The Florida
TaxFree Funds
The Florida TaxFree ShortTerm Fund
The Florida TaxFree Money Market Fund
Distributor:
William R. Hough & Co.
100 Second Avenue South, Suite 800
St. Petersburg, Florida 33701
(800) 557-7555
Annual Report
This report must be preceded or accompanied by a current prospectus of The
Florida TaxFree Funds.
April 30, 1997
CONTENTS
President's Message 1
The Florida TaxFree Money Market Fund Statement of Investments
Variable Rate Demand Notes 3
Municipal Bonds 5
The Florida TaxFree ShortTerm Fund Statement of Investments
Variable Rate Demand Notes 12
Municipal Bonds 12
Statements of Assets and Liabilities 22
Statements of Operations 23
Statements of Changes in Net Assets 24
Notes to Financial Statements 25
Dear Shareholder:
We are pleased to present the Annual Report on The Florida TaxFree
Funds. We at The Hough Group of Funds continue to believe that either
or both of The Florida TaxFree Funds represent prudent investments for investors
who seek to reduce their federal income and Florida Intangible Tax liabilities.
The Florida TaxFree Money Market Fund
Total net assets of the Fund grew during the past year to $136.5 million as of
April 30, 1997. This compares with $113.9 million on April 30, 1996.
IBC Financial Data, Inc., a respected mutual fund performance and statistical
reporting company, ranks money market fund performance by category. We are
pleased to report that, for the calendar year ending December 31, 1996, The
Florida TaxFree Money Market Fund was ranked by IBC in the top 2% out of a total
of approximately 205 tax-free state-specific funds tracked by that firm.
Had certain fees and expenses not been reimbursed by the Adviser, the yield and
ranking would have been lower. Past performance, however, is no guarantee of
future results.
The 7 day average yield of the Fund was 3.85% as of April 30, 1997. For
investors in the 36% federal tax bracket who have Florida intangible assets of
$200,000 or more, the tax equivalent yield was 6.21%.
The Florida TaxFree ShortTerm Fund
As of April 30, 1997, total net assets for the Fund were $28.8 million, compared
with assets of $12.3 million one year ago. The portfolio had a dollar-weighted
average maturity of 2.51 years and a 30 day SEC yield of 4.33% on April 30,
1997. This yield equates to a tax equivalent yield of 6.97% for a Floridian in
the 36% federal tax bracket with Florida intangible assets of $200,000 or more.
The Florida TaxFree ShortTerm Fund is a variable net asset value mutual
fund, and therefore the value of shares fluctuates with the movements of the
short-term municipal bond market. The net asset value per share was $9.95 on
April 30, 1997, compared with $9.94 on April 30, 1996, contributing to a 4.59%
cumulative total return on the Fund for the year ended April 30, 1997. The
cumulative total return is based on changes in the net asset value per share
over a given period and adjusted for dividends paid during that same period.
The Fund paid dividends of 43 cents per share for the year ending April 30,
1997. The cumulative total return on the Fund since its inception November 22,
1993 through April 30, 1997 was 15.02%. This represents a return of 4.37% on
an annualized basis. As shown on the accompanying chart, another way of
illustrating this return since inception would be that $1,000 invested on
November 22, 1993 would have grown to $1,150.22 on April 30, 1997 including
reinvestment of all distributions.
The Florida Intangible Tax
The Florida intangible tax is assessed against intangible assets such as stocks,
bonds, and mutual funds as of January 1 each year. Each of The Florida TaxFree
Funds will ordinarily invest at least 65% of its assets in Florida obligations.
While state-specific tax-free funds can invest up to 35% in out-of-state issues,
your Funds' portfolio management committee intends to keep the Funds completely
exempt from the Florida Intangible Tax by investing in only Florida or other
exempt issues at the appropriate time.
We appreciate your investment in The Florida TaxFree Funds and urge you to
contact us at 1-800-557-7555 whenever we can be of assistance.
Sincerely,
W. Robb Hough, Jr.
President
The Hough Group of Funds
Variable Rate Demand Notes (33%) Principal Amount Value
Broward County, FL HFA, Housing RB,
(Quiet Creek Apts. Project), 4.80%, 12/01/29
John Hancock Mutual Life Ins., GTY $2,150,000 $2,150,000
Broward County, FL, IDB,
(W.R. Bonsal Company Project), 4.90%,
09/01/08, NationsBank, N.A., LOC 1,500,000 1,500,000
Collier County, FL HFA, Housing RB,
(River Reach), 4.50%, 12/01/15, Morgan
Guaranty Trust Co., LOC 1,600,000 1,600,000
Dade County, FL IDA, Pollution Ctrl RB,
(Florida Power & Light), 4.00%, 06/01/21 1,500,000 1,500,000
Dade County, FL HFA, Housing RB,
(Kendall Court Apartments), Series 4, 4.60%,
06/01/15, First Union National Bank of
Florida, LOC 2,070,000 2,070,000
Dade County, FL Health Facilities Auth,
Hospital RB, (Miami Children's Hospital)
4.15%, 09/01/20, Barnett Bank of South FL,LOC 3,700,000 3,700,000
Dade County, FL IDA, IDB, (Dolphins Stadium),
Series D, 4.50%, 01/01/16,
Societe Generale, LOC 2,200,000 2,200,000
Dade County, FL IDA, IDB, (Arlington Sales),
4.20%, 06/01/08, Credit Commercial
de France, LOC 1,250,000 1,250,000
Dade County, FL IDA, IDB,
(Dynacolor Graphics Project), 4.20%,
06/01/99, Credit Commercial de France, LOC 1,275,000 1,275,000
Dade County, FL IDA, IDB,
(DNS Manufacturing Project), 3.85%,
11/01/09, Barnett Bank of Broward County,LOC 1,385,000 1,385,000
Dade County, FL IDA, IDB,
(Spectrum Programs Inc. Project), 4.75%,
10/01/16, NationsBank, N.A., LOC 1,000,000 1,000,000
Florida HFA, Housing RB, (Clear Lake),
Series D, 4.60%, 12/01/09, Continental
Casualty, GTY 1,000,000 1,000,000
Florida HFA, Housing RB,
(Springs Colony Project), 1985 Series FF,
4.50%, 09/15/26, FNMA Collateralized 1,000,000 1,000,000
Florida HFA, Housing RB,
(Lakes of Northdale Project), Series D,
4.15%, 06/01/07, SouthTrust Bank of AL, LOC 1,300,000 1,300,000
Florida HFA, Housing RB,
(Monteray Meadows Apts.), 4.50%, 12/01/07,
Citibank, N.A., LOC 1,000,000 1,000,000
Hillsborough County, FL,
Pollution Control RB,
(Reynolds Metals Company), 4.40%, 12/01/15,
Dresdner Bank, A.G., LOC 1,000,000 1,000,000
Hillsborough County, FL IDA,
Pollution Ctrl RB, (Tampa Electric Co.),
Series 1990, 4.00%, 9/01/25 1,500,000 1,500,000
Hillsborough County, FL IDA,
Pollution Ctrl RB, (Tampa Electric Co.),
4.10%, 11/01/20 2,400,000 2,400,000
Hillsborough County, FL IDA,
Industrial Development RB,
(Leslie Controls Inc.), 4.65%, 08/01/19,
First Union National Bank of NC, LOC 1,050,000 1,050,000
Variable Rate Demand Notes (Continued) Principal Amount Value
Miami, FL Health Facilities Auth,
Hospital RB, (Miami Jewish Home &
Hospital for the Aged, Inc. Project),
4.60%, 12/01/16, SunTrust Bank, Miami, LOC 1,000,000 1,000,000
Okeechobee County, FL, Solid Waste RB,
(Chambers Waste System of FL), 4.85%,
03/01/06, Morgan Guaranty Trust Co., LOC 3,700,000 3,700,000
Palm Bay, FL, IDB,
(Accudyne Corporation Project), Series 1995,
4.80%, 07/01/20, First Union National Bank of
NC, LOC 1,360,000 1,360,000
Pinellas County, FL HFA, Housing RB,
(Lynn Lake II), 4.75%, 07/01/11,
NationsBank of Georgia, N.A., LOC 1,500,000 1,500,000
Pinellas County, FL Industry Council,
IDB, (Pozin Enterprises, Inc. Project),
4.90%, 03/01/09, NationsBank, N.A., LOC 800,000 800,000
