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001 A000000 LENED, INC.
001 B000000 811-03273
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002 A000000 15 W. 53RD STREET C/O JOSEPH FLUSFEDER
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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SIGNATURE MR. JOSEPH FLUSFEDER
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM YEAR ENDED SEPTEMBER 30, 1995 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1994
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 1666269<F1>
<INVESTMENTS-AT-VALUE> 1737398<F2>
<RECEIVABLES> 0
<ASSETS-OTHER> 174315
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1911713
<PAYABLE-FOR-SECURITIES> 110724<F3>
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8155
<TOTAL-LIABILITIES> 118879
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 167232<F4>
<SHARES-COMMON-STOCK> 18960
<SHARES-COMMON-PRIOR> 18960
<ACCUMULATED-NII-CURRENT> (30686)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 48470
<NET-ASSETS> 1792834
<DIVIDEND-INCOME> 7
<INTEREST-INCOME> 129530
<OTHER-INCOME> 0
<EXPENSES-NET> 17695
<NET-INVESTMENT-INCOME> 111842
<REALIZED-GAINS-CURRENT> (31804)
<APPREC-INCREASE-CURRENT> 21890
<NET-CHANGE-FROM-OPS> 101968
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 110724
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (8796)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 1242
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17695
<AVERAGE-NET-ASSETS> 1838707
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Investments at cost is amortized cost
<F2>Investments at value include accrued interest receivable
<F3>Dividend pay period
<F4>Common stock and paid in capital
</FN>
</TABLE>
STUART M. FRIED, CPA
LENED, INC.
-----------
REPORT TO STOCKHOLDERS
----------------------
FINANCIAL STATEMENTS
--------------------
YEARS ENDED SEPTEMBER 30, 1995 AND 1994
---------------------------------------
<PAGE>
<PAGE>
STUART M. FRIED, CPA
LENED, INC.
-----------
REPORT TO STOCKHOLDERS
----------------------
FINANCIAL STATEMENTS
--------------------
TABLE OF CONTENTS
-----------------
YEARS ENDED SEPTEMBER 30, 1995 AND 1994
---------------------------------------
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
INDEPENDENT AUDITOR'S REPORT 1
STATEMENTS OF ASSETS, LIABILITIES AND
CAPITAL SECURITIES 2
STATEMENTS OF OPERATIONS, UNDISTRIBUTED NET
INCOME (LOSS) 3
STATEMENTS OF CHANGES IN NET ASSETS 4
STATEMENTS OF CASH FLOWS 5
NOTES TO FINANCIAL STATEMENTS 6-15
</TABLE>
<PAGE>
<PAGE>
INDEPENDENT AUDITOR'S REPORT
To the Board of Directors and
Stockholders of Lened, Inc.
c/o Joseph Flusfeder
15 West 53rd Street
New York, New York
We have audited the accompanying statements of assets, liabilities and capital
securities of Lened, Inc. (a New Jersey Corporation), as of September 30, 1995
and 1994, and the related statements of operations, undistributed net income
(loss) and statements of changes in net assets, and cash flows for the years
then ended. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. The
investment securities held in custody were confirmed to us by the custodian.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Lened, Inc. as of September
30, 1995 and 1994, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted accounting
principles.
STUART M. FRIED, CPA
West Caldwell, New Jersey
November 8, 1995
<PAGE>
<PAGE>
STUART M. FRIED, CPA
LENED, INC.
