<PAGE>
[LOGO]
Semi-Annual Report
Jurika & Voyles Fund Group
Small-Cap Fund
Value+Growth Fund
Balanced Fund
December 31, 1999
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Table of Contents
<TABLE>
<S> <C>
.....................................................
Letter to Shareholders 1
.....................................................
Performance
..................................................
Small-Cap Fund 2
..................................................
Value+Growth Fund 4
..................................................
Balanced Fund 6
.....................................................
Schedule of Investments 8
.....................................................
Statements of Assets and Liabilities 29
.....................................................
Statements of Operations 30
.....................................................
Statements of Changes in Net Assets 31
.....................................................
Financial Highlights 34
.....................................................
Notes to Financial Statements 37
.....................................................
Change in Independent Accountant 42
</TABLE>
DIRECTORY OF FUNDS' SERVICE PROVIDERS
INVESTMENT ADVISER
Jurika & Voyles, L.P., Oakland, CA
DISTRIBUTOR
First Fund Distributors, Inc., Phoenix, AZ
CUSTODIAN AND FUND ACCOUNTANT
State Street Bank & Trust Co., Boston, MA
LEGAL COUNSEL
Paul, Hastings, Janofsky & Walker LLP, San Francisco, CA
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.
<PAGE>
Letter to Shareholders
DEAR SHAREHOLDER:
This report provides an investment review and outlook, along with a summary of
key financial and performance information, for each Fund of the Jurika & Voyles
Fund Group for the six-month period ending December 31, 1999.
Please note that the name of the Jurika & Voyles Mini-Cap Fund was changed to
Jurika & Voyles Small-Cap Fund effective October 28, 1999. There was no change
in the management of the Fund, or of its objectives. The new name is intended to
more accurately reflect the existing objectives of the Fund.
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).
Thank you for your continued support.
Very truly yours,
<TABLE>
<S> <C>
/s/ William K. Jurika /s/ Glenn C. Voyles
- -------------------------------------- -------------------------
William K. Jurika Glenn C. Voyles
</TABLE>
1
<PAGE>
PERFORMANCE
-------------------------------------------------
SMALL-CAP FUND
After some tentative worries about the future actions of the Federal Reserve on
interest rates, U.S. equity markets took off in November and continued an upward
climb right through the end of the quarter. The equity markets--especially
smaller cap growth issues--ignored the rising trend in interest rates, focusing
instead on the improving world economy and the outlook for better earnings. This
upward move in the later part of 1999 was led by the growth-oriented technology
sector. Semiconductors, telecommunications and Internet infrastructure related
companies were the market leaders. Energy issues, biotechnology and many
consumer-oriented companies also did quite well in the last half of 1999.
The Russell 2000 Index rose a surprising 11% for the last six months of
1999--mostly on the strength of the technology sector. The Small-Cap Fund was up
39% for the same period, outperforming the Russell index by 28 percentage
points.
We continue to focus the Fund around several long-term themes. These include
consumer growth companies that are benefiting from the strong economy and strong
consumer spending trends, biotechnology companies, and the technology sector. In
the technology sector, we are concentrating on telecommunications,
semiconductors, and some internet related issues. We have recently added several
names in the information technology service sector. It is our strong belief that
next year will be an extremely tough period for corporate America to find and
hire all the needed information technology professionals. As a result, prices
for these services should rise nicely through the coming year. In addition, we
are increasing the Fund's exposure to more cyclical industries such as aluminum
and paper. We feel the fundamentals in this sector are improving and the stocks
are still very reasonably valued.
2
<PAGE>
PERFORMANCE
-------------------------------------------------
SMALL-CAP FUND
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
JURIKA & VOYLES LIPPER SMALL-CAP RUSSELL 2000
SMALL-CAP FUND CORE INDEX INDEX
<S> <C> <C> <C>
9/30/94 $10,000 $10,000 $10,000
10/31/94 $10,410 $10,052 $9,960
11/30/94 $10,400 $9,797 $9,557
12/31/94 $10,650 $9,882 $9,813
1/31/95 $10,410 $9,984 $9,689
2/28/95 $11,211 $10,382 $10,092
3/31/95 $11,832 $10,602 $10,265
4/30/95 $12,814 $10,780 $10,493
5/31/95 $13,245 $10,911 $10,674
6/30/95 $14,147 $11,345 $11,228
7/31/95 $15,359 $11,972 $11,874
8/31/95 $15,279 $12,370 $12,120
9/30/95 $15,509 $12,582 $12,336
10/31/95 $15,148 $12,137 $11,785
11/30/95 $16,070 $12,500 $12,280
12/31/95 $16,210 $12,920 $12,604
1/31/96 $15,816 $13,015 $12,590
2/29/96 $16,690 $13,476 $12,983
3/31/96 $17,691 $13,814 $13,247
4/30/96 $19,683 $14,767 $13,955
5/31/96 $20,503 $15,433 $14,505
6/30/96 $19,597 $14,732 $13,910
7/31/96 $18,575 $13,536 $12,695
8/31/96 $19,384 $14,226 $13,432
9/30/96 $19,949 $14,824 $13,957
10/31/96 $20,034 $14,546 $13,742
11/30/96 $21,006 $15,072 $14,308
12/31/96 $21,424 $15,338 $14,683
1/31/97 $21,896 $15,680 $14,976
2/28/97 $20,929 $15,269 $14,613
3/31/97 $20,270 $14,499 $13,923
4/30/97 $20,226 $14,503 $13,962
5/31/97 $22,456 $16,050 $15,515
6/30/97 $23,983 $16,957 $16,180
7/31/97 $26,005 $17,978 $16,933
8/31/97 $27,118 $18,418 $17,321
9/30/97 $29,320 $19,800 $18,588
10/31/97 $27,710 $19,011 $17,772
11/30/97 $27,662 $18,768 $17,657
12/31/97 $26,536 $18,748 $17,966
1/31/98 $25,705 $18,473 $17,682
2/28/98 $27,159 $19,853 $18,990
3/31/98 $28,668 $20,788 $19,773
4/30/98 $29,319 $20,988 $19,882
5/31/98 $26,993 $19,899 $18,811
6/30/98 $26,452 $19,827 $18,851
7/31/98 $24,472 $18,397 $17,325
8/31/98 $19,306 $14,842 $13,961
9/30/98 $19,957 $15,466 $15,053
10/31/98 $21,287 $16,101 $15,667
11/30/98 $21,993 $16,998 $16,488
12/31/98 $22,737 $18,066 $17,508
1/31/99 $23,384 $17,931 $17,741
2/28/99 $20,652 $16,466 $16,304
3/31/99 $20,716 $16,541 $16,559
4/30/99 $23,195 $17,658 $18,043
5/31/99 $23,668 $18,023 $18,306
6/30/99 $25,452 $19,065 $19,134
7/31/99 $25,216 $18,961 $18,609
8/31/99 $24,158 $18,266 $17,920
9/30/99 $24,979 $18,251 $17,924
10/31/99 $25,563 $18,410 $17,997
11/30/99 $29,716 $19,597 $19,071
12/31/99 $35,431 $21,711 $21,230
One Year 5 Year Annualized
Total Return Annualized Return Since Inception
Total Returns for Period Ended December 31, 1999
Jurika & Voyles Small-Cap Fund 55.83% 27.16% 27.22%
Lipper Small-Cap Core Index 20.17% 17.05% 15.91%
Russell 2000 Index 21.26% 16.69% 15.42%
</TABLE>
This graph is furnished to you in accordance with SEC regulations. It compares a
$10,000 investment in Jurika & Voyles Small-Cap Fund with a similar investment
in the Lipper Small-Cap Core Index and the Russell 2000 Index from the inception
of the Fund on September 30, 1994 through December 31, 1999. For purposes of the
graph and the Fund's Annualized Return Since Inception, One Year Total Return,
and Five Year Annualized 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 fees and expenses in excess of
certain limits specified in the investment management agreement have been
assumed by Jurika & Voyles, L.P.
Lipper Analytical Services, Inc., Small-Cap Core Index is an unmanaged, net
asset value weighted index of 30 mutual funds that invest at least 75% of their
equity assets in companies with market capitalizations (on a three-year weighted
basis) of less than 250% of the dollar-weighted median market capitalization of
the S&P Small-Cap 600 Index. The Russell 2000 Index is a widely regarded
small-cap index of the 2,000 smallest securities of the Russell 3000 Index which
comprises 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. It is not possible to invest directly in an index.
All results are historical. Past performance is no guarantee of future results.
Effective September 13, 1999, Lipper Analytical Services, Inc. altered their
tracking methodology of various fund index objectives including the Lipper Small
Company Index. As a result, the Advisor has replaced the Lipper Small Company
Index with the Lipper Small-Cap Core Index to better reflect the investment
objectives of the Small-Cap Fund.
3
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PERFORMANCE
-------------------------------------------------
VALUE+GROWTH FUND
The six months under review was another strong period for the U.S. equity
markets. However the strong performance of the averages disguises the narrowness
of the market's advance, which was confined almost exclusively to the growth
sector of the market, specifically technology and telecommunications. While the
Russell 1000 returned 8% over the 6 months, the average technology stock
increased by 71% and the remaining stocks lost an average of 1%. The
Russell 1000 growth index increased by 21% while the value index declined by 5%.
Looked at another way, performance was dominated by stocks with high valuations
and momentum. The stocks in the Russell 1000 with PE ratios above 30 times
returned 31%, while stocks with PEs below 30 declined 4%.
This environment was clearly a difficult one for our investment style, which
stresses realistic valuations and reasonable timeframes. Despite this headwind,
our performance was competitive, especially over the 4th quarter, and especially
relative to the value indices. Our technology stocks did extremely well, and our
underweight exposure to the interest-rate sensitive areas of the market, namely
banks and electric utilities, also added value.
Trends in economic activity, inflation and interest rates, were in line with our
expectations. We continue to believe that a global economic recovery is under
way and that the outlook for corporate profitability is positive. The
implications for monetary policy are clear--we anticipate that further
tightening will be required to moderate the momentum of the U.S. economy.
The narrowness of the market over 1999 further increases the fundamental
attractiveness of the broader universe of the companies that have quality
business models and that sell at discounts to intrinsic value. These are the
focus of our investment process. Our portfolio characteristics remain
compelling--a diversified group of companies selling at a 30% discount to the
market PE offering superior earnings growth and financial strength.
