===================
Seligman
Tax-Exempt
Fund
Series, Inc.
Mid-Year Report
March 31, 1995
===================
Seligman JWS Monogram Logo Goes Here
<PAGE>
To the Shareholders
We are pleased to report on the National and 12 state-specific
portfolios of Seligman Tax-Exempt Fund Series for the six-month period
ended March 31, 1995.
Your Series' total net assets stood at $1,235,518,572 at March 31,
compared to $1,255,408,829 at September 30, 1994. Dividends and gains
paid to shareholders during the six months totaled $43,477,628.
Highlights of your Series' performance, long-term investment results,
portfolio holdings, and financial statements follow this letter.
When we last reported to you at your Series' year end, September 30,
1994, municipal bond yields, as measured by the Bond Buyer 20-Bond
General Obligation Index, had increased by more than one full percentage
point since the previous January (since yields move inversely to price,
prices during this period declined). Yields continued to rise into the
fourth quarter of 1994, hitting a high for the year of 7.06% on November
17. After months of lackluster demand for municipal bonds, these levels,
the highest since 1991, began to attract both retail and institutional
buyers. At the same time, inflation fears began to subside as the
economy exhibited signs of slowing.
The combination of increased demand and improving market sentiment
marked the beginning of a municipal bond market rally. Long-term yields
began a steady decline that continued into the new year. The Federal
Reserve Board provided an additional boost to the bond market recovery
by once again raising the federal funds rate on February 1, 1995. This
action had a positive effect on investor psychology by reinforcing
expectations that the Fed ultimately will achieve its goal of stable
inflation and moderate economic growth. By the end of the first quarter,
the Bond Buyer Index had declined from 6.71% on December 29, 1994, to
6.07%, exactly where it stood a year ago on March 31, 1994.
Looking forward, your Manager is optimistic about the prospects for the
municipal bond market. The lack of supply of new issue municipal bonds
should continue to contribute to the positive performance of the
municipal market. Additionally, a moderating economy and a vigilant
Federal Reserve Board should keep inflation in check and prevent a
repeat of the dramatic increase in interest rates that characterized
most of 1994.
Seligman Tax-Exempt Fund Series is well positioned to benefit from a
decline in long-term yields by being concentrated, generally, in higher
quality, long-term municipal bonds.
For any additional information about Seligman Tax-Exempt Fund Series, or
your investment in its shares, please write or call using the toll-free
telephone numbers listed on page 51 of this report.
By order of the Board of Directors,
/s/ William C. Morris
-----------------
William C. Morris
Chairman
/s/ Ronald T. Schroeder
-------------------
Ronald T. Schroeder
President
April 28, 1995
1
<PAGE>
Seligman Tax-Exempt Fund Series, Inc.
<TABLE>
<CAPTION>
Highlights March 31, 1995
National Colorado Georgia Louisiana Maryland
<S> <C> <C> <C> <C> <C>
Net assets: Class A (in millions) $109.1 $55.9 $59.8 $62.1 $56.4
Class D (in millions) 0.7 0.1 1.5 0.7 0.5
Yield:* Class A 5.26% 4.67% 4.97% 4.78% 4.82%
Class D 4.54 3.90 4.24 4.01 3.99
Dividends:** Class A $0.202 $0.194 $0.202 $0.218 $0.209
Class D 0.168 0.158 0.167 0.180 0.170
Capital Gain Distributions** -- -- $0.103 $0.140 $0.133
Average Annual Total Return
Class A
One Year:
With sales charge(1) 1.13% 1.01% 1.70% 1.03% 1.70%
Without sales charge(2) 6.19 6.06 6.77 6.01 6.75
Five Years:
With sales charge(1) 6.30 5.85 6.60 6.44 6.51
Without sales charge(2) 7.34 6.89 7.63 7.48 7.56
Ten Years or since inception: 5/1/86 6/15/87 10/1/85 10/1/85
With sales charge(1) 8.97 6.19% 7.02% 8.23% 7.42%
Without sales charge(2) 9.50 6.78 7.70 8.79 7.98
Class D
One Year:
With CDSL(1) 4.30 3.88 4.88 3.87 4.85
Without CDSL(2) 5.30 4.88 5.88 4.85 5.84
Since inception February 1, 1994:(2) (4.11) (1.46) (2.18) (1.69) (1.00)
Net asset value per share: Class A $7.42 $7.24 $7.60 $7.99 $7.80
Class D 7.42 7.23 7.61 7.98 7.81
Maximum offering price per share:
Class A $7.79 $7.60 $7.98 $8.39 $8.19
Class D 7.42 7.23 7.61 7.98 7.81
Moody's/S&P Ratings+
Aaa/AAA 29% 53% 50% 85% 42%
Aa/AA 56 28 24 7 41
A/A 10 11 18 5 17
Baa/BBB 3 6 5 2 --
Ba/BB -- -- -- -- --
Caa/CCC -- -- -- -- --
Non-rated 2 2 3 1 --
Holdings by Market Sector+
Revenue Bonds 80% 83% 59% 67% 66%
General Obligation Bonds 20 17 41 33 34
Weighted Average Maturity (years) 26.3 19.3 22.1 17.7 20.7
</TABLE>
*Current yield representing the annualized yield for the 30-day period
ended March 31, 1995.
**Represents per share amount paid or declared in respect of Class A and
Class D shares during the six months ended March 31, 1995.
(1)Represents the average compound rate of return per year over the
specified period, and reflects change in price and assumes all
distributions within the period are reinvested in additional shares;
also reflects the effect of the 4.75% maximum initial sales charge or
contingent deferred sales load ("CDSL") of 1%, if applicable. No
adjustment was made to Class A shares' performance for periods prior to
January 1, 1993, the commencement date for the annual Administration,
Shareholder Services and Distribution Plan fee of up to 0.25% of average
daily net assets of each Series.
(2)Represents the rate of return as above, but does not reflect the
effect of the 4.75% maximum initial sales charge or 1% CDSL.
2
<PAGE>
<TABLE>
<CAPTION>
Highlights March 31, 1995 (Continued)
Massachusetts Michigan Minnesota Missouri New York
<S> <C> <C> <C> <C> <C>
Net assets: Class A (in millions) $115.6 $150.9 $133.9 $51.9 $86.4
Class D (in millions) 1.1 0.8 2.0 0.4 0.6
Yield:* Class A 4.70% 4.81% 4.63% 4.87% 5.10%
Class D 3.99 4.06 3.85 4.00 4.21
Dividends:** Class A $0.218 $0.233 $0.230 $0.203 $0.213
Class D 0.182 0.192 0.194 0.164 0.174
Capital Gain Distributions** $0.032 $0.043 $0.014 $0.070 $0.170
Average Annual Total Return
Class A
One Year:
With sales charge(1) 1.38% 1.30% 0.72% 1.94% 1.55%
Without sales charge(2) 6.46 6.34 5.75 7.07 6.60
Five Years:
With sales charge(1) 6.98 6.91 6.40 6.40 7.00
Without sales charge(2) 8.01 7.96 7.44 7.43 8.06
Ten Years or since inception: 7/1/86
With sales charge(1) 8.30 9.05 8.31 6.86% 8.58
Without sales charge(2) 8.83 9.57 8.84 7.46 9.12
Class D
One Year:
With CDSL(1) 4.45 4.19 3.75 5.00 4.41
Without CDSL(2) 5.45 5.19 4.75 6.00 5.39
Since inception February 1, 1994:(2) (0.73) (0.92) 0.08 (1.64) (2.36)
Net asset value per share: Class A $7.80 $8.43 $7.77 $7.58 $7.71
Class D 7.80 8.42 7.77 7.58 7.71
Maximum offering price per share:
Class A $8.19 $8.85 $8.16 $7.96 $8.09
Class D 7.80 8.42 7.77 7.58 7.71
Moody's/S&P Ratings+
Aaa/AAA 54% 50% 46% 44% 42%
Aa/AA 10 19 18 40 18
A/A 29 21 25 16 26
Baa/BBB 5 4 -- -- 14
Ba/BB -- -- -- -- --
Caa/CCC -- -- 8 -- --
Non-rated 2 6 3 -- --
Holdings by Market Sector+
Revenue Bonds 71% 73% 56% 86% 95%
General Obligation Bonds 29 27 44 14 5
Weighted Average Maturity (years) 17.5 17.6 14.8 17.9 24.3
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Highlights March 31, 1995 (Continued)
Ohio Oregon South Carolina
<S> <C> <C> <C>
Net assets: Class A (in millions) $171.0 $59.2 $111.6
Class D (in millions) 0.4 1.3 1.6
Yield:* Class A 4.76% 4.82% 4.74%
Class D 3.95 4.07 4.00
Dividends:** Class A $0.223 $0.204 $0.210
Class D 0.183 0.169 0.173
Capital Gain Distributions** $0.074 $0.018 $0.014
Average Annual Total Return
Class A
One Year:
With sales charge(1) 1.40% 0.96% 1.53%
Without sales charge(2) 6.45 6.05 6.63
Five Years:
With sales charge(1) 6.66 6.44 6.48
Without sales charge(2) 7.72 7.48 7.52
Ten Years or since inception: 10/15/86 6/30/87
With sales charge(1) 8.82 6.35% 7.14%
Without sales charge(2) 9.35 6.97 7.82
Class D
One Year:
With CDSL(1) 4.52 4.04 4.75
Without CDSL(2) 5.52 5.04 5.75
Since inception February 1, 1994:(2) (0.81) (0.64) (1.78)
Net asset value per share: Class A $8.00 $7.55 $7.83
Class D 8.02 7.55 7.83
Maximum offering price per share:
Class A $8.40 $7.93 $8.22
Class D 8.02 7.55 7.83
Moody's/S&P Ratings+
Aaa/AAA 62% 33% 63%
Aa/AA 16 22 14
A/A 10 27 19
Baa/BBB 2 9 4
Ba/BB -- -- --
Caa/CCC -- -- --
Non-rated 10 9 --
Holdings by Market Sector+
Revenue Bonds 66% 72% 73%
General Obligation Bonds 34 28 27
Weighted Average Maturity (years) 17.5 17.8 17.8
</TABLE>
+Percentages based on current market value of long-term holdings.
Note: The yield has been computed in accordance with SEC regulations and
will vary, and the principal value of an investment will fluctuate.
Shares, if redeemed, may be worth more or less than their original cost.
National Series' income and a small portion of each State Series'
income may be subject to applicable state and local taxes. A portion of
each Series' income dividends may be subject to the federal alternative
minimum tax. Past performance is not indicative of future investment
results.
3
<PAGE>
<TABLE>
<CAPTION>
Portfolios of Investments March 31, 1995
NATIONAL SERIES
Face Ratings Market
State Amount Municipal Bonds Moody's/S&P+ Value
- -------------- ------------ ----------------- ------------ ----------
<S> <C> <C> <C> <C>
Alabama--1.9% $2,000,000 Tuscaloosa G.O. Warrants, 6 3/4% due 7/1/2020 Aaa/AAA $ 2,082,120
Alaska--4.5% 475,000 Alaska Housing Finance Corp. (Collateralized Home Mortgage
Bonds), 7.30% due 6/1/2025 Aaa/AAA 497,249
5,000,000 Valdez Marine Terminal Rev. (BP Pipeline Inc. Project),
5 1/2% due 10/1/2028 A1/AA- 4,444,450
Arizona--2.4% 3,000,000 Phoenix Civic Improvement Corporation (New City Hall Project),
5.10% due 7/1/2028 Aa/AA+ 2,612,730
California--2.2% 2,500,000 San Joaquin Hills Transportation Corridor Agency Rev.
(Orange County Senior Lien Toll Road), 6 3/4% due 1/1/2032 NR/NR 2,433,525
Connecticut--2.8% 3,000,000 Connecticut Housing Finance Authority (Housing Mortgage
Finance Program), 6.20% due 5/15/2014 Aa/AA 3,019,860
Florida--4.2% 2,750,000 Jacksonville Electric Authority (Electric System Rev.),
5 1/4% due 10/1/2028 Aa1/AA 2,450,058
2,500,000 Jacksonville Health Facilities Authority Hospital Rev. (Daughters
of Charity National Health System -- St. Vincent's Medical
Center Inc.), 5% due 11/15/2015 Aa/NR 2,127,425
Illinois--13.3% 2,000,000 Chicago O'Hare International Airport Rev., 6 3/8% due 1/1/2012 Aaa/AAA 2,048,760
1,000,000 Illinois Health Facilities Authority Rev. (Northwestern Memorial
Hospital), 6.10% due 8/15/2014 Aa/AA 983,190
1,250,000 Illinois Health Facilities Authority Rev. (Edward Hospital Project),
6% due 2/15/2019 A/A 1,132,600
2,500,000 Illinois Health Facilities Authority Rev. (Northwestern Memorial
Hospital), 6% due 8/15/2024 Aa/AA 2,383,950
3,000,000 Metropolitan Water Reclamation District of Greater Chicago
G.O.'s Capital Improvement Bonds, 7% due 1/1/2011 Aa/AA 3,296,070
5,000,000 Regional Transportation Authority G.O.'s (Cook, DuPage, Kane,
Lake, McHenry, and Will Counties), 5.85% due 6/1/2023 Aaa/AAA 4,774,150
Kansas--2.4% 2,500,000 Burlington Pollution Control Rev. (Kansas Gas & Electric
Co. Project), 7% due 6/1/2031 Aaa/AAA 2,669,725
Kentucky--2.3% 1,880,000 Trimble County Pollution Control Rev. (Louisville
Gas & Electric Co. Project), 7 5/8% due 11/1/2020* Aa2/AA 2,058,562
370,000 Trimble County Pollution Control Rev. (Louisville
Gas & Electric Co. Project), 7 5/8% due 11/1/2020* Aaa/AA 422,207
Massachusetts--1.9 2,000,000 Massachusetts Health & Education Facilities Authority Rev.
(Amherst College), 6.80% due 11/1/2021 Aa1/AA+ 2,090,960
New 4,000,000 New Hampshire Higher Educational & Health Facilities Authority
Hampshire--3.2% Rev. (Dartmouth College), 5 3/8% due 6/1/2023 Aaa/AA+ 3,557,800
New Jersey--2.3% 2,500,000 New Jersey Housing & Mortgage Finance Agency Housing Rev.,
6.60% due 11/1/2014 NR/A+ 2,549,525
New York--2.8% 3,000,000 New York City G.O.'s, 7 1/4% due 8/15/2004 Baa1/A- 3,070,050
North Dakota--1.9% 2,000,000 Mercer County Pollution Control Rev. (Otter Tail Power Company
Project), 6.90% due 2/1/2019 Aa3/AA- 2,065,620
___________________
* Interest income earned from this security is subject to the federal
alternative minimum tax.
+ Ratings have not been audited by Deloitte & Touche LLP.
See notes to financial statements.
4
<PAGE>
Portfolios of Investments (continued) March 31, 1995
NATIONAL SERIES (continued)
Face Ratings Market
State Amount Municipal Bonds Moody's/S&P+ Value
- -------------- ------------ ----------------- ------------ ----------
Oklahoma--5.8% $ 5,000,000 Oklahoma Industrial Authority Health Facilities Rev. (Sisters
of Mercy Health System, St. Louis, Inc.), 5% due 6/1/2013 Aa/AA $ 4,265,850
2,500,000 Oklahoma Industrial Authority Health Facilities Rev. (Sisters
of Mercy Health System, St. Louis, Inc.), 5% due 6/1/2018 Aa/AA 2,059,025
Rhode Island--2.0% 2,250,000 Rhode Island Depositors Economic Protection Corporation
Rev., 6% due 8/1/2017 Aaa/AAA 2,203,695
South 2,000,000 Oconee County Pollution Control Rev. (Duke Power Company
Carolina--4.5% Project), 7 1/2% due 2/1/2017 Aa2/AA- 2,172,120
3,000,000 Piedmont Municipal Power Agency Electric Rev.,
5 3/8% due 1/1/2025 Aaa/AAA 2,721,810
South Dakota-- 5.2 6,000,000 South Dakota Housing Development Authority Rev.
(Homeownership Mortgage), 6.15% due 5/1/2026* Aa1/AA+ 5,759,280
Texas--23.1% 3,000,000 Brazos River Authority Pollution Control Rev. (Houston Light &
Power Company Project), 7 7/8% due 11/1/2018* A2/A 3,117,510
6,000,000 Grapevine--Colleville Independent School District G.O.'s,
5 1/8% due 8/15/2022 Aaa/AAA 5,207,760
3,000,000 Harris County Health Facilities Development Corp. Hospital Rev.
(St. Luke's Episcopal Hospital Project), 6 3/4% due 2/15/2021 Aa/AA 3,075,030
2,000,000 Harris County Health Facilities Development Corp. SCH Health
Care System Rev. (Sisters of Charity of the Incarnate Word),
7.10% due 7/1/2021 Aa/AA 2,100,180
5,500,000 San Antonio Electric & Gas Rev., 5% due 2/1/2017 Aa1/AA 4,751,010
2,000,000 Texas State Turnpike Authority Rev. (Dallas North Thruway--
Addison Airport Toll Tunnel Project), 6 3/4% due 1/1/2015 Aaa/AAA 2,133,600
2,900,000 Texas Veterans' Housing Assistance G.O.'s, 6.80% due 12/1/2023* Aa/AA 2,954,636
2,000,000 Travis County Housing Finance Corporation (Single Family
Mortgage Rev.), 6.95% due 10/1/2027 NR/AAA 2,084,320
Utah--6.0% 7,500,000 Intermountain Power Agency Power Supply Rev.,
5 1/4% due 7/1/2017 Aa/AA 6,628,950
Washington--3.7% 4,000,000 Seattle Metropolitan Sewer Rev., 6.60% due 1/1/2032 Aaa/AAA 4,099,240
------------
Total Municipal Bonds (Cost $109,522,055)--98.4% 108,104,602
Variable Rate Demand Notes (Cost $100,000)--0.1% 100,000
Other Assets Less Liabilities--1.5% 1,643,474
------------
NET ASSETS--100.0% $109,848,076
============
</TABLE>
<TABLE>
<CAPTION>
COLORADO SERIES
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
- ---------- ---------------- ------------- ----------
<S> <C> <C> <C>
$3,000,000 Adams County, CO Pollution Control Rev. (Public Service Co. of Colorado Project),
7 3/8% due 11/1/2009 Baa1/BBB+ $3,121,770
1,500,000 Colorado Association of School Boards Lease Purchase Finance Program Certificates
of Participation (Pueblo School District No. 60), 7 1/4% due 12/1/2009 Aaa/AAA 1,635,660
___________________
* Interest income earned from this security is subject to the federal
alternative minimum tax.
+ Ratings have not been audited by Deloitte & Touche LLP.
See notes to financial statements.
5
<PAGE>
Portfolios of Investments (continued) March 31, 1995
COLORADO SERIES (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
- ---------- ---------------- ------------- ----------
$3,000,000 Colorado Health Facilities Authority Rev. (Sisters of Charity Health Care Systems, Inc.),
6% due 5/15/2013 Aaa/AAA $ 3,014,940
1,630,000 Colorado Health Facilities Authority Rev. (Kaiser Permanente Medical Care Project),
9 1/8% due 8/1/2015 NR/AA 1,682,176
1,220,000 Colorado Health Facilities Authority Rev. (Mercy Medical Center of Durango Project),
6.20% due 11/15/2015 A1/A+ 1,184,010
3,000,000 Colorado Health Facilities Authority Rev. (North Colorado Medical Center),
6% due 5/15/2020 Aaa/AAA 2,976,660
410,000 Colorado Housing Finance Authority Rev., 7 1/4% due 9/1/2006 NR/NR 426,589
605,000 Colorado Housing Finance Authority (Single Family Housing Rev.), 7 1/4% due 11/1/2010 Aa/AA- 609,537
415,000 Colorado Housing Finance Authority (Single Family Residential Housing Rev.),
8% due 3/1/2017 Aa/NR 431,235
2,000,000 Colorado Springs, CO Utilities Rev., 5 7/8% due 11/15/2017 Aaa/AAA 2,011,040
3,500,000 Colorado Springs, CO Utilities Rev., 6 1/8% due 11/15/2020 Aa/AA 3,513,370
1,000,000 Colorado Water Resources & Power Development Authority (Clean Water Bonds),
6 7/8% due 9/1/2011 Aa/AA+ 1,073,480
2,000,000 Colorado Water Resources & Power Development Authority (Clean Water Bonds),
6% due 9/1/2014 Aa/AA 2,004,140
1,000,000 Colorado Water Resources & Power Development Authority (Clean Water Rev.),
6.30% due 9/1/2014 Aa/AA 1,029,960
2,000,000 Denver, CO City & County (St. Anthony Hospital Systems Rev.), 7 3/4% due 5/1/2014 Aaa/AAA 2,186,560
2,500,000 Denver, CO City & County (Sisters of Charity of Leavenworth Health Services
Corporation), 5% due 12/1/2023 Aa/NR 2,076,750
2,250,000 Denver, CO City & County Excise Tax Rev., 6 1/2% due 9/1/2014 Aaa/AAA 2,312,190
1,985,000 Fort Collins, CO G.O.'s Water Bonds, 6 3/8% due 12/1/2012 Aa/AA 2,081,233
3,000,000 Fountain Valley Authority, CO Water Treatment Rev., 6.80% due 12/1/2019 A1/AA 3,118,710
280,000 Mesa County, CO (Single Family Mortgage Rev.), 7.30% due 6/1/2010 NR/AA 281,420
1,480,000 Metropolitan Denver, CO Sewer Disposal District No. 001, 6 3/4% due 4/1/2012 A1/AA 1,519,915
520,000 Metropolitan Denver, CO Sewer Disposal District No. 001, 6 3/4% due 4/1/2012 NR/AA 541,107
3,000,000 Metropolitan Denver, CO Wastewater Reclamation District Sewer Rev.,
4 3/4% due 4/1/2012 Aaa/AAA 2,615,310
2,000,000 Northgate Public Building Authority, CO (Landowner Assessment Lien),
8 1/4% due 12/1/2001** NR/NR 1,120,000
1,895,000 Northglenn, CO Joint Water & Wastewater Utility, 6.80% due 12/1/2008 Aaa/NR 2,032,975
2,000,000 Pueblo County, CO Single Family Mortgage Rev., 7.05% due 11/1/2027 NR/AAA 2,096,700
1,000,000 Pueblo County, CO Sisters of Charity Health Care System Rev. (St. Mary -- Corwin
Hospital Project), 7 3/4% due 5/1/2014. Aaa/AAA 1,102,030
500,000 Regional Transportation District, CO Sales Tax Rev., 7.10% due 11/1/2010 Aaa/AAA 554,625
3,000,000 University of Colorado Hospital Authority Hospital Rev., 6.40% due 11/15/2022 Aaa/AAA 3,093,120
___________________
+ Ratings have not been audited by Deloitte & Touche LLP.
** Non-income producing, security in default.
See notes to financial statements.
