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 11
Municipal Bonds 11
Statements of Assets and Liabilities 21
Statements of Operations 22
Statements of Changes in Net Assets 23
Notes to Financial Statements 24
Dear Shareholder:
We are pleased to present the Semi-Annual Report on The Florida TaxFree Funds.
Due to the ongoing voluntary commitment of William R. Hough & Co., which
serves as advisor, distributor, and transfer agent to the Funds, expenses
continue to be limited to .28 percent of each fund's respective net assets.
This allows us to offer very competitive returns for investors seeking
short-term, liquid investments that are free from federal income taxes and
Florida Intangible Taxes. 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 continued to grow during the last six months to
$154 million as of October 31, 1997. This compares with $136.5 million on
April 30, 1997 and $136.6 million on October 31, 1996.
The industry-respected firm of IBC/Financial Data, Inc. compiles and reports
mutual fund performance and statistics. We are pleased to report that, for
the six month period ending October 31, 1997, The Florida TaxFree Money Market
Fund has been consistently ranked by IBC in the top ten out of a total of
approximately 270 tax-free money market funds tracked by that firm each month.
Based on annualized expenses of .72%, had certain fees and expenses not been
reimbursed by the Adviser, the yield and ranking would have been lower. As
always, past performance is no guarantee of future results.
The 7 day average yield of the Fund was 3.46% as of October 31, 1997. For
investors in the 36% federal tax bracket who have Florida intangible assets
of $200,000 or more, the tax equivalent yield was 5.61%.
The Florida TaxFree ShortTerm Fund
As of October 31, 1997, total net assets for the Fund were $30 million,
compared with assets of $28.8 million on April 30, 1997 and $17.6 million on
October 31, 1996. The portfolio had a dollar-weighted average maturity of
2.67 years and a 30 day SEC yield of 3.94% on October 31, 1997. This yield
equates to a tax equivalent yield of 6.36% 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 $10.06
on October 31, 1997, compared with $9.95 on April 30, 1997 and $9.99 on
October 31, 1996, contributing to a 6.45% cumulative total return on the Fund
for the year ended October 31, 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 21 cents
per share for the six month period ending October 31, 1997 and 43 cents per
share for the year then ended.
The cumulative total return on the Fund from its inception on November 22, 1993
through October 31, 1997 was 18.65%. This represents a return of 4.73% on an
annualized basis. Another way of illustrating this return since inception
would be that $10,000 invested on November 22, 1993 would have grown to $11,865
on October 31, 1997, assuming reinvestment of all dividends.
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 fully invested in Florida issues at the times
appropriate to ensure that your investments in the Funds remain completely
exempt from the Florida Intangible Tax.
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 (41%) Principal Amount Value
Broward County, FL Education, Research,
and Training Auth, IDB,
(The International Game Fish Association
Project), Series 1997, 3.70%, 08/01/04
NationsBank, N.A., LOC $2,000,000 $2,000,000
Broward County, FL HFA, Housing RB, (Quiet
Creek Apts. Project), 3.75%,
12/01/29
John Hancock Mutual Life Ins., GTY 2,150,000 2,150,000
Broward County, FL HFA, Housing RB,
(Lake Park Associates), 3.65%, 12/01/10,
Society National Bank, LOC 3,800,000 3,800,000
Broward County, FL, IDB, (W.R. Bonsal
Company Project), 3.85%, 09/01/08,
NationsBank, N.A., LOC 1,500,000 1,500,000
Clark County, NV, IDB, (Nevada
Cogeneration Association #1 Project), 4.35%,
11/01/21, Canadian Imperial Bank of Commerce,
LOC 500,000 500,000
Collier County, FL HFA, Housing RB,
(River Reach), 3.65%, 12/01/15, Morgan
Guaranty Trust Co., LOC 1,600,000 1,600,000
Collier County, FL HFA, Housing RB, (Saxon
Manor Isles), 3.70%, 03/01/26,
PNC Bank, KY, LOC 1,745,000 1,745,000
Coral Springs, FL, IDB, (Brock Supply Co.,
Inc. Project), Series A, 3.80%,
10/01/17, First Union National Bank, LOC 850,000 850,000
Dade County, FL Health Facilities Auth,
Hospital RB, (Miami Children's
Hospital), 4.10%, 09/01/20, Barnett Bank
of South FL, LOC 5,200,000 5,200,000
Dade County, FL IDA, IDB, (Dolphins Stadium),
Series D, 3.65%, 01/01/16,
Societe Generale, LOC 2,100,000 2,100,000
Dade County, FL IDA, IDB, (Arlington Sales),
4.15%, 06/01/08, Credit Commercial
de France, LOC 1,200,000 1,200,000
Dade County, FL IDA, IDB, (Dynacolor Graphics
Project), 4.15%, 06/01/99, Credit
Commercial de France, LOC 875,000 875,000
Dade County, FL IDA, IDB, (Spectrum Programs
Inc. Project), 3.70%, 10/01/16,
NationsBank, N.A., LOC 1,000,000 1,000,000
Escambia County, FL, Pollution Control RB,
(Gulf Power Company Project), Series
1997, 4.20%, 07/01/22 3,500,000 3,500,000
Florida HFA, Housing RB, (Clear Lake),
Series D, 3.70%, 12/01/09, Continental
Casualty, GTY 1,000,000 1,000,000
Florida HFA, Housing RB, (Lakes of Northdale
Project), Series D, 3.80%,
06/01/07, SouthTrust Bank of AL, LOC 1,300,000 1,300,000
Florida HFA, Housing RB, (Springs Colony Project),
1985 Series FF, 3.60%,
09/15/26, FNMA Collateralized 1,000,000 1,000,000
Florida HFA, Housing RB, (Monteray Meadows
Apts.), 3.65%, 12/01/07, Citibank, N.A., LOC 1,000,000 1,000,000
Hillsborough County, FL IDA, Pollution
Control RB, (Reynolds Metals Company),
3.70%, 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,
4.25%, 9/01/25 3,000,000 3,000,000
Hillsborough County, FL IDA, Pollution Ctrl
RB, (Tampa Electric Co.), 4.25%, 11/01/20 1,000,000 1,000,000
Variable Rate Demand Notes (Continued)
Principal
Amount
Value
Hillsborough County, FL IDA, Industrial
Development RB, (Leslie Controls Inc.),
3.70%, 08/01/19, First Union National
Bank of NC, LOC
1,050,000 1,050,000
Hillsborough County, FL IDA, Industrial
Development RB, (Berry Packaging Inc.),
3.85%, 07/01/17, NationsBank, N.A., LOC 1,200,000 1,200,000
Jacksonville, FL Health Facilities Auth,
Hospital RB, (Baptist Health Medical Center
Project), 4.20%, 06/01/20, Barnett Bank
Jacksonville, LOC 1,300,000 1,300,000
Los Angeles County, CA IDA, IDB, (Komax
Systems), 4.40%, 12/01/06, Dai-Ichi Kangyo
Bank, Ltd., LOC 500,000 500,000
Los Angeles County, CA IDA, IDB, (Walter
& Howard Lim), 4.40%, 12/01/06, Dai-Ichi
Kangyo Bank, Ltd., LOC 100,000 100,000
Martin County, FL, Solid Waste RB, (Florida
Power & Light), 4.25%, 01/01/27 1,050,000 1,050,000
Miami, FL Health Facilities Auth, Hospital RB,
(Miami Jewish Home & Hospital for the Aged, Inc.
Project), 3.70%, 12/01/16, SunTrust Bank,
Miami, LOC 3,100,000 3,100,000
Okeechobee County, FL, Solid Waste RB,
(Chambers Waste System of FL), 3.80%,
03/01/06, Morgan Guaranty Trust Co., LOC 3,700,000 3,700,000
Palm Bay, FL, IDB, (Accudyne Corporation
Project), Series 1995, 3.80%, 04/01/20,
First Union National Bank of NC, LOC 1,290,000 1,290,000
Pinellas County, FL HFA, Housing RB,
(Lynn Lake II), 3.70%, 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), 3.85%,
03/01/09, NationsBank, N.A., LOC 800,000 800,000
Pinellas County, FL Industry Council, IDB,
(Loulourgas Properties Project), 3.80%,
09/01/16, First Union National Bank
of FL, LOC 1,000,000 1,000,000
Riviera Beach, FL, IDB, (Dade Paper & Bag
Co.), 4.05%, 08/01/01, Credit Commercial
de France, LOC 225,000 225,000
St. Lucie County, FL, Pollution Control RB,
(Florida Power & Light), 4.25%, 01/01/27 3,000,000 3,000,000
St. Petersburg, FL, Public Improv RB, (Airport
and Golf Course Project), Series 1997B, 3.70%,
10/01/17, SunTrust Bank, Tampa Bay,
LOC 2,000,000 2,000,000
Southeast Volusia, FL Hospital District,
Hospital RB, (Bert Fish Medical Center),
3.65%, 05/01/22, SouthTrust Bank, LOC 1,000,000 1,000,000
Sumter County, FL IDA, IDB, (Great Southern
Wood, FL, Inc.), 3.95%, 04/01/05, SouthTrust
Bank, LOC 500,000 500,000
Tamarac, FL, IDB, (Tampa Bay Business
Center, Inc. Project), 3.85%, 08/01/15,
NationsBank of FL, NA, LOC 1,600,000 1,600,000
Total Variable Rate Demand Notes
$62,235,000
Principal
Municipal Bonds (59%)
Amount
Value
Addison, IL Fire Protection District No.
