Tomorrow Funds
Retirement Trust
A Lifecycle Retirement Program
Semi-Annual Report
JUNE 30, 1996
(Unaudited)
TOMORROW LONG-TERM RETIREMENT FUND
TOMORROW MEDIUM-TERM RETIREMENT FUND
TOMORROW SHORT-TERM RETIREMENT FUND
CORE LARGE-CAP STOCK FUND
CORE SMALL-CAP STOCK FUND
<PAGE>
TOMORROW FUNDS RETIREMENT TRUST
Table of Contents
Chairman's Letter...................................................... 1
Ten Largest Holdings................................................... 2
Schedules of Investments
Core Large Cap Stock Fund ................................... 3
Core Small Cap Stock Fund ................................... 6
Tomorrow Long-Term Retirement Fund...........................11
Tomorrow Medium-Term Retirement Fund.........................15
Tomorrow Short-Term Retirement Fund..........................20
Statements of Assets and Liabilities...................................24
Statements of Operations...............................................25
Statements of Changes in Net Assets....................................26
Notes to Financial Statements..........................................27
Financial Highlights...................................................33
<PAGE>
DEAR SHAREHOLDER:
With the launching of the Tomorrow Funds Retirement Trust in the first
quarter of 1996, WPG introduced to the marketplace a family of lifecycle
retirement funds as well as core large cap and small cap funds. We're gratified
by the enthusiastic response the Funds have received, and welcome our new
shareholders.
These Funds utilize a highly structured quantitative process in the domestic
equity allocations. The objective of the process is to maximize return while
minimizing investment risk as well as style and capitalization drift.
During the second quarter of 1996, the stock market shook off concerns over
rising interest rates, inflationary pressures, and future corporate earnings
growth as it continued its strong upward climb. As we move into the latter half
of 1996 basic economic questions remain as investors wonder if inflation will
continue at its current low level with the unemployment rate holding steady
below 6% and if the Fed will have to raise interest rates to slow a too rapidly
growing economy. Conflicting governmental statistics disseminated weekly have
made the answers to these and similar questions difficult to ascertain.
Although the uncertainties and concerns have not slowed the bull market, they
have awakened a long sleeping giant -market volatility. The US equity markets
have experienced steadily decreasing volatility since 1991, reaching an
historical low at the end of 1995. With market volatility rising during the
first half of 1996, the probability of a strong rotation in market leadership
and/or a correction during the last half of the year has markedly increased.
The Funds' betas remain low, reflecting the defensive configuration of the
portfolios. The Funds are positioned for a short, or extended correction in the
market. Again, we want to welcome you as Weiss, Peck & Greer Tomorrow Fund
shareholders. We look forward to a long and mutually rewarding relationship.
Sincerely,
/s/ Roger J. Weiss
Roger J. Weiss
Chairman of the Board
July 24, 1996
<PAGE>
<TABLE>
<CAPTION>
TOMORROW FUNDS RETIREMENT TRUST
Ten Largest Holdings at June 30, 1996 (Unaudited)
<S> <C> <C>
Market Percent
Core Large Cap Value of Fund
Exxon Corp.................... $35,879 5.0%
Royal Dutch Petroleum Co. ADR. 24,292 3.4%
Lilly (Eli) & Co............. 17,355 2.4%
Bristol-Meyers Squibb Co...... 15,390 2.2%
Mobil Corp.................... 15,137 2.1%
Eastman Kodak Co.............. 14,617 2.1%
GTE Corp...................... 14,454 2.0%
Schering-Plough Corp.......... 13,742 1.9%
Standard & Poors Depository
Receipt................... 13,422 1.9%
Pharmacia & Upjohn Inc........ 12,691 1.8%
$176,979 24.8%
Core Small Cap
BRE Properties Inc............ $7,683 0.6%
Atmos Energy Corp............. 4,747 0.4%
Apogee Enterprises Inc ....... 4,624 0.4%
Playboy Enterprises Inc Cl B.. 4,425 0.4%
CTS Corp...................... 4,324 0.4%
Sequa Corp Cl A............... 4,312 0.4%
American Media Inc............ 4,305 0.4%
Arbor Drugs Inc............... 4,279 0.3%
West Inc.................. 4,260 0.3%
Wynn's International Inc...... 4,238 0.3%
$47,197 3.9%
Long-Term Retirement
US Treasury Note
5.50%, Due 11/15/1998..... $40,353 11.9%
US Treasury Note
6.50%, Due 8/15/2005...... 26,612 7.8%
BT EAFE Equity Index Fund..... 16,157 4.8%
US Treasury Bond
6.875%, Due 8/15/2025..... 9,898 2.9%
Exxon Corp.................... 7,819 2.3%
Royal Dutch Petroleum Co. ADR. 5,074 1.5%
Philip Morris Cos. Inc........ 4,576 1.4%
Coca Cola Co.................. 4,106 1.2%
AT & T Corp................... 3,534 1.0%
American Home Products Corp... 3,487 1.0%
$121,616 35.8%
Medium-Term Retirement
US Treasury Note
5.50%, Due 11/15/1998.... $172,239 15.4%
US Treasury Note
6.50%, Due 8/15/2005...... 113,346 10.1%
BT EAFE Equity Index Fund..... 53,865 4.8%
US Treasury Bond
6.875%, Due 8/15/2025..... 47,512 4.2%
Exxon Corp.................... 15,724 1.4%
Royal Dutch Petroleum Co. ADR. 13,837 1.2%
Philip Morris Cos. Inc........ 12,792 1.1%
Coca Cola Co.................. 11,437 1.0%
AT & T Corp................... 9,610 0.9%
Unilever NV ADR.............. 9,578 0.9%
$459,940 41.0%
Short-Term Retirement
US Treasury Note
5.50%, Due 11/15/1998..... $222,434 20.2%
US Treasury Note
6.50%, Due 8/15/2005...... 146,857 13.3%
US Treasury Bond
6.875%, Due 8/15/2025..... 62,360 5.7%
Exxon Corp.................... 20,068 1.8%
Royal Dutch Petroleum Co. ADR. 17,835 1.6%
Philip Morris Cos. Inc........ 16,328 1.5%
Standard & Poors Depository
Receipt................... 13,422 1.2%
American Home Products Corp... 12,386 1.1%
AT & T Corp................... 12,276 1.1%
Boeing Co..................... 12,197 1.1%
$536,163 48.6%
</TABLE>
Page 2
<PAGE>
<TABLE>
<CAPTION>
TOMORROW FUNDS RETIREMENT TRUST
Schedules of Investments at June 30, 1996 - Unaudited
<C> <C> <S> <C>
Number
of Shares Value
Core Large-Cap Stock Fund
COMMON STOCKS (103.2%)
Basic Materials (4.0%)
182 Barrick Gold Corp ...................... $4,937
80 Inco Ltd ............................... 2,580
42 International Flavors &
Fragrances Inc ...................... 2,000
80 Placer Dome Inc ADR .................... 1,910
30 Phelps Dodge Corp ...................... 1,871
27 Newmont Mining Corp .................... 1,333
25 Reynolds Metals Co ..................... 1,303
26 Temple-Inland Inc ...................... 1,215
42 James River Corp ...................... 1,108
19 Nucor Corp ............................. 962
40 Cyprus Amax Minerals Co. ............... 905
31 USX US Steel Group ..................... 880
17 Union Camp Corp ........................ 829
47 Homestake Mining Co .................... 805
37 Worthington Industries.................. 772
24 Westvaco Corp .......................... 717
19 Boise Cascade Corp ..................... 696
18 Bemis Co................................ 630
42 # Bethlehem Steel Corp. .................. 499
39 Echo Bay Mines Ltd ..................... 419
20 Inland Steel Industries Inc ............ 393
26,764
Consumer - Cyclical (15.4%)
188 Eastman Kodak Co ....................... 14,617
129 Walt Disney Co ......................... 8,111
198 # Viacom Inc. Cl B ...................... 7,697
132 May Dept Stores Co ..................... 5,775
149 Mattel Inc.............................. 4,265
130 Gap Inc. ............................... 4,176
58 Dun & Bradstreet Corp .................. 3,625
48 Fluor Corp ............................. 3,138
44 Gannet Inc ............................. 3,113
29 Dayton Hudson Corp ..................... 2,991
200 K Mart Stores .......................... 2,475
50 # Kroger Co .............................. 1,975
65 Masco Corp ............................. 1,966
32 Eaton Corp ............................. 1,876
45 American Stores Co ..................... 1,856
43 Dow Jones & Co Inc ..................... 1,795
79 The Limited Inc ........................ 1,698
41 Black & Decker Corp .................... 1,584
43 Dillard Department Stores .............. 1,570
67 # Woolworth Corp ......................... 1,507
34 Melville Corp .......................... 1,377
29 Tandy Corp.............................. 1,374
41 New York Times Co Cl A ................. 1,338
28 Genuine Parts Co ....................... 1,281
Number
of Shares Value
Core Large-Cap Stock Fund (continued)
35 Winn Dixie Stores ...................... $1,238
17 Tribune Co. ............................ 1,235
20 VF Corp ................................ 1,193
26 McGraw-Hill Companies Inc .............. 1,189
31 Circuit City Store Inc ................. 1,120
30 Reebok International Ltd ............... 1,009
29 Clairborne (Liz) Inc. .................. 1,004
23 Owens Corning .......................... 989
26 Echlin Inc. ............................ 985
46 Maytag Corp ............................ 960
13 Knight- Ridder Inc ..................... 943
16 Mercantile Stores ...................... 938
20 Sherwin-Williams Co. ................... 930
16 Armstrong World ........................ 922
20 Polaroid Corp .......................... 912
25 Giant Food Inc Cl A .................... 897
24 Hasbro Inc ............................. 858
45 Wendy's International .................. 838
28 Stanley Works .......................... 833
37 Cooper Tire & Rubber ................... 823
18 Cummins Engine Inc ..................... 727
20 TJX Cos Inc ............................ 675
24 # Fruit of the Loom Inc .................. 612
14 # King World Productions Inc ............. 509
15 # Payless Shoesource Inc ................. 476
103,995
Consumer - Non Cyclical (26.2%)
267 Lilly Eli & Co ......................... 17,355
171 Bristol-Myers Squibb Co. ............... 15,390
219 Schering-Plough Corp. .................. 13,742
286 Pharmacia & Upjohn Inc ................. 12,691
125 International Business
Machines Corp ...................... 12,375
186 American Home Products Corp. ........... 11,183
59 Unilever NV ADR ........................ 8,562
103 Kellogg Co ............................. 7,545
83 Anheuser- Busch Cos Inc. ............... 6,225
186 Heinz H J Co ........................... 5,650
102 Amgen Inc. ............................. 5,508
288 Archer Daniels Midland Co .............. 5,508
69 Ralston Purina Group ................... 4,425
97 Conagra Inc ........................... 4,401
120 UST Inc. ............................... 4,110
72 Warner Lambert Co ...................... 3,960
87 # Boston Scientific Corp ................. 3,915
46 Colgate- Palmolive Co .................. 3,899
51 CPC International Inc. ................. 3,672
58 US Healthcare Inc ...................... 3,190
54 General Mills Inc ...................... 2,943
56 Quaker Oats Co.......................... 1,911
See notes to financial statements
Page 3
<PAGE>
TOMORROW FUNDS RETIREMENT TRUST
Schedules of Investments at June 30, 1996 - Unaudited
Number
of Shares Value
Core Large-Cap Stock Fund (continued)
104 # Humana Inc ............................. $1,859
68 # Tenet Healthcare Corp .................. 1,453
32 Avon Products Inc ...................... 1,444
18 Hershey Foods Corp ..................... 1,321
13 Clorox Co. ............................. 1,152
14 Becton Dickinson & Co. ................. 1,124
26 # Tupperware Corp ........................ 1,098
31 Sysco Corp ............................. 1,062
33 Rite Aid Corp. ......................... 982
25 Allergan Inc. .......................... 981
22 Bausch & Lomb Inc ...................... 935
27 St. Jude Medical Inc. .................. 905
22 Mallinckrodt Group Inc. ................ 855
24 United States Surgical Corp ............ 744
27 # Alza Corp ............................. 739
22 Supervalu Inc. ......................... 693
48 # Biomet ................................. 690
16 Brown-Forman Corp Cl B ................. 640
39 Fleming Cos Inc ........................ 561
177,398
Energy (21.1%)
413 Exxon Corp ............................. 35,879
158 Royal Dutch Petroleum Co ADR ........... 24,292
135 Mobil Corp. ............................ 15,137
166 Amoco Corp ............................. 12,014
196 Chevron Corp ........................... 11,564
86 Schlumberger Ltd ....................... 7,246
84 Texaco Inc ............................. 7,045
49 Atlantic Richfield Co................... 5,807
118 Phillips Petroleum Co. ................. 4,941
168 Occidental Petroleum Corp .............. 4,158
76 Burlington Resources Inc ............... 3,268
53 Halliburton Co.......................... 2,941
67 Dresser Industries Inc ................. 1,977
48 Baker Hughes Inc ....................... 1,578
25 Amerada Hess Corp. ..................... 1,341
31 Sun Inc ................................ 942
14 Louisana Land & Exploration Co ......... 807
13 Kerr McGee Corp ........................ 791
46 # Oryx Energy Co ......................... 747
14 Ashland Inc ............................ 555
143,030
Financial Services (3.2%)
39 Loews Corp ............................. 3,076
66 Lincoln National Corp Ltd. ............. 3,053
29 UNUM Corp .............................. 1,805
30 First Bank System Inc .................. 1,740
18 Marsh & McLennan Cos ................... 1,737
43 U.S. Bancorp ........................... 1,553
18 Transamerica Corp ...................... 1,471
Number
of Shares Value
Core Large-Cap Stock Fund (continued)
36 National City Corp ..................... $1,265
29 Boatmen's Bancshares Inc ............... 1,164
21 St Paul Cos. Inc........................ 1,123
31 Safeco Corp ............................ 1,097
16 Republic NY Corp ....................... 996
17 Jefferson- Pilot Corp .................. 878
49 USF&G Corp ............................. 802
21,760
Industrial (9.5%)
100 Dow Chemical Co ........................ 7,600
75 Emerson Electric Co. ................... 6,778
130 Monsanto Co ............................ 4,225
221 Westinghouse Electric Corp ............. 4,144
66 Honeywell Inc. ......................... 3,597
45 WR Grace & Co .......................... 3,189
35 # Federal Express Corp. .................. 2,870
59 Cooper Inds Inc. ....................... 2,449
39 Great Lakes Chemical Corp. ............. 2,428
49 Crown Cork & Seal Inc .................. 2,205
119 Premark International .................. 2,201
82 Engelhard Corp ......................... 1,886
41 Tyco International Ltd ................. 1,671
20 Textron Inc ............................ 1,598
33 Parker Hannifin Corp ................... 1,398
17 Raychem Corp .......................... 1,222
19 Rohm & Haas Co ......................... 1,192
45 Pall Corp .............................. 1,086
20 Sigma Aldrich Corp ..................... 1,070
23 Dover Corp ............................. 1,061
13 Grainger WW Inc ........................ 1,007
37 PP & L Resources Inc ................... 874
84 Laidlaw Inc Cl B ...................... 850
22 Caliber Systems Inc .................... 748
17 Millipore Corp ......................... 712
20 Harnischfeger Industries Inc. .......... 665
10 # FMC Corp ............................... 653
17 General Signal Corp .................... 644
17 Teledyne Inc ........................... 614
11 Avery Dennison Corp .................... 604
14 Crane Co ............................... 574
27 Consolidated Freightways Inc ........... 570
13 BF Goodrich Company .................... 486
19 Cincinnati Milacron Inc ................ 456
11 Briggs & Stratton Corp ................. 452
16 Ball Corp .............................. 442
64,221
Other Services (4.1%)
143 Minnesota Mining &
Manufacturing Co .................... 9,867
120 Corning Inc ............................ 4,605
See notes to financial statements
Page 4
<PAGE>
TOMORROW FUNDS RETIREMENT TRUST
Schedules of Investments at June 30, 1996 - Unaudited
Number
of Shares Value
Core Large-Cap Stock Fund (continued)
41 Service Corp International ............. $2,357
35 Pioneer Hi Bred International .......... 1,851
33 Harcourt General ....................... 1,650
52 Dial Corp .............................. 1,489
15 TRW Inc. ............................... 1,348
42 Whitman Corp ........................... 1,013
30 American Greetings-Cl A ................ 821
23 Deluxe Corp ............................ 816
20 International Paper Co. ................ 738
12 Harris Corp. ........................... 732
20 Ecolab Inc ............................. 660
27,947
Technology (7.6%)
128 Boeing Co .............................. 11,152
125 First Data Corp ........................ 9,953
116 Rockwell International ................. 6,641
107 McDonnell Douglas Corp ................. 5,190
71 Raytheon Co ............................ 3,665
175 # Novell Inc ............................. 2,428
86 Apple Computer Inc ..................... 1,806
21 Northrop Corp .......................... 1,431
30 Interpublic Group of Cos Inc ........... 1,406
29 Alco Standard Corp ..................... 1,312
17 General Dynamics ....................... 1,054
19 # Ceridian Corp .......................... 959
15 Perkin Elmer Corp ...................... 724
24 Autodesk Inc ........................... 717
25 # 360 Communications Co .................. 600
27 EG&G Inc ............................... 577
42 # Advanced Micro Devices Inc ............. 572
27 Moore Corp Ltd ......................... 510
47 # Amdahl Corp ............................ 505
51,202
Utilities (12.1%)
323 GTE Corp ............................... 14,454
148 Enron Corp ............................. 6,050
244 Southern Co ............................ 6,008
162 US West Inc ............................ 5,164
95 Sprint Corp ............................ 3,990
65 Duke Power Co .......................... 3,331
141 Pacific Gas & Electric Co. ............. 3,278
63 FPL Group Inc. ......................... 2,898
149 Edison International ................... 2,626
58 American Electric Power Co ............. 2,472
60 Dominion Resources Inc ................ 2,400
95 Houston Industries ..................... 2,339
47 PPG Industries Inc. .................... 2,291
74 Alltel Corp ............................ 2,276
54 Coastal Corp ........................... 2,254
Number
of Shares Value
Core Large-Cap Stock Fund (continued)
77 Entergy Corp ........................... $2,185
49 Texas Utilities Co ..................... 2,095
66 Central & South West Corp .............. 1,914
37 Williams Cos Inc ....................... 1,832
53 Cinergy Corp. .......................... 1,696
34 Sonat Inc. ............................. 1,530
23 Consolidated National Gas Co ........... 1,202
22 Columbia Gas System Inc ................ 1,147
35 Pacific Enterprises .................... 1,037
27 General Public Utilities ............... 952
23 Union Electric Co....................... 926
16 Northern States Power .................. 790
100 Niagara Mohawk Power ................... 775
28 Public Service Enterprise .............. 767
35 Ohio Edison Co ......................... 766
31 Enserch Corp ........................... 674
82,119
Total Common Stock
(Cost $673,277)................... 698,436
CLOSED END FUND (2.0%)
(Cost $14,422)
Standard & Poors Depository
200 Receipt .............................. 13,422
Total Investments (105.2%)
(Cost $686,699)................... 711,858
Liabilities in Excess of
Other Assets (-5.2%).............. (35,525)
