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
April 30, 1999
This report must be preceded or accompanied by a current prospectus of The
Florida TaxFree Funds.
CONTENTS
President's Message 1
The Florida TaxFree Money Market Fund Statement of Investments
Variable Rate Demand Notes 3
Municipal Bonds 4
The Florida TaxFree ShortTerm Fund Statement of Investments
Variable Rate Demand Notes 9
Municipal Bonds 9
Statements of Assets and Liabilities 16
Statements of Operations 17
Statements of Changes in Net Assets 18
Notes to Financial Statements 19
Independent Auditor's Report 25
THE FLORIDA TAXFREE FUNDS - PRESIDENT'S MESSAGE
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 $160.4 million as of
April 30, 1999. This compares with $149.4 million on April 30, 1998.
IBC Financial Data, Inc. and Lipper, Inc., are two respected mutual fund
performance and statistical reporting companies that rank money market fund
performance by category. We are pleased to announce for the five-year period
ending December 31, 1998, The Florida Tax Free Money Fund was ranked number one
out of 16 state tax-exempt money market funds by Lipper, based on total return
for the period. For the quarter ended March 31, 1999, the Florida TaxFree Money
Market Fund was ranked 19th out of 219 tax-free state specific funds by IBC.
We are pleased to report that, for the calendar year ending December 31, 1998,
The Florida TaxFree Money Market Fund was ranked by IBC in the top 10% out of
a total of approximately 216 tax-free state specific funds tracked by the firm
based on total return for the period.
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 2.93% as of April 30, 1999. For
investors in the 36% federal tax bracket who have Florida intangible assets
of $200,000 or more, the tax equivalent yield was 4.78%.
The Florida TaxFree ShortTerm Fund
As of April 30, 1999, total net assets for the Fund were $29.3 million. The
portfolio had a dollar-weighted average maturity of 2.62 years and a 30 day
SEC yield of 3.36% on April 30, 1999. This yield equates to a tax equivalent
yield of 5.45% 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 $10.11 on April
30, 1999, compared with $10.05 on April 30, 1998, contributing to a 4.71%
cumulative total return on the Fund for the year ended April 30, 1999. 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 40 cents per share for the year ended April 30, 1999.
The cumulative total return on the Fund since its inception November 22, 1993
through April 30, 1999 was 26.74%. This represents a return of 4.46% on an
annualized basis. As shown on the accompanying chart, another way of
illustrating this return since inception would be that $10,000 invested on
November 22, 1993 would have grown to $12,674.60 on October 31, 1999,
including reinvestment of all distributions.
Contained in this space is a line graph comparing a $10,000 investment made
on inception of the Fund (11/22/93) to the Lehman 3-Year Bond Index. The
vertical axis shows values starting at $9,500, in $500 increments, up to
$13,000. The horizontal axis shows the time period starting with the
inception of the Fund (11/22/93) and through April 1999, at three month
intervals.
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
THE FLORIDA TAXFREE MONEY MARKET FUND
STATEMENT OF INVESTMENTS
Variable Rate Demand Notes Principal Value
Amount
FLORIDA (37%)
Broward County, FL Education, Research, and $2,000,000 $2,000,000
Training Auth, IDB, (The International Game
Fish Association Project), Series 1997, 4.05%,
08/01/04, NationsBank, N.A., LOC
Broward County, FL, IDB, (Pavermodule, Inc. 600,000 600,000
Project), 4.05%, 09/01/04, NationsBank, N.A., LOC
Broward County, FL, IDB, (W.R. Bonsal Company 1,300,000 1,300,000
Project), 4.15%, 09/01/08, NationsBank, N.A., LOC
Capital Projects Finance Auth, FL, Industrial 4,100,000 4,100,000
Development RB, (Capital Projects Loan Program),
Series 1997A, 4.00%, 07/01/27, FSA Insured, Credit
Suisse First Boston, `SBPA
Collier County, FL HFA, Housing RB, (River 1.900,000 1,900,000
Reach),4.00%, 12/01/15, Morgan Guaranty Trust Co., LOC
Collier County, FL HFA, Housing RB, 4,900,000 4,900,000
(Saddlebrook), 4.25%, 12/25/30, Texas Commerce Bank, LOC
Dade County, FL Health Facilities Auth, 3,000,000 3,000,000
Hospital RB, (Miami Children's Hospital),
4.30%, 09/01/20, Barnett Bank of South FL, LOC
Dade County, FL IDA, IDB, (Dolphins Stadium), 2,100,000 2,100,000
Series D, 3.95%, 01/01/16, Societe Generale, LOC
Dade County, FL IDA, IDB, (Arlington Sales), 1,150,000 1,150,000
4.40%, 06/01/08, Credit Commercial de France, LOC
Dade County, FL IDA, IDB, (Dynacolor Graphics 475,000 475,000
Project), 4.40%, 06/01/99, Credit Commercial de France, LOC
Florida HFA, Housing RB, (Clear Lake), 1,000,000 1,000,000
Series D, 4.00%, 12/01/09, Continental Casualty, GTY