6
<PAGE>
Portfolios of Investments (continued) March 31, 1995
COLORADO SERIES (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
- ---------- ---------------- ------------- ----------
$ 875,000 University of Northern Colorado (Greeley University), 7.30% due 6/1/2011 Aaa/AAA $ 919,581
2,000,000 Westminster, CO (Adams & Jefferson Counties) Sales & Use Tax Rev., 7% due 12/1/2008 Aaa/AAA 2,176,140
-------------
Total Municipal Bonds (Cost $53,461,334)--97.4% 54,542,933
Variable Rate Demand Notes (Cost $400,000)--0.7% 400,000
Other Assets Less Liabilities--1.9% 1,081,497
-------------
NET ASSETS--100.0% $56,024,430
=============
</TABLE>
<TABLE>
<CAPTION>
GEORGIA SERIES
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
- ------------ ---------------- ------------ -----------
<S> <C> <C> <C>
$1,095,000 Augusta, GA Water & Sewer Rev., 6 1/2% due 5/1/2011 A/NR $ 1,145,315
1,000,000 Cartersville, GA Development Authority Rev. Water & Wastewater Facilities
(Anheuser-Busch), 7.40% due 11/1/2010* A1/AA- 1,110,240
2,000,000 Cartersville, GA Development Authority Rev. Water & Wastewater Facilities
(Anheuser-Busch), 6 3/4% due 2/1/2012* A1/AA- 2,062,780
750,000 Chatham County Hospital Authority, GA Rev. (Memorial Medical Center, Inc.),
7% due 1/1/2021 Aaa/AAA 801,323
1,000,000 Clayton County, GA Water Authority Water & Sewerage Rev., 5 1/4% due 5/1/2012 Aaa/AAA 932,610
1,000,000 Cobb-Marietta Coliseum & Exhibit Hall Authority, GA Rev., 6 3/4% due 10/1/2026 Aaa/AAA 1,108,250
16,030,000 Colquitt County, GA Development Authority Rev., Zero Coupon Bond due 12/1/2021 Aaa/NR 2,308,801
2,000,000 Columbia County, GA School District G.O.'s, 6 1/4% due 4/1/2013 Aaa/AAA 2,056,040
1,000,000 Columbia County, GA Water & Sewerage Rev., 6 1/4% due 6/1/2012 Aaa/AAA 1,020,370
1,000,000 Columbus, GA Water & Sewerage Rev., 6 7/8% due 5/1/2020 NR/NR 1,114,290
5,000,000 DeKalb County, GA Water & Sewerage Rev., 5 3/4% due 10/1/2006 Aaa/AAA 5,126,900
1,000,000 DeKalb County, GA Water & Sewerage Rev., 7% due 10/1/2014 Aaa/AA 1,110,370
1,000,000 DeKalb County, GA Water & Sewerage Rev., 5 1/4% due 10/1/2023 Aa/AA 884,570
700,000 DeKalb Private Hospital Authority, GA Rev. (Emory University Project),
6 3/4% due 4/1/2017 Aa1/AA- 717,353
300,000 DeKalb Private Hospital Authority, GA Rev. (Emory University Project), 7% due 4/1/2021 Aa1/AA- 312,087
1,000,000 Fayette County, GA School District G.O.'s, 6 1/8% due 3/1/2015 Aa/A+ 1,011,440
1,500,000 Fulco Hospital Authority, GA Rev. (Georgia Baptist Health Care System Project),
6 3/8% due 9/1/2022 Baa1/NR 1,372,665
350,000 Fulton County Development Authority, GA Rev. (Georgia Scientific and Technical
Research Foundation, Inc. Project), 7 5/8% due 10/1/2003 NR/A+ 381,833
3,000,000 Fulton County, GA School District G.O.'s, 5 5/8% due 1/1/2021 Aa/AA 2,819,490
1,250,000 Gainesville, GA Water & Sewerage Rev., 5 1/4% due 11/15/2010 Aaa/AAA 1,187,263
2,975,000 Georgia Housing & Finance Authority Rev. (Single Family Mortgage),
5 1/4% due 12/1/2020 Aa/AA+ 2,523,127
3,000,000 Georgia Municipal Electric Authority Rev., 6% due 1/1/2026 Aaa/AAA 2,962,320
___________________
* Interest income earned from this security is subject to the federal
alternative minimum tax.
+ Ratings have not been audited by Deloitte & Touche LLP.
See notes to financial statements.
7
<PAGE>
Portfolios of Investments (continued) March 31, 1995
GEORGIA SERIES (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
- ------------ ---------------- ------------ -----------
$2,000,000 Georgia Municipal Gas Authority Rev. (Southern Storage Gas Project),
6.40% due 7/1/2014 NR/A- $1,990,960
440,000 Georgia Residential Finance Authority Homeownership Mortgage Rev.,
7.20% due 12/1/2011* Aa/AA+ 465,348
1,000,000 Georgia State G.O.'s, 5 3/4% due 2/1/2011 Aaa/AA+ 1,018,310
1,500,000 Gwinnett County, GA Hospital Authority Rev. Anticipation Certificates
(Gwinnett Hospital System, Inc. Project), 5% due 9/1/2019 Aaa/AAA 1,293,495
1,000,000 Gwinnett County, GA School District G.O.'s, 6.40% due 2/1/2012 Aa1/AA 1,062,720
735,000 Gwinnett County, GA Water & Sewerage Authority Rev., 6 1/2% due 8/1/2006 Aa1/AA+ 742,350
1,500,000 Henry County School District, GA G.O.'s, 6.45% due 8/1/2011 A1/A+ 1,575,885
750,000 La Grange, GA Water & Sewerage Authority Rev., 7 3/8% due 1/1/2012 NR/NR 833,235
1,000,000 Metropolitan Atlanta Rapid Transit Authority, GA Sales Tax Rev., 7 1/4% due 7/1/2010 A1/AA- 1,080,500
500,000 Metropolitan Atlanta Rapid Transit Authority, GA Sales Tax Rev., 6 1/4% due 7/1/2018 A1/AA- 517,415
400,000 Private Colleges & Universities Authority, GA (Spelman College Project),
7 3/4% due 6/1/2013 Aaa/AAA 440,256
2,500,000 Private Colleges & Universities Authority, GA (Spelman College Project),
6.20% due 6/1/2014 Aaa/AAA 2,535,900
500,000 Private Colleges & Universities Authority, GA (Emory University Project),
6 7/8% due 5/1/2015 Aa1/AA- 506,555
1,500,000 Private Colleges & Universities Authority, GA (Mercer University Project),
6 1/2% due 11/1/2015 Aaa/AAA 1,615,680
3,000,000 Private Colleges & Universities Authority, GA (Agnes Scott College Project),
5 5/8% due 6/1/2023 Aa/AA- 2,793,840
500,000 Private Colleges & Universities Authority, GA (Emory University Project),
6.40% due 10/1/2023 Aa1/AA- 507,450
2,000,000 Puerto Rico Highway & Transportation Authority Highway Rev., 5 1/2% due 7/1/2019 Baa1/A 1,820,660
1,000,000 Putnam County, GA Development Authority Pollution Control Rev. (Georgia Power
Company Plant), 7 1/4% due 7/1/2021 Aaa/AAA 1,042,890
2,000,000 Savannah, GA Airport Rev., 6 1/4% due 1/1/2015* Aaa/AAA 2,015,820
11,310,000 Savannah, GA Economic Development Authority Rev., Zero Coupon Bond due 12/1/2021 Aaa/NR 1,650,016
3,505,000 Washington, GA Wilkes Payroll Development Authority Rev., Zero Coupon Bond
due 12/1/2021 Aaa/NR 511,344
-------------
Total Municipal Bonds (Cost $60,405,328)--98.0% 60,090,066
Variable Rate Demand Notes (Cost $200,000)--0.3% 200,000
Other Assets Less Liabilities--1.7% 1,016,518
-------------
NET ASSETS--100.0% $61,306,584
=============
_______________________
Interest income earned from this security is subject to the federal
alternative minimum tax.
+ Ratings have not been audited by Deloitte & Touche LLP.
See notes to financial statements.
8
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Portfolios of Investments (continued) March 31, 1995
LOUISIANA SERIES
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
- ------------ ---------------- ------------ ----------
<S> <C> <C> <C>
$1,055,000 Alexandria, LA Utilities Rev., 5.30% due 5/1/2013 Aaa/AAA $ 980,696
3,000,000 Bastrop, LA Industrial Development Board Pollution Control Rev. (International Paper
Company Project), 6.90% due 3/1/2007 A3/A- 3,163,020
1,500,000 Caddo Parish, LA Parishwide School District G.O.'s, 7.20% due 3/1/2005 Aaa/AAA 1,568,160
2,425,000 East Baton Rouge Parish, LA Mortgage Finance Authority (Single Family
Mortgage Rev.), 5.40% due 10/1/2025 Aaa/NR 2,044,906
1,000,000 East Baton Rouge Parish, LA Public Improvement Sales & Use Tax Rev.,
7 1/4% due 2/1/2009 Aaa/AAA 1,083,000
3,500,000 East Baton Rouge Parish, LA Sales Tax Rev., 4.90% due 2/1/2016 Aaa/AAA 2,971,465
2,000,000 Houma, LA Utilities Rev., 6 1/4% due 1/1/2012 Aaa/AAA 2,042,120
2,000,000 Jefferson Parish, LA Home Mortgage Authority (Single Family Mortgage Rev.),
6% due 12/1/2024* Aa/NR 1,834,760
1,000,000 Jefferson Parish School Board, LA Sales Tax School Bonds, 6 1/4% due 2/1/2008 Aaa/AAA 1,037,660
1,250,000 Lafayette, LA Public Improvement Sales Tax Rev., 5 1/2% due 3/1/2009 Aaa/AAA 1,220,263
3,000,000 Lafayette, LA Public Improvement Sales Tax Rev., 5.20% due 5/1/2011 Aaa/AAA 2,789,490
2,000,000 Louisiana Public Facilities Authority Hospital Rev. (Southern Baptist Hospitals Inc. Project),
6.80% due 5/15/2012 Aaa/AAA 2,122,500
2,250,000 Louisiana Public Facilities Authority Hospital Rev. (General Health Inc.),
6 1/2% due 11/1/2014 Aaa/AAA 2,285,325
1,000,000 Louisiana Public Facilities Authority Hospital Rev. (Daughters of Charity Health
Systems--Hotel Dieu), 9 3/4% due 2/1/2015 Aa/NR 1,063,760
2,000,000 Louisiana Public Facilities Authority Hospital Rev. (Our Lady of Lourdes Regional
Medical Center Project), 6.45% due 2/1/2022 Aaa/AAA 2,030,280
3,000,000 Louisiana Public Facilities Authority Hospital Rev. (General Health Inc.),
6% due 11/1/2022 Aaa/AAA 2,909,430
2,500,000 Louisiana Public Facilities Authority Rev. (Sisters of Mercy Health System, St. Louis, Inc.),
7 3/8% due 6/1/2019 Aaa/AA 2,769,275
1,900,000 Louisiana Public Facilities Authority Rev. (Sisters of Mercy Health System, St. Louis, Inc.),
5% due 6/1/2019 Aa/AA 1,556,746
3,000,000 Louisiana Public Facilities Authority Rev. (Tulane University), 5 3/4% due 2/15/2021 Aaa/AAA 2,819,490
4,875,000 Louisiana State G.O.'s, Zero Coupon Bonds due 8/1/2005 Aaa/AAA 2,686,027
4,000,000 Louisiana State G.O.'s, 6 1/2% due 5/1/2011 Aaa/AAA 4,199,520
1,000,000 Louisiana State University & Agricultural & Mechanical College Auxiliary Rev.,
5 3/4% due 7/1/2014 Aaa/AAA 961,640
190,000 Ouachita Parish, LA Industrial Development Rev. (International Paper Company),
6 1/2% due 4/1/2006 NR/NR 189,996
500,000 Saint Bernard Parish, LA Water and Sewer Commission Water & Sewer Rev.,
8% due 8/1/2006 Aaa/AAA 532,105
1,250,000 Saint Charles Parish, LA Environmental Improvement Rev. (Louisiana Power
and Light Company Project), 6.20% due 5/1/2023* Baa2/BBB 1,122,100
2,960,000 Saint Charles Parish, LA Waterworks & Wastewater District Utility Rev.,
7.15% due 7/1/2016 Aaa/AAA 3,206,390
1,000,000 Saint Tammany, LA Public Trust Financing Authority (Single Family Mortgage Rev.),
7.20% due 7/1/2010 NR/AAA 1,091,360
_______________________
Interest income earned from this security is subject to the federal
alternative minimum tax.
+ Ratings have not been audited by Deloitte & Touche LLP.
See notes to financial statements.
9
<PAGE>
Portfolios of Investments (continued) March 31, 1995
LOUISIANA SERIES (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
- ------------ ---------------- ------------ -----------
$1,555,000 Shreveport, LA G.O.'s, 7 1/2% due 4/1/2006 Aaa/AAA $1,782,792
2,000,000 Shreveport, LA Water & Sewer Rev., 7 1/8% due 12/1/2014 Aaa/AAA 2,117,900
2,050,000 Sulphur, LA Housing & Mortgage Finance Trust (Residential Mortgage Rev.),
7 1/4% due 12/1/2010 Aaa/AAA 2,212,032
3,000,000 Tangipahoa Parish, LA Hospital Service District No. 1 Rev. (Northoaks Medical Center),
6 1/4% due 2/1/2024 Aaa/AAA 3,009,000
-------------
Total Municipal Bonds (Cost $60,160,132)--97.8% 61,403,208
Variable Rate Demand Notes (Cost $300,000)--0.5% 300,000
Other Assets Less Liabilities--1.7% 1,067,679
-------------
NET ASSETS--100.0% $62,770,887
=============
</TABLE>
<TABLE>
<CAPTION>
MARYLAND SERIES
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
- ------------ --------------- ------------ ---------
<S> <C> <C> <C>
$2,000,000 Anne Arundel County, MD Economic Development Rev. (BWI HSR Limited
Partnership Facility), 9 5/8% due 9/1/2005 NR/AAA $ 2,098,080
3,000,000 Anne Arundel County, MD Pollution Control Rev. (Baltimore Gas and
Electric Company Project), 6% due 4/1/2024 A2/A 2,943,390
2,000,000 Baltimore, MD Consolidated Public Improvement G.O.'s, 6 3/8% due 10/15/2006 Aaa/AAA 2,158,640
2,500,000 Baltimore, MD Port Facilities Rev. (Consolidated Coal Sales Co. Project),
6 1/2% due 10/1/2011 Aa2/AA 2,587,300
2,000,000 Frederick County, MD Public Facilities G.O.'s, 6.30% due 7/1/2011 Aaa/AA- 2,170,240
2,000,000 Howard County, MD Metropolitan District Project G.O.'s, 5 1/2% due 8/15/2022 Aa1/AA+ 1,856,080
4,000,000 Maryland Capital Improvement G.O.'s, 5.20% due 4/15/2006 Aaa/AAA 3,947,080
1,000,000 Maryland Community Development Administration Dept. of Economic & Community
Development (Single Family Program), 7 3/4% due 4/1/2009 Aa/NR 1,043,610
2,000,000 Maryland Community Development Administration Dept. of Housing & Community
Development (Multi-Family Housing), 7.70% due 5/15/2020* Aa/NR 2,119,620
2,500,000 Maryland Community Development Administration Dept. of Housing & Community
Development (Single Family Program), 6.80% due 4/1/2024* Aa/NR 2,539,825
2,500,000 Maryland Community Development Administration Dept. of Housing & Community
Development (Multi-Family Housing), 6.70% due 5/15/2027 Aa/NR 2,542,350
1,000,000 Maryland Health & Higher Educational Facilities Authority Rev. (Greater Baltimore
Medical Center), 6 3/4% due 7/1/2019 Aaa/AAA 1,107,530
3,000,000 Maryland Health & Higher Educational Facilities Authority Rev. (Johns Hopkins
University), 7 1/2% due 7/1/2020 Aa1/AA- 3,242,100
2,750,000 Maryland Health & Higher Educational Facilities Authority Rev. (Ann Arundel Medical
Center), 5% due 7/1/2023 Aaa/AAA 2,336,510
2,000,000 Maryland Health & Higher Educational Facilities Authority Rev. (Suburban Hospital),
5 1/8% due 7/1/2021 A1/A 1,649,100
3,000,000 Maryland Health & Higher Educational Facilities Authority Rev. (Francis Scott Key
Medical Center), 5% due 7/1/2023 Aaa/AAA 2,548,920
_______________________
Interest income earned from this security is subject to the federal
alternative minimum tax.
+ Ratings have not been audited by Deloitte & Touche LLP.
See notes to financial statements.
10
<PAGE>
Portfolios of Investments (continued) March 31, 1995
MARYLAND SERIES (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
- ------------ --------------- ------------ ---------
$1,000,000 Maryland National Capital Park & Planning Commission G.O.'s (Prince George's County),
6.90% due 7/1/2010 Aa/AA $1,078,970
2,000,000 Maryland Transportation Authority Rev. (Baltimore/Washington International
Airport Project), 6 1/4% due 7/1/2014* Aaa/AAA 2,028,800
3,000,000 Maryland Transportation Authority Rev. Transportation Facilities Projects, 5 3/4%
due 7/1/2015 A1/A+ 2,888,610
1,000,000 Maryland Water Quality Financing Administration Revolving Loan Fund Rev.,
6.70% due 9/1/2013 Aa/AA 1,065,350
1,000,000 Maryland Water Quality Financing Administration Revolving Loan Fund Rev.,
7.10% due 9/1/2013 Aa/AA 1,099,010
2,500,000 Montgomery County, MD Consolidated Public Improvement G.O.'s,
4.90% due 10/1/2013 Aaa/AAA 2,236,325
220,000 Montgomery County, MD Housing Opportunities Commission (Multi-Family
Housing Rev.), 9 3/8% due 7/1/2015 Aa/NR 227,700
470,000 Montgomery County, MD Housing Opportunities Commission (Single Family
Mortgage Rev.), 7 3/8% due 7/1/2017 Aa/NR 492,005
2,000,000 Northeast Maryland Waste Disposal Authority Solid Waste Rev. (Montgomery County
Resource Recovery Project), 6.30% due 7/1/2016* A/NR 1,960,740
285,000 Puerto Rico Housing Finance Corporation (Single Family Mortgage Rev. Portfolio 1),
7.80% due 10/15/2021 Aaa/AAA 298,692
1,000,000 Puerto Rico Housing Finance Corporation (Single Family Mortgage Rev. Portfolio 1-C),
6.85% due 10/15/2023 Aaa/AAA 1,035,820
1,500,000 University of Maryland Auxiliary Facilities and Tuition Rev., 6 1/2% due 4/1/2011 NR/AAA 1,621,890
2,500,000 Washington Suburban Sanitary District, MD, 6 1/2% due 1/1/2016 Aa1/AA 2,601,050
------------
Total Municipal Bonds (Cost $54,635,315)--97.6% 55,525,337
Variable Rate Demand Notes (Cost $200,000)--0.3% 200,000
Other Assets Less Liabilities--2.1% 1,179,744
------------
NET ASSETS--100.0% $56,905,081
============
</TABLE>
<TABLE>
<CAPTION>
MASSACHUSETTS SERIES
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
- ------------ --------------- ------------ ----------
<S> <C> <C> <C>
$ 750,000 Boston, MA G.O.'s, 7 3/8% due 2/1/2010 A/A $ 836,010
2,000,000 Boston, MA G.O.'s, 6 3/4% due 7/1/2011 Aaa/AAA 2,208,240
5,000,000 Boston, MA Water & Sewer Commission General Rev., 5 1/4% due 11/1/2019 A/A 4,421,500
2,000,000 Boston, MA Water & Sewer Commission General Rev., 7 1/8% due 11/1/2009 Aaa/AAA 2,212,620
3,000,000 Boston, MA Water & Sewer Commission General Rev., 7.10% due 11/1/2019 Aaa/AAA 3,315,900
5,000,000 Massachusetts Bay Transportation Authority Transportation System Rev.,
6.10% due 3/1/2023 A1/A+ 4,959,850
1,705,000 Massachusetts Education Loan Authority Education Loan Rev., 8% due 6/1/2002 NR/AAA 1,798,860
_______________________
Interest income earned from this security is subject to the federal
alternative minimum tax.
+ Ratings have not been audited by Deloitte & Touche LLP.
See notes to financial statements.
11
<PAGE>
Portfolios of Investments (continued) March 31, 1995
MASSACHUSETTS SERIES (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
- ------------ --------------- ------------ ---------
$3,000,000 Massachusetts Health & Educational Facilities Authority Rev. (Daughters of Charity
National Health Systems--Carney Hospital), 7 3/4% due 7/1/2014 Aaa/NR $3,419,760
2,500,000 Massachusetts Health & Educational Facilities Authority Rev. (Daughters of Charity
National Health Systems--Carney Hospital), 6.10% due 7/1/2014 Aa/NR 2,474,575
915,000 Massachusetts Health & Educational Facilities Authority Rev. (Youville Hospital),
9.10% due 8/1/2015 NR/NR 968,601
7,500,000 Massachusetts Health & Educational Facilities Authority Rev. (Harvard University),
5 1/2% due 12/1/2015 Aaa/AAA 7,160,925
2,500,000 Massachusetts Health & Educational Facilities Authority Rev. (Lahey Clinic
Medical Center), 7 5/8% due 7/1/2018 Aaa/AAA 2,747,200
3,295,000 Massachusetts Health & Educational Facilities Authority Rev. (Tufts University),
7.40% due 8/1/2018 AAA/A+ 3,604,467
705,000 Massachusetts Health & Educational Facilities Authority Rev. (Tufts University),
7.40% due 8/1/2018 A1/A+ 758,319
2,500,000 Massachusetts Health & Educational Facilities Authority Rev. (Suffolk University),
8 1/8% due 7/1/2020 Baa/BBB 2,882,950
2,000,000 Massachusetts Health & Educational Facilities Authority Rev. (Boston College),
6 5/8% due 7/1/2021 Aaa/AAA 2,078,840
1,000,000 Massachusetts Health & Educational Facilities Authority Rev. (Suffolk University),
6.35% due 7/1/2022 NR/AAA 1,006,820
5,000,000 Massachusetts Health & Educational Facilities Authority Rev. (Brigham & Women's
Hospital), 6 3/4% due 7/1/2024 A1/A+ 5,068,650
3,000,000 Massachusetts Health & Educational Facilities Authority Rev. (New England
Medical Center), 5 3/8% due 7/1/2024 Aaa/AAA 2,689,620
1,000,000 Massachusetts Health & Educational Facilities Authority Rev. (New England
Medical Center), 6 5/8% due 7/1/2025 Aaa/AAA 1,037,270
1,600,000 Massachusetts Housing Finance Agency Rev. (Residential Development),
6 1/4% due 11/15/2012 Aaa/AAA 1,606,736
4,705,000 Massachusetts Housing Finance Agency Rev. (Single Family Housing Rev.),
7.30% due 6/1/2014 Aa/A+ 4,875,462
2,975,000 Massachusetts Housing Finance Agency Rev. (Multi-Family Housing), 8 7/8% due 7/1/2018 Aaa/AAA 3,093,108
1,745,000 Massachusetts Municipal Wholesale Electric Company Power Supply System Rev.,
6 3/4% due 7/1/2017 Aaa/BBB+ 1,940,597
755,000 Massachusetts Municipal Wholesale Electric Company Power Supply System Rev.,
6 3/4% due 7/1/2017 A/BBB+ 780,579
2,450,000 Massachusetts Special Obligation Rev. (Highway Improvement Loan), 6% due 6/1/2013 A1/AA 2,423,026
5,000,000 Massachusetts State Consolidated Loan G.O.'s, 7% due 12/1/2010 Aaa/A+ 5,485,100
5,000,000 Massachusetts State Consolidated Loan G.O.'s, 5 3/4% due 5/1/2012 Aaa/AAA 4,893,350
5,000,000 Massachusetts State Consolidated Loan G.O.'s, 4 7/8% due 10/1/2013 A1/A+ 4,326,200
8,475,000 Massachusetts State Port Authority Rev., 7 1/8% due 7/1/2012 Aa/AA 8,578,056
5,500,000 Massachusetts State Water Resources Authority Rev., 5 1/2% due 11/1/2015 A/A 5,100,480
5,000,000 Massachusetts Turnpike Authority Turnpike Rev., 5 1/8% due 1/1/2023 Aaa/AAA 4,333,200
1,900,000 Puerto Rico Electric Power Authority Power Rev., 7 1/8% due 7/1/2014 Baa1/AAA 2,085,345
730,000 Puerto Rico Electric Power Authority Power Rev., 7 1/8% due 7/1/2014 Baa1/A- 772,763
___________________________
+ Ratings have not been audited by Deloitte & Touche LLP.
