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Seligman
Tax-Exempt
Fund
Series, Inc.
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12th Annual Report
September 30, 1995
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JWS
[LOGO]
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To the Shareholders
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We are pleased to update you on the National and 12 state-specific portfolios of
Seligman Tax-Exempt Fund Series for the fiscal year ended September 30, 1995.
Your Series' total net assets stood at $1,226,464,083 at September 30,
compared to $1,255,408,829 a year ago. Dividends and gains paid to shareholders
during the 12 months totaled $76,002,127.
The past 12 months have been a particularly turbulent period for
fixed-income markets. During the fourth quarter of 1994, a strengthening economy
continued to fuel fears of an acceleration in the inflation rate. By
mid-November, municipal bond yields had climbed to their highest levels since
1991. Investors, until now conspicuous by their absence, were attracted by
higher yields and cautiously began buying. The municipal market, however, was
still trying to absorb an oversupply of inventory as well as attempting to
overcome the aftershocks of the Orange County, California, debacle and thus
improved at a slower rate than the U.S. Treasury market. As 1994 came to a
close, the bond market recovery was firmly under way. The Federal Reserve
Board's (FRB) decision on February 1 to once again raise the federal funds rate
helped to sustain the rally by boosting investor confidence in the FRB's ability
to contain inflation.
The U.S. economy finally began to exhibit signs of moderating during the
second quarter of 1995, spurring further declines in long-term yields. The FRB,
encouraged by economic reports, voted on July 6 to lower the federal funds rate
in order to minimize the risk of a recession. While the bond markets initially
reacted positively to this news, it wasn't long before the next round of
economic reports proved surprisingly robust, prompting speculation that the
economy was not as weak as believed. Long-term yields reversed their decline and
spiked sharply, dashing hopes of an imminent FRB easing. The municipal market
began to improve in late August as signs of economic strength abated. By
September 30, long-term yields were essentially unchanged from a year ago.
For much of the past year, municipal market participants have been focusing
on tax reform legislation. Investors, concerned about the impact on the
tax-exempt status of municipal securities, have been demanding higher yields as
compensation. Currently, long-term municipal bonds, compared with taxable bonds,
are the most attractive they have been all year.
A discussion with your Portfolio Manager about your Series, along with
highlights of performance, long-term investment results, portfolio holdings, and
financial statements, follows this letter.
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 63 of this report.
By order of the Board of Directors,
/s/ William C. Morris
William C. Morris
Chairman
/s/ Brian T. Zino
Brian T. Zino
President
November 3, 1995
1
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Seligman Tax-Exempt Fund Series, Inc.
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Highlights September 30, 1995
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------
National Colorado Georgia Louisiana Maryland Massachusetts
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<S> <C> <C> <C> <C> <C> <C>
Net assets:
Class A (in millions) $104.2 $54.9 $57.7 $62.0 $56.3 $115.7
Class D (in millions) 1.2 0.2 2.1 0.5 0.6 0.9
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Yield:*
Class A 4.73% 4.36% 4.44% 4.39% 4.24% 4.38%
Class D 4.07 3.69 3.76 3.70 3.56 3.70
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Dividends:**
Class A $0.398 $0.379 $0.395 $0.430 $0.410 $0.425
Class D 0.321 0.302 0.322 0.348 0.330 0.345
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Capital Gain Distributions** -- -- $0.103 $0.140 $0.133 $0.032
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Net asset value per share:
Class A $7.58 $7.30 $7.81 $8.14 $7.96 $7.91
Class D 7.57 7.29 7.82 8.14 7.97 7.90
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Maximum offering price per share:
Class A $7.96 $7.66 $8.20 $8.55 $8.36 $8.30
Class D 7.57 7.29 7.82 8.14 7.97 7.90
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Moody's/S&P Ratings+
Aaa/AAA 25% 54% 51% 85% 39% 52%
Aa/AA 60 27 25 7 43 15
A/A 9 16 18 5 18 26
Baa/BBB 4 -- 6 2 -- 5
Caa/CCC -- -- -- -- -- --
Non-rated 2 3 -- 1 -- 2
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Holdings by Market Sector+
Revenue Bonds 81% 85% 65% 70% 62% 77%
General Obligation Bonds 19 15 35 30 38 23
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Weighted Average Maturity (years) 26.2 19.4 21.9 18.7 20.3 18.8
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</TABLE>
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<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
Michigan Minnesota Missouri New York Ohio Oregon South Carolina
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<S> <C> <C> <C> <C> <C> <C> <C>
Net assets:
Class A (in millions) $151.6 $132.7 $51.2 $84.0 $170.2 $59.5 $112.4
Class D (in millions) 1.2 2.2 0.5 0.9 0.7 1.5 1.7
- ------------------------------------------------------------------------------------------------------------------------------------
Yield:*
Class A 4.36% 3.94% 4.30% 4.70% 4.24% 4.26% 4.43%
Class D 3.68 3.23 3.60 4.05 3.53 3.57 3.75
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends:**
Class A $0.458 $0.453 $0.396 $0.420 $0.440 $0.402 $0.414
Class D 0.366 0.379 0.316 0.337 0.355 0.330 0.339
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Capital Gain Distributions** $0.043 $0.014 $0.070 $0.170 $0.074 $0.018 $0.014
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Net asset value per share:
Class A $8.54 $7.82 $7.70 $7.86 $8.11 $7.66 $7.97
Class D 8.54 7.82 7.70 7.87 8.15 7.65 7.97
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Maximum offering price per share:
Class A $8.97 $8.21 $8.08 $8.25 $8.51 $8.04 $8.37
Class D 8.54 7.82 7.70 7.87 8.15 7.65 7.97
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Moody's/S&P Ratings+
Aaa/AAA 52% 45% 43% 52% 65% 33% 66%
Aa/AA 20 19 41 11 14 22 14
A/A 19 24 16 23 10 27 19
Baa/BBB 3 -- -- 14 2 9 1
Caa/CCC -- 8 -- -- -- -- --
Non-rated 6 4 -- -- 9 9 --
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Holdings by Market Sector+
Revenue Bonds 75% 58% 88% 96% 66% 71% 73%
General Obligation Bonds 25 42 12 4 34 29 27
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Weighted Average Maturity (years) 19.2 16.6 18.3 21.7 17.3 16.8 17.5
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</TABLE>
*Current yield representing the annualized yield for the 30-day period ended
September 30, 1995.
**Represents per share amount paid or declared in respect of Class A and Class
D shares during the year ended September 30, 1995.
+Percentages based on current market value of long-term holdings.
Note: The yield has been computed in accordance with current 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.
2 & 3
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Annual Performance Overview
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The following is a biography of your Portfolio Manager, a discussion with him
regarding Seligman Tax-Exempt Fund Series, and a chart and table comparing your
Series' performance to the performance of the Lehman Brothers Municipal Bond
Index.
Your Portfolio Manager
[Photo of Thomas G. Moles]
Thomas G. Moles is a Managing Director of J. & W. Seligman & Co. Incorporated,
as well as President and Senior Portfolio Manager of Seligman Select Municipal
Fund and Seligman Quality Municipal Fund, and Vice President and Senior
Portfolio Manager of the Seligman tax-exempt mutual funds which include 19
separate portfolios. He is responsible for more than $2 billion in tax-exempt
securities. Mr. Moles, with more than 25 years of experience, has spearheaded
Seligman's tax-exempt efforts since joining the firm in 1983.
Factors Affecting Seligman Tax-Exempt Fund Series
"In general, the investment environment for municipal securities in 1995 was
much more advantageous than in 1994. Looking back, interest rates continued to
move higher during the fourth quarter of 1994 as negative market sentiment
prevailed. The net asset values on long-term municipal bond mutual funds,
including your Series, declined as a result. The municipal market was further
impacted by the Orange County, California, bankruptcy, which undermined
confidence in the market.
"During the first half of 1995, yields on municipal bonds trended lower as the
economy exhibited signs of moderating. The municipal market, however,
underperformed the U.S. Treasury market due to concerns regarding tax reform.
During the third quarter, stronger-than-expected economic reports caused a brief
spike in interest rates. By September 30, however, the overall decline in
long-term yields over the past 12 months had caused the net asset values of your
Series to improve."
Your Manager's Investment Strategy
"For much of the past year, there has been little difference between yields on
20-year and 30-year municipal bonds. We took advantage of the narrow yield
spread and shortened maturities where opportunities allowed. By implementing
this strategy, the Series was able to maintain yields while lessening
volatility.
"As the bond market gradually improved, your Series assumed a less defensive
posture. Shorter-term prerefunded positions were reduced and replaced with
long-term bonds, as long-term bonds generally realize greater price appreciation
than shorter-term bonds in a declining interest rate environment.
"The Series continues to concentrate new purchases in higher-quality municipal
bonds. The market has not been offering enough of an additional yield on
lower-rated bonds to compensate for their increased risk. In addition, the
Series has focused on bonds issued to provide for essential services, such as
water and sewer facilities, transportation projects, etc. These bonds generally
offer increased security because revenues derived from the projects are often
pledged as repayment for the principal and interest on the bonds."
Looking Ahead
"The municipal market faces many challenges in the months to come. With the
Federal government shifting more and more responsibilities to individual states,
we are concerned about the impact on state budgets. Additionally, the
possibility exists that future tax reform legislation may affect the tax-exempt
status of municipal securities. At present, however, tax reform is not a
consideration in our decision making process. We will continue to stay abreast
of the latest developments and adjust our strategy accordingly. Despite the
challenges, we remain optimistic about the prospects for the municipal market.
We believe a moderating economy and a vigilant Federal Reserve Board should keep
inflation in check and prevent a repeat of the dramatic interest rate increases
that occurred in 1994."
4
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Performance Comparison Charts and Tables September 30, 1995
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The following charts compare a $10,000 hypothetical investment made in each
Series of Seligman Tax-Exempt Fund Series Class A shares, with and without the
maximum initial sales charge of 4.75%, for the 10-year or since inception (where
applicable) periods ended September 30, 1995, to a $10,000 hypothetical
investment made in the Lehman Brothers Municipal Bond Index (Lehman Index) for
the same periods. The performance of each Series of Seligman Tax-Exempt Fund
Series Class D shares is not shown in the charts but is included in the table
below each chart. It is important to keep in mind that the Lehman Index excludes
the effects of any fees or sales charges, and does not reflect state-specific
bond market performance.
Seligman National Tax-Exempt Series
The following plot points are represented by a graph in the printed material.
National with sales charge without sales charge Lehman Index
9/30/85 $9,528.06 $10,000.00 $10,000.00
12/31/85 $10,309.09 $10,819.71 $10,807.87
3/31/86 $11,417.73 $11,983.26 $11,902.14
6/30/86 $11,407.75 $11,972.79 $11,829.06
9/30/86 $12,021.68 $12,617.13 $12,464.87
12/31/86 $12,510.83 $13,130.51 $12,895.64
3/31/87 $12,951.55 $13,593.07 $13,207.78
6/30/87 $12,217.47 $12,822.62 $12,849.29
9/30/87 $11,736.82 $12,318.18 $12,529.90
12/31/87 $12,332.87 $12,943.73 $13,089.78
3/31/88 $12,674.69 $13,302.48 $13,539.73
6/30/88 $13,142.13 $13,793.08 $13,802.22
9/30/88 $13,665.43 $14,342.30 $14,156.10
12/31/88 $14,049.70 $14,745.61 $14,420.02
3/31/89 $14,180.12 $14,882.49 $14,515.52
6/30/89 $15,028.54 $15,772.94 $15,374.75
9/30/89 $14,842.77 $15,577.97 $15,385.45
12/31/89 $15,429.42 $16,193.68 $15,975.78
3/31/90 $15,326.87 $16,086.05 $16,047.33
6/30/90 $15,728.36 $16,507.42 $16,422.02
9/30/90 $15,451.50 $16,216.86 $16,431.64
12/31/90 $16,327.20 $17,135.93 $17,140.38
3/31/91 $16,609.38 $17,432.09 $17,527.83
6/30/91 $16,961.43 $17,801.57 $17,901.99
9/30/91 $17,651.44 $18,525.76 $18,597.71
12/31/91 $18,200.45 $19,101.96 $19,221.27
3/31/92 $18,156.32 $19,055.64 $19,278.39
6/30/92 $18,880.36 $19,815.55 $20,009.10
9/30/92 $19,211.86 $20,163.48 $20,541.50
12/31/92 $19,635.19 $20,607.77 $20,915.25
3/31/93 $20,629.63 $21,651.46 $21,692.06
6/30/93 $21,437.93 $22,499.80 $22,401.82
9/30/93 $22,286.52 $23,390.43 $23,159.00
12/31/93 $22,403.01 $23,512.70 $23,484.78
3/31/94 $20,565.58 $21,584.26 $22,195.61
6/30/94 $20,690.07 $21,714.91 $22,439.94
9/30/94 $20,542.58 $21,560.12 $22,593.72
12/31/94 $20,174.36 $21,173.66 $22,270.84
3/31/95 $21,838.46 $22,920.19 $23,844.34
6/30/95 $22,397.13 $23,506.54 $24,418.70
9/30/95 $22,900.58 $24,034.93 $25,120.77
The table below shows the average annual total returns for the one-, five-, and
10-year periods through September 30, 1995, for Seligman National Tax-Exempt
Series Class A shares, with and without the maximum initial sales charge of
4.75%, and the Lehman Index. Also included in the table are the average annual
total returns for the one-year and since-inception periods through September 30,
1995, for Seligman National Tax-Exempt Series Class D shares, with and without
the effect of the 1% contingent deferred sales load ("CDSL") imposed on shares
redeemed within one year of purchase, and the Lehman Index.
Average Annual Total Returns
<TABLE>
<CAPTION>
Since
One Five 10 One Inception
Year Years Years Year 2/1/94
---- ----- ----- ---- ------
<S> <C> <C> <C> <C> <C> <C>
Seligman National Seligman National
Tax-Exempt Series Tax-Exempt Series
Class A with Sales Charge 6.16% 7.14% 8.64% Class D with CDSL 9.17% n/a
Class A without Sales Charge 11.48 8.19 9.17 Class D without CDSL 10.17 (0.49)%
Lehman Index 11.18 8.86 9.65 Lehman Index 11.18 3.43
</TABLE>
See page 17 for footnotes.
5
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Performance Comparison Charts and Tables (continued)
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Seligman Colorado Tax-Exempt Series
The following plot points are represented by a graph in the printed material.
CO TE with sales charge without sales charge Lehman Index
5/1/86 $9,520.00 $10,000.00 $10,000.00
6/30/86 $9,053.33 $9,509.80 $9,931.05
9/30/86 $9,665.20 $10,152.53 $10,464.84
12/31/86 $10,002.60 $10,506.93 $10,826.49
3/31/87 $10,217.02 $10,732.16 $11,088.55
6/30/87 $9,817.82 $10,312.83 $10,787.58
9/30/87 $9,357.88 $9,829.70 $10,519.43
12/31/87 $9,939.36 $10,440.50 $10,989.48
3/31/88 $10,303.52 $10,823.02 $11,367.24
6/30/88 $10,547.76 $11,079.58 $11,587.61
9/30/88 $10,872.48 $11,420.67 $11,884.71
12/31/88 $11,198.27 $11,762.89 $12,106.28
3/31/89 $11,316.55 $11,887.13 $12,186.46
6/30/89 $11,951.67 $12,554.29 $12,907.83
9/30/89 $11,926.56 $12,527.91 $12,916.81
12/31/89 $12,322.36 $12,943.66 $13,412.41
3/31/90 $12,248.17 $12,865.73 $13,472.48
6/30/90 $12,534.43 $13,166.43 $13,787.05
9/30/90 $12,448.68 $13,076.36 $13,795.13
12/31/90 $12,944.33 $13,597.00 $14,390.15
3/31/91 $13,160.16 $13,823.71 $14,715.44
6/30/91 $13,399.80 $14,075.44 $15,029.56
9/30/91 $13,836.82 $14,534.49 $15,613.65
12/31/91 $14,160.68 $14,874.68 $16,137.15
3/31/92 $14,129.46 $14,841.87 $16,185.11
6/30/92 $14,597.55 $15,333.57 $16,798.57
9/30/92 $14,908.07 $15,659.75 $17,245.55
12/31/92 $15,246.70 $16,015.46 $17,559.33
3/31/93 $15,752.97 $16,547.25 $18,211.50
6/30/93 $16,258.36 $17,078.12 $18,807.38
9/30/93 $16,777.14 $17,623.06 $19,443.06
12/31/93 $16,941.18 $17,795.37 $19,716.57
3/31/94 $16,115.38 $16,927.93 $18,634.25
6/30/94 $16,259.10 $17,078.90 $18,839.38
9/30/94 $16,287.30 $17,108.52 $18,968.48
12/31/94 $16,072.58 $16,882.99 $18,697.41
3/31/95 $17,092.08 $17,953.89 $20,018.44
6/30/95 $17,386.02 $18,262.66 $20,500.64
9/30/95 $17,680.87 $18,572.37 $21,090.06
The table below shows the average annual total returns for the one-year,
five-year, and since-inception periods through September 30, 1995, for Seligman
Colorado Tax-Exempt Series Class A shares, with and without the maximum initial
sales charge of 4.75%, and the Lehman Index. Also included in the table are the
average annual total returns for the one-year and since-inception periods
through September 30, 1995, for Seligman Colorado Tax-Exempt Series Class D
shares, with and without the effect of the 1% contingent deferred sales load
("CDSL") imposed on shares redeemed within one year of purchase, and the Lehman
Index.
Average Annual Total Returns
<TABLE>
<CAPTION>
Since Since
One Five Inception One Inception
Year Years 5/1/86 Year 2/1/94
---- ----- ------ ---- ------
<S> <C> <C> <C> <C> <C> <C>
Seligman Colorado Seligman Colorado
Tax-Exempt Series Tax-Exempt Series
Class A with Sales Charge 3.45% 6.24% 6.24% Class D with CDSL 6.26% n/a
Class A without Sales Charge 8.56 7.27 6.79 Class D without CDSL 7.26 0.67%
Lehman Index 11.18 8.86 8.25* Lehman Index 11.18 3.43
*From 4/30/86.
</TABLE>
See page 17 for footnotes.
6
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September 30, 1995
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Seligman Georgia Tax-Exempt Series
The following plot points are represented by a graph in the printed material.
GA TE with sales charge without sales charge Lehman Index
6/15/87 $9,520.00 $10,000.00
6/30/87 $9,413.33 $9,887.95 $10,000.00
9/30/87 $8,795.01 $9,238.45 $9,751.43
12/31/87 $9,408.85 $9,883.25 $10,187.16
3/31/88 $9,746.26 $10,237.68 $10,537.34
6/30/88 $10,009.51 $10,514.20 $10,741.62
9/30/88 $10,334.58 $10,855.65 $11,017.03
12/31/88 $10,691.63 $11,230.70 $11,222.43
3/31/89 $10,791.50 $11,335.61 $11,296.75
6/30/89 $11,430.34 $12,006.66 $11,965.45
9/30/89 $11,383.14 $11,957.07 $11,973.78
12/31/89 $11,747.04 $12,339.33 $12,433.20
3/31/90 $11,747.04 $12,339.33 $12,488.89
6/30/90 $12,007.71 $12,613.15 $12,780.49
9/30/90 $11,973.62 $12,577.34 $12,787.97
12/31/90 $12,570.46 $13,204.28 $13,339.55
3/31/91 $12,800.49 $13,445.91 $13,641.09
6/30/91 $13,057.80 $13,716.20 $13,932.28
9/30/91 $13,565.90 $14,249.93 $14,473.73
12/31/91 $13,949.88 $14,653.26 $14,959.01
3/31/92 $13,940.70 $14,643.60 $15,003.46
6/30/92 $14,508.36 $15,239.88 $15,572.15
9/30/92 $14,874.38 $15,624.36 $15,986.49
12/31/92 $15,205.41 $15,972.09 $16,277.36
3/31/93 $15,646.24 $16,435.13 $16,881.92
6/30/93 $16,175.66 $16,991.24 $17,434.29
9/30/93 $16,950.57 $17,805.24 $18,023.56
12/31/93 $17,061.47 $17,921.74 $18,277.11
3/31/94 $15,897.11 $16,698.67 $17,273.80
6/30/94 $15,994.79 $16,801.27 $17,463.96
9/30/94 $16,015.12 $16,822.62 $17,583.63
12/3/94 $15,758.18 $16,552.72 $17,332.35
3/30/95 $16,972.31 $17,828.08 $18,556.93
6/30/95 $17,482.68 $18,364.18 $19,003.93
9/30/95 $17,882.41 $18,784.05 $19,550.32
The table below shows the average annual total returns for the one-year,
five-year, and since-inception periods through September 30, 1995, for Seligman
Georgia Tax-Exempt Series Class A shares, with and without the maximum initial
sales charge of 4.75%, and the Lehman Index. Also included in the table are the
average annual total returns for the one-year and since-inception periods
through September 30, 1995, for Seligman Georgia Tax-Exempt Series Class D
shares, with and without the effect of the 1% contingent deferred sales load
("CDSL") imposed on shares redeemed within one year of purchase, and the Lehman
Index.
Average Annual Total Returns
<TABLE>
<CAPTION>
Since Since
One Five Inception One Inception
Year Years 6/15/87 Year 2/1/94
---- ----- ------- ---- ------
<S> <C> <C> <C> <C> <C> <C>
Seligman Georgia Seligman Georgia
Tax-Exempt Series Tax-Exempt Series
Class A with Sales Charge 6.40% 7.30% 7.26% Class D with CDSL 9.58% n/a
Class A without Sales Charge 11.66 8.35 7.90 Class D without CDSL 10.58 1.33%
Lehman Index 11.18 8.86 8.46* Lehman Index 11.18 3.43
</TABLE>
*From 6/30/87.
See page 17 for footnotes.
7
<PAGE>
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Performance Comparison Charts and Tables (continued)
- --------------------------------------------------------------------------------
Seligman Louisiana Tax-Exempt Series
The following plot points are represented by a graph in the printed material.
Louis TE with sales charge without sales charge Lehman Index
10/1/85 $9,520.00 $10,000.00 $10,000.00
12/31/85 $10,080.96 $10,589.25 $10,807.87
3/31/86 $11,043.83 $11,600.67 $11,902.14
6/30/86 $10,829.37 $11,375.39 $11,829.06
9/30/86 $11,373.93 $11,947.40 $12,464.87
12/31/86 $11,767.52 $12,360.85 $12,895.64
3/31/87 $12,206.43 $12,821.89 $13,207.78
6/30/87 $11,789.64 $12,384.09 $12,849.29
9/30/87 $11,444.19 $12,021.23 $12,529.90
12/31/87 $12,058.64 $12,666.66 $13,089.78
3/31/88 $12,446.30 $13,073.87 $13,539.73
6/30/88 $12,707.73 $13,348.47 $13,802.22
9/30/88 $13,125.09 $13,786.88 $14,156.10
12/31/88 $13,413.94 $14,090.31 $14,420.02
3/31/89 $13,573.57 $14,258.00 $14,515.52
6/30/89 $14,307.19 $15,028.61 $15,374.75
9/30/89 $14,311.14 $15,032.75 $15,385.45
12/31/89 $14,773.55 $15,518.48 $15,975.78
3/31/90 $14,776.15 $15,521.20 $16,047.33
6/30/90 $15,138.66 $15,901.99 $16,422.02
9/30/90 $15,055.42 $15,814.55 $16,431.64
12/31/90 $15,787.62 $16,583.67 $17,140.38
3/31/91 $16,119.26 $16,932.04 $17,527.83
6/30/91 $16,454.70 $17,284.38 $17,901.99
9/30/91 $17,087.06 $17,948.63 $18,597.71
12/31/91 $17,584.60 $18,471.27 $19,221.27
3/31/92 $17,564.30 $18,449.95 $19,278.39
6/30/92 $18,286.76 $19,208.82 $20,009.10
9/30/92 $18,647.15 $19,587.39 $20,541.50
12/31/92 $18,962.19 $19,918.32 $20,915.25
3/31/93 $19,683.82 $20,676.34 $21,692.06
6/30/93 $20,278.75 $21,301.27 $22,401.82
9/30/93 $20,902.77 $21,956.75 $23,159.00
12/31/93 $21,132.92 $22,198.51 $23,484.78
3/31/94 $19,995.13 $21,003.35 $22,195.61
6/30/94 $20,080.54 $21,093.06 $22,439.94
9/30/94 $20,101.36 $21,114.94 $22,593.72
12/31/94 $19,889.31 $20,892.19 $22,270.84
3/31/95 $21,196.48 $22,265.27 $23,844.34
6/30/95 $21,613.04 $22,702.84 $24,418.70
9/30/95 $22,170.71 $23,288.63 $25,120.77
The table below shows the average annual total returns for the one-, five-, and
10-year periods through September 30, 1995, for Seligman Louisiana Tax-Exempt
Series Class A shares, with and without the maximum initial sales charge of
4.75%, and the Lehman Index. Also included in the table are the average annual
total returns for the one-year and since-inception periods through September 30,
1995, for Seligman Louisiana Tax-Exempt Series Class D shares, with and without
the effect of the 1% contingent deferred sales load ("CDSL") imposed on shares
redeemed within one year of purchase, and the Lehman Index.
Average Annual Total Returns
<TABLE>
<CAPTION>
Since
One Five 10 One Inception
Year Years Years Year 2/1/94
---- ----- ----- ---- ------
<S> <C> <C> <C> <C> <C> <C>
Seligman Louisiana Seligman Louisiana
Tax-Exempt Series Tax-Exempt Series
Class A with Sales Charge 5.01% 7.01% 8.29% Class D with CDSL 8.17% n/a
Class A without Sales Charge 10.30 8.05 8.82 Class D without CDSL 9.17 1.28%
Lehman Index 11.18 8.86 9.65 Lehman Index 11.18 3.43
</TABLE>
See page 17 for footnotes.
8
<PAGE>
================================================================================
September 30, 1995
- --------------------------------------------------------------------------------
Seligman Maryland Tax-Exempt Series
The following plot points are represented by a graph in the printed material.