Pinellas County, FL Health Facilities Auth,
(Pooled Hospital Lending Program), 4.20%,
12/01/15, Chase Manhattan Bank, LOC 2,000,000 2,000,000
St. Lucie County, FL, Pollution Control RB,
(Florida Power & Light), 4.10%, 01/01/27 900,000 900,000
Southeast Volusia, FL Hospital District,
Hospital RB, (Bert Fish Medical Center), 3.35%,
05/01/22, SouthTrust Bank, LOC 1,000,000 1,000,000
Sumter County, FL IDA, IDB,
(Great Southern Wood, FL, Inc.), 4.80%,
04/01/05, SouthTrust Bank, LOC 500,000 500,000
Tamarac, FL, IDB,
(Tampa Bay Business Center, Inc. Project),
4.90%, 08/01/15, NationsBank of FL, NA, LOC 1,600,000 1,600,000
Volusia County, FL IDA, IDB,
(RS Displays Inc. Project), 4.20%, 06/01/09,
Credit Commercial de France, LOC 825,000 825,000
Total Variable Rate Demand Notes $45,065,000
Municipal Bonds (67%) Principal Amount Value
Addison, IL
Fire Protection District No. 1,
Refunding Notes, 6.70%, 11/01/97,
Pre-refunded @ 100 $100,000 $101,421
Alabama State Docks Department,
Transportation RB, 6.90%, 10/01/97,
BIG Insured 100,000 101,210
Albuquerque, NM Educational Facilities Auth,
Higher Educ RB, (Albuquerque Academy Project),
4.50%, 10/15/97 100,000 100,332
Brevard County, FL, GO Bond, 4.70%, 03/01/98,
MBIA Insured 115,000 115,888
Brevard County, FL School District,
Tax Anticipation Notes, 4.20%, 06/30/97 500,000 500,440
Brevard County, FL, Special Assessment RB,
5.90%, 11/01/97, MBIA Insured 50,000 50,000
Brooke County, WV Board of Education,
GO Bond, 8.80%, 08/01/97, AMBAC Insured 170,000 172,074
Broward County, FL, Public Improv RB,
(Environmentally Sensitive Lands Project),
6.75%, 07/01/97, Pre-refunded @ 102 50,000 51,241
Broward County, FL, GO Bond, Series C, 5.10%,
01/01/98 225,000 226,972
Broward County, FL, Sales Tax Revenue
Commercial Paper, Series A, 4.05%, 05/01/97,
Mitsubishi Bank, LOC 4,163,000 4,163,000
Broward County, FL HFA, Single Family
Mortgage RB, Series B, 4.05%, 04/01/98,
GIC: Trinity Funding, Mandatory Tender @ 100 700,000 700,000
Broward County, FL School District, Revenue
Anticipation Notes, Series C, 4.50%, 04/22/98 1,500,000 1,508,451
Broward County, FL, Water & Sewer RB, 7.50%,
10/01/97, Pre-refunded @ 102 1,625,000 1,682,177
Coral Springs, FL, Franchise Rfdg RB, 4.70%,
09/01/97, AMBAC Insured 155,000 155,611
Dade County, FL, Public Improv RB, 6.80%,
06/01/97, FGIC Insured 1,075,000 1,077,702
Dade County, FL, Public Service Tax
Refunding RB, 5.00%, 10/01/97, FSA Insured 2,000,000 2,008,943
Dade County, FL Health Facilities Auth,
Hospital RB, (South Miami Hospital Project),
Series A, 6.35%, 10/01/97, Escrowed to Maturity 50,000 50,555
Dunedin, FL, Hospital RB, (Mease Health Care),
4.00%, 11/15/97, MBIA Insured 100,000 100,000
Duval County, FL School District, GO Bond,
5.20%, 08/01/97, AMBAC Insured 300,000 301,064
Escambia County, FL HFA, Housing RB,
(Alpine Village Project), 4.20%, 10/01/97,
Harbor Federal S&L Assn., Collateralized LOC,
Mandatory Tender @ 100 400,000 400,323
Escambia County, FL HFA, Single Family
Mortgage RB, (Multi-County Program), Series B,
3.75%, 02/20/98, GNMA Collateralized, Bayerische
Landesbank Girozentrale, GIC, Mandatory
Tender @ 100 1,000,000 1,000,000
Florida HFA, Homeowner Mortgage RB,
Series 1A, 4.05%, 07/01/97 100,000 100,023
Florida State, Jacksonville Transportation
Senior Lien, GO Bond, 6.40%, 07/01/97 160,000 160,683
Florida State, GO Bond, (Dade County Road),
4.70%, 07/01/97 200,000 200,324
Municipal Bonds (Continued) PrincipalAmount Value
Florida State Board of Education, GO
Bond, Series 1989B, 6.30%, 06/01/97 175,000 175,363
Florida State Board of Education, GO Bond,
6.50%, 06/01/97 805,000 806,804
Florida State Board of Education, GO Bond,
Series B, 5.625%, 06/01/97 4,000,000 4,006,550
Florida State Board of Education, GO Bond,
Series F, 7.00%, 06/01/97 3,085,000 3,093,338
Florida State Board of Education, Higher
Education RB, Series A, 7.00%, 06/01/97 3,755,000 3,765,225
Florida State Board of Education, GO Bond,
Series A, 4.50%, 01/01/98 4,950,000 4,982,148
Florida State Board of Education, GO Bond,
Series A-1, 6.00%, 05/01/97, Escrowed to
Maturity 250,000 250,000
Florida State Board of Education, GO Bond,
Series C, 5.75%, 05/01/97, Escrowed to
Maturity 250,000 250,000
Florida State Board of Education, GO Bond,
Series C-2, 5.50%, 05/01/97, Escrowed to
Maturity 65,000 65,000
Florida State Board of Regents, Higher
Education RB, 7.00%, 07/01/97, MBIA Insured 740,000 743,870
Florida State Division of Bond Finance, Dept. of
General Services, GO Bond, (Save Our Coast),
Series I, 6.50%, 07/01/97, Pre-refunded @ 102 300,000 307,278
Florida State Division of Bond Finance, Dept.
of General Services, GO Bond, (Cons & Rec LDS,
Department of Natural Resources),
10.90%, 07/01/97, Escrowed to Maturity 750,000 759,019
Florida State Division of Bond Finance, Dept.
of General Services, GO Bond, (Save Our Coast),
Series I, 7.20%, 07/01/97, Pre-refunded @ 102 115,000 117,902
Florida State Division of Bond Finance, Dept.
of General Services, GO Bond, (Preservation 2000),
Series A, 4.20%, 07/01/97, FSA Insured 25,000 25,010
Florida Municipal Power Agency, Commercial Paper,
Pooled Loan Project, 3.60%, 06/10/97, First
Union National Bank of NC, LOC 905,000 905,000
Florida Local Government Financing Commn, IRB,
Commercial Paper, 3.30%, 05/12/97, First Union
National Bank of Florida, LOC 1,603,265 1,603,265
Florida Local Government Financing Commn, IRB,
Commercial Paper, 3.80%, 05/12/97, First Union
National Bank of Florida, LOC 1,617,735 1,617,735
Fort Lauderdale, FL, GO Bond, 5.35%, 01/01/98 100,000 101,002
Fort Myers, FL New Public Housing Auth,
Housing RB, 5.75%, 06/01/97 100,000 100,164
Gainesville, FL, Electric Util RB, Series A,
7.75%, 10/01/97, Pre-refunded @ 102 200,000 206,986
Gainesville, FL, Electric Util RB, Commercial
Paper, (Utility System C), 3.25%, 05/13/97 1,451,000 1,451,000
Gainesville, FL, Electric Util RB, Commercial
Paper, (Utility System C), 3.45%, 05/05/97 1,300,000 1,300,000
Grand River Dam Auth, OK, Water & Sewer RB,
6.75%, 06/01/97, Pre-refunded @ 102 120,000 122,642
Harris County, TX Health Facilities Development
Corp, Hospital RB, (SCH Health Care System),
Series B, 4.00%, 07/01/97 800,000 800,279
Municipal Bonds (Continued) PrincipalAmount Value
Hillsborough County, FL HFA, Single Family
Mortgage RB, 3.65%, 03/15/98, AMBAC GIC,
Mandatory Tender @ 100 500,000 500,000
Hillsborough County, FL School Board,
Certificates of Participation, 4.60%, 07/01/97,
MBIA Insured 130,000 130,162
Hollywood, FL, Water & Sewer RB, 5.60%,
10/01/97, Escrowed to Maturity 100,000 100,650
Illinois Health Facilities Auth, Hospital RB,
(Highland Park), Series 1991A, 4.00%, 10/01/97,
FGIC Insured 215,000 215,000
Indian River County, FL, Recreational RB, 4.00%,
09/01/97, AMBAC Insured 200,000 200,000
Jacksonville, FL Elec Auth, Electric Util RB,
Series Three -B, 3.90%, 10/01/97 700,000 700,279
Jacksonville, FL Elec Auth, Electric Util RB,
Series A -2, 7.50%, 10/01/97, Pre-refunded @ 101.50 500,000 515,502
Jacksonville, FL Elec Auth, Electric Util RB,
Series A -1, 6.80%, 10/01/97 100,000 101,265
Jacksonville, FL Elec Auth, Commercial Paper,
Series D-3, 3.75%, 06/19/97, Credit Suisse,
Liquidity Provider 1,100,000 1,100,000
Jacksonville, FL Elec Auth, Commercial Paper,
Series D-3, 3.60%, 06/04/97, Credit Suisse,
Liquidity Provider 1,000,000 1,000,000
Jacksonville, FL, Commercial Paper, 3.30%,
05/16/97, Morgan Guaranty, Credit Suisse,
