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
<PAGE>
NOTES
NOTES
NOTES
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