-----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, JgmzcgvevDKzWnwnxVmSMvSAtHh7G0tF+fOiICo3mPBgin7y9VV8e9ZrPkXDjt0/ TJD/YR1YiMeYpSO9PekQKQ== 0000950152-96-000614.txt : 19960227 0000950152-96-000614.hdr.sgml : 19960227 ACCESSION NUMBER: 0000950152-96-000614 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960131 FILED AS OF DATE: 19960223 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CARNEGIE GOVERNMENT SECURITIES TRUST CENTRAL INDEX KEY: 0000315991 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 341306766 FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-03037 FILM NUMBER: 96524776 BUSINESS ADDRESS: STREET 1: 1100 HALLE BLDG STREET 2: 1228 EUCLID AVE CITY: CLEVELAND STATE: OH ZIP: 44115 BUSINESS PHONE: 2167814440 MAIL ADDRESS: ZIP: 44115 FORMER COMPANY: FORMER CONFORMED NAME: CARNEGIE GOVERNMENT SECURITIES FUND INC DATE OF NAME CHANGE: 19820407 FORMER COMPANY: FORMER CONFORMED NAME: CARNEGIE LIQUID ASSETS INC DATE OF NAME CHANGE: 19801027 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIQUID CAPITAL INCOME TRUST CENTRAL INDEX KEY: 0000059744 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 341151595 FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-02528 FILM NUMBER: 96524777 BUSINESS ADDRESS: STREET 1: 1228 EUCLID AVE STREET 2: 1100 HALLE BLDG CITY: CLEVELAND STATE: OH ZIP: 44115 BUSINESS PHONE: 2167814440 FORMER COMPANY: FORMER CONFORMED NAME: LIQUID CAPITAL INCOME INC DATE OF NAME CHANGE: 19820407 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CARNEGIE TAX FREE INCOME TRUST CENTRAL INDEX KEY: 0000701816 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 341370355 FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-03446 FILM NUMBER: 96524778 BUSINESS ADDRESS: STREET 1: 1228 EUCLID AVE STREET 2: 1100 HALLE BLDG CITY: CLEVELAND STATE: OH ZIP: 44115 BUSINESS PHONE: 2167814440 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CARNEGIE TAX EXEMPT INCOME TRUST CENTRAL INDEX KEY: 0000785973 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-04538 FILM NUMBER: 96524779 BUSINESS ADDRESS: STREET 1: 1228 EUCLID AVE STREET 2: 1100 HALLE BLDG CITY: CLEVELAND STATE: OH ZIP: 44115 BUSINESS PHONE: 2167814440 N-30D 1 CARNEGIE CAPITAL N-30D 1 CARNEGIE CAPITAL MANAGEMENT COMPANY THE CARNEGIE FUNDS GROUP 1228 Euclid Avenue, Cleveland, Ohio 44115 Phone: (216) 781-4440 call toll free (800) 321-2322 CARNEGIE FUNDS GROUP - -------------------------------------------------------------------------------- CARNEGIE Liquid Capital Income Trust is a money market fund with dividends compounded daily. Withdraw cash at any time without penalty. CARNEGIE Government Securities Trust is a money market fund investing in securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities and repurchase agreements. CARNEGIE Tax Free Income Trust provides income free from federal income taxation-- while offering all the advantages of a money market fund. CARNEGIE Tax Exempt Income Trust Ohio General Municipal Fund provides a high level of current income exempt from federal income tax. This report was prepared for shareholders of the Trust. It is not authorized for distribution to others unless it is accompanied or preceded by a current combined prospectus. For more complete information on Carnegie funds, including sales charges and expenses, see the appropriate sections of the combined prospectus, which may be obtained from Carnegie or your broker. Read the prospectus carefully before you invest or send money. (LOGO)EFG CARNEGIE CAPITAL MANAGEMENT COMPANY -- Liquid Capital Income Trust -- Carnegie Government Securities Trust -- Carnegie Tax Free Income Trust -- Carnegie Tax Exempt Income Trust -- Ohio General Municipal Fund - ------------------------------------------------------------------- Semi-Annual Report January 31, 1996 - ------------------------------------------------------------------- CARNEGIE CAPITAL MANAGEMENT COMPANY 1100 The Halle Building 1228 Euclid Avenue Cleveland, Ohio 44115-1831 (LOGO)EFG 2 SEMI-ANNUAL MESSAGE FROM THE PRESIDENT: Dear Fellow Shareholders: A year ago, participants in the bond markets could imagine only higher rates, and few in the stock market ever dreamed of things to come. In the last twelve months, as we all now know, we have seen a much stronger economy, better corporate earnings, a spectacularly successful year in the stock market, and near euphoric conditions. Recently, the Federal Reserve Board, in light of statistics which indicate that the economy may be slowing, has begun to put some "punch back in the punch bowl" by lowering interest rates in two steps of 25 basis points each. Interest rates in the short area are down a minimum of 100 basis points, and as you extend out on the yield curve, rates have fallen in excess of 200 basis points. We believe the Federal Reserve Board, for the balance of 1996, will continue their policy of reducing rates in an effort to cushion the economy from a very slow growth projection and to prevent a possible recession. As always, we remain confident regarding the quality of the portfolios of the Carnegie Funds Group. We are pleased that you have chosen to remain with us and continue to believe in our philosophy of high quality investments in a relatively short-term portfolio maturity. Thank you once again for your continuing support as shareholders in the Carnegie Funds Group. Sincerely, /s/ George R. Mateyo George R. Mateyo President 1 3 LIQUID CAPITAL INCOME TRUST -- FINANCIAL HIGHLIGHTS Data for each share outstanding throughout the period
