LAKE FOREST FUNDS
LAKE FOREST CORE EQUITY FUND
LAKE FOREST MONEY MARKET FUND
Semi-Annual Report
August 31, 1997
(Unaudited)
<PAGE>
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LAKE FOREST CORE EQUITY FUND
SCHEDULE OF INVESTMENTS
August 31, 1997
(Unaudited)
================================================================================
SHARES MARKET VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS - 90.62%
AEROSPACE/DEFENSE - 5.37%
3,000 Boeing Co. .................................. $163,312
1,000 Lockheed Martin Corp. ....................... 103,687
--------
266,999
--------
AUTOS AND TRUCKS - 3.53%
400 Chrysler Corp. .............................. 14,050
2,300 Ford Motor Co. .............................. 98,900
1,000 General Motors Corp. ........................ 62,750
--------
175,700
--------
BEVERAGES - 2.02%
1,000 Coca Cola Co. ............................... 57,313
1,200 Pepsico Inc. ................................ 43,200
--------
100,513
--------
CHEMICALS - 10.05%
3,500 DuPont (E.I.) De Ne Mours & Co. ............. 218,094
200 Eastman Chemical Co. ........................ 11,962
4,500 Monsanto Co. ................................ 197,719
1,400 Union Carbide Corp. Hldg. Co. ............... 71,838
--------
499,613
--------
COMPUTERS-INFORMATION TECH - 0.10%
137 NCR Corp.* .................................. 4,855
--------
COMPUTERS-MAIN FRAME - 0.81%
400 International Business Machines Corp. ....... 40,360
--------
COMPUTERS-MICRO - 3.95%
3,000 Compaq Computer Corp. ....................... 196,500
--------
COMPUTER SOFTWARE/SVCS - 1.06%
400 Microsoft Corp.* ............................ 52,875
--------
The accompanying notes are an integral part of the financial statements.
<PAGE>
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LAKE FOREST CORE EQUITY FUND
SCHEDULE OF INVESTMENTS
August 31, 1997
(Unaudited)
================================================================================
SHARES MARKET VALUE
- --------------------------------------------------------------------------------
COSMETICS & TOILETRIES - 3.48%
1,300 Proctor & Gamble Co. ........................ $172,981
--------
DIVERSIFIED MANUFACTURING - 3.65%
2,900 General Electric Co. ........................ 181,250
--------
ELECTRIC-INTEGRATED - 1.06%
2,600 Houston Industries Inc. ..................... 52,650
--------
ELECTRONICS-SEMICONDUCTORS - 5.64%
2,000 Intel Corp. ................................. 184,250
1,000 Motorola Inc. ............................... 73,375
200 Texas Instruments Inc. ...................... 22,725
--------
280,350
--------
FINANCIAL-BANKS, COMMERCIAL - 8.78%
4,000 Bank of New York Co. Inc. ................... 178,500
3,200 Mellon Bank Corp. ........................... 154,000
2,400 PNC Bank Corp. .............................. 103,800
--------
436,300
--------
FOOD-MISC/DIVERSIFIED - 1.80%
2,000 Kellogg Co. ................................. 89,500
--------
FOOD-PROCESSING - 1.55%
1,200 General Mills Inc. .......................... 76,950
--------
MEDICAL-DRUGS - 2.90%
2,000 American Home Products Corp. ................ 144,000
--------
MEDICAL PRODUCTS - 1.14%
1,000 Johnson & Johnson ........................... 56,687
--------
MONEY CENTER BANKS - 8.03%
2,000 Bankers Trust New York Corp. ................ 207,500
1,500 Citicorp .................................... 191,437
--------
398,937
--------
