JURIKA & VOYLES FUND GROUP
N-30B-2, 1996-03-07
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                               Semi-Annual Report

                                December 31, 1995

                                  Mini-Cap Fund
                               Value + Growth Fund
                                  Balanced Fund

                             [INSERT PASTE-UP HERE]

                                   Fund Group


<PAGE>
                                TABLE OF CONTENTS





Letter to Shareholders                                                1
Performance
 Mini-Cap Fund                                                        2
 Value + Growth Fund                                                  4
 Balanced Fund                                                        6
Schedules of Investments                                              8
Statements of Assets and Liabilities                                 19
Statements of Operations                                             20
Statements of Changes in Net Assets                                  21
Financial Highlights                                                 24
Notes to Financial Statements                                        26

<PAGE>
                             LETTER TO SHAREHOLDERS

Dear Shareholder:

     This  report  provides  a review and  outlook,  along with a summary of key
financial  and  performance  information,  for each of the Funds of the Jurika &
Voyles Fund Group for the period ending December 31, 1995.

      We would also like to take this opportunity to announce our new West Coast
address! For shareholders located on the West Coast, please send future deposits
and/or  mailings to Jurika & Voyles  Fund Group,  P.O.  Box 23845,  Oakland,  CA
94623-0848.

      As always, we stand ready to serve you. If you have any questions,  please
do not hesitate to call our Investor Center at (800) JV-INVST (800-584-6878).

Very truly yours,

William K. Jurika                                        Glenn C. Voyles
President                                                Chairman
Jurika & Voyles, Inc.                                    Jurika & Voyles, Inc.
<PAGE>

                  DIRECTORY OF FUNDS' SERVICE PROVIDERS

Investment Adviser
Jurika & Voyles, Inc., 1999 Harrison Street, Suite 700, Oakland, CA 94612

Distributor
First  Fund  Distributors,  Inc.,  4455 E.  Camelback  Road,  Suite  261-E,
Phoenix, AZ 85018

Administrator
Investment Company Administration Corp., 2025 E. Financial Way, Suite  101,
Glendora, CA 91741

Custodian, Transfer Agent and Fund Accountant
State Street Bank & Trust Co., 1776 Heritage, Quincy, MA 02171

Legal Counsel
Heller, Ehrman, White & McAuliffe, 333 Bush Street, San Francisco, CA 94104

Auditor
McGladrey & Pullen, LLP, 555 Fifth Avenue, 8th Floor, New York, NY 10017

This report is authorized for  distribution to  shareholders  and to others only
when preceded or  accompanied  by a current  prospectus for Jurika & Voyles Fund
Group. Distributor: First Fund Distributors, Inc.
<PAGE>
                                   PERFORMANCE


                                  Mini-Cap Fund

      OBJECTIVE:  Jurika & Voyles Mini-Cap Fund seeks to provide  investors with
maximum long-term capital appreciation.  This is achieved by investing primarily
in the common stock of quality companies with small market  capitalizations that
offer value and significant future growth potential.

      REVIEW:  The total return for the Jurika & Voyles  Mini-Cap  Fund for 1995
was 52.21%.  This  compares  with a return of 28.44% for the Russell 2000 Index,
37.50% for the S&P 500 Index and 37.35%  for the Dow Jones  Industrial  Average.
The total return for the Fund since  inception on September 30, 1994 was 62.10%.
In general,  1995 was a relatively better year for large cap stocks than smaller
issues. However, the Mini-Cap Fund benefited from bottom-up,  fundamental, stock
selection.

      The industry  groups that helped the Mini-Cap Fund earn strong  returns in
1995  included  manufactured  housing,  oil  services,   small  industrials  and
technology  turn-arounds.  The best performing  stocks were  diversified  across
industry  sectors.  They included  companies such as Burr Brown, a semiconductor
turn-around;  Hutchinson  Technology,  another technology  turn-around;  Renters
Choice, a new issue rent-to-own  retailer;  Pride Petroleum,  a workover rig oil
service company;  Redman  Industries,  a manufactured  housing company;  Granite
Construction,  a heavy  construction  contractor in the Western  United  States;
Vesta, a property and casualty insurance company; and U.S. Home, a regional home
builder.

     In the  Mini-Cap  Fund,  we are seeking a core of "Baby Blue  Chips"  which
enjoy experienced and strong management,  a solid financial position, and a long
term operating history.  Our companies are often market leaders in niche markets
with proprietary positions or products without rapid obsolescence;  hold special
franchises;  operate in industries  with high entry  barriers;  or  consistently
demonstrate market share growth in mature as well as growth markets.  We attempt
to  avoid  companies  with  high  perceived  risk  from  cyclicality,  high  P/E
valuation, debt levels over 50%, or weak operating histories. Rather, we seek to
identify investment opportunities from both a growth and value perspective.  Our
analysis is focused on  businesses  with strong  balance  sheets and cash flows,
which are  selling at low prices  relative  to  intrinsic  value or  prospective
growth rates.

     Our value/growth  parameters include internally  generated growth of 15% or
better,  a P/E of 50% to 75% of the growth  rate,  a price of 4-5x  pretax  cash
flow, a balance sheet  containing  undervalued or unrecognized  assets,  a stock
price well below the replacement value of assets, break-up value, or net working
capital.  We plan to be fully invested in small cap stocks,  and expect the cash
position  to vary from 5% to 15%.  Within  this broad  range,  cash  levels will
reflect  cash  flows into and out of the fund and  profit  taking in  overvalued
stocks.  While we hope to hold a core  portfolio of quality  companies with both
value and growth  characteristics,  our value  orientation will cause us to take
profits in stocks whose P/E has reached a risky valuation level.

     OUTLOOK:  Our outlook for the equity  markets is  positive  for 1996.  With
interest rates at historically low levels, economic growth expected to be modest
yet positive, and inflation under control (especially asset inflation),  returns
from alternate asset classes should not offer serious competition for stocks. We
further  believe that 1996 should be a better year for small cap stocks relative
to 1995. We expect,  as this bull market ages,  investors will increasingly need
to look to the second tier of stocks for potential appreciation.

      In the fourth  quarter  of 1995,  the market  experienced  unusually  high
sector  volatility  within a generally strong upward market.  The market shifted
away from  technology  toward  healthcare,  interest-sensitive  and  oil-related
stocks.  We expect this shift to  continue to set the tone for 1996.  We believe
that there will be continued  strength in healthcare and oil-related  stocks, as
well as a  recovery  in the  small cap  growth  industrials.  The  extent of the
current U.S. slowdown becomes known,  investors will once again look to economic
re-acceleration.  Other themes that we expect to do well in 1996 include  global
tourism, consolidation of mature industries,  distribution in America, the aging
of the Baby  Boomer  generation,  and  retailers  serving  rural  or small  town
populations.  In conclusion,  1996 looks to be a potentially good year for small
cap stocks with strong internal dynamics.

      Comparison  of Change in Value of a $10,000  Investment in Jurika & Voyles
Mini-Cap Fund with Lipper Small Company Fund Index and Rus sell 2000 Index

                              PLOTS FOR LINE GRAPH
                                  MINI-CAP FUND

                            J&V        LIPPER SMALL COMP.   RUSSELL 2000
          DATE         MINI-CAP FUND       FUND INDEX          INDEX
          ----         -------------       ----------          -----

        09/30/94          10,000             10,000            10,000
        12/31/94          10,650              9,987             9,814
        03/31/95          11,832             10,547            10,266
        06/30/95          14,147             11,524            11,228
        09/30/95          15,509             12,965            12,338
        12/31/95          16,210             13,125            12,605

      This graph is  furnished to you in  accordance  with SEC  regulations.  It
compares a $10,000  investment  in Jurika & Voyles  Mini-Cap Fund with a similar
investment  in the Lipper  Small  Company  Fund Index and the Russell 2000 Index
from the  inception of the Fund on  September  30, 1994 to the end of the Fund's
semi-annual  period on  December  31,  1995.  For  purposes of the graph and the
Fund's  Annualized Return Since Inception and One Year Total Return, it has been
assumed that all recurring fees  (including  management  fees) were deducted and
all distributions were reinvested.

     Total return of the Fund reflects the fact that all fees and  expenses,  in
excess  of  certain  expense  limits  specified  in  the  investment  management
agreement, have been assumed by Jurika & Voyles, Inc.

      Lipper Small Company Fund Index is an unmanaged,  net asset value weighted
index of 30 mutual funds that invest  primarily  in companies  with small market
capitalization.  Russell 2000 Index is a widely regarded  small-cap index of the
2,000 smallest securities of the Russell 3000 Index which comprises of the 3,000
largest U.S. securities as determined by total market capitalization.

      Each index reflects the reinvestment of income dividends and capital gains
distributions,  if any, but does not reflect  fees,  brokerage  commissions,  or
other expenses of investing. All results are historical.
Past performance is no guarantee of future results.
<PAGE>

                                   PERFORMANCE
                                   -----------


                               Value + Growth Fund

     OBJECTIVE:  Jurika & Voyles  Value + Growth  Fund seeks  long-term  capital
appreciation.  This  Fund  invests  primarily  in the  common  stock of  quality
companies of all market capitalizations that offer current value and significant
future growth potential.

     REVIEW:  Calendar year 1995 was a tremendous  year in the equity markets in
which the DJIA,  S&P 500,  and NASDAQ  composite  indexes  all tested new highs,
although  their  performance  was largely driven by a narrow group of companies.
The Value + Growth Fund returned 28.1% for 1995. While it underperformed the S&P
500,  the Fund  maintained a less  volatile  risk profile over the course of the
year. Although the equity markets were strong, the performance of the underlying
economy was far less exciting.  Gross Domestic Product grew a modest 3%, in line
with  projections,  and our outlook is for similar or slightly  slower growth in
1996.  Given this  stable  but  uninspiring  outlook,  we find it  difficult  to
understand  the prices being paid to own many of the stocks that are driving the
major market indexes ever higher. This is especially true when it is possible to
find  stocks  elsewhere  in the  market,  that we believe  represent  far better
investments.

