<PAGE> 1
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON DECEMBER 4, 1995
1933 ACT REGISTRATION NO. 2-81549
1940 ACT REGISTRATION NO. 811-3657
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------
FORM N-1A
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933 / /
Pre-Effective Amendment No. / /
Post-Effective Amendment No. 24 /X/
and/or
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940 / /
Amendment No. 24 /X/
(Check appropriate box or boxes)
------------------
KEMPER STATE TAX-FREE
INCOME SERIES
(Exact name of Registrant as Specified in Charter)
<TABLE>
<S> <C>
120 South LaSalle Street, Chicago, Illinois 60603
(Address of Principal Executive Office) (Zip Code)
</TABLE>
Registrant's Telephone Number, including Area Code: (312) 781-1121
<TABLE>
<S> <C>
Philip J. Collora, With a copy to:
Vice President and Secretary Charles F. Custer
Kemper State Tax-Free Income Series Vedder, Price, Kaufman & Kammholz
120 South LaSalle Street 222 North LaSalle Street
Chicago, Illinois 60603 Chicago, Illinois 60601
(Name and Address of Agent for Service)
</TABLE>
Registrant has registered an indefinite number of its shares under the
Securities Act of 1933 pursuant to Rule 24f-2 under the Investment Company Act
of 1940. The Rule 24f-2 Notice for Registrant's fiscal year ended August 31,
1995 was filed on or about October 27, 1995.
It is proposed that this filing will become effective (check appropriate box)
/X/ immediately upon filing pursuant to paragraph (b)
/ / on (date) pursuant to paragraph (b)
/ / 60 days after filing pursuant to paragraph (a)(1)
/ / on (date) pursuant to paragraph (a)(1) of Rule 485
/ / 75 days after filing pursuant to paragraph (a)(2)
/ / on (date) pursuant to paragraph (a)(2) of Rule 485.
If appropriate check the following box:
/ / this post-effective amendment designates a new effective date for a
previously filed post-effective amendment
EXPLANATORY NOTE:
Registrant is filing this Post-Effective Amendment No. 24 to
Registrant's Registration Statement solely to amend Part B of its Registration
Statement to add additional financial statements (Portfolio of Investments) and
to amend Part C to add additional exhibits. Part A and Part B of Post-Effective
Amendment No. 23 to Registrant's Registration Statement filed on October 30,
1995 and effective November 10, 1995 are incorporated herein by reference to
such Post-Effective Amendment No. 23.
<PAGE> 2
KEMPER STATE TAX-FREE INCOME SERIES
CROSS-REFERENCE SHEET
BETWEEN ITEMS ENUMERATED IN PART A
OF FORM N-1A AND PROSPECTUS
<TABLE>
<CAPTION>
ITEM NUMBER
OF FORM N-1A LOCATION IN PROSPECTUS
------------ ----------------------
<S> <C> <C>
1. Cover Page.............................. Cover Page
2. Synopsis................................ Summary; Summary of Expenses
3. Condensed Financial Information......... Financial Highlights; Performance
4. General Description of Registrant....... Summary; Investment Objectives, Policies and
Risk Factors
5. Management of the Fund.................. Summary; Investment Manager and
Underwriter
5A. Management's Discussion of Fund Performance
Performance.............................
6. Capital Stock and Other Securities...... Summary; Dividends and Taxes; Purchase of
Shares; Capital Structure
7. Purchase of Securities Being Offered.... Summary; Investment Manager and Underwriter;
Net Asset Value; Purchase of Shares; Special
Features
8. Redemption or Repurchase................ Summary; Redemption or Repurchase of Shares
9. Pending Legal Proceedings............... Inapplicable
</TABLE>
<PAGE> 3
KEMPER STATE TAX-FREE INCOME SERIES
CROSS-REFERENCE SHEET
BETWEEN ITEMS ENUMERATED IN PART B
OF FORM N-1A AND STATEMENT OF ADDITIONAL INFORMATION
<TABLE>
<CAPTION>
ITEM NUMBER LOCATION IN STATEMENT OF
OF FORM N-1A ADDITIONAL INFORMATION
------------ ------------------------
<S> <C> <C>
10. Cover Page............................... Cover Page
11. Table of Contents........................ Table of Contents
12. General Information and History.......... Inapplicable
13. Investment Objectives and Policies....... Investments; Investment Policies and
Techniques; Investment Restrictions;
Appendix--Ratings of Investments
14. Management of the Fund................... Investment Manager and Underwriter;
Officers and Trustees
15. Control Persons and Principal Holders of
Securities............................... Officers and Trustees
16. Investment Advisory and Other Services... Investment Manager and Underwriter;
Officers and Trustees
17. Brokerage Allocation and Other
Practices................................ Portfolio Transactions
18. Capital Stock and Other Securities....... Shareholder Rights
19. Purchase, Redemption and Pricing of
Securities Being Offered................. Purchase and Redemption of Shares
20. Tax Status............................... Dividends and Taxes
21. Underwriters............................. Investment Manager and Underwriter
22. Calculation of Performance Data.......... Performance
23. Financial Statements..................... Financial Statements; Report of Independent
Auditors
</TABLE>
<PAGE> 4
Kemper State Tax-Free Income Series
Portfolio of Investments
California Tax-Free Income Fund
Michigan Tax-Free Income Fund
Ohio Tax-Free Income Fund
Texas Tax-Free Income Fund
<PAGE> 5
Portfolio of Investments
CALIFORNIA TAX-FREE INCOME FUND
August 31, 1995
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
ADVANCE REFUNDED
OBLIGATIONS SECURED
AS TO PRINCIPAL AND
INTEREST BY OBLIGATIONS
OF THE UNITED STATES
GOVERNMENT
PRINCIPAL AMOUNT VALUE
- --------------------------------------------------------------------------------------
<S> <C> <C>
Bakersfield County Waste Water Treatment Plant,
Certificates of Participation, Rev., 8.00%,
to be called 01-01-98 @ 101 $ 1,750 $ 1,917
- --------------------------------------------------------------------------------------
Brea Public Financing Auth., Orange County,
Redev. Proj. AB, Rev., 6.75%, to be called
08-01-01 @ 102 3,885 4,414
- --------------------------------------------------------------------------------------
City of Los Angeles Convention and Exhibit Center,
Certificates of Participation, Rev., 9.00%,
to be called 12-01-05 @ 100 1,000 1,334
- --------------------------------------------------------------------------------------
City of Los Angeles Harbor Department,
Rev., 8.70%, to be called 09-01-99 @ 100 2,500 2,715
- --------------------------------------------------------------------------------------
Foothill-DeAnza Community College District,
Santa Clara, Rev., 7.875%,
to be called 06-01-01 @ 102 4,055 4,748
- --------------------------------------------------------------------------------------
Fullerton Redev. Agcy., Local Government
Finance Auth., Rev., 7.70%, to be called 2-01-99 @ 102 4,360 4,902
- --------------------------------------------------------------------------------------
Health Facilities Financing Auth.:
Daughters Of Charity National Health System,
Rev., 9.25%, to be called 05-1-96 @ 102 2,500 2,640
Eskaton Properties, Inc., Rev., 7.45%,
to be called 05-01-00 @ 102 4,800 5,481
Unihealth America, Rev., 7.625%,
to be called 10-01-98 @ 102 90 101
- --------------------------------------------------------------------------------------
Kaweah Delta Hospital District, Rev., 7.25%,
to be called 11-01-96 @ 102 5,750 6,080
- --------------------------------------------------------------------------------------
Northern California Power Agcy., Hydroelectric
Number One, Rev., 7.00%,
to be called 1-01-16 @ 100 210 245
- --------------------------------------------------------------------------------------
Orange Unified School District, Certificates of
Participation, Rev., 6.875%,
to be called 06-01-99 @ 102 2,620 2,897
- --------------------------------------------------------------------------------------
San Bernardino County:
Capital Facilities Proj.,
Certificates of Participation, Rev., 6.80%,
to be called 08-01-01 @ 102 4,300 4,894
Municipal Water District, Rev., 6.75%,
to be called 7-01-00 @ 102 1,000 1,115
- --------------------------------------------------------------------------------------
San Jose Redev. Agcy., Rev., 7.80%,
to be called 08-01-96 @ 102 6,500 6,868
- --------------------------------------------------------------------------------------
Santa Margarita Water District, Gen. Oblg.,
7.30%, to be called 06-01-97 @ 102 1,080 1,160
- --------------------------------------------------------------------------------------
Tulare County Public Facilities Corp.,
Certificates of Participation, Rev., 8.10%,
to be called 11-01-97 @ 102 1,000 1,107
======================================================================================
TOTAL ADVANCE REFUNDED OBLIGATIONS--4.8% 52,618
OTHER
MUNICIPAL
OBLIGATIONS
Antioch Area Public Facilities Financing Agcy.,
Special Tax Bonds, 5.00% and 5.375%,
2013 and 2018 25,695 23,462
- --------------------------------------------------------------------------------------
Bellflower Certificate of Participation,
Civic Center and Capital Improvement,
Rev., 7.20%, 2019 1,880 2,069
- --------------------------------------------------------------------------------------
Calleguas--Las Virgines, Public Financing Auth.,
Water District Installment, Purchase
Rev., 5.125%, 2014 9,635 8,792
- --------------------------------------------------------------------------------------
Central Valley Financing Auth., Carson Ice-Gen
Proj., Rev., 6.00% to 6.20%, 2009 through 2020 14,700 14,265
- --------------------------------------------------------------------------------------
</TABLE>
11
<PAGE> 6
Portfolio of Investments
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT VALUE
- --------------------------------------------------------------------------------------
<S> <C> <C>
Cerritos Public Financing Auth., Los Cerritos
Redev. Proj., Rev., 6.00% to 6.05%,
2013 through 2020 $15,455 $14,830
- --------------------------------------------------------------------------------------
City of Carson Redev. Agcy., Proj. Number One,
Tax Allocation, Rev., 5.625% and 6.00%,
2008 and 2016 4,600 4,325
- --------------------------------------------------------------------------------------
City of Concord Redev. Agcy., Central Concord Proj.,
Tax Allocation, Rev., 5.25% and 8.00%,
2013 and 2018 2,520 2,360
- --------------------------------------------------------------------------------------
City of Costa Mesa Redev. Agcy., Downtown
Redev. Proj., Tax Allocation, Rev., 5.625%, 2017 3,750 3,308
- --------------------------------------------------------------------------------------
City of Culver Redev. Financing Auth.,
Tax Allocation, Rev., 4.60% and 5.50%,
2014 and 2020 12,240 11,060
- --------------------------------------------------------------------------------------
City of Industry, Gen. Oblg., 5.25%, 2020 6,000 5,429
- --------------------------------------------------------------------------------------
City of Los Angeles:
Department of Water and Power, Rev.,
4.50% to 5.25%, 2013 through 2026 40,095 34,476
Gen. Oblg., 5.25%, 2011 6,175 5,721
Convention and Exhibition Center Auth.,
Lease Rev., 5.125%. 2021 7,000 6,157
Wastewater System, Rev., 4.70% to 6.625%,
2012 through 2019 17,610 15,522
- --------------------------------------------------------------------------------------
City of Mountain View Los Altos School District,
Gen. Oblg., 5.75%, 2015 1,200 1,172
- --------------------------------------------------------------------------------------
City of Oakland:
Housing Finance Rev., 7.10%, 2010 2,055 2,176
Pension Financing Rev., 7.60%, 2021 26,075 28,968
Unified School District, Gen. Oblg., 5.625%, 2019 4,655 4,492
- --------------------------------------------------------------------------------------
City of Pasadena, Waterworks Rev., 5.00%, 2018 3,500 3,087
- --------------------------------------------------------------------------------------
City of Riverside:
Community College District, Certificates of
Participation, Rev. 5.80%, 2017 9,940 9,306
Electric, Rev., 5.00%, 2013 8,885 8,012
- --------------------------------------------------------------------------------------
City of Sacramento:
Finance Auth., Lease Rev.,
5.00% to 5.40%, 2014 through 2020 21,000 19,263
Cogeneration Auth., Procter & Gamble
Proj., Rev., 6.50%, 2014 and 2021 11,000 10,974
Municipal Utility District, Electric Rev.,
5.25% to 6.75%, 2006 though 2020 10,020 10,324
- --------------------------------------------------------------------------------------
City of San Bernardino, Sisters of Charity
Health Care System, Rev., 6.50% to 7.00%,
2011 through 2021 18,750 20,068
- --------------------------------------------------------------------------------------
City and County of San Francisco:
Bay Area Rapid Transit District,
Sales Tax, Rev., 5.50%, 2020 20,360 19,303
Gen. Oblg., 6.50%, 2010 1,000 1,042
Moscone Convention Center, Rev.,
6.75%, 2015 2,200 2,364
Redev. Agcy., Hotel Tax, Rev., 6.75%, 2015 3,705 3,985
Redev. Financing Auth., Tax Allocation,
Rev., zero coupon to 5.25%, 2013 through 2021 9,300 7,810
- --------------------------------------------------------------------------------------
Contra Costa County
County Public Facilities Corp.,
Certificates of Participation, Rev., 7.80%, 2005 1,250 1,410
Water District Rev., 5.00%, 2020 10,000 8,746
Home Mortgage, Rev., 7.75%, 2022 2,715 3,518
- --------------------------------------------------------------------------------------
Liberty Union High School District,
Gen. Oblg., 5.50%, 2020 4,565 4,288
- --------------------------------------------------------------------------------------
</TABLE>
12
<PAGE> 7
Portfolio of Investments
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT VALUE
- --------------------------------------------------------------------------------------
<S> <C> <C>
Coronado Community Dev. Agcy., Tax Allocation,
Rev., 7.25%, 2012 $ 4,500 $ 4,923
- --------------------------------------------------------------------------------------
Davis State Unified School District Community
Facilities, Rev., 6.10% 2023 2,150 1,983
- --------------------------------------------------------------------------------------
Department of Water Resources,
Central Valley Proj., Water System Rev.,
5.00% to 5.50%, 2012 through 2023 16,585 14,870
- --------------------------------------------------------------------------------------
Duarte, City of Hope National Medical Center,
Certificates of Participation, Rev.,
6.125% and 6.25%, 2013 and 2023 27,000 25,262
- --------------------------------------------------------------------------------------
East Bay Municipal Utility District
Special Rev., 5.00%, 2015 2,600 2,297
Water System, Subordinate Rev., 5.00%, 2014 10,700 9,672
- --------------------------------------------------------------------------------------
Educational Facilities Auth., Mills College, Rev.,
6.875%, 2022 1,775 1,838
- --------------------------------------------------------------------------------------
Emeryville, Public Financing Auth.,
Redev. Proj., Rev., 6.50%,2011 10,255 10,344
- --------------------------------------------------------------------------------------
Encina Financing Joint Powers Auth.,
Wastewater, Rev., 6.875%, 2011 3,000 3,237
- --------------------------------------------------------------------------------------
Fontana Public Financing Auth., Tax Allocation,
Rev., 7.00%, 2021 3,900 3,984
- --------------------------------------------------------------------------------------
Foothill-DeAnza Community College District,
DeAnza Campus Center Proj., Certificates of
Participation, Rev., 7.35%, 2007 1,700 1,867
- --------------------------------------------------------------------------------------
Fresno Health Facilities, Holy Cross Health
System, St. Agnes Medical Center, Rev.,
6.50% and 6.625%, 2011 and 2021 3,500 3,617
- --------------------------------------------------------------------------------------
Garden Grove:
Agcy. Community Dev., Community Proj.,
Tax Allocation, Rev., 5.875%, 2023 8,865 8,229
Public Financing Auth., Water Services Capital
Improvement, Rev., 5.25%, 2015 4,390 4,074
- --------------------------------------------------------------------------------------
State, Gen. Oblg., 4.75% to 6.00%, 2013 through 2019 27,870 25,654
- --------------------------------------------------------------------------------------
Hawthorne Community Redev. Agcy.,
Tax Allocation, Rev., 6.625%, 2014 2,000 2,013
- --------------------------------------------------------------------------------------
Health Facilities Financing Auth.:
Adventist Health System/West, Rev., 6.50%,
2007 and 2011 5,750 6,129
America Baptist Homes West, Rev., 7.65%, 2014 4,000 4,343
Catholic Healthcare West, Rev., 5.00%,
2014 and 2021 23,280 20,604
Children's Hospital, Rev., 7.50%, 2020 3,600 4,054
Evangelical Lutheran Good Samaritan Society,
Rev., 5.30%, 2015 6,695 6,171
Kaiser Permanante, Rev., 5.60% and 7.00%,
2010 and 2033 11,050 10,574
Marshall Hospital Health System, Rev.,
5.125%, 2012 3,770 3,378
Small Facilities Loan, Insured Health Facility,
Rev., 6.70%, 2011 1,200 1,240
Southern California Presbyterian Homes,
Rev., 6.70%, 2011 2,000 2,087
Unihealth America, Rev., 7.625%, 2015 745 832
- --------------------------------------------------------------------------------------
Hollister Joint Powers Financing Auth.,
Sewer System Improvement Proj., Rev.,
5.75% and 5.90%, 2011 and 2023 13,470 12,339
- --------------------------------------------------------------------------------------
Housing Finance Agcy.:
Home Mortgage, Rev., 6.875% to 9.20%,
2010 through 2030 28,615 30,199
Single Family Mortgage, Rev., 6.45%, 2025 4,400 4,468
- --------------------------------------------------------------------------------------
</TABLE>
13
<PAGE> 8
Portfolio of Investments
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT VALUE
- ----------------------------------------------------------------------------------------
<S> <C> <C>
Inglewood:
Civic Center Improvement Proj., Certificates
of Participation, Rev., 6.50% to 7.00%,
2011 through 2021 $ 7,025 $ 7,224
Public Financing Auth., Manchester and
North Inglewood Industrial Park Redev.