Florida HFA, Housing RB, (Lakes of Northdale 1,675,000 1,675,000
Project), Series D, 4.10%, 06/01/07, SouthTrust Bank of AL, LOC
Florida HFA, Housing RB, (Springs Colony 2,000,000 2,000,000
Project), 1985 Series FF, 4.00%, 09/15/26, FNMA
Collateralized
Florida Housing Finance Corp, Housing RB, 1,000,000 1,000,000
(South Pointe Project), Series J, 3.54%, 02/15/28,
FNMA Collateralized
Floyd County, GA Development Auth, Pollution 700,000 700,000
Ctrl RB, (GA Power Co - Plant Hammond Project),
First Series 1996, 4.35%, 09/01/26
Hillsborough County, FL IDA, Pollution Control 1,000,000 1,000,000
RB, (Reynolds Metals Company), 3.45%, 12/01/15,
Dresdner Bank, A.G., LOC
Hillsborough County, FL IDA, Pollution Ctrl RB, 1,600,000 1,600,000
(Tampa Electric Co.), 4.30%, 11/01/20
Hillsborough County, FL IDA, Industrial 1,200,000 1,200,000
Development RB, (Berry Packaging Inc.),
4.15%, 07/01/17, NationsBank, N.A., LOC
Inland Protection Financing Corp, FL, Solid 9,320,000 9,320,000
Waste RB, (Series BTP-273 Class A Certificates),
Series 1997, 4.20%, 01/01/04, FSA Insured, The
Bank of New York, Liquidity Facility
Jacksonville, FL, Industrial Development RB, 245,000 245,000
(Coastal Industries), 4.35%, 08/01/08, Credit
Commercial de France, LOC
Lake County, FL IDA, IDB, (Novelty Crystal 1,350,000 1,350,000
Corp.), 4.40%, 03/01/09, Credit Commercial de France, LOC
Miami-Dade County, FL IDA, Industrial 6,000,000 6,000,000
Development RB, (Professional Modification Services
Project), Series 1998, 4.20%, 08/01/18, Bankers Trust Company, LOC
Variable Rate Demand Notes (Continued)
Principal
Amount Value
Nassau County, FL, Pollution Control RB, 2,500,000 2,500,000
(Rayonier Project), Series 1999, 3.90%, 10/01/08,
SunTrust Bank, Atlanta, LOC
Orange County, FL Educational Facilities Auth, 2,000,000 2,000,000
Higher Education RB, (Rollins College Project),
4.05%, 05/01/25, Barnett Bank, N.A., LOC
Pinellas County, FL HFA, Housing RB, 1,600,000 1,600,000
(Lynn Lake II), 3.95%, 07/01/11, NationsBank
of Georgia, N.A., LOC
St. Lucie County, FL, Pollution Control RB, 1,200,000 1,200,000
(Florida Power & Light), 4.30%, 01/01/27
Sumter County, FL IDA, IDB, (Great Southern 400,000 400,000
Wood, FL, Inc.), 4.60%, 04/01/05, SouthTrust Bank, LOC
Tamarac, FL, IDB, (Tampa Bay Business Center, 1,600,000 1,600,000
Inc. Project), 4.15%, 08/01/15, NationsBank of FL, NA, LOC
Volusia Cnty, FL IDA, (RS Displays Inc. 725,000 725,000
Project), 4.40%, 6/01/09, Credit Commercial de France, LOC
Total Variable Rate Demand Notes (Cost $58,640,000)
Municipal Bonds Principal Value
Amount
FLORIDA (58%)
Bay County, FL School District, Public Improv 3,640,000 3,640,082
RB, 3.80%, 06/01/99, FSA Insured
Broward County, FL Airport System, 2,240,000 2,239,032
Transportation RB, (Passenger Facility
Charge/Convertible Lien Bonds), Series
1998H-1, 3.00%, 10/01/99, AMBAC Insured
Broward County, FL, Certificates of 100,000 100,090
Participation, Series A, 4.75%, 06/01/99, MBIA Insured
Broward County, FL School District, Revenue 4,450,000 4,468,472
Anticipation Notes, Series B, 3.50%, 04/13/00
Dade County, FL, GO Bonds, Series B, 50,000 50,001
5.50%, 07/01/99
Dade County, FL, Guaranteed Entitlement 125,000 121,463
Spl Assmt Bonds, Series B, Zero Coupon,
02/01/00, MBIA Insured
Dade County, FL School Board, Certificates 250,000 250,000
of Participation, 4.30%, 05/01/99, AMBAC Insured
Dade County, FL School District, GO Bonds, 105,000 107,649
7.10%, 07/01/99, Pre-refunded @ 102
Dade County, FL School District, GO Bonds, 150,000 153,978
7.20%, 07/01/99, Pre-refunded @ 102
Dade County, FL School District, GO Bonds, 750,000 770,214
7.375%, 07/01/99, Pre-refunded @ 102
Dade County, FL School District, GO Bonds, 200,000 205,300
7.10%, 07/01/99, Pre-refunded @ 102
Dade County, FL School District, GO Bonds, 50,000 50,058
Series A, 4.80%, 06/01/99, MBIA Insured
Dade County, FL School District, GO Bonds, 100,000 100,378
5.00%, 08/01/99, MBIA Insured
Dade County, FL Solid Waste System, Solid 100,000 100,450
Waste RB, 4.20%, 10/01/99, AMBAC Insured
Dade County, FL Health Facilities Auth, 150,000 155,197
Hospital RB, (South Miami Hospital) 7%,
10/01/99, Pre-refunded @ 102
Municipal Bonds (Continued) Principal
Amount Value
Daytona Beach, FL, Water & Sewer RB, 50,000 51,065
6.80%, 05/15/99, Pre-refunded @ 102
Daytona Beach, FL, Water & Sewer RB, 100,000 102,133
6.80%, 05/15/99, Pre-refunded @ 102
Daytona Beach, FL, Water & Sewer RB, 50,000 51,057
6.90%, 05/15/99, Pre-refunded @ 102
Daytona Beach, FL, Water & Sewer RB, 200,000 204,272
6.90%, 05/15/99, Pre-refunded @ 102
Escambia County, FL Health Facilities 330,000 330,000
Auth, Hospital RB, (Charity Obligated
Group), Series C, 3.10%, 11/01/99
Escambia County, FL HFA, Housing RB, 260,000 260,000
(University of West Florida Foundation, Inc.