See notes to financial statements.
12
<PAGE>
Portfolios of Investments (continued) March 31, 1995
MASSACHUSETTS SERIES (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
- ------------ --------------- ------------ ---------
$1,000,000 Puerto Rico Highway & Transportation Authority Highway Rev., 5 1/2% due 7/1/2019 Baa1/A 910,330
2,750,000 Puerto Rico Port Authority Rev., 6% due 7/1/2021* Aaa/AAA 2,735,260
1,230,000 Virgin Islands Port Authority Rev. (Marine Division), 10 1/8% due 11/1/2005 NR/NR 1,302,459
-------------
Total Municipal Bonds (Cost $107,871,481)--95.0% 110,893,028
Variable Rate Demand Notes (Cost $3,900,000)--3.3% 3,900,000
Other Assets Less Liabilities--1.7% 1,938,645
-------------
NET ASSETS--100.0% $116,731,673
=============
</TABLE>
<TABLE>
<CAPTION>
MICHIGAN SERIES
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
- ------------ ---------------- ------------ ----------
<S> <C> <C> <C>
$5,000,000 Capital Region Airport Authority, MI Airport Rev., 6.70% due 7/1/2021* Aaa/AAA $ 5,198,300
1,000,000 Chippewa Valley, MI Schools G.O.'s, 7% due 5/1/2011 NR/AA 1,113,520
2,000,000 Dearborn, MI Economic Development Corporation (Oakwood Obligated Group),
6.95% due 8/15/2021 Aaa/AAA 2,232,640
5,000,000 Detroit, MI Distributable State Aid G.O.'s, 7.20% due 5/1/2009 Aaa/AAA 5,500,700
6,000,000 Detroit, MI Water Supply System Rev., 6 1/4% due 7/1/2012 Aaa/AAA 6,100,260
1,500,000 Eastern Michigan University Rev. (Board of Regents), 6 3/8% due 6/1/2014 Aaa/AAA 1,532,685
3,000,000 Grand Haven, MI Electric System Rev., 5 1/4% due 7/1/2013 Aaa/AAA 2,739,780
5,000,000 Grand Rapids, MI Water Supply System Rev., 5 3/4% due 1/1/2018 Aaa/AAA 4,815,350
1,000,000 Grand Traverse County, MI Hospital Finance Authority (Munson Healthcare
Obligated Group), 6 1/4% due 7/1/2012 Aaa/AAA 1,013,890
1,500,000 Grand Traverse County, MI Hospital Finance Authority (Munson Healthcare
Obligated Group), 6 1/4% due 7/1/2022 Aaa/AAA 1,508,160
3,240,000 Holland School District, MI G.O.'s, 6 1/4% due 5/1/2007 Aaa/AAA 3,381,070
3,000,000 Holland School District, MI G.O.'s (School Building and Site Bonds), 7 3/8% due 5/1/2019 NR/NR 3,245,580
2,500,000 Huron Valley School District, MI G.O.'s, 7.10% due 5/1/2008 Aaa/AAA 2,796,750
3,000,000 Jackson County, MI Hospital Finance Authority Rev. (W.A. Foote Memorial Hospital),
7 1/4% due 6/1/2012 NR/NR 3,207,870
4,000,000 Jackson County, MI Hospital Finance Authority Rev. (W.A. Foote Memorial Hospital),
5 1/4% due 6/1/2023 Aaa/AAA 3,520,560
1,250,000 Kent County, MI Building Authority G.O.'s (Correctional Facility Improvements),
6% due 12/1/2009 Aa/AAA 1,308,712
5,000,000 Kent County, MI Refuse Disposal System G.O.'s, 8.40% due 11/1/2010 Aa/AAA 5,536,150
2,775,000 Kentwood, MI Public Schools Building & Site G.O.'s, 6.40% due 5/1/2015 Aa/A+ 2,841,878
1,250,000 Lansing, MI Water Supply & Electric Utility System Rev., 5 3/4% due 7/1/2002 Aa/AA 1,287,112
1,250,000 Lansing, MI Water Supply & Electric Utility System Rev., 5 3/4% due 7/1/2003 Aa/AA 1,281,475
2,750,000 Michigan Municipal Bond Authority Rev. (Local Government Loan Program),
4 3/4% due 12/1/2009 Aaa/AAA 2,489,905
4,000,000 Michigan Municipal Bond Authority Rev. (Local Government Loan Program--Group 2),
7.30% due 5/1/2016 NR/AAA 4,195,280
___________________________
* Interest income earned from this security is subject to the federal
alternative minimum tax.
+ Ratings have not been audited by Deloitte & Touche LLP.
See notes to financial statements.
13
<PAGE>
Portfolios of Investments (continued) March 31, 1995
MICHIGAN SERIES (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
- ------------ ---------------- ------------ ----------
$6,000,000 Michigan Public Power Agency Rev. (Belle River Project), 5 1/4% due 1/1/2018 A1/AA- 5,349,360
2,500,000 Michigan State Building Authority Series II, 6% due 10/1/2009 Aaa/AAA 2,521,350
4,000,000 Michigan State Building Authority Rev., 6 1/4% due 10/1/2020 A/AA- 3,949,760
1,750,000 Michigan State Comprehensive Transportation Rev., 7 5/8% due 5/1/2011 A1/AA- 1,902,862
2,500,000 Michigan State Comprehensive Transportation Rev., 7 3/4% due 8/1/2011 NR/NR 2,619,350
2,000,000 Michigan State Hospital Finance Authority Hospital Rev. (Sparrow Obligated Group),
6 1/2% due 11/15/2011 Aaa/AAA 2,071,820
5,000,000 Michigan State Hospital Finance Authority Hospital Rev. (St. John Hospital),
5 3/4% due 5/15/2016 Aaa/AAA 4,730,950
5,000,000 Michigan State Hospital Finance Authority Hospital Rev. (Henry Ford Health System),
5 3/4% due 9/1/2017 Aaa/AAA 4,723,300
1,250,000 Michigan State Hospital Finance Authority Hospital Rev. (Crittenton Hospital),
6 3/4% due 3/1/2020 Aaa/AAA 1,299,475
1,000,000 Michigan State Hospital Finance Authority Hospital Rev. (Daughters of Charity National
Health System--Providence Hospital), 7% due 11/1/2021 Aa/NR 1,045,800
5,000,000 Michigan State Hospital Finance Authority Hospital Rev. (Detroit Medical Center),
6 1/2% due 8/15/2018 A/A- 4,981,600
2,500,000 Michigan State Housing Development Authority Rev. (Single Family Mortgage),
6.80% due 12/1/2016 NR/AA+ 2,568,400
1,500,000 Michigan State Housing Development Authority Rev. (Rental Housing),
5.80% due 4/1/2019 NR/A+ 1,376,640
5,000,000 Michigan State Housing Development Authority Rev. (Rental Housing),
6.65% due 4/1/2023 NR/A+ 5,059,600
5,350,000 Michigan State Strategic Fund Pollution Control Rev. (General Motors Corp.),
6 5/8% due 3/1/2007 Baa1/BBB+ 5,378,730
3,000,000 Michigan State Strategic Fund Pollution Control Rev. (Detroit Edison Company),
6 1/2% due 2/15/2016 Aaa/AAA 3,088,020
5,000,000 Michigan State Trunk Line Rev., 5 1/2% due 10/1/2021 A1/AA- 4,592,900
2,000,000 Midland, MI Water Supply System Rev., 7.20% due 4/1/2010 A/A+ 2,137,480
2,500,000 Oak Park School District, MI G.O.'s, 7.15% due 6/1/2009 NR/AA 2,694,250
2,000,000 Puerto Rico Highway Authority Highway Rev., 7 3/4% due 7/1/2016 NR/AAA 2,284,840
6,000,000 Royal Oak, MI Hospital Finance Authority Rev. (William Beaumont Hospital),
6 3/4% due 1/1/2020 Aa/AA 6,181,320
5,000,000 University of Michigan Hospital Rev., 6 3/8% due 12/1/2024 Aa/AA 4,989,450
2,000,000 Vicksburg Community Schools, MI (School Building and Site Bonds),
7% due 5/1/2007 Aaa/AAA 2,230,380
1,075,000 Wayne-Westland Community Schools, MI G.O.'s (School Building and Site Bonds),
7 3/4% due 5/1/2012 Aaa/AAA 1,231,800
3,000,000 Wyandotte, MI Electric Rev., 6 1/4% due 10/1/2017 Aaa/AAA 3,032,070
-------------
Total Municipal Bonds (Cost $142,022,724)--98.2% 148,889,134
Variable Rate Demand Notes (Cost $300,000)--0.2% 300,000
Other Assets Less Liabilities--1.6% 2,503,821
-------------
NET ASSETS--100.0% $151,692,955
=============
___________________
+ Ratings have not been audited by Deloitte & Touche LLP.
See notes to financial statements.
14
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Portfolios of Investments (continued) March 31, 1995
MINNESOTA SERIES
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
- ------------ --------------- ------------ ---------
<S> <C> <C> <C>
$6,500,000 Bass Brook, MN Pollution Control Rev. (Minnesota Power and Light Co. Project),
6% due 7/1/2022 A3/A- $ 6,254,885
6,250,000 Becker, MN Pollution Control Rev. (Northern States Power Company),
6.80% due 4/1/2007 A2/A+ 6,502,187
2,000,000 Breckenridge, MN Hospital Facility Rev. (Franciscan Sisters Health Care, Inc.),
9 3/8% due 9/1/2017 NR/NR 2,244,400
3,000,000 Dakota County, MN G.O.'s Capital Improvement, 7.30% due 2/1/2008 A1/NR 3,166,890
5,000,000 Edina, MN Housing Development Rev. (Edina Park Plaza Project), 7.70% due 12/1/2028 Aa/NR 5,248,200
2,000,000 Goodhue County, MN Hospital Facilities Rev. (St. John's Regional Health Center),
8 3/4% due 9/1/2016 NR/NR 2,216,660
1,200,000 Lakeville, MN Independent School District No. 194 G. O.'s, 6.70% due 2/1/2015 Aaa/AAA 1,258,740
715,000 Lewiston, MN First Mortgage Nursing Home Rev. (Deloughery Home Project),
9.80% due 1/15/2013 NR/A- 759,830
7,500,000 Minneapolis, MN Community Development Agency Tax Increment Rev., Zero Coupon
Bond due 9/1/2003 Aaa/AAA 4,785,525
5,500,000 Minneapolis, MN Community Development Agency Tax Increment Rev., Zero Coupon
Bond due 9/1/2004 Aaa/AAA 3,308,690
3,000,000 Minneapolis-St. Paul Metropolitan Area (Metropolitan Council of the Twin Cities), MN,
5 1/2% due 12/1/2006 Aaa/AAA 3,018,300
5,500,000 Minneapolis, MN G.O.'s, 6 1/2% due 3/1/2013 Aaa/AAA 5,732,485
2,000,000 Minneapolis, MN Hospital Facilities Rev. (Lifespan, Inc.--Abbott-Northwestern
Hospital, Inc.), 7 7/8% due 12/1/2014 Aaa/NR 2,190,960
1,500,000 Minneapolis, MN Tax Increment Rev., 7% due 3/1/2003 Aaa/AAA 1,582,470
940,000 Minnesota Housing Finance Agency (Housing Development), 6 1/4% due 2/1/2020 A1/A+ 931,700
5,000,000 Minnesota Housing Finance Agency (Single Family Mortgage), 6.85% due 1/1/2024* Aa/AA+ 5,140,450
5,500,000 Minnesota Public Facilities Authority Water Pollution Control Rev., 7.10% due 3/1/2012 NR/AAA 5,931,255
5,000,000 Minnesota State G.O.'s, 6.70% due 8/1/2007 Aaa/AAA 5,345,100
2,500,000 North Suburban Hospital District, MN Anoka & Ramsey Counties
Hospital Rev. (Health Central System Project), 10% due 10/1/2014 Aaa/NR 2,643,275
5,000,000 Northern Municipal Power Agency, MN Electric System Rev., 7 1/4% due 1/1/2016 A/A 5,370,300
2,500,000 Northern Municipal Power Agency, MN Electric System Rev., 7.40% due 1/1/2018 Aaa/AAA 2,750,450
5,000,000 Olmsted County, MN Housing & Redevelopment Authority Public Facility Rev.,
7% due 2/1/2013 Aaa/AA+ 5,481,550
2,000,000 Ramsey & Washington Counties, MN Resource Recovery Rev. (Northern States Power
Company Project), 6 3/4% due 12/1/2006 A1/AA- 2,120,220
4,000,000 Rochester, MN Health Care Facilities Rev. (Mayo Foundation/Mayo Medical Center),
7.45% due 11/15/2006 NR/AA+ 4,456,160
4,500,000 Rochester, MN Health Care Facilities Rev. (Mayo Foundation/Mayo Medical Center),
6 1/4% due 11/15/2014 NR/AA+ 4,577,625
1,000,000 Rochester, MN Health Care Facilities Rev. (Mayo Foundation/Mayo Medical Center),
6 1/4% due 11/15/2021 NR/AA+ 1,008,890
2,000,000 Saint Cloud, MN Hydroelectric Generation Facility Gross Rev., 7 3/8% due 12/16/2018 NR/A- 2,089,540
319,678 Saint Paul, MN Science Museum Facilities Rev. (Science Museum of Minnesota Project),
7 1/2% due 12/15/2001 NR/AAA 347,996
___________________________
* Interest income earned from this security is subject to the federal
alternative minimum tax.
+ Ratings have not been audited by Deloitte & Touche LLP.
See notes to financial statements.
15
<PAGE>
Portfolios of Investments (continued) March 31, 1995
MINNESOTA SERIES (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
- ------------ --------------- ------------ ---------
$5,000,000 Saint Paul Port Authority and the Housing & Redevelopment Authority of the City
of St. Paul, MN (Rental Housing), 7% due 9/1/2022 NR/CCC $3,499,450
765,000 Saint Paul Port Authority, MN Industrial Development Rev. Series E, 9 1/8% due 10/1/2010 NR/CCC 696,112
4,125,000 Saint Paul Port Authority, MN Industrial Development Rev. Series L, 7 1/2% due 12/1/2010 NR/CCC 3,235,155
685,000 Saint Paul Port Authority, MN Industrial Development Rev. Series V, 10 1/4%
due 12/1/2013 NR/CCC 681,986
250,000 Saint Paul Port Authority, MN Industrial Development Rev. Series H, 9 1/8% due 12/1/2014 NR/CCC 238,432
1,500,000 Saint Paul Port Authority, MN Industrial Development Rev. Series I, 9 1/8% due 12/1/2014 NR/CCC 1,352,220
250,000 Saint Paul Port Authority, MN Industrial Development Rev. Series L, 9 3/4% due 12/1/2014 NR/CCC 225,370
750,000 Saint Paul Port Authority, MN Industrial Development Rev. Series M, 7% due 12/1/2016 NR/CCC 536,820
1,500,000 Southern Minnesota Municipal Power Agency--Power Supply System Rev.,
5 3/4% due 1/1/2018 A/A+ 1,430,370
750,000 Southern Minnesota Municipal Power Agency--Power Supply System Rev.,
5 3/4% due 1/1/2018 Aaa/AAA 727,718
1,500,000 Southern Minnesota Municipal Power Agency--Power Supply System Rev.,
4 3/4% due 1/1/2016 A/A+ 1,252,470
5,000,000 University of Minnesota G.O.'s, 7 3/4% due 2/1/2010 Aa/AAA 5,237,850
3,500,000 Washington County, MN G.O.'s, 5.90% due 2/1/2010 Aa/AA- 3,513,300
3,000,000 Western Minnesota Municipal Power Agency--Power Supply Rev., 7% due 1/1/2013 A1/A 3,125,250
9,580,000 Western Minnesota Municipal Power Agency--Power Supply Rev., 6 3/8% due 1/1/2016 Aaa/AAA 10,166,775
-------------
Total Municipal Bonds (Cost $126,083,806)--97.5% 132,384,011
Variable Rate Demand Notes (Cost $1,800,000)--1.3% 1,800,000
Other Assets Less Liabilities--1.2% 1,643,139
-------------
NET ASSETS--100.0% $135,827,150
=============
</TABLE>
<TABLE>
<CAPTION>
MISSOURI SERIES
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
- ------------ --------------- ------------ ----------
<S> <C> <C> <C>
$2,000,000 Columbia, MO Water and Electric System Improvement Rev., 6 1/8% due 10/1/2012 A1/AA $ 2,046,960
775,000 Franklin County, MO Reorganized School District G.O.'s, 7.40% due 3/1/2005 Aaa/AAA 884,988
1,500,000 Kansas City Metropolitan Community Colleges Building Corp., MO Rev. (The Junior
College District of Metropolitan Kansas City), 7 3/4% due 7/1/2006 Aaa/AAA 1,568,895
3,775,000 Kansas City, MO Water Rev., 6 1/4% due 12/1/2009 Aa/AA 3,852,463
2,875,000 Kansas City Municipal Assistance Corp., MO Leasehold Improvement Rev. (H. Roe Bartle
Convention Center Project), Zero Coupon Bond due 4/15/2009 Aaa/AAA 1,265,690
925,000 Kansas City Municipal Assistance Corp., MO Leasehold Improvement Rev. (H. Roe Bartle
Convention Center Project), Zero Coupon Bond due 4/15/2010 Aaa/AAA 378,538
1,250,000 Kansas City School District Building Corporation, MO Leasehold Rev., 6 1/2% due 2/1/2008 Aaa/AAA 1,313,962
1,500,000 Kansas City School District Building Corporation, MO Leasehold Rev.,
7.90% due 2/1/2008 Aaa/AAA 1,648,290
1,000,000 Liberty, MO Waterworks Improvement Rev., 6.30% due 10/1/2012 Aaa/AAA 1,026,990
___________________________
* Interest income earned from this security is subject to the federal
alternative minimum tax.
+ Ratings have not been audited by Deloitte & Touche LLP.
See notes to financial statements.
16
<PAGE>
Portfolios of Investments (continued) March 31, 1995
MISSOURI SERIES (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
- ------------ --------------- ------------ ---------
$2,000,000 Little Blue Valley, MO Sewer District Rev., 7 1/4% due 10/1/2007 Aaa/AAA $2,148,800
1,000,000 Missouri School Boards Pooled Financing Program Certificates of Participation,
7 3/8% due 3/1/2006 Aaa/AAA 1,075,630
2,000,000 Missouri School Boards Pooled Financing Program Certificates of Participation,
7% due 3/1/2006 Aaa/AAA 2,131,040
1,000,000 Missouri State Environmental Improvement & Energy Resources Authority Rev.
(State Revolving Fund Program), 6.55% due 7/1/2014 Aa/NR 1,034,900
2,500,000 Missouri State Environmental Improvement & Energy Resources Authority Rev.
(Union Electric Company Project), 5.45% due 10/1/2028* A1/AA- 2,131,525
2,500,000 Missouri State Environmental Improvement & Energy Resources Authority--Water
Pollution Control Rev. (State Revolving Fund Program), 5.40% due 7/1/2015 Aa/NR 2,289,675
2,500,000 Missouri State Health & Educational Facilities Authority Rev. (Lester E. Cox Medical
Centers Project), 5 1/4% due 6/1/2015 Aaa/AAA 2,287,575
1,500,000 Missouri State Health & Educational Facilities Authority Rev. (Sisters of Mercy Health
System, St. Louis, Inc.), 6 1/4% due 6/1/2015 Aa/AA 1,494,705
1,865,000 Missouri State Health & Educational Facilities Authority Rev. (Jewish Hospital
of St. Louis Project), 7 1/4% due 7/1/2015 Aaa/AAA 1,980,723
3,500,000 Missouri State Health & Educational Facilities Authority Rev. (SSM Health Care),
6 1/4% due 6/1/2016 Aaa/AAA 3,558,170
1,000,000 Missouri State Health & Educational Facilities Authority Rev. (Sisters of Mercy Health
System, St. Louis, Inc.), 7 1/4% due 6/1/2019 Aaa/AA 1,103,050
1,000,000 Missouri State Health & Educational Facilities Authority Rev. (Sisters of Mercy Health
System, St. Louis, Inc.), 5% due 6/1/2019 Aa/AA 831,540
2,500,000 Missouri State Health Facilities Rev. (Barnes-Jewish, Inc./Christian Health Services),
5 1/4% due 5/15/2021 Aa/AA 2,188,600
155,000 Missouri State Housing Development Commission (Single Family Residential
Mortgage Rev.), 8% due 8/1/2013 NR/AAA 163,265
860,000 Missouri State Housing Development Commission Housing Development Bonds
(Federally Insured Mortgage Loans), 6% due 10/15/2019 Aa/AA+ 819,709
1,500,000 St. Louis, MO Industrial Development Authority Pollution Control Rev. (Anheuser-Busch
Companies, Inc. Project), 6.65% due 5/1/2016 A1/AA- 1,657,770
2,400,000 Southeast Missouri Correctional Facility Lease Rev. (Missouri State Project),
5 3/4% due 10/15/2016 Aa/AA 2,302,728
3,000,000 Springfield, MO Public Utility Rev., 5 1/4% due 3/1/2007 Aa/AA 2,909,430
2,500,000 Springfield, MO Waterworks Rev., 5.60% due 5/1/2023 Aa/A+ 2,355,175
2,750,000 University of Missouri University Revenues Refunding & Improvment Systems Facilities,
5 1/2% due 11/1/2023 Aa/AA+ 2,538,305
-------------
Total Municipal Bonds (Cost $49,841,112)--97.5% 50,989,091
Variable Rate Demand Notes (Cost $400,000)--0.8% 400,000
Other Assets Less Liabilities--1.7% 871,283
-------------
NET ASSETS--100.0% $52,260,374
=============
</TABLE>
___________________________
* Interest income earned from this security is subject to the federal
alternative minimum tax.
+ Ratings have not been audited by Deloitte & Touche LLP.
See notes to financial statements.
17
<PAGE>
<TABLE>
<CAPTION>
Portfolios of Investments (continued) March 31, 1995
New York Series
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
- ------------ --------------- ------------ ----------
<S> <C> <C> <C>
$2,000,000 Battery Park City Authority, NY Housing Rev. (FHA Insured Mortgage Loan),
5.65% due 12/1/2013 NR/AAA $ 1,864,500
5,000,000 Metropolitan Transportation Authority, NY (Commuter Facilities Rev.),
6 1/2% due 7/1/2024 Baa1/BBB+ 5,027,050
2,500,000 Municipal Assistance Corporation for the City of New York, NY, 6.90% due 7/1/2007 Aa/AA- 2,642,700
4,500,000 New York City Municipal Water Finance Authority, NY Water & Sewer System Rev.,
5 1/2% due 6/15/2019 A/A- 4,102,110
3,000,000 New York City, NY G.O.'s, 7 1/4% due 8/15/2024 Baa1/A- 3,070,050
5,000,000 New York City, NY Health & Hospitals Corporation Health System,
5 3/4% due 2/15/2022 Aaa/AAA 4,706,950
3,500,000 New York State Dormitory Authority Rev. (Rockefeller University), 7 3/8% due 7/1/2014 Aaa/AAA 3,791,410
5,000,000 New York State Dormitory Authority Rev. (Fordham University), 5 3/4% due 7/1/2015 Aaa/AAA 4,831,300
3,540,000 New York State Dormitory Authority Rev. (Colgate University), 6 1/2% due 7/1/2021 Aaa/AAA 3,655,758
5,000,000 New York State Dormitory Authority Rev. (Skidmore College), 5 3/8% due 7/1/2023 Aaa/AAA 4,545,200
4,500,000 New York State Energy Research & Development Authority Electric Facilities Rev.