Bayerische Landesbank, SunBank, IRC 1,000,000 1,000,000
Jacksonville, FL, Commercial Paper, (Florida
Power & Light), Series 1992, 3.40%, 05/14/97 2,000,000 2,000,000
Jacksonville, FL, Commercial Paper, (Florida
Power & Light), Series 1992, 3.50%, 05/06/97 1,000,000 1,000,000
Kentucky State Turnpike Auth, Resource Recovery
RB, 13.125%, 07/01/97, Pre-refunded @ 100 250,000 253,193
Kissimmee, FL, Public Improv RB, 5.10%,
10/01/97, AMBAC Insured 265,000 266,460
Kissimmee, FL Util Auth, Electric Util RB,
4.15%, 10/01/97, FGIC Insured 100,000 100,141
Lee County, FL, Capital & Transportation
Facilities RB, Series A, 4.00%, 10/01/97,
MBIA Insured 100,000 100,080
Lee County, FL, Public Improv RB, Subseries Two,
6.50%, 10/01/97, Pre-refunded @ 100 25,000 25,253
Lee County, FL HFA, Single Family Mortgage RB,
(Multi-County Program), Series 1997A, 3.70%, 09/15/97,
GIC: Bayerische Landesbank Girozentrale, Mandatory
Tender @ 100 500,000 500,000
Lee County, FL School Board, Certificates of
Participation, Series A, 4.20%, 08/01/97, FSA Insured 100,000 100,047
Lee County, FL Hospital Board of Directors, (Lee
Memorial Hospital Project), Commercial Paper, 1995
Series A, 3.40%, 05/07/97, SunBank, N.A., LOC 1,500,000 1,500,000
Lee County, FL Hospital Board of Directors, (Lee
Memorial Hospital Project), Commercial Paper,
Series C, 3.60%, 05/02/97, SunTrust Bank,
Central FL, LOC 2,500,000 2,500,000
Municipal Bonds (Continued) PrincipalAmount Value
Lee County, FL Hospital Board of Directors,
Hospital RB, (Lee Memorial Health System Project),
Commercial Paper, 1997 Series B, 3.75%, 05/06/97,
SunTrust Bank, Central FL, LOC 1,000,000 1,000,000
Lee County, FL Hospital Board of Directors,
Hospital RB, (Lee Memorial Health System Project),
1997 Series A, 4.50%, 04/01/98, MBIA Insured 200,000 200,886
Lee County, FL, Local Option Gas Tax RB, 7.00%,
10/01/97, Pre-refunded @ 102 100,000 103,273
Longboat Key, FL, Water & Sewer RB, 4.00%,
07/01/97, AMBAC Insured 100,000 100,039
Manatee County, FL HFA, Single Family Mortgage
RB, Subseries 1, 4.50%, 05/01/97, GNMA
Collateralized 45,000 45,000
Manatee County, FL, Transportation RB, 3.80%,
10/01/97, MBIA Insured 50,000 50,000
Maricopa County, AZ Unified School District No. 41,
GO Bond, (Gilbert), Zero Coupon, 07/01/97 105,000 104,322
Marion County, FL School District, GO Bond, 4.50%,
08/01/97, FSA Insured 50,000 50,046
Martin County, FL School District, Tax
Anticipation Notes, 4.25%, 06/30/97 1,000,000 1,000,790
Memphis, TN Airport, GO Bond, Series C, 6.90%,
08/01/97 200,000 201,315
Mesa, AZ, Water & Sewer RB, 6.00%, 07/01/97,
FGIC Insured 50,000 50,133
Miami, FL Health Facilities Auth, Hospital RB,
(Mercy Hospital Project), 3.00%, 08/15/97,
AMBAC Insured 100,000 99,747
Miami, FL Health Facilities Auth, Hospital RB,
(Cedars Medical Center), Series A, 8.30%, 10/01/97,
Pre-refunded @ 102 1,950,000 2,025,061
Michigan Municipal Bond Auth, Public Improv RB,
(Government Loan), Series A, 5.75%, 12/01/97,
FGIC Insured 150,000 151,701
Morgantown, WV, Water & Sewer RB, 8.10%, 10/01/97,
BIG Insured 255,000 259,470
Naples, FL, Hospital RB, (Naples Community
Hospital Inc.), Series 1996, 4.00%, 10/01/97,
MBIA Insured 435,000 435,614
New Hampshire Municipal Bond Bank, Public Improv
RB, (State Guaranteed), Series C, 4.40%, 08/15/97 50,000 50,056
New Jersey State Transportation Trust Fund Auth,
Transportation RB, Series A, 5.40%, 06/15/97 500,000 501,059
New York City, NY Municipal Water Finance Auth,
Water & Sewer RB, Series C, 6.5%, 06/15/97,
Pre-refunded @ 101.50 250,000 254,629
North Slope Boro, AK, GO Bond, Series I, Zero
Coupon, 06/30/97, MBIA Insured 315,000 312,873
Okaloosa County, FL, Water & Sewer RB, 3.95%,
07/01/97, MBIA Insured 100,000 99,990
Orange County, FL Health Facilities Auth, Hospital
RB, (Orlando Regional Healthcare), Series B, 3.75%, 10/01/97,
MBIA Insured 810,000 810,000
Municipal Bonds (Continued) PrincipalAmount Value
Orange County, FL, Sales Tax RB, Series A,
4.00%, 01/01/98, FGIC Insured 150,000 150,049
Orange County, FL School District, Tax Anticipation
Notes, 4.00%, 09/15/97 1,000,000 1,001,822
Orange County, FL, Commercial Paper, 3.70%,
06/12/97, NationsBank, N.A., IRC 600,000 600,000
Orlando, FL Community Redevelopment Agency, Tax
Increment RB, 4.60%, 10/01/97, FGIC Insured 250,000 250,557
Orlando, FL Utilities Commission, Water & Sewer RB,
4.50%, 10/01/97 100,000 100,285
Orlando, FL Utilities Commission, Water & Sewer RB,
Subseries A, 4.10%, 10/01/97 100,000 100,121
Osceola County, FL School District, GO Bond,
5.20%, 08/01/97, MBIA Insured 50,000 50,146
Palm Beach County, FL, Public Improv RB, (Criminal
Justice Facility), 6.60%, 06/01/97, FGIC Insured 100,000 100,245
Palm Beach County, FL School District, GO Bond,
Series B, 6.75%, 08/01/97, Pre-refunded @ 102 100,000 102,727
Palm Beach County, FL Solid Waste Auth, Solid Waste
RB, 8.75%, 07/01/97, Pre-refunded @ 103 500,000 518,749
Palm Beach County, FL, Stadium Facilities RB, 3.65%,
12/01/97, MBIA Insured 785,000 785,000
Pensacola, FL, Sales & Excise Tax RB, Series B,
6.20%, 10/01/97, Escrowed to Maturity 40,000 40,411
Pensacola, FL, Sales & Excise Tax RB, Series B,
6.20%, 10/01/97, MBIA Insured 260,000
262,674
Pinellas County, FL HFA, Single Family Mortgage
Revenue Bonds, Multi-County Program, Series B, 3.80%,
02/01/98, GNMA/FNMA Collateralized, GIC: Westdeutsche
Landesbank Girozentrale, Mandatory Tender @ 100 500,000 500,000
Pinellas County, FL, Transportation Improv RB,
5.00%, 08/01/97, FGIC Insured 250,000 252,264
Polk County, FL, Constitutional Fuel Tax Rfdg RB,
4.00%, 12/01/97, FGIC Insured 780,000 782,039
Private Colleges & University Auth, GA, Higher
Education RB, 3.85%, 06/01/97 155,000 154,972
Puerto Rico Commonwealth, Public Improv Rfdg RB,
7.125%, 07/01/97, Pre-refunded @ 102 80,000 82,045
Puerto Rico Public Bldgs Auth, Gtd Public Education
& Health Facilities RB, Series G, 7.875%, 07/01/97,
Pre-refunded @ 102 135,000 138,572
Puerto Rico Public Bldgs Auth, Gtd Public Education
& Health Facilities RB, Series H, 7.875%, 07/01/97,
Pre-refunded @ 102 150,000 153,983
Puerto Rico Electric Power Auth, Electric Util RB,
9.375%, 07/01/97, Pre-refunded @ 102 300,000 308,575
Putnam County, FL Development Auth, Pollution Ctrl
RB, (Seminole Electric Cooperative, Inc.), Series D,
3.45%, 06/15/97, National Rural Utilities Cooperative
Finance Corporation, GTY, Mandatory Tender @ 100 1,000,000 1,000,000
Municipal Bonds (Continued) PrincipalAmount Value
Putnam County, FL Development Auth, Pollution Ctrl
RB, (Seminole Electric Cooperative, Inc.), Series
H-4, 3.55%, 09/15/97, National Rural Utilities
Cooperative Finance Corporation, GTY, Mandatory
Tender @ 100 1,500,000 1,500,000
Ridgeland, MS, Multi-Family Housing RB, (Sunchase
Apartments Project), 6.50%, 10/01/97, FNMA
Collateralized, Mandatory Tender @ 100 150,000 151,213
Rondout Valley, NY Central School District, GO
Bond, (Accord), 6.75%, 06/15/97, FGIC Insured 195,000 195,748
St. Johns County, FL, GO Bond, 6.60%, 09/01/97,
Pre-refunded @ 102 25,000 25,708
St. Johns County, FL, Limited Tax GO Bonds, 4.20%,
09/01/97, MBIA Insured 140,000 140,250
St. Johns County, FL, Sales Tax RB, 6.70%, 10/01/97,
Pre-refunded @ 102 50,000 51,564
St. Lucie County, FL School District, GO Bond, Series
1997, 4.00%, 02/01/98, FGIC Insured 600,000 601,753
St. Lucie County, FL, Commercial Paper, (Florida
Power & Light), 3.60%, 05/07/97 1,000,000 1,000,000