Total Net Assets........................ $676,333
# Non-income producing security.
See notes to financial statements
Page 5
<PAGE>
TOMORROW FUNDS RETIREMENT TRUST
Schedules of Investments at June 30, 1996 - Unaudited
Number
of Shares Value
Core Small-Cap Stock Fund
COMMON STOCKS (102.8%)
Basic Materials (3.1%)
122 Commercial Metals Co ................... $4,056
151 Ashland Coal Inc ....................... 3,907
133 Mosinee Paper Corp ..................... 3,558
173 Coeur D'Alene Mines Corp ............... 3,178
100 Grief Bros Corp Cl A ................... 3,138
80 Cleveland Cliffs Inc ................... 3,130
92 # Getchell Gold Corp ..................... 3,036
92 Carpenter Tech Corp .................... 2,944
509 # Amax Gold Inc .......................... 2,800
200 Nashua Corp. ........................... 2,550
200 Sealright Co ........................... 2,175
100 Wausau Paper Mills Co .................. 1,975
36,447
Consumer - Cyclical (17.4%)
135 Apogee Enterprises Inc ................. 4,624
300 # Playboy Enterprises Inc Cl B ........... 4,425
820 # American Media Inc ..................... 4,305
177 Albany International Corp Cl A ......... 4,005
80 Houghton Mifflin Co .................... 3,990
54 # Alexanders Inc ......................... 3,922
142 McClatchy Newspapers Inc.
Cl A................................ 3,921
158 # Lands End Inc .......................... 3,910
94 Ameron International Inc ............... 3,713
200 Russ Berrie & Co Inc ................... 3,675
211 Brown Group Inc ........................ 3,666
141 Starrett LS Co Cl A .................... 3,666
137 Bassett Furniture Industries Inc. ...... 3,665
146 Guilford Mills Inc ..................... 3,650
200 Osh Kosh B'Gosh Inc. Cl A .............. 3,600
139 Florida Rock Industries Inc ............ 3,597
129 # AMC Entertainment Inc .................. 3,596
293 Dames & Moore Inc ...................... 3,553
102 Stone & Webster Inc .................... 3,481
127 # Carmike Cinemas Inc. Cl A .............. 3,429
73 Storm Ruger & Co Inc ................... 3,395
145 Standard Products Co ................... 3,371
100 KN Energy Inc .......................... 3,350
485 Handleman Co ........................... 3,334
132 International Alum Corp ................ 3,333
329 Kaman Corp Cl A ........................ 3,331
140 Blair Corp ............................. 3,308
322 Crown Crafts Inc ....................... 3,301
87 Fisher Scientific International Inc .... 3,263
55 Pultizer Publishing Co ................. 3,259
300 Lifetime Hoan Corp ..................... 3,225
320 Ladd Furniture Inc ..................... 3,200
456 # Hecla Mining Co ........................ 3,192
Number
of Shares Value
Core Small-Cap Stock Fund (continued)
292 # Shoney's Inc ........................... $3,176
76 # Forest City Enterprises Inc Cl A ....... 3,116
141 # Lydall Inc ............................. 3,102
130 Luby's Cafeterias Inc. ................. 3,055
200 X-Rite Inc ............................. 3,050
100 La-Z-Boy Chair Co ...................... 3,013
245 Ruddick Corp ........................... 3,001
400 # Uno Restaurant Corp .................... 3,000
150 Caseys General Stores Inc .............. 2,980
100 Dexter Corp ............................ 2,975
30 United Television Inc .................. 2,940
100 Wiley (John) & Sons Inc. Cl A .......... 2,900
200 Falcon Products Inc .................... 2,875
100 Unitog Co .............................. 2,824
136 Walbro Corp. ........................... 2,754
100 Fab Industries Inc ..................... 2,725
341 # Insituform Technologies Inc.
Cl A................................ 2,643
153 Lilly Industries Inc Cl A .............. 2,601
400 Cash America International Inc. ........ 2,600
62 Meredith Corp .......................... 2,589
29 Dart Group Corp Cl A ................... 2,581
110 Waverly Inc ............................ 2,475
100 Delechamps Inc ......................... 2,425
70 # Avatar Holdings Inc .................... 2,405
70 Butler Manufacturing Co ................ 2,363
62 National Presto Industries Inc ......... 2,356
110 Varlen Corp ............................ 2,310
65 Plenum Publishing Corp ................. 2,275
100 # Syratech Corp .......................... 2,250
129 # Johnson Worldwide Association
Inc Cl A............................ 1,774
75 Granite Construction Inc ............... 1,725
100 Strawbridge & Clothier Inc Cl A ........ 1,625
70 # Ann Taylor Stores Corp ................. 1,417
57 Rival Co ............................... 1,311
63 Shopko Stores Inc ...................... 1,016
207,482
Consumer - Non Cyclical (7.6%)
205 Arbor Drugs Inc ........................ 4,279
145 Interstate Bakeries Corp ............... 3,879
61 # Culbro Corp ............................ 3,637
100 Tootsie Roll Industries Inc. ........... 3,563
169 Church & Dwight Co Inc ................. 3,528
196 Coors (Adolph) Co. Cl B ................ 3,504
132 Smart & Final Inc ...................... 3,383
184 International Multifoods Corp .......... 3,358
75 Longs Drug Stores Inc .................. 3,347
200 Flowers Industries Inc ................. 3,225
222 Rykoff-Sexton Inc ...................... 3,191
See notes to financial statements
Page 6
<PAGE>
TOMORROW FUNDS RETIREMENT TRUST
Schedules of Investments at June 30, 1996 - Unaudited
Number
of Shares Value
Core Small-Cap Stock Fund (continued)
374 Genovese Drugs Stores Inc............... $3,179
173 # Advanced Magnetics Inc ................. 3,157
318 # Medco Research Inc ..................... 3,139
155 Alico Inc .............................. 3,023
47 NCH Corp ............................... 3,020
150 # Tecnol Medical Products Inc. ........... 2,888
70 Seafield Capital Corp .................. 2,625
19 Farmer Bros Co ......................... 2,622
200 # Foodbrands America Inc ................. 2,575
169 Foxmeyer Health Corp ................... 2,514
58 Mine Safety Appliances Co .............. 2,378
100 # International Dairy
Queen Inc Cl A...................... 2,200
140 # Epitope Inc ............................ 2,188
134 Nash Finch Corp ........................ 2,144
152 WLR Foods Inc .......................... 2,128
147 Goodmark Foods Inc ..................... 2,095
60 Lunar Corp ............................. 2,070
53 Diagnostic Products Corp ............... 2,041
214 Super Food Services Inc ................ 2,033
53 Vivra Inc .............................. 1,741
49 Barr Laboratories Inc .................. 1,262
17 # American Homepatient Inc ............... 751
100 # Faulding Inc ........................... 438
30 # Bone Care International Inc............. 195
91,300
Energy (3.3%)
250 Quaker State Corp ...................... 3,750
100 Helmerich & Payne Inc................... 3,663
321 Berry Petroleum Cl A ................... 3,651
111 Apache Corp ............................ 3,649
145 Holly Corp ............................. 3,625
294 # HS Resources Inc ....................... 3,418
114 # Barrett Resources Corp ................. 3,391
126 Vintage Petroleum Inc .................. 3,213
241 Tuboscope Vetco
International Corp.................. 2,681
200 Wiser Oil Co ........................... 2,525
200 # Pool Energy Services Co ................ 2,375
100 # Belden & Blakes Corp ................... 2,075
63 # Hondo Oil & Gas Co ..................... 701
38,717
Financial Services (30.1%)
394 BRE Properties Inc ..................... 7,683
234 American Federal Bank .................. 3,920
356 Berkshirs Realty Co .................... 3,872
222 Crawford & Co .......................... 3,857
150 Bank Of Granite Corp ................... 3,825
181 Hubco Inc .............................. 3,824
Number
of Shares Value
Core Small-Cap Stock Fund (continued)
347 CIIMI MAE Inc. ......................... $3,817
290 Western Investment
Real Estate Trust................... 3,770
76 Park National Corp ..................... 3,762
160 Community First Bankshares ............. 3,760
103 American General Corp .................. 3,747
100 MAIC Holdings Inc ...................... 3,725
320 Burham Pacific Properties Inc .......... 3,720
222 Washington Real Estate
Investment.......................... 3,719
100 Mark Twain Bancshares Inc .............. 3,700
168 American Heritage Life Inc ............. 3,675
186 Allied Capital Commerical Corp ......... 3,674
380 IRT Property Co ........................ 3,610
93 Associated Ban Corp .................... 3,604
218 LTC Properties Inc ..................... 3,597
198 F & M National Corp .................... 3,589
140 New York Bancorp Inc ................... 3,570
256 Hilb, Rogal, & Hamilton Co ............. 3,552
207 MGI Properties ......................... 3,545
113 Argonaut Group Inc ..................... 3,531
140 Capitol American Financial Corp ........ 3,518
100 Protective Life Corp ................... 3,513
156 Wellsford Residential
Residential Trust................... 3,510
445 Rockfeller Center Properties ........... 3,504
164 Nationwide Health Properties
Inc................................. 3,465
142 RLI Corp ............................... 3,461
156 American Health Properties ............. 3,452
100 One Valley Bancorp Inc ................. 3,450
178 Penn Real Estate Investment ............ 3,449
160 Health Care Real Estate
Investment Trust Inc................ 3,440
123 Kimball International Inc. Cl B ........ 3,398
100 Acordia Inc ............................ 3,375
237 Kranzco Realty Trust ................... 3,348
300 Taubman Centers Inc .................... 3,338
100 JSB Financial Inc ...................... 3,313
105 First Michigan Bank Corp ............... 3,308
156 SEI Corp ............................... 3,296
100 National Health Investors Inc. ......... 3,275
501 First Union Real Estate Corp ........... 3,257
35 # Markel Corp ............................ 3,255
100 Fort Wayne National Corp ............... 3,200
387 Stride Rite Corp ....................... 3,193
110 Financial Trust Corp ................... 3,190
100 US Bancorp Inc ......................... 3,187
100 Horace Mann Educator Corp............... 3,175
100 Liberty Corp ........................... 3,175
235 Avemco Corp ............................ 3,172
See notes to financial statements
Page 7
<PAGE>
TOMORROW FUNDS RETIREMENT TRUST
Schedules of Investments at June 30, 1996 - Unaudited
Number
of Shares Value
Core Small-Cap Stock Fund (continued)
120 Albank Financial Corp .................. $3,165
100 National Communications
Bancorp............................. 3,150
97 Gallagher (Arthur J.) & Co ............. 3,104
100 Firstbank Co .......................... 3,100
100 First Commercial Corp .................. 3,075
100 S&T Bancorp Inc ........................ 3,075
100 United Fire & Casualty Co .............. 3,050
104 National City Bancshares Inc ........... 3,029
100 Whitney Holding Corp ................... 3,025
60 West America Bancorp.................... 3,015
100 Corus Bankshares Inc ................... 3,000
131 Federal Realty Investment Trust......... 2,980
100 Citizens Bancorp ....................... 2,925
100 Citizens Banking Corp .................. 2,900
186 Ramco-Gershenson Properties
Trust............................... 2,883
100 CNB Bancshares Inc ..................... 2,862
81 Provident Bancorp ...................... 2,855
255 Alfa Corp .............................. 2,805
46 First Union Corp ....................... 2,800
100 First Midwest Bancorp Inc .............. 2,800
148 Nymagic Inc ............................ 2,793
200 Commercial Net Lease
Realty inc.......................... 2,775
151 Mid Am Inc ............................. 2,775
