-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Q5BTstGM5+jO+XWHvVFPwB4eJp05ditlIdphHEbul8YxUxiGGRLXMY38ctLvDHDr eVHfaM+jp2Kv2zu4DkSHPQ== 0000909012-97-000203.txt : 20040503 0000909012-97-000203.hdr.sgml : 20040503 19970902144500 ACCESSION NUMBER: 0000909012-97-000203 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970902 DATE AS OF CHANGE: 19981028 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAMELOT FUNDS /KY CENTRAL INDEX KEY: 0000350796 IRS NUMBER: 616121673 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-03139 FILM NUMBER: 97674114 BUSINESS ADDRESS: STREET 1: 1346 S THIRD ST CITY: LOUISVILLE STATE: KY ZIP: 40208 BUSINESS PHONE: 5026365633 FORMER COMPANY: FORMER CONFORMED NAME: FAIRMONT FUND TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FAIRMONT FUND DATE OF NAME CHANGE: 19861103 N-30D 1 FAIRMONT FUND SEMI-ANNUAL REPORT THE FAIRMONT FUND UNAUDITED FINANCIAL STATEMENTS JUNE 30, 1997
THE FAIRMONT FUND SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 1997 INVESTMENTS IN SECURITIES COMMON STOCKS (SHARES) VALUE PERCENT - ---------------------- ----- ------- ADVERTISING 15,000 WPP Group PLC ADS....................................... $ 611,250 1.90% ---------- AUTOMOBILE PARTS 175,000 TBC Corporation (a)..................................... 1,465,625 4.56 ---------- BANKING 42,000 Imperial Bancorp (a).................................... 1,212,750 40,000 North Fork Bancorporation Inc........................... 855,000 75,000 UST Corporation......................................... 1,678,125 ---------- 3,745,875 11.67 ---------- BUSINESS SERVICES 145,000 Butler International Inc (a)............................ 1,966,563 6.12 ---------- COMPUTER PERIPHERAL EQUIPMENT 110,000 Madge N.V (a)........................................... 701,250 2.18 ---------- COMPUTER SOFTWARE 10,000 Intuit Inc (a).......................................... 229,375 1,750 Lycos Inc (a)........................................... 22,312 ---------- 251,687 0.78 ---------- EMPLOYMENT AGENCY 100,000 Employee Solutions Inc (a).............................. 556,250 1.73 ---------- HOSPITAL AND MEDICAL SERVICE PLANS 25,000 Coventry Corporation (a)................................ 378,125 55,000 Maxicare Health Plans Inc (a)........................... 1,230,625 ---------- 1,608,750 5.01 ---------- MEDICAL EQUIPMENT 17,000 Haemonetics Corporation (a)............................. 325,125 1.01 ---------- MEDICAL LABORATORIES 300,000 Meris Laboratories Inc (a).............................. 18,750 0.06 ---------- MORTGAGE BANKER/BROKER 20,000 Aames Financial Corporation............................. 370,000 100,000 Southern Pacific Funding Corporation (a)................ 1,662,500 ---------- 2,032,500 6.33 ---------- MULTILINE INSURANCE 35,000 USF&G Company........................................... 840,000 2.62 ---------- OIL AND GAS EXPLORATION 100,000 Oryx Energy Company (a)................................. 2,112,500 6.58 ---------- THE FAIRMONT FUND SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 1997 INVESTMENTS IN SECURITIES (CONTINUED) COMMON STOCKS (SHARES) VALUE PERCENT - ---------------------- ----- ------- PAPER PRODUCTS 100,000 Corporate Express Inc (a)............................... $ 1,443,750 4.50% ---------- PASSENGER TRANSPORTATION 150,000 Greyhound Lines Inc (a)................................. 675,000 2.10 ---------- PERSONAL SERVICES 45,000 Regis Corporation....................................... 1,063,125 3.31 ---------- PHARMACEUTICALS 38,000 Novartis AG............................................. 3,054,250 9.51 ---------- RETAIL STORES 100,000 Strouds Inc (a)......................................... 175,000 0.55 ---------- SAVINGS INSTITUTIONS 70,000 Dime Financial Corporation.............................. 1,785,000 20,000 Great Financial Corporation............................. 702,500 65,000 IMC Mortgage Company (a)................................ 1,080,625 30,000 Mechanics Savings Bank (a).............................. 566,250 ---------- 4,134,375 12.88 ---------- SHOES 26,000 Timberland Company (a).................................. 