Project), 3.50%, 06/01/99, MBIA Insured
Florida HFA, Housing RB, (Iona Lakes Project), 1,500,000 1,500,000
1989 Series D, 3.25%, 04/01/00, Continental
Casualty, Gty, Mandatory Tender @ 100
Florida Housing Finance Corporation, Housing 1,500,000 1,500,160
RB, Homeowner Mortgage, Series 5, 3.15%, 03/31/00,
Bayerische Landesbank, Girozentrale, GIC
Florida, State of, GO Bonds, 7.30%, 07/01/99, 40,000 41,043
Pre-refunded @ 102
Florida, State of, GO Bonds, 7.30%, 07/01/99, 100,000 102,531
Pre-refunded @ 102
Florida, State of, GO Bonds, 7.30%, 07/01/99, 50,000 51,264
Pre-refunded @ 102
Florida, State of, GO Bonds, (Jacksonville 400,000 401,740
Transportation), 6.50%, 07/01/99
Florida, State of, GO Bonds, Department of 300,000 301,278
Transportation, (Right of Way), 5.75%, 07/01/99
Florida, State of, GO Bonds, 7.375%, 07/01/99, 440,000 451,816
Pre-refunded @ 102
Florida State Board of Education, GO Bonds, 525,000 537,051
Series 1989-B, 6.70%, 06/01/99, Pre-refunded @ 102
Florida State Board of Education, GO Bonds, 520,000 524,333
Series A, 5.90%, 06/01/99
Florida State Board of Education, GO Bonds, 150,000 150,269
Series B, 5.30%, 06/01/99, Escrowed to Maturity
Florida State Board of Education, GO Bonds, 300,000 300,284
Series C, 4.80%, 06/01/99
Florida State Board of Education, GO Bonds, 175,000 175,247
Series B, 5.00%, 06/01/99
Florida State Board of Education, GO Bonds, 100,000 101,147
Series A, 5.00%, 01/01/00
Florida State Board of Education, GO Bonds, 325,000 325,652
Series F, 6.00%, 06/01/99
Florida State Board of Education, Lottery RB, 3,680,000 3,684,519
Series 1998A, 4.50%, 07/01/99, FGIC Insured
Florida State Board of Education, GO Bonds, 1,000,000 1,000,000
Series C, 5.85%, 05/01/99, Escrowed to Maturity
Florida State Board of Regents, Housing RB, 180,000 180,731
(University of Florida), Series 1998, 6.00%,
07/01/99, MBIA Insured
Florida State Division of Bond Finance, 925,000 928,856
Department of General Services, Public Improv
RB, (Dept of Natural Resources-Preservation
2000), Series A, 5.75%, 07/01/99, MBIA Insured
Florida State Turnpike Auth, Transportation RB, 200,000 205,426
7.75%, 07/01/99, Pre-refunded @ 102
Florida State Turnpike Auth, Transportation RB, 500,000 513,520
7.50%, 07/01/99, Pre-refunded @ 102
Florida State Turnpike Auth, Transportation RB, 100,000 102,701
7.60%, 07/01/99, Pre-refunded @ 102
Florida State Turnpike Auth, Transportation RB, 400,000 410,747
7.50%, 07/01/99, Pre-refunded @ 102
Florida State Turnpike Auth, Transportation RB, 750,000 751,648
4.50%, 07/01/99, FGIC Insured
Florida Local Government Commission, Commercial 4,000,000 4,000,000
Paper, (Florida Association of Counties Pooled
Program), 3.05%, 06/10/99, First Union National Bank, LOC
Florida Local Government Commission, Commercial 2,000,000 2,000,000
Paper, (Florida Pooled Program), Series B, 2.85%
06/16/99, First Union National Bank, LOC
Florida Municipal Power Agency, Commercial 905,000 905,000
Paper, Pooled Loan Project, 3.15%, 06/07/99,
First Union National Bank of NC, LOC
Municipal Bonds (Continued) Principal
Amount Value
Florida Municipal Power Agency, Commercial 1,000,000 1,000,000
Paper, Pooled Loan Project, 3.15%, 06/07/99,
First Union National Bank of NC, LOC
Fort Lauderdale, FL, GO Bonds, 4.00%, 07/01/99 260,000 260,147
Fort Meade, FL, Electric Util RB, Series 1999, 70,000 70,000
3.40%, 01/01/00, MBIA Insured
Fort Walton Beach, FL, Public Improv RB, 3.10%, 110,000 109,991
07/01/99, FSA Insured
Hillsborough County, FL Aviation Auth, Airport 25,000 25,322
RB, (Tampa International Arpt), Series B, 6.85%,
10/01/99, AMBAC Insured
Hillsborough County, FL Aviation Auth, Airport 2,000,000 2,072,718
RB, (Tampa International Arpt), Series B, 7.10%,
10/01/99, Pre-refunded @ 102
Hillsborough County, FL Aviation Auth, Airport 2,750,000 2,847,551
RB, (Tampa International Arpt), Series B, 7.00%,
10/01/99, Pre-refunded @ 102
Hillsborough County, FL, Water & Sewer RB, 210,000 216,881
9.00%, 12/01/99, Pre-refunded @ 100
Homestead, FL, Special Assessment RB, 25,000 25,127
(Hurricane Andrew), 4.75%, 09/01/99, Escrowed to Maturity
Indian Trace, FL Community Development Dist, 100,000 100,000
Special Assessment RB, (Water Management -
Special Benefit), Series A-1, 5.00%, 05/01/99,
MBIA Insured, Swiss Bank, SBPA
Indian Trace Community Development District, 100,000 101,313
FL, Water Management-Special Benefit Bonds,
Series A, 5.00%, 05/01/00, MBIA Insured
Jacksonville, FL Elec Auth, Commercial Paper, 1,000,000 1,000,000
Series C-1, 3.15%, 06/03/99, Morgan Guaranty, Liquidity Provider
Jacksonville, FL, GO Bonds, (Commercial Paper 9,800,000 9,800,000
Program), 2.60%, 05/07/99, Morgan Guaranty,