SIX MONTHS ENDED YEAR ENDED JULY 31, JANUARY 31, --------------------------------------------------------------- 1996 1995 1994 1993 1992 ------------ ------------ ------------ ------------ ------------ Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.025 0.047 0.026 0.024 0.042 ------------ ------------ ------------ ------------ ------------ Total from Investment Operations 0.025 0.047 0.026 0.024 0.042 LESS DISTRIBUTIONS: Distributions from Net Investment Income (0.025) (0.047) (0.026) (0.024) (0.042) ------------ ------------ ------------ ------------ ------------ Total Distributions (0.025) (0.047) (0.026) (0.024) (0.042) Net Asset Value, End of Period $1.00 $1.00 $1.00 $1.00 $1.00 ============ ============ ============ ============ ============ RATIOS/SUPPLEMENTAL INFORMATION Expenses as a percentage of average daily net assets(1) 0.90%(2) 0.87% 0.88% 0.83% 0.77% Net investment income as a percentage of average daily net assets(1) 4.93%(2) 4.72% 2.62% 2.43% 4.25% Net Assets at end of period $221,989,683 $247,385,884 $289,950,268 $335,030,422 $431,773,459 ============ ============ ============ ============ ============
1991 -------------- Net asset value, beginning of period $1.00 INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.065 -------------- Total from Investment Operations 0.065 LESS DISTRIBUTIONS: Distributions from Net Investment Income (0.065) -------------- Total Distributions (0.065) Net Asset Value, End of Period $1.00 ============== RATIOS/SUPPLEMENTAL INFORMATION Expenses as a percentage of average daily net assets(1) 0.70% Net investment income as a percentage of average daily net assets(1) 6.48% Net Assets at end of period $1,503,924,041 ==============
(1) The percentages should not be construed as representative of the yield or expenses related to further investments in the Trust. (2) Annualized basis. CARNEGIE GOVERNMENT SECURITIES TRUST -- FINANCIAL HIGHLIGHTS Data for each share outstanding throughout the period
SIX MONTHS ENDED YEAR ENDED JULY 31, JANUARY 31, ---------------------------------------------------------------------------- 1996 1995 1994 1993 1992 1991 ----------- ----------- ----------- ----------- ----------- ------------ Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.023 0.044 0.024 0.022 0.040 0.061 ----------- ----------- ----------- ----------- ----------- ------------ Total from Investment Operations 0.023 0.044 0.024 0.022 0.040 0.061 LESS DISTRIBUTIONS: Distributions from Net Investment Income (0.023) (0.044) (0.024) (0.022) (0.040) (0.061) ----------- ----------- ----------- ----------- ----------- ------------ Total Distributions (0.023) (0.044) (0.024) (0.022) (0.040) (0.061) Net Asset Value, End of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 =========== =========== =========== =========== =========== ============ RATIOS/SUPPLEMENTAL INFORMATION Expenses as a percentage of average daily net assets(1) 1.07%(2) 1.06% 0.98% 0.87% 0.79% 0.71% Net investment income as a percentage of average daily net assets(1) 4.68%(2) 4.38% 2.37% 2.25% 4.05% 6.12% Net Assets at end of period $13,492,563 $14,424,876 $18,078,719 $25,364,240 $34,687,846 $126,090,338 =========== =========== =========== =========== =========== ============
(1) The percentages should not be construed as representative of the yield or expenses related to further investments in the Trust. (2) Annualized basis. 2 4 CARNEGIE TAX FREE INCOME TRUST -- FINANCIAL HIGHLIGHTS Data for each share outstanding throughout the period
SIX MONTHS ENDED YEAR ENDED JULY 31, JANUARY 31, ----------------------------------------------------------- 1996 1995 1994 1993 1992 ------------- ----------- ----------- ----------- ----------- Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.015 0.029 0.018 0.019 0.036 ------------- ----------- ----------- ----------- ----------- Total from Investment Operations 0.015 0.029 0.018 0.019 0.036 LESS DISTRIBUTIONS: Distributions from Net Investment Income (0.015) (0.029) (0.018) (0.019) (0.036) ------------- ----------- ----------- ----------- ----------- Total Distributions (0.015) (0.029) (0.018) (0.019) (0.036) Net Asset Value, End of Period $1.00 $1.00 $1.00 $1.00 $1.00 ============ ========== ========== ========== ========== RATIOS/SUPPLEMENTAL INFORMATION Expenses as a percentage of average daily net assets(1) 0.84%(2) 0.82% 0.77% 0.76% 0.69% Net investment income as a percentage of average daily net assets(1) 3.08%(2) 2.86% 1.77% 1.88% 3.58% Net Assets at end of period $23,565,821 $27,615,905 $31,640,760 $40,646,525 $56,180,652 ============ ========== ========== ========== ========== 1991 ------------ Net asset value, beginning of period $1.00 INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.046 ------------ Total from Investment Operations 0.046 LESS DISTRIBUTIONS: Distributions from Net Investment Income (0.046) ------------ Total Distributions (0.046) Net Asset Value, End of Period $1.00 =========== RATIOS/SUPPLEMENTAL INFORMATION Expenses as a percentage of average daily net assets(1) 0.64% Net investment income as a percentage of average daily net assets(1) 4.61% Net Assets at end of period $250,951,045 ===========
(1) The percentages should not be construed as representative of the yield or expenses related to further investments in the Trust. (2) Annualized basis. CARNEGIE TAX EXEMPT INCOME TRUST -- OHIO GENERAL MUNICIPAL FUND FINANCIAL HIGHLIGHTS -- Data for each share outstanding throughout the period