-----------
STATEMENTS OF ASSETS, LIABILITIES
---------------------------------
AND CAPITAL SECURITIES
----------------------
ASSETS
------
SEPTEMBER 30,
------------------------
1995 1994
---- ----
<TABLE>
<CAPTION>
INVESTMENT IN MUNICIPAL BONDS,
<S> <C> <C>
with accrued interest - at fair market
value (amortized cost $1,666,269 and
$1,702,178) (Note 1) $1,737,398 $1,784,777
Cash 743 5,015
Investment in Hanover - demand notes
(variable interest) 171,775 138,835
Prepaid expenses 1,797 1,852
---------- ----------
$1,911,713 $1,930,479
========== ==========
</TABLE>
LIABILITIES AND CAPITAL SECURITIES
----------------------------------
<TABLE>
<CAPTION>
LIABILITIES:
<S> <C> <C>
Dividends payable $ 110,724 $ 122,918
Other current liabilities 8,155 5,931
---------- ----------
118,879 128,849
---------- ----------
NET ASSETS APPLICABLE TO OUTSTANDING CAPITAL SHARES:
CAPITAL SHARES
Common stock, no par value, 25,200 shares
authorized, 18,960 issued and outstanding 22,500 22,500
Paid in capital 144,732 144,732
Retained earnings 1,607,818 1,606,576
Undistributed net income (loss) (30,686) 1,242
Unrealized appreciation of investments 48,470 26,580
---------- ----------
Total stockholders' equity (equivalent to
$94.56 per share at 9/30/95 and $95.02
per share at 9/30/94) 1,792,834 1,801,630
---------- ----------
$1,911,713 $1,930,479
========== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
-2-
<PAGE>
<PAGE>
STUART M. FRIED, CPA
LENED, INC.
-----------
STATEMENTS OF OPERATIONS,
-------------------------
UNDISTRIBUTED NET INCOME (LOSS)
-------------------------------
<TABLE>
<CAPTION>
YEARS ENDED SEPTEMBER 30,
--------------------------
1995 1994
------------- -----------
<S> <C> <C>
INVESTMENT INCOME:
INCOME
Interest income on tax free municipals $129,530 $136,921
Dividend income - tax free 7 32
-------- --------
129,537 136,953
-------- --------
EXPENSES:
Custodial fees (Note 4) 2,636 2,599
Audit fees 2,400 2,400
Legal fees 1,425 1,390
Taxes other than income taxes 365 250
Office expense 8,619 7,856
Insurance 2,000 2,001
Filing fees 250 250
-------- --------
17,695 16,746
-------- --------
INVESTMENT INCOME 111,842 120,207
Net realized gain (loss) from investment transactions (31,804) 3,953
-------- --------
INVESTMENT INCOME BEFORE FEDERAL
INCOME TAX 80,038 124,160
Less: Federal income taxes 0 0
-------- --------
NET INVESTMENT INCOME 80,038 124,160
Less: Dividends paid 110,724 122,918
-------- --------
UNDISTRIBUTED NET INCOME (LOSS) $(30,686) $ 1,242
======== ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
-3-
<PAGE>
<PAGE>
STUART M. FRIED,
CPA
LENED, INC.
-----------
STATEMENTS OF CHANGES IN NET ASSETS
-----------------------------------
<TABLE>
<CAPTION>
YEARS ENDED SEPTEMBER 30,
---------------------------
1995 1994
------------- ------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Investment income - net $ 111,842 $ 120,207
Net realized gain (loss) on investments (31,804) 3,953
Change in unrealized appreciation (depreciation) 21,890 (84,554)
---------- ----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS 101,928 39,606
DISTRIBUTION TO SHAREHOLDERS FROM
NET INVESTMENT INCOME 110,724 122,918
---------- ----------
TOTAL INCREASE (DECREASE) (8,796) (83,312)
NET ASSETS BEGINNING OF PERIOD 1,801,630 1,884,942
---------- ----------
NET ASSETS END OF PERIOD (Including
Undistributed Net Income of $(30,686) and
$1,242, respectively) $1,792,834 $1,801,630
========== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
-4-
<PAGE>
<PAGE>
STUART M. FRIED, CPA
LENED, INC.