Bayerische Landesbank Girozentrale, SunBank, LOC
Jacksonville, FL, Commercial Paper, (Florida 2,500,000 2,500,000
Power & Light), Series 1992, 3.10%, 06/04/99
Jacksonville, FL, Commercial Paper, (Florida 2,500,000 2,500,000
Power & Light), Series 1992, 2.65%, 05/06/99
Jacksonville, FL Health Facilities Auth, 3,750,000 3,837,879
Hospital RB, (Baptist Medical Center Project),
Series A, 7.30%, 06/01/99, Pre-refunded @ 102
Jacksonville, FL Health Facilities Auth, 100,000 100,650
Hospital RB, 7.30%, 07/01/99, Pre-refunded @ 100
Lee County, FL School Boaard, Certificates of 250,000 251,049
Participation, Series A, 4.875%, 08/01/99, FSA Insured
Lee County, FL Hospital Board of Directors, 1,500,000 1,500,000
Hospital RB, (Lee Memorial Hospital Project),
Commercial Paper, 1995 Series A, 3.20%, 06/08/99,
SunTrust Bank, Central FL, LOC
Lee County, FL Hospital Board of Directors, 3,000,000 3,000,000
Hospital RB, (Lee Memorial Hospital Project),
Commercial Paper, Series C, 3.20%, 06/02/99,
SunTrust Bank, Central FL, LOC
Lee County, FL Hospital Board of Directors, 1,800,000 1,800,000
Hospital RB, (Lee Memorial Hospital Project),
Commercial Paper, Series D, 3.20%, 05/05/99,
SunTrust Bank, Central FL, LOC
Lee County, FL Hospital Board of Directors, 1,000,000 1,000,000
Hospital RB, (Lee Memorial Health System Project),
Commercial Paper, 1997 Series B, 3.15%, 05/11/99,
SunTrust Bank, Central FL, LOC
Lee County, FL IDA, Industrial Development RB, 100,000 100,614
(Bonita Springs Utility Project), 4.55%, 11/01/99, MBIA Insured
Leon County, FL, Special Assessment RB, 50,000 50,521
(Criminal Detention Facilities), 5.80%, 10/01/99
AMBAC Insured
Manatee County, FL School District, Sales 500,000 500,808
Tax RB, 4.00%, 08/01/99, AMBAC Insured
Municipal Bonds (Continued)
Principal
Amount Value
Marion County, FL, Public Improv RB, 6.00%, 500,000 508,084
12/01/99, Pre-refunded @ 100
Martin County, FL School District, Tax 1,000,000 1,000,634
Anticipation Notes, 4.00%, 06/30/99
Miami Beach, FL Health Facilities Auth, 340,000 340,000
Hospital RB, (South Shore Hospital), Series A,
3.40%, 08/01/99, ACA Insured
Miami-Dade County, FL, Special Assessment RB, 965,000 965,543
4.00%, 07/01/99, MBIA Insured
Miami, FL, Public Improv RB, (Parking 315,000 316,029
Facilities), 4.00%, 10/01/99, MBIA Insured
North Miami Beach, FL, GO Bonds, 5.30%, 50,000 50,745
2/01/00, FGIC Insured
Ocoee, FL, Transportation RB, Series 1998, 150,000 150,000
3.35%, 10/01/99, MBIA Insured
Orange County, FL, Sales Tax RB, 4.30%, 95,000 95,746
01/01/00, FGIC Insured
Orlando, FL Utilities Commission, Electric 540,000 559,024
Util RB, Sub-Series C, 7.00%, 10/01/99, Pre-refunded @ 102
Osceola County, FL, Public Improv RB, 3.60%, 400,000 400,674
09/01/99, MBIA Insured
Palm Beach County, FL, Public Improv RB, 300,000 300,933
(Criminal Justice Facilities), 6.80%, 06/01/99, FGIC Insured
Palm Beach, FL HFA, Housing RB, (Lake Crystal 100,000 100,000
Apts Project), 3.30%, 06/01/99, FHLMC Collateralized
Palm Beach, FL HFA, Housing RB, (Lake Crystal 105,000 105,000
Apts Project), 3.30%, 12/01/99, FHLMC Collateralized
Palm Beach County, FL School Board, 50,000 50,115
Certificates of Participation, Series A, 4.20%,
08/01/99, AMBAC Insured
Palm Beach County, FL School District, Tax 450,000 451,024
Anticipation Notes, 3.625%, 10/14/99
Palm Beach County, FL Health Facilities Auth, 3,000,000 3,000,000
Hospital RB, (Pooled Hospital Loan Project),
Commercial Paper, 2.65%, 06/22/99, MBIA Insured, Credit Suisse, SBPA
Pompano Beach, FL, Go Bonds, Series B, 6.75%, 500,000 502,882
07/01/99, FGIC Insured
Port St. Lucie, FL, Water & Sewer RB, 5.25%, 100,000 100,000
05/01/99, Escrowed to Maturity
Putnam County, FL Development Auth, Pollution 1,000,000 1,000,000
Ctrl RB, (Seminole Electric Cooperative, Inc.),
Series D, 2.85%, 06/15/99, National Rural Utilities
Cooperative Finance Corporation, GTY, Mandatory Tender @ 100
Putnam County, FL Development Auth, Pollution 1,500,000 1,500,000
Ctrl RB, (Seminole Electric Cooperative, Inc.),
Series H-4, 3.00%, 09/15/99, National Rural Utilities
Cooperative Finance Corporation, GTY, Mandatory Tender @ 100
Royal Palm Beach, FL, Water & Sewer RB, Series 100,000 100,244
1998, 4.00%, 10/01/99, MBIA Insured
St. Johns, FL, River Management District, 100,000 100,397
Water & Sewer RB, (Land Acquisition), 5.50%,
07/01/99, Pre-refunded @ 100
St Johns, Fl River Management District, 800,000 802,372
Public Improv RB, (Land Acquisition Rev), 5.00%
07/01/99, FSA Insured
St. Lucie County, FL, Commercial Paper, 3,250,000 3,250,000
(Florida Power & Light), 2.65%, 05/04/99
1,000,000 1,000,000
Sarasota County, FL Public Hosp Dist,
Commercial Paper, Series B, (Sarasota Memorial