SIX MONTHS ENDED YEAR ENDED JULY 31, JANUARY 31, ----------------------------------------------------------- 1996 1995 1994 1993 1992 ------------- ----------- ----------- ----------- ----------- Net asset value, beginning of period $9.46 $9.50 $9.87 $9.79 $9.26 INCOME FROM INVESTMENT OPERATIONS: Net investment income(2) 0.263 0.556 0.549 0.559 0.571 Net realized and unrealized gains/(losses) on securities 0.200 (0.040) (0.370) 0.080 0.530 ------------- ----------- ----------- ----------- ----------- Total from investment operations 0.463 0.516 0.179 0.639 1.101 LESS DISTRIBUTIONS: Distributions from net investment income (0.263) (0.556) (0.549) (0.559) (0.571) ------------- ----------- ----------- ----------- ----------- Total distributions (0.263) (0.556) (0.549) (0.559) (0.571) Net Asset Value, End of Period $9.66 $9.46 $9.50 $9.87 $9.79 ============ ========== ========== ========== ========== ANNUAL TOTAL RETURN 4.96% 5.50% 1.82% 6.77% 12.32% ============ ========== ========== ========== ========== RATIOS/SUPPLEMENTAL INFORMATION Net assets at end of period $12,690,718 $11,448,521 $12,574,835 $18,669,199 $28,011,143 Expenses as a percentage of average daily net assets(1)(2) 0.89%(3) 0.97% 0.93% 0.81% 0.76% Net investment income as a percentage of average daily net assets(1) 5.49%(3) 5.95% 5.68% 5.81% 6.10% Portfolio Turnover rate................... 17.73% 8.77% 10.04% 4.98% 11.40% 1991 ----------- Net asset value, beginning of period $9.18 INCOME FROM INVESTMENT OPERATIONS: Net investment income(2) 0.576 Net realized and unrealized gains/(losses) on securities 0.080 ----------- Total from investment operations 0.656 LESS DISTRIBUTIONS: Distributions from net investment income (0.576) ----------- Total distributions (0.576) Net Asset Value, End of Period $9.26 ========== ANNUAL TOTAL RETURN 7.45% ========== RATIOS/SUPPLEMENTAL INFORMATION Net assets at end of period $30,908,900 Expenses as a percentage of average daily net assets(1)(2) 0.76% Net investment income as a percentage of average daily net assets(1) 6.32% Portfolio Turnover rate 19.45%
(1) The percentages should not be construed as representative of the yield or expenses related to further investments in the Fund. (2) During the periods indicated, the Fund did not make payments or made partial payments under their Distribution Expenses Plan and CCMC waived management fees. Net investment income for the Ohio General Municipal Fund would have been $.248 for the six months ended January 31, 1996, $.528, $.520, $.530, $.543 and $.545 for the years ended July 31, 1995, 1994, 1993, 1992 and 1991, respectively; had such Distribution Expense Plan payments been made and had such fees not been waived. Expenses as a percentage of average net assets would have been 1.19% for the six months ended January 31, 1996, 1.27%, 1.23%, 1.11%, 1.06% and 1.11% for the same periods, respectively. (3) Annualized basis. 3 5 LIQUID CAPITAL INCOME TRUST STATEMENT OF NET ASSETS JANUARY 31, 1996 (UNAUDITED)
PRINCIPAL MATURITY DATES VALUE AMOUNT (1996) (NOTE A) - ------------ --------------- -------------- CERTIFICATES OF DEPOSIT -- 9.1% $ 10,000,000 First Deposit National Bank, 5.46%......................................... 4/18 $ 10,000,000 143,636 Mellon Bank, 5.25%......................................................... 1/2/1997 143,636 10,000,000 National Bank of Detroit, 5.50%............................................ 2/2 9,999,751 -------------- TOTAL CERTIFICATES OF DEPOSIT (Cost $20,143,387)........................... 20,143,387 -------------- COMMERCIAL PAPER+ -- 31.5% 10,000,000 Ford Motor Credit Company, 5.37%........................................... 2/26 9,962,708 5,200,000 Harley-Davidson Dealer Funding Corp., 5.48%................................ 2/14 5,189,710 10,000,000 Industrial Funding Corp., 5.50% 4/10 9,894,583 10,000,000 International Lease Finance Corp., 5.47%................................... 2/7 9,990,883 5,000,000 J.C. Penny Funding Corp., 5.62%............................................ 2/20 4,985,170 10,000,000 National City Corp., 5.48%................................................. 3/1 9,955,855 10,000,000 PHH Corp., 5.43-5.49%...................................................... 2/9-2/23 9,977,308 10,000,000 Philip Morris Companies, 5.40%............................................. 2/23 9,967,000 -------------- TOTAL COMMERCIAL PAPER (Cost $69,923,217).................................. 69,923,217 -------------- LETTERS OF CREDIT -- 7.9% 10,000,000 AES Barbers Point Inc., 5.62%.............................................. 2/16 9,976,583 7,725,000 First National Bank of Chicago, Commonwealth Fuel, 5.42%................... 3/20 7,669,174 -------------- TOTAL LETTERS OF CREDIT (Cost $17,645,757)................................. 17,645,757 -------------- TAXABLE MUNICIPALS -- 9.1% 10,045,000 Metropolitan Washington D.C. Airport Authority, 5.55%...................... 3/8 10,086,835 10,000,000 New York City General Obligation Bonds, 5.95% 2/21 10,117,370 -------------- TOTAL TAXABLE MUNICIPALS (Cost $20,204,205)................................ 20,204,205 -------------- U.S. GOVERNMENT INTEREST BEARING AND AGENCIES -- 31.5% 30,000,000 Federal Home Loan Bank Discount Notes, 5.78% 2/1 30,000,000 10,000,000 Federal Home Loan Mortgage Corp. Discount Notes, 5.38% 2/20 9,971,605 30,000,000 Federal National Mortgage Association, 5.36-5.51% 2/16 29,946,117 -------------- TOTAL U.S. GOVERNMENT INTEREST BEARING AND AGENCIES (Cost $69,917,722)......................................................... 69,917,722 -------------- REPURCHASE AGREEMENTS -- 10.8% 24,150,000 Merrill Lynch Government Securities, Inc., 5.70%; Collateralized by $24,150,000 Federal Farm Credit Bank, 5.60% due 2/1/96 (repurchase proceeds $24,003,800)............................................................... 2/1 24,000,000 -------------- TOTAL INVESTMENTS -- 99.9% (Cost $221,834,288)............................. 221,834,288 OTHER ASSETS LESS LIABILITIES -- .1%....................................... 155,395 -------------- NET ASSETS -- 100.0% -- equivalent to $1.00 per share for 221,989,683 outstanding Capital Shares in the Trust, $.10 par value (unlimited number of shares authorized) -- NOTE E............................................ $ 221,989,683 ===========
