 1997
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
PRINCIPAL
MARKET
AMOUNT
VALUE
---------
- - -----------
<S> <C>
<C>
FIXED INCOME SECURITIES - CONTINUED
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 5.46%
8.000%, 06/15/17........................................
$1,015,485 $ 1,028,955
7.000%, 10/15/23........................................
3,023,357 2,926,043
6.500%, 03/15/26........................................
1,475,220 1,388,604
- -----------
5,343,602
- -----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST
$27,140,595)...........................................
26,807,602
- -----------
GOVERNMENT TRUST CERTIFICATES - 0.73% (COST $737,611)
GTC Israel, 9.250%, 11/15/01 - CL 1-C...................
674,148 710,383
- -----------
ASSET BACKED NOTES - 3.21%
Chemical Master Credit Card Trust I CL A, 5.550%,
09/15/03...............................................
2,500,000 2,405,775
Citibank Credit Card Master Trust I CL A, 6.839%,
02/10/04...............................................
750,000 743,542
- -----------
TOTAL ASSET BACKED NOTES (COST $3,183,622)..............
3,149,317
- -----------
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.91% (COST
$883,613)
Midland Realty Acceptance Corp., 7.475%, 08/25/28.......
875,000 889,902
- -----------
CORPORATE BONDS, NOTES AND DEBENTURES - 44.95%
AIRLINES - 0.71%
Delta Airlines, Inc. Equipment Trust Bonds, 8.540%,
01/02/07...............................................
433,477 453,144
Delta Airlines, Inc. Equipment Trust Bonds, 9.375%,
09/11/07...............................................
220,752 240,620
- -----------
693,764
- -----------
ENTERTAINMENT - 0.84%
Time Warner, Inc. - Series M Preferred Stock/Sinking
Fund,
10.250%, 07/01/16......................................
770,000 827,750
---------
- - -----------
EQUIPMENT - 1.39%
John Deere Capital Corp. Subordinated Debentures,
8.625%, 08/01/19.......................................
1,275,000 1,340,344
---------
- - -----------
</TABLE>
See accompanying notes to financial statements.
22
<PAGE>
CT&T FUNDS
CHICAGO TRUST BOND FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
APRIL 30, 1997
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT
VALUE
--------
- -- -----------
<S> <C>
<C>
FIXED INCOME SECURITIES - CONTINUED
FINANCIAL SERVICES - 22.08%
Advanta Corp. Notes, 7.000%, 05/01/01...................
$1,250,000 $ 1,206,250
Arcadia Financial Ltd. Units/2/, 11.500%, 03/15/07......
1,000,000 955,000
Bankers Trust - N.Y. Corp. Subordinated Notes, 7.500%,
01/15/02...............................................
2,000,000 2,037,500
Chrysler Financial Corp. Senior Notes, 6.625%, 08/15/00.
1,250,000 1,245,313
Continental Corp. Notes, 7.250%, 03/01/03...............
1,500,000 1,498,125
Federal Realty Investment Trust Convertible Subordinated
Bonds,
5.250%, 10/28/03.......................................
1,000,000 895,000
First Chicago NBD Institutional, 144A Bonds 7.750%,
12/01/26...............................................
2,000,000 1,880,000
Goldman Sachs Group L.P. - 144A Notes, 6.200%, 12/15/00.
1,000,000 973,528
Korea Development Bank Global Bonds, 6.625%, 11/21/03...
1,000,000 965,000
Leucadia National Corp. Senior Subordinated Notes,
8.250%, 06/15/05.......................................
1,000,000 1,015,000
Merrill Lynch & Co., Inc. Notes, 7.000%, 04/27/08.......
2,000,000 1,952,500
Metropolitan Life Insurance Co. - 144A Surplus Notes,
6.300%, 11/01/03.......................................
2,000,000 1,910,000
Pacific Mutual Life Insurance Co. - 144A Surplus Notes,
7.900%, 12/30/23.......................................
1,250,000 1,232,812
Prudential Insurance Co. of America - 144A Surplus
Notes, 8.300%, 07/01/25................................
2,000,000 2,005,000
Wells Fargo Capital - 144A Bonds, 7.730%, 12/01/26......
2,000,000 1,870,000
--------
- -- -----------
21,641,028
- -----------
FOOD & BEVERAGE - 0.50%
Nabisco, Inc. Notes, 6.700%, 06/15/02 ..................
500,000 490,625
- -----------
INDUSTRIAL - 2.75%
Brown Group, Inc. - Senior Notes, 9.500%, 10/15/06 .....
1,000,000 1,011,250
Continental Cablevision Senior Debentures, 9.500%,
08/01/13 ..............................................
1,500,000 1,687,500
- -----------
2,698,750
- -----------
MANUFACTURING - 2.42%
Figgie International, Inc. Senior Notes, 9.875%,
10/01/99 ..............................................
1,000,000 1,035,000
Owens-Illinois, Inc. Senior Debentures, 11.000%,
12/01/03 ..............................................
1,200,000 1,341,000
- -----------
2,376,000
- -----------
PUBLISHING/PRINTING - 0.79%
Valassis Inserts, Inc. Senior Subordinated Notes,
9.375%, 03/15/99.......................................
750,000 773,437
- -----------
RETAILING-SPECIALTY - 1.07%
K Mart Corp. Debentures, 7.950%, 02/01/23...............
1,250,000 1,050,000
- -----------
TELECOMMUNICATION SERVICES - 1.54%
MFS Communications Co., Inc. Senior Discount Notes,
0.000%, 01/15/06/3/....................................
2,000,000 1,510,000
- -----------
</TABLE>
See accompanying notes to financial statements.
23
<PAGE>
CT&T FUNDS
CHICAGO TRUST BOND FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
APRIL 30, 1997
- ------------------------------------------------------------------
- -------------
<TABLE>
<CAPTION>
PRINCIPAL
MARKET
AMOUNT
VALUE
---------
- - -----------
<S> <C>
<C>
FIXED INCOME SECURITIES - CONTINUED
UTILITIES - 7.13%
Commonwealth Edison Co. First Mortgage Bonds, 7.750%,
07/15/23..............................................
$1,000,000 $ 948,750
Gulf States Utilities First Mortgage Bonds, 8.250%,
04/01/04..............................................
2,000,000 2,082,500
Long Island Lighting Co. Debentures, 9.000%, 11/01/22..
1,250,000 1,350,000
Niagara Mohawk Power First Mortgage Bonds, 8.000%,
06/01/04..............................................
1,000,000 991,250
Philadelphia Electric Co. First Mortgage Bonds, 5.625%,
11/01/01..............................................
900,000 852,750
Public Service Co. - New Hampshire First Mortgage
Bonds,
9.170%, 05/15/98......................................
750,000 761,250
- -----------
6,986,500
- -----------
YANKEE - 3.73%
Chilgener S.A. Notes, 6.500%, 01/15/06.................
2,000,000 1,872,500
Province of Mendoza - 144A Secured Notes, 10.000%,
07/25/02..............................................
656,250 679,219
Skandinaviska Enskilda Subordinated Notes, 6.625%,
03/29/49..............................................
1,150,000 1,107,082
- -----------
3,658,801
- -----------
TOTAL CORPORATE BONDS, NOTES AND DEBENTURES (COST
$44,511,419)..........................................
44,046,999
- -----------
TOTAL FIXED INCOME SECURITIES (COST $93,896,365).......
92,740,468
- -----------
REPURCHASE AGREEMENT - 4.37% (COST $4,285,000)
First Chicago NBD, U.S. Treasury Notes, $4,135,000 par,
9.250% coupon, due 08/15/98, dated 04/30/97, to be
sold on 05/01/97 at $4,285,625........................
4,285,000 4,285,000
- -----------
TOTAL INVESTMENTS - 99.02% (COST $98,181,365)/1/.......
97,025,468
- -----------
CASH AND OTHER ASSETS NET OF LIABILITIES - 0.98%.......
958,600
- -----------
NET ASSETS - 100.00%...................................
$97,984,068
===========
/1Aggregate/cost for federal income tax purposes is $98,181,365;
and net
unrealized depreciation is as follows:
Gross unrealized appreciation........................
417,097
Gross unrealized depreciation........................
(1,572,994)
---------
- -
Net unrealized depreciation.........................
(1,155,897)
==========
</TABLE>
/2Each/unit consists of $1,000 principal amount of Senior Notes at
11.500%,
due 03/15/07 and one warrant to purchase 6.84 shares of common
stock of
Arcadia Financial Ltd. at an exercise price of $11.00 per share.
/3Interest/rate 0.000% until 01/15/01, then 8.875% to maturity.
<TABLE>
<CAPTION>
PORTFOLIO COMPOSITION
- ---------------------
<S> <C>
U.S. Government Obligations 18%
U.S. Government Agency Obligations 27%
Government Trust Certificates 1%
Aaa 4%
Aa 2%
A 16%
Baa 13%
Ba 13%
B 2%
Repurchase Agreement 4%
----
100%
====
</TABLE>
24
<PAGE>
CT&T FUNDS
CHICAGO TRUST MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (UNAUDITED)
APRIL 30, 1997
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT
VALUE
--------
- - -----------
<S> <C>
<C>
MUNICIPAL BONDS - 96.69%
ARIZONA - 9.19%
Mohave County, Arizona Development Hospital System
Authority Revenue, Escrowed to maturity
6.000%, 07/01/00........................................ $350,000
$ 363,696
Salt River Project Electric System Revenue, Refunding
Series A
5.500%, 01/01/05........................................ 450,000
463,720
Tucson, Arizona Water Revenue
5.400%, 07/01/05........................................ 200,000
204,422
- -----------
1,031,838
- -----------
FLORIDA - 5.72%
Dade County, Florida School District, G.O., MBIA Insured
5.000%, 07/15/02........................................ 265,000
267,094
Putnam County, Florida Development Authority Revenue
4.000%, 09/01/24/2/..................................... 100,000
100,000
State of Florida, G.O.
4.700%, 07/01/97........................................ 275,000
275,456
- -----------
642,550
- -----------
GEORGIA - 4.43%
State of Georgia, Series A, G.O.