      As always,  our goal for the Value + Growth  Fund is to create a portfolio
of companies that offer better characteristics for growth, with better financial
health than the broad market,  and that sell at cheaper prices.  We believe that
companies that offer these characteristics represent better businesses at better
prices and will prove to be  superior  investments  over time.  Relative  to the
broad market and especially to the top 25 companies in the S&P 500 that were the
darlings  of Wall  Street in 1995,  the  companies  in the  Value + Growth  Fund
continue  to offer  significantly  better  growth  prospects,  better  financial
strength, and were purchased at competitive prices. Currently, the stocks in the
portfolio have an average  projected  earnings  growth rate of 18% per annum, as
calculated by Jurika & Voyles analysts, and are valued at approximately 11 times
our 1996 earnings estimates. This compares with a projected earnings growth rate
of 9% for the S&P  500,  based  on 3 years of  First  Call  estimates,  which is
currently selling at a P/E ratio of 16.1 times 1996 earnings.

      During  the course of the year,  the Fund held  significant  positions  in
technology,  managed healthcare,  financial services, and specialized industrial
stocks.  Both technology and financial services stocks were strong performers in
the first nine  months of the year,  but  declined  significantly  in the fourth
quarter.  Technology  stocks  were hit  especially  hard,  as the market  became
concerned about a slowdown in the semiconductor cycle. We continue to believe in
technology as a core long-term holding,  but expect that these stocks may remain
volatile in the first half of 1996.

      The current  allocation  of the Value + Growth Fund is 77% in equities and
23% in cash. The high cash position is the result of selling  existing  holdings
as market  valuation  levels have risen,  cash  in-flows  into the fund,  and an
expensive market in which to reinvest the cash.

      Major  sector  weightings  include  technology-related  issues;  including
semiconductors,  networking,  and  telecommunications,  and financial  services;
including  banks and  insurance  companies.  These  concentrations  are more the
result of selecting  individual  companies  that meet our criteria for value and
growth rather than a top-down decision which would emphasize sectors relative to
the benchmark.

      In the fourth quarter we added several new names to the  portfolio.  Three
of the  companies  are  technology  related  as we were able to buy them at very
attractive valuation levels, while Wall Street continued to run from the sector.
The three companies are LSI Logic, Read Rite, and Integrated Device  Technology,
a stock that we held and sold at a profit  earlier in the year.  In order to put
new cash to work, we also increased positions in companies that declined to more
attractive buy prices. Included in this group are six technology holdings - VLSI
Technology,   SGS-Thomson,   National  Semiconductor,   Cyrix  Corporation,  BMC
Software,  MEMC Electronics - all of which became  significantly more attractive
as investors abandoned the technology sector.  Additional purchases were made in
Circuit City, KN Energy, Asia Pulp and Paper, and Apria Healthcare,  which was a
casualty of concern over Medicare spending cuts.

      We sold Compaq and  Newbridge  Networks  during the second half of 1995 to
take profits and to make room for other technology  purchases,  and tendered our
shares  of  Emphasys  Financial  for a nice  gain.  We also  eliminated  Trinity
Industries and Stewart and Stevenson,  both companies which were underperforming
our expectations.  Finally, we reduced positions in Whirlpool, Foundation Health
and Cisco Systems to take some profits and re-balance the portfolio.
<PAGE>
                                  PERFORMANCE
                                  -----------

                              Value + Growth Fund


      OUTLOOK:  As we look forward to 1996, we see signs of economic slowing but
do not believe that the economy is on the verge of a recession.  Most businesses
are  decreasing  their capital  spending,  inventories  are being  controlled in
anticipation of declining  demand,  and corporate profits are not growing at the
rate they did in 1995.  Exports have been strong,  but the strengthening  dollar
and some slowing foreign  economies  indicate reduced demand in the coming year.
Consumer  sentiment  is down and spending  has slowed,  reflecting  an ever more
cautious  consumer.  Overall,  we expect the economy to grow between 2% to 3% in
1996, and corporate profits to be up around 9%.

      In an environment of slow growth and low inflation rates, market valuation
levels  may remain  above  average  for an  extended  period of time.  The large
capitalization  quality  growth  companies  that dominate the market indexes are
already more than fully  valued.  It is beyond the realm of these pricey  giants
that we are finding the best opportunities for value and growth for the Jurika &
Voyles Value + Growth Fund for the new year.

Comparison  of Change in $10,000  Investment  in Jurika & Voyles Value + Grow th
Fund with
                Lipper Growth Fund Index and S&P 500 Index

                              PLOTS FOR LINE GRAPH
                              VALUE + GROWTH FUND

                            J&V        LIPPER SMALL COMP.   RUSSELL 2000
          DATE         MINI-CAP FUND       FUND INDEX          INDEX
          ----         -------------       ----------          -----

        09/30/94          10,000             10,000            10,000
        12/31/94          10,559              9,888             9,926
        03/31/95          11,210             10,603            10,821
        06/30/95          12,843             11,737            11,773
        09/30/95          13,755             12,804            12,630 
        12/31/95          13,525             13,001            13,311



      This graph is  furnished to you in  accordance  with SEC  regulations.  It
compares  a $10,000  investment  in Jurika & Voyles  Value + Growth  Fund with a
similar  investment  in the Lipper  Growth Fund Index and the S&P 500 Index from
the  inception  of the  Fund on  September  30,  1994  to the end of the  Fund's
semi-annual  period on  December  31,  1995.  For  purposes of the graph and the
Fund's  Annualized Return Since Inception and One Year Total Return, it has been
assumed that all recurring fees  (including  management  fees) were deducted and
all distributions were reinvested.

     Total return of the Fund reflects the fact that all fees and  expenses,  in
excess  of  certain  expense  limits  specified  in  the  investment  management
agreement, have been assumed by Jurika & Voyles, Inc.

      Lipper Growth Fund Index is an unmanaged,  net asset value  weighted index
of  30  mutual   funds  that  invest   primarily  in  companies  of  all  market
capitalization with potential for growth. S&P 500 Index contains 500 industrial,
transportation,   utility  and   financial   companies   regarded  as  generally
representative of the U.S. stock market.

      Each index reflects the reinvestment of income dividends and capital gains
distributions,  if any, but does not reflect  fees,  brokerage  commissions,  or
other expenses of investing. All results are historical.
Past performance is no guarantee of future results.

<PAGE>
                                   PERFORMANCE
                                   -----------

                                  Balanced Fund

      OBJECTIVE: Jurika & Voyles Balanced Fund seeks to provide investors with a
balance of long-term capital  appreciation and current income.  The Fund invests
primarily  in  a  diversified   portfolio  that  combines   stocks,   bonds  and
cash-equivalent securities.

      REVIEW:  The total return of the Balanced  Fund for the 1995 calendar year
was 25.4%,  slightly above the Lipper  Balanced Fund Index.  The equity and bond
markets did well, with the bond market reacting favorably to a year of declining
interest rates. Although the stock and bond markets were strong, the performance
of the underlying  economy was far less exciting.  Gross Domestic Product grew a
modest 3%, in line with projections,  and our outlook is for similar or slightly
slower growth in 1996.  Given this stable but  uninspiring  outlook,  we find it
difficult to understand the prices being paid to own many of the stocks that are
driving the major market indexes ever higher. This is especially true when it is
possible to find stocks elsewhere in the market,  that we believe  represent far
better investments.

      As always,  our goal for the  Balanced  Fund is to create a  portfolio  of
companies  that  offer  moderate  growth  with  income.  We do this  by  finding
companies that have better  characteristics  for growth,  with better  financial
health than the broad market;  and that sell at cheaper prices.  We believe that
companies that offer these characteristics represent better businesses at better
prices and will prove to be  superior  investments  over time.  Relative  to the
broad market and especially to the top 25 companies in the S&P 500 that were the
darlings of Wall Street in 1995,  the companies in the Balanced Fund continue to
offer significantly better growth prospects, better financial strength, and were
purchased at competitive prices.  Currently, the stocks in the portfolio have an
average projected  earnings growth rate of 18%, as calculated by Jurika & Voyles
analysts,  and are valued at approximately 11 times our 1996 earnings estimates.
This compares with a projected earnings growth rate of 9% for the S&P 500, based
on 3 years of First Call estimates, which is currently selling at a P/E ratio of
16.1 times 1996 earnings.

      During  the  course  of the  year,  the  Balanced  Fund  held  significant
positions in technology, managed healthcare, financial services, and specialized
industrial  stocks.  Both  technology  and financial  service stocks were strong
performers in the first nine months of the year, but declined  significantly  in
the fourth quarter.  Technology  stocks were hit especially  hard, as the market
became  concerned  about a slowdown in the  semiconductor  cycle. We continue to
believe in  technology  as a core  long-term  allocation,  but expect that these
stocks may remain volatile in the first half of 1996.

      Major  equity  sector  weightings   include   technology-related   issues;
including  semiconductors,  networking,  and  telecommunications,  and financial
services; including banks and insurance companies. These concentrations are more
the result of selecting  individual  companies  that meet our criteria for value
and growth  rather  than a  top-down  decision  which  would  emphasize  sectors
relative to their benchmarks.

      In the fourth quarter we added several new names to the  portfolio.  Three
of the  companies  are  technology  related and we were able to buy them at very
attractive valuation levels, while Wall Street continued to run from the sector.
The three companies are LSI Logic, Read Rite, and Integrated Device  Technology,
a stock that we held and sold at a profit  earlier in the year.  In order to put
new cash to work, we also increased positions in companies that declined to more
attractive buy prices. Included in this group are six technology holdings - VLSI
Technology,   SGS-Thomson,   National  Semiconductor,   Cyrix  Corporation,  BMC
Software,  MEMC Electronics - all of which became  significantly more attractive
as investors abandoned the technology sector.  Additional purchases were made in
Circuit City, KN Energy, Asia Pulp and Paper, and Apria Healthcare,  which was a
casualty of concern over Medicare spending cuts.