+ At January 31, 1996, investments in commercial paper are diversified among several industries with no significant concentration. At the time of purchase, all commercial paper investments are rated A-1 by S&P or P-1 by Moody's Rating Services. See Notes to Financial Statements. 4 6 LIQUID CAPITAL INCOME TRUST STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JANUARY 31, 1996 (UNAUDITED) INTEREST INCOME............................................. $ 6,843,162 EXPENSES -- NOTE B Management fees........................................... $ 591,942 Custodian and transfer agent fees......................... 316,900 Printing.................................................. 37,400 Postage................................................... 31,893 Insurance expense......................................... 19,817 Registration and filing fees.............................. 17,709 Professional fees......................................... 13,841 Trustees' fees............................................ 12,000 Miscellaneous............................................. 12,041 1,053,543 ---------- ----------- INVESTMENT INCOME -- NET.................................... $ 5,789,619 ===========
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED YEAR ENDED JANUARY 31, JULY 31, 1996 1995 ------------ ------------ INCREASE (DECREASE) IN NET ASSETS -- NOTE E Operations: Investment income -- net................................ $ 5,789,619 $ 12,656,143 Distributions to shareholders from net investment income....................................... (5,789,619) (12,656,143) Capital share transactions -- net......................... (25,396,201) (42,564,384) ------------ ------------ Total decrease in net assets....................... (25,396,201) (42,564,384) NET ASSETS Beginning of period....................................... 247,385,884 289,950,268 ------------ ------------ End of period............................................. $221,989,683 $247,385,884 ============ ============
See Notes to Financial Statements. 5 7 CARNEGIE GOVERNMENT SECURITIES TRUST STATEMENT OF NET ASSETS JANUARY 31, 1996 (UNAUDITED)
PRINCIPAL MATURITY VALUE AMOUNT DATES (1996) (NOTE A) - ---------- ------------ ----------- U.S. GOVERNMENT AGENCIES -- 81.4% $2,000,000 Federal Home Loan Bank, 5.35%................... 2/16 $ 1,995,542 2,000,000 Federal Home Loan Mortgage Corp., 5.39%......... 2/5 1,998,802 3,000,000 Federal Home Loan Mortgage Corp., 5.38%......... 2/13 2,994,620 1,000,000 Federal Home Loan Mortgage Corp., 5.40%......... 2/13 998,200 3,000,000 Federal National Mortgage Association, 5.38%.... 2/20 2,991,481 ----------- TOTAL U.S. GOVERNMENT AGENCIES (Cost $10,978,645)............................ 10,978,645 ----------- REPURCHASE AGREEMENTS -- 18.7% 2,545,000 Merrill Lynch Government Securities, Inc., 5.70%; Collateralized by $2,545,000 Federal Farm Credit Bank, 5.66% due 2/1/1996 (repurchase proceeds $2,525,400).............. 2/1 2,525,000 ----------- TOTAL INVESTMENTS -- 100.1% (Cost $13,503,645)............................ 13,503,645 OTHER ASSETS LESS LIABILITIES -- (.1%).......... (11,082) ----------- NET ASSETS -- 100.0% -- equivalent to $1.00 per share for 13,492,563 outstanding Capital Shares in the Trust, $.10 par value (unlimited number of shares authorized) -- NOTE E........ $13,492,563 ============
See Notes to Financial Statements. 6 8 CARNEGIE GOVERNMENT SECURITIES TRUST STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JANUARY 31, 1996 (UNAUDITED) INTEREST INCOME............................................. $434,051 EXPENSES -- NOTE B Management fees........................................... $ 38,081 Custodian and transfer agent fees......................... 14,824 Registration and filing fees.............................. 9,074 Professional fees......................................... 6,433 Trustees' fees............................................ 4,000 Printing.................................................. 3,418 Postage................................................... 1,592 Insurance expense......................................... 1,472 Miscellaneous............................................. 1,864 80,758 -------- -------- INVESTMENT INCOME -- NET.................................... $353,293 ========
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED YEAR ENDED JANUARY 31, JULY 31, 1996 1995 ----------- ----------- INCREASE (DECREASE) IN NET ASSETS -- NOTE E Operations: Investment income -- net................................ $ 353,293 $ 686,538 Distributions to shareholders from net investment income....................................... (353,293) (686,538) Capital share transactions -- net......................... (932,313) (3,653,843) ----------- ----------- Total decrease in net assets....................... (932,313) (3,653,843) NET ASSETS Beginning of period....................................... 14,424,876 18,078,719 ----------- ----------- End of period............................................. $13,492,563 $14,424,876 =========== ===========
See Notes to Financial Statements. 7 9 CARNEGIE TAX FREE INCOME TRUST STATEMENT OF NET ASSETS+ JANUARY 31, 1996 (UNAUDITED)
PRINCIPAL VALUE AMOUNT RATING* (NOTE A) - ---------- -------- ---------------- MUNICIPAL SECURITIES -- 99.4% ALABAMA -- 11.0% $ 500,000 North Alabama Pollution Control Variable Rate Demand Revenue Bonds 3.75%, 2/1/96.......................................................... Aa3 $ 500,000 700,000 Columbia Industrial Development Brd. Pollution Control Variable Rate Demand Revenue Bonds 3.75%, 2/1/96..................................... AA 700,000 200,000 Alabama Special Care Facility Variable Rate Demand Revenue Bonds 3.20%, 2/7/96................................................................. Aaa 200,000 1,200,000 Birmingham Baptist Medical Center Variable Rate Demand Revenue Bonds 3.75%, 2/7/96.......................................................... A1 1,200,000 ARIZONA -- 6.4% 500,000 Pima County Variable Rate Demand Industrial Development Revenue Bonds 3.75%, 2/7/96.......................................................... NR 500,000 1,000,000 Arizona Health Facilities Authority Variable Rate Demand Revenue Bonds 3.25%, 2/7/96.......................................................... Aaa 1,000,000 CALIFORNIA -- 4.3% 1,000,000 California Schools Cash Reserve Revenue Notes 4.75%, 7/3/96............ MIG-1 1,009,580 DELAWARE -- 3.0% 700,000 Wilmington Hospital Franciscan Health System Variable Rate Demand Revenue Bonds 3.75%, 2/1/96............................................ Aa2 700,000 GEORGIA -- 1.3% 300,000 Burke County Pollution Control Variable Rate Demand Revenue Bonds 3.75%, 2/1/96.......................................................... A1 300,000 HAWAII -- 4.2% 1,000,000.. Hawaii Housing Finance Variable Rate Demand Revenue Bonds 3.55%, 2/7/96................................................................. A1 1,000,000 ILLINOIS -- 8.5% 1,000,000 Illinois Housing Development Authority Variable Rate Demand Revenue Bonds 3.75%, 2/7/96.................................................... AA+ 1,000,000 1,000,000 Saint Charles Industrial Development Pier 1 Imports Variable Rate Demand Revenue Bonds 3.25%, 2/7/96..................................... AA 1,000,000 KENTUCKY -- 5.1% 1,200,000 Appalachian Regional Health Care Development Finance Authority Variable Rate Demand Revenue Bonds 3.35%, 2/7/96................................ Aa2 1,200,000 MARYLAND -- 4.2% 1,000,000 Montgomery County Housing Oppnty. Variable Rate Demand Revenue Bonds 3.25%, 2/7/96.......................................................... Aa 1,000,000 MASSACHUSETTS -- 4.2% 1,000,000 Massachusetts State Health & Educational Facility Authority Variable Rate Demand Revenue Bonds 3.50%, 2/7/96................................ Aa3 1,000,000 MICHIGAN -- 5.1% 1,200,000 Michigan State Hospital Finance Authority Variable Rate Demand Revenue Bonds 3.35%, 2/7/96.................................................... A1 1,200,000 NEW YORK -- 3.8% 900,000 New York State Medical Care Facilities Variable Rate Demand Revenue Bonds 2.90%, 2/7/96.................................................... Aa3 900,000
See Notes to Financial Statements. 8 10 CARNEGIE TAX FREE INCOME TRUST STATEMENT OF NET ASSETS+ -- CONTINUED JANUARY 31, 1996 (UNAUDITED)
PRINCIPAL VALUE AMOUNT RATING* (NOTE A) - ---------- -------- ---------------- OHIO -- 9.4% $1,000,000 Muskingum County Bethesda Hospital Variable Rate Demand Revenue Bonds 3.75%, 2/7/96.......................................................... Aa3 $ 1,000,000 200,000 Muskingum County Variable Rate Demand Industrial Development Revenue Bonds 4.10%, 3/1/96.................................................... Aa3 200,000 1,000,000 Ohio State Environmental Improvement Variable Rate Demand Revenue Bonds 4.10%, 3/1/96.......................................................... A1 1,000,000 OREGON -- 5.5% 400,000 Port of Portland Pollution Control Variable Rate Demand Revenue Bonds 3.75%, 2/1/96.......................................................... Aa3 400,000 900,000 Umatilla County Hospital Facilities Variable Rate Demand Revenue Bonds 3.75%, 2/1/96.......................................................... Aa2 900,000 PENNSYLVANIA -- 3.4% 800,000 Delaware County Variable Rate Industrial Development Revenue Bonds 3.70%, 2/1/96.......................................................... Aaa 800,000 SOUTH CAROLINA -- 4.3% 1,000,000 York County Pollution Control Tax Free Commercial Paper 3.25%, 2/28/96................................................................ Aa2 1,000,000 TENNESSEE -- 1.7% 400,000 Sullivan County Variable Rate Industrial Development Revenue Bonds 3.75%, 2/1/96.......................................................... AAA 400,000 VIRGINIA -- 5.5% 1,300,000 Fairfax County Industrial Development Authority Variable Rate Demand Revenue Bonds 3.25%-3.55%, 2/7/96............................... Aa 1,300,000 WISCONSIN -- 8.5% 1,000,000 Racine University School District Tax and Revenue Anticipation Notes 4.50%, 8/23/96......................................................... Sp1+ 1,004,550 1,000,000 Wisconsin Health Facilities Variable Rate Demand Revenue Bonds 3.20%, 2/7/96................................................................. Aaa 1,000,000 ---------------- TOTAL INVESTMENTS -- 99.4% (Cost $23,414,130).......................... 23,414,130 OTHER ASSETS LESS LIABILITIES -- .6%................................... 151,691 ---------------- NET ASSETS -- 100% -- equivalent to $1.00 per share for 23,565,821 outstanding Capital Shares in the Trust, $.10 par value (unlimited number of shares authorized) -- Note E................................. $ 23,565,821 =================
+ Floating Rate Demand Notes (F.R.D.N.) and Floating Rate Participation Certificates (F.R.P.C.) are instruments whose interest rates vary with changes in a designated base rate (such as the prime interest rate). Variable Rate Demand Notes (V.R.D.N.) are instruments whose interest rates change on a specified date (such as coupon date or interest payment date). These instruments are payable on demand and are secured by letters of credit or other credit support agreements from major banks. * All ratings are stated as of January 31, 1996 by Moody's Investor Services, Inc. or Standard and Poor's. The unrated municipal obligations are considered by the Trust's investment adviser, Carnegie Capital Management Company, to have characteristics and quality comparable to the rated municipal obligations purchased by the Fund, and are in accordance with policies established by the Board of Trustees. See Notes to Financial Statements. 9 11 CARNEGIE TAX FREE INCOME TRUST STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JANUARY 31, 1996 (UNAUDITED) INTEREST INCOME.................................................. $ 485,809 EXPENSES -- NOTE B Management fees................................................ $ 62,469 Custodian and transfer fees.................................... 11,768 Registration and filing fees................................... 9,074 Professional fees.............................................. 6,359 Trustees' fees................................................. 4,000 Printing....................................................... 3,992 Insurance Expense.............................................. 2,667 Postage........................................................ 1,420 Miscellaneous.................................................. 1,860 103,609 ---------- ---------- INVESTMENT INCOME -- NET......................................... $ 382,200 ==========