6.100%, 03/01/05........................................ 250,000
268,718
State of Georgia, Series D, G.O.
6.700%, 08/01/09........................................ 200,000
227,988
- -----------
496,706
- -----------
ILLINOIS - 8.85%
Chicago, Illinois Metropolitan Water Reclamation, G.O.
6.600%, 01/01/02........................................ 250,000
267,492
Cook County, Illinois Series B, G.O., MBIA Insured
4.700%, 11/15/01........................................ 475,000
473,551
State of Illinois, G.O., FGIC Insured
5.150%, 09/01/02........................................ 250,000
252,710
- -----------
993,753
- -----------
MARYLAND - 2.26%
University of Maryland Revenue, Series B
5.400%, 04/01/98........................................ 250,000
253,515
- -----------
</TABLE>
See accompanying notes to financial statements.
25
<PAGE>
CT&T FUNDS
CHICAGO TRUST MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
APRIL 30, 1997
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT
VALUE
-------
- -- -----------
<S> <C>
<C>
MUNICIPAL BONDS - CONTINUED
NEVADA - 7.60%
Clark County, Nevada School District, G.O., FGIC Insured
6.400%, 06/15/06........................................
$350,000 $ 378,361
State of Nevada, Water Pollution Control, Revolving
Funding, G.O.
4.100%, 11/01/98........................................
475,000 474,658
- -----------
853,019
- -----------
NEW JERSEY - 7.81%
Camden County, New Jersey Municipal Utilities Authority
Revenue
6.000%, 07/15/04........................................
295,000 312,918
New Jersey State Transportation Trust Fund Revenue,
Series A, AMBAC
Insured, Escrowed to Maturity
5.200%, 12/15/00........................................
350,000 357,329
State of New Jersey, Series D, G.O.
5.500%, 02/15/04........................................
200,000 206,322
- -----------
876,569
- -----------
NEW YORK - 2.20%
New York State Dormitory Authority Revenue, Series C
5.100%, 05/15/03........................................
250,000 247,438
- -----------
OHIO - 1.81%
Ohio State Public Facilities Commission (Higher
Education), AMBAC Insured
5.200%, 05/01/01........................................
200,000 203,210
- -----------
OKLAHOMA - 3.20%
Tulsa, Oklahoma Metropolitan Utilities Authority Revenue
5.500%, 07/01/00........................................
350,000 359,065
- -----------
OREGON - 2.42%
Portland Oregon, Series A, G.O.
7.000%, 06/01/01........................................
250,000 271,475
- -----------
PENNSYLVANIA - 4.06%
Commonwealth of Pennsylvania, G.O., FGIC Insured
5.250%, 05/15/99........................................
200,000 203,164
Commonwealth of Pennsylvania, G.O., MBIA Insured
5.100%, 06/15/03........................................
250,000 252,012
- -----------
455,176
- -----------
PUERTO RICO - 3.86%
Commonwealth of Puerto Rico, Series A, G.O., MBIA Insured
6.500%, 07/01/03........................................
400,000 433,796
- -----------
</TABLE>
See accompanying notes to financial statements.
26
<PAGE>
CT&T FUNDS
CHICAGO TRUST MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
APRIL 30, 1997
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT
VALUE
-------
- -- -----------
<S> <C>
<C>
MUNICIPAL BONDS - CONTINUED
RHODE ISLAND - 2.57%
State of Rhode Island, Series A, G.O., FGIC Insured
6.000%, 06/15/02........................................
$275,000 $ 288,863
- -----------
TEXAS - 10.43%
Arlington Independent School District, Refunding, G.O.
5.400%, 02/15/99........................................
375,000 381,398
Galena Park, Texas Independent School District G.O.,
Public School
Funding Insured
5.100%, 08/15/04........................................
125,000 125,785
Texas State Public Finance Authority, G.O.
5.600%, 10/01/02........................................
200,000 207,498
Texas Water Development Board, G.O., Escrowed to Maturity
5.000%, 08/01/99........................................
450,000 455,845
- -----------
1,170,526
- -----------
UTAH - 9.01%
Intermountain Power Agency Utah Power Supply Revenue
6.250%, 07/01/07........................................
300,000 325,968
Jordan School District, Series A, G.O.
5.250%, 06/15/00........................................
475,000 483,479
Utah State Building Authority Revenue, Series A
5.125%, 05/15/03........................................
200,000 201,752
- -----------
1,011,199
- -----------
VIRGINIA - 4.52%
Henrico County, Virginia Industrial Development Authority
Revenue
5.300%, 12/01/11........................................
250,000 249,920
Virginia Public School Authority Revenue
5.500%, 08/01/03........................................
250,000 257,500
- -----------
507,420
- -----------
WASHINGTON - 4.42%
King County, Washington, Series A, G.O.
5.800%, 01/01/04........................................
475,000 496,427
- -----------
WISCONSIN - 2.33%
State of Wisconsin, Series A, G.O.
5.750%, 05/01/04........................................
250,000 261,490
- -----------
TOTAL MUNICIPAL BONDS (COST $10,781,504).................
10,854,035
- -----------
</TABLE>
See accompanying notes to financial statements.
27
<PAGE>
CT&T FUNDS
CHICAGO TRUST MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
APRIL 30, 1997
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
MARKET
SHARES
VALUE
-------
- - -----------
TAX EXEMPT MONEY MARKET FUNDS - 1.57%
<S> <C>
<C>
Goldman Sachs Tax Exempt Fund.............................
10,012 $ 10,012
Provident Munifund........................................
165,859 165,859
- -----------
TOTAL TAX EXEMPT MONEY MARKET FUNDS (COST $175,871).......
175,871
- -----------
TOTAL INVESTMENTS - 98.26% (COST $10,957,375)/1/..........
11,029,906
- -----------
CASH AND OTHER ASSETS NET OF LIABILITIES - 1.74%..........
195,886
- -----------
NET ASSETS - 100.00%......................................
$11,225,792
===========
/1Aggregate/cost for federal income tax purposes is
$10,957,375; and net
unrealized appreciation is as follows:
Gross unrealized appreciation...........................
$129,929
Gross unrealized depreciation...........................
(57,398)
-------
- -
Net unrealized appreciation............................ $
72,531
========
</TABLE>
/2Variable/rate security. The rate shown is the rate in effect at
April 30,
1997.
<TABLE>
<CAPTION>
PORTFOLIO
COMPOSITION
- -----------
<S> <C>
Aaa 53%
Aa 38%
A 5%
Baa 2%
Money Market 2%
----
100%
====
</TABLE>
See accompanying notes to financial statements.
28
<PAGE>
See accompanying notes to financial statements.
CT&T FUNDS
CHICAGO TRUST MONEY MARKET FUND SCHEDULE OF INVESTMENTS
(UNAUDITED)
APRIL 30, 1997
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
PRINCIPAL
AMORTIZED
AMOUNT
COST
-----------
- ------------
<S> <C>
<C>
CORPORATE BONDS - 0.83%
John Deere Capital Corp.
7.200%, 05/15/97..................................... $ 2,000,000
$ 2,001,210
- ------------
FUNDING AGREEMENT - 4.17%
Allstate Life Funding Agreement
5.564%, 12/01/97/2/ ................................. 10,000,000
10,000,000
- ------------
TOTAL BONDS...........................................
12,001,210
- ------------
BANKERS' ACCEPTANCES - 4.96%
Bank of America
5.280%, 05/28/97 .................................... 1,273,478
1,268,435
Bank of America
5.280%, 05/30/97 .................................... 1,256,209
1,250,866
Bank of America
5.380%, 06/11/97 .................................... 2,457,000
2,441,945
CoreStates Bank
5.550%, 06/20/97 .................................... 2,000,000
1,984,583
Sun Trust Bank
5.570%, 06/30/97 .................................... 5,000,000
4,953,583
- ------------
TOTAL BANKERS' ACCEPTANCES............................
11,899,412
- ------------
CERTIFICATES OF DEPOSIT - 6.04%
Old Kent Bank
5.300%, 05/05/97 .................................... 4,500,000
4,500,000
U.S. National Bank of Oregon
5.600%, 07/03/97 .................................... 5,000,000
5,000,000
U.S. National Bank of Oregon
5.680%, 07/28/97 .................................... 5,000,000
5,000,000
- ------------
TOTAL CERTIFICATES OF DEPOSIT.........................
14,500,000
- ------------
COMMERCIAL PAPER - 65.66%
General Motors Acceptance Corp.
5.397%, 05/01/97 .................................... 4,500,000
4,500,000
Chrysler Financial Corp.
5.330%, 05/02/97 .................................... 4,497,000
4,496,334
Household Finance Corp.
5.362%, 05/06/97 .................................... 4,500,000
4,500,000
Prudential Funding Corp.
5.363%, 05/07/97 .................................... 4,500,000
4,500,000
Ford Motor Credit Co.
5.336%, 05/08/97 .................................... 2,800,000
2,800,000
General Electric Capital Corp.
5.305%, 05/08/97 .................................... 1,700,000
1,700,000
</TABLE>
29
<PAGE>
CT&T FUNDS
CHICAGO TRUST MONEY MARKET FUND SCHEDULE OF INVESTMENTS
(UNAUDITED) - CONTINUED
APRIL 30, 1997
- ------------------------------------------------------------------
- --------------
See accompanying notes to financial statements.
<TABLE>
<CAPTION>
PRINCIPAL
AMORTIZED
AMOUNT
COST
-----------
- ------------
<S> <C>
<C>
COMMERCIAL PAPER - CONTINUED
CIT Group Holdings, Inc.
5.306%, 05/09/97 .................................... $ 657,000
$ 656,234
Heller Financial, Inc.
5.341%, 05/09/97 .................................... 3,850,000
3,850,000
John Deere Capital Corp.
5.591%, 05/12/97 .................................... 4,500,000
4,500,000
Norwest Financial, Inc.
5.582%, 05/13/97 .................................... 4,500,000
4,500,000
American General Finance Corp.
5.311%, 05/15/97 .................................... 2,525,000
2,525,000
Associates Corp. of North America
5.407%, 05/16/97 .................................... 4,500,000
4,500,000
CIT Group Holdings, Inc.
