-----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, CsfG9C4CPuaBFgcKmyde8tkr+Oc7ajWkvDH+H5+9j1X0cTm9QnKIUjjXKXvlWMq8 v6LJNWVaVdycqN3Py0gqPA== 0000950152-97-001433.txt : 19970303 0000950152-97-001433.hdr.sgml : 19970303 ACCESSION NUMBER: 0000950152-97-001433 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970131 FILED AS OF DATE: 19970228 SROS: NONE 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: 97547331 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 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: 97547332 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: 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: 97547333 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: 97547334 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 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) CARNEGIE CAPITAL MANAGEMENT COMPANY CARNEGIE FUNDS GROUP -- 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, 1997 - ------------------------------------------------------------------- CARNEGIE CAPITAL MANAGEMENT COMPANY 1100 The Halle Building 1228 Euclid Avenue Cleveland, Ohio 44115-1831 (LOGO) 2 SEMI-ANNUAL MESSAGE FROM THE PRESIDENT: MONEY MARKET SEMI-ANNUAL REPORT 1997 Dear Fellow Shareholders: Much of the investment attention has shifted to the equity side of the mutual fund industry, with the spectacular returns of both 1995 and 1996. The entire industry has seen a dramatic rise in assets under management because of the positive "press" and aforementioned returns. Money market funds have also seen added dollars, partly due to greater public awareness overall, and also because of the continued competitive returns they provide with prudent, short-term, quality investments. We at Carnegie Capital continue to believe that the purpose for which your Funds were created still is more than relevant in today's volatile market environment. In fact, it may be more so now than ever before, with almost 80% of all monies in equity mutual funds having been there less than five years! Money market mutual funds have always provided investors a competitive return with safety -- the price per share on Liquid Capital Income Trust, as well as Carnegie Government Securities Trust, and Carnegie Tax-Free Income Trust has never varied from $1.00 per share. We thank you for your continued confidence in The Carnegie Funds Group, and do hope you will call or write with any comments or suggestions. 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, --------------------------------------------------------------- 1997 1996 1995 1994 1993 ------------ ------------ ------------ ------------ ------------ Net asset value, beginning of period........................... $1.00 $1.00 $1.00 $1.00 $1.00 INCOME FROM INVESTMENT OPERATIONS: Net investment income............ 0.023 0.047 0.047 0.026 0.024 ------------ ------------ ------------ ------------ ------------ Total from Investment Operations..................... 0.023 0.047 0.047 0.026 0.024 LESS DISTRIBUTIONS: Distributions from Net Investment Income......................... (0.023) (0.047) (0.047) (0.026) (0.024) ------------ ------------ ------------ ------------ ------------ Total Distributions.............. (0.023) (0.047) (0.047) (0.026) (0.024) 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).... .96%(2) 0.90% 0.87% 0.88% 0.83% Net investment income as a percentage of average daily net assets(1)...................... 4.52%(2) 4.69% 4.72% 2.62% 2.43% Net Assets at end of period....... $192,969,362 $205,508,605 $247,385,884 $289,950,268 $335,030,422 ============ ============ ============ ============ ============ 1992 ------------ Net asset value, beginning of period........................... $1.00 INCOME FROM INVESTMENT OPERATIONS: Net investment income............ 0.042 ------------ Total from Investment Operations..................... 0.042 LESS DISTRIBUTIONS: Distributions from Net Investment Income......................... (0.042) ------------ Total Distributions.............. (0.042) Net Asset Value, End of Period $1.00 ============ RATIOS/SUPPLEMENTAL INFORMATION Expenses as a percentage of average daily net assets(1).... 0.77% Net investment income as a percentage of average daily net assets(1)...................... 4.25% Net Assets at end of period....... $431,773,459 ============