Proj., Rev., 7.00%, 2022 9,625 9,884
- ----------------------------------------------------------------------------------------
Irvine Ranch, Water District Joint
Powers Agcy., Rev., 7.875%, 2023 5,000 5,372
- ----------------------------------------------------------------------------------------
Lemon Grove Community Dev. Agcy.,
Tax Allocation, Rev., 6.65% and 6.90%,
2006 and 2020 1,500 1,541
- ----------------------------------------------------------------------------------------
Loma Linda, University Medical Center, Rev.,
5.00% to 7.00%, 2013 through 2022 15,795 14,770
- ----------------------------------------------------------------------------------------
Long Beach:
Certificates of Participation, Airport Proj.,
Rev., 5.00%, 2016 4,750 4,216
Harbor Department, Rev., 7.25%, 2019 8,000 8,491
Health Care Systems, Sisters of Charity, Rev.,
6.50%, 2015 4,000 4,108
- ----------------------------------------------------------------------------------------
Los Angeles County:
Metropolitan Transportation Auth., Sales Tax
Rev., 4.75% and 5.00%, 2018 and 2021 22,075 19,138
Multiple Capital Facilities Project, Lease Rev.,
4.75%, 2013 10,000 8,634
Public Works Financing Auth., County
Flood Control District, Capital Construction
Rev., 5.00%, 2011 27,835 25,525
Sanitation Districts Financing Auth., Capital Proj.,
Rev., 5.25%, 2019 10,610 9,653
Transportation Commission, Sales Tax Rev.,
6.50% to 7.40%, 2003 though 2019 20,455 22,217
- ----------------------------------------------------------------------------------------
Los Banos, Certificates of Participation, Rev.,
6.00%, 2019 2,250 2,008
- ----------------------------------------------------------------------------------------
Martinez, Multiple Lenders, Home Mortgage,
Rev., 10.375%, 2002 35 45
- ----------------------------------------------------------------------------------------
Metropolitan Water District of Southern California,
Waterworks Rev., 5.75% to 6.625%,
2012 through 2021 3,500 3,563
- ----------------------------------------------------------------------------------------
Modesto Irrigation District Financing Auth.,
Domestic Water Proj., Rev., 5.75%, 2022 3,455 3,367
- ----------------------------------------------------------------------------------------
Montebello Community Redev. Agcy., Montebello
Hills Redev., Tax Allocation, Rev., 7.50%, 2010 3,750 4,164
- ----------------------------------------------------------------------------------------
Moreno Valley, Towngate Community Facilities:
District 87-1, Improvement Area No. 1,
Special Tax Rev., 7.125%, 2023 2,810 2,838
Special Tax, Rev., 6.50%, 2009 3,670 3,723
- ----------------------------------------------------------------------------------------
Morgan Hill Redev. Agcy., Ojo de Agua Community
Dev. Proj., Tax Allocation, Rev., 5.50%, 1999 3,725 3,818
- ----------------------------------------------------------------------------------------
Northern California Power Agcy.:
Geothermal Proj., Number 3, Rev., 7.00%, 2007 8,000 8,255
Hydroelectric Number One, Rev., 7.15%, 2024 8,940 9,600
- ----------------------------------------------------------------------------------------
Orange County, Civic Center, Certificates of
Participation, Rev., 6.625%, 2010 2,000 2,102
- ----------------------------------------------------------------------------------------
Pinole Redev. Agcy., Pinole Vista Redev. Proj.,
Tax Allocation, Rev., 5.60%, 2017 2,000 1,815
- ----------------------------------------------------------------------------------------
Pittsburg ReDev. Agcy. Los Medanos Proj.,
Tax Allocation, Rev., 5.00%, 2013 4,470 4,033
- ----------------------------------------------------------------------------------------
Port of Oakland, Rev., 7.60%, 2016 8,520 9,121
========================================================================================
</TABLE>
14
<PAGE> 9
Portfolio of Investments
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT VALUE
- ----------------------------------------------------------------------------------------
<S> <C> <C>
Public Works Board:
Department of Corrections, Rev.,
5.375% to 7.40%, 2010 through 2018 $15,580 $15,629
Department of Justice Building,
Rev., 5.625%, 2020 2,825 2,700
Various Universities, Rev., 5.50%, 2021 6,300 5,683
- ----------------------------------------------------------------------------------------
Rancho Water District Financing
Auth., Rev., 4.875%, 2015 2,100 1,834
- ----------------------------------------------------------------------------------------
Redbud Hospital District, Insured
Health Facility, Rev., 7.90%, 2011 1,000 1,044
- ----------------------------------------------------------------------------------------
Reedley, Sierra View Homes, Inc., Insured
Certificates of Participation, Rev., 7.60%, 2021 4,145 4,477
- ----------------------------------------------------------------------------------------
Riverside County, Public Facilities Financing,
Certificates of Participation, Rev.,
6.875% and 7.875%, 2009 and 2015 7,250 7,657
- ----------------------------------------------------------------------------------------
Rohnert Park Public Safety Facilities Proj.,
Certificates of Participation, 4.75%, 2017 1,880 1,590
- ----------------------------------------------------------------------------------------
Sacramento County, Sanitation Districts
Financing Auth., Rev., 5.00%, 2016 12,000 10,594
- ----------------------------------------------------------------------------------------
San Bernardino County, West Valley Detention
Center, Certificates of Participation,
Rev., 6.50%, 2012 8,000 8,416
- ----------------------------------------------------------------------------------------
San Bernardino Joint Powers Financing Auth.,
Lease Rev., 7.15%, 2013 4,250 4,673
- ----------------------------------------------------------------------------------------
San Diego, Misdemeanor Pre-Arraignment
Detention Facility, Certificates of Participation,
Rev., 8.00%, 2002 6,175 6,515
- ----------------------------------------------------------------------------------------
San Jose Redev. Agcy., Merged Area Redev.
Proj., Tax Allocation, 5.00% and 5.75%,
2011 and 2020 16,555 15,277
- ----------------------------------------------------------------------------------------
San Pablo Redev. Agcy., Merged Area Proj.,
Tax Allocation, Rev., 5.25%, 2016 3,720 3,437
- ----------------------------------------------------------------------------------------
Santa Barbara County, Rev., Montecito Retirement,
Certificates of Participation, Rev., 5.75%
and 5.80%, 2013 and 2018 5,650 5,347
- ----------------------------------------------------------------------------------------
Santa Clarita Public Financing Auth., Local Agcy.
Rev., 6.70% and 6.75%, 2011 and 2021 4,250 4,469
- ----------------------------------------------------------------------------------------
Santa Cruz County Housing Auth.:
Housing Financing Auth., Public Facilities Proj.,
Lease Rev., 5.50%, 2020 4,570 4,287
Multi-Family Housing, Rev., 7.75%, 2023 2,000 2,150
- ----------------------------------------------------------------------------------------
Santa Maria, Redev. Agcy. Rev., Town Center and
West Side Parking Facility, Rev., 5.00%, 2016 7,180 6,428
- ----------------------------------------------------------------------------------------
Snowline Joint Unified School District, 1993
Family Proj., Certificates of Participation, Rev.,
6.30% and 6.40%, 2011 and 2018 3,695 3,699
- ----------------------------------------------------------------------------------------
South San Francisco, Capital Improvement
Financing Auth., Conference Center Proj., Rev.,
6.125%, 2018 3,925 3,684
- ----------------------------------------------------------------------------------------
Southern California Home Financing Auth.,
Single Family Mortgage, Rev., 6.75% and 7.35%,
2022 and 2024 1,565 1,630
- ----------------------------------------------------------------------------------------
Southern California Public Power Auth.:
Mead Adelanto Proj., Rev., 4.75%, 2016 8,000 6,794
Power Proj. Rev., 5.00%, 2015 19,150 17,253
========================================================================================
</TABLE>
15
<PAGE> 10
Portfolio of Investments
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT VALUE
- --------------------------------------------------------------------------------------
<S> <C> <C>
Statewide Communities Dev. Auth.:
Cedars-Sinai Medical Center, 5.80% to 6.50%,
2000 through 2012 $22,205 $23,064
Certificates of Participation
Catholic Healthcare West, 5.50%, 2023 2,475 2,296
Eskaton Properties, Inc., Insured Health
Facilities, 5.80%, 2013 4,000 3,850
Oakland Convention Center, Lease Rev.,
6.00%, 2005 2,500 2,664
Sutter Health Obligated Group, 5.50%, 2023 7,075 6,562
United Western Medical Centers, Insured,
Rev., 6.80%, 2009 4,245 4,468
- --------------------------------------------------------------------------------------
Torrance Memorial Hospital Medical Center,
Rev., 6.75%, 2012 5,000 5,176
- --------------------------------------------------------------------------------------
University of California:
Housing Systems, Rev., 5.50% and 6.75%,
2018 and 2009 4,725 4,658
Multiple Purpose Proj., Rev., 4.75% to 5.25%,
2012 through 2023 33,025 28,571
- --------------------------------------------------------------------------------------
University of Puerto Rico, Rev., 5.25%, 2025 3,100 2,847
- --------------------------------------------------------------------------------------
Victor Valley Community College District,
Certificates of Participation, Rev., 6.875%, 2023 8,705 8,921
- --------------------------------------------------------------------------------------
Western Placer Unified School District,
Election of 1993, Gen. Oblg., zero coupon, 2011 1,590 625
- --------------------------------------------------------------------------------------
Westminster Redev. Agcy., Westminster Commercial
Redev. Proj., Tax Allocation, Rev., 7.30%, 2021 2,500 2,566
- --------------------------------------------------------------------------------------
Yorba Linda, Redev. Agcy. Tax Allocation,
Rev., 5.25%, 2013 2,825 2,638
- --------------------------------------------------------------------------------------
Yosemite Community College District,
Certificates of Participation, Rev., 7.75%, 2011 1,665 1,792
- --------------------------------------------------------------------------------------
Puerto Rico Commonwealth, Gen. Oblg.,
5.375%, 2022 5,535 5,195
- --------------------------------------------------------------------------------------
Puerto Rico Housing Bank and Financing Agcy.,
Single Family Mortgage, Rev., 6.25%, 2029 12,145 12,214
======================================================================================
TOTAL OTHER MUNICIPAL OBLIGATIONS--93.4% 1,014,965
======================================================================================
TOTAL OBLIGATIONS--98.2%
(COST: $1,028,044) 1,067,583
======================================================================================
MONEY MARKET INSTRUMENTS--.1%
YIELD--3.35%
DUE--SEPTEMBER 1995
(COST: $1,480) 1,480 1,480
======================================================================================
TOTAL INVESTMENTS--98.3%
(COST: $1,029,524) 1,069,063
======================================================================================
CASH AND OTHER ASSETS, LESS LIABILITIES--1.7% 18,169
======================================================================================
NET ASSETS--100% $1,087,232
======================================================================================
NOTE TO PORTFOLIO OF INVESTMENTS
</TABLE>
Based on the cost of investments of $1,028,890,000 for federal income tax
purposes at August 31, 1995, the aggregate gross unrealized appreciation was
$48,978,000, the aggregate gross unrealized depreciation was $8,805,000 and the
net unrealized appreciation of investments was $40,173,000.
See accompanying Notes to Financial Statements.
17
<PAGE> 11
Portfolio of Investments
MICHIGAN TAX-FREE INCOME FUND
August 31, 1995
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT VALUE
MUNICIPAL OBLIGATIONS
- -------------------------------------------------------------------
<S> <C> <C>
Anchor Bay School District,
Gen. Oblg., 5.25%, 2014 $ 20 $ 19
- -------------------------------------------------------------------
Birmingham Public Schools,
Gen. Oblg., 5.75%, 2011 15 15
- -------------------------------------------------------------------
Board of Trustees of State University,
Rev., 5.50%, 2022 20 19
- -------------------------------------------------------------------
Breifung Township School District,
Gen. Oblg., 5.50%, 2012 20 20
- -------------------------------------------------------------------
Cedar Springs Public Schools,
Gen. Oblg., 5.875%, 2013 and 2014 95 95
- -------------------------------------------------------------------
Chelsea School District,
Gen. Oblg., 6.00%, 2019 100 100
- -------------------------------------------------------------------
Clarkston Community Schools,
Gen. Oblg., 5.90%, 2016 95 95
- -------------------------------------------------------------------
Dearborn Economic Dev. Corp., Hospital
Rev., 5.875%, 2025 100 99
- -------------------------------------------------------------------
Detroit:
Gen. Oblg., 6.80%, 2015 50 52
Water Rev., 4.75%, 2019 15 13
- -------------------------------------------------------------------
Dickinson County Economic Dev. Corp.,
Pollution Control Rev., Champion
International Corp. Proj.,
5.85%, 2018 75 71
- -------------------------------------------------------------------
Environmental Protection Program,
Gen. Oblg., 5.40%, 2019 100 93
- -------------------------------------------------------------------
Fitzgerald Public Schools,
Gen. Oblg., 5.125%, 2016 20 18
- -------------------------------------------------------------------
Genesee School District,
Gen. Oblg., 5.75%, 2017 120 117
- -------------------------------------------------------------------
Grand Haven, Electric System Rev.,
5.25%, 2013 and 2016 90 83
- -------------------------------------------------------------------
Greenville Public Schools, Gen. Oblg.,
5.75%, 2013 and 2024 105 103
- -------------------------------------------------------------------
Gull Lake Community Schools,
Gen. Oblg., 5.25%, 2021 5 5
- -------------------------------------------------------------------
Hanover-Horton School District,
Gen. Oblg., 5.50%, 2020 100 96
- -------------------------------------------------------------------
Housing Dev. Auth., Limited Oblg. Rev.,
Green Hill Project, 5.45%, 2011 20 19
- -------------------------------------------------------------------
Kalamazoo Hospital Finance Auth.,
Hospital Rev., Borgess Medical
Center, 5.25%, 2017 85 78
- -------------------------------------------------------------------
L'Anse Creuse Public Schools,
Gen. Oblg., 5.50%, 2014 20 19
- -------------------------------------------------------------------
Lansing, Sewage Disposal System
Rev., 5.85%, 2014 100 100
- -------------------------------------------------------------------
Marquette Area Public Schools,
Gen. Oblg., 5.25%, 2014 20 19
- -------------------------------------------------------------------
Michigan Trunk Line, Rev., 5.50%, 2021 110 102
- -------------------------------------------------------------------
Monroe County, Pollution Control
Rev., 6.55%, 2024 100 104
- -------------------------------------------------------------------
Municipal Bond Auth.:
Local Government Bond Auth.,
Rev., 6.00%, 2013 10 10
Local Government Loan Program,
Rev., 5.75%, 2014 70 69
State Revolving Fund,
Rev., 6.50%, 2014 15 16
- -------------------------------------------------------------------
North Branch Area Schools,
Gen. Oblg., 5.375%, 2021 5 5
- -------------------------------------------------------------------
Oakland County, Drainage District,
Rev., 6.40%, 2016 15 16
- -------------------------------------------------------------------
Portage Public Schools,
Gen. Oblg., 5.625%, 2019 40 39
- -------------------------------------------------------------------
Public Power Agency, Belle River Project,
Rev., 5.00%, 2019 100 87
- -------------------------------------------------------------------
Reeths Puffer School District,
Gen. Oblg., 6.00%, 2025 100 101
- -------------------------------------------------------------------
</TABLE>
19
<PAGE> 12
Portfolio of Investments
<TABLE>
PRINCIPAL AMOUNT VALUE
- -----------------------------------------------------------------
<S> <C> <C>
Regents of the University of Michigan:
Hospital Rev., 5.50%, 2021 $ 15 $ 14
Major Capital Projects
Student Fee Bonds, 5.50%, 2013 10 10
- ----------------------------------------------------------------
Rockford Public Schools,
Gen. Oblg., 5.875%, 2019 25 24
- ----------------------------------------------------------------
St. Clair County, Water Supply
System No. VII, Ira Township
Bonds, Gen. Oblg., 5.25%, 2018 15 14
- ----------------------------------------------------------------
St. Clair Shores, Health Care Rev.,
Bon Secours Health
System Proj., 6.00%, 2027 15 15
- ----------------------------------------------------------------
State Building Auth., Rev., 6.25%, 2020 95 96
- ----------------------------------------------------------------
State Hospital Finance Auth.:
Hospital Rev., Oakwood Hospital
Obligated Group, 5.50% and
5.625%, 2013 and 2018 115 109
Hospital Rev., St. John Hospital,
5.75%, 2016 100 98
- ----------------------------------------------------------------
State Housing Dev. Auth., Rental Housing
Rev., 5.75%, 2014 15 15
- ----------------------------------------------------------------
Strategic Fund, Limited Oblg., Rev.,
Detroit Edison Company
Pollution Control Project,
6.20%, 2025 100 101
- ----------------------------------------------------------------
University of Puerto Rico,
University System
Rev., 5.25%, 2025 80 73
- ----------------------------------------------------------------
Wayne County, Airport Rev.,
Detroit Metropolitan Wayne
County Airport, 6.125%, 2024 20 20
- ----------------------------------------------------------------
Wayne State University Board of
Governors, Gen. Rev.,
5.65%, 2015 100 98
- ----------------------------------------------------------------
West Ottawa Public Schools,
Gen. Oblg., 6.00%, 2020 25 25
- ----------------------------------------------------------------
Western Michigan University,
Board of Trustees,
Gen. Rev., 6.125%, 2022 30 30
- ----------------------------------------------------------------
Wyandotte, Electric Rev., 6.250%, 2017 45 46
- ----------------------------------------------------------------
Puerto Rico Commonwealth:
Electric Power Auth.,
Rev., 6.125%, 2021 100 101
Gen. Oblg., 5.50%, 2009 15 15
Housing Rev., 6.25%, 2029 30 30
- ----------------------------------------------------------------
Virgin Islands Public Finance Auth.,
Government Dev. Program,
Rev., 7.25%, 2018 100 106
- ----------------------------------------------------------------
TOTAL INVESTMENTS--95.4%
(COST: $2,896) 2,937
- ----------------------------------------------------------------
CASH AND OTHER ASSETS,
LESS LIABILITIES--4.6% 142
- ----------------------------------------------------------------
NET ASSETS--100% $3,079
</TABLE>
Note to Portfolio of Investments
Based on the cost of investments of $2,896,000 for federal income tax purposes
at August 31, 1995, the aggregate gross unrealized appreciation was $49,000,
the aggregate gross unrealized depreciation was $8,000 and the net unrealized
appreciation of investments was $41,000.