The accompanying notes are an integral part of the financial statements
2
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LAKE FOREST CORE EQUITY FUND
SCHEDULE OF INVESTMENTS
August 31, 1997
(Unaudited)
================================================================================
SHARES MARKET VALUE
- --------------------------------------------------------------------------------
NETWORKING PRODUCTS - 1.52%
1,000 Cisco Systems Inc.* ......................... $ 75,375
--------
OIL-FIELD SERVICES - 3.07%
2,000 Schlumberger Ltd. ........................... 152,375
--------
OIL/GAS-DOMESTIC - 1.17%
1,200 Tenneco Inc. ................................ 58,275
--------
OIL/GAS-INTERNATIONAL - 7.98%
2,000 Amoco Corp. ................................. 189,125
1,800 Texaco Inc. ................................. 207,450
--------
396,575
--------
PIPELINES - 1.26%
1,111 El Paso Natural Gas Co. ..................... 62,494
--------
PHARMACEUTICALS - 3.08%
2,550 Abbott Laboratories ......................... 152,841
--------
RETAIL-DEPARTMENT STORES - 0.57%
400 Federated Department Stores Inc. ............ 16,800
200 Sears Roebuck & Co. ......................... 11,350
--------
28,150
--------
RETAIL-RESTAURANTS - 0.95%
1,000 McDonalds Corp. ............................. 47,313
--------
SHIPBUILDING - 0.09%
240 Newport News Shipping Inc. .................. 4,650
--------
TELECOMMUNICATION EQUIPMENT - 2.17%
1,388 Lucent Technologies Inc. .................... 108,091
--------
TELEPHONE-LONG DISTANCE - 1.73%
2,200 AT&T Corp. .................................. 86,800
--------
The accompanying notes are an integral part of the financial statements.
3
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LAKE FOREST CORE EQUITY FUND
SCHEDULE OF INVESTMENTS
August 31, 1997
(Unaudited)
================================================================================
SHARES MARKET VALUE
- --------------------------------------------------------------------------------
TOBACCO - 2.11%
2,400 Phillip Morris Companies Inc. ............... $104,700
--------
TOTAL COMMON STOCKS
(Cost $3,669,084) ............................ 4,503,648
SHORT TERM DEBT
462,000 FHLMC Disc, Note 5.50% due 09/02/97 - 9.29%
(Cost $461,929) ........................... 461,929
MUTUAL FUNDS - 0.01%
427 Star Treasury Fund
(Cost $427) ............................... 427
Total Investments at Market
(Cost $4,131,440) ........................... 99.92% 4,966,004
Other Assets less Liabilities ............... 0.08% 4,087
-----------
Total Net Assets ............................ 100.00% $4,970,091
==========
*Denotes non-income producing security
The accompanying notes are an integral part of the financial statements.
4
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LAKE FOREST MONEY MARKET FUND
SCHEDULE OF INVESTMENTS
August 31, 1997
(Unaudited)
================================================================================
SHARES MARKET VALUE
- --------------------------------------------------------------------------------
SHORT TERM DEBT - 100.80%
U.S. GOVERNMENT OBLIGATIONS - 100.80%
3,848,000 FHLMC Disc. Note 5.50% due 09/02/97 ............ $3,847,412
---------
Total Market Value ............................. 3,847,412
---------
Total Investments - 100.80%
(cost $3,847,412) ......................................... $3,847,412
==========
The accompanying notes are an integral part of the financial statements.