1,677,000 5.22 ---------- TELEPHONE COMMUNICATIONS 50,000 Telex Chile SA.......................................... 281,250 0.88 ---------- WOMEN'S APPAREL 20,000 Talbots Inc............................................. 680,000 2.12 ---------- --------- TOTAL COMMON STOCKS (Cost $22,926,100)........................... 29,419,875 91.62 BANK REPURCHASE AGREEMENT With Star Bank NA of Cincinnati, issued 6/30/97 due 7/1/97, fully collateralized by GNMA, 6.00% due 5/20/22 (Cost $3,862,000)....................................... 3,862,000 12.03 ---------- --------- TOTAL INVESTMENTS (Cost $26,788,100)............................. 33,281,875 103.65 OTHER ASSETS LESS LIABILITIES.................................... ( 1,172,813) ( 3.65) ---------- --------- NET ASSETS.................................................. $ 32,109,062 100.00% ========== ========= (a) Common stocks which have not declared a dividend in 1997.
THE FAIRMONT FUND STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) JUNE 30, 1997 ASSETS INVESTMENTS IN SECURITIES, At Value (Note 2) Common stocks (Cost $22,926,100)...................................$ 29,419,875 Bank repurchase agreement........................................... 3,862,000 ----------- Total investments in securities.........................................................$ 33,281,875 CASH ............................................................................................ 18,464 RECEIVABLES Investment securities sold.......................................... 113,246 Dividends........................................................... 11,454 Interest ........................................................... 563 ----------- Total receivables....................................................................... 125,263 ----------- Total assets....................................................................... 33,425,602 LIABILITIES PAYABLES Investment securities purchased....................................$ 1,201,135 Shares redeemed..................................................... 72,356 Management fee (Note 3)............................................. 42,477 Other ........................................................... 572 ----------- Total liabilities....................................................................... 1,316,540 ----------- NET ASSETS ...................................................................................... $ 32,109,062 ============ NET ASSETS CONSIST OF Capital stock (1,075,298 shares outstanding) (Note 8).......................................$ 25,329,338 Accumulated net realized gains on investments............................................... 365,008 Net unrealized appreciation on investments (Note 5)......................................... 6,493,775 Undistributed net investment loss........................................................... ( 79,059) NET ASSETS $..................................................................................$ 32,109,062 ============= NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE ($32,109,062 divided by 1,075,298 shares)..................................................$ 29.86 ===========
See accompanying notes.
THE FAIRMONT FUND STATEMENT OF OPERATIONS (UNAUDITED) SIX MONTHS ENDED JUNE 30, 1997 INVESTMENT INCOME (Note 2) Dividends...................................................................................$ 104,962 Interest .................................................................................... 63,848 ----------- Total investment income.................................................................. 168,810 EXPENSES Management fee (Note 3)...................................................................... 247,869 ----------- Net investment loss................................................................. ( 79,059) ----------- NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS (Note 2) Net realized gains from investment transactions.............................................. 738,646 Net change in unrealized appreciation on investments......................................... 3,015,752 ----------- Net realized and unrealized gains on investments......................................... 3,754,398 ----------- Net increase in net assets resulting from operations ............................... $ 3,675,339 ============
See accompanying notes.