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED YEAR ENDED JANUARY 31, JULY 31, 1996 1995 ------------ ------------ INCREASE (DECREASE) IN NET ASSETS -- NOTE E Operations: Investment income -- net..................................... $ 382,200 $ 810,380 Distributions to shareholders from net investment income............................................ (382,200) (810,380) Capital share transactions -- net.............................. (4,050,084) (4,024,855) ------------ ------------ Total decrease in net assets............................ (4,050,084) (4,024,855) NET ASSETS Beginning of period............................................ 27,615,905 31,640,760 ------------ ------------ End of period.................................................. $ 23,565,821 $ 27,615,905 ============ ============
See Notes to Financial Statements. 10 12 CARNEGIE TAX EXEMPT INCOME TRUST OHIO GENERAL MUNICIPAL FUND STATEMENT OF NET ASSETS -- JANUARY 31, 1996 (UNAUDITED)
PRINCIPAL VALUE AMOUNT RATING* (NOTE A) - --------- ---------- ----------- MUNICIPAL BONDS -- 97.5% $ 750,000 Columbus Citation Housing Corp. Rev. Bonds 7.63%, 1/1/2022............................... AA $ 891,966 250,000 Cuyahoga Cnty. General Obligation Bonds 7.40%, 10/1/2009................................. NR 277,123 450,000 Cuyahoga Cnty. Hosp.-Metro Health Sys. Rev. Bonds 6.90%, 2/15/2007....................... AAA 479,297 250,000 Cuyahoga Cnty. Jail Fac. General Obligation Bonds 7.00%, 10/1/2013....................... NR 289,594 750,000 Cuyahoga Cnty. Meridia Hlth. Care Sys. Rev. Bonds 7.00%, 8/15/2006....................... A 823,613 500,000 Dublin Ohio City Schl Dist. General Obligation Bonds 6.20%, 12/1/2019.................... AAA 529,203 800,000 Franklin Cnty. Hosp. Rev. Refunding & Improvement Riverside 7.60%, 5/15/2020............. AAA 922,814 600,000 Franklin Cnty. Riverside Hosp. Rev. Bonds 7.25%, 5/15/2020............................... AAA 656,791 800,000 Hamilton Cnty. General Obligation Bonds 5.10%, 12/1/2013 - 12/1/2014..................... AA 779,922 850,000 Hamilton Cnty. Bethesda Hosp. Rev. Bonds 7.00%, 1/1/2009................................. A 880,467 450,000 Mahoning Cnty. Sanitary Sewer Sys. Rev. Bonds 7.50%, 2/1/2009............................ AAA 499,972 500,000 Mahoning Cnty. Western Reserve Care Sys. Rev. Bonds 5.38%, 10/15/2015.................... AAA 503,849 175,000 Ohio Building Auth., Lausche Office Bldg., Rev. Bonds 10.13%, 10/1/2006.................. AAA 221,025 500,000 Ohio Capital Corp. Housing Rev. Bonds 7.60%, 11/1/2023................................... AAA 542,619 470,000 Ohio Housing Finance Agency Rev. Bonds 7.05% - 7.40%, 9/1/2015 - 9/1/2016................ AAA 493,772 120,000 Ohio State Higher Ed. Oberlin College Rev. Bonds 7.10%, 10/1/2012........................ NR 134,856 500,000 Ohio State Water Dev. Auth. Ref. & Impt. Rev. Bonds 5.50%, 12/1/2018..................... AAA 502,389 250,000 Parma Community Hospital Rev. Bonds 7.13%, 11/15/2013.................................... AAA 270,832 500,000 Richland Cnty. General Obligation Bonds 5.40%, 12/1/2015................................. AAA 500,827 500,000 Rural Lorain Water Auth. Ref. & Impt. Rev. Bonds 5.45%, 10/1/2018........................ AAA 498,669 500,000 Stark Cnty. General Obligation Bonds 5.70%, 11/15/2017................................... AAA 510,862 145,000 University Heights B General Obligation Bonds 6.20%, 12/1/2014........................... A 152,954 500,000 University of Toledo General Receipts Revenue Bonds 5.90%, 6/1/2020...................... AAA 512,747 500,000 Washington Water Sys. Rev. Bonds 5.38%, 12/1/2019........................................ AAA 499,294 ----------- TOTAL MUNICIPAL BONDS -- (COST $11,651,776).............................................. 12,375,457 ----------- SHORT-TERM TAX EXEMPT INVESTMENTS -- .8% 100,000 Kansas City Ind. Dev. Auth Hospital Variable Rate Demand Revenue Bonds, 3.55%, 2/1/96.... Aaa 100,000 ----------- TOTAL SHORT-TERM TAX EXEMPT INVESTMENTS (COST $100,000).................................. 100,000 ----------- TOTAL INVESTMENTS -- 98.3% (COST $11,751,776)............................................ 12,475,457 OTHER ASSETS LESS LIABILITIES -- 1.7%.................................................... 215,261 ----------- NET ASSETS -- 100%....................................................................... $12,690,718 =========== NET ASSET VALUE PER SHARE................................................................ $ 9.66 =========== SHARES OUTSTANDING (unlimited number of shares authorized; $.10 par value) -- NOTE C................................................................................... 1,313,305 =========== MAXIMUM OFFERING PRICE PER SHARE (net asset value plus 4.71% of net amount invested or 4.5% of the offering price).............................................................. $ 10.12 =========== NET ASSETS, AS OF JANUARY 31, 1996, ARE COMPRISED OF THE FOLLOWING: Aggregate paid in capital................................................................ $12,643,728 Accumulated undistributed net realized losses............................................ (676,691) Unrealized appreciation of investments -- net............................................ 723,681 ----------- $12,690,718 =========== * All ratings are stated as of January 31, 1996 by Moody's Investor Services, Inc. or Standard and Poor's. The unrated municipal obligations are considered by the Trust's investment adviser, Carnegie Capital Management Company, to have characteristics and quality comparable to the rated municipal obligations purchased by the Fund, and are in accordance with policies established by the Board of Trustees.