      We sold Compaq and  Newbridge  Networks  during the second half of 1995 to
take profits and to make room for other technology  purchases,  and tendered our
shares  of  Emphasys  Financial  for a nice  gain.  We also  eliminated  Trinity
Industries and Stewart and Stevenson,  both companies which were underperforming
our expectations.  Finally, we reduced positions in Whirlpool, Foundation Health
and Cisco Systems to take some profits and rebalance the portfolio.
<PAGE>
                                  PERFORMANCE
                                  -----------

                                 Balanced Fund

      OUTLOOK:  As we look forward to 1996, we see signs of economic slowing but
do not believe that the economy is on the verge of a recession.  Most businesses
are  decreasing  their capital  spending,  inventories  are being  controlled in
anticipation of declining  demand,  and corporate profits are not growing at the
rate they did in 1995.  Exports have been strong,  but the strengthening  dollar
and some slowing foreign  economies  indicate reduced demand in the coming year.
Consumer  sentiment  is down and spending  has slowed,  reflecting  an ever more
cautious  consumer.  Overall,  we expect the economy to grow between 2% to 3% in
1996, and corporate profits to be up around 9%.

      In an environment of slow growth and low inflation rates, market valuation
levels  may remain  above  average  for an  extended  period of time.  The large
capitalization  quality  growth  companies  that dominate the market indexes are
already more than fully valued. We continue to search elsewhere in the market to
find stocks that we believe  represent  better value for the Balanced  Fund.  In
this  environment,  bond yields  should stay near their present  levels.  In the
Balanced Fund, we will maintain the slightly longer  maturity  structure that we
established  earlier in 1995.  This is consistent with our outlook for a slowing
economy,  low inflation,  and reduced demand for credit. We are also focusing on
maximizing  the current  yield and will  therefore  continue  to stress  current
income and seek undervalued credits in the fixed income portion of the Fund.

Comparison  of  Change  in Value of a  $10,000  Investment  in Jurika & Voyles B
alanced Fund and Lipper  Balanced  Fund Index and Lehman  Brothers  Intermediate
Gov't/Corp. Bond Index

                              PLOTS FOR LINE GRAPH
                                 BALANCED FUND

                            J&V        LIPPER SMALL COMP.   RUSSELL 2000
          DATE         MINI-CAP FUND       FUND INDEX          INDEX    
          ----         -------------       ----------          -----    
                                                                        
        03/09/92          10,000             10,000            10,000   
        06/30/92          10,162             10,160            10,247   
        09/30/92          10,720             10,483            10,857   
        12/31/92          11,547             10,853            10,819   
        03/31/93          12,118             11,352            11,249   
        06/30/93          12,333             11,565            11,491   
        09/30/93          13,060             11,980            11,751   
        12/31/93          13,512             12,123            11,793   
        03/31/94          13,330             11,733            11,554   
        06/30/94          13,216             11,637            11,485   
        09/30/94          13,544             11,968            11,579   
        12/31/94          13,216             11,821            11,566
        03/31/95          14,142             12,533            12,073   
        06/30/95          15,573             13,408            12,675   
        09/30/95          16,480             14,130            12,884   
        12/31/95          16,574             14,728            13,336   
        

      This graph is  furnished to you in  accordance  with SEC  regulations.  It
compares a $10,000  investment  in Jurika & Voyles  Balanced Fund with a similar
investment  in  the  Lipper   Balanced  Fund  Index  and  the  Lehman   Brothers
Intermediate  Government/Corporate  Bond Index from the inception of the Fund on
March 9, 1992 to the end of the Fund's  semi-annual period on December 31, 1995.
For purposes of the graph and the Fund's Annualized Total Return Since Inception
and the One Year Total  Return,  it has been  assumed  that all  recurring  fees
(including management fees) were deducted and all distributions were reinvested.

     Total returns of the Fund reflect the fact that all fees and  expenses,  in
excess  of  certain  expense  limits  specified  in  the  investment  management
agreement, have been assumed by Jurika & Voyles, Inc.

      Lipper Balanced Fund Index is an unmanaged, net asset value weighted index
of  30   largest   balanced   mutual   funds.   Lehman   Brothers   Intermediate
Government/Corporate Bond Index is an unmanaged market-weighted index consisting
of  all  public   obligations   of  the  U.S.   Government,   its  agencies  and
instrumentalities  and all  corporate  issuers of fixed  rate,  non-convertible,
investment grade U.S. dollar denominated bonds having maturities of greater than
one year. It is generally  regarded as representative of the market for domestic
bonds.

      Each index reflects the reinvestment of income dividends and capital gains
distributions,  if any, but does not reflect  fees,  brokerage  commissions,  or
other expenses of investing. All results are historical.
Past performance is no guarantee of future results.
<PAGE>
                             SCHEDULE OF INVESTMENTS
                                December 31, 1995

                                   (Unaudited)

                                  Mini-Cap Fund


                                                Number of      
Descriptions                                     Shares         Value
- ------------                                     ------         -----
COMMON STOCKS - 92.76%
CONSUMER
Agriculture - 0.89%
Delta & Pine Co. .............................   5,333         $196,000
                                                               --------


Consumer Products - 4.55%
*Gucci Group N V .............................   5,000          194,375
*Motorcar Parts & Accessories, Inc. ..........  10,000          131,250
*Recoton Corp. ...............................   5,000           93,750
*Renters Choice, Inc. ........................  10,000          137,500
 Rival Co. ...................................  20,000          442,500
                                                                -------
                                                                999,375
                                                                -------
Consumer-Misc. - 2.76%
*Custom Chrome, Inc. .........................   8,000          185,000
 Ekco Group, Inc. ............................  10,000           58,750
*Ethan Allen Interiors, Inc. .................  10,000          203,750
*Juno Lighting, Inc. .........................  10,000          160,000
                                                                -------
                                                                607,500
                                                                -------
Entertainment - 0.96%
*Jackpot Enterprises, Inc. ...................   5,000           58,125
*Movie Gallery, Inc. .........................   5,000          152,500
                                                                -------
                                                                210,625
                                                                -------


Food & Beverage - 2.78%
*Celestial Seasonings, Inc. ..................  10,000          187,500
*Dave & Busters, Inc. ........................  12,000          145,500
*Hart Brewing, Inc. ..........................   1,000           15,250
*Petes Brewing Co. ...........................   3,000           42,000
*Showbiz Pizza Time, Inc. ....................  10,000          121,250
*Taco Cabana, Inc. ...........................  20,000          100,000
                                                                -------
                                                                611,500
                                                                -------


Leisure - 2.52%
*Hammons John Q Hotels, Inc. .................  10,000       $   92,500
*Morrow Snowboards, Inc. .....................   5,000           81,250
 Polaris Industries, Inc. ....................   7,000          205,625
*Red Lion Hotels, Inc. .......................  10,000          175,000
                                                                -------
                                                                554,375
                                                                -------
Merchandising - 10.85%
*Central Garden & Pet Co. ....................  10,000           95,000
*Central Tractor Farm & Country, Inc. ........  23,000          235,750
*Gadzooks, Inc. ..............................   9,000          227,250
*MacFrugals Bargains Close Outs ..............  13,000          182,000
*Michaels Stores, Inc. .......................  10,000          137,500
*National-
 Orchard Supply Hardware .....................  12,000          247,500
*Petco Animal Supplies, Inc. .................   4,000          117,000
*Pier 1 Imports, Inc. ........................  15,000          170,625
*Proffitts, Inc. .............................  10,000          262,500
 Shopko Stores, Inc. .........................  15,000          168,750
*Whole Foods Market, Inc. ....................  12,000          166,500
                                                              ---------
                                                              2,385,375
                                                              ---------

Sports Equipment - 1.08%
*Cannondale Corp. ............................  15,000          238,125
                                                              ---------
 TOTAL CONSUMER ..............................                5,606,875
                                                              ---------
FINANCIAL
Banks - 0.88%
 First Securities Corp. ......................   5,000          192,500
                                                                -------
Financial-Misc. - 0.87%
 Lawyers Title Corp. .........................  10,000          191,250
                                                                -------

                     See notes to the financial statements.
<PAGE>
                             SCHEDULE OF INVESTMENTS
                                December 31, 1995

                                   (Unaudited)

                                  Mini-Cap Fund


                                                Number of      
Descriptions                                     Shares          Value
- ------------                                     ------          -----

Financial Services - 1.77%
*Barra, Inc. .................................  11,000       $  187,000
 Franklin Resources, Inc. ....................   4,000          201,500
                                                                -------
                                                                388,500
                                                                -------
Insurance-Misc. - 2.25%
 Executive Risk, Inc. ........................   7,000          203,000
*GCR Holdings Ltd. ...........................  13,000          292,500
                                                                -------
                                                                495,500
                                                                -------
Life & Annuity Insurance - 2.58%
 Pioneer Financial Services, Inc. ............  10,000          185,000
 Vesta Insurance Group, Inc. .................   7,000          381,500
                                                                -------
                                                                566,500
                                                                -------
Real Estate Investment - 0.66%
 Redwood Trust, Inc. .........................   8,000          146,000
                                                              ---------
 TOTAL FINANCIAL .............................                1,980,250
                                                              ---------


HEALTHCARE
Medical Supplies - 0.94
*Quest Medical, Inc. .........................  10,000          103,750
*Safeskin Corp. ..............................   6,000          102,000
                                                                -------
                                                                205,750
                                                                -------