5
<PAGE>
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LAKE FOREST FUNDS
STATEMENT OF ASSETS AND LIABILITIES
August 31, 1997
(Unaudited)
================================================================================
CORE MONEY
EQUITY MARKET
------ ------
ASSETS
Investments in Securities, at value (cost
$3,169,084 and $3,847,412 respectively) ........ $4,503,648 $3,847,412
Short term investment .......................... 462,356 0
Receivable for dividends and interest .......... 10,590 0
Other assets ................................... 2,488 0
---------- ----------
Total assets .............................. 4,979,082 3,847,412
---------- ----------
LIABILITIES
Payable for fund shares purchased .............. 4,000 0
Accrued advisory fee ........................... 4,991 658
Dividends payable .............................. 0 28,759
Other Liabilities .............................. 0 1,003
---------- ----------
Total liabilities .......................... 8,991 30,420
---------- ----------
NET ASSETS
Net Assets (Equivalent to $23.03 and $1.00 per share
based on 215,816 and 3,816,992 shares, respectively
of capital stock outstanding) ................ $4,970,091 $3,816,992
---------- ----------
Composition of Net Assets:
Paid in capital ................................ $4,122,818 $3,816,992
Accumulated net investment income .............. 12,932 0
Accumulated net realized gain (loss) on investments (223) 0
Net unrealized appreciation on investments ..... 834,564 0
---------- ----------
NET ASSETS, August 31, 1997 ................... $4,970,091 $3,816,992
========== ==========
The accompanying notes are an integral part of the financial statements
6
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LAKE FOREST FUNDS
STATEMENT OF OPERATIONS
For the Six Months Ended August 31, 1997
(Unaudited)
================================================================================
CORE MONEY
EQUITY MARKET
------ ------
INVESTMENT INCOME
Interest .............................. $11,825 $143,432
Dividends ............................. 37,046 0
------- --------
Total Investment Income ............. 48,871 143,432
------- --------
EXPENSES (Note 3)
Advisory Fee .......................... 20,399 3,282
------- --------
Total Expenses ........................ 20,399 3,282
------- --------
Net investment income ................. 28,472 140,150
------- --------
Net realized gain on security transactions 0 0
Net change in unrealized appreciation on
investments ....................... 491,821 0
------- --------
Net gain on investments ............... 491,821 0
------- --------
Net increase in net assets resulting
from operations .................. $520,293 $140,150
======== ========
The accompanying notes are an integral part of the financial statements
7
<PAGE>
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<TABLE>
<CAPTION>
LAKE FOREST CORE EQUITY FUND
STATEMENT OF CHANGES IN NET ASSETS
August 31, 1997
================================================================================
FOR THE PERIOD FOR THE YEAR
ENDED ENDED
AUGUST 31, 1997 FEBRUARY 28, 1997
--------------- -----------------
(UNAUDITED)
INCREASE IN NET ASSETS FROM OPERATIONS:
<S> <C> <C>
Net investment income .................................. $ 28,472 $ 34,485
Net realized gain on securities transactions ........... 0 946
Net change in unrealized appreciation of investments ... 491,821 279,662
------- -------
Net increase in net assets resulting from operations ... 520,293 315,093
------- -------
DISTRIBUTION TO SHAREHOLDERS:
From net investment income ............................... (22,900) (32,811)
From net realized gain on investments .................... 0 (33,502)
FUND SHARE TRANSACTIONS:
Net increase in net assets from fund share
transactions (Note 4) ................................. 1,881,107 1,327,060
--------- ---------
NET ASSETS:
Beginning of period ...................................... 2,591,591 1,015,751
--------- ---------
End of period (including undistributed investment
income of $12,932 and $7,360 respectively) ...........$4,970,091 $2,591,591
========= =========
</TABLE>
The accompanying notes are an integral part of the financial statements
8
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<TABLE>
<CAPTION>
LAKE FOREST MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
August 31, 1997
================================================================================
FOR THE FOR THE
PERIOD YEAR
ENDED ENDED
AUGUST 31, FEBRUARY 28
1997 1997
---- ----
(Unaudited)
INCREASE IN NET ASSETS FROM OPERATIONS:
<S> <C> <C>
Net investment income .................................... $140,150 $109,783
Net realized gain on securities transactions ............. 0 0
Net change in unrealized appreciation of investments ..... 0 0
---------- ----------
Net increase in net assets resulting from operations ..... 140,105 109,783
---------- ----------
DISTRIBUTION TO SHAREHOLDERS:
From net investment income ............................... (140,150) (109,783)
From net realized gain on investments .................... 0 0
FUND SHARE TRANSACTIONS:
Net increase in net assets from fund share
transactions (Note 4) ................................. 800,785 1,229,298
---------- ----------
NET ASSETS:
Beginning of period ...................................... 3,016,207 1,786,909
---------- ----------
End of Period ............................................ $3,816,992 $3,016,207
========== ==========
</TABLE>
The accompanying notes are an integral part of the financial statements
9
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LAKE FOREST FUNDS
NOTES TO FINANCIAL STATEMENTS
August 31, 1997
(Unaudited)
================================================================================
NOTE 1. ORGANIZATION
The Lake Forest Funds (the "Trust") is registered under the Investment Company
Act of 1940, as amended, as a diversified, open-end management investment
company. The Trust was established under the laws of Ohio by an Agreement and
Declaration of Trust dated November 23, 1994 (the "Trust Agreement"). The Trust
Agreement permits the Trustees to issue an unlimited number of shares of
beneficial interest of separate series without par value. Shares of two series
have been authorized, which shares constitute the interests in Lake Forest Core
Equity Fund ("the Equity Fund") and Lake Forest Money Market Fund (the "Money
Market Fund"). The investment objective of the Equity Fund is to provide
long-term capital appreciation together with current income. The investment
objective of the Money Market Fund is to provide the highest level of current
income consistent with liquidity and security of principal.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the
Funds in the preparation of its financial statements.