100 Omega Healthcare Investors Inc ......... 2,763
100 Zenith National Insurance Corp ......... 2,738
100 Wesbanco Inc ........................... 2,725
147 Universal Health Realty Income ......... 2,719
100 United Bankshares Inc .................. 2,700
105 Valley National Bancorp ................ 2,677
200 South West Property Trust .............. 2,675
100 Susquehanna Bancshares Inc.............. 2,675
100 Home Beneficial Corp ................... 2,625
100 National Penn Bancshares Inc ........... 2,625
145 First Commonwealth
Financial Corp...................... 2,574
259 Gainsco Inc ............................ 2,558
35 Zions Bancorp........................... 2,545
100 First Merchants Corp ................... 2,475
100 First Western Bancorp Inc .............. 2,475
100 Poe & Brown Inc ........................ 2,475
63 Irwin Financial Corp ................... 2,473
72 Banknorth Group Inc .................... 2,466
73 BT Financial Corp ...................... 2,464
49 Trenwick Group Inc ..................... 2,450
100 Brenton Banks Inc ...................... 2,425
100 State Auto Financial Corp .............. 2,425
167 Bradley Real Estate Inc ................ 2,421
68 Liberty Bancorp Inc .................... 2,414
Number
of Shares Value
Core Small-Cap Stock Fund (continued)
72 First Financial Bancorp ................ $2,322
52 Deposit Guaranty Corp .................. 2,288
62 UMB Financial Corp ..................... 2,278
100 # United Insurance Cos ................... 2,275
65 Anchor Bancorp Inc ..................... 2,259
99 United Carolina Bancshares ............. 2,203
100 First Source Corp ...................... 2,175
69 Suffolk Bancorp ........................ 2,173
52 Berkley W R Corp ....................... 2,171
100 Bancorp South Inc ...................... 2,150
66 Selective Insurance Group Inc........... 2,145
93 Fremont General Corp ................... 2,139
61 Farmers Capital Bank Corp .............. 2,104
110 Fulton Financial Corp .................. 2,076
57 U.S. Bancorp ........................... 2,058
100 Trustco Bank Corp ...................... 1,925
65 Southtrust Corp ........................ 1,827
62 HCC Insurance Holdings Inc ............. 1,395
41 Value Line Inc ......................... 1,394
68 # Pre Paid Legal Services Inc ............ 1,258
43 MAF Bancorp ............................ 1,054
63 Trust Co of New Jersey ................. 819
358,856
Industrial (17.6%)
92 CTS Corp .............................. 4,324
142 West Inc ............................... 4,260
150 Wynns International Inc ................ 4,238
327 Lawter International Inc ............... 4,088
160 Lawson Products Inc .................... 4,040
199 Amcast Industrial Corp ................. 4,030
155 Esterline Technologies Corp ............ 3,875
259 Oil-Dri Corp............................ 3,853
176 Baldor Electric Co ..................... 3,806
133 Standex International Corp ............. 3,791
100 # Littelfuse Inc. ........................ 3,750
100 # Synetic Inc ............................ 3,700
52 # SPS Technologies Inc ................... 3,666
181 Graco Inc .............................. 3,665
68 Carlisle Cos Inc ....................... 3,613
271 # Yellow Corp............................. 3,591
100 Manitowoc Inc .......................... 3,588
120 # USA Waste Services Inc ................. 3,555
95 Chemed Corp ............................ 3,551
142 Learonal Inc ........................... 3,550
98 Student Loan Corp ...................... 3,528
136 Donaldson Co Inc ....................... 3,502
68 Cambrex Corp ........................... 3,477
135 Commercial Intertech Corp .............. 3,476
390 # Allied Waste Industries Inc ............ 3,461
91 Idex Corp .............................. 3,458
See notes to financial statements
Page 8
<PAGE>
TOMORROW FUNDS RETIREMENT TRUST
Schedules of Investments at June 30, 1996 - Unaudited
Number
of Shares Value
Core Small-Cap Stock Fund (continued)
193 AT Cross Co Cl A ....................... $3,426
67 Barnes Group Inc ....................... 3,425
125 Bearings Inc............................ 3,375
100 Keystone Financial Inc ................. 3,350
40 Florida East Coast Industries........... 3,320
134 SPX Corp ............................... 3,283
134 Kysor Industrial Corp .................. 3,250
184 International Shipholding Corp ......... 3,243
72 # Seacor Holdings Inc .................... 3,222
143 # Osmonics Inc ........................... 3,218
442 # TPC Corp .............................. 3,205
100 American Filtrona Corp ................. 3,200
200 Donnelly Corp .......................... 3,200
92 Hughes Supply Inc ...................... 3,197
583 Ekco Group Inc ......................... 3,061
100 Tredegar Industries Inc ................ 3,025
82 # Keane Inc .............................. 3,024
200 Getty Petroleum Corp ................... 3,000
100 Liqui-Box Corp ......................... 3,000
265 Frozen Foods Express
Industries Inc...................... 2,981
96 Expeditors International ............... 2,976
63 WD-40 Co ............................... 2,961
173 Bell Industries Inc .................... 2,919
300 UNR Industries Inc ..................... 2,887
146 # Swift Transportation Co Inc ............ 2,792
137 # Penn Engineering & Meg Corp ............ 2,757
199 Calgon Carbon Corp ..................... 2,686
153 Raymond Corp ........................... 2,677
200 Plains Resources Inc ................... 2,600
150 Thermo Fibertek Inc .................... 2,531
45 Nacco Industries Inc Cl A .............. 2,492
100 DH Technology Inc ...................... 2,400
100 Brady W H Co ........................... 2,225
58 Newpark Resources Inc .................. 2,130
100 Tuscarora Inc .......................... 2,112
100 Hunt J B Transportation
Services Inc........................ 2,087
137 Woodhead Industries Inc................. 1,610
43 Fuller H B Co .......................... 1,559
70 Harper Group Inc ....................... 1,365
40 # Integrated Process
Equipment Corp...................... 830
39 AAR Corp ............................... 794
31 # Penn Engineering &
Manufacturing Corp.................. 686
70 # American Classic Voyages Co............. 516
210,033
Other Services (3.7%)
100 ABM Industries Inc ..................... 3,913
356 Advo Inc ............................... 3,694
Number
of Shares Value
Core Small-Cap Stock Fund (continued)
170 Landauer Inc ........................... $3,591
152 Angelica Corp .......................... 3,591
143 Wackenhut Corp Cl A .................... 3,521
339 Rollins Truck Leasing Corp ............. 3,517
132 Harland Co. ............................ 3,251
133 McGrath Rent Corp ...................... 2,993
134 True North Communications Inc .......... 2,981
200 # National Education Corp ................ 2,850
100 Stanhome Inc ........................... 2,650
63 # GRC International Inc .................. 2,418
237 Graphic Industries Inc.................. 2,251
100 Cadmus Communications Corp ............. 1,537
250 # Topps Co Inc ........................... 1,406
44,164
Technology (4.7%)
100 Sequa Corp Cl A ........................ 4,312
200 MTS Systems Corp ....................... 4,200
91 Fluke Corp ............................. 3,674
160 # Gelman Sciences Inc .................... 3,620
84 Analysts International Corp ............ 3,528
107 Cubic Corp ............................. 3,491
158 American Business Products Inc ......... 3,456
85 Thiokol Corp ........................... 3,358
62 Teleflex Inc ........................... 2,961
200 Daniel Industries Inc .................. 2,900
83 # Dynatech Corp .......................... 2,698
159 Kinetic Concepts Inc ................... 2,464
100 Boole & Babbage Inc .................... 2,400
66 # BRC Holdings Inc ....................... 2,376
72 Kent Electronics Corp .................. 2,250
66 Dionex Corp ............................ 2,129
162 # Trident Microsystems Inc ............... 2,045
60 Logicon Inc ............................ 1,792
100 # Tekelec ................................ 1,312
33 Kronos Inc. ............................ 1,172
22 # Cray Research Inc ...................... 531
56,669
Utilities (15.3%)
155 Atmos Energy Corp ...................... 4,747
147 Indiana Energy Inc ..................... 4,208
152 Commonwealth Energy System ............. 3,914
328 Citizens Utilities Co Cl B ............. 3,815
127 IES Industries Inc ..................... 3,794
164 Piedmont Natural Gas Inc ............... 3,793
100 Wicor Inc .............................. 3,775
171 Southern California Water Co ........... 3,762
220 Public Service Co ...................... 3,740
131 TNP Entreprise Inc ..................... 3,717
135 North Carolina Natural
Gas Corp............................ 3,713
See notes to financial statements
Page 9
<PAGE>
TOMORROW FUNDS RETIREMENT TRUST
Schedules of Investments at June 30, 1996 - Unaudited
Number
of Shares Value
Core Small-Cap Stock Fund (continued)
101 Orange & Rockland Utilities Inc ........ $3,712
186 Easterns Utilities Association ......... 3,650
146 Black Hills Corp ....................... 3,632
146 Aquarion Co ............................ 3,614
133 K2 Inc ................................. 3,608
102 California Water Services Co ........... 3,570
127 Bay State Gas Co ....................... 3,540
243 Central Maine Power Co. ................ 3,524
185 Connecticut Energy Corp ................ 3,515
82 Cilcorp Inc ............................ 3,505
100 Northwest Natural Gas Co ............... 3,500
101 SIG Corp Inc ........................... 3,497
164 South Jersey Industries Inc ............ 3,485
160 Yankee Energy System Inc................ 3,480
155 Laclede Gas Co ......................... 3,468
196 Empire District Electric Co ............ 3,381
151 Connecticut Natural Gas Corp ........... 3,379
149 Energen Corp ........................... 3,297
148 UGI Corp ............................... 3,256
200 Western Gas Resources Inc .............. 3,250
150 Madison Gas & Electric Co .............. 3,225
224 Cascade Natural Gas Corp ............... 3,220
127 Oneok Inc. ............................. 3,175
100 WPS Resources Corp ..................... 3,162
100 Central Hudson Gas &
Electric Corp....................... 3,125
Number
of Shares Value
Core Small-Cap Stock Fund (continued)
126 Philadelphia Suburban Corp ............. $3,119
90 SJW Corp ............................... 2,992
143 Public Service Co of
New Mexico.......................... 2,931
100 New Jersey Resorces Corp ............... 2,875
100 E Town Corp ............................ 2,775
100 St Joseph Light & Power Co.............. 2,775
128 MDU Resources Group Inc ................ 2,752
68 Pennsylvania Enterprises Inc ........... 2,703
100 Northwestern Public Service Co ......... 2,687
135 Washington Energy Co ................... 2,666
75 Tejas Gas Corp.......................... 2,606
200 United Water Resources Inc ............. 2,575
67 United Illuminating Co.................. 2,504
100 Green Mountain Power Corp .............. 2,425
70 Eastern Enterprises Inc................. 2,327
182 Central Vermont Public
Services Corp....................... 2,320
68 Otter Tail Power Co .................... 2,210
144 United Cities Gas Company .............. 2,178
100 Colonial Gas Co ........................ 2,100
100 IWC Resources Corp ..................... 1,787
100 Consumers Water Co ..................... 1,550
49 Southern Union Co....................... 1,078
182,683
Total Investments (102.8%)
(Cost $1,186,464)................... 1,226,351
Liabilities in Excess of
Other Assets (-2.8%)................ (33,545)