See accompanying Notes to Financial Statements.
20
<PAGE> 13
Portfolio of Investments
OHIO TAX-FREE INCOME FUND
August 31, 1995
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL Batavia Local School District,
OBLIGATIONS Gen. Oblg., 7.00%, 2014 $ 500 $ 566
-------------------------------------------------------------------------------------------------------------------
Building Auth.:
Administrative Building Funds Proj.,
Rev., 5.50% and 6.30%, 2012 and 2011 265 268
Adult Correctional Building Fund Proj.,
Rev., 6.125%, 2012 310 317
James A. Rhodes State Office Tower,
Rev., 6.25%, 2011 215 221
Juvenile Correctional Building Proj.,
Rev., 6.60%, 2014 200 215
-------------------------------------------------------------------------------------------------------------------
Cambridge, Water System Rev., 5.50%, 2015 550 532
-------------------------------------------------------------------------------------------------------------------
Canton Waterworks, Gen. Oblg., 5.85%, 2015 300 303
-------------------------------------------------------------------------------------------------------------------
Cleveland, Airport System Improvement,
Rev., 5.75%, 2015 750 739
-------------------------------------------------------------------------------------------------------------------
Cleveland Public Power, First Mortgage,
Rev., 7.00%, 2017 750 830
-------------------------------------------------------------------------------------------------------------------
Cleveland, Waterworks Improvement,
First Mortgage, Rev., 5.50% and 6.25%,
2013 and 2015 895 911
-------------------------------------------------------------------------------------------------------------------
Columbus Municipal Airport Auth., Rev.,
6.00%, 2014 750 755
-------------------------------------------------------------------------------------------------------------------
Crawford County, Gen. Oblg., 6.75%, 2019 700 768
-------------------------------------------------------------------------------------------------------------------
Cuyahoga County:
Fairview General Hospital, Rev., 5.50%, 2014 500 461
Merida Health System, Rev., 6.25%, 2014 950 967
Multi-Family Housing, Rev., 6.50%, 2020 1,000 1,000
-------------------------------------------------------------------------------------------------------------------
Delaware County:
Gen. Oblg., 5.25%, 2015 320 298
School District, Gen. Oblg., 5.20%, 2016 1,000 931
-------------------------------------------------------------------------------------------------------------------
Fayette County, Gen. Oblg., 5.90%, 2013 200 193
-------------------------------------------------------------------------------------------------------------------
Franklin County:
Convention Facilities Auth., Tax and Lease
Rev., 5.85%, 2019 150 150
Riverside United Methodist Hospital Proj.,
Rev., 5.75%, 2012 and 2020 900 874
-------------------------------------------------------------------------------------------------------------------
Green Springs, Health Care Facility,
St. Francis Healthcare, Rev., 7.00%, 2014 400 403
-------------------------------------------------------------------------------------------------------------------
Higher Educational Facility:
Dayton University, Rev., 6.60%, 2017 430 459
Dominican College, Rev., 6.625%, 2014 600 621
Oberlin College Proj., Rev., 5.375%, 2015 750 704
-------------------------------------------------------------------------------------------------------------------
Highland Heights, Gen. Oblg., 6.15%, 2012 145 148
-------------------------------------------------------------------------------------------------------------------
Housing Finance Agcy., Single Family Mortgage,
Rev., 7.85%, 2021 365 388
-------------------------------------------------------------------------------------------------------------------
Lake County, Hospital Facility, Rev., 5.375%, 2010 850 827
-------------------------------------------------------------------------------------------------------------------
Lakeview Local School District,
Gen. Oblg., 6.90%, 2014 700 777
-------------------------------------------------------------------------------------------------------------------
Lorrain, Gen. Oblg., 5.65%, 2015 175 171
-------------------------------------------------------------------------------------------------------------------
Lucas County:
Public Improvement Water Utility,
Rev., 6.05%, 2013 130 133
St. Vincent Medical Center, Rev., 5.375% and 5.45%,
2017 and 2014 800 758
-------------------------------------------------------------------------------------------------------------------
Marion County Health Care Facilities Refunding and
Improvement, United Church Homes Proj.,
Rev., 6.30% and 6.375%, 2015 and 2010 700 666
-------------------------------------------------------------------------------------------------------------------
</TABLE>
23
<PAGE> 14
Portfolio of Investments
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT VALUE
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Muskingum County, Franciscan Health
Advisory Services, Inc., Rev., 7.50%, 2012 $ 30 $ 31
-------------------------------------------------------------------------------------------------------------------
Napoleon, Health Care Facility, Lutheran
Orphans' and Old Folks' Home Society,
Rev., 6.875%, 2023 495 521
-------------------------------------------------------------------------------------------------------------------
North Royalton City School District,
Gen. Oblg., 6.10%, 2019 500 513
-------------------------------------------------------------------------------------------------------------------
Northeast Ohio Regional Sewer District,
Wastewater Improvement, Rev., 6.50%, 2016 800 837
-------------------------------------------------------------------------------------------------------------------
Olentangy Local School District,
Gen. Oblg., 5.85% and 6.35%, 2007 and 2017 550 576
-------------------------------------------------------------------------------------------------------------------
Olmstead Falls Schoool District,
Gen Oblg., 6.85%, 2011 250 281
-------------------------------------------------------------------------------------------------------------------
St. Henry Consolidated Local School District,
Gen. Oblg., 5.25%, 2019 400 371
-------------------------------------------------------------------------------------------------------------------
State Turnpike, Rev., 5.45%, 2011 750 739
-------------------------------------------------------------------------------------------------------------------
State Water Dev. Auth., Rev., 6.15%, 2023 1,000 1,024
-------------------------------------------------------------------------------------------------------------------
Sandusky County, Gen. Oblg., 6.20%, 2013 500 522
-------------------------------------------------------------------------------------------------------------------
Shawnee State University, General Receipts,
Rev., 6.00%, 2014 200 204
-------------------------------------------------------------------------------------------------------------------
City of Springdale, Hospital Facilities First
Mortgage, Southwestern Ohio Seniors
Services, Rev., 6.00%, 2018 750 669
-------------------------------------------------------------------------------------------------------------------
Toledo, Gen. Oblg., 6.10% and 6.35%,
2014 and 2025 1,250 1,280
-------------------------------------------------------------------------------------------------------------------
Trumbull County Sewer Improvement,
Gen. Oblg., 6.20%, 2014 500 519
-------------------------------------------------------------------------------------------------------------------
Tuscarawas Valley Local School District,
Gen. Oblg., 6.60%, 2015 365 396
-------------------------------------------------------------------------------------------------------------------
University, General Receipt, Rev., 5.00%
2013 and 2018 1,500 1,357
-------------------------------------------------------------------------------------------------------------------
University of Cincinnati, General Receipt,
Rev., 5.15%, 2014 455 414
-------------------------------------------------------------------------------------------------------------------
Warren County, Sewer District, Rev., 5.45%, 2015 175 169
-------------------------------------------------------------------------------------------------------------------
Youngstown, Gen. Oblg., 6.125%, 2014 110 113
-------------------------------------------------------------------------------------------------------------------
Puerto Rico:
Electric Power Auth., Rev., 5.50%, 2025 750 697
Finance Agcy., Rev., 6.00%, 2014 750 763
Housing and Finance Agcy., Rev., 6.25%, 2029 1,000 1,006
Medical and Environmental Control Facilities,
Rev., 6.25%, 2032 400 405
-------------------------------------------------------------------------------------------------------------------
Virgin Islands Public Finance Auth.,
Rev., 7.25%, 2018 225 238
===================================================================================================================
TOTAL OBLIGATIONS -- 98.6%
(COST: $30,007) 30,999
===================================================================================================================
MONEY MARKET INSTRUMENTS -- 1.2%
YIELD -- 3.40%
DUE -- SEPTEMBER 1995
(COST: $400) 400 400
===================================================================================================================
TOTAL INVESTMENT -- 99.8%
(COST: $30,407) 31,399
===================================================================================================================
CASH AND OTHER ASSETS, LESS LIABILITIES -- .2% 51
===================================================================================================================
NET ASSETS -- 100% $31,450
===================================================================================================================
</TABLE>
NOTE TO PORTFOLIO OF INVESTMENTS
Based on the cost of investments of $30,407,000 for federal income tax purposes
at August 31, 1995, the aggregate gross unrealized appreciation was $1,137,000,
the aggregate gross unrealized depreciation was $145,000 and the net unrealized
appreciation of investments was $992,000.
See accompanying Notes to Financial Statements.
24
<PAGE> 15
PORTFOLIO OF INVESTMENTS
TEXAS TAX-FREE INCOME FUND
August 31, 1995
(Dollars in thousands)
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT VALUE
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL
OBLIGATIONS Abilene Higher Education Facilities Corp.,
Abilene Christian University Proj.,
Rev., 6.25%, 2011 $ 300 $ 303
---------------------------------------------------------------
Aldine Independent School District,
Harris County, Gen. Oblg., 5.50%, 2016 300 283
---------------------------------------------------------------
Amarillo, Gen. Oblg., 5.125%, 2015 350 322
---------------------------------------------------------------
Austin Airport, Rev., 6.20%, 2015 585 590
---------------------------------------------------------------
Austin Combined Utility Systems,
Rev., zero coupon, 2010 1,200 500
---------------------------------------------------------------
Bexar County Housing Finance Dev. Corp.,
Multi-Family Housing, Rev., 6.875%, 2012 250 263
---------------------------------------------------------------
Bexar Metro Water District, Rev., 5.875%, 2022 350 345
---------------------------------------------------------------
Brazos River Auth., Texas Utilities
Electric Company Proj., Rev., 8.125%, 2020 350 388
---------------------------------------------------------------
Cameron County Housing Finance Corp.,
Single Family Mortgage, Rev., 6.75%, 2025 500 523
---------------------------------------------------------------
Circle C, Utility System, District
Number Three, Rev., 6.50%, 2009 250 264
---------------------------------------------------------------
Clear Lake City Water Auth., Waterworks
and Sewer Combination, Rev. 5.00%, 2013 500 452
---------------------------------------------------------------
Collin County, Jail Facility Financial
Corp., Rev., 5.00%, 2013 400 361
---------------------------------------------------------------
Corpus Christi, Utility System, Rev.,
5.25%, 2013 300 280
---------------------------------------------------------------
Dallas-Fort Worth International Airport,
Rev., 5.625%, 2015 500 483
---------------------------------------------------------------
Dallas, Waterworks and Sewer System,
Rev., 5.25%, 2013 and 2014 460 428
---------------------------------------------------------------
Denton County, Gen. Oblg., 5.00%, 2012 405 374
---------------------------------------------------------------
Denton, Utility System, Rev., 6.50%, 2009 150 160
---------------------------------------------------------------
Ector County Hospital District, Rev.,
7.30%, 2012 450 479
---------------------------------------------------------------
Fort Bend County Levee Improvement District
Number 2, Unlimited Tax Levee Improvement,
Gen. Oblg., 6.625%, 2008 200 212
---------------------------------------------------------------
Georgetown Higher Education Finance Corp.,
Southwestern University Proj., Rev.,
6.30%, 2014 500 508
---------------------------------------------------------------
Harris County:
Health Facilities Dev. Corp., St. Luke's
Episcopal Hospital Proj., Rev.,
6.75%, 2021 120 125
Hospital District Mortgage, Rev.,
7.40%, 2010 60 70
Road And Permanent Improvement,
Rev., 5.125%, 2011 200 188
Toll Road Senior Lien, Rev., 5.00%, 2016 350 315
---------------------------------------------------------------
Housing Agcy., Single Family Mortgage,
Rev., 7.15%, 2012 85 90
---------------------------------------------------------------
Houston, Higher Education Finance Corp.,
University of St. Thomas Proj., Rev.,
7.25%, 2007 300 317
---------------------------------------------------------------
Lockhart Correctional Facilities Financing
Corp., Rev., 6.625%, 2012 200 211
---------------------------------------------------------------
Lower Colorado River Auth., Junior Lien,
Rev., 5.25%, 2015 150 141
---------------------------------------------------------------
Lower Neches Valley, Industrial Dev. Corp.,
Mobil Oil, Rev., 6.40%, 2030 250 251
---------------------------------------------------------------
Lubbock, Gen. Oblg., 4.00%, 2011 300 243
---------------------------------------------------------------
Lubbock Health Facilities Dev. Corp.,
Methodist Hospital, Rev., 5.25%, 2019 600 546
---------------------------------------------------------------
</TABLE>
27
<PAGE> 16
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT VALUE
- -----------------------------------------------------------------------------------
<S> <C> <C>
Matagorda County, Navigation District:
Number 1, Pollution Control, Rev.,
Central Power and Light, 7.875%, 2016 $ 110 $ 116
Houston Power and Light, 7.875%, 2016 100 104
-------------------------------------------------------------------
North Central Health Facilities Dev. Corp.,
Presbyterian Healthcare Systems,
Rev., 6.625%, 2011 100 104
-------------------------------------------------------------------
Port Arthur, Gen. Oblg., 5.50%, 2014 150 144
-------------------------------------------------------------------
Public Financing Auth., Gen. Oblg.,
zero coupon and 7.00%, 2009 and 2012 1,243 725
-------------------------------------------------------------------
San Antonio, Electric and Gas, Rev., 5.00%,
2014 250 224
-------------------------------------------------------------------
Socorro Independent School District,
Gen. Oblg., 6.625%, 2013 90 94
-------------------------------------------------------------------
Southern University, Board of Regents,
Consolidated Rev., 5.00%, 2013 200 180
-------------------------------------------------------------------
Spring Independent School District,
Gen. Oblg., 6.375%, 2016 400 414
-------------------------------------------------------------------
Titus County Hospital District, Improvement,
Rev., 6.125%, 2013 500 479
-------------------------------------------------------------------
Travis County Housing Finance Corp.:
Gen. Oblg., 6.75%, 2009 75 84
Residential Mortgage, Senior Rev.,
7.00%, 2011 275 296
Single Family Mortgage, Rev., 6.75%, 2014 130 137
-------------------------------------------------------------------
Trinity River Auth., Denton Creek
Wastewater System, Rev., 6.45%, 2015 390 407
-------------------------------------------------------------------
Turnpike Auth., Dallas North Tollway,
Rev., 5.00%, 2020 515 457
-------------------------------------------------------------------
Waco Health Facilities Dev. Corp.,
Hillcrest Baptist Medical Center Proj.,
Rev., 7.125%, 2014 90 100
-------------------------------------------------------------------
Water Dev., Gen. Oblg., 5.25%, 2020 500 452
-------------------------------------------------------------------
TOTAL INVESTMENTS--97.7%
(COST: $14,122) 14,532
-------------------------------------------------------------------
CASH AND OTHER ASSETS, LESS LIABILITIES--2.3% 345
-------------------------------------------------------------------
NET ASSETS--100% $14,877
-------------------------------------------------------------------
</TABLE>
NOTE TO PORTFOLIO OF INVESTMENTS
Based on the cost of investments of $14,122,000 for federal income
tax purposes at August 31, 1995, the aggregate gross unrealized
appreciation was $461,000, the aggregate gross unrealized depreciation
was $51,000 and the net unrealized appreciation of investments was
$410,000.