MD TE with sales charge without sales charge Lehman Index
10/1/85 $9,520.00 $10,000.00 $10,000.00
12/31/85 $9,934.44 $10,435.35 $10,807.87
3/31/86 $10,666.64 $11,204.45 $11,902.14
6/30/86 $10,336.82 $10,857.99 $11,829.06
9/30/86 $10,863.29 $11,411.00 $12,464.87
12/31/86 $11,287.10 $11,856.19 $12,895.64
3/31/87 $11,488.47 $12,067.71 $13,207.78
6/30/87 $10,886.89 $11,435.79 $12,849.29
9/30/87 $10,493.33 $11,022.39 $12,529.90
12/31/87 $11,185.14 $11,749.09 $13,089.78
3/31/88 $11,505.68 $12,085.78 $13,539.73
6/30/88 $11,765.87 $12,359.10 $13,802.22
9/30/88 $12,144.08 $12,756.37 $14,156.10
12/31/88 $12,439.53 $13,066.73 $14,420.02
3/31/89 $12,587.07 $13,221.70 $14,515.52
6/30/89 $13,323.32 $13,995.07 $15,374.75
9/30/89 $13,289.37 $13,959.41 $15,385.45
12/31/89 $13,745.01 $14,438.02 $15,975.78
3/31/90 $13,711.02 $14,402.31 $16,047.33
6/30/90 $13,998.59 $14,704.38 $16,422.02
9/30/90 $13,883.38 $14,583.36 $16,431.64
12/31/90 $14,590.57 $15,326.21 $17,140.38
3/31/91 $14,830.88 $15,578.62 $17,527.83
6/30/91 $15,100.18 $15,861.50 $17,901.99
9/30/91 $15,724.05 $16,516.83 $18,597.71
12/31/91 $16,118.16 $16,930.81 $19,221.27
3/31/92 $16,171.51 $16,986.84 $19,278.39
6/30/92 $16,755.89 $17,600.68 $20,009.10
9/30/92 $17,163.20 $18,028.53 $20,541.50
12/31/92 $17,446.19 $18,325.79 $20,915.25
3/31/93 $18,092.79 $19,005.00 $21,692.06
6/30/93 $18,716.31 $19,659.94 $22,401.82
9/30/93 $19,433.39 $20,413.17 $23,159.00
12/31/93 $19,527.72 $20,512.25 $23,484.78
3/31/94 $18,494.19 $19,426.61 $22,195.61
6/30/94 $18,608.55 $19,546.73 $22,439.94
9/30/94 $18,640.06 $19,579.84 $22,593.72
12/31/94 $18,458.58 $19,389.21 $22,270.84
3/31/95 $19,742.63 $20,738.01 $23,844.34
6/30/95 $20,180.36 $21,197.82 $24,418.70
9/30/95 $20,671.35 $21,713.56 $25,120.77
The table below shows the average annual total returns for the one-, five-, and
10-year periods through September 30, 1995, for Seligman Maryland Tax-Exempt
Series Class A shares, with and without the maximum initial sales charge of
4.75%, and the Lehman Index. Also included in the table are the average annual
total returns for the one-year and since-inception periods through September 30,
1995, for Seligman Maryland Tax-Exempt Series Class D shares, with and without
the effect of the 1% contingent deferred sales load ("CDSL") imposed on shares
redeemed within one year of purchase, and the Lehman Index.
Average Annual Total Returns
<TABLE>
<CAPTION>
Since
One Five 10 One Inception
Year Years Years Year 2/1/94
---- ----- ----- ---- ------
<S> <C> <C> <C> <C> <C> <C>
Seligman Maryland Seligman Maryland
Tax-Exempt Series Tax-Exempt Series
Class A with Sales Charge 5.69% 7.24% 7.53% Class D with CDSL 8.75% n/a
Class A without Sales Charge 10.90 8.29 8.06 Class D without CDSL 9.75 1.76%
Lehman Index 11.18 8.86 9.65 Lehman Index 11.18 3.43
</TABLE>
See page 17 for footnotes.
9
<PAGE>
================================================================================
Performance Comparison Charts and Tables (continued)
- --------------------------------------------------------------------------------
Seligman Massachusetts Tax-Exempt Series
The following plot points are represented by a graph in the printed material.
Mass TE with sales charge without sales charge Lehman Index
9/30/85 $9,530.03 $10,000.00 $10,000.00
12/31/85 $10,151.64 $10,652.26 $10,807.87
3/31/86 $10,961.18 $11,501.73 $11,902.14
6/30/86 $10,809.67 $11,342.75 $11,829.06
9/30/86 $11,387.38 $11,948.96 $12,464.87
12/31/86 $11,786.49 $12,367.75 $12,895.64
3/31/87 $12,146.99 $12,746.03 $13,207.78
6/30/87 $11,564.67 $12,134.98 $12,849.29
9/30/87 $11,141.99 $11,691.46 $12,529.90
12/31/87 $11,780.16 $12,361.10 $13,089.78
3/31/88 $12,241.60 $12,845.30 $13,539.73
6/30/88 $12,526.65 $13,144.40 $13,802.22
9/30/88 $12,830.07 $13,462.79 $14,156.10
12/31/88 $13,088.09 $13,733.54 $14,420.02
3/31/89 $13,154.17 $13,802.88 $14,515.52
6/30/89 $13,933.03 $14,620.16 $15,374.75
9/30/89 $13,879.92 $14,564.43 $15,385.45
12/31/89 $14,222.69 $14,924.11 $15,975.78
3/31/90 $14,218.87 $14,920.09 $16,047.33
6/30/90 $14,514.22 $15,230.00 $16,422.02
9/30/90 $14,224.22 $14,925.70 $16,431.64
12/31/90 $14,993.16 $15,732.56 $17,140.38
3/31/91 $15,440.78 $16,202.25 $17,527.83
6/30/91 $15,800.60 $16,579.81 $17,901.99
9/30/91 $16,477.01 $17,289.56 $18,597.71
12/31/91 $16,938.03 $17,773.32 $19,221.27
3/31/92 $17,033.15 $17,873.12 $19,278.39
6/30/92 $17,676.91 $18,548.62 $20,009.10
9/30/92 $18,083.97 $18,975.75 $20,541.50
12/31/92 $18,475.62 $19,386.71 $20,915.25
3/31/93 $19,140.75 $20,084.63 $21,692.06
6/30/93 $19,832.18 $20,810.15 $22,401.82
9/30/93 $20,466.99 $21,476.26 $23,159.00
12/31/93 $20,604.80 $21,620.86 $23,484.78
3/31/94 $19,638.23 $20,606.63 $22,195.61
6/30/94 $19,799.33 $20,775.67 $22,439.94
9/30/94 $19,865.18 $20,844.77 $22,593.72
12/31/94 $19,691.68 $20,662.71 $22,270.84
3/31/95 $20,905.47 $21,936.34 $23,844.34
6/30/95 $21,296.29 $22,346.42 $24,418.70
9/30/95 $21,768.68 $22,842.10 $25,120.77
The table below shows the average annual total returns for the one-, five-, and
10-year periods through September 30, 1995, for Seligman Massachusetts
Tax-Exempt Series Class A shares, with and without the maximum initial sales
charge of 4.75%, and the Lehman Index. Also included in the table are the
average annual total returns for the one-year and since-inception periods
through September 30, 1995, for Seligman Massachusetts Tax-Exempt Series Class D
shares, with and without the effect of the 1% contingent deferred sales load
("CDSL") imposed on shares redeemed within one year of purchase, and the Lehman
Index.
Average Annual Total Returns
<TABLE>
<CAPTION>
Since
One Five 10 One Inception
Year Years Years Year 2/1/94
---- ----- ----- ---- ------
<S> <C> <C> <C> <C> <C> <C>
Seligman Massachusetts Seligman Massachusetts
Tax-Exempt Series Tax-Exempt Series
Class A with Sales Charge 4.41% 7.83% 8.09% Class D with CDSL 7.33% n/a
Class A without Sales Charge 9.58 8.88 8.61 Class D without CDSL 8.33 1.53%
Lehman Index 11.18 8.86 9.65 Lehman Index 11.18 3.43
</TABLE>
See page 17 for footnotes.
10
<PAGE>
================================================================================
September 30, 1995
- --------------------------------------------------------------------------------
Seligman Michigan Tax-Exempt Series
The following plot points are represented by a graph in the printed material.
Mich TE with sales charge without sales charge Lehman Index
9/30/85 $9,520.81 $10,000.00 $10,000.00
12/31/85 $10,268.62 $10,785.44 $10,807.87
3/31/86 $11,249.65 $11,815.86 $11,902.14
6/30/86 $11,134.71 $11,695.14 $11,829.06
9/30/86 $11,779.57 $12,372.45 $12,464.87
12/31/86 $12,151.78 $12,763.38 $12,895.64
3/31/87 $12,468.65 $13,096.21 $13,207.78
6/30/87 $11,942.66 $12,543.74 $12,849.29
9/30/87 $11,441.86 $12,017.73 $12,529.90
12/31/87 $12,101.71 $12,710.79 $13,089.78
3/31/88 $12,536.48 $13,167.45 $13,539.73
6/30/88 $12,877.88 $13,526.02 $13,802.22
9/30/88 $13,270.26 $13,938.15 $14,156.10
12/31/88 $13,606.35 $14,291.16 $14,420.02
3/31/89 $13,746.93 $14,438.81 $14,515.52
6/30/89 $14,611.70 $15,347.09 $15,374.75
9/30/89 $14,584.80 $15,318.85 $15,385.45
12/31/89 $15,063.75 $15,821.90 $15,975.78
3/31/90 $15,052.75 $15,810.35 $16,047.33
6/30/90 $15,409.53 $16,185.09 $16,422.02
9/30/90 $15,250.68 $16,018.25 $16,431.64
12/31/90 $15,944.70 $16,747.20 $17,140.38
3/31/91 $16,275.37 $17,094.52 $17,527.83
6/30/91 $16,633.23 $17,470.39 $17,901.99
9/30/91 $17,284.70 $18,154.64 $18,597.71
12/31/91 $17,859.12 $18,757.98 $19,221.27
3/31/92 $17,893.20 $18,793.79 $19,278.39
6/30/92 $18,616.85 $19,553.86 $20,009.10
9/30/92 $19,108.13 $20,069.88 $20,541.50
12/31/92 $19,522.60 $20,505.21 $20,915.25
3/31/93 $20,184.60 $21,200.53 $21,692.06
6/30/93 $20,925.41 $21,978.63 $22,401.82
9/30/93 $21,586.95 $22,673.47 $23,159.00
12/31/93 $21,763.87 $22,859.30 $23,484.78
3/31/94 $20,756.87 $21,801.62 $22,195.61
6/30/94 $20,875.39 $21,926.11 $22,439.94
9/30/94 $20,960.94 $22,015.97 $22,593.72
12/31/94 $20,711.47 $21,753.93 $22,270.84
3/31/95 $22,073.12 $23,184.11 $23,844.34
6/30/95 $22,453.46 $23,583.59 $24,418.70
9/30/95 $22,963.80 $24,119.62 $25,120.77
The table below shows the average annual total returns for the one-, five-, and
10-year periods through September 30, 1995, for Seligman Michigan Tax-Exempt
Series Class A shares, with and without the maximum initial sales charge of
4.75%, and the Lehman Index. Also included in the table are the average annual
total returns for the one-year and since-inception periods through September 30,
1995, for Seligman Michigan Tax-Exempt Series Class D shares, with and without
the effect of the 1% contingent deferred sales load ("CDSL") imposed on shares
redeemed within one year of purchase, and the Lehman Index.
Average Annual Total Returns
<TABLE>
<CAPTION>
Since
One Five 10 One Inception
Year Years Years Year 2/1/94
---- ----- ----- ---- ------
<S> <C> <C> <C> <C> <C> <C>
Seligman Michigan Seligman Michigan
Tax-Exempt Series Tax-Exempt Series
Class A with Sales Charge 4.39% 7.49% 8.67% Class D with CDSL 7.36% n/a
Class A without Sales Charge 9.56 8.53 9.20 Class D without CDSL 8.36 1.46%
Lehman Index 11.18 8.86 9.65 Lehman Index 11.18 3.43
</TABLE>
See page 17 for footnotes.
11
<PAGE>
================================================================================
Performance Comparison Charts and Tables (continued)
- --------------------------------------------------------------------------------
Seligman Minnesota Tax-Exempt Series
The following plot points are represented by a graph in the printed material.
Minn TE with sales charge without sales charge Lehman Index
9/30/85 $9,520.64 $10,000.00 $10,000.00
12/31/85 $10,263.86 $10,780.64 $10,807.87
3/31/86 $11,212.86 $11,777.43 $11,902.14
6/30/86 $11,041.21 $11,597.15 $11,829.06
9/30/86 $11,544.03 $12,125.28 $12,464.87
12/31/86 $11,924.87 $12,525.29 $12,895.64
3/31/87 $12,274.63 $12,892.66 $13,207.78
6/30/87 $11,729.22 $12,319.80 $12,849.29
9/30/87 $11,320.19 $11,890.18 $12,529.90
12/31/87 $11,860.87 $12,458.08 $13,089.78
3/31/88 $12,310.84 $12,930.70 $13,539.73
6/30/88 $12,598.04 $13,232.36 $13,802.22
9/30/88 $12,991.02 $13,645.12 $14,156.10
12/31/88 $13,311.56 $13,981.81 $14,420.02
3/31/89 $13,371.67 $14,044.93 $14,515.52
6/30/89 $14,175.83 $14,889.58 $15,374.75
9/30/89 $14,073.85 $14,782.47 $15,385.45
12/31/89 $14,628.17 $15,364.70 $15,975.78
3/31/90 $14,632.85 $15,369.60 $16,047.33
6/30/90 $14,965.27 $15,718.76 $16,422.02
9/30/90 $14,888.67 $15,638.30 $16,431.64
12/31/90 $15,582.33 $16,366.89 $17,140.38
3/31/91 $15,784.50 $16,579.23 $17,527.83
6/30/91 $16,076.49 $16,885.93 $17,901.99
9/30/91 $16,540.76 $17,373.56 $18,597.71
12/31/91 $16,755.42 $17,599.02 $19,221.27
3/31/92 $16,933.12 $17,785.67 $19,278.39
6/30/92 $17,448.70 $18,327.20 $20,009.10
9/30/92 $17,815.81 $18,712.80 $20,541.50
12/31/92 $18,041.16 $18,949.49 $20,915.25
3/31/93 $18,782.66 $19,728.32 $21,692.06
6/30/93 $19,491.89 $20,473.26 $22,401.82
9/30/93 $20,143.05 $21,157.19 $23,159.00
12/31/93 $20,474.37 $21,505.20 $23,484.78
3/31/94 $19,812.79 $20,810.32 $22,195.61
6/30/94 $19,953.68 $20,958.29 $22,439.94
9/30/94 $20,166.50 $21,181.83 $22,593.72
12/31/94 $19,954.75 $20,959.43 $22,270.84
3/31/95 $20,952.36 $22,007.27 $23,844.34
6/30/95 $21,341.24 $22,415.73 $24,418.70
9/30/95 $21,700.87 $22,793.47 $25,120.77
The table below shows the average annual total returns for the one-, five-, and
10-year periods through September 30, 1995, for Seligman Minnesota Tax-Exempt
Series Class A shares, with and without the maximum initial sales charge of
4.75%, and the Lehman Index. Also included in the table are the average annual
total returns for the one-year and since-inception periods through September 30,
1995, for Seligman Minnesota Tax-Exempt Series Class D shares, with and without
the effect of the 1% contingent deferred sales load ("CDSL") imposed on shares
redeemed within one year of purchase, and the Lehman Index.
Average Annual Total Returns
<TABLE>
<CAPTION>
Since
One Five 10 One Inception
Year Years Years Year 2/1/94
---- ----- ----- ---- ------
<S> <C> <C> <C> <C> <C> <C>
Seligman Minnesota Seligman Minnesota
Tax-Exempt Series Tax-Exempt Series
Class A with Sales Charge 2.56% 6.79% 8.06% Class D with CDSL 5.45% n/a
Class A without Sales Charge 7.61 7.83 8.59 Class D without CDSL 6.45 1.90%
Lehman Index 11.18 8.86 9.65 Lehman Index 11.18 3.43
</TABLE>
See page 17 for footnotes.
12
<PAGE>
================================================================================
September 30, 1995
- --------------------------------------------------------------------------------
Seligman Missouri Tax-Exempt Series
The following plot points are represented by a graph in the printed material.
M0 TE with sales charge without sales charge Lehman Index
7/1/86 $9,520.00 $10,000.00 $10,000.00
9/30/86 $9,887.92 $10,386.47 $10,537.50
12/31/86 $10,184.81 $10,698.33 $10,901.66
3/31/87 $10,438.09 $10,964.38 $11,165.54
6/30/87 $9,992.51 $10,496.33 $10,862.48
9/30/87 $9,472.69 $9,950.31 $10,592.47
12/31/87 $10,152.68 $10,664.58 $11,065.78
3/31/88 $10,521.16 $11,051.64 $11,446.16
6/30/88 $10,796.67 $11,341.05 $11,668.06
9/30/88 $11,058.19 $11,615.74 $11,967.23
12/31/88 $11,417.36 $11,993.03 $12,190.34
3/31/89 $11,473.67 $12,052.18 $12,271.07
6/30/89 $12,133.94 $12,745.74 $12,997.45
9/30/89 $12,090.19 $12,699.79 $13,006.49
12/31/89 $12,495.51 $13,125.54 $13,505.54
3/31/90 $12,488.05 $13,117.71 $13,566.03
6/30/90 $12,818.10 $13,464.41 $13,882.78
9/30/90 $12,750.85 $13,393.76 $13,890.91
12/31/90 $13,361.18 $14,034.85 $14,490.06
3/31/91 $13,620.18 $14,306.91 $14,817.61
6/30/91 $13,938.36 $14,641.13 $15,133.91
9/30/91 $14,486.56 $15,216.98 $15,722.05
12/31/91 $14,879.78 $15,630.01 $16,249.19
3/31/92 $14,883.01 $15,633.40 $16,297.48
6/30/92 $15,437.53 $16,215.88 $16,915.21
9/30/92 $15,626.82 $16,414.70 $17,365.29
12/31/92 $15,958.87 $16,763.49 $17,681.25
3/31/93 $16,501.92 $17,333.92 $18,337.95
6/30/93 $17,076.12 $17,937.07 $18,937.96
9/30/93 $17,685.41 $18,577.09 $19,578.06
12/31/93 $17,778.67 $18,675.05 $19,853.47
3/31/94 $16,693.00 $17,534.64 $18,763.63
6/30/94 $16,788.00 $17,634.43 $18,970.19
9/30/94 $16,827.81 $17,676.25 $19,100.18
12/31/94 $16,655.53 $17,495.28 $18,827.23
3/31/95 $17,872.43 $18,773.53 $20,157.43
6/30/95 $18,199.14 $19,116.71 $20,642.98
9/30/95 $18,623.97 $19,562.96 $21,236.49
The table below shows the average annual total returns for the one-year,
five-year, and since-inception periods through September 30, 1995, for Seligman
Missouri Tax-Exempt Series Class A shares, with and without the maximum initial
sales charge of 4.75%, and the Lehman Index. Also included in the table are the
average annual total returns for the one-year and since-inception periods
through September 30, 1995, for Seligman Missouri Tax-Exempt Series Class D
shares, with and without the effect of the 1% contingent deferred sales load
("CDSL") imposed on shares redeemed within one year of purchase, and the Lehman
Index.
Average Annual Total Returns
<TABLE>
<CAPTION>
Since Since
One Five Inception One Inception
Year Years 7/1/86 Year 2/1/94
---- ----- ------ ---- ------
<S> <C> <C> <C> <C> <C> <C>
Seligman Missouri Seligman Missouri
Tax-Exempt Series Tax-Exempt Series
Class A with Sales Charge 5.41% 6.83% 6.95% Class D with CDSL 8.49% n/a
Class A without Sales Charge 10.67 7.87 7.52 Class D without CDSL 9.49 0.99%
Lehman Index 11.18 8.86 8.48* Lehman Index 11.18 3.43
</TABLE>
*From 6/30/86.
See page 17 for footnotes.
13
<PAGE>
================================================================================
Performance Comparison Charts and Tables (continued)
- --------------------------------------------------------------------------------
Seligman New York Tax-Exempt Series
The following plot points are represented by a graph in the printed material.
NY TE with sales charge without sales charge Lehman Index
9/30/85 $9,523.81 $10,000.00 $10,000.00
12/31/85 $10,317.51 $10,833.38 $10,807.87
3/31/86 $11,121.89 $11,677.98 $11,902.14
6/30/86 $11,069.02 $11,622.47 $11,829.06
9/30/86 $11,595.52 $12,175.30 $12,464.87
12/31/86 $12,150.08 $12,757.59 $12,895.64
3/31/87 $12,469.85 $13,093.34 $13,207.78
6/30/87 $11,859.27 $12,452.23 $12,849.29
9/30/87 $11,314.25 $11,879.96 $12,529.90
12/31/87 $11,986.22 $12,585.55 $13,089.78
3/31/88 $12,317.72 $12,933.62 $13,539.73
6/30/88 $12,572.43 $13,201.06 $13,802.22
9/30/88 $12,981.44 $13,630.52 $14,156.10
12/31/88 $13,354.77 $14,022.51 $14,420.02
3/31/89 $13,403.65 $14,073.83 $14,515.52
6/30/89 $14,266.60 $14,979.94 $15,374.75
9/30/89 $14,195.00 $14,904.76 $15,385.45
12/31/89 $14,608.91 $15,339.37 $15,975.78
3/31/90 $14,453.42 $15,176.10 $16,047.33
6/30/90 $14,870.89 $15,614.45 $16,422.02
9/30/90 $14,647.87 $15,380.27 $16,431.64
12/31/90 $15,218.76 $15,979.70 $17,140.38
3/31/91 $15,572.16 $16,350.77 $17,527.83
6/30/91 $15,975.23 $16,774.00 $17,901.99
9/30/91 $16,780.48 $17,619.50 $18,597.71
12/31/91 $17,277.32 $18,141.20 $19,221.27
3/31/92 $17,301.89 $18,166.99 $19,278.39
6/30/92 $18,102.36 $19,007.47 $20,009.10
9/30/92 $18,424.98 $19,346.23 $20,541.50
12/31/92 $18,885.40 $19,829.67 $20,915.25
3/31/93 $19,760.03 $20,748.03 $21,692.06
6/30/93 $20,504.47 $21,529.69 $22,401.82
9/30/93 $21,235.68 $22,297.47 $23,159.00
12/31/93 $21,390.05 $22,459.54 $23,484.78
3/31/94 $19,975.50 $20,974.27 $22,195.61
6/30/94 $20,110.77 $21,116.30 $22,439.94
9/30/94 $20,095.31 $21,100.06 $22,593.72
12/31/94 $19,693.73 $20,678.41 $22,270.84
3/31/95 $21,294.30 $22,359.01 $23,844.34
6/30/95 $21,750.05 $22,837.55 $24,418.70
9/30/95 $22,292.56 $23,407.19 $25,120.77
The table below shows the average annual total returns for the one-, five-, and
10-year periods through September 30, 1995, for Seligman New York Tax-Exempt
Series Class A shares, with and without the maximum initial sales charge of
4.75%, and the Lehman Index. Also included in the table are the average total
returns for the one-year and since-inception periods through September 30, 1995,
for Seligman New York Tax-Exempt Series Class D shares, with and without the
effect of the 1% contingent deferred sales load ("CDSL") imposed on shares
redeemed within one year of purchase, and the Lehman Index.
Average Annual Total Returns
<TABLE>
<CAPTION>
Since
One Five 10 One Inception
Year Years Years Year 2/1/94
---- ----- ----- ---- ------
<S> <C> <C> <C> <C> <C> <C>
Seligman New York Seligman New York
Tax-Exempt Series Tax-Exempt Series
Class A with Sales Charge 5.70% 7.71% 8.35% Class D with CDSL 8.87% n/a
Class A without Sales Charge 10.93 8.76 8.88 Class D without CDSL 9.87 0.83%
Lehman Index 11.18 8.86 9.65 Lehman Index 11.18 3.43
</TABLE>
See page 17 for footnotes.
14
<PAGE>
================================================================================
September 30, 1995
- --------------------------------------------------------------------------------
Seligman Ohio Tax-Exempt Series
The following plot points are represented by a graph in the printed material.
Ohio TE with sales charge without sales charge Lehman Index
9/30/85 $9,528.18 $10,000.00 $10,000.00
12/31/85 $10,258.31 $10,766.29 $10,807.87
3/31/86 $11,159.80 $11,712.43 $11,902.14
6/30/86 $10,983.35 $11,527.24 $11,829.06
9/30/86 $11,545.28 $12,117.00 $12,464.87
12/31/86 $12,006.29 $12,600.85 $12,895.64
3/31/87 $12,360.41 $12,972.51 $13,207.78
6/30/87 $11,902.29 $12,491.71 $12,849.29
9/30/87 $11,468.81 $12,036.76 $12,529.90
12/31/87 $12,093.82 $12,692.72 $13,089.78
3/31/88 $12,557.35 $13,179.21 $13,539.73
6/30/88 $12,957.01 $13,598.67 $13,802.22
9/30/88 $13,276.83 $13,934.32 $14,156.10
12/31/88 $13,588.77 $14,261.71 $14,420.02
3/31/89 $13,753.66 $14,434.77 $14,515.52
6/30/89 $14,465.59 $15,181.95 $15,374.75
9/30/89 $14,417.93 $15,131.93 $15,385.45
12/31/89 $14,938.93 $15,678.75 $15,975.78
3/31/90 $14,979.42 $15,721.23 $16,047.33
6/30/90 $15,287.29 $16,044.35 $16,422.02
9/30/90 $15,239.96 $15,994.68 $16,431.64
12/31/90 $15,922.42 $16,710.93 $17,140.38
3/31/91 $16,219.67 $17,022.89 $17,527.83
6/30/91 $16,566.32 $17,386.71 $17,901.99
9/30/91 $17,214.64 $18,067.13 $18,597.71
12/31/91 $17,723.97 $18,601.68 $19,221.27
3/31/92 $17,773.53 $18,653.70 $19,278.39
6/30/92 $18,471.24 $19,385.96 $20,009.10
9/30/92 $18,880.31 $19,815.29 $20,541.50
12/31/92 $19,218.43 $20,170.16 $20,915.25
3/31/93 $19,905.51 $20,891.27 $21,692.06
6/30/93 $20,610.31 $21,630.96 $22,401.82
9/30/93 $21,299.41 $22,354.19 $23,159.00
12/31/93 $21,455.25 $22,517.76 $23,484.78
3/31/94 $20,406.04 $21,416.58 $22,195.61
6/30/94 $20,619.30 $21,640.40 $22,439.94
9/30/94 $20,642.96 $21,665.24 $22,593.72
12/31/94 $20,402.50 $21,412.87 $22,270.84
3/31/95 $21,722.19 $22,797.94 $23,844.34
6/30/95 $22,155.54 $23,252.75 $24,418.70
9/30/95 $22,622.43 $23,742.75 $25,120.77
The table below shows the average annual total returns for the one-, five-, and
10-year periods through September 30, 1995, for Seligman Ohio Tax-Exempt Series
Class A shares, with and without the maximum initial sales charge of 4.75%, and
the Lehman Index. Also included in the table are the average annual total
returns for the one-year and since-inception periods through September 30, 1995,
for Seligman Ohio Tax-Exempt Series Class D shares, with and without the effect
of the 1% contingent deferred sales load ("CDSL") imposed on shares redeemed
within one year of purchase, and the Lehman Index.
Average Annual Total Returns
<TABLE>
<CAPTION>
Since
One Five 10 One Inception
Year Years Years Year 2/1/94
---- ----- ----- ---- ------
<S> <C> <C> <C> <C> <C> <C>
Seligman Ohio Seligman Ohio
Tax-Exempt Series Tax-Exempt Series
Class A with Sales Charge 4.43% 7.17% 8.51% Class D with CDSL 7.67% n/a
Class A without Sales Charge 9.59 8.22 9.03 Class D without CDSL 8.67 1.70%
Lehman Index 11.18 8.86 9.65 Lehman Index 11.18 3.43
</TABLE>
See page 17 for footnotes.
15
<PAGE>
================================================================================
Performance Comparison Charts and Tables (continued)
- --------------------------------------------------------------------------------
Seligman Oregon Tax-Exempt Series
The following plot points are represented by a graph in the printed material.