Total Net Assets (100.0%)............... $1,192,806
# Non-income producing security.
See notes to financial statements
Page 10
<PAGE>
TOMORROW FUNDS RETIREMENT TRUST
Schedules of Investments at June 30, 1996 - Unaudited
Number
of Shares Value
Tomorrow Long-Term Retirement Fund
COMMON STOCKS (85.8%)
Basic Materials (3.1%)
25 Consolidated Papers Inc ................ $1,300
38 Barrick Gold Corp ...................... 1,031
27 Bowater Inc ............................ 1,016
48 Allegheny Ludlum ....................... 906
19 Tambrands Inc. ......................... 777
11 Aluminum Company of America ............ 631
12 Nucor Corp ............................. 608
12 Newmont Mining Corp .................... 593
21 Placer Dome Inc ADR .................... 501
12 Champion International Corp. ........... 501
25 Glatefelter (PH) Co .................... 459
17 Chesapeake Corp ........................ 446
10 Cleveland Cliffs ....................... 391
49 Battle Mountain Gold Co ................ 355
11 Inco Ltd ............................... 355
12 Sonoco Products Co ..................... 341
12 Ashland Coal Inc ....................... 311
10,522
Consumer - Cyclical (12.4%)
43 Eastman Kodak Co ....................... 3,343
101 Wal-Mart Stores ........................ 2,563
40 Disney (Walt) Co ....................... 2,515
44 General Motors Corp .................... 2,304
37 # Viacom Inc. Cl B ....................... 1,438
40 Gap Inc. ............................... 1,285
22 Penny (J.C.) Co Inc. ................... 1,155
13 Burlington Northern Santa Fe ........... 1,051
24 May Department Stores Co ............... 1,050
25 Albertsons Inc ......................... 1,034
17 # Nine West Group Inc .................... 869
14 Vulcan Materials Co .................... 831
29 Mattel Inc ............................. 830
35 Best Buy Co Inc ........................ 801
12 Fluor Corp ............................. 785
11 Gannet Inc ............................. 778
15 # Jones Apparel Group .................... 737
19 # Vons Cos Inc ........................... 710
33 The Limited Inc ........................ 709
50 # Burlington Industries Inc .............. 706
55 # Home Shopping Network Inc .............. 660
10 Dun & Bradstreet Corp .................. 625
19 Hannaford Brothers Co .................. 620
20 Masco Corp ............................. 605
16 Belo (AH) Corp Ser A ................... 596
10 Eaton Corp ............................. 586
19 Dexter Corp ............................ 565
12 McDonald's Corp. ....................... 561
11 Houghton Mifflin Co .................... 549
Number
of Shares Value
Tomorrow Long-Term Retirement Fund
(continued)
17 # Meyer (Fred) Inc ....................... $499
10 Whirlpool Corp ......................... 496
20 # Lands End Inc .......................... 495
13 National Presto Industries ............. 494
12 Kroger Co .............................. 474
38 Ruddick Corp ........................... 466
11 Meredith Corp .......................... 459
37 K Mart Stores .......................... 458
11 American Stores Co ..................... 454
17 Ferro Corp ............................. 450
15 Atlantic Southeast Airlines Inc. ....... 424
16 # Jacobs Engineering Group Inc ........... 422
75 Service Merchandise Inc ................ 422
37 # Shoney's Inc ........................... 402
11 Hasbro Inc ............................. 393
10 Black & Decker Corp..................... 386
24 Fingerhut Cos Inc. ..................... 375
10 Dillard Department Stores .............. 365
23 Gencorp Inc ............................ 348
14 Lee Enterprises ........................ 331
13 Guilford Mills Inc ..................... 325
14 Ruby Tuesday Inc ....................... 317
26 Dames & Moore Inc ...................... 315
38 Stride Rite Corp ....................... 314
12 Starrett (LS) Co Cl A .................. 312
13 Luby's Cafeterias Inc. ................. 305
12 Standard Products Co ................... 279
35 # Syms Corp .............................. 258
3 # Payless ShoeSource Inc ................. 95
41,994
Consumer - Non Cyclical (22.0%)
44 Philip Morris Cos. Inc. ................ 4,576
84 Coca Cola Co ........................... 4,106
58 American Home Products Corp............. 3,487
24 Unilever NV ADR ........................ 3,483
33 International Business
Machines Corp....................... 3,267
36 Bristol-Myers Squibb Co. ............... 3,240
49 Lilly Eli & Co ......................... 3,185
71 Pharmacia & Upjohn Inc ................. 3,151
50 Gillette Co. ........................... 3,119
56 Columbia Healthcare Corp ............... 2,989
46 Schering-Plough Corp. .................. 2,886
78 IBP Inc ................................ 2,155
29 Pfizer Inc ............................. 2,070
27 Cardinal Health Inc .................... 1,947
50 PepsiCo Inc. ........................... 1,769
28 Amgen Inc. ............................. 1,512
80 Mylan Labs Inc ......................... 1,380
24 Warner Lambert Co ...................... 1,320
See notes to financial statements
Page 11
<PAGE>
TOMORROW FUNDS RETIREMENT TRUST
Schedules of Investments at June 30, 1996 - Unaudited
Number
of Shares Value
Tomorrow Long-Term Retirement Fund
(continued)
26 Nellcor Inc ............................ $1,261
16 Kimberly-Clark Corp .................... 1,236
67 Coors (Adolph) Cl B .................... 1,198
16 Kellogg Co ............................. 1,172
57 Archer Daniels Midland Co............... 1,090
45 # Revco D.S. Inc ......................... 1,074
14 Anheuser- Busch Cos Inc. ............... 1,050
27 # Forest Laboratories Inc ................ 1,043
12 Colgate- Palmolive Co .................. 1,017
39 # Value Health Inc. ...................... 921
24 Foundation Health Corp ................. 861
19 # Boston Scientific Corp ................. 855
27 # Centocor Inc ........................... 807
11 CPC International Inc. ................. 792
17 Conagra Inc ............................ 771
13 General Mills Inc ...................... 709
11 Ralston Purina Co....................... 705
20 Sysco Corp ............................. 685
20 UST Inc. ............................... 685
42 Flowers Industries Inc ................. 677
22 Heinz H J Co ........................... 668
10 NCH Corp ............................... 642
23 Bergen Brunswig Corp ................... 638
37 Horizon/CMS Healthcare Corp ............ 472
12 Diagnostic Products .................... 462
21 Tenet Healthcare Corp .................. 449
10 Longs Drug Stores ...................... 446
18 Dean Foods ............................. 446
13 Quaker Oats Co ......................... 444
11 Mallinckrodt Group Inc. ................ 428
20 Church & Dwight Co Inc ................. 417
13 Smart And Final Inc .................... 333
16 Humana Inc ............................. 286
15 Stepan Chemical Co ..................... 272
74,654
Energy (12.5%)
90 Exxon Corp ............................. 7,819
33 Royal Dutch Petroleum Co ADR ........... 5,074
58 Chevron Corp ........................... 3,422
46 Amoco Corp ............................. 3,329
29 Mobil Corp. ............................ 3,252
39 Anadarko Petroleum Co .................. 2,262
17 Schlumberger Ltd ....................... 1,432
101 # Global Marine Inc ...................... 1,401
11 Atlantic Richfield ..................... 1,304
13 Texaco Inc ............................. 1,090
22 Phillips Petroleum Co. ................. 921
25 # Ensco International Inc ................ 813
15 Tosco Corp ............................. 754
45 # Nabors Industries Inc .................. 731
28 Occidental Petroleum Corp .............. 693
Number
of Shares Value
Tomorrow Long-Term Retirement Fund
(continued)
12 MAPCO Inc .............................. $676
24 Parker & Parsley Petroleum Co .......... 666
18 # BJ Services ............................ 632
23 Valero Energy Corp ..................... 575
17 Apache Corp ............................ 559
10 Halliburton ............................ 555
18 Dresser Industries Inc ................. 531
14 Helmerich & Payne ...................... 513
25 USX-Marathon Group ..................... 503
11 Murphy Oil Corp ........................ 499
17 Diamond Shamrock Inc ................... 491
11 Burlington Resources Inc ............... 473
64 Ranger Oil ............................. 472
12 Baker Hughes Inc ....................... 395
14 Vintage Petroleum Inc .................. 357
21 Quaker State Corp ...................... 315
42,509
Financial Services (4.0%)
69 American Express Co. ................... 3,079
26 BankAmerica Corp ....................... 1,970
86 Allied Capital Commercial Corp ......... 1,699
10 Loews Corp ............................. 789
11 Transatlantic Holdings Inc ............. 771
14 Chubb Corp ............................. 698
10 UNUM Corp .............................. 622
17 Bancorp Hawaii Inc. .................... 612
12 # Policy Management Systems
Corp................................ 600
53 Hibernia Corp Cl A ..................... 576
33 City National Corp ..................... 520
11 Lincoln National Corp Ltd. ............. 509
16 Dauphin Deposit Corp ................... 456
21 South West Property Trust .............. 281
11 Valley National Bancorp ................ 281
18 Kranzco Realty Trust .................. 254
13,717
Industrial (9.7%)
41 Du Pont E I De Nemours & Co ............ 3,244
79 Deere & Co ............................. 3,160
27 General Electric Co .................... 2,336
41 IMC Global Inc ......................... 1,543
31 Tidewater Inc .......................... 1,360
12 Emerson Electric Co. ................... 1,085
13 Dow Chemical Co ........................ 988
22 # Litton Industries Inc .................. 957
98 Ethyl Corp ............................. 943
29 Georgia Gulf Corp ...................... 848
16 York International Corp ................ 828
25 WMX Technologies, Inc. ................. 819
20 Sundstrand Corp ........................ 733
See notes to financial statements
Page 12
<PAGE>
TOMORROW FUNDS RETIREMENT TRUST
Schedules of Investments at June 30, 1996 - Unaudited
Number
of Shares Value
Tomorrow Long-Term Retirement Fund
(continued)
39 Westinghouse Electric Corp ............. $731
11 Hubbell Inc Cl B ....................... 729
23 # Smith International Inc ................ 693
20 Trinity Industries Inc ................. 680
11 Honeywell Inc. ......................... 599
13 Crown Cork & Seal Inc .................. 585
21 Brooklyn Union Gas ..................... 572
19 Pentair Inc ............................ 570
10 Carlisle Cos Inc ....................... 531
24 Ametek Inc ............................. 522
30 Crompton & Knowles Corp ................ 503
27 Premark International .................. 499
18 Donaldson Co Inc ....................... 464
10 Betz Laboratories Inc .................. 439
10 Kaydon Corp ............................ 430
17 SPX Corp ............................... 416
12 Minerals Technologies .................. 411
10 Tyco International Ltd ................. 408
30 Calgon Carbon Corp ..................... 405
32 Lawter International Inc ............... 400
16 Alexander & Baldwin .................... 386
14 First Brands Corp ...................... 378
16 Wellman Inc ............................ 374
18 Keystone International Inc ............. 373
29 # Sterling Chemicals Inc ................. 337
21 Donnelly Corp .......................... 336
19 Getty Petroleum Corp ................... 285
10 Standex International Corp ............. 285
14 Graco Inc .............................. 284
11 Kysor Industrial Corp .................. 267
11 Pall Corp .............................. 265
33,001
Other Services (3.2%)
49 Minnesota Mining &
Manufacturing Co.................... 3,381
23 Omnicom Group Inc ...................... 1,069
30 Weatherford Enterra Inc ................ 900
22 Corning Inc ............................ 844
24 Kelly Services Inc Cl A................. 702
12 Flightsafety International ............. 651
11 Service Corp International ............. 633
11 Pioneer Hi Bred International .......... 582
26 Sotheby's Holdings Cl A................. 377
20 International Multifoods Corp .......... 365
14 Harland Co. ............................ 345
12 Stanhome Inc ........................... 318
12 Banta Corp. ............................ 303
10 Dial Corp .............................. 286
24 ADVO Inc ............................... 249
11,005
Number
of Shares Value
Tomorrow Long-Term Retirement Fund
(continued)
Technology (4.5%)
40 Boeing Co .............................. $3,485
26 Intel Corp ............................. 1,909
14 First Data Corp ........................ 1,115
22 McDonnell Douglas Corp ................. 1,067
16 Wallace Computer Services Inc. ......... 956
17 Dell Computer Corp ..................... 865
21 # Compuware Corp ......................... 829
46 Sensormatic Electronics Corp ........... 753
13 Raytheon Co ............................ 671
20 # Stratus Computer Inc. .................. 580
11 Teleflex Inc ........................... 525
13 Thiokol Corp ........................... 514
10 Interpublic Group of Cos Inc ........... 469
11 Storage Technology Corp ................ 421
13 American Business Products ............ 284
12 Apple Computer Inc ..................... 252
11 # Gelman Sciences Inc .................... 249
17 # Borland International .................. 155
15,099
Utilities (14.4%)
57 AT&T Corp .............................. 3,534
72 GTE Corp ............................... 3,222
48 Ameritech Corp ......................... 2,850
48 Sprint Corp ............................ 2,016
47 BellSouth Corp. ........................ 1,992
26 Bell Atlantic Corp ..................... 1,657
46 Allegheny Power System Inc ............. 1,420
28 NYNEX Corp ............................. 1,330
38 Florida Progress Corp .................. 1,321
46 Potomac Electric Power ................. 1,219
42 Scana Corp ............................. 1,181
85 Northeast Utilities .................... 1,137
33 CMS Energy Corp ........................ 1,019
40 Southern Co ............................ 985
23 Enron Corp ............................. 940
28 Century Telephone Enterprises .......... 892
26 US West Inc ............................ 829
32 # Calenergy Inc .......................... 816
32 New York State Electric & Gas .......... 780
19 Nipsco Industries ...................... 765
20 Public Service Co of Colorado .......... 735
14 SBC Communications ..................... 690
38 Midamerican Energy Co .................. 655
13 Williams Cos Inc ....................... 644
25 MCN Corp Holding Co .................... 609
19 Alltel Corp ............................ 584
25 Pacific Gas & Electric Co. ............. 581
11 Duke Power Co .......................... 564
23 Puget Sound Power & Light .............. 558
See notes to financial statements
Page 13
<PAGE>
TOMORROW FUNDS RETIREMENT TRUST
Schedules of Investments at June 30, 1996 - Unaudited
Number
of Shares Value
Tomorrow Long-Term Retirement Fund
(continued)
17 Southwestern Public Service ............ $555
13 Coastal Corp ........................... 543
17 Frontier Corp .......................... 521
18 Indiana Energy Inc ..................... 515
12 Texas Utilities Co ..................... 513
23 Montana Power Co ....................... 512
14 National Fuel Gas Co ................... 504
16 Idaho Power Co ......................... 498
27 Edison International ................... 476
11 American Electric Power Co ............. 469
32 Central Maine Power Co. ................ 464
12 El Paso Natural Gas .................... 462
13 Hawaiian Electric Industries ........... 461
10 FPL Group Inc. ......................... 460
17 IPALCO Enterprises ..................... 446
11 Dominion Resources Inc ................ 440
23 AGL Resources Inc ...................... 434
13 Eastern Enterprises .................... 432
21 Public Service Co of New
Mexico.............................. 431
24 Brown Group Inc ........................ 417
10 American Water Works ................... 394
17 Washington Gas Light Co ................ 374
15 Black Hills Corp ....................... 373
15 Houston Industries ..................... 369
13 Entergy Corp ........................... 369
16 PacifiCorp ............................. 356
13 Oneok Inc. ............................. 325
11 Central & South West Corp .............. 319
14 Nevada Power ........................... 308
13 Yankee Energy System ................... 283
10 LG & E Energy Corp ..................... 229
48,777
Total Common Stocks
Cost ($264,209)..................... 291,278
Number
of Shares Value
Tomorrow Long-Term Retirement Fund
(continued)
OPEN END INVESTMENT
COMPANY (4.8%)
Cost ($15,500)
1,529 # Banker's Trust EAFE
Equity Index Fund................... $16,157
Principal
Amount
U.S. GOVERNMENT
OBLIGATIONS (22.6%)
U.S. Treasury Notes (19.7%)
$27,000 6.500% Due 8/15/05...................... 26,612
41,000 5.500% Due 11/15/98..................... 40,353
66,965
U.S. Treasury Bond (2.9%)
10,000 6.875% Due 8/15/25...................... 9,898
Total U.S. Treasury Obligations
(Cost $77,506)...................... 76,863
Total Investments (113.2%)
(Cost $375,215).................... 384,298
Liabilities in Excess of Other
Assets (-13.2%).................... (44,700)
