JEFFERSON GROWTH & INCOME FUND
ANNUAL REPORT
OCTOBER 31, 1995
December 1995
Dear Fellow Shareowners:
I am pleased to report The Jefferson Growth and Income Fund recorded positive
results for the period since commencement of operations on September 1, 1995
through our fiscal year end of October 31, 1995. The net asset value of A shares
has grown from $10.00 to $10.04, and the net asset value of B shares has grown
from $10.00 to $10.03.
We are also pleased to report that during our brief two month period of
operation, the Fund enjoyed a substantial increase in size from a beginning
balance of $100,000 to over $1.4 million at fiscal year end. To date, the steady
inflow of money into the Fund has allowed us to begin to build initial
investment positions in a wide array of quality companies.
Uniplan, Inc., the investment adviser to the Fund, employs a disciplined
investment approach that focuses on three key elements when selecting stocks.
First, the company must meet tests that show improving fundamental credit
characteristics. Second, a company must show an improved trend in forecast
earnings. Finally, the stock of the company must show price and volume patterns
that confirm the first two criteria. It is this approach that has allowed
Uniplan to deliver superior returns to investors over the past eleven years
while minimizing portfolio risk during difficult market periods.
In reviewing fundamental corporate financial data over the past quarter, we
have noticed a broad-based slowing of positive fundamental factors which had
driven share prices for most of the year. The shift in fundamentals is
underscored in many companies by slowing sales growth and falling profit
margins. These factors may increase the number of negative earnings surprises
and could generally lower market valuations. This trend has led us to construct
a defensive portfolio by avoiding companies and industries where these changing
fundamentals could cause increased price volatility.
Recently we have seen an increased level of activity in mergers and
acquisitions in the market. This suggests that even in a rising stock market,
attractive values can still be found. We remain positive about the long range
prospects for the companies represented in our portfolio and feel confident that
over time additional opportunities will become available for the portfolio.
Sincerely,
/s/ Richard Imperiale
Richard Imperiale
Chairman
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 1995
ASSETS:
Investments, at value (cost $1,374,345) $1,375,149
Income receivable 3,175
Receivable for shares issued 37,194
Organization costs, net of accumulated amortization 65,579
---------
Total Assets 1,481,097
---------
LIABILITIES:
Payable to Distributor 38,824
Accrued expenses 20,012
Other 10,295
----------
Total Liabilities 69,131
----------
NET ASSETS $1,411,966
==========
NET ASSETS CONSIST OF:
Capital stock $1,406,112
Undistributed net investment income 5,050
Unrealized net appreciation on investments 804
----------
Total Net Assets $1,411,966
==========
CLASS A:
Net assets $1,279,081
Shares outstanding (unlimited number issued) 127,362
Net asset value and redemption price per share $10.04
==========
Offering price per share, assuming
maximum front-end sales charge $10.62
==========
CLASS B:
Net assets $ 132,885
Shares outstanding (unlimited number issued) 13,245
Net asset value and offering price per share $10.03
==========
Redemption price per share, assuming maximum
contingent deferred sales charge $9.53
==========
See notes to the financial statements.
STATEMENT OF OPERATIONS
SEPTEMBER 1, 19951<F1>
THROUGH
OCTOBER 31, 1995
----------------
INVESTMENT INCOME:
Dividend income $ 530
Interest income 6,513
-------
7,043
-------
EXPENSES:
Investment advisory fees 1,000
Administration fees 5,620
Shareholder servicing and accounting costs 8,156
Distribution fees - Class A 419
Distribution fees - Class B 88
Custody fees 533
Federal and state registration fees 2,699
Professional fees 5,874
Reports to shareholders 1,947
Amortization of organization costs 80
Trustees' fees and expenses 1,906
Other 1,013
-------
Total expenses before waiver and reimbursement 29,335
Less: Waiver of expenses and reimbursement from Distributor (27,342)
--------
Net Expenses 1,993
-------
NET INVESTMENT INCOME 5,050
-------
UNREALIZED GAIN:
Change in unrealized appreciation on investments 804
-------
Net gain on investments 804
-------
NET INCREASE IN NET
ASSETS RESULTING FROM OPERATIONS $ 5,854
=======
<F1>Commencement of operations.