See accompanying Notes to Financial Statements.
28
<PAGE> 17
Kemper State Tax-Free Income Series
Portfolio of Investments
Florida Tax-Free Income Fund
New Jersey Tax-Free Income Fund
New York Tax-Free Income Fund
Pennsylvania Tax-Free Income Fund
<PAGE> 18
PORTFOLIO OF INVESTMENTS
FLORIDA TAX-FREE INCOME FUND
August 31, 1995
(Dollars in thousands)
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT VALUE
===================================================================================================================
<S> <C> <C> <C>
ADVANCE Dunedin, Mease Health Care, Rev., 6.75%,
REFUNDED to be called 11-15-11 @ 114 $ 750 $ 856
OBLIGATIONS -------------------------------------------------------------------------------------------
SECURED AS TO Jacksonville Health Facilities Auth.,
PRINCIPAL AND Memorial Medical Center Proj., Rev., 6.75%
INTEREST BY to be called 05-01-11 @ 113 2,000 2,263
OBLIGATIONS -------------------------------------------------------------------------------------------
OF THE Volusia County Health Facilities Auth.,
UNITED STATES Memorial Health Systems, Hospital Facilities
GOVERNMENT Rev., 8.25%, to be called 6-01-20 @ 116 1,940 2,265
-------------------------------------------------------------------------------------------
West Palm Beach Community ReDev. Agcy.,
Rev., 6.75%, to be called 3-01-10 @ 112 1,025 1,153
===========================================================================================
TOTAL ADVANCE REFUNDED OBLIGATIONS--5.6% 6,537
- -------------------------------------------------------------------------------------------------------------------
OTHER MUNICIPAL Board of Education, Public Education Capital
OBLIGATIONS Outlay, Rev., 5.25% and 7.25%, 2014 and 2023 4,890 4,624
-------------------------------------------------------------------------------------------
Broward County:
North Site Proj., Resource Recovery Rev., 7.95%, 2008 915 1,025
School District, Gen. Oblg., 6.00%, 2007 4,000 4,214
South Site Proj., Resource Recovery Rev., 7.95%, 2008 970 1,087
-------------------------------------------------------------------------------------------
Charlotte County, Utility System, Rev.,
5.25% and 6.75%, 2021 and 2013 2,250 2,103
-------------------------------------------------------------------------------------------
Dade City Governmental Leasing Corp.,
Department of Health and Rehabilitative
Services, Rev., 9.00%, 2020 1,025 1,105
-------------------------------------------------------------------------------------------
Dade County:
Housing Finance Auth., Single Family Mortgage,
Rev., 7.25%, 2023 370 391
Public Facilities, Jackson Memorial Hospital,
Rev., 4.875%, 2015 3,500 3,070
School District, Gen. Oblg., 5.00%, 2013 3,115 2,846
-------------------------------------------------------------------------------------------
Department of Natural Resources,
Rev., 6.75%, 2013 1,000 1,079
-------------------------------------------------------------------------------------------
Department of Transportation, Turnpike Auth.,
Rev., 5.00%, 2014 1,750 1,598
-------------------------------------------------------------------------------------------
Dunedin City, Utility System Rev., 4.50%, 2014 1,770 1,495
-------------------------------------------------------------------------------------------
Duval County Housing Finance Auth.,
GNMA Mortgage-Backed Securities Program,
Single Family Mortgage Rev., 7.25%, 2019 550 581
-------------------------------------------------------------------------------------------
Escambia County Housing Finance Auth.,
Multi-County Program, Single Family
Mortgage Rev., 6.90%, 2020 and 2021 2,805 2,934
-------------------------------------------------------------------------------------------
Gainesville, Utility System Rev., 6.50%, 2010 1,370 1,525
-------------------------------------------------------------------------------------------
Halifax Hospital Medical Center,
Hospital Rev., 6.75%, 2006 3,475 3,823
-------------------------------------------------------------------------------------------
Hillsborough County:
Aviation Auth.,Tampa International Airport,
Rev., 6.90%, 2011 1,250 1,356
Housing Finance Auth., Single Family Mortgage
Rev., 7.30%, 2022 345 365
Utility Rev., 7.00%, 2014 1,325 1,391
-------------------------------------------------------------------------------------------
Housing Finance Agcy., GNMA Collateralized
Home Ownership, Rev., 7.90%, 2022 1,480 1,593
-------------------------------------------------------------------------------------------
Jacksonville:
Capital Improvement, Rev., 5.50%, 2019 1,500 1,425
Electric Auth., Saint Johns River Power Park System,
Rev., 5.25% and 5.50%, 2013 and 2021 2,500 2,361
Health Facilities Auth., Daughters of Charity,
Rev., 5.00%, 2015 1,700 1,530
-------------------------------------------------------------------------------------------
</TABLE>
11
<PAGE> 19
PORTFOLIO OF INVESTMENTS
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT VALUE
===================================================================================================================
<S> <C> <C> <C>
Kissimmee Utilities Auth., Electric System
Improvement and Rev., 5.25%, 2018 $3,215 $2,957
-------------------------------------------------------------------------------------------
Lake City, Utilities Rev., 5.00%, 2018 2,000 1,778
-------------------------------------------------------------------------------------------
Lake County:
NRG/Recovery Group Proj.,Resource Recovery
Rev., 5.95%, 2013 3,120 2,939
Village Center Community Dev. District
Utility Rev., 5.00%, 2013 2,500 2,282
-------------------------------------------------------------------------------------------
Leesburg, Regional Medical Center Proj.,
Hospital Rev., 5.70%, 2018 1,000 916
-------------------------------------------------------------------------------------------
Manatee County:
Gen. Oblg., 4.75%, 2013 1,000 875
Public Utilities, Rev., 5.00%, 2013 2,000 1,826
-------------------------------------------------------------------------------------------
Martin County, Industrial Dev. Auth.,
Indiantown Cogeneration, L.P. Proj.,
Rev., 7.875%, 2025 2,325 2,581
-------------------------------------------------------------------------------------------
Miami Beach ReDev. Agcy., City
Center/Historic Convention Village, Tax
Increment Rev., 5.875%, 2022 3,150 2,896
-------------------------------------------------------------------------------------------
Nassau County, Intermediate Care Facility, Amelia Island Proj.,
Rev., 9.75%, 2023 997 1,103
-------------------------------------------------------------------------------------------
North Miami, Johnson and Wales University
Proj., Educational Facilities Rev.,
6.10% and 6.125%, 2013 and 2020 4,785 4,696
-------------------------------------------------------------------------------------------
Orange County:
Health Facilities Auth., Hospital Rev., 5.25%, 2020 2,000 1,818
Housing Finance Auth., Single Family Mortgage,
Rev., 6.75%, 2018 3,600 3,754
Sales Tax Rev., 5.375%, 2024 3,500 3,221
-------------------------------------------------------------------------------------------
Orlando and Orange County Expressway Auth.,
Junior Lien, Rev., 5.95% and 6.50%,
2023 and 2012 4,000 4,012
-------------------------------------------------------------------------------------------
Palm Beach County:
Criminal Justice Facilities, Rev., 7.20%, 2015 110 131
Solid Waste Auth., Rev., 8.75%, 2010 245 268
-------------------------------------------------------------------------------------------
Pasco County, Solid Waste Disposal and
Resource Recovery System, Rev., 7.80%, 2011 345 384
-------------------------------------------------------------------------------------------
Pensacola, Health Facilities Auth.,
Daughters of Charity, Rev., 5.25%, 2011 2,200 2,038
-------------------------------------------------------------------------------------------
Pinellas County, Pollution Control,
Florida Power Corp., Rev., 7.20%, 2014 2,000 2,146
-------------------------------------------------------------------------------------------
Pinellas Park, Public Improvement
Rev., 5.00%, 2018 3,805 3,372
-------------------------------------------------------------------------------------------
St. Petersburg:
Excise Tax Rev., 5.00%, 2016 3,935 3,528
Health Facilities Auth., St. Anthony Health Care Center,
Rev., 6.75% and 7.00%, 2021 and 2015 1,500 1,617
-------------------------------------------------------------------------------------------
Sarasota, Water and Sewer System,
Rev., 4.50%, 2016 3,000 2,500
-------------------------------------------------------------------------------------------
South Florida, Water Management
District, 5.25%, 2015 1,000 935
-------------------------------------------------------------------------------------------
Sunrise, Public Facilities,
Rev., 6.50%, 2007 1,000 1,092
-------------------------------------------------------------------------------------------
Tampa Sports Auth., Special Purpose
Bonds, 5.75%, 2020 1,825 1,818
-------------------------------------------------------------------------------------------
Vero Beach, Electric Rev., 5.375%, 2021 2,000 1,863
-------------------------------------------------------------------------------------------
</TABLE>
12
<PAGE> 20
PORTFOLIO OF INVESTMENTS
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT VALUE
===================================================================================================================
<S> <C> <C> <C>
Puerto Rico Commonwealth, Highway &
Transportation Auth., Rev., 5.50%, 2013 $1,500 $ 1,475
-------------------------------------------------------------------------------------------
Puerto Rico, Electric Power Auth.,
Rev., 5.50%, 2025 2,000 1,859
-------------------------------------------------------------------------------------------
Virgin Islands Public Finance Auth.,
Gen. Oblg. Rev., 7.25%, 2018 2,100 2,220
===========================================================================================
TOTAL OTHER MUNICIPAL OBLIGATIONS--92.4% 108,421
===========================================================================================
TOTAL OBLIGATIONS--98.0%
(COST: $110,766) 114,958
===========================================================================================
MONEY MARKET INSTRUMENTS--1.3%
YIELD--3.60%
DUE--SEPTEMBER 1995
(COST: $1,500) 1,500 1,500
===========================================================================================
TOTAL INVESTMENTS--99.3%
(COST: $112,266) 116,458
===========================================================================================
CASH AND OTHER ASSETS, LESS LIABILITIES--.7% 834
===========================================================================================
NET ASSETS--100% $117,292
===========================================================================================
</TABLE>
NOTE TO PORTFOLIO INVESTMENTS
Based on the cost of investments of $112,266,000 for federal income tax purposes
at August 31, 1995, the aggregate gross unrealized appreciation was $5,317,000,
the aggregate gross unrealized depreciation was $1,125,000 and the net
unrealized appreciation of investments was $4,192,000.
See accompanying Notes to Financial Statements.
13
<PAGE> 21
PORTFOLIO OF INVESTMENTS
NEW JERSEY TAX-FREE INCOME FUND
August 31, 1995
(Dollars in thousands)
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT VALUE
<S> <C> <C> <C>
MUNICIPAL Atlantic City Board of Education, Gen. Oblg., 6.15%, 2015 $150 $153
OBLIGATIONS -------------------------------------------------------------------------------------
Building Auth., Rev., 5.00%, 2019 100 89
-------------------------------------------------------------------------------------
Cape May County, Municipal Utilities Auth.,
Rev., 6.00%, 2011 15 16
-------------------------------------------------------------------------------------
Chatham Borough, Gen. Oblg., 5.80%, 2015 32 32
-------------------------------------------------------------------------------------
Delran Township, Gen. Oblg., 5.90%, 2017 75 75
-------------------------------------------------------------------------------------
Economic Dev. Auth.:
Market Transition Facility, Rev., 5.875%, 2011 90 91
Natural Gas Facilities, National Gas Company
Proj., Rev., 6.25%, 2024 35 36
Pollution Control, Public Service Electric and
Gas Company Proj., Rev., 6.40%, 2032 90 94
Rev., Saint Barnabas Realty Dev. Corp. Proj.,
5.25%, 2020 5 5
Water Facilities
American Water Company Proj., Rev.,
5.35%, 2023 95 89
Middlesex Water Company Proj., Rev.,
5.25%, 2023 15 14
-------------------------------------------------------------------------------------
Educational Facilities Auth.:
Caldwell College, Rev., 7.25%, 2025 50 50
Jersey City State College, Rev., 6.125%, 2022 50 51
Rider College, Rev., 6.20%, 2017 115 118
-------------------------------------------------------------------------------------
Essex County, Improvement Auth., Rev.,
5.50% and 7.00%, 2020 and 2024 50 51
-------------------------------------------------------------------------------------
Evesham, Municipal Utilities Auth., Rev.,
5.55%, 2018 40 39
-------------------------------------------------------------------------------------
Great Meadows Regional School District,
Gen. Oblg., 5.90%, 2018 150 150
-------------------------------------------------------------------------------------
Health Care Facilities Financing Auth.:
Atlantic City Medical Center, Rev., 6.80%, 2011 150 157
Dover General Hospital and Medical Center,
Rev., 5.875%, 2012 165 167
Hackensack Medical Center, Rev., 6.625%, 2017 15 16
Jersey Shore Medical Center, Rev., 6.25%, 2016 100 103
JFK Health System, Rev., 5.50%, 2023 70 66
Riverview Medical Center, Rev., 5.50%, 2018 25 24
Somerset Medical Center, Rev., 5.20%, 2024 45 41
Southern Ocean County Hospital, Rev.,
6.125%, 2013 120 116
-------------------------------------------------------------------------------------
Housing and Mortgage Finance Agcy., Home Buyer
Program, Rev., 5.375% to 6.35%, 2025 through 2027 200 190
-------------------------------------------------------------------------------------
Jersey City, Gen. Oblg., 6.60%, 2011 40 43
-------------------------------------------------------------------------------------
Lacey, Municipal Utilities Auth., 5.50%, 2019 130 125
-------------------------------------------------------------------------------------
Lower Cape May, Gen. Oblg., 5.80%, 2014 40 40
-------------------------------------------------------------------------------------
Monroe Township, Gloucester County, Gen. Oblg.,
5.20%, 2015 125 118
-------------------------------------------------------------------------------------
Monroe Township, Middlesex County, Municipal
Utilities Auth., Rev., 5.50%, 2017 60 58
-------------------------------------------------------------------------------------
Newark, Gen. Oblg., 5.875% and 6.00%,
2010 and 2015 105 106
-------------------------------------------------------------------------------------
</TABLE>
16
<PAGE> 22
PORTFOLIO OF INVESTMENTS
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT VALUE
<S> <C> <C>
North Brunswick Township, Gen. Oblg.,
6.10% and 6.30%, 2010 and 2015 $ 135 $141
-----------------------------------------------------------------------------------------
Passaic County, Gen. Oblg., 5.00%, 2017 45 41
-----------------------------------------------------------------------------------------
Passaic Valley, Sewerage Commissioners,
5.75% and 5.875%, 2015 and 2022 150 149
-----------------------------------------------------------------------------------------
Paulsboro Borough, Gen. Oblg., 5.80%, 2014 15 15
-----------------------------------------------------------------------------------------
Perth Amboy, Gen. Oblg., 5.40%, 2018 50 47
-----------------------------------------------------------------------------------------
Port Auth. of New York and New Jersey, Rev.,
5.00% to 5.25%, 2011 through 2021 190 175
-----------------------------------------------------------------------------------------
Rutgers State University, Rev., 5.25%, 2015 15 14
-----------------------------------------------------------------------------------------
Salem County, Pollution Control Financing
Auth., Public Service Electric and Gas Company
Proj., Rev., 5.55%, 2033 90 85
-----------------------------------------------------------------------------------------
Sports and Exposition Auth., 6.00%, 2013 100 102
-----------------------------------------------------------------------------------------
Spotswood Borough, Gen. Oblg., 5.70%, 2015 110 111
-----------------------------------------------------------------------------------------
Turnpike Auth., Rev., 6.50%, 2016 200 216
-----------------------------------------------------------------------------------------
Puerto Rico Commonwealth:
Electric Power Auth., Rev., 6.125%, 2021 200 201
Gen. Oblg., 5.25%, 2018 55 51
Highway and Transportation Auth., Rev., 5.50%, 2019 100 96
Housing and Finance Agcy., Rev., 6.25%, 2029 90 91
Tourist Educational, Medical and Environmental
Control Facilities, Pila Hospital Proj., Rev., 6.25%, 2032 100 101
-----------------------------------------------------------------------------------------
Virgin Islands Public Finance Auth., Matching Fund
Loan, Rev., 7.25%, 2018 75 79
=========================================================================================
TOTAL INVESTMENTS--98.4%
(COST: $4,184) 4,238
=========================================================================================
CASH AND OTHER ASSETS, LESS LIABILITIES--1.6% 71
=========================================================================================
NET ASSETS--100% $4,309
=========================================================================================
</TABLE>
NOTE TO PORTFOLIO OF INVESTMENTS
Based on the cost of investments of $4,184,000 for federal income tax purposes
at August 31, 1995, the aggregate gross unrealized appreciation was $61,000, the
aggregate gross unrealized depreciation was $7,000 and the net unrealized
appreciation of investments was $54,000.