(Consolidated Edison Co. NY Inc. Project), 7 1/2% due 1/1/2026* Aa3/A+ 4,744,215
2,500,000 New York State Energy Research & Development Authority Gas Facilities Rev.
(Brooklyn Union Gas), 6 3/4% due 2/1/2024* Aaa/AAA 2,610,950
3,000,000 New York State Environmental Facilities Corporation Pollution Control Rev.
(State Water--Revolving Fund), 6.90% due 11/15/2015 Aaa/AAA 3,236,460
3,000,000 New York State Housing Finance Agency Rev. (Phillips Village Project),
7 3/4% due 8/15/2017* A/NR 3,193,980
1,250,000 New York State Medical Care Facilities Finance Agency Hospital and Nursing Home Rev.
(Long Island College Hospital), 8.10% due 2/15/2022 Aa/AAA 1,383,275
4,000,000 New York State Medical Care Facilities Finance Agency Rev. (The Hospital for Special
Surgery), 6 3/8% due 8/15/2024 Aa/AA 4,046,400
2,000,000 New York State Mortgage Agency (Homeownership Mortgage), 7 1/2% due 4/1/2016 Aa/NR 2,112,560
5,000,000 New York State Power Authority General Purpose Rev., 6 1/2% due 1/1/2019 Aa/AA- 5,109,600
4,000,000 New York State Thruway Authority General Rev., 6% due 1/1/2025 Aaa/AAA 3,931,400
4,000,000 New York State Thruway Authority Local Highway and Bridge Service Contract Bonds,
7 1/4% due 1/1/2010 Baa1/BBB 4,204,600
2,500,000 Niagara Falls, NY Bridge Commission Toll Bridge System Rev., 5 1/4% due 10/1/2015 Aaa/AAA 2,319,400
2,250,000 Port Authority of New York and New Jersey Consolidated Rev., 6 1/8% due 6/1/2094 A1/AA- 2,233,395
3,615,000 Triborough Bridge & Tunnel Authority, NY General Purpose Rev., 5% due 1/1/2015 Aa/A+ 3,169,234
5,000,000 United Nations Development Corporation, NY (A Public Benefit Corporation of the State
of New York Senior Lien), 6% due 7/1/2026 A/NR 4,822,000
-------------
Total Municipal Bonds (Cost $84,552,387)--98.2% 85,354,497
Variable Rate Demand Notes (Cost $200,000)--0.2% 200,000
Other Assets Less Liabilities--1.6% 1,411,423
-------------
NET ASSETS--100.0% $86,965,920
=============
- ------------
* Interest income earned from this security is subject to the federal
alternative minimum tax.
+ Ratings have not been audited by Deloitte & Touche LLP.
See notes to financial statements.
</TABLE>
18
<PAGE>
Portfolios of Investments (continued) March 31, 1995
<TABLE>
<CAPTION>
OHIO SERIES
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
- ------------ --------------- ----------- -----------
<S> <C> <C> <C>
$1,000,000 Alliance, OH Sewerage System Mortgage Rev., 7 3/4% due 10/15/2010 Aaa/AAA $ 1,092,200
2,000,000 Barberton, OH Sewer System Mortgage Rev., 6 5/8% due 12/1/2006 Aaa/AAA 2,118,680
3,450,000 Big Walnut Local School District, OH School Building Construction & Improvement
G.O.'s, 7.20% due 6/1/2007 Aaa/AAA 3,891,220
3,000,000 Clermont County, OH Hospital Facilities Rev. (Mercy Health System), 5 7/8% due 1/1/2015 Aaa/AAA 2,970,270
2,000,000 Cleveland, OH Waterworks Improvement Rev., 6% due 1/1/2017 A1/A+ 1,982,980
2,250,000 Cleveland, OH Waterworks Improvement Rev., 6 1/2% due 1/1/2021 Aaa/AAA 2,455,740
5,000,000 Columbus, OH G.O.'s, 6 1/2% due 1/1/2010 Aa1/AA+ 5,250,900
4,500,000 Columbus, OH Municipal Airport Authority Rev. (Port Columbus International
Airport Project), 6% due 1/1/2020* Aaa/AAA 4,408,560
4,250,000 Dayton, OH James M. Cox Dayton International Airport Rev., 8 1/4% due 1/1/2016 Aaa/AAA 4,466,197
3,000,000 Dayton, OH Water System Mortgage Rev., 6 3/4% due 12/1/2010 Aaa/AAA 3,172,200
7,000,000 Erie County, OH Franciscan Services Corp. Rev. (Providence Hospital Inc.),
6% due 1/1/2013 NR/A- 6,529,040
1,000,000 Euclid City School District, OH G.O.'s, 7.10% due 12/1/2011 A/NR 1,075,370
7,750,000 Franklin County, OH G.O.'s, 5 3/8% due 12/1/2020 Aaa/AAA 7,109,463
7,500,000 Franklin County, OH Hospital Rev. (Riverside United Methodist Hospital),
5 3/4% due 5/15/2020 Aa/NR 7,027,125
5,000,000 Hamilton County, OH Health Care System Rev. (Sisters of Charity Health Care),
6 1/4% due 5/15/2014 Aaa/AAA 5,093,350
5,000,000 Hamilton County, OH Sewer System Rev. (The Metropolitan Sewer District
of Greater Cincinnati), 7 1/2% due 12/1/2010 NR/AAA 5,263,700
8,000,000 Hamilton, OH Electric System Mortgage Rev., 6% due 10/15/2023 Aaa/AAA 7,881,440
4,000,000 Hudson Local School District, OH G.O.'s, 7.10% due 12/15/2013 A1/NR 4,470,320
1,095,000 Lake County, OH Hospital Improvement Rev. (Lake Hospital System Inc.),
8% due 1/1/2013 Aaa/AAA 1,165,518
1,090,000 Lake County, OH Hospital Improvement Rev. (Lake Hospital System Inc.),
8% due 1/1/2013 Aaa/AAA 1,169,712
8,000,000 Lucas County, OH Hospital Improvement Rev. (The Toledo Hospital),
5% due 11/15/2010 Aaa/AAA 7,347,600
3,000,000 Lucas County, OH Hospital Rev. (Riverside Hospital Project), 7 5/8% due 6/1/2015 Baa1/BBB+ 3,075,660
1,000,000 Montgomery County, OH Rev. (Sisters of Charity Health Care Systems, Inc.),
6 5/8% due 5/15/2021 Aaa/AAA 1,042,890
2,090,000 Mount Vernon, OH Hospital Rev. (Knox Community Hospital), 7 1/2% due 6/1/1996 NR/NR 2,127,077
5,000,000 Mount Vernon, OH Hospital Rev. (Knox Community Hospital), 7 7/8% due 6/1/2012 NR/NR 5,183,650
1,490,000 Napoleon, OH Health Care Facility Rev. (Lutheran Orphans' & Old Folks' Home Society),
10.70% due 7/15/2015 NR/NR 1,644,602
1,500,000 Northeast Ohio Regional Sewer District Wastewater Improvement Rev.,
6 1/2% due 11/15/2016 Aaa/AAA 1,560,915
5,000,000 Ohio Air Quality Development Authority Pollution Control Rev. (Ohio Edison
Company Project), 7.45% due 3/1/2016 Aaa/AAA 5,457,350
2,000,000 Ohio Air Quality Development Authority Rev. (Cincinnati Gas & Electric
Company Project), 5.45% due 1/1/2024 Aaa/AAA 1,844,840
___________________________
* Interest income earned from this security is subject to the federal
alternative minimum tax.
+ Ratings have not been audited by Deloitte & Touche LLP.
See notes to financial statements.
19
<PAGE>
Portfolios of Investments (continued) March 31, 1995
OHIO SERIES (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
- ------------ --------------- ----------- -----------
$6,500,000 Ohio Air Quality Development Authority Rev. (JMG Project), 6 3/8% due 1/1/2029* Aaa/AAA 6,640,790
6,500,000 Ohio State Building Authority (State Correctional Facilities), 7.35% due 8/1/2006 NR/NR 7,211,620
2,000,000 Ohio State Building Authority Workers' Compensation Facilities
(William Green Building), 4 3/4% due 4/1/2014 A/A+ 1,667,120
3,000,000 Ohio State G.O.'s Infrastructure Improvement, 6 1/2% due 8/1/2011 Aa/AA 3,150,030
1,500,000 Ohio State Higher Educational Facilities Commission Mortgage Rev.
(University of Dayton Project), 7 1/4% due 12/1/2012 Aaa/AAA 1,643,580
3,000,000 Ohio State Higher Educational Facilities Commission Rev. (Oberlin College Project),
5 3/8% due 10/1/2015 NR/AA 2,750,700
2,000,000 Ohio State Liquor Profits Rev., 6.85% due 3/1/2000 Aaa/AAA 2,154,000
7,000,000 Ohio State Public Facilities Commission Rev. (Higher Education Capital Facilities),
6.30% due 5/1/2006 Aaa/AAA 7,433,160
2,000,000 Ohio State Water Development Authority Rev. (Safe Water), 6 3/4% due 12/1/2007 Aaa/AAA 2,117,500
2,675,000 Ohio State Water Development Authority Rev. (Safe Water), 9 3/8% due 12/1/2010 Aaa/AAA 3,305,471
9,000,000 Ohio State Water Development Authority Water Development Rev. (Dayton Power &
Light Co. Project), 6.40% due 8/15/2027 Aa3/AA- 9,157,590
2,955,000 Pickerington Local School District, OH School Building Construction G.O.'s,
8% due 12/1/2005 Aaa/AAA 3,507,940
1,000,000 Puerto Rico Industrial, Medical and Environmental Pollution Control Facilities Financing
Authority Rev. (American Cyanamid Co. Project), 8 3/4% due 5/1/2013 A3/NR 1,027,850
1,225,000 Toledo, OH Sewer System Rev., 7 3/4% due 11/15/2017 Aaa/AAA 1,361,342
775,000 Toledo, OH Sewer System Rev., 7 3/4% due 11/15/2017 Aaa/AAA 858,514
560,000 Toledo, OH Waterworks Rev., 7 3/4% due 11/15/2017 Aaa/AAA 620,346
440,000 Toledo, OH Waterworks Rev., 7 3/4% due 11/15/2017 Aaa/AAA 488,972
3,000,000 University of Toledo, OH General Receipts Bonds, 7.10% due 6/1/2010 Aaa/AAA 3,328,500
2,000,000 Worthington City School District, OH School Building Construction & Improvement
G.O.'s, 8 3/4% due 12/1/2002 Aaa/AAA 2,332,980
-------------
Total Municipal Bonds (Cost $162,526,481)--98.3% 168,636,574
Variable Rate Demand Notes (Cost $300,000)--0.2% 300,000
Other Assets Less Liabilities--1.5% 2,554,773
-------------
NET ASSETS--100.0% $171,491,347
=============
</TABLE>
<TABLE>
<CAPTION>
OREGON SERIES
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
- ------------ --------------- ----------- -----------
<S> <C> <C> <C>
$1,000,000 Albany, OR G.O.'s Water Bonds, 6 5/8% due 11/1/2009 Aaa/AAA $ 1,013,480
1,000,000 Clackamas County, OR Hospital Facility Authority Rev. (Kaiser Permanente),
6 1/4% due 4/1/2021 Aa2/AA 979,860
___________________________
* Interest income earned from this security is subject to the federal
alternative minimum tax.
+ Ratings have not been audited by Deloitte & Touche LLP.
See notes to financial statements.
20
<PAGE>
Portfolios of Investments (continued) March 31, 1995
OREGON SERIES (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
- ------------ --------------- ----------- -----------
$1,250,000 Clackamas County, OR School District No. 12 G.O.'s (North Clackamas School
District), 5% due 6/1/2011 A/A+ $1,125,250
1,500,000 Clackamas & Washington Counties, OR School District No. 3JT G.O.'s
(West Linn-Wilsonville), 5 7/8% due 8/1/2009 A1/AA- 1,514,520
850,000 Columbia River People's Utility District, OR G.O.'s, 7.10% due 5/1/2005 Aaa/AAA 870,154
1,000,000 Deschutes County Hospital Facility Authority, OR (St. Charles Medical Center),
7.60% due 1/1/2013 A1/NR 1,068,370
400,000 Emerald People's Utility District, OR Electric System Rev., 7.20% due 11/1/2006 Aaa/AAA 414,752
2,000,000 Eugene, OR Electric Utility Rev., 5.80% due 8/1/2022 Aaa/AAA 1,954,240
1,500,000 Eugene, OR Trojan Nuclear Project Rev., 5.90% due 9/1/2009 Aa/AA 1,497,000
730,000 Eugene, OR Water Utility System Rev., 6.55% due 8/1/2003 A1/AA- 756,295
2,000,000 Hillsboro, OR Hospital Facility Authority Hospital Rev. (Quality Healthcare),
5 3/4% due 10/1/2012 NR/BBB+ 1,813,500
1,000,000 Hood River County School District, OR G.O.'s, 5.65% due 6/1/2008 Aaa/AAA 1,003,450
1,245,000 Lebanon, OR G.O.'s Water Bonds, 7% due 11/1/2009 NR/NR 1,259,903
900,000 Marion County, OR Solid Waste and Electric Rev. (Ogden Martin Systems of Marion, Inc.
Project), 7.70% due 10/1/2009 Aaa/AAA 946,089
1,000,000 Metropolitan Service District, OR G.O.'s (Oregon Convention Center),
6 1/4% due 1/1/2013 Aa/AA+ 1,023,040
1,250,000 Multnomah County School District No. 1J, OR G.O.'s, 6.80% due 12/15/2004 Aa/AA- 1,301,062
2,000,000 North Clackamas Parks & Recreation District-Clackamas County, OR Rev.
(Recreational Facilities), 5.70% due 4/1/2013 NR/A- 1,930,220
2,000,000 North Wasco County People's Utility District-Wasco County, OR Rev.
(Bonneville Power Administration), 5.20% due 12/1/2024 Aa/AA 1,756,820
2,500,000 Ontario, OR Hospital Facility Authority Health Facilities Rev. Catholic Health Corporation
(Dominican Sisters of Ontario Inc., dba Holy Rosary Hospital Project), 7% due 6/1/2012 A1/A+ 2,589,500
750,000 Ontario, OR Hospital Facility Authority Health Facilities Rev. Catholic Health
Corporation (Dominican Sisters of Ontario Inc., dba Holy Rosary Medical
Center Project), 6.10% due 11/15/2017 A1/A+ 713,767
1,000,000 Oregon Department of Transportation Regional Light Rail Extension Rev.,
6.20% due 6/1/2008 Aaa/AAA 1,046,670
620,000 Oregon Housing Agency Mortgage Rev. (Single Family Mortgage Program),
7 3/8% due 7/1/2020* Aa1/NR 645,699
2,000,000 Oregon Housing & Community Services Department Housing & Finance Rev.
(Assisted or Insured Multi-Unit Program), 5 3/4% due 7/1/2012 A1/A+ 1,883,040
955,000 Oregon Housing & Community Services Department Mortgage Rev. (Single Family
Mortgage Program), 5.65% due 7/1/2019* Aa/NR 855,413
935,000 Oregon Housing & Community Services Department Mortgage Rev. (Single Family
Mortgage Program), 7% due 7/1/2022* Aa1/NR 960,759
2,785,000 Oregon State Fair & Exposition Center Rev., 7 3/8% due 10/1/2006 NR/NR 2,847,551
500,000 Oregon State G.O.'s (Veterans' Welfare), 9% due 10/1/2006 Aa/AA- 658,290
475,000 Oregon State G.O.'s (Veterans' Welfare), 7.30% due 7/1/2008 Aa/AA- 553,665
500,000 Oregon State G.O.'s (Alternate Energy Project), 8.40% due 1/1/2008 Aa/AA- 565,400
250,000 Oregon State G.O.'s (Elderly & Disabled Housing), 7.20% due 8/1/2021 Aa/AA- 266,665
1,000,000 Oregon State G.O.'s (Elderly & Disabled Housing), 6.60% due 8/1/2022* Aa/AA- 1,030,760
___________________________
* Interest income earned from this security is subject to the federal
alternative minimum tax.
+ Ratings have not been audited by Deloitte & Touche LLP.
See notes to financial statements.
21
<PAGE>
Portfolios of Investments (continued) March 31, 1995
OREGON SERIES (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
- ------------ --------------- ----------- -----------
$ 750,000 Oregon State Housing Educational & Cultural Facilities Authority Rev. (Lewis & Clark
College Project), 7 1/8% due 7/1/2020 Aaa/AAA $ 833,917
500,000 Port of Portland, OR International Airport Rev., 6 1/4% due 7/1/2018* Aaa/AAA 506,685
1,000,000 Port of Portland, OR International Airport Rev., 7.10% due 7/1/2021* Aaa/AAA 1,070,140
1,000,000 Port of Umpqua, OR Pollution Control Rev. (International Paper Co. Project),
6.60% due 3/15/2005 A3/A- 1,034,340
1,250,000 Portland, OR Hospital Facilities Authority Rev. (Legacy Health System),
6 5/8% due 5/1/2011 Aaa/AAA 1,321,475
3,000,000 Portland, OR Sewer System Rev., 6% due 10/1/2012 Aaa/AAA 3,045,540
1,200,000 Portland, OR Sewer System Rev., 6 1/4% due 6/1/2015 A1/A+ 1,227,960
1,000,000 Portland, OR Urban Renewal & Redevelopment Rev. (Downtown Waterfront),
6.40% due 6/1/2008 A/NR 1,035,850
2,500,000 Puerto Rico Highway & Transportation Authority Highway Rev., 5 1/2% due 7/1/2019 Baa1/A 2,275,825
1,000,000 Puerto Rico Housing Finance Corp. (Single Family Mortgage Rev.),
6.85% due 10/15/2023 Aaa/AAA 1,035,820
1,000,000 Puerto Rico Ports Authority Rev., 7% due 7/1/2014* Aaa/AAA 1,082,050
1,000,000 Puerto Rico Telephone Authority Rev., 5 1/2% due 1/1/2013 A/A+ 939,510
1,000,000 Tri-County Metropolitan Transportation District of Oregon G.O.'s (Light Rail Extension),
6% due 7/1/2012 Aa/AA+ 1,022,050
1,110,000 Tualatin Development Commission, OR (Urban Renewal & Redevelopment),
7 3/8% due 1/1/2007 Baa1/NR 1,152,113
2,000,000 Unified Sewerage Agency Washington County, OR Sewer Rev., 6 1/8% due 10/1/2012 Aaa/AAA 2,049,880
1,000,000 Washington County School District No. 88J, OR G.O.'s., 6.10% due 6/1/2012 Aaa/AAA 1,024,230
1,000,000 Washington County School District No. 23JT Washington & Clackamas Counties,
OR G.O.'s., 6.70% due 1/1/2010 NR/NR 1,070,980
-------------
Total Municipal Bonds (Cost $57,549,974)--96.9% 58,573,549
Variable Rate Demand Notes (Cost $500,000)--0.8% 500,000
Other Assets Less Liabilities--2.3% 1,406,008
-------------
NET ASSETS--100.0% $60,479,557
=============
</TABLE>
<TABLE>
<CAPTION>
South Carolina Series
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
- ------------ --------------- ----------- -----------
<S> <C> <C> <C>
$1,125,000 Anderson County, SC G.O.'s, 7 3/4% due 4/1/2009 NR/A $ 1,220,749
2,500,000 Anderson County, SC Hospital Rev. (Anderson Memorial Hospital), 5 1/4% due 2/1/2012 Aaa/AAA 2,312,775
1,000,000 Anderson County, SC Hospital Rev. (Anderson Memorial Hospital), 7 1/2% due 2/1/2018 Aaa/AAA 1,088,390
1,500,000 Beaufort-Jasper Water & Sewer Authority, SC Waterworks & Sewer System Rev.,
6 1/2% due 3/1/2013 Aaa/AAA 1,554,225
3,800,000 Berkeley County, SC Water & Sewer Rev., 5.55% due 6/1/2016 Aaa/AAA 3,570,214
3,000,000 Charleston County, SC Airport District System Rev., 4 3/4% due 7/1/2015 Aaa/AAA 2,501,850
1,750,000 Charleston County, SC Hospital Facilities Rev. (Medical Society Health Project),
5 1/2% due 10/1/2019 Aaa/AAA 1,590,558
___________________________
* Interest income earned from this security is subject to the federal
alternative minimum tax.
+ Ratings have not been audited by Deloitte & Touche LLP.
See notes to financial statements.
22
<PAGE>
Portfolios of Investments (continued) March 31, 1995
South Carolina Series (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
- ------------ --------------- ----------- -----------
$ 745,000 Charleston County, SC Public Facilities Corp. Certificates of Participation,
7.15% due 2/1/2004 A1/A 796,457
770,000 Charleston County, SC Public Facilities Corp. Certificates of Participation,
7.15% due 8/1/2004 A1/A 823,184
800,000 Charleston County, SC Public Facilities Corp. Certificates of Participation,
7.20% due 2/1/2005 A1/A 853,432
750,000 Charleston, SC Waterworks & Sewer System Rev., 7 3/4% due 1/1/2011 Aaa/AAA 819,637
2,500,000 Charleston, SC Waterworks & Sewer System Rev., 6% due 1/1/2012 A1/AA- 2,528,525
1,500,000 Clemson University, SC Student & Faculty Housing Rev., 6.65% due 6/1/2011 Aaa/AAA 1,561,980
1,000,000 Clinton, SC Utility System Rev., 7.20% due 6/1/2011 A/NR 1,054,660
1,150,000 Columbia, SC Parking Facilities Rev., 6 3/4% due 12/1/2013 Baa1/NR 1,189,686
2,000,000 Columbia, SC Waterworks & Sewer System Rev., 6 1/2% due 1/1/2012 Aaa/AA 2,124,380
500,000 Columbia, SC Waterworks & Sewer System Rev., 7.10% due 2/1/2012 Aaa/AA 557,580
6,000,000 Darlington County, SC Industrial Development Rev. (Nucor Corporation Project),
5 3/4% due 8/1/2023* A1/AA- 5,484,960
1,500,000 Dorchester County School District No. 002, SC G.O.'s, 6.65% due 7/1/2010 Aaa/AAA 1,581,120
2,500,000 Fairfield County, SC Pollution Control Rev. (South Carolina Electric & Gas Company),
6 1/2% due 9/1/2014 A1/A 2,576,675
1,000,000 Florence County, SC Hospital Rev. (McLeod Regional Medical Center Project),
5 1/4% due 11/1/2009 Aaa/AAA 949,140
1,000,000 Georgetown County, SC Pollution Control Facilities Rev. (International Paper Company),
7 3/8% due 6/15/2005 A3/A- 1,044,270
1,500,000 Grand Strand Water & Sewer Authority, SC Waterworks and Sewer System Rev.,
7% due 6/1/2019 Aaa/AAA 1,616,115
2,000,000 Greenville County, SC Certificates of Participation Greenville County Public Facilities
Corporation (Detention Center Facilities Project), 6 1/4% due 3/1/2012 Aaa/AAA 2,033,380
3,000,000 Greenville Hospital System, SC Hospital Facilities Rev., 5 1/2% due 5/1/2016 NR/AA- 2,718,570
3,000,000 Greenwood County, SC Hospital Facilities Rev. (Self Memorial Hospital),
5 7/8% due 10/1/2017 Aaa/AAA 2,889,570
2,425,000 Lancaster County, SC School District G.O.'s, 6.60% due 7/1/2011 Aaa/AAA 2,560,315
2,600,000 Lancaster County, SC School District G.O.'s, 6.60% due 7/1/2012 Aaa/AAA 2,735,564
2,000,000 Lancaster County, SC Waterworks & Sewer System Rev., 5 1/4% due 5/1/2021 Aaa/AAA 1,786,480
2,000,000 Laurens County, SC Combined Utility System Rev., 5% due 1/1/2018 Aaa/AAA 1,748,840
1,650,000 Laurens County, SC Combined Utility System Rev., 7 5/8% due 1/1/2018 Aaa/AAA 1,813,796
500,000 Laurens County, SC Health Care System, 7.80% due 1/1/2008 Aaa/AAA 547,070
1,000,000 Lexington County School District No. 001, SC Certificates of Participation (Red Bank/
White Knoll Elementary Project), 7.10% due 9/1/2011 Aaa/AAA 1,084,850
1,000,000 Medical University South Carolina Hospital Facilities Rev., 5.60% due 7/1/2011 Aaa/AAA 972,870
3,000,000 Mount Pleasant, SC Water & Sewer Rev., 6% due 12/1/2020 Aaa/AAA 2,980,230
435,000 Myrtle Beach, SC Water & Sewer Rev., 6 7/8% due 3/1/2005 Aaa/AAA 444,722
2,000,000 Myrtle Beach, SC Waterworks & Sewer System Rev., 5 1/4% due 3/1/2020 Aaa/AAA 1,792,940
1,500,000 North Charleston Sewer District, SC Rev., 6 3/8% due 7/1/2012 Aaa/AAA 1,588,005
1,500,000 North Charleston Sewer District, SC Rev., 7 3/4% due 8/1/2018 Aaa/AAA 1,656,840
___________________________
* Interest income earned from this security is subject to the federal
alternative minimum tax.