Hospital), 2.65%, 05/10/99, SunTrust Bank, Central Florida, LOC
Municipal Bonds (Continued) Principal Value
Amount
Sarasota County, Fl Public Hosp Dist, 3,000,000 3,000,000
Commercial Paper, Series 1996A, (Sarasota
Memorial Hospital), 3.15%, 05/12/99
Suntrust Bank, SBPA
Sarasota County, FL Utility System, Water & 140,000 36,962
Sewer RB, Zero Coupon, 06/01/99, Pre-refunded @ 26.4863
Sarasota County, FL Utility System, Electric 75,000 16,995
Util RB, Zero Coupon, 06/01/99, Pre-refunded @ 22.7283
Sarasota, FL, GO Bonds, 3.55%, 08/01/99, 80,000 80,000
FSA Insured
Seminole County, FL School Board, Certificates 100,000 100,379
of Participation, Series B, 5.40%, 07/01/99, MBIA Insured
Sunshine State Governmental Financing Comm, 2,260,000 2,260,000
Commercial Paper, 3.15%, 05/05/99, FGIC
Insured, SBPA: Bank of Nova Scotia
Tampa, FL, Hospital RB, (Allegany Health - 500,000 521,122
St. Joseph's), 7.125%, 12/01/99, Pre-refunded @ 102
Tampa, FL, Hospital RB, (Allegany Health 75,000 78,085
- - St. Joseph's), 7.375%, 12/01/99, Pre-refunded @ 102
Village Center Community Development District, 500,000 501,723
FL, Public Improv RB, Series A, 3.90%, 11/01/99, MBIA Insured
OTHER (NON-FLORIDA) (5%)
Bernalillo County, NM, GO Bonds, 5.20%, 08/01/99 30,000 30,127
Brandon, MI School District, GO Bonds, 4.45%,
05/01/99, FGIC Insured 100,000 100,000
Chester County, PA, GO Bonds, 4.25%, 11/01/99 200,000 201,080
Cook County, IL School District No. 145, GO
Bonds, 9.00%, 12/01/99, FSA Insured 200,000 206,503
Cook County, IL School District No. 149, GO
Bonds, 6.25%, 12/01/99, MBIA Insured 225,000 228,846
Dallas, TX, GO Bonds, 5.75%, 05/01,99,
Pre-refunded @ 100 260,000 260,000
Davenport IA, GO Bonds, Series A,
4.60%, 06/01/99 25,000 25,023
District of Columbia, GO Bonds, Series B,
5.70% , 06/01/99, MBIA Insured 75,000 75,068
Fayetteville, NC, GO Bonds, 7.10%, 05/01/99,
Pre-refunded @ 102 100,000 102,000
Greenfield, WI, GO Bonds, 4.50%, 09/01/99,
AMBAC Insured 400,000 401,785
Hays, TX, Consolidated Independent School 250,000 251,578
District, GO Bonds, 5.00%, 09/01/99, PSFG Insured
Illinois, State of, Sales Tax RB, Series J, 1,000,000 1,024,627
6.90%, 06/15/99, Pre-refunded @ 102
Indiana Secondary Market Educational Loans Inc., 300,000 301,732
Higher Educ RB, 5.30%, 09/01/99
Manhattan, KS, Tax Increment RB, (Cent Business 600,000 603,413
District), Series A, 4.50%, 12/01/99 Asset
Guaranty, Insured
New Jersey State Educational Facilities Auth, 500,000 513,251
Higher Educ RB, (Trenton State College)
Series C, 7.125%, 07/01/99, Pre-refunded @ 102
Ocean County, NJ, GO Bonds, Series A, 100,000 101,851
6.40%, 12/01/99
Peoria County, IL, GO Bonds, 4.75%, 12/15/99, 450,000 454,415
FGIC Insured
Phoenix, AZ, GO Bonds, Series A, 3.75%, 07/01/99 500,000 500,414
Puerto Rico, Commonwealth of, Public Improv RB 155,000 158,428
Series A, 7.75%, 07/01/99, Pre-refunded @ 101.50
Shelton, CT, GO Bonds, Lot B, 5.70% 100,000 100,801
09/01/99, MBIA Insured
Volunteer State Student Funding Corp. TN 2,000,000 2,013,138
Higher Education RB, Sub-Series B, 4.85% 12/01/99
West Chester County, NY GO Bonds, 6.625% 50,000 50,830
11/01/99
Wyoming Valley, PA Sanitation Auth, Water 100,000 103,842
& Sewer RB, 6.75%, 11/15/99, Pre-refunded @ 102
Total Municipal Bonds (63%) (Cost $100,581,889) $100,581,889
Total Investments (100%) (Cost $159,221,889) $159,221,889
Summary of Ratings (unaudited):
AAA/Equivalent 98%, AA/Equivalent 2%
Average Portfolio Maturity: 52.08 Days
THE FLORIDA TAXFREE SHORTTERM FUND
STATEMENT OF INVESTMENTS
APRIL 30, 1999
Variable Rate Demand Notes Principal
Amount Value
FLORIDA (3%)
Hillsborough County, FL IDA, Pollution Ctrl RB,$700,000 $700,000
(Tampa Electric Co.), Series 1990, 4.25%, 9/01/25
Palm Beach County, FL, Water & Sewer RB, 200,000 200,000
5.35%, 10/01/11, The Sanwa Bank, Limited, LOC
OTHER (NON-FLORIDA) (2%)
Los Angeles County, CA IDA, IDB, (Socransky 170,000 170,000
Children's Fund), 4.20%, 12/01/05, Dai-Ichi Kangyo Bank, LTD., LOC
Los Angeles County, CA IDA, IDB, (Komax 400,000 400,000
Systems), 4.50% 12/01/06 , Dai-Ichi Kangyo Bank, LTD, LOC
Total Variable Rate Demand Notes (Cost $1,470,000)
Municipal Bonds Principal
Amount Value
FLORIDA (92%)
Baker County, FL Hospital Auth, Hospital RB, 305,000 307,263
Series 1998, 4.30%, 09/01/03, ACA Insured
Bay Medical Center, FL, Hospital RB, (Bay 100,000 103,246
Medical Center Project), 4.70%, 10/01/02, AMBAC Insured
Bradenton, FL Util System, Water & Sewer RB, 100,000 101,628
Series A, 7.10%, 10/01/99, AMBAC Insured
Brevard County, FL School Board, Certificates 100,000 110,202
of Participation, 6.50%, 07/01/02, Pre-refunded @ 102
Broward County, FL, GO Bonds, Series C, 100,000 101,526