See accompanying Notes to Financial Statements.
17
<PAGE> 23
PORTFOLIO OF INVESTMENTS
NEW YORK TAX-FREE INCOME FUND
August 31, 1995
(Dollars in thousands)
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT VALUE
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ADVANCE Battery Park City Auth., Rev., 8.625%, to be called
REFUNDED 06-01-05 @ 100 $ 10 $ 13
OBLIGATIONS -------------------------------------------------------------------------------------
SECURED AS TO Dormitory Auth., State University Educational
PRINCIPAL AND Facilities, Rev., 7.25%, to be called
INTEREST BY 05-15-02 @ 102 155 182
OBLIGATIONS -------------------------------------------------------------------------------------
OF THE Medical Care Facilities Finance Agency, Hospital
UNITED STATES and Nursing Home, Rev., 7.70%, to be called
GOVERNMENT 08-15-00 @ 102 4,000 4,658
-------------------------------------------------------------------------------------
Medical Care, St. Marty Hospital, Rev., 8.25%,
to be called 11-01-99 @ 100 50 51
-------------------------------------------------------------------------------------
Mortgage Agency, Homeowner Mortgage, Rev.,
8.25%, to be called 04-14-99 @ 102 330 330
-------------------------------------------------------------------------------------
Niagara Falls Bridge Commission, Toll Bridge
System, Rev., 6.30%, to be called 10-01-02 @ 102 2,450 2,752
-------------------------------------------------------------------------------------
Power Auth. Electrical, Gen. Purpose, Rev., 8.00%,
to be called 01-01-98 @ 102 5,320 5,876
=====================================================================================
TOTAL ADVANCE REFUNDED OBLIGATIONS--4.4% 13,862
- -------------------------------------------------------------------------------------------------------------
OTHER MUNICIPAL Babylon, Suffolk County, Gen. Oblg.,
OBLIGATIONS 5.875%, 2009 1,075 1,101
-------------------------------------------------------------------------------------
Battery Park City Auth., Rev., 5.00% and
5.25%, 2013 and 2017 12,735 11,354
-------------------------------------------------------------------------------------
Buffalo and Fort Erie Public Bridge Auth.,
Toll Bridge System, Rev., 5.75%, 2025 7,200 7,059
-------------------------------------------------------------------------------------
Buffalo Municipal Water Finance Auth.,
Water System, Rev., 5.00%, 2012 and 2025 4,900 4,434
-------------------------------------------------------------------------------------
Clifton Park Water Auth., Water System, Rev.,
5.00%, 2014 and 2018 3,250 2,940
-------------------------------------------------------------------------------------
Dormitory Auth.:
City University System, Rev.,
5.759% and 7.00%, 2009 and 2018 4,450 4,661
Cornell University, Rev., 7.375%, 2020 2,000 2,213
Fordham University, Rev., 7.20%, 2015 790 883
Ideal Senior Living Center, Rev., 7.625%, 2028 400 442
Judicial Lease Facility, Rev., 7.375%, 2016 120 147
Menorah Campus Inc., Rev., 7.30% and 7.40%,
2016 and 2031 3,870 4,299
Mount Sinai School of Medicine, Rev., 5.15%, 2024 6,000 5,395
Special Art School Districts Program, Rev.,
7.00%, 2013 1,300 1,418
State University Educational Facilities, Rev.,
5.50% to 7.50%, 2010 through 2019 5,500 5,688
St. Vincents Hospital and Medical Center,
Rev., 7.375%, 2011 2,500 2,809
-------------------------------------------------------------------------------------
Dutchess County Resource Recovery Agency, Solid
Waste Mgmt. System, Rev., 7.50%, 2009 2,000 2,236
-------------------------------------------------------------------------------------
Energy Research and Dev. Auth.:
Brooklyn Union Gas Company, Rev., 5.60% to
7.125%, 2020 and 2025 10,325 9,938
Commonwealth Edison Company, Rev., 5.25%
and 5.375%, 2020 and 2022 8,100 7,400
Consolidated Edison Company of New York, Inc.,
Rev., 6.10% to 7.75%, 2020 through 2025 9,900 10,372
Solid Waste Disposal, Rev., 5.70%, 2028 2,000 1,895
-------------------------------------------------------------------------------------
</TABLE>
20
<PAGE> 24
PORTFOLIO OF INVESTMENTS
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT VALUE
<S> <C> <C>
Environmental Facilities Corp.:
Huntington Resource Recovery Proj., Rev.,
7.50%, 2012 $ 3,745 $ 4,188
Spring Valley Water Co., Inc., Water Facilities
Rev., 5.65%, 2023 7,700 7,295
State Water Pollution Control, Revolving
Fund Rev., 6.50% and 7.25%, 2010 and 2014 3,500 3,767
-------------------------------------------------------------------------------------
Erie County, Gen. Oblg., 5.50% and 5.625%,
2020 and 2025 1,700 1,630
-------------------------------------------------------------------------------------
Grand Central District Mgmt. Association,
Business Improvement, Rev., 5.125%, 2014 4,000 3,589
-------------------------------------------------------------------------------------
Housing Finance Agcy.:
Multi-Family Mortg. Rev., 6.95%, 2012 1,500 1,594
Service Contract Oblg., Rev.,
7.25% and 7.30%, 2012 4,000 4,323
State University Construction, Rev., 8.00%, 2011 200 244
West-H.E.L.P. Housing, Rev., 7.55%, 2002 3,990 4,217
-------------------------------------------------------------------------------------
Local Government Assistance Corp., Rev.,
5.50%, 2017 9,000 8,521
-------------------------------------------------------------------------------------
Medical Care Facilities Finance Agcy.:
Albany Medical Center Hospital, Rev., 8.00%, 2028 1,085 1,206
Beth Israel Medical Center, Rev., 5.00%, 2013 3,750 3,342
Booth Silvercrest Nursing Home, Rev., 7.60%, 2029 2,000 2,206
Columbian Presbyterian Hospital, Rev., 5.25%, 2014 1,000 932
Good Samaritan Hospital, Rev., 7.625%, 2023 1,000 1,088
Hospital and Nurses' Home, Rev., 5.375%, 2025 3,230 2,965
Long Beach Memorial Hospital, Rev., 7.80%, 2025 1,000 1,105
Mental Health Service Facilities
Improvement, Rev., 5.25% to 7.875%, 2013 through 2023 14,530 14,200
Montefiore Medical Center, Rev., 7.25%, 2024 2,000 2,181
Presbyterian Hospital, Rev., 7.875%, 2007 500 541
St. Luke Mortgage, Rev., 5.625%, 2018 2,625 2,513
-------------------------------------------------------------------------------------
Mortgage Agency, Homeowner Mortgage,
Rev., 5.25% to 8.30%, 2009 through 2022 9,690 9,798
-------------------------------------------------------------------------------------
Municipal Assistance Corp. for the City of
New York, Rev., 7.625%, 2008 4,160 4,655
-------------------------------------------------------------------------------------
Nassau County, Gen. Oblg., 5.70%, 2013 1,360 1,361
-------------------------------------------------------------------------------------
Nassau County, Sewer Districts, Rev.,
5.40%, 2012 2,000 1,945
-------------------------------------------------------------------------------------
New Castle, Public Improvement, Rev.,
4.75%, 2009 through 2011 925 847
-------------------------------------------------------------------------------------
New York City, Gen. Oblg., 7.60% to 8.00%,
1998 through 2006 3,040 3,317
-------------------------------------------------------------------------------------
New York City Housing Dev. Corp.,
Multi-Unit Mortgage, Rev., 7.30%, 2010 8,800 9,496
-------------------------------------------------------------------------------------
New York City Municipal Water Finance Auth.,
Water and Sewer System, Rev., 5.375% and
6.00%, 2019 and 2025 11,000 10,594
-------------------------------------------------------------------------------------
New York City Transit Auth.,
Livingston Plaza Proj., Rev., 5.40%, 2018 8,180 7,733
-------------------------------------------------------------------------------------
Niagara County, Water Treatment Plant,
Gen. Oblg., 7.00% and 7.25%,
2011 and 2012 1,215 1,344
-------------------------------------------------------------------------------------
Niagara Falls Bridge Commission,
Toll Bridge System, Rev., 5.25%, 2015 1,215 1,151
-------------------------------------------------------------------------------------
Niagara Frontier Transportation Auth.,
Greater Buffalo International Airport,
Airport Rev., 6.125%, 2014 3,000 3,041
-------------------------------------------------------------------------------------
North Country New York Dev.
Auth., Solid Waste Management System,
Rev., 6.75%, 2012 3,140 3,186
-------------------------------------------------------------------------------------
</TABLE>
21
<PAGE> 25
PORTFOLIO OF INVESTMENTS
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT VALUE
<S> <C> <C>
North Hempstead, Solid Waste Management
Auth., Solid Waste Management,
Rev., 5.00%, 2012 $ 3,375 $ 3,122
-------------------------------------------------------------------------------------
Port Auth. of New York and New Jersey,
Consolidation Bonds, Rev., 5.20% to
8.00%, 2013 through 2023 10,550 10,125
-------------------------------------------------------------------------------------
Power Auth., General Purpose, Rev., 5.25%, 2018 5,000 4,634
-------------------------------------------------------------------------------------
Suffolk County Water Auth., Water System,
Rev., 5.00% and 7.375%, 2012 and 2013 6,170 5,635
-------------------------------------------------------------------------------------
Sullivan County, Public Improvement,
Rev., 4.75%, 2009 and 2010 1,770 1,629
-------------------------------------------------------------------------------------
Syracuse:
Public Improvement, Rev., 4.75%, 2014 2,230 1,929
Onondaga County Airport Improvement,
Gen. Oblg., 6.00% and 6.125%, 2014 2,135 2,171
-------------------------------------------------------------------------------------
Thruway Auth.:
General Rev., 5.00%, 2020 8,250 7,258
Highway and Bridge Trust Fund, 5.50%, 2015 5,000 4,809
Local Highway and Bridge Service Contract,
Rev., 7.25%, 2010 1,890 2,021
-------------------------------------------------------------------------------------
Triborough Bridge and Tunnel Auth.,
Gen. Purpose Rev., 4.75% to 6.125%,
2017 through 2021 14,125 13,355
-------------------------------------------------------------------------------------
Ulster County, Resource Recovery Agency,
Solid Waste System, Rev., 5.90% and
6.00%, 2007 and 2014 4,100 3,982
-------------------------------------------------------------------------------------
Urban Dev. Corp.:
Correctional Facilities, Rev., 5.00% to 5.50%,
2017 through 2025 12,450 11,439
Syracuse University, Center for Science
and Technology, Rev., 7.75%, 2008 200 214
-------------------------------------------------------------------------------------
Puerto Rico Commonwealth Gen.Oblg.,
5.00%, 2021 4,200 3,737
-------------------------------------------------------------------------------------
Virgin Islands Housing Finance Auth.,
GNMA Collateralized Home Mortgage,
Rev., 8.10%, 2018 75 80
-------------------------------------------------------------------------------------
Virgin Islands Public Finance Auth.,
Matching Fund Loan, Rev., 7.25%, 2018 7,100 7,505
=====================================================================================
Total Other Municipal Obligations--94.0% 300,444
=====================================================================================
Total Obligations--98.4%
(Cost: $301,551) 314,306
=====================================================================================
Money Market Instruments--1.1%
Yield--3.45% to 3.50%
Due--August, 1995
(Cost: $3,500) $ 3,500 3,500
=====================================================================================
Total Investments--99.5%
(Cost: $305,051) 317,806
=====================================================================================
Cash and Other Assets, Less Liabilities--.5% 1,671
=====================================================================================
Net Assets--100% $319,477
=====================================================================================
</TABLE>
NOTE TO PORTFOLIO OF INVESTMENTS
Based on the cost of investments of $305,051,000 for federal income tax purposes
at August 31, 1995, the aggregate gross unrealized appreciation was $14,492,000,
the aggregate gross unrealized depreciation was $1,737,000 and the net
unrealized appreciation of investments was $12,755,000.
See accompanying Notes to Financial Statements.
22
<PAGE> 26
PORTFOLIO OF INVESTMENTS
PENNSYLVANIA TAX-FREE INCOME FUND
August 31, 1995
(Dollars in thousands)
<TABLE>
PRINCIPAL AMOUNT VALUE
<S> <C> <C>
MUNICIPAL Bangor Area School District, Rev., 5.375%, 2015 $ 40 $ 37
OBLIGATIONS --------------------------------------------------------------------------------
Boyertown Area School District, Gen. Oblg.,
5.25%, 2012 35 34
--------------------------------------------------------------------------------
Bucks County:
Industrial Dev. Auth. Grand View Hospital,
Rev., 5.25%, 2021 50 46
Water and Sewer Auth., Rev., 5.375%, 2013 35 33
--------------------------------------------------------------------------------
Cambria County, Gen. Oblg., 5.875%, 2008 15 16
--------------------------------------------------------------------------------
Central Bucks School District, Gen. Oblg.,
5.40%, 2014 20 19
--------------------------------------------------------------------------------
Convention Center Auth., Rev., 6.75%, 2019 85 88
--------------------------------------------------------------------------------
Delaware County Auth., Villanova University, Rev.,
5.50% and 5.80%, 2023 and 2025 70 68
--------------------------------------------------------------------------------
Delaware County Industrial Dev. Auth., Philadelphia
Suburban Water, Rev., 6.35%, 2025 100 101
--------------------------------------------------------------------------------
Erie County, Gen. Oblg., 5.25%, 2012 15 14
--------------------------------------------------------------------------------
State Gen. Oblg., 5.375%, 2013 15 14
--------------------------------------------------------------------------------
Hampton Township School District, Gen. Oblg.,
5.90%, 2015 40 40
--------------------------------------------------------------------------------
Higher Educational Facilities Auth.:
Bryn Mawr College, Rev., 6.00%, 2015 15 15
State System of Higher Education, Rev., 6.20%, 2019 15 15
--------------------------------------------------------------------------------
Industrial Dev. Auth., Economic Development, Rev.,
5.50% and 6.00%, 2014 and 2012 80 80
--------------------------------------------------------------------------------
Lackawanna County, Gen. Oblg., 6.00%, 2011 15 15
--------------------------------------------------------------------------------
Lawrence County, Gen. Oblg., 5.00%, 2018 60 54
--------------------------------------------------------------------------------
Lehigh County General Purpose Auth., Lehigh
Valley Hospital, Inc., Rev., 5.875%, 2015 85 84
--------------------------------------------------------------------------------
Lehigh County Industrial Dev. Auth.,
Pennsylvania Power & Light Company Proj.,
Rev., 6.15% and 6.40%, 2029 115 117
--------------------------------------------------------------------------------
Lower Providence Township, Gen. Oblg.,
6.00%, 2024 20 20
--------------------------------------------------------------------------------
McKean County Hospital Auth., Bradford Hospital
Proj., Rev., 5.375%, 2003 65 61
--------------------------------------------------------------------------------
Meadville Area Water Auth., Rev., 5.125% and 5.35%,
2014 and 2022 85 79
--------------------------------------------------------------------------------
Montgomery County Higher Education and
Health Auth., Abington Memorial Hospital,
Rev., 5.125%, 2024 85 75
--------------------------------------------------------------------------------
Northampton County Industrial Dev. Auth.,
Metropolitan Edison Company Proj.,
Rev., 6.10%, 2021 90 91
--------------------------------------------------------------------------------
Philadelphia:
Airport System, Rev., 6.10%, 2025 85 85
Gas Works Rev., 6.375%, 2014 15 16
Water and Wastewater Rev., 5.00% and 6.25%,
2016 and 2012 65 67
--------------------------------------------------------------------------------
Pittsburgh Water and Sewer Auth., Rev., 5.60%, 2022 85 82
--------------------------------------------------------------------------------
Punxsutawney Area School District, Gen
Oblg., 5.90%, 2020 50 50
--------------------------------------------------------------------------------
Schuylkill County Industrial Dev. Auth.,
Schuylkill Energy Resources Inc. Proj.,
Rev., 6.50%, 2010 45 45
--------------------------------------------------------------------------------
Sewickley Valley Hospital Auth., Sewickley
Valley Hospital Proj., Rev., 5.75%, 2016 55 54
--------------------------------------------------------------------------------
</TABLE>
25
<PAGE> 27
PORTFOLIO OF INVESTMENTS
<TABLE>
PRINCIPAL AMOUNT VALUE
<S> <C> <C>
Southeastern Pennsylvania Transportation
Auth., Rev., 6.00%, 2015 $ 30 $ 30
--------------------------------------------------------------------------------
Turnpike Commission, Rev., 6.25%, 2011 10 10
--------------------------------------------------------------------------------
University of Puerto Rico, Rev., 5.25%, 2025 60 55
--------------------------------------------------------------------------------
Upper Merion Area School District, Gen. Oblg.,
5.50%, 2016 20 19
--------------------------------------------------------------------------------
Washington County Hospital Auth., The Washington
Hospital Proj., Rev., 5.625%, 2023 30 29
--------------------------------------------------------------------------------
West Chester Area Municipal Auth., Water Rev.,
5.45%, 2012 20 19
--------------------------------------------------------------------------------
Westmoreland County Industrial Dev. Auth.,
Westmoreland Health System Proj.,
Rev., 6.00%, 2011 15 15
--------------------------------------------------------------------------------
York County Industrial Dev. Auth.,
Public Service Electric and Gas Company
Peach Bottom Proj., Rev., 6.45%, 2019 20 21
--------------------------------------------------------------------------------
Puerto Rico:
Electric Power Auth., Rev., 6.125%, 2021 100 101
Gen. Oblg., 5.50%, 2009 15 15
Housing and Finance Agcy., Single Family
Mortgage, Rev., 6.25%, 2029 35 35
--------------------------------------------------------------------------------
Virgin Islands Public Finance Auth., Rev.,
7.25%, 2018 100 106
================================================================================
TOTAL INVESTMENTS--97.7%
(Cost: $2,037) 2,070
================================================================================
CASH AND OTHER ASSETS, LESS LIABILITIES--2.3% 48
================================================================================
NET ASSETS--100% $2,118
================================================================================
</TABLE>
NOTE TO PORTFOLIO OF INVESTMENTS
Based on the cost of investments of $2,037,000 for federal income tax purposes
at August 31, 1995, the aggregate gross unrealized appreciation was $34,000, the
aggregate gross unrealized depreciation was $1,000 and the net unrealized
appreciation of investments was $33,000.