OR TE with sales charge without sales charge Lehman Index
10/15/86 $9,520.00 $10,000.00 $10,000.00
12/31/86 $9,739.36 $10,230.41 $10,169.95
3/31/87 $9,932.37 $10,433.16 $10,416.12
6/30/87 $9,282.37 $9,750.39 $10,133.40
9/30/87 $8,788.47 $9,231.59 $9,881.51
12/31/87 $9,343.08 $9,814.16 $10,323.06
3/31/88 $9,675.20 $10,163.02 $10,677.90
6/30/88 $10,025.46 $10,530.94 $10,884.91
9/30/88 $10,360.96 $10,883.35 $11,164.00
12/31/88 $10,667.96 $11,205.83 $11,372.13
3/31/89 $10,743.56 $11,285.24 $11,447.45
6/30/89 $11,440.47 $12,017.28 $12,125.07
9/30/89 $11,391.86 $11,966.22 $12,133.50
12/31/89 $11,781.78 $12,375.80 $12,599.05
3/31/90 $11,735.60 $12,327.29 $12,655.48
6/30/90 $12,051.00 $12,658.60 $12,950.98
9/30/90 $11,960.13 $12,563.14 $12,958.56
12/31/90 $12,546.86 $13,179.46 $13,517.50
3/31/91 $12,806.69 $13,452.38 $13,823.06
6/30/91 $13,075.79 $13,735.06 $14,118.14
9/30/91 $13,545.48 $14,228.43 $14,666.80
12/31/91 $13,904.60 $14,605.65 $15,158.56
3/31/92 $13,948.67 $14,651.94 $15,203.61
6/30/92 $14,377.50 $15,102.41 $15,779.88
9/30/92 $14,676.59 $15,416.57 $16,199.75
12/31/92 $14,985.89 $15,741.47 $16,494.50
3/31/93 $15,443.91 $16,222.57 $17,107.12
6/30/93 $15,952.27 $16,756.57 $17,666.86
9/30/93 $16,468.60 $17,298.93 $18,263.99
12/31/93 $16,619.69 $17,457.63 $18,520.92
3/31/94 $15,875.56 $16,675.98 $17,504.23
6/30/94 $16,013.45 $16,820.82 $17,696.92
9/30/94 $16,077.03 $16,887.61 $17,818.19
12/31/94 $15,861.06 $16,660.75 $17,563.56
3/31/95 $16,835.71 $17,684.52 $18,804.48
6/30/95 $17,171.00 $18,036.72 $19,257.44
9/30/95 $17,532.12 $18,416.06 $19,811.11
The table below shows the average annual total returns for the one-year,
five-year, and since-inception periods through September 30, 1995, for Seligman
Oregon Tax-Exempt Series Class A shares, with and without the maximum initial
sales charge of 4.75%, and the Lehman Index. Also included in the table are the
average annual total returns for the one-year and since-inception periods
through September 30, 1995, for Seligman Oregon Tax-Exempt Series Class D
shares, with and without the effect of the 1% contingent deferred sales load
("CDSL") imposed on shares redeemed within one year of purchase, and the Lehman
Index.
Average Annual Total Returns
<TABLE>
<CAPTION>
Since Since
One Five Inception One Inception
Year Years 10/15/86 Year 2/1/94
---- ----- -------- ---- ------
<S> <C> <C> <C> <C> <C> <C>
Seligman Oregon Seligman Oregon
Tax-Exempt Series Tax-Exempt Series
Class A with Sales Charge 3.88% 6.90% 6.46% Class D with CDSL 6.86% n/a
Class A without Sales Charge 9.05 7.95 7.05 Class D without CDSL 7.86 1.64%
Lehman Index 11.18 8.86 7.97* Lehman Index 11.18 3.43
</TABLE>
*From 10/31/86.
See page 17 for footnotes.
16
<PAGE>
================================================================================
September 30, 1995
- --------------------------------------------------------------------------------
Seligman South Carolina Tax-Exempt Series
The following plot points are represented by a graph in the printed material.
SC TE with sales charge without sales charge Lehman Index
6/30/87 $9,520.00 $10,000.00 $10,000.00
9/30/87 $9,009.03 $9,463.26 $9,751.43
12/31/87 $9,582.65 $10,065.81 $10,187.16
3/31/88 $9,906.29 $10,405.76 $10,537.34
6/30/88 $10,141.85 $10,653.20 $10,741.62
9/30/88 $10,466.76 $10,994.49 $11,017.03
12/31/88 $10,776.14 $11,319.46 $11,222.43
3/31/89 $10,833.49 $11,379.69 $11,296.75
6/30/89 $11,530.38 $12,111.72 $11,965.45
9/30/89 $11,451.60 $12,028.97 $11,973.78
12/31/89 $11,918.91 $12,519.84 $12,433.20
3/31/90 $11,873.26 $12,471.89 $12,488.89
6/30/90 $12,161.35 $12,774.50 $12,780.49
9/30/90 $11,964.34 $12,567.55 $12,787.97
12/31/90 $12,635.41 $13,272.46 $13,339.55
3/31/91 $12,881.38 $13,530.84 $13,641.09
6/30/91 $13,152.03 $13,815.13 $13,932.28
9/30/91 $13,633.01 $14,320.36 $14,473.73
12/31/91 $14,090.86 $14,801.30 $14,959.01
3/31/92 $14,154.25 $14,867.87 $15,003.46
6/30/92 $14,692.10 $15,432.84 $15,572.15
9/30/92 $15,007.05 $15,763.67 $15,986.49
12/31/92 $15,273.27 $16,043.31 $16,277.36
3/31/93 $15,782.75 $16,578.47 $16,881.92
6/30/93 $16,321.17 $17,144.05 $17,434.29
9/30/93 $16,886.27 $17,737.64 $18,023.56
12/31/93 $17,061.22 $17,921.41 $18,277.11
3/31/94 $16,007.22 $16,814.26 $17,273.80
6/30/94 $16,102.88 $16,914.75 $17,463.96
9/30/94 $16,106.44 $16,918.48 $17,583.63
12/31/94 $15,917.81 $16,720.34 $17,332.35
3/31/95 $17,068.52 $17,929.05 $18,556.93
6/30/95 $17,423.54 $18,301.98 $19,003.93
9/30/95 $17,828.08 $18,726.90 $19,550.32
The table below shows the average annual total returns for the one-year,
five-year, and since-inception periods through September 30, 1995, for Seligman
South Carolina Tax-Exempt Series Class A shares, with and without the maximum
initial sales charge of 4.75%, and the Lehman Index. Also included in the table
are the average annual total retuns for the one-year and since-inception periods
through September 30, 1995, for Seligman South Carolina Tax-Exempt Series Class
D shares, with and without the effect of the 1% contingent deferred sales load
("CDSL") imposed on shares redeemed within one year of purchase, and the Lehman
Index.
Average Annual Total Returns
<TABLE>
<CAPTION>
Since Since
One Five Inception One Inception
Year Years 6/30/87 Year 2/1/94
---- ----- ------- ---- ------
<S> <C> <C> <C> <C> <C> <C>
Seligman South Carolina Seligman South Carolina
Tax-Exempt Series Tax-Exempt Series
Class A with Sales Charge 5.42% 7.26% 7.26% Class D with CDSL 8.63% n/a
Class A without Sales Charge 10.69 8.30 7.90 Class D without CDSL 9.63 1.09%
Lehman Index 11.18 8.86 8.46 Lehman Index 11.18 3.43
</TABLE>
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. Performance data quoted represent changes in price
and assume that all deductions within the periods are invested in additional
shares. The performance of Class D shares will be greater than or less than the
performance shown for Class A shares, based on differences in sales charges and
fees paid by shareholders.
The investment return and principal value of an investment will fluctuate so
that shares, if redeemed, may be worth more or less than their original cost.
Past performance is not indicative of future investment results.
17
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
Portfolios of Investments
- ------------------------------------------------------------------------------------------------------------------------------------
NATIONAL SERIES
Face Ratings Market
State Amount Municipal Bonds Moody's/S&P+ Value
----- ------ --------------- ------------ ---------
<C> <C> <S> <C> <C>
Alabama--2.0% $2,000,000 Tuscaloosa G.O. Warrants, 6 3/4% due 7/1/2020.................... Aaa/AAA $ 2,135,780
Alaska--4.6% 310,000 Alaska Housing Finance Corp. (Collateralized Home Mortgage
Bonds), 7.30% due 6/1/2025.................................... Aaa/AAA 316,054
5,000,000 Valdez Marine Terminal Rev. (BP Pipeline Inc. Project),
5 1/2% due 10/1/2028.......................................... A1/AA- 4,536,550
Arizona--2.5% 3,000,000 Phoenix Civic Improvement Corporation (New City Hall Project),
5.10% due 7/1/2028............................................ Aa/AA+ 2,673,240
California--4.7% 2,500,000 Rancho Water District Financing Authority Rev.,
5.90% due 11/1/2015........................................... Aaa/AAA 2,468,000
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 2,533,950
Florida--4.5% 2,750,000 Jacksonville Electric Authority (Electric System Rev.),
5 1/4% due 10/1/2028.......................................... Aa1/AA 2,484,130
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 2,176,950
Illinois--14.3% 2,000,000 Chicago O'Hare International Airport Rev., 6 3/8% due 1/1/2012... Aaa/AAA 2,085,440
1,000,000 Illinois Health Facilities Authority Rev. (Northwestern Memorial
Hospital), 6.10% due 8/15/2014................................ Aa/AA 1,004,640
1,250,000 Illinois Health Facilities Authority Rev. (Edward Hospital Project),
6% due 2/15/2019.............................................. A/A 1,172,425
2,500,000 Illinois Health Facilities Authority Rev. (Northwestern Memorial
Hospital), 6% due 8/15/2024................................... Aa/AA 2,436,225
3,000,000 Metropolitan Water Reclamation District of Greater Chicago
G.O.'s Capital Improvement Bonds, 7% due 1/1/2011............. Aa/AA 3,410,010
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 4,885,600
Kansas--2.6% 2,500,000 Burlington Pollution Control Rev. (Kansas Gas & Electric
Co. Project), 7% due 6/1/2031.................................. Aaa/AAA 2,753,125
Kentucky--2.0% 1,880,000 Trimble County Pollution Control Rev. (Louisville
Gas & Electric Co. Project), 7 5/8% due 11/1/2020*............. Aa2/AA 2,094,264
Massachusetts--2.0% 2,000,000 Massachusetts Health &Education Facilities Authority Rev.
(Amherst College), 6.80% due 11/1/2021......................... Aa1/AA+ 2,142,220
New 4,000,000 New Hampshire Higher Educational & Health Facilities Authority
Hampshire--3.5% Rev. (Dartmouth College), 5 3/8% due 6/1/2023............... Aaa/AA+ 3,709,760
New York--3.5% 3,500,000 New York City G.O.'s, 7 1/4% due 8/15/2024....................... Baa1/BBB+ 3,662,575
North Dakota--2.0% 2,000,000 Mercer County Pollution Control Rev. (Otter Tail Power Company
Project), 6.90% due 2/1/2019................................... Aa3/AA- 2,128,080
Oklahoma--6.2% 5,000,000 Oklahoma Industrial Authority Health Facilities Rev. (Sisters
of Mercy Health System, St. Louis, Inc.), 5% due 6/1/2013..... Aa/AA 4,424,500
2,500,000 Oklahoma Industrial Authority Health Facilities Rev. (Sisters
of Mercy Health System, St. Louis, Inc.), 5% due 6/1/2018..... Aa/AA 2,145,225
South 2,000,000 Oconee County Pollution Control Rev. (Duke Power Company
Carolina--4.9% Project), 7 1/2% due 2/1/2017.............................. Aa2/AA- 2,241,600
3,000,000 South Carolina Public Service Authority Rev., 5 7/8% due 1/1/2023 Aaa/AAA 2,949,600
</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.
18
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
September 30, 1995
- ------------------------------------------------------------------------------------------------------------------------------------
NATIONAL SERIES (continued)
Face Ratings Market
State Amount Municipal Bonds Moody's/S&P+ Value
----- ------ --------------- ------------ ---------
<C> <C> <S> <C> <C>
South Dakota--5.5% $6,000,000 South Dakota Housing Development Authority Rev.
(Homeownership Mortgage), 6.15% due 5/1/2026*................. Aa1/AA+ $ 5,745,060
Tennessee--2.9% 3,000,000 Metropolitan Government of Nashville & Davidson County G.O.'s,
6.15% due 5/15/2025........................................... Aa/AA 3,019,620
Texas--20.1% 3,000,000 Brazos River Authority Pollution Control Rev. (Houston Light &
Power Company Project), 7 7/8% due 11/1/2018*................. A2/A 3,128,670
3,700,000 Harris County Health Facilities Development Corp. Hospital Rev.
(St. Luke's Episcopal Hospital Project), 6 3/4% due 2/15/2021. Aa/AA 3,860,876
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 2,164,440
5,500,000 San Antonio Electric & Gas Rev., 5% due 2/1/2017................. Aa1/AA 4,836,480
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 2,151,780
2,880,000 Texas Veterans' Housing Assistance G.O.'s, 6.80% due 12/1/2023*.. Aa/AA 2,949,667
2,000,000 Travis County Housing Finance Corporation (Single Family
Mortgage Rev.), 6.95% due 10/1/2027........................... NR/AAA 2,110,280
Utah--6.5% 7,500,000 Intermountain Power Agency Power Supply Rev.,
5 1/4% due 7/1/2017........................................... Aa/AA- 6,880,350
Washington--4.0% 4,000,000 Seattle Metropolitan Sewer Rev., 6.60% due 1/1/2032.............. Aaa/AAA 4,194,080
------------
Total Municipal Bonds (Cost $102,647,964)--98.3%...................................................................... 103,611,246
Other Assets Less Liabilities--1.7%................................................................................... 1,787,847
------------
NET ASSETS--100.0% ................................................................................................... $105,399,093
============
</TABLE>
<TABLE>
<CAPTION>
COLORADO SERIES
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
------ --------------- ------------ -----
<C> <S> <C> <C>
$ 3,000,000 Adams County, CO Pollution Control Rev. (Public Service Co. of Colorado Project),
5 7/8% due 4/1/2014................................................................. Aaa/AAA $ 3,026,910
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 1,659,195
3,000,000 Colorado Health Facilities Authority Rev. (Sisters of Charity Health Care Systems, Inc.),
6% due 5/15/2013.................................................................... Aaa/AAA 3,017,460
1,630,000 Colorado Health Facilities Authority Rev. (Kaiser Permanente Medical Care Project),
9 1/8% due 8/1/2015................................................................. NR/AA 1,669,348
1,220,000 Colorado Health Facilities Authority Rev. (Mercy Medical Center of Durango Project),
6.20% due 11/15/2015................................................................ A1/A+ 1,214,327
3,000,000 Colorado Health Facilities Authority Rev. (North Colorado Medical Center),
6% due 5/15/2020.................................................................... Aaa/AAA 2,992,050
395,000 Colorado Housing Finance Authority Rev., 7 1/4% due 9/1/2006........................... NR/NR 411,167
605,000 Colorado Housing Finance Authority (Single Family Housing Rev.), 7 1/4% due 11/1/2010.. Aa/AA- 607,844
385,000 Colorado Housing Finance Authority (Single Family Residential Housing Rev.),
8% due 3/1/2017..................................................................... Aa/NR 400,161
</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.
19
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
Portfolios of Investments (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
COLORADO SERIES (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
------ --------------- ------------ -----
<C> <S> <C> <C>
$ 2,000,000 Colorado Springs, CO Utilities Rev., 5 7/8% due 11/15/2017............................. Aaa/AAA $ 2,048,600
3,500,000 Colorado Springs, CO Utilities Rev., 6 1/8% due 11/15/2020............................. Aa/AA 3,518,725
1,000,000 Colorado Water Resources & Power Development Authority (Clean Water Bonds),
6 7/8% due 9/1/2011................................................................. Aa/AA+ 1,089,080
2,000,000 Colorado Water Resources & Power Development Authority (Clean Water Bonds),
6% due 9/1/2014..................................................................... Aa/AA 2,014,960
1,000,000 Colorado Water Resources & Power Development Authority (Clean Water Rev.),
6.30% due 9/1/2014.................................................................. Aa/AA 1,034,380
2,000,000 Denver, CO City & County (St. Anthony Hospital Systems Rev.), 7 3/4% due 5/1/2014...... Aaa/AAA 2,240,700
2,500,000 Denver, CO City & County (Sisters of Charity of Leavenworth Health Services
Corporation), 5% due 12/1/2023...................................................... Aa/NR 2,134,875
2,250,000 Denver, CO City & County Excise Tax Rev., 6 1/2% due 9/1/2014.......................... Aaa/AAA 2,363,828
1,985,000 Fort Collins, CO G.O.'s Water Bonds, 6 3/8% due 12/1/2012.............................. Aa/AA 2,077,203
3,000,000 Fountain Valley Authority, CO Water Treatment Rev., 6.80% due 12/1/2019................ A1/AA 3,181,500
1,480,000 Metropolitan Denver, CO Sewer Disposal District No. 001, 6 3/4% due 4/1/2012........... A1/AA 1,521,351
3,000,000 Metropolitan Denver, CO Wastewater Reclamation DistrictSewer Rev.,
4 3/4% due 4/1/2012................................................................. Aaa/AAA 2,624,820
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 1,980,446
2,500,000 Platte River Power Authority, CO Power Rev., 6 1/8% due 6/1/2014....................... Aa/A+ 2,534,075
2,000,000 Pueblo County, CO Single Family Mortgage Rev., 7.05% due 11/1/2027..................... NR/AAA 2,119,880
3,000,000 University of Colorado Hospital Authority Hospital Rev., 6.40% due 11/15/2022.......... Aaa/AAA 3,106,560
2,000,000 Westminster, CO (Adams & Jefferson Counties) Sales & Use Tax Rev., 7% due 12/1/2008.... Aaa/AAA 2,227,500
------------
Total Municipal Bonds (Cost $52,758,021)--97.9%....................................................................... 53,936,945
Variable Rate Demand Notes (Cost $200,000)--0.4%...................................................................... 200,000
Other Assets Less Liabilities--1.7%................................................................................... 913,638
------------
NET ASSETS--100.0% ................................................................................................... $ 55,050,583
============
</TABLE>
<TABLE>
<CAPTION>
GEORGIA SERIES
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
------ --------------- ------------ -----
<C> <S> <C> <C>
$ 1,095,000 Augusta, GA Water & Sewer Rev., 6 1/2% due 5/1/2011.................................... A/NR $ 1,159,101
1,000,000 Cartersville, GA Development Authority Rev. Water & Wastewater Facilities
(Anheuser-Busch), 7.40% due 11/1/2010*.............................................. A1/AA- 1,164,880
2,000,000 Cartersville, GA Development Authority Rev. Water & Wastewater Facilities
(Anheuser-Busch), 6 3/4% due 2/1/2012*.............................................. A1/AA- 2,089,840
750,000 Chatham County Hospital Authority, GA Rev. (Memorial Medical Center, Inc.),
7% due 1/1/2021..................................................................... Aaa/AAA 826,762
1,000,000 Clayton County, GA Water Authority Water & Sewerage Rev., 5 1/4% due 5/1/2012.......... Aaa/AAA 943,880
16,030,000 Colquitt County, GA Development Authority Rev., Zero Coupon Bond due 12/1/2021......... Aaa/NR 2,674,445
</TABLE>
- ----------------
* Interest income earned from this security is subject to the federal
alternative minimum tax.
+ Ratings have not been audited by Deloitte & Touche LLP.
** Non-income producing, security in default.
See notes to financial statements.
20
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
September 30, 1995
- ------------------------------------------------------------------------------------------------------------------------------------
GEORGIA SERIES (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
------ --------------- ------------ -----
<C> <S> <C> <C>
$ 2,000,000 Columbia County, GA School District G.O.'s, 6 1/4% due 4/1/2013........................ Aaa/AAA $ 2,079,620
1,000,000 Columbia County, GA Water & Sewerage Rev., 6 1/4% due 6/1/2012......................... Aaa/AAA 1,033,690
5,000,000 DeKalb County, GA Water & Sewerage Rev., 5 3/4% due 10/1/2006.......................... Aaa/AAA 5,344,950
1,000,000 DeKalb County, GA Water & Sewerage Rev., 7% due 10/1/2014.............................. Aaa/AA 1,127,890
1,000,000 DeKalb County, GA Water & Sewerage Rev., 5 1/4% due 10/1/2023.......................... Aa/AA 919,120
700,000 DeKalb Private Hospital Authority, GA Rev. (Emory University Project),
6 3/4% due 4/1/2017................................................................. Aa1/AA- 725,998
300,000 DeKalb Private Hospital Authority, GA Rev. (Emory University Project), 7% due 4/1/2021. Aa1/AA- 316,800
1,000,000 Fayette County, GA School District G.O.'s, 6 1/8% due 3/1/2015......................... Aa/A+ 1,020,390
1,500,000 Fulco Hospital Authority, GA Rev. (Georgia Baptist Health Care System Project),
6 3/8% due 9/1/2022................................................................. Baa1/NR 1,411,080
3,000,000 Fulton County, GA School District G.O.'s, 5 5/8% due 1/1/2021.......................... Aa/AA 2,888,220
1,250,000 Gainesville, GA Water & Sewerage Rev., 5 1/4% due 11/15/2010........................... Aaa/AAA 1,214,338
2,975,000 Georgia Housing & Finance Authority Rev. (Single Family Mortgage),
5 1/4% due 12/1/2020................................................................ Aa/AA+ 2,627,193
3,000,000 Georgia Municipal Electric Authority Rev., 6% due 1/1/2026............................. Aaa/AAA 2,974,800
2,000,000 Georgia Municipal Gas Authority Rev. (Southern Storage Gas Project),
6.40% due 7/1/2014.................................................................. NR/A- 2,033,940
425,000 Georgia Residential Finance Authority Homeownership Mortgage Rev.,
7.20% due 12/1/2011*................................................................ Aa/AA+ 447,653
1,000,000 Georgia State G.O.'s, 5 3/4% due 2/1/2011.............................................. Aaa/AA+ 1,030,540
1,500,000 Gwinnett County, GA Hospital Authority Rev. Anticipation Certificates
(Gwinnett Hospital System, Inc. Project), 5% due 9/1/2019........................... Aaa/AAA 1,324,530
1,000,000 Gwinnett County, GA School District G.O.'s, 6.40% due 2/1/2012......................... Aa1/AA 1,097,230
735,000 Gwinnett County, GA Water & Sewerage Authority Rev., 6 1/2% due 8/1/2006............... Aa1/AA+ 742,548
1,500,000 Henry County School District, GA G.O.'s, 6.45% due 8/1/2011............................ A1/A+ 1,628,475
1,000,000 Metropolitan Atlanta Rapid Transit Authority, GA Sales Tax Rev., 7 1/4% due 7/1/2010... A1/AA- 1,097,980
500,000 Metropolitan Atlanta Rapid Transit Authority, GA Sales Tax Rev., 6 1/4% due 7/1/2018... A1/AA- 522,340
2,000,000 Monroe County, GA Development Authority Pollution Control Rev. (Georgia Power
Company Plant-- Scherer Project), 6% due 7/1/2025................................... Aaa/AAA 1,983,320
2,500,000 Private Colleges & Universities Authority, GA (Spelman College Project),
6.20% due 6/1/2014.................................................................. Aaa/AAA 2,566,450
500,000 Private Colleges & Universities Authority, GA (Emory University Project),
6 7/8% due 5/1/2015................................................................. Aa1/AA- 507,265
1,500,000 Private Colleges & Universities Authority, GA (Mercer University Project),
6 1/2% due 11/1/2015................................................................ Aaa/AAA 1,646,130
3,000,000 Private Colleges & Universities Authority, GA (Agnes Scott College Project),
5 5/8% due 6/1/2023................................................................. Aa/AA- 2,879,940
500,000 Private Colleges & Universities Authority, GA (Emory University Project),
6.40% due 10/1/2023................................................................. Aa1/AA- 513,400
2,000,000 Puerto Rico Highway & Transportation Authority Highway Rev., 5 1/2% due 7/1/2019....... Baa1/A 1,850,260
1,000,000 Putnam County, GA Development Authority Pollution Control Rev. (Georgia Power
Company Plant), 7 1/4% due 7/1/2021................................................. Aaa/AAA 1,044,340
</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.
21
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
Portfolios of Investments (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
GEORGIA SERIES (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
------ --------------- ------------ -----
<C> <S> <C> <C>
$ 2,000,000 Savannah, GA Airport Rev., 6 1/4% due 1/1/2015*........................................ Aaa/AAA $ 2,037,120
3,505,000 Washington, GA Wilkes Payroll Development Authority Rev., Zero Coupon Bond
due 12/1/2021....................................................................... Aaa/NR 577,449
------------
Total Municipal Bonds (Cost $57,180,931)--97.2%....................................................................... 58,073,907
Variable Rate Demand Notes (Cost $500,000)--0.8%...................................................................... 500,000
Other Assets Less Liabilities--2.0%................................................................................... 1,183,528
------------
NET ASSETS--100.0% ................................................................................................... $ 59,757,435
============
</TABLE>
<TABLE>
<CAPTION>
LOUISIANA SERIES
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
------ --------------- ------------ -----
<C> <S> <C> <C>
$ 1,055,000 Alexandria, LA Utilities Rev., 5.30% due 5/1/2013...................................... Aaa/AAA $ 991,710
3,000,000 Bastrop, LA Industrial Development Board Pollution Control Rev. (International Paper
Company Project), 6.90% due 3/1/2007................................................ A3/A- 3,208,980
2,420,000 East Baton Rouge Parish, LA Mortgage Finance Authority (Single Family
Mortgage Rev.), 5.40% due 10/1/2025................................................. Aaa/NR 2,125,075
1,000,000 East Baton Rouge Parish, LA Public Improvement Sales & Use Tax Rev.,
7 1/4% due 2/1/2009................................................................. Aaa/AAA 1,098,520
3,000,000 East Baton Rouge Parish, LA Public Improvement Sales & Use Tax Rev.,
5.90% due 2/1/2018.................................................................. Aaa/AAA 2,963,040
3,500,000 East Baton Rouge Parish, LA Sales Tax Rev., 4.90% due 2/1/2016........................ Aaa/AAA 3,088,260
2,000,000 Houma, LA Utilities Rev., 6 1/4% due 1/1/2012.......................................... Aaa/AAA 2,078,020
2,000,000 Jefferson Parish, LA Home Mortgage Authority (Single Family Mortgage Rev.),
6% due 12/1/2024*................................................................... Aa/NR 1,877,160
1,000,000 Jefferson Parish School Board, LA Sales Tax School Bonds, 6 1/4% due 2/1/2008.......... Aaa/AAA 1,053,630
1,250,000 Lafayette, LA Public Improvement Sales Tax Rev., 5 1/2% due 3/1/2009................... Aaa/AAA 1,246,400
3,000,000 Lafayette, LA Public Improvement Sales Tax Rev., 5.20% due 5/1/2011.................... Aaa/AAA 2,828,490
2,000,000 Louisiana Public Facilities Authority Hospital Rev. (Southern Baptist Hospitals Inc. Project),
6.80% due 5/15/2012................................................................. Aaa/AAA 2,273,420
2,250,000 Louisiana Public Facilities Authority Hospital Rev. (General Health Inc.),
6 1/2% due 11/1/2014................................................................ Aaa/AAA 2,304,810
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 1,039,170
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 2,060,520
3,000,000 Louisiana Public Facilities Authority Hospital Rev. (General Health Inc.),
6% due 11/1/2022.................................................................... Aaa/AAA 2,960,250
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 2,796,575
1,900,000 Louisiana Public Facilities Authority Rev. (Sisters of Mercy Health System, St. Louis, Inc.),
5% due 6/1/2019..................................................................... Aa/AA 1,670,005
3,000,000 Louisiana Public Facilities Authority Rev. (Tulane University), 5 3/4% due 2/15/2021... Aaa/AAA 2,917,830
</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.