Total Net Assets........................ $339,598
# Non-income producing security.
See notes to financial statements
Page 14
<PAGE>
TOMORROW FUNDS RETIREMENT TRUST
Schedules of Investments at June 30, 1996 - Unaudited
Number
of Shares Value
Tomorrow Medium-Term Retirement Fund
COMMON STOCKS (67.2%)
Basic Materials (2.8%)
63 Consolidated Papers Inc ................ $3,276
120 Barrick Gold Corp ...................... 3,255
69 Bowater Inc ............................ 2,596
35 Aluminum Co of America ................. 2,008
49 Tambrands Inc. ......................... 2,003
32 Newmont Mining Corp .................... 1,580
80 Allegheny Ludlum Corp .................. 1,510
28 Nucor Corp ............................. 1,417
41 Inco Ltd ............................... 1,322
63 Glatefelter (PH) Co .................... 1,158
44 Chesapeake Corp ........................ 1,155
23 Precision Castparts Corp ............... 989
126 Battle Mountain Gold Co ................ 913
40 Wausau Paper Mills Co .................. 790
24 Westvaco Corp .......................... 717
18 Bemis Inc .............................. 630
20 Sonoco Products Co ..................... 567
21 Ashland Coal Inc ....................... 543
20 Mosinee Paper Corp ..................... 535
38 Nashua Corp. ........................... 484
40 # Bethlehem Steel Corp. .................. 475
71 Amax Gold Inc .......................... 391
12 Carpenter Tech Corp .................... 384
9 # MAXXAM Inc ............................. 353
23 Oregon Steel Mills Inc ................. 316
7 Cleveland Cliffs Inc ................... 274
18 Gibson Greetings Inc ................... 247
29,888
Consumer - Cyclical (8.9%)
119 Eastman Kodak Co ....................... 9,252
176 May Department Stores Co ............... 7,700
108 Disney (Walt) Co ....................... 6,791
121 General Motors Corp .................... 6,337
174 Wal-Mart Stores Inc .................... 4,415
75 Penny (J.C.) Co Inc. ................... 3,937
98 # Viacom Inc. Cl B ....................... 3,810
87 Albertsons Inc ......................... 3,600
10 Washington Post Co ..................... 3,240
36 Vulcan Materials Co .................... 2,138
89 # Best Buy Co Inc ........................ 2,036
39 # Nine West Group Inc .................... 1,994
49 # Vons Cos Inc ........................... 1,831
129 # Burlington Industries Inc .............. 1,822
37 # Jones Apparel Group Inc ................ 1,818
142 Home Shopping Network Inc .............. 1,704
49 Hannaford Brothers Co .................. 1,599
32 McDonald's Corp. ....................... 1,496
40 Belo (AH) Corp Ser A ................... 1,490
Number
of Shares Value
Tomorrow Medium-Term Retirement Fund
(continued)
53 # Lands End Inc .......................... $1,312
31 American Stores Co ..................... 1,279
43 # Meyer (Fred) Inc ....................... 1,263
47 Modine Manufacturing Co ................ 1,245
25 Whirlpool Corp ......................... 1,241
33 Circuit City Store Inc ................. 1,192
19 Scholastic Corp ........................ 1,178
44 Ferro Corp ............................. 1,166
41 # Jacobs Engineering Group Inc ........... 1,081
192 # Service Merchandise Inc ................ 1,080
69 RPM Inc ................................ 1,078
27 Black & Decker Corp .................... 1,043
24 TCA Cable TV Inc ....................... 726
12 Armstrong World Industries Inc ......... 692
17 National Presto Industries Inc ........ 646
18 Winn Dixie Stores Inc ................. 637
14 Chris Craft Industries Inc ............. 616
38 GenCorp Inc ............................ 575
20 # AMC Entertainment Inc .................. 557
11 Houghton Mifflin Co .................... 549
23 Lee Enterprises Inc .................... 543
45 Burham Pacific Properties Inc .......... 523
13 Brown-Forman Corp Cl B ................. 520
19 K2 Inc ................................. 515
13 Ameron Inc ............................. 514
7 # Alexanders Inc ......................... 508
17 Dexter Corp ............................ 506
21 Granite Construction Inc ............... 483
27 # MacFrugals Bargains
Closeout Inc ........................ 479
21 Albany International Corp Cl A ......... 475
31 Duty Free International Inc ............ 473
15 Puerto Rican Cement Inc ................ 467
12 OEA Systems Inc ........................ 450
19 Blair Corp ............................. 449
6 Tiffany & Co ........................... 438
8 Home Depot Inc ......................... 432
39 Hancock Fabrics Inc .................... 429
21 Caseys General Stores Inc .............. 417
34 Ruddick Corp ........................... 416
95 CML Group Inc .......................... 404
17 South Down Inc ......................... 400
18 # AnnTaylor Stores Corp .................. 364
15 Arvin Industries Inc ................... 334
26 # Information Resources Inc .............. 319
51 # Air & Water Technologies Inc ........... 306
21 Falcon Products Inc .................... 302
97,632
Consumer - Non Cyclical (16.6%)
123 Philip Morris Cos Inc. ................. 12,792
See notes to financial statements
Page 15
<PAGE>
TOMORROW FUNDS RETIREMENT TRUST
Schedules of Investments at June 30, 1996 - Unaudited
Number
of Shares Value
Tomorrow Medium-Term Retirement Fund
(continued)
234 Coca Cola Co ........................... $11,437
66 Unilever NV ADR ........................ 9,578
99 Bristol-Myers Squibb Co ............... 8,910
138 Gillette Co. ........................... 8,608
131 Lilly (Eli) & Co ....................... 8,515
156 Columbia Healthcare Corp ............... 8,326
185 Pharmacia & Upjohn Inc ................. 8,209
123 Schering-Plough Corp. .................. 7,718
112 American Home Products Corp. ........... 6,734
79 Pfizer Inc ............................. 5,639
201 IBP Inc ................................ 5,553
94 Amgen Inc. ............................. 5,076
70 Cardinal Health Inc .................... 5,049
140 PepsiCo Inc. ........................... 4,953
58 Kellogg Co ............................. 4,248
51 Anheuser- Busch Cos Inc. ............... 3,825
187 Archer Daniels Midland Co .............. 3,576
64 Warner Lambert Co ...................... 3,520
204 Mylan Laboratories Inc ................. 3,519
63 Conagra Inc ............................ 2,859
116 # Revco D.S. Inc ......................... 2,770
59 # Boston Scientific Corp ................. 2,655
68 # Forest Laboratores Inc ................. 2,626
101 # Value Health Inc. ...................... 2,386
61 # Foundation Health Corp ................. 2,188
35 # Biogen Inc. ............................ 1,921
67 Tyson Foods Inc Cl A ................... 1,834
59 # Centocor Inc ........................... 1,763
31 General Mills Inc ...................... 1,690
48 Quaker Oats Co ......................... 1,638
59 Bergen Brunswig Corp ................... 1,637
32 # Healthcare Compare Corp ................ 1,560
26 Avon Products Inc ...................... 1,173
31 Lancaster Colony Corp .................. 1,159
46 Dean Foods Co .......................... 1,138
87 # Perrigo Co ............................. 979
14 NCH Corp ............................... 900
21 Bausch & Lomb Inc ...................... 892
24 Universal Foods Corp ................... 885
22 Allergan Inc. .......................... 864
31 # ALZA Corp .............................. 849
42 Coors (Adolph) Cl B .................... 751
20 Bard (CR) Inc .......................... 680
36 Lance Inc .............................. 594
15 Diagnostic Products Corp ............... 577
32 Flowers Industries Inc ................. 516
42 # Buffets Inc ............................ 514
62 # Novacare Inc ........................... 473
36 Savannah Foods & Industries
Inc ................................. 464
31 Carter Wallace Inc ..................... 453
Number
of Shares Value
Tomorrow Medium-Term Retirement Fund
(continued)
37 # Beverly Enterprises Inc ................ $444
14 Dreyers Grand Ice Cream Inc ............ 441
12 # Advanced Technology
Laboratories Inc .................... 438
10 Mine Safety Appliances Co .............. 410
22 International Multifoods Corp .......... 401
24 # Acuson Corp ............................ 384
17 # International Dairy Queen Cl A ......... 374
29 # Foodbrands America Inc ................. 373
20 # Datascope Corp ......................... 355
18 Brush Wellman Inc. ..................... 342
15 Church & Dwight Co Inc ................. 313
181,448
Energy (9.1%)
181 Exxon Corp ............................. 15,724
90 Royal Dutch Petroleum Co ADR ........... 13,837
160 Chevron Corp ........................... 9,440
125 Amoco Corp ............................. 9,047
78 Mobil Corp. ............................ 8,746
101 Anadarko Petroleum Co .................. 5,858
47 Burlington Northern Santa Fe
Corp ................................ 3,801
259 # Global Marine Inc ...................... 3,594
29 Atlantic Richfield Co .................. 3,436
95 Occidental Petroleum Corp .............. 2,351
39 Tosco Corp ............................. 1,960
115 # Nabors Industries Inc .................. 1,869
43 Burlington Resources Inc ............... 1,849
62 Parker & Parsley Petroleum Co .......... 1,720
30 MAPCO Inc .............................. 1,691
45 # BJ Services Co ......................... 1,581
60 Valero Energy Corp ..................... 1,500
44 Baker Hughes Inc ....................... 1,446
43 Apache Corp ............................ 1,414
44 Diamond Shamrock Inc ................... 1,270
27 Murphy Oil Corp ........................ 1,225
164 Ranger Oil Ltd ......................... 1,210
22 Amerada Hess Corp. ..................... 1,180
33 # Oryx Energy Co ......................... 536
29 Varco International Inc ................ 526
45 Berry Petroleum Cl A ................... 512
34 Quaker State Corp ...................... 510
12 Ashland Inc ............................ 475
14 # Barrett Resources Corp ................. 417
57 # Parker Drilling Co ..................... 328
99,053
Financial Services (4.1%)
193 American Express Co. ................... 8,613
73 BankAmerica Corp ....................... 5,530
See notes to financial statements
Page 16
<PAGE>
TOMORROW FUNDS RETIREMENT TRUST
Schedules of Investments at June 30, 1996 - Unaudited
Number
of Shares Value
Tomorrow Medium-Term Retirement Fund
(continued)
48 First Data Corp ........................ $3,822
26 Loews Corp ............................. 2,051
45 Bancorp Hawaii Inc. .................... 1,620
23 Transatlantic Holdings Inc ............. 1,613
31 # Policy Management Systems
Corp ................................ 1,550
23 Northern Trust Corp .................... 1,328
84 City National Corp ..................... 1,323
28 National City Corp ..................... 983
29 Wilmington Trust Co .................... 941
18 Chubb Corp ............................. 898
31 Dauphin Deposit Corp ................... 884
16 Magna Bancorp Inc ...................... 596
44 Western Investment Real
Estate .............................. 572
15 MAIC Holdings Inc ...................... 559
6 # Markel Corp ............................ 558
28 BRE Properties Inc ..................... 546
50 Berkshire Realty Co .................... 544
16 Acordia Inc ............................ 540
21 New York Bancorp Inc ................... 535
22 Community First Bankshares ............. 517
37 Commercial Net Lease Realty ............ 513
24 Nationwide Health Properties
Inc ................................. 507
22 CBT Corp ............................... 506
23 American Heritage Life
Investors Corp ...................... 503
20 Capitol American Financial
Corp ................................ 503
27 Mid Am Inc ............................. 496
22 Wellsford Residential
Property Trust ...................... 495
15 National Health Investors, Inc. ........ 491
22 American Health Properties
Inc ................................. 487
17 CNB Bancshares Inc ..................... 487
25 NYMAGIC Inc ............................ 472
17 Omega Healthcare Investors
Inc ................................. 470
16 Citizens Bancorp Maryland .............. 468
16 Citizens Banking Corp Michigan ......... 464
14 Gallagher (Arthur J.) & Co ............. 448
33 Avemco Corp ............................ 445
16 Merchants New York Bancorp ............. 432
11 Mark Twain Bancshares Inc .............. 407
44,717
Industrial (8.0%)
113 Du Pont (E I) De Nemours & Co........... 8,941
210 Deere & Co ............................. 8,400
Number
of Shares Value
Tomorrow Medium-Term Retirement Fund
(continued)
76 General Electric Co .................... $6,574
105 IMC Global Inc ......................... 3,951
51 Dow Chemical Co ........................ 3,876
79 Tidewater Inc .......................... 3,466
99 WMX Technologies Inc. .................. 3,242
56 # Litton Industries Inc .................. 2,436
251 Ethyl Corp ............................. 2,416
76 Georgia Gulf Corp ...................... 2,223
42 York International Corp ................ 2,174
22 Olin Corp .............................. 1,963
52 Sundstrand Corp ........................ 1,905
58 # Smith International Inc ................ 1,747
50 Trinity Industries Inc ................. 1,700
54 Brooklyn Union Gas Co .................. 1,471
62 Ametek Inc ............................. 1,349
78 Crompton & Knowles Corp ................ 1,306
52 Alexander & Baldwin Inc ................ 1,255
27 Kaydon Corp ............................ 1,161
26 Betz Laboratories Inc .................. 1,141
17 Hubbell Inc Cl B ....................... 1,126
42 Schulman (A.) Inc ...................... 1,029
76 Calgon Carbon Corp ..................... 1,026
82 Lawter International Inc ............... 1,025
36 First Brands Corp ...................... 972
32 Pentair Inc ............................ 960
45 Keystone International Inc ............. 934
38 Wellman Inc ............................ 888
73 # Sterling Chemicals Inc ................. 849
15 Nordson Corp ........................... 847
37 Hunt J B Transportation
Services Inc ........................ 772
28 Duriron Co Inc ......................... 672
21 West Inc ............................... 630
11 NACCO Industries Inc Cl A .............. 609
26 # Osmonics Inc ........................... 585
28 Amcast Industrial Corp ................. 567
11 Barnes Group Inc ....................... 562
11 Cambrex Corp ........................... 562
37 Oil-Dri Corp America ................... 550
10 Avery Dennison Corp .................... 549
15 Fuller (H. B.) Co ...................... 544
25 Baldor Electric Co ..................... 541
10 Carlisle Cos Inc ....................... 531
129 # Rollins Environmental Service
Inc ................................. 500
51 # Magnetek Inc ........................... 491
7 MacDermid Inc .......................... 490
34 Arnold Industries Inc .................. 485
47 Blessings Corp ......................... 482
17 Bearings Inc ........................... 459
24 Watts Industries Inc Cl A .............. 447
See notes to financial statements
Page 17
<PAGE>
TOMORROW FUNDS RETIREMENT TRUST
Schedules of Investments at June 30, 1996 - Unaudited
Number
of Shares Value
Tomorrow Medium-Term Retirement Fund
(continued)
25 Cross (A.T.) & Co Cl A ................. $444
13 Caliber Systems Inc .................... 442
16 Donaldson Co Inc ....................... 412
13 Nalco Chemical Co ...................... 409
24 Bell Industries Inc .................... 405
14 Lawson Products Inc .................... 354
19 Overseas Shipholding Group ............. 344
6 Tecumseh Products Co Cl B .............. 312
7 Briggs & Stratton Corp ................. 288
10 Ball Corp .............................. 276
87,067
Other Services (2.3%)
136 Minnesota Mining &
Manufacturing Co .................... 9,384
60 Omnicom Group Inc ...................... 2,790
76 Weatherford Enterra Inc ................ 2,280
30 Flightsafety International ............. 1,627
36 Kelly Services Inc Cl A ................ 1,053
67 Sotheby's Holdings Cl A ................ 972
16 PHH Corp ............................... 912
35 Whitman Corp ........................... 844
28 Banta Corp. ............................ 707
25 Wackenhut Corp Ser A ................... 616
42 # National Education Corp ................ 598
15 ABM Industries Inc ..................... 587
25 McGrath Rent Corp ...................... 563
50 ADVO Inc ............................... 519
16 American List Corp. .................... 424
22 CPI Corp ............................... 363
9 National Services Industries Inc ....... 352
19 Ogden Corp ............................. 344
12 Stanhome Inc ........................... 318
25,253
Technology (5.2%)
109 Boeing Co .............................. 9,497
89 International Business Machines
Corp ................................ 8,811
136 # Dell Computer Corp ..................... 6,919
95 # Cisco Systems, Inc. .................... 5,379
45 Intel Corp ............................. 3,305
41 Wallace Computer Services Inc. ......... 2,450
119 Sensormatic Electronics Corp ........... 1,949
44 # Compuware Corp ......................... 1,738
51 # Stratus Computer Inc. .................. 1,479
47 # Fiserv Inc ............................. 1,410
44 HON Industries Inc ..................... 1,254
27 Alco Standard Corp ..................... 1,222
22 # Ceridian Corp .......................... 1,111
46 Apple Computer Inc ..................... 966
Number
of Shares Value
Tomorrow Medium-Term Retirement Fund
(continued)
30 Miller (Herman) Inc .................... $919
19 3Com Corp .............................. 869
12 Northrop Corp .......................... 817
30 Standard Register Co ................... 739
18 # Storage Technology Corp ................ 689
49 # Advanced Micro Devices Inc ............. 668
84 # AST Research Inc ....................... 567
11 Teleflex Inc ........................... 525
22 # Structural Dynamics Research
Corp ................................ 484
22 American Business Products
Inc ................................. 481
12 Thiokol Corp ........................... 474
42 # Amdahl Corp ............................ 451
49 # Intelligent Electronics Inc. ........... 417
18 MTS Systems Corp ....................... 378
32 Ennis Business Forms Inc ............... 364
17 # Rohr Inc ............................... 355
9 Beckman Instruments Inc ................ 342
34 # Borland Internatonal Inc ............... 310
57,339
Utilities (10.2%)
155 AT&T Corp .............................. 9,610
205 GTE Corp ............................... 9,174
135 Ameritech Corp ......................... 8,016
132 BellSouth Corp. ........................ 5,593
133 Sprint Corp ............................ 5,586
71 Bell Atlantic Corp ..................... 4,526
119 Allegheny Power System Inc ............. 3,674
77 NYNEX Corp ............................. 3,658
98 Florida Progress Corp .................. 3,405
119 Potomac Electric Power Co .............. 3,154
108 Scana Corp ............................. 3,037
85 CMS Energy Corp ........................ 2,624
72 Century Telephone Enterprises
Inc ................................. 2,295
69 Alltel Corp ............................ 2,122
81 # CalEnergy Inc .......................... 2,066
41 SBC Communications Inc ................. 2,019
82 New York State Electric & Gas
Co .................................. 1,999
43 NIPSCO Industries Inc .................. 1,731
97 MidAmerican Energy Co .................. 1,673
33 Williams Cos Inc ....................... 1,633
37 American Electric Power Co ............. 1,577
64 MCN Corp Holding Co .................... 1,560
60 Puget Sound Power & Light Co ........... 1,455
103 Northeast Utilities .................... 1,378
42 Southwestern Public Service
Co .................................. 1,370
See notes to financial statements
Page 18
<PAGE>
TOMORROW FUNDS RETIREMENT TRUST
Schedules of Investments at June 30, 1996 - Unaudited
Number
of Shares Value
Tomorrow Medium-Term Retirement Fund
(continued)
44 Frontier Corp .......................... $1,348
37 National Fuel Gas Co ................... 1,332
58 Montana Power Co ....................... 1,290
40 Idaho Power Co ......................... 1,245
32 El Paso Natural Gas Corp ............... 1,232
30 Pennsylvania Enterprises Inc ........... 1,193
32 Hawaiian Electric Industries ........... 1,136
55 Public Service Co of
New Mexico .......................... 1,127
58 AGL Resources Inc ...................... 1,095
43 Washington Gas Light Co ................ 946
23 American Water Works Co ................ 906
31 Black Hills Corp ....................... 771
29 Oneok Inc. ............................. 725
41 Brown Group Inc ........................ 712
32 Nevada Power Co ........................ 704
14 Northern States Power Co ............... 691
42 Lincoln Telecommunications
Co .................................. 688
31 Ohio Edison Co ......................... 678
22 Atmos Energy Corp ...................... 674
15 Wicor Inc .............................. 566
20 North Carolina Natural Gas
Corp ................................ 550
14 Orange & Rockland Utilities Inc ........ 515
18 Bay State Gas Co ....................... 502
17 New Jersey Resources Corp .............. 489
24 Washington Energy Co ................... 474
15 WPS Resources Corp ..................... 474
19 Aquarion Co ............................ 470
17 Northwestern Public Service
Co .................................. 457
21 Colonial Gas Co ........................ 441
40 Noram Energy Corp. ..................... 435
55 Niagara Mohawk Power Corp .............. 426
19 Madison Gas & Electric Co .............. 408
14 Indiana Energy Inc ..................... 401
27 Central Maine Power Co. ................ 392
24 Western Gas Resources Inc .............. 390
110,818
Total Common Stock
(Cost $710,047)...................... 733,215
OPEN END INVESTMENT
COMPANY (4.9%)
(Cost $51,800)
5,096 # Banker's Trust EAFE Equity
Index Fund .......................... 53,865
Principal
Amount Value
Tomorrow Medium-Term Retirement Fund
(continued)
U.S. TREASURY OBLIGATIONS (30.5%)
U.S. Treasury Bond (4.3%)
$48,000 6.875% Due 8/15/25 ..................... $47,512
U.S. Treasury Notes (26.2%)
175,000 5.500% Due 11/15/98 .................... 172,239
115,000 6.500% Due 8/15/05 ..................... 113,346
285,585
U.S. Treasury Obligations
(Cost $336,769)...................... 333,097
Total Investments (102.6%)
(Cost $1,098,616 )................... 1,120,177
Liabilities in Excess of
Other Assets (-2.6%) ................. (28,454)