1, Refunding Notes, 6.70%, 11/01/97,
Pre-refunded @ 100
$100,000 $100,001
Akron, OH, GO Bond, 8.00%, 12/01/97,
FSA Insured 135,000 135,447
Bay County, FL, Water & Sewer RB, 3.75%,
09/01/98, MBIA Insured 280,000 280,000
Brevard County, FL, GO Bond, 4.70%,
03/01/98, MBIA Insured 265,000 265,687
Brevard County, FL Health Facilities Auth,
Hospital RB, (Wuesthoff Memorial Hospital),
3.90%, 04/01/98, MBIA Insured 370,000 370,000
Brevard County, FL, Special Assessment RB,
5.90%, 11/01/97, MBIA Insured 50,000 50,000
Broward County, FL, GO Bond, Series C,
5.10%, 01/01/98 375,000 375,744
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, Sales Tax Revenue
Commercial Paper, Series A, 3.85%,
01/05/98, Mitsubishi Bank, LOC 4,163,000 4,163,000
Broward County, FL, Sales Tax Revenue
Commercial Paper, Series A, 3.90%,
11/14/97, Mitsubishi Bank, LOC 2,500,000 2,500,000
Broward County, FL School Board, Certificates
of Participation, Series C, 3.75%, 07/01/98,
AMBAC Insured 300,000 300,000
Broward County, FL School District,
GO Bond, 7.30%, 02/15/98, Pre-refunded
@ 102 1,000,000 1,029,780
Broward County, FL School District, GO Bond,
7.40%, 02/15/98, Pre-refunded @ 102 50,000 51,481
Broward County, FL School District, GO
Bond, 7.75%, 02/15/98, Pre-refunded @ 102 185,000 190,595
Broward County, FL School District, Revenue
Anticipation Notes, Series C,
4.50%, 04/22/98 1,500,000 1,504,083
Broward County, FL, Tourist Development
Tax RB, (Convention Center), 4.40%,
10/01/98, AMBAC Insured 620,000 623,309
Canaveral, FL Port Auth, Transportation
RB, 4.70%, 06/01/98, FGIC Insured 50,000 50,132
Castle Pines, CO Metropolitan District,
GO Bond, 3.80%, 12/01/97, FSA Insured 210,000 209,995
Charlotte County, FL, Hospital RB,
(Bon Secours - St. Joseph), Series A,
8.25%, 08/15/98, Pre-refunded @ 102 585,000 616,218
Clearwater, FL, Water & Sewer RB, 4.25%,
12/01/97, AMBAC Insured 25,000 24,995
Cook County, IL School District No. 109,
GO Bond, (Indian Springs), 4.00%,
12/01/97, FSA Insured 140,000 140,000
Dade County, FL, Hospital RB, (Jackson
Memorial Hospital), Series A, 4.00%,
06/01/98, MBIA Insured 1,000,000 1,000,983
Dade County, FL School District, GO Bond,
7.00%, 07/01/98 50,000 50,931
Dade County, FL School District, GO Bond,
6.40%, 08/01/98, MBIA Insured 90,000 91,563
Dade County, FL, Sales Tax RB, (Miami
Beach Convention Center Project), Series
A, 8.625%, 12/01/97, Pre-refunded @ 102 120,000 122,833
Principal
Municipal Bonds (Continued)
Amount
Value
Dauphin County, PA General Auth, Public
Improv RB, (Subseries KKK1), 4.10%, 12/01/97,
AMBAC Insured, Mandatory Tender
@ 100 150,000 150,023
Daytona Beach, FL, Water & Sewer RB, 5.00%,
01/01/98, Escrowed to Matur 50,000 50,055
Dunedin, FL, Hospital RB, (Mease Health
Care), 4.00%, 11/15/97, MBIA Insured 100,000 100,000
East County Water Control District, FL,
Public Improv RB, (Lee County Drain),
5.00%, 11/01/98, Asset Guaranty Insured 200,000 201,832
Escambia County, FL, Sales Tax RB, Series A,
6.90%, 01/01/98, FGIC Insured 50,000 50,236
Escambia County, FL Utility Auth, Electric
Util RB, Series A, 4.90%, 01/01/98, FGIC
Insured 25,000 25,021
First Florida Governmental Financing
Commission, Industrial Development RB,
Series A, 4.40%, 07/01/98, MBIA Insure 50,000 50,048
Florida Development Finance Corporation,
IRB, (FDFC Guaranty Program), 1997 Series
A, 6.25%, 05/01/98, AMBAC Insured 45,000 45,475
Florida Development Finance Corporation,
IRB, (FDFC Guaranty Program), 1997 Series
B, 6.25%, 05/01/98, AMBAC Insured 25,000 25,264
Florida Development Finance Corporation,
IRB, (FDFC Guaranty Program), 1997 Series
C, 6.25%, 05/01/98, AMBAC Insured 55,000 55,581
Florida HFA, Single Family Mortgage RB,
5.00%, Series B, 01/01/98, GNMA 65,000 65,092
Florida HFA, Single Family Mortgage RB,
4.00%, 06/01/98, GIC: Assured Return,
Mandatory Tender @ 100 1,500,000 1,500,000
Florida, State of, GO Bond, Senior Lien,
(Jacksonville Transportation), Series A,
6.50%, 07/01/98 1,540,000 1,566,895
Florida State Board of Education, GO Bond,
Series A, 7.25%, 06/01/98, Escrowed
to Maturity 100,000 101,924
Florida State Board of Education, GO Bond,
Series A, 5.75%, 06/01/98,
Escrowed to Maturity 200,000 201,969
Florida State Board of Education, GO
Bond, Series A, 6.00%, 06/01/98 200,000 202,367
Florida State Board of Education, GO
Bond, Series B, 5.625%, 06/01/98 300,000 303,098
Florida State Board of Education, GO
Bond, Series A, 4.50%, 01/01/98 4,950,000 4,958,004
Florida State Board of Education, GO
Bond, Series A, 6.50%, 06/01/98 4,010,000 4,071,988
Florida State Board of Education, GO
Bond, Series B-1, 7.875%, 06/01/98,
Pre-refunded @ 102 150,000 156,383
Florida State Department of Corrections,
Certificate of Participation, (Okeechobee
Correctional Institution Project), 5.45%,
03/01/98, AMBAC Insured 100,000 100,403
Florida State Division of Bond Finance,
Sales Tax RB, (Department of General
Services - Preservation 2000), Series B,
4.00%, 07/01/98, AMBAC Insured 3,350,000 3,353,279
Florida State Division of Bond Finance,
Sales Tax RB, (Department of General
Services - Preservation 2000), 4.40%,
07/01/98, FSA Insured 1,000,000 1,003,602
Principal
Municipal Bonds (Continued)
Amount
Value
Florida Municipal Power Agency, Commercial
Paper, Pooled Loan Project, 3.70%, 02/02/98,
First Union National Bank of NC, LOC 905,000 905,000
Fort Lauderdale, FL, GO Bond,
5.35%, 01/01/98 100,000 100,250
Fort Lauderdale, FL, GO Bond, (Parking
Improv Project), 4.80%, 07/01/98 290,000 291,863
Gainesville, FL, Electric Util RB,
Commercial Paper, (Utility System C),
3.75%, 01/09/98 894,000 894,000
Gainesville, FL, Electric Util RB,
Commercial Paper, (Utility System C),
3.80%, 11/07/97 1,300,000 1,300,000
Gainesville, FL, Electric Util RB,
Commercial Paper, (Utility System C),
3.65%, 11/12/97 1,658,000 1,658,000
Gulf County, FL School District, Sales
Tax RB, 4.10%, 06/01/98, Asset Guaranty
Insured 80,000 80,000
Hillsborough County, FL School Board,
Certificates of Participation, (Master
Lease Program), 4.20%, 07/01/98, AMBAC
Insured 300,000 300,474
Hillsborough County, FL, Water & Sewer
RB, Series A, Zero Coupon, 08/01/98,
MBIA Insured 1,610,000 1,564,191
Houston, TX, Water & Sewer RB, Series C,
(Junior Lien), 4.75%, 12/01/97, MBIA
Insured 125,000 125,075
Jacksonville, FL Elec Auth, Commercial
Paper, Series C-1, 3.60%, 11/06/97,
Morgan Guaranty, Liquidity Provider 1,000,000 1,000,000
Jacksonville, FL Elec Auth, Commercial
Paper, Series D-3, 3.65%, 11/05/97, Credit
Suisse, Liquidity Provider 2,100,000 2,100,000
Jacksonville, FL Health Facilities Auth,
Hospital RB, (Charity Obligated Group),
Series A, 3.75%, 08/15/98, MBIA Insured 800,000 800,000
Jacksonville, FL Health Facilities Auth,
Hospital RB, (Charity Obligated Group),
Series B, 3.85%, 08/15/98 405,000 405,000
Jacksonville, FL, Commercial Paper,
3.75%, 11/03/97, Morgan Guaranty, Credit
Suisse, Bayerische Landesbank