Healthcare Services - 5.58%
*Amrion, Inc. ................................  13,000          134,875
*Apria Healthcare Group, Inc. ................   7,000          197,750
*Dura Pharmaceuticals, Inc. ..................   7,000          243,250
*Foundation Health Corp. .....................   5,000          215,000
*Mid-Atlantic Medical Services, Inc. .........   8,000          194,000
*Synaptic Pharmaceutical Corp. ...............   5,000           66,250
*Vivra, Inc. .................................   7,000          175,875
                                                              ---------
                                                              1,227,000
                                                              ---------

 TOTAL HEALTHCARE ............................               $1,432,750
                                                             ----------

INDUSTRIAL
Automobiles & Parts - 1.82%
*APS Holding Corp. ...........................  10,000          225,000
*Tower Automotive, Inc. ......................  10,000          175,000
                                                                -------
                                                                400,000
                                                                -------


Building Materials - 9.17%
Building Materials (Continued)
*BMC West Corp. ..............................   8,000          118,000
*Belmont Homes, Inc. .........................  12,000          217,500
*Centex Construction Products, Inc. ..........  14,000          201,250
*D.R. Horton, Inc. ...........................  10,000          117,500
 Granite Construction, Inc. ..................   9,000          283,500
*Martin Marietta Materials, Inc. .............   6,000          123,750
*NCI Building Systems, Inc. ..................  14,000          346,500
*Redman Industries-New .......................   6,000          202,500
*U S Home Corp-New ...........................   7,000          203,875
 Webb Del Corp. ..............................  10,000          201,250
                                                              ---------
                                                              2,015,625
                                                              ---------


Industrial-Misc. - 2.52%
 BMC Industries, Inc. ........................  10,000          232,500
*Gardner Denver Machinery, Inc. ..............   7,000          133,000
*Smith International, Inc. ...................   8,000          188,000
                                                                -------
                                                                553,500
                                                                -------

                     See notes to the financial statements.
<PAGE>

                             SCHEDULE OF INVESTMENTS
                                December 31, 1995

                                   (Unaudited)

                                  Mini-Cap Fund


                                                Number of      
Descriptions                                     Shares          Value
- ------------                                     ------          -----
Manufacturing - 7.26%
*ABC Rail Products Corp. .....................   8,000       $  177,000
*Alltrista Corp. .............................  10,000          180,000
*Furon Co. ...................................  10,000          200,000
 Greenfield Industries, Inc. .................   8,000          250,000
*Holophane Corp. .............................  12,000          261,000
*Kulicke & Soffa Industries, Inc. ............   5,000          116,250
*Northwest Pipe Co. ..........................  15,000          164,765
*Seda Specialty Packaging Corp. ..............  20,000          247,500
                                                              ---------
                                                              1,596,515
                                                              ---------
Metals - 0.87%
 Quanex Corp. ................................   4,000           77,500
*Webco Industries, Inc. ......................  20,000          113,750
                                                                -------
                                                                191,250
                                                                -------
Transportation - 0.96%
*Railtex, Inc. ...............................  10,000          210,000
                                                              ---------
 TOTAL INDUSTRIAL ............................                4,966,890
                                                              ---------

NATURAL RESOURCES
Mining & Metals - 1.58%
*Pittston Minerals Group .....................  10,000          138,750
*Zeigler Coal Holding, Co. ...................  15,000          208,125
                                                                -------
                                                                346,875
                                                                -------
Oil & Gas Companies - 1.82%
*Benton Oil & Gas Co. ........................  12,000          180,000
*Brown Tom, Inc. .............................  15,000          219,375
                                                                -------
                                                                399,375
                                                                -------
Oil Services - 4.98%
*Core Laboratories NV ........................  10,000       $  120,000
*Dreco Energy Services Ltd. ..................  11,000          195,250
*Pride Pete Services, Inc. ...................  15,000          159,375
*Seitel, Inc. ................................   6,000          212,250
*Tuboscope Vetco International Corp. .........  40,000          227,500
*Varco International, Inc. ...................  15,000          180,000
                                                              ---------
                                                              1,094,375
                                                              ---------
Oil/Gas - 0.67%
*Barrett Resources Corp. .....................   5,000          146,875
                                                              ---------

 TOTAL NATURAL RESOURCES .....................                1,987,500
                                                              ---------

TECHNOLOGY
Business Products & Services - 0.79%
*Devon Group, Inc. - New .....................   6,000          174,375
                                                                -------
Computer Hardware - 1.33%
*Exabyte Corp. ...............................  20,000          292,500
                                                                -------
Computer Software - 5.54%
*Ciber, Inc. .................................   6,000          140,250
*Davidson & Associates, Inc. .................  10,000          220,000
*Expert Software, Inc. .......................  10,000          140,000
*Global Village Communications ...............   5,000           96,875
*Intersolv, Inc. .............................  15,000          193,125
*Premenos Technology Corp. ...................   5,000          131,875
*Softkey International, Inc. .................   5,000          115,625
*Vaughns, Inc. ...............................  20,000          180,000
                                                              ---------
                                                              1,217,750
                                                              ---------
                     See notes to the financial statements.
<PAGE>
                             SCHEDULE OF INVESTMENTS
                                December 31, 1995

                                   (Unaudited)

                                  Mini-Cap Fund


   
                                                Number of      
Descriptions                                     Shares           Value
- ------------                                     ------           -----
Electronics - 2.81%
*Cerplex Group, Inc. ........................   25,000      $    193,750
*Richey Electronics, Inc. ...................   15,000           195,000
*Zytec Corp. ................................   20,000           230,000
                                                                 -------
                                                                 618,750
                                                                 -------


Networking - 0.18%
*Network Appliance, Inc. ....................    1,000            40,125
                                                                  ------
Semiconductors - 2.92%
*Burr Brown .................................    5,000           127,500
*MEMC Electr Materials, Inc. ................    6,000           195,750
*Semitool, Inc. .............................   10,000           130,000
*Trident Microsystems, Inc. .................    8,000           188,000
                                                                 -------
                                                                 641,250
                                                                 -------
Service - 1.98%
*Brightpoint, Inc. ..........................   10,000           141,250
*Control Data Systems, Inc. .................   15,000           294,375
                                                                 -------
                                                                 435,625
                                                                 -------

Technology Misc. - 2.48%
*Aetrium, Inc. ..............................    8,000           160,000
*CP Clare Corp. .............................   10,000           205,000
*Diamond Multimedia Systems, Inc. ...........    5,000           179,375
                                                                 -------
                                                                 544,375
                                                                 -------
Telecommunication - 1.16%
*Cidco, Inc. ................................   10,000           255,000
                                                               ---------
 TOTAL TECHNOLOGY ...........................                  4,219,750
                                                               ---------


 TOTAL COMMON STOCKS ........................                 20,390,015
(Cost $18,353,147)                                            ----------


AGENCY OBLIGATION - 3.42%
 Federal Home Loan Bank 
5.670%, 01/02/96 
(Cost $749,882) .............................  $750,000    $    753,882


REPURCHASE AGREEMENT - 3.87%
 State Street Bank & Trust 
  Co. $851,000 at 2.25% 
(Agreement dated 12/29/95;
 to be repurchased at
$851,053 on 01/02/96; 
collateralized by U.S. 
Treasury Notes due 9/30/97)
(Value $862,219) (Cost $851,000)............  851,000           851,000


 TOTAL INVESTMENTS - 100.05% 
(Cost $19,954,029) .........................                 21,994,897
                                                             ----------

Liabilities in Excess of Cash and 
Other Assets - (0.05%) .....................                    (10,394)
                                                                ------- 

NET ASSETS - 100% .........................                $ 21,984,503
                                                           ------------

- ----------------------------------------
*Indicates non-income producing security


                     See notes to the financial statements.
<PAGE>
                             SCHEDULE OF INVESTMENTS
                                December 31, 1995
                                   (Unaudited)

                               Value + Growth Fund

                                                Number of         Market
Descriptions                                     Shares           Value
- ------------                                     ------           -----

COMMON STOCKS - 76.60%
CONSUMER
Consumer Products - 4.52%
*Gucci Group N V ...........................     5,000       $  194,375
 Premark International, Inc. ...............     6,200          313,875
 Rival Co. .................................     4,000           88,500
 Whirlpool Corp. ...........................     2,500          133,125
                                                                -------
                                                                729,875
                                                                -------
Merchandising - 4.67%
*MacFrugals Bargains Close Outs ............    20,000          280,000
 Circuit City Stores, Inc. .................     5,200          143,650
 Dayton Hudson Corp. .......................     4,400          330,000
                                                              ---------
                                                                753,650
                                                              ---------
 TOTAL CONSUMER ............................                  1,483,525
                                                              ---------

FINANCIAL
Banks - 6.23%
 Chemical Banking Corp. ....................     6,100         358,375
 Citicorp ..................................     4,900         329,525
 Roosevelt Financial Group, Inc. ...........     5,600         108,500
 Washington Mutual, Inc. ...................     7,300         210,788
                                                             ---------
                                                             1,007,188
                                                             ---------
Financial-Misc. - 1.87%
 Prudential Reins Holdings, Inc. ...........    12,900         301,537
                                                               -------


Financial Services - 2.65%

 Advanta Corp. .............................     7,500         272,813
*Donaldson Lufkin + Jenrette, Inc. .........     5,000         156,250
                                                               -------
                                                               429,063
                                                               -------
Life & Annuity Insurance - 2.38%

 Protective Life Corp. .....................     3,600      $  112,500
 Vesta Insurance Group, Inc. ...............     5,000         272,500
                                                             ---------
                                                               385,000
                                                             ---------
TOTAL FINANCIAL ............................                 2,122,788
                                                             ---------