5.50%, 01/01/00
Broward County, FL, GO Bonds, Series B, 200,000 206,842
5.60%, 01/01/01
Broward County, FL, GO Bonds, Series B, 50,000 53,642
6.00%, 01/01/04
Broward County, FL Airport System, 300,000 306,795
Transportation RB, (Passenger Facility Charge/
Convertible Lien Bonds), Series 1998H-1, 4.50%,
10/01/04, AMBAC Insured
Broward County, FL, Certificates of 85,000 86,928
Participation, 6.40%, 06/01/03, AMBAC Insured
Broward County, FL Educational Facilities 75,000 78,453
Auth, Higher Education RB, (Nova Southeastern
University Project), 5.40%, 04/01/02, Connie Lee Insured
Broward County, FL, Water & Sewer RB, Series A, 10,000 9,868
Zero Coupon, 10/01/99, AMBAC Insured
Canaveral, FL, Transportation RB, 5.40%, 100,000 105,001
06/01/02, FGIC Insured
Celebration Community Development District, 250,000 257,175
FL, Special Assessment RB, Series B, 4.60%, 05/01/03, MBIA Insured
Clay County, FL HFA, Single Family Mortgage 125,000 127,140
RB, (Multi-County Program), 4.80%, 04/01/02, GNMA/FNMA Collateralized
Clay County, FL HFA, Single Family Mortgage 250,000 253,128
RB, (Multi-County Program), 4.50%, 04/01/03,
GNMA/FNMA Collateralized
Clay County, FL School Board, Certificates 140,000 140,342
of Participation, (Master Lease Program),
4.50%, 07/01/99, MBIA Insured
Clearwater, FL Housing Auth, Housing RB, 130,000 130,901
(Hamptons at Clearwater Project), 4.40%, 05/01/00, ACA Insured
Collier County, FL, Special Assessment RB, 255,000 256,953
(Pine Ridge Industrial Park & Naples Production
Park Municipal Taxing & Benefit Units), 5.00%, 11/01/99
Coral Springs, FL, GO Bonds, 4.25%, 04/01/01 50,000 50,661
Dade County, FL, GO Bonds, Series CC, 6.80%, 200,000 220,276
10/01/02, AMBAC Insured
Dade County, FL Aviation Auth, Transportation 100,000 103,459
RB, Series X, 5.25%, 10/01/01
Dade County, FL Educational Facilities 40,000 41,942
Auth, Higher Education RB, (St. Thomas University),
7.65%, 01/01/00, Pre-refunded @ 102
Dade County, FL, Guaranteed Entitlement Spl 250,000 234,643
Assmt Bonds, Series B, Zero Coupon, 02/01/01, MBIA Insured
Dade County, FL School Board, Certificates 125,000 128,768
of Participation, 5.00%, Series A, 05/01/01,
Escrowed to Maturity
Dade County, FL School Board, Certificates 400,000 431,940
of Participation, Series A, 5.50%, 05/01/05, Pre-refunded @ 101
Dade County, FL School District, GO Bonds, 50,000 50,963
5.00%, 06/01/00, MBIA Insured
Dade County, FL Solid Waste System, Solid 70,000 68,944
Waste RB, Series A, Zero Coupon, 10/01/99
Escrowed to Maturity
Dade County, FL, Special Assessment RB, 25,000 26,114
(Various Purpose Improv Projects), Series
A, 7.15%, 07/01/00, FSA Insured
Dade County, FL, Public Improv RB, Special 495,000 556,741
Obligation, (Courthouse Center Project), 6.35%,
04/01/04, Pre-refunded @ 102
Dade County, FL Health Facilities Auth, 50,000 50,592
Hospital RB, (Catholic Health & Rehabilitation
Inc.), 7.45%, 08/15/99, SunTrust Bank, LOC
Municipal Bonds (Continued) Principal
Amount Value
Delray Beach, FL, GO Bonds, (Decade of 50,000 52,290
Excellence Program), 6.80%, 02/01/00, Pre-refunded @ 102
Escambia County, FL Health Facilities Auth, 300,000 305,076
Hospital RB, (Azalea Trace, Inc. Project), 5.25%, 01/01/03
Escambia County, FL Health Facilities Auth, 165,000 165,360
Hospital RB, (Baptist Hospital & Baptist Manor
Project), 4.20%, 10/01/02
Escambia County, FL Health Facilities Auth, 210,000 211,420
Hospital RB, (Baptist Hospital & Baptist Manor
Project), 4.40%, 10/01/03
Escambia County, FL Health Facilities Auth, 250,000 248,698
Hospital RB, (Charity Obligated Group), Series C, 3.90%, 11/01/04
Escambia County, FL HFA, Single Family Mortgage 95,000 96,266
RB, (Multi-County Program), Series A, 4.70%,
04/01/01, GNMA Collateralized
Escambia County, FL HFA, Single Family Mortgage 250,000 253,128
RB, (Multi-County Program), Series A, 4.50%,
04/01/03, GNMA Collateralized
Escambia County, FL HFA, Single Family Mortgage 150,000 149,534
RB, (Multi-County Program), 4.10%, 04/01/04, GNMA Collateralized
Escambia County, FL, Public Improv RB, Series 250,000 251,703
A, 5.00%, 01/01/00
Escambia County, FL School Board, Municipal 15,000 15,295
Lease Obligation, Certificates of Participation,
5.80%, 02/01/00, Escrowed to Maturity
Escambia County, FL School Board, Certificates 45,000 48,023
of Participation, 6.25%, 02/01/02, Pre-refunded @ 100
Escambia County, FL School Board, Municipal 35,000 35,675
Lease Obligation, Certificates of Participation,
5.80%, 02/01/00, FSA Insured
Florida Development Finance Corporation, IRB, 40,000 41,635
(FDFC Guaranty Program), 1997 Series B, 4.90%,
05/01/03, AMBAC Insured
Florida Development Finance Corporation, IRB, 30,000 31,226