22
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
September 30, 1995
- ------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA SERIES (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
------ --------------- ------------ -----
<C> <S> <C> <C>
$ 4,000,000 Louisiana State G.O.'s, 6 1/2% due 5/1/2011............................................ Aaa/AAA $ 4,245,720
1,000,000 Louisiana State University & Agricultural & Mechanical College Auxiliary Rev.,
5 3/4% due 7/1/2014................................................................. Aaa/AAA 984,120
190,000 Ouachita Parish, LA Industrial Development Rev. (International Paper Company),
6 1/2% due 4/1/2006................................................................. NR/NR 189,141
500,000 Saint Bernard Parish, LA Water and Sewer Commission Water & Sewer Rev.,
8% due 8/1/2006..................................................................... Aaa/AAA 526,565
1,250,000 Saint Charles Parish, LA Environmental Improvement Rev. (Louisiana Power
and Light Company Project), 6.20% due 5/1/2023*..................................... Baa2/BBB 1,170,262
2,960,000 Saint Charles Parish, LA Waterworks & Wastewater District Utility Rev.,
7.15% due 7/1/2016.................................................................. Aaa/AAA 3,309,606
1,000,000 Saint Tammany, LA Public Trust Financing Authority (Single Family Mortgage Rev.),
7.20% due 7/1/2010.................................................................. NR/AAA 1,062,700
1,555,000 Shreveport, LA G.O.'s, 7 1/2% due 4/1/2006............................................. Aaa/AAA 1,747,742
2,000,000 Shreveport, LA Water & Sewer Rev., 7 1/8% due 12/1/2014................................ Aaa/AAA 2,127,760
2,050,000 Sulphur, LA Housing & Mortgage Finance Trust (Residential Mortgage Rev.),
7 1/4% due 12/1/2010................................................................ Aaa/AAA 2,248,789
3,000,000 Tangipahoa Parish, LA Hospital Service District No. 1 Rev. (Northoaks Medical Center),
6 1/4% due 2/1/2024................................................................. Aaa/AAA 3,045,270
------------
Total Municipal Bonds (Cost $59,271,306)--98.1%....................................................................... 61,239,540
Variable Rate Demand Notes (Cost $200,000)--0.3%...................................................................... 200,000
Other Assets Less Liabilities--1.6%................................................................................... 1,013,452
------------
NET ASSETS--100.0% ................................................................................................... $ 62,452,992
============
</TABLE>
<TABLE>
<CAPTION>
MARYLAND SERIES
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
------ --------------- ------------ -----
<C> <S> <C> <C>
$ 3,000,000 Anne Arundel County, MD Pollution Control Rev. (Baltimore Gas and
Electric Company Project), 6% due 4/1/2024.......................................... A2/A $ 2,995,890
2,000,000 Baltimore, MD Consolidated Public Improvement G.O.'s, 6 3/8% due 10/15/2006............ Aaa/AAA 2,241,960
2,500,000 Baltimore, MD Port Facilities Rev. (Consolidated Coal Sales Co. Project),
6 1/2% due 10/1/2011................................................................ Aa3/AA 2,710,800
2,000,000 Frederick County, MD Public Facilities G.O.'s, 6.30% due 7/1/2011...................... Aaa/AA- 2,221,640
2,000,000 Howard County, MD Metropolitan District Project G.O.'s, 5 1/2% due 8/15/2022........... Aa1/AA+ 1,905,580
4,000,000 Maryland Capital Improvement G.O.'s, 5.20% due 4/15/2006............................... Aaa/AAA 4,081,320
1,000,000 Maryland Community Development Administration Dept. of Economic & Community
Development (Single Family Program), 7 3/4% due 4/1/2009............................ Aa/NR 1,050,780
2,000,000 Maryland Community Development Administration Dept. of Housing & Community
Development (Multi-Family Housing), 7.70% due 5/15/2020*............................ Aa/NR 2,141,220
2,500,000 Maryland Community Development Administration Dept. of Housing & Community
Development (Single Family Program), 6.80% due 4/1/2024*............................ Aa/NR 2,568,550
</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.
23
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
Portfolios of Investments (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
MARYLAND SERIES (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
------ --------------- ------------ -----
<C> <S> <C> <C>
$ 2,500,000 Maryland Community Development Administration Dept. of Housing & Community
Development (Multi-Family Housing), 6.70% due 5/15/2027............................. Aa/NR $ 2,558,850
3,000,000 Maryland Health & Higher Educational Facilities Authority Rev. (Johns Hopkins
University), 7 1/2% due 7/1/2020.................................................... Aa1/AA- 3,299,190
2,750,000 Maryland Health & Higher Educational Facilities Authority Rev. (Ann Arundel Medical
Center), 5% due 7/1/2023............................................................ Aaa/AAA 2,390,218
2,000,000 Maryland Health & Higher Educational Facilities Authority Rev. (Suburban Hospital),
5 1/8% due 7/1/2021................................................................. A1/A 1,697,780
3,000,000 Maryland Health & Higher Educational Facilities Authority Rev. (Francis Scott Key
Medical Center), 5% due 7/1/2023.................................................... Aaa/AAA 2,607,510
1,000,000 Maryland National Capital Park & Planning Commission G.O.'s (Prince George's County),
6.90% due 7/1/2010.................................................................. Aa/AA 1,089,680
2,000,000 Maryland Transportation Authority Rev. (Baltimore/Washington International
Airport Project), 6 1/4% due 7/1/2014*.............................................. Aaa/AAA 2,061,340
3,000,000 Maryland Transportation Authority Rev. Transportation Facilities Projects, 5 3/4%
due 7/1/2015........................................................................ A1/A+ 2,947,590
1,000,000 Maryland Water Quality Financing Administration Revolving Loan Fund Rev.,
6.70% due 9/1/2013.................................................................. Aa/AA 1,123,560
1,000,000 Maryland Water Quality Financing Administration Revolving Loan Fund Rev.,
7.10% due 9/1/2013.................................................................. Aa/AA 1,143,540
2,500,000 Montgomery County, MD Consolidated Public Improvement G.O.'s,
4.90% due 10/1/2013................................................................. Aaa/AAA 2,268,775
220,000 Montgomery County, MD Housing Opportunities Commission (Multi-Family
Housing Rev.), 9 3/8% due 7/1/2015.................................................. Aa/NR 224,400
455,000 Montgomery County, MD Housing Opportunities Commission (Single Family
Mortgage Rev.), 7 3/8% due 7/1/2017................................................. Aa/NR 484,088
2,000,000 Northeast Maryland Waste Disposal Authority Solid Waste Rev. (Montgomery County
Resource Recovery Project), 6.30% due 7/1/2016*..................................... A/NR 2,014,200
280,000 Puerto Rico Housing Finance Corporation (Single Family Mortgage Rev. Portfolio 1),
7.80% due 10/15/2021................................................................ Aaa/AAA 298,757
1,000,000 Puerto Rico Housing Finance Corporation (Single Family Mortgage Rev. Portfolio 1-C),
6.85% due 10/15/2023................................................................ Aaa/AAA 1,046,380
1,500,000 University of Maryland Auxiliary Facilities and Tuition Rev., 6 1/2% due 4/1/2011...... NR/AAA 1,646,940
2,500,000 Washington Suburban Sanitary District, MD, 6 1/2% due 1/1/2016......................... Aa1/AA 2,663,800
------------
Total Municipal Bonds (Cost $51,563,137)--94.0%....................................................................... 53,484,338
Variable Rate Demand Notes (Cost $2,400,000)--4.2%.................................................................... 2,400,000
Other Assets Less Liabilities--1.8%................................................................................... 1,035,695
------------
NET ASSETS--100.0% ................................................................................................... $ 56,920,033
============
</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.
24
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
September 30, 1995
- ------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS SERIES
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
------ --------------- ------------ -----
<C> <S> <C> <C>
$ 5,000,000 Boston, MA Water & Sewer Commission General Rev., 5 1/4% due 11/1/2019................. A/A $ 4,554,750
2,000,000 Boston, MA Water & Sewer Commission General Rev., 7 1/8% due 11/1/2009................. Aaa/AAA 2,239,280
3,000,000 Boston, MA Water & Sewer Commission General Rev., 7.10% due 11/1/2019.................. Aaa/AAA 3,356,130
5,000,000 Massachusetts Bay Transportation Authority Transportation System Rev.,
6.10% due 3/1/2023.................................................................. A1/A+ 4,999,700
1,665,000 Massachusetts Education Loan Authority Education Loan Rev., 8% due 6/1/2002............ NR/AAA 1,743,172
3,000,000 Massachusetts Health & Educational Facilities Authority Rev. (Daughters of Charity
National Health Systems--Carney Hospital), 6% due 7/1/2009.......................... Aa/NR 3,054,390
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 2,521,250
915,000 Massachusetts Health & Educational Facilities Authority Rev. (Youville Hospital),
9.10% due 8/1/2015.................................................................. NR/NR 952,176
7,500,000 Massachusetts Health & Educational Facilities Authority Rev. (Harvard University),
5 1/2% due 12/1/2015................................................................ Aaa/AAA 7,364,925
2,500,000 Massachusetts Health & Educational Facilities Authority Rev. (Lahey Clinic
Medical Center), 7 5/8% due 7/1/2018................................................ Aaa/AAA 2,763,550
5,000,000 Massachusetts Health & Educational Facilities Authority Rev. (Newton-Wellesley
Hospital), 6% due 7/1/2018.......................................................... Aaa/AAA 4,968,750
3,295,000 Massachusetts Health & Educational Facilities Authority Rev. (Tufts University),
7.40% due 8/1/2018.................................................................. AAA/A+ 3,630,826
705,000 Massachusetts Health & Educational Facilities Authority Rev. (Tufts University),
7.40% due 8/1/2018.................................................................. A1/A+ 778,257
2,500,000 Massachusetts Health & Educational Facilities Authority Rev. (Suffolk University),
8 1/8% due 7/1/2020................................................................. Baa/BBB 2,890,850
2,000,000 Massachusetts Health & Educational Facilities Authority Rev. (Boston College),
6 5/8% due 7/1/2021................................................................. Aaa/AAA 2,123,420
1,000,000 Massachusetts Health & Educational Facilities Authority Rev. (Suffolk University),
6.35% due 7/1/2022.................................................................. NR/AAA 1,024,120
5,000,000 Massachusetts Health & Educational Facilities Authority Rev. (Brigham & Women's
Hospital), 6 3/4% due 7/1/2024...................................................... A1/A+ 5,194,650
3,000,000 Massachusetts Health & Educational Facilities Authority Rev. (New England
Medical Center), 5 3/8% due 7/1/2024................................................ Aaa/AAA 2,767,320
1,000,000 Massachusetts Health & Educational Facilities Authority Rev. (New England
Medical Center), 6 5/8% due 7/1/2025................................................ Aaa/AAA 1,060,820
1,600,000 Massachusetts Housing Finance Agency Rev. (Residential Development),
6 1/4% due 11/15/2012............................................................... Aaa/AAA 1,613,120
4,705,000 Massachusetts Housing Finance Agency Rev. (Single Family Housing Rev.),
7.30% due 6/1/2014.................................................................. Aa/A+ 4,878,332
3,195,000 Massachusetts Industrial Finance Agency Rev. (Phillips Academy), 5 3/8% due 9/1/2023... Aa1/AA 2,946,110
755,000 Massachusetts Municipal Wholesale Electric Company Power Supply System Rev.,
6 3/4% due 7/1/2017................................................................. A/BBB+ 798,820
2,450,000 Massachusetts Special Obligation Rev. (Highway Improvement Loan), 6% due 6/1/2013...... A1/AA 2,459,089
2,500,000 Massachusetts Special Obligation Rev. (Highway Improvement Loan),
5.80% due 6/1/2014.................................................................. A1/AA- 2,463,325
5,000,000 Massachusetts State Consolidated Loan G.O.'s, 7% due 12/1/2010......................... Aaa/A+ 5,575,550
</TABLE>
- ----------------
+ Ratings have not been audited by Deloitte & Touche LLP.
See notes to financial statements.
25
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
Portfolios of Investments (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS SERIES (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
------ --------------- ------------ -----
<C> <S> <C> <C>
$ 5,000,000 Massachusetts State Consolidated Loan G.O.'s, 5 3/4% due 5/1/2012...................... Aaa/AAA $ 5,040,100
5,000,000 Massachusetts State Consolidated Loan G.O.'s, 4 7/8% due 10/1/2013..................... A1/A+ 4,466,750
8,475,000 Massachusetts State Port Authority Rev., 7 1/8% due 7/1/2012........................... Aa/AA 8,590,684
5,500,000 Massachusetts State Water Resources Authority Rev., 6% due 8/1/2024.................... Aaa/AAA 5,462,105
5,000,000 Massachusetts Turnpike Authority Turnpike Rev., 5 1/8% due 1/1/2023.................... Aaa/AAA 4,434,200
730,000 Puerto Rico Electric Power Authority Power Rev., 7 1/8% due 7/1/2014................... Baa1/A- 790,481
1,000,000 Puerto Rico Highway & Transportation Authority Highway Rev., 5 1/2% due 7/1/2019....... Baa1/A 925,130
2,750,000 Puerto Rico Port Authority Rev., 6% due 7/1/2021*...................................... Aaa/AAA 2,749,670
1,230,000 Virgin Islands Port Authority Rev. (Marine Division), 10 1/8% due 11/1/2005............ NR/NR 1,262,029
------------
Total Municipal Bonds (Cost $109,246,218)--96.4%...................................................................... 112,443,831
Variable Rate Demand Notes (Cost $2,400,000)--2.1%.................................................................... 2,400,000
Other Assets Less Liabilities--1.5%................................................................................... 1,757,580
------------
NET ASSETS--100.0% ................................................................................................... $116,601,411
============
</TABLE>
<TABLE>
<CAPTION>
MICHIGAN SERIES
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
------ --------------- ------------ -----
<C> <S> <C> <C>
$ 5,000,000 Capital Region Airport Authority, MI Airport Rev., 6.70% due 7/1/2021*................. Aaa/AAA $ 5,294,400
5,000,000 Clarkston Community Schools, MI G.O.'s, 5 3/4% due 5/1/2016............................ Aaa/AAA 4,946,150
5,000,000 Detroit, MI Distributable State Aid G.O.'s, 7.20% due 5/1/2009......................... Aaa/AAA 5,554,150
6,000,000 Detroit, MI Water Supply System Rev., 6 1/4% due 7/1/2012.............................. Aaa/AAA 6,224,280
1,500,000 Eastern Michigan University Rev. (Board of Regents), 6 3/8% due 6/1/2014............... Aaa/AAA 1,558,935
3,000,000 Grand Haven, MI Electric System Rev., 5 1/4% due 7/1/2013.............................. Aaa/AAA 2,802,510
7,000,000 Grand Rapids, MI Water Supply System Rev., 5 3/4% due 1/1/2018......................... Aaa/AAA 6,785,800
1,000,000 Grand Traverse County, MI Hospital Finance Authority (Munson Healthcare
Obligated Group), 6 1/4% due 7/1/2012............................................... Aaa/AAA 1,032,510
1,500,000 Grand Traverse County, MI Hospital Finance Authority (Munson Healthcare
Obligated Group), 6 1/4% due 7/1/2022............................................... Aaa/AAA 1,525,065
3,240,000 Holland School District, MI G.O.'s, 6 1/4% due 5/1/2007................................ Aaa/AAA 3,479,404
3,000,000 Holland School District, MI G.O.'s (School Building and Site Bonds), 7 3/8% due 5/1/2019 NR/NR 3,250,440
3,000,000 Jackson County, MI Hospital Finance Authority Rev. (W.A. Foote Memorial Hospital),
7 1/4% due 6/1/2012................................................................. NR/NR 3,196,440
4,000,000 Jackson County, MI Hospital Finance Authority Rev. (W.A. Foote Memorial Hospital),
5 1/4% due 6/1/2023................................................................. Aaa/AAA 3,587,080
5,000,000 Kent County, MI Airport Rev., 6.10% due 1/1/2025*...................................... Aa/AAA 5,007,450
1,250,000 Kent County, MI Building Authority G.O.'s (Correctional Facility Improvements),
6% due 12/1/2009.................................................................... Aa/AAA 1,300,762
5,000,000 Kent County, MI Refuse Disposal System G.O.'s, 8.40% due 11/1/2010..................... Aa/AAA 5,525,800
2,775,000 Kentwood, MI Public Schools Building & Site G.O.'s, 6.40% due 5/1/2015................. Aa/A+ 2,876,676
1,250,000 Lansing, MI Water Supply & Electric Utility System Rev., 5 3/4% due 7/1/2002........... Aa/AA 1,294,587
</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.
26
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
September 30, 1995
- ------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN SERIES (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
------ --------------- ------------ -----
<C> <S> <C> <C>
$ 1,250,000 Lansing, MI Water Supply & Electric Utility System Rev., 5 3/4% due 7/1/2003........... Aa/AA $ 1,292,650
2,750,000 Michigan Municipal Bond Authority Rev. (Local Government Loan Program),
4 3/4% due 12/1/2009................................................................ Aaa/AAA 2,530,743
4,000,000 Michigan Municipal Bond Authority Rev. (Local Government Loan Program--Group 2),
7.30% due 5/1/2016.................................................................. NR/AAA 4,157,360
3,000,000 Michigan Public Power Agency Rev. (Belle River Project), 5 1/4% due 1/1/2018........... A1/AA- 2,766,750
2,500,000 Michigan State Building Authority Series II, 6% due 10/1/2009.......................... Aaa/AAA 2,565,750
4,000,000 Michigan State Building Authority Rev., 6 1/4% due 10/1/2020........................... A1/AA- 4,042,520
1,750,000 Michigan State Comprehensive Transportation Rev., 7 5/8% due 5/1/2011.................. A1/AA- 1,930,320
2,500,000 Michigan State Comprehensive Transportation Rev., 7 3/4% due 8/1/2011.................. NR/NR 2,581,200
6,500,000 Michigan State G.O.'s (Environmental Protection Program), 5.40% due 11/1/2019.......... A1/AA 6,021,535
2,000,000 Michigan State Hospital Finance Authority Hospital Rev. (Sparrow Obligated Group),
6 1/2% due 11/15/2011............................................................... Aaa/AAA 2,094,800
5,000,000 Michigan State Hospital Finance Authority Hospital Rev. (St. John Hospital),
5 3/4% due 5/15/2016................................................................ Aaa/AAA 4,904,900
5,000,000 Michigan State Hospital Finance Authority Hospital Rev. (Henry Ford Health System),
5 3/4% due 9/1/2017................................................................. Aaa/AAA 4,848,300
1,250,000 Michigan State Hospital Finance Authority Hospital Rev. (Crittenton Hospital),
6 3/4% due 3/1/2020................................................................. Aaa/AAA 1,321,050
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 1,071,670
5,000,000 Michigan State Hospital Finance Authority Hospital Rev. (Detroit Medical Center),
6 1/2% due 8/15/2018................................................................ A/A 5,032,050
2,500,000 Michigan State Housing Development Authority Rev. (Single Family Mortgage),
6.80% due 12/1/2016................................................................. NR/AA+ 2,604,000
5,000,000 Michigan State Housing Development Authority Rev. (Rental Housing),
6.65% due 4/1/2023.................................................................. NR/A+ 5,101,650
3,000,000 Michigan State Strategic Fund Pollution Control Rev. (Detroit Edison Company),
6 1/2% due 2/15/2016................................................................ Aaa/AAA 3,155,310
5,000,000 Michigan State Strategic Fund Pollution Control Rev. (General Motors Corp.),
6.20% due 9/1/2020.................................................................. Aa/BBB+ 5,020,500
5,000,000 Michigan State Trunk Line Rev., 5 1/2% due 10/1/2021................................... A1/AA- 4,660,350
2,000,000 Midland, MI Water Supply System Rev., 7.20% due 4/1/2010............................... A/A+ 2,147,940
5,000,000 University of Michigan Hospital Rev., 6 3/8% due 12/1/2024............................. Aa/AA 5,077,300
5,000,000 Wayne, MI State University Rev., 5.65% due 11/15/2015.................................. Aaa/AAA 4,867,800
3,000,000 Wyandotte, MI Electric Rev., 6 1/4% due 10/1/2017...................................... Aaa/AAA 3,085,170
------------
Total Municipal Bonds (Cost $141,921,528)--97.0%...................................................................... 148,124,057
Variable Rate Demand Notes (Cost $2,000,000)--1.3%.................................................................... 2,000,000
Other Assets Less Liabilities--1.7%................................................................................... 2,637,109
------------
NET ASSETS--100.0% ................................................................................................... $152,761,166
============
</TABLE>
- ----------------
+ Ratings have not been audited by Deloitte & Touche LLP.
See notes to financial statements.
27
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
Portfolios of Investments (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA SERIES
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
------ --------------- ------------ -----
<C> <S> <C> <C>
$ 6,250,000 Becker, MN Pollution Control Rev. (Northern States Power Company),
6.80% due 4/1/2007.................................................................. A2/A+ $ 6,727,375
2,000,000 Breckenridge, MN Hospital Facility Rev. (Franciscan Sisters Health Care, Inc.),
9 3/8% due 9/1/2017................................................................. NR/NR 2,221,660
3,000,000 Dakota County, MN G.O.'s Capital Improvement, 7.30% due 2/1/2008....................... A1/NR 3,195,870
5,000,000 Edina, MN Housing Development Rev. (Edina Park Plaza Project), 7.70% due 12/1/2028..... Aa/NR 5,297,650
2,000,000 Goodhue County, MN Hospital Facilities Rev. (St. John's Regional Health Center),
8 3/4% due 9/1/2016................................................................. NR/NR 2,204,360
1,200,000 Lakeville, MN Independent School District No. 194 G. O.'s, 6.70% due 2/1/2015.......... Aaa/AAA 1,288,584
700,000 Lewiston, MN First Mortgage Nursing Home Rev. (Deloughery Home Project),
9.80% due 1/15/2013................................................................. NR/A- 757,498
7,500,000 Minneapolis, MN Community Development Agency Tax Increment Rev., Zero Coupon
Bond due 9/1/2003................................................................... Aaa/AAA 5,067,675
5,500,000 Minneapolis, MN Community Development Agency Tax Increment Rev., Zero Coupon
Bond due 9/1/2004................................................................... Aaa/AAA 3,506,250
3,000,000 Minneapolis-St. Paul Metropolitan Area (Metropolitan Council of the Twin Cities), MN,
5 1/2% due 12/1/2006................................................................ Aaa/AAA 3,008,370
1,400,000 Minneapolis-St. Paul Metropolitan Area (Metropolitan Council of the Twin Cities), MN,
5 1/2% due 12/1/2012................................................................ Aaa/AAA 1,380,764
3,000,000 Minneapolis-St. Paul, MN Housing & Redevelopment Authority Health Care Rev.
(Children's Health Care), 5 1/2% due 8/15/2025...................................... Aaa/AAA 2,848,260
5,500,000 Minneapolis, MN G.O.'s, 6 1/2% due 3/1/2013............................................ Aaa/AAA 5,739,250
2,000,000 Minneapolis, MN Hospital Facilities Rev. (Lifespan, Inc.--Abbott-Northwestern
Hospital, Inc.), 7 7/8% due 12/1/2014............................................... Aaa/AAA 2,192,260
1,500,000 Minneapolis, MN Tax Increment Rev., 7% due 3/1/2003.................................... Aaa/AAA 1,592,505
940,000 Minnesota Housing Finance Agency (Housing Development), 6 1/4% due 2/1/2020............ A1/AA 944,117
5,000,000 Minnesota Housing Finance Agency (Single Family Mortgage), 6.85% due 1/1/2024*......... Aa/AA+ 5,155,100
5,500,000 Minnesota Public Facilities Authority Water Pollution Control Rev., 7.10% due 3/1/2012. NR/AAA 6,012,600
2,500,000 North Suburban Hospital District, MN Anoka & Ramsey Counties
Hospital Rev. (Health Central System Project), 10% due 10/1/2014.................... Aaa/NR 2,575,800
5,000,000 Northern Municipal Power Agency, MN Electric System Rev., 7 1/4% due 1/1/2016.......... A/A 5,488,500
2,500,000 Northern Municipal Power Agency, MN Electric System Rev., 7.40% due 1/1/2018........... Aaa/AAA 2,772,325
5,000,000 Olmsted County, MN Housing & Redevelopment Authority Public Facility Rev.,
7% due 2/1/2013..................................................................... Aaa/AA+ 5,571,900
2,000,000 Ramsey & Washington Counties, MN Resource Recovery Rev. (Northern States Power
Company Project), 6 3/4% due 12/1/2006.............................................. A1/AA- 2,160,360
4,000,000 Rochester, MN Health Care Facilities Rev. (Mayo Foundation/Mayo Medical Center),
7.45% due 11/15/2006................................................................ NR/AA+ 4,526,840
4,500,000 Rochester, MN Health Care Facilities Rev. (Mayo Foundation/Mayo Medical Center),
6 1/4% due 11/15/2014............................................................... NR/AA+ 4,644,720
1,000,000 Rochester, MN Health Care Facilities Rev. (Mayo Foundation/Mayo Medical Center),
6 1/4% due 11/15/2021............................................................... NR/AA+ 1,024,340
1,275,000 Saint Cloud, MN Hospital Facilities Rev. (Saint Cloud Hospital), 6 3/4% due 7/1/2011... Aaa/AAA 1,379,116
2,000,000 Saint Cloud, MN Hydroelectric Generation Facility Gross Rev., 7 3/8% due 12/16/2018.... NR/A- 2,102,200
</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.
28
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
September 30, 1995
- ------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA SERIES (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
------ --------------- ------------ -----
<C> <S> <C> <C>
$ 1,575,000 Saint Paul, MN Housing & Redevelopment Authority Healthcare Facility Rev.