HEALTHCARE
Healthcare Services - 12.50%
Healthcare Services (Continued)
*Apria Healthcare Group, Inc. ...............   17,000         480,250
 Caremark International, Inc. ...............   17,200         311,750
*Foundation Health Corp. ....................    8,900         382,700
*Living Centers of America, Inc. ............   10,500         367,500
*Mid-Atlantic Medical Services, Inc. ........   17,100         414,675
*Wellpoint Health Networks, Inc. ............    2,000          64,250
                                                             ---------
 TOTAL HEALTHCARE ...........................                2,021,125
                                                             ---------
INDUSTRIAL
Automobiles & Parts - 0.28%
Automobiles & Parts (Continued)
 Stant Corp. ...............................     4,700          45,825
                                                                ------


Building Materials - 0.21%
Building Materials (Continued)
*ABT Building Products Corp. ...............     2,400          34,200
                                                                ------


Chemicals - 2.94%
Chemicals (Continued)
 Morton International, Inc. Industries .....    11,200         401,800
 OM Group, Inc. ............................     2,200          72,875
                                                               -------
                                                               474,675
                                                               -------
Industrial-Misc. - 1.95%
Industrial-Misc. (Continued)
 Augat, Inc. ...............................    13,000         222,625
 Reliastar Financial Corp. .................     2,100          93,188
                                                               -------
                                                               315,813
                                                               -------
                     See notes to the financial statements.
<PAGE>
                             SCHEDULE OF INVESTMENTS
                                December 31, 1995
                                   (Unaudited)

                               Value + Growth Fund

                                                Number of     Market 
Descriptions                                     Shares       Value
- ------------                                     ------       -----

Metals - 0.47%
Metals (Continued)
 Quanex Corp. ................................   3,900       $ 75,562
                                                             --------
 TOTAL INDUSTRIAL ............................                946,075
                                                             --------
NATURAL RESOURCES
Forest Products - 1.79%
Forest Products (Continued)
*Asia Pulp & Paper Ltd. ......................  35,700        290,063
                                                              -------
Oil & Gas Companies - 1.01%
Oil & Gas Companies (Continued)
 K N Energy, Inc. ............................   5,600        163,100
                                                              -------
Oil Services - 1.56%
Oil Services (Continued)
*Nabors Industries, Inc. .....................   7,100         78,988
*Offshore Logistics, Inc. ....................   9,700        122,462
*Weatherford Enterra, Inc. ...................   1,750         50,531
                                                              -------
                                                              251,981
                                                              -------

 TOTAL NATURAL RESOURCES .....................                705,144
                                                              -------

TECHNOLOGY
Computer Hardware - 5.96%
Computer Hardware (Continued)
*Amdahl Corp. ................................  29,100        247,350
*E M C Corp. Mass ............................  21,500        330,563
*Read Rite Corp. .............................   6,500        151,125
*Tandem Computers, Inc. ......................  22,000        233,750
                                                              -------
                                                              962,788
                                                              -------


Computer Software - 5.15%
Computer Software (Continued)
*BMC Software, Inc. ..........................  10,100        431,775
*Maxis, Inc. .................................   5,000        190,000
*Premenos Technology Corp. ...................   8,000        211,000
                                                              -------
                                                              832,775
                                                              -------
Networking - 0.83%
Networking (Continued)
*Cisco Systems, Inc. .........................   1,800        134,325
                                                              -------
Semiconductors - 17.39%
Semiconductors (Continued)
*Cyrix Corp. .................................   9,800     $  225,400
 Dallas Semiconductor Corp. ..................  10,200        211,650
*Integrated Device Technology ................  18,800        242,050
 Intel Corp. .................................   4,800        272,400
*LSI Logic Corp. .............................   4,700        153,925
*MEMC Electrical Materials, Inc. .............  12,900        420,862
*National Semiconductor Corp. ................  20,900        465,025
*SGS Thomson Microelectronics ................  10,300        414,575
*VLSI Technology, Inc. .......................  22,300        404,188
                                                            ---------
                                                            2,810,075
                                                            ---------
Telecommunication - 2.24%
Telecommunication (Continued)
 ECI Telecommunications Ltd. ................. 15,900         362,718
                                                             --------
 TOTAL TECHNOLOGY ............................              5,102,681
                                                            ---------

 TOTAL COMMON STOCKS (Cost $11,519,435) ......             12,381,338
                                                           ----------


                                                             Par Value
                                                             ---------
AGENCY OBLIGATIONS - 12.75%
Federal National Mortgage Association
Federal National Mortgage Association (Continued)
 5.650%, 01/08/96 .........................$1,250,000       1,248,627
 5.550%, 01/19/96 ..........................  815,000         812,738
                                                              -------



 TOTAL AGENCY OBLIGATIONS                 
(Cost $2,061,365) ..........................                2,061,365
                                                            ---------

                     See notes to the financial statements.
<PAGE>
                            Schedule of Investments
                               December 31, 1995
                                  (Unaudited)

                              Value + Growth Fund

                                                     
Descriptions                                   Par Value       Value
- ------------                                   ----------      -----
U.S. TREASURY OBLIGATIONS - 4.22%
 U.S. Treasury Bills
 4.700%, 01/25/96 
(Cost $682,854)..........................   $  685,000   $    682,854
                                                         ------------

REPURCHASE AGREEMENT - 7.33%
 State Street Bank & Trust 
 Co. $1,184,000 at 4.25% 
 (Agreement dated 12/29/95; 
 to be repurchased at                      
 $1,184,140 on 01/02/96; 
 collateralized by U.S. 
 Treasury Notes due 9/30/97) 
 (Value $1,202,034)
 (Cost $1,184,000) ..................        1,184,000      1,184,000
                                                         ------------

 TOTAL INVESTMENTS - 100.90% 
(Cost $15,447,653) ..................                    $ 16,309,557
                                                         ------------
Liabilities in Excess of 
Cash and Other Assets - (0.90%)......                        (146,508)
                                                         ------------
NET ASSETS - 100% ...................                    $ 16,163,049
                                                         ============
                                                         

                     See notes to the financial statements.
<PAGE>

                             SCHEDULE OF INVESTMENTS
                                December 31, 1995
                                   (Unaudited)

                                  Balanced Fund


Descriptions                                 Par Value       Value
- ------------                                 ----------      ------
CORPORATE BONDS - 14.34%
Entertainment - 4.44%
 Time Warner, Inc.                                      
7.750%, 06/15/05 ........................   $  800,000       $832,824
 Viacom International, Inc.                  
10.250%, 09/15/01 .......................    1,000,000      1,150,000
                                                         ------------
                                                            1,982,824
                                                         ============

Finance & Banking - 1.28%
 Associates Corp. North American                         
 7.950%, 02/15/10 .......................      500,000        569,035
                                                         ------------

Forest Products - 1.10%
 Applied International Finance Company B V               
11.750%, 10/10/05 .......................      500,000        490,000
                                                         ------------

Industrial - 2.72%
 McDonnell Douglas Financial Corp.                       
8.400%, 04/11/00 ........................      600,000        648,990
 Browning Ferris Industries, Inc.                        
7.875%, 03/15/05 ........................      500,000        562,825
                                                         ------------
                                                            1,211,815
                                                         ------------

Natural Resources - 3.25%
 Boise Cascade Corp.                                     
  9.900%, 03/15/00 ......................      300,000        333,495
 Indah Kiat International 
 Finance Company B V            
  11.375%, 06/15/99 .....................      500,000        512,500
 Domtar, Inc.                                            
  11.750%, 03/15/99 .....................      300,000        336,000
 Coastal Corp.                                           
  11.750%, 06/15/06 .....................      250,000        265,885
                                                         ------------
                                                            1,447,880
                                                         ------------

Technology - 1.25%
 Xerox Corp.                                            
  9.200%, 07/15/99 ......................     $545,000       $556,641
                                                         ------------
Utilities - 0.30%
 Arkansas Power & Light Co.                              
  10.00%, 02/01/20 ......................      125,000        134,240
                                                         ------------

 TOTAL CORPORATE BONDS                                           
  (Cost $6,122,183) .....................                   6,392,435
                                                         ------------


                                             Number of   
                                              Shares
                                            ----------
COMMON STOCKS - 57.83%
CONSUMER
Consumer Products - 2.58%
 Premark International, Inc. ............       12,100        612,562
 Rival Co. ..............................       10,700        236,738
 Whirlpool Corp. ........................        5,600        298,200
                                                         ------------
                                                            1,147,500
                                                         ------------

Merchandising - 2.72%
 Circuit City Stores, Inc.                      20,700        571,838
 Dayton Hudson Corp.                             8,500        637,500
                                                         ------------
                                                            1,209,338
                                                         ------------
 TOTAL CONSUMER .........................                   2,356,838
                                                         ------------
FINANCIAL
Banks - 7.25%
 Chemical Banking Corp. .................       15,900        934,125
 Citicorp ...............................       12,500        840,625
 Roosevelt Financial Group, Inc. ........       32,900        637,437
 Washington Mutual, Inc. ................       28,300        817,163
                                                         ------------
                                                            3,229,350
                                                         ------------

                     See notes to the financial statements.
<PAGE>
                             SCHEDULE OF INVESTMENTS
                                December 31, 1995

                                   (Unaudited)

                                 Balanced Fund

                                            Number of
Description                                   Shares          Value
- -----------                                   ------          -----


Financial-Misc. - 1.52%
 Prudential Reinsurance Holdings, Inc.          28,900     $  675,538
                                                           ----------

Financial Services - 1.05%
 Advanta Corp. ...........................      12,800        465,600
                                                              -------
Insurance-Misc. - 2.58%
 Exel Ltd. ...............................       4,600        280,600
 Vesta Insurance Group, Inc. .............      15,900        866,550
                                                            ---------
                                                            1,147,150
                                                            ---------

Life & Annuity Insurance - 1.94%
 Protective Life Corp. ...................      12,600        393,750
 Reliastar Financial Corp. ...............      10,600        470,375
                                                              -------
                                                              864,125
                                                              -------
Real Estate Investment - 1.12%
 General Growth Propertys, Inc. ..........      10,700        222,025
 JP Realty, Inc. .........................      12,700        277,813
                                                              -------
                                                              499,838
                                                              -------