5.360%, 05/19/97 .................................... 4,543,000
4,530,825
Household Finance Corp.
5.558%, 05/20/97 .................................... 4,500,000
4,500,000
Prudential Funding Corp.
5.412%, 05/21/97 .................................... 3,000,000
3,000,000
Sears Roebuck Acceptance Corp.
5.619%, 05/21/97 .................................... 1,500,000
1,500,000
General Motors Acceptance Corp.
5.404%, 05/22/97 .................................... 4,500,000
4,500,000
Southern California Edison Co.
5.470%, 05/23/97 .................................... 4,500,000
4,484,875
Prudential Funding Corp.
5.416%, 05/27/97 .................................... 4,500,000
4,500,000
Beneficial Corp.
5.387%, 05/28/97 .................................... 3,227,000
3,227,000
Associates Corp. of North America
5.386%, 05/29/97 .................................... 4,500,000
4,500,000
American General Finance Corp.
5.399%, 05/30/97 .................................... 3,244,000
3,244,000
Heller Financial, Inc.
5.453%, 06/02/97 .................................... 4,500,000
4,500,000
General Electric Capital Corp.
5.624%, 06/03/97 .................................... 4,500,000
4,500,000
Beneficial Corp.
5.625%, 06/04/97 .................................... 4,500,000
4,500,000
American General Finance Corp.
5.625%, 06/05/97 .................................... 4,500,000
4,500,000
Commercial Credit Co.
5.586%, 06/09/97 .................................... 4,500,000
4,500,000
</TABLE>
30
<PAGE>
CT&T FUNDS
CHICAGO TRUST MONEY MARKET FUND SCHEDULE OF INVESTMENTS
(UNAUDITED) - CONTINUED
APRIL 30, 1997
- ------------------------------------------------------------------
- --------------
See accompanying notes to financial statements.
<TABLE>
<CAPTION>
PRINCIPAL
AMORTIZED
AMOUNT
COST
-----------
- ------------
<S> <C>
<C>
COMMERCIAL PAPER - CONTINUED
General Electric Capital Corp.
5.589%, 06/10/97 .................................... $ 4,500,000
$ 4,500,000
AVCO Financial Services, Inc.
5.580%, 06/11/97 .................................... 2,075,000
2,075,000
Norwest Financial, Inc.
5.583%, 06/12/97 .................................... 4,500,000
4,500,000
AVCO Financial Services, Inc.
5.582%, 06/13/97 .................................... 4,500,000
4,500,000
IBM Credit Corp.
5.623%, 06/17/97 .................................... 4,500,000
4,500,000
IBM Credit Corp.
5.607%, 06/18/97 .................................... 4,500,000
4,500,000
General Motors Acceptance Corp.
5.621%, 06/19/97 .................................... 3,500,000
3,500,000
IBM Credit Corp.
5.626%, 06/19/97 .................................... 1,000,000
1,000,000
Chrysler Financial Corp.
5.558%, 06/20/97 .................................... 2,560,000
2,540,160
Sears Roebuck Acceptance Corp.
5.624%, 06/23/97 .................................... 4,500,000
4,500,000
Heller Financial, Inc.
5.666%, 06/24/97 .................................... 4,500,000
4,500,000
Sears Roebuck Acceptance Corp.
5.654%, 06/26/97 .................................... 4,500,000
4,500,000
AVCO Financial Services, Inc.
5.690%, 07/07/97 .................................... 4,500,000
4,500,000
CIT Group Holdings, Inc.
5.580%, 07/16/97 .................................... 4,555,000
4,501,342
- ------------
TOTAL COMMERCIAL PAPER................................
157,630,770
- ------------
TIME DEPOSITS - 9.37%
Toronto Dominion Bank
5.406%, 05/14/97 .................................... 4,500,000
4,500,000
Canadian Imperial Bank of Commerce
5.600%, 06/06/97 .................................... 4,500,000
4,500,000
Canadian Imperial Bank of Commerce
5.590%, 06/16/97 .................................... 4,500,000
4,500,000
Toronto Dominion Bank
5.625%, 06/25/97 .................................... 4,500,000
4,500,000
Bank of Montreal
5.625%, 06/27/97 .................................... 4,500,000
4,500,000
- ------------
TOTAL TIME DEPOSITS...................................
22,500,000
- ------------
</TABLE>
31
<PAGE>
CT&T FUNDS
CHICAGO TRUST MONEY MARKET FUND SCHEDULE OF INVESTMENTS
(UNAUDITED) - CONTINUED
APRIL 30, 1997
- ------------------------------------------------------------------
- --------------
See accompanying notes to financial statements.
<TABLE>
<CAPTION>
PRINCIPAL
AMORTIZED
AMOUNT
COST
----------
- - ------------
<S> <C>
<C>
REPURCHASE AGREEMENT - 8.97% (COST $21,541,000)
J.P. Morgan, U.S. Treasury Notes, $21,568,000 par,
5.375% coupon, due 11/30/97, dated 4/30/97, to be sold
on 5/01/97 at $21,544,111 ............................
$21,541,000 $ 21,541,000
- ------------
TOTAL INVESTMENTS/1/ - 100.00%........................
240,072,392
- ------------
CASH AND OTHER ASSETS NET OF LIABILITIES - 0.00% .....
55
- ------------
NET ASSETS - 100.00% .................................
$240,072,447
============
</TABLE>
/1/ At April 30, 1997, cost is identical for book and federal
income tax
purposes.
/2/ Variable rate security. The rate shown is the rate in effect
at April 30,
1997 and resets on a monthly basis.
The security also has a seven day put feature which allows either
party to
liquidate with seven days written notice.
32
<PAGE>
CT&T FUNDS
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
APRIL 30, 1997
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
MONTAG & CHICAGO TRUST
CHICAGO CHICAGO
CALDWELL GROWTH & TRUST
TRUST ASSET
GROWTH FUND INCOME FUND TALON
FUND ALLOCATION FUND
------------ ------------- --------
- --- ---------------
<S> <C> <C> <C>
<C>
ASSETS:
Investments at value/1/
(Cost $370,597,668,
$178,069,896, $19,197,079
and $142,805,195,
respectively)............ $437,383,578 $237,558,550
$21,298,934 $169,068,899
Cash...................... 0 641
505 121
Receivables:
Dividends and interest . 388,800 71,517
49,873 976,174
Fund shares sold ....... 6,057,596 146,044
44,062 77,861
Investments sold ....... 1,890,847 0
0 1,000,576
Deferred organization
costs (Note A)........... 8,350 8,093
7,956 4,742
Other assets ............. 6,868 5,917
515 4,493
------------ ------------ --------
- --- ------------
Total assets.......... 445,736,039 237,790,762
21,401,845 171,132,866
------------ ------------ --------
- --- ------------
LIABILITIES:
Payables:
Investments purchased .. 5,383,088 111,126
544,000 805,445
Fund shares redeemed ... 2,529,146 49,602
59 11,981
Due to Advisor, net..... 262,845 129,600
13,284 94,630
Accrued expenses ......... 80,985 65,949
5,845 48,349
------------ ------------ --------
- --- ------------
Total liabilities..... 8,256,064 356,277
563,188 960,405
------------ ------------ --------
- --- ------------
NET ASSETS:
Applicable to 22,970,912,
13,681,663, 1,433,528,
and 16,975,457 shares
outstanding,
respectively............. $437,479,975 $237,434,485
$20,838,657 $170,172,461
============ ============
=========== ============
NET ASSETS CONSIST OF:
Capital paid-in........... $371,169,893 $173,729,543
$16,670,925 $142,191,282
Accumulated undistributed
(distributions in excess
of) net investment income
......................... (282,311) (14,906)
26,213 551,252
Accumulated net realized
gain (loss) on
investments.............. (193,517) 4,231,194
2,039,664 1,166,223
Net unrealized
appreciation/depreciation
on investments........... 66,785,910 59,488,654
2,101,855 26,263,704
------------ ------------ --------
- --- ------------
$437,479,975 $237,434,485
$20,838,657 $170,172,461
============ ============
=========== ============
Net asset value and
redemption price
per share................ $19.04 $17.35
$14.54 $10.02
============ ============
=========== ============
</TABLE>
Montag & Caldwell Growth Fund Class N (Retail) Class:
Net Asset Value, offering price and redemption price per share
(Based on net
assets of $316,677,086 and 16,635,512 shares issued and
outstanding) (Note
C)................................................................
........$19.04
Montag & Caldwell Growth Fund Class I (Institutional) Class:
Net Asset Value, offering price and redemption price per share
(Based on net
assets of $120,802,889 and 6,335,400 shares issued and
outstanding) (Note
C)................................................................
........$19.07
/1/Investments at value include investments in repurchase
agreements of $0,
$23,500,000, $1,702,000 and $14,076,000, respectively.
See accompanying notes to financial statements.