St. Lucie County, FL, Commercial Paper, (Florida
Power & Light), 3.35%, 05/06/97 2,300,000 2,300,000
St. Lucie County, FL, Commercial Paper, (Florida
Power & Light), 3.35%, 05/15/97 1,000,000 1,000,000
Sarasota County, FL Public Hosp Dist, Commercial
Paper, Series A, (Sarasota Memorial Hospital),
3.35%, 05/08/97, SunTrust Bank, Central
Florida, LOC 1,000,000 1,000,000
Sarasota County, FL Public Hosp Dist, Commercial
Paper, Series B, (Sarasota Memorial Hospital),
3.60%, 06/11/97, SunTrust Bank, Central
Florida, LOC 2,000,000 2,000,000
Sarasota County, FL Public Hosp Dist, Commercial
Paper, Series B, (Sarasota Memorial Hospital),
3.65%, 05/02/97, SunTrust Bank, Central
Florida, LOC 1,000,000 1,000,000
Sarasota County, FL Public Hosp Dist, Commercial
Paper, Series C, (Sarasota Memorial Hospital),
3.50%, 06/17/97, SunTrust Bank, Central
Florida, LOC 300,000 300,000
Sarasota County, FL Public Hosp Dist, Commercial
Paper, Series 1996A, (Sarasota Memorial Hospital),
3.90%, 06/09/97, SunTrust Bank, SBPA 1,000,000 1,000,000
Sarasota County, FL Public Hosp Dist, Commercial
Paper, Series 1996A, (Sarasota Memorial Hospital),
3.40%, 05/09/97, SunTrust Bank, SBPA 1,500,000 1,500,000
Sarasota County, FL, Water & Sewer RB, Series A,
4.00%, 10/01/97, FGIC Insured 100,000 100,000
Seminole County, FL School District, Revenue
Anticipation Notes, 3.875%, 02/17/98 500,000 501,255
Sunshine State Gov Fin Comm, Commercial Paper,
3.50%, 05/05/97, LOC: Union Bank of Switzerland,
National Westminster Bank, PLC, Morgan
Guaranty Trust Co. 2,300,000 2,300,000
Sunshine State Gov Fin Comm, Commercial Paper,
3.60%, 06/05/97, Florida State Board of
Administration, Liquidity Provider 1,000,000 1,000,000
Tampa, FL, Excise Tax RB, 7.00%, 10/01/97,
Escrowed to Maturity 50,000 50,693
Tampa, FL Sports Auth, Public Improv RB,
(Tourist Dev Tax), Series A, 3.60%, 01/01/98,
FSA Insured 665,000 665,000
Municipal Bonds (Continued) PrincipalAmount Value
Tampa, FL, Utility Tax & Special RB, 8.125%,
10/01/97, Pre-refunded @ 102 310,000 321,559
Tampa, FL, Water & Sewer RB, Series B, 4.00%,
FGIC Insured 100,000 100,145
Tri-State Fire Protection District, IL, Refunding
Notes, (Fire Prevention), 6.90%, 12/01/97, Pre-
refunded @ 100 100,000 101,759
Venice, FL, Stormwater & Drain RB, Series 1996,
3.85%, 05/01/97, AMBAC Insured 115,000 115,000
Virginia Beach, VA, GO Bond, 7.50%, 05/01/97,
Pre-refunded @ 102 200,000 204,000
Volusia County, FL Educational Facilities Auth,
Higher Education RB, (Stetson University Project),
Series B, 3.65%, 06/01/97, MBIA Insured 200,000 200,000
West Virginia State Housing Development Fund,
Single Family Mortgage RB, Series A, 6.70%,
07/01/97 200,000 200,993
Total Municipal Bonds (Cost $91,459,926) $91,459,926
Total Investments (100%) (Cost $136,524,926) $136,524,926
Variable Rate Demand Notes (11%) PrincipalAmount Value
Hillsborough County, FL IDA, Pollution Control
RB, (Tampa Electric Co.), 4.10%, 11/01/20 $1,300,000 $1,300,000
Lee County, FL HFA, Housing RB, (Forestwood
Apts. Project), Series 1995A, 4.50%, 06/15/25,
FNMA Collateralized 500,000 500,000
Martin County, FL, Solid Waste RB, (Florida
Power & Light), 4.10%, 01/01/27 300,000 300,000
Metropolitan Nashville, TN Airport Auth,
Transportation RB, (American Airlines), Series A,
3.95%, 10/01/12, Bayerische Landesbank
Girozentrale, LOC 200,000 200,000
Washington State Housing Fin Comm, Nonprofit
Housing RB, (YMCA Greater Seattle), 4.10%,
07/01/11, U.S. Bank of Washington, N.A., LOC 800,000 800,000
Total Variable Rate Demand Notes $3,100,000
Municipal Bonds (89%) PrincipalAmount Value
Allegheny County, PA, GO Bond, Series C-42,
3.50% 10/01/97 $50,000 $49,940
Bay County, FL, Pollution Ctrl RB, (International
Paper Co. Project), 5.70%, 11/01/98 20,000 20,120
Belle Glade, FL, Water & Sewer RB, Series A,
4.05%, 09/01/00, FSA Insured 35,000 34,387
Bradenton, FL, Util System, Water & Sewer RB,
Series A, 7.10%, 10/01/99, AMBAC Insured 100,000 106,081
Brevard County, FL School Board, Certificates
of Indebtedness, 6.55%, 01/01/98, AMBAC Insured 25,000 25,431
Brevard County, FL School Board, Certificates
of Participation, 6.50%, 07/01/02, Pre-refunded @ 102 100,000 109,258
Broward County, FL, GO Bond, Series B, 5.60%,
01/01/01 200,000 207,556
Broward County, FL Airport System, Transportation
RB, Series C, 4.10%, 10/01/98, AMBAC Insured 100,000 100,107
Broward County, FL School District, GO Bond,
6.75%, 02/15/98 300,000 306,318
Broward County, FL School District, GO Bond,
5.70%, 02/15/01 300,000 308,607
Charlotte County, FL, Hospital RB, (Bon Secours -
St. Joseph), Series A, 8.25%, 08/15/98,
Pre-refunded @ 102 530,000 568,801
Municipal Bonds (Continued) PrincipalAmount Value
Clay County, FL HFA, Single Family Mortgage
RB, (Multi-County Program), 4.80%, 04/01/02,
GNMA/FNMA Collateralized 150,000 148,570
Clay County, FL Util System, Water & Sewer RB,
Series B, 4.125%, 11/01/99, FGIC Insured 100,000 99,296
Clearwater, FL, Water & Sewer RB, Series B,
6.75%, 12/02/98, Pre-refunded @ 103.50 50,000 53,818
Collier County, FL School Board, Municipal Lease
Obligation, Certificates of Participation, 4.00%,
02/15/99, FSA Insured 100,000 99,313
Dade County, FL, Public Improv RB, 7.10%,
06/01/00, FGIC Insured 70,000 73,200
Dade County, FL, GO Bond, 7.40%, 07/01/97 75,000 75,450
Dade County, FL Aviation Auth, Transportation RB,
Series X, 5.25%, 10/01/01 100,000 102,689
Dade County, FL Aviation Auth, Transportation RB,
Series Y, 4.90%, 10/01/01, MBIA Insured 140,000 140,435
Dade County, FL Aviation Auth, Transportation RB,
5.25%, 10/01/97, AMBAC Insured 50,000 50,260
Dade County, FL Educational Facilities Auth, Higher
Educational RB, (St. Thomas University), 7.65%,
01/01/00, Pre-refunded @ 102 40,000 43,789
Dade County, FL, Guaranteed Entitlement Spl Assmt
Bonds, Series B, Zero Coupon, 02/01/00, MBIA Insured 250,000 218,985
Dade County, FL, Guaranteed Entitlement Spl Assmt
Bonds, Series B, Zero Coupon, 02/01/01, MBIA Insured 250,000 209,080
Dade County, FL HFA, Single Family Mortgage RB,
Series B, 7.50%, 03/01/99, GNMA Collateralized 5,000 5,087
Dade County, FL School Board, Certificates of
Participation, 4.75%, 05/01/98, MBIA Insured 100,000 100,581
Dade County, FL School District, GO Bond, 6.90%,
07/01/97 65,000 65,308
Dade County, FL School District, GO Bond, 6.00%,
08/01/01, Pre-refunded @ 102 250,000 262,375
Dade County, FL School District, GO Bond, 5.00%,
06/01/00, MBIA Insured 50,000 50,639
Dade County, FL Seaport, Transportation RB, 4.00%,
10/01/98, MBIA Insured 150,000 149,955
Dade County, FL, Water & Sewer RB, 4.75%, 10/01/99,
FGIC Insured 100,000 100,746
Dade County, FL Health Facilities Auth, Hospital
RB, (Catholic Health & Rehabilitation Inc.),
7.45%, 08/15/99, Allied Irish Banks, PLC, LOC 50,000 52,871
Dade County, FL Health Facilities Auth, Hospital RB,
(Baptist Hospital Miami Project), 7.375%, 05/01/97,
Pre-refunded @ 102 100,000 102,010
Dade County, FL Health Facilities Auth, Hospital RB,
(Baptist Hospital Miami Project), 4.00%, 05/15/97,
MBIA Insured 65,000 65,003
Daytona Beach, FL, Water & Sewer RB, 4.625%,
11/15/98, AMBAC Insured 75,000 75,664
Municipal Bonds (Continued) PrincipalAmount Value
Delray Beach, FL, GO Bond, (Decade of Excellence
Program), 6.80%, 02/01/00, Pre-refunded @ 102 50,000 53,759
Duval County, FL School District, GO Bond, 5.625%,
08/01/00, AMBAC Insured 75,000 77,395
Escambia County, FL Health Facilities Auth, Hospital