(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, --------------------------------------------------------------------------- 1997 1996 1995 1994 1993 1992 ----------- ----------- ----------- ----------- ----------- ----------- 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............... 0.021 0.045 0.044 0.024 0.022 0.040 ----------- ----------- ----------- ----------- ----------- ----------- Total from Investment Operations.... 0.021 0.045 0.044 0.024 0.022 0.040 LESS DISTRIBUTIONS: Distributions from Net Investment Income............................ (0.021) (0.045) (0.044) (0.024) (0.022) (0.040) ----------- ----------- ----------- ----------- ----------- ----------- Total Distributions................. (0.021) (0.045) (0.044) (0.024) (0.022) (0.040) 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)............... 1.14%(2) 1.03% 1.06% 0.98% 0.87% 0.79% Net investment income as a percentage of average daily net assets(1)......................... 4.28%(2) 4.50% 4.38% 2.37% 2.25% 4.05% Net Assets at end of period.......... $12,500,723 $12,737,746 $14,424,876 $18,078,719 $25,364,240 $34,687,846 =========== =========== =========== =========== =========== ===========
(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, ----------------------------------------------------------- 1997 1996 1995 1994 1993 ------------- ----------- ----------- ----------- ----------- Net asset value, beginning of period....... $1.00 $1.00 $1.00 $1.00 $1.00 INCOME FROM INVESTMENT OPERATIONS: Net investment income..................... 0.014 0.029 0.029 0.018 0.019 ------------- ----------- ----------- ----------- ----------- Total from Investment Operations.......... 0.014 0.029 0.029 0.018 0.019 LESS DISTRIBUTIONS: Distributions from Net Investment Income.................................. (0.014) (0.029) (0.029) (0.018) (0.019) ------------- ----------- ----------- ----------- ----------- Total Distributions....................... (0.014) (0.029) (0.029) (0.018) (0.019) 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)........................... 0.82%(2) 0.80% 0.82% 0.77% 0.76% Net investment income as a percentage of average daily net assets(1)............. 2.76%(2) 2.92% 2.86% 1.77% 1.88% Net Assets at end of period................ $22,846,635 $25,266,098 $27,615,905 $31,640,760 $40,646,525 ============ ========== ========== ========== ========== 1992 ------------ Net asset value, beginning of period....... $1.00 INCOME FROM INVESTMENT OPERATIONS: Net investment income..................... 0.036 ------------ Total from Investment Operations.......... 0.036 LESS DISTRIBUTIONS: Distributions from Net Investment Income.................................. (0.036) ------------ Total Distributions....................... (0.036) Net Asset Value, End of Period............. $1.00 =========== RATIOS/SUPPLEMENTAL INFORMATION Expenses as a percentage of average daily net assets(1)........................... 0.69% Net investment income as a percentage of average daily net assets(1)............. 3.58% Net Assets at end of period................ $56,180,652 ===========
(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, ----------------------------------------------------------- 1997 1996 1995 1994 1993 ------------- ----------- ----------- ----------- ----------- Net asset value, beginning of period....... $9.41 $9.46 $9.50 $9.87 $9.79 INCOME FROM INVESTMENT OPERATIONS: Net investment income(2).................. 0.244 0.514 0.556 0.549 0.559 Net realized and unrealized gains/(losses) on securities........................... 0.070....... (0.050) (0.040) (0.370) 0.080 ------------- ----------- ----------- ----------- ----------- Total from investment operations.......... 0.314....... 0.464 0.516 0.179 0.639 LESS DISTRIBUTIONS: Distributions from net investment income.................................. (0.244) (0.514) (0.556) (0.549) (0.559) ------------- ----------- ----------- ----------- ----------- Total distributions....................... (0.244) (0.514) (0.556) (0.549) (0.559) Net Asset Value, End of Period............. $9.48 $9.41 $9.46 $9.50 $9.87 ============ ========== ========== ========== ========== ANNUAL TOTAL RETURN........................ 2.50% 4.98% 5.50% 1.82% 6.77% ============ ========== ========== ========== ========== RATIOS/SUPPLEMENTAL INFORMATION Net assets at end of period............... $10,723,185 $11,655,988 $11,448,521 $12,574,835 $18,669,199 Expenses as a percentage of average daily net assets(1)(2)........................ 0.91%(3) 0.88% 0.97% 0.93% 0.81% Net investment income as a percentage of average daily net assets(1)............. 5.15%(3) 5.41% 5.95% 5.68% 5.81% Portfolio Turnover rate................... 0% 23.45% 8.77% 10.04% 4.98% 1992 ----------- Net asset value, beginning of period....... $9.26 INCOME FROM INVESTMENT OPERATIONS: Net investment income(2).................. 0.571 Net realized and unrealized gains/(losses) on securities........................... 0.530 ----------- Total from investment operations.......... 1.101 LESS DISTRIBUTIONS: Distributions from net investment income.................................. (0.571) ----------- Total distributions....................... (0.571) Net Asset Value, End of Period............. $9.79 ========== ANNUAL TOTAL RETURN........................ 12.32% ========== RATIOS/SUPPLEMENTAL INFORMATION Net assets at end of period............... $28,011,143 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)............. 6.10% Portfolio Turnover rate................... 11.40%