See notes to the financial statements.
STATEMENT OF CHANGES IN NET ASSETS
SEPTEMBER 1, 1995<F2>
THROUGH
OCTOBER 31, 1995
----------------
OPERATIONS:
Net investment income $ 5,050
Change in unrealized appreciation on investments 804
---------
Net increase in net assets resulting from operations 5,854
---------
CAPITAL SHARE TRANSACTIONS:
Shares sold 1,406,112
---------
TOTAL INCREASE IN NET ASSETS 1,411,966
NET ASSETS:
Beginning of period -
---------
End of period (including undistributed net
investment income of $5,050) $1,411,966
==========
<F2>Commencement of operations.
See notes to the financial statements.
FINANCIAL HIGHLIGHTS
SEPTEMBER 1, 1995<F3>
THROUGH
OCTOBER 31, 1995
----------------
CLASS A CLASS B
------- -------
Per share data:
Net asset value, beginning of period $10.00 $10.00
Income from investment operations:
Net investment income 0.04 0.03
Net realized and unrealized
gains on securities - -
------ ------
Total from investment operations 0.04 0.03
------ ------
Net asset value, end of period $10.04 $10.03
====== ======
Total return<F4><F5> 0.40% 0.30%
Supplemental data and ratios:
Net assets, in thousands, end of period $1,279 $133
Ratio of net expenses to average net assets<F6> 1.15% 1.90%
Ratio of net investment income to
average net assets<F6> 3.09% 2.59%
Portfolio turnover rate<F7> - -
<F3>Commencement of operations.
<F4>Not annualized.
<F5>The total return calculation does not reflect the 5.5% front end sales
charge for Class A or the 5% CDSC on Class B.
<F6>Annualized.
<F7>Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing between the classes of shares issued. During this period, there
were no sales of securities.
See notes to the financial statements.
SCHEDULE OF INVESTMENTS
OCTOBER 31, 1995
Number
of Shares Value
- --------- -----
COMMON STOCKS 36.9%
AUTO PARTS 0.4%
300 Strattec Security Corporation $5,025
------
BANK & BANK HOLDING COMPANIES 2.6%
700 KeyCorp 23,625
500 MAF Bancorp, Inc. 12,375
------
36,000
------
BIO-TECHNOLOGY 0.4%
1,200 Interpore International<F8> 6,300
------
BUSINESS - MACHINES & SOFTWARE 0.9%
300 Pitney-Bowes, Inc. 13,088
------
BUSINESS SERVICES 1.9%
1,000 Manpower, Inc 27,125
------
CONGLOMERATE 1.7%
200 ITT Corporation 24,500
------
CONSUMER DURABLE 1.8%
400 Eastman Kodak Company 25,050
------
DRUGS 1.9%
1,000 Glaxo Wellcome plc 27,125
------
ELECTRIC 1.0%
500 CMS Energy Corporation 13,813
------
ELECTRONICS 1.0%
200 Intel Corporation 13,975
------
ENTERTAINMENT & LEISURE 1.3%
2,000 Innkeepers USA Trust 18,250
------
FINANCE COMPANY 0.9%
500 PartnerRe Ltd. 13,313
------
FOOD, BEVERAGE & TOBACCO 2.1%
2,300 Morningstar Group, Inc. <F8> 17,825
