FORM N-CSR
CERTIFIED SHAREHOLDERS REPORT OF REGISTERED MANAGEMENT INESTMENT COMPANIES
Investment Company Act file number 811-08465
Exact name of registrant as specified in charter CAMCO Investors Fund
Address of principal executive offices 30 East Main St.
Berryville VA 22611
Name and address of agent for service Dennis M. Connor
30 East Main St.
Berryville VA 22611
Registrants telephone number, including area code 703-709-7008
Date of fiscal year end: 12/31/03
Date of reporting period: 01/01/03 to 06/30/03
Item 1. Report to Shareholders.
CAMCO Investors Fund
30 East Main St.
Berryville VA 22611
June 30, 2003
Dear Shareholder:
Your Fund started 2003 at $9.82 per share. Results show that our net asset
value per share advanced to $$9.86 representing an increase in value of 0.4% so
far this year as compared to the Dow Jones Industrial Average that has advanced
7.7%.
Management has closed the Fund to new investors until the state of domicile is
has been successfully switched from Pennsylvania to Maryland and the search for
a facility to handle back room services has been completed. All expences to
date have been paid by the Investment Adviser who has also waived all Advisory
fees.
Financial figures for the half year ended June 30, 2003 are attached.
Respectfully submitted,
Bernard B. Klawans
Agent
THE CAMCO INVESTORS FUND
PORTFOLIO OF INVESTMENTS - IN SECURITIES, JUNE 30, 2003
The Fund holds no securities at this time.
The accompaning notes are an integral part of this unaudeted financial statement
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CAMCO INVESTORS FUND
STATEMENT OF ASSETS & LIABILITIES - June 30, 2003
ASSETS:
Cash and cash equivalents $ 37,129
___________
Total Assets $ 37,129
___________
LIABILITIES:
Total Liabilities 0
___________
NET ASSETS: $ 37,129
___________
COMPOSITION OF NET ASSETS: Common stock $ 4
Paid in capital 367,644
Accumulated net realized loss on investments (330,519)
Net unrealized depreciation of securities 0
___________
NET ASSETS: (equivalent to $9.86 per share based on 3,764
shares outstading) (Note 5) $ 37,129
===========
STATEMENT OF OPERATIONS - SIX MONTHS ENDED JUNE 30, 2003
INVESTMENT INCOME: Interest $ 205
Dividends 0
Miscellaneous 12
___________
Total investment income 217
EXPENSES:
Investment advisory fee (Note 2) 0
___________
Total expenses 0
__________
NET INVESTMENT INCOME: $ 217
___________
REALIZED GAIN OR (LOSS) FROM INVESTMENTS:
Net realized gain on investment securities 0
Net decrease in unrealized depreciation on investment securities 0
__________
NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS: 0
__________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS: $ 217
==========
The accompanying notes are integral parts of this unaudited financial statement
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THE CAMCO INVESTORS FUND
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 2003 & YEAR ENDED 2002
06/30/03 12/31/02
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Investment income - net $ 217 $ (122)
Net realized gain (loss) from investment transactions 0 (251,457)
Unrealized appreciation (depreciation) of investments 0 215,400
__________ __________
Net inc. (decrease) in net assets from operations 217 (36,179
Distributions to shareholders 0 0
Share transactions (Note 6) (12,486) (3,183,313)
__________ __________
TOTAL INCREASE (DECREASE) IN NET ASSETS (12,269) (3,219,492)
NET ASSETS
Beginning of period 49,398 3,268,890
__________ __________
End of period $ 37,129 $ 49,398
========== ==========
NOTES TO FINANCIAL STATEMENTS - JUNE 30, 2003
1. ORGANIZATION - The CAMCO Invetors Fund (the "Fund") is a non-diversified
open-end management investment company registered under the Investment Company
Act of 1940, as amended. The Fund's investment objective is to provide apprec-
iation through investment in common stocks and securities convertible into com-
mon stocks.