(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 $.232 for the six months ended January 31, 1997, $.483, $528, $.520, $.530, and $.543 for the years ended July 31, 1996, 1995, 1994, 1993 and 1992, 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 1.21% for the six months ended January 31, 1997, 1.18%, 1.27%, 1.23%, 1.11%, and 1.06% for the same periods, respectively. (3) Annualized basis. 3 5 LIQUID CAPITAL INCOME TRUST STATEMENT OF NET ASSETS JANUARY 31, 1997 (UNAUDITED)
PRINCIPAL MATURITY DATES VALUE AMOUNT (1997) (NOTE A) - ------------ --------------- -------------- CERTIFICATES OF DEPOSIT -- 4.9% $ 9,500,000 First Deposit National Bank, 5.50%........................................ 5/9 $ 9,500,000 ------------ TOTAL CERTIFICATES OF DEPOSIT (Cost $9,500,000)........................... 9,500,000 ------------ COMMERCIAL PAPER+ -- 36.4% 10,000,000 Dean Witter Company, 5.32%................................................ 2/14 9,983,744 9,500,000 Ford Motor Credit Company, 5.25%.......................................... 2/6 9,495,844 6,200,000 Harley-Davidson Dealer Funding Corp., 5.35................................ 3/14 6,164,066 3,900,000 Industrial Funding Corp., 5.45%........................................... 4/15 3,858,080 5,500,000 Industrial Funding Corp., 5.43%........................................... 4/25 5,432,804 5,270,000 Metropolitan Washington Airport Authority, 5.48%.......................... 2/25 5,317,843 1,755,000 Metropolitan Washington Airport Authority, 5.48%.......................... 2/25 1,770,932 9,000,000 National City Corp., 5.38%................................................ 2/3 9,000,000 9,500,000 Philip Morris Companies, 5.27%............................................ 2/24 9,470,795 9,900,000 Republic National Bank of New York, 5.30%................................. 4/10 9,803,805 ------------ TOTAL COMMERCIAL PAPER (Cost $70,297,913)................................. 70,297,913 ------------ LETTERS OF CREDIT -- 10.0% 10,000,000 AES Barbers Point Inc., 5.32%............................................. 2/14 9,983,745 9,500,000 First National Bank of Chicago, Commonwealth Fuel, 5.34%.................. 4/25 9,385,858 ------------ TOTAL LETTERS OF CREDIT (Cost $19,369,603)................................ 19,369,603 ------------ U.S. GOVERNMENT INTEREST BEARING AND AGENCIES -- 25.9% 10,000,000 Federal Home Loan Mortgage Corp., 5.22%................................... 2/13 9,985,500 10,000,000 Federal Home Loan Mortgage Corp., 5.22%................................... 2/17 9,976,800 15,000,000 Federal National Mortgage Association, 5.23%.............................. 2/14 14,976,029 15,000,000 Federal National Mortgage Association, 5.23%.............................. 2/18 14,967,312 ------------ TOTAL U.S. GOVERNMENT INTEREST BEARING AND AGENCIES (Cost $49,905,641)........................................................ 49,905,641 ------------ REPURCHASE AGREEMENTS -- 22.7% 45,130,000 Merrill Lynch Government Securities, Inc., 5.45%; Collateralized by $45,130,000 Federal National Mortgage Association, 5.45% due 4/10/97 (repurchase proceeds $43,819,892)......................................... 2/3 43,800,000 ------------ TOTAL INVESTMENTS -- 99.9% (Cost $192,873,157)............................ 192,873,157 OTHER ASSETS LESS LIABILITIES -- .1%...................................... 96,205 ------------ NET ASSETS -- 100.0% -- equivalent to $1.00 per share for 192,969,362 outstanding Capital Shares in the Trust, $.10 par value (unlimited number of shares authorized) -- NOTE E........................................... $ 192,969,362 ============
+ At January 31, 1997, 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, 1997 (UNAUDITED) INTEREST INCOME............................................. $ 5,471,931 EXPENSES -- NOTE B Management fees........................................... $ 509,230 Custodian and transfer agent fees......................... 285,224 Printing.................................................. 50,406 Postage................................................... 46,500 Registration and filing fees.............................. 18,600 Trustees' fees............................................ 12,000 Professional fees......................................... 11,346 Insurance expense......................................... 9,852 Miscellaneous............................................. 11,250 954,408 ---------- ----------- INVESTMENT INCOME -- NET.................................... $ 4,517,523 ===========