1,000 Whole Foods Market, Inc. <F8> 12,250
------
30,075
------
HEALTH CARE SERVICE 2.4%
1,700 Horizon/CMS Healthcare Corp. 34,425
------
MACHINERY - AGRICULTURE & CONSTRUCTION 0.8%
300 Case Corporation 11,438
------
OIL & GAS - INTERNATIONAL 2.2%
500 Imperial Oil Ltd. 18,250
100 Royal Dutch Petroleum Company 12,288
------
30,538
------
OFFICE EQUIPMENT 1.2%
1,000 Novell, Inc. <F8> 16,500
------
OFFICE PRODUCTS 1.8%
2,000 BT Office Products International, Inc. <F8> 25,750
------
POLLUTION CONTROL 1.2%
600 WMX Technologies, Inc. 16,875
------
REAL ESTATE 0.5%
300 Spieker Properties, Inc. <F8> 7,275
------
RETAIL 2.5%
1,000 Wal-Mart Stores, Inc. 21,625
900 Woolworth Corporation 13,163
------
34,788
------
SEMICONDUCTOR 3.2%
1,000 SGS-Thomson Microelectronics N.V. <F8> 45,250
------
TELEPHONE 1.4%
300 AT & T Corporation 19,200
------
TRAVEL & RECREATION 1.8%
950 Hospitality Properties Trust 7,875
1,000 Trump Hotels & Casino Resort, Inc. <F8> 17,000
------
24,875
------
Total Common Stocks
(cost $519,438) 520,553
-------
CONVERTIBLE PREFERRED STOCKS 0.7%
REAL ESTATE 0.7%
400 Oasis Residential, Convertible Preferred, 2.25% 10,100
-------
Total Convertible Preferred Stock
(cost $10,350) 10,100
-------
Principal
Amount Value
- ------------
LONG-TERM INVESTMENTS 1.1%
CORPORATE BONDS 1.1%
BANK & BANK HOLDING COMPANIES 1.1%
15,000 CitiCorp Notes, 8.75%, 11/01/96 15,303
------
TOTAL LONG-TERM INVESTMENTS
(cost $15,364) 15,303
------
SHORT-TERM INVESTMENTS 58.7%
MASTER LEASE AGREEMENTS 1.4%
TELECOMMUNICATIONS 1.4%
AT&T Corporation Master Lease Agreements,
9,921 4.75%, 7/01/96 9,921
9,449 4.85%, 10/30/96 9,449
-------
19,370
------
REPURCHASE AGREEMENT 10.9%
154,000 Firstar Bank Repurchase Agreement,
(Collateralized by $155,000 U.S.
Treasury Notes, 7.50%, 1/31/96)
4.50%, 11/01/95 154,000
-------
U.S. GOVERNMENT 14.1%
200,000 U.S. Treasury Bill, 5.00%, 11/30/95 199,194
-------
VARIABLE RATE DEMAND NOTES,
DUE UPON DEMAND 32.3%
DRUGS 9.2%
65,631 Lilly (Eli) & Co., 5.29% 65,631
64,940 Warner-Lambert, 5.44% 64,940
-------
130,571
-------
FOOD 9.2%
65,012 General Mills, Inc., 5.46% 65,012
65,017 Sara Lee Corporation, 5.45% 65,017
-------
130,029
-------
TECHNOLOGY 4.6%
65,000 Pitney Bowes Credit Corporation, 5.47% 65,000
-------
UTILITIES 9.3%
65,000 Southwestern Bell Telephone Company, 5.45% 65,000
66,029 Wisconsin Electric Power Company, 5.51% 66,029
-------
131,029
-------
Total Short-Term Investments
(cost $829,193) 829,193
-------
Total Investments 97.4%
(cost $1,374,345) 1,375,149
---------
Other Assets, less Liabilities 2.6% 36,817
---------
NET ASSETS 100.0% $1,411,966
==========
<F8>Non-income producing
See notes to the financial statements.