RB, (Azalea Trace, Inc. Project), 5.25%, 01/01/03 300,000 293,796
Escambia County, FL HFA, Housing RB, (Alpine
Village Project), 4.20%, 10/01/97, Harbor Federal
S&L Assn., Collateralized LOC, Mandatory Tender
@ 100 100,000 100,000
Escambia County, FL HFA, Single Family Mortgage
RB, (Multi-County Program), Series B, 4.70%,
04/01/01, GNMA Collateralized 150,000 149,782
Escambia County, FL, Public Improv RB, 4.75%,
01/01/99 220,000 219,637
Escambia County, FL, Public Improv RB, Series A,
5.00%, 01/01/00 250,000 250,972
Escambia County, FL School Board, Certificate of
Participation, 6.25%, 02/01/02, Pre-refunded @ 100 45,000 47,739
Escambia County, FL School Board, Municipal Lease
Obligation, Certificate of Participation, 5.80%,
02/01/00, Escrowed to Maturity 15,000 15,498
Escambia County, FL School Board, Municipal Lease
Obligation, Certificate of Participation, 5.80%,
02/01/00, FSA Insured 35,000 36,117
First FL Governmental Financing Commission, 7.05%,
07/01/98, Pre-refunded @ 102 100,000 105,471
Flagler County, FL, Sales Tax Impv Infrastructure
Surtax RB, 6.30%, 12/01/97, MBIA Insured 100,000 101,420
Florida HFA, Single Family Mortgage RB, Series B,
5.00%, 01/01/98, GNMA / FNMA Collateralized 280,000 281,428
Florida HFA, Housing RB, Single Family Mortgage
RB, 1995 Series A, 5.70%, 01/01/01, GNMA
Collateralized 75,000 76,936
Florida HFA, Homeowner Mortgage & RB, 1995 Series
1A, 4.75% 07/01/01 100,000 99,620
Florida HFA, Housing RB, (Turtle Creek Apartments
Project), 1996 Series C, 4.75%, 05/01/00,
AMBAC Insured 85,000 85,070
Florida HFA, Rfdg Homeowner Mortgage & RB, Series
2, 5.20%, 01/01/02 295,000 296,799
Florida HFA, Housing RB, (Lake Carlton Arms),
7.375%, 12/01/99, National Life Insurance Co.,
GTY, Mandatory Tender @ 100 65,000 65,887
Florida State, Pollution Ctrl RB, Series I, 5.30%,
07/01/99 25,000 25,294
Florida State, Pollution Ctrl RB, Series W,
7.00%, 07/01/98 140,000 144,790
Florida State Board of Education, GO Bond, Series
B, 6.30%, 06/01/98 100,000 102,578
Florida State Board of Education, GO Bond, Series
B, 7.00%, 06/01/99, Pre-refunded @ 102 75,000 80,212
Municipal Bonds (Continued) PrincipalAmount Value
Florida State Board of Education, GO Bond, Series
A, Zero Coupon, 06/01/00, Pre-refunded @ 37.658 100,000 32,607
Florida State Board of Education, GO Bond, Series
B, 5.80%, 06/01/99 250,000 257,145
Florida State Board of Education, GO Bond, Series B,
5.00%, 06/01/99 250,000 253,197
Florida State Board of Education, GO Bond, Series A,
7.25%, 06/01/00, Pre-refunded @ 102 200,000 218,856
Florida State Board of Education, GO Bond, Series A,
7.25%, 06/01/00, Pre-refunded @ 102 185,000 202,441
Florida State Board of Education, GO Bond, Series
E, 4.50%, 06/01/98 75,000 75,511
Florida State Board of Education, GO Bond, Series
C, 5.125%, 06/01/00 100,000 101,620
Florida State Board of Education, GO Bond, Series
A, 5.25%, 06/01/00 65,000 66,199
Florida State Board of Education, GO Bond, Series
A, 5.50%, 01/01/01 250,000 257,075
Florida State Board of Education, GO Bond, Series
C, 5.90%, 05/01/00, Escrowed to Maturity 25,000 25,407
Florida State Board of Regents, Higher Education RB,
(University of Florida), 4.20%, 08/01/98, MBIA Insured 50,000 50,136
Florida State Department of General Services, Division
of Facilities Management, (FL Facilities Pool),
Series C, 4.50%, 09/01/00, FSA Insured 100,000 99,841
Florida State Department of General Services, Division
of Facilities Management, (FL Facilities Pool),
7.00%, 09/01/00, Pre-refunded @ 102 100,000 109,217
Florida State Division of Bond Finance, Department
of General Services, Sales Tax RB, (Dept of Natural
Resources), Series A, 7.10%, 07/01/98,
Pre-refunded @ 102 100,000 105,528
Florida State Division of Bond Finance, Department
of General Services, GO Bond, (Dept of Natural
Resources-Preservation 2000), Series A, 5.80%,
07/01/01, MBIA Insured 115,000 119,863
Florida State Division of Bond Finance, Department of
General Services, GO Bond, (Dept of Environmental
Protection-Preservation 2000), Series A, 4.30%,
07/01/98, MBIA Insured 150,000 150,553
Florida State Division of Bond Finance, Department
of General Services, GO Bond, (Dept of Environmental
Protection-Preservation 2000), Series A, 4.30%,
07/01/00, MBIA Insured 110,000 109,126
Florida State Division of Bond Finance, Department
of General Services, GO Bond, (Dept of Environmental
Protection-Preservation 2000), Series A, 5.00%,
07/01/01, AMBAC Insured 150,000 151,506
Florida Municipal Power Agency, Electric Util RB,
(Stanton II Project), 5.30%, 10/01/98, AMBAC Insured 250,000 254,537
Florida Municipal Power Agency, Electric Util RB,
(Stanton II Project), 5.50%, 10/01/99, AMBAC Insured 50,000 51,224
Florida State Turnpike Auth, Transportation RB, 7.50%,
07/01/01 250,000
268,452
Florida State Turnpike Auth, Transportation RB,
7.50%, 07/01/99, Pre-refunded @ 102 40,000 43,263
Municipal Bonds (Continued) PrincipalAmount Value
Fort Myers, FL New Public Housing Auth, 5.75%,
06/01/99 400,000 408,492
Fort Myers, FL, Electric Util Rfdg RB, Series B,
Zero Coupon, 10/01/99, Pre-refunded @ 26.012 40,000 9,246
Gainesville, FL Util System, Electric Util RB,
Series A, 5.90%, 10/01/00 50,000 52,322
Hernando County, FL School District, GO Bond,
5.10%, 09/01/01, MBIA Insured 120,000 122,770
Hernando County, FL, Solid Waste RB, 7.10%, 10/01/00,
Pre-refunded @ 102 100,000 109,701
Hillsborough County, FL Aviation Auth, Airport RB,
(Tampa International Arpt), Series B, 7.00%, 10/01/99,
Pre-refunded @ 102 75,000 80,775
Hillsborough County, FL Aviation Auth, Airport RB,
(Tampa International Arpt), Series A, 6.30%, 10/01/00,
FGIC Insured 75,000 78,939
Hillsborough County, FL School Board, Certificates
of Participation, 4.60%, 07/01/97, MBIA Insured 100,000 100,106
Hillsborough County, FL, Public Improv RB, 9.10%,
06/01/98, AMBAC Insured 30,000 30,277
Hillsborough, County, FL, Electric Util RB, 9.00%,
12/01/99, Pre-refunded @ 100 200,000 222,244
Indian River County, FL, Solid Waste RB, 7.10%,
06/01/99, FGIC Insured 200,000 202,420
Indian River County, FL, Water & Sewer RB,
Series B, 4.40%, 09/01/98, FGIC Insured 200,000 201,098
Indian Trace Community Development District, FL,
Water Management-Special Benefit Bonds, Series A,
5.10%, 05/01/01, MBIA Insured 250,000 253,427
Indian Trace Community Development District, FL,
Water Management-Special Benefit Bonds, Series A,
5.20%, 05/01/02, MBIA Insured 35,000 35,584
Indian Trail Water Control District, FL, Public
Improv RB, (Unit of Development No.1), Series 1990,
7.875%, 07/01/00 25,000 26,145
Jacksonville, FL, Capital Improv RB, (Gator Bowl
Project), 5.15%, 10/01/02, AMBAC Insured 100,000 101,649
Jacksonville, FL Electric Auth, Electric Util RB,
Issue 2, Series 11, 5.00%, 10/01/98 100,000 101,432
Jacksonville, FL Electric Auth, Electric Util RB,
Series 1A, 9.75%, 10/01/98, Escrowed to Maturity 100,000 107,967
Jacksonville, FL Electric Auth, Electric Util RB,
Issue One, Series 2, 9.75%, 10/01/98 100,000 107,924
Jacksonville, FL Electric Auth, Electric Util RB,
Issue 2, Series 13, 4.25%, 10/01/01 250,000 247,512
Jacksonville, FL Health Facilities Auth, Hospital RB,
(Riverside Hospital), 7.25%, 10/01/98, Escrowed
to Maturity 30,000 31,301
Jacksonville, FL Health Facilities Auth, Hospital RB,
(St. Lukes Hospital Association), 6.30%, 11/15/99 50,000 52,137
Jacksonville, FL Health Facilities Auth, Hospital