Girozentrale, SunBank, IRC 1,000,000 1,000,000
Jacksonville, FL, Commercial Paper,
3.75%, 11/03/97, Morgan Guaranty,
Credit Suisse, Bayerische Landesbank
Girozentrale, SunBank, IRC 1,000,000 1,000,000
Jacksonville, FL, Commercial Paper,
(Florida Power & Light), Series 1992,
3.75%, 01/06/98 2,000,000 2,000,000
Kentucky State Property & Buildings
Commission, Public Improv RB, (Project
No. 57), 4.00%, 11/01/97, AMBAC Insured 100,000 100,000
Lake Worth, FL, Water & Electric RB,
Series A, 4.30%, 04/01/98, AMBAC Insured 50,000 50,025
Lee County, FL Hospital Board of
Directors, (Lee Memorial Hospital Project),
Commercial Paper, 1995 Series A, 3.90%,
11/19/97, SunTrust Bank,
Central FL, LOC 1,500,000 1,500,000
Lee County, FL Hospital Board of
Directors, (Lee Memorial Hospital Project),
Commercial Paper, Series C, 3.70%,
11/18/97, SunTrust Bank,
Central FL, LOC 3,000,000 3,000,000
Lee County, FL Hospital Board of Directors,
Hospital RB, (Lee Memorial Health System
Project), Commercial Paper, 1997 Series B,
3.85%, 01/07/98,
SunTrust Bank, Central FL, LOC 1,000,000 1,000,000
Principal
Municipal Bonds (Continued)
Amount
Value
Pinellas County, FL HFA, Single Family
Mortgage RB, Multi-County Program, Series
B, 3.80%, 02/01/98, GNMA/FNMA
Collateralized, GIC: Westdeutsche
Landesbank Girozentrale,
Mandatory Tender @ 100 405,000 405,000
Lee County, FL Hospital Board of Directors,
Hospital RB, (Lee Memorial Health System
Project), 1997 Series A, 4.50%, 04/01/98,
MBIA Insured 200,000 200,399
Leon County, FL School Board, Certificate
of Participation, (Master Lease Program),
3.80%, 07/01/98, MBIA Insured 500,000 499,651
Liberty County, FL, Gas Tax RB, 3.70%,
12/01/97, AMBAC Insured 30,000 30,000
Louisiana Public Facilities Auth, Hospital
RB, (General Health Inc.), Series A,
6.75%, 11/01/97, MBIA Insured 75,000 75,000
Martin County, FL Health Facilities Auth,
Hospital RB, (Martin Memorial Medical
Center), Series B, 3.75%, 11/15/97,
MBIA Insured 180,000 180,000
Martin County, FL Health Facilities Auth,
Hospital RB, (Martin Memorial Medical
Center), Series A, 3.90%, 11/15/98,
MBIA Insured 245,000 245,166
Martin County, FL Health Facilities Auth,
Hospital RB, (Martin Memorial Medical
Center), Series B, 3.90%, 11/15/98,
MBIA Insured 420,000 420,285
Miami, FL Health Facilities Auth,
Hospital RB, (Mercy Hospital Project),
6.15%, 08/01/98, AMBAC Insured 100,000 101,561
Miami, FL, Special RB, 7.00%,
01/01/98, MBIA Insured 150,000 150,749
Michigan Municipal Bond Auth, Public
Improv RB, (Government Loan), Series
A, 5.75%, 12/01/97, FGIC Insured 150,000 150,239
Nassau County, FL, Optional Gas Tax RB,
4.80%, 03/01/98, FGIC Insured 50,000 50,071
New York City, NY, GO Bond, Series A,
7.50%, 11/01/97, Escrowed to Maturity 75,000 75,000
Okaloosa County, FL School Board, Sales
Tax RB, 5.00%, 09/01/98, FSA Insured 500,000 504,433
Orange County, FL Sales Tax RB,
4.00%, 1/01/98, FGIC Insured 150,000 150,012
Orange County, FL School District, Tax
Anticipation Notes, Series 1997,
4.25%, 09/15/98 2,000,000 2,008,750
Orange County, FL, Commercial Paper,
3.50%, 11/05/97, NationsBank,
N.A., IRC 600,000 600,000
Orange County, FL, Commercial Paper,
3.65%, 11/17/97,
NationsBank, N.A., IRC 2,000,000 2,000,000
Orlando & Orange County, FL Expressway
Auth, Transportation RB, Junior Lien,
Series A, 3.85%,
07/01/98, FGIC Insured 100,000 100,032
Palm Beach, FL, Public Improv RB,
(Criminal Justice Facilities), 4.50%,
06/01/98, FGIC Insured 120,000 120,437
Palm Beach County, FL Health Facilities
Auth, Hospital RB, (Pooled Hospital Loan
Project), Commercial Paper, 3.55%,
11/13/97, MBIA Insured,
Credit Suisse, SBPA 3,000,000 3,000,000
Palm Beach County, FL HFA, Single Family
Mortgage RB, Series B, 3.95%, 07/01/98,
GNMA/FNMA Collateralized, GIC: Bayerische
Landesbank Girozentrale, Mandatory Tender
@ 100 1,000,000 1,000,000
Palm Beach County, FL School District,
Tax Anticipation Notes, Series 1997,
4.50%, 10/13/98 2,500,000 2,517,110
Palm Beach County, FL, Stadium Facilities
RB, 3.65%, 12/01/97, MBIA Insured 785,000 785,000
Principal
Municipal Bonds (Continued)
Amount
Value
Pinellas County, FL Health Facilities Auth,
Hospital RB, (Morton Plant Health System),
4.25%, 11/15/97, MBIA Insured 400,000 400,054
Polk County, FL, Constitutional Fuel Tax
Rfdg RB, 4.00%, 12/01/97,
FGIC Insured 780,000 780,286
Pompano Beach, FL, Water $ Sewer RB,
4.75%, 07/01/98, MBIA Insured 50,000 50,273
Port Seattle, WA, Transportation RB,
Series B, 4.40%, 11/01/97,
AMBAC Insured 150,000 150,000
Puerto Rico Electric Power Auth, Electric
Util RB, 5.00%, 07/01/98, Pre-refunded
@ 100 275,000 276,858
Puerto Rico Electric Power Auth, Electric
Util RB, 8.00%, 07/01/98, Pre-refunded
@ 102 150,000 156,834
Putnam County, FL Development Auth,
Pollution Ctrl RB, (Seminole Electric
Cooperative, Inc.), Series D, 3.60%,
12/15/97, National Rural Utilities
Cooperative Finance Corporation, GTY,
Mandatory Tender @ 100 1,500,000 1,500,000
Putnam County, FL Development Auth,
Pollution Ctrl RB, (Seminole Electric
Cooperative, Inc.), Series H-4, 3.70%,
03/15/98, National Rural Utilities
Cooperative Finance Corporation, GTY,
Mandatory Tender @ 100 1,500,000 1,500,000
St. Johns County, FL, Water & Sewer RB,
Series A, 5.90%, 06/01/98,
MBIA Insured 50,000 50,535
St. Johns River Water Management District,
FL, Water & Sewer RB, (Land Acquisition),
5.00%, 07/01/98, FSA Insured 1,000,000 1,007,398
St. Lucie County, FL School District,
GO Bond, Series 1997, 4.00%, 02/01/98,
FGIC Insured 600,000 600,585
St. Lucie County, FL, Commercial Paper,
(Florida Power & Light),
3.60%, 11/04/97 1,000,000 1,000,000
St. Lucie County, FL, Commercial Paper,
(Florida Power & Light),
3.65%, 12/04/97 2,300,000 2,300,000
St. Lucie County, FL, Commercial Paper,
(Florida Power & Light),
3.70%, 12/09/97 1,000,000 1,000,000
St. Petersburg, FL Health Facilities Auth,
Hospital RB, (Bon Secours - Maria Manor
Project), Series B, 7.875%, 08/15/98,
Pre-refunded @ 102 185,000 194,160
Sarasota County, FL Public Hosp Dist,
Commercial Paper, Series A, (Sarasota
Memorial Hospital), 3.80%, 12/05/97,
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%, 11/21/97,
SunTrust Bank,
Central Florida, LOC 1,000,000 1,000,000
Sarasota County, FL Public Hosp Dist,
Commercial Paper, Series 1996A, (Sarasota
Memorial Hospital), 3.75%, 11/17/97,
SunTrust Bank, SBPA 2,500,000 2,500,000
Seminole County, FL School District,
Revenue Anticipation Notes, 3.875%,
02/17/98 500,000 500,464
Sunrise, FL, Public Improv RB, 4.30%,
10/01/98, FGIC Insured 100,000 100,444
Sunshine State Gov Fin Comm, Commercial
Paper, 3.50%, 12/08/97, 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, 3.80%, 12/10/97,
Florida State Board of Administration,
Liquidity Provider 1,000,000 1,000,000
Tampa, FL Sports Auth, Public Improv RB,
(Tourist Dev Tax), Series A, 3.60%,
01/01/98, FSA Insured 665,000 665,000
Principal
Municipal Bonds (Continued)
Amount