See Notes to Financial Statements. 11 13 CARNEGIE TAX EXEMPT INCOME TRUST OHIO GENERAL MUNICIPAL FUND STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JANUARY 31, 1996 (UNAUDITED) INTEREST INCOME............................................................................................ $ 368,265 ------------ EXPENSES -- NOTE B Management fees............................................................................................ 29,084 Trustee fees............................................................................................... 4,000 Professional fees.......................................................................................... 3,324 Transfer agent fees........................................................................................ 2,989 Shareholder reporting...................................................................................... 2,105 Custodian fees............................................................................................. 1,578 Insurance expense.......................................................................................... 1,191 Miscellaneous expenses..................................................................................... 7,201 ------------ Total expenses......................................................................................... 51,472 ------------ NET INVESTMENT INCOME...................................................................................... 316,793 ------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS -- NET Realized loss on investments............................................................................... (17,397) Change in unrealized appreciation of investments........................................................... 269,761 ------------ Net gain on investments.................................................................................... 252,364 ------------ NET INCREASE IN NET ASSETS FROM OPERATIONS................................................................. $ 569,157 ============
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED YEAR ENDED JANUARY 31, 1996 JULY 13, 1995 ---------------- ------------- INCREASE (DECREASE) IN NET ASSETS OPERATIONS Net investment income...................................................... $ 316,793 $ 678,256 Realized gain/(loss) on investments -- net................................. (17,397) 47,871 Change in unrealized appreciation of investments -- net.................... 269,761 (127,808) ---------------- ------------- Net increase in net assets from operations................................. 569,157 598,319 ---------------- ------------- DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME -- NOTE A......... (316,793) (678,256) CAPITAL SHARE TRANSACTIONS -- NOTE C Shares sold................................................................ 1,950,654 702,342 Shares issued on reinvestment of distributions............................. 209,764 456,507 ---------------- ------------- 2,160,418 1,158,849 Shares redeemed............................................................ (1,170,585) (2,205,226) ---------------- ------------- Net increase/(decrease) from capital shares transactions................... 989,833 (1,046,377) ---------------- ------------- Total increase/(decrease) in net assets........................... 1,242,197 (1,126,314) NET ASSETS Beginning of period........................................................ 11,448,521 12,574,835 ---------------- ------------- End of period.............................................................. $ 12,690,718 $ 11,448,521 ============ ===========
See Notes to Financial Statements. 12 14 CARNEGIE FUNDS GROUP (THE "TRUSTS") NOTES TO FINANCIAL STATEMENTS NOTE A -- ACCOUNTING POLICIES Liquid Capital Income Trust (LCI), Carnegie Government Securities Trust (CGST) and Carnegie Tax Free Income Trust (CTF) (the "Money Funds") are money market funds. The Trusts are open-end, diversified management investment companies registered under the Investment Company Act of 1940, as amended. Carnegie Tax-Exempt Income Trust is a business trust organized under the laws of the State of Ohio pursuant to a Declaration of Trust dated September 19, 1985 and is registered under the Investment Company Act of 1940, as amended, as a non-diversified, open-end management investment company. The Trust offers shares of beneficial interest in the Ohio General Municipal Fund ("Ohio General"). Ohio General is managed in accordance with the investment objectives and policies of the Fund. The following is a summary of significant accounting policies followed by the Trusts. The policies are in conformity with generally accepted accounting principles. Security valuations -- Investment securities for LCI, CGST and CTF are valued using the amortized cost method whereby a security is valued at cost adjusted for the amortization of any premiums or discounts over the period until maturity. The cost of portfolio securities is substantially the same for financial reporting and federal income tax purposes. The value of municipal obligations held by Ohio General are furnished by pricing services approved by the Trust's Board of Trustees using methods based on market transactions for comparable securities and other factors which are generally recognized by institutional traders. Short-term portfolio securities are valued using the amortized cost method whereby a security is valued at cost adjusted for the amortization of any premiums or discounts over the period until maturity. Security transactions and related investment income -- Security transactions are accounted for on the trade date (date order to buy or sell is executed). Interest income is determined on the basis of accrued interest and discount earned (including original issue and market discount) and premium amortized. Realized gains and losses, if any, on sales of securities are calculated on the identified cost basis. Repurchase Agreements -- For LCI and CGST, all repurchase agreements are collateralized by United States Government Securities and such collateral is in the possession of the Trusts' custodian. Each Trust evaluates collateral daily. The market value of collateral is noted in the Statement of Net Assets. Unless otherwise noted, the purchase date for all repurchase agreements was January 31, 1996. Federal income taxes -- The Trusts have elected to fulfill the applicable requirements of the Internal Revenue Code relating to regulated investment companies by distributing all income to shareholders and, accordingly, no provision for federal income taxes is required. Distributions paid by Ohio General from net investment income on tax-exempt municipal obligations are not includable by shareholders as gross income for federal income tax purposes because Ohio General has fulfilled certain requirements of the Internal Revenue Code applicable to regulated investment companies which will enable Ohio General to pay exempt-interest distributions. For the year ended July 31, 1995, Ohio General has capital loss carryovers for federal income tax purposes of $659,294. These are scheduled to expire on July 31, 1996, 1997, 1998 and 1999 in the amounts of $92,434, $442,979, $2,240, and $121,641, respectively. Securities purchased on a when-issued basis -- Delivery and payment for securities which have been purchased on a when-issued or delayed delivery basis can take place a month or more after the date of the transaction. The securities so purchased are subject to market fluctuation during this period. The Trusts instruct the custodian to segregate assets in a separate account with a market value equal to the amount of its purchase commitment. At January 31, 1996, there were no when-issued securities. Capital share transactions and distributions to shareholders -- The Money Funds' shares are sold in continuous public offerings and are redeemed at their respective net asset values. LCI and CGST declare and pay dividends each business day to distribute their net investment income and realized net short-term capital gains, if any. CTF declares a dividend each business day and pays the dividend monthly. For LCI and CGST, all such dividends are automatically reinvested in additional shares of the applicable Trust at their respective net asset values. For CTF, the