Total Net Assets (100.0%) .............. $1,091,723
# Non-income producing security.
See notes to financial statements
Page 19
<PAGE>
TOMORROW FUNDS RETIREMENT TRUST
Schedules of Investments at June 30, 1996 - Unaudited
Number
of Shares Value
Tomorrow Short-Term Retirement Fund
COMMON STOCKS (60.8%)
Basic Materials (1.8%)
122 Barrick Gold Corp ...................... $3,309
40 Consolidated Papers Inc ................ 2,080
36 Aluminum Company
of America.......................... 2,065
44 Bowater Inc ............................ 1,655
78 Allegheny Ludlum ....................... 1,472
30 Champion International Corp. ........... 1,252
22 Tambrands Inc. ......................... 899
28 Cyprus Amax Minerals Co. ............... 633
18 Bemis Inc .............................. 630
22 Chesapeake Corp ........................ 577
28 Wausau Paper Mills Co .................. 553
29 Glatefelter (PH) Co .................... 533
41 # Bethlehem Steel Corp. .................. 487
45 Echo Bay Mines Ltd ..................... 484
11 Precision Castparts Corp ............... 473
60 Battle Mountain Gold Co ................ 435
14 Sonoco Products Co ..................... 397
9 # MAXXAM Inc ............................. 353
23 Oregon Steel Mills ..................... 316
9 Carpenter Technology Corp .............. 288
7 Cleveland Cliffs ....................... 274
19,165
Consumer - Cyclical (7.4%)
153 Eastman Kodak Co ....................... 11,896
138 Disney (Walt) Co ....................... 8,677
155 General Motors Corp .................... 8,118
48 Burlington Northern Santa Fe ........... 3,882
87 May Department Stores Co ............... 3,806
88 Albertsons Inc ......................... 3,641
23 Dayton Hudson Corp ..................... 2,372
35 Dun & Bradstreet Corp .................. 2,187
6 Washington Post Co ..................... 1,944
29 Fluor Corp ............................. 1,896
26 Eaton Corp ............................. 1,524
29 McDonald's Corp. ....................... 1,356
32 American Stores Co ..................... 1,320
57 # Best Buy Company Inc ................... 1,304
35 Dillard Department Stores .............. 1,278
34 Circuit City Store Inc ................. 1,228
83 # Burlington Industries Inc .............. 1,172
19 Wallace Computer Services Inc. ......... 1,135
91 # Home Shopping Network Inc .............. 1,092
27 Black & Decker ......................... 1,043
17 Vulcan Materials Co .................... 1,009
33 Modine Manufacturing ................... 874
23 # Vons Cos Inc ........................... 860
17 # Jones Apparel Group .................... 835
Number
of Shares Value
Tomorrow Short-Term Retirement Fund
(continued)
20 Dow Jones & Co Inc ..................... $835
13 # Scholastic Corp ........................ 806
49 RPM Inc ................................ 766
20 Echlin Inc. ............................ 758
23 Hannaford Brothers Co .................. 750
12 Armstrong World Industries ............. 691
18 Belo (AH) Corp Ser A ................... 671
24 Lands End Inc .......................... 594
20 Meyer (Fred) Inc ....................... 587
26 Cooper Tire & Rubber Co. ............... 579
20 Ferro Corp ............................. 530
13 Cummins Engine Inc ..................... 525
17 TCA Cable TV Inc ....................... 514
18 # Jacobs Engineering Group Inc ........... 475
81 # Service Merchandise Inc ................ 456
10 Chris Craft Industries Inc ............. 440
100 CML Group Inc .......................... 425
27 Gencorp Inc ............................ 408
33 Ruddick Corp ........................... 404
17 South Down Inc ......................... 399
8 Houghton Mifflin Co .................... 399
13 Stanley Works .......................... 387
16 Lee Enterprises ........................ 378
30 # Buffets Inc ............................ 367
18 # AnnTaylor Stores Corp .................. 365
12 Dexter Corp ............................ 357
15 Albany International Corp Cl 'A'... .... 339
19 # MacFrugals Bargains Closeouts .......... 337
22 Duty Free International Inc ........... 335
15 Arvin Industries Inc ................... 334
6 Home Depot Inc ......................... 324
79,984
Consumer - Non Cyclical (15.0%)
157 Philip Morris Cos. Inc. ................ 16,328
206 American Home Products Corp. ........... 12,386
84 Unilever NV ADR ........................ 12,191
126 Bristol-Myers Squibb Co. ............... 11,340
177 Gillette Co. ........................... 11,040
200 Columbia Healthcare Corp ............... 10,675
229 Pharmacia & Upjohn Inc ................. 10,162
158 Schering-Plough Corp. .................. 9,914
150 Coca Cola Co ........................... 7,331
101 Pfizer Inc ............................. 7,209
178 PepsiCo Inc. ........................... 6,297
52 Anheuser-Busch Cos Inc. ................ 3,900
190 Archer Daniels Midland ................. 3,634
128 IBP Inc ................................ 3,536
45 Cardinal Health Inc .................... 3,246
64 Conagra Inc ............................ 2,904
60 # Boston Scientific Corp ................. 2,700
See notes to financial statements
Page 20
<PAGE>
TOMORROW FUNDS RETIREMENT TRUST
Schedules of Investments at June 30, 1996 - Unaudited
Number
of Shares Value
Tomorrow Short-Term Retirement Fund
(continued)
31 Colgate-Palmolive Co ................... $2,627
131 Mylan Laboratories Inc ................. 2,260
29 CPC International Inc. ................. 2,088
74 # Revco D.S. Inc ......................... 1,767
65 # Value Health Inc. ...................... 1,536
25 # Biogen Inc. ............................ 1,372
48 Tyson Foods Inc Cl A ................... 1,314
31 Forest Laboratories Inc ................ 1,197
28 # Foundation Health Corp ................. 1,005
21 Bausch & Lomb Inc ...................... 892
10 Clorox Co. ............................. 886
22 Allergan Inc. .......................... 864
31 # ALZA Corp .............................. 849
22 Lancaster Colony Corp .................. 822
26 Bergen Brunswig Corp ................... 721
62 # Perrigo Co ............................. 698
20 Bard (CR) Inc .......................... 680
19 # Centocor Inc ........................... 568
31 Coors (Adolph) Cl B .................... 554
21 Dean Foods ............................. 520
35 Savannah Foods & Industries ............ 451
11 Diagnostic Products .................... 423
25 Lance Inc .............................. 413
11 Universal Foods Corp ................... 406
24 # Acuson ................................. 384
23 Flowers Industries Inc ................. 371
18 Brush Wellman Inc. ..................... 342
44 # Novacare Inc ........................... 335
22 Carter Wallace Inc ..................... 322
10 Dreyers Grand Ice Cream Inc ............ 315
14 Church & Dwight Co Inc ................. 292
14 # Datascope Corp ......................... 249
162,316
Energy (9.9%)
231 Exxon Corp ............................. 20,068
116 Royal Dutch Petroleum Co ADR ........... 17,835
205 Chevron Corp ........................... 12,095
159 Amoco Corp ............................. 11,508
100 Mobil Corp. ............................ 11,212
55 Schlumberger Ltd ....................... 4,634
49 Texaco Inc ............................. 4,110
64 Anadarko Petroleum Co .................. 3,712
29 Atlantic Richfield Co. ................. 3,437
166 # Global Marine Inc ...................... 2,303
44 Burlington Resources Inc ............... 1,892
59 Dresser Industries Inc ................. 1,740
45 Baker Hughes Inc ....................... 1,479
73 # Nabors Industries Inc .................. 1,186
22 Amerada Hess Corp. ..................... 1,180
36 # Ensco International Inc ................ 1,170
Number
of Shares Value
Tomorrow Short-Term Retirement Fund
(continued)
18 Tosco Corp ............................. $905
14 MAPCO Inc .............................. 789
28 Parker & Parsley Petroleum Co .......... 777
21 # BJ Services ............................ 738
28 Valero Energy Corp ..................... 700
19 Apache Corp ............................ 625
13 Murphy Oil Corp ........................ 590
20 Diamond Shamrock Inc ................... 577
31 # Varco International Inc ................ 562
75 Ranger Oil ............................. 553
24 Quaker State Corp ...................... 360
58 # Parker Drilling Co ..................... 334
107,071
Financial Services (2.6%)
246 American Express Co. ................... 10,978
93 BankAmerica Corp ....................... 7,045
36 Chubb Corp ............................. 1,795
15 Marsh & McLennan Cos ................... 1,448
23 # Healthcare Compare Corp ................ 1,121
29 Bancorp Hawaii Inc. .................... 1,044
20 # Policy Management
Systems Corp........................ 1,000
16 Northern Trust Corp Inc. ............... 924
11 Transatlantic Holdings Inc ............. 771
21 Wilmington Trust Co ................... 681
22 Dauphin Deposit Corp ................... 627
38 USF&G Corp ............................. 622
38 City National Corp ..................... 598
28,654
Industrial (6.3%)
144 Du Pont E I De Nemours & Co ............ 11,394
268 Deere & Co ............................. 10,720
97 General Electric Co .................... 8,391
44 Emerson Electric Co. ................... 3,976
48 Dow Chemical Co ........................ 3,648
67 IMC Global Inc ......................... 2,521
43 Crown Cork & Seal Inc .................. 1,935
36 Tidewater Inc .......................... 1,580
160 Ethyl Corp ............................. 1,540
17 # Federal Express Corp. .................. 1,394
25 # Litton Industries Inc .................. 1,087
23 Dover Corp ............................. 1,061
35 Georgia Gulf Corp ...................... 1,024
44 Engelhard Corp ......................... 1,012
19 York International Corp ................ 983
37 Alexander & Baldwin .................... 893
10 Olin Corp .............................. 893
24 Sundstrand Corp ........................ 879
12 Hubbell Inc Cl B ....................... 795
See notes to financial statements
Page 21
<PAGE>
TOMORROW FUNDS RETIREMENT TRUST
Schedules of Investments at June 30, 1996 - Unaudited
Number
of Shares Value
Tomorrow Short-Term Retirement Fund
(continued)
26 # Smith International Inc ................ $783
23 Trinity Industries Inc ................. 782
30 Schulman Inc ........................... 735
24 Brooklyn Union Gas ..................... 654
11 Nordson Corp ........................... 621
28 Ametek Inc ............................. 609
36 Crompton & Knowles Corp ................ 603
10 Avery Dennison Corp .................... 549
26 Hunt (J B) Transportation
Services Inc........................ 543
12 Betz Laboratories Inc .................. 527
12 Kaydon Corp ............................ 516
20 Duriron Co Inc ......................... 480
35 Calgon Carbon Corp ..................... 472
37 Lawter International Inc ............... 463
7 # FMC Corp ............................... 457
13 Caliber Systems Inc .................... 442
21 Keystone International Inc ............. 436
16 First Brands Co ........................ 432
11 Fuller (H B) Co ........................ 399
33 Sterling Chemicals Inc ................. 384
7 Carlisle Cos Inc ....................... 372
19 Overseas Shipholding Group ............. 344
24 Arnold Industries Inc .................. 342
17 Watts Industries Inc Cl A .............. 317
11 Donaldson Co Inc ....................... 283
68,271
Other Services (1.8%)
175 Minnesota Mining &
Manufacturing Co.................... 12,075
49 Weatherford Enterra Inc ................ 1,470
28 Omnicom Group Inc ...................... 1,302
35 Dial Corp .............................. 1,002
26 Kelly Services Inc. .................... 761
14 Flightsafety International ............ 760
21 Deluxe Corp ............................ 745
20 Banta Corp. ............................ 505
30 Sotheby's Holdings ..................... 435
7 PHH Corp ............................... 399
22 CPI Corp ............................... 363
19,817
Technology (6.2%)
140 Boeing Co .............................. 12,197
114 International Business
Machines Corp....................... 11,286
350 Wal-Mart Stores Inc .................... 8,881
134 Cisco Systems Inc. ..................... 7,588
96 Dell Computer Corp ..................... 4,884
64 Intel Corp ............................. 4,700
Number
of Shares Value
Tomorrow Short-Term Retirement Fund
(continued)
53 First Data Corp ........................ $4,220
28 Alco Standard Corp ..................... 1,267
76 Sensormatic Electronics Corp ........... 1,244
31 # Compuware Corp ......................... 1,225
23 # Ceridian Corp .......................... 1,161
33 # Fiserv Inc ............................. 990
47 Apple Computer Inc ..................... 987
31 HON Industries ......................... 883
50 # Advanced Micro Devices Inc ............. 681
22 Miller (Herman) Inc .................... 674
23 # Stratus Computer Inc. .................. 667
21 Standard Register Co ................... 517
12 # Storage Technology Corp ................ 459
60 # AST Research Inc ....................... 405
8 Teleflex Inc ........................... 382
9 Thiokol Corp ........................... 357
17 # Rohr Inc ............................... 355
16 # Structural Dynamics Research ........... 352
24 # Borland International .................. 219
66,581
Utilities (9.8%)
198 AT&T Corp .............................. 12,276
263 GTE Corp ............................... 11,769
173 Ameritech Corp ......................... 10,272
169 BellSouth Corp. ........................ 7,161
91 Bell Atlantic Corp ..................... 5,801
135 Sprint Corp ............................ 5,670
99 NYNEX Corp ............................. 4,702
88 Enron Corp ............................. 3,597
52 SBC Communications ..................... 2,561
76 Allegheny Power System Inc ............. 2,347
63 Florida Progress Corp .................. 2,189
70 Alltel Corp ............................ 2,152
40 Duke Power Co .......................... 2,050
76 Potomac Electric Power ................. 2,014
69 Scana Corp ............................. 1,941
54 CMS Energy Corp ........................ 1,667
36 FPL Group Inc. ......................... 1,656
38 American Electric Power Co ............. 1,620
90 Edison International ................... 1,586
46 Century Telephone Enterprises .......... 1,466
34 Coastal Corp ........................... 1,420
35 Dominion Resources Inc ................. 1,400
52 # CalEnergy Inc .......................... 1,326
45 Entergy Corp ........................... 1,277
52 New York State Electric & Gas .......... 1,267
38 Central & South West Corp .............. 1,102
62 MidAmerican Energy Co .................. 1,070
32 Cinergy Corp. .......................... 1,024
19 Consolidated National Gas Co ........... 993
See notes to financial statements
Page 22
<PAGE>
TOMORROW FUNDS RETIREMENT TRUST
Schedules of Investments at June 30, 1996 - Unaudited
Number
of Shares Value
Tomorrow Short-Term Retirement Fund
(continued)
16 Columbia Gas System Inc ................ $834
29 MCN Corp Holding Co .................... 707
27 Puget Sound Power & Light .............. 655
20 Southwestern Public Service ............ 652
18 National Fuel Gas Co ................... 648
27 Montana Power Co ....................... 601
19 Frontier Corp .......................... 582
15 El Paso Natural Gas .................... 578
18 Idaho Power Co ......................... 560
14 Pennsylvania Enterprises Inc ........... 556
15 Hawaiian Electric Industries ........... 532
13 Brown-Forman Corp ...................... 520
25 Public Service Co of
New Mexico.......................... 513
27 AGL Resources Inc ...................... 510
30 Lincoln Telecommunications ............. 491
20 Washington Gas Light Co ................ 440
27 Central Maine Power Co. ................ 392
13 Indiana Energy Inc ..................... 372
105,519
Total Common Stock
(Cost $633,709).................... 657,378
CLOSED END INVESTMENT
COMPANY (1.2%)
(Cost $12,638)
200 Standard & Poor's Depository
Receipts............................ 13,422
Principal
Amount Value
Tomorrow Short-Term Retirement Fund
(continued)
U.S. GOVERNMENT
OBLIGATIONS (39.9%)
U.S. Treasury Bond (5.8%)
$63,000 6.875% Due 8/15/25...................... $62,360
U.S Treasury Notes (34.1%)
226,000 5.500% Due 11/15/98..................... 222,434
149,000 6.500% Due 8/15/05...................... 146,857
369,291
Total U.S. Government
Obligations (Cost $438,000)........ 431,651
Total Investments (101.9%)
(Cost $1,084,347)................... 1,102,451
Liabilities in Excess of
Other Assets (-1.9%)................ (20,947)