See accompanying Notes to Financial Statements.
26
<PAGE> 28
KEMPER STATE TAX-FREE INCOME SERIES
PART C.
OTHER INFORMATION
ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements
(i) Financial statements included in Part A of the Registration
Statement:
Financial Highlights.
(ii) Financial statements included in Part B of the Registration
Statement:
Kemper California Tax-Free Income Fund, Kemper Florida Tax-Free
Income Fund, Kemper New York Tax-Free Income Fund, Kemper Ohio
Tax-Free Income Fund and Kemper Texas Tax-Free Income Fund.
Statement of assets and liabilities--August 31, 1995.
Statement of operations for the year ended August 31, 1995.
Statement of changes in net assets for each of the two years in
the period ended August 31, 1995.
Portfolio of investments--August 31, 1995.
Notes to financial statements.
Kemper Michigan Tax-Free Income Fund, Kemper New Jersey Tax-Free
Income Fund and Kemper Pennsylvania Tax-Free Income Fund.
Statement of assets and liabilities--August 31, 1995.
Statement of operations for the period March 15, 1995 to August
31, 1995.
Statement of changes in net assets for the period March 15, 1995
to August 31, 1995.
Portfolio of investments--August 31, 1995.
Notes to financial statements.
Schedules II, III, IV and V have been omitted as the required
information is not present.
Schedule I for the funds has been omitted as the required information is
presented in the portfolios of investments at August 31, 1995.
<TABLE>
<CAPTION>
(b) Exhibits
<S> <C>
99.B1(a) Amended and Restated Agreement and Declaration of Trust.*
99.B1(b) Written Instrument Establishing and Designating Kemper Michigan
Tax-Free Income Fund, Kemper New Jersey Tax-Free Income Fund
and Kemper Pennsylvania Tax-Free Income Fund.*
99.B2 By-Laws.*
99.B3 Inapplicable.
99.B4(a) Text of Share Certificate.*
99.B4(b) Written Instrument Establishing and Designating Separate
Classes of Shares.*
99.B5 Investment Management Agreement.*
99.B6(a) Underwriting and Distribution Services Agreement.*
99.B6(b) Assignment and Assumption Agreement.*
99.B6(c) Form of Selling Group Agreement.*
99.B7 Inapplicable.*
99.B8 Custody Agreement.*
99.B9(a) Agency Agreement.*
99.B9(b) Supplement to Agency Agreement.*
99.B9(c) Administrative Services Agreement.*
99.B9(d) Amendment to Administrative Services Agreement.*
</TABLE>
C-1
<PAGE> 29
<TABLE>
<S> <C>
99.B9(e) Assignment and Assumption Agreement.*
99.B10. Inapplicable.
99.B11.(a) Consent of Independent Auditors.
99.B11.(b) Report of Independent Auditors.*
99.B12. Inapplicable.
99.B13. Inapplicable.
99.B14. Inapplicable.
99.B15. See 6(a) above (Class B and Class C shares).
99.B16. Performance Calculations.*
99.B18. Multi-Distribution System Plan.*
99.B24. Powers of Attorney.*
Financial Data Schedule.*
27.All. CA Financial Data Schedule.*
27.A. CA Financial Data Schedule.*
27.B. CA Financial Data Schedule.*
27.C. CA Financial Data Schedule.*
27.All. FL Financial Data Schedule.*
27.A. FL Financial Data Schedule.*
27.B. FL Financial Data Schedule.*
27.C. FL Financial Data Schedule.*
27.All. MI Financial Data Schedule.*
27.A. MI Financial Data Schedule.*
27.B. MI Financial Data Schedule.*
27.C. MI Financial Data Schedule.*
27.All. NJ Financial Data Schedule.*
27.A. NJ Financial Data Schedule.*
27.B. NJ Financial Data Schedule.*
27.C. NJ Financial Data Schedule.*
27.All. NY Financial Data Schedule.*
27.A. NY Financial Data Schedule.*
27.B. NY Financial Data Schedule.*
27.C. NY Financial Data Schedule.*
27.All. OH Financial Data Schedule.*
27.A. OH Financial Data Schedule.*
27.B. OH Financial Data Schedule.*
27.C. OH Financial Data Schedule.*
27.All. PA Financial Data Schedule.*
27.A. PA Financial Data Schedule.*
27.B. PA Financial Data Schedule.*
27.C. PA Financial Data Schedule.*
27.All. TX Financial Data Schedule.*
27.A. TX Financial Data Schedule.*
27.B. TX Financial Data Schedule.*
27.C. TX Financial Data Schedule.*
99.485(b) Letter Representation of Counsel (Rule 485(b)).
</TABLE>
- ---------------
* Incorporated herein by reference to the Amendment to Registrant's
Registration Statement on Form N-1A identified below:
<TABLE>
<CAPTION>
EXHIBIT NO. POST-EFFECTIVE AMENDMENT NO. DATE OF FILING
- ----------------------- ----------------------------- ---------------
<S> <C> <C>
16 6 1/20/89
1, 4, 5, 6, and 9 22 3/14/95
2, 8, 11(b), 18, 24, and 27 23 10/30/95
</TABLE>
C-2
<PAGE> 30
ITEM 25. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT
Inapplicable.
ITEM 26. NUMBER OF HOLDERS OF SECURITIES
The number of recordholders of each series of Registrant as of October 13,
1995 is as follows:
<TABLE>
<CAPTION>
NUMBER OF RECORD HOLDERS
-------------------------------
TITLE OF CLASS CLASS A CLASS B CLASS C
----------------------------------------------- ------- ------- -------
<S> <C> <C> <C>
Kemper California Tax-Free Income Fund......... 19,803 252 20
Kemper Florida Tax-Free Income Fund............ 2,384 60 3
Kemper Michigan Tax-Free Income Fund........... 79 34 6
Kemper New Jersey Tax-Free Income Fund......... 44 41 3
Kemper New York Tax-Free Income Fund........... 7,709 129 21
Kemper Ohio Tax-Free Income Fund............... 769 187 15
Kemper Pennsylvania Tax-Free Income Fund....... 41 38 6
Kemper Texas Tax-Free Income Fund.............. 365 14 5
</TABLE>
ITEM 27. INDEMNIFICATION
Article VIII of the Registrant's Agreement and Declaration of Trust
(Exhibit 1 hereto, which is incorporated herein by reference) provides in effect
that the Registrant will indemnify its officers and trustees under certain
circumstances. However, in accordance with Section 17(h) and 17(i) of the
Investment Company Act of 1940 and its own terms, said Article of the Agreement
and Declaration of Trust does not protect any person against any liability to
the Registrant or its shareholders to which he would otherwise be subject by
reason of willful misfeasance, bad faith, gross negligence, or reckless
disregard of the duties involved in the conduct of his office.
Insofar as indemnification for liabilities arising under the Securities Act
of 1933 may be permitted to trustees, officers, and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that, in the opinion of the Securities and Exchange Commission,
such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a trustee, officer, or controlling person of the Registrant in the
successful defense of any action, suit, or proceeding) is asserted by such
trustee, officer, or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question as to whether such indemnification by it is against
public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
C-3
<PAGE> 31
ITEM 28.(A) BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER
Information pertaining to business and other connections of the
Registrant's investment adviser is hereby incorporated by reference to the
section of the Prospectus captioned "Investment Manager and Underwriter," and to
the section of the Statement of Additional Information captioned "Investment
Manager and Underwriter."
Kemper Financial Services, Inc., investment adviser of the Registrant, is
investment adviser of the following:
Kemper Mutual Funds:
Kemper Technology Fund
Kemper Total Return Fund
Kemper Growth Fund
Kemper Small Capitalization Equity Fund
Kemper Income and Capital Preservation Fund
Kemper Money Market Fund
Kemper National Tax-Free Income Series
Kemper Diversified Income Fund
Kemper High Yield Fund
Cash Equivalent Fund
Kemper U.S. Government Securities Fund
Kemper International Fund
Kemper Portfolios
Kemper State Tax-Free Income Series
Tax-Exempt California Money Market Fund
Kemper Adjustable Rate U.S. Government Fund
Kemper Blue Chip Fund
Kemper Global Income Fund
Kemper Target Equity Fund
Cash Account Trust
Investors Cash Trust
Tax-Exempt New York Money Market Fund
Kemper Value Plus Growth Fund
Kemper Closed-End Funds:
Kemper High Income Trust
Kemper Intermediate Government Trust
Kemper Municipal Income Trust
Kemper Multi-Market Income Trust
Kemper Strategic Municipal Income Trust
The Growth Fund of Spain, Inc.
Kemper Strategic Income Fund
Kemper Financial Services, Inc. also furnishes investment advice to and
manages investment portfolios for other clients including Kemper Investors Fund,
Sterling Funds and Kemper International Bond Fund.
C-4
<PAGE> 32
Item 28(b) Business and Other Connections of Officers
and Directors of Kemper Financial Services Inc.,
the Investment Advisor
MATHIS, DAVID B.
Director, Kemper Financial Services, Inc.
Director, Federal Kemper Life Assurance Company
Director, Fidelity Life Association
Director, Chairman and Chief Executive Officer, Kemper Corporation
Director, Kemper Financial Companies, Inc.
Director, Kemper Investors Life Insurance Company
Director, IMC Global, Inc.
Trustee, Kemper Funds
Chairman of the Board, Lumbermen's Mutual Casualty Company
TIMBERS, STEPHEN B.
Director, Chairman, Chief Executive Officer and Chief Investment Officer,
Kemper Financial Services, Inc.
Director, Vice President, Kemper Asset Holdings, Inc.
Director, Kemper Distributors, Inc.
Director, Chairman, Kemper Asset Management Company
Director, Chairman, Kemper Service Company
Director, Federal Kemper Life Assurance Company
Director, Dreman Value Advisors, Inc.
Director, Vice President, FKLA Loire Court, Inc.
Vice President, FKLA Realty Corporation
Director, President, Galaxy Offshore, Inc.
Director, Vice President, FLA First Nationwide, Inc.
Director, Vice President, FLA Plate Building, Inc.
Vice President, FLA Realty Corp.
Director, President and Chief Operating Officer, Kemper
Corporation
Director, Chairman, President and Chief Executive Officer, Kemper Financial
Companies, Inc.
Director, President, Kemper International Management, Inc.
Director, Kemper Investors Life Insurance Company
Trustee and President, Kemper Funds
Vice President, Kemper Portfolio Corp.
Director, Vice President, Kemper Real Estate, Inc.
C-4
<PAGE> 33
Director, Vice President, Kemper/Cymrot Management, Inc.
Director, Vice President, Kemper/Cymrot, Inc.
Vice President, KFC Portfolio Corp.
Director, Vice President, KI Arnold Industrial, Inc.
Director, Vice President, KI Canyon Park, Inc.
Director, Vice President, KI Centreville, Inc.
Director, Vice President, KI Colorado Boulevard, Inc.
Director, Vice President, KI Dublin Boulevard, Inc.
Director, Vice President, KI LaFiesta Square, Inc.
Director, Vice President, KI Lewinsville, Inc.
Director, Vice President, KI Monterey Research, Inc.
Director, Vice President, KI Olive Street, Inc.
Director, Vice President, KI Sutter Street, Inc.
Director, Vice President, KI Thornton Boulevard, Inc.
Vice President, KILICO Realty Corporation
Director, Vice President, KR 77 Fitness Center, Inc.
Director, Vice President, KR Avondale Redmond, Inc.
Director, Vice President, KR Black Mountain, Inc.
Director, Vice President, KR Brannan Resources, Inc.
Director, Vice President, KR Clay Capital, Inc.
Director, Vice President, KR Cranbury, Inc.
Director, Vice President, KR Delta Wetlands, Inc.
Director, Vice President, KR Gainesville, Inc.
Director, Vice President, KR Hotels, Inc.
Director, Vice President, KR Lafayette Apartments, Inc.
Director, Vice President, KR Lafayette BART, Inc.
Director, Vice President, KR Palm Plaza, Inc.
Director, Vice President, KR Red Hill Associates, Inc.
Director, Vice President, KR Seagate/Gateway North, Inc.
Director, Vice President, KR Venture Way, Inc.
Director, Vice President, KR Walnut Creek, Inc.
Director, The LTV Corporation
Director, Investment Analysts Society of Chicago
NEAL, JOHN E.
Director, President and Chief Operating Officer, Kemper Financial Services,
Inc.,
Senior Vice President, Kemper Corporation
Director, President, Kemper Service Company
Director, Kemper Distributors, Inc.
Director, Kemper Asset Management Company
Director, Dreman Value Advisors, Inc.
Director, Ardenwood Financial Corporation
Director, Avondale Redmond, Inc.
Director, Black Mountain, Inc.
Director, Brannan Resources, Inc.
Director, Butterfield Financial Corporation
Director, Camelot Financial Corporation
Director, Clay Capital, Inc.
Director, Coast Broadcasting Company
C-5
<PAGE> 34
Director, Crow Canyon, Inc.
Director, Hawaii Kai Development Company
Director, Kacor Gateway, Inc.
Director, Kailua Associates, Inc.
Director, Kacor Trust Deed Company
Director, Community Investment Corporation
Director, Continental Community Development Corporation
Director, President, Kemper Real Estate, Inc.
Director, President, Kemper Cymrot, Inc.
Director, President, Cymrot Management, Inc.
Director, President, FKLA Loire Court, Inc.
Director, Vice President, FKLA Realty Corporation
Director, President, FLA First Nationwide, Inc.
Director, President, FLA Plate Building, Inc.
Director, Vice President, FLA Realty Corporation
Director, Kemper/Lumbermens Properties, Inc.
Director, Senior Vice President, Kemper Real Estate Management Company
Director, KRDC, Inc.
Director, Lafayette Apartments, Inc.
Director, Lafayette Hills, Inc.
Director, Margarita Village Retirement Community, Inc.
Director, Mesa Homes
Director, Mesa Homes Brokerage Company
Director, Mount Doloroes Corporation
Director, Montgomery Gallery, Inc.
Director, Monterey Research Park, Inc.
Director, One Corporate Centre, Inc.
Director, Pacific Homes, Inc.
Director, Palomar Triad, Inc.
Director, Pine/Battery Properties, Inc.
Director, Rancho and Industrial Property Brokerage, Inc.
Director, Rancho California, Inc.
Director, Rancho Regional Shopping Center, Inc.
Director, Red Hill Associates, Inc.
Director, Seagate Associates, Inc.
Director, Seattle Gateway, Inc.
Director, Sutter Street, Inc.
Director, Technology Way, Inc.
Director, Time DC, Inc.
Director, Tourelle Corporation
Director, Two Corporate Centre, Inc.
Director, Venture Way, Inc.
Director, Vice President, Kemper Portfolio Corporation
Director, Vice President, KFC Portfolio Corporation
Director, Vice President, KILICO Realty Corporation
Director, President, KI Arnold Industrial, Inc.
Director, President, KI Canyon Park, Inc.
