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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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075 B000400 781
076 000400 0.00
SIGNATURE PAUL GIORGIO
TITLE TREASURER
PAUZE FUNDS(TM)
RESULTS OF SPECIAL MEETING OF SHAREHOLDERS ON OCTOBER 8, 1999
A special meeting of the Shareholders of the Pauze Funds(TM) was held on October
8, 1999.
The first matter voted upon was the election of Trustees. The results were as
follows:
Nominee Votes For Votes Against Abstaining
- ------- --------- ------------- ----------
Patricia S. Dobson 7,112,257.136 1,340.098 8,759
Philip C. Pauze 7,112,049.069 1,548.165 8,756
Robert J. Pierce 7,112,257.136 1,340.098 8,756
Gordon Anderson, Wayne Collins, and Paul Hilbert each continued their term of
office as director after the special meeting.
The next matter voted upon was the ratification of the selection of Tait, Weller
& Baker as independent accounts for the Trust for the fiscal year ending April
30, 2000. The Shareholders ratified the selection and the results of the voting
were as follows:
Fund Votes For Votes Against Abstaining
- ---- --------- ------------- ----------
Total Return Bond Fund 6,135,800.242 10,779.953 0
Intermediate Term Fund 741,122.248 0 0
Short Term Fund 101,454.671 0 4,255
<PAGE>
PAUZE FUNDS(TM)
RESULTS OF SPECIAL MEETING OF SHAREHOLDERS ON OCTOBER 8, 1999
A special meeting of the Shareholders of the Pauze Funds(TM) was held on October
8, 1999.
The first matter voted upon was the election of Trustees. The results were as
follows:
Nominee Votes For Votes Against Abstaining
- ------- --------- ------------- ----------
Patricia S. Dobson 7,112,257.136 1,340.098 8,759
Philip C. Pauze 7,112,049.069 1,548.165 8,756
Robert J. Pierce 7,112,257.136 1,340.098 8,756
Gordon Anderson, Wayne Collins, and Paul Hilbert each continued their term of
office as director after the special meeting.
The next matter voted upon was the ratification of the selection of Tait, Weller
& Baker as independent accounts for the Trust for the fiscal year ending April
30, 2000. The Shareholders ratified the selection and the results of the voting
were as follows:
Fund Votes For Votes Against Abstaining
- ---- --------- ------------- ----------
Tombstone Fund 119,493.178 1,010.148 8,437.794
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> Total Return Bond Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-START> MAY-01-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 61,664,718
<INVESTMENTS-AT-VALUE> 61,664,718
<RECEIVABLES> 528
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 61,665,246
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 148,437
<TOTAL-LIABILITIES> 148,437
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 68,155,175
<SHARES-COMMON-STOCK> 7,147,788
<SHARES-COMMON-PRIOR> 6,652,097
<ACCUMULATED-NII-CURRENT> 2,169
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (6,640,535)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 61,516,809
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,490,005
<OTHER-INCOME> 0
<EXPENSES-NET> 500,199
<NET-INVESTMENT-INCOME> 989,806
<REALIZED-GAINS-CURRENT> (831,405)
<APPREC-INCREASE-CURRENT> 609,169
<NET-CHANGE-FROM-OPS> 767,570
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,018,214
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 749,296
<NUMBER-OF-SHARES-REDEEMED> 300,476
<SHARES-REINVESTED> 46,871
<NET-CHANGE-IN-ASSETS> 4,041,123
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 172,910
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 500,199
<AVERAGE-NET-ASSETS> 57,344,012
<PER-SHARE-NAV-BEGIN> 8.62
<PER-SHARE-NII> 0.15
<PER-SHARE-GAIN-APPREC> (0.03)
<PER-SHARE-DIVIDEND> (0.15)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 8.59
<EXPENSE-RATIO> 1.73
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> Intermediate Term Bond fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-START> MAY-01-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 4,960,493
<INVESTMENTS-AT-VALUE> 4,960,493
<RECEIVABLES> 153
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,730
<TOTAL-ASSETS> 4,963,376
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19,863