NOTES TO THE FINANCIAL STATEMENTS
1). ORGANIZATION
The Jefferson Growth & Income Fund (the "Fund") is a mutual fund created by
The Jefferson Fund Group Trust (the "Trust") which was organized as a business
trust under the laws of Delaware on January 20, 1995. The Fund is one of a
series issued by the Trust, which is an open-end management company registered
under the Investment Company Act of 1940, as amended.
Between the date of organization and the commencement of operations on
September 1, 1995, the Fund had no operations other than incurring
organizational expenses. These costs aggregated $65,659, which were paid by
Rodman & Renshaw, Inc., and are being amortized over the period of benefit, but
not to exceed sixty months from the date the Fund commenced operations.
The Trust is authorized to issue an unlimited number of shares without par
value. The Trust has issued two classes of shares in the Fund: Class A and Class
B. The Class A shares are subject to a service organization fee of 0.25%
pursuant to Rule 12b-1 and a front-end sales charge imposed at the time of
purchase in accordance with the Fund's prospectus. The maximum front-end sales
charge is 5.50% of the offering price or 5.82% of the net asset value. The Class
B shares are subject to a service organization fee of 0.25% and distribution
fees of 0.75% pursuant to Rule 12b-1. Certain of the Class B shares are subject
to a contingent deferred sales charge (CDSC), upon redemption from the Fund
within seven years from the time of the original purchase. Each class of shares
of the Fund has identical rights and privileges.
2). SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements. These policies are in
conformity with generally accepted accounting principles.
a). Investment Valuation - Securities which are traded on a national or
recognized stock exchange are valued at the last sale price on the securities
exchange on which such securities are primarily traded. Exchange-traded
securities for which there were no transactions that day are valued at the most
recent bid prices. Securities traded on only over-the-counter markets are valued
on the basis of closing over-the-counter bid prices. Instruments with a
remaining maturity of 60 days or less are valued on an amortized cost basis.
Securities for which market quotations are not readily available, and securities
which are restricted as to resale are valued at fair value as determined by the
investment adviser under the supervision of the Board of Trustees. Portfolio
securities which are primarily traded on foreign securities exchanges are
generally valued at the preceding closing values of such securities on their
respective exchanges, except when an occurrence subsequent to the time a value
was so established is likely to have changed such value.
b). Federal Income Taxes - Provision for federal income taxes or excise taxes
has not been made since the Fund has elected to be taxed as a "regulated
investment company"and intends to distribute substantially all taxable income
to its shareowners and otherwise comply with the provisions of the Internal
Revenue Code applicable to regulated investment companies.
c). Income and Expenses - The Fund is charged for those expenses that are
directly attributable to the portfolio, such as advisory, administration and
certain shareowner service fees. Net investment income other than class specific
expenses, and realized and unrealized gains and losses are allocated daily to
each class of shares based upon the relative net asset value of outstanding
shares at the beginning of the day (after adjusting for the current capital
share activity of the respective class).
d). Distributions to Shareowners - Dividends from net investment income are
declared and paid on a calendar quarter basis. Distributions of net realized
capital gains, if any, will be declared at least annually.
e). Futures Contracts - The Fund may utilize futures contracts to a limited
extent for hedging purposes. The primary risks associated with the use of
futures contracts include an imperfect correlation between the change in market
value of the securities held by the Fund and the prices of futures contracts and
the possibility of an illiquid market. Futures contracts are valued based upon
their quoted daily settlement prices. Changes in initial settlement value are
accounted for as unrealized appreciation (depreciation) until the contracts are
terminated at which time realized gains and losses are recognized.
f). Other - Investment and shareowner transactions are accounted for no later
than the first business day after trade date. The Fund determines the gain or
loss realized from the investment transactions by comparing the original cost of
the security lot sold with the net sale proceeds. Dividend income is recognized
on the ex-dividend date and interest income is recognized on an accrual basis.
3). CAPITAL SHARE TRANSACTIONS
For the period ended October 31, 1995, 127,362 Class Ashares and 13,245 Class
B shares were sold, with proceeds to the Fund of $1,273,808 and $132,304,
respectively.