Director, President, KI Centreville, Inc.
Director, President, KI Colorado Boulevard, Inc.
Director, President, KI Dublin Boulevard, Inc.
Director, President, KI LaFiesta Square, Inc.
C-6
<PAGE> 35
Director, President, KI Lewinsville, Inc.
Director, President, KI Monterey Research, Inc.
Director, President, KI Olive Street, Inc.
Director, President, KI Thornton Boulevard, Inc.
Director, President, KI Sutter Street, Inc.
Director, President, KR 77 Fitness Center, Inc.
Director, President, KR Avondale Redmond, Inc.
Director, President, KR Black Mountain, Inc.
Director, President, KR Brannan Resources, Inc.
Director, President, KR Clay Capital, Inc.
Director, President, KR Cranbury, Inc.
Director, President, KR Delta Wetlands, Inc.
Director, President, KR Gainesville, Inc.
Director, President, KR Hotels, Inc.
Director, President, KR Lafayette Apartments, Inc.
Director, President, KR Lafayette BART, Inc.
Director, President, KR Palm Plaza, Inc.
Director, President, KR Red Hill Associates, Inc.
Director, President, KR Seagate/Gateway North, Inc.
Director, President, KR Venture Way, Inc.
Director, President, KR Walnut Creek, Inc.
Director, K-P Greenway, Inc.
Director, K-P Plaza Dallas, Inc.
Director, Kemper/Prime Acquisition Fund, Inc.
Director, KRDC, Inc.
Director, RespiteCare
Director, President, SMS Realty Corp.
Director, Urban Shopping Centers, Inc.
Vice President, Kemper-Dreman Fund, Inc.
Vice President, Kemper Value Plus Growth Fund
Vice President, Kemper Quantitative Equity Fund
Vice President, Kemper Horizon Fund
PETERS, JOHN E.
Director, Senior Executive Vice President, Kemper Financial
Services, Inc.
Director, Dreman Value Advisors, Inc.
Director, President, Kemper Distributors, Inc.
Vice President, Kemper Asset Management Company
Vice President, Kemper Funds
Director, Kemper Service Company
FITZPATRICK, JOHN H.
Director, Chief Financial Officer, Kemper Financial Services, Inc.
Director, Ardenwood Financial Corporation
Director, Camelot Financial Corporation
Director, Crow Canyon, Inc.
Director, Hawaii Kai Development Company
Director, Kacor Gateway, Inc.
Director, Kacor Trust Deed Company
Director, Senior Vice President and Chief Financial Officer,
C-7
<PAGE> 36
Federal Kemper Life Assurance Company
Senior Vice President, Chief Financial Officer, Fidelity Life
Association
Director, Vice President, FKLA Loire Court, Inc.
Director, Vice President, FLA First Nationwide, Inc.
Director, Vice President, FLA Plate Building, Inc.
Director, Executive Vice President and Chief Financial Officer,
Kemper Corporation
Director, Executive Vice President and Chief Financial
Officer, Kemper Financial Companies, Inc.
Senior Vice President, Kemper Investors Life Insurance Company
Director, Vice President, Kemper/Cymrot Management, Inc.
Director, Vice President, Kemper/Cymrot, Inc.
Director, Vice President, Kemper/Lumbermens Properties, Inc.
Director, Senior Vice President, Kemper Real Estate Management
Company
Director, KRDC, Inc.
Director, Margarita Village Retirement Community, Inc.
Director, Mesa Homes
Director, Mesa Homes Brokerage Company
Director, Montgomery Gallery, Inc.
Director, One Corporate Centre, Inc.
Director, Pacific Homes, Inc.
Director, Palomar Triad, Inc.
Director, Pine/Battery Properties, Inc.
Director, Rancho and Industrial Property Brokerage, Inc.
Director, Rancho California, Inc.
Director, Rancho Regional Shopping Center, Inc.
Director, Seattle Gateway, Inc.
Director, SMS Realty Corporation
Director, Sutter Street, Inc.
Director, Time DC, Inc.
Director, Two Corporate Centre, Inc.
Director, Vice President, KFC Portfolio Corp.
Director, Vice President, KI Arnold Industrial, Inc.
Director, Vice President, KI Canyon Park, Inc.
Director, Vice President, KI Centreville, Inc.
Director, Vice President, KI Colorado Boulevard, Inc.
Director, Vice President, KI Dublin Boulevard, Inc.
Director, Vice President, KI LaFiesta Square, Inc.
Director, Vice President, KI Lewinsville, Inc.
Director, Vice President, KI Monterey Research, Inc.
Director, Vice President, KI Olive Street, Inc.
Director, Vice President, KI Sutter Street, Inc.
Director, Vice President, KI Thornton Boulevard, Inc.
Director, Vice President, KILICO Realty Corporation
Director, Vice President, KR 77 Fitness Center, Inc.
Director, Vice President, KR Avondale Redmond, Inc.
Director, Vice President, KR Black Mountain, Inc.
Director, Vice President, KR Brannan Resources, Inc.
Director, Vice President, KR Clay Capital, Inc.
Director, Vice President, KR Cranbury, Inc.
Director, Vice President, KR Delta Wetlands, Inc.
Director, Vice President, KR Gainesville, Inc.
C-8
<PAGE> 37
Director, Vice President, KR Hotels, Inc.
Director, Vice President, KR Lafayette Apartments, Inc.
Director, Vice President, KR Lafayette BART, Inc.
Director, Vice President, KR Palm Plaza, Inc.
Director, Vice President, KR Red Hill Associates, Inc.
Director, Vice President, KR Seagate/Gateway North, Inc.
Director, Vice President, KR Venture Way, Inc.
Director, Vice President, KR Walnut Creek, Inc.
BEIMFORD, JR., JOSEPH P.
Executive Vice President, Kemper Financial Services, Inc.
Vice President, Cash Account Trust
Vice President, Cash Equivalent Fund
Vice President, Galaxy Offshore, Inc.
Vice President, Investors Cash Trust
Vice President, Kemper Adjustable Rate U.S. Government Fund
Vice President, Kemper Diversified Income Fund
Vice President, Kemper Global Income Fund
Vice President, Kemper High Income Trust
Vice President, Kemper High Yield Fund
Vice President, Kemper Income and Capital Preservation Fund
Vice President, Kemper Intermediate Government Trust
Vice President, Kemper International Bond Fund
Vice President, Kemper Investors Fund
Vice President, Kemper Money Market Fund
Vice President, Kemper Multi-Market Income Trust
Vice President, Kemper Municipal Income Trust
Vice President, Kemper National Tax-Free Income Series
Vice President, Kemper Portfolios
Vice President, Kemper State Tax-Free Income Series
Vice President, Kemper Strategic Income Fund
Vice President, Kemper Strategic Municipal Income Trust
Vice President, Kemper U.S. Government Securities Fund
Vice President, Sterling Funds
Vice President, Tax-Exempt California Money Market Fund
Vice President, Tax-Exempt New York Money Market Fund
CHAPMAN II, WILLIAM E.
Executive Vice President, Kemper Financial Services, Inc.
Director, Executive Vice President, Kemper Distributors, Inc.
COXON, JAMES H.
Executive Vice President, Kemper Financial Services, Inc.
Director, Vice President, Galaxy Offshore, Inc.
Executive Vice President, Kemper Asset Management Company
FERRO, DENNIS H.
Executive Vice President, Kemper Financial Services, Inc.
Vice President, Kemper International Fund
Director, Managing Director-Equities, Kemper Investment Management
Company Limited
Vice President, Kemper Investors Fund
Vice President, Kemper Target Equity Fund
C-9
<PAGE> 38
Vice President, The Growth Fund of Spain, Inc.
GREENAWALT, JAMES L.
Executive Vice President, Kemper Financial Services, Inc.
Director, Executive Vice President, Kemper Distributors, Inc.
JOHNS, GORDON K.
Executive Vice President, Kemper Financial Services, Inc.
Vice President, Kemper Global Income Fund
Vice President, Kemper Diversified Income Fund
Vice President, Kemper International Bond Fund
Vice President, Kemper International Management, Inc.
Managing Director and Joint Secretary, Kemper Investment
Management Company Limited
Vice President, Kemper Multi-Market Income Trust
Director, Thames Heritage Parade Limited
LANGBAUM, GARY A.
Executive Vice President, Kemper Financial Services, Inc.
Vice President, Kemper Total Return Fund
Vice President, Kemper Investors Fund
REYNOLDS, STEVEN H.
Executive Vice President, Kemper Financial Services, Inc.
Vice President, Kemper Technology Fund
Vice President, Kemper Total Return Fund
Vice President, Kemper Growth Fund
Vice President, Kemper Small Capitalization Equity Fund
Vice President, Kemper International Fund
Vice President, Kemper Blue Chip Fund
Vice President, Kemper Value Plus Growth Fund
Vice President, Kemper Quantitative Equity Fund
Vice President, Kemper Target Equity Fund
Vice President, Kemper Sterling Funds
Vice President, Kemper Horizon Fund
Vice President, Kemper Investors Fund
Vice President, The Growth Fund of Spain, Inc.
SILIGMUELLER, DALE S.
Executive Vice President, Kemper Financial Services, Inc.
Director, Executive Vice President, Kemper Service Company
BUKOWSKI, DANIEL J.
Senior Vice President, Kemper Financial Services, Inc.
Vice President, Kemper Quantitative Equity Fund
Vice President, Kemper Value Plus Growth Fund
BUTLER, DAVID H.
Senior Vice President, Kemper Financial Services, Inc.
CERVONE, DAVID M.
Senior Vice President, Kemper Financial Services, Inc.
CESSINE, ROBERT S.
Senior Vice President, Kemper Financial Services, Inc.
Vice President, Kemper Income and Capital Preservation Fund
Vice President, Kemper Diversified Income Fund
Vice President, Kemper Multi-Market Income Trust
CHESTER, TRACY McCORMICK
Senior Vice President, Kemper Financial Services, Inc.
Vice President, Kemper Blue Chip Fund
Vice President, Kemper Target Equity Fund
Vice President, Kemper Value Plus Growth Fund
CIARLELLI, ROBERT W.
Senior Vice President, Kemper Financial Services, Inc.
Executive Vice President, Kemper Service Company
C-10
<PAGE> 39
COLLECCHIA, FRANK E.
Senior Vice President, Kemper Financial Services, Inc.
Senior Investment Officer, Federal Kemper Life Assurance
Company
Senior Investment Officer, Fidelity Life Association
Vice President, FKLA Loire Court, Inc.
Vice President, FLA First Nationwide, Inc.
Vice President, FLA Plate Building, Inc.
Vice President, Galaxy Offshore, Inc.
Senior Investment Officer, Kemper Investors Life Insurance
Company
Vice President, KI Arnold Industrial, Inc.
Vice President, KI Canyon Park, Inc.
Vice President, KI Centreville, Inc.
Vice President, KI Colorado Boulevard, Inc.
Vice President, KI Dublin Boulevard, Inc.
Vice President, KI LaFiesta Square, Inc.
Vice President, KI Lewinsville, Inc.
Vice President, KI Monterey Research, Inc.
Vice President, KI Olive Street, Inc.
Vice President, KI Sutter Street, Inc.
Vice President, KI Thornton Boulevard, Inc.
Vice President, KR 77 Fitness Center, Inc.
Vice President, KR Avondale Redmond, Inc.
Vice President, KR Black Mountain, Inc.
Vice President, KR Brannan Resources, Inc.
Vice President, KR Clay Capital, Inc.
Vice President, KR Cranbury, Inc.
Vice President, KR Delta Wetlands, Inc.
Vice President, KR Gainesville, Inc.
Vice President, KR Halawa Associates, Inc.
Vice President, KR Hotels, Inc.
Vice President, KR Lafayette Apartments, Inc.
Vice President, KR Lafayette BART, Inc.
Vice President, KR Palm Plaza, Inc.
Vice President, KR Red Hill Associates, Inc.
Vice President, KR Seagate/Gateway North, Inc.
Vice President, KR Venture Way, Inc.
Vice President, KR Walnut Creek, Inc.
COLLORA, PHILIP J.
Senior Vice President and Assistant Secretary, Kemper Financial
Services, Inc.
Vice President and Secretary, Kemper Funds
Assistant Secretary, Kemper International Management, Inc.
DIERENFELDT, DAVID F.
Senior Vice President, Associate General Counsel,
Assistant Secretary, Kemper Financial Services, Inc.
Vice President and Secretary, Kemper Distributors, Inc.
Secretary, Dreman Value Advisors, Inc.
Assistant Secretary, Galaxy Offshore, Inc.
C-11
<PAGE> 40
Director, Secretary, INVEST Financial Corporation
Secretary, INVEST Financial Corporation Holding Company
Assistant Secretary, Investors Brokerage Services
Insurance Agency, Inc.
Assistant Secretary, Investors Brokerage Services, Inc.
Secretary, Kemper Asset Management Company
Assistant Secretary, Kemper International Management, Inc.
Assistant Secretary, Kemper Investment Management Company
Limited
Vice President and Assistant Secretary, Kemper Investors Fund
Secretary, Kemper Service Company
DUDASIK, PATRICK H.
Senior Vice President, Kemper Financial Services, Inc.
Executive Vice President, Chief Financial Officer and Treasurer,
Dreman Value Advisors, Inc.
Vice President and Treasurer, Kemper Asset Management Company
Treasurer and Chief Financial Officer, Kemper Distributors, Inc.
Treasurer and Chief Financial Officer, Kemper Service Company
Director and Treasurer, Kemper Investment Management Company
Limited
DUFFY, JEROME L.
Senior Vice President, Kemper Financial Services, Inc.
Treasurer, Kemper Funds
GALLAGHER, MICHAEL L.
Senior Vice President, Kemper Financial Services, Inc.
Senior Vice President, Kemper Service Company
GLASSMAN, HARVEY
Senior Vice President, Kemper Financial Services, Inc.
GOERS, RICHARD A.
Senior Vice President, Kemper Financial Services, Inc.
Vice President, Kemper Technology Fund
GUENTHER, HAROLD E.
Senior Vice President, Kemper Financial Services, Inc.
Vice President, Galaxy Offshore, Inc.
HUSSEY, KAREN A.
Senior Vice President, Kemper Financial Services, Inc.
Vice President, Kemper Investors Fund
Vice President, Kemper Small Capitalization Equity Fund
INNES, BRUCE D.
Senior Vice President, Kemper Financial Services, Inc.
Co-President, International Association of Corporate and
Professional Recruiters
C-12
<PAGE> 41
KLEIN, GEORGE
Senior Vice President, Kemper Financial Services, Inc.
Director, Executive Vice President, Kemper Asset Management
Company
KORTH, FRANK D.
Senior Vice President, Kemper Financial Services, Inc.
Vice President, Kemper Technology Fund
McNAMARA, MICHAEL A.
Senior Vice President, Kemper Financial Services, Inc.
Vice President, Kemper Diversified Income Fund
Vice President, Kemper High Income Trust
Vice President, Kemper High Yield Fund
Vice President, Kemper Investors Fund
Vice President, Kemper Multi-Market Income Trust
Vice President, Kemper Strategic Income Fund
MIER, CHRISTOPHER J.
Senior Vice President, Kemper Financial Services, Inc.
Vice President, Kemper National Tax-Free Income Series
Vice President, Kemper Municipal Income Trust
Vice President, Kemper State Tax-Free Income Series
Vice President, Kemper Strategic Municipal Income Trust
Vice President, Sterling Funds
MURRIHY, MAURA J.
Senior Vice President, Kemper Financial Services, Inc.
NATHANSON, IRA
Senior Vice President, Kemper Financial Services, Inc.
Vice President, Kemper Corporation
RABIEGA, CRAIG F.
Senior Vice President, Kemper Financial Services, Inc.
First Vice President, Kemper Service Company
RACHWALSKI, JR. FRANK J.
Senior Vice President, Kemper Financial Services, Inc.
Vice President, Cash Account Trust
Vice President, Cash Equivalent Fund
Vice President, Investors Cash Trust
Vice President, Kemper Investors Fund
Vice President, Kemper Money Market Fund
Vice President, Kemper Portfolios
C-13
<PAGE> 42
Vice President, Sterling Funds
Vice President, Tax-Exempt California Money Market Fund
Vice President, Tax-Exempt New York Money Market Fund
REGNER, THOMAS M.
Senior Vice President, Kemper Financial Services, Inc.
Vice President, Kemper Horizon Fund
RESIS, JR., HARRY E.
Senior Vice President, Kemper Financial Services, Inc.
Vice President, Kemper Diversified Income Fund
Vice President, Kemper High Income Trust
Vice President, Kemper High Yield Fund
Vice President, Kemper Investors Fund
Vice President, Kemper Multi-Market Income Trust
Vice President, Kemper Strategic Income Fund
SCHUMACHER, ROBERT T.
Senior Vice President, Kemper Financial Services, Inc.
SMITH, JR., EDWARD BYRON
Senior Vice President, Kemper Financial Services, Inc.