+ Ratings have not been audited by Deloitte & Touche LLP.
See notes to financial statements.
23
<PAGE>
Portfolios of Investments (continued) March 31, 1995
South Carolina Series (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
- ------------ --------------- ----------- -----------
$5,000,000 Oconee County, SC Pollution Control Facilities Rev. (Duke Power Co. Project),
5.80% due 4/1/2014 Aa2/AA- 4,762,400
1,250,000 Piedmont Municipal Power Agency, SC Electric Rev., 6 1/4% due 1/1/2021 Aaa/AAA 1,293,912
4,000,000 Piedmont Municipal Power Agency, SC Electric Rev., 6.30% due 1/1/2022 Aaa/AAA 4,028,400
3,000,000 Puerto Rico Highway & Transportation Authority Highway Rev., 5 1/2% due 7/1/2019 Baa1/A 2,730,990
1,000,000 Puerto Rico Telephone Authority Rev., 5 1/2% due 1/1/2022 A/A+ 918,170
2,000,000 Richland County, SC Solid Waste Disposal Facilities Rev. (Union Camp Corp. Project),
7.45% due 4/1/2021* A1/A- 2,122,220
1,000,000 Richland County, SC Solid Waste Disposal Facilities Rev. (Union Camp Corp. Project),
7 1/8% due 9/1/2021* A1/A- 1,041,940
1,000,000 Rock Hill, SC Combined Utilities System Rev., 8% due 1/1/2018 Aaa/AAA 1,098,950
5,000,000 Rock Hill, SC Combined Utilities System Rev., 5% due 1/1/2020 Aaa/AAA 4,324,500
1,000,000 St. Andrews, SC Public Service District Sewer Systems Rev., 7 3/4% due 1/1/2018 Aaa/AAA 1,082,070
1,250,000 South Carolina Public Service Authority Rev. (Santee Cooper), 5 1/2% due 7/1/2021 Aaa/AAA 1,153,837
1,000,000 South Carolina Public Service Authority Electric Rev. & Electric System Expansion,
8% due 7/1/2019 AAA/AA- 1,071,230
1,000,000 South Carolina Public Service Authority Electric Rev. & Electric System Expansion
(Santee Cooper), 6.90% due 7/1/2021 A1/AA- 1,026,000
4,000,000 South Carolina State G.O.'s, 4 1/4% due 3/1/2009 Aaa/AA+ 3,362,320
1,740,000 South Carolina State Housing Authority (Single Family Mortgage Purchase),
6.70% due 7/1/2010 Aaa/AA 1,778,367
500,000 South Carolina State Housing Finance & Development Authority (Homeownership
Mortgage), 7.55% due 7/1/2011 Aa/AA 522,815
2,415,000 South Carolina State Housing Finance & Development Authority Rental Housing Rev.
(North Bluff Project), 5.60% due 7/1/2016 NR/AA 2,168,767
1,000,000 South Carolina State Housing Finance & Development Authority (Multi-Family
Development Rev.), 6 7/8% due 11/15/2023 Aaa/NR 1,031,640
500,000 Spartanburg County, SC Certificates of Participation (Spartanburg County Administrative
Building Project), 7.80% due 8/1/2008 Aaa/AAA 515,550
1,500,000 Sumter, SC Waterworks & Sewer System Rev., 7.15% due 6/1/2009 Aaa/AAA 1,637,925
2,000,000 Western Carolina Regional Sewer Authority, SC Sewer System Rev., 5 1/2% due 3/1/2010 Aaa/AAA 1,946,340
1,080,000 Winnsboro, SC Combined Utility System Rev., 6.90% due 7/1/2017 Aaa/AAA 1,183,799
1,000,000 York County Public Facilities Corporation, SC Certificates of Participation (York County
Justice Center Project), 7 1/2% due 6/1/2011 Aaa/NR 1,139,610
-------------
Total Municipal Bonds (Cost $109,147,507)--97.8% 110,696,356
Variable Rate Demand Notes (Cost $1,200,000)--1.0% 1,200,000
Other Assets Less Liabilities--1.2% 1,318,182
-------------
NET ASSETS--100.0% $113,214,538
=============
___________________________
* Interest income earned from this security is subject to the federal
alternative minimum tax.
+ Ratings have not been audited by Deloitte & Touche LLP.
See notes to financial statements.
24
</TABLE>
<PAGE>
(This page intentionally left blank.)
25
<PAGE>
<TABLE>
<CAPTION>
Statements of Assets and Liabilities March 31, 1995
National Colorado Georgia Louisiana
Series Series Series Series
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Assets:
Investments, at value (see portfolios of investments):
Long-term holdings $108,104,602 $54,542,933 $60,090,066 $61,403,208
Short-term holdings 100,000 400,000 200,000 300,000
------------- ------------- ------------- -------------
108,204,602 54,942,933 60,290,066 61,703,208
Cash 106,827 84,337 125,230 106,556
Interest receivable 2,088,115 1,171,834 1,143,159 1,092,833
Receivable for Capital Stock sold 155,921 -- 71,975 19,172
Expenses prepaid to shareholder service agent 21,820 12,626 18,908 16,885
Receivable for securities sold -- -- 10,274 50,000
Other 9,973 2,056 3,306 2,380
------------- ------------- ------------- -------------
Total Assets 110,587,258 56,213,786 61,662,918 62,991,034
------------- ------------- ------------- -------------
Liabilities:
Payable for Capital Stock repurchased 388,218 4,383 160,048 15,016
Dividends payable 229,119 114,040 122,278 130,168
Accrued expenses, taxes, and other 121,845 70,933 74,008 74,963
------------- ------------- ------------- -------------
Total Liabilities 739,182 189,356 356,334 220,147
------------- ------------- ------------- -------------
Net Assets $109,848,076 $56,024,430 $61,306,584 $62,770,887
============= ============= ============= =============
Composition of Net Assets:
Capital Stock, at par:
Class A $ 14,704 $ 7,727 $ 7,866 $ 7,773
Class D 99 14 201 87
Additional paid-in capital 115,653,137 55,560,506 61,703,400 61,514,529
Undistributed/accumulated net realized gain (loss) (4,402,411) (625,416) (89,621) 5,422
Net unrealized appreciation (depreciation) of investments (1,417,453) 1,081,599 (315,262) 1,243,076
------------- ------------- ------------- -------------
Net Assets $109,848,076 $56,024,430 $61,306,584 $62,770,887
============= ============= ============= =============
Net Assets:
Class A $109,114,695 $55,923,544 $59,780,290 $62,072,994
Class D $ 733,381 $ 100,886 $ 1,526,294 $ 697,893
Shares of Capital Stock outstanding ($.001 par value):
Class A 14,704,112 7,726,782 7,865,601 7,772,612
Class D 98,837 13,945 200,653 87,435
Net Asset Value per share:
Class A $7.42 $7.24 $7.60 $7.99
Class D $7.42 $7.23 $7.61 $7.98
</TABLE>
______________
See notes to financial statements.
26
<PAGE>
<TABLE>
<CAPTION>
Statements of Assets and Liabilities March 31, 1995
(Continued)
Maryland Massachusetts Michigan Minnesota
Series Series Series Series
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Assets:
Investments, at value (see portfolios of investments):
Long-term holdings $55,525,337 $110,893,028 $148,889,134 $132,384,011
Short-term holdings 200,000 3,900,000 300,000 1,800,000
------------- ------------- ------------- -------------
55,725,337 114,793,028 149,189,134 134,184,011
Cash 166,318 139,887 198,212 130,229
Interest receivable 1,188,925 2,166,190 3,101,076 2,189,020
Receivable for Capital Stock sold -- 68,857 153,563 50,577
Expenses prepaid to shareholder service agent 13,610 27,737 32,910 35,116
Receivable for securities sold 5,000 -- -- --
Other 32,092 6,460 6,225 3,978
------------- ------------- ------------- -------------
Total Assets 57,131,282 117,202,159 152,681,120 136,592,931
------------- ------------- ------------- -------------
Liabilities:
Payable for Capital Stock repurchased 31,667 103,105 526,692 313,953
Dividends payable 117,303 245,914 318,388 306,909
Accrued expenses, taxes, and other 77,231 121,467 143,085 144,919
------------- ------------- ------------- -------------
Total Liabilities 226,201 470,486 988,165 765,781
------------- ------------- ------------- -------------
Net Assets $56,905,081 $116,731,673 $151,692,955 $135,827,150
============= ============= ============= =============
Composition of Net Assets:
Capital Stock, at par:
Class A $ 7,234 $ 14,826 $ 17,894 $ 17,231
Class D 61 141 97 254
Additional paid-in capital 55,905,388 113,678,096 144,937,848 129,669,431
Undistributed/accumulated net realized gain (loss) 102,376 17,063 (129,294) (159,971)
Net unrealized appreciation (depreciation) of investments 890,022 3,021,547 6,866,410 6,300,205
------------- ------------- ------------- -------------
Net Assets $56,905,081 $116,731,673 $151,692,955 $135,827,150
============= ============= ============= =============
Net Assets:
Class A $56,429,397 $115,634,735 $150,877,010 $133,852,318
Class D $ 475,684 $ 1,096,938 $ 815,945 $ 1,974,832
Shares of Capital Stock outstanding ($.001 par value):
Class A 7,233,702 14,825,923 17,893,588 17,230,632
Class D 60,925 140,722 96,907 254,141
Net Asset Value per share:
Class A $7.80 $7.80 $8.43 $7.77
Class D $7.81 $7.80 $8.42 $7.77
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Statements of Assets and Liabilities March 31, 1995
(Continued)
Missouri New York Ohio
Series Series Series
------------ ------------ ------------
<S> <C> <C> <C>
Assets:
Investments, at value (see portfolios of investments):
Long-term holdings $50,989,091 $85,354,497 $168,636,574
Short-term holdings 400,000 200,000 300,000
------------- ------------- -------------
51,389,091 85,554,497 168,936,574
Cash 62,301 225,696 158,084
Interest receivable 1,001,584 1,444,298 3,329,875
Receivable for Capital Stock sold 20,359 44,100 106,776
Expenses prepaid to shareholder service agent 13,940 20,678 41,842
Receivable for securities sold -- -- --
Other 2,856 3,236 4,165
------------- ------------- -------------
Total Assets 52,490,131 87,292,505 172,577,316
------------- ------------- -------------
Liabilities:
Payable for Capital Stock repurchased 59,226 36,902 560,084
Dividends payable 107,090 182,748 363,152
Accrued expenses, taxes, and other 63,441 106,935 162,733
------------- ------------- -------------
Total Liabilities 229,757 326,585 1,085,969
------------- ------------- -------------
Net Assets $52,260,374 $86,965,920 $171,491,347
============= ============= =============
Composition of Net Assets:
Capital Stock, at par:
Class A $ 6,851 $ 11,210 $ 21,383
Class D 47 74 55
Additional paid-in capital 51,020,944 87,205,944 164,939,667
Undistributed/accumulated net realized gain (loss) 84,553 (1,053,418) 420,149
Net unrealized appreciation (depreciation) of investments 1,147,979 802,110 6,110,093
------------- ------------- -------------
Net Assets $52,260,374 $86,965,920 $171,491,347
============= ============= =============
Net Assets:
Class A $51,901,772 $86,395,094 $171,049,794
Class D $ 358,602 $ 570,826 $ 441,553
Shares of Capital Stock outstanding ($.001 par value):
Class A 6,851,330 11,210,495 21,383,287
Class D 47,328 74,071 55,032
Net Asset Value per share:
Class A $7.58 $7.71 $8.00
Class D $7.58 $7.71 $8.02
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Statements of Assets and Liabilities March 31, 1995
(Continued)
Oregon South Carolina
Series Series
------------ ------------
<S> <C> <C>
Assets:
Investments, at value (see portfolios of investments):
Long-term holdings $58,573,549 $110,696,356
Short-term holdings 500,000 1,200,000
------------- -------------
59,073,549 111,896,356
Cash 201,222 78,363
Interest receivable 1,252,372 1,872,333
Receivable for Capital Stock sold 194,066 68,203
Expenses prepaid to shareholder service agent 16,890 26,303
Receivable for securities sold -- --
Other 2,084 3,551
------------- -------------
Total Assets 60,740,183 113,945,109
------------- -------------
Liabilities:
Payable for Capital Stock repurchased 67,704 383,947
Dividends payable 123,725 228,835
Accrued expenses, taxes, and other 69,197 117,789
------------- -------------
Total Liabilities 260,626 730,571
------------- -------------
Net Assets $60,479,557 $113,214,538
============= =============
Composition of Net Assets:
Capital Stock, at par:
Class A $ 7,839 $ 14,247
Class D 167 207
Additional paid-in capital 59,387,561 111,406,237
Undistributed/accumulated net realized gain (loss) 60,415 244,998
Net unrealized appreciation (depreciation) of investments 1,023,575 1,548,849
------------- -------------
Net Assets $60,479,557 $113,214,538
============= =============
Net Assets:
Class A $59,220,237 $111,597,514
Class D $ 1,259,320 $ 1,617,024
Shares of Capital Stock outstanding ($.001 par value):
Class A 7,839,109 14,247,278
Class D 166,777 206,647
Net Asset Value per share:
Class A $7.55 $7.83
Class D $7.55 $7.83
</TABLE>
27
<PAGE>
<TABLE>
<CAPTION>
Statements of Operations For the six months ended March 31, 1995
National Colorado Georgia Louisiana Maryland
Series Series Series Series Series
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Investment income:
Interest $3,564,861 $1,790,941 $1,916,667 $1,991,747 $1,825,418
------------ ------------ ------------ ------------ ------------
Expenses:
Management fees 272,108 139,914 125,589 153,265 141,024
Shareholder account services 80,233 43,441 53,405 46,472 50,180
Distribution and service fees 47,752 25,462 35,144 32,911 27,756
Custody and related services 34,361 13,613 24,444 14,743 21,594
Auditing and legal fees 15,389 18,339 15,670 18,134 16,358
Registration 6,295 2,827 4,080 2,524 4,147
Shareholder reports and
communications 4,827 4,507 4,242 3,590 4,880
Directors' fees and expenses 2,621 2,399 2,361 2,373 2,422
Miscellaneous 6,215 4,925 4,756 4,162 4,539
------------ ------------ ------------ ------------ ------------
Total expenses 469,801 255,427 269,691 278,174 272,900
------------ ------------ ------------ ------------ ------------
Net investment income 3,095,060 1,535,514 1,646,976 1,713,573 1,552,518
------------ ------------ ------------ ------------ ------------
Net realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments (4,250,872) (38,528) (81,421) 11,908 106,183
Net change in unrealized appreciation/
depreciation of investments 7,843,120 1,024,411 1,834,767 1,465,443 1,518,968
------------ ------------ ------------ ------------ ------------
Net gain on investments 3,592,248 985,883 1,753,346 1,477,351 1,625,151
------------ ------------ ------------ ------------ ------------
Increase in net assets from
operations $6,687,308 $2,521,397 $3,400,322 $3,190,924 $3,177,669
============ ============ ============ ============ ============
</TABLE>
________________
See notes to financial statements.
28
<PAGE>
<TABLE>
<CAPTION>
Statements of Operations For the six months ended March 31, 1995
(Continued)
Massachusetts Michigan Minnesota Missouri New York
Series Series Series Series Series
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Investment income:
Interest $3,834,618 $4,855,661 $4,636,766 $1,634,445 $2,867,127
------------ ------------ ------------ ------------ ------------
Expenses:
Management fees 290,628 371,267 336,747 107,355 217,166
Shareholder account services 91,143 113,702 112,797 42,341 59,374
Distribution and service fees 58,088 75,176 75,246 25,191 33,683
Custody and related services 29,315 36,767 23,749 10,439 42,890
Auditing and legal fees 16,834 15,636 15,236 16,440 16,272
Registration 5,252 6,053 8,378 3,878 4,302
Shareholder reports and
communications 7,143 7,646 8,469 4,163 6,098
Directors' fees and expenses 2,579 2,645 2,706 2,395 2,496
Miscellaneous 6,714 7,749 7,496 4,390 5,709
------------ ------------ ------------ ------------ ------------
Total expenses 507,696 636,641 590,824 216,592 387,990
------------ ------------ ------------ ------------ ------------
Net investment income 3,326,922 4,219,020 4,045,942 1,417,853 2,479,137
------------ ------------ ------------ ------------ ------------
Net realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments 27,966 (112,397) (155,146) 91,357 (1,043,998)
Net change in unrealized appreciation/
depreciation of investments 2,447,359 3,550,651 1,168,365 1,466,114 3,348,316
------------ ------------ ------------ ------------ ------------
Net gain on investments 2,475,325 3,438,254 1,013,219 1,557,471 2,304,318
------------ ------------ ------------ ------------ ------------
Increase in net assets from
operations $5,802,247 $7,657,274 $5,059,161 $2,975,324 $4,783,455
============ ============ ============ ============ ============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Statements of Operations For the six months ended March 31, 1995
(Continued)
Ohio Oregon South Carolina
Series Series Series
------------ ------------ --------------
<S> <C> <C> <C>
Investment income:
Interest $5,532,478 $1,878,185 $3,616,869
------------ ------------ ------------
Expenses:
Management fees 421,124 123,113 280,401
Shareholder account services 131,623 49,896 87,632
Distribution and service fees 84,409 33,208 61,723
Custody and related services 34,376 12,561 51,631
Auditing and legal fees 13,222 17,042 14,139
Registration 6,190 3,706 5,516
Shareholder reports and
communications 8,561 3,092 6,470
Directors' fees and expenses 2,692 2,403 2,458
Miscellaneous 8,344 4,767 6,546
------------ ------------ ------------
Total expenses 710,541 249,788 516,516
------------ ------------ ------------
Net investment income 4,821,937 1,628,397 3,100,353
------------ ------------ ------------
Net realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments 448,917 70,060 255,295
Net change in unrealized appreciation/
depreciation of investments 3,320,056 952,535 2,981,057
------------ ------------ ------------
Net gain on investments 3,768,973 1,022,595 3,236,352
------------ ------------ ------------
Increase in net assets from
operations $8,590,910 $2,650,992 $6,336,705
============ ============ ============
</TABLE>
29
<PAGE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets
National Series Colorado Series
------------------------ ---------------------------
Six months Year Six months Year
ended ended ended ended
3/31/95 9/30/94 3/31/95 9/30/94
------------ ---------- ----------- -------------
<S> <C> <C> <C> <C>
Operations:
Net investment income $ 3,095,060 $ 6,589,275 $ 1,535,514 $ 3,224,514
Net realized gain (loss) on investments (4,250,872) 338,061 (38,528) (416,365)
Net change in unrealized appreciation/depreciation of investments 7,843,120 (17,056,468) 1,024,411 (4,628,524)
------------- ------------- ----------- -----------
Increase (decrease) in net assets from operations 6,687,308 (10,129,132) 2,521,397 (1,820,375)
------------- ------------- ----------- -----------
Distributions to shareholders:
Net investment income:
Class A (3,079,900) (6,579,351) (1,533,333) (3,221,107)
Class D (15,160) (9,924) (2,181) (3,407)
Net realized gain on investments:
Class A -- (7,771,486) -- (691,165)
Class D -- -- -- --
------------- ------------- ----------- -----------
Decrease in net assets from distributions (3,095,060) (14,360,761) (1,535,514) (3,915,679)
------------- ------------- ----------- -----------
Capital share transactions:*
Net proceeds from sale of shares:
Class A 1,287,001 5,971,737 571,969 2,002,652
Class D 416,595 465,769 1,256 295,950
Net asset value of shares issued in payment of dividends:
Class A 1,549,549 3,400,031 839,863 1,836,135
Class D 9,507 8,413 1,556 3,032
Exchanged from associated Funds:
Class A 8,106,948 2,002,989 297,108 328,418
Class D 666,959 -- -- --
Net asset value of shares issued in payment of gain distributions:
Class A -- 5,686,643 -- 481,882
Class D -- -- -- --
------------- ------------- ----------- -----------
Total 12,036,559 17,535,582 1,711,752 4,948,069
------------- ------------- ----------- -----------
Cost of shares repurchased:
Class A (8,894,559) (14,947,349) (4,023,099) (8,307,267)
Class D -- -- -- (197,843)
Exchanged into associated Funds:
Class A. (7,847,356) (2,671,622) (943,381) (325,316)
Class D (859,132) -- -- --
------------- ------------- ----------- -----------
Total (17,601,047) (17,618,971) (4,966,480) (8,830,426)
------------- ------------- ----------- -----------
Increase (decrease) in net assets from capital share transactions (5,564,488) (83,389) (3,254,728) (3,882,357)
------------- ------------- ----------- -----------
Increase (decrease) in net assets (1,972,240) (24,573,282) (2,268,845) (9,618,411)
Net Assets:
Beginning of period 111,820,316 136,393,598 58,293,275 67,911,686
------------- ------------- ----------- -----------
End of period $109,848,076 $111,820,316 $56,024,430 $58,293,275
============= ============ =========== ===========
____________________
*The Fund began offering Class D shares on February 1, 1994.
See notes to financial statements.