THE FAIRMONT FUND STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED) SIX MONTHS ENDED JUNE 30, 1997 AND YEAR ENDED DECEMBER 31, 1996 1997 1996 ---- ---- FROM OPERATIONS Net investment loss............................................ $( 79,059) $( 178,912) Net realized gains on investments............................... 738,646 3,637,050 Net change in unrealized appreciation on investments.............................................. 3,015,752 ( 765,433) ------------- ------------ Net increase in net assets resulting from operations................................... 3,675,339 2,692,705 ------------- ------------ DISTRIBUTIONS TO SHAREHOLDERS (Note 4) Distributions from net investment income........................ 0 ( 3,273,575) ------------- ------------ FROM CAPITAL SHARE TRANSACTIONS (Note 8) SHARES SHARES ---------- -------- Proceeds from sale of shares.................... 34,417 927,740 90,818 2,591,421 Shares issued in reinvestment of distributions............................ 0 0 119,600 3,163,405 Payments for shares redeemed.................... ( 120,797) ( 3,225,021) ( 92,010) (2,633,953) ---------- ------------- ----------- ------------ Net increase or decrease in net assets from capital share transactions............. ( 86,380) ( 2,297,281) 118,408 3,120,873 =========== ------------- ========== ------------ Net increase in net assets.................................. 1,378,058 2,540,003 NET ASSETS Beginning of year............................................... 30,731,004 28,191,001 ------------- ------------ End of period..................................................$ 32,109,062 $ 30,731,004 ============= ============
See accompanying notes.
THE FAIRMONT FUND FINANCIAL HIGHLIGHTS (UNAUDITED) (For a Share Outstanding Throughout Each Period) Years Ended Six Months ------------------------------------------------------ Ended December December December December June 30 31 31 31 31 1997 1996 1995 1994 1993 ---- ---- ---- ---- ---- Net Asset Value, Beginning of Period............$ 26.45 27.02 24.06 22.43 19.41 INCOME FROM INVESTMENT OPERATIONS Net Investment Income......................... ( .12) ( .10) ( .08) ( .16) ( .14) Net Gains or Losses on Securities (both realized and unrealized)............ 3.53 2.67 6.80 1.79 3.16 ------- -------- ------- ------- -------- Total From Investment Operations............ 3.41 2.57 6.72 1.63 3.02 LESS DISTRIBUTIONS Dividends (from net investment income)........ .00 .00 .00 .00 .00 Distributions (from capital gains)............ .00 3.14 3.76 .00 .00 Returns of Capital............................ .00 .00 .00 .00 .00 ------- -------- ------- ------- -------- Total Distributions......................... .00 3.14 3.76 .00 .00 Net Asset Value, End of Period..................$ 29.86 26.45 27.02 24.06 22.43 ======= ======== ======= ======= ======== TOTAL RETURN..................................... 25.78%(a) 9.52% 27.92% 7.27% 15.56% RATIOS/SUPPLEMENTAL DATA Net Assets, End of Period (in 000s).............. $ 32,109 $ 30,731 $ 28,191 $ 22,195 $ 18,884 Ratio of Expenses to Average Net Assets.......... 1.63% (a) 1.66% 1.70% 1.74% 1.78% Ratio of Net Income to Average Net Assets........ ( .52)%(a) ( .59)% ( .55)% ( .79)% ( .66)% Portfolio Turnover Rate.......................... 2.09 (a) 2.37 2.47 2.75 1.55 Average Commission Rate.......................... .0620 .0570 (a) Computed on an annualized basis.