33
<PAGE>
CT&T FUNDS
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) (CONTINUED)
APRIL 30, 1997
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
CHICAGO
MONTAG & CALDWELL CHICAGO TRUST
CHICAGO TRUST TRUST
BALANCED BOND
MUNICIPAL BOND MONEY MARKET
FUND FUND
FUND FUND
----------------- ------------- -----
- --------- ------------
<S> <C> <C> <C>
<C>
ASSETS:
Investments at value/1/
(Cost $42,873,262,
$98,181,365, $10,957,375
and $240,072,392,
respectively)............ $48,251,762 $97,025,468
$11,029,906 $240,072,392
Cash...................... 0 0
0 84,105
Receivables:
Dividends and interest.. 307,772 1,467,515
191,716 1,025,471
Fund shares sold........ 13,493 29,569
50 0
Investments sold........ 607,660 550,317
0 0
Deferred organization
costs (Note A)........... 8,350 8,093
8,093 8,093
Other assets.............. 911 2,340
312 7,144
----------- ----------- ----
- ------- ------------
Total assets.......... 49,189,948 99,083,302
11,230,077 241,197,205
----------- ----------- ----
- ------- ------------
LIABILITIES:
Payables:
Investments purchased... 215,691 1,033,907
0 0
Fund shares redeemed.... 1,103 4,615
599 0
Due to Advisor, net..... 28,640 40,853
1,390 81,755
Income distributions.... 0 0
0 1,026,099
Accrued expenses.......... 16,583 19,859
2,296 16,904
----------- ----------- ----
- ------- ------------
Total liabilities..... 262,017 1,099,234
4,285 1,124,758
----------- ----------- ----
- ------- ------------
NET ASSETS:
Applicable to 3,491,205,
10,032,391, 1,126,814,
and 240,072,447 shares
outstanding,
respectively............. $48,927,931 $97,984,068
$11,225,792 $240,072,447
=========== ===========
=========== ============
NET ASSETS CONSIST OF:
Capital paid-in........... $42,476,663 $98,767,179
$11,225,178 $240,072,447
Accumulated undistributed
net investment income.... 123,220 346,001
23,420 0
Accumulated net realized
gain (loss) on
investments.............. 949,548 26,785
(95,337) 0
Net unrealized
appreciation/depreciation
on investments........... 5,378,500 (1,155,897)
72,531 0
----------- ----------- ----
- ------- ------------
$48,927,931 $97,984,068
$11,225,792 $240,072,447
=========== ===========
=========== ============
Net asset value and
redemption price per
share.................... $14.01 $9.77
$9.96 $1.00
=========== ===========
=========== ============
</TABLE>
/1/Investments at value include investments in repurchase
agreements of
$793,000, $4,285,000, $0 and $21,541,000, respectively.
See accompanying notes to financial statements.
34
<PAGE>
CT&T FUNDS
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 1997 (UNAUDITED)
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
CHICAGO
CHICAGO
MONTAG & TRUST CHICAGO
TRUST ASSET
CALDWELL GROWTH & TRUST
ALLOCATION
GROWTH FUND INCOME FUND TALON FUND
FUND
----------- ----------- ----------
- -----------
<S> <C> <C> <C>
<C>
INVESTMENT INCOME:
Dividends................. $ 1,208,790 $ 1,158,123 $ 37,787
$ 540,281
Interest.................. 398,025 520,941 136,252
2,573,230
----------- ----------- ----------
- -----------
Total investment income. 1,606,815 1,679,064 174,039
3,113,511
----------- ----------- ----------
- -----------
EXPENSES:
Investment advisory fees
(Note E)................. 1,270,146 772,852 78,914
572,925
Distribution expenses
(Note E)................. 294,514 276,019 24,661
204,616
Transfer agent fees (Note
E)....................... 31,913 20,044 14,332
11,670
Administration fees (Note
E)....................... 49,856 30,307 3,006
22,258
Accounting fees........... 43,910 25,800 9,397
22,771
Registration expenses
(Note E) ................ 42,608 9,466 8,520
7,432
Custodian fees............ 25,189 13,176 4,353
11,121
Professional fees (Note E)
......................... 24,564 16,398 11,260
15,510
Amortization of
organization costs (Note
A)....................... 1,652 2,478 1,652
695
Report to shareholder
expense (Note E) ........ 14,660 4,388 386
3,314
Trustees fees (Note E).... 1,281 1,172 1,172
1,172
Miscellaneous expenses ... 5,980 33,303 3,147
25,827
----------- ----------- ----------
- -----------
Total expenses.......... 1,806,273 1,205,403 160,800
899,311
Expenses reimbursed (Note
E)....................... 0 (62,616)
(32,565) (52,614)
----------- ----------- ----------
- -----------
Net expenses............ 1,806,273 1,142,787 128,235
846,697
----------- ----------- ----------
- -----------
NET INVESTMENT INCOME
(LOSS)..................... (199,458) 536,277 45,804
2,266,814
----------- ----------- ----------
- -----------
REALIZED AND UNREALIZED GAIN
(LOSS)
ON INVESTMENTS:
Net realized gain (loss)
on investments (including
a net realized loss on
option transactions of
$112,001 in the Talon
Fund) ................... (186,639) 4,231,511 2,040,104
1,166,428
Net change in unrealized
appreciation/
depreciation on
investments ............. 34,072,624 15,868,851
(408,274) 8,127,982
----------- ----------- ----------
- -----------
Net realized and
unrealized gain on
investments............ 33,885,985 20,100,362 1,631,830
9,294,410
----------- ----------- ----------
- -----------
INCREASE IN NET ASSETS FROM
OPERATIONS................. $33,686,527 $20,636,639 $1,677,634
$11,561,224
=========== =========== ==========
===========
</TABLE>
See accompanying notes to financial statements.
35
<PAGE>
CT&T FUNDS
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 1997 (UNAUDITED) (CONTINUED)
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
MONTAG & CHICAGO CHICAGO TRUST
CHICAGO TRUST
CALDWELL TRUST MUNICIPAL
MONEY
BALANCED FUND BOND FUND BOND FUND
MARKET FUND
------------- ----------- -------------
- -------------
<S> <C> <C> <C>
<C>
INVESTMENT INCOME:
Dividends............. $ 94,895 $ 0 $ 0
$ 0
Interest.............. 535,744 3,169,896 258,726
6,567,958
---------- ----------- ---------
- ----------
Total investment
income............. 630,639 3,169,896 258,726
6,567,958
---------- ----------- ---------
- ----------
EXPENSES:
Investment advisory
fees (Note E)........ 148,608 247,142 33,273
482,058
Distribution expenses
(Note E)............. 49,536 112,337 13,864
0
Transfer agent fees... 13,795 12,931 6,301
15,809
Administration fees
(Note E)............. 5,218 12,043 1,584
32,949
Accounting fees....... 13,862 20,156 6,886
26,501
Registration expenses. 9,217 11,624 9,556
14,853
Custodian fees........ 5,149 7,193 1,431
16,780
Professional fees .... 12,490 13,821 11,836
17,255
Amortization of
organization costs
(Note A)............. 1,652 2,478 2,478
2,478
Report to shareholder
expense ............. 673 1,719 229
4,558
Trustees fees (Note
E)................... 1,172 1,172 1,172
1,172
Miscellaneous
expenses............. 8,889 5,647 1,066
32,126
---------- ----------- ---------
- ----------
Total expenses...... 270,261 448,263 89,676
646,539
Expenses reimbursed
(Note E)............. (22,583) (88,783) (39,766)
(43,967)
---------- ----------- ---------
- ----------
Net expenses........ 247,678 359,480 49,910
602,572
---------- ----------- ---------
- ----------
NET INVESTMENT INCOME... 382,961 2,810,416 208,816
5,965,386
---------- ----------- ---------
- ----------
REALIZED AND UNREALIZED
GAIN (LOSS) ON
INVESTMENTS:
Net realized gain on
investments.......... 988,318 26,880 1,920
0
Net change in
unrealized
appreciation/
depreciation on
investments.......... 1,415,676 (1,233,871) (106,238)
0
---------- ----------- ---------
- ----------
Net realized and
unrealized gain
(loss) on
investments........ 2,403,994 (1,206,991) (104,318)
0
---------- ----------- ---------
- ----------
INCREASE IN NET ASSETS
FROM OPERATIONS........ $2,786,955 $ 1,603,425 $ 104,498
$5,965,386
========== =========== =========
==========
</TABLE>
See accompanying notes to financial statements.
36
<PAGE>
CT&T FUNDS
STATEMENT OF CHANGES IN NET ASSETS
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
MONTAG &
CALDWELL
GROWTH
FUND
-----------------
- ------------
SIX MONTHS ENDED
FOR THE
04/30/97
YEAR ENDED
(UNAUDITED)
10/31/96*
----------------
- ------------
<S> <C>
<C>
OPERATIONS:
Net investment loss........................... $ (199,458)
$ (28,035)
Net realized gain (loss) on investments....... (186,639)
2,171,050
Net change in unrealized appreciation/
depreciation on investments.................. 34,072,624
26,825,183
------------
- ------------
Increase in net assets from operations........ 33,686,527
28,968,198
------------
- ------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREOWNERS:
In excess of net investment income:
Retail Class................................ 0
(28,975)
Institutional Class......................... (9,150)
(45,883)
From net realized gain on investments:
Retail Class................................ (1,466,612)
(24,401)
Institutional Class ........................ (412,803)
0
------------
- ------------
Total distributions........................... (1,888,565)
(99,259)
------------
- ------------
CAPITAL SHARE TRANSACTIONS - NOTE C 187,032,118
149,425,907
------------
- ------------
Total increase in net assets.................. 218,830,080
178,294,846
NET ASSETS:
Beginning of period........................... 218,649,895
40,355,049
------------
- ------------
End of period (including distributions in
excess of net investment income of ($282,311)
and ($73,703), respectively)................. $437,479,975
$218,649,895
============
============
</TABLE>
*Montag & Caldwell Growth Fund Institutional Class commenced
investment
operations on June 28, 1996.
See accompanying notes to financial statements.
37
<PAGE>
CT&T FUNDS
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
CHICAGO
TRUST
GROWTH &
INCOME
FUND
-----------------
- ------------
SIX MONTHS ENDED
FOR THE
04/30/97
YEAR ENDED
(UNAUDITED)
10/31/96
----------------
- ------------
<S> <C>
<C>
OPERATIONS:
Net investment income......................... $ 536,277
$ 1,451,728
Net realized gain on investments.............. 4,231,511
4,305,113
Net change in unrealized
appreciation/depreciation on investments..... 15,868,851
39,311,048
------------
- ------------
Increase in net assets from operations........ 20,636,639
45,067,889
------------
- ------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREOWNERS:
From net investment income.................... (684,739)
(1,444,903)
From net realized gain on investments......... (4,305,275)
(976,557)
------------
- ------------
Total distributions........................... (4,990,014)
(2,421,460)
------------
- ------------
CAPITAL SHARE TRANSACTIONS - NOTE C............. 16,654,543
(9,808,817)
------------
- ------------
Total increase in net assets.................. 32,301,168
32,837,612
NET ASSETS:
Beginning of period........................... 205,133,317
172,295,705
------------
- ------------
End of period (including undistributed
(distributions in excess of) net investment
income of ($14,906) and $133,556,
respectively)................................ $237,434,485
$205,133,317
============
============
</TABLE>
See accompanying notes to financial statements.