(Children's Hospital), 7% due 12/1/2019............................................. A/A+ $ 1,671,784
301,897 Saint Paul, MN Science Museum Facilities Rev. (Science Museum of Minnesota Project),
7 1/2% due 12/15/2001............................................................... NR/AAA 328,471
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 3,422,550
765,000 Saint Paul Port Authority, MN Industrial Development Rev. Series E, 9 1/8% due 10/1/2010 NR/CCC 683,726
4,125,000 Saint Paul Port Authority, MN Industrial Development Rev. Series L, 7 1/2% due 12/1/2010 NR/CCC 3,182,025
685,000 Saint Paul Port Authority, MN Industrial Development Rev. Series V, 10 1/4%
due 12/1/2013....................................................................... NR/CCC 668,313
250,000 Saint Paul Port Authority, MN Industrial Development Rev. Series H, 9 1/8% due 12/1/2014 NR/CCC 220,865
1,500,000 Saint Paul Port Authority, MN Industrial Development Rev. Series I, 9 1/8% due 12/1/2014 NR/CCC 1,325,190
250,000 Saint Paul Port Authority, MN Industrial Development Rev. Series L, 9 3/4% due 12/1/2014 NR/CCC 233,608
750,000 Saint Paul Port Authority, MN Industrial Development Rev. Series M, 7% due 12/1/2016... NR/CCC 526,080
1,500,000 Southern Minnesota Municipal Power Agency--Power Supply System Rev.,
5 3/4% due 1/1/2018................................................................. A/A+ 1,448,730
750,000 Southern Minnesota Municipal Power Agency--Power Supply System Rev.,
5 3/4% due 1/1/2018................................................................. Aaa/AAA 751,785
1,500,000 Southern Minnesota Municipal Power Agency--Power Supply System Rev.,
4 3/4% due 1/1/2016................................................................. A/A+ 1,278,600
5,000,000 University of Minnesota G.O.'s, 7 3/4% due 2/1/2010.................................... Aa/AAA 5,163,450
3,500,000 Washington County, MN G.O.'s, 5.90% due 2/1/2010....................................... Aa/AA- 3,555,020
3,000,000 Western Minnesota Municipal Power Agency--Power Supply Rev., 7% due 1/1/2013........... A1/A 3,145,500
9,580,000 Western Minnesota Municipal Power Agency--Power Supply Rev., 6 3/8% due 1/1/2016....... Aaa/AAA 9,996,730
------------
Total Municipal Bonds (Cost $122,177,451)--95.6%..................................................................... 128,988,676
------------
Variable Rate Demand Notes
----------------------------
1,000,000 Gulf Coast Waste Disposal Authority, TX Solid Waste Disposal Rev. due 8/1/2023*........ VMIG-1/NR 1,000,000
500,000 Jackson County, MS Individual Sewer Facilities Rev. (Chevron U.S.A. Inc. Project)
due 12/15/2024*..................................................................... P-1/NR 500,000
500,000 Lincoln County, WY Pollution Control Rev. (Exxon Project) due 11/1/2014................ P-1/A-1+ 500,000
4,900,000 New York State Energy Research & Development Authority (Niagara Mohawk)
due 7/1/2015........................................................................ NR/A-1+ 4,900,000
------------
Total Variable Rate Demand Notes (Cost $6,900,000)--5.1%.............................................................. 6,900,000
------------
Other Assets Less Liabilities--(0.7)%................................................................................. (935,880)
------------
NET ASSETS--100.0% ................................................................................................... $134,952,796
============
</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.
29
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
Portfolios of Investments (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
MISSOURI SERIES
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
------ --------------- ------------ -----
<C> <S> <C> <C>
$ 2,000,000 Columbia, MO Water and Electric System Improvement Rev., 6 1/8% due 10/1/2012.......... A1/AA $ 2,063,460
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 1,565,535
3,775,000 Kansas City, MO Water Rev., 6 1/4% due 12/1/2009....................................... Aa/AA 3,867,752
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 1,342,826
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 400,987
1,250,000 Kansas City School District Building Corporation, MO Leasehold Rev., 6 1/2% due 2/1/2008 Aaa/AAA 1,340,763
1,500,000 Kansas City School District Building Corporation, MO Leasehold Rev.,
7.90% due 2/1/2008.................................................................. Aaa/AAA 1,648,785
1,000,000 Liberty, MO Waterworks Improvement Rev., 6.30% due 10/1/2012........................... Aaa/AAA 1,043,040
2,000,000 Little Blue Valley, MO Sewer District Rev., 7 1/4% due 10/1/2007....................... Aaa/AAA 2,164,660
1,000,000 Missouri School Boards Pooled Financing Program Certificates of Participation,
7 3/8% due 3/1/2006................................................................. Aaa/AAA 1,075,870
2,000,000 Missouri School Boards Pooled Financing Program Certificates of Participation,
7% due 3/1/2006..................................................................... Aaa/AAA 2,138,040
1,000,000 Missouri State Environmental Improvement & Energy Resources Authority Rev.
(State Revolving Fund Program), 6.55% due 7/1/2014.................................. Aa/NR 1,048,710
2,500,000 Missouri State Environmental Improvement & Energy Resources Authority Rev.
(Union Electric Company Project), 5.45% due 10/1/2028*.............................. A1/AA- 2,203,075
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 2,366,175
2,000,000 Missouri State G.O.'s, 5 5/8% due 4/1/2017............................................. Aaa/AAA 1,983,980
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 2,334,125
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 1,518,825
3,500,000 Missouri State Health & Educational Facilities Authority Rev. (SSM Health Care),
6 1/4% due 6/1/2016................................................................. Aaa/AAA 3,581,865
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 1,114,420
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 869,810
2,500,000 Missouri State Health Facilities Rev. (Barnes-Jewish, Inc./Christian Health Services),
5 1/4% due 5/15/2021................................................................ Aa/AA 2,208,475
90,000 Missouri State Housing Development Commission (Single Family Residential
Mortgage Rev.), 8% due 8/1/2013..................................................... NR/AAA 95,470
860,000 Missouri State Housing Development Commission Housing Development Bonds
(Federally Insured Mortgage Loans), 6% due 10/15/2019............................... Aa/AA+ 846,515
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- 1,714,920
2,400,000 Southeast Missouri Correctional Facility Lease Rev. (Missouri State Project),
5 3/4% due 10/15/2016............................................................... Aa/AA 2,356,824
3,000,000 Springfield, MO Public Utility Rev., 5 1/4% due 3/1/2007............................... Aa/AA 3,024,120
</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.
30
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
September 30, 1995
- ------------------------------------------------------------------------------------------------------------------------------------
MISSOURI SERIES (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
------ --------------- ------------ -----
<C> <S> <C> <C>
$ 2,500,000 Springfield, MO Waterworks Rev., 5.60% due 5/1/2023.................................... Aa/A+ $ 2,395,000
2,750,000 University of Missouri University Revenues Refunding & Improvement Systems Facilities,
5 1/2% due 11/1/2023................................................................ Aa/AA+ 2,603,398
------------
Total Municipal Bonds (Cost $49,150,196)--98.5%....................................................................... 50,917,425
Variable Rate Demand Notes (Cost $200,000)--0.4%...................................................................... 200,000
Other Assets Less Liabilities--1.1%................................................................................... 566,509
------------
NET ASSETS--100.0% ................................................................................................... $ 51,683,934
============
</TABLE>
<TABLE>
<CAPTION>
NEW YORK SERIES
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
------ --------------- ------------ -----
<C> <S> <C> <C>
$ 5,000,000 Metropolitan Transportation Authority, NY (Commuter Facilities Rev.),
6 1/2% due 7/1/2024................................................................. Baa1/BBB+ $ 5,100,050
2,500,000 Municipal Assistance Corporation for the City of New York, NY, 6.90% due 7/1/2007...... Aa/AA- 2,663,275
4,000,000 New York City Municipal Water Finance Authority, NY Water & Sewer System Rev.,
5 3/4% due 6/15/2018................................................................ Aaa/AAA 3,886,040
2,500,000 New York City, NY G.O.'s, 7 1/4% due 8/15/2024......................................... Baa1/BBB+ 2,616,125
5,000,000 New York City, NY Health & Hospitals Corporation Health System,
5 3/4% due 2/15/2022................................................................ Aaa/AAA 4,847,850
3,500,000 New York State Dormitory Authority Rev. (Rockefeller University), 7 3/8% due 7/1/2014.. Aaa/AAA 3,858,995
5,000,000 New York State Dormitory Authority Rev. (Fordham University), 5 3/4% due 7/1/2015...... Aaa/AAA 4,947,100
3,540,000 New York State Dormitory Authority Rev. (Colgate University), 6 1/2% due 7/1/2021...... Aaa/AAA 3,742,346
5,000,000 New York State Dormitory Authority Rev. (Skidmore College), 5 3/8% due 7/1/2023........ Aaa/AAA 4,630,300
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*..................... A1/A+ 4,868,955
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 2,638,800
3,000,000 New York State Environmental Facilities Corporation Pollution Control Rev.
(State Water--Revolving Fund), 6.90% due 11/15/2015................................. Aaa/AAA 3,376,110
3,000,000 New York State Housing Finance Agency Rev. (Phillips Village Project),
7 3/4% due 8/15/2017*............................................................... A/NR 3,232,770
3,500,000 New York State Local Government Assistance Corp., 6% due 4/1/2024...................... A/A 3,438,995
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 4,082,960
2,000,000 New York State Mortgage Agency (Homeownership Mortgage), 7 1/2% due 4/1/2016........... Aa/NR 2,126,400
5,000,000 New York State Power Authority General Purpose Rev., 6 1/2% due 1/1/2019............... Aaa/AAA 5,283,450
4,000,000 New York State Thruway Authority General Rev., 6% due 1/1/2025......................... Aaa/AAA 4,006,040
4,000,000 New York State Thruway Authority Local Highway and Bridge Service Contract Bonds,
7 1/4% due 1/1/2010................................................................. Baa1/BBB 4,329,600
2,500,000 Niagara Falls, NY Bridge Commission Toll Bridge System Rev., 5 1/4% due 10/1/2015...... Aaa/AAA 2,346,875
</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.
31
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
Portfolios of Investments (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK SERIES (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
------ --------------- ------------ -----
<C> <S> <C> <C>
$ 2,250,000 Port Authority of New York and New Jersey Consolidated Rev., 6 1/8% due 6/1/2094....... A1/AA- $ 2,311,875
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 4,889,600
------------
Total Municipal Bonds (Cost $80,762,259)--98.1%....................................................................... 83,224,511
Other Assets Less Liabilities--1.9%................................................................................... 1,640,528
------------
NET ASSETS--100.0% ................................................................................................... $ 84,865,039
============
</TABLE>
<TABLE>
<CAPTION>
OHIO SERIES
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
------ --------------- ------------ -----
<C> <S> <C> <C>
$ 2,000,000 Barberton, OH Sewer System Mortgage Rev., 6 5/8% due 12/1/2006......................... Aaa/AAA $ 2,130,020
3,450,000 Big Walnut Local School District, OH School Building Construction & Improvement
G.O.'s, 7.20% due 6/1/2007.......................................................... Aaa/AAA 3,953,838
3,000,000 Clermont County, OH Hospital Facilities Rev. (Mercy Health System), 5 7/8% due 1/1/2015 Aaa/AAA 2,994,510
2,000,000 Cleveland, OH Waterworks Improvement Rev., 6% due 1/1/2017............................. A1/A+ 1,983,160
2,250,000 Cleveland, OH Waterworks Improvement Rev., 6 1/2% due 1/1/2021......................... Aaa/AAA 2,509,830
5,000,000 Columbus, OH G.O.'s, 6 1/2% due 1/1/2010............................................... Aa1/AA+ 5,320,850
4,500,000 Columbus, OH Municipal Airport Authority Rev. (Port Columbus International
Airport Project), 6% due 1/1/2020*.................................................. Aaa/AAA 4,493,745
4,250,000 Dayton, OH James M. Cox Dayton International Airport Rev., 8 1/4% due 1/1/2016......... Aaa/AAA 4,405,295
3,000,000 Dayton, OH Water System Mortgage Rev., 6 3/4% due 12/1/2010............................ Aaa/AAA 3,196,890
7,000,000 Erie County, OH Franciscan Services Corp. Rev. (Providence Hospital Inc.),
6% due 1/1/2013..................................................................... NR/A- 6,808,760
1,000,000 Euclid City School District, OH G.O.'s, 7.10% due 12/1/2011............................ A/NR 1,094,230
7,750,000 Franklin County, OH G.O.'s, 5 3/8% due 12/1/2020....................................... Aaa/AAA 7,384,898
7,500,000 Franklin County, OH Hospital Rev. (Riverside United Methodist Hospital),
5 3/4% due 5/15/2020................................................................ Aa/NR 7,143,975
5,000,000 Hamilton County, OH Health Care System Rev. (Sisters of Charity Health Care),
6 1/4% due 5/15/2014................................................................ Aaa/AAA 5,193,650
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 5,216,600
8,000,000 Hamilton, OH Electric System Mortgage Rev., 6% due 10/15/2023.......................... Aaa/AAA 8,044,000
4,000,000 Hudson Local School District, OH G.O.'s, 7.10% due 12/15/2013.......................... A1/NR 4,537,360
1,095,000 Lake County, OH Hospital Improvement Rev. (Lake Hospital System Inc.),
8% due 1/1/2013..................................................................... Aaa/AAA 1,165,474
8,000,000 Lucas County, OH Hospital Improvement Rev. (The Toledo Hospital),
5% due 11/15/2010................................................................... Aaa/AAA 7,406,080
3,000,000 Lucas County, OH Hospital Rev. (Riverside Hospital Project), 7 5/8% due 6/1/2015....... Baa1/BBB+ 3,097,380
1,000,000 Montgomery County, OH Rev. (Sisters of Charity Health Care Systems, Inc.),
6 5/8% due 5/15/2021................................................................ Aaa/AAA 1,059,640
1,090,000 Mount Vernon, OH Hospital Rev. (Knox Community Hospital), 7 1/2% due 6/1/1996.......... NR/NR 1,112,040
</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.
32
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
September 30, 1995
- ------------------------------------------------------------------------------------------------------------------------------------
OHIO SERIES (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
------ --------------- ------------ -----
<C> <S> <C> <C>
$ 5,000,000 Mount Vernon, OH Hospital Rev. (Knox Community Hospital), 7 7/8% due 6/1/2012.......... NR/NR $ 5,213,800
1,490,000 Napoleon, OH Health Care Facility Rev. (Lutheran Orphans' & Old Folks' Home Society),
10.70% due 7/15/2015................................................................ NR/NR 1,609,051
1,500,000 Northeast Ohio Regional Sewer District Wastewater Improvement Rev.,
6 1/2% due 11/15/2016............................................................... Aaa/AAA 1,666,170
5,000,000 Ohio Air Quality Development Authority Pollution Control Rev. (Ohio Edison
Company Project), 7.45% due 3/1/2016................................................ Aaa/AAA 5,541,750
2,000,000 Ohio Air Quality Development Authority Rev. (Cincinnati Gas & Electric
Company Project), 5.45% due 1/1/2024................................................ Aaa/AAA 1,895,140
6,500,000 Ohio Air Quality Development Authority Rev. (JMG Project), 6 3/8% due 1/1/2029*........ Aaa/AAA 6,731,335
6,500,000 Ohio State Building Authority (State Correctional Facilities), 7.35% due 8/1/2006...... Aaa/NR 7,292,220
2,000,000 Ohio State Building Authority Workers' Compensation Facilities
(William Green Building), 4 3/4% due 4/1/2014....................................... A/A+ 1,726,860
3,000,000 Ohio State G.O.'s Infrastructure Improvement, 6 1/2% due 8/1/2011...................... Aa/AA 3,203,670
1,500,000 Ohio State Higher Educational Facilities Commission Mortgage Rev.
(University of Dayton Project), 7 1/4% due 12/1/2012................................ Aaa/AAA 1,681,080
3,000,000 Ohio State Higher Educational Facilities Commission Rev. (Oberlin College Project),
5 3/8% due 10/1/2015................................................................ NR/AA 2,840,010
2,000,000 Ohio State Liquor Profits Rev., 6.85% due 3/1/2000..................................... Aaa/AAA 2,190,660
7,000,000 Ohio State Public Facilities Commission Rev. (Higher Education Capital Facilities),
6.30% due 5/1/2006.................................................................. Aaa/AAA 7,541,170
2,000,000 Ohio State Water Development Authority Rev. (Safe Water), 6 3/4% due 12/1/2007......... Aaa/AAA 2,121,860
2,675,000 Ohio State Water Development Authority Rev. (Safe Water), 9 3/8% due 12/1/2010......... Aaa/AAA 3,385,266
2,500,000 Ohio State Water Development Authority Solid Waste Disposal Rev. (North Star BHP
Steel--LLC Project/Cargill, Inc. Guarantor), 6.30% due 9/1/2020..................... Aa3/AA- 2,501,900
8,000,000 Ohio State Water Development Authority Water Development Rev. (Dayton Power &
Light Co. Project), 6.40% due 8/15/2027............................................. Aa3/AA- 8,255,920
2,955,000 Pickerington Local School District, OH School Building Construction G.O.'s,
8% due 12/1/2005.................................................................... Aaa/AAA 3,488,880
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 1,024,320
775,000 Toledo, OH Sewer System Rev., 7 3/4% due 11/15/2017.................................... Aaa/AAA 865,969
560,000 Toledo, OH Waterworks Rev., 7 3/4% due 11/15/2017...................................... Aaa/AAA 625,733
3,000,000 University of Toledo, OH General Receipts Bonds, 7.10% due 6/1/2010.................... Aaa/AAA 3,376,560
2,000,000 Worthington City School District, OH School Building Construction & Improvement
G.O.'s, 8 3/4% due 12/1/2002........................................................ Aaa/AAA 2,348,880
------------
Total Municipal Bonds (Cost $159,201,432)--97.9%...................................................................... 167,380,429
Variable Rate Demand Notes (Cost $600,000)--0.4%...................................................................... 600,000
Other Assets Less Liabilities--1.7%................................................................................... 2,870,085
------------
NET ASSETS--100.0% ................................................................................................... $170,850,514
============
</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.
33
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
Portfolios of Investments (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
OREGON SERIES
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
------ --------------- ------------ -----
<C> <S> <C> <C>
$ 1,000,000 Albany, OR G.O.'s Water Bonds, 6 5/8% due 11/1/2009.................................... Aaa/AAA $ 1,002,630
1,000,000 Clackamas County, OR Hospital Facility Authority Rev. (Kaiser Permanente),
6 1/4% due 4/1/2021................................................................. Aa3/AA 1,011,300
1,250,000 Clackamas County, OR School District No. 12 G.O.'s (North Clackamas School
District), 5% due 6/1/2011.......................................................... A/A+ 1,176,038
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- 1,525,575
850,000 Columbia River People's Utility District, OR G.O.'s, 7.10% due 5/1/2005................ Aaa/AAA 866,932
1,000,000 Deschutes County Hospital Facility Authority, OR (St. Charles Medical Center),
7.60% due 1/1/2013.................................................................. A1/NR 1,070,500
400,000 Emerald People's Utility District, OR Electric System Rev., 7.20% due 11/1/2006........ Aaa/AAA 413,744
2,000,000 Eugene, OR Electric Utility Rev., 5.80% due 8/1/2022................................... Aaa/AAA 1,999,800
1,500,000 Eugene, OR Trojan Nuclear Project Rev., 5.90% due 9/1/2009............................. Aa/AA 1,499,850
730,000 Eugene, OR Water Utility System Rev., 6.55% due 8/1/2003............................... A1/AA- 759,769
2,000,000 Hillsboro, OR Hospital Facility Authority Hospital Rev. (Quality Healthcare),
5 3/4% due 10/1/2012................................................................ NR/BBB+ 1,880,220
1,000,000 Hood River County School District, OR G.O.'s, 5.65% due 6/1/2008....................... Aaa/AAA 1,026,790
1,245,000 Lebanon, OR G.O.'s Water Bonds, 7% due 11/1/2009....................................... NR/NR 1,248,200
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 948,888
1,000,000 Metropolitan Service District, OR G.O.'s (Oregon Convention Center),
6 1/4% due 1/1/2013................................................................. Aa/AA+ 1,027,960
1,250,000 Multnomah County School District No. 1J, OR G.O.'s, 6.80% due 12/15/2004............... Aa/AA- 1,303,638
2,000,000 North Clackamas Parks & Recreation District-Clackamas County, OR Rev.
(Recreational Facilities), 5.70% due 4/1/2013....................................... NR/A- 1,976,000
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 1,785,700
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+ 2,600,925
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+ 733,020
1,000,000 Oregon Department of Transportation Regional Light Rail Extension Rev.,
6.20% due 6/1/2008.................................................................. Aaa/AAA 1,078,470
530,000 Oregon Housing Agency Mortgage Rev. (Single Family Mortgage Program),
7 3/8% due 7/1/2020*................................................................ Aa1/NR 557,825
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+ 1,957,720
955,000 Oregon Housing & Community Services Department Mortgage Rev. (Single Family
Mortgage Program), 5.65% due 7/1/2019*.............................................. Aa/NR 883,356
935,000 Oregon Housing & Community Services Department Mortgage Rev. (Single Family
Mortgage Program), 7% due 7/1/2022*................................................. Aa1/NR 969,904
2,785,000 Oregon State Fair & Exposition Center Rev., 7 3/8% due 10/1/2006....................... NR/NR 2,844,905
500,000 Oregon State G.O.'s (Veterans' Welfare), 9% due 10/1/2006.............................. Aa/AA- 669,225
475,000 Oregon State G.O.'s (Veterans' Welfare), 7.30% due 7/1/2008............................ Aa/AA- 568,090
</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.
34
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
September 30, 1995
- ------------------------------------------------------------------------------------------------------------------------------------
OREGON SERIES (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
------ --------------- ------------ -----
<C> <S> <C> <C>
$ 500,000 Oregon State G.O.'s (Alternate Energy Project), 8.40% due 1/1/2008..................... Aa/AA- $ 571,825
250,000 Oregon State G.O.'s (Elderly & Disabled Housing), 7.20% due 8/1/2021................... Aa/AA- 271,105
1,000,000 Oregon State G.O.'s (Elderly & Disabled Housing), 6.60% due 8/1/2022*.................. Aa/AA- 1,051,080
750,000 Oregon State Housing Educational & Cultural Facilities Authority Rev. (Lewis & Clark
College Project), 7 1/8% due 7/1/2020............................................... Aaa/AAA 846,195
500,000 Port of Portland, OR International Airport Rev., 6 1/4% due 7/1/2018*.................. Aaa/AAA 511,955
1,000,000 Port of Portland, OR International Airport Rev., 7.10% due 7/1/2021*................... Aaa/AAA 1,097,140
500,000 Port of Portland, OR International Airport Rev., 5 3/4% due 7/1/2025*.................. Aaa/AAA 487,430
1,000,000 Port of Umpqua, OR Pollution Control Rev. (International Paper Co. Project),
6.60% due 3/15/2005................................................................. A3/A- 1,041,130
1,250,000 Portland, OR Hospital Facilities Authority Rev. (Legacy Health System),
6 5/8% due 5/1/2011................................................................. Aaa/AAA 1,346,537
3,000,000 Portland, OR Sewer System Rev., 6% due 10/1/2012....................................... Aaa/AAA 3,075,420
1,200,000 Portland, OR Sewer System Rev., 6 1/4% due 6/1/2015.................................... A1/A+ 1,244,328
1,000,000 Portland, OR Urban Renewal & Redevelopment Rev. (Downtown Waterfront),
6.40% due 6/1/2008.................................................................. A/NR 1,043,930
2,500,000 Puerto Rico Highway & Transportation Authority Highway Rev., 5 1/2% due 7/1/2019....... Baa1/A 2,312,825
1,000,000 Puerto Rico Housing Finance Corp. (Single Family Mortgage Rev.),
6.85% due 10/15/2023................................................................ Aaa/AAA 1,046,380
1,000,000 Puerto Rico Ports Authority Rev., 7% due 7/1/2014*..................................... Aaa/AAA 1,107,270
1,000,000 Puerto Rico Telephone Authority Rev., 5 1/2% due 1/1/2013.............................. A/A+ 973,820
1,000,000 Tri-County Metropolitan Transportation District of Oregon G.O.'s (Light Rail Extension),
6% due 7/1/2012..................................................................... Aa/AA+ 1,022,250
1,110,000 Tualatin Development Commission, OR (Urban Renewal & Redevelopment),
7 3/8% due 1/1/2007................................................................. Baa1/NR 1,145,154
2,000,000 Unified Sewerage Agency Washington County, OR Sewer Rev., 6 1/8% due 10/1/2012......... Aaa/AAA 2,074,880
1,000,000 Washington County School District No. 88J, OR G.O.'s., 6.10% due 6/1/2012.............. Aaa/AAA 1,045,970
1,000,000 Washington County School District No. 23JT Washington & Clackamas Counties,
OR G.O.'s., 6.70% due 1/1/2010...................................................... NR/NR 1,081,840
------------
Total Municipal Bonds (Cost $57,933,524)--97.9%....................................................................... 59,785,438
Other Assets Less Liabilities--2.1%................................................................................... 1,258,560
------------
NET ASSETS--100.0% ................................................................................................... $ 61,043,998
============
SOUTH CAROLINA SERIES
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
------ --------------- ------------ -----
<C> <S> <C> <C>
$ 1,125,000 Anderson County, SC G.O.'s, 7 3/4% due 4/1/2009........................................ A/A $ 1,214,887
2,500,000 Anderson County, SC Hospital Rev. (Anderson Memorial Hospital), 5 1/4% due 2/1/2012.... Aaa/AAA 2,325,875
1,000,000 Anderson County, SC Hospital Rev. (Anderson Memorial Hospital), 7 1/2% due 2/1/2018.... Aaa/AAA 1,090,370
1,500,000 Beaufort-Jasper Water & Sewer Authority, SC Waterworks & Sewer System Rev.,
6 1/2% due 3/1/2013................................................................. Aaa/AAA 1,587,000
3,800,000 Berkeley County, SC Water & Sewer Rev., 5.55% due 6/1/2016............................. Aaa/AAA 3,650,736
</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.
35
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
Portfolios of Investments (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA SERIES (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
------ --------------- ------------ -----
<C> <S> <C> <C>
$ 3,000,000 Charleston County, SC Airport District System Rev., 4 3/4% due 7/1/2015................ Aaa/AAA $ 2,590,950
3,000,000 Charleston County, SC Hospital Facilities Rev. (Bon Secours Health System Project),
5 5/8% due 8/15/2025................................................................ Aaa/AAA 2,816,670
1,750,000 Charleston County, SC Hospital Facilities Rev. (Medical Society Health Project),
5 1/2% due 10/1/2019................................................................ Aaa/AAA 1,635,200
745,000 Charleston County, SC Public Facilities Corp. Certificates of Participation,
7.15% due 2/1/2004.................................................................. A1/A 808,683
770,000 Charleston County, SC Public Facilities Corp. Certificates of Participation,
7.15% due 8/1/2004.................................................................. A1/A 835,820
800,000 Charleston County, SC Public Facilities Corp. Certificates of Participation,
7.20% due 2/1/2005.................................................................. A1/A 866,352
750,000 Charleston, SC Waterworks & Sewer System Rev., 7 3/4% due 1/1/2011..................... Aaa/AAA 819,960
2,500,000 Charleston, SC Waterworks & Sewer System Rev., 6% due 1/1/2012......................... A1/AA- 2,548,550
1,500,000 Clemson University, SC Student & Faculty Housing Rev., 6.65% due 6/1/2011.............. Aaa/AAA 1,603,980
1,000,000 Clinton, SC Utility System Rev., 7.20% due 6/1/2011.................................... A/NR 1,070,070
1,150,000 Columbia, SC Parking Facilities Rev., 6 3/4% due 12/1/2013............................. Baa1/NR 1,186,294
2,000,000 Columbia, SC Waterworks & Sewer System Rev., 6 1/2% due 1/1/2012....................... Aaa/AA 2,154,760
500,000 Columbia, SC Waterworks & Sewer System Rev., 7.10% due 2/1/2012........................ Aaa/AA 567,395
6,000,000 Darlington County, SC Industrial Development Rev. (Nucor Corporation Project),
5 3/4% due 8/1/2023*................................................................ A1/AA- 5,643,420
1,500,000 Dorchester County School District No. 002, SC G.O.'s, 6.65% due 7/1/2010............... Aaa/AAA 1,644,285
2,500,000 Fairfield County, SC Pollution Control Rev. (South Carolina Electric & Gas Company),
6 1/2% due 9/1/2014................................................................. A1/A 2,620,275
1,000,000 Florence County, SC Hospital Rev. (McLeod Regional Medical Center Project),
5 1/4% due 11/1/2009................................................................ Aaa/AAA 970,870
1,000,000 Georgetown County, SC Pollution Control Facilities Rev. (International Paper Company),
7 3/8% due 6/15/2005................................................................ A3/A- 1,086,340
1,500,000 Grand Strand Water & Sewer Authority, SC Waterworks and Sewer System Rev.,
7% due 6/1/2019..................................................................... Aaa/AAA 1,633,425
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 2,047,760
3,000,000 Greenville Hospital System, SC Hospital Facilities Rev., 5 1/2% due 5/1/2016........... NR/AA- 2,796,990
3,000,000 Greenwood County, SC Hospital Facilities Rev. (Self Memorial Hospital),
5 7/8% due 10/1/2017................................................................ Aaa/AAA 2,972,550
2,425,000 Lancaster County, SC School District G.O.'s, 6.60% due 7/1/2011........................ Aaa/AAA 2,599,406
2,600,000 Lancaster County, SC School District G.O.'s, 6.60% due 7/1/2012........................ Aaa/AAA 2,773,056
2,000,000 Lancaster County, SC Waterworks & Sewer System Rev., 5 1/4% due 5/1/2021............... Aaa/AAA 1,831,740
2,720,000 Laurens County, SC Combined Utility System Rev., 5% due 1/1/2018....................... Aaa/AAA 2,437,174
1,650,000 Laurens County, SC Combined Utility System Rev., 7 5/8% due 1/1/2018................... Aaa/AAA 1,814,554
500,000 Laurens County, SC Health Care System, 7.80% due 1/1/2008.............................. Aaa/AAA 547,180
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 1,125,760
1,000,000 Medical University South Carolina Hospital Facilities Rev., 5.60% due 7/1/2011......... Aaa/AAA 989,580
3,000,000 Mount Pleasant, SC Water & Sewer Rev., 6% due 12/1/2020................................ Aaa/AAA 3,003,840
</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.