-----------
STATEMENT OF CASH FLOWS
-----------------------
INCREASE (DECREASE) IN CASH
---------------------------
<TABLE>
<CAPTION>
YEARS ENDED SEPTEMBER 30,
---------------------------
1995 1994
------------- ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 80,038 $ 124,160
Adjustments to reconcile net income to net
cash provided by operating activities:
Changes in assets and liabilities:
(Increase) Decrease in municipal bonds with
accrued interest at fair market value 47,379 138,622
(Increase) Decrease in Hanover
demand notes (32,940) (54,419)
(Increase) Decrease in prepaid expenses 55 (54)
Increase (Decrease) in other current liabilities 2,224 (1,825)
Realized (gain) loss from investment transactions
included in net income 31,804 (3,953)
--------- ---------
NET CASH PROVIDED BY OPERATING ACTIVITIES 128,560 202,531
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Increase (Decrease) in unrealized appreciation
of investments 21,890 (84,554)
Realized gain (loss) from investment transactions (31,804) 3,953
--------- ---------
NET CASH (USED) PROVIDED BY INVESTING
ACTIVITIES (9,914) (80,601)
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid (122,918) (120,708)
--------- ---------
NET DECREASE IN CASH AND
CASH EQUIVALENTS (4,272) 1,222
CASH - BEGINNING OF YEAR 5,015 3,793
--------- ---------
CASH - END OF YEAR $ 743 $ 5,015
========= =========
</TABLE>
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the year for:
Income taxes $ 240 $ 305
The accompanying notes are an integral part of these financial statements.
-5-
<PAGE>
<PAGE>
STUART M. FRIED, CPA
LENED, INC.
-----------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
SEPTEMBER 30, 1995
------------------
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
----------------------------------------
Lened, Inc. was incorporated in New Jersey on January 31, 1957. Lened, Inc.
commenced operations as an investment company investing at least 50% of the
value of its total assets, determined at the close of each quarter of its
taxable year, in tax-exempt state and local obligations, may distribute, as a
tax-exempt dividend, to its shareholders an amount equal to the interest
earned on such tax-exempt obligations, provided it designates such dividends
as tax-exempt interest dividends. It is the Company's intention to invest
substantially all of its assets, except such amounts as it may carry in demand
deposits, in such tax-exempt obligations and to distribute all of its net
income, including any net short-term capital gains, to its shareholders.
The Company is registered under the Investment Company Act of 1940, as
amended, as a diversified, closed-end investment company.
The following is a summary of significant accounting policies followed by the
Company in the preparation of its financial statements:
(a) Investments are valued by the Custodian. These values may not
necessarily be bids or actual last sale prices, but are estimates of the fair
value of the investment securities, based upon prevailing interest rates,
applicable bond ratings and other factors influencing the markets in which the
investments are purchased and sold.
(b) It is the policy of the Company to continue to qualify as a regulated
investment company if such qualifications are in the best interests of its
shareholders, by complying with the provisions available under the Internal
Revenue Code, and to make distributions of taxable income sufficient to
relieve it from all, or substantially all, Federal income taxes. Therefore,
unless the Company has capital gains or interest on Treasury Bills, no federal
tax provision is required. For the fiscal year ending September 30, 1995, the
Company elected to pass thru to its shareholders 100% of its capital gains,
therefore there is no provision for federal income taxes.
-6-
<PAGE>
<PAGE>
STUART M. FRIED, CPA
LENED, INC.
-----------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
SEPTEMBER 30, 1995
------------------
(c) Realized gains and losses on investments are computed on the basis of
the identified cost of the specific securities sold.
(d) Securities transactions are recorded on the date the securities are
purchased or sold (the trade date). Interest income (net of premium or
discount amortization) is recorded as earned.
NOTE 2 - PURCHASES, SALES AND REDEMPTIONS OF SECURITIES
-------------------------------------------------------
Securities exclusive of Hanover Demand notes purchased by the Company amounted
to $400,282 for the year ended September 30, 1995 and $50,450 for the year
ended September 30, 1994. Sales of securities exclusive of Hanover Demand
Notes amounted to $465,405 for the year ended September 30, 1995 and $105,008
for the year ended September 30, 1994.
NOTE 3 - DISTRIBUTIONS
----------------------
The Company distributed income of $110,724 ($5.84 per share) and $122,918
($6.48 per share) for the years ended September 30, 1995 and 1994 in the form
of dividends.
NOTE 4 - CUSTODIAL FEES
-----------------------
Pursuant to an agreement with the custodian, the custodial fee is based on the
number of bond coupons redeemed based on an annual charge of $1.25 per $1,000
of the first $500,000, $.75 per $1,000 of the next $500,000 face value of
bonds and $.50 per $1,000 face value above $1,000,000. A charge of $12 is
made for each security transaction.