38
<PAGE>
CT&T FUNDS
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
CHICAGO TRUST
CHICAGO TRUST TALON FUND
ASSET ALLOCATION FUND
---------------------------- -------
- ----------------------
SIX MONTHS ENDED FOR THE SIX
MONTHS ENDED FOR THE
04/30/97 YEAR ENDED
04/30/97 YEAR ENDED
(UNAUDITED) 10/31/96
(UNAUDITED) 10/31/96
---------------- ----------- -------
- --------- ------------
<S> <C> <C> <C>
<C>
OPERATIONS:
Net investment income.... $ 45,804 $ 42,177 $
2,266,814 $ 4,547,650
Net realized gain on
investments............. 2,040,104 1,453,661
1,166,428 2,227,691
Net change in unrealized
appreciation/depreciation
on investments.......... (408,274) 1,649,993
8,127,982 17,768,218
----------- ----------- -----
- ------- ------------
Increase in net assets
from operations......... 1,677,634 3,145,831
11,561,224 24,543,559
----------- ----------- -----
- ------- ------------
DIVIDENDS AND DISTRIBUTIONS
TO SHAREOWNERS:
From net investment
income.................. (28,536) (35,795)
(2,283,065) (4,421,473)
From net realized gain on
investments............. (1,458,660) (634,240)
(2,253,139) (7,294)
----------- ----------- -----
- ------- ------------
Total distributions...... (1,487,196) (670,035)
(4,536,204) (4,428,767)
----------- ----------- -----
- ------- ------------
CAPITAL SHARE
TRANSACTIONS - NOTE C..... 3,230,544 4,404,025
6,443,998 (16,231,815)
----------- ----------- -----
- ------- ------------
Total increase in net
assets.................. 3,420,982 6,879,821
13,469,018 3,882,977
NET ASSETS:
Beginning of period...... 17,417,675 10,537,854
156,703,443 152,820,466
----------- ----------- -----
- ------- ------------
End of period (including
undistributed net
investment income of
$26,213, $8,945,
$551,252 and $567,503,
respectively)........... $20,838,657 $17,417,675
$170,172,461 $156,703,443
=========== ===========
============ ============
</TABLE>
See accompanying notes to financial statements.
39
<PAGE>
CT&T FUNDS
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
MONTAG & CALDWELL
CHICAGO TRUST
BALANCED FUND
BOND FUND
---------------------------- ---------
- -------------------
SIX MONTHS ENDED FOR THE SIX
MONTHS ENDED FOR THE
04/30/97 YEAR ENDED
04/30/97 YEAR ENDED
(UNAUDITED) 10/31/96
(UNAUDITED) 10/31/96
---------------- ----------- ---------
- ------- -----------
<S> <C> <C> <C>
<C>
OPERATIONS:
Net investment income... $ 382,961 $ 562,623 $
2,810,416 $ 4,648,008
Net realized gain (loss)
on investments......... 988,318 2,720,967
26,880 (21,824)
Net change in unrealized
appreciation/
depreciation on
investments............ 1,415,676 1,750,771
(1,233,871) (427,461)
----------- ----------- -------
- ---- -----------
Increase in net assets
from operations........ 2,786,955 5,034,361
1,603,425 4,234,723
----------- ----------- -------
- ---- -----------
DIVIDENDS AND
DISTRIBUTIONS TO
SHAREOWNERS:
From net investment
income................. (330,528) (544,785)
(2,723,058) (4,576,113)
From net realized gain
on investments......... (2,700,697) 0
(22,054) (26,301)
----------- ----------- -------
- ---- -----------
Total distributions..... (3,031,225) (544,785)
(2,745,112) (4,602,414)
----------- ----------- -------
- ---- -----------
CAPITAL SHARE
TRANSACTIONS - NOTE C.... 17,699,530 5,074,921
19,915,027 9,088,084
----------- ----------- -------
- ---- -----------
Total increase in net
assets................. 17,455,260 9,564,497
18,773,340 8,720,393
NET ASSETS:
Beginning of period..... 31,472,671 21,908,174
79,210,728 70,490,335
----------- ----------- -------
- ---- -----------
End of period (including
undistributed
net investment income of
$123,220, $70,787,
$346,001 and $258,643,
respectively).......... $48,927,931 $31,472,671
$97,984,068 $79,210,728
=========== ===========
=========== ===========
</TABLE>
See accompanying notes to financial statements.
40
<PAGE>
CT&T FUNDS
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
- ------------------------------------------------------------------
- --------------
<TABLE>
<CAPTION>
CHICAGO TRUST
CHICAGO TRUST
MUNICIPAL BOND
MONEY MARKET
FUND
FUND
---------------------------- -----------
- ------------------
SIX MONTHS ENDED FOR THE SIX MONTHS
ENDED FOR THE YEAR
04/30/97 YEAR ENDED
04/30/97 ENDED
(UNAUDITED) 10/31/96
(UNAUDITED) 10/31/96
---------------- ----------- -----------
- ----- ------------
<S> <C> <C> <C>
<C>
OPERATIONS:
Net investment income. $ 208,816 $ 421,107 $
5,965,386 $ 10,298,196
Net realized gain on
investments.......... 1,920 30,220
0 0
Net change in
unrealized
appreciation/
depreciation on
investments.......... (106,238) (54,373)
0 0
----------- ----------- ---------
- --- ------------
Increase in net assets
from operations...... 104,498 396,954
5,965,386 10,298,196
----------- ----------- ---------
- --- ------------
DIVIDENDS AND
DISTRIBUTIONS TO
SHAREOWNERS:
From net investment
income............... (209,266) (419,021)
(5,965,386) (10,298,196)
----------- ----------- ---------
- --- ------------
CAPITAL SHARE
TRANSACTIONS - NOTE C.. 144,398 (471,269)
13,536,831 20,460,302
----------- ----------- ---------
- --- ------------
Total increase
(decrease) in net
assets............... 39,630 (493,336)
13,536,831 20,460,302
NET ASSETS:
Beginning of period... 11,186,162 11,679,498
226,535,616 206,075,314
----------- ----------- ---------
- --- ------------
End of period
(including
undistributed net
investment income of
$23,420, $23,870, $0
and $0,
respectively)........ $11,225,792 $11,186,162
$240,072,447 $226,535,616
=========== ===========
============ ============
</TABLE>
See accompanying notes to financial statements.
41
<PAGE>
CT&T FUNDS
FINANCIAL HIGHLIGHTS
- ------------------------------------------------------------------
- -------------
The table below sets forth financial data for a share of
beneficial interest
outstanding throughout each period presented.
<TABLE>
<CAPTION>
MONTAG & CALDWELL GROWTH
FUND
----------------------------------------
- ---------------------
RETAIL CLASS
INSTITUTIONAL CLASS
------------------------------------ ---
- ---------------------
SIX MONTHS SIX
MONTHS
ENDED YEAR
ENDED
04/30/97 ENDED PERIOD ENDED
04/30/97 PERIOD ENDED
(UNAUDITED) 10/31/96 10/31/95 (A)
(UNAUDITED) 10/31/96 (B)
----------- -------- ------------ ---
- -------- ------------
<S> <C> <C> <C> <C>
<C>
Net Asset Value,
beginning of period.... $ 17.08 $ 13.16 $ 10.00 $
17.08 $ 15.59
-------- -------- ------- --
- ------ -------
INCOME FROM INVESTMENT
OPERATIONS
Net investment income
(loss)............... (0.01) 0.00 0.02
0.01 0.02
Net realized and
unrealized gain on
investments.......... 2.11 3.93 3.16
2.12 1.49
-------- -------- ------- --
- ------ -------
Total from
investment
operations......... 2.10 3.93 3.18
2.13 1.51
LESS DISTRIBUTIONS
Dividends from and in
excess of net
investment income.... 0.00 (0.01) (0.02)
0.00 (0.02)
Distributions from net
realized gain on
investments.......... (0.14) 0.00 0.00
(0.14) 0.00
-------- -------- ------- --
- ------ -------
Total distributions. (0.14) (0.01) (0.02)
(0.14) (0.02)
-------- -------- ------- --
- ------ -------
Net Asset Value, end of
period................. $ 19.04 $ 17.08 $ 13.16 $
19.07 $ 17.08
======== ======== =======
======== =======
TOTAL RETURN/2/ ........ 12.34% 29.91% 31.87%
12.53% 9.67%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of
period (in 000's).... $316,677 $166,243 $40,355
$120,803 $52,407
Ratio of expenses to
average net assets
before reimbursement
of expenses by
Advisor/1/ .......... 1.21% 1.32% 1.87%
0.92% 0.98%
Ratio of expenses to
average net assets
after reimbursement
of expenses by
Advisor/1/ .......... 1.21% 1.28% 1.30%
0.92% 0.98%
Ratio of net
investment income to
average net assets
before reimbursement
of expenses by
Advisor/1/ .......... (0.28)% (0.10)% (0.36)%
0.09% 0.17%
Ratio of net
investment income to
average net assets
after reimbursement
of expenses by
Advisor/1/ .......... (0.28)% (0.06)% 0.20%
0.09% 0.17%
Portfolio turnover/2/
..................... 5.79% 26.36% 34.46%
5.79% 26.36%
Average commission
rate paid ........... $ 0.0599 $ 0.0639 N/R $
0.0599 $0.0639
</TABLE>
See accompanying notes to financial statements.