(FDFC Guaranty Program), 1997 Series C, 4.90%,
05/01/03, AMBAC Insured
Florida Gas Utility, Electric Util RB, (Gas 250,000 262,618
Project No. 1), 5.00%, 12/01/03, FSA Insured
Florida HFA, General Mortgage RB, Series A, 45,000 46,878
5.75%, 06/01/02, FHA Insured
Florida HFA, Housing RB, Single Family 70,000 71,819
Mortgage RB, 1995 Series A, 5.70%, 01/01/01,
GNMA Collateralized
Florida HFA, Housing RB, (Turtle Creek 85,000 85,754
Apartments Project), 1996 Series C, 4.75%,
05/01/00, AMBAC Insured
Florida HFA, Rfdg Homeowner Mortgage & RB, 240,000 245,621
Series 2, 5.20%, 01/01/02
Florida HFA, Housing RB, Series C, 4.90%, 150,000 153,848
08/01/01, FNMA Collateralized
Florida State, Pollution Ctrl RB, Series I, 25,000 25,092
5.30%, 07/01/99
Florida State, GO Bonds, (Pollution Ctrl), 175,000 191,294
Series Y, 6.50%, 07/01/02, Pre-refunded @ 101
Florida State, GO Bonds, (Pollution Ctrl), 135,000 147,971
Series Y, 6.60%, 07/01/02, Pre-refunded @ 101
Florida State, GO Bonds, (Jacksonville 120,000 130,817
Transportation, Sr. Lien), 6.40%, 07/01/02
Pre-refunded @ 101
Florida State Department of Transportation, GO 200,000 216,744
Bonds, (right-of-Way Acquisition and Bridge
Construction) Series 1997A, 6.40%, 07/01/02
Florida State Board of Education, GO Bonds, 100,000 36,292
Series A, Zero Coupon, 06/01/00, Pre-refunded @ 37.658
Florida State Board of Education, GO Bonds, 60,000 63,857
Series C, 5.40%, 06/01/03
Florida State Board of Education, GO Bonds, 250,000 267,463
Series A, 6.60%, 06/01/01, Pre-refunded @ 101
Florida State Board of Education, GO Bonds, 175,000 187,747
Series A, 6.75%, 06/01/01, Pre-refunded @ 101
Municipal Bonds (Continued) Principal
Amount Value
Florida State Board of Education, GO Bonds, 400,000 436,428
Series C, 6.50%, 06/01/02, Pre-refunded @ 102
Florida State Board of Education, GO Bonds, 100,000 109,454
Series C, 6.625%, 06/01/02, Pre-refunded @ 101
Florida State Board of Education, GO Bonds, 250,000 269,150
Series B, 6.00%, 06/01/02, Pre-refunded @ 101
Florida State Board of Education, GO Bonds, 200,000 212,368
Series A, 7.25%, 06/01/00, Pre-refunded @ 102
Florida State Board of Education, GO Bonds, 185,000 196,440
Series A, 7.25%, 06/01/00, Pre-refunded @ 102
Florida State Board of Education, GO Bonds, 100,000 102,138
Series C, 5.125%, 06/01/00
Florida State Board of Education, GO Bonds, 65,000 66,479
Series A, 5.25%, 06/01/00
Florida State Board of Education, GO Bonds, 250,000 258,150
Series A, 5.50%, 01/01/01
Florida State Board of Education, GO Bonds, 300,000 331,572
Series A, 6.50%, 06/01/03
Florida State Board of Education, GO Bonds, 200,000 210,810
Series A, 5.00%, 06/01/04
Florida State Board of Education, GO Bonds, 25,000 25,304
Series C, 5.90%, 05/01/00, Escrowed to Maturity
Florida State Department of General Services, 100,000 106,801
Division of Facilities Management, Public Improv
RB, (FL Facilities Pool), 7.00%, 09/01/00, Pre-refunded @ 102
Florida State Board of Regents, Certificates of 125,000 123,384
Participation, State University System, (FL Atlantic
University Foundation, Inc.), 4.00%, 05/01/04, Asset Guaranty Insured
Florida State Division of Bond Finance, 100,000 108,450
Department of General Services, Sales Tax RB,
(Dept of Natural Resources-Preservation 2000),
Series A, 6.75%, 07/01/01, Pre-refunded @ 102
Florida State Division of Bond Finance, 100,000 108,570
Department of General Services, Public
Improv RB, (Dept of Natural Resources-Preservation
2000), Series A, 6.25%, 07/01/02, Pre-refunded @ 101
Florida State Division of Bond Finance, 175,000 189,998
Department of General Services, Public Improv
RB, (Dept of Natural Resources-Preservation 2000),
Series A, 6.25%, 07/01/02, Pre-refunded @ 101
Florida State Division of Bond Finance, 250,000 249,550
Investment Fraud Restoration Financing Corp,
Miscellaneous RB, 3.85%, 05/01/04, MBIA Insured
Florida Municipal Power Agency, Electric Util 100,000 103,213
RB, (St. Lucie Project), 5.00%, 10/01/01, FGIC Insured
Florida State Turnpike Auth, Transportation 40,000 41,085
RB, 7.50%, 07/01/99, Pre-refunded @ 102
Florida State Turnpike Auth, Transportation RB, 45,000 47,503
Series A, 6.25%, 07/01/01, Pre-refunded @ 100
Fort Myers, FL, Electric Util RB, Series B, 40,000 10,266
Zero Coupon, 10/01/99, Pre-refunded @ 26.012
Gainesville, FL Util System, Electric Util 50,000 51,702
RB, Series A, 5.90%, 10/01/00
Hernando County, FL School District, GO Bonds, 120,000 122,771
5.10%, 09/01/01, MBIA Insured
Hernando County, FL, Solid Waste RB, 7.10%, 100,000 107,234
10/01/00, Pre-refunded @ 102
Hernando County, FL, Solid Waste RB, 7.125%, 75,000 80,447
10/01/00, Pre-refunded @ 102