shareholders may elect a cash distribution of dividends or elect automatic reinvestment in additional shares of the Trust at its net asset value. Ohio General shares are sold in a continuous public offering and are redeemed at the net asset value. The Fund declares distributions each business day and pays the distributions monthly. Shareholders may elect to reinvest such distributions at the net asset value on the payment date or receive the distributions in cash. 13 15 NOTES TO FINANCIAL STATEMENTS -- CONTINUED NOTE B -- MANAGEMENT FEE AND DISTRIBUTION FEE Pursuant to the investment advisory contract (the "Advisory Contract") in effect between the Trusts and Carnegie Capital Management Company ("CCMC"), CCMC is responsible for the management of the investments for the Trusts, and the overall management of the business affairs, subject to the general supervision and control of the Board of Trustees. CCMC performs and bears the cost of research, statistical analysis and continuous supervision of the investment portfolios of the Trusts and furnishes office facilities and certain clerical and administrative services. In addition, CCMC, together with Carnegie Fund Distributors, Inc. ("CFD"), the Fund's principal underwriter and a wholly-owned subsidiary of CCMC, bears promotional expenses, including costs of printing and distributing prospectuses utilized for promotional purposes, other than those waived under the Distribution Expense Plan described below. LCI compensates CCMC with a management fee at an annual rate of .50% of LCI's average daily net assets up to $700 million, .45% of the next $500 million, .40% of the next $800 million and .35% of the average daily net assets exceeding $2.0 billion. For the six months ended January 31, 1996, LCI had $92,811 payable to CCMC for management fees, and for the six months then ended CCMC earned management fees of $591,942. CGST compensates CCMC with a management fee at an annual rate of .50% of CGST's average daily net assets up to $100 million, .40% of the next $200 million and .35% of average daily net assets in excess of $300 million. For the six months ended January 31, 1996, CGST had $5,654 payable to CCMC for management fees, and for the six months then ended CCMC earned management fees of $38,081. CTF compensates CCMC with a management fee at an annual rate of .50% of CTF's average daily net assets. For the six months ended January 31, 1996, CTF had $9,851 payable to CCMC for management fees, and for the six months then ended CCMC earned management fees of $62,469. Ohio General compensates CCMC with a management fee at an annual rate of .50% of Ohio General's average daily net assets. For the six months ended January 31, 1996, Ohio General had $5,403 payable to CCMC for management fees, and for the six months then ended CCMC earned management fees of $29,084. In addition, in the event that the aggregate operating expenses of the Money Funds and Ohio General (excluding certain expenses and, where permitted by applicable state securities regulations, expenses incurred as part of the Distribution Expense Plan described below) exceed any expense limitations imposed by applicable state securities regulations, CCMC will reimburse 100% of such excess expenses. There were no excess expenses for the six months ended January 31, 1996. The Trustees have adopted a Distribution Expense Plan pursuant to Rule 12b-1 under the 1940 Act with respect to Ohio General. Pursuant to the Distribution Expense Plan, Ohio General will pay to CFD quarterly a Distribution Fee at the annual rate of .30 of 1% of the average daily net assets. If actual Distribution Expenses incurred for the year are less than the yearly Distribution Fee, as calculated above, the Ohio General will pay an amount equal to such Distribution Expenses. CFD is required to use .20 of 1% of such fee to make continuing payments to authorized securities dealers for their continuing distribution and promotional assistance in connection with the sale of the shares of Ohio General. The remaining portion of the Distribution Fee must be utilized by CFD for expenses incurred which are primarily intended to result in the sale of shares including, but not limited to, paying for the preparation, printing and distribution of sales literature and other promotional materials to existing and prospective investors and by directly or indirectly purchasing radio, television, newspaper and other media advertising and conducting sales seminars, sales contests, and other incentives. Distribution fees in the amount of $330 for the six months ended January 31, 1996 were waived for the Ohio General Municipal Fund. For the six months ended January 31, 1996, CFD received sales charges paid by the purchasers of Ohio General's shares of $2,176. Such sales charges are not expenses of Ohio General and hence are not reflected in the accompanying Statements of Operations. CCMC, CFD and the Trusts have certain officers in common. LCI compensates independent trustees with a quarterly fee of $1,500. CGST, CTF and Ohio General compensate trustees with a quarterly fee of $500. 14 16 NOTES TO FINANCIAL STATEMENTS -- CONTINUED NOTE C -- CAPITAL SHARES Transactions in capital shares were as follows:
SIX MONTHS ENDED JANUARY 31, YEAR ENDED 1996 JULY 31, 1995 -------------- -------------- LCI Shares sold................................................... 243,232,710 581,045,745 Shares issued on reinvestment of distributions................ 5,789,620 12,656,143 -------------- -------------- 249,022,330 593,701,888 Shares redeemed............................................... (274,418,531) (636,266,272) -------------- -------------- Net decrease in capital shares................................ (25,396,201) (42,564,384) =============== =============== CGST Shares sold................................................... 28,781,902 64,575,987 Shares issued on reinvestment of distributions................ 353,293 686,538 -------------- -------------- 29,135,195 65,262,525 Shares redeemed............................................... (30,067,508) (68,916,368) -------------- -------------- Net decrease in capital shares................................ (932,313) (3,653,843) =============== =============== CTF Shares sold................................................... 27,344,040 73,012,254 Shares issued on reinvestment of distributions................ 382,200 810,380 -------------- -------------- 27,726,240 73,822,634 Shares redeemed............................................... (31,776,324) (77,847,489) -------------- -------------- Net decrease in capital shares................................ (4,050,084) (4,024,855) =============== =============== Ohio General Shares sold................................................... 203,494 74,725 Shares issued on reinvestment of distributions from net investment income........................................... 21,824 48,762 -------------- -------------- 225,318 123,487 Shares redeemed................................................. (122,606) (235,935) -------------- -------------- Net increase/(decrease) in capital shares....................... 102,712 (112,448) =============== ===============
NOTE D -- PURCHASES AND SALES OF INVESTMENT SECURITIES -- OHIO GENERAL MUNICIPAL FUND Purchases of investment securities and value of securities maturing or sold excluding short-term securities during the six months ended January 31, 1996 amounted to $3,162,115 and $1,984,375, respectively. For Federal income tax purposes, the identified cost of securities owned on January 31, 1996 was $11,751,776. Aggregate unrealized appreciation on the cost basis of investments was $733,541 and aggregate unrealized depreciation was $9,860. Net realized appreciation at January 31, 1996 was $723,681. NOTE E -- NET ASSETS Net Assets, as of January 31, 1996, are comprised of the following:
LCI CGST CTF ------------ ----------- ----------- Capital shares, at par.......................................... $ 22,198,968 $ 1,349,256 $ 2,356,582 Capital shares in excess of par................................. 199,790,715 12,143,307 21,209,239 ------------ ----------- ----------- Net Assets.............................................. $221,989,683 $13,492,563 $23,565,821 ============= ============ ============
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