36
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
September 30, 1995
- ------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA SERIES (continued)
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
------ --------------- ------------ -----
<C> <S> <C> <C>
$ 435,000 Myrtle Beach, SC Water & Sewer Rev., 6 7/8% due 3/1/2005............................... Aaa/AAA $ 444,696
2,000,000 Myrtle Beach, SC Waterworks & Sewer System Rev., 5 1/4% due 3/1/2020................... Aaa/AAA 1,827,980
1,500,000 North Charleston Sewer District, SC Rev., 6 3/8% due 7/1/2012.......................... Aaa/AAA 1,625,115
1,500,000 North Charleston Sewer District, SC Rev., 7 3/4% due 8/1/2018.......................... Aaa/AAA 1,666,785
5,000,000 Oconee County, SC Pollution Control Facilities Rev. (Duke Power Co. Project),
5.80% due 4/1/2014.................................................................. Aa2/AA- 4,922,000
1,250,000 Piedmont Municipal Power Agency, SC Electric Rev., 6 1/4% due 1/1/2021................. Aaa/AAA 1,317,088
4,000,000 Piedmont Municipal Power Agency, SC Electric Rev., 6.30% due 1/1/2022.................. Aaa/AAA 4,075,280
1,000,000 Puerto Rico Telephone Authority Rev., 5 1/2% due 1/1/2022.............................. A/A+ 950,010
2,000,000 Richland County, SC Solid Waste Disposal Facilities Rev. (Union Camp Corp. Project),
7.45% due 4/1/2021*................................................................. A1/A- 2,183,800
1,000,000 Richland County, SC Solid Waste Disposal Facilities Rev. (Union Camp Corp. Project),
7 1/8% due 9/1/2021*................................................................ A1/A- 1,063,560
1,000,000 Rock Hill, SC Combined Utilities System Rev., 8% due 1/1/2018.......................... Aaa/AAA 1,098,600
5,000,000 Rock Hill, SC Combined Utilities System Rev., 5% due 1/1/2020.......................... Aaa/AAA 4,382,150
1,000,000 St. Andrews, SC Public Service District Sewer Systems Rev., 7 3/4% due 1/1/2018........ Aaa/AAA 1,092,830
1,150,000 South Carolina Public Service Authority Rev., 5 7/8% due 1/1/2014...................... Aaa/AAA 1,152,357
1,000,000 South Carolina Public Service Authority Electric Rev. & Electric System Expansion,
8% due 7/1/2019..................................................................... AAA/AA- 1,059,570
4,000,000 South Carolina State G.O.'s, 4 1/4% due 3/1/2009....................................... Aaa/AA+ 3,481,240
1,740,000 South Carolina State Housing Authority (Single Family Mortgage Purchase),
6.70% due 7/1/2010.................................................................. Aaa/AA 1,773,095
500,000 South Carolina State Housing Finance & Development Authority (Homeownership
Mortgage), 7.55% due 7/1/2011....................................................... Aa/AA 529,010
2,380,000 South Carolina State Housing Finance & Development Authority Rental Housing Rev.
(North Bluff Project), 5.60% due 7/1/2016........................................... NR/AA 2,224,800
1,000,000 South Carolina State Housing Finance & Development Authority (Multi-Family
Development Rev.), 6 7/8% due 11/15/2023............................................ Aaa/NR 1,036,360
1,500,000 Sumter, SC Waterworks & Sewer System Rev., 7.15% due 6/1/2009.......................... Aaa/AAA 1,653,795
2,000,000 Western Carolina Regional Sewer Authority, SC Sewer System Rev., 5 1/2% due 3/1/2010... Aaa/AAA 1,990,060
1,080,000 Winnsboro, SC Combined Utility System Rev., 6.90% due 7/1/2017......................... Aaa/AAA 1,193,152
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 1,160,870
------------
Total Municipal Bonds (Cost $108,233,184)--98.0%...................................................................... 111,815,960
Variable Rate Demand Notes (Cost $700,000)--0.6%...................................................................... 700,000
Other Assets Less Liabilities--1.4%................................................................................... 1,609,129
------------
NET ASSETS--100.0% ................................................................................................... $114,125,089
============
</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.
37
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
Statement of Assets and Liabilities For the year ended September 30, 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 ................................ $ 103,611,246 $ 53,936,945 $58,073,907 $61,239,540
Short-term holdings ............................... -- 200,000 500,000 200,000
------------- ------------ ----------- -----------
103,611,246 54,136,945 58,573,907 61,439,540
Cash ................................................. 304,745 59,311 304,858 151,981
Interest receivable .................................. 1,882,951 1,104,920 1,056,608 1,093,010
Expenses prepaid to shareholder service agent ........ 40,623 24,690 29,861 25,819
Receivable for Capital Stock sold .................... 15,828 3,155 3,042 50,353
Receivable for securities sold ....................... -- -- 15,405 5,000
Other ................................................ -- 2,610 -- --
------------- ------------ ----------- -----------
Total Assets ......................................... 105,855,393 55,331,631 59,983,681 62,765,703
------------- ------------ ----------- -----------
Liabilities:
Dividends payable .................................... 188,779 95,821 101,318 112,798
Payable for Capital Stock repurchased ................ 147,379 107,836 31,058 116,206
Payable for securities purchased ..................... -- -- -- --
Accrued expenses, taxes, and other ................... 120,142 77,391 93,870 83,707
------------- ------------ ----------- -----------
Total Liabilities .................................... 456,300 281,048 226,246 312,711
------------- ------------ ----------- -----------
Net Assets ........................................... $ 105,399,093 $ 55,050,583 $59,757,435 $62,452,992
============= ============ =========== ===========
Composition of Net Assets:
Capital Stock, at par:
Class A ........................................... 13,743 7,518 7,387 7,618
Class D ........................................... 160 26 266 57
Additional paid-in capital ........................... 108,904,741 54,132,122 58,502,505 60,015,398
Undistributed/accumulated net realized gain (loss) ... (4,482,833) (268,007) 354,301 461,685
Net unrealized appreciation of investments ........... 963,282 1,178,924 892,976 1,968,234
------------- ------------ ----------- -----------
Net Assets ........................................... $ 105,399,093 $ 55,050,583 $59,757,435 $62,452,992
============= ============ =========== ===========
Net Assets:
Class A ........................................... $ 104,183,596 $ 54,857,534 $57,678,393 $61,987,983
Class D ........................................... $ 1,215,497 $ 193,049 $ 2,079,042 $ 465,009
Shares of Capital Stock outstanding ($.001 par value):
Class A ........................................... 13,743,160 7,517,787 7,386,798 7,617,582
Class D ........................................... 160,463 26,468 265,802 57,161
Net Asset Value per share:
Class A ........................................... $ 7.58 $ 7.30 $ 7.81 $ 8.14
Class D ........................................... $ 7.57 $ 7.29 $ 7.82 $ 8.14
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Maryland Massachusetts Michigan Minnesota Missouri
Series Series Series Series Series
------------ ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
Assets:
Investments, at value (see portfolios of investments):
Long-term holdings ................................ $ 53,484,338 $112,443,831 $148,124,057 $128,988,676 $50,917,425
Short-term holdings ............................... 2,400,000 2,400,000 2,000,000 6,900,000 200,000
------------ ------------ ------------ ------------ -----------
55,884,338 114,843,831 150,124,057 135,888,676 51,117,425
Cash ................................................. 25,259 148,148 36,029 281,778 54,538
Interest receivable .................................. 1,119,426 1,981,693 3,029,511 2,108,355 1,001,437
Expenses prepaid to shareholder service agent ........ 31,287 56,689 62,929 60,618 22,878
Receivable for Capital Stock sold .................... 40,297 -- 37,500 51,961 46,693
Receivable for securities sold ....................... 5,000 -- -- -- 10,133
Other ................................................ -- -- 4,029 -- --
------------ ------------ ------------ ------------ -----------
Total Assets ......................................... 57,105,607 117,030,361 153,294,055 138,391,388 52,253,104
------------ ------------ ------------ ------------ -----------
Liabilities:
Dividends payable .................................... 97,865 214,238 272,409 267,027 91,096
Payable for Capital Stock repurchased ................ -- 87,279 110,385 178,006 403,135
Payable for securities purchased ..................... -- -- -- 2,846,388 --
Accrued expenses, taxes, and other ................... 87,709 127,433 150,095 147,171 74,939
------------ ------------ ------------ ------------ -----------
Total Liabilities .................................... 185,574 428,950 532,889 3,438,592 569,170
------------ ------------ ------------ ------------ -----------
Net Assets ........................................... $ 56,920,033 $116,601,411 $152,761,166 $134,952,796 $51,683,934
============ ============ ============ ============ ===========
Composition of Net Assets:
Capital Stock, at par:
Class A ........................................... 7,071 14,634 17,742 16,969 6,644
Class D ........................................... 79 113 137 286 67
Additional paid-in capital ........................... 54,759,383 111,953,304 143,991,763 127,879,097 49,585,438
Undistributed/accumulated net realized gain (loss) ... 232,299 1,435,747 2,548,995 245,219 324,556
Net unrealized appreciation of investments ........... 1,921,201 3,197,613 6,202,529 6,811,225 1,767,229
------------ ------------ ------------ ------------ -----------
Net Assets ........................................... $ 56,920,033 $116,601,411 $152,761,166 $134,952,796 $51,683,934
============ ============ ============ ============ ===========
Net Assets:
Class A ........................................... $ 56,290,271 $115,710,797 $151,589,209 $132,715,754 $51,168,963
Class D ........................................... $ 629,762 $ 890,614 $ 1,171,957 $ 2,237,042 $ 514,971
Shares of Capital Stock outstanding ($.001 par value):
Class A ........................................... 7,070,947 14,634,441 17,741,612 16,968,512 6,644,387
Class D ........................................... 79,032 112,702 137,250 285,931 66,862
Net Asset Value per share:
Class A ........................................... $ 7.96 $ 7.91 $ 8.54 $ 7.82 $ 7.70
Class D ........................................... $ 7.97 $ 7.90 $ 8.54 $ 7.82 $ 7.70
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
New York Ohio Oregon South Carolina
Series Series Series Series
------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Assets:
Investments, at value (see portfolios of investments):
Long-term holdings ................................ $ 83,224,511 $167,380,429 $ 59,785,438 $111,815,960
Short-term holdings ............................... -- 600,000 -- 700,000
------------- ------------ ------------ ------------
83,224,511 167,980,429 59,785,438 112,515,960
Cash ................................................. 486,157 213,687 173,856 113,115
Interest receivable .................................. 1,363,839 3,148,789 1,240,503 1,802,583
Expenses prepaid to shareholder service agent ........ 31,722 67,077 25,010 45,502
Receivable for Capital Stock sold .................... 32,117 78,074 30,566 26,229
Receivable for securities sold ....................... -- -- 91,659 --
Other ................................................ -- -- 691 --
------------- ------------ ------------ ------------
Total Assets ......................................... 85,138,346 171,488,056 61,347,723 114,503,389
------------- ------------ ------------ ------------
Liabilities:
Dividends payable .................................... 155,893 317,799 110,688 206,341
Payable for Capital Stock repurchased ................ -- 149,580 119,117 52,865
Payable for securities purchased ..................... -- -- -- --
Accrued expenses, taxes, and other ................... 117,414 170,163 73,920 119,094
------------- ------------ ------------ ------------
Total Liabilities .................................... 273,307 637,542 303,725 378,300
------------- ------------ ------------ ------------
Net Assets ........................................... $ 84,865,039 $170,850,514 $ 61,043,998 $114,125,089
============= ============ ============ ============
Composition of Net Assets:
Capital Stock, at par:
Class A ........................................... 10,678 20,977 7,775 14,099
Class D ........................................... 112 81 195 214
Additional paid-in capital ........................... 83,337,834 161,869,189 59,123,699 110,282,491
Undistributed/accumulated net realized gain (loss) ... (945,837) 781,270 60,415 245,509
Net unrealized appreciation of investments ........... 2,462,252 8,178,997 1,851,914 3,582,776
------------- ------------ ------------ ------------
Net Assets ........................................... $ 84,865,039 $170,850,514 $ 61,043,998 $114,125,089
============= ============ ============ ============
Net Assets:
Class A ........................................... $ 83,979,665 $170,191,172 $ 59,549,004 $112,421,410
Class D ........................................... $ 885,374 $ 659,342 $ 1,494,994 $ 1,703,679
Shares of Capital Stock outstanding ($.001 par value):
Class A ........................................... 10,678,196 20,976,859 7,775,312 14,098,763
Class D ........................................... 112,473 80,876 195,337 213,872
Net Asset Value per share:
Class A ........................................... $ 7.86 $ 8.11 $ 7.66 $ 7.97
Class D ........................................... $ 7.87 $ 8.15 $ 7.65 $ 7.97
</TABLE>
- ----------------
See notes to financial statements.
38 & 39
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
Statements of Operations For the year ended September 30, 1995
- ------------------------------------------------------------------------------------------------------------------------------------
National Colorado Georgia Louisiana Maryland Massachusetts Michigan
Series Series Series Series Series Series Series
------------ ---------- ---------- ---------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment income:
Interest ............................. $ 6,855,375 $3,462,671 $3,720,235 $3,924,379 $3,556,584 $ 7,410,303 $ 9,558,662
------------ ---------- ---------- ---------- ---------- ----------- -----------
Expenses:
Management fees ...................... 540,874 277,393 272,768 309,651 283,135 580,271 749,963
Shareholder account services ......... 152,223 85,664 110,536 86,834 106,397 178,967 214,828
Distribution and service fees ........ 101,668 52,884 73,720 65,902 58,211 119,889 153,603
Custody and related services ......... 55,280 35,630 40,842 30,479 33,116 50,459 106,791
Auditing and legal fees .............. 37,566 39,673 39,067 39,405 39,312 40,128 39,957
Registration ......................... 20,113 4,229 8,342 5,265 6,619 11,226 10,437
Shareholder reports and
communications .................... 15,478 8,982 7,273 5,937 9,020 14,387 18,879
Directors' fees and expenses ......... 5,291 4,794 4,712 4,733 4,849 5,199 5,362
Miscellaneous ........................ 14,833 8,233 8,441 12,642 7,897 15,117 14,397
------------ ---------- ---------- ---------- ---------- ----------- -----------
Total expenses ....................... 943,326 517,482 565,701 560,848 548,556 1,015,643 1,314,217
------------ ---------- ---------- ---------- ---------- ----------- -----------
Net investment income ................ 5,912,049 2,945,189 3,154,534 3,363,531 3,008,028 6,394,660 8,244,445
------------ ---------- ---------- ---------- ---------- ----------- -----------
Net realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments ....................... (4,331,294) 318,881 362,501 468,171 236,106 1,446,650 2,565,892
Net change in unrealized appreciation/
depreciation of investments ....... 10,223,855 1,121,736 3,043,005 2,190,601 2,550,147 2,623,425 2,886,770
------------ ---------- ---------- ---------- ---------- ----------- -----------
Net gain on investments .............. 5,892,561 1,440,617 3,405,506 2,658,772 2,786,253 4,070,075 5,452,662
------------ ---------- ---------- ---------- ---------- ----------- -----------
Increase in net assets from
operations ........................ $ 11,804,610 $4,385,806 $6,560,040 $6,022,303 $5,794,281 $10,464,735 $13,697,107
============ ========== ========== ========== ========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
Minnesota Missouri New York Ohio Oregon South Carolina
Series Series Series Series Series Series
---------- ---------- ----------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Interest ............................. $9,095,910 $3,197,641 $ 5,540,320 $10,867,219 $3,732,085 $ 7,041,025
---------- ---------- ----------- ----------- ---------- -----------
Expenses:
Management fees ...................... 672,792 233,342 432,770 847,530 270,412 563,437
Shareholder account services ......... 215,885 84,942 119,419 251,060 93,199 168,308
Distribution and service fees ........ 148,930 51,267 78,093 170,666 69,241 124,392
Custody and related services ......... 56,642 24,253 65,036 69,315 20,369 71,580
Auditing and legal fees .............. 42,350 38,491 37,558 38,766 39,570 38,766
Registration ......................... 13,039 7,161 8,007 10,687 6,520 10,562
Shareholder reports and
communications .................... 21,383 8,538 9,201 21,032 9,190 12,495
Directors' fees and expenses ......... 5,499 4,786 5,008 5,462 4,814 4,937
Miscellaneous ........................ 17,394 6,975 12,143 20,818 10,500 14,403
---------- ---------- ----------- ----------- ---------- -----------
Total expenses ....................... 1,193,914 459,755 767,235 1,435,336 523,815 1,008,880
---------- ---------- ----------- ----------- ---------- -----------
Net investment income ................ 7,901,996 2,737,886 4,773,085 9,431,883 3,208,270 6,032,145
---------- ---------- ----------- ----------- ---------- -----------
Net realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments ....................... 250,044 331,360 (945,837) 810,038 70,060 255,806
Net change in unrealized appreciation/
depreciation of investments ....... 1,679,385 2,085,364 5,008,458 5,388,960 1,780,874 5,014,984
---------- ---------- ----------- ----------- ---------- -----------
Net gain on investments .............. 1,929,429 2,416,724 4,062,621 6,198,998 1,850,934 5,270,790
---------- ---------- ----------- ----------- ---------- -----------
Increase in net assets from
operations ........................ $9,831,425 $5,154,610 $ 8,835,706 $15,630,881 $5,059,204 $11,302,935
========== ========== =========== =========== ========== ===========
</TABLE>
- ----------------
See notes to financial statements.
40 & 41
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
Statements of Changes in Net Assets
- ------------------------------------------------------------------------------------------------------------------------------------
National Series Colorado Series
---------------------------- ----------------------------
Year ended September 30 Year ended September 30
---------------------------- ----------------------------
1995 1994 1995 1994
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Operations:
Net investment income ................................................ $ 5,912,049 $ 6,589,275 $ 2,945,189 $ 3,224,514
Net realized gain (loss) on investments .............................. (4,331,294) 338,061 318,881 (416,365)
Net change in unrealized appreciation/depreciation
of investments .................................................... 10,223,855 (17,056,468) 1,121,736 (4,628,524)
------------- ------------- ------------- -------------
Increase (decrease) in net assets from operations ............... 11,804,610 (10,129,132) 4,385,806 (1,820,375)
------------- ------------- ------------- -------------
Distributions to shareholders:
Net investment income:
Class A ........................................................... (5,878,199) (6,579,351) (2,940,344) (3,221,107)
Class D ........................................................... (33,850) (9,924) (4,845) (3,407)
Net realized gain on investments:
Class A ........................................................... -- (7,771,486) -- (691,165)
Class D ........................................................... -- -- -- --
------------- ------------- ------------- -------------
Decrease in net assets from distributions ....................... (5,912,049) (14,360,761) (2,945,189) (3,915,679)
------------- ------------- ------------- -------------
Capital share transactions:*
Net proceeds from sale of shares:
Class A ........................................................... 2,851,364 5,971,737 1,419,305 2,002,652
Class D ........................................................... 885,065 465,769 102,710 295,950
Net asset value of shares issued in payment of dividends:
Class A ........................................................... 3,020,506 3,400,031 1,614,670 1,836,135
Class D ........................................................... 23,901 8,413 3,014 3,032
Exchanged from associated Funds:
Class A ........................................................... 9,766,862 2,002,989 523,761 328,418
Class D ........................................................... 835,262 -- -- --
Net asset value of shares issued in payment of gain distributions:
Class A ........................................................... -- 5,686,643 -- 481,882
Class D ........................................................... -- -- -- --
------------- ------------- ------------- -------------
Total ........................................................... 17,382,960 17,535,582 3,663,460 4,948,069
------------- ------------- ------------- -------------
Cost of shares repurchased:
Class A ........................................................... (18,952,660) (14,947,349) (7,041,417) (8,307,267)
Class D ........................................................... (112,028) -- (10,731) (197,843)
Exchanged into associated Funds:
Class A ........................................................... (9,700,508) (2,671,622) (1,293,621) (325,316)
Class D ........................................................... (931,548) -- (1,000) --
------------- ------------- ------------- -------------
Total ........................................................... (29,696,744) (17,618,971) (8,346,769) (8,830,426)
------------- ------------- ------------- -------------
Increase (decrease) in net assets from capital share transactions (12,313,784) (83,389) (4,683,309) (3,882,357)
------------- ------------- ------------- -------------
Increase (decrease) in net assets ............................... (6,421,223) (24,573,282) (3,242,692) (9,618,411)
Net Assets:
Beginning of year .................................................... 111,820,316 136,393,598 58,293,275 67,911,686
------------- ------------- ------------- -------------
End of year .......................................................... $ 105,399,093 $ 111,820,316 $ 55,050,583 $ 58,293,275
============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
Georgia Series Louisiana Series
---------------------------- ----------------------------
Year ended September 30 Year ended September 30
---------------------------- ----------------------------
1995 1994 1995 1994
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Operations:
Net investment income ................................................ $ 3,154,534 $ 3,409,541 $ 3,363,531 $ 3,501,383
Net realized gain (loss) on investments .............................. 362,501 840,892 468,171 1,087,255
Net change in unrealized appreciation/depreciation
of investments .................................................... 3,043,005 (7,996,922) 2,190,601 (7,149,845)
------------- ------------- ------------- -------------
Increase (decrease) in net assets from operations ............... 6,560,040 (3,746,489) 6,022,303 (2,561,207)
------------- ------------- ------------- -------------
Distributions to shareholders:
Net investment income:
Class A ........................................................... (3,090,529) (3,394,688) (3,335,643) (3,489,832)
Class D ........................................................... (64,005) (14,853) (27,888) (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 ....................... (3,999,060) (4,106,816) (4,452,407) (4,152,531)
------------- ------------- ------------- -------------
Capital share transactions:*
Net proceeds from sale of shares:
Class A ........................................................... 2,570,447 10,507,635 1,592,654 4,332,380
Class D ........................................................... 1,264,930 807,930 65,763 731,696
Net asset value of shares issued in payment of dividends:
Class A ........................................................... 1,976,148 2,149,255 1,855,635 1,990,579
Class D ........................................................... 57,730 12,508 23,376 8,499
Exchanged from associated Funds:
Class A ........................................................... 1,271,396 388,188 250,945 152,113
Class D ........................................................... 250 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 ........................................................... 7,797,131 14,456,522 4,563,725 7,680,923
------------- ------------- ------------- -------------
Cost of shares repurchased:
Class A ........................................................... (10,210,900) (8,509,637) (5,202,189) (5,898,457)
Class D ........................................................... (125,984) (6,557) (354,393) (8,369)
Exchanged into associated Funds:
Class A ........................................................... (2,507,796) (421,723) (269,863) (443,843)
Class D ........................................................... (71,202) -- -- --
------------- ------------- ------------- -------------
Total ........................................................... (12,915,882) (8,937,917) (5,826,445) (6,350,669)
------------- ------------- ------------- -------------
Increase (decrease) in net assets from capital share transactions (5,118,751) 5,518,605 (1,262,720) 1,330,254
------------- ------------- ------------- -------------
Increase (decrease) in net assets ............................... (2,557,771) (2,334,700) 307,176 (5,383,484)
Net Assets:
Beginning of year .................................................... 62,315,206 64,649,906 62,145,816 67,529,300
------------- ------------- ------------- -------------
End of year .......................................................... $ 59,757,435 $ 62,315,206 $ 62,452,992 $ 62,145,816
============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
Maryland Series Massachusetts Series
---------------------------- ----------------------------
Year ended September 30 Year ended September 30
---------------------------- ----------------------------
1995 1994 1995 1994
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Operations:
Net investment income ................................................ $ 3,008,028 $ 3,157,225 $ 6,394,660 $ 7,078,947
Net realized gain (loss) on investments .............................. 236,106 1,412,023 1,446,650 1,458,962
Net change in unrealized appreciation/depreciation
of investments .................................................... 2,550,147 (7,140,388) 2,623,425 (12,499,475)
------------- ------------- ------------- -------------
Increase (decrease) in net assets from operations ............... 5,794,281 (2,571,140) 10,464,735 (3,961,566)
------------- ------------- ------------- -------------
Distributions to shareholders:
Net investment income:
Class A ........................................................... (2,986,376) (3,152,145) (6,351,161) (7,052,050)
Class D ........................................................... (21,652) (5,080) (43,499) (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 ....................... (3,996,377) (4,458,282) (6,889,469) (10,409,322)
------------- ------------- ------------- -------------
Capital share transactions:*
Net proceeds from sale of shares:
Class A ........................................................... 1,825,028 3,212,373 3,096,538 3,798,317
Class D ........................................................... 365,965 379,503 618,045 1,106,567
Net asset value of shares issued in payment of dividends:
Class A ........................................................... 1,711,454 1,805,934 3,662,542 4,060,575
Class D ........................................................... 14,257 2,594 33,446 22,729
Exchanged from associated Funds:
Class A ........................................................... 1,329,821 291,207 5,018,822 896,517
Class D ........................................................... 15,045 58,087 70,140 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 ........................................................... 5,983,091 6,691,267 12,877,971 12,370,469
------------- ------------- ------------- -------------
Cost of shares repurchased:
Class A ........................................................... (6,866,029) (5,782,224) (14,533,095) (14,268,282)
Class D ........................................................... (132,593) (7,091) (126,610) (4,051)
Exchanged into associated Funds:
Class A ........................................................... (1,469,104) (656,915) (5,616,572) (1,982,187)
Class D ........................................................... (80,763) -- (824,191) --
------------- ------------- ------------- -------------
Total ........................................................... (8,548,489) (6,446,230) (21,100,468) (16,254,520)
------------- ------------- ------------- -------------
Increase (decrease) in net assets from capital share transactions (2,565,398) 245,037 (8,222,497) (3,884,051)
------------- ------------- ------------- -------------
Increase (decrease) in net assets ............................... (767,494) (6,784,385) (4,647,231) (18,254,939)
Net Assets:
Beginning of year .................................................... 57,687,527 64,471,912 121,248,642 139,503,581
------------- ------------- ------------- -------------
End of year .......................................................... $ 56,920,033 $ 57,687,527 $ 116,601,411 $ 121,248,642
============= ============= ============= =============
</TABLE>
- ----------------
* The Fund began offering Class D shares on February 1, 1994
See notes to financial statements.