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED YEAR ENDED JANUARY 31, JULY 31, 1997 1996 ------------ ------------ INCREASE (DECREASE) IN NET ASSETS -- NOTE E Operations: Investment income -- net................................ $ 4,517,523 $ 10,711,291 Distributions to shareholders from net investment income....................................... (4,517,523) (10,711,291) Capital share transactions -- net......................... (12,539,243) (41,877,279) ------------ ------------ Total decrease in net assets....................... (12,539,243) (41,877,279) NET ASSETS Beginning of period....................................... 205,508,605 247,385,884 ------------ ------------ End of period............................................. $192,969,362 $205,508,605 ============ ============
See Notes to Financial Statements. 5 7 CARNEGIE GOVERNMENT SECURITIES TRUST STATEMENT OF NET ASSETS JANUARY 31, 1997 (UNAUDITED)
PRINCIPAL MATURITY VALUE AMOUNT DATES (1997) (NOTE A) - ---------- ------------ ----------- U.S. GOVERNMENT AGENCIES -- 79.8% $2,000,000 Federal Home Loan Mortgage Corp., 5.22%............... 2/13 1,997,100 4,000,000 Federal Home Loan Mortgage Corp., 5.22%............... 2/19 3,990,720 1,000,000 Federal National Mortgage Association, 5.22%.......... 2/21 997,390 3,000,000 Federal National Mortgage Association, 5.23%.......... 2/18 2,993,462 ----------- TOTAL U.S. GOVERNMENT AGENCIES (Cost $9,978,672)................................... 9,978,672 ----------- REPURCHASE AGREEMENTS -- 20.3% 2,610,000 Merrill Lynch Government Securities, Inc., 5.70%; Collateralized by $2,610,000 Federal National Mort- gage Association, 5.45% due 2/3/1997 (repurchase proceeds $2,531,149).................... 2/3 2,530,000 ----------- TOTAL INVESTMENTS -- 100.1% (Cost $12,508,672).................................. 12,508,672 OTHER ASSETS LESS LIABILITIES -- (.1%)................ (7,949) ----------- NET ASSETS -- 100.0% -- equivalent to $1.00 per share for 12,500,723 outstanding Capital Shares in the Trust, $.10 par value (unlimited number of shares authorized) -- NOTE E............................... $12,500,723 ============
See Notes to Financial Statements. 6 8 CARNEGIE GOVERNMENT SECURITIES TRUST STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JANUARY 31, 1997 (UNAUDITED) INTEREST INCOME............................................. $324,225 EXPENSES -- NOTE B Management fees........................................... $ 30,482 Custodian and transfer agent fees......................... 14,238 Registration and filing fees.............................. 7,825 Professional fees......................................... 4,785 Trustees' fees............................................ 4,000 Printing.................................................. 3,776 Postage................................................... 1,344 Insurance expense......................................... 701 Miscellaneous............................................. 1,242 68,393 -------- -------- INVESTMENT INCOME -- NET.................................... $255,832 ========
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED YEAR ENDED JANUARY 31, JULY 31, 1997 1996 ----------- ----------- INCREASE (DECREASE) IN NET ASSETS -- NOTE E Operations: Investment income -- net................................ $ 255,832 $ 637,972 Distributions to shareholders from net investment income....................................... (255,832) (637,972) Capital share transactions -- net......................... (237,023) (1,687,130) ----------- ----------- Total decrease in net assets....................... (237,023) (1,687,130) NET ASSETS Beginning of period....................................... 12,737,746 14,424,876 ----------- ----------- End of period............................................. $12,500,723 $12,737,746 =========== ===========
See Notes to Financial Statements. 7 9 CARNEGIE TAX FREE INCOME TRUST STATEMENT OF NET ASSETS+ JANUARY 31, 1997 (UNAUDITED)
PRINCIPAL VALUE AMOUNT RATING* (NOTE A) - ---------- -------- ---------------- MUNICIPAL SECURITIES -- 99.4% ALABAMA -- 6.1% $ 200,000 Alabama Special Care Facility Variable Rate Demand Revenue Bonds 3.50%, 2/7/97................................................................. Aaa $ 200,000 1,200,000 Birmingham Baptist Medical Center Variable Rate Demand Revenue Bonds 3.55%, 2/7/97.......................................................... Aa3 1,200,000 ARIZONA -- 6.6% 1,000,000 Arizona Health Facilities Authority Variable Rate Demand Revenue Bonds 3.55%, 2/7/97.......................................................... Aaa 1,000,000 500,000 Pima County Variable Rate Demand Industrial Development Revenue Bonds 3.50%, 2/7/97.......................................................... NR 500,000 CALIFORNIA -- 3.9% 900,000 Los Angeles Regional Airports Variable Rate Demand Revenue Bonds 3.65%, 2/7/97................................................................. Aa2 900,000 DELAWARE -- 1.8% 400,000 Wilmington Hospital Franciscan Health System Variable Rate Demand Revenue Bonds 3.65%, 2/3/97............................................ Aa2 400,000 HAWAII -- 4.4% 1,000,000.. Hawaii Housing Finance Variable Rate Demand Revenue Bonds 3.60%, 2/7/97................................................................. A1 1,000,000 ILLINOIS -- 12.7% 900,000 Illinois Health Facilities SSM Health Care Variable Rate Demand Revenue Bonds 3.50%, 2/7/97.................................................... Aaa 900,000 1,000,000 Illinois Health Facilities Swedish Covenant Variable Rate Demand Revenue Bonds 3.50%, 2/7/97............................................ Aaa 1,000,000 1,000,000 Saint Charles Industrial Development Pier 1 Imports Variable Rate Demand Revenue Bonds 3.55%, 2/7/97..................................... AA 1,000,000 KENTUCKY -- 4.8% 1,100,000 Appalachian Regional Health Care Development Finance Authority Variable Rate Demand Revenue Bonds 3.50%, 2/7/97................................ Aa2 1,100,000 LOUISIANA -- 4.4% 1,000,000 Delhi Louisiana Industrial Development Variable Rate Demand Revenue Bonds 3.55%, 2/7/97.................................................... A1 1,000,000 MARYLAND -- 4.4% 1,000,000 Montgomery County Housing Oppnty. Variable Rate Demand Revenue Bonds 3.55%, 2/7/97.......................................................... Aa 1,000,000 MASSACHUSETTS -- 8.8% 100,000 Massachusetts State Updates Variable Rate Demand Revenue Bonds 3.50%, 2/7/97................................................................. Aa2 100,000 1,000,000 Massachusetts State Health & Educational Facility Authority Variable Rate Demand Revenue Bonds 3.50%, 2/7/97................................ Aa3 1,000,000 900,000 Massachusetts State Industrial Finance Agency Variable Rate Demand Revenue Bonds 3.35%, 2/7/97............................................ Aaa 900,000 MICHIGAN -- 4.4% 1,000,000 Michigan State Hospital Finance Authority Variable Rate Demand Revenue Bonds 3.60%, 2/7/97.................................................... A1 1,000,000 NEW YORK -- 3.9% 900,000 New York State Medical Care Facilities Variable Rate Demand Revenue Bonds 3.45%, 2/7/97.................................................... Aa3 900,000
See Notes to Financial Statements. 8 10 CARNEGIE TAX FREE INCOME TRUST STATEMENT OF NET ASSETS+ -- CONTINUED JANUARY 31, 1997 (UNAUDITED)
PRINCIPAL VALUE AMOUNT RATING* (NOTE A) - ---------- -------- ---------------- OHIO -- 13.1% $ 200,000 Muskingum County Variable Rate Demand Industrial Development Revenue Bonds 3.95%, 3/1/97.................................................... Aa2 $ 200,000 1,000,000 Ohio State Environmental Improvement Variable Rate Demand Revenue Bonds 3.85%, 3/1/97.......................................................... A1 1,000,000 1,000,000 Franklin County Bond Anticipation Notes 3.90%, 8/1/97.................. MIG-1 1,000,840 800,000 Hamilton County Health System Variable Note Demand Revenue Bonds 3.75%, 2/3/97................................................................. A1 800,000 OREGON -- 3.9% 400,000 Port of Portland Pollution Control Variable Rate Demand Revenue Bonds 3.65%, 2/3/97.......................................................... Aa3 400,000 500,000 Umatilla County Hospital Facilities Variable Rate Demand Revenue Bonds 3.65%, 2/3/97.......................................................... Aa2 500,000 TENNESSEE -- 3.5% 800,000 Metropolitan Nashville Airport Authority Variable Rate Demand Revenue Bonds 3.65%, 2/3/97.................................................... AA 800,000 TEXAS -- 7.4% 500,000 Bexar County Housing Finance Variable Rate Demand Revenue Bonds 3.65%,2/7/97........................................................... AA+ 500,000 700,000 Lone Star Texas Airport Variable Rate Demand Revenue Bonds 3.65%, 2/3/97................................................................. VMIG-1 700,000 500,000 Lower Neches Valley Authority Variable Rate Demand Revenue Bonds 3.50%, 2/7/97................................................................. Aa2 500,000 VIRGINIA -- 1.8% 400,000 Fairfax County Industrial Development Authority Variable Rate Demand Revenue Bonds 3.55%, 2/7/97............................................ Aa 400,000 WISCONSIN -- 3.5% 800,000 Wisconsin Health Facilities Variable Rate Demand Revenue Bonds 3.50%, 2/7/97................................................................. Aaa 800,000 ---------------- TOTAL INVESTMENTS -- 99.4% (Cost $22,700,840).......................... 22,700,840 OTHER ASSETS LESS LIABILITIES -- .6%................................... 145,795 ---------------- NET ASSETS -- 100% -- equivalent to $1.00 per share for 22,846,635 outstanding Capital Shares in the Trust, $.10 par value (unlimited number of shares authorized) -- Note E................................. $ 22,846,635 =================