RB, (National Benevolent Association-Cypress Village
Project), Series 1996A, 4.50%, 12/01/98 100,000 99,936
Municipal Bonds (Continued) PrincipalAmount Value
Jacksonville, FL Health Facilities Auth, Hospital
RB, (National Benevolent Association-Cypress Village
Project), Series 1996A, 4.75%, 12/01/99 115,000 114,885
Jacksonville, FL Health Facilities Auth, Hospital
RB, (National Benevolent Association-Cypress Village
Project), Series 1996A, 5.00%, 12/01/00 125,000 124,832
Jacksonville, FL Health Facilities Auth, Hospital
RB, (National Benevolent Association-Cypress Village
Project), Series 1996A, 5.20%, 12/01/01 130,000 129,522
Key West FL, Util Board Electric RB, Capital
Appreciation Bonds, 9.75%, 04/01/00,
Pre-refunded @ 103 100,000 116,690
Largo, FL, Hospital RB, (Sun Coast Health System)
5.75%, 03/01/01 285,000 288,881
Lee County, FL HFA, Single Family Mortgage RB,
(Multi-County Program), Series A, Subseries 2,
5.25%, 03/01/02, GNMA Collateralized 55,000 55,556
Lee County, FL HFA, Single Family Mortgage RB,
(Multi-County Program), Series 1996A, Subseries
3, 5.00%, 03/01/00, GNMA Collateralized 50,000 49,970
Lee County, FL HFA, Single Family Mortgage RB,
(Multi-County Program), Series 1996A, Subseries 3,
5.10%, 03/01/01, GNMA Collateralized 55,000 54,958
Lee County, FL School Board, Certificates of
Participation, Series A, 6.00%, 08/01/98,
FSA Insured 100,000 102,327
Lee County, FL School Board, Certificates of
Participation, Series A, 6.25%, 08/01/01,
Pre-refunded @ 102 80,000 86,036
Lee County, FL School Board, Certificates of
Participation, 4.75%, 08/01/98, FSA Insured 100,000 100,695
Lee County, FL School Board, Certificates of
Participation, 4.875%, 08/01/99, FSA Insured 100,000 100,735
Lee County, FL School Board, Certificates of
Participation, Series A, 4.30%, 08/01/01, FSA Insured 50,000 49,102
Lee County, FL Hospital Board, Hospital RB,
(Lee Memorial Hospital), 7.10%, 04/01/98, BIG Insured 50,000 51,392
Lee County, FL Hospital Board of Directors, Hospital
RB, (Lee Memorial Health System Project), 1997
Series A, 5.00%, 04/01/03, MBIA Insured 150,000 150,375
Lee County, FL, Road Improvement RB, 6.70%, 10/01/98,
Escrowed to Maturity 50,000 51,864
Lee County, FL Solid Waste System, Solid Waste RB,
Series A, 6.30%, 10/01/97, MBIA Insured 100,000 100,965
Lee County, FL Solid Waste System, Solid Waste RB,
Series A, 4.50%, 10/01/01, MBIA Insured 95,000 94,097
Leesburg, FL, Hospital Rfdg RB, (Leesburg Regional
Medical Center Project), Series A, 4.80%, 07/01/00 250,000 250,000
Leon County, FL School District, GO Bond, 6.00%,
07/01/02 250,000 263,082
Municipal Bonds (Continued) PrincipalAmount Value
Manatee County, FL HFA, Single Family Mortgage RB,
4.00%, 05/01/98, GNMA Collateralized 40,000 39,879
Manatee County, FL HFA, Single Family Mortgage RB,
Subseries 1, 5.00%, 05/01/99, GNMA Collateralized 40,000 40,264
Manatee County, FL HFA, Single Family Mortgage RB,
Subseries 1, 5.375%, 05/01/02, GNMA Collateralized 40,000 40,454
Martin County, FL, GO Bond, 6.50,%, 02/01/00,
Pre-refunded @ 102 50,000 53,375
Martin County, FL Health Facilities Auth, Hospital
RB, (Martin Memorial Hospital), Series A, 7.00%,
11/15/00, MBIA Insured 175,000 188,874
Martin County, FL, Gas Tax RB, 4.00%, 07/01/00,
AMBAC Insured 100,000 98,186
Martin County, FL, Combined Special Assessment RB,
4.40%, 11/01/97 80,000 80,023
Martin County, FL, Combined Special Assessment RB,
5.30%, 11/01/01 150,000 150,357
Miami Beach, FL Redevelopment Agcy, Tax Increm RB,
(City Center/Historic Conv Village), 4.20%, 12/01/97 100,000 99,922
Miami Beach, FL Redevelopment Agcy, Tax Increm RB,
(City Center/Historic Conv Village), 4.90%, 12/01/01 50,000 49,372
Miami Beach, FL Redevelopment Agcy, Tax Increm RB,
(Historic Conv Village), Series B, 5.25%, 12/01/01 160,000 160,249
Miami, FL, GO Bond, 6.70%, 08/01/97 350,000 352,317
Miami, FL, Special Rev Rfdg Bond, 7.30%, 01/01/01,
MBIA Insured 100,000 104,166
Miami, FL Sports & Exhibition Auth, Special Obligation
RB, 7.20%, 04/01/00, Pre-refunded @ 102 175,000 190,604
North Miami, FL Health Facilities Auth, Hospital RB,
(Catholic Health Services Obligation Group), 4.80%,
08/15/01, SunTrust Bank, Central Florida, LOC 100,000 99,381
Ocala, FL, Power Supply Electric Util RB, 6.75%,
10/01/98, MBIA Insured 25,000 25,556
Okaloosa County, FL School Board, Sales Tax RB,
5.00%, 09/01/98, FSA Insured 250,000 253,305
Okaloosa County, FL, Water & Sewer RB, 7.15%,
01/01/99, Pre-refunded @ 102 50,000 53,115
Orange County, FL Health Facilities Auth, Hospital
RB, (Orlando Regional Medical Center Project), 6.15%,
10/01/97, Pre-refunded @ 102 100,000 102,995
Orange County, FL Health Facilities Auth, Hospital
RB, (Adventist Health System/Sunbelt Obligated
Group), 6.60%, 11/15/98, AMBAC Insured 100,000 103,468
Orange County, FL Health Facilities Auth, Hospital
RB, (Adventist Health System/Sunbelt Obligated Group),
4.40%, 11/15/97, AMBAC Insured 100,000 100,317
Orange County, FL HFA, Single Family Mortgage RB,
5.50%, 10/01/00, GNMA / FNMA Collateralized 100,000 102,147
Municipal Bonds (Continued) PrincipalAmount Value
Orange County, FL HFA, Single Family Mortgage RB,
Series A, 5.05%, 04/01/02, GNMA / FNMA Collateralized 100,000 100,211
Orange County, FL HFA, Single Family Mortgage RB,
Series A, 4.70%, 03/01/02, GNMA/FNMA Collateralized 260,000 258,762
Orange County, FL HFA, Housing RB, (Post Lake
(Orlando)), 7.50%, 01/01/98, The Bank of Tokyo,
Limited, LOC 50,000 50,639
Orlando, FL Utilities Commission, Water & Electric RB,
Series C, 7.00%, 10/01/99, Pre-refunded @ 102 100,000 107,701
Orlando, FL Utilities Commission, Electric Util RB,
5.20%, 10/01/00 40,000 41,004
Orlando, FL Utilities Commission, Electric Util RB,
Series B, 4.15%, 10/01/97 50,000 50,065
Orlando, FL Utilities Commission, Water & Electric
RB, (Multi-Modal), Series A, 4.25%, 10/01/01, Mandatory
Tender @ 100 500,000 484,535
Palm Beach County, FL, GO Bond, Series B, 3.40%,
07/01/97 100,000 99,948
Palm Beach County, FL, Criminal Justice Facilities RB,
7.10%, 06/01/00, Pre-refunded @ 102 175,000 190,750
Palm Beach County, FL School District, Certificates of
Participation, Series A, 5.50%, 08/01/01,
AMBAC Insured 100,000 102,849
Palm Beach County, FL, Stadium Facilities RB, Series
1996, 4.50%, 12/01/02, MBIA Insured 100,000 98,349
Panama City - Bay County, FL, Airport RB, 4.25%,
10/01/99, MBIA Insured 75,000 74,538
Panama City Beach, FL, Water & Sewer RB, 4.50%,
06/01/99, AMBAC Insured 200,000 200,308
Pensacola, FL Health Facilities Auth, Hospital RB,
(Daughters of Charity National Health),
4.60%, 01/01/00 200,000 200,386
Pinellas County, FL, Capital Improv RB, 5.45%,
10/01/98 250,000 253,907
Pinellas County, FL, Capital Improv RB, 5.50%,
10/01/99 100,000 102,795
Pinellas County, FL Educational Facilities Auth,
Industrial Development RB, (College Harbor Issue),
Senior Lien, Series 1996A, 7.25%, 12/01/02 280,000 280,000
Pinellas County, FL Educational Facilities Auth,
Industrial Development RB, (College Harbor Issue),
Junior Lien, Series 1996B, 5.40%, 12/01/00 60,000
60,000
Pinellas County, FL Educational Facilities Auth,
Industrial Development RB, (College Harbor Issue),
Junior Lien, Series 1996B, 5.60%, 12/01/01 60,000 60,000
Pinellas County, FL Educational Facilities Auth,
Industrial Development RB, (College Harbor Issue),
Junior Lien, Series 1996B, 5.70%, 12/01/02 65,000 65,000
Pinellas County, FL, Resource Recovery RB, Series A,