 TOTAL FINANCIAL .........................                  6,881,601

HEALTHCARE
Healthcare Services - 7.26%
*Apria Healthcare Group, Inc. ............      22,200        627,150
 Caremark International, Inc. ............      29,800        540,125
*Foundation Health Corp. .................      20,000        860,000
*Living Centers of America, Inc. .........      10,800        378,000
*Mid-Atlantic Medical Services, Inc.......      34,300        831,775
                                                            ---------
 TOTAL HEALTHCARE ........................                  3,237,050
                                                            ---------

INDUSTRIAL
Automobiles & Parts - 0.48%
 Stant Corp. ...............................    22,100       $215,475
                                                             --------
Building Materials - 0.47%
*ABT Building Products Corp. ...............    14,800        210,900
Chemicals - 1.87%
 Morton International Inc. Industries ......    15,300        548,888
 OM Group, Inc. ............................     8,600        284,875
                                                              -------
                                                              833,763
                                                              -------

Industrial-Misc. - 1.59%
 Augat, Inc. ...............................    26,700        457,238
*Elsag Bailey Process Auto NV ..............     9,400        252,625
                                                              -------
                                                              709,863
                                                              -------
Manufacturing - 0.79%
 Greenfield Industries Inc. ................    11,300        353,125
                                                              -------
Metals - 0.48%
 Quanex Corp. ..............................    11,100        215,062
                                                            ---------
 TOTAL INDUSTRIAL ..........................                2,538,188
                                                            ---------

NATURAL RESOURCES
Forest Products - 1.30%
*Asia Pulp + Paper Ltd. ....................   71,400        580,124
                                                             -------
Oil & Gas Companies - 1.48%
 K N Energy, Inc. ..........................   10,500        305,813
 Vastar Resources, Inc. ....................   11,100        352,425
                                                             -------
                                                             658,238
                                                             -------
                     See notes to the financial statements.
<PAGE>

                             SCHEDULE OF INVESTMENTS
                                December 31, 1995

                                   (Unaudited)

                                  Balanced Fund

                                            Number of
Description                                   Shares             Value
- -----------                                   ------             -----

Oil Services - 1.69%
*Nabors Industries, Inc. ..................     19,800       $  220,275
*Offshore Logistics, Inc. .................     16,800          212,100
*Weatherford Enterra, Inc. ................     11,150          321,956
                                                                -------
                                                                754,331
                                                                -------

 TOTAL NATURAL RESOURCES ..................                   1,992,693
                                                              ---------

TECHNOLOGY
Computer Hardware - 3.38%
*Amdahl Corp. .............................    44,200           375,700
*Cyrix Corp. ..............................     8,800           202,400
*E M C Corp. Mass .........................    41,700           641,138
*Read Rite Corp. ..........................    12,300           285,975
                                                              ---------
                                                              1,505,213
                                                              ---------
Computer Software - 2.85%
*BMC Software, Inc. .......................    22,900           978,975
*Tandem Computers, Inc. ...................    27,600           293,250
                                                              ---------
                                                              1,272,225
                                                              ---------
Technology-Misc. - 0.53%
*Cronos Group N V .........................    20,000           235,000
                                                              ---------
Networking - 0.65%
*Cisco Systems, Inc. ......................     3,900           291,037
                                                              ---------
Semiconductors - 10.60%
 Dallas Semiconductor Corp. ...............    15,500        $  321,625
*Integrated Device Technology .............    26,800           345,050
 Intel Corp. ..............................    12,200           692,350
*LSI Logic Corp. ..........................     9,100           298,025
*MEMC Electronic Materials, Inc. ..........    11,400           371,925
*National Semiconductor Corp. .............    41,600           925,600
*SGS Thomson Microelectronics .............    26,000         1,046,500
*VLSI Technology, Inc. ....................    39,900           723,188
                                                              ---------
                                                              4,724,263
                                                              ---------
Telecommunication - 1.65%
 ECI Telecom Ltd. .........................    32,200           734,562
                                                             ----------
 TOTAL TECHNOLOGY .........................                   8,762,300
                                                             ----------
TOTAL COMMON STOCKS (Cost $21,469,239).....                  25,768,670
                                                             ----------

                                                       Par Value
                                                       ---------
AGENCY OBLIGATIONS - 16.65%
Federal Home Loan
Bank - 0.68%
 6.000, 04/21/97 ...........................  300,000          301,500
                                                               -------
Federal Home Loan
Bank Discount Notes - 2.18%
 5.650%, 01/03/96 ..........................  970,000          969,696
                                                               -------

                     See notes to the financial statements.
<PAGE>
                             SCHEDULE OF INVESTMENTS
                                December 31, 1995

                                   (Unaudited)

                                  Balanced Fund

Description                                  Par Value         Value
- -----------                                  ---------         -----
Federal Home Loan Mortgage
Corp. ("CMO's") - 5.12%
 1.049%, 04/15/08 ......................    $12,650,766     $  280,689
 2.934%, 05/15/08 ......................      7,843,709        306,395
 3.325%, 06/25/23 ......................      4,526,172        287,129
 6.500%, 09/15/08 ......................      1,819,213        256,395
 3.175%, 10/15/21 ......................      8,276,451        444,859
 6.000%, 04/15/06 ......................      4,772,904        466,850
 0.250%, 04/25/24 ......................     42,800,262        240,751
                                                            ----------
                                                             2,283,068
                                                            ----------
Federal Home Loan Mortgage Corp. .......
Discount Notes - 4.48%
 5.650%, 01/09/96 ......................      1,000,000        998,744
 5.520%, 01/16/96 ......................      1,000,000        997,700
                                                            ----------
                                                             1,996,444
                                                            ----------
Federal National Mortgage
Association - 1.37%
 6.500%, 03/25/22 ......................      1,553,845        608,913
                                                            ----------

Federal National Mortgage Association
 - REMICs - 1.77%
 11.520%, 10/18/25 .....................        579,341        142,865
 5.759%, 11/21/25 ......................      2,092,422        293,985
 3.234%, 07/25/22 ......................      7,082,631        354,132
                                                            ----------
                                                               790,982
                                                            ----------

Federal National Mortgage Association
 - STRIP - 1.05%
 0.010%, 03/09/02 ......................    $   500,000     $  468,750
                                                            ----------

TOTAL AGENCY OBLIGATIONS 
(Cost $7,298,198) ......................                     7,419,353
                                                            ----------

U.S. TREASURY OBLIGATIONS - 9.78%
U.S Treasury Bills - 2.01%
 4.270%, 02/08/96 ......................        900,000        895,944
                                                             ---------

U.S. Treasury Bonds - 2.90%
 7.500%, 11/15/16 ......................      1,100,000      1,290,421
                                                             ---------

U.S. Treasury STRIPS - 4.87%
 0.010%, 11/15/09 ......................      4,915,000      2,170,906
                                                             ---------

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $4,006,253) ......................                     4,357,271
                                                             ---------

TOTAL INVESTMENTS - 98.60% .............                    43,937,729
(Cost $38,895,873)                                          ----------

Cash and Other Assets, 
Net of Liabilities - 1.40% .............                       624,773
                                                            ----------

NET ASSETS - 100% .......................                  $44,562,502
                                                           ===========
- -------------------
*Indicates non-income producing security.                            


                     See notes to the financial statements.
<PAGE>

                      STATEMENTS OF ASSETS AND LIABILITIES
                                December 31, 1995

                                   (Unaudited)

<TABLE>
<CAPTION>
                                                      Mini-Cap    Value +      Balanced
                                                       Fund     Growth Fund      Fund
                                                       ----     -----------      ----
ASSETS
<S>                                                  <C>        <C>           <C>        
Investments in securities at market value ......     $21,994,87 $16,309,557   $43,937,729
(cost of $19,954,029, $15,447,653, $38,895,873). 
Cash ...........................................        962              11             -
Receivables
 Investment securities sold ....................        233,948           -       814,776
 Income receivable .............................          5,070       5,234       257,484
 Fund shares sold ..............................         82,014       6,000        21,063
Due from (to) investment adviser ...............        151,058     153,903             -
Deferred organization costs ....................         34,967      34,967         9,856
Prepaid expenses ...............................         15,930      15,488        16,223
                                                     ----------  ----------    ----------
 Total assets ..................................     22,518,846  16,525,160    45,057,131
                                                     ----------  ----------    ----------

LIABILITIES
Payables
 Investment securities purchased ...............       312,875      154,099       298,362
 Fund shares repurchased .......................             -       28,332           979
 Dividends .....................................        69,962       33,215        63,268
 Due to adviser ................................             -            -        16,722
 Other accrued expenses ........................       151,506      146,465       115,298
                                                   -----------  -----------   -----------
  Total liabilities .............................      534,343      362,111       494,629
                                                   -----------  -----------   -----------
NET ASSETS .....................................   $21,984,503  $16,163,049   $44,562,502
                                                   ===========  ===========   ===========

COMPOSITION OF NET ASSETS
 Paid-in capital ...............................   $19,754,797  $15,220,602   $38,875,660
 Accumulated undistributed net investment ......       (17,586)       1,586        33,408
 income (distributions paid in excess of income)
 Accumulated undistributed net realized gain 
 on investments.................................       206,424       78,958       592,524
 Net unrealized appreciation on investments ....     2,040,868      861,903     5,060,910
                                                   -----------  -----------   -----------
NET ASSETS .....................................   $21,984,503  $16,163,049   $44,562,502
                                                   -----------  -----------   -----------
Number of shares, $0.01 par value, issued
 and outstanding (unlimited shares authorized)..     1,444,584    1,256,937     3,166,771
                                                   ===========  ===========   ===========
NET ASSET VALUE PER SHARE                          $     15.22  $     12.86   $     14.07
                                                   ===========  ===========   ===========
</TABLE>


- -----------

* Indicates non-income producing security.