2. SIGNIFICANT ACCOUNTING POLICIES - Security Valuation: Securities are valued
at the last reported sales price or in the case of securities where there is no
reported last sale, the closing bid price. Securities that have no readily
available market quotations are priced at their fair value as determined in good
faith by or under the supervision of the Company's Board of Directors in accord-
ance with methods that have been authorized by the Board. Short-term invest-
ments with maturities of 60 days or less are valued at amortized cost that ap-
proximates market value.
Securities Transactions and Investment Income: Security transactions are re-
corded on the dates the transactions are entered into (the trade dates). Rea-
lized gains and losses on security transactions are determined on the identified
cost basis. Dividend income is recorded on the ex-dividend date. Interest in-
come is determined on the accrual basis. Discount on fixed income secur-
ities is amortized.
Dividends and Distributions to Shareholders: The Fund records all dividends and
distributions payable to shareholders on the ex-dividend date. Permanent book
and tax differences relating to shareholder distributions may result in reclass-
ifications to paid in capital and may affect the per-share allocation between
net investment income and realized and unrealized gain/loss. Undistributed net
investment income and accumulated undistributed net realized gain/loss on in-
vestment transactions may include temporary book and tax differences which
reverse in subsequent periods. Any taxable income or gain remaining at fiscal
year end is distributed in the following year.
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THE CAMCO INVESTORS FUND
NOTES TO FINANCIAL STATEMENTS (Continued) - JUNE 30, 2003
2. SIGNIFICANT ACCOUNTING POLICIES (continued) - Federal Income Taxes: It is
the Fund's intention to qualify as a regulated investment company and distribute
all of its taxable income. The Fund has complied to date with the provisions of
the Internal Revenue Code applicable to investment companies and accordingly, no
provision for Federal income taxes is required in these financial statements.
Use of Estimates: The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of increases and decreases in net assets
from operations during the reporting period. Actual results may differ from
those estimates.
3. MANAGEMENT FEE AND TRANSACTIONS WITH AFFILIATES - Under the terms of the
investment management agreement, Cornerstone Management Corp. (the "Manager")
will receive a fee, payable monthly, for providing security investment advice at
an anual rate of 1% based on the average daily net assets of the Fund. The Man-
ager will receive a fee, payable monthly, for the performances of its services
at an annual rate of 1% based on the average daily assets of the Fund. The fee
is normally accrued daily and paid monthly. All these fees were waived for the
six months ended June 30, 2003. The Manager provided transfer agency, portfolio
pricing, administration, accounting, financial reporting, tax accounting, and
compliance services to the Fund at no charge over this period. Mr. Dennis M.
Coner is a Director and officer of the Manager and is a Director and President
of the Fund.
4. INVESTMENT TRANSACTIONS - There were no purchases and sales of investment
securities for the six months ended June 30, 2003. At the end of this period,
there was no net unrealized appreciation or depreciation of securities for
Federal income tax purposes. All Fund assets were held in a Commerce Bank
checking account.
5. CARRYOVERS - At June 30, 2003, the Fund had a net capital loss carryforward
of $330,737 that expires in 2010.
6. CAPITAL SHARE TRANSACTIONS - As of June 30, 2003, there were 100,000,000
shares of $.001 per value capital stock authorized. The par value and paid-in
capital totaled $367,648. Transactions in capital stock were as follows for
the six months ended June 30, 2003 and the twelve months ended December 31 2002:
June 30, 2003 December 31, 2002
Shares Amoun Shares Amount
----------------- ---------------------
Shares sold 3,754 $ 37,029 20,926 $ 203,400
Shares issued in dividend reinvestment 0 0 0
Shares redeemed ( 5,020) ( 49,515) (348,601) (3,386,713)
_________________ ______________________
Net increase (decrease) ( 1,266) $ 12,486) (327,675) $(3,183,313)
===========================================
7. DISTRIBUTIONS TO SHAREHOLDERS - There was no distribution to shareholders in
2002 because there was no net investment income.
This is an unaudited report
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Item 10. Exhibits.
A. Code of Ethics.
B. Certification.