SECURITY VALUATION - Securities which are traded on any exchange or on
the NASDAQ over-the-counter market are valued at the last quoted sale price.
Lacking a last sale price, a security is valued at its last bid price except
when the last bid price does not accurately reflect the current value of the
security. All other securities for which over-the-counter market quotations are
readily available are valued at their last bid price. When market quotations are
not readily available, when it is determined that the last bid price does not
accurately reflect the current value or when restricted securities are being
valued, such securities are valued as determined in good faith by a pricing
committee, in conformity with guidelines adopted by and subject to review of the
Board of Trustees of the Trust.
Fixed income securities generally are valued by using market
quotations, but may be valued on the basis of prices furnished by a pricing
service when the Adviser believes such prices accurately reflect the fair market
value of such securities. A pricing service utilizes electronic data processing
techniques based on yield spreads relating to securities with similar
characteristics to determine prices for normal institutional-size trading units
of debt securities without regard to sale or bid prices. When prices are not
readily available from a pricing service, or when restricted or illiquid
securities are being valued, securities are valued at fair value as determined
in good faith by a pricing committee, subject to review of the Board of
Trustees. Short term investments in fixed income securities with maturities of
less than 60 days when acquired, or which subsequently are within 60 days of
maturity, are valued (except for the Money Market Fund) by using the amortized
cost method of valuation, which the Board has determined will represent fair
value.
OPTIONS TRANSACTIONS - The Equity Fund may write covered put and call
options on individual securities, write covered put and call options on stock
indices traded on a securities exchange and engage in related closing
transactions. A put (call) option on a security is an agreement to buy (sell) a
particular portfolio security if the option is exercised at a specified price,
or before a set date. An option on a stock index gives the holder the right to
receive, upon exercising the option, a cash settlement amount based on the
difference between the exercise price and the value of the underlying stock
index. To cover the potential obligations
10
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LAKE FOREST FUNDS
NOTES TO FINANCIALSTATEMENTS (continued)
August 31, 1997
(Unaudited)
================================================================================
involved in these option transactions, the Fund will own the underlying equity
security (for a call option); will segregate with the Custodian high grade
liquid debt obligations equal to the option exercise price (for a put option);
or (for an option on a stock index) will either hold a portfolio of stocks
substantially replicating the movement of the index or, to the extent the Fund
does not hold such a portfolio, will segregate with the Custodian high grade
liquid debt obligations equal to the market value of the stock index option,
marked to market daily. Risks associated with writing options include the
possible inability to effect closing transactions at favorable prices and an
appreciation limit on the securities set aside for settlement, as well as (in
the case of an option on a stock index) exposure to an indeterminate liability.
There is no assurance of liquidity in the secondary market for purposes of
closing out option positions. Also, the Equity Fund may purchase put and call
options on individual securities and on stock indices for the purpose of hedging
against the risk of unfavorable price movements adversely affecting the value of
the Fund's securities the Fund intends to buy. The Fund may also sell put and
call options in closing transactions.