6.70%, 10/01/01, MBIA Insured 300,000 322,812
Pinellas County, FL Health Facilities Auth, Hospital
RB, (Morton Plant Health System Project), 4.70%,
11/15/00, MBIA Insured 100,000 100,419
Municipal Bonds (Continued) PrincipalAmount Value
Pinellas County, FL Health Facilities Auth, Hospital
RB, (Sunshine Village Nursing Home), 6.50%, 10/01/99 130,000 129,619
Pinellas County, FL, Transportation Improv RB, 5.25%,
08/01/00, FGIC Insured 150,000 153,039
Pinellas County, FL, Transportation Improv RB, 5.40%,
08/01/01, FGIC Insured 180,000 185,002
Polk County, FL, Constitutional Fuel Tax Rfdg RB,
4.20%, 12/01/01, FGIC Insured 200,000 195,748
Polk County, FL, Public Improv RB, 6.50%, 12/01/98,
Pre-refunded @ 102 100,000 105,838
Port St. Lucie, FL, Water & Sewer RB, Series 1996A,
Zero Coupon, 09/01/01, FGIC Insured 150,000 120,982
Port St. Lucie, FL, Water & Sewer RB, 4.90%, 09/01/99,
4.90%, FGIC Insured 50,000 50,524
Puerto Rico Commonwealth Infrastructure Financing
Auth, Spl Tax RB, 7.60%, Series A, 07/01/00 200,000 209,754
Puerto Rico Housing Bank & Finance Agency, Single
Family Mortgage RB, 4.50%, 12/01/98 85,000 84,522
Puerto Rico Industrial, Tourist, Educational, Medical
& Environmental Control Facilities Financing Auth,
Hospital RB, (Auxilio Mutuo Obligated Group), 1997
Series A, 4.80%, 07/01/02, MBIA Insured 190,000 190,418
Putnam County, FL, Capital Improv RB, 4.05%, 12/01/98,
AMBAC Insured 100,000 100,203
St. Augustine, FL, Water & Sewer RB, Series B, 4.65%,
10/01/98, MBIA Insured 100,000 101,202
St. Johns County, FL IDA, Hospital RB, (Flagler
Hospital), 5.00%, 08/01/97 100,000 100,197
St. Lucie County, FL School District, GO Bond,
Series A, 3.80%, 02/01/00, FSA Insured 100,000 98,075
St. Lucie County, FL School District, GO Bond, Series
1997, 3.90%, 02/01/99, FGIC Insured 250,000 248,315
St. Petersburg, FL Health Facilities Auth, Hospital RB,
(Allegheny Health - St. Anthony), Series C, 7.75%,
01/01/98, Pre-refunded @ 102 40,000 41,784
St. Petersburg, FL Professional Sports Facility, Sales
Tax RB, Series 1995, 5.00%, 10/01/00, MBIA Insured 100,000 101,185
Sarasota County, FL, GO Bond, 5.70%, 10/01/99,
FGIC Insured 100,000 103,065
Sarasota County, FL Health Facilities Auth,
(Sunnyside Properties Project), Series 1995, 5.50%,
05/15/01 500,000 492,535
Sarasota County, FL Utility System, Electric Util RB,
Zero Coupon, 06/01/99, Pre-refunded @ 22.7283 400,000 82,716
Sarasota County, FL, Electric Util. RB, 7.10%,
06/01/98, Pre-refunded @ 102 100,000 105,284
Seacoast, FL Util Auth, Water & Sewer System RB,
Series A, Zero Coupon, 03/01/99,
Pre-refunded @ 27.8751 315,000 81,062
Seminole County, FL, Solid Waste RB, 7.25%,
10/01/00, Pre-refunded @ 102 250,000 275,427
Seminole, FL Water Control District, Special
Assessment Bonds, (Unit of Development No. 2),
Series 1996, 5.95%, 08/01/01 290,000 288,465
Municipal Bonds (Continued) PrincipalAmount Value
South Broward Hospital District, FL, Hospital RB,
4.65%, 05/01/00, AMBAC Insured 250,000 251,112
Tallahassee, FL, Electric Util RB, Series A, 4.90%,
10/01/98 50,000 50,599
Tallahassee, FL Health Facilities, Hospital RB,
(Tallahassee Memorial Regional Medical Center),
Series B, 5.30%, 12/01/00, MBIA Insured 75,000 76,764
Tallahassee, FL Municipal Airport, Airport Rfdg RB,
4.60%, 10/01/01, AMBAC Insured 165,000 163,887
Tampa, FL Sports Auth, IDB, (Tampa Bay Arena Project),
4.30%, 04/01/99, MBIA Insured 80,000 79,835
University Community Hospital Inc. FL, Hospital RB,
6.80%, 09/01/99, Escrowed to Maturity 100,000 105,265
University of South Florida, University Rev Housing
Facilities RB, Series A, 7.00%, 07/01/00, MBIA Insured 165,000 176,190
University of South Florida, University Rev Housing
Facilities RB, Series A, 7.00%, 07/01/02, MBIA Insured 185,000 203,262
Winter Haven, FL, Water & Sewer RB, 6.50%, 07/01/00,
AMBAC Insured 25,000 26,001
Winter Springs, FL, Water & Sewer RB, 7.15%, 04/01/00,
Pre-refunded @ 102 100,000 108,792
Total Municipal Bonds (Cost $25,738,106) $25,694,574
Total Investments (100%) (Cost $28,838,106) $28,794,574
Statements of Assets and Liabilities
ASSETS Money Fund ShortTerm Fund
Investments in securities, at value
(cost $136,524,926 and $28,838,106
respectively) $136,524,926 $28,794,574
Cash 916,365 16,772
Receivables:
Interest 1,095,780 379,202
Fund shares sold 145,362 --
Organization costs, net of
accumulated amortization 13,336 13,336
Total assets 138,695,769 29,203,884
LIABILITIES
Payable for investment
securities purchased 1,822,948 252,980
Dividend payable 397,905 94,606
Funds advanced by manager 22,169 3,731
Total liabilities 2,243,022 351,317
NET ASSETS
Net assets $136,452,747 $28,852,567
Number of shares outstanding 136,452,430 2,898,452
Net asset value, offering price
and redemption
price per share $ 1.00 $ 9.95
Statements of Operations
Money Fund ShortTerm Fund
INVESTMENT INCOME
Income:
Interest $4,663,125 $784,275
Expenses:
12b-1 fees (Note 2) 151,767 27,360
Investment advisory fee (Note 2) 655,147 104,832
Custodian fees (Note 3) 36,682 17,305
Transfer agency fees
and expenses (Note 2) 81,178 14,219
Printing costs 13,181 1,767
Professional fees 14,247 12,165
Insurance 3,412 325
Registration and filing fees 23,212 15,931
Trustees' fees and expenses 7,920 880
Amortization of organization costs 8,450 8,450
Other expenses 23,686 3,296
Total expenses 1,018,882 206,530
Expense reimbursements and
fee reductions (Note 2) (741,278) (168,531)
Custodian fees paid indirectly (Note 3) (15,546) (3,055)
Net expenses 262,058 34,944
Net investment income $4,401,067 $749,331
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on investments $ 487 $ 13,101
Unrealized appreciation (depreciation)
on investments -- (59,213)
Net realized and unrealized gain (loss)
on investments -- (46,112)
Increase in net assets from operations $4,401,554 $703,219
STATEMENT OF CHANGES IN NET ASSETS
MONEY FUND SHORTTERM FUND
Year Year Year Year
Ended Ended Ended Ended
4/30/97 4/30/96 4/30/97 4/30/96
INCREASE (DECREASE) IN
NET ASSETS
Operations:
Net investment income... $4,401,067 $4,212,055 $749,331 $562,826
Net realized gain (loss)
on investments 487 -- 13,101 3,238
Unrealized appreciation of
investments -- -- (59,213) 44,890
Increase in net assets
from operations 4,401,554 4,212,055 703,219 610,954
Dividends to shareholders from:
Net investment income... (4,401,067) (4,212,055) (749,331) (562,826)
Realized gains (170) -- -- --
Fund share transactions
(Note 4) 22,509,253 8,296,539 16,554,851 1,182,701
Net increase in
net assets 22,509,570 8,296,539 16,508,739 1,230,829
Net Assets:
Beginning of period 113,943,177 105,646,638 12,343,828 11,112,999
End of period $136,452,747 $113,943,177 $28,852,567 $12,343,828
1. Summary of Accounting Policies
The Florida TaxFree Money Market Fund (the "Money Fund") and The Florida TaxFree
ShortTerm Fund (the "ShortTerm Fund") are series of The Hough Group of Funds
(the "Trust") which was organized as a Massachusetts Business Trust on July 22,
1993. The Trust is registered as an open-end non-diversified management
investment company and commenced operations on November 22, 1993. Both Funds
seek a high level of current interest income, exempt from federal income tax,
as is consistent with the preservation of capital and liquidity, and both are
intended to be exempt from Florida intangible property tax. Each Fund is
considered to be a separate entity for financial reporting and tax purposes.