4
<PAGE>
PERFORMANCE
-------------------------------------------------
VALUE+GROWTH FUND
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
JURIKA & VOYLES RUSSELL RUSSELL MIDCAP INDEX LIPPER MULTI-CAP
VALUE+GROWTH FUND 1000 INDEX MIDCAP INDEX VALUE INDEX
<S> <C> <C> <C> <C>
9/30/94 $10,000 $10,000 $10,000 $10,000
10/31/94 $10,140 $10,189 $10,076 $10,103
11/30/94 $10,080 $9,821 $9,632 $9,716
12/31/94 $10,559 $9,961 $9,757 $9,806
1/31/95 $10,469 $10,219 $9,957 $9,958
2/28/95 $10,870 $10,635 $10,473 $10,358
3/31/95 $11,210 $10,909 $10,773 $10,594
4/30/95 $11,751 $11,199 $10,935 $10,864
5/31/95 $12,162 $11,628 $11,294 $11,262
6/30/95 $12,843 $11,936 $11,674 $11,469
7/31/95 $13,474 $12,392 $12,241 $11,890
8/31/95 $13,554 $12,485 $12,428 $12,017
9/30/95 $13,755 $12,999 $12,709 $12,351
10/31/95 $13,104 $12,940 $12,425 $12,132
11/30/95 $13,845 $13,517 $13,043 $12,647
12/31/95 $13,525 $13,723 $13,119 $12,847
1/31/96 $13,431 $14,167 $13,395 $13,241
2/29/96 $13,757 $14,351 $13,710 $13,436
3/31/96 $13,946 $14,480 $13,908 $13,592
4/30/96 $14,714 $14,700 $14,302 $13,803
5/31/96 $14,998 $15,054 $14,518 $14,027
6/30/96 $14,398 $15,070 $14,300 $13,932
7/31/96 $13,410 $14,343 $13,415 $13,367
8/31/96 $14,146 $14,733 $14,054 $13,780
9/30/96 $14,829 $15,562 $14,748 $14,343
10/31/96 $15,134 $15,906 $14,866 $14,623
11/30/96 $16,263 $17,080 $15,772 $15,589
12/31/96 $16,272 $16,804 $15,611 $15,544
1/31/97 $16,940 $17,800 $16,195 $16,123
2/28/97 $17,080 $17,869 $16,170 $16,318
3/31/97 $16,389 $17,064 $15,483 $15,806
4/30/97 $16,741 $17,987 $15,868 $16,242
5/31/97 $18,334 $19,139 $17,026 $17,269
6/30/97 $19,060 $19,932 $17,583 $17,934
7/31/97 $20,407 $21,563 $19,050 $19,253
8/31/97 $19,785 $20,546 $18,843 $18,827
9/30/97 $20,993 $21,673 $19,918 $19,726
10/31/97 $19,760 $20,971 $19,144 $18,904
11/30/97 $19,684 $21,880 $19,599 $19,306
12/31/97 $19,776 $22,324 $20,139 $19,726
1/31/98 $19,370 $22,491 $19,760 $19,681
2/28/98 $21,023 $24,094 $21,305 $21,035
3/31/98 $21,876 $25,309 $22,315 $21,981
4/30/98 $22,283 $25,569 $22,371 $22,105
5/31/98 $21,089 $25,016 $21,679 $21,614
6/30/98 $21,259 $25,942 $21,979 $21,591
7/31/98 $20,196 $25,630 $20,931 $20,756
8/31/98 $16,968 $21,799 $17,583 $17,580
9/30/98 $18,097 $23,267 $18,721 $18,309
10/31/98 $19,645 $25,105 $19,997 $19,815
11/30/98 $20,105 $26,659 $20,944 $20,671
12/31/98 $20,987 $28,357 $22,173 $21,014
1/31/99 $20,902 $29,369 $22,135 $21,088
2/28/99 $20,074 $28,437 $21,398 $20,597
3/31/99 $20,565 $29,526 $22,069 $21,166
4/30/99 $21,604 $30,761 $23,699 $23,048
5/31/99 $21,646 $30,096 $23,631 $22,928
6/30/99 $22,545 $31,630 $24,464 $23,666
7/31/99 $22,180 $30,664 $23,793 $22,861
8/31/99 $21,366 $30,377 $23,177 $22,073
9/30/99 $20,046 $29,541 $22,362 $21,122
10/31/99 $21,029 $31,527 $23,422 $21,775
11/30/99 $21,801 $32,338 $24,095 $21,765
12/31/99 $23,490 $34,287 $26,215 $22,262
Total Returns for Period Ended December 31, 1999 One Year Five Year Annualized
Total Return Annualized Return Since Inception
Jurika & Voyles Value+Growth Fund 11.93% 17.33% 17.65%
Russell 1000 Index 20.91% 28.05% 26.45%
Russell MidCap Index 18.23% 21.86% 20.15%
Lipper Multi-Cap Value Index 5.94% 17.82% 16.47%
</TABLE>
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 Russell 1000 Index, the Russell Midcap Index, and the Lipper
Analytical Services, Inc., Multi-Cap Value Index from the inception of the Fund
on September 30, 1994 through December 31, 1999. For purposes of the graph and
the Fund's Annualized Return Since Inception, One Year Total Return, and Five
Year Annualized 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 fees and expenses in excess of
certain limits specified in the investment management agreement have been
assumed by Jurika & Voyles, L.P.
The Russell 1000 Index is an unmanaged index containing 1,000 of the largest
companies in the Russell 3000 Index, which represents approximately 92% of the
total market capitalization of the Russell 3000 Index. The Russell Midcap Index
is an unmanaged index that measures the performance of the 800 smallest
companies in the Russell 1000 Index, which represents approximately 26% of the
total market capitalization of the Russell 1000 Index. The Lipper Analytical
Services, Inc., Multi-Cap Value Index is an unmanaged, net asset value weighted
index of 30 mutual funds that invest in a variety of market capitalization
ranges, without concentrating 75% of their equity assets in any one market
capitalization range over an extended period of time.
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. It is not possible to invest directly in an index.
All results are historical. Past performance is no guarantee of future results.
Effective September 13, 1999, Lipper Analytical Services, Inc. altered their
tracking methodology of various fund index objectives including the Lipper
Growth Fund Index and the Lipper Capital Appreciation Fund Index. As a result,
the Advisor has replaced the Lipper Growth Fund and Lipper Capital Appreciation
Fund Indices with the Lipper Multi-Cap Value Fund Index to better reflect the
investment objectives of the Value+Growth Fund. In addition, the S&P 500 Index
has been removed from the above chart, and is being replaced by the
Russell 1000 Index. The Russell 1000 Index more appropriately reflects the
investment objectives of the Value+Growth Fund. As a broad market reference, the
S&P 500 had an annualized return since September 30, 1994 (the inception of the
Value+Growth Fund) of 26.99%, a five year annualized return of 28.56%, and a one
year total return of 21.04%.
5
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PERFORMANCE
-------------------------------------------------
BALANCED FUND
U.S. Fixed Income markets continued to struggle during the second half of the
year keeping returns for the six months ended 12/31/99 just north of zero.
Tighter spreads across most sectors failed to offset the impact of higher
Treasury yields, and the broad U.S. Aggregate benchmark index returned just
0.56%. The fixed component of the J&V Balanced Fund enjoyed excellent relative
performance during the six month period, even though the nominal numbers were
quite low. The fixed portion of the Fund returned 0.89% due to a shorter
duration and a superior corporate contribution.
The nominal return for U.S. corporate bonds was up 0.32% during the period, in
spite of the healthy business climate, giving the credit markets one of their
best duration adjusted RELATIVE performance periods since 1991. Corporate credit
sector performance was led by Yankee (non-U.S.) bonds as they continued to come
back from the effects of the Russian Ruble crisis in late 1998.
During the second half of the year, Fed Chairman Greenspan continued to display
concern about the rapid pace of the U.S. economic expansion and the potential
for rising inflation. Greenspan's consistent calls for caution and the Fed's
75 basis points of tightening pushed general interest rates up in 4 of the
6 calendar months. His concern was somewhat warranted as consumer prices
registered a 2.7% increase during the calendar year, up from 1.6% in 1998 and
1.7% in 1997. Clearly the Fed will continue to watch the inflationary pressures
building in the U.S. economy and react accordingly in 2000.
For a discussion of the equity portion of the Balanced Fund, please refer to the
performance discussion of the Value+Growth Fund.