Value
Tampa, FL Sports Auth, Local Option Sales
Tax RB, (Stadium Project), 4.00%, 1/01/98,
MBIA Insured 225,000 225,089
Tri-State Fire Protection District, IL,
Refunding Notes, (Fire Prevention), 6.90%,
12/01/97,
Pre-refunded @ 100 100,000 100,244
Volusia County, FL School District,
4.75%, 06/01/98, FSA Insured 100,000 100,478
West Plains, MO Improv Auth, Public
Improv RB, 3.85%, 11/01/97,
MBIA Insured 360,000 360,000
Winter Springs, FL, Water & Sewer RB,
4.80%, 04/01/98,
MBIA Insured 50,000 50,103
Total Municipal Bonds
$90,696,894
Total Investments (100%) (Cost $152,931,894)
$152,931,894
Summary of Ratings (unaudited):
AAA/Equivalent 98%, AA/Equivalent 2%
Average Portfolio Maturity 69.44 Days
Variable Rate Demand Notes (6%)
Hillsborough County, FL IDA, Pollution
Ctrl RB, (Tampa Electric Co.), Series
1990, 4.25%, 9/01/25 500,000 500,000
Jacksonville, FL, Industrial Development
RB, (Coastal Industries), 4.05%, 08/01/08,
ABN-AMRO Bank,
N.V., LOC 170,000 170,000
Volusia County, FL IDA, IDB, (RS Displays
Inc. Project), 4.15%, 06/01/09, Credit
Commercial de France, LOC 775,000 775,000
Washington State Housing Finance Commission,
Housing RB, (Wandering Creek Project), 4.25%,
01/01/26, Bank America,
N.T. & S.A., LOC 200,000 200,000
Total Variable Rate Demand Notes $1,645,000
Municipal Bonds (94%)
Bay County, FL, Pollution Ctrl RB,
(International Paper Co. Project),
5.70%, 11/01/98 20,000 20,025
Bay Medical Center, FL, Hospital RB,
(Bay Medical Center Project), 4.70%,
10/01/02, AMBAC Insured 100,000 102,108
Belle Glade, FL, Water & Sewer RB, Series
A, 4.05%, 09/01/00,
FSA Insured 35,000 35,045
Bradenton, FL Util System, Water & Sewer
RB, Series A, 7.10%,
10/01/99, AMBAC Insured 100,000 105,755
Brevard County, FL School Board, Certificates
of Indebtedness, 6.55%,
01/01/98, AMBAC Insure 25,000 25,112
Brevard County, FL School Board, Certificates
of Participation, Series A, 5.30%, 07/01/99,
Escrowed to Maturity 100,000 102,362
Brevard County, FL School Board, Certificates
of Participation, 6.50%, 07/01/02,
Pre-refunded @ 102 100,000 111,295
Broward County, FL, GO Bond,
Series B, 5.60%, 01/01/01 200,000 209,538
Broward County, FL Airport System,
Transportation RB, Series C, 4.10%,
10/01/98, AMBAC Insured 100,000 100,265
Broward County, FL, Certificates of
Participation, 6.40%, 06/01/03,
AMBAC Insured 85,000 89,263
Broward County, FL Educational Facilities
Auth, Higher Education RB, (Nova
Southeastern University Project), 5.40%,
04/01/02, Connie Lee Insured 75,000 78,437
Broward County, FL School District, GO
Bond, 6.75%, 02/15/98 300,000 302,523
Broward County, FL School District, GO
Bond, 5.70%, 02/15/01 300,000 314,148
Canaveral, FL, Transportation RB, 5.40%,
06/01/02, FGIC Insured 100,000 104,952
Municipal Bonds (Continued)
Celebration Community Development
District, FL, Special Assessment RB,
Series B, 4.60%, 05/01/03,
MBIA Insured 250,000 252,055
Clay County, FL, Certificates of
Participation, (Master Lease Project),
Series A, 4.50%,
10/01/02, MBIA Insured 470,000 474,526
Clay County, FL HFA, Single Family
Mortgage RB, (Multi-County Program),
4.80%, 04/01/02,
GNMA/FNMA Collateralized 150,000 149,817
Clay County, FL School Board, Certificate
of Participation, (Master Lease Program),
4.50%, 07/01/99, MBIA Insured 140,000 141,313
Clay County, FL, Utility System RB,
4.125%, 11/01/99, FGIC Insured 100,000 100,419
Clearwater, FL, Water & Sewer RB, Series
B, 6.75%, 12/02/98,
Pre-refunded @ 103.50 50,000 53,261
Dade County, FL, GO Bond, Series CC, 6.80%,
10/01/02,
AMBAC Insured 200,000 222,592
Dade County, FL, GO Bond, Series I,
6.90%, 07/01/01,
AMBAC Insured 250,000 273,320
Dade County, FL, Public Improv RB,
7.10%, 06/01/00,
FGIC Insured 70,000 72,591
Dade County, FL Aviation Auth,
Transportation RB, (Miami International
Airport), Series A, 5.50%, 10/01/02,
FSA Insured 250,000 260,908
Dade County, FL Aviation Auth,
Transportation RB, Series U, 6.60%,
10/01/01 100,000 102,835
Dade County, FL Aviation Auth,
Transportation RB, Series X, 5.25%,
10/01/01 100,000 103,679
Dade County, FL Aviation Auth, Transportation
RB, Series Y, 4.90%,
10/01/01, MBIA Insured 140,000 143,755
Dade County, FL Educational Facilities Auth,
Higher Education RB, (St. Thomas University),
7.65%, 01/01/00,
Pre-refunded @ 102 40,000 43,732
Dade County, FL, Guaranteed Entitlement Spl
Assmt Bonds, Series B, Zero Coupon,
02/01/00, MBIA Insured 250,000 228,433
Dade County, FL, Guaranteed Entitlement
Spl Assmt Bonds, Series B, Zero Coupon,
02/01/01, MBIA Insured 250,000 218,758
Dade County, FL School Board, Certificates
of Participation, 4.75%, 05/01/98,
MBIA Insured 100,000 100,481
Dade County, FL School Board, Certificates
of Participation, 5.00%, 05/01/01,
MBIA Insured 125,000 128,510
Dade County, FL School District, GO Bond,
7.00%, 07/01/98 100,000 102,095
Dade County, FL School District, GO Bond,
6.00%, 08/01/01,
Pre-refunded @ 102 250,000 266,338
Dade County, FL School District, GO Bond,
5.00%, 06/01/00,
MBIA Insured 50,000 51,177
Dade County, FL Seaport, Transportation RB,
4.00%, 10/01/98,
MBIA Insured 150,000 150,264
Dade County, FL, Special Assessment RB,
(Various Purpose Improv Projects), Series
A, 7.15%,
07/01/02, FSA Insured 100,000 107,361
Dade County, FL Health Facilities Auth,
Hospital RB, (Catholic Health & Rehabilitation
Inc.), 7.45%, 08/15/99, Allied Irish
Banks, PLC, LOC 50,000 52,635
Daytona Beach, FL, Water & Sewer RB,
4.625%, 11/15/98,
AMBAC Insured 75,000 75,658
Municipal Bonds (Continued)
Delray Beach, FL, GO Bond, (Decade of
Excellence Program), 6.80%, 02/01/00,
Pre-refunded @ 102 50,000 53,895
Duval County, FL School District, GO Bond,
5.625%, 08/01/00, AMBAC Insured 75,000 78,070
Escambia County, FL Health Facilities Auth,
Hospital RB,
(Azalea Trace, Inc. Project),
9.25%, 01/01/99, Pre-refunded
@ 102 50,000 53,973
Escambia County, FL Health Facilities Auth,
Hospital RB, (Azalea Trace, Inc. Project),
5.25%, 01/01/03 300,000 300,381
Escambia County, FL HFA, Single Family
Mortgage RB, (Multi-County Program), Series
B, 4.70%, 04/01/01,
GNMA Collateralized 150,000 150,558
Escambia County, FL, Public Improv RB,
4.75%, 01/01/99 220,000 220,779
Escambia County, FL, Public Improv RB,
Series A, 5.00%, 01/01/00 250,000 253,155
Escambia County, FL School Board,
Certificate of Participation, 6.25%,
02/01/02, Pre-refunded @ 100 45,000 48,553
Escambia County, FL School Board, Municipal
Lease Obligation, Certificate of
Participation, 5.80%, 02/01/00,
Escrowed to Maturity 15,000 15,581
Escambia County, FL School Board, Municipal
Lease Obligation, Certificate of Participation,
5.80%, 02/01/00, FSA Insured 35,000 36,317
First Florida Governmental Financing
Commission, 7.05%, 07/01/98, Pre-refunded
@ 102 100,000 104,097
Flagler County, FL, Sales Tax Improv
Infrastructure Surtax RB, 6.30%,
12/01/97, MBIA Insured 100,000 100,204
Florida Development Finance Corporation,
IRB, (FDFC Guaranty Program), 1997 Series