<TOTAL-LIABILITIES> 19,863
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,448,970
<SHARES-COMMON-STOCK> 514,248
<SHARES-COMMON-PRIOR> 984,347
<ACCUMULATED-NII-CURRENT> (6,862)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (498,595)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 4,943,513
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 194,829
<OTHER-INCOME> 0
<EXPENSES-NET> 83,654
<NET-INVESTMENT-INCOME> 111,175
<REALIZED-GAINS-CURRENT> (120,080)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> (8,905)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 118,037
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 26,741
<NUMBER-OF-SHARES-REDEEMED> 503,328
<SHARES-REINVESTED> 6,488
<NET-CHANGE-IN-ASSETS> (4,679,735)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (378,515)
<OVERDISTRIB-NII-PRIOR> 6,862
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19,331
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 83,654
<AVERAGE-NET-ASSETS> 7,642,997
<PER-SHARE-NAV-BEGIN> 9.77
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> (0.14)
<PER-SHARE-DIVIDEND> (0.15)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.61
<EXPENSE-RATIO> 2.02
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> Short Term Bond Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-START> MAY-01-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 1,509,483
<INVESTMENTS-AT-VALUE> 1,508,054
<RECEIVABLES> 16,757
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,730
<TOTAL-ASSETS> 1,527,541
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,052
<TOTAL-LIABILITIES> 4,052
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,538,495
<SHARES-COMMON-STOCK> 152,546
<SHARES-COMMON-PRIOR> 213,690
<ACCUMULATED-NII-CURRENT> 110
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (13,687)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,429)
<NET-ASSETS> 1,523,489
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 36,890
<OTHER-INCOME> 0
<EXPENSES-NET> 23,091
<NET-INVESTMENT-INCOME> 13,799
<REALIZED-GAINS-CURRENT> (14,016)
<APPREC-INCREASE-CURRENT> (554)
<NET-CHANGE-FROM-OPS> (771)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13,689
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,209
<NUMBER-OF-SHARES-REDEEMED> 73,575
<SHARES-REINVESTED> 1,222
<NET-CHANGE-IN-ASSETS> (630,467)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 328
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,808
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 1,504,377
<PER-SHARE-NAV-BEGIN> 10.09
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> (0.10)
<PER-SHARE-DIVIDEND> (0.09)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.00
<EXPENSE-RATIO> 3.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> Tombstone Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-START> MAY-01-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 593,864
<INVESTMENTS-AT-VALUE> 155,754
<RECEIVABLES> 368,394
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 12,662
<TOTAL-ASSETS> 536,810
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 68,187
<TOTAL-LIABILITIES> 68,187
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,868,871
<SHARES-COMMON-STOCK> 169,675
<SHARES-COMMON-PRIOR> 214,965
<ACCUMULATED-NII-CURRENT> (11,085)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (951,053)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (438,110)
<NET-ASSETS> 468,623
<DIVIDEND-INCOME> 6,068
<INTEREST-INCOME> 5,739
<OTHER-INCOME> 0
<EXPENSES-NET> 22,892
<NET-INVESTMENT-INCOME> (11,085)
<REALIZED-GAINS-CURRENT> (300,281)
<APPREC-INCREASE-CURRENT> (127,088)
<NET-CHANGE-FROM-OPS> (438,454)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,499
<NUMBER-OF-SHARES-REDEEMED> 49,789
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (624,315)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (650,772)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,503
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 22,892
<AVERAGE-NET-ASSETS> 780,526
<PER-SHARE-NAV-BEGIN> 5.14
<PER-SHARE-NII> (0.07)
<PER-SHARE-GAIN-APPREC> (2.28)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 2.79
<EXPENSE-RATIO> 5.60
</TABLE>