6
<PAGE>
PERFORMANCE
-------------------------------------------------
BALANCED FUND
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
JURIKA & VOYLES LIPPER BALANCED 60% RUSSELL 1000 INDEX/
BALANCED FUND INDEX 40% LEHMAN BROTHERS AGGREGATE BOND INDEX
<S> <C> <C> <C>
3/9/92 $10,000 $10,000 $10,000
3/31/92 $9,940 $9,983 $9,983
4/30/92 $10,100 $10,091 $10,157
5/31/92 $10,170 $10,222 $10,271
6/30/92 $10,162 $10,143 $10,229
7/31/92 $10,544 $10,441 $10,569
8/31/92 $10,494 $10,344 $10,478
9/30/92 $10,720 $10,463 $10,607
10/31/92 $10,942 $10,464 $10,604
11/30/92 $11,316 $10,703 $10,849
12/31/92 $11,547 $10,856 $11,026
1/31/93 $11,851 $11,001 $11,162
2/28/93 $11,790 $11,137 $11,300
3/31/93 $12,118 $11,367 $11,484
4/30/93 $11,986 $11,280 $11,334
5/31/93 $12,108 $11,478 $11,527
6/30/93 $12,333 $11,599 $11,656
7/31/93 $12,536 $11,646 $11,660
8/31/93 $12,863 $11,998 $12,011
9/30/93 $13,060 $12,024 $12,004
10/31/93 $13,111 $12,148 $12,117
11/30/93 $13,009 $11,953 $11,976
12/31/93 $13,512 $12,154 $12,132
1/31/94 $13,814 $12,472 $12,420
2/28/94 $13,793 $12,227 $12,137
3/31/94 $13,330 $11,783 $11,706
4/30/94 $13,372 $11,809 $11,753
5/31/94 $13,341 $11,900 $11,846
6/30/94 $13,216 $11,693 $11,646
7/31/94 $13,384 $11,957 $11,967
8/31/94 $13,719 $12,257 $12,276
9/30/94 $13,544 $12,036 $12,032
10/31/94 $13,304 $12,073 $12,164
11/30/94 $12,933 $11,792 $11,890
12/31/94 $13,216 $11,905 $12,024
1/31/95 $13,271 $12,053 $12,306
2/28/95 $13,822 $12,404 $12,724
3/31/95 $14,142 $12,623 $12,952
4/30/95 $14,531 $12,860 $13,230
5/31/95 $15,141 $13,272 $13,740
6/30/95 $15,573 $13,507 $13,998
7/31/95 $16,019 $13,793 $14,307
8/31/95 $16,309 $13,900 $14,440
9/30/95 $16,480 $14,232 $14,853
10/31/95 $15,961 $14,196 $14,890
11/30/95 $16,514 $14,637 $15,378
12/31/95 $16,574 $14,868 $15,605
1/31/96 $16,597 $15,136 $15,949
2/29/96 $16,927 $15,143 $15,962
3/31/96 $17,050 $15,200 $16,004
4/30/96 $17,642 $15,301 $16,114
5/31/96 $17,891 $15,458 $16,333
6/30/96 $17,529 $15,509 $16,432
7/31/96 $16,860 $15,110 $15,974
8/31/96 $17,481 $15,348 $16,224
9/30/96 $17,967 $15,918 $16,885
10/31/96 $18,303 $16,254 $17,259
11/30/96 $19,272 $17,012 $18,141
12/31/96 $19,140 $16,808 $17,897
1/31/97 $19,803 $17,328 $18,556
2/28/97 $20,068 $17,392 $18,617
3/31/97 $19,536 $16,887 $18,032
4/30/97 $20,044 $17,394 $18,725
5/31/97 $20,993 $18,107 $19,515
6/30/97 $21,581 $18,707 $20,093
7/31/97 $22,628 $19,772 $21,296
8/31/97 $22,172 $19,146 $20,621
9/30/97 $22,997 $19,909 $21,421
10/31/97 $22,282 $19,546 $21,129
11/30/97 $22,238 $19,905 $21,718
12/31/97 $22,331 $20,220 $22,070
1/31/98 $21,969 $20,364 $22,282
2/28/98 $23,085 $21,172 $23,228
3/31/98 $23,682 $21,819 $23,963
4/30/98 $23,986 $21,972 $24,161
5/31/98 $23,318 $21,750 $23,939
6/30/98 $23,514 $22,151 $24,552
7/31/98 $22,813 $21,892 $24,395
8/31/98 $20,879 $20,006 $22,366
9/30/98 $21,846 $20,869 $23,480
10/31/98 $22,935 $21,650 $24,543
11/30/98 $23,272 $22,442 $25,510
12/31/98 $23,958 $23,270 $26,516
1/31/99 $23,958 $23,642 $27,159
2/28/99 $23,196 $23,074 $26,452
3/31/99 $23,598 $23,644 $27,119
4/30/99 $24,314 $24,418 $27,834
5/31/99 $24,214 $24,042 $27,375
6/30/99 $24,780 $24,706 $28,177
7/31/99 $24,512 $24,244 $27,613
8/31/99 $23,942 $23,990 $27,452
9/30/99 $23,149 $23,682 $27,127
10/31/99 $23,824 $24,368 $28,261
11/30/99 $24,398 $24,630 $28,696
12/31/99 $25,509 $25,359 $29,678
One Year Five Year Annualized
Total Returns for Period Ended December 31, 1999 Total Return Annualized Return Since Inception
Jurika & Voyles Balanced Fund 6.48% 14.06% 12.70%
Lipper Balanced Index 8.98% 16.33% 12.61%
60% Russell 1000 Index/40% Lehman Brothers
11.93% 19.81% 14.90%
</TABLE>
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
a model index consisting of 60% Russell 1000 Index and 40% Lehman Brothers
Aggregate Bond Index, and Lipper Analytical Services, Inc., Balanced Fund Index
from the inception of the Fund on March 9, 1992 through December 31, 1999. For
purposes of the graph and the Fund's Annualized Total Return, One Year Total
Return, and Five Year Annualized 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 fees and expenses in excess of
certain limits specified in the investment management agreement have been
assumed by Jurika & Voyles, L.P.
The Lipper Analytical Services, Inc., Balanced Fund Index is an unmanaged, net
asset value weighted index of 30 balanced mutual funds. The Russell 1000 Index
is an unmanaged index containing 1,000 of the largest companies in the Russell
3000 Index, which represents approximately 92% of the total capitalization of
the Russell 3000 Index. The Lehman Brothers Aggregate Bond Index is composed of
the Lehman Government/Corporate Bond Index and the Lehman Mortgage-Backed
Securities Index and includes treasury issues, agency issues, corporate bond
issues and mortgage-backed securities.
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. It is not possible to invest directly in an index.
All results are historical. Past performance is no guarantee of future results.
The composite index of 60% S&P 500 and 40% Lehman Brothers Government/Corporate
Intermediate Bond Index has been replaced with a composite of 60% Russell 1000
Index and 40% Lehman Brothers Aggregate Bond Index to better reflect the
investment objectives of the Balanced Fund. As a broad market reference, the S&P
500/Lehman Brothers Government/Corporate Intermediate Bond composite had an
annualized return since September 9, 1992 (the inception of the Balanced Fund)
of 14.90%, a five year annualized return of 19.98%, and a one year total return
of 12.78%.
7
<PAGE>
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999
(UNAUDITED)
----------------------------------------------------------
SMALL-CAP FUND
<TABLE>
<CAPTION>
NUMBER OF
DESCRIPTION SHARES VALUE
- ---------------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCKS - 101.19%
BASIC INDUSTRIES
AGRICULTURE - 0.42%
*Seminis, Inc............................... 25,000 $ 157,813
-----------
ALUMINUM - 1.55%
Century Aluminum Co......................... 16,600 249,000
Commonwealth Industries, Inc................ 25,600 332,800
-----------
581,800
-----------
CHEMICALS - 1.67%
Minerals Technologies, Inc.................. 8,000 320,500
*U.S. Plastic Lumber Corp................... 40,200 309,038
-----------
629,538
-----------
TOTAL BASIC INDUSTRIES..................................... 1,369,151
-----------
COMMUNICATIONS
COMMUNICATION EQUIPMENT - 2.44%
*Advanced Fibre Communications, Inc......... 10,000 446,875
*Carrier Access Corp........................ 7,000 471,188
-----------
918,063
-----------
COMMUNICATIONS SERVICES - 0.58%
*Alaska Communications Systems Group,
Inc........................................ 17,500 216,563
-----------
TELECOMMUNICATION EQUIPMENT - 3.17%
*Mastec, Inc................................ 7,300 324,850
*Netopia, Inc............................... 4,000 217,250
*Ramp Networks, Inc......................... 20,000 305,000
*Ziplink, Inc............................... 27,500 343,750
-----------
1,190,850
-----------
WIRELESS EQUIPMENT - 1.65%
*Metro One Telecommunications, Inc.......... 22,500 292,500
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
8
<PAGE>
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999
(UNAUDITED)
----------------------------------------------------------
SMALL-CAP FUND
<TABLE>
<CAPTION>
NUMBER OF
DESCRIPTION SHARES VALUE
- ---------------------------------------------- ----------- -----------
<S> <C> <C>
WIRELESS EQUIPMENT - 1.65%--CONTINUED
*SBA Communications Corp.................... 17,500 $ 328,125
-----------
620,625
-----------
TOTAL COMMUNICATIONS....................................... 2,946,101
-----------
CONSUMER CYCLICALS
CONSUMER ELECTRONICS - 1.74%
*InterTAN, Inc.............................. 25,000 653,120
-----------
RETAIL: APPAREL - 1.78%
Claire's Stores, Inc........................ 10,000 223,750
*Cutter & Buck, Inc......................... 15,000 226,875
Wolverine World Wide, Inc................... 20,000 218,750
-----------
669,375
-----------
RETAIL: FOOD - 3.00%
*Celestial Seasonings, Inc.................. 10,000 186,094
Dreyer's Grand Ice Cream, Inc............... 16,000 272,000
*Suiza Foods Corp........................... 8,500 336,813
*Wild Oats Markets, Inc..................... 15,000 332,813
-----------
1,127,720
-----------
RETAIL: RESTAURANTS - 1.53%
*Jack in the Box, Inc....................... 20,000 413,750
*Taco Cabana, Inc........................... 20,000 162,500
-----------
576,250
-----------
TOYS - 0.51%
*Equity Marketing, Inc...................... 15,000 193,125
-----------
TOTAL CONSUMER CYCLICALS................................... 3,219,590
-----------
CONSUMER SERVICES
CASINO HOTELS - 2.08%
*Mandalay Resort Group...................... 20,000 402,500
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
9
<PAGE>
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999
(UNAUDITED)
----------------------------------------------------------
SMALL-CAP FUND
<TABLE>
<CAPTION>
NUMBER OF
DESCRIPTION SHARES VALUE
- ---------------------------------------------- ----------- -----------
<S> <C> <C>
CASINO HOTELS - 2.08%--CONTINUED
*Station Casinos, Inc....................... 16,900 $ 379,194
-----------
781,694
-----------
ENERGY
ELECTRICITY - 1.95%
*Independent Energy Holdings - ADR.......... 22,000 732,875
-----------
OIL & GAS SERVICES - 4.76%
*BJ Services Co............................. 12,500 522,656
*Global Industries, Ltd..................... 32,000 276,000
*Veritas DGC, Inc........................... 15,000 210,000
*Marine Drilling Co., Inc................... 15,500 347,781
*Rowan Companies, Inc....................... 20,000 433,750
-----------
1,790,187
-----------
OIL: INTEGRATED DOMESTIC - 0.90%
*Spinnaker Exploration Co................... 24,000 339,000
-----------
TOTAL ENERGY............................................... 2,862,062
-----------
FINANCIAL
BANKS: SAVINGS & LOAN - 0.54%
Bank United Corp............................ 7,500 204,375
-----------
CREDIT CARDS - 3.07%
*Compucredit Corp........................... 17,000 654,500
Metris Companies, Inc....................... 14,000 499,625
-----------
1,154,125
-----------
FINANCIAL SERVICES - 2.15%
Allied Capital Corp......................... 12,000 219,750
*Knight/Trimark Group, Inc.................. 8,500 391,000
*Profit Recovery Group International,
Inc........................................ 7,500 199,219
-----------
809,969
-----------
TOTAL FINANCIAL............................................ 2,168,469
-----------
HEALTHCARE PRODUCTS
DRUGS - 6.63%
Alpharma, Inc............................... 11,500 353,625
*Anesta Corp................................ 50,000 859,375
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
10
<PAGE>
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999
(UNAUDITED)
----------------------------------------------------------
SMALL-CAP FUND
<TABLE>
<CAPTION>
NUMBER OF
DESCRIPTION SHARES VALUE
- ---------------------------------------------- ----------- -----------
<S> <C> <C>
DRUGS - 6.63%--CONTINUED