During the years ended September 30, 1995 and 1994, the Company was charged an
aggregate of $2,636 and $2,599 respectively.
NOTE 5 - REMUNERATION
---------------------
The Company's policy is not to pay, and for the periods reported did not pay,
remuneration to either officers or directors.
-7-
<PAGE>
<PAGE>
STUART M. FRIED, CPA
LENED, INC.
-----------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
SEPTEMBER 30, 1995
------------------
NOTE 6 - CONTINGENT LIABILITIES AND EVENTS
------------------------------------------
Lened International Corp., a subsidiary of Lened, Inc. ceased its activities
as a Domestic International Sales Corporation. Untaxed income of the
subsidiary originally in an amount in excess of $600,000 was taxable to Lened,
Inc., the parent, over an eight year period. No liability is or was provided
on the balance sheet, under Subchapter M of the Internal Revenue Code, which
stipulates that this type of distribution to the shareholders of a regulated
investment company is taxable directly to the shareholders.
The Internal Revenue Service has not examined income tax returns for all open
years.
-8-
<PAGE>
<PAGE>
STUART M. FRIED,
CPA
LENED, INC.
-----------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
SEPTEMBER 30, 1995
------------------
NOTE 7 - CAPITAL PER SHARE AND RELATED INFORMATION
--------------------------------------------------
Selected data for a share of capital stock outstanding throughout the period:
<TABLE>
<CAPTION>
YEARS ENDED SEPTEMBER 30,
---------------------------
1995 1994
------------- ------------
<S> <C> <C>
Investment income $ 6.83 $ 7.22
Operating expenses .93 .88
------- -------
INVESTMENT INCOME BEFORE FEDERAL
INCOME TAX 5.90 6.34
FEDERAL INCOME TAX 0 0
------- -------
INVESTMENT INCOME - NET 5.90 6.34
Dividends to shareholders 5.84 6.48
------- -------
.06 (.14)
Realized and unrealized gain (loss)
on investments - net (.52) (4.26)
------- -------
CHANGE IN NET VALUE (.46) (4.40)
NET ASSET VALUE:
Beginning of period 95.02 99.42
------- -------
End of period $ 94.56 $ 95.02
======= =======
Ratio of operating expenses to
average net assets .0096% .0088%
Ratio of investment income net to
average net assets .0704% .0722%
Portfolio turnover .24% .03%
Number of shares outstanding at end
of period 18,960 18,960
</TABLE>
-9-
<PAGE>
<PAGE>
STUART M. FRIED, CPA
LENED, INC.
-----------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
SEPTEMBER 30, 1995
------------------
NOTE 8 - INVESTMENTS IN SECURITIES OF UNAFFILIATED ISSUERS
----------------------------------------------------------
<TABLE>
<CAPTION>
Principal Amortized Fair Market*
Name and Title of Issuer Amount Cost Value
- - --------------------------------------- --------- --------- ------------
<S> <C> <C> <C>
Cusip #010014AS7
Akron Central School Dist, N.Y.
A General Obligation (FSA)
5.4% Due 6/1/2001 $ 50,000 $ 52,240 $ 52,580
Cusip #010014AT5
Akron Central School District, N.Y.
A General Obligation (FSA)
5.4% Due 6/1/2002 175,000 182,993 184,150
Cusip #033160AL6
Anchorage, Alaska
A General Obligation
(Insured by FGIC)
7.2% Due 8/1/1997-96NC 15,000 14,837 15,860
Cusip #033160AM4
Anchorage, Alaska
A General Obligation
(Insured by FGIC)
7.3% Due 8/1/1998-96NC 25,000 25,050 26,457
Cusip #246006GU8
Delaware County Authority,
P.A. Hospital Revenue
(Mercy Catholic Med Ctr-Ser B)
7.25% Due 11/1/2002-97NC 60,000 59,248 66,662
Cusip #254764CN1
District of Columbia Hospital
Refunding & Impt Revenue
(Childrens Hosp-A) (Insd By FGIC)
5.8% Due 7/15/2001-NC 100,000 100,610 106,000
Cusip #254760YL9
District of Columbia A General
Obligation Series A (RFDG)
5.625% Due 6/1/2002 50,000 50,233 50,048
</TABLE>
-10-
<PAGE>
<PAGE>
STUART M. FRIED, CPA
LENED, INC.