42
<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
GROWTH & INCOME FUND
----------------------------------------
- --------------
SIX MONTHS ENDED
04/30/97 YEAR ENDED YEAR ENDED
PERIOD ENDED
(UNAUDITED) 10/31/96 10/31/95
10/31/94 (C)
---------------- ---------- ----------
- ------------
<S> <C> <C> <C>
<C>
Net Asset Value,
beginning of period.... $ 16.17 $ 12.90 $ 10.11
$ 10.00
-------- -------- --------
- -------
INCOME FROM INVESTMENT
OPERATIONS
Net investment income. 0.04 0.11 0.09
0.07
Net realized and
unrealized gain on
investments.......... 1.53 3.34 2.79
0.10
-------- -------- --------
- -------
Total from
investment
operations......... 1.57 3.45 2.88
0.17
LESS DISTRIBUTIONS
Dividends from net
investment income.... (0.05) (0.11) (0.09)
(0.06)
Distributions from net
realized gain on
investments.......... (0.34) (0.07) 0.00
0.00
-------- -------- --------
- -------
Total distributions. (0.39) (0.18) (0.09)
(0.06)
-------- -------- --------
- -------
Net Asset Value, end of
period................. $ 17.35 $ 16.17 $ 12.90
$ 10.11
======== ======== ========
=======
TOTAL RETURN/2/......... 9.86% 26.98% 28.66%
1.73%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of
period (in 000's).... $237,434 $205,133 $172,296
$12,282
Ratio of expenses to
average net assets
before reimbursement
of expenses by
Advisor/1/........... 1.09% 1.15% 1.50%
2.21%
Ratio of expenses to
average net assets
after reimbursement
of expenses by
Advisor/1/........... 1.03%/3/ 1.00%
1.09%/4/ 1.20%
Ratio of net
investment income to
average net assets
before reimbursement
of expenses by
Advisor/1/........... 0.43% 0.62% 0.33%
(0.15)%
Ratio of net
investment income to
average net assets
after reimbursement
of expenses by
Advisor/1/........... 0.49% 0.77% 0.74%
0.86%
Portfolio turnover/2/. 11.58% 25.48% 9.00%
37.01%
Average commission
rate paid............ $ 0.0511 $ 0.0571 N/R
N/R
</TABLE>
See accompanying notes to financial statements.
43
<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 TALON
FUND
-------------------------------
- ---------------
SIX MONTHS
ENDED YEAR YEAR
04/30/97 ENDED ENDED
PERIOD ENDED
(UNAUDITED) 10/31/96 10/31/95
10/31/94 (D)
----------- -------- --------
- ------------
<S> <C> <C> <C>
<C>
Net Asset Value, beginning of
period........................... $ 14.39 $ 12.07 $ 10.25
$10.00
INCOME FROM INVESTMENT
OPERATIONS
Net investment income .......... 0.03 0.04 0.09
0.02
Net realized and unrealized gain
on investments................. 1.33 3.01 1.84
0.23
------- ------- -------
- ------
Total from investment
operations................... 1.36 3.05 1.93
0.25
LESS DISTRIBUTIONS
Dividends from net investment
income......................... (0.02) (0.03) (0.11)
0.00
Distributions from net realized
gain on investments............ (1.19) (0.70) 0.00
0.00
------- ------- -------
- ------
Total distributions........... (1.21) (0.73) (0.11)
0.00
------- ------- -------
- ------
Net Asset Value, end of period.... $ 14.54 $ 14.39 $ 12.07
$10.25
======= ======= =======
======
TOTAL RETURN/2/ .................. 9.82% 26.51% 18.92%
2.50%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
000's)......................... $20,839 $17,418 $10,538
$4,355
Ratio of expenses to average net
assets before reimbursement of
expenses by Advisor /1/........ 1.63% 1.98% 3.04%
7.82%
Ratio of expenses to average net
assets after reimbursement of
expenses by Advisor /1/........ 1.30% 1.30% 1.30%
1.30%
Ratio of net investment income
to average net assets before
reimbursement of expenses by
Advisor /1/.................... 0.13% (0.38)%
(0.97)% (4.13)%
Ratio of net investment income
to average net assets after
reimbursement of expenses by
Advisor/1/ .................... 0.46% 0.30% 0.77%
2.39%
Portfolio turnover/2/ .......... 68.89% 126.83% 229.43%
33.66%
Average commission rate paid ... $0.0604 $0.0612 N/R
N/R
</TABLE>
See accompanying notes to financial statements.
44
<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 ASSET
ALLOCATION
FUND
-----------------------
- --------------
SIX MONTHS
ENDED YEAR
04/30/97 ENDED
PERIOD ENDED
(UNAUDITED) 10/31/96
10/31/95 (E)
----------- --------
- ------------
<S> <C> <C>
<C>
Net Asset Value, beginning of period...... $ 9.60 $ 8.43
$ 8.34
INCOME FROM INVESTMENT OPERATIONS
Net investment income .................. 0.13 0.27
0.03
Net realized and unrealized gain on
investments............................ 0.56 1.16
0.06
-------- --------
- --------
Total from investment operations...... 0.69 1.43
0.09
LESS DISTRIBUTIONS
Dividends from net investment income.... (0.13)
(0.26) 0.00
Distributions from net realized gain on
investments............................ (0.14) 0.00
0.00
-------- --------
- --------
Total distributions................... (0.27)
(0.26) 0.00
-------- --------
- --------
Net Asset Value, end of period............ $ 10.02 $ 9.60
$ 8.43
======== ========
========
TOTAL RETURN/2/ .......................... 7.36%
17.21% 1.08%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's).... $170,172 $156,703
$152,820
Ratio of expenses to average net assets
before reimbursement of expenses by
Advisor /1/............................ 1.10%
1.17% 1.19%
Ratio of expenses to average net assets
after reimbursement of expenses by
Advisor /1/............................ 1.03%/3/
1.00% 1.00%
Ratio of net investment income to
average net assets before reimbursement
of expenses by Advisor /1/............. 2.70%
2.79% 2.56%
Ratio of net investment income to
average net assets after reimbursement
of expenses by Advisor/1/ ............. 2.77%
2.96% 2.73%
Portfolio turnover/2/ .................. 14.07%
34.29% 0.72%
Average commission rate paid ........... $ 0.0570 $ 0.0596
N/R
</TABLE>
See accompanying notes to financial statements.
45
<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>
MONTAG &
CALDWELL
BALANCED FUND
---------------------------
- -------------
SIX MONTHS ENDED
04/30/97 YEAR ENDED
PERIOD ENDED
(UNAUDITED) 10/31/96
10/31/95 (F)
---------------- ----------
- ------------
<S> <C> <C>
<C>
Net Asset Value, beginning of period.. $ 14.29 $ 12.12
$ 10.00
------- -------
- -------
INCOME FROM INVESTMENT OPERATIONS
Net investment income............... 0.13 0.27
0.26
Net realized and unrealized gain on
investments........................ 0.93 2.17
2.09
------- -------
- -------
Total from investment operations.. 1.06 2.44
2.35
LESS DISTRIBUTIONS
Dividends from net investment
income............................. (0.13) (0.27)
(0.23)
Distributions from net realized gain
on investments..................... (1.21) 0.00
0.00
------- -------
- -------
Total distributions............... (1.34) (0.27)
(0.23)
------- -------
- -------
Net Asset Value, end of period........ $ 14.01 $ 14.29
$ 12.12
======= =======
=======
TOTAL RETURN/2/....................... 7.89% 20.37%
23.75%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
000's)............................. $48,928 $31,473
$21,908
Ratio of expenses to average net
assets before reimbursement of
expenses by Advisor/1/............. 1.36% 1.58%
2.50%
Ratio of expenses to average net
assets after reimbursement of
expenses by Advisor/1/............. 1.25% 1.25%
1.25%
Ratio of net investment income to
average net assets before
reimbursement of expenses by
Advisor/1/......................... 1.82% 1.83%
1.38%
Ratio of net investment income to
average net assets after
reimbursement of expenses by
Advisor/1/......................... 1.93% 2.16%
2.63%
Portfolio turnover/2/............... 28.17% 43.58%
27.33%
Average commission rate paid........ $0.0599 $0.0644
N/R
</TABLE>
See accompanying notes to financial statements.
46
<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
BOND FUND
--------------------------------------
- -------------
SIX MONTHS ENDED
04/30/97 YEAR ENDED YEAR ENDED
PERIOD ENDED
(UNAUDITED) 10/31/96 10/31/95
10/31/94 (G)
---------------- ---------- ----------
- ------------
<S> <C> <C> <C>
<C>
Net Asset Value, beginning
of period................. $ 9.89 $ 9.94 $ 9.21
$ 10.00
------- ------- -------
- -------
INCOME FROM INVESTMENT
OPERATIONS
Net investment income.... 0.30 0.60 0.60
0.50
Net realized and
unrealized gain (loss)
on investments.......... (0.12) (0.05) 0.73
(0.82)
------- ------- -------
- -------
Total from investment
operations............ 0.18 0.55 1.33
(0.32)
LESS DISTRIBUTIONS FROM
NET INVESTMENT INCOME (0.30) (0.60) (0.60)
(0.47)
------- ------- -------
- -------
Net Asset Value, end of
period.................... $ 9.77 $ 9.89 $ 9.94
$ 9.21
======= ======= =======
=======
TOTAL RETURN/2/............ 1.83% 5.76% 14.89%
(3.23)%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(in 000's).............. $97,984 $79,211 $70,490
$12,546
Ratio of expenses to
average net assets
before reimbursement of
expenses by Advisor/1/.. 1.00% 1.10% 1.54%
2.02%
Ratio of expenses to
average net assets after
reimbursement of
expenses by Advisor/1/.. 0.80% 0.80% 0.80%
0.80%
Ratio of net investment
income to average net
assets before
reimbursement of
expenses by Advisor/1/.. 6.05% 5.89% 5.78%
4.83%
Ratio of net investment
income to average net
assets after
reimbursement of
expenses by Advisor/1/.. 6.25% 6.19% 6.52%
6.05%
Portfolio turnover/2/.... 11.34% 41.75% 68.24%
20.73%
</TABLE>
See accompanying notes to financial statements.