B, 4.90%, 05/01/03, AMBAC Insured 40,000 41,066
Florida Development Finance Corporation,
IRB, (FDFC Guaranty Program), 1997 Series
C, 4.90%, 05/01/03, AMBAC Insured 30,000 30,800
Florida HFA, General Mortgage RB, Series
A, 5.75%, 06/01/02, FHA Insured 50,000 51,724
Florida HFA, Single Family Mortgage RB,
Series B, 5.00%, 01/01/98, GNMA/FNMA
Collateralized 265,000 265,395
Florida HFA, Housing RB, Single Family
Mortgage RB, 1995 Series A, 5.70%, 01/01/01,
GNMA Collateralized 70,000 72,074
Florida HFA, Homeowner Mortgage & RB,
1995 Series 1A, 4.75% 07/01/01 100,000 100,261
Florida HFA, Housing RB, (Turtle Creek
Apartments Project), 1996 Series C, 4.75%,
05/01/00, AMBAC Insured 85,000 85,537
Florida HFA, Rfdg Homeowner Mortgage & RB,
Series 2, 5.20%, 01/01/02 295,000 298,611
Florida HFA, Homeowner Mortgage RB, Series
2, 4.70%, 01/01/02, MBIA Insured 250,000 251,300
Florida HFA, Homeowner Mortgage RB, Series
2, 4.80%, 01/01/03, MBIA Insured 250,000 251,575
Florida HFA, Housing RB, (Lake Carlton
Arms), 7.375%, 12/01/99, National Life
Insurance Co.,
GTY, Mandatory Tender @ 100 65,000 65,153
Florida State, Pollution Ctrl RB,
Series I, 5.30%, 07/01/99 25,000 25,307
Municipal Bonds (Continued) Amount Value
Florida State, Pollution Ctrl RB,
Series W, 7.00%, 07/01/98 140,000 143,032
Florida State Department of Transportation,
GO Bond, (Right-of-Way Acquisition and
Bridge Construction), Series 1997A,
6.40%, 07/01/02 200,000 218,456
Florida State Board of Education, GO Bond,
Series B, 6.30%, 06/01/98 100,000 101,442
Florida State Board of Education, GO Bond,
Series B, 7.00%, 06/01/99,
Pre-refunded @ 102 75,000 79,944
Florida State Board of Education, GO Bond,
Series A, Zero Coupon, 06/01/00,
Pre-refunded @ 37.658 100,000 33,773
Florida State Board of Education, GO Bond,
Series A, 7.25%, 06/01/00,
Pre-refunded @ 102 200,000 219,404
Florida State Board of Education, GO Bond,
Series A, 7.25%, 06/01/00,
Pre-refunded @ 102 185,000 202,949
Florida State Board of Education, GO Bond,
Series E, 4.50%, 06/01/98 75,000 75,290
Florida State Board of Education, GO Bond,
Series C, 5.125%, 06/01/00 100,000 102,645
Florida State Board of Education, GO Bond,
Series A, 5.25%, 06/01/00 65,000 66,845
Florida State Board of Education, GO Bond,
Series A, 5.50%, 01/01/01 250,000 260,055
Florida State Board of Education, GO Bond,
Series C, 5.90%, 05/01/00, Escrowed
to Maturity 25,000 25,284
Florida State Board of Regents, Higher
Education RB, (University of Florida),
4.20%, 08/01/98,
MBIA Insured 50,000 50,163
Florida State Department of General
Services, Division of Facilities Management,
(FL Facilities Pool), 7.00%, 09/01/00,
Pre-refunded @ 102 100,000 109,741
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 @ 102 100,000 104,129
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 115,000 121,786
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 150,000 150,581
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 150,000 154,802
Florida Municipal Power Agency, Electric
Util RB, (Stanton II Project), 5.50%,
10/01/99, AMBAC Insured 50,000 51,462
Florida State Turnpike Auth, Transportation
RB, 7.50%, 07/01/01 250,000 267,370
Florida State Turnpike Auth, Transportation
RB, 7.50%, 07/01/99,
Pre-refunded @ 102 40,000 43,049
Fort Myers, FL New Public Housing Auth,
Housing RB, 5.75%, 06/01/99 400,000 408,528
Fort Myers, FL, Electric Util Rfdg RB,
Series B, Zero Coupon, 10/01/99,
Pre-refunded @ 26.012 40,000 9,559
Gainesville, FL Util System, Electric
Util RB, Series A, 5.90%, 10/01/00 50,000 52,603
Hernando County, FL School District,
GO Bond, 5.10%, 09/01/01,
MBIA Insured 120,000 122,771
Hernando County, FL, Solid Waste RB,
7.10%, 10/01/00,
Pre-refunded @ 102 100,000 110,232
Municipal Bonds (Continued) Amount Value
Hillsborough County, FL Aviation Auth,
Airport RB, (Tampa International Arpt),
Series B, 7.00%, 10/01/99, Pre-refunded
@ 102 75,000 80,643
Hillsborough County, FL Aviation Auth,
Airport RB, (Tampa International Arpt),
Series A, 6.30%,
10/01/00, FGIC Insured 75,000 79,540
Hillsborough, County, FL, Electric Util RB,
9.00%, 12/01/99,
Pre-refunded @ 100 200,000 220,208
Indian River County, FL, Water & Sewer RB,
Series B, 4.40%, 09/01/98,
FGIC Insured 200,000 200,966
Indian Trace Community Development District,
FL, Water Management-Special Benefit Bonds,
Series A, 5.10%, 05/01/01,
MBIA Insured 250,000 258,075
Indian Trace Community Development District,
FL, Water Management-Special Benefit Bonds,
Series A, 5.20%,
05/01/02, MBIA Insured 35,000 36,422
Indian Trail Water Control District, FL,
Public Improv RB, (Unit of Development No.1),
Series 1990, 7.875%, 07/01/00 25,000 26,265
Indian Trail Water Control District, FL,
Public Improv RB, (Unit of Development R2),
Series 1997, 4.10%, 08/01/98,
MBIA Insured 150,000 150,378
Indian Trail Water Control District, FL,
Public Improv RB, (Unit of Development R2),
Series 1997, 4.50%,
08/01/99, MBIA Insured 150,000 151,374
Jacksonville, FL, Capital Improv RB,
(Gator Bowl Project), 5.15%, 10/01/02,
AMBAC Insured 100,000 104,042
Jacksonville, FL Electric Auth, Electric
Util RB, Issue 2,
Series 11, 5.00%, 10/01/98 100,000 101,059
Jacksonville, FL Electric Auth, Electric
Util RB, Series 1A, 9.75%, 10/01/98,
Escrowed to Maturity 100,000 105,351
Jacksonville, FL Electric Auth, Electric
Util RB, Issue One,
Series 2, 9.75%, 10/01/98 100,000 105,295
Jacksonville, FL Health Facilities Auth,
Hospital RB, (Riverside Hospital), 7.25%,
10/01/98, Escrowed to Maturity 30,000 30,900
Jacksonville, FL Health Facilities Auth,
Hospital RB, (St. Lukes Hospital
Association), 6.30%, 11/15/99 50,000 52,160
Jacksonville, FL Health Facilities Auth,
Hospital RB, (Charity Obligated Group),
Series B, 4.50%, 08/15/03 250,000 250,998
Jacksonville, FL Health Facilities Auth,
Hospital RB, (National Benevolent
Association-Cypress Village Project),
Series 1996A, 4.50%, 12/01/98 100,000 100,374
Jacksonville, FL Health Facilities Auth,
Hospital RB, (National Benevolent
Association-Cypress Village Project),
Series 1996A, 4.75%, 12/01/99 115,000 115,880
Jacksonville, FL Health Facilities Auth,
Hospital RB, (National Benevolent
Association-Cypress Village Project),
Series 1996A, 5.00%, 12/01/00 125,000 126,489
Jacksonville, FL Health Facilities Auth,
Hospital RB, (National Benevolent
Association-Cypress Village Project),
Series 1996A, 5.20%, 12/01/01 130,000 131,758
Key West, FL Util Board, Electric Util RB,
Capital Appreciation Bonds, 9.75%, 04/01/00,
Pre-refunded @ 103 100,000 115,840
Lakeland, FL, Hospital RB, (Lakeland Regional
Medical Center), 4.20%,
11/15/02, MBIA Insured 90,000 90,283
Largo, FL, Hospital RB, (Sun Coast Health
System) 5.75%, 03/01/01 285,000 288,069
Lee County, FL HFA, Single Family Mortgage
RB, (Multi-County Program), Series A,
Subseries 2, 5.25%,
03/01/02, GNMA Collateralized 55,000 55,890
Lee County, FL HFA, Single Family Mortgage