                     See notes to the financial statements.
<PAGE>
                            STATEMENTS OF OPERATIONS
                       Six Months Ended December 31, 1995

                                   (Unaudited)


                                                Mini-Cap   Value +  Balanced
                                                 Fund    Growth Fund  Fund
                                                 ----    -----------   ----
INVESTMENT INCOME
Income
 Dividend income ............................   $36,371   $39,506   $148,229
 Interest income ............................    65,691    82,227    901,599
                                                -------   -------  ---------
 Total income ...............................   102,062   121,733  1,049,828
                                                -------   -------  ---------
Expenses
 Investment advisory fees ...................    76,943    60,786    180,121
 Custodian fees .............................    19,969    19,333     19,759
 Transfer agent fees ........................    20,770    20,282     27,246
 Legal fees .................................       605       605      6,050
 Administration fees ........................    24,707    24,707     24,707
 Audit fees .................................     6,050     6,050      6,050
 Miscellaneous fees .........................     1,512     1,961      2,440
 Reports to shareholders ....................     -           212      5,478
 Registration fees ..........................     5,029     5,029      5,018
 Trustees fees  .............................     3,781     3,781      3,781
 Amortization of deferred organization costs.     4,709     4,709      1,275
                                                -------   -------    -------

 Total expenses .............................   164,075   147,455    281,925
 Less: expenses recouped (reimbursed) .......   (48,660)  (50,463)     4,143
                                                -------   -------    -------

 Net expenses ...............................   115,415    96,992    286,068
                                               --------   -------   --------

 Net investment income ......................  $(13,353)  $24,741   $763,760
                                               --------   -------   --------

NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS
Net realized gain on investments ........... $1,247,342  $673,114 $1,542,557
Change in net unrealized appreciation on ...    717,861   (60,871)   237,394
investments                                   ---------   -------  ---------

Net gain on investments ....................  1,965,203   612,243  1,779,951
                                              ---------   -------  ---------

Net increase in net assets resulting 
from operations ...........................  $1,951,850  $636,984 $2,543,711
                                             ==========  ======== ==========


                  See notes to the financial statements.
<PAGE>

                       STATEMENTS OF CHANGES IN NET ASSETS
                                   (Unaudited)


                                                            Mini-Cap Fund
                                                            -------------
                                                           For the Periods
                                                           ---------------

                                                        07/01/95     10/01/94
                                                           to           to
                                                        12/31/95     06/30/95
                                                        --------     --------
INCREASE (DECREASE) IN NET ASSETS
Operations:
 Net investment income .............................  $  (13,353)    $   1,136
 Net realized gain on investments sold .............   1,247,342       265,528
 Net unrealized appreciation on investments ........     717,861     1,323,001
                                                       ---------     ---------


 Net increase in net assets from operations ........   1,951,850     1,589,665
                                                       ---------     ---------
Distributions to shareholders:
 From net investment income ........................           -        (5,369)
 From net realized gains ...........................  (1,306,440)            -
                                                      ----------    -----------

 Total distributions ...............................  (1,306,440)       (5,369)
                                                      ----------    ----------- 
Fund share transactions:
 Proceeds from shares sold .........................  10,173,940     8,822,331
 Net asset value of shares issued on 
 reinvestment of distributions .....................   1,236,482         5,369

 Cost of shares redeemed ...........................    (468,136)     (115,189)
                                                      ----------     --------- 
 Net increase from Fund share transactions .........  10,942,286     8,712,511
                                                      ----------     ---------
 Net increase in net assets ........................  11,587,696    10,296,807

NET ASSETS
Beginning of period ................................  10,396,807       100,000
                                                     -----------   -----------
End of period ...................................... $21,984,503   $10,396,807
                                                     ===========   ===========

CHANGE IN SHARES
Shares sold ........................................    658,075        736,366
Shares issued on reinvestment of distributions .....     81,240            505
Shares redeemed ....................................    (30,904)       (10,698)
                                                     ----------    ----------- 

Net increase .......................................    708,411        726,173
                                                     ==========    ===========




                  See notes to the financial statements.


<PAGE>
                       STATEMENTS OF CHANGES IN NET ASSETS
                                   (Unaudited)



                                                          Value + Growth Fund
                                                          -------------------
                                                            For the Periods
                                                            ---------------
                                                       07/01/95       10/01/94
                                                          to             to
                                                       12/31/95       06/30/95
                                                       --------       --------
                                                                        
INCREASE (DECREASE) IN NET ASSETS
Operations:
 Net investment income ............................. $  24,741      $  31,435
 Net realized gain on investments sold .............   673,114        124,532
 Net unrealized appreciation on investments ........   (60,871)       922,774
                                                       -------        -------
 Net increase in net assets from operations ........   636,984      1,078,741
                                                       -------      ---------

Distributions to shareholders:
 From net investment income ........................   (51,679)        (2,912)
 From net realized gains ...........................  (718,688)             -
                                                      --------         ------ 
 Total distributions ...............................  (770,367)        (2,912)
                                                      --------         ------ 

Fund share transactions:
 Proceeds from shares sold ......................... 3,158,106     11,951,565
 Net asset value of shares issued on reinvestment of   737,151          2,911
distributions
 Cost of shares redeemed ...........................  (587,363)       (41,767)
                                                     ---------     ---------- 
 Net increase from Fund share transactions ......... 3,307,894     11,912,709
                                                     ---------     ----------


Net increase in net assets ......................... 3,174,511     12,988,538

NET ASSETS
Beginning of period ............................... 12,988,538              -
                                                   -----------    -----------
End of period .....................................$16,163,049    $12,988,538
                                                   ===========    ===========
                                                   
CHANGE IN SHARES
Shares sold ........................................   230,459      1,016,002
Shares issued on reinvestment of distributions .....    57,321            276
Shares redeemed ....................................   (44,128)        (3,269)
                                                    ----------    ----------- 

Net increase .......................................   243,652      1,013,009
                                                    ==========    ===========
                                                   


                  See notes to the financial statements.
<PAGE>

                       STATEMENTS OF CHANGES IN NET ASSETS
                                   (Unaudited)

                                                          Balanced Fund
                                                          -------------
                                                         For the periods
                                                         ---------------

                                                       07/01/95     10/01/94
                                                          to          to
                                                       12/31/95     06/30/95
                                                       --------     --------
INCREASE (DECREASE) IN NET ASSETS
Operations:
 Net investment income .............................    $763,760     $654,219
 Net realized gain on investments sold .............   1,542,557      789,904
 Net unrealized appreciation on investments ........     237,394    3,623,588
                                                       ---------    ---------
 Net increase in net assets from operations ........   2,543,711    5,067,711
                                                       ---------    ---------

Distributions to shareholders:
 From net investment income ........................    (737,599)    (646,656)
 From net realized gains ...........................  (1,627,187)    (112,750)
                                                      ----------     -------- 
  Total distributions ............................... (2,364,786)    (759,406)
                                                      ----------     -------- 

Fund share transactions:
 Proceeds from shares sold .........................   6,095,078    5,890,393
 Net asset value of shares issued on reinvestment of   
 distributions .....................................   2,285,266      729,159
 Cost of shares redeemed ...........................  (2,833,127)  (6,750,106)
                                                      ----------   ---------- 
  Net increase from Fund share transactions .........  5,547,217     (130,554)
                                                      ----------     -------- 

Net increase in net assets .........................   5,726,142    4,177,751

NET ASSETS
Beginning of period ................................  38,836,360   34,658,609
                                                     -----------  -----------
End of period ...................................... $44,562,502  $38,836,360
                                                     ===========  ===========
 
CHANGE IN SHARES
Shares sold ........................................     419,081      474,565
Shares issued on reinvestment of distributions .....     161,220       57,394
Shares redeemed ....................................    (195,597)    (543,500)
                                                        --------     -------- 
Net increase .......................................     384,704      (11,541)
                                                        ========     ======== 


                  See notes to the financial statements.



<PAGE>

                              FINANCIAL HIGHLIGHTS
                  For a share outstanding throughout the period


                                    Mini-Cap                  Value + 
                                      Fund                  Growth Fund
                                      ----                  -----------

                                    For the periods      For the periods
                                    ---------------      ---------------

                                   07/01/95  09/30/94+  07/01/95  09/30/94+
                                      to        to         to        to
                                   12/31/95  06/30/95   12/31/95  06/30/95
                                   --------  --------   --------  --------

Net asset value, beginning of       
period .............................  $14.12    $10.00     $12.82    $10.00
                                      ------    ------     ------    ------

Income from investment operations
 Net investment income .............    0.95      0.01       0.04      0.05
 Net realized and unrealized gain     
 on investments ....................    1.11      4.13       0.64      2.79
                                        ----      ----       ----      ----

 Total from investment operations ..    2.06      4.14       0.68      2.84
                                        ----      ----       ----      ----


Less distributions
 From net investment income ........      -      (0.02)     (0.04)    (0.02)
 From net realized gains ...........   (0.96)        -      (0.60)        -
                                       -----     -----      -----      ----     

 Total distributions ...............   (0.96)    (0.02)     (0.64)    (0.02)
                                       -----     -----      -----     ----- 

Net asset value, end of period .....  $15.22    $14.12     $12.86    $12.82
                                      ======    ======     ======    ======

Total return .......................   14.59%**  41.47%**    5.31%**  28.43%**
                                      ======    ======     ======    ======   

Net assets at end of period (in
000's) ............................. $21,985   $10,397    $16,163   $12,989
===                                  =======   =======    =======   =======

Ratio of expenses to average net
assets (net of expense
 reimbursements)....................    1.52%*    1.50%*     1.37%*    1.35%*
                                        ====      ====       ====      ====  

Ratio of net investment income
 (loss) to average net assets ......   (0.18)%*   0.04%*     0.35%*    1.18%*
                                       =====      ====       ====      ====  

Portfolio turnover rate ............  148.71%   102.85%     32.10%    31.64%
                                      ======    ======      =====     ===== 


- -----------

   *      Annualized
   **     Not annualized
   +      Fund commenced operations on September 30, 1994.
  (1)The ratios of expenses to average net assets before expense  reimbursements
     were 2.16% and 4.99% for the Mini-Cap Fund for periods  ended  December 31,
     1995 and June 30, 1995, respectively. The ratios of expenses to average net
     assets before expense  reimbursements  were 2.09% and 5.21% for the Value +
     Growth  Fund for  periods  ended  December  31,  1995  and  June 30,  1995,
     respectively.