Total Net Assets (100.0%)............... $1,081,504
<FN>
# Non-income producing security.
</FN>
</TABLE>
See notes to financial statements
Page 23
<PAGE>
<TABLE>
<CAPTION>
TOMORROW FUNDS RETIREMENT TRUST
Statements of Assets and Liabilities at June 30, 1996 (Unaudited)
<S> <C> <C> <C> <C> <C>
Core Core Long- Medium- Short-
Large Small Term Term Term
Cap Cap Retirement Retirement Retirement
Assets
Investments at value(#) .............................. $711,858 $1,226,351 $384,298 $1,120,177 $1,102,451
Cash and cash equivalents.............................. 15,025 8,353 2,311 10,914 24,991
Receivable for Fund shares sold........................ 0 0 3,815 4,928 6,646
Receivable from Adviser................................ 11,492 12,634 18,193 18,317 17,901
Dividends and interest receivable...................... 826 2,503 1,594 6,172 7,787
Deferred organizational expense and
prepaid expenses................................... 46,936 46,949 43,380 43,313 43,314
786,137 1,296,790 453,591 1,203,821 1,203,090
Liabilities
Payable for investment securities purchased............ 8,637 0 0 0 10,123
Accrued distribution fee payable
(Adviser Shares)................................... 0 0 112 346 409
Accrued service fee payable
(Institutional Shares)............................. 0 0 27 93 6
Deferred organization costs payable.................... 51,083 51,083 47,200 47,110 47,110
Other accrued expenses................................. 50,084 52,901 66,654 64,549 63,938
109,804 103,984 113,993 112,098 121,586
Net Assets.................................... $676,333 $1,192,806 $339,598 $1,091,723 $1,081,504
Net Assets Represented by:
Shares of beneficial interest (par $0.001)............. $64 $174 $51 $143 $125
Paid-in surplus........................................ 644,456 1,134,838 328,510 1,065,840 1,060,334
Accumulated undistributed net investment
income............................................. 5,876 10,726 1,314 4,684 6,188
Undistributed realized gains on investments............ 778 7,181 640 (505) (3,247)
Net unrealized appreciation on investments............. 25,159 39,887 9,083 21,561 18,104
Net Assets ............................................ $676,333 $1,192,806 $339,598 $1,091,723 $1,081,504
Net Asset Value and Redemption Price
per Share:
Adviser Shares:
Net Assets............................................. - - $292,257 $906,022 $1,056,465
Shares of beneficial interest issued and
outstanding......................................... - - 43,889 118,456 122,450
Net assets value....................................... - - $6.66 $7.65 $8.63
Institutional Shares:
Net Assets............................................. $676,333 $1,192,806 $47,341 $185,701 $25,039
Shares of beneficial interest issued and
outstanding........................................ 63,869 174,065 7,106 24,278 2,901
Net assets value....................................... $10.59 $6.85 $6.66 $7.65 $8.63
(#) Investments at cost................................ 686,699 1,186,464 375,215 1,098,616 1,084,347
Unrealized Appreciation/(Depreciation): *
Gross appreciation................................. 40,482 89,195 16,398 45,451 31,942
Gross depreciation................................. (15,323) (49,308) (7,315) (23,890) (13,838)
Net unrealized appreciation............................ 25,159 39,887 9,083 21,561 18,104
<FN>
* Based on cost of securities for Federal Income tax purposes.
</FN>
</TABLE>
See notes to financial statements
Page 24
<PAGE>
<TABLE>
<CAPTION>
TOMORROW FUNDS RETIREMENT TRUST
Statement of Operations for the Period Ended June 30, 1996 (Unaudited)
<S> <C> <C> <C> <C> <C>
Core Core Long- Medium- Short-
Large Small Term Term Term
Cap* Cap* Retirement** Retirement** Retirement**
Investment Income:
Dividends............................................ $ 5,963 $ 14,630 $ 1,821 $ 4,579 $ 4,423
Interest............................................. 0 0 1,103 5,309 7,019
Other................................................ 2,725 1,621 0 0 0
8,688 16,251 2,924 9,888 11,442
Expenses:
Investment advisory fee - Note 5..................... 1,687 3,315 702 2,271 2,254
Transfer agent fees and expenses
(Advisor Shares)................................. 0 0 3,970 3,970 3,970
Transfer agent fees and expenses
(Institutional Shares)........................... 5,000 5,000 2,970 2,970 2,970
Custodian fees and expenses.......................... 3,538 5,102 3,193 5,422 3,496
Professional fees.................................... 18,000 21,000 18,000 24,000 24,000
Administration fees - Note 5......................... 203 398 84 272 270
Shareholders' reports................................ 7,000 7,000 9,000 9,000 9,000
Fund accounting fees................................. 12,000 12,000 10,000 10,000 10,000
Registration fees.................................... 11,000 13,466 24,772 17,630 19,216
Trustees' fees and expenses.......................... 3,000 3,000 2,000 2,000 2,000
Amortization of organization costs................... 4,161 4,161 3,826 3,818 3,818
Distribution fees (Adviser Shares) - Note 5.......... 0 0 414 1,327 1,491
Service fees (Institutional Shares) - Note 5......... 0 0 27 93 6
Total Expenses....................................... 65,589 74,442 78,958 82,773 82,491
Less fees waived by adviser and
administrator.................................... (1,890) (3,713) (786) (2,543) (2,524)
Less expenses reimbursed by adviser.................. (59,436) (65,102) (76,369) (74,604) (74,217)
Less expenses paid indirectly - Note 7............... (1,451) (102) (193) (422) (496)
Net Expenses......................................... 2,812 5,525 1,610 5,204 5,254
Net Investment Income................................ 5,876 10,726 1,314 4,684 6,188
Realized and Unrealized Gain/(Loss) on
Investments
Net realized gain\(loss) on investments.......... 778 7,181 640 (505) (3,247)
Change in unrealized appreciation on
Investments.................................. 25,159 39,887 9,083 21,561 18,104
Net Gain on Investments.............................. 25,937 47,068 9,723 21,056 14,857
Net Increase in Net Assets Resulting
from Operations.................................. $ 31,813 $ 57,794 $ 11,037 $ 25,740 $ 21,045
<FN>
* Commencement of operations February 6, 1996.
** Commencement of operations March 7, 1996.
</FN>
</TABLE>
See Notes to Financial Statements
Page 25
<PAGE>
<TABLE>
<CAPTION>
TOMORROW FUNDS RETIREMENT TRUST
Statement of Changes in Net Assets for the Periods* Ended June 30, 1996 - Unaudited
<S> <C> <C> <C> <C> <C>
Core Core Long- Medium- Short-
Large Small Term Term Term
Cap Cap Retirement Retirement Retirement
Operations:
Net investment income.................... $5,876 $10,726 $1,314 $4,684 $6,188
Net realized gain/(loss)
on investments......................... 778 7,181 640 (505) (3,247)
Change in unrealized
appreciation on investments............ 25,159 39,887 9,083 21,561 18,104
Net Increase in Net Assets
Resulting from Operations.............. 31,813 57,794 11,037 25,740 21,045
Transactions in Shares of
Beneficial Interest:
Received on issuance:
Shares sold............................ 549,615 1,138,842 333,369 1,083,270 1,066,061
Shares redeemed........................ (5,095) (3,830) (4,808) (17,287) (5,602)
Net Increase from
Capital Share Transactions........... 544,520 1,135,012 328,561 1,065,983 1,060,459
Total Increase
in Net Assets.......................... 576,333 1,192,806 339,598 1,091,723 1,081,504
Net Assets:
Beginning of period...................... 100,000 0 0 0 0
End of period ........................... $676,333 $1,192,806 $339,598 $1,091,723 $1,081,504
Includes undistributed net
investment income.................... $5,876 $10,726 $1,314 $4,684 $6,188
<FN>
* Core Large Cap and Core Small Cap commencement of operations February 6, 1996.
* Long-Term Retirement, Medium-Term Retirement and Short-Term Retirement
commencement of operations March 7, 1996.
</FN>
</TABLE>
See Notes to Financial Statements
Page 26
<PAGE>
TOMORROW FUNDS RETIREMENT TRUST
Notes to Financial Statements - Unaudited
1. General
The Tomorrow Long-Term Retirement Fund ("Long-Term Fund"), Tomorrow
Medium-Term Retirement Fund ("Medium-Term Fund"), Tomorrow Short-Term Retirement
Fund ("Short-Term Fund"), Core Large-Cap Fund (Large-Cap Fund") and Core
Small-Cap Fund ("Small -Cap Fund") are separate funds (collectively the "Funds")
of the Tomorrow Funds Retirement Trust (the "Trust"). The Trust is a Delaware
business trust registered under the Investment Company Act of 1940, as amended
(the "Act"), as an open-end investment company. All of the funds are
diversified.
The Trust offers two classes of shares: Adviser Class Shares and
Institutional Class Shares. Adviser Shares and Institutional Shares are
substantially the same except that Adviser Shares bear the fees payable under a
plan adopted by the Trust's Board of Trustees pursuant to Rule 12b-1 under the
Act (the "Distribution Plan") at an annual rate of up to 0.50% of the average
daily net assets attributable to the Adviser Shares; Institutional Shares bear
the fees that are payable under a Service Plan (the "Service Plan") at an annual
rate of up to 0.25% of the average daily net assets attributable to the
Institutional Shares. In addition to fees paid pursuant to the Distribution Plan
and Service Plan, each class also bears the expense associated with transfer
agent fees.
The Adviser Class of the Long-Term Fund, Medium-Term Fund and Short-Term Fund
first commenced offering Adviser Shares on March 7, 1996 and Institutional
Shares on April 2, 1996. The Large Cap Fund and Small Cap Fund first commenced
offering Institutional shares on February 6, 1996. There are currently no shares
outstanding for the Adviser Class of the Large Cap Fund and Small Cap Fund.
2. Significant Accounting Policies
Portfolio Valuation
Common Stock - Securities listed or admitted to trading on a national
securities exchange, including options, are valued at the last sale price on
such exchange as of the close of regular trading on the New York Stock Exchange
("NYSE") on each day that the Funds calculate their net asset values. Unlisted
securities and listed securities for which there are no sales reported on the
valuation date are valued at the mean between the most recent bid and ask
prices.
Bonds - Bonds and other fixed income securities (other than short-term
obligations but including listed issues) in the Funds' portfolios are valued by
a pricing service which utilizes both dealer-supplied valuations and electronic
data processing techniques which take into account appropriate factors such as
institutional-size trading of similar groups of securities, yield, quality,
coupon rate, maturity, type of issue, trading characteristics and other market
data, without exclusive reliance upon quoted prices, exchange or
over-the-counter prices, when such valuations are believed to reflect the market
value of such securities.
Money Market Securities - Investments in money market and other short-term
(60 days or less) securities are valued at amortized cost, which has been
determined by the Trust's Board of Trustees to represent the fair market value
of such securities.
<PAGE>
TOMORROW FUNDS RETIREMENT TRUST
Notes to Financial Statements - Unaudited - (continued)
Foreign Securities - Securities listed or admitted to trading on an
international securities exchange, including options, are valued at the last
sale price, at the close of the primary international exchange on the day that
the Fund's calculate their net asset values. Unlisted foreign securities and
listed foreign securities for which there are no sales reported on the valuation
date are valued at the mean between the most recent bid and asked prices.
Certain risks result from investing in foreign securities in addition to the
usual risk inherent in domestic investments. Such risks include future
political, economical and currency exchange developments including restrictions
and changes in foreign law
Other Securities - Other securities and assets for which market quotations
are not readily available are valued at their fair market values as determined,
in good faith, by the Funds' Valuation Committee as authorized by the Funds'
Board of Trustees.