*Aphton Corp................................ 8,000 $ 122,000
*Biomatrix, Inc............................. 30,000 577,500
*Celegene Corp.............................. 4,000 280,000
*Pathogenesis Corp.......................... 14,000 300,125
-----------
2,492,625
-----------
MEDICAL PRODUCTS - 2.37%
Bindley Western Industries, Inc............. 30,566 460,400
*Lasersight, Inc............................ 15,000 150,000
*Med-Design Corp............................ 19,300 282,263
-----------
892,663
-----------
TOTAL HEALTHCARE PRODUCTS.................................. 3,385,288
-----------
HEALTHCARE SERVICES
HEALTHCARE CENTERS - 2.13%
*Quadramed Corp............................. 45,000 392,344
*Renal Care Group, Inc...................... 17,500 409,063
-----------
801,407
-----------
MEDICAL RESEARCH - 1.01%
*Pharmaceutical Product Development, Inc.... 32,100 381,188
-----------
MISCELLANEOUS HEALTHCARE SERVICES - 0.67%
*Ventiv Health, Inc......................... 27,500 252,656
-----------
TOTAL HEALTHCARE SERVICES.................................. 1,435,251
-----------
INDUSTRIAL PRODUCTS
CONSTRUCTION - 0.85%
Elcor Corp.................................. 10,600 319,325
-----------
ELECTRONICS: COMPONENTS - 4.77%
*Cymer, Inc................................. 8,000 368,000
*Duraswitch Industries, Inc................. 60,000 397,500
*Interlink Electronics, Inc................. 17,500 1,028,125
-----------
1,793,625
-----------
ELECTRONICS: EQUIPMENT - 1.57%
*Bolder Technologies Corp................... 25,000 318,750
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
11
<PAGE>
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999
(UNAUDITED)
----------------------------------------------------------
SMALL-CAP FUND
<TABLE>
<CAPTION>
NUMBER OF
DESCRIPTION SHARES VALUE
- ---------------------------------------------- ----------- -----------
<S> <C> <C>
ELECTRONICS: EQUIPMENT - 1.57%--CONTINUED
*Concord Camera Corp........................ 12,000 $ 273,000
-----------
591,750
-----------
ELECTRONICS: MILITARY - 3.78%
Engineered Support Systems, Inc............. 12,000 144,000
*Titan Corp................................. 27,000 1,272,375
-----------
1,416,375
-----------
ELECTRONICS: SERVICES - 1.51%
*DII Group, Inc............................. 8,000 567,750
-----------
MACHINERY - 1.31%
*Advanced Energy Industries, Inc............ 10,000 492,500
-----------
TOTAL INDUSTRIAL PRODUCTS.................................. 5,181,325
-----------
INDUSTRIAL SERVICES
SPECIAL SERVICES - 5.33%
*Convergys Corp............................. 12,500 384,375
*Diamond Technology Partners, Inc........... 4,250 365,234
*Interim Services, Inc...................... 18,200 450,450
*Mobile Mini, Inc........................... 23,000 494,500
*Stericycle, Inc............................ 16,500 310,406
-----------
2,004,965
-----------
INSURANCE
INSURANCE BROKERS - 0.64%
*Healthextras, Inc.......................... 20,000 240,000
-----------
MEDIA
AUDIO & VIDEO EQUIPMENT - 0.69%
*IMAX Corp.................................. 9,500 260,063
-----------
RADIO & TELEVISION - 3.97%
*Cumulus Media, Inc......................... 15,000 761,250
*Pegasus Communications Corp................ 7,500 733,125
-----------
1,494,375
-----------
TOTAL MEDIA................................................ 1,754,438
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
12
<PAGE>
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999
(UNAUDITED)
----------------------------------------------------------
SMALL-CAP FUND
<TABLE>
<CAPTION>
NUMBER OF
DESCRIPTION SHARES VALUE
- ---------------------------------------------- ----------- -----------
<S> <C> <C>
REAL ESTATE INVESTMENT TRUSTS - 1.36%
Asset Investors Corp........................ 18,000 $ 200,250
Golf Trust of America, Inc.................. 15,000 254,063
Mission West Properties, Inc................ 7,500 58,125
-----------
512,438
-----------
TECHNOLOGY
COMPUTER SERVICES - 2.94%
*Answerthink Consulting Group, Inc.......... 13,000 445,250
*Technology Solutions Co.................... 20,000 655,000
-----------
1,100,250
-----------
HARDWARE - 2.23%
*Interphase Corp............................ 12,000 253,500
*Intervoice-Brite, Inc...................... 17,500 406,875
*Tera Computer Co........................... 40,000 180,000
-----------
840,375
-----------
INTERNET CONTENT - 4.78%
*El Sitio, Inc.............................. 8,000 294,000
*Netcreations, Inc.......................... 11,500 506,000
*Quokka Sports, Inc......................... 17,500 229,688
*Rowecom, Inc............................... 10,000 453,750
*Ziff-Davis, Inc. - ZDNet................... 15,000 315,000
-----------
1,798,438
-----------
OPTICS - 0.72%
*Optimal Robotics Corp...................... 7,300 271,925
-----------
SEMICONDUCTOR MANUFACTURERS - 1.92%
*Act Manufacturing, Inc..................... 10,000 375,000
*American Xtal Technology, Inc.............. 20,000 348,750
-----------
723,750
-----------
SOFTWARE - 11.33%
*Activision, Inc............................ 17,000 260,313
*Allaire Corp............................... 3,000 438,938
*Appnet, Inc................................ 7,000 306,250
*Bindview Development Corp.................. 7,000 347,813
*Intranet Solutions, Inc.................... 17,000 629,000
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
13
<PAGE>
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999
(UNAUDITED)
----------------------------------------------------------
SMALL-CAP FUND
<TABLE>
<CAPTION>
NUMBER OF
DESCRIPTION SHARES VALUE
- ---------------------------------------------- ----------- -----------
<S> <C> <C>
SOFTWARE - 11.33%--CONTINUED
*InterVU, Inc............................... 10,000 $ 1,049,997
*Netcentives, Inc........................... 5,500 342,719
*Netzee, Inc................................ 17,500 290,938
*Tumbleweed Communications Corp............. 7,000 593,250
-----------
4,259,218
-----------
TOTAL TECHNOLOGY........................................... 8,993,956
-----------
TRANSPORTATION
AIRLINES - 0.53%
Skywest, Inc................................ 7,000 196,000
-----------
MISCELLANEOUS TRANSPORTATION - 2.66%
*Forward Air Corp........................... 23,000 997,625
-----------
TOTAL TRANSPORTATION....................................... 1,193,625
-----------
TOTAL COMMON STOCKS (Cost $30,685,353)..................... 38,048,353
-----------
TOTAL INVESTMENTS - 101.19%
(Cost $30,685,353)........................................ 38,048,353
Liabilities, Net of Cash and Other Assets - (1.19%)........ (445,959)
-----------
NET ASSETS - 100.00%......................................... $37,602,394
===========
</TABLE>
* NON-INCOME PRODUCING SECURITY.
ADR - AMERICAN DEPOSITARY RECEIPT.
SEE NOTES TO FINANCIAL STATEMENTS.
14
<PAGE>
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999
(UNAUDITED)
----------------------------------------------------------
VALUE+GROWTH FUND
<TABLE>
<CAPTION>
NUMBER OF
DESCRIPTION SHARES VALUE
- ---------------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCKS - 98.51%
BASIC INDUSTRIES
CHEMICALS - 1.44%
OM Group, Inc............................... 12,300 $ 423,581
-----------
PAPER & PULP - 3.50%
International Paper Co...................... 7,900 445,856
Weyerhaeuser Co............................. 8,200 588,863
-----------
1,034,719
-----------
TOTAL BASIC INDUSTRIES..................................... 1,458,300
-----------
COMMUNICATIONS
WIRELESS EQUIPMENT - 2.70%
Motorola, Inc............................... 5,400 795,150
-----------
WIRELESS SERVICE - 2.08%
SBC Communications, Inc..................... 12,600 614,250
-----------
TOTAL COMMUNICATIONS....................................... 1,409,400
-----------
CONSUMER CYCLICALS
RETAIL: FOOD - 5.36%
Albertson's, Inc............................ 11,617 374,648
*Brinker International, Inc................. 37,000 888,000
Hormel Foods Corp........................... 7,900 320,938
-----------
1,583,586
-----------
RETAIL: SPECIALTY - 2.01%
Circuit City Stores, Inc.................... 7,900 355,994
Blockbuster, Inc............................ 17,700 236,738
-----------
592,732
-----------
TOTAL CONSUMER CYCLICALS................................... 2,176,318
-----------
CONSUMER SERVICES
LEISURE - 0.61%
Galileo International, Inc.................. 6,000 179,625
-----------
PUBLISHING - 1.59%
McGraw-Hill Companies, Inc.................. 7,600 468,350
-----------
TOTAL CONSUMER SERVICES.................................... 647,975
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
16
<PAGE>
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999
(UNAUDITED)
----------------------------------------------------------
VALUE+GROWTH FUND
<TABLE>
<CAPTION>
NUMBER OF
DESCRIPTION SHARES VALUE
- ---------------------------------------------- ----------- -----------
<S> <C> <C>
CONSUMER STAPLES
COSMETICS - 2.29%
Kimberly-Clark Corp......................... 10,300 $ 672,075
-----------
HOUSEHOLD PRODUCTS - 1.97%
*Newell & Co................................ 20,100 582,900
-----------
TOTAL CONSUMER STAPLES..................................... 1,254,975
-----------
ENERGY
ELECTRIC: INTEGRATED DOMESTIC - 1.51%
Duke Energy Corp............................ 8,900 446,113
-----------
NATURAL GAS - 3.29%
Enron Corp.................................. 21,900 971,813
-----------
OIL AND GAS SERVICES - 1.46%
Santa Fe International Corp................. 16,700 432,113
-----------
OIL: INTEGRATED DOMESTIC - 3.29%
Apache Corp................................. 12,100 446,944
Vastar Resources, Inc....................... 8,900 525,100
-----------
972,044
-----------
OIL: INTEGRATED INTERNATIONAL - 6.06%
EOG Resources, Inc.......................... 25,300 444,331
*Nabors Industries, Inc..................... 20,300 628,031
Suncor Energy, Inc.......................... 17,200 718,100
-----------
1,790,462
-----------
TOTAL ENERGY............................................... 4,612,545
-----------
FINANCIAL
BANKS: REGIONAL - 1.21%
First Union Corp............................ 10,900 357,656
MISCELLANEOUS FINANCE - 1.32%
CIT Group, Inc.............................. 18,500 390,813
-----------
TOTAL FINANCIAL............................................ 748,469
-----------
HEALTHCARE PRODUCTS
MEDICAL PRODUCTS - 4.99%
Baxter International, Inc................... 16,600 1,042,688
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
17
<PAGE>
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999
(UNAUDITED)
----------------------------------------------------------
VALUE+GROWTH FUND
<TABLE>
<CAPTION>
NUMBER OF
DESCRIPTION SHARES VALUE
- ---------------------------------------------- ----------- -----------
<S> <C> <C>
MEDICAL PRODUCTS - 4.99%--CONTINUED
Mylan Laboratories.......................... 17,100 $ 430,706
-----------
1,473,394
-----------
INDUSTRIAL PRODUCTS
MACHINERY - 3.27%
*Cognex Corp................................ 10,300 401,700
Deere & Co.................................. 13,000 563,875
-----------
965,575
-----------
MANUFACTURING - DIVERSIFIED - 8.65%