</TABLE>
30
<PAGE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets (Continued)
Georgia Series Louisiana Series
------------------------ ----------------------------
Six months Year Six months Year
ended ended ended ended
3/31/95 9/30/94 3/31/95 9/30/94
------------ ---------- ------------ -------------
<S> <C> <C> <C> <C>
Operations:
Net investment income $1,646,976 $ 3,409,541 $ 1,713,573 $ 3,501,383
Net realized gain (loss) on investments (81,421) 840,892 11,908 1,087,255
Net change in unrealized appreciation/depreciation of investments 1,834,767 (7,996,922) 1,465,443 (7,149,845)
------------- ------------ ----------- -----------
Increase (decrease) in net assets from operations 3,400,322 (3,746,489) 3,190,924 (2,561,207)
------------- ------------ ----------- -----------
Distributions to shareholders:
Net investment income:
Class A (1,620,588) (3,394,688) (1,697,737) (3,489,832)
Class D (26,388) (14,853) (15,836) (11,551)
Net realized gain on investments:
Class A (831,300) (697,275) (1,076,420) (651,148)
Class D (13,226) -- (12,456) --
------------- ------------ ----------- -----------
Decrease in net assets from distributions (2,491,502) (4,106,816) (2,802,449) (4,152,531)
------------- ------------ ----------- -----------
Capital share transactions:*
Net proceeds from sale of shares:
Class A 1,514,472 10,507,635 929,289 4,332,380
Class D 726,533 807,930 2,281 731,696
Net asset value of shares issued in payment of dividends:
Class A 1,022,122 2,149,255 947,420 1,990,579
Class D 22,703 12,508 13,067 8,499
Exchanged from associated Funds:
Class A 915,741 388,188 247,945 152,113
Class D -- 67,560 -- --
Net asset value of shares issued in payment of gain distributions:
Class A 644,018 523,446 766,089 465,656
Class D 12,212 -- 9,263 --
------------- ------------ ----------- -----------
Total 4,857,801 14,456,522 2,915,354 7,680,923
------------- ------------ ----------- -----------
Cost of shares repurchased:
Class A (5,276,197) (8,509,637) (2,553,858) (5,898,457)
Class D (76,276) (6,557) (34,552) (8,369)
Exchanged into associated Funds:
Class A. (1,371,568) (421,723) (90,348) (443,843)
Class D (51,202) -- -- --
------------- ------------ ----------- -----------
Total (6,775,243) (8,937,917) (2,678,758) (6,350,669)
------------- ------------ ----------- -----------
Increase (decrease) in net assets from capital share transactions (1,917,442) 5,518,605 236,596 1,330,254
------------- ------------ ----------- -----------
Increase (decrease) in net assets (1,008,622) (2,334,700) 625,071 (5,383,484)
Net Assets:
Beginning of period 62,315,206 64,649,906 62,145,816 67,529,300
------------- ------------ ----------- -----------
End of period $61,306,584 $62,315,206 $62,770,887 $62,145,816
============= ============ =========== ===========
</TABLE>
____________________
*The Fund began offering Class D shares on February 1, 1994.
See notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets (Continued)
Maryland Series Massachusetts Series
------------------------ --------------------------
Six months Year Six months Year
ended ended ended ended
3/31/95 9/30/94 3/31/95 9/30/94
------------ ----------- ----------- -------------
<S> <C> <C> <C> <C>
Operations:
Net investment income $ 1,552,518 $ 3,157,225 $ 3,326,922 $ 7,078,947
Net realized gain (loss) on investments 106,183 1,412,023 27,966 1,458,962
Net change in unrealized appreciation/depreciation of investments 1,518,968 (7,140,388) 2,447,359 (12,499,475)
------------- ------------ ----------- -----------
Increase (decrease) in net assets from operations 3,177,669 (2,571,140) 5,802,247 (3,961,566)
------------- ------------ ----------- -----------
Distributions to shareholders:
Net investment income:
Class A (1,542,879) (3,152,145) (3,304,217) (7,052,050)
Class D (9,639) (5,080) (22,705) (26,897)
Net realized gain on investments:
Class A (980,988) (1,301,057) (490,162) (3,330,375)
Class D (7,361) -- (4,647) --
------------- ------------ ----------- -----------
Decrease in net assets from distributions (2,540,867) (4,458,282) (3,821,731) (10,409,322)
------------- ------------ ----------- -----------
Capital share transactions:*
Net proceeds from sale of shares:
Class A 817,943 3,212,373 1,213,730 3,798,317
Class D 34,654 379,503 506,549 1,106,567
Net asset value of shares issued in payment of dividends:
Class A 868,771 1,805,934 1,889,697 4,060,575
Class D 5,654 2,594 18,217 22,729
Exchanged from associated Funds:
Class A 1,044,707 291,207 840,803 896,517
Class D -- 58,087 5,336 37,901
Net asset value of shares issued in payment of gain distributions:
Class A 716,294 941,569 373,978 2,447,863
Class D 5,227 -- 4,460 --
------------- ------------ ----------- -----------
Total 3,493,250 6,691,267 4,852,770 12,370,469
------------- ------------ ----------- -----------
Cost of shares repurchased:
Class A (4,187,715) (5,782,224) (9,538,453) (14,268,282)
Class D -- (7,091) (100,887) (4,051)
Exchanged into associated Funds:
Class A. (724,783) (656,915) (1,270,265) (1,982,187)
Class D -- -- (440,650) --
------------- ------------ ----------- -----------
Total (4,912,498) (6,446,230) (11,350,255) (16,254,520)
------------- ------------ ----------- -----------
Increase (decrease) in net assets from capital share transactions (1,419,248) 245,037 (6,497,485) (3,884,051)
------------- ------------ ----------- -----------
Increase (decrease) in net assets (782,446) (6,784,385) (4,516,969) (18,254,939)
Net Assets:
Beginning of period 57,687,527 64,471,912 121,248,642 139,503,581
------------- ------------ ----------- -----------
End of period $56,905,081 $57,687,527 $116,731,673 $121,248,642
============= ============ =========== ===========
- --------------
*The Fund began offering Class D shares on February 1, 1994.
See notes to financial statements.
</TABLE>
31
<PAGE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets (continued)
Michigan Series Minnesota Series
---------------------------- --------------------------
Six months Year Six months Year
ended ended ended ended
3/31/95 9/30/94 3/31/95 9/30/94
------------ ------------- ------------ ------------
<S> <C> <C> <C> <C>
Operations:
Net investment income $ 4,219,020 $ 8,420,810 $ 4,045,942 $ 7,992,624
Net realized gain (loss) on investments (112,397) 1,400,509 (155,146) 252,585
Net change in unrealized appreciation/depreciation of investments 3,550,651 (14,509,279) 1,168,365 (8,005,539)
------------ ------------- ------------ ------------
Increase (decrease) in net assets from operations 7,657,274 (4,687,960) 5,059,161 239,670
------------ ------------- ------------ ------------
Distributions to shareholders:
Net investment income:
Class A. (4,202,567) (8,409,762) (4,001,174) (7,964,073)
Class D (16,453) (11,048) (44,768) (28,551)
Net realized gain on investments
Class A. (775,115) (1,589,823) (243,727) (2,074,841)
Class D (3,791) -- (3,101) --
------------ ------------- ------------ ------------
Decrease in net assets from distributions (4,997,926) (10,010,633) (4,292,770) (10,067,465)
------------ ------------- ------------ ------------
Capital share transactions:*
Net proceeds from sale of shares:
Class A 2,866,125 10,111,077 1,763,198 5,208,522
Class D 258,524 673,043 534,682 1,717,093
Net asset value of shares issued in payment of dividends:
Class A. 2,567,524 5,154,199 2,658,138 5,433,767
Class D 14,176 8,610 28,127 16,151
Exchanged from associated Funds:
Class A 637,608 688,118 681,660 1,460,540
Class D -- 21,595 85,421 --
Net asset value of shares issued in payment of gain distributions:
Class A 582,931 1,189,231 192,123 1,651,286
Class D 3,281 -- 2,291 --
------------ ------------- ------------ ------------
Total 6,930,169 17,845,873 5,945,640 15,487,359
------------ ------------- ------------ ------------
Cost of shares repurchased:
Class A. (8,078,754) (14,462,042) (6,084,609) (11,789,824)
Class D (91,982) (15,255) (130,683) (51,319)
Exchanged into associated Funds:
Class A. (1,442,340) (1,542,287) (1,099,630) (1,779,118)
Class D (49,042) -- (208,789) --
------------ ------------- ------------ ------------
Total (9,662,118) (16,019,584) (7,523,711) (13,620,261)
------------ ------------- ------------ ------------
Increase (decrease) in net assets from capital share transactions (2,731,949) 1,826,289 (1,578,071) 1,867,098
------------ ------------- ------------ ------------
Increase (decrease) in net assets (72,601) (12,872,304) (811,680) (7,960,697)
Net Assets:
Beginning of period 151,765,556 164,637,860 136,638,830 144,599,527
------------ ------------- ------------ ------------
End of period $151,692,955 $151,765,556 $135,827,150 $136,638,830
============ ============ ============ ============
- -------------
* The Fund began offering Class D shares on February 1, 1994.
See notes to financial statements.
</TABLE>
32
<PAGE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets (continued)
Missouri Series New York Series
--------------------------- --------------------------
Six months Year Six months Year
ended ended ended ended
3/31/95 9/30/94 3/31/95 9/30/94
------------ ------------ ----------- -----------
<S> <C> <C> <C> <C>
Operations:
Net investment income $ 1,417,853 $ 2,853,372 $ 2,479,137 $ 5,217,903
Net realized gain (loss) on investments 91,357 672,212 (1,043,998) 1,999,229
Net change in unrealized appreciation/depreciation of investments 1,466,114 (6,217,058) 3,348,316 (12,683,003)
------------ ------------ ----------- -----------
Increase (decrease) in net assets from operations 2,975,324 (2,691,474) 4,783,455 (5,465,871)
------------ ------------ ----------- -----------
Distributions to shareholders:
Net investment income:
Class A. (1,410,205) (2,843,798) (2,467,575) (5,208,022)
Class D (7,648) (9,574) (11,562) (9,881)
Net realized gain on investments
Class A. (491,076) (749,354) (1,996,017) (2,401,063)
Class D (3,310) -- (10,892) --
------------ ------------ ----------- -----------
Decrease in net assets from distributions (1,912,239) (3,602,726) (4,486,046) (7,618,966)
------------ ------------ ----------- -----------
Capital share transactions:*
Net proceeds from sale of shares:
Class A 872,707 3,402,151 3,673,921 5,317,038
Class D 11,500 489,521 72,342 491,124
Net asset value of shares issued in payment of dividends:
Class A. 717,720 1,500,294 1,331,898 2,808,015
Class D 3,516 899 10,144 7,955
Exchanged from associated Funds:
Class A 219,278 733,086 1,873,562 716,645
Class D -- 17,699 -- --
Net asset value of shares issued in payment of gain distributions:
Class A 321,122 498,507 1,604,994 1,930,880
Class D 3,144 -- 9,747 --
------------ ------------ ----------- -----------
Total 2,148,987 6,642,157 8,576,608 11,271,657
------------ ------------ ----------- -----------
Cost of shares repurchased:
Class A. (3,638,413) (3,359,520) (9,008,938) (9,315,602)
Class D (16,797) (136,335) -- --
Exchanged into associated Funds:
Class A. (267,600) (741,558) (4,286,723) (2,166,255)
Class D -- -- (2,500) --
------------ ------------ ----------- -----------
Total (3,922,810) (4,237,413) (13,298,161) (11,481,857)
------------ ------------ ----------- -----------
Increase (decrease) in net assets from capital share transactions (1,773,823) 2,404,744 (4,721,553) (210,200)
------------ ------------ ----------- -----------
Increase (decrease) in net assets (710,738) (3,889,456) (4,424,144) (13,295,037)
Net Assets:
Beginning of period 52,971,112 56,860,568 91,390,064 104,685,101
------------ ------------ ----------- -----------
End of period $52,260,374 $52,971,112 $86,965,920 $91,390,064
=========== =========== =========== ===========
- -------------
* The Fund began offering Class D shares on February 1, 1994.
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets (continued)
Ohio Series Oregon Series
-------------------------- --------------------------
Six months Year Six months Year
ended ended ended ended
3/31/95 9/30/94 3/31/95 9/30/94
------------ ------------ ----------- -----------
<S> <C> <C> <C> <C>
Operations:
Net investment income $ 4,821,937 $ 9,704,400 $1,628,397 $ 3,204,214
Net realized gain (loss) on investments 448,917 1,864,934 70,060 636,094
Net change in unrealized appreciation/depreciation of investments 3,320,056 (17,335,724) 952,535 (5,354,310)
------------ ------------ ---------- -----------
Increase (decrease) in net assets from operations 8,590,910 (5,766,390) 2,650,992 (1,514,002)
------------ ------------ ---------- -----------
Distributions to shareholders:
Net investment income:
Class A. (4,812,947) (9,697,970) (1,605,363) (3,193,582)
Class D (8,990) (6,430) (23,034) (10,632)
Net realized gain on investments
Class A. (1,594,353) (3,703,561) (140,983) (494,099)
Class D (3,594) -- (2,232) --
------------ ------------ ---------- -----------
Decrease in net assets from distributions (6,419,884) (13,407,961) (1,771,612) (3,698,313)
------------ ------------ ---------- -----------
Capital share transactions:*
Net proceeds from sale of shares:
Class A 2,359,875 9,557,949 1,598,098 7,552,039
Class D 96,591 328,208 430,433 896,846
Net asset value of shares issued in payment of dividends:
Class A. 2,978,641 6,102,997 991,591 2,003,359
Class D 7,603 5,793 16,739 7,973
Exchanged from associated Funds:
Class A 623,850 720,509 395,346 437,837
Class D -- -- -- --
Net asset value of shares issued in payment of gain distributions:
Class A 1,221,569 2,815,286 107,524 372,237
Class D 3,510 -- 1,995 --
------------ ------------ ---------- -----------
Total 7,291,639 19,530,742 3,541,726 11,270,291
------------ ------------ ---------- -----------
Cost of shares repurchased:
Class A. (8,382,523) (16,355,416) (2,578,926) (6,282,450)
Class D (40) -- (34,204) (40,414)
Exchanged into associated Funds:
Class A. (1,382,290) (2,290,059) (2,032,736) (1,100,956)
Class D -- -- (23,131) (2,000)
------------ ------------ ---------- -----------
Total (9,764,853) (18,645,475) (4,668,997) (7,425,820)
------------ ------------ ---------- -----------
Increase (decrease) in net assets from capital share transactions (2,473,214) 885,267 (1,127,271) 3,844,471
------------ ------------ ---------- -----------
Increase (decrease) in net assets (302,188) (18,289,084) (247,891) (1,367,844)
Net Assets:
Beginning of period 171,793,535 190,082,619 60,727,448 62,095,292
------------ ------------ ---------- -----------
End of period $171,491,347 $171,793,535 $60,479,557 $60,727,448
============ ============ =========== ===========
- -------------
* The Fund began offering Class D shares on February 1, 1994.
See notes to financial statements.
</TABLE>
33
<PAGE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets (continued)
South Carolina Series
----------------------------------
Six months Year
ended ended
3/31/95 9/30/94
------------- -------------
<S> <C> <C>
Operations:
Net investment income $ 3,100,353 $ 6,250,740
Net realized gain on investments 255,295 203,935
Net change in unrealized appreciation/depreciation of investments 2,981,057 (12,270,797)
------------ ------------
Increase (decrease) in net assets from operations 6,336,705 (5,816,122)
------------ ------------
Distributions to shareholders:
Net investment income:
Class A (3,065,462) (6,222,624)
Class D (34,891) (28,116)
Net realized gain on investments:
Class A (207,068) (1,795,272)
Class D (2,607) --
------------ ------------
Decrease in net assets from distributions (3,310,028) (8,046,012)
------------ ------------
Capital share transactions:*
Net proceeds from sale of shares:
Class A 3,834,948 21,175,039
Class D 231,344 1,541,603
Net asset value of shares issued in payment of dividends:
Class A 1,758,964 3,661,681
Class D 27,171 21,347
Exchanged from associated Funds:
Class A 476,091 221,817
Class D 89,667 46,010
Net asset value of shares issued in payment of gain distributions:
Class A 162,756 1,363,300
Class D 2,494 --
------------ ------------
Total 6,583,435 28,030,797
------------ ------------
Cost of shares repurchased:
Class A (10,590,648) (16,114,470)
Class D (199,719) (66,265)
Exchanged into associated Funds:
Class A (2,157,687) (1,961,069)
Class D (59,022) (4,000)
------------ ------------
Total (13,007,076) (18,145,804)
------------ ------------
Increase (decrease) in net assets from capital share transactions (6,423,641) 9,884,993
------------ ------------
Decrease in net assets (3,396,964) (3,977,141)
Net Assets:
Beginning of period 116,611,502 120,588,643
------------ ------------
End of period $113,214,538 $116,611,502
============ ============
- ------------
* The Fund began offering Class D shares on February 1, 1994.
See notes to financial statements.
</TABLE>
34
<PAGE>
Notes to Financial Statements
1. Seligman Tax-Exempt Fund Series, Inc. (the "Fund") consists of 13
separate series: the "National Series," the "Colorado Series," the
"Georgia Series," the "Louisiana Series," the "Maryland Series," the
"Massachusetts Series," the "Michigan Series," the "Minnesota Series,"
the "Missouri Series," the "New York Series," the "Ohio Series," the
"Oregon Series," and the "South Carolina Series." Effective February 1,
1994, the Fund began offering two classes of shares of each Series. All
shares existing prior to February 1, 1994, have been classified as Class
A shares. Class A shares are sold with an initial sales charge of up to
4.75% and a continuing service fee of up to 0.25% on an annual basis.
Class D shares are sold without an initial sales charge but are subject
to a higher distribution fee and contingent deferred sales load ("CDSL")
of 1% imposed on certain redemptions made within one year of purchase.
The two classes of shares represent interests in the same portfolio of
investments, have the same rights and are generally identical in all
respects except that each class bears its separate distribution and
certain class expenses and has exclusive voting rights with respect to
any matter to which a separate vote of any class is required.
2. Significant accounting policies followed, all in conformity with
generally accepted accounting principles, are given below:
a. All tax-exempt securities and other short-term holdings maturing
in more than 60 days are valued based upon quotations provided by an
independent pricing service or, in their absence, at fair value
determined in accordance with procedures approved by the Board of
Directors. Short-term holdings maturing in 60 days or less are generally
valued at amortized cost.
b. There is no provision for federal income or excise tax. Each
Series has elected to be taxed as a regulated investment company and
intends to distribute substantially all taxable net income and net gain
realized. Dividends are declared daily and paid monthly.
c. Investment transactions are recorded on trade dates. Identified
cost of investments sold is used for both financial statement and
federal income tax purposes. Interest income is recorded on the accrual
basis. The Fund amortizes original issue discounts and premiums paid on
purchases of portfolio securities. Discounts other then original issue
discounts are not amortized.
d. All income, expenses (other than class-specific expenses), and
realized and unrealized gains or losses are allocated daily to each
class of shares based upon the relative proportion of the value of
settled shares outstanding of each class. Class-specific expenses, which
include distribution and service fees and any other items that can be
specifically attributed to a particular class, are charged directly to
such class.
e. The treatment for financial statement purposes of distributions
made during the year from net investment income or net realized gains
may differ from their ultimate treatment for federal income tax
purposes. These differences are caused primarily by differences in the
timing of the recognition of certain components of income, expense, and
capital gain for federal income tax purposes. Where such differences are
permanent in nature, they are reclassified in the components of net
assets based on their ultimate characterization for federal income tax
purposes. Any such reclassification will have no effect on net assets,
results of operations, or net asset value per share of the Fund. At
September 30, 1994, realized capital gains distributed for federal tax
purposes exceeded realized capital gains for financial statement
purposes for the National and Colorado Series by $151,539 and $586,888,
respectively.
3. Purchases and sales of portfolio securities, excluding short-term
investments, for the six months ended March 31, 1995, were as follows:
Series Purchases Sales
------ --------- -----
National $16,711,040 $21,954,995
Colorado 2,500,000 6,109,150
Georgia -- 2,703,260
Louisiana -- 1,038,070
Maryland 2,003,020 4,657,722
Massachusetts -- 9,552,765
Michigan 2,500,000 5,604,037
Minnesota -- 2,907,479
Missouri -- 869,090
New York 15,345,002 20,903,976
Ohio 2,430,050 6,771,018
Oregon 951,190 2,315,000
South Carolina -- 7,519,804
35
<PAGE>
Notes to Financial Statements (continued)
At March 31, 1995, the cost of investments for federal income tax
purposes was substantially the same as the cost for financial reporting
purposes, and the tax basis gross unrealized appreciation and
depreciation of portfolio securities were as follows:
Total Total
Unrealized Unrealized
Series Appreciation Depreciation
------ ------------ ------------
National $2,477,294 $3,894,747
Colorado 2,329,619 1,248,020
Georgia 1,703,322 2,018,584
Louisiana 2,844,766 1,601,690
Maryland 1,842,050 952,028
Massachusetts 4,792,052 1,770,505
Michigan 7,770,840 904,430
Minnesota 9,126,494 2,826,289
Missouri 2,444,942 1,296,963
New York 2,254,160 1,452,050
Ohio 8,390,365 2,280,272
Oregon 1,961,027 937,452
South Carolina 4,064,231 2,515,382
4. J. & W. Seligman & Co. Incorporated (the "Manager") manages the
affairs of the Fund and provides the necessary personnel and facilities.
Compensation of all officers of the Fund, all directors of the Fund who
are employees or consultants of the Manager, and all personnel of the
Fund and the Manager is paid by the Manager. The Manager's fee is
calculated daily and payable monthly, equal to 0.50% per annum of each
Series' average daily net assets. For the six months ended March 31,
1995, the Manager, at its discretion, waived portions of its fee for the
Georgia, Missouri, and Oregon Series, equal to $24,577, $24,322, and
$28,340, respectively. The management fees reflected in the Statements
of Operations for the Georgia, Missouri, and Oregon Series represent
annualized rates of 0.42%, 0.41%, and 0.41%, respectively, of the
average net assets of the Series.
Seligman Financial Services, Inc. (the "Distributor"), agent for the
distribution of each Series' shares and an affiliate of the Manager,
received the following commissions after concessions were paid to
dealers for the sale of Class A shares:
Seligman
Financial Services' Dealer
Series Commissions Concessions
------ ------------------ ------------
National $ 3,937 $ 27,299
Colorado 2,345 17,843
Georgia 7,338 54,005
Louisiana 4,736 32,212
Maryland 3,889 30,485
Massachusetts 5,509 42,570
Michigan 13,385 101,213
Minnesota 7,542 58,000
Missouri 4,181 31,317
New York 5,398 41,392
Ohio 11,878 89,019
Oregon 7,579 56,799
South Carolina 13,336 107,681
The Fund has an Administration, Shareholder Services and Distribution
Plan (the "Plan") with respect to Class A shares under which service
organizations can enter into agreements with the Distributor and receive
continuing fees of up to 0.25% on an annual basis, payable quarterly, of
the average daily net assets of the Class A shares attributable to the
particular service organizations for providing personal services and/or
the maintenance of shareholder accounts. During the six months ended
March 31, 1995, the Distributor charged such fees to the Fund pursuant
to the Plan as follows:
Annualized
Total Fees % of Average
Series Paid Net Assets
------ ---------- --------------
National $44,541 .08%
Colorado 24,977 .09
Georgia 29,331 .10
Louisiana 29,478 .10
Maryland 25,604 .09
Massachusetts 53,316 .09
Michigan 71,675 .10
Minnesota 66,395 .10
Missouri 23,481 .09
New York 31,200 .07
Ohio 82,485 .10
Oregon 28,184 .10
South Carolina 54,110 .10
36
<PAGE>
Notes to Financial Statements (continued)
The Fund has a Plan with respect to Class D shares under which service
organizations can enter into agreements with the Distributor and receive
continuing fees for providing personal services and/or the maintenance
of shareholder accounts of up to 0.25% on a annual basis of the average
daily net assets of the Class D shares for which the organizations are
responsible, and fees for providing other distribution assistance of up
to 0.75% on an annual basis of such average daily net assets. Such fees
are paid monthly by the Fund to the Distributor pursuant to the Plan.