RB, (Multi-County Program), Series 1996A,
Subseries 3, 5.00%, 03/01/00, GNMA
Collateralized 50,000 50,171
Lee County, FL HFA, Single Family Mortgage
RB, (Multi-County Program), Series 1996A,
Subseries 3, 5.10%, 03/01/01, GNMA
Collateralized 55,000 55,263
Lee County, FL School Board, Certificate
of Participation, Series A, 6.00%,
08/01/98, FSA Insured 100,000 101,605
Lee County, FL School Board, Certificate
of Participation, Series A, 6.25%, 08/01/01,
Pre-refunded @ 102 80,000 87,290
Lee County, FL School Board, Certificate of
Participation, 4.75%,
08/01/98, FSA Insured 100,000 100,685
Lee County, FL School Board, Certificate of
Participation, 4.875%,
08/01/99, FSA Insured 100,000 101,450
Lee County, FL School Board, Certificate of
Participation, Series A, 4.30%, 08/01/01,
FSA Insured 50,000 50,255
Lee County, FL Hospital Board, Hospital RB,
(Lee Memorial Hospital), 7.10%, 04/01/98,
BIG Insured 50,000 50,681
Lee County, FL Hospital Board of Directors,
Hospital RB, (Lee Memorial Health System
Project), 1997 Series A, 5.00%, 04/01/03,
MBIA Insured 150,000 153,854
Lee County, FL Hospital Board of Directors,
Hospital RB, (Lee Memorial Health System
Project), 5.00%,
04/01/03, MBIA Insured 250,000 256,423
Lee County, FL, Road Improvement RB, 6.70%,
10/01/98, Escrowed to
Maturity 50,000 51,315
Lee County, FL Solid Waste System, Solid
Waste RB, Series A, 6.90%, 10/01/03,
MBIA Insured 100,000 111,084
Lee County, FL Solid Waste System,
Solid Waste RB, Series A, 4.50%,
10/01/01, MBIA Insured 95,000 95,743
Leesburg, FL, Hospital Rfdg RB, (Leesburg
Regional Medical Center Project), Series A,
4.80%, 07/01/00 250,000 252,853
Leon County, FL School District, GO Bond,
6.00%, 07/01/02 250,000 264,850
Manatee County, FL HFA, Single Family
Mortgage RB, 4.00%, 05/01/98, GNMA
Collateralized 40,000 39,974
Manatee County, FL HFA, Single Family
Mortgage RB, Subseries 1, 5.00%, 05/01/99,
GNMA Collateralized 40,000 40,327
Manatee County, FL HFA, Single Family
Mortgage RB, Subseries 1, 5.375%, 05/01/02,
GNMA Collateralized 40,000 40,783
Martin County, FL, GO Bond, 6.50,%,
02/01/00, Pre-refunded @ 102 50,000 53,575
Martin County, FL Health Facilities Auth,
Hospital RB, (Martin Memorial Hospital),
Series A, 7.00%, 11/15/00,
MBIA Insured 175,000 189,046
Martin County, FL Health Facilities Auth,
Hospital RB, (Martin Memorial Medical
Center), Series A, 4.50%, 11/15/02,
MBIA Insured 150,000 150,938
Martin County, FL Health Facilities Auth,
Hospital RB, (Martin Memorial Medical
Center), Series B, 4.50%, 11/15/02,
MBIA Insured 100,000 100,625
Martin County, FL, Combined Special
Assessment RB, 5.30%, 11/01/01 150,000 152,810
Miami Beach, FL Redevelopment Agcy,
Tax Increm RB, (City Center/Historic
Conv Village), 4.20%, 12/01/97 100,000 100,008
Miami Beach, FL Redevelopment Agcy, Tax
Increm RB, (City Center/Historic Conv
Village), 4.90%, 12/01/01 50,000 50,274
Miami Beach, FL Redevelopment Agcy, Tax
Increm RB, (Historic Conv Village), Series
B, 5.25%, 12/01/01 160,000 162,931
Miami, FL Health Facilities Auth, Hospital
RB, (Mercy Hospital), 6.45%, 08/01/01,
AMBAC Insured 100,000 107,723
Miami, FL, Special Rev Rfdg Bond, 7.30%,
01/01/01, MBIA Insured 100,000 102,560
Miami, FL Sports & Exhibition Auth, Special
Obligation RB, 7.20%, 04/01/00,
Pre-refunded @ 102 175,000 190,950
North Broward, FL Hospital District,
Hospital RB, 5.80%,
01/01/99, MBIA Insured 175,000 178,385
North Miami, FL Health Facilities Auth,
Hospital RB, (Catholic Health Services
Obligation Group), 4.80%, 08/15/01,
SunTrust Bank,
Central Florida, LOC 100,000 100,785
Ocala, FL, Power Supply Electric Util
RB, 6.75%, 10/01/98,
MBIA Insured 25,000 25,545
Okaloosa County, FL, Water & Sewer RB,
7.15%, 01/01/99,
Pre-refunded @ 102 50,000 52,788
Orange County, FL Health Facilities Auth,
Hospital RB, (Adventist Health System/Sunbelt
Obligated Group),
6.60%, 11/15/98, AMBAC Insured 100,000 102,772
Orange County, FL Health Facilities Auth,
Hospital RB, (Orlando Regional Healthcare),
Series A, 5.15%, 11/01/00,
MBIA Insured 75,000 77,309
Orange County, FL Health Facilities Auth,
Hospital RB, (Adventist Health System/
Sunbelt Obligated Group), 4.40%, 11/15/97,
AMBAC Insured 100,000 100,036
Orange County, FL HFA, Single Family
Mortgage RB, 5.50%, 10/01/00,
GNMA/FNMA Collateralized 60,000 61,952
Orange County, FL HFA, Single Family
Mortgage RB, Series A, 5.05%, 04/01/02,
GNMA/FNMA Collateralized 100,000 101,537
Orange County, FL HFA, Single Family Mortgage
RB, Series A, 4.70%, 03/01/02, GNMA/FNMA
Collateralized 260,000 260,387
Orange County, FL HFA, Housing RB, (Post
Lake (Orlando)), 7.50%, 01/01/98, The Bank
of Tokyo, Limited, LOC 50,000 50,168
Orlando, FL Utilities Commission, Water
& Electric RB, Series C, 7.00%, 10/01/99,
Pre-refunded @ 102 100,000 107,524
Orlando, FL Utilities Commission, Electric
Util RB, 5.20%, 10/01/00 40,000 41,186
Osceola County, FL HFA, Multifamily Housing
RB, (Tierra Vista Apartments Project), Series
A, 4.85%, 06/01/03, FSA Insured 70,000 70,167
Palm Beach County, FL, Criminal Justice
Facilities RB, 7.10%, 06/01/00,
Pre-refunded @ 102 175,000 191,342
Palm Beach County, FL Health Facilities
Auth, Hospital RB, (Good Samaritan Health
System), 5.40%, 10/01/00 105,000 108,159
Pallm Beach County, FL School District,
Certificates of Participation, Series A,
5.50%, 08/01/01, AMBAC Insured 100,000 104,885
Panama City - Bay County, FL, Airport RB,
4.25%, 10/01/99, MBIA Insured 75,000 75,341
Panama City Beach, FL, Water & Sewer RB,
4.50%, 06/01/99, AMBAC Insured 200,000 201,820
Pasco County, FL School District, GO Bond,
6.10%, 07/01/03, MBIA Insured 200,000 212,902
Pensacola, FL Health Facilities Auth, Hospital
RB, (Daughters of Charity National Health),
4.60%, 01/01/00 200,000 202,416
Pinellas County, FL HFA, Single Family
Mortgage RB, Series 1997C, 4.60%, 09/01/02,
GNMA Collateralized 100,000 100,338
Pinellas County, FL, Capital Improv RB,
5.50%, 10/01/99 100,000 103,073
Pinellas County, FL Educational Facilities
Auth, Industrial Development RB, (College
Harbor Issue), Senior Lien, Series 1996A,
7.25%, 12/01/02 280,000 286,398
Pinellas County, FL Educational Facilities
Auth, Industrial Development RB, (College
Harbor Issue), Junior Lien, Series 1996B,
5.40%, 12/01/00 60,000 60,915
Pinellas County, FL Educational Facilities
Auth, Industrial Development RB, (College
Harbor Issue), Junior Lien, Series 1996B,
5.60%, 12/01/01 60,000 61,179
Pinellas County, FL Educational Facilities
Auth, Industrial Development RB, (College
Harbor Issue), Junior Lien, Series 1996B,
5.70%, 12/01/02 65,000 66,549
Pinellas County, FL Health Facilities Auth,
Hospital RB, (Morton Plant Health System
Project), 4.70%, 11/15/00,
MBIA Insured 100,000 101,668
Pinellas County, FL Health Facilities Auth,
Hospital RB, (Sunshine Village Nursing Home),
6.50%, 10/01/99 130,000 130,685
Pinellas County, FL, Transportation Improv
RB, 5.25%, 08/01/00, FGIC Insured 150,000 155,025