VINCENT, CHRISTOPHER T.
Senior Vice President, Kemper Financial Services, Inc.
First Vice President, Kemper Asset Management Company
BAZAN, KENNETH M.
First Vice President, Kemper Financial Services, Inc.
Director, K-P Greenway, Inc.
Director, K-P Plaza Dallas, Inc.
Director, Kemper/Prime Acquisition Fund, Inc.
BOEHM, JONATHAN J.
First Vice President, Kemper Financial Services, Inc.
Senior Vice President, Kemper Service Company
BURROW, DALE R.
First Vice President, Kemper Financial Services, Inc.
Vice President, Kemper Strategic Municipal Income Trust
BYRNES, ELIZABETH A.
First Vice President, Kemper Financial Services, Inc.
Vice President, Kemper Adjustable Rate U.S. Government Fund
Vice President, Kemper Intermediate Government Trust
C-14
<PAGE> 43
CHIEN, CHRISTINE
First Vice President, Kemper Financial Services, Inc.
DeMAIO, CHRIS C.
First Vice President, Kemper Financial Services, Inc.
Vice President and Chief Accounting Officer, Kemper Service
Company
DEXTER, STEPHEN P.
First Vice President, Kemper Financial Services, Inc.
DOYLE, DANIEL J.
First Vice President, Kemper Financial Services, Inc.
FENGER, JAMES E.
First Vice President, Kemper Financial Services, Inc.
HALE, DAVID D.
First Vice President, Kemper Financial Services, Inc.
HARRINGTON, MICHAEL E.
First Vice President, Kemper Financial Services, Inc.
HORTON, ROBERT J.
First Vice President, Kemper Financial Services, Inc.
JACOBS, PETER M.
First Vice President, Kemper Financial Services, Inc.
KEELEY, MICHELLE M.
First Vice President, Kemper Financial Services, Inc.
Vice President, Kemper Intermediate Government Trust
Vice President, Kemper Portfolios
KIEL, CAROL L.
First Vice President, Kemper Financial Services, Inc.
LAUGHLIN, ANN M.
First Vice President, Kemper Financial Services, Inc.
LENTZ, MAUREEN P.
First Vice President, Kemper Financial Services, Inc.
McCRINDLE-PETRARCA, SUSAN
First Vice President, Kemper Financial Services, Inc.
MINER, EDWARD
First Vice President, Kemper Financial Services, Inc.
MURRAY, SCOTT S.
First Vice President, Kemper Financial Services, Inc.
C-15
<PAGE> 44
Vice President, Kemper Service Company
PAYNE, III, ROBERT D.
First Vice President, Kemper Financial Services, Inc.
PANOZZO, ROBERTA L.
First Vice President, Kemper Financial Services, Inc.
RADIS, STEVE A.
First Vice President, Kemper Financial Services, Inc.
RATEKIN, DIANE E.
First Vice President, Assistant General Counsel and Assistant
Secretary, Kemper Financial Services, Inc.
Assistant Secretary, Kemper Distributors, Inc.
SILVIA, JOHN E.
First Vice President, Kemper Financial Services, Inc.
STUEBE, JOHN W.
First Vice President, Kemper Financial Services, Inc.
Vice President, Cash Account Trust
Vice President, Cash Equivalent Fund
THOUIN-LEERKAMP, EDITH A.
First Vice President, Kemper Financial Services, Inc.
Director-European Equities, Kemper Investment Management Company Limited
TRUTTER, JONATHAN W.
First Vice President, Kemper Financial Services, Inc.
Vice President, Kemper Diversified Income Fund
Vice President, Kemper Multi-Market Income Trust
Vice President, Kemper Strategic Income Fund
WETHERALD, ROBERT F.
First Vice President, Kemper Financial Services, Inc.
WILLSON, STEPHEN R.
First Vice President, Kemper Financial Services, Inc.
Vice President, Kemper Strategic Municipal Income Trust
WITTNEBEL, MARK E.
First Vice President, Kemper Financial Services, Inc.
BARRY, JOANN M.
Vice President, Kemper Financial Services, Inc.
BODEM, RICHARD A.
Vice President, Kemper Financial Services, Inc.
Vice President, Kemper Service Company
C-16
<PAGE> 45
CARNEY, ANNE T.
Vice President, Kemper Financial Services, Inc.
CARTER, PAUL J.
Vice President, Kemper Financial Services, Inc.
CHRISTIANSEN, HERBERT A.
Vice President, Kemper Financial Services, Inc.
First Vice President, Kemper Service Company
COHEN, JERRI I.
Vice President, Kemper Financial Services, Inc.
ESOLA, CHARLES J.
Vice President, Kemper Financial Services, Inc.
Vice President, Kemper Service Company
FRIHART, THORA A.
Vice President, Kemper Financial Services, Inc.
GERACI, AUGUST L.
Vice President, Kemper Financial Services, Inc.
GERICKE, KATHLEEN E.
Vice President, Kemper Financial Services, Inc.
GOLAN, JAMES S.
Vice President, Kemper Financial Services, Inc.
HESS, THOMAS L.
Vice President, Kemper Financial Services, Inc.
HUOT, LISA L.
Vice President, Kemper Financial Services, Inc.
KARWOWSKI, KENNETH F.
Vice President, Kemper Financial Services, Inc.
KNAPP, WILLIAM M.
Vice President, Kemper Financial Services, Inc.
KOCH, DEBORAH L.
Vice President, Kemper Financial Services, Inc.
KOURY, KATHRYN E.
Vice President, Kemper Financial Services, Inc.
KRANZ, KATHY J.
Vice President, Kemper Financial Services, Inc.
KRUEGER, PAMELA D.
Vice President, Kemper Financial Services, Inc.
C-17
<PAGE> 46
KYCE, JOYCE
Vice President, Kemper Financial Services, Inc.
Vice President, Kemper Service Company
LeFEBVRE, THOMAS J.
Vice President, Kemper Financial Services, Inc.
MANGIPUDI, V. RAO
Vice President, Kemper Financial Services, Inc.
McGOVERN, KAREN B.
Vice President, Kemper Financial Services, Inc.
MILLER, MAUREEN A.
Vice President, Kemper Financial Services, Inc.
MITCHELL, KATHERINE H.
Vice President, Kemper Financial Services, Inc.
MURPHY, THOMAS M.
Vice President, Kemper Financial Services, Inc.
NEVILLE, BRIAN P.
Vice President, Kemper Financial Services, Inc.
PANOZZO, ALBERT R.
Vice President, Kemper Financial Services, Inc.
PONTECORE, SUSAN E.
Vice President, Kemper Financial Services, Inc.
QUADRINI, LISA L.
Vice President, Kemper Financial Services, Inc.
ROKOSZ, PAUL A.
Vice President, Kemper Financial Services, Inc.
ROSE, KATIE M.
Vice President, Kemper Financial Services, Inc.
SHULTZ, KAREN D.
Vice President, Kemper Financial Services, Inc.
Vice President, Kemper Service Company
SMITH, ROBERT G.
Vice President, Kemper Financial Services, Inc.
SOPHER, EDWARD O.
Vice President, Kemper Financial Services, Inc.
STROMM, LAWRENCE D.
Vice President, Kemper Financial Services, Inc.
C-18
<PAGE> 47
TEPPER, SHARYN A.
Vice President, Kemper Financial Services, Inc.
VANDEMERKT, RICHARD J.
Vice President, Kemper Financial Services, Inc.
Vice President, Kemper Service Company
WATKINS, JAMES K.
Vice President, Kemper Financial Services, Inc.
Vice President, Kemper Service Company
WERTH, ELIZABETH C.
Vice President, Kemper Financial Services, Inc.
Vice President, Kemper Distributors, Inc.
Assistant Secretary, Kemper Mutual Funds
Assistant Secretary, Kemper International Bond Fund
Assistant Secretary, Kemper Target Equity Fund
Assistant Secretary, Sterling Funds
Assistant Secretary, Kemper-Dreman Fund, Inc.
Assistant Secretary, Kemper Horizon Fund
WIZER, BARBARA K.
Vice President, Kemper Financial Services, Inc.
ZURAWSKI, CATHERINE N.
Vice President, Kemper Financial Services, Inc.
C-19
<PAGE> 48
ITEM 29. PRINCIPAL UNDERWRITER
(a) Kemper Distributors, Inc. acts as principal underwriter of the
Registrant's shares and acts as principal underwriter of the Kemper Mutual
Funds, Kemper Investors Fund, Kemper International Bond
Fund and Kemper-Dreman Fund, Inc.
(b) Information on the officers and directors of Kemper Distributors,
Inc., principal underwriter for the Registrant is set forth below. The
principal business address is 120 South LaSalle Street, Chicago, Illinois
60603.
<TABLE>
<CAPTION>
POSITIONS AND
POSITIONS AND OFFICES OFFICES WITH
NAME WITH UNDERWRITER REGISTRANT
---- --------------------- -------------
<S> <C> <C>
John E. Peters Principal Director, President Vice President
William E. Chapman, II Director, Executive Vice President None
James L. Greenawalt Director, Executive Vice President None
John E. Neal Director None
Stephen B. Timbers Director President, Trustee
Patrick H. Dudasik Financial Principal, Treasurer
and Chief Financial Officer None
Linda A. Bercher Senior Vice President None
Thomas V. Bruns Senior Vice President None
Terry Cunningham Senior Vice President None
Daniel T. O'Lear Senior Vice President None
John H. Robison, Jr. Senior Vice President None
Henry J. Schulthesz Senior Vice President None
David F. Dierenfeldt Vice President, Secretary None
Carlene D. Merold Vice President None
Elizabeth C. Werth Vice President Assistant Secretary
Kathleen A. Gallichio Assistant Secretary None
Diane E. Ratekin Assistant Secretary None
</TABLE>
(c) Not applicable.
C-20
<PAGE> 49
S I G N A T U R E S
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it meets all of
the requirements for effectiveness of this Registration Statement pursuant to
Rule 485(b) under the Securities Act of 1933 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Chicago and State of Illinois, on the 30th day
of November, 1995.
KEMPER STATE TAX-FREE INCOME SERIES
By /s/ Stephen Timbers
------------------------------------
Stephen B. Timbers, President
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below on November 30, 1995 on behalf of
the following persons in the capacities indicated.
Signature Title
--------- -----
/s/ Stephen Timbers President
--------------------------------------- (Principal
Stephen B. Timbers Executive Officer)
and Trustee
/s/David W. Belin* Trustee
---------------------------------------
/s/Lewis A. Burnham* Trustee
---------------------------------------
/s/Donald L. Dunaway* Trustee
---------------------------------------
/s/Robert B. Hoffman* Trustee
---------------------------------------
/s/Donald R. Jones* Trustee
---------------------------------------
/s/David B. Mathis* Trustee
---------------------------------------
/s/Shirley D. Peterson* Trustee
---------------------------------------
/s/William P. Sommers* Trustee
---------------------------------------
/s/ Jerome Duffy Treasurer (Principal
-------------------------------------- Financial and
Jerome L. Duffy Accounting Officer)
*Philip J. Collora signs this document pursuant to powers of attorney filed
with Post-Effective Amendment No. 23 to the Registration Statement on Form N-1A
of the Registrant on or about October 30, 1995.
/s/ Philip J. Collora
------------------------------------
Philip J. Collora
<PAGE> 50
INDEX TO EXHIBITS
<TABLE>
<S> <C>
Exhibits
99.B1.(a) Amended and Restated Agreement and Declaration of Trust.*
99.B1.(b) Written Instrument Establishing and Designating Kemper
Michigan Tax-Free Income Fund, Kemper New Jersey Tax-Free
Income Fund and Kemper Pennsylvania Tax-Free Income Fund.*
99.B2. By-Laws.*
99.B3. Inapplicable.
99.B4.(a) Text of Share Certificate.*
99.B4.(b) Written Instrument Establishing and Designating Separate
Classes of Shares.*
99.B5. Investment Management Agreement.*
99.B6.(a) Underwriting and Distribution Services Agreement.*
99.B6.(b) Assignment and Assumption Agreement.*
99.B6.(c) Form of Selling Group Agreement.*
99.B7. Inapplicable.
99.B8. Custody Agreement.*
99.B9.(a) Agency Agreement.*
99.B9.(b) Supplement to Agency Agreement.*
99.B9.(c) Administrative Services Agreement.*
99.B9.(d) Amendment to Administrative Services Agreement.*
99.B9.(e) Assignment and Assumption Agreement.*
99.B10. Inapplicable.
99.B11.(a) Consent of Independent Auditors.
99.B11.(b) Report of Independent Auditors.*
99.B12. Inapplicable.
99.B13. Inapplicable.
99.B14. Inapplicable.
99.B15. See 6(a) above (Class B and Class C shares).
99.B16. Performance Calculations.*
99.B18. Multi-Distribution System Plan.*
99.B24. Powers of Attorney.*
Financial Data Schedule.*
27.All. CA Financial Data Schedule.*
27.A. CA Financial Data Schedule.*
27.B. CA Financial Data Schedule.*
27.C. CA Financial Data Schedule.*
27.All. FL Financial Data Schedule.*
27.A. FL Financial Data Schedule.*
27.B. FL Financial Data Schedule.*
27.C. FL Financial Data Schedule.*
27.All. MI Financial Data Schedule.*
27.A. MI Financial Data Schedule.*
27.B. MI Financial Data Schedule.*
27.C. MI Financial Data Schedule.*
27.All. NJ Financial Data Schedule.*
27.A. NJ Financial Data Schedule.*
27.B. NJ Financial Data Schedule.*
27.C. NJ Financial Data Schedule.*
27.All. NY Financial Data Schedule.*
27.A. NY Financial Data Schedule.*
27.B. NY Financial Data Schedule.*
27.C. NY Financial Data Schedule.*
27.All. OH Financial Data Schedule.*
27.A. OH Financial Data Schedule.*
27.B. OH Financial Data Schedule.*
27.C. OH Financial Data Schedule.*
27.All. PA Financial Data Schedule.*
27.A. PA Financial Data Schedule.*
27.B. PA Financial Data Schedule.*
</TABLE>
<PAGE> 51
27.C. PA Financial Data Schedule.*
27.All. TX Financial Data Schedule.*
27.A. TX Financial Data Schedule.*
27.B. TX Financial Data Schedule.*
27.C. TX Financial Data Schedule.*
99.485(b) Letter Representation of Counsel (Rule 485(b)).
- ---------------
* Incorporated herein by reference to the Amendment to Registrant's
Registration Statement on Form N-1A identified below:
<TABLE>
<CAPTION>
EXHIBIT NO. POST-EFFECTIVE AMENDMENT NO. DATE OF FILING
- ------------------------ ----------------------------- ---------------
<S> <C> <C>
16 6 1/20/89
1, 4, 5, 6, and 9 22 3/14/95
2, 8, 11(b), 18, 24 and 27 23 10/30/95
</TABLE>
<PAGE> 1
EXHIBIT 99.B11
CONSENT OF INDEPENDENT AUDITORS
We consent to the reference to our firm under the captions "Financial
Highlights" and "Independent Auditors and Reports to Shareholders" and to the
use of our reports on the financial statements of the Kemper State Tax-Free
Income Series -- Kemper Florida Tax-Free Income Fund, Kemper New Jersey
Tax-Free Income Fund, Kemper New York Tax-Free Income Fund, Kemper Pennsylvania
Tax-Free Income Fund, Kemper California Tax-Free Income Fund, Kemper Michigan
Tax-Free Income Fund, Kemper Ohio Tax-Free Income Fund and Kemper Texas
Tax-Free Income Fund dated October 13, 1995 in the Registration Statement (Form
N-1A) of Kemper State Tax-Free Income Series and their incorporation by
reference in the related Prospectus and Statement of Additional Information of
Kemper Tax-Free Income Funds, filed with the Securities and Exchange Commission
Statement in this Post-Effective Amendment No. 24 under the Securities Act of
1933 (Registration No. 2-81549) and in this Amendment No. 24 to the
Registration Statement under the Investment Company Act of 1940 (Registration
No. 811-3657).
/s/ ERNST & YOUNG LLP
ERNST & YOUNG LLP
Chicago, Illinois
November 30, 1995
<PAGE> 1
EXHIBIT 99.485(B)
VEDDER, PRICE, KAUFMAN & KAMMHOLZ
November 30, 1995
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Kemper State Tax-Free Income Series
To The Commission:
We are counsel to the above-referenced investment company (the "Fund")
and as such have participated in the preparation and review of Post-Effective
Amendment No. 24 to the Fund's registration statement being filed pursuant to
Rule 485(b) under the Securities Act of 1933. In accordance with paragraph
(b)(4) of Rule 485, we hereby represent that such amendment does not contain
disclosures which would render it ineligible to become effective pursuant to
paragraph (b) thereof.
Very truly yours,
/s/ Vedder, Price, Kaufman & Kammholz
VEDDER, PRICE, KAUFMAN & KAMMHOLZ