For the six months ended March 31, 1995, fees paid equivalent to 1% per
annum of the average daily net assets of Class D shares were as follows:
Series
------
National $3,211
Colorado 485
Georgia 5,813
Louisiana 3,433
Maryland 2,152
Massachusetts 4,772
Michigan 3,501
Minnesota 8,851
Missouri 1,710
New York 2,483
Ohio 1,924
Oregon 5,024
South Carolina 7,613
The Distributor is entitled to retain any CDSL imposed on certain
redemptions of Class D shares occurring within one year of purchase. For
the six months ended March 31, 1995, such charges were as follows:
Series
------
Georgia $326
Louisiana 325
Massachusetts 323
Michigan 621
Minnesota 779
Oregon 557
South Carolina 240
Seligman Data Corp., which is owned by certain associated investment
companies, charged at cost for shareholder account services the
following amounts:
Series
------
National $ 80,233
Colorado 43,441
Georgia 53,405
Louisiana 46,472
Maryland 50,180
Massachusetts 91,143
Michigan 113,702
Minnesota 112,797
Missouri 42,341
New York 59,374
Ohio 131,623
Oregon 49,896
South Carolina 87,632
Certain officers and directors of the Fund are officers or directors of
the Manager, the Distributor, and/or Seligman Data Corp.
Fees of $36,000 were incurred by the Fund for the legal services of
Sullivan & Cromwell, a member of which firm is a director of the Fund.
The Fund has a compensation agreement under which directors who receive
fees may elect to defer receiving such fees. Interest is accrued on the
deferred balances. The cost of such fees and interest is included in
directors' fees and expenses, and the accumulated balances thereof at
March 31, 1995 are as follows:
Series
------
National $ 14,347
Colorado 8,412
Georgia 7,784
Louisiana 9,279
Maryland 9,279
Massachusetts 11,941
Michigan 11,478
Minnesota 11,941
Missouri 8,412
New York 11,941
Ohio 11,941
Oregon 8,243
South Carolina 7,784
37
<PAGE>
Notes to Financial Statements (continued)
5. Class-specific expenses charged to Class A and Class D shares for
the six months ended March 31, 1995, which are included in the
corresponding captions of the Statements of Operations, were as follows:
Shareholder
Distribution reports and
Series and service fees Registration communications
------ ---------------- ------------ --------------
National:
Class A $44,541 $2,897 $1,475
Class D 3,211 198 15
Colorado:
Class A 24,977 1,053 976
Class D 485 42 2
Georgia:
Class A 29,331 2,257 820
Class D 5,813 374 17
Louisiana:
Class A 29,478 1,082 675
Class D 3,433 276 26
Maryland:
Class A 25,604 2,113 969
Class D 2,152 246 12
Massachusetts:
Class A 53,316 1,740 1,627
Class D 4,772 232 32
Michigan:
Class A 71,675 2,013 2,316
Class D 3,501 251 40
Minnesota:
Class A 66,395 3,434 2,467
Class D 8,851 547 46
Missouri:
Class A 23,481 1,114 991
Class D 1,710 239 15
New York:
Class A 31,200 1,593 1,093
Class D 2,483 339 10
Ohio:
Class A 82,485 1,658 2,596
Class D 1,924 284 19
Oregon:
Class A 28,184 1,498 1,015
Class D 5,024 328 24
South Carolina:
Class A 54,110 2,443 147
Class D 7,613 416 37
38
<PAGE>
Notes to Financial Statements (continued)
6. At March 31, 1995, 40,000,000 shares each were authorized for the
National and Missouri Series; 30,000,000 shares each for the
Massachusetts, Michigan, Minnesota, and Ohio Series; 25,000,000 shares
for the Colorado Series; and 20,000,000 shares each for the Georgia,
Louisiana, Maryland, New York, Oregon, and South Carolina Series, all at
a par value of $.001 per share.
Transactions in shares of Capital Stock were as follows:*
<TABLE>
<CAPTION>
National Series Colorado Series Georgia Series
---------------------- --------------------- ----------------------
Six months Year Six months Year Six months Year
ended ended ended ended ended ended
3/31/95 9/30/94 3/31/95 9/30/94 3/31/95 9/30/94
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Sale of shares:
Class A 183,446 764,281 81,161 268,474 206,289 1,300,888
Class D 57,324 60,983 179 40,581 99,276 104,340
Shares issued in payment of dividends:
Class A 219,377 438,686 120,163 247,700 139,981 272,060
Class D 1,339 1,137 225 420 3,094 1,633
Exchanged from associated Funds:
Class A 1,176,367 259,262 42,275 42,669 123,793 48,335
Class D 100,013 -- -- -- -- 8,316
Shares issued in payment of gain distributions:
Class A -- 706,415 -- 63,489 94,017 63,913
Class D -- -- -- -- 1,780 --
---------- ---------- ---------- ---------- ---------- ----------
Total 1,737,866 2,230,764 244,003 663,333 668,230 1,799,485
---------- ---------- ---------- ---------- ---------- ----------
Shares repurchased:
Class A (1,273,150) (1,943,600) (582,826) (1,126,423) (725,762) (1,083,796)
Class D -- -- -- (27,460) (10,125) (861)
Exchanged into associated Funds:
Class A (1,113,644) (345,902) (137,435) (43,792) (190,660) (54,072)
Class D (121,959) -- -- -- (6,800) --
---------- ---------- ---------- ---------- ---------- ----------
Total (2,508,753) (2,289,502) (720,261) (1,197,675) (933,347) (1,138,729)
---------- ---------- ---------- ---------- ---------- ----------
Increase (decrease) in shares (770,887) (58,738) (476,258) (534,342) (265,117) 660,756
=========== =========== =========== =========== =========== ===========
- -------------
* The Fund began offering Class D shares on February 1, 1994.
</TABLE>
39
<PAGE>
Notes to Financial Statements (continued)
<TABLE>
<CAPTION>
Louisiana Series Maryland Series Massachusetts Series
--------------------- ---------------------- -----------------------
Six months Year Six months Year Six months Year
ended ended ended ended ended ended
3/31/95 9/30/94 3/31/95 9/30/94 3/31/95 9/30/94
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Sale of shares:
Class A 121,258 511,859 108,092 397,002 161,005 472,153
Class D 303 88,738 4,489 48,184 66,076 136,211
Shares issued in payment of dividends:
Class A 122,820 238,291 115,713 222,712 250,409 506,326
Class D 1,694 1,050 752 330 2,423 2,911
Exchanged from associated Funds:
Class A 32,439 18,733 138,765 35,901 111,500 111,424
Class D -- -- -- 7,334 689 4,948
Shares issued in payment of gain distributions:
Class A 104,944 54,209 101,029 113,033 51,797 297,793
Class D 1,269 -- 737 -- 618 --
-------- -------- -------- -------- ---------- ----------
Total 384,727 912,880 469,577 824,496 644,517 1,531,766
-------- -------- -------- -------- ---------- ----------
Shares repurchased:
Class A (333,094) (712,918) (554,470) (720,685) (1,266,775) (1,783,099)
Class D (4,565) (1,054) -- (901) (13,365) (516)
Exchanged into associated Funds:
Class A (11,970) (54,301) (97,890) (83,511) (170,131) (247,705)
Class D -- -- -- -- (59,273) --
-------- -------- -------- -------- ---------- ----------
Total (349,629) (768,273) (652,360) (805,097) (1,509,544) (2,031,320)
-------- -------- -------- -------- ---------- ----------
Increase (decrease) in shares 35,098 144,607 (182,783) 19,399 (865,027) (499,554)
======== ======== ======== ======== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
Michigan Series Minnesota Series Missouri Series
--------------------- ---------------------- -----------------------
Six months Year Six months Year Six months Year
ended ended ended ended ended ended
3/31/95 9/30/94 3/31/95 9/30/94 3/31/95 9/30/94
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Sale of shares:
Class A 350,359 1,164,238 232,410 649,224 119,279 432,301
Class D 31,396 79,168 70,328 217,891 1,524 63,051
Shares issued in payment of dividends:
Class A 315,767 595,784 349,930 681,934 98,607 192,135
Class D 1,744 1,022 3,703 2,070 476 119
Class A 78,146 78,106 90,511 181,367 29,886 95,722
Class D -- 2,579 11,277 -- -- 2,376
Shares issued in payment of gain distributions:
Class A 75,509 133,922 26,068 203,361 46,811 61,773
Class D 425 -- 310 -- 458 --
---------- ---------- -------- ---------- -------- --------
Total 853,346 2,054,819 784,537 1,935,847 297,041 847,477
---------- ---------- -------- ---------- -------- --------
Shares repurchased:
Class A (995,848) (1,673,481) (802,886) (1,478,662) (505,126) (432,021)
Class D (11,511) (1,801) (17,186) (6,565) (2,376) (18,300)
Exchanged into associated Funds:
Class A (179,134) (176,197) (144,564) (223,599) (36,583) (96,265)
Class D (6,115) -- (27,687) -- -- --
---------- ---------- -------- ---------- -------- --------
Total (1,192,608) (1,851,479) (992,323) (1,708,826) (544,085) (546,586)
---------- ---------- -------- ---------- -------- --------
Increase (decrease) in shares (339,262) 203,340 (207,786) 227,021 (247,044) 300,891
========== ========== ======== ========== ======== ========
</TABLE>
40
<PAGE>
Notes to Financial Statements (continued)
<TABLE>
<CAPTION>
New York Series Ohio Series
-------------------------- --------------------------
Six months Year Six months Year
ended ended ended ended
3/31/95 9/30/94 3/31/95 9/30/94
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Sale of shares:
Class A 512,159 644,155 305,269 1,140,889
Class D 9,550 61,053 12,655 40,208
Shares issued in payment of dividends:
Class A 180,484 345,368 385,471 738,057
Class D 1,375 1,014 980 718
Exchanged from associated Funds:
Class A 257,108 89,847 80,003 86,706
Class D -- -- -- --
Shares issued in payment of gain distributions:
Class A 233,284 230,141 166,200 332,776
Class D 1,417 -- 476 --
---------- ---------- ---------- ----------
Total 1,195,377 1,371,578 951,054 2,339,354
---------- ---------- ---------- ----------
Shares repurchased:
Class A (1,229,655) (1,153,513) (1,086,251) (1,984,770)
Class D -- -- (5) --
Exchanged into associated Funds:
Class A (595,743) (264,593) (181,294) (276,088)
Class D (338) -- -- --
---------- ---------- ---------- ----------
Total (1,825,736) (1,418,106) (1,267,550) (2,260,858)
---------- ---------- ---------- ----------
Increase (decrease) in shares (630,359) (46,528) (316,496) 78,496
========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
Oregon Series South Carolina Series
-------------------------- --------------------------
Six months Year Six months Year
ended ended ended ended
3/31/95 9/30/94 3/31/95 9/30/94
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Sale of shares:
Class A 217,222 973,723 512,751 2,596,435
Class D 58,628 118,176 30,438 194,659
Shares issued in payment of dividends:
Class A 135,547 258,985 234,268 455,988
Class D 2,291 1,057 3,615 2,743
Exchanged from associated Funds:
Class A 53,558 56,640 62,979 27,515
Class D -- -- 12,150 5,929
Shares issued in payment of gain distributions:
Class A 15,449 47,000 22,923 164,253
Class D 287 -- 351 --
-------- -------- ---------- ----------
Total 482,982 1,455,581 879,475 3,447,522
-------- -------- ---------- ----------
Shares repurchased:
Class A (354,922) (814,995) (1,415,391) (2,031,384)
Class D (4,793) (5,414) (26,437) (8,567)
Exchanged into associated Funds:
Class A (287,178) (143,668) (291,659) (249,202)
Class D (3,191) (264) (7,718) (516)
-------- -------- ---------- ----------
Total (650,084) (964,341) (1,741,205) (2,289,669)
-------- -------- ---------- ----------
Increase (decrease) in shares (167,102) 491,240 (861,730) 1,157,853
======== ======== ========== ==========
</TABLE>
41
<PAGE>
Financial Highlights
The Fund's financial highlights are presented below. The per share
operating performance data is designed to allow investors to trace the
operating performance, on a per share basis, from a Series' beginning
net asset value to the ending net asset value so that they may
understand what effect the individual items have on their investment
assuming it was held throughout the period. Generally, the per share
amounts are derived by converting the actual dollar amounts incurred for
each item as disclosed in the financial statements to their equivalent
per share amounts using average shares outstanding.
The total return based on net asset value measures a Series' performance
assuming investors purchased shares at net asset value as of the
beginning of the period, reinvested dividends and capital gains paid at
net asset value, and then sold their shares at the net asset value per
share on the last day of the period. The total return computations do
not reflect any sales charges investors may incur in purchasing or
selling shares of the Fund. The total returns for periods of less than
one year are not annualized.
<TABLE>
<CAPTION>
Net Increase
Net Asset Realized & (Decrease)
Value at Net Unrealized from Dividends
Per Share Operating Beginning Investment Investment Investment Paid or
Performance: of Period Income* Gain (Loss) Operations Declared
<S> <C> <C> <C> <C> <C>
Class A shares:
National Series
Six months ended 3/31/95 $7.18 $0.20 $0.24 $0.44 ($0.20)
Year ended 9/30/94 8.72 0.41 (1.04) (0.63) (0.41)
Year ended 9/30/93 8.07 0.45 0.78 1.23 (0.45)
Year ended 9/30/92 7.90 0.48 0.20 0.68 (0.48)
Year ended 9/30/91 7.44 0.49 0.54 1.03 (0.49)
Year ended 9/30/90 7.73 0.51 (0.19) 0.32 (0.51)
Colorado Series
Six months ended 3/31/95 7.09 0.19 0.15 0.34 (0.19)
Year ended 9/30/94 7.76 0.37 (0.59) (0.22) (0.37)
Year ended 9/30/93 7.34 0.39 0.49 0.88 (0.39)
Year ended 9/30/92 7.22 0.42 0.12 0.54 (0.42)
Year ended 9/30/91 6.91 0.44 0.31 0.75 (0.44)
Year ended 9/30/90 7.06 0.46 (0.15) 0.31 (0.46)
Georgia Series
Six months ended 3/31/95 7.48 0.20 0.22 0.42 (0.20)
Year ended 9/30/94 8.43 0.41 (0.86) (0.45) (0.41)
Year ended 9/30/93 7.85 0.43 0.62 1.05 (0.43)
Year ended 9/30/92 7.63 0.46 0.25 0.71 (0.46)
Year ended 9/30/91 7.18 0.47 0.46 0.93 (0.47)
Year ended 9/30/90 7.30 0.48 (0.10) 0.38 (0.48)
Louisiana Series
Six months ended 3/31/95 7.94 0.22 0.19 0.41 (0.22)
Year ended 9/30/94 8.79 0.44 (0.77) (0.33) (0.44)
Year ended 9/30/93 8.38 0.46 0.51 0.97 (0.46)
Year ended 9/30/92 8.18 0.49 0.24 0.73 (0.49)
Year ended 9/30/91 7.70 0.50 0.50 1.00 (0.50)
Year ended 9/30/90 7.88 0.52 (0.12) 0.40 (0.52)
Maryland Series
Six months ended 3/31/95 7.71 0.21 0.22 0.43 (0.21)
Year ended 9/30/94 8.64 0.42 (0.76) (0.34) (0.42)
Year ended 9/30/93 8.15 0.44 0.59 1.03 (0.44)
Year ended 9/30/92 7.94 0.46 0.24 0.70 (0.46)
Year ended 9/30/91 7.45 0.47 0.49 0.96 (0.47)
Year ended 9/30/90 7.59 0.48 (0.14) 0.34 (0.48)
Massachusetts Series
Six months ended 3/31/95 7.66 0.22 0.17 0.39 (0.22)
Year ended 9/30/94 8.54 0.44 (0.67) (0.23) (0.44)
Year ended 9/30/93 8.06 0.47 0.55 1.02 (0.47)
Year ended 9/30/92 7.86 0.49 0.24 0.73 (0.49)
Year ended 9/30/91 7.26 0.50 0.62 1.12 (0.50)
Year ended 9/30/90 7.65 0.50 (0.31) 0.19 (0.50)
- --------------
See page 46 for footnotes.
</TABLE>
42
<PAGE>
Financial Highlights (Continued)
<TABLE>
<CAPTION>
Distributions Net Increase Net Asset Total Return Ratio of
from (Decrease) in Value at Based on Expenses to
Per Share Operating Net Gain Net Asset End Net Asset Average
Performance: Realized Value of Period Value Net Assets*
<S> <C> <C> <C> <C> <C>
Class A shares:
National Series
Six months ended 3/31/95 $ -- $0.24 $7.42 6.31% 0.86%+
Year ended 9/30/94 (0.50) (1.54) 7.18 (7.83) 0.85
Year ended 9/30/93 (0.13) 0.65 8.72 16.00 0.86
Year ended 9/30/92 (0.03) 0.17 8.07 8.84 0.77
Year ended 9/30/91 (0.08) 0.46 7.90 14.24 0.80
Year ended 9/30/90 (0.10) (0.29) 7.44 4.10 0.78
Colorado Series
Six months ended 3/31/95 -- 0.15 7.24 4.94 0.91+
Year ended 9/30/94 (0.08) (0.67) 7.09 (2.92) 0.86
Year ended 9/30/93 (0.07) 0.42 7.76 12.54 0.90
Year ended 9/30/92 -- 0.12 7.34 7.74 0.81
Year ended 9/30/91 -- 0.31 7.22 11.15 0.84
Year ended 9/30/90 -- (0.15) 6.91 4.38 0.85
Georgia Series
Six months ended 3/31/95 (0.10) 0.12 7.60 5.98 0.88+
Year ended 9/30/94 (0.09) (0.95) 7.48 (5.52) 0.73
Year ended 9/30/93 (0.04) 0.58 8.43 13.96 0.63
Year ended 9/30/92 (0.03) 0.22 7.85 9.64 0.47
Year ended 9/30/91 (0.01) 0.45 7.63 13.30 0.59
Year ended 9/30/90 (0.02) (0.12) 7.18 5.19 0.53
Louisiana Series
Six months ended 3/31/95 (0.14) 0.05 7.99 5.45 0.90+
Year ended 9/30/94 (0.08) (0.85) 7.94 (3.83) 0.87
Year ended 9/30/93 (0.10) 0.41 8.79 12.10 0.87
Year ended 9/30/92 (0.04) 0.20 8.38 9.13 0.80
Year ended 9/30/91 (0.02) 0.48 8.18 13.49 0.83
Year ended 9/30/90 (0.06) (0.18) 7.70 5.20 0.81
Maryland Series
Six months ended 3/31/95 (0.13) 0.09 7.80 5.92 0.96+
Year ended 9/30/94 (0.17) (0.93) 7.71 (4.08) 0.92
Year ended 9/30/93 (0.10) 0.49 8.64 13.23 0.97
Year ended 9/30/92 (0.03) 0.21 8.15 9.15 0.86
Year ended 9/30/91 -- 0.49 7.94 13.26 0.88
Year ended 9/30/90 -- (0.14) 7.45 4.47 0.87
Massachusetts Series
Six months ended 3/31/95 (0.03) 0.14 7.80 5.24 0.87+
Year ended 9/30/94 (0.21) (0.88) 7.66 (2.94) 0.85
Year ended 9/30/93 (0.07) 0.48 8.54 13.18 0.88
Year ended 9/30/92 (0.04) 0.20 8.06 9.75 0.77
Year ended 9/30/91 (0.02) 0.60 7.86 15.84 0.83
Year ended 9/30/90 (0.08) (0.39) 7.26 2.48 0.79
- --------------
See page 46 for footnotes.
</TABLE>
<PAGE>
Financial Highlights (Continued)
<TABLE>
<CAPTION>
Adjusted
Ratio of Net Adjusted Ratio of
Investment Net Assets Adjusted Net Ratio of Net Investment
Income at End of Investment Expenses to Income
Per Share Operating to Average Portfolio Period Income Average Net to Average
Performance: Net Assets* Turnover (000's omitted) Per Share* Assets* Net Assets*
<S> <C> <C> <C> <C> <C> <C>
Class A shares:
National Series
Six months ended 3/31/95 5.69%+ 15.72% $109,115
Year ended 9/30/94 5.30 24.86 111,374
Year ended 9/30/93 5.49 72.68 136,394
Year ended 9/30/92 6.02 63.99 132,130
Year ended 9/30/91 6.35 71.67 136,326
Year ended 9/30/90 6.64 55.01 133,412
Colorado Series
Six months ended 3/31/95 5.50+ 4.56 55,924
Year ended 9/30/94 5.06 10.07 58,197
Year ended 9/30/93 5.21 14.09 67,912
Year ended 9/30/92 5.81 23.22 64,900
Year ended 9/30/91 6.19 14.60 64,310
Year ended 9/30/90 6.47 31.89 63,173
Georgia Series
Six months ended 3/31/95 5.50+ -- 59,780 $0.19 0.96%+ 5.42%+
Year ended 9/30/94 5.21 19.34 61,466 0.40 0.93 5.01
Year ended 9/30/93 5.34 12.45 64,650 0.40 0.93 5.04
Year ended 9/30/92 5.95 10.24 44,585 0.43 0.87 5.55
Year ended 9/30/91 6.30 6.07 28,317 0.43 1.09 5.80
Year ended 9/30/90 6.53 5.83 19,002 0.44 1.03 6.03
Louisiana Series
Six months ended 3/31/95 5.60+ -- 62,073
Year ended 9/30/94 5.31 17.16 61,441
Year ended 9/30/93 5.40 9.21 67,529
Year ended 9/30/92 5.89 25.45 57,931
Year ended 9/30/91 6.31 20.85 50,089
Year ended 9/30/90 6.62 31.54 43,475
Maryland Series
Six months ended 3/31/95 5.51+ 3.66 56,429
Year ended 9/30/94 5.17 17.68 57,263
Year ended 9/30/93 5.28 14.10 64,472
Year ended 9/30/92 5.76 29.57 57,208
Year ended 9/30/91 6.09 18.84 54,068
Year ended 9/30/90 6.26 16.50 47,283
Massachusetts Series
Six months ended 3/31/95 5.73+ -- 115,635
Year ended 9/30/94 5.46 12.44 120,149
Year ended 9/30/93 5.65 20.66 139,504
Year ended 9/30/92 6.27 27.92 128,334
Year ended 9/30/91 6.64 14.37 118,022
Year ended 9/30/90 6.66 19.26 110,246
- --------------
See page 46 for footnotes.