Pinellas County, FL, Transportation Improv
RB, 5.40%, 08/01/01, FGIC Insured 180,000 188,365
Plantation, FL, Water & Sewer RB,
Zero Coupon, 03/01/03, MBIA Insured 110,000 86,759
Polk County, FL School Board, Certificates
of Participation, (School District Financing
Program), 6.35%, 01/01/01,
Pre-refunded @ 102 100,000 108,429
Polk County, FL, Public Improv RB, 6.50%,
12/01/98, Pre-refunded @ 102 100,000 104,810
Port Orange, FL, Water & Sewer RB, 6.40%,
10/01/02, AMBAC Insured 100,000 104,876
Port St. Lucie, FL, Water & Sewer RB, Series
1996A, Zero Coupon, 09/01/01,
FGIC Insured 150,000 127,158
Port St. Lucie, FL, Water & Sewer RB, 4.90%,
09/01/99, FGIC Insured 50,000 50,874
Puerto Rico Electric Power Auth, Electric
Util RB, Series X, 4.75%,
07/01/02, MBIA Insured 75,000 76,536
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 190,000 193,887
Putnam County, FL, Capital Improv RB,
4.05%, 12/01/98, AMBAC Insured 100,000 100,256
St. Augustine, FL, Water & Sewer RB,
Series B, 4.65%, 10/01/98,
MBIA Insured 100,000 100,801
St. Johns County, FL IDA, Hospital RB,
Flagler Hospital Project),
5.50%, 08/01/00 230,000 236,829
St. Johns County, FL IDA, Hospital RB,
(Flagler Hospital Project), 5.60%,
08/01/01 185,000 192,974
St. Johns River Management District, FL,
Water & Sewer RB, (Land Acquisition),
5.50%, 07/01/99,
Pre-refunded @ 100 50,000 51,276
St. Petersburg, FL Health Facilities Auth,
Hospital RB, (Allegheny Health - St. Anthony),
Series C, 7.75%,
01/01/98, Pre-refunded @ 102 40,000 41,054
St. Petersburg, FL Professional Sports
Facility, Sales Tax RB, Series 1995,
5.00%, 10/01/00, MBIA Insured 100,000 102,724
St. Petersburg, FL, Public Improv RB,
5.80%, 02/01/00, MBIA Insured 40,000 41,534
Sarasota County, FL, GO Bond,
5.70%, 10/01/99, FGIC Insured 100,000 103,271
Sarasota County, FL Health Facilities Auth,
(Sunnyside Properties Project),
Series 1995, 5.50%, 05/15/01 500,000 500,620
Sarasota County, FL Utility System, Electric
Util RB, Zero Coupon, 06/01/99,
Pre-refunded @ 22.7283 400,000 85,236
Sarasota County, FL, Electric Util RB,
7.10%, 06/01/98, Pre-refunded
@ 102 100,000 103,868
Seacoast, FL Util Auth, Water & Sewer System
RB, Series A, Zero Coupon, 03/01/99,
Pre-refunded @ 27.8751 315,000 83,399
Seacoast, FL Util Auth, Water & Sewer RB,
Series A, 7.30%, 03/01/99,
Pre-refunded @ 102 55,000 58,447
Seminole County, FL, Solid Waste RB,
7.25%, 10/01/00, Pre-refunded
@ 102 250,000 276,603
Seminole, FL Water Control District,
Spl Assmt Bonds, (Unit of Development No.
2), Series 1996,
5.95%, 08/01/01 290,000 293,068
South Broward Hospital District, FL,
Hospital RB, 4.65%,
05/01/00, AMBAC Insured 250,000 253,650
Tallahassee, FL, Electric Util RB,
Series A, 4.90%, 10/01/98 50,000 50,580
Tallahassee, FL Health Facilities,
Hospital RB, (Tallahassee Memorial
Regional Medical Center), Series B,
5.30%, 12/01/00, MBIA Insured 75,000 77,535
Tallahassee, FL Municipal Airport, Airport
Rfdg RB, 4.60%, 10/01/01,
AMBAC Insured 165,000 167,653
Tampa, FL Sports Auth, IDB,
(Tampa Bay Arena Project), 4.30%,
04/01/99, MBIA Insured 80,000 80,434
University Community Hospital Inc. FL,
Hospital RB, 6.80%, 09/01/99,
Escrowed to Maturity 100,000 104,931
University of South Florida, University
Rev Housing Facilities RB, Series A, 7.00%,
07/01/00, MBIA Insured 165,000 177,160
University of South Florida, University Rev
Housing Facilities RB, Series A, 7.00%,
07/01/02, MBIA Insured 185,000 205,903
Winter Springs, FL, Water & Sewer RB, 7.15%,
04/01/00, Pre-refunded
@ 102 100,000 109,000
Total Municipal Bonds (Cost $25,945,172) $26,195,643
Total Investments (100%) (Cost $27,590,172) $27,840,643
Summary of Ratings (unaudited):
AAA/Equivalent 71%, AA/Equivalent 12%
A/Equivalent 10%, BBB/Equivalent 6%, Other 1%
Average Portfolio Maturity 2.67 Years
Statements of Assets and Liabilities
October 31, 1997 (Unaudited)
Money Fund ShortTerm Fund
ASSETS
Investments in securities, at value
(cost $152,931,894 and $27,590,172,
respectively) $ 152,931,894 $ 27,840,643
Cash 2,121,979 139,995
Receivables:
Interest 1,000,269 422,042
Securities sold -- 1,749,309
Fund shares sold 211,796 --
Organization costs, net of accumulated
amortization 9,076 9,076
Total assets 156,275,014 30,161,065
LIABILITIES
Payable for investment securities
purchased 1,525,336 --
Dividend Payable 480,516 109,009
Payable for fund shares redeemed 242,806 --
Funds advanced by manager 38,931 6,781
Total liabilities 2,287,589 115,790
NET ASSETS
Net assets $ 153,987,425 $ 30,045,275
Number of shares outstanding 153,988,759 2,987,002
Net asset value, offering price and
redemption price per share $ 1.00 $ 10.06
See Notes to Financial Statements
Statements of Operations
For The Six Months Ended October 31, 1997 (Unaudited)
Money Fund ShortTerm Fund
Investment Income
Income:
Interest $2,795,573 $681,213
Expenses:
Investment advisory fee (Note2) 372,925 92,292
Custodian fees (Note 3) 17,844 9,638
12b-1 fees (Note 2) 41,326 11,870
Transfer agency fees and
expenses (Note 2) 42,957 6,410
Printing costs 7,608 1,078
Professional fees 13,439 10,378
Insurance 1,667 294
Registration and filing fees 23,004 10,167
Trustees' fees and expenses 4,378 772
Amortization of organization costs 4,260 4,260
Other expenses 10,625 1,875
Total Expenses 540,033 149,034
Expense reimbursements fees
(Note 2) (355,124) (110,250)
Custodian fees paid indirectly
(Note 3) (4,351) (1,716)
Net expenses 180,558 37,068
Net Investment Income $2,615,015 $644,145
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments ($1,651) $15,062
Unrealized appreciation(depreciation) on
investments -- 294,003
Net realized and unrealized gain (loss)
on investments (1,651) 309,065
Increase in net assets from
operations $2,613,364 $953,210
See Notes to Financials
Statements of Changes in Net Assets
October 31, 1997 (Unaudited)
Money Fund ShortTerm Fund
Six months Six months
ended Year ended Year
10/31/97 ended 10/31/97 ended
(Unaudited) 4/30/97 (Unaudited) 4/30/97
Increase(Decrease) in Net Assets
Operations:
Net Investment Income $2,615,015 $4,401,067 $644,145 $749,331
Net realized gain (loss)
on Investments (1,651) 487 15,062 13,101
Unrealized appreciation
(depreciation) -- -- 294,003 (59,213)
Increase in net assets
from operations 2,613,364 4,401,554 953,210 703,219
Dividends to shareholders from:
Net Investment Income (2,615,015) (4,401,063) (644,145) (749,331)
Realized gains (170)
Fund Share transactions
(Note 4) 17,536,329 22,509,253 883,644 16,554,851
Net Increase in Assets 17,534,678 22,509,570 1,192,709 16,508,739
Net Assets:
Beginning of period 136,452,747 113,943,177 28,852,567 12,343,828
End of period 153,987,425 136,452,747 30,045,276 28,852,567
See Notes to Financial Statements
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 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
October 31, 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.