-----------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
SEPTEMBER 30, 1995
------------------
<TABLE>
<CAPTION>
Principal Amortized Fair Market*
Name and Title of Issuer Amount Cost Value
------------------------ --------- --------- ------------
<S> <C> <C> <C> <C>
Cusip #386442LV7
Grand River Dam Authority, Okal.
Refunding Revenue
Prerefunded 6-1-97 @ 102.
7% Due 6/1/2006-97NC 25,000 24,105 27,192
Cusip #451295HW2
Idaho Health Facilities Authority
Refunding Revenue
(Bannock Regl Med Ctr Proj)
7.6% Due 5/1/2005-98NC 20,000 20,121 21,618
Cusip #462590BF6
Iowa Student Loan Liquidity Corp.
Student
Loan Revenue (Insured by Ambac)
6.6% Due 12/1/2000 90,000 95,256 100,391
Cusip #544738AJ6
Los Angeles County Public Works
Fing Auth., Calif. Refunding
Revenue (Capital Construction)
4.6% Due 3/1/2002 100,000 97,851 98,151
Cusip #561842FQ3
Manatee County Housing Finance
Auth. Fla. Single Family Mortgage
Revenue (1985 Ser A) (Insd By FGIC)
9.125% Due 6/1/2016 5,000 5,055 5,264
Cusip #626190RU8
Municipal Assistance Corp., N.Y.
Series #60 Callable
7% Due 7/1/2006-97NC 20,000 19,590 21,660
</TABLE>
-11-
<PAGE>
<PAGE>
STUART M. FRIED, CPA
LENED, INC.
-----------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
SEPTEMBER 30, 1995
------------------
<TABLE>
<CAPTION>
Principal Amortized Fair Market*
Name and Title of Issuer Amount Cost value
------------------------ --------- --------- ------------
<S> <C> <C> <C> <C>
Cusip #639672NH3
Nebraska Investment Finance
Authority, Neb. Single Family
Mortgage Revenue (Insured by FGIC)
7.7% Due 7/15/2000 10,000 9,969 10,452
Cusip #639683J51
Nebraska Public Power
District, NEB Refunding
Power Supply System - Series
4.5% Due 1/1/2000 70,000 67,667 70,461
Cusip #645793UF5
New Jersey Health Care Facilities
Financing Authority Revenue
(Kennedy Med-Univ Med Ctr-Ser D)
7.875% Due 7/1/2009-98NC 20,000 19,934 22,199
Cusip #646109BM9
New Jersey Housing Finance
Agency
General Resolution Section 8
9% Due 11/1/2015 40,000 41,799 42,650
Cusip #649652UT9
New York City, N.Y.
A General Obligation
Series A
7.0% Due 8/1/2004-8/1/97NC 20,000 19,645 20,924
Cusip #649649XT2
New York City, N.Y.
A General Obligation
Series B
7.2% Due 2/1/1998-NC 50,000 49,952 53,040
Cusip #649650VY1
New York City, N.Y.
A General Obligation
(Series H)
6.8% Due 2/1/2000-NC 35,000 35,005 37,322
</TABLE>
-12-
<PAGE>
<PAGE>
STUART M. FRIED, CPA
LENED, INC.
-----------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
SEPTEMBER 30, 1995
------------------
<TABLE>
<CAPTION>
Principal Amortized Fair Market*
Name and Title of Issuer Amount Cost Value
- - -------------------------------- --------- --------- ------------
<S> <C> <C> <C>
Cusip #649654DB3
New York City, N.Y.
A General Obligation
7.5% Due 9/1/2008-96NC 50,000 48,766 52,037
Cusip #649655DH7
New York City, N.Y.
A General Obligation
8% Due 8/1/2010-98NC 20,000 20,000 22,554
Cusip #649651UD6
New York City, N.Y.