42 & 43
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
Statements of Changes in Net Assets (continued) For the year ended September 30, 1995
- ------------------------------------------------------------------------------------------------------------------------------------
Michigan Series Minnesota Series
---------------------------- ----------------------------
Year ended September 30 Year ended September 30
---------------------------- ----------------------------
1995 1994 1995 1994
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Operations:
Net investment income ................................................ $ 8,244,445 $ 8,420,810 $ 7,901,996 $ 7,992,624
Net realized gain (loss) on investments .............................. 2,565,892 1,400,509 250,044 252,585
Net change in unrealized appreciation/depreciation
of investments .................................................... 2,886,770 (14,509,279) 1,679,385 (8,005,539)
------------- ------------- ------------- -------------
Increase (decrease) in net assets from operations ............... 13,697,107 (4,687,960) 9,831,425 239,670
------------- ------------- ------------- -------------
Distributions to shareholders:
Net investment income:
Class A ........................................................... (8,206,113) (8,409,762) (7,807,472) (7,964,073)
Class D ........................................................... (38,332) (11,048) (94,524) (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 ....................... (9,023,351) (10,010,633) (8,148,824) (10,067,465)
------------- ------------- ------------- -------------
Capital share transactions:*
Net proceeds from sale of shares:
Class A ........................................................... 6,333,074 10,111,077 4,204,185 5,208,522
Class D ........................................................... 580,729 673,043 859,498 1,717,093
Net asset value of shares issued in payment of dividends:
Class A ........................................................... 5,053,914 5,154,199 5,253,143 5,433,767
Class D ........................................................... 30,472 8,610 63,245 16,151
Exchanged from associated Funds:
Class A ........................................................... 864,699 688,118 1,435,131 1,460,540
Class D ........................................................... 104,572 21,595 159,356 --
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 ........................................................... 13,553,672 17,845,873 12,168,972 15,487,359
------------- ------------- ------------- -------------
Cost of shares repurchased:
Class A ........................................................... (14,573,617) (14,462,042) (12,629,875) (11,789,824)
Class D ........................................................... (181,421) (15,255) (277,761) (51,319)
Exchanged into associated Funds:
Class A ........................................................... (2,418,114) (1,542,287) (2,382,699) (1,779,118)
Class D ........................................................... (58,666) -- (247,272) --
------------- ------------- ------------- -------------
Total ........................................................... (17,231,818) (16,019,584) (15,537,607) (13,620,261)
------------- ------------- ------------- -------------
Increase (decrease) in net assets from capital share transactions (3,678,146) 1,826,289 (3,368,635) 1,867,098
------------- ------------- ------------- -------------
Increase (decrease) in net assets ............................... 995,610 (12,872,304) (1,686,034) (7,960,697)
Net Assets:
Beginning of year .................................................... 151,765,556 164,637,860 136,638,830 144,599,527
------------- ------------- ------------- -------------
End of year .......................................................... $ 152,761,166 $ 151,765,556 $ 134,952,796 $ 136,638,830
============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
Missouri Series New York Series
---------------------------- ----------------------------
Year ended September 30 Year ended September 30
---------------------------- ----------------------------
1995 1994 1995 1994
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Operations:
Net investment income ................................................ $ 2,737,886 $ 2,853,372 $ 4,773,085 $ 5,217,903
Net realized gain (loss) on investments .............................. 331,360 672,212 (945,837) 1,999,229
Net change in unrealized appreciation/depreciation
of investments .................................................... 2,085,364 (6,217,058) 5,008,458 (12,683,003)
------------- ------------- ------------- -------------
Increase (decrease) in net assets from operations ............... 5,154,610 (2,691,474) 8,835,706 (5,465,871)
------------- ------------- ------------- -------------
Distributions to shareholders:
Net investment income:
Class A ........................................................... (2,720,786) (2,843,798) (4,746,318) (5,208,022)
Class D ........................................................... (17,100) (9,574) (26,767) (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 ....................... (3,232,272) (3,602,726) (6,779,994) (7,618,966)
------------- ------------- ------------- -------------
Capital share transactions:*
Net proceeds from sale of shares:
Class A ........................................................... 1,490,314 3,402,151 5,616,771 5,317,038
Class D ........................................................... 221,573 489,521 157,609 491,124
Net asset value of shares issued in payment of dividends:
Class A ........................................................... 1,401,213 1,500,294 2,634,442 2,808,015
Class D ........................................................... 12,801 899 21,246 7,955
Exchanged from associated Funds:
Class A ........................................................... 365,314 733,086 2,263,947 716,645
Class D ........................................................... -- 17,699 364,576 --
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 ........................................................... 3,815,481 6,642,157 12,673,332 11,271,657
------------- ------------- ------------- -------------
Cost of shares repurchased:
Class A ........................................................... (6,123,870) (3,359,520) (15,940,087) (9,315,602)
Class D ........................................................... (70,945) (136,335) (156,491) --
Exchanged into associated Funds:
Class A ........................................................... (814,682) (741,558) (5,149,991) (2,166,255)
Class D ........................................................... (15,500) -- (7,500) --
------------- ------------- ------------- -------------
Total ........................................................... (7,024,997) (4,237,413) (21,254,069) (11,481,857)
------------- ------------- ------------- -------------
Increase (decrease) in net assets from capital share transactions (3,209,516) 2,404,744 (8,580,737) (210,200)
------------- ------------- ------------- -------------
Increase (decrease) in net assets ............................... (1,287,178) (3,889,456) (6,525,025) (13,295,037)
Net Assets:
Beginning of year .................................................... 52,971,112 56,860,568 91,390,064 104,685,101
------------- ------------- ------------- -------------
End of year .......................................................... $ 51,683,934 $ 52,971,112 $ 84,865,039 $ 91,390,064
============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
Ohio Series Oregon Series
---------------------------- ----------------------------
Year ended September 30 Year ended September 30
---------------------------- ----------------------------
1995 1994 1995 1994
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Operations:
Net investment income ................................................ $ 9,431,883 $ 9,704,400 $ 3,208,270 $ 3,204,214
Net realized gain (loss) on investments .............................. 810,038 1,864,934 70,060 636,094
Net change in unrealized appreciation/depreciation
of investments .................................................... 5,388,960 (17,335,724) 1,780,874 (5,354,310)
------------- ------------- ------------- -------------
Increase (decrease) in net assets from operations ............... 15,630,881 (5,766,390) 5,059,204 (1,514,002)
------------- ------------- ------------- -------------
Distributions to shareholders:
Net investment income:
Class A ........................................................... (9,410,971) (9,697,970) (3,154,482) (3,193,582)
Class D ........................................................... (20,912) (6,430) (53,788) (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 ....................... (11,029,830) (13,407,961) (3,351,485) (3,698,313)
------------- ------------- ------------- -------------
Capital share transactions:*
Net proceeds from sale of shares:
Class A ........................................................... 4,802,866 9,557,949 3,693,429 7,552,039
Class D ........................................................... 277,972 328,208 897,335 896,846
Net asset value of shares issued in payment of dividends:
Class A ........................................................... 5,871,637 6,102,997 1,966,334 2,003,359
Class D ........................................................... 17,037 5,793 38,946 7,973
Exchanged from associated Funds:
Class A ........................................................... 787,632 720,509 884,994 437,837
Class D ........................................................... 28,117 -- -- --
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 ........................................................... 13,010,340 19,530,742 7,590,557 11,270,291
------------- ------------- ------------- -------------
Cost of shares repurchased:
Class A ........................................................... (15,867,883) (16,355,416) (6,179,880) (6,282,450)
Class D ........................................................... (10,683) -- (210,837) (40,414)
Exchanged into associated Funds:
Class A ........................................................... (2,675,846) (2,290,059) (2,472,172) (1,100,956)
Class D ........................................................... -- -- (118,837) (2,000)
------------- ------------- ------------- -------------
Total ........................................................... (18,554,412) (18,645,475) (8,981,726) (7,425,820)
------------- ------------- ------------- -------------
Increase (decrease) in net assets from capital share transactions (5,544,072) 885,267 (1,391,169) 3,844,471
------------- ------------- ------------- -------------
Increase (decrease) in net assets ............................... (943,021) (18,289,084) 316,550 (1,367,844)
Net Assets:
Beginning of year .................................................... 171,793,535 190,082,619 60,727,448 62,095,292
------------- ------------- ------------- -------------
End of year .......................................................... $ 170,850,514 $ 171,793,535 $ 61,043,998 $ 60,727,448
============= ============= ============= =============
</TABLE>
- ----------------
* The Fund began offering Class D shares on February 1, 1994
See notes to financial statements.
44 & 45
<PAGE>
<TABLE>
<CAPTION>
=====================================================================================================
Statements of Changes in Net Assets (continued) For the year ended September 30, 1995
- -----------------------------------------------------------------------------------------------------
South Carolina Series
-----------------------------
Year ended September 30
-----------------------------
1995 1994
------------- -------------
<S> <C> <C>
Operations:
Net investment income ................................................ $ 6,032,145 $ 6,250,740
Net realized gain on investments ..................................... 255,806 203,935
Net change in unrealized appreciation/depreciation
of investments .................................................... 5,014,984 (12,270,797)
------------- -------------
Increase (decrease) in net assets from operations ............... 11,302,935 (5,816,122)
------------- -------------
Distributions to shareholders:
Net investment income:
Class A ........................................................... (5,962,919) (6,222,624)
Class D ........................................................... (69,226) (28,116)
Net realized gain on investments:
Class A ........................................................... (207,068) (1,795,272)
Class D ........................................................... (2,607) --
------------- -------------
Decrease in net assets from distributions ....................... (6,241,820) (8,046,012)
------------- -------------
Capital share transactions:*
Net proceeds from sale of shares:
Class A ........................................................... 7,883,988 21,175,039
Class D ........................................................... 440,392 1,541,603
Net asset value of shares issued in payment of dividends:
Class A ........................................................... 3,428,206 3,661,681
Class D ........................................................... 56,548 21,347
Exchanged from associated Funds:
Class A ........................................................... 1,353,402 221,817
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 ........................................................... 13,417,453 28,030,797
------------- -------------
Cost of shares repurchased:
Class A ........................................................... (17,698,986) (16,114,470)
Class D ........................................................... (360,978) (66,265)
Exchanged into associated Funds:
Class A ........................................................... (2,826,362) (1,961,069)
Class D ........................................................... (78,655) (4,000)
------------- -------------
Total ........................................................... (20,964,981) (18,145,804)
------------- -------------
Increase (decrease) in net assets from capital share transactions (7,547,528) 9,884,993
------------- -------------
Decrease in net assets .......................................... (2,486,413) (3,977,141)
Net Assets:
Beginning of year .................................................... 116,611,502 120,588,643
------------- -------------
End of year .......................................................... $ 114,125,089 $ 116,611,502
============= =============
</TABLE>
- ----------------
* The Fund began offering Class D shares on February 1, 1994
See notes to financial statements.
46
<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." Each Series of the Fund offers two classes of shares. All shares
existing prior to February 1, 1994, were 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 distribution fee of up to 0.75% and
a service fee of up to 0.25% on an annual basis, and contingent deferred sales
load ("CDSL") of 1% imposed on certain redemptions made within one year of
purchase. The two classes of shares for each Series 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 value of the shares 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.
3. Purchases and sales of portfolio securities, excluding short-term
investments, for the year ended September 30, 1995, were as follows:
Series Purchases Sales
------ --------- -----
National $26,406,482 $38,510,292
Colorado 8,032,500 12,691,612
Georgia 1,995,000 8,468,485
Louisiana 2,937,540 5,375,633
Maryland 2,003,020 7,857,632
Massachusetts 18,759,795 28,341,893
Michigan 30,379,770 36,276,102
Minnesota 7,265,731 14,686,729
Missouri 1,957,000 3,803,879
New York 29,010,192 38,452,106
Ohio 4,930,050 12,910,963
Oregon 1,433,885 2,405,000
South Carolina 4,576,189 13,011,164
47
<PAGE>
================================================================================
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
At September 30, 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 $3,473,095 $2,509,813
Colorado 2,341,619 1,162,695
Georgia 1,827,427 934,451
Louisiana 2,985,796 1,017,562
Maryland 2,555,361 634,160
Massachusetts 4,443,538 1,245,925
Michigan 6,893,276 690,747
Minnesota 9,663,606 2,852,381
Missouri 2,704,405 937,176
New York 3,147,982 685,730
Ohio 9,537,102 1,358,105
Oregon 2,406,233 554,319
South Carolina 4,744,485 1,161,709
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 year
ended September 30, 1995, the Manager, at its discretion, waived portions of its
fee for the Georgia, Missouri, and Oregon Series, equal to $28,814, $24,653, and
$28,465, respectively. The management fees reflected in the Statements of
Operations for the Georgia, Missouri, and Oregon Series represent annualized
rates of 0.45%, 0.45%, and 0.45%, 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 concessions after commissions were paid to dealers for the sale of
Class A shares:
Distributor Dealer
Series Concessions Commissions
------ ----------- -----------
National $11,153 $ 79,889
Colorado 5,942 44,871
Georgia 12,480 93,530
Louisiana 7,730 54,577
Maryland 8,750 66,429
Massachusetts 12,600 94,205
Michigan 30,006 227,211
Minnesota 18,444 140,533
Missouri 6,965 53,304
New York 14,942 112,407
Ohio 23,679 178,085
Oregon 16,678 123,858
South Carolina 30,670 237,827
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. For
the year ended September 30, 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 $ 93,899 .09%
Colorado 51,731 .09
Georgia 58,540 .10
Louisiana 59,609 .10
Maryland 53,104 .09
Massachusetts 110,101 .10
Michigan 144,787 .10
Minnesota 129,656 .10
Missouri 47,193 .09
New York 72,017 .08
Ohio 165,972 .10
Oregon 56,992 .10
South Carolina 108,626 .10
48
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
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 year ended September 30, 1995,
fees paid equivalent to 1% per annum of the average daily net assets of Class D
shares were as follows:
Series
------
National $ 7,769
Colorado 1,153
Georgia 15,180
Louisiana 6,293
Maryland 5,107
Massachusetts 9,788
Michigan 8,816
Minnesota 19,274
Missouri 4,074
New York 6,076
Ohio 4,694
Oregon 12,249
South Carolina 15,766
The Distributor is entitled to retain any CDSL imposed on certain redemptions of
Class D shares occurring within one year of purchase. For the year ended
September 30, 1995, such charges were as follows:
Series
------
National $101
Georgia 378
Louisiana 409
Massachusetts 323
Michigan 796
Minnesota 700
Missouri 428
New York 940
Ohio 100
Oregon 841
South Carolina 356
Effective April 1, 1995, Seligman Services, Inc., an affiliate of the Manager
became eligible to receive commissions from certain sales of Fund shares, as
well as distribution and service fees pursuant to the Plan. For the period ended
September 30, 1995, Seligman Services, Inc. received commissions of $12,136 from
sales of shares of the Fund. Seligman Services, Inc. also received distribution
and service fees of $15,566, pursuant to the Plan.
Seligman Data Corp., which is owned by certain associated investment companies,
charged at cost for shareholder account services the following amounts:
Series
------
National $152,223
Colorado 85,664
Georgia 110,536
Louisiana 86,834
Maryland 106,397
Massachusetts 178,967
Michigan 214,828
Minnesota 215,885
Missouri 84,942
New York 119,419
Ohio 251,060
Oregon 93,199
South Carolina 168,308
Certain officers and directors of the Fund are officers or directors of the
Manager, the Distributor, Seligman Services, Inc., and/or Seligman Data Corp.
Fees of $56,000 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. Deferred fees and the related accrued interest are not deductible for
federal income tax purposes until such amounts are paid. The annual
49
<PAGE>
================================================================================
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
cost of such fees and interest is included in directors' fees and expenses, and
the accumulated balances thereof at September 30, 1995, are as follows:
Series
------
National $15,201
Colorado 9,096
Georgia 8,450
Louisiana 9,988
Maryland 9,988
Massachusetts 12,727
Michigan 12,249
Minnesota 12,727
Missouri 9,096
New York 12,727
Ohio 12,727
Oregon 8,922
South Carolina 8,450
5. Class-specific expenses charged to Class A and Class D shares for the year
ended September 30, 1995, which are included in the corresponding captions of
the Statements of Operations, were as follows:
<TABLE>
<CAPTION>
Shareholder
Distribution reports and
Series and service fees Registration communications
------ ---------------- ------------ --------------
<S> <C> <C> <C>
National:
Class A $ 93,899 $4,514 $1,584
Class D 7,769 1,220 15
Colorado:
Class A 51,731 720 1,346
Class D 1,153 186 2
Georgia:
Class A 58,540 2,650 829
Class D 15,180 865 17
Louisiana:
Class A 59,609 1,191 716
Class D 6,293 790 26
Maryland:
Class A 53,104 2,474 1,484
Class D 5,107 727 12
Massachusetts:
Class A 110,101 2,186 2,059
Class D 9,788 1,642 32
Michigan:
Class A 144,787 1,897 2,981
Class D 8,816 1,791 40
Minnesota:
Class A 129,656 1,547 4,830
Class D 19,274 1,158 141
Missouri:
Class A 47,193 764 1,518
Class D 4,074 665 15
New York:
Class A 72,017 1,471 1,625
Class D 6,076 976 10
Ohio:
Class A 165,972 1,235 3,236
Class D 4,694 799 19
</TABLE>
50
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
Note 5. (continued)
<TABLE>
<CAPTION>
Shareholder
Distribution reports and
Series and service fees Registration communications
------ ---------------- ------------ --------------
<S> <C> <C> <C>
Oregon:
Class A $ 56,992 $1,724 $1,985
Class D 12,249 755 24
South Carolina:
Class A 108,626 60 4,160
Class D 15,766 924 96
</TABLE>
6. In accordance with current federal income tax law, each of the Series' net
realized capital gains and losses are considered separately for purposes of
determining taxable capital gains. At September 30, 1995, the net loss
carryforwards for the National, Colorado and New York Series amounted to
$457,352, $268,007 and $48,960, respectively, which are available for offset
against future taxable net gains, expiring in 2003. Accordingly, no capital gain
distributions are expected to be paid to shareholders of the National, Colorado
and New York Series until net capital gains have been realized in excess of the
available capital loss carryforwards.
7. At September 30, 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
------------------------ ------------------------ -------------------------
Year ended Year ended Year ended
September 30 September 30 September 30
------------------------ ------------------------ -------------------------
1995 1994 1995 1994 1995 1994
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Sale of shares:
Class A ..................................... 390,656 764,281 197,677 268,474 342,804 1,300,888
Class D ..................................... 119,342 60,983 14,107 40,581 168,888 104,340
Shares issued in payment of dividends:
Class A ..................................... 414,132 438,686 226,321 247,700 263,035 272,060
Class D ..................................... 3,246 1,137 424 420 7,605 1,633
Exchanged from associated Funds:
Class A ..................................... 1,396,452 259,262 73,282 42,669 169,875 48,335
Class D ..................................... 122,280 -- -- -- 32 8,316
Shares issued in payment of gain distributions:
Class A ..................................... -- 706,415 -- 63,489 94,017 63,913
Class D ..................................... -- -- -- -- 1,780 --
---------- ---------- ---------- ---------- ---------- ----------
Total .......................................... 2,446,108 2,230,764 511,811 663,333 1,048,036 1,799,485
---------- ---------- ---------- ---------- ---------- ----------
Shares repurchased:
Class A ..................................... (2,610,634) (1,943,600) (997,269) (1,126,423) (1,363,466) (1,083,796)
Class D ..................................... (14,877) -- (1,468) (27,460) (16,580) (861)
Exchanged into associated Funds:
Class A ..................................... (1,359,162) (345,902) (185,668) (43,792) (337,410) (54,072)
Class D ..................................... (131,648) -- (136) -- (9,351) --
---------- ---------- ---------- ---------- ---------- ----------
Total .......................................... (4,116,321) (2,289,502) (1,184,541) (1,197,675) (1,726,807) (1,138,729)
---------- ---------- ---------- ---------- ---------- ----------
Increase (decrease) in shares .................. (1,670,213) (58,738) (672,730) (534,342) (678,771) 660,756
========== ========== ========== ========== ========== ==========
</TABLE>
- ----------
* The Fund began offering Class D shares on February 1, 1994.