Premiums received from put or call options written are recorded as an
asset with an equal liability which is marked-to-market daily with any
difference between the option's current market value and premiums received
recorded as an unrealized gain or loss. If the option is not exercised, premiums
received are realized as a gain at the expiration date. If the position is
closed prior to expiration, a gain or loss is realized based on premiums
received less the cost of the closing transaction. When an option is exercised,
premiums received are added to the proceeds from the sale of the underlying
securities and a gain or loss is realized accordingly.
Put and call options purchased are accounted for in the same manner as
portfolio securities. The cost of securities acquired through the exercise of
call options is increased by premiums paid. The proceeds from securities sold
through the exercise of put options are decreased by the premiums paid.
FEDERAL INCOME TAXES - Each Fund intends to qualify each year as a
"regulated investment company" under the Internal Revenue Code of 1986, as
amended. By so qualifying, a Fund will not be subject to federal income taxes to
the extent that it distributes substantially all of its net investment income
and any realized capital gains.
DIVIDENDS AND DISTRIBUTIONS - Each Fund intends to distribute
substantially all of its net investment income as dividends to its shareholders.
The Equity Fund intends to declare and pay dividends on a quarterly basis, and
the Money Market Fund intends to declare dividends daily and pay them monthly.
Each Fund intends to distribute its net long term capital gain at least once a
year and its net short term capital gains at least once a year.
OTHER - Each Fund follows industry practice and records security
transactions on the trade date. The specific identification method is used for
determining gains or losses for financial statements and income tax purposes.
Dividend income is recorded on the ex-dividend date and interest income is
recorded on an accrued basis. Discounts and premiums on securities purchased are
amortized over the life of the respective securities.
ESTIMATES - The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements
11
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LAKE FOREST FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
August 31, 1997
(Unaudited)
================================================================================
and the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
NOTE 3. INVESTMENT ADVISORY AGREEMENT
The Trust has an investment advisory agreement with Boberski & Company.
Under the terms of the management agreement, the Adviser manages the Fund's
investments subject to the supervision of the Board of Trustees and pays all of
the operating expenses of the Fund except brokerage, taxes, interest and
extraordinary expenses. The Funds are responsible for payment of expenses
incurred in connection with the organization and initial registration of their
shares. As compensation for its management services and agreement to pay the
Funds' expenses, the Funds are obligated to pay the Adviser a fee computed and
accrued daily and paid monthly at an annual rate of 1.25% of the average daily
net assets of the Equity Fund and .50% of the average daily net assets of the
Money Market Fund. The Adviser has agreed to cap the fee for the Money Market
Fund at 0.125% at least through the period ended August 31, 1997. In this
regard, it should be noted that most investment companies pay their own
operating expenses directly, while each Fund's expenses except those specified
above are paid by the Adviser.
The Adviser may waive all or part of its fee, at any time and at its
sole discretion, but such action shall not obligate the Adviser to waive any
fees in the future. For the period ended August 31, 1997, the Adviser has
received a fee of $20,399 from the Core Equity Fund and $3,282 from the Money
Market Fund.