Corning, Inc................................ 5,800 747,838
Eaton Corp.................................. 9,300 675,413
Parker Hannifin Corp........................ 22,050 1,131,438
-----------
2,554,689
-----------
OFFICE EQUIPMENT - 1.31%
Xerox Corp.................................. 17,100 387,956
-----------
TOTAL INDUSTRIAL PRODUCTS.................................. 3,908,220
-----------
INDUSTRIAL SERVICES
SPECIAL SERVICES - 8.03%
Ecolab, Inc................................. 15,600 610,350
*Republic Services, Inc..................... 58,200 836,625
*Valassis Communications, Inc............... 21,900 925,275
-----------
2,372,250
-----------
INSURANCE
LIFE INSURANCE - 3.09%
Reliastar Financial Corp.................... 14,800 579,975
Unumprovident Corp.......................... 10,389 333,097
-----------
913,072
-----------
MISCELLANEOUS INSURANCE - 0.79%
Radian Group, Inc........................... 4,906 234,262
-----------
TOTAL INSURANCE............................................ 1,147,334
-----------
REAL ESTATE INVESTMENT TRUSTS - 3.35%
Avalonbay Communities, Inc.................. 5,600 192,150
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
18
<PAGE>
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999
(UNAUDITED)
----------------------------------------------------------
VALUE+GROWTH FUND
<TABLE>
<CAPTION>
NUMBER OF
DESCRIPTION SHARES VALUE
- ---------------------------------------------- ----------- -----------
<S> <C> <C>
REAL ESTATE INVESTMENT TRUSTS - 3.35%--CONTINUED
Equity Residential Properties, Trust........ 5,300 $ 226,244
Prologis Trust.............................. 19,700 379,225
Spieker Properties, Inc..................... 5,300 193,119
-----------
990,738
-----------
TECHNOLOGY
HARDWARE - 2.52%
*Seagate Technology, Inc.................... 16,000 745,000
-----------
SEMICONDUCTORS - 3.71%
*KLA-Tencor Corp............................ 5,900 657,113
STMicroelectronics N.V...................... 2,900 439,169
-----------
1,096,282
-----------
SOFTWARE - 7.60%
First Data Corp............................. 24,200 1,193,360
*I2 Technologies, Inc....................... 3,000 585,000
*Transaction Systems Architects, Inc........ 16,600 464,800
-----------
2,243,160
-----------
TOTAL TECHNOLOGY........................................... 4,084,442
-----------
TRANSPORTATION
AIRLINES - 2.43%
Southwest Airlines Co....................... 44,300 717,106
-----------
MISCELLANEOUS TRANSPORTATION - 2.60%
*FDX Corp................................... 8,000 327,500
United Parcel Service, Inc.................. 6,400 441,600
-----------
769,100
-----------
TOTAL TRANSPORTATION....................................... 1,486,206
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
19
<PAGE>
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999
(UNAUDITED)
----------------------------------------------------------
VALUE+GROWTH FUND
<TABLE>
<CAPTION>
NUMBER OF
DESCRIPTION SHARES VALUE
- ---------------------------------------------- ----------- -----------
<S> <C> <C>
UTILITIES
UTILITY SERVICE PROVIDERS - 4.48%
*AES Corp................................... 17,700 $ 1,323,075
-----------
TOTAL COMMON STOCKS (Cost $26,534,371)..................... 29,093,641
-----------
TOTAL INVESTMENTS - 98.51% (Cost $26,534,371).............. 29,093,641
Cash and Other Assets, Net of Liabilities - 1.49%.......... 440,822
-----------
NET ASSETS - 100.00%......................................... $29,534,463
===========
</TABLE>
* NON-INCOME PRODUCING SECURITY.
SEE NOTES TO FINANCIAL STATEMENTS.
20
<PAGE>
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999
(UNAUDITED)
----------------------------------------------------------
BALANCED FUND
<TABLE>
<CAPTION>
NUMBER OF
DESCRIPTION SHARES VALUE
- ---------------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCKS - 60.92%
BASIC INDUSTRIES
CHEMICALS - 0.93%
OM Group, Inc............................... 10,600 $ 365,038
-----------
PAPER & PULP - 2.12%
International Paper Co...................... 6,200 349,913
Weyerhaeuser Co............................. 6,800 488,325
-----------
838,238
-----------
TOTAL BASIC INDUSTRIES..................................... 1,203,276
-----------
COMMUNICATIONS
WIRELESS EQUIPMENT - 1.65%
Motorola, Inc............................... 4,400 647,900
-----------
WIRELESS SERVICE - 1.27%
SBC Communications, Inc..................... 10,200 497,250
-----------
TOTAL COMMUNICATIONS....................................... 1,145,150
-----------
CONSUMER CYCLICALS
RETAIL: FOOD - 3.10%
Albertson's, Inc............................ 9,341 301,247
*Brinker International, Inc................. 27,300 655,200
Hormel Foods Corp........................... 6,400 260,000
-----------
1,216,447
-----------
RETAIL: SPECIALTY - 1.08%
Circuit City Stores, Inc.................... 5,000 225,313
Blockbuster, Inc............................ 14,800 197,950
-----------
423,263
-----------
TOTAL CONSUMER CYCLICALS................................... 1,639,710
-----------
CONSUMER SERVICES
LEISURE - 0.47%
Galileo International, Inc.................. 6,100 182,619
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
22
<PAGE>
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999
(UNAUDITED)
----------------------------------------------------------
BALANCED FUND
<TABLE>
<CAPTION>
NUMBER OF
DESCRIPTION SHARES VALUE
- ---------------------------------------------- ----------- -----------
<S> <C> <C>
PUBLISHING - 0.96%
McGraw-Hill Companies, Inc.................. 6,100 $ 375,913
-----------
TOTAL CONSUMER SERVICES.................................... 558,532
-----------
CONSUMER STAPLES
COSMETICS - 1.46%
Kimberly-Clark Corp......................... 8,800 574,200
-----------
HOUSEHOLD PRODUCTS - 1.20%
*Newell & Co................................ 16,300 472,700
-----------
TOTAL CONSUMER STAPLES..................................... 1,046,900
-----------
ENERGY
ELECTRIC: INTEGRATED DOMESTIC - 0.93%
Duke Energy Corp............................ 7,300 365,913
-----------
NATURAL GAS - 2.01%
Enron Corp.................................. 17,800 789,875
-----------
OIL AND GAS SERVICES - 0.89%
Santa Fe International Corp................. 13,500 349,313
-----------
OIL: INTEGRATED DOMESTIC - 2.05%
Apache Corp................................. 10,200 376,763
Vastar Resources, Inc....................... 7,300 430,700
-----------
807,463
-----------
OIL: INTEGRATED INTERNATIONAL - 3.80%
EOG Resources, Inc.......................... 21,500 377,594
*Nabors Industries, Inc..................... 17,100 529,031
Suncor Energy, Inc.......................... 14,000 584,495
-----------
1,491,120
-----------
TOTAL ENERGY............................................... 3,803,684
-----------
FINANCIAL
BANKS: REGIONAL - 0.84%
First Union Corp............................ 10,000 328,125
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
23
<PAGE>
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999
(UNAUDITED)
----------------------------------------------------------
BALANCED FUND
<TABLE>
<CAPTION>
NUMBER OF
DESCRIPTION SHARES VALUE
- ---------------------------------------------- ----------- -----------
<S> <C> <C>
MISCELLANEOUS FINANCE - 0.81%
CIT Group, Inc.............................. 15,000 $ 316,875
-----------
TOTAL FINANCIAL............................................ 645,000
-----------
HEALTHCARE PRODUCTS
MEDICAL PRODUCTS - 3.05%
Baxter International, Inc................... 13,500 847,969
Mylan Laboratories, Inc..................... 13,900 350,106
-----------
1,198,075
-----------
INDUSTRIAL PRODUCTS
MACHINERY - 1.90%
*Cognex Corp................................ 8,300 323,700
Deere & Co.................................. 9,700 420,738
-----------
744,438
-----------
MANUFACTURING: DIVERSIFIED - 5.35%
Corning, Inc................................ 4,700 606,006
Eaton Corp.................................. 7,500 544,688
Parker Hannifin Corp........................ 18,500 949,281
-----------
2,099,975
-----------
OFFICE EQUIPMENT - 0.87%
Xerox Corp.................................. 15,100 342,581
-----------
TOTAL INDUSTRIAL PRODUCTS.................................. 3,186,994
-----------
INDUSTRIAL SERVICES
SPECIAL SERVICES - 4.84%
Ecolab, Inc................................. 12,800 500,800
*Republic Services, Inc..................... 47,200 678,500
*Valassis Communications, Inc............... 17,050 720,363
-----------
1,899,663
-----------
INSURANCE
LIFE INSURANCE - 1.88%
Reliastar Financial Corp.................... 12,000 470,250
Unumprovident Corp.......................... 8,380 268,684
-----------
738,934
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
24
<PAGE>
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999
(UNAUDITED)
----------------------------------------------------------
BALANCED FUND
<TABLE>
<CAPTION>
NUMBER OF
DESCRIPTION SHARES VALUE
- ---------------------------------------------- ----------- -----------
<S> <C> <C>
MISCELLANEOUS INSURANCE - 0.38%
Radian Group, Inc........................... 3,133 $ 149,601
-----------
TOTAL INSURANCE............................................ 888,535
-----------
REAL ESTATE INVESTMENT TRUSTS - 2.24%
Avalonbay Communities, Inc.................. 5,600 192,150
Equity Residential Properties Trust......... 4,300 183,556
Prologis Trust.............................. 17,400 334,950
Spieker Properties, Inc..................... 4,600 167,613
-----------
878,269
-----------
TECHNOLOGY
HARDWARE - 1.54%
*Seagate Technology, Inc.................... 13,000 605,313
-----------
SEMICONDUCTORS - 2.36%
*KLA-Tencor Corp............................ 5,200 579,150
STMicroelectronics N.V...................... 2,300 348,306
-----------
927,456
-----------
SOFTWARE - 4.98%
First Data Corp............................. 21,500 1,060,256
*I2 Technologies, Inc....................... 2,400 468,000
*Transaction Systems Architects, Inc........ 15,200 425,600
-----------
1,953,856
-----------
TOTAL TECHNOLOGY........................................... 3,486,625
-----------
TRANSPORTATION
AIRLINES - 1.61%
Southwest Airlines Co....................... 39,050 632,122
-----------
MISCELLANEOUS TRANSPORTATION - 1.61%
*FDX Corp................................... 6,500 266,094
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
25
<PAGE>
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999
(UNAUDITED)
----------------------------------------------------------
BALANCED FUND
<TABLE>
<CAPTION>
NUMBER OF
DESCRIPTION SHARES VALUE
- ---------------------------------------------- ----------- -----------
<S> <C> <C>
MISCELLANEOUS TRANSPORTATION - 1.61%--CONTINUED
United Parcel Service, Inc.................. 5,300 $ 365,700
-----------
631,794
-----------
TOTAL TRANSPORTATION....................................... 1,263,916
-----------
UTILITIES
UTILITY SERVICE PROVIDERS - 2.74%
*AES Corp................................... 14,400 1,076,400
-----------
TOTAL COMMON STOCKS (COST $21,144,491)..................... 23,920,729
-----------
<CAPTION>
PAR VALUE
-----------
CORPORATE BONDS - 19.65%
<S> <C> <C>
BASIC INDUSTRIES - 2.99%
Ball Corp.