51
<PAGE>
================================================================================
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Louisiana Series Maryland Series Massachusetts Series
------------------------ ------------------------ -------------------------
Year ended Year ended Year ended
September 30 September 30 September 30
------------------------ ------------------------ -------------------------
1995 1994 1995 1994 1995 1994
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Sale of shares:
Class A ..................................... 203,544 511,859 235,573 397,002 399,337 472,153
Class D ..................................... 8,145 88,738 46,497 48,184 80,201 136,211
Shares issued in payment of dividends:
Class A ..................................... 235,011 238,291 222,065 222,712 475,382 506,326
Class D ..................................... 2,969 1,050 1,836 330 4,357 2,911
Exchanged from associated Funds:
Class A ..................................... 32,811 18,733 174,666 35,901 643,216 111,424
Class D ..................................... -- -- 1,883 7,334 8,872 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 .......................................... 588,693 912,880 784,286 824,496 1,663,780 1,531,766
---------- ---------- ---------- ---------- ---------- ----------
Shares repurchased:
Class A ..................................... (660,838) (712,918) (892,644) (720,685) (1,900,781) (1,783,099)
Class D ..................................... (43,956) (1,054) (16,759) (901) (16,608) (516)
Exchanged into associated Funds:
Class A ..................................... (34,105) (54,301) (192,205) (83,511) (722,628) (247,705)
Class D ..................................... -- -- (10,109) -- (108,292) --
---------- ---------- ---------- ---------- ---------- ----------
Total .......................................... (738,899) (768,273) (1,111,717) (805,097) (2,748,309) (2,031,320)
---------- ---------- ---------- ---------- ---------- ----------
Increase (decrease) in shares .................. (150,206) 144,607 (327,431) 19,399 (1,084,529) (499,554)
========== ========== ========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
Michigan Series Minnesota Series Missouri Series
------------------------ ------------------------ -------------------------
Year ended Year ended Year ended
September 30 September 30 September 30
------------------------ ------------------------ -------------------------
1995 1994 1995 1994 1995 1994
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Sale of shares:
Class A ..................................... 757,584 1,164,238 544,854 649,224 199,885 432,301
Class D ..................................... 69,200 79,168 111,851 217,891 28,871 63,051
Shares issued in payment of dividends:
Class A ..................................... 607,709 595,784 681,571 681,934 187,773 192,135
Class D ..................................... 3,659 1,022 8,190 2,070 1,688 119
Exchanged from associated Funds:
Class A ..................................... 104,833 78,106 186,606 181,367 49,003 95,722
Class D ..................................... 12,331 2,579 20,768 -- -- 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 .......................................... 1,631,250 2,054,819 1,580,218 1,935,847 514,489 847,477
---------- ---------- ---------- ---------- ---------- ----------
Shares repurchased:
Class A ..................................... (1,759,378) (1,673,481) (1,640,906) (1,478,662) (829,527) (432,021)
Class D ..................................... (22,079) (1,801) (35,960) (6,565) (9,384) (18,300)
Exchanged into associated Funds:
Class A ..................................... (293,434) (176,197) (308,844) (223,599) (108,014) (96,265)
Class D ..................................... (7,254) -- (32,624) -- (2,017) --
---------- ---------- ---------- ---------- ---------- ----------
Total .......................................... (2,082,145) (1,851,479) (2,018,334) (1,708,826) (948,942) (546,586)
---------- ---------- ---------- ---------- ---------- ----------
Increase (decrease) in shares .................. (450,895) 203,340 (438,116) 227,021 (434,453) 300,891
========== ========== ========== ========== ========== ==========
</TABLE>
52
<PAGE>
================================================================================
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
New York Series Ohio Series Oregon Series
------------------------ ------------------------ -------------------------
Year ended Year ended Year ended
September 30 September 30 September 30
------------------------ ------------------------ -------------------------
1995 1994 1995 1994 1995 1994
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Sale of shares:
Class A ..................................... 759,986 644,155 607,544 1,140,889 491,549 973,723
Class D ..................................... 20,328 61,053 35,134 40,208 119,881 118,176
Shares issued in payment of dividends:
Class A ..................................... 346,619 345,368 742,966 738,057 263,145 258,985
Class D ..................................... 2,790 1,014 2,142 718 5,200 1,057
Exchanged from associated Funds:
Class A ..................................... 307,438 89,847 100,205 86,706 117,527 56,640
Class D ..................................... 46,880 -- 3,512 -- -- --
Shares issued in payment of gain distributions:
Class A ..................................... 233,284 230,141 166,200 332,776 15,449 47,000
Class D ..................................... 1,417 -- 476 -- 287 --
---------- ---------- ---------- ---------- ---------- ----------
Total .......................................... 1,718,742 1,371,578 1,658,179 2,339,354 1,013,038 1,455,581
---------- ---------- ---------- ---------- ---------- ----------
Shares repurchased:
Class A ..................................... (2,115,969) (1,153,513) (2,013,198) (1,984,770) (827,019) (814,995)
Class D ..................................... (20,029) -- (1,314) -- (27,866) (5,414)
Exchanged into associated Funds:
Class A ..................................... (706,020) (264,593) (340,747) (276,088) (344,772) (143,668)
Class D ..................................... (980) -- -- -- (15,720) (264)
---------- ---------- ---------- ---------- ---------- ----------
Total .......................................... (2,842,998) (1,418,106) (2,355,259) (2,260,858) (1,215,377) (964,341)
---------- ---------- ---------- ---------- ---------- ----------
Increase (decrease) in shares .................. (1,124,256) (46,528) (697,080) 78,496 (202,339) 491,240
========== ========== ========== ========== ========== ==========
</TABLE>
South Carolina Series
-------------------------
Year ended
September 30
-------------------------
1995 1994
---------- ----------
Sale of shares:
Class A ......................................... 1,022,961 2,596,435
Class D ......................................... 56,814 194,659
Shares issued in payment of dividends:
Class A ......................................... 444,222 455,988
Class D ......................................... 7,314 2,743
Exchanged from associated Funds:
Class A ......................................... 173,490 27,515
Class D ......................................... 12,150 5,929
Shares issued in payment of gain distributions:
Class A ......................................... 22,923 164,253
Class D ......................................... 351 --
---------- ----------
Total .............................................. 1,740,225 3,447,522
---------- ----------
Shares repurchased:
Class A ......................................... (2,310,043) (2,031,384)
Class D ......................................... (46,819) (8,567)
Exchanged into associated Funds:
Class A ......................................... (376,197) (249,202)
Class D ......................................... (10,186) (516)
---------- ----------
Total .............................................. (2,743,245) (2,289,669)
---------- ----------
Increase (decrease) in shares ...................... (1,003,020) 1,157,853
========== =========
53
<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) Distributions Net Increase
Value at Net Unrealized from Dividends from (Decrease) in
Per Share Operating Beginning Investment Investment Investment Paid or Net Gain Net Asset
Performance: of Year Income* Gain (Loss) Operations Declared Realized Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A shares:
National Series
Year ended 9/30/95 $7.18 $0.40 $0.40 $0.80 $(0.40) $ -- $0.40
Year ended 9/30/94 8.72 0.41 (1.04) (0.63) (0.41) (0.50) (1.54)
Year ended 9/30/93 8.07 0.45 0.78 1.23 (0.45) (0.13) 0.65
Year ended 9/30/92 7.90 0.48 0.20 0.68 (0.48) (0.03) 0.17
Year ended 9/30/91 7.44 0.49 0.54 1.03 (0.49) (0.08) 0.46
Colorado Series
Year ended 9/30/95 7.09 0.38 0.21 0.59 (0.38) -- 0.21
Year ended 9/30/94 7.76 0.37 (0.59) (0.22) (0.37) (0.08) (0.67)
Year ended 9/30/93 7.34 0.39 0.49 0.88 (0.39) (0.07) 0.42
Year ended 9/30/92 7.22 0.42 0.12 0.54 (0.42) -- 0.12
Year ended 9/30/91 6.91 0.44 0.31 0.75 (0.44) -- 0.31
Georgia Series
Year ended 9/30/95 7.48 0.39 0.43 0.82 (0.39) (0.10) 0.33
Year ended 9/30/94 8.43 0.41 (0.86) (0.45) (0.41) (0.09) (0.95)
Year ended 9/30/93 7.85 0.43 0.62 1.05 (0.43) (0.04) 0.58
Year ended 9/30/92 7.63 0.46 0.25 0.71 (0.46) (0.03) 0.22
Year ended 9/30/91 7.18 0.47 0.46 0.93 (0.47) (0.01) 0.45
Louisiana Series
Year ended 9/30/95 7.94 0.43 0.34 0.77 (0.43) (0.14) 0.20
Year ended 9/30/94 8.79 0.44 (0.77) (0.33) (0.44) (0.08) (0.85)
Year ended 9/30/93 8.38 0.46 0.51 0.97 (0.46) (0.10) 0.41
Year ended 9/30/92 8.18 0.49 0.24 0.73 (0.49) (0.04) 0.20
Year ended 9/30/91 7.70 0.50 0.50 1.00 (0.50) (0.02) 0.48
Maryland Series
Year ended 9/30/95 7.71 0.41 0.38 0.79 (0.41) (0.13) 0.25
Year ended 9/30/94 8.64 0.42 (0.76) (0.34) (0.42) (0.17) (0.93)
Year ended 9/30/93 8.15 0.44 0.59 1.03 (0.44) (0.10) 0.49
Year ended 9/30/92 7.94 0.46 0.24 0.70 (0.46) (0.03) 0.21
Year ended 9/30/91 7.45 0.47 0.49 0.96 (0.47) -- 0.49
Massachusetts Series
Year ended 9/30/95 7.66 0.42 0.28 0.70 (0.42) (0.03) 0.25
Year ended 9/30/94 8.54 0.44 (0.67) (0.23) (0.44) (0.21) (0.88)
Year ended 9/30/93 8.06 0.47 0.55 1.02 (0.47) (0.07) 0.48
Year ended 9/30/92 7.86 0.49 0.24 0.73 (0.49) (0.04) 0.20
Year ended 9/30/91 7.26 0.50 0.62 1.12 (0.50) (0.02) 0.60
</TABLE>
<TABLE>
<CAPTION>
Ratio of Net
Net Asset Total Return Ratio of Investment Net Assets
Value at Based on Expenses to Income at End of
Per Share Operating End Net Asset Average to Average Portfolio Year
Performance: of Year Value Net Assets* Net Assets* Turnover (000's omitted)
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Class A shares:
National Series
Year ended 9/30/95 $7.58 11.48% 0.86% 5.46% 24.91% $104,184
Year ended 9/30/94 7.18 (7.83) 0.85 5.30 24.86 111,374
Year ended 9/30/93 8.72 16.00 0.86 5.49 72.68 136,394
Year ended 9/30/92 8.07 8.84 0.77 6.02 63.99 132,130
Year ended 9/30/91 7.90 14.24 0.80 6.35 71.67 136,326
Colorado Series
Year ended 9/30/95 7.30 8.56 0.93 5.31 14.70 54,858
Year ended 9/30/94 7.09 (2.92) 0.86 5.06 10.07 58,197
Year ended 9/30/93 7.76 12.54 0.90 5.21 14.09 67,912
Year ended 9/30/92 7.34 7.74 0.81 5.81 23.22 64,900
Year ended 9/30/91 7.22 11.15 0.84 6.19 14.60 64,310
Georgia Series
Year ended 9/30/95 7.81 11.66 0.91 5.26 3.36 57,678
Year ended 9/30/94 7.48 (5.52) 0.73 5.21 19.34 61,466
Year ended 9/30/93 8.43 13.96 0.63 5.34 12.45 64,650
Year ended 9/30/92 7.85 9.64 0.47 5.95 10.24 44,585
Year ended 9/30/91 7.63 13.30 0.59 6.30 6.07 28,317
Louisiana Series
Year ended 9/30/95 8.14 10.30 0.89 5.44 4.82 61,988
Year ended 9/30/94 7.94 (3.83) 0.87 5.31 17.16 61,441
Year ended 9/30/93 8.79 12.10 0.87 5.40 9.21 67,529
Year ended 9/30/92 8.38 9.13 0.80 5.89 25.45 57,931
Year ended 9/30/91 8.18 13.49 0.83 6.31 20.85 50,089
Maryland Series
Year ended 9/30/95 7.96 10.90 0.96 5.31 3.63 56,290
Year ended 9/30/94 7.71 (4.08) 0.92 5.17 17.68 57,263
Year ended 9/30/93 8.64 13.23 0.97 5.28 14.10 64,472
Year ended 9/30/92 8.15 9.15 0.86 5.76 29.57 57,208
Year ended 9/30/91 7.94 13.26 0.88 6.09 18.84 54,068
Massachusetts Series
Year ended 9/30/95 7.91 9.58 0.86 5.51 16.68 115,711
Year ended 9/30/94 7.66 (2.94) 0.85 5.46 12.44 120,149
Year ended 9/30/93 8.54 13.18 0.88 5.65 20.66 139,504
Year ended 9/30/92 8.06 9.75 0.77 6.27 27.92 128,334
Year ended 9/30/91 7.86 15.84 0.83 6.64 14.37 118,022
</TABLE>
Adjusted
Adjusted Ratio of
Adjusted Net Ratio of Net Investment
Investment Expenses to Income
Per Share Operating Income Average Net to Average
Performance: Per Share* Assets* Net Assets*
- --------------------------------------------------------------------------------
Class A shares:
National Series
Year ended 9/30/95
Year ended 9/30/94
Year ended 9/30/93
Year ended 9/30/92
Year ended 9/30/91
Colorado Series
Year ended 9/30/95
Year ended 9/30/94
Year ended 9/30/93
Year ended 9/30/92
Year ended 9/30/91
Georgia Series
Year ended 9/30/95 $0.39 0.96% 5.21%
Year ended 9/30/94 0.40 0.93 5.01
Year ended 9/30/93 0.40 0.93 5.04
Year ended 9/30/92 0.43 0.87 5.55
Year ended 9/30/91 0.43 1.09 5.80
Louisiana Series
Year ended 9/30/95
Year ended 9/30/94
Year ended 9/30/93
Year ended 9/30/92
Year ended 9/30/91
Maryland Series
Year ended 9/30/95
Year ended 9/30/94
Year ended 9/30/93
Year ended 9/30/92
Year ended 9/30/91
Massachusetts Series
Year ended 9/30/95
Year ended 9/30/94
Year ended 9/30/93
Year ended 9/30/92
Year ended 9/30/91
- ----------
See page 58 for footnotes.
54-55
<PAGE>
================================================================================
Financial Highlights (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Net Increase
Net Asset Realized & (Decrease) Distributions Net Increase
Value at Net Unrealized from Dividends from (Decrease) in
Per Share Operating Beginning Investment Investment Investment Paid or Net Gain Net Asset
Performance: of Year Income* Gain (Loss) Operations Declared Realized Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Michigan Series
Year ended 9/30/95 $8.28 $0.46 $0.30 $0.76 $(0.46) $(0.04) $0.26
Year ended 9/30/94 9.08 0.46 (0.71) (0.25) (0.46) (0.09) (0.80)
Year ended 9/30/93 8.68 0.47 0.59 1.06 (0.47) (0.19) 0.40
Year ended 9/30/92 8.38 0.50 0.35 0.85 (0.50) (0.05) 0.30
Year ended 9/30/91 7.89 0.51 0.51 1.02 (0.51) (0.02) 0.49
Minnesota Series
Year ended 9/30/95 7.72 0.45 0.11 0.56 (0.45) (0.01) 0.10
Year ended 9/30/94 8.28 0.45 (0.44) (0.01) (0.45) (0.12) (0.56)
Year ended 9/30/93 7.89 0.47 0.51 0.98 (0.47) (0.12) 0.39
Year ended 9/30/92 7.81 0.49 0.09 0.58 (0.49) (0.01) 0.08
Year ended 9/30/91 7.49 0.49 0.32 0.81 (0.49) -- 0.32
Missouri Series
Year ended 9/30/95 7.41 0.40 0.36 0.76 (0.40) (0.07) 0.29
Year ended 9/30/94 8.31 0.40 (0.79) (0.39) (0.40) (0.11) (0.90)
Year ended 9/30/93 7.80 0.42 0.57 0.99 (0.42) (0.06) 0.51
Year ended 9/30/92 7.72 0.44 0.15 0.59 (0.44) (0.07) 0.08
Year ended 9/30/91 7.22 0.46 0.50 0.96 (0.46) -- 0.50
New York Series
Year ended 9/30/95 7.67 0.42 0.36 0.78 (0.42) (0.17) 0.19
Year ended 9/30/94 8.75 0.43 (0.88) (0.45) (0.43) (0.20) (1.08)
Year ended 9/30/93 8.13 0.45 0.74 1.19 (0.45) (0.12) 0.62
Year ended 9/30/92 7.94 0.49 0.26 0.75 (0.49) (0.07) 0.19
Year ended 9/30/91 7.40 0.50 0.54 1.04 (0.50) -- 0.54
Ohio Series
Year ended 9/30/95 7.90 0.44 0.28 0.72 (0.44) (0.07) 0.21
Year ended 9/30/94 8.77 0.44 (0.70) (0.26) (0.44) (0.17) (0.87)
Year ended 9/30/93 8.28 0.46 0.56 1.02 (0.46) (0.07) 0.49
Year ended 9/30/92 8.06 0.49 0.26 0.75 (0.49) (0.04) 0.22
Year ended 9/30/91 7.62 0.51 0.45 0.96 (0.51) (0.01) 0.44
Oregon Series
Year ended 9/30/95 7.43 0.40 0.25 0.65 (0.40) (0.02) 0.23
Year ended 9/30/94 8.08 0.40 (0.59) (0.19) (0.40) (0.06) (0.65)
Year ended 9/30/93 7.60 0.42 0.48 0.90 (0.42) -- 0.48
Year ended 9/30/92 7.42 0.42 0.18 0.60 (0.42) -- 0.18
Year ended 9/30/91 6.96 0.44 0.46 0.90 (0.44) -- 0.46
South Carolina Series
Year ended 9/30/95 7.61 0.41 0.37 0.78 (0.41) (0.01) 0.36
Year ended 9/30/94 8.52 0.41 (0.79) (0.38) (0.41) (0.12) (0.91)
Year ended 9/30/93 8.00 0.43 0.54 0.97 (0.43) (0.02) 0.52
Year ended 9/30/92 7.71 0.45 0.31 0.76 (0.45) (0.02) 0.29
Year ended 9/30/91 7.23 0.46 0.52 0.98 (0.46) (0.04) 0.48
</TABLE>
<TABLE>
<CAPTION>
Ratio of Net
Net Asset Total Return Ratio of Investment Net Assets
Value at Based on Expenses to Income at End of
Per Share Operating End Net Asset Average to Average Portfolio Year
Performance: of Year Value Net Assets* Net Assets* Turnover (000's omitted)
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Michigan Series
Year ended 9/30/95 $8.54 9.56% 0.87% 5.50% 20.48% $151,589
Year ended 9/30/94 8.28 (2.90) 0.84 5.32 10.06 151,095
Year ended 9/30/93 9.08 12.97 0.83 5.41 6.33 164,638
Year ended 9/30/92 8.68 10.55 0.76 5.93 32.12 144,524
Year ended 9/30/91 8.38 13.34 0.80 6.28 22.81 129,004
Minnesota Series
Year ended 9/30/95 7.82 7.61 0.87 5.89 5.57 132,716
Year ended 9/30/94 7.72 0.12 0.85 5.70 3.30 134,990
Year ended 9/30/93 8.28 13.06 0.90 5.89 5.73 144,600
Year ended 9/30/92 7.89 7.71 0.80 6.29 12.08 151,922
Year ended 9/30/91 7.81 11.10 0.80 6.28 2.61 182,979
Missouri Series
Year ended 9/30/95 7.70 10.67 0.88 5.31 3.88 51,169
Year ended 9/30/94 7.41 (4.85) 0.74 5.18 14.33 52,621
Year ended 9/30/93 8.31 13.17 0.71 5.29 17.03 56,861
Year ended 9/30/92 7.80 7.87 0.83 5.71 18.80 49,459
Year ended 9/30/91 7.72 13.61 0.88 6.10 16.30 47,659
New York Series
Year ended 9/30/95 7.86 10.93 0.88 5.52 34.05 83,980
Year ended 9/30/94 7.67 (5.37) 0.87 5.31 28.19 90,914
Year ended 9/30/93 8.75 15.26 0.94 5.37 27.90 104,685
Year ended 9/30/92 8.13 9.80 0.79 6.09 42.90 92,681
Year ended 9/30/91 7.94 14.56 0.80 6.57 44.57 83,684
Ohio Series
Year ended 9/30/95 8.11 9.59 0.84 5.56 2.96 170,191
Year ended 9/30/94 7.90 (3.08) 0.84 5.34 9.37 171,469
Year ended 9/30/93 8.77 12.81 0.85 5.44 30.68 190,083
Year ended 9/30/92 8.28 9.68 0.75 6.02 7.15 170,427
Year ended 9/30/91 8.06 12.96 0.77 6.42 13.95 156,179
Oregon Series
Year ended 9/30/95 7.66 9.05 0.86 5.40 2.47 59,549
Year ended 9/30/94 7.43 (2.38) 0.78 5.20 9.43 59,884
Year ended 9/30/93 8.08 12.21 0.78 5.35 8.08 62,095
Year ended 9/30/92 7.60 8.35 0.68 5.63 0.21 48,797
Year ended 9/30/91 7.42 13.25 0.71 6.06 7.60 39,350
South Carolina Series
Year ended 9/30/95 7.97 10.69 0.88 5.38 4.13 112,421
Year ended 9/30/94 7.61 (4.61) 0.83 5.12 1.81 115,133
Year ended 9/30/93 8.52 12.52 0.85 5.19 17.69 120,589
Year ended 9/30/92 8.00 10.08 0.81 5.71 3.37 82,882
Year ended 9/30/91 7.71 13.95 0.81 6.14 9.05 63,863
</TABLE>
Adjusted
Adjusted Ratio of
Adjusted Net Ratio of Net Investment
Investment Expenses to Income
Per Share Operating Income Average Net to Average
Performance: Per Share* Assets* Net Assets*
- --------------------------------------------------------------------------------
Michigan Series
Year ended 9/30/95
Year ended 9/30/94
Year ended 9/30/93
Year ended 9/30/92
Year ended 9/30/91
Minnesota Series
Year ended 9/30/95
Year ended 9/30/94
Year ended 9/30/93
Year ended 9/30/92
Year ended 9/30/91
Missouri Series
Year ended 9/30/95 $0.39 0.93% 5.26%
Year ended 9/30/94 0.39 0.88 5.04
Year ended 9/30/93 0.41 0.91 5.09
Year ended 9/30/92
Year ended 9/30/91
New York Series
Year ended 9/30/95
Year ended 9/30/94
Year ended 9/30/93
Year ended 9/30/92
Year ended 9/30/91
Ohio Series
Year ended 9/30/95
Year ended 9/30/94
Year ended 9/30/93
Year ended 9/30/92
Year ended 9/30/91
Oregon Series
Year ended 9/30/95 0.40 0.91 5.35
Year ended 9/30/94 0.39 0.89 5.09
Year ended 9/30/93 0.41 0.93 5.20
Year ended 9/30/92 0.42 0.83 5.48
Year ended 9/30/91 0.42 0.91 5.86
South Carolina Series
Year ended 9/30/95
Year ended 9/30/94
Year ended 9/30/93
Year ended 9/30/92
Year ended 9/30/91 0.45 0.91 6.04
- ----------
See page 58 for footnotes.
56 & 57
<PAGE>
<TABLE>
====================================================================================================================================
Financial Highlights (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Net Increase
Net Asset Realized & (Decrease) Distributions Net Increase
Value at Net Unrealized from Dividends from (Decrease) in
Per Share Operating Beginning Investment Investment Investment Paid or Net Gain Net Asset
Performance: of Period Income* Gain (Loss) Operations Declared Realized Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class D shares:
National Series
Year ended 9/30/95 $7.18 $0.32 $0.39 $0.71 $(0.32) $ -- $0.39
2/1/94** to 9/30/94 8.20 0.22 (1.02) (0.80) (0.22) -- (1.02)
Colorado Series
Year ended 9/30/95 7.09 0.30 0.20 0.50 (0.30) -- 0.20
2/1/94** to 9/30/94 7.72 0.20 (0.63) (0.43) (0.20) -- (0.63)
Georgia Series
Year ended 9/30/95 7.49 0.32 0.43 0.75 (0.32) (0.10) 0.33
2/1/94** to 9/30/94 8.33 0.22 (0.84) (0.62) (0.22) -- (0.84)
Louisiana Series
Year ended 9/30/95 7.94 0.35 0.34 0.69 (0.35) (0.14) 0.20
2/1/94** to 9/30/94 8.73 0.24 (0.79) (0.55) (0.24) -- (0.79)
Maryland Series
Year ended 9/30/95 7.72 0.33 0.38 0.71 (0.33) (0.13) 0.25
2/1/94** to 9/30/94 8.46 0.23 (0.74) (0.51) (0.23) -- (0.74)
Massachusetts Series
Year ended 9/30/95 7.66 0.34 0.27 0.61 (0.34) (0.03) 0.24
2/1/94** to 9/30/94 8.33 0.24 (0.67) (0.43) (0.24) -- (0.67)
Michigan Series
Year ended 9/30/95 8.28 0.37 0.30 0.67 (0.37) (0.04) 0.26
2/1/94** to 9/30/94 9.01 0.25 (0.73) (0.48) (0.25) -- (0.73)
Minnesota Series
Year ended 9/30/95 7.73 0.38 0.10 0.48 (0.38) (0.01) 0.09
2/1/94** to 9/30/94 8.22 0.25 (0.49) (0.24) (0.25) -- (0.49)
Missouri Series
Year ended 9/30/95 7.41 0.32 0.36 0.68 (0.32) (0.07) 0.29
2/1/94** to 9/30/94 8.20 0.22 (0.79) (0.57) (0.22) -- (0.79)
New York Series
Year ended 9/30/95 7.67 0.34 0.37 0.71 (0.34) (0.17) 0.20
2/1/94** to 9/30/94 8.55 0.23 (0.88) (0.65) (0.23) -- (0.88)
Ohio Series
Year ended 9/30/95 7.92 0.36 0.30 0.66 (0.36) (0.07) 0.23
2/1/94** to 9/30/94 8.61 0.24 (0.69) (0.45) (0.24) -- (0.69)
Oregon Series
Year ended 9/30/95 7.43 0.33 0.24 0.57 (0.33) (0.02) 0.22
2/1/94** to 9/30/94 8.02 0.22 (0.59) (0.37) (0.22) -- (0.59)
South Carolina Series
Year ended 9/30/95 7.61 0.34 0.37 0.71 (0.34) (0.01) 0.36
2/1/94** to 9/30/94 8.42 0.22 (0.81) (0.59) (0.22) -- (0.81)
</TABLE>
58
<PAGE>
<TABLE>
<CAPTION>
Ratio of Net
Net Asset Total Return Ratio of Investment Net Assets
Value at Based on Expenses to Income at End of
Per Share Operating End Net Asset Average to Average Portfolio Period
Performance: of Period Value Net Assets* Net Assets* Turnover (000's omitted)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Class D shares:
National Series
Year ended 9/30/95 $7.57 10.17% 1.95% 4.40% 24.91% $1,215
2/1/94** to 9/30/94 7.18 (9.96) 1.76+ 4.37+ 24.86++ 446
Colorado Series
Year ended 9/30/95 7.29 7.26 2.02 4.23 14.70 193
2/1/94** to 9/30/94 7.09 (5.73) 1.78+ 4.05+ 10.07++ 96
Georgia Series
Year ended 9/30/95 7.82 10.58 1.90 4.28 3.36 2,079
2/1/94** to 9/30/94 7.49 (7.57) 1.76+ 4.28+ 19.34++ 849
Louisiana Series
Year ended 9/30/95 8.14 9.17 1.91 4.41 4.82 465
2/1/94** to 9/30/94 7.94 (6.45) 1.78+ 4.33+ 17.16++ 704
Maryland Series
Year ended 9/30/95 7.97 9.75 2.02 4.27 3.63 630
2/1/94** to 9/30/94 7.72 (6.21) 1.80+ 4.26+ 17.68++ 424
Massachusetts Series
Year ended 9/30/95 7.90 8.33 1.95 4.47 16.68 890
2/1/94** to 9/30/94 7.66 (5.34) 1.78+ 4.52+ 12.44++ 1,099
Michigan Series
Year ended 9/30/95 8.54 8.36 2.01 4.40 20.48 1,172
2/1/94** to 9/30/94 8.28 (5.47) 1.75+ 4.40+ 10.06++ 671
Minnesota Series
Year ended 9/30/95 7.82 6.45 1.85 4.92 5.57 2,237
2/1/94** to 9/30/94 7.73 (3.08) 1.74+ 4.68+ 3.30++ 1,649
Missouri Series
Year ended 9/30/95 7.70 9.49 1.98 4.23 3.88 515
2/1/94** to 9/30/94 7.41 (7.16) 1.70+ 4.27+ 14.33++ 350
New York Series
Year ended 9/30/95 7.87 9.87 1.96 4.42 34.05 885
2/1/94** to 9/30/94 7.67 (7.73) 1.81+ 4.39+ 28.19++ 476
Ohio Series
Year ended 9/30/95 8.15 8.67 1.93 4.48 2.96 660
2/1/94** to 9/30/94 7.92 (5.36) 1.78+ 4.41+ 9.37++ 324
Oregon Series
Year ended 9/30/95 7.65 7.86 1.83 4.41 2.47 1,495
2/1/94** to 9/30/94 7.43 (4.76) 1.72+ 4.32+ 9.43++ 843
South Carolina Series
Year ended 9/30/95 7.97 9.63 1.85 4.40 4.13 1,704
2/1/94** to 9/30/94 7.61 (7.14) 1.74+ 4.29+ 1.81++ 1,478
</TABLE>
59
<PAGE>
<TABLE>
<CAPTION>
Adjusted
Adjusted Ratio of
Adjusted Net Ratio of Net Investment
Investment Expenses to Income
Per Share Operating Income Average Net to Average
Performance: Per Share* Assets* Net Assets*
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
Class D shares:
National Series
Year ended 9/30/95
2/1/94** to 9/30/94
Colorado Series
Year ended 9/30/95
2/1/94** to 9/30/94
Georgia Series
Year ended 9/30/95 $0.31 1.95% 4.23%
2/1/94** to 9/30/94 0.21 1.90+ 4.15+
Louisiana Series
Year ended 9/30/95
2/1/94** to 9/30/94
Maryland Series
Year ended 9/30/95
2/1/94** to 9/30/94
Massachusetts Series
Year ended 9/30/95
2/1/94** to 9/30/94
Michigan Series
Year ended 9/30/95
2/1/94** to 9/30/94
Minnesota Series
Year ended 9/30/95
2/1/94** to 9/30/94
Missouri Series
Year ended 9/30/95 0.32 2.03 4.18
2/1/94** to 9/30/94 0.22 1.80+ 4.17+
New York Series
Year ended 9/30/95
2/1/94** to 9/30/94
Ohio Series
Year ended 9/30/95
2/1/94** to 9/30/94
Oregon Series
Year ended 9/30/95 0.33 1.88 4.36
2/1/94** to 9/30/94 0.22 1.82+ 4.22+
South Carolina Series
Year ended 9/30/95
2/1/94** to 9/30/94
- ------------------------------------------------------------------------------------------------------------------------------------
* 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 reflect 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.
58 & 59
</TABLE>
<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
September 30, 1995, the related statements of operations for the year then ended
and of changes in net assets for each of the years in the two-year period then
ended, 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
September 30, 1995 by correspondence with the Fund's custodian and brokers;
where replies were not received from brokers, we performed other auditing
procedures. 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 September 30, 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
November 3, 1995
60
<PAGE>
(This page intentionally left blank.)
61
<PAGE>
================================================================================
Board of Directors
- --------------------------------------------------------------------------------
Fred E. Brown
Director and Consultant,
J. & W. Seligman & Co. Incorporated
John R. Galvin 2
Dean, Fletcher School of Law and
Diplomacy at Tufts University
Director, USLIFE Corporation
Alice S. Ilchman 3
President, Sarah Lawrence College
Trustee, Committee for Economic Development
Director, NYNEX
Chairman, The Rockefeller Foundation
Frank A. McPherson 2
Chairman and CEO, Kerr-McGee Corporation
Director, Kimberly-Clark Corporation
Director, Baptist Medical Center
John E. Merow
Partner, Sullivan & Cromwell, Law Firm
Director, Commonwealth Aluminum Corporation
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
James C. Pitney 3
Partner, Pitney, Hardin, Kipp & Szuch, Law Firm
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
Ronald T. Schroeder 1
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
President
Managing Director, J. & W. Seligman & Co. Incorporated
- ----------------
Member:
1 Executive Committee
2 Audit Committee
3 Director Nominating Committee
62
<PAGE>
================================================================================
Executive Officers
- --------------------------------------------------------------------------------
William C. Morris Lawrence P. Vogel
Chairman Vice President
Brian T. Zino Thomas G. Rose
President Treasurer
Thomas G. Moles Frank J. Nasta
Vice President Secretary
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
Manager General Distributor Important Telephone Numbers
J. & W. Seligman & Co. Seligman Financial Services, Inc. (800) 221-2450 Shareholder Services
Incorporated 100 Park Avenue
100 Park Avenue New York, NY 10017 (800) 622-4597 24-Hour Automated
New York, NY 10017 Telephone
Shareholder Service Agent Access Service
General Counsel Seligman Data Corp.
Sullivan & Cromwell 100 Park Avenue
New York, NY 10017
Independent Auditors
Deloitte & Touche LLP
</TABLE>
63
<PAGE>
SELIGMAN FINANCIAL SERVICES, INC.
an affiliate of
[LOGO]
J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864
100 Park Avenue, New York, NY 10017
This report is intended olnly 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.
TEA2 9/95