NOTE 4. CAPITAL SHARE TRANSACTIONS
As of August 31, 1997 there was an unlimited number of no par value
shares of capital stock authorized for each fund. Transactions in capital stock
were as follows:
<TABLE>
<CAPTION>
CORE EQUITY MONEY MARKET
----------- ------------
FOR THE PERIOD ENDED FOR THE PERIOD ENDED
AUGUST 31, 1997 AUGUST 31, 1997
SHARES AMOUNT SHARES AMOUNT
------ ------ ------ ------
<S> <C> <C> <C> <C>
Shares sold .................. 99,930 $ 2,176,649 4,771,077 $ 4,771,077
Shares issued in
reinvestment of dividends .. 1,070 22,475 122,793 122,793
Shares redeemed .............. (14,507) (318,017) (4,093,085) (4,093,085)
------- -------- ---------- ----------
Net increase ................. 86,493 $ 1,881,107 800,785 $ 800,785
====== =========== ======= ===========
Total paid in capital ........ $ 4,122,818 $ 3,816,993
=========== ===========
</TABLE>
12
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LAKE FOREST FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
August 31, 1997
(Unaudited)
================================================================================
NOTE 5. INVESTMENTS
For the period ended August 31, 1997, purchases and sales of investment
securities, other than short-term investments, for the Core Equity Fund,
aggregated $1,451,080 and $0 respectively. The gross unrealized appreciation for
all securities totaled $842,164 and the gross unrealized depreciation for all
securities totaled $7,600 or a net unrealized appreciation of $834,564. The
aggregate cost of securities for federal income tax purposes at August 31, 1997
was $4,131,440.
NOTE 6. MAJOR SHAREHOLDERS
As of August 31, 1997 the Boberski family may be deemed to control the Lake
Forest Money Market Fund, as a result of their respective beneficial ownership
of the shares of the Funds.
NOTE 7. DISTRIBUTIONS TO SHAREHOLDERS
For the period ended August 31, 1997, the Core Equity Fund made
quarterly distributions totaling $.14 aggregating $22,900 from net investment
income.
For the period ended August 31, 1997, the Money Market Fund made a
monthly distribution totaling $.03 aggregating $140,150 from net investment
income.
13
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<TABLE>
<CAPTION>
LAKE FOREST CORE EQUITY FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
================================================================================
FOR THE PERIOD FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED
AUGUST 31,1997 FEBRUARY 28, 1997 FEBRUARY 29, 1996
-------------- ------------------ -----------------
(UNAUDITED)
<S> <C> <C> <C>
Net asset value -
beginning of period ................. $ 20.04 $ 17.34 $ 15.00
Income from investment operations
Net investment income ............... .13 .39 .56
Net realized gain on investments .... 3.00 3.07 2.13
---- ---- ----
Total from investment operations ...... 3.13 3.46 2.69
Less distributions
Dividends from net investment income .. (.14) (.37) (.15)
Dividends from capital gains .......... .00 (.39) (.20)
---------- -------- -------
Net asset value - end of period ....... $ 23.03 $ 20.04 $ 17.34
=========== ======== =======
Total return .......................... 31.12%* 20.65% 18.59%
Ratios / supplemental data
Net assets, end of period (in 000's) .. 4,970 2,592 1,016
Ratio of expenses to average net assets 1.08%* 1.00% .45%
Ratio of net investment income to
average net assets .................. 2.60%* 2.10% 3.89%
Portfolio turnover rate ............... .00% .00% 129.77%
Average commission rate per share ..... $ .1091 $ .1307
<FN>
* annualized
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements
14
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<TABLE>
<CAPTION>
LAKE FOREST MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
================================================================================
FOR THE PERIOD FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED
AUGUST 31, 1997 FEBRUARY 28, 1997 FEBRUARY 29, 1996
--------------- ----------------- -----------------
(UNAUDITED)
<S> <C> <C> <C>
Net asset value -
beginning of period ................. $ 1.00 $ 1.00 $ 1.00
Income from investment operations
Net investment income ............... .03 .05 .06
Net realized gain on investments .... .00 .00 .00
Total from investment operations ...... .03 .05 .06
Less distributions
Dividends from net investment income (.03) (.05) (.05)
Dividends from capital gains ........ .00 .00 .00
---------- ---------- ----
Net asset value - end of period ....... $ l.00 $ 1.00 1.00
========== ========== ====
Total return .......................... 5.38%* 5.13% 5.50%
Rations / supplemental data
Net assets, end of period (in 000's) .. 3,817 3,016 1,787
Ratio of expenses to average net assets .125%* .125% .08%
Ratio of net investment income to
average net assets .................. 5.46%* 5.13% 5.50%
Portfolio turnover rate ............... .00% .00% .00%
<FN>
* annualized
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements
15