47
<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 YEAR
04/30/97 ENDED ENDED
SIX MONTHS ENDED
(UNAUDITED) 10/31/96
10/31/95 10/31/94 (H)
---------------- -------- ------
- -- ----------------
<S> <C> <C> <C>
<C>
Net Asset Value, beginning of
period........................ $ 10.06 $ 10.08 $
9.56 $ 10.00
------- ------- ------
- - -------
INCOME FROM INVESTMENT
OPERATIONS
Net investment income........ 0.19 0.38
0.35 0.27
Net realized and unrealized
gain (loss) on investments.. (0.10) (0.02)
0.52 (0.46)
------- ------- ------
- - -------
Total from investment
operations................ 0.09 0.36
0.87 (0.19)
LESS DISTRIBUTIONS FROM NET
INVESTMENT
INCOME...................... (0.19) (0.38)
(0.35) (0.25)
------- ------- ------
- - -------
Net Asset Value, end of period. $ 9.96 $ 10.06 $
10.08 $ 9.56
======= =======
======= =======
TOTAL RETURN/2/................ 0.87% 3.59%
9.29% (1.92)%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
000's)...................... $11,226 $11,186
$11,679 $10,462
Ratio of expenses to average
net assets before
reimbursement of expenses by
Advisor/1/.................. 1.62% 1.53%
2.16% 2.09%
Ratio of expenses to average
net assets after
reimbursement of expenses by
Advisor/1/.................. 0.90% 0.90%
0.90% 0.90%
Ratio of net investment
income to average net assets
before reimbursement of
expenses by Advisor/1/...... 3.04% 3.11%
2.37% 1.90%
Ratio of net investment
income to average net assets
after reimbursement of
expenses by Advisor/1/...... 3.76% 3.74%
3.63% 3.09%
Portfolio turnover/2/........ 7.60% 27.47%
42.81% 14.85%
</TABLE>
See accompanying notes to financial statements.
48
<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 YEAR
04/30/97 ENDED ENDED
PERIOD ENDED
(UNAUDITED) 10/31/96 10/31/95
10/31/94 (I)
---------------- -------- --------
- ------------
<S> <C> <C> <C>
<C>
Net Asset Value, beginning
of period................ $ 1.00 $ 1.00 $ 1.00
$ 1.00
-------- -------- --------
- --------
INCOME FROM INVESTMENT
OPERATIONS
Net investment income... 0.03 0.05 0.05
0.03
-------- -------- --------
- --------
LESS DISTRIBUTIONS FROM
NET INVESTMENT INCOME.. (0.03) (0.05) (0.05)
(0.03)
-------- -------- --------
- --------
Net Asset Value, end of
period................... $ 1.00 $ 1.00 $ 1.00
$ 1.00
======== ======== ========
========
TOTAL RETURN/2/........... 2.48% 5.14% 5.56%
3.20%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of
period (in 000's)...... $240,072 $226,536 $206,075
$122,929
Ratio of expenses to
average net assets
before reimbursement of
expenses by Advisor/1/. 0.54% 0.59% 0.63%
0.64%
Ratio of expenses to
average net assets
after reimbursement of
expenses by Advisor/1/. 0.50% 0.50%
0.43%/5/ 0.40%
Ratio of net investment
income to average net
assets before
reimbursement of
expenses by Advisor/1/. 4.91% 4.93% 5.24%
3.49%
Ratio of net investment
income to average net
assets after
reimbursement of
expenses by Advisor/1/. 4.95% 5.02% 5.44%
3.73%
</TABLE>
(a) Montag & Caldwell Growth Fund Retail Class commenced
investment operations
on November 2, 1994.
(b) Montag & Caldwell Growth Fund Institutional Class commenced
investment
operations on June 28, 1996.
(c) Chicago Trust Growth & Income Fund commenced investment
operations on
December 13, 1993.
(d) Chicago Trust Talon Fund commenced investment operations on
September 19,
1994.
(e) Chicago Trust Asset Allocation Fund commenced investment
operations on
September 21, 1995.
(f) Montag & Caldwell Balanced Fund commenced investment
operations on
November 2, 1994.
(g) Chicago Trust Bond Fund commenced investment operations on
December 13,
1993.
(h) Chicago Trust Municipal Bond Fund commenced investment
operations on
December 13, 1993.
(i) Chicago Trust Money Market Fund commenced investment
operations on
December 14, 1993.
1 Annualized
2 Not annualized
3 The Advisor's expense reimbursement level, which affects the
net expense
ratio, changed from 1.00% to 1.10% on February 28, 1997.
4 The Advisor's expense reimbursement level, which affects the
net expense
ratio, changed from 1.20% to 1.00% on September 21, 1995.
5 The Advisor's expense reimbursement level, which affects the
net expense
ratio, changed from 0.40% to 0.50% on July 12, 1995.
N/R Not required
See accompanying notes to financial statements.
49
<PAGE>
CT&T FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
APRIL 30, 1997
- ------------------------------------------------------------------
- -------------
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 an
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 Fund seeks long-term capital appreciation consistent
with
investments primarily in a combination of equity, convertible,
fixed income,
and short-term securities. Capital appreciation is emphasized, and
generation
of income is secondary. Montag & Caldwell, Inc. is the Investment
Advisor for
the Fund, which commenced investment operations on November 2,
1994. Effective
June 18, 1996, the Fund offered two classes of shares: Class I
(Institutional)
shares and Class N (Retail) shares.
The Growth & Income Fund seeks long-term total return through a
combination of
capital appreciation and current income. In seeking to achieve its
investment
objective, the Fund invests primarily in common stocks, preferred
stocks,
securities convertible into common stocks, and fixed income
securities. The
Chicago Trust Company ("Chicago Trust") is the Investment Advisor
for the
Fund, which commenced investment operations on December 13, 1993.
The Talon Fund seeks long-term total return through capital
appreciation. The
Fund will invest primarily in stocks of companies with
capitalization levels
believed by Talon Asset Management, Inc. (Talon) to have prospects
for capital
appreciation. The Fund, which commenced investment operations on
September 19,
1994, may also invest in preferred stock and debt securities,
including those
which may be convertible into common stock. Chicago Trust is the
Investment
Advisor for the Fund with Talon as Sub-Investment Advisor.
The Asset Allocation Fund seeks growth of capital with current
income through
asset allocation. The Fund seeks to achieve this objective by
holding a
varying combination of generally two or more of the following
investment
categories: common stocks (both dividend and non-dividend paying);
preferred
stocks; convertible preferred stocks; fixed income securities,
including bonds
and bonds convertible into common stocks; and short-term interest-
bearing
obligations. Chicago Trust is the Investment Advisor for the Fund,
which
commenced investment operations on September 21, 1995.
The Balanced Fund seeks long-term total return through investment
primarily in
a combination of equity, fixed income, and short-term securities.
The
allocation between asset classes may vary over time in accordance
with the
expected rates of return of each asset class; however, primary
emphasis will
be placed upon selection of particular investments as opposed to
allocation of
assets. Montag & Caldwell, Inc. is the Investment Advisor for the
Fund, which
commenced investment operations on November 2, 1994.
The Bond Fund seeks high current income consistent with what
Chicago Trust
believes to be prudent risk of capital. The Fund will primarily
invest in a
broad range of bonds and other fixed income securities (bonds and
debentures)
with an average weighted portfolio maturity between three and ten
years.
Chicago Trust is the Investment Advisor for the Fund, which
commenced
investment operations on December 13, 1993.
The Municipal Bond Fund seeks a high level of current interest
income exempt
from Federal income taxes consistent with the conservation of
capital. The
Fund will seek to achieve its objective by investing substantially
all of its
assets in a diversified portfolio of primarily intermediate-term
municipal
debt obligations. Chicago Trust is the Investment Advisor for the
Fund, which
commenced investment operations on December 13, 1993.
50
<PAGE>
CT&T FUNDS
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
APRIL 30, 1997
- ------------------------------------------------------------------
- -------------
The Money Market Fund seeks to provide as high a level of current
interest
income as is consistent with maintaining liquidity and stability
of principal.
The Fund seeks to achieve its objective by investing in short-
term, high
quality, U.S. dollar-denominated money market instruments. Chicago
Trust is
the Investment Advisor for the Fund, which commenced investment
operations on
December 14, 1993.
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 has 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
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.
51
<PAGE>
CT&T FUNDS
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
APRIL 30, 1997
- ------------------------------------------------------------------
- -------------
Transactions in options for the Talon Fund for the six month
period ended
April 30, 1997 were as follows:
<TABLE>
<CAPTION>
CONTRACTS PREMIUM
------
- --- ---------
<S> <C>
<C>
Outstanding at October 31, 1996........................ 0
$ 0
Options purchased (Net)................................ 135
(128,050)
Options exercised or terminated in closing transactions
(Net).................................................
(65) 61,450
Options expired (Net)..................................
(70) 66,600
---
- ---------
Outstanding at April 30, 1997.......................... 0
$ 0
===
=========
</TABLE>
(4) MORTGAGE BACKED SECURITIES: The Asset Allocation Fund,
Balanced Fund
and the Bond Fund may 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 may
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.
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 and the Bond Fund may utilize Interest
Only (IO)
securities to 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.
(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, 1996, the losses amounted to $97,257 for the
Municipal Bond
Fund. These losses will expire October 31, 2003.
(7) DIVIDENDS AND DISTRIBUTIONS: Dividends and distributions to
shareowners
are recorded on the ex-dividend date.
52
<PAGE>
CT&T FUNDS
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
APRIL 30, 1997
- ------------------------------------------------------------------
- -------------
(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. Differences in dividends per share between classes of the
Growth Fund
are due to different class expenses.
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.