                  See notes to the financial statements.

     

<PAGE>
                         FINANCIAL HIGHLIGHTS
                  For a share outstanding throughout the period


                                         Balanced Fund
                                         -------------
                                        For the Periods
                                        ---------------
                       07/01/95  10/01/94  11/01/93  11/01/92    03/09/92
                          to        to        to        to          to 
                       12/31/95  06/30/95  09/30/94  10/31/93    10/31/92
                       --------  --------  --------  --------    --------
                    
Net asset value, ..... $13.96    $12.41    $12.82    $10.84        $10.00
beginning of period   -------   -------   -------   -------        ------
    

Income from investment
operations
 Net investment ......   0.26      0.24      0.16      0.16          0.11
 income
 Net realized and    
 unrealized gain on
 investments .........   0.64      1.59      0.05      1.98          0.83
                      -------   -------   -------   -------        ------

 Total from investment   
 operations ..........   0.90      1.83      0.21      2.14          0.94
                      -------   -------   -------   -------        ------

Less distributions
 From net investment    
 income .............   (0.25)    (0.24)    (0.18)    (0.16)        (0.10)
 From net realized      
 gains ..............   (0.54)    (0.04)    (0.44)       --            --  
                      -------   -------   -------   -------        ------ 

 Total distributions    (0.79)    (0.28)    (0.62)    (0.16)        (0.10)
                      -------   -------   -------   -------        ------ 

Net asset value, end   
of period ...........  $14.07    $13.96    $12.41    $12.82        $10.84
                      =======   =======   =======   =======        ======
Total return ........    6.42%    14.98%     3.66%    19.83%        14.67%
                      =======   =======   =======   =======        ======

Net assets at end
 of period (in
 000's) ............  $44,563   $38,836   $34,659   $20,931        $6,008
                      =======   =======   =======   =======        ======



Ratio of expenses
 to average net
 assets ............     1.36%*    1.33%*    1.63%*    1.47%         1.50%*
                      =======   =======   =======    =======        ======
Ratio of net
 investment income
 to average net
 assets ............     3.64%*    2.51%*    1.77%*     1.51%        1.93%*
                      =======   =======   =======    =======       ======
Portfolio turnover
 rate ..............    30.80%    56.00%    60.90%     44.12%       20.00%
                      =======   =======   =======    =======       ======
- -----------

 *   Annualized
  (1)The Jurika & Voyles Balanced Fund commenced operations on March 9, 1992.
  (2)Includes recoupment of management fees previously waived.
  (3)Not annualized for periods less than one year.

                          NOTES TO FINANCIAL STATEMENTS
<PAGE>

1.    Organization

     Jurika & Voyles  Fund  Group  (the  "Trust")  was  organized  as a Delaware
business trust on July 11, 1994 and is registered  under the Investment  Company
Act of 1940 (the "1940 Act") as a diversified,  open-end  management  investment
company.  The Trust  consists of three  separate  diversified  series:  Jurika &
Voyles  Mini-Cap Fund,  Jurika & Voyles Value + Growth Fund, and Jurika & Voyles
Balanced Fund (each a "Fund" and collectively the "Funds").

      On September 30, 1994,  shareholders  of the Jurika & Voyles Balanced Fund
(the "Balanced  Fund"),  formerly a portfolio of the Advisors' Inner Circle Fund
(the  "Old  Fund"),  exchanged  2,793,608  shares  of the Old  Fund  (valued  at
$34,658,609,  including  unrealized  losses of $851,000) for 2,793,608 shares of
the Balanced Fund in a tax-free exchange. All of the assets of the Old Fund were
transferred  to the Balanced Fund at net asset value.  The Statements of Changes
in Net Assets and  Financial  Highlights  for  periods  prior to October 1, 1994
include results of the Old Fund.

2.    Significant Accounting Policies

     The following is a summary of the significant  accounting policies followed
by the Funds.

               Security  Valuation  -  Portfolio  securities  that are listed or
          admitted  to trading on a U.S.  exchange  are valued at the last sales
          price on the principal exchange on which the security is traded or, if
          there has been no sale that day,  at the mean  between the closing bid
          and  asked  prices.  Securities  admitted  to  trading  on the  NASDAQ
          National  Market  System  and  securities  traded  only  in  the  U.S.
          over-the-counter market are valued at the last sale price or, if there
          has been no sale that day,  at the mean  between  the  closing bid and
          asked prices.  Securities and other assets for which market prices are
          not readily  available  are valued at fair value as determined in good
          faith  by the  Board  of  Trustees.  Debt  securities  with  remaining
          maturities of 60 days or less are valued at amortized cost, unless the
          Board of Trustees  determines  that  amortized cost does not represent
          fair value. Cash and receivables are valued at their face amounts.

                Federal  Income  Taxes  - Each  Fund  intends  to  qualify  as a
          regulated   investment  company  by  complying  with  the  appropriate
          provisions  of  the  Internal   Revenue  Code  of  1986,  as  amended.
          Accordingly, no provisions for Federal income taxes are required.

                 Security   Transactions   and   Related   Income   -   Security
          transactions  are  accounted for on the date the security is purchased
          or sold (trade date). Dividend income is recognized on the ex-dividend
          date, and interest income is recognized on the accrual basis. Purchase
          discounts  and premiums on  securities  held by the Funds are accreted
          and amortized to maturity using the effective interest method.

                    Realized gains and losses on securities  sold are determined
          under the identified cost method.

                     It is the Trust's  policy to take  possession of securities
          as collateral under  repurchase  agreement and to determine on a daily
          basis that the value of such  securities  is  sufficient  to cover the
          value of the repurchase agreements.

                 Deferred  Organization Costs - Organization costs are amortized
          on a straight line basis over a period of sixty months commencing with
          the Funds' operations.

                Distributions  - Distributions  to shareholders  are recorded on
          the ex-dividend date.

3.             Management Fees and Transactions with Affiliates

     The Trust,  on behalf of the Funds,  entered  into an  Investment  Advisory
Agreement  with Jurika & Voyles,  Inc. (the  "Adviser").  Under the terms of the
Agreement,  the  Trust  will pay a fee equal to 0.85% of the  average  daily net
assets  of the  Value + Growth  Fund and the  Balanced  Fund,  and  1.00% of the
Mini-Cap  Fund.  The Adviser has  voluntarily  agreed to limit for an indefinite
period  of time,  to waive all or a portion  of its fees (and to  reimburse  the
Funds'  expenses)  so that the ratio of  expenses to average net assets will not
exceed  1.35% for each of Value + Growth Fund and Balanced  Fund,  and 1.50% for
Mini-Cap Fund. In subsequent years, overall operating expenses of each Fund will
not fall below the  applicable  expense  limitations  until the Adviser has been
fully  reimbursed  for fees  foregone or expenses paid by the Adviser under this
agreement,  as each Fund will  reimburse  the Adviser in  subsequent  years when
operating   expenses  (before   reimbursement)  are  less  than  the  applicable
percentage limitation.  Fee waivers and expense reimbursements are voluntary and
may be terminated at any time. The agreement  permits such  reimbursement to the
Adviser  within a three  year  period  following  the year in which the  Adviser
waived fees or reimbursed expenses of the Fund.

      The  Trust,  on  behalf  of the  Funds,  entered  into  an  Administration
Agreement   with   Investment    Company    Administration    Corporation   (the
"Administrator"). Under the terms of the Agreement, the Trust will pay an annual
fee,  payable  monthly and computed  based on the value of the total average net
assets of the Trust at an annual rate of 0.10% of the first $100 million of such
net  assets,  0.05% of next $150  million,  0.03% of next 250  million and 0.01%
thereafter, subject to a minimum fee of $30,000 per annum per Fund.

      Each  unaffiliated  Trustee is compensated by the Trust at $5,000 per year
plus an attendance fee of $500 for each Trustees' meeting attended.

4.    Purchases and Sales of Securities

     The cost of security  purchases and the proceeds from security sales, other
than  short-term  investments  for the period ended  December  31, 1995,  are as
follows:

Funds                                                 Purchases        Sales
- -----                                                -----------    -----------
Mini-Cap Fund ..............................         $29,921,259    $20,031,416
Value + Growth Fund ........................           8,094,488      3,478,629
Balanced Fund ..............................          13,152,933     11,801,325
                                                                              
      At December 31, 1995, the net realized gains or losses on securities  sold
for federal  income tax  purposes  was not  materially  different  from  amounts
reported for financial reporting purposes.  The total cost of securities and the
aggregate gross unrealized  appreciation and depreciation for securities held by
the Funds at December 31, 1995,  based on cost for federal  income tax purposes,
are as follows:

                                         Gross          Gross           Net
                         Total        Unrealized     Unrealized     Unrealized 
Funds                   Tax Cost     Appreciation   Depreciation   Appreciation
- -----                   --------     ------------   ------------   ------------
Mini-Cap Fund .......  $19,954,029     $2,460,169      $419,301     $2,040,868 
Value + Growth Fund .   15,447,653      1,738,575       876,672        861,903 
Balanced Fund .......   30,895,873      6,334,864     1,273,954      5,060,910
                                        

                  
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