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 six
months ended October 31, 1997, management fees totalled $372,925 and $92,292
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 six month period ended
October 31, 1997, fees under this agreement amounted to $26,247 and $2,794 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 .28% 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 six month period ended October 31, 1997, the Money Fund and the
ShortTerm Fund paid $798 and $702, 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 six month period ended October 31, 1997, custodian fees were reduced by
earnings credits of $4,351 and $1,716 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
$153,988,759 and $29,866,040 respectively. Transactions in Fund shares for the
six months ended October 31, 1997 and the year ended April 30, 1997 were as
follows:
MONEY FUND* SHORTTERM FUND
SHARES AMOUNT
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
10/31/97 4/30/97 10/31/97 4/30/97 10/31/97 4/30/97
SOLD 162,941,159 275,829,809 1,774,330 3,200,074 $17,790,183 $31,954,497
ISSUED
ON RE-
INVESTED
DIVIDENDS 2,431,236 4,053,913 60,049 66,946 601,803 667,960
REDEEMED(147,836,066)(257,374,469)(1,744,479)(1,610,609)(17,508,342)(16,067,606)
------------- ----------- ---------- --------- ---------- ----------
NET
INCREASE
(DECREASE) 17,536,329 22,509,253 89,900 1,656,411 $883,644 $16,554,851
* 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 six months ended October 31, 1997
were $6,686,838 and $5,595,656 respectively. At October 31, 1997, the cost of
securities for federal income tax purposes was the same as that for financial
reporting purposes. Net unrealized appreciation, which amounted to $250,471
for the ShortTerm Fund, consisted of aggregate gross unrealized appreciation
and (depreciation) of $251,852 and ($1,381), respectively. As of October 31,
1997, the accumulated net realized loss was $71,235 for the ShortTerm Fund.
For tax purposes, such losses are available to offset future realized capital
gains until the capital loss carryforwards expire in 2003.
6. Financial Highlights
MONEY FUND
PER SHARE OPERATING SIX MONTHS PERIOD
PERFORMANCE (FOR A SHARE ENDED YEAR YEAR YEAR FROM
OUTSTANDING THROUGHOUT 10/31/97 ENDED ENDED ENDED 11/22/93*
THE PERIOD) (UNAUDITED) 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 $1.00
INCOME FROM INVESTMENT
OPERATIONS:
NET INVESTMENT INCOME 0.018 0.034 0.036 0.035 0.011
NET REALIZED AND
UNREALIZED GAIN(LOSS)
ON INVESTMENTS - - - - -
TOTAL FROM INVESTMENT ______ ______ _____ ______ _____
OPERATIONS 0.0.18 0.034 0.036 0.035 0.011
LESS DISTRIBUTIONS:
DIVIDENDS FROM NET
INVESTMENT INCOME (0.018) (0.034) (0.036) (0.035) (0.011)
------- -------- ------- ------- -------
NET ASSET VALUE,END
OF PERIOD $1.00 $1.00 $1.00 $1.00 $1.00
------ ------ ------ ------ -----
TOTAL RETURN 3.41% 3.42% 3.69% 3.59% 2.49%
dagger
RATIOS/SUPPLEMENTAL DATA
NET ASSETS AT END OF
PERIOD (000'S) $153,987 $136,453 $113,943 $105,647 $23,516
RATIOS TO AVERAGE DAILY
NET ASSETS dagger
EXPENSES 0.24% 0.20% 0.20% 0.07% 0.00%
EXPENSES (BEFORE
REIMBURSEMENT) 0.72% 0.78% 0.80% 1.04% 1.96%
double dagger
NET INVESTMENT INCOME 3.50% 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
PER SHARE OPERATING SIX MONTHS PERIOD
PERFORMANCE (FOR A ENDED YEAR YEAR YEAR FROM
SHARE OUTSTANDING 10/31/97 ENDED ENDED ENDED 11/22/93*
THROUGHOUT THE PERIOD (UNAUDITED) 4/30/97 4/30/96 4/30/95 TO 4/30/94
NET ASSET VALUE,
BEGINNING OF PERIOD INCOME $9.95 $9.94 $9.89 $9.86 $10.00
FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME 0.21 0.43 0.42 0.42 0.16
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS 0.11 0.01 0.05 0.03 (0.14)
----- ----- ----- ----- ------
TOTAL FROM INVESTMENT 0.32 0.44 0.47 0.45 0.02
OPERATIONS
LESS DISTRIBUTIONS:
DIVIDENDS FROM NET
INVESTMENT INCOME (0.21) (0.43) (0.42) (0.42) (0.16)
------ ------ ------ ------ -----
NET ASSET VALUE, END
OF PERIOD $10.06 $9.95 $9.94 $9.89 $9.86
------- ------ ------ ------ ------
TOTAL RETURN 6.45% 4.59% 4.85% 4.66% 0.49%
dagger
RATIOS/SUPPLEMENTAL DATA $30,045 $28,853 $12,344 $11,113 $10,757
RATIOS TO AVERAGE DAILY
NET ASSETS dagger
EXPENSES 0.24% 0.20% 0.20 0.07% 0.05%
EXPENSES (BEFORE
REIMBURSEMENT) 1.00% 1.18% 1.42% 1.50% 2.77%
double dagger
NET INVESTMENT
INCOME 4.19% 4.27% 4.25% 4.25% 3.79%
PORTFOLIO TURNOVER
RATE 19.97% 40.93% 83.40% 35.90% 10.90%
___________________________________
*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.
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THE FLORIDA TAX FREE FUNDS
0
2
See Notes To Financial Statements
THE FLORIDA TAXFREE FUNDS
THE FLORIDA TAXFREE FUNDS
1
The Florida TaxFree Money Market Fund
Statement of Investments
October 31, 1997 (Unaudited)
22
See Notes To Financial Statements
The Florida TaxFree Short Term Fund
Statement of Investments
October 31, 1997 (Unaudited)
THE FLORIDA TAXFREE FUNDS
Statements of Operations
For The Six Months Ended October 31, 1997 (Unaudited)
THE FLORIDA TAXFREE FUNDS
Statements of Changes in Net Assets
October 31, 1997 (Unaudited)
23
See Notes To Financial Statements
THE FLORIDA TAXFREE FUNDS
Notes to Financial Statements - October 31, 1997 (Unaudited)
30