7.750%, 08/01/06........................... $ 1,200,000 1,176,000
-----------
COMMUNICATIONS - 1.74%
Sprint Capital Corp.
6.125%, 11/15/08........................... 750,000 679,515
-----------
ENTERTAINMENT - 1.28%
Viacom International, Inc.
7.750%, 06/01/05........................... 500,000 504,317
-----------
FINANCIAL SERVICES - 5.70%
Associates Corp.
5.875%, 05/16/01........................... 850,000 839,514
Lehman Brothers Holdings, Inc.
6.250%, 04/01/03........................... 750,000 723,995
PNC Funding Corp.
6.125%, 02/15/09........................... 750,000 674,493
-----------
2,238,002
-----------
INSURANCE - 0.77%
Reliastar Financial Corp.
8.000%, 10/30/06........................... 300,000 301,674
-----------
MANUFACTURING - 2.43%
Lear Corp.
7.960%, 5/15/05............................ 500,000 480,625
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
26
<PAGE>
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999
(UNAUDITED)
----------------------------------------------------------
BALANCED FUND
<TABLE>
<CAPTION>
DESCRIPTION PAR VALUE VALUE
- ------------------------------------------------------------- -----------
MANUFACTURING - 2.43%--CONTINUED
<S> <C> <C>
Lear Corp.
8.110%, 5/15/09............................ $ 500,000 $ 474,375
-----------
955,000
-----------
RETAIL: FOOD - 3.64%
Coca Cola Enterprises, Inc.
6.375%, 8/01/01............................ 960,000 950,727
Safeway, Inc.
7.000%, 9/15/07............................ 500,000 480,441
-----------
1,431,168
-----------
RETAIL: RESTAURANTS - 1.10%
Friendly Ice Cream Corp.
10.500%, 12/1/07........................... 500,000 430,000
-----------
TOTAL CORPORATE BONDS (COST $8,034,586).................... 7,715,676
-----------
AGENCY - 2.47%
FEDERAL NATIONAL MORTGAGE
ASSOCIATION - 2.47%
5.750%, 04/15/03............................ 1,000,000 971,250
-----------
TOTAL AGENCY (COST $1,003,955)............................. 971,250
-----------
MORTGAGE PASS-THROUGH - 11.33%
FEDERAL HOME LOAN MORTGAGE CORP. - 4.32%
7.500%, 04/01/28............................ 632,471 626,545
6.000%, 07/01/28............................ 1,167,615 1,068,729
-----------
1,695,274
-----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION POOL - 5.00%
7.000%, 2/1/28.............................. 929,973 900,614
6.500%, 7/1/28.............................. 1,129,920 1,064,588
-----------
1,965,202
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
27
<PAGE>
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999
(UNAUDITED)
----------------------------------------------------------
BALANCED FUND
<TABLE>
<CAPTION>
DESCRIPTION PAR VALUE VALUE
- ------------------------------------------------------------- -----------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION POOL - 2.01%
<S> <C> <C>
8.000%, 12/15/25............................ $ 780,240 $ 789,018
-----------
TOTAL MORTGAGE PASS-THROUGH (COST $4,677,603).............. 4,449,494
-----------
U.S. TREASURY OBLIGATIONS - 4.01%
U. S. TREASURY BONDS - 2.18%
7.500%, 11/15/16............................ 800,000 856,427
-----------
U. S. TREASURY NOTES - 1.17%
7.500%, 11/15/01............................ 450,000 459,869
-----------
U.S. TREASURY STRIPS - 0.66%
0.000%, 11/15/09............................ 500,000 257,890
-----------
TOTAL U.S. TREASURY OBLIGATIONS (COST $1,725,759).......... 1,574,186
-----------
REPURCHASE AGREEMENT - 2.12%
State Street Bank & Trust Co. Repurchase
Agreement, 2.00%, dated 12/31/99, due
01/03/00, collateralized by U.S. Treasury
Bonds, 8.50%, par value $700,000, due
02/15/20 (Proceeds $831,139)
(Cost $831,000)............................ 831,000 831,000
-----------
TOTAL INVESTMENTS - 100.50% (Cost $37,417,394)............. 39,462,335
Liabilities, Net of Cash and Other Assets - (0.50%)........ (194,986)
-----------
NET ASSETS - 100.00%......................................... $39,267,349
===========
</TABLE>
* NON-INCOME PRODUCING SECURITY.
SEE NOTES TO FINANCIAL STATEMENTS.
28
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
(UNAUDITED)
----------------------------------------------------------
<TABLE>
<CAPTION>
SMALL-CAP VALUE+ BALANCED
FUND GROWTH FUND FUND
------------ ------------ ------------
<S> <C> <C> <C>
ASSETS
Investments in securities at value (cost of
$30,685,353, $26,534,371, $37,417,394) $38,048,353 $29,093,641 $39,462,335
Cash -- -- 393
Receivables:
Investment securities sold 375,375 3,072,344 --
Investment income 10,356 34,872 216,560
Fund shares sold 274,049 50 16,118
Prepaid expenses and other assets 5,822 4,310 2,832
----------- ----------- -----------
Total assets 38,713,955 32,205,217 39,698,238
----------- ----------- -----------
LIABILITIES
Payables:
Funds advanced by custodian 247,959 2,270,141 --
Investment securities purchased 743,444 352,243 360,173
Fund shares redeemed 31,727 2,339 8,082
Investment advisory fees 2,020 1,426 1,492
Shareholder servicing fees 283 369 107
Accrued Trustees' fees 1,038 2,133 1,918
Other accrued expenses 85,090 42,103 59,117
----------- ----------- -----------
Total liabilities 1,111,561 2,670,754 430,889
----------- ----------- -----------
NET ASSETS $37,602,394 $29,534,463 $39,267,349
=========== =========== ===========
COMPOSITION OF NET ASSETS
Paid-in capital $29,233,011 $24,295,058 $35,061,001
Undistributed net investment income
(loss) (174,219) (2,209) 1,517
Undistributed net realized gain 1,180,602 2,682,344 2,159,890
Net unrealized appreciation 7,363,000 2,559,270 2,044,941
----------- ----------- -----------
NET ASSETS $37,602,394 $29,534,463 $39,267,349
=========== =========== ===========
Number of shares, $0.01 par value,
issued and outstanding (unlimited
shares authorized) 1,675,420 1,828,201 2,897,907
=========== =========== ===========
NET ASSET VALUE PER SHARE $ 22.44 $ 16.15 $ 13.55
=========== =========== ===========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
29
<PAGE>
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED DECEMBER 31, 1999
(UNAUDITED)
----------------------------------------------------------
<TABLE>
<CAPTION>
SMALL-CAP VALUE+ BALANCED
FUND GROWTH FUND FUND
------------ ------------ -----------
<S> <C> <C> <C>
INVESTMENT INCOME
INCOME
Dividend income $ 46,954 $ 212,734 $ 154,845
Interest income 3,335 6,599 583,925
----------- ----------- -----------
Total income 50,289 219,333 738,770
----------- ----------- -----------
EXPENSES
Investment advisory fees 149,570 147,479 146,533
Shareholder servicing fees 20,940 38,171 10,467
Administration fees 20,117 20,108 18,221
Custody and accounting fees 35,071 24,069 27,267
Legal fees 3,957 4,731 6,215
Audit fees 10,054 10,084 10,092
Transfer agent fees 33,912 19,999 19,190
Shareholder reporting fees 10,960 3,785 5,312
Registration fees 11,189 8,674 11,717
Trustees fees 7,546 7,546 7,546
Insurance 988 1,182 1,597
Amortization of deferred organization costs 2,212 2,212 1,275
Miscellaneous 2,924 4,743 5,467
----------- ----------- -----------
Total expenses 309,440 292,783 270,899
Less: expenses waived and reimbursed (85,840) (75,380) (71,111)
Add: credit line commitment fees 908 1,246 1,654
----------- ----------- -----------
Net expenses 224,508 218,649 201,442
----------- ----------- -----------
Net investment income (loss) (174,219) 684 537,328
----------- ----------- -----------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS
Net realized gain on investments 5,853,282 3,175,602 3,523,580
Net unrealized appreciation (depreciation) on
investments 4,890,756 (2,238,566) (3,216,361)
----------- ----------- -----------
Net gain on investments 10,744,038 937,036 307,219
----------- ----------- -----------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $10,569,819 $ 937,720 $ 844,547
=========== =========== ===========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
30
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
----------------------------------------------------------
SMALL-CAP FUND
<TABLE>
<CAPTION>
FOR THE PERIODS
----------------------------------------
07/01/99 07/01/98
TO 12/31/99+ TO 6/30/99
------------------------- ------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment loss $ (174,219) $ (274,582)
Net realized gain (loss) on investments 5,853,282 (4,630,969)
Net unrealized appreciation (depreciation) on
investments 4,890,756 (3,474,243)
----------- ------------
Net increase (decrease) in net assets from
operations 10,569,819 (8,379,794)
----------- ------------
Distributions to shareholders:
From net realized gain -- (5,303,746)
----------- ------------
Total distributions -- (5,303,746)
----------- ------------
Fund share transactions:
Proceeds from shares sold 6,190,679 29,397,612
Net asset value of shares issued on
reinvestment of distributions -- 5,022,337
Cost of shares redeemed (9,742,260) (81,022,556)
----------- ------------
Net decrease from Fund share transactions (3,551,581) (46,602,607)
----------- ------------
NET INCREASE (DECREASE) IN NET ASSETS 7,018,238 (60,286,147)
NET ASSETS
Beginning of period 30,584,156 90,870,303
----------- ------------
End of period $37,602,394 $ 30,584,156
=========== ============
CHANGE IN FUND SHARES
Shares sold 344,705 1,911,091
Shares issued on reinvestment of distributions -- 370,081
Shares redeemed (565,602) (5,143,333)
----------- ------------
Net decrease (220,897) (2,862,161)
=========== ============
</TABLE>
+ Unaudited.