+ 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, 1997 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, 1997 (UNAUDITED) INTEREST INCOME.................................................. $ 429,061 EXPENSES -- NOTE B Management fees................................................ $ 61,076 Custodian and transfer fees.................................... 10,535 Registration and filing fees................................... 7,350 Professional fees.............................................. 5,580 Trustees' fees................................................. 4,000 Printing....................................................... 2,790 Insurance Expense.............................................. 1,334 Postage........................................................ 1,488 Miscellaneous.................................................. 4,370 98,523 ---------- ---------- INVESTMENT INCOME -- NET......................................... $ 330,538 ==========
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED YEAR ENDED JANUARY 31, JULY 31, 1997 1996 ------------ ------------ INCREASE (DECREASE) IN NET ASSETS -- NOTE E Operations: Investment income -- net..................................... $ 330,538 $ 718,521 Distributions to shareholders from net investment income............................................ (330,538) (718,521) Capital share transactions -- net.............................. (2,419,493) (2,349,807) ------------ ------------ Total decrease in net assets............................ (2,419,463) (2,349,807) NET ASSETS Beginning of period............................................ 25,266,098 27,615,905 ------------ ------------ End of period.................................................. $ 22,846,635 $ 25,266,098 ============ ============
See Notes to Financial Statements. 10 12 CARNEGIE TAX EXEMPT INCOME TRUST OHIO GENERAL MUNICIPAL FUND STATEMENT OF NET ASSETS -- JANUARY 31, 1997 (UNAUDITED)
PRINCIPAL VALUE AMOUNT RATING* (NOTE A) - --------- ---------- ----------- MUNICIPAL BONDS -- 93.4% $ 750,000 Columbus Citation Housing Corp. Revenue Bonds 7.63%, 1/1/2022............................ AA $ 885,894 250,000 Cuyahoga Cnty. Hosp.-Metro Health Sys. Revenue Bonds 6.90%, 2/15/2007.................... AAA 259,649 500,000 Cuyahoga Cnty. Meridia Hlth. Care Sys. Revenue Bonds 7.00%, 8/15/2006.................... A 538,194 500,000 Dublin Ohio City Schl Dist. General Obligation Bonds 6.20%, 12/1/2019.................... AAA 519,731 800,000 Franklin Cnty. Hosp. Revenue Refunding & Improvement Riverside 7.60%, 5/15/2020.......... AAA 892,428 600,000 Franklin Cnty. Riverside Hosp. Revenue Bonds 7.25%, 5/15/2020............................ AAA 662,954 800,000 Hamilton Cnty. General Obligation Bonds 5.10%, 12/1/2013 - 12/1/2014..................... AA 766,605 850,000 Hamilton Cnty. Bethesda Hosp. Revenue Bonds 7.00%, 1/1/2009.............................. A 870,204 450,000 Mahoning Cnty. Sanitary Sewer Sys. Revenue Bonds 7.50%, 2/1/2009......................... AAA 486,909 500,000 Mahoning Cnty. Western Reserve Care Sys. Revenue Bonds 5.38%, 10/15/2015................. AAA 485,600 500,000 Ohio Capital Corp. Housing Revenue Bonds 7.60%, 11/1/2023................................ AAA 530,051 436,000 Ohio Housing Finance Agency Revenue Bonds 7.05% - 7.40%, 9/1/2015 - 9/1/2016............. AAA 452,973 120,000 Ohio State Higher Ed. Oberlin College Revenue Bonds 7.10%, 10/1/2012..................... NR 131,087 500,000 Ohio State Water Dev. Auth. Ref. & Impt. Revenue Bonds 5.50%, 12/1/2018.................. AAA 491,231 250,000 Parma Community Hospital Revenue Bonds 7.13%, 11/15/2013................................. AAA 264,442 500,000 Richland Cnty. General Obligation Bonds 5.40%, 12/1/2015................................. AAA 491,839 150,000 Rural Lorain Water Auth. Ref. & Impt. Revenue Bonds 5.45%, 10/1/2018..................... AAA 146,632 500,000 Stark Cnty. General Obligation Bonds 5.70%, 11/15/2017................................... AAA 504,422 145,000 University Heights B General Obligation Bonds 6.20%, 12/1/2014........................... A 151,741 500,000 Washington Water Sys. Revenue Bonds 5.38%, 12/1/2019..................................... AAA 483,367 ----------- TOTAL MUNICIPAL BONDS -- (COST $9,615,775)............................................... 10,015,953 ----------- SHORT-TERM TAX EXEMPT INVESTMENTS -- 4.7% 300,000 Lone Star Texas Airport Variable Rate Demand Revenue Bonds, 3.65%, 12/01/2014............ A 300,000 200,000 Columbia Alabama Ind'l. Dev. Auth. Variable Rate Demand Revenue Bonds, 3.65%, 10/01/2022............................................................................... NR 200,000 ----------- TOTAL SHORT-TERM TAX EXEMPT INVESTMENTS (COST $500,000).................................. 500,000 ----------- TOTAL INVESTMENTS -- 98.1% (COST $10,115,775)............................................ 10,515,953 OTHER ASSETS LESS LIABILITIES -- 1.9%.................................................... 207,232 ----------- NET ASSETS -- 100%....................................................................... $10,723,185 =========== NET ASSET VALUE PER SHARE................................................................ $ 9.48 =========== SHARES OUTSTANDING (unlimited number of shares authorized; $.10 par value) -- NOTE C................................................................................... 1,130,866 =========== MAXIMUM OFFERING PRICE PER SHARE (net asset value plus 4.71% of net amount invested or 4.5% of the offering price).............................................................. $ 9.93 =========== NET ASSETS, AS OF JANUARY 31, 1997, ARE COMPRISED OF THE FOLLOWING: Aggregate paid in capital................................................................ $10,926,252 Accumulated undistributed net realized losses............................................ (603,245) Unrealized appreciation of investments -- net............................................ 400,178 ----------- $10,723,185 =========== * All ratings are stated as of January 31, 1997 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, 1997 (UNAUDITED) INTEREST INCOME............................................................................................ $ 327,312 ------------ EXPENSES -- NOTE B Management fees............................................................................................ 27,255 Trustee fees............................................................................................... 4,600 Shareholder reporting...................................................................................... 2,760 Transfer agent fees........................................................................................ 2,632 Professional fees.......................................................................................... 2,392 Custodian fees............................................................................................. 1,258 Insurance expense.......................................................................................... 672 Miscellaneous expenses..................................................................................... 7,360 ------------ Total expenses......................................................................................... 48,929 ------------ NET INVESTMENT INCOME...................................................................................... 278,383 ------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS -- NET Realized gain on investments............................................................................... 42,791 Change in unrealized appreciation of investments........................................................... 43,151 ------------ Net gain on investments.................................................................................... 85,942 ------------ NET INCREASE IN NET ASSETS FROM OPERATIONS................................................................. $ 364,325 ============
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED YEAR ENDED JANUARY 31, 1997 JULY 31, 1996 ---------------- ------------- INCREASE (DECREASE) IN NET ASSETS OPERATIONS Net investment income...................................................... $ 278,383 $ 636,768 Realized gain/(loss) on investments -- net................................. 42,791 13,258 Change in unrealized appreciation of investments -- net.................... 43,151 (96,894) ---------------- ------------- Net increase in net assets from operations................................. 364,325 553,132 ---------------- ------------- DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME -- NOTE A......... (278,383) (636,768) CAPITAL SHARE TRANSACTIONS -- NOTE C Shares sold................................................................ 477,157 2,185,962 Shares issued on reinvestment of distributions............................. 184,869 428,112 ---------------- ------------- 662,026 2,614,074 Shares redeemed............................................................ (1,680,771) (2,322,971) ---------------- ------------- Net increase/(decrease) from capital shares transactions................... (1,018,745) 291,103 ---------------- ------------- Total increase/(decrease) in net assets........................... (932,803) 207,467 NET ASSETS Beginning of period........................................................ 11,655,988 11,448,521 ---------------- ------------- End of period.............................................................. $ 10,723,185 $ 11,655,988 ============ ===========