4). INVESTMENT TRANSACTIONS
The aggregate purchases and sales of securities, excluding short-term
investments, for the Fund for the period ended October 31, 1995, were as
follows:
Purchases Sales
--------- -----
U. S. Government - -
Other $545,152 -
At October 31, 1995, gross unrealized appreciation and depreciation of
investments for federal income tax purposes was as follows:
Appreciation $13,513
(Depreciation) (12,709)
--------
Net unrealized appreciation on
investments $ 804
=======
At October 31, 1995, the cost of investments for federal income tax purposes
was $1,374,345.
5). INVESTMENT ADVISORY AND OTHER AGREEMENTS
The Trust has entered into an investment advisory agreement with Uniplan,
Inc. (the "Adviser"). Pursuant to its Advisory Agreement with the Fund, the
Adviser is entitled to receive a fee, calculated daily and payable monthly, at
the annual rate of 0.60% as applied to the Fund's daily net assets.
The Trust has entered into a distribution and servicing agreement with Rodman
& Renshaw, Inc. (the "Distributor"). The Trust has adopted a Class A Servicing
Fee plan whereby the Fund pays the Distributor servicing fees of up to 0.25%
annually, calculated as a percentage of the Fund's average daily net assets
attributable to Class A shares. Pursuant to the Class B distribution and
servicing agreement, the Fund is authorized to pay the Distributor a
distribution fee in an amount not to exceed on an annual basis 0.75% of the
average daily net assets of the Class B shares of the Fund and a service fee in
an amount not to exceed on an annual basis 0.25% of the average daily net asset
value of the Class B shares of the Fund. The Distributor may bear various
promotional and sales related expenses, including the cost of printing and
mailing prospectuses to persons other than shareowners.
Under the distribution agreement, if the aggregate annual operating expenses
(excluding interest, taxes, brokerage commissions and other costs incurred in
connection with the purchase or sale of portfolio securities, and extraordinary
items) exceed 1.15% and 1.90% of average net assets for Class A and Class B
shares respectively, the Distributor will reimburse the Fund for the amount of
such excess. Accordingly, for the period ended October 31, 1995, the Distributor
reimbursed the Fund $27,342.
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareowners and Board of Trustees of
The Jefferson Fund Group Trust
We have audited the accompanying statement of assets and liabilities of The
Jefferson Fund Group Trust - Jefferson Growth and Income Fund (the "Fund"),
including the schedule of investments, as of October 31, 1995, and the related
statements of operations and changes in net assets and the financial highlights
for the period from September 1, 1995 (inception) to October 31, 1995. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
October 31, 1995 by correspondence with the custodian and brokers. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Fund as of October 31, 1995, and the results of its operations, the changes in
its net assets and the financial highlights for the period from September 1,
1995 to October 31, 1995, in conformity with generally accepted accounting
principles.
COOPERS & LYBRAND L.L.P
Milwaukee, Wisconsin
November 17, 1995
INVESTMENT ADVISER
Uniplan, Inc.
839 N. Jefferson Street
Milwaukee, WI 53202
(800) 216-9785
ADMINISTRATOR, TRANSFER AGENT, DIVIDEND
PAYING AGENT & CUSTODIAN
Firstar Trust Company
615 W. Michigan Street
Milwaukee, WI 53202
DISTRIBUTOR
Rodman & Renshaw, Inc.
233 Wouth Wacker Drive
Suite 4500
Chicago, IL 60606
LEGAL COUNSEL
Foley & Lardner
330 N. Wabash Avenue
Chicago, IL 60611
INDEPENDENT ACCOUNTANTS
Coopers & Lybrand L.L.P.
411 East Wisconsin
Milwaukee, WI 53202
<TABLE> <S> <C>
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<NAME> JEFFERSON FUND GROUP TRUST
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<NUMBER> 1
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