See accompanying notes. THE FAIRMONT FUND NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 1997 (1) Organization The Fairmont Fund (The Fund) is a no-load, diversified series of The Fairmont Fund Trust (The Trust), which is a Kentucky Business Trust and an open-end investment company registered under the Investment Company Act of 1940. The Fund was established under a declaration of trust dated December 29, 1980 and began offering its shares publicly on September 2, 1981. The Fund's objective is capital appreciation. (2) Summary of Significant Accounting Policies (a) Valuation of Investment Securities - Purchases and sales of securities are recorded on a trade date basis. Portfolio securities which are traded on stock exchanges or in the over-the-counter markets are valued at the last sale price as of 4:00 P.M. Eastern time on the day the securities are being valued or, lacking any sales, at the mean between the closing bid and asked prices. Fixed income securities are valued by using market quotations, or independent pricing services which use prices provided by market makers or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics. Securities and other assets for which market quotations are not readily available are valued at fair value as determined in good faith by or under the direction of the Board of Trustees. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. (b) Gains and Losses on Investment Securities - Gains and losses from sales of investments are calculated on the "identified cost" method. Upon disposition of a portion of the investment in a particular security, it is The Fund's general practice to first select for sale those securities which qualify for long-term capital gain or loss treatment for tax purposes. (c) Repurchase Agreements - The Fund may acquire repurchase agreements from banks or security dealers (the Seller) which the Board of Trustees and the Adviser have determined creditworthy. The Seller of the repurchase agreement is required to maintain the value of collateral at not less than the repurchase price, including accrued interest. Securities pledged as collateral for repurchase agreements are held by The Fund's custodian in the Federal Reserve/Treasury book-entry system. (d) Capital Shares - The Fund records purchases of its capital shares at the daily net asset value next determined after receipt of a shareholder's check or wire and application in proper form. Redemptions are recorded at the net asset value next determined following receipt of a shareholder's written request in proper form. (e) Estimates and Assumptions - The preparation of financial statements in conformity with generally accepted accounting principles requires The Fund to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (3) Investment Advisory Agreement, Commissions and Related Party Transactions The Investment Advisory Agreement (the Agreement) provides that The Sachs Company (the Adviser) will pay all of The Trust's operating expenses, including fees to disinterested trustees, but excluding brokerage fees and commissions, taxes, interest and extraordinary expenses. The Adviser also pays The Fund's officers' salaries. Under the terms of the Agreement, The Fund pays the Adviser a fee at the rate of 2% of the first $10,000,000 of average daily net assets, 1-1/2% of the next $20,000,000, and 1% of the average daily net assets over $30,000,000. The management fee is accrued daily and paid monthly. The Adviser received management fees of $247,869 for the six months ended June 30, 1997. THE FAIRMONT FUND NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 1997 Morton H. Sachs, a trustee of The Fund, is the president and sole shareholder of the Adviser. The Adviser, as a registered broker-dealer of securities, effected substantially all of the investment portfolio transactions for The Fund. For this service the Adviser received commissions of $206,545 for the six months ended June 30, 1997. Certain officers and/or Trustees of The Fund are officers of the Adviser. (4) Distributions to Shareholders No distributions to shareholders were declared for the six months ended June 30, 1997. The following is a summary of distributions to shareholders for the year ended December 31, 1996.
PERIOD PAID PER SHARE ENDED DATE DECLARED IN CASH REINVESTED TOTAL AMOUNT ----- ------------- ------- ---------- ----- ------ 12/31/96 DECEMBER 31, 1996 $110,169 $3,163,405 $3,273,574 $3.14
(5) Investments For the six months ended June 30, 1997, the cost of purchases and proceeds from sales of investments, other than temporary cash investments, were $28,941,569 and $32,883,365, respectively. Following is information regarding unrealized appreciation (depreciation) and aggregate cost of securities based upon federal income tax cost at June 30, 1997:
TAX COST -------- Aggregate gross unrealized appreciation for all securities with value in excess of cost...................................$ 7,588,205 Aggregate gross unrealized depreciation for all securities with cost in excess of value...................................( 1,654,341) ------------ Net unrealized appreciation........................................................$ 5,933,864 =========== Aggregate cost of securities.......................................................$ 23,486,011 ===========
(6) Income Taxes It is The Fund's policy to comply with the special provisions of the Internal Revenue Code available to investment companies and, in the manner provided therein, to distribute substantially all of its income to shareholders. Therefore no tax provision is required. (7) There are no reportable financial instruments which have any off-balance sheet risk as of June 30, 1997. (8) At June 30, 1997 an indefinite number of capital shares (no par value) were authorized, and paid-in capital amounted to $25,329,338. Transactions in capital shares were as follows: Shares sold..................................... 34,417 Shares redeemed................................. ( 120,797) -------- Net decrease.................................... ( 86,380) -------- Shares outstanding: Beginning of period.................... 1,161,678 ----------- Ending of period....................... 1,075,298 ===========
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