SEE NOTES TO FINANCIAL STATEMENTS.
31
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
----------------------------------------------------------
VALUE+GROWTH FUND
<TABLE>
<CAPTION>
FOR THE PERIODS
----------------------------------------
07/01/99 07/01/98
TO 12/31/99+ TO 6/30/99
------------------------- ------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $ 684 $ 81,986
Net realized gain on investments 3,175,602 1,495,633
Net unrealized depreciation on investments (2,238,566) (357,291)
------------ ------------
Net increase in net assets from operations 937,720 1,220,328
------------ ------------
Distributions to shareholders:
From net investment income (84,879) --
From net realized gain (974,775) (2,433,086)
------------ ------------
Total distributions (1,059,654) (2,433,086)
------------ ------------
Fund share transactions:
Proceeds from shares sold 1,286,242 7,381,672
Net asset value of shares issued on
reinvestment of distributions 1,055,965 2,423,047
Cost of shares redeemed (10,998,956) (17,678,158)
------------ ------------
Net decrease from Fund share transactions (8,656,749) (7,873,439)
------------ ------------
NET DECREASE IN NET ASSETS (8,778,683) (9,086,197)
NET ASSETS
Beginning of period 38,313,146 47,399,343
------------ ------------
End of period $ 29,534,463 $ 38,313,146
============ ============
CHANGE IN FUND SHARES
Shares sold 85,233 485,266
Shares issued on reinvestment of distributions 68,972 170,397
Shares redeemed (711,875) (1,195,319)
------------ ------------
Net decrease (557,670) (539,656)
============ ============
</TABLE>
+ Unaudited.
SEE NOTES TO FINANCIAL STATEMENTS.
32
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
----------------------------------------------------------
BALANCED FUND
<TABLE>
<CAPTION>
FOR THE PERIODS
----------------------------------------
07/01/99 07/01/98
TO 12/31/99+ TO 6/30/99
------------------------- ------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $ 537,328 $ 1,406,185
Net realized gain on investments 3,523,580 4,408,560
Net unrealized depreciation on investments (3,216,361) (3,149,185)
----------- ------------
Net increase in net assets from operations 844,547 2,665,560
----------- ------------
Distributions to shareholders:
From net investment income (542,127) (1,419,256)
From net realized gain (3,849,150) (4,179,056)
----------- ------------
Total distributions (4,391,277) (5,598,312)
----------- ------------
Fund share transactions:
Proceeds from shares sold 990,310 4,586,684
Net asset value of shares issued on
reinvestment of distributions 4,197,272 5,376,083
Cost of shares redeemed (10,087,133) (25,997,325)
----------- ------------
Net decrease from Fund share transactions (4,899,551) (16,034,558)
----------- ------------
NET DECREASE IN NET ASSETS (8,446,281) (18,967,310)
NET ASSETS
Beginning of period 47,713,630 66,680,940
----------- ------------
End of period $39,267,349 $ 47,713,630
=========== ============
CHANGE IN FUND SHARES
Shares sold 68,848 313,760
Shares issued on reinvestment of distributions 316,283 378,678
Shares redeemed (713,632) (1,785,419)
----------- ------------
Net decrease (328,501) (1,092,981)
=========== ============
</TABLE>
+ Unaudited.
SEE NOTES TO FINANCIAL STATEMENTS.
33
<PAGE>
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
----------------------------------------------------------
SMALL-CAP FUND
<TABLE>
<CAPTION>
FOR THE PERIODS
-------------------------------------------------------------------------
07/01/99 07/01/98 07/01/97 07/01/96 07/01/95 9/30/94#
TO TO TO TO TO TO
12/31/99+ 06/30/99 06/30/98 06/30/97 06/30/96 06/30/95
----------------- -------- -------- -------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period $ 16.13 $ 19.10 $ 21.83 $ 18.39 $ 14.12 $ 10.00
------- ------- ------- -------- ------- -------
Income from investment
operations
Net investment income
(loss) (0.10) (0.14) (0.17) (0.01) (0.02) 0.01
Net realized and
unrealized gain (loss) on
investments 6.41 (0.93) 2.40 4.04 5.25 4.13
------- ------- ------- -------- ------- -------
Total from investment
operations 6.31 (1.07) 2.23 4.03 5.23 4.14
------- ------- ------- -------- ------- -------
Less distributions
From net investment income -- -- -- -- -- (0.02)
From net realized gain -- (1.90) (4.96) (0.59) (0.96) --
------- ------- ------- -------- ------- -------
Total distributions -- (1.90) (4.96) (0.59) (0.96) (0.02)
------- ------- ------- -------- ------- -------
Net asset value, end of
period $ 22.44 $ 16.13 $ 19.10 $ 21.83 $ 18.39 $ 14.12
======= ======= ======= ======== ======= =======
Total return** 39.21% (3.78)% 10.29% 22.45% 38.46% 41.47%
======= ======= ======= ======== ======= =======
Net assets at end of period
(in 000's) $37,602 $30,584 $90,870 $123,053 $92,697 $10,397
======= ======= ======= ======== ======= =======
Ratio of expenses to average
net assets (after expense
waivers, reimbursements
and recoupments)(1)* 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%
======= ======= ======= ======== ======= =======
Ratio of net investment
income (loss) to average
net assets (after waivers,
reimbursements, and
recoupments)* 1.16% (0.66)% (0.59)% (0.08)% (0.35)% 0.04%
======= ======= ======= ======== ======= =======
Portfolio turnover rate** 128.19% 179.91% 168.74% 304.88% 214.71% 102.85%
======= ======= ======= ======== ======= =======
</TABLE>
+ UNAUDITED.
* ANNUALIZED FOR PERIODS OF LESS THAN ONE YEAR.
** NOT ANNUALIZED FOR PERIODS OF LESS THAN ONE YEAR.
# FUND COMMENCED OPERATIONS ON SEPTEMBER 30, 1994.
(1) THE RATIOS OF EXPENSES TO AVERAGE NET ASSETS BEFORE EXPENSE WAIVERS,
REIMBURSEMENTS AND RECOUPMENTS WERE 2.06%, 1.89%, 1.55%, 1.39%, 1.74% AND
4.99% FOR THE PERIODS ENDED DECEMBER 31, 1999, JUNE 30, 1999, 1998, 1997,
1996 AND 1995, RESPECTIVELY.
SEE NOTES TO FINANCIAL STATEMENTS.
34
<PAGE>
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
----------------------------------------------------------
VALUE+GROWTH FUND
<TABLE>
<CAPTION>
FOR THE PERIODS
-------------------------------------------------------------------------
07/01/99 07/01/98 07/01/97 07/01/96 07/01/95 09/30/94#
TO TO TO TO TO TO
12/31/99+ 06/30/99 06/30/98 06/30/97 06/30/96 06/30/95
----------------- -------- -------- -------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $ 16.06 $ 16.20 $ 16.27 $ 13.69 $ 12.82 $ 10.00
------- ------- ------- ------- ------- -------
Income from investment
operations
Net investment income 0.01 0.03 0.01 0.10 0.11 0.05
Net realized and unrealized
gain on investments 0.61 0.82 1.77 4.03 1.40 2.79
------- ------- ------- ------- ------- -------
Total from investment
operations 0.62 0.85 1.78 4.13 1.51 2.84
------- ------- ------- ------- ------- -------
Less distributions
From net investment income (0.04) -- (0.04) (0.10) (0.13) (0.02)
From net realized gain (0.49) (0.99) (1.81) (1.45) (0.51) --
------- ------- ------- ------- ------- -------
Total distributions (0.53) (0.99) (1.85) (1.55) (0.64) (0.02)
------- ------- ------- ------- ------- -------
Net asset value, end of period $ 16.15 $ 16.06 $ 16.20 $ 16.27 $ 13.69 $ 12.82
======= ======= ======= ======= ======= =======
Total return** 4.19% 6.05% 11.54% 32.38% 12.11% 28.43%
======= ======= ======= ======= ======= =======
Net assets at end of period (in
000's) $29,534 $38,313 $47,399 $23,994 $21,256 $12,989
======= ======= ======= ======= ======= =======
Ratio of expenses to average
net assets (after expense
waivers and
reimbursements)(1)* 1.25% 1.25% 1.25% 1.26% 1.35% 1.35%
======= ======= ======= ======= ======= =======
Ratio of net investment income
(loss) to average net assets
(after waivers and
reimbursements)* 0.00% 0.22% 0.09% 0.45% 0.78% 1.18%
======= ======= ======= ======= ======= =======
Portfolio turnover rate** 41.53% 92.42% 60.51% 160.13% 101.05% 31.64%
======= ======= ======= ======= ======= =======
</TABLE>
+ UNAUDITED.
* ANNUALIZED FOR PERIODS OF LESS THAN ONE YEAR.
** NOT ANNUALIZED FOR PERIODS OF LESS THAN ONE YEAR.
# FUND COMMENCED OPERATIONS ON SEPTEMBER 30, 1994.
(1) THE RATIOS OF EXPENSES TO AVERAGE NET ASSETS BEFORE EXPENSE WAIVERS AND
REIMBURSEMENTS WERE 1.69%, 1.58%, 1.48%, 2.11%, 2.12% AND 5.21% FOR THE
PERIODS ENDED DECEMBER 31, 1999, JUNE 30, 1999, 1998, 1997, 1996 AND 1995,
RESPECTIVELY.
SEE NOTES TO FINANCIAL STATEMENTS.