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, 1997. 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, 1996, Ohio General had capital loss carryovers for federal income tax purposes of $387,830. If unused, such amount will expire on July 31, 1999. 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, 1997, 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, 1997, LCI had $85,776 payable to CCMC for management fees, and for the six months then ended CCMC earned management fees of $509,230. 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, 1997, CGST had $5,185 payable to CCMC for management fees, and for the six months then ended CCMC earned management fees of $30,482. 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, 1997, CTF had $10,132 payable to CCMC for management fees, and for the six months then ended CCMC earned management fees of $61,076. 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, 1997, Ohio General had $4,435 payable to CCMC for management fees, and for the six months then ended CCMC earned management fees of $27,255. 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, 1997. 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 $32,410 for the six months ended January 31, 1997 were waived for the Ohio General Municipal Fund. For the six months ended January 31, 1997, CFD received sales charges paid by the purchasers of Ohio General's shares of $3,827. 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 1997 JULY 31, 1996 -------------- -------------- LCI Shares sold................................................... 199,233,207 523,164,749 Shares issued on reinvestment of distributions................ 4,517,523 10,711,291 -------------- -------------- 203,750,730 533,876,040 Shares redeemed............................................... (216,289,973) (575,753,319) -------------- -------------- Net decrease in capital shares................................ (12,539,243) (41,877,279) =============== =============== CGST Shares sold................................................... 9,259,926 46,242,801 Shares issued on reinvestment of distributions................ 255,832 637,972 -------------- -------------- 9,515,758 46,880,773 Shares redeemed............................................... (9,752,781) (48,567,903) -------------- -------------- Net decrease in capital shares................................ (237,023) (1,687,130) =============== =============== CTF Shares sold................................................... 19,032,287 53,251,073 Shares issued on reinvestment of distributions................ 330,538 718,521 -------------- -------------- 19,362,825 53,969,594 Shares redeemed............................................... (21,782,288) (56,319,401) -------------- -------------- Net decrease in capital shares................................ (2,419,463) (2,349,807) =============== =============== Ohio General Shares sold................................................... 50,411 226,209 Shares issued on reinvestment of distributions from net investment income........................................... 19,508 47,504 -------------- -------------- 69,919 273,713 Shares redeemed................................................. (177,504) (245,855) -------------- -------------- Net increase/(decrease) in capital shares....................... (107,585) 27,858 =============== ===============
NOTE D -- PURCHASES AND SALES OF INVESTMENT SECURITIES -- OHIO GENERAL MUNICIPAL FUND The value of securities sold during the six months period ended January 31, 1997 amounted to $1,067,750. Excluding short-term securities, there were no purchases of investment securities during the same period. For Federal income tax purposes, the identified cost of securities owned on January 31, 1997 was $10,115,775. Aggregate unrealized appreciation on the cost basis of investments was $477,368 and aggregate unrealized depreciation was $77,190. Net realized appreciation at January 31, 1997 was $400,178. NOTE E -- NET ASSETS Net Assets, as of January 31, 1997, are comprised of the following:
LCI CGST CTF ------------ ----------- ----------- Capital shares, at par.......................................... $ 22,198,968 $ 1,273,775 $ 2,284,664 Capital shares in excess of par................................. 199,790,715 11,463,971 20,561,971 ------------ ----------- ----------- Net Assets.............................................. $221,989,683 $12,737,746 $22,846,635 ============= ============ ============
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