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, 1997 were as follows:
<TABLE>
<CAPTION>
GROWTH FUND-RETAIL CLASS
GROWTH FUND-INSTITUTIONAL CLASS
-----------------------------------------
- --------- ----------------------------------------------
SIX MONTHS ENDED YEAR
ENDED SIX MONTHS ENDED PERIOD ENDED
APRIL 30, 1997 OCTOBER 31,
1996 APRIL 30, 1997 OCTOBER 31, 1996
------------------------ ---------------
- --------- ---------------------- ----------------------
SHARES AMOUNT SHARES
AMOUNT SHARES AMOUNT SHARES AMOUNT
---------- ------------ ---------- ---
- --------- --------- ----------- --------- -----------
<S> <C> <C> <C> <C>
<C> <C> <C> <C>
SHARES SOLD............. 8,088,088 $148,661,206 7,779,869
$118,083,887 3,948,560 $72,696,637 3,302,194 $51,795,147
SHARES ISSUED THROUGH
REINVESTMENT OF
DIVIDENDS.............. 79,784 1,404,998 3,770
53,046 21,604 381,073 2,812 45,883
SHARES REDEEMED......... (1,265,912) (23,138,435) (1,115,729)
(16,878,640) (702,782) (12,973,361) (236,988) (3,673,416)
---------- ------------ ---------- ---
- --------- --------- ----------- --------- -----------
NET INCREASE........... 6,901,960 $126,927,769 6,667,910
$101,258,293 3,267,382 $60,104,349 3,068,018 $48,167,614
========== ============ ==========
============ ========= =========== ========= ===========
<CAPTION>
GROWTH & INCOME FUND
TALON FUND
-----------------------------------------
- --------- ----------------------------------------------
SIX MONTHS ENDED YEAR
ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 1997 OCTOBER 31,
1996 APRIL 30, 1997 OCTOBER 31, 1996
------------------------ ---------------
- --------- ---------------------- ----------------------
SHARES AMOUNT SHARES
AMOUNT SHARES AMOUNT SHARES AMOUNT
---------- ------------ ---------- ---
- --------- --------- ----------- --------- -----------
<S> <C> <C> <C> <C>
<C> <C> <C> <C>
SHARES SOLD............. 1,574,757 $ 26,537,699 2,994,709 $
43,023,005 163,110 $ 2,419,906 336,046 $ 4,424,049
SHARES ISSUED THROUGH
REINVESTMENT OF
DIVIDENDS.............. 301,910 4,921,365 170,324
2,391,580 105,827 1,473,914 55,106 662,762
SHARES REDEEMED......... (882,967) (14,804,521) (3,829,976)
(55,223,402) (45,467) (663,276) (54,225) (682,786)
---------- ------------ ---------- ---
- --------- --------- ----------- --------- -----------
NET INCREASE
(DECREASE)............ 993,700 $ 16,654,543 (664,943) ($
9,808,817) 223,470 $ 3,230,544 336,927 $ 4,404,025
========== ============ ==========
============ ========= =========== ========= ===========
</TABLE>
53
<PAGE>
CT&T FUNDS
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
APRIL 30, 1997
- ------------------------------------------------------------------
- -------------
<TABLE>
<CAPTION>
ASSET ALLOCATION FUND
BALANCED FUND
----------------------------------------------
- -------- ----------------------------------------------
SIX MONTHS ENDED YEAR ENDED
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 1997 OCTOBER 31,
1996 APRIL 30, 1997 OCTOBER 31, 1996
-------------------------- ------------------
- -------- ---------------------- ----------------------
SHARES AMOUNT SHARES
AMOUNT SHARES AMOUNT SHARES AMOUNT
------------ ------------ ------------ ----
- -------- --------- ----------- --------- -----------
<S> <C> <C> <C> <C>
<C> <C> <C> <C>
SHARES SOLD........ 1,571,242 $ 15,448,830 2,932,312 $
26,178,729 1,805,234 $25,011,323 1,269,601 $17,019,049
SHARES ISSUED
THROUGH
REINVESTMENT OF
DIVIDENDS......... 470,922 4,536,095 495,015
4,428,767 225,470 3,021,046 41,681 544,624
SHARES REDEEMED.... (1,383,393) (13,540,927) (5,245,177)
(46,839,311) (741,630) (10,332,839) (916,526) (12,488,752)
------------ ------------ ------------ ----
- -------- --------- ----------- --------- -----------
NET INCREASE
(DECREASE)....... 658,771 $ 6,443,998 (1,817,850)
($16,231,815) 1,289,074 $17,699,530 394,756 $ 5,074,921
============ ============ ============
============ ========= =========== ========= ===========
<CAPTION>
BOND FUND
MUNICIPAL BOND FUND
----------------------------------------------
- -------- ----------------------------------------------
SIX MONTHS ENDED YEAR ENDED
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 1997 OCTOBER 31,
1996 APRIL 30, 1997 OCTOBER 31, 1996
-------------------------- ------------------
- -------- ---------------------- ----------------------
SHARES AMOUNT SHARES
AMOUNT SHARES AMOUNT SHARES AMOUNT
------------ ------------ ------------ ----
- -------- --------- ----------- --------- -----------
<S> <C> <C> <C> <C>
<C> <C> <C> <C>
SHARES SOLD........ 2,583,201 $ 25,418,452 1,866,993 $
18,394,655 29,039 $ 291,397 39,198 $ 394,557
SHARES ISSUED
THROUGH
REINVESTMENT OF
DIVIDENDS......... 228,870 2,250,928 422,144
4,131,546 1,112 11,178 2,203 22,047
SHARES REDEEMED.... (787,563) (7,754,353) (1,373,273)
(13,438,117) (15,702) (158,177) (87,989) (887,873)
------------ ------------ ------------ ----
- -------- --------- ----------- --------- -----------
NET INCREASE
(DECREASE)....... 2,024,508 $ 19,915,027 915,864 $
9,088,084 14,449 $ 144,398 (46,588) ($ 471,269)
============ ============ ============
============ ========= =========== ========= ===========
<CAPTION>
MONEY MARKET FUND
----------------------------------------------
- --------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 1997 OCTOBER 31,
1996
-------------------------- ------------------
- --------
SHARES AMOUNT SHARES
AMOUNT
------------ ------------ ------------ ----
- --------
<S> <C> <C> <C> <C>
<C> <C> <C> <C>
SHARES SOLD........ 324,851,375 $324,851,375 494,444,216
$494,444,216
SHARES ISSUED
THROUGH
REINVESTMENT OF
DIVIDENDS......... 148,467 148,467 331,446
331,446
SHARES REDEEMED.... (311,463,011) (311,463,011) (474,315,360)
(474,315,360)
------------ ------------ ------------ ----
- --------
NET INCREASE...... 13,536,831 $ 13,536,831 20,460,302 $
20,460,302
============ ============ ============
============
</TABLE>
At April 30, 1997, Chicago Title & Trust Company owned 2,500,
2,500, 25,000
and 1,002,500 shares of the Growth & Income Fund, Bond Fund, Money
Market Fund
and Municipal Bond Fund, respectively.
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, 1997 were:
<TABLE>
<CAPTION>
PROCEEDS
AGGREGATE
FROM
PURCHASES
SALES
----------
- -- -----------
<S> <C>
<C>
GROWTH FUND............................................
$185,789,928 $17,774,570
GROWTH & INCOME FUND...................................
25,533,503 23,484,810
TALON FUND.............................................
13,044,115 11,294,043
ASSET ALLOCATION FUND..................................
21,478,686 21,415,482
BALANCED FUND..........................................
21,699,807 10,686,221
BOND FUND..............................................
31,803,832 9,375,598
MUNICIPAL BOND FUND....................................
1,012,799 827,931
</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
54
<PAGE>
CT&T FUNDS
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
APRIL 30, 1997
- ------------------------------------------------------------------
- -------------
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
(Institutional Class and Retail Class), 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 0.98%, 1.30%, 1.10%, 1.30%, 1.10%,
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 months
ended April
30, 1997, the Advisors reimbursed expenses of $0 for the Growth
Fund, $62,616
for the Growth & Income Fund, $32,565 for the Talon Fund, $52,614
for the
Asset Allocation Fund, $22,583 for the Balanced Fund, $88,783 for
the Bond
Fund, $39,766 for the Municipal Bond Fund and $43,967 for the
Money Market
Fund.
Effective November 15, 1993, FPS Services, Inc. was appointed as
the Funds'
Administrator. Under its Sub- Administration Agreement with the
Funds, FPS
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. FPS
Services,
Inc. also retains a portion of the Funds' custody fees.
FPS 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 Retail Class, 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. The Growth Fund Institutional Class and
the Money
Market Fund do not have a distribution plan.
All distribution expenses in the Growth Fund are specific to the
Retail Class
(Class N). For the six month period ended April 30, 1997, the
other class
specific expenses of the Growth Fund were:
<TABLE>
<CAPTION>
CLASS N
CLASS I
(RETAIL)
(INSTITUTIONAL)
-------- -
- -------------
<S> <C>
<C>
Transfer agent fees.................................... $30,860
$1,053
Registration expenses.................................. 38,989
3,619
Professional fees...................................... 20,223
4,341
Report to shareholder expense.......................... 9,177
5,483
</TABLE>
Certain officers and trustees of the Funds are also officers and
directors of
The Chicago Trust Company. The Funds do not compensate its
officers or
affiliated trustees. Effective January 1, 1997, the Company pays
each
unaffiliated trustee $1,500 per Board of Trustees meeting attended
and an
annual retainer of $1,500.
Effective June 1, 1997, First Data Investor Services Group, Inc.
was appointed
as the Funds' Sub-Administrator and Shareholder Servicing Agent
under new fee
schedules. Effective June 1, 1997, First Data Distributors, Inc.
became the
Funds' Distributor.
55
<PAGE>
CT&T FUNDS -- TRUSTEES & OFFICERS
- ------------------------------------------------------------------
- --------------
TRUSTEES OFFICERS
Leonard F. Amari, Trustee* Kenneth C.
Anderson
President
Stuart D. Bilton, Chairman
David F. Seng
Dorothea C. Gilliam, Trustee Senior Vice
President
Gregory T. Mutz, Trustee* Gerald F.
Dillenburg
Vice President, Secretary
and Treasurer
Nathan Shapiro, Trustee*
Thomas J. Adams,
III
* Unaffiliated Trustees Vice
President
ADVISORS CUSTODIAN
The Chicago Trust Company Bankers Trust
171 North Clark Street One Bankers Trust
Place
Chicago, IL 60601-3294 New York, NY
10001
(Effective June 1,
1997)
Montag & Caldwell, Inc.
1100 Atlanta Financial Center LEGAL COUNSEL
3343 Peachtree Road, NE Gardner, Carton &
Douglas
Atlanta, GA 30326-1450 321 North Clark
Street
Suite 3400
SHAREHOLDER SERVICES Chicago, IL
60610
First Data Investor Services Group,
Inc. AUDITOR
4400 Computer Drive KPMG Peat Marwick
LLP
Westborough, MA 01581 303 East Wacker
Drive
(Effective June 1, 1997) Chicago, IL
60601
DISTRIBUTOR
First Data Distributors, Inc.
4400 Computer Drive
Westborough, MA 01581
(Effective June 1, 1997)