</TABLE>
43
<PAGE>
Financial Highlights (continued)
<TABLE>
<CAPTION>
Net Increase
Net Asset Realized & (Decrease)
Value at Net Unrealized from Dividends
Per Share Operating Beginning Investment Investment Investment Paid or
Performance: of Period Income* Gain (Loss) Operations Declared
<S> <C> <C> <C> <C> <C>
Michigan Series
Six months ended 3/31/95 $8.28 $0.23 $0.19 $0.42 $(0.23)
Year ended 9/30/94 9.08 0.46 (0.71) (0.25) (0.46)
Year ended 9/30/93 8.68 0.47 0.59 1.06 (0.47)
Year ended 9/30/92 8.38 0.50 0.35 0.85 (0.50)
Year ended 9/30/91 7.89 0.51 0.51 1.02 (0.51)
Year ended 9/30/90 8.14 0.52 (0.16) 0.36 (0.52)
Minnesota Series
Six months ended 3/31/95 7.72 0.23 0.06 0.29 (0.23)
Year ended 9/30/94 8.28 0.45 (0.44) (0.01) (0.45)
Year ended 9/30/93 7.89 0.47 0.51 0.98 (0.47)
Year ended 9/30/92 7.81 0.49 0.09 0.58 (0.49)
Year ended 9/30/91 7.49 0.49 0.32 0.81 (0.49)
Year ended 9/30/90 7.60 0.49 (0.06) 0.43 (0.49)
Missouri Series
Six months ended 3/31/95 7.41 0.20 0.24 0.44 (0.20)
Year ended 9/30/94 8.31 0.40 (0.79) (0.39) (0.40)
Year ended 9/30/93 7.80 0.42 0.57 0.99 (0.42)
Year ended 9/30/92 7.72 0.44 0.15 0.59 (0.44)
Year ended 9/30/91 7.22 0.46 0.50 0.96 (0.46)
Year ended 9/30/90 7.28 0.45 (0.06) 0.39 (0.45)
New York Series
Six months ended 3/31/95 7.67 0.21 0.21 0.42 (0.21)
Year ended 9/30/94 8.75 0.43 (0.88) (0.45) (0.43)
Year ended 9/30/93 8.13 0.45 0.74 1.19 (0.45)
Year ended 9/30/92 7.94 0.49 0.26 0.75 (0.49)
Year ended 9/30/91 7.40 0.50 0.54 1.04 (0.50)
Year ended 9/30/90 7.71 0.51 (0.26) 0.25 (0.51)
Ohio Series
Six months ended 3/31/95 7.90 0.22 0.17 0.39 (0.22)
Year ended 9/30/94 8.77 0.44 (0.70) (0.26) (0.44)
Year ended 9/30/93 8.28 0.46 0.56 1.02 (0.46)
Year ended 9/30/92 8.06 0.49 0.26 0.75 (0.49)
Year ended 9/30/91 7.62 0.51 0.45 0.96 (0.51)
Year ended 9/30/90 7.80 0.52 (0.08) 0.44 (0.52)
Oregon Series
Six months ended 3/31/95 7.43 0.20 0.14 0.34 (0.20)
Year ended 9/30/94 8.08 0.40 (0.59) (0.19) (0.40)
Year ended 9/30/93 7.60 0.42 0.48 0.90 (0.42)
Year ended 9/30/92 7.42 0.42 0.18 0.60 (0.42)
Year ended 9/30/91 6.96 0.44 0.46 0.90 (0.44)
Year ended 9/30/90 7.05 0.44 (0.09) 0.35 (0.44)
South Carolina Series
Six months ended 3/31/95 7.61 0.21 0.23 0.44 (0.21)
Year ended 9/30/94 8.52 0.41 (0.79) (0.38) (0.41)
Year ended 9/30/93 8.00 0.43 0.54 0.97 (0.43)
Year ended 9/30/92 7.71 0.45 0.31 0.76 (0.45)
Year ended 9/30/91 7.23 0.46 0.52 0.98 (0.46)
Year ended 9/30/90 7.37 0.48 (0.14) 0.34 (0.48)
- --------------
See page 46 for footnotes.
</TABLE>
44
<PAGE>
Financial Highlights (continued)
<TABLE>
<CAPTION>
Distributions Net Increase Net Asset Total Return Ratio of
from (Decrease) in Value at Based on Expenses to
Per Share Operating Net Gain Net Asset End Net Asset Average
Performance: Realized Value of Period Value Net Assets*
<S> <C> <C> <C> <C> <C>
Michigan Series
Six months ended 3/31/95 ($0.04) $0.15 $8.43 5.31% 0.85%+
Year ended 9/30/94 (0.09) (0.80) 8.28 (2.90) 0.84
Year ended 9/30/93 (0.19) 0.40 9.08 12.97 0.83
Year ended 9/30/92 (0.05) 0.30 8.68 10.55 0.76
Year ended 9/30/91 (0.02) 0.49 8.38 13.34 0.80
Year ended 9/30/90 (0.09) (0.25) 7.89 4.57 0.80
Minnesota Series
Six months ended 3/31/95 (0.01) 0.05 7.77 3.90 0.86+
Year ended 9/30/94 (0.12) (0.56) 7.72 0.12 0.85
Year ended 9/30/93 (0.12) 0.39 8.28 13.06 0.90
Year ended 9/30/92 (0.01) 0.08 7.89 7.71 0.80
Year ended 9/30/91 -- 0.32 7.81 11.10 0.80
Year ended 9/30/90 (0.05) (0.11) 7.49 5.79 0.81
Missouri Series
Six months ended 3/31/95 (0.07) 0.17 7.58 6.21 0.82+
Year ended 9/30/94 (0.11) (0.90) 7.41 (4.85) 0.74
Year ended 9/30/93 (0.06) 0.51 8.31 13.17 0.71
Year ended 9/30/92 (0.07) 0.08 7.80 7.87 0.83
Year ended 9/30/91 -- 0.50 7.72 13.61 0.88
Year ended 9/30/90 -- (0.06) 7.22 5.47 0.84
New York Series
Six months ended 3/31/95 (0.17) 0.04 7.71 5.97 0.88+
Year ended 9/30/94 (0.20) (1.08) 7.67 (5.37) 0.87
Year ended 9/30/93 (0.12) 0.62 8.75 15.26 0.94
Year ended 9/30/92 (0.07) 0.19 8.13 9.80 0.79
Year ended 9/30/91 -- 0.54 7.94 14.56 0.80
Year ended 9/30/90 (0.05) (0.31) 7.40 3.19 0.79
Ohio Series
Six months ended 3/31/95 (0.07) 0.10 8.00 5.23 0.82+
Year ended 9/30/94 (0.17) (0.87) 7.90 (3.08) 0.84
Year ended 9/30/93 (0.07) 0.49 8.77 12.81 0.85
Year ended 9/30/92 (0.04) 0.22 8.28 9.68 0.75
Year ended 9/30/91 (0.01) 0.44 8.06 12.96 0.77
Year ended 9/30/90 (0.10) (0.18) 7.62 5.70 0.77
Oregon Series
Six months ended 3/31/95 (0.02) 0.12 7.55 4.72 0.81+
Year ended 9/30/94 (0.06) (0.65) 7.43 (2.38) 0.78
Year ended 9/30/93 -- 0.48 8.08 12.21 0.78
Year ended 9/30/92 -- 0.18 7.60 8.35 0.68
Year ended 9/30/91 -- 0.46 7.42 13.25 0.71
Year ended 9/30/90 -- (0.09) 6.96 4.99 0.72
South Carolina Series
Six months ended 3/31/95 (0.01) 0.22 7.83 5.97 0.89+
Year ended 9/30/94 (0.12) (0.91) 7.61 (4.61) 0.83
Year ended 9/30/93 (0.02) 0.52 8.52 12.52 0.85
Year ended 9/30/92 (0.02) 0.29 8.00 10.08 0.81
Year ended 9/30/91 (0.04) 0.48 7.71 13.95 0.81
Year ended 9/30/90 -- (0.14) 7.23 4.48 0.73
- --------------
See page 46 for footnotes.
</TABLE>
<PAGE>
Financial Highlights (continued)
<TABLE>
<CAPTION>
Adjusted
Ratio of Net Adjusted Ratio of
Investment Net Assets Adjusted Net Ratio of Net Investment
Income at End of Investment Expenses to Income
Per Share Operating to Average Portfolio Period Income Average Net to Average
Performance: Net Assets* Turnover (000's omitted) Per Share* Assets* Net Assets*
<S> <C> <C> <C> <C> <C> <C>
Michigan Series
Six months ended 3/31/95 5.69%+ 1.71% $150,877
Year ended 9/30/94 5.32 10.06 151,095
Year ended 9/30/93 5.41 6.33 164,638
Year ended 9/30/92 5.93 32.12 144,524
Year ended 9/30/91 6.28 22.81 129,004
Year ended 9/30/90 6.47 26.36 112,689
Minnesota Series
Six months ended 3/31/95 6.02+ -- 133,852
Year ended 9/30/94 5.70 3.30 134,990
Year ended 9/30/93 5.89 5.73 144,600
Year ended 9/30/92 6.29 12.08 151,922
Year ended 9/30/91 6.28 2.61 182,979
Year ended 9/30/90 6.40 12.10 160,930
Missouri Series
Six months ended 3/31/95 5.39+ -- 51,902 $0.20 0.91%+ 5.30%+
Year ended 9/30/94 5.18 14.33 52,621 0.39 0.88 5.04
Year ended 9/30/93 5.29 17.03 56,861 0.41 0.91 5.09
Year ended 9/30/92 5.71 18.80 49,459
Year ended 9/30/91 6.10 16.30 47,659
Year ended 9/30/90 6.20 30.46 50,875
New York Series
Six months ended 3/31/95 5.67+ 17.97 86,395
Year ended 9/30/94 5.31 28.19 90,914
Year ended 9/30/93 5.37 27.90 104,685
Year ended 9/30/92 6.09 42.90 92,681
Year ended 9/30/91 6.57 44.57 83,684
Year ended 9/30/90 6.65 32.14 77,766
Ohio Series
Six months ended 3/31/95 5.57+ 1.47 171,050
Year ended 9/30/94 5.34 9.37 171,469
Year ended 9/30/93 5.44 30.68 190,083
Year ended 9/30/92 6.02 7.15 170,427
Year ended 9/30/91 6.42 13.95 156,179
Year ended 9/30/90 6.63 16.05 136,251
Oregon Series
Six months ended 3/31/95 5.39+ 1.67 59,220 0.21 0.90+ 5.30+
Year ended 9/30/94 5.20 9.43 59,884 0.39 0.89 5.09
Year ended 9/30/93 5.35 8.08 62,095 0.41 0.93 5.20
Year ended 9/30/92 5.63 0.21 48,797 0.42 0.83 5.48
Year ended 9/30/91 6.06 7.60 39,350 0.42 0.91 5.86
Year ended 9/30/90 6.17 4.09 32,221 0.42 0.93 5.96
South Carolina Series
Six months ended 3/31/95 5.45+ -- 111,598
Year ended 9/30/94 5.12 1.81 115,133
Year ended 9/30/93 5.19 17.69 120,589
Year ended 9/30/92 5.71 3.37 82,882
Year ended 9/30/91 6.14 9.05 63,863 0.45 0.91 6.04
Year ended 9/30/90 6.47 15.26 49,234 0.47 0.84 6.35
- --------------
See page 46 for footnotes.
</TABLE>
45
<PAGE>
Financial Highlights (continued)
<TABLE>
<CAPTION>
Net Increase
Net Asset Realized & (Decrease)
Value at Net Unrealized from Dividends
Per Share Operating Beginning Investment Investment Investment Paid or
Performance: of Period Income* Gain (Loss) Operations Declared
<S> <C> <C> <C> <C> <C>
Class D shares:
National Series
Six months ended 3/31/95 $7.18 $0.17 $0.24 $0.41 ($0.17)
2/1/94** to 9/30/94 8.20 0.22 (1.02) (0.80) (0.22)
Colorado Series
Six months ended 3/31/95 7.09 0.16 0.14 0.30 (0.16)
2/1/94** to 9/30/94 7.72 0.20 (0.63) (0.43) (0.20)
Georgia Series
Six months ended 3/31/95 7.49 0.17 0.22 0.39 (0.17)
2/1/94** to 9/30/94 8.33 0.22 (0.84) (0.62) (0.22)
Louisiana Series
Six months ended 3/31/95 7.94 0.18 0.18 0.36 (0.18)
2/1/94** to 9/30/94 8.73 0.24 (0.79) (0.55) (0.24)
Maryland Series
Six months ended 3/31/95 7.72 0.17 0.22 0.39 (0.17)
2/1/94** to 9/30/94 8.46 0.23 (0.74) (0.51) (0.23)
Massachusetts Series
Six months ended 3/31/95 7.66 0.18 0.17 0.35 (0.18)
2/1/94** to 9/30/94 8.33 0.24 (0.67) (0.43) (0.24)
Michigan Series
Six months ended 3/31/95 8.28 0.19 0.18 0.37 (0.19)
2/1/94** to 9/30/94 9.01 0.25 (0.73) (0.48) (0.25)
Minnesota Series
Six months ended 3/31/95 7.73 0.19 0.05 0.24 (0.19)
2/1/94** to 9/30/94 8.22 0.25 (0.49) (0.24) (0.25)
Missouri Series
Six months ended 3/31/95 7.41 0.16 0.24 0.40 (0.16)
2/1/94** to 9/30/94 8.20 0.22 (0.79) (0.57) (0.22)
New York Series
Six months ended 3/31/95 7.67 0.17 0.21 0.38 (0.17)
2/1/94** to 9/30/94 8.55 0.23 (0.88) (0.65) (0.23)
Ohio Series
Six months ended 3/31/95 7.92 0.18 0.17 0.35 (0.18)
2/1/94** to 9/30/94 8.61 0.24 (0.69) (0.45) (0.24)
Oregon Series
Six months ended 3/31/95 7.43 0.17 0.14 0.31 (0.17)
2/1/94** to 9/30/94 8.02 0.22 (0.59) (0.37) (0.22)
South Carolina Series
Six months ended 3/31/95 7.61 0.17 0.23 0.40 (0.17)
2/1/94** to 9/30/94 8.42 0.22 (0.81) (0.59) (0.22)
______________________
*During the periods stated, the Manager, at its discretion, waived all
or portions of its fees for the Georgia, Missouri, Oregon, and South
Carolina Series. The adjusted net investment income per share and
adjusted ratios reflected what the results would have been had the
Manager not waived its fees.
**Commencement of offering of Class D shares.
+Annualized.
++For the year ended 9/30/94.
See notes to financial statements.
</TABLE>
46
<PAGE>
<TABLE>
<CAPTION>
Distributions Net Increase Net Asset Total Return Ratio of
from (Decrease) in Value at Based on Expenses to
Per Share Operating Net Gain Net Asset End Net Asset Average
Performance: Realized Value of Period Value Net Assets*
<S> <C> <C> <C> <C> <C>
Class D shares:
National Series
Six months ended 3/31/95 $ -- $0.24 $7.42 5.79% 1.80%+
2/1/94** to 9/30/94 -- (1.02) 7.18 (9.96) 1.76+
Colorado Series
Six months ended 3/31/95 -- 0.14 7.23 4.28 1.90+
2/1/94** to 9/30/94 -- (0.63) 7.09 (5.73) 1.78+
Georgia Series
Six months ended 3/31/95 (0.10) 0.12 7.61 5.46 1.79+
2/1/94** to 9/30/94 -- (0.84) 7.49 (7.57) 1.76+
Louisiana Series
Six months ended 3/31/95 (0.14) 0.04 7.98 4.81 1.88+
2/1/94** to 9/30/94 -- (0.79) 7.94 (6.45) 1.78+
Maryland Series
Six months ended 3/31/95 (0.13) 0.09 7.81 5.39 1.98+
2/1/94** to 9/30/94 -- (0.74) 7.72 (6.21) 1.80+
Massachusetts Series
Six months ended 3/31/95 (0.03) 0.14 7.80 4.75 1.82+
2/1/94** to 9/30/94 -- (0.67) 7.66 (5.34) 1.78+
Michigan Series
Six months ended 3/31/95 (0.04) 0.14 8.42 4.67 1.82+
2/1/94** to 9/30/94 -- (0.73) 8.28 (5.47) 1.75+
Minnesota Series
Six months ended 3/31/95 (0.01) 0.04 7.77 3.27 1.81+
2/1/94** to 9/30/94 -- (0.49) 7.73 (3.08) 1.74+
Missouri Series
Six months ended 3/31/95 (0.07) 0.17 7.58 5.66 1.89+
2/1/94** to 9/30/94 -- (0.79) 7.41 (7.16) 1.70+
New York Series
Six months ended 3/31/95 (0.17) 0.04 7.71 5.42 1.94+
2/1/94** to 9/30/94 -- (0.88) 7.67 (7.73) 1.81+
Ohio Series
Six months ended 3/31/95 (0.07) 0.10 8.02 4.68 1.87+
2/1/94** to 9/30/94 -- (0.69) 7.92 (5.36) 1.78+
Oregon Series
Six months ended 3/31/95 (0.02) 0.12 7.55 4.72 1.78+
2/1/94** to 9/30/94 -- (0.59) 7.43 (4.76) 1.72+
South Carolina Series
Six months ended 3/31/95 (0.01) 0.22 7.83 5.47 1.86+
2/1/94** to 9/30/94 -- (0.81) 7.61 (7.14) 1.74+
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Adjusted
Ratio of Net Adjusted Ratio of
Investment Net Assets Adjusted Net Ratio of Net Investment
Income at End of Investment Expenses to Income
Per Share Operating to Average Portfolio Period Income Average Net to Average
Performance: Net Assets* Turnover (000's omitted) Per Share* Assets* Net Assets*
<S> <C> <C> <C> <C> <C> <C>
Class D shares:
National Series
Six months ended 3/31/95 4.61%+ 15.72% $ 733
2/1/94** to 9/30/94 4.37+ 24.86++ 446
Colorado Series
Six months ended 3/31/95 4.50+ 4.56 101
2/1/94** to 9/30/94 4.05+ 10.07++ 96
Georgia Series
Six months ended 3/31/95 4.50+ -- 1,526 $0.16 1.87%+ 4.42%+
2/1/94** to 9/30/94 4.28+ 19.34++ 849 0.21 1.90+ 4.15+
Louisiana Series
Six months ended 3/31/95 4.62+ -- 698
2/1/94** to 9/30/94 4.33+ 17.16++ 704
Maryland Series
Six months ended 3/31/95 4.48+ 3.66 476
2/1/94** to 9/30/94 4.26+ 17.68++ 424
Massachusetts Series
Six months ended 3/31/95 4.70+ -- 1,097
2/1/94** to 9/30/94 4.52+ 12.44++ 1,099
Michigan Series
Six months ended 3/31/95 4.67+ 1.71 816
2/1/94** to 9/30/94 4.40+ 10.06++ 671
Minnesota Series
Six months ended 3/31/95 5.03+ -- 1,975
2/1/94** to 9/30/94 4.68+ 3.30++ 1,649
Missouri Series
Six months ended 3/31/95 4.48+ -- 359 0.16 1.98+ 4.39+
2/1/94** to 9/30/94 4.27+ 14.33++ 350 0.22 1.80+ 4.17+
New York Series
Six months ended 3/31/95 4.65+ 17.97 571
2/1/94** to 9/30/94 4.39+ 28.19++ 476
Ohio Series
Six months ended 3/31/95 4.64+ 1.47 442
2/1/94** to 9/30/94 4.41+ 9.37++ 324
Oregon Series
Six months ended 3/31/95 4.56+ 1.67 1,259 0.16 1.87+ 4.47+
2/1/94** to 9/30/94 4.32+ 9.43++ 843 0.22 1.82+ 4.22+
South Carolina Series
Six months ended 3/31/95 4.59+ -- 1,617
2/1/94** to 9/30/94 4.29+ 1.81++ 1,478
</TABLE>
47
<PAGE>
Report of Independent Auditors
The Board of Directors and Shareholders,
Seligman Tax-Exempt Fund Series, Inc.:
We have audited the accompanying statements of assets and liabilities,
including the portfolios of investments, of the National, Colorado,
Georgia, Louisiana, Maryland, Massachusetts, Michigan, Minnesota,
Missouri, New York, Ohio, Oregon and South Carolina Series of Seligman
Tax-Exempt Fund Series, Inc. as of March 31, 1995, the related
statements of operations for the six months then ended and of changes in
net assets for the six months then ended and for the year ended
September 30, 1994, and the financial highlights for each of the periods
presented. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to
express an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of securities owned as of March 31, 1995 by correspondence
with the Fund's custodian. An audit also includes assessing the
accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights
present fairly, in all material respects, the financial position of each
Series of Seligman Tax-Exempt Fund Series, Inc. as of March 31, 1995,
the results of their operations, the changes in their net assets, and
the financial highlights for the respective stated periods, in
conformity with generally accepted accounting principles.
/s/ Deloitte & Touche LLP
---------------------
DELOITTE & TOUCHE LLP
New York, New York
April 28, 1995
48
<PAGE>
(This page intentionally left blank.)
49
<PAGE>
Board of Directors
Fred E. Brown
Director and Consultant,
J. & W. Seligman & Co. Incorporated
Alice S. Ilchman 3
President, Sarah Lawrence College
Trustee, Committee for Economic Development
Director, NYNEX
Trustee, The Rockefeller Foundation
John E. Merow
Partner, Sullivan & Cromwell, Attorneys
Betsy S. Michel 2
Director or Trustee,
Various Organizations
William C. Morris 1
Chairman
Chairman of the Board and President,
J. & W. Seligman & Co. Incorporated
Chairman, Carbo Ceramics Inc.
Director, Daniel Industries, Inc.
Director, Kerr-McGee Corporation
Douglas R. Nichols, Jr. 2
Management Consultant
James C. Pitney 3
Partner, Pitney, Hardin, Kipp & Szuch, Attorneys
Director, Public Service Enterprise Group
James Q. Riordan 3
Director, The Brooklyn Union Gas Company
Trustee, Committee for Economic Development
Director, Dow Jones & Co., Inc.
Director, Public Broadcasting Service
Herman J. Schmidt 2
Director, H.J. Heinz Company
Director, HON Industries, Inc.
Director, MAPCO, Inc.
Ronald T. Schroeder 1
President
Managing Director, J. & W. Seligman & Co. Incorporated
Robert L. Shafer 3
Vice President, Pfizer Inc.
Director, USLIFE Corporation
James N. Whitson 2
Executive Vice President and Director, Sammons Enterprises, Inc.
Director, C-SPAN
Director, Red Man Pipe and Supply Company
Brian T. Zino 1
Managing Director, J. & W. Seligman & Co. Incorporated
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Member:
1 Executive Committee
2 Audit Committee
3 Director Nominating Committee
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Executive Officers
William C. Morris
Chairman
Ronald T. Schroeder
President
Thomas G. Moles
Vice President
Lawrence P. Vogel
Vice President
Thomas G. Rose
Treasurer
Frank J. Nasta
Secretary
Manager
J. & W. Seligman & Co.
Incorporated
100 Park Avenue
New York, NY 10017
General Counsel
Sullivan & Cromwell
Independent Auditors
Deloitte & Touche LLP
General Distributor
Seligman Financial Services, Inc.
100 Park Avenue
New York, NY 10017
Shareholder Service Agent
Seligman Data Corp.
100 Park Avenue
New York, NY 10017
Important Telephone Numbers
(800) 221-2450 Shareholder Services
(800) 622-4597 24-Hour Automated
Telephone
Access Service
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<PAGE>
Seligman Financial Services, Inc.
an affiliate of
Seligman JWS Monogram Logo Goes Here
J. & W. SELIGMAN & CO.
INCORPORATED
established 1864
100 Park Avenue, New York, NY 10017
This report is intended only for the information of shareholders or
those who have received the offering prospectus covering shares of
Capital Stock of Seligman Tax-Exempt Fund Series, Inc., which contains
information about the sales charges, management fee, and other costs.
Please read the prospectus carefully before investing or sending money.
TEA3 3/95