35
<PAGE>
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
----------------------------------------------------------
BALANCED FUND
<TABLE>
<CAPTION>
FOR THE PERIODS
-----------------------------------------------------------------------------------
07/01/99 07/01/98 07/01/97 07/01/96 07/01/95 10/01/94 11/01/93
TO TO TO TO TO TO TO
12/31/99+ 06/30/99 06/30/98 06/30/97 06/30/96 06/30/95 09/30/94
----------------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 14.79 $ 15.44 $ 16.07 $ 14.69 $ 13.96 $ 12.41 $ 12.82
------- ------- ------- ------- ------- ------- -------
Income from investment
operations
Net investment income 0.18 0.36 0.31 0.38 0.43 0.24 0.16
Net realized and
unrealized gain on
investments 0.20 0.38 1.05 2.78 1.27 1.59 0.05
------- ------- ------- ------- ------- ------- -------
Total from investment
operations 0.38 0.74 1.36 3.16 1.70 1.83 0.21
------- ------- ------- ------- ------- ------- -------
Less distributions
From net investment
income (0.19) (0.36) (0.32) (0.37) (0.43) (0.24) (0.18)
From net realized
gain (1.44) (1.03) (1.67) (1.41) (0.54) (0.04) (0.44)
------- ------- ------- ------- ------- ------- -------
Total distributions (1.62) (1.39) (1.99) (1.78) (0.97) (0.28) (0.62)
------- ------- ------- ------- ------- ------- -------
Net asset value, end of
period $ 13.55 $ 14.79 $ 15.44 $ 16.07 $ 14.69 $ 13.96 $ 12.41
======= ======= ======= ======= ======= ======= =======
Total return** 2.94% 5.39% 8.96% 23.12% 12.56% 14.98% 3.66%
======= ======= ======= ======= ======= ======= =======
Net assets at end of
period (in 000's) $39,267 $47,714 $66,681 $63,398 $46,979 $38,836 $34,659
======= ======= ======= ======= ======= ======= =======
Ratio of expenses to
average net assets
(after expense
waivers and
reimbursements)(1)* 0.95% 0.95% 1.00% 1.26% 1.35% 1.33%* 1.63%
======= ======= ======= ======= ======= ======= =======
Ratio of net investment
income to average net
assets (after expense
waivers and
reimbursements)* 2.56% 2.41% 1.99% 2.62% 2.98% 2.51%* 1.77%
======= ======= ======= ======= ======= ======= =======
Portfolio turnover
rate** 30.76% 91.64% 83.27% 91.90% 69.11% 54.02% 60.90%
======= ======= ======= ======= ======= ======= =======
</TABLE>
+ UNAUDITED.
* ANNUALIZED FOR PERIODS OF LESS THAN ONE YEAR.
** NOT ANNUALIZED FOR PERIODS OF LESS THAN ONE YEAR.
(1) THE RATIOS OF EXPENSES TO AVERAGE NET ASSETS BEFORE EXPENSE WAIVERS AND
REIMBURSEMENTS WERE 1.30%, 1.15%, 1.37%, 1.31%, 1.49%, 1.42% AND 1.63% FOR
THE PERIODS ENDED DECEMBER 31, 1999, JUNE 30, 1999, 1998, 1997, 1996, 1995
AND SEPTEMBER 30, 1994, RESPECTIVELY.
SEE NOTES TO FINANCIAL STATEMENTS.
36
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
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
Small-Cap Fund (formerly known as the Jurika & Voyles Mini-Cap Fund), Jurika &
Voyles Value+Growth Fund and Jurika & Voyles Balanced Fund (each a "Fund" and
collectively the "Funds").
The investment objectives of the Funds are as follows:
The Small-Cap Fund seeks to maximize long-term capital appreciation. This Fund
invests primarily in the common stock of companies having small market
capitalizations that offer current value and significant future growth
potential.
The Value+Growth Fund seeks long-term capital appreciation. This Fund invests
primarily in the common stock of companies of all market capitalizations that
offer current value and significant future growth potential.
The Balanced Fund seeks to provide investors with a balance of long-term capital
appreciation and current income. This Fund invests primarily in a diversified
portfolio that combines stocks, bonds and cash-equivalent securities.
On September 30, 1994, shareholders of 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 gains of
$1,199,928) for 2,793,608 shares of the Balanced Fund in a tax-free exchange.
All of the assets and liabilities of the Old Fund were transferred to the
Balanced Fund at their then current value. The Financial Highlights for the
period prior to October 1, 1994, include the results of the Old Fund.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the significant accounting policies followed by
the Funds.
37
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
2. SIGNIFICANT ACCOUNTING POLICIES--CONTINUED
SECURITY VALUATION--Securities trading on a national exchange or the Nasdaq
are valued at the last reported sales price at the close of regular trading
on the last business day of the period. If there are no sales on such day,
or in the case of other over-the-counter securities, securities are valued
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.
FEDERAL INCOME TAXES--Each Fund has qualified and intends to continue 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 are accreted or 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 agreements and to determine on a daily basis that the value
of such securities is sufficient to cover the value of the repurchase
agreements.
DISTRIBUTIONS--Distributions to shareholders are recorded on the ex-
dividend date.
ACCOUNTING ESTIMATES--The preparation of financial statements in accordance
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts
of increases and decreases in
38
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
2. SIGNIFICANT ACCOUNTING POLICIES--CONTINUED
net assets from operations during the reporting periods. Actual results
could differ from those estimates.
3. MANAGEMENT FEES AND TRANSACTIONS WITH AFFILIATES
The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement
(the "Agreement") with Jurika & Voyles, L.P. (the Adviser). Under the terms of
the Agreement, the Funds will pay a fee equal to the following rates of average
daily net assets: 1.00% for the Small-Cap Fund, 0.85% for the Value+Growth Fund
and 0.70% for the Balanced Fund. The Adviser has voluntarily agreed to limit the
Funds' expenses by reducing all or a portion of its fees (and reimbursing the
Funds' expenses) so that the ratio of expenses to average net assets will not
exceed 1.50% for Small-Cap Fund, 1.25% for the Value+Growth Fund and 0.95% for
the Balanced Fund. Fee waivers and expense reimbursements are voluntary and may
be terminated at any time. 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 it under
the Agreement. Each Fund will reimburse the Adviser in subsequent years when
operating expenses (before reimbursement) are less than the applicable
percentage limitation. The Agreement permits such reimbursement to the Adviser
within the three year period following the year in which the Adviser waived fees
or reimbursed expenses of the Fund. Unreimbursed expenses at December 31, 1999
amounted to $310,813, $454,576 and $461,439 for the Small-Cap, Value+Growth and
Balanced Funds, respectively, of which $0, $67,397, $157,576 and $85,840;
$168,152, $88,072, $122,972 and $75,380; and $27,549, $250,482, $112,297 and
$71,111, respectively, can be recouped through the fiscal years ending in 2000,
2001, 2002 and 2003, respectively.
Included in the statements of operations under the caption Transfer Agent Fees
are fees of $3,349, $5,676 and $3,674 for the Small-Cap, Value+Growth and
Balanced Funds, respectively, due to NVEST Services Company, Inc., an affiliate
of the adviser, as servicing agent to the Funds.
Pursuant to a Shareholder Services Plan (the "Plan"), the Funds will reimburse
the Adviser for any expenses incurred, not to exceed 0.25% of each Fund's
average daily net assets, for shareholder services provided. Under the Plan,
the Adviser as Service Coordinator will provide, or will
39
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
3. MANAGEMENT FEES AND TRANSACTIONS WITH AFFILIATES--CONTINUED
arrange for others to provide, certain specified shareholder services to
shareholders of the Funds. In certain cases, the Adviser may also pay a fee,
out of its own resources and not out of the service fee payable under the
Plan, to a participating organization for providing other administrative
services to its customers who invest in shares of the Funds.
The Trust, on behalf of the Funds, entered into an Administration Agreement (the
"Administration Agreement") with Investment Company Administration, L.L.C. (the
"Administrator"). Under the terms of the Administration Agreement, the Funds
will pay a 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 the next $150 million, 0.03% of the next
$250 million and 0.01% thereafter, subject to a minimum fee of $40,000 per annum
per Fund.
First Fund Distributors, Inc. (the "Distributor") distributes the Funds' shares
pursuant to a Distribution Agreement. The Distributor is an affiliate of the
Administrator.
Certain officers of the Adviser, Administrator and Distributor are also officers
and/or Trustees of the Funds.
Each unaffiliated Trustee receives as compensation $5,000 per year plus an
attendance fee of $500 for each Trustees' meeting attended. Compensation paid to
the Trustees is allocated to the Funds evenly.
4. PURCHASES AND SALES OF SECURITIES
The cost of security purchases and the proceeds from security sales, other than
short-term investments, for the six months ended December 31, 1999, are as
follows:
<TABLE>
<CAPTION>
FUND PURCHASES SALES
- ---- ----------- -----------
<S> <C> <C>
Small-Cap Fund $38,314,962 $41,104,828
Value+Growth Fund 13,967,192 22,481,419
Balanced Fund 11,922,165 23,427,924
</TABLE>
40
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
4. PURCHASES AND SALES OF SECURITIES--CONTINUED
The Balanced Fund purchased $989,633 and sold $2,456,331 of U.S. Government
securities. There were no purchases or sales of U.S. Government securities by
the Small-Cap Fund and Value+Growth Fund.
The total cost of securities and the aggregate gross unrealized appreciation and
depreciation for securities held by the Funds at December 31, 1999, based on
cost for federal income tax purposes, are as follows:
<TABLE>
<CAPTION>
GROSS GROSS NET
TOTAL UNREALIZED UNREALIZED UNREALIZED
FUND TAX COST APPRECIATION DEPRECIATION APPRECIATION
- ---- ----------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Small-Cap Fund $30,685,353 $10,019,905 ($2,656,905) $7,363,000
Value+Growth Fund 26,534,371 4,567,129 (2,007,859) 2,559,270
Balanced Fund 37,417,394 4,220,621 (2,175,680) 2,044,941
</TABLE>
At December 31, 1999, the Small-Cap Fund had tax basis capital losses of
$3,400,000 which may be carried forward to offset future capital gains through
June 30, 2007.
5. LINE OF CREDIT
The Trust has a $10 million unsecured line of credit with a group of
participating banks. The interest rate charged on borrowings is the Overnight
Federal Funds rate, plus 0.455%. Each Fund pays its pro rata share of a
commitment fee of 0.08% of the unused portion of the commitment. The Funds are
also required to pay a utilization fee of 0.05% on the principal amount
outstanding when more than 50% of total commitment is outstanding, or 0.10% when
more than 66.67% of the total commitment is outstanding. There were no
borrowings under this commitment during the six months ended
December 31, 1999.
41
<PAGE>
CHANGE IN INDEPENDENT ACCOUNTANT
On August 13, 1999, McGladrey & Pullen, LLP ("McGladrey") resigned as
independent auditors of the Fund pursuant to an agreement by
PricewaterhouseCoopers LLP ("PwC") to acquire McGladrey's investment company
practice. The McGladrey partners and professionals serving the Fund at the time
of the acquisition joined PwC.
The reports of McGladrey on the financial statements of the Fund during the past
two fiscal years contained no adverse opinion or disclaimer of opinion, and were
not qualified or modified as to uncertainty, audit scope or accounting
principles.
In connection with its audits for the two most recent fiscal years and through
August 13, 1999, there were no disagreements with McGladrey on any matter of
accounting principle or practices, financial statement disclosure, or auditing
scope or procedure, which disagreements, if not resolved to the satisfaction of
McGladrey would have caused it to make reference to the subject matter of
disagreement in connection with its report.
On November 3, 1999, the Trust, with the approval of its Board of Directors and
its Audit Committee, engaged PwC as its independent auditors.
42
<PAGE>
[LOGO]
Jurika & Voyles Fund Group
P.O. Box 9291
Boston, MA 02266-9291
(800) JV-INVST
(800) 584-6878