Their financial statements are prepared in accordance with generally accepted
accounting principles for investment companies as follows:
Valuation of Securities
For the Money Fund, investments are stated at amortized cost. Under this
valuation method, a portfolio instrument is valued at cost and any discount or
premium is amortized on a constant basis to the maturity of the instrument.
For the ShortTerm Fund, municipal obligations are stated on the basis of
valuations provided by an independent pricing service approved by the Board of
Trustees, which considers information with respect to transactions in bonds,
quotations from bond dealers, market transactions in comparable securities and
various relationships between securities in determining value.
Variable Rate Demand Notes
The Funds have invested in certain variable interest demand notes which are
redeemable at specified intervals upon demand. The securities are secured as
to principal and interest by bank letters of credit or corporate or insurance
company guarantees. The maturity of these instruments for the purpose of
calculating the portfolio's weighted average maturity is considered to be the
greater of the period until the interest rate is adjusted or until the principal
can be recovered by demand.
Federal Income Taxes
It is the policy of each Fund to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute all
of its income to its Shareholders. Therefore, no provision for federal income
tax is required.
Dividends and Distributions
Dividends from investment income (excluding capital gains and losses if any) are
declared daily and paid monthly. Distributions of net capital gains, if any,
realized on the sales of investments are made after the close of the Fund's
fiscal year and in December and/or January, as declared by the Board of
Trustees. Dividends paid from net investment income for the period ended April
30, 1997 are exempt from federal income taxes. However, certain Shareholders may
be subject to the Alternative Minimum Tax (AMT).
General
Securities transactions are accounted for on the trade date (the date the order
to buy or sell is executed). Interest income is recorded on the accrual basis.
Realized gains or losses from securities transactions are recorded on the
identified cost basis.
1. Summary of Accounting Policies (Continued)
Organization Expenses
Organization expenses are being amortized on a straight-line basis over a
five-year period.
Expenses
Expenses arising in connection with each Fund are allocated directly to the
respective Fund, if specifically identifiable. Other expenses are allocated
between the Funds in proportion to the relative net assets of each Fund.
Accounting Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the amounts reported in the financial statements and accompanying
notes. Actual results could differ from those estimates.
2. Investment Management Fees and Other Transactions with Affiliate
Under its investment advisory agreements, William R. Hough & Co. (WRH) provides
the Funds with investment research, advice, and supervision, and manages the
business affairs of each Fund. For these services, the Money Fund and ShortTerm
Fund have agreed to pay WRH a monthly fee at an annual rate of .50% and .60%,
respectively, of their average net assets for the month. For the year ended
April 30, 1997, management fees totaled $655,147 and $104,832 for the Money Fund
and ShortTerm Fund, respectively. The Funds also compensate WRH for services
provided under a Transfer Agency and Fund Accounting Agreement at the rate of
$18 per account per year. During the year ended April 30, 1997, fees under this
agreement amounted to $44,091 and $4,972 for the Money Fund and the ShortTerm
Fund, respectively. However, these and all other expenses of the Funds are
being paid by WRH to the extent that they exceed .20% of each Fund's average
daily net assets, and will continue to be paid at that level until notice is
otherwise provided to shareholders.
The Funds have adopted Distribution and Service Plans (the "Plans") under
Securities and Exchange Commission Rule 12b-1, which authorize each Fund to pay
WRH up to .25% of its annual average net assets for shareholder support services
or sales activities. The amounts reported as 12b-1 fees in the Statements of
Operations represent Fund distribution costs, such as advertising, printing, and
dealer commissions, all of which were paid by WRH, and are included in expense
reimbursements and fee reductions.
During the year ended April 30, 1997, the Money Fund and the ShortTerm Fund paid
$1,331 and $4,012, respectively, to WRH for brokerage fees on executions of
portfolio investment transactions.
Fees are paid to Trustees of the Trust at the rate of $1,200 per year plus $250
per meeting.
3. Custodian Fees Paid Indirectly
For the year ended April 30, 1997, custodian fees were reduced by earnings
credits of $15,546 and $3,055 on average daily cash balances for the Money
Fund and ShortTerm Fund, respectively.
4. Fund Shares
The Funds have authorized an unlimited number of shares at no par value.
Capital paid in for the Money Fund and the ShortTerm Fund aggregated
$136,452,430 and $28,982,396, respectively. Transactions in Fund shares for the
years ended April 30, 1997 and 1996 were as follows:
MONEY FUND* SHORTTERM FUND
SHARES AMOUNT
Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
4/30/97 4/30/96 4/30/97 4/30/96 4/30/97 4/30/96
Sold 275,829,809 249,259,567 3,200,074 1,964,966 $31,954,497 $19,623,819
Issued on
reinvested
dividends 4,053,913 4,189,167 66,946 52,842 667,960 528,044
Redeemed
(257,374,469) (245,152,195)(1,610,609) (1,899,770)(16,067,606) (18,969,162)
Net increase
22,509,253 8,296,539 1,656,411 118,038 $16,554,851 $1,182,701
* All at $1.00 per share
5. Investment Transactions
Purchases and sales/maturities of investment securities (excluding short-term
securities) for the ShortTerm Fund for the year ended April 30, 1997 were
$20,680,630 and $6,977,549, respectively. At April 30, 1997, the cost of
securities for federal income tax purposes was the same as that for financial
reporting purposes. Net unrealized depreciation, which amounted to ($43,532)
for the ShortTerm Fund, consisted of aggregate gross unrealized appreciation and
(depreciation) of $48,667 and ($92,199), respectively. As of April 30, 1997,
the accumulated net realized loss was $86,297 for the ShortTerm Fund. For tax
purposes, such losses are available to offset future realized capital gains
until the capital loss carryforwards expire in 2002.
6. Financial Highlights
Money Fund
Period
Per share operating performance Year Year Year from
(for a share outstanding Ended Ended Ended 11/22/93*
throughout the period) 4/30/97 4/30/96 4/30/95 to 4/30/94
Net asset value,
beginning of period........ $1.00 $1.00 $1.00 $1.00
Income from investment operations:
Net Investment Income............... 0.034 0.036 0.035 0.011
Less distributions:
Dividends from net investment
income............................ (0.034) (0.036) (0.035) (0.011)
Net asset value, end of period...... $1.00 $1.00 $1.00 $1.00
Total return dagger ............... 3.42% 3.69% 3.59% 2.49%
Ratios/Supplemental Data...................
Net assets at end of period (000's).. $136,453 $113,943 $105,647 $23,516
Ratios to Average Daily Net Assets dagger
Expenses............................. .20% .20% .07% .00%
Expenses (Before reimbursement)
double dagger.... .78% .80% 1.04% 1.96%
Net Investment Income................. 3.36% 3.62% 3.63% 2.55%
* Commencement of operations.
dagger Figures are annualized for periods less than a year.
double dagger Effective for the year ended April 30, 1996 and thereafter,
expense ratios (before reimbursement) no longer reflect reduction from custodian
fee offset arrangements.
6. Financial Highlights (continued)
ShortTerm Fund
Period
Per share operating performance Year Year Year from
(for a share outstanding Ended Ended Ended 11/22/93*
throughout the period) 4/30/97 4/30/96 4/30/95 to 4/30/94
Net asset value,
beginning of period........ $9.94 $9.89 $9.86 $10.00
Income from investment operations:
Net Investment income............ 0.43 0.42 0.42 0.16
Net realized and unrealized
gain (loss) on investments....... 0.01 0.05 0.03 (0.14)
Total from investment operations.....0.44 0.47 0.45 0.02
Less distributions:
Dividends from net investment
income........................ (0.43) (0.42) (0.42) (0.16)
Net asset value, end of period.......... $9.95 $9.94 $9.89 $9.86
Total return dagger..................... 4.59% 4.85% 4.66% 0.49%
Ratios/Supplemental Data...............
Net assets at end of period (000's)....$28,853 $12,344 $11,113 $10,757
Ratios to Average
Daily Net Assets dagger
Expenses............................. .20% .20% .07% .05%
Expenses
(Before reimbursement)double dagger.. 1.18% 1.42% 1.50% 2.77%
Net Investment Income................ 4.27% 4.25% 4.25% 3.79%
Portfolio turnover rate................ 40.93% 83.4% 35.9% 10.9%
* Commencement of operations.
dagger Figures are annualized for periods less than a year.
double dagger Effective for the year ended April 30, 1996 and
thereafter, expense ratios (before reimbursement) no longer reflect reduction
from custodian fee offset arrangements.
The Board of Trustees and Shareholders
The Florida TaxFree Funds
We have audited the accompanying statements of assets and liabilities,
including the statements of investments of The Florida TaxFree Money
Market Fund and The Florida TaxFree ShortTerm Fund, series of The Hough
Group of Funds, as of April 30, 1997, the related statements of
operations for the year then ended, the statements of changes in net
assets for each of the two years in the period then ended, and the
financial highlights for each of the three years in the period then
ended and for the period from November 22, 1993 (commencement of
operations) to April 30, 1994. These financial statements and financial
highlights are the responsibility of the Funds' 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 amount and
disclosures in the financial statements. Our procedures included
confirmation of securities owned as of April 30, 1997, by correspondence
with the custodian and brokers. An audit also includes assessing
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of The Florida TaxFree Money Market Fund and The
Florida TaxFree ShortTerm Fund, series of The Hough Group of Funds as of
April 30, 1997, the results of their operations, the changes in their
net assets and the financial highlights for the periods indicated, in
conformity with generally accepted accounting principles.
New York, New York
May 22, 1997