A General Obligation
Series D 8.5% Due 8/1/2002
Prerefunded 8/1/1996-96NC 15,000 15,172 16,046
Cusip #649651WL6
New York City, N.Y.
A General Obligation
8.5% Due 8/1/96 20,000 21,182 21,395
Cusip #649651WP7
New York City, NY
General Obligation Series D
8.5% Due 8/1/2002
Prerefunded 8/1/96 15,000 15,172 16,072
Cusip #649652US1
New York City, N.Y.
A General Obligation
(Prerefunded 8/1/97 @101.50)
7% Due 8/1/2004 - 8/1/97NC 5,000 4,912 5,381
Cusip #649831VJ0
New York State Dormitory Authority
City University System Consolidated
Revenue
Series A 8% Due 7/1/2007-97NC 55,000 56,538 60,756
-13-
<PAGE>
<PAGE>
STUART M. FRIED, CPA
LENED, INC.
-----------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
SEPTEMBER 30, 1995
------------------
</TABLE>
<TABLE>
<CAPTION>
Principal Amortized Fair Market*
Name and Title of Issuer Amount Cost Value
- - ------------------------------------------ --------- --------- ------------
<S> <C> <C> <C>
Cusip #649900AJ6
New York State Environmental
Facilities Corp., N.Y. Resource
Recovery Revenue (Huntington Proj)
7.5% Due 10/1/2012-99NC 50,000 50,000 54,442
Cusip #649858WM5
New York State Housing
Finance Agency
Non Profit Housing Project
6.5% Due 11/1/1999 25,000 24,767 25,893
Cusip #649860E41
New York State Housing Finance Agency
Hospital & Nursing Home Project
6.875% Due 11/1/2007-97NC 5,000 5,103 5,786
Cusip #649868NJ1
New York State Housing Finance Agency
Housing Help Revenue
7.7% Due 11/1/1997-NC 20,000 20,573 21,182
Cusip #6498814H9
New York State Medical Care Facilities
Finance Agency Revenue
7% Due 8/15/1998-NC 40,000 40,672 42,736
Cusip #796252G73
San Antonio, Texas Electric & Gas
Revenue (Series B)
9% Due 2/1/2014-96NC 25,000 25,805 26,170
Cusip #797448BN6
San Diego-MTDB Auth., Calif. Lease
Refunding Revenue
4.25% Due 9/1/1996 50,000 50,174 50,247
</TABLE>
-14-
<PAGE>
<PAGE>
STUART M. FRIED, CPA
LENED, INC.
-----------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
SEPTEMBER 30, 1995
------------------
<TABLE>
<CAPTION>
Principal Amortized Fair Market*
Name and Title of Issuer Amount Cost Value
- - ------------------------------------------- ---------- ------------ ----------
<S> <C> <C> <C>
Cusip #789143KE3
St. Cloud Utilities Revenue Certificate
7.5% Due 8/1/2006-96NC 40,000 40,153 42,438
Cusip #789143KP8
St. Cloud Utilities Revenue Certificate
7.6% Due 8/1/2015-96NC 65,000 65,319 69,026
Cusip #882585AD4
Texas National Research Laboratory
Commission Financing Corp.
Lease Revenue
(Supercond Super Coll PJ)
6% Due 12/1/1998-NC 75,000 74,435 79,500
Cusip #939821JH8**
Washington Public Power Supply System,
Wash. General Facilities Revenue
(Nuclear Projs # 4 & 5)
9.6% Due 7/1/1997 25,000 19,032 875
Cusip #939830EH4
Washington Public Power Supply System
Wash. Nuclear Project #3 Revenue
15% Due 7/1/2018 80,000 80,334 91,781
---------- ------------ ----------
TOTAL INVESTMENT - 96.91% $1,660,000 $1,666,269 1,737,398
========== ============
OTHER ASSETS LESS LIABILITIES - 3.09% 55,436
----------
NET ASSETS - 100% $1,792,834
==========
NET ASSET VALUE PER SHARE $94.56
==========
OUTSTANDING SHARES AT SEPTEMBER 30, 1995 18,960
==========
</TABLE>
* Includes accrued interest
** Currently in default, no interest accrued.
- 15-
<PAGE>