Security Transactions and Investment Income
Security transactions are recorded on a trade date basis. Realized gains and
losses from security transactions are recorded on the identified cost basis.
Interest income is recognized on a daily accrual basis and dividend income is
recognized on ex-dividend date. Discounts on fixed income securities are
accreted to interest income over the life of the security or until an applicable
call date if sooner, with a corresponding increase in cost basis.
Federal Income Taxes
Each Fund's policy is to comply with the requirements of the Internal Revenue
Code that are applicable to regulated investment companies and to distribute all
of its taxable income to its shareholders. Accordingly, no federal tax or excise
tax provisions are required.
Distributions to Shareholders
Dividends from Net investment Income - Dividends from net investment income
are declared and paid annually when available for each Fund and are recorded on
ex-dividend date.
Distributions from Capital Gains - Distributions from capital gains are
declared by December 31 of the year in which they are earned and are paid by
January 31 of the following year. However, to the extent that the net realized
gains of a Fund can be offset by capital loss carryovers of that Fund, such
gains will not be distributed. The amounts of dividends from net investment
income and of distributions from net realized gains are determined in accordance
with federal income tax regulations which may differ from generally accepted
accounting principles. These "book/tax" differences are either considered
temporary or permanent in nature. To the extent these differences are permanent
in nature, such amounts are reclassified within the composition of net assets
based on their federal tax-basis treatment; temporary differences do not require
reclassification. Dividends and distributions to shareholders which exceed net
investment income and net realized capital gains for financial reporting
purposes but not for tax purposes are reported as dividends in excess of net
investment income or net distributions in excess of net realized gains. To the
extent they exceed net investment income and net realized gains for tax
purposes, they are reported as distributions of capital.
Use of Estimates
Estimates and assumptions are required to be made regarding assets,
liabilities and changes in net
<PAGE>
TOMORROW FUNDS RETIREMENT TRUST
Notes to Financial Statements - Unaudited - (continued)
assets resulting from operations when financial statements are prepared. Changes
in the economic environment, financial markets and any other parameters used in
determining these estimates could cause actual results to differ from these
amounts.
During the period from inception through June 30, 1996, none of the Funds in the
Trust entered into the following transactions: futures, options, foreign
securities, forward currency contracts or foreign currency transactions.
3. Organizational Expenses
Weiss, Peck & Greer. L.L.C. ("WPG"), the Funds' investment Adviser, paid the
organizational expenses of the Funds in the amount of approximately $243,000
($51,000 each for the Large Cap and Small Cap Funds and $47,000 each for the
Long-Term, Medium-Term and Short-Term Funds). The Funds will reimburse WPG for
these costs which have been deferred and are being amortized by the Funds on a
straight line method over a period not to exceed five years from the
commencement of operations.
4. Expenses
The Trust accounts separately for the assets, liabilities and operations of
each Fund. Direct expenses of a Fund are charged to that Fund while general
Trust expenses are allocated among the Trust's respective Funds.
The investment income, expenses (other than expenses incurred under the
Distribution Plan, the Institutional Service Plan and transfer agent fees and
expenses), and realized and unrealized gains and losses on investments of a Fund
are allocated to the separate classes of shares based upon their relative net
asset value on the date income is earned or expenses and realized and unrealized
gains and losses are incurred.
5. Investment Advisory Fee and Other Transactions with Affiliates
The Trust, with respect to each Fund, has entered into an Investment
Advisory Agreement with WPG. For its services, WPG is entitled to receive a
fee, which is accrued daily and paid monthly, at an annual rate of 0.75% of
each Fund's average daily net assets. For the period February 6, 1996
through June 30, 1996 WPG voluntarily agreed not to impose its advisory
fee applicable to the Large Cap Fund and Small Cap Fund. For the period
March 7, 1996 through June 30, 1996 WPG voluntarily agreed not to impose
its advisory fee applicable to the Long-Term Fund, Medium Term Fund and
Short-Term Fund.
WPG has agreed to limit each Fund's total operating expenses, excluding
taxes, brokerage commissions, interest, dividends paid on securities sold short
and extraordinary legal fees and expenses to the limits set forth by state
administrators in those states in which the Fund's shares are sold. Currently,
the most restrictive limit is 2.50% of the first $30 million of average net
assets, 2.00% of the next $70 million and 1.50% of average net assets over $100
million. WPG will reduce its advisory fee (but not below $0) when the total
operating expenses exceed these limits.
<PAGE>
TOMORROW FUNDS RETIREMENT TRUST
Notes to Financial Statements - Unaudited - (continued)
The Trust has entered into an Administration Agreement with WPG. For its
administrative services, WPG is entitled to receive a fee, which is accrued
daily and paid monthly, at an annual rate of 0.09% of each Fund's average daily
net assets. For the period February 6, 1996 through June 30, 1996 WPG
voluntarily agreed not to impose its advisory fee applicable to the Large Cap
Fund and Small Cap Fund. For the period March 7, 1996 through June 30, 1996 WPG
voluntarily agreed not to impose its advisory fee applicable to the Long-Term
Fund, Medium-Term Fund and Short-Term Fund.
The Trust with respect to the Adviser Class of each Fund has adopted
a Distribution Plan (the "Distribution Plan") pursuant to Rule 12b-1 under
the Act. Under the Distribution Plan, each Fund pays distribution and service
fees at an aggregate annual rate of up to 0.50% of the daily average net
assets attributable to the Adviser Class Shares. Up to 0.25% of this fee is for
service fees and is intended to be compensation for personnel services
and/or account maintenance services. The remaining amount is for
distribution fees and is intended to compensate WPG for its services and
expenses associated with serving as principal underwriter of the Adviser Class.
These payments are borne solely by the Adviser Class Shares. For the
period April 2, 1996 through June 30, 1996 payments pursuant to the Distribution
Plan from the Long-Term Fund, Medium-Term Fund and Short-Term Fund amounted to
$414, $1,327 and $1,491, respectively.
The Trust with respect to the Institutional Class of each Fund has also
adopted a Service Plan (the "Institutional Service Plan") pursuant to which each
Fund has agreed to pay fiduciaries of retirement plans investing in the Funds a
fee for various services and/or account maintenance services relating to the
Institutional Class Shares. The Institutional Service Plan fee is accrued daily
and paid quarterly at an annual rate of up to 0.25% of the average daily net
asset value attributable to the Institutional Class Shares of each Fund, and is
borne solely by the Institutional Class Shares.
6. Securities Transactions
Sale proceeds, cost of securities purchased, (other than short term
investments and options written), total commissions and commissions received by
WPG on such transactions were as follows:
<TABLE>
<S> <C> <C> <C> <C>
Proceeds Cost of Commissions
of Securities Securities Total Received
Sold Purchased Commissions by WPG
Large Cap* $8,435 $694,356 $499 $493
Small Cap* 34,898 1,211,431 1,486 1,486
Long-Term** 23,198 397,772 270 270
Medium-Term** 87,319 1,186,440 632 632
Short-Term** 113,356 1,200,950 485 485
<FN>
* For the period February 6, 1996 (commencement of operations) through June 30,
1996.
** For the period March 7, 1996 (commencement of operations) through June 30,
1996.
</FN>
</TABLE>
<PAGE>
TOMORROW FUNDS RETIREMENT TRUST
Notes to Financial Statements - Unaudited - (continued)
7. Custodian Fees
Each Fund has entered into an expense offset arrangement with its custodian
wherein it receives credit toward the reduction of custodian fees whenever there
are uninvested cash balances. The Funds' custodian fee and related offset were
as follows:
<TABLE>
<S> <C> <C>
Custody Fee Offset Credit
Large Cap* $2,589 $1,408
Small Cap* 4,638 80
Long-Term** 2,411 168
Medium-Term** 4,475 366
Short-Term** 3,069 439
<FN>
* For the period February 6, 1996 (commencement of operations) through
June 30, 1996.
** For the period March 7, 1996 (commencement of operations) through June
30, 1996.
</FN>
</TABLE>
8. Capital Share Transactions
Transaction in shares of the Funds are summarized below:
<TABLE>
<CAPTION>
Core Large Cap
<S> <C> <C>
Shares Amount
Institutional Class Shares*
Sold 64,349 $549,615
Redeemed (480) (5,095)
Net increase 63,869 $544,520
<FN>
* For the period February 6, 1996 (initial offering date) through
June 30, 1996.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Core Small Cap
<S> <C> <C>
Shares Amount
Institutional Class Shares*
Sold 174,645 $1,138,842
Redeemed (580) (3,830)
Net increase 174,065 $1,135,012
<FN>
* For the period February 6, 1996 (initial offering date) through
June 30, 1996.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Long-Term
<S> <C> <C>
Shares Amount
Adviser Class Shares*
Sold 44,157 $ 284,256
Redeemed (268) (1,761)
Net increase - Adviser Class 43,889 $ 282,495
</TABLE>
<PAGE>
TOMORROW FUNDS RETIREMENT TRUST
Notes to Financial Statements - Unaudited - (continued)
<TABLE>
<CAPTION>
Institutional Class Shares**
<S> <C> <C>
Shares Amount
Sold 7,567 $49,113
Redeemed (461) (3,047)
Net increase - Institutional Class 7,106 $46,066
Net increase in Fund 50,995 $328,561
<FN>
* For the period March 7, 1996 (initial offering date) through June 30,
1996.
** For the period April 2, 1996 (initial offering date) through
June 30, 1996.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Medium-Term
<S> <C> <C>
Shares Amount
Adviser Class Shares*
Sold 120,754 $900,157
Redeemed (2,298) (17,286)
Net increase - Adviser Class 118,456 $882,871
Institutional Class Shares**
Sold 24,278 $183,112
Redeemed 0 0
Net increase - Institutional Class 24,278 $183,112
Net increase in Fund 142,734 $1,065,983
<FN>
* For the period March 7, 1996 (initial offering date) through June 30,
1996.
** For the period April 2, 1996 (initial offering date) through
June 30, 1996.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Short-Term
<S> <C> <C>
Shares Amount
Adviser Class Shares*
Sold 123,482 $1,041,349
Redeemed (1,032) (5,598)
Net increase - Adviser Class 122,450 $1,035,751
Institutional Class Shares**
Sold 2,901 $24,708
Redeemed 0 0
Net increase - Institutional Class 2,901 $24,708
Net increase in Fund 125,351 $1,060,459
<FN>
* For the period March 7, 1996 (initial offering date) through June 30,
1996.
** For the period April 2, 1996 (initial offering date) through
June 30, 1996.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TOMORROW FUNDS RETIREMENT TRUST WEISS, PECK & GREER MUTUAL FUNDS
Financial Highlights (Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C>
$ per share
Net
Net Realized Total Net
Asset and Income Asset
Value at Net Unrealized From Value at Net
Beginning Investment Gains Investment End of Total Assets
of Period Income Securities Operations Period Return# (000's)
Large Cap - Institutional Shares
For the period February 6, 1996*
through June 30, 1996 $10.00 0.09 0.50 0.59 $10.59 5.90% $676
Small Cap - Institutional Shares
For the period February 6, 1996*
through June 30, 1996 6.50 0.06 0.29 0.35 6.85 5.38% 1,193
Long-Term Retirement
Adviser Shares
For the period March 7, 1996*
through June 30, 1996 6.50 0.03 0.13 0.16 6.66 2.47% 292
Institutional Shares
For the period April 2, 1996*
through June 30, 1996 6.51 0.03 0.12 0.15 6.66 2.30% 47
Medium-Term Retirement
Adviser Shares
For the period March 7, 1996*
through June 30, 1996 7.50 0.03 0.12 0.15 7.65 2.00% 906
Institutional Shares
For the period April 2, 1996*
through June 30, 1996 7.53 0.03 0.09 0.12 7.65 1.59% 186
Short-Term Retirement
Adviser Shares
For the period March 7, 1996*
through June 30, 1996 8.50 0.05 0.08 0.13 8.63 1.53% 1,056
Institutional Shares
For the period March 7, 1996*
through June 30, 1996 8.51 0.02 0.10 0.12 8.63 1.41% 25
</TABLE>
<TABLE>
<CAPTION>
TOMORROW FUNDS RETIREMENT TRUST WEISS, PECK & GREER MUTUAL FUNDS
Financial Highlights (Unaudited)
<S> <C> <C> <C> <C> <C> <C>
ratios
Ratio information
Ratio of assuming no fee waivers
Ratio of Net or reimbursements.
Expenses Income to Ratio of Ratio of
To Average Average Portfolio Average Expenses Net Income
Net Net Turnover Commissions To Average To Average
Assets+ Assets+ Rate# Per Share Net Assets+ Net Assets+
Large Cap - Institutional Shares
For the period February 6, 1996*
through June 30, 1996 1.25% 2.61% 1.79% $0.035 28.51% -24.7%
Small Cap - Institutional Shares
For the period February 6, 1996*
through June 30, 1996 1.25% 2.43% 3.07% 0.035 16.82% -13.1%
Long-Term Retirement
Adviser Shares
For the period March 7, 1996*
through June 30, 1996 1.75% 1.35% 7.13% 0.035 81.82% -78.7%
Institutional Shares
For the period April 2, 1996*
through June 30, 1996 1.50% 1.76% 7.13% 0.035 99.52% -96.3%
Medium-Term Retirement
Adviser Shares
For the period March 7, 1996*
through June 30, 1996 1.75% 1.49% 8.81% 0.035 26.47% -23.2%
Institutional Shares
For the period April 2, 1996*
through June 30, 1996 1.50% 1.88% 8.81% 0.035 31.35% -28.0%
Short-Term Retirement
Adviser Shares
For the period March 7, 1996*
through June 30, 1996 1.75% 2.04% 11.61% 0.035 26.17% -22.4%
Institutional Shares
For the period March 7, 1996*
through June 30, 1996 1.50% 2.47% 11.61% 0.035 149.97% -146.0%
<FN>
+ Annualized.
# Not annualized.
* Commencement of operations.
</FN>
</TABLE>
Page 33
<PAGE>
Tomorrow Funds
RETIREMENT TRUST
A Lifecycle Retirement Program
ONE NEW YORK PLAZA, NEW YORK, NY 10004
(800) 223-3332
INDEPENDENT TRUSTEES AND MEMBERS
OF AUDIT COMMITTEE
Raymond R. Herrmann, Jr.
Lawrence J. Israel
Harvey E. Sampson
OFFICERS
Roger J. Weiss
Chairman of the Board, President and Trustee
Jay C. Nadel
Executive Vice President and Secretary
Francis H. Powers
Executive Vice President and Treasurer
Stephen Gresham
Vice President
Arlen S. Oransky
Vice President
Joseph J. Reardon
Vice President
Daniel S. Vandivort
Vice President
Joseph Parascondola
Assistant Vice President
INVESTMENT ADVISER
Weiss, Peck & Greer, L.L.C.
One New York Plaza
New York, NY 10004
CUSTODIAN
Boston Safe Deposit and Trust Company
One Exchange Place
Boston, MA 02109
DIVIDEND DISBURSING AND
TRANSFER AGENT
First Data Investor Services Group, Inc.
P.O. Box 9037
Boston, MA 02205
LEGAL COUNSEL
Hale and Dorr
60 State Street
Boston, MA 02109
This report is submitted for the general information of shareholders and is not
authorized for distribution to prospective investors unless preceded or
accompanied by an effective prospectus. Nothing herein is to be considered an
offer of sale or solicitation of an offer to buy shares of the Tomorrow Funds
Retirement Trust. Such offering is made only by prospectus, which includes
details as to offering and other material information.