Hillsborough County, FL Aviation Auth, Airport 75,000 77,677
RB,(Tampa International Arpt), Series B, 7.00%,
10/01/99, Pre-refunded @ 102
Hillsborough County, FL Aviation Auth, 250,000 257,858
Transportation RB, (Tampa International Arpt),
Series A, 5.00%, 10/01/01, AMBAC Insured
Hillsborough County, FL Aviation Auth, Airport 35,000 36,148
RB, (Tampa International Arpt), Series A, 6.30%,
10/01/99, Pre-refunded @ 102
Hillsborough County, FL Aviation Auth, Aiport 40,000 41,283
RB, (Tampa International Arpt), Series A, 6.30%,
10/01/00, FGIC Insured
Homestead, FL, Special Assessment RB, 140,000 147,841
(Hurricane Andrew), 5.25%, 03/01/03, Escrowed to Maturity
Indian Trace Community Development District, 250,000 257,478
FL, Water Management-Special Benefit Bonds,
Series A, 5.10%, 05/01/01, MBIA Insured
Indian Trace Community Development District, 35,000 36,479
FL, Water Management-Special Benefit Bonds, Series A,
5.20%, 05/01/02, MBIA Insured
Indian Trail Water Control District, FL, 20,000 20,550
Public Improv RB, (Unit of Development No.1),
Series 1990, 7.875%, 07/01/00
Jacksonville, FL, Capital Improv RB, (Gator 100,000 104,876
Bowl Project), 5.15%, 10/01/02, AMBAC Insured
Municipal Bonds (Continued) Principal
Amount Value
Jacksonville, FL, Capital Improv RB,(Gator 165,000 183,026
Bowl Project), 6.00%, 10/01/04, Pre-refunded @ 101
Jacksonville, FL, Electric Util RB, (St. 250,000 261,885
John's River), issue 2, Series 16, 5.00%, 10/01/03
Jacksonville, FL Health Facilities Auth, 50,000 50,725
Hospital RB, (St. Lukes Hospital Association),
6.30%, 11/15/99
Jacksonville, FL Health Facilities Auth, 115,000 115,511
Hospital RB, (National Benevolent Association-
Cypress Village Project), Series 1996A, 4.75%, 12/01/99
Jacksonville, FL Health Facilities Auth, 125,000 126,725
Hospital RB, (National Benevolent Association-
Cypress Village Project), Series 1996A, 5.00%, 12/01/00
Jacksonville, FL Health Facilities Auth, 130,000 133,021
Hospital RB, (National Benevolent Association-
Cypress Village Project), Series 1996A, 5.20%, 12/01/01
Key West, FL Util Board, Electric Util RB, 100,000 108,768
Capital Appreciation Bonds, 9.75%, 04/01/00,
Pre-refunded @ 103
Lakeland, FL, Hospital RB, (Lakeland Regional 90,000 91,570
Medical Center), 4.20%, 11/15/02, MBIA Insured
Largo, FL, Hospital RB, (Sun Coast Health 285,000 288,833
System) 5.75%, 03/01/01
Lee County, FL HFA, Single Family Mortgage 55,000 56,496
RB, (Multi-County Program), Series A, Subseries 2,
5.25%, 03/01/02, GNMA Collateralized
Lee County, FL HFA, Single Family Mortgage RB, 45,000 45,405
(Multi-County Program), Series 1996A, Subseries 3,
5.00%, 03/01/00, GNMA Collateralized
Lee County, FL HFA, Single Family Mortgage RB, 45,000 45,842
(Multi-County Program), Series 1996A, Subseries 3,
5.10%, 03/01/01, GNMA Collateralized
Lee County, FL School Board, Certificates of 80,000 86,091
Participation, Series A, 6.25%, 08/01/01, Pre-refunded @ 102
Lee County, FL School Board, Certificates of 50,000 52,061
Participation, Series A, 4.85%, 08/01/03, FSA Insured
Lee County, FL School Board, Certificates of 100,000 100,422
Participation, 4.875%, 08/01/99, FSA Insured
Lee County, FL School Board, Certificates of 50,000 50,803
Participation, Series A, 4.30%, 08/01/01, FSA Insured
Lee County, FL Hospital Board of Directors, 150,000 156,272
Hospital RB, (Lee Memorial Health System Project),
1997 Series A, 5.00%, 04/01/03, MBIA Insured
Lee County, FL Hospital Board of Directors, 250,000 260,453
Hospital RB, (Lee Memorial Health System Project),
5.00%, 04/01/03, MBIA Insured
Lee County, FL IDA, Water & Sewer RB, (Bonita 70,000 72,078
Springs Utilities Project), 4.80%, 11/01/01, MBIA Insured
Lee County, FL, Public Improv RB, (Local 100,000 103,620
Option Gas Tax Revenues), 4.70%, 10/01/03, FGIC Insured
Lee County, FL Solid Waste System, Solid Waste 100,000 108,777
RB, Series A, 6.90%, 10/01/03, MBIA Insured
Lee County, FL Solid Waste System, Solid Waste 95,000 96,476
RB, Series A, 4.50%, 10/01/01 MBIA Insured
Leon County, FL, Public Improv RB, Series 395,000 398,413
b, 5.25%, 10/01/99, AMBAC, Insured,(when issued)
Leon County, FL School District, GO Bonds, 250,000 262,688
6.00%, 07/01/01
Manatee County, FL HFA, Single Family Mortgage 40,000 40,001
RB, Subseries 1, 5.00%, 05/01/99, GNMA Collateralized
Manatee County, FL HFA, Single Family Mortgage 40,000 41,273
RB, Subseries 1, 5.375%, 05/01/02, GNMA Collateralized
Marion County, FL, Solid Waste RB, 6.20%, 50,000 51,366
8/01/99, FGIC Insured
Martin County, FL, GO Bonds, 6.40%, 02/01/00, 75,000 78,214
Pre-refunded @ 102
Martin County, FL, GO Bonds, 6.50%, 02/01/00, 50,000 52,179
Pre-refunded @ 102
Martin County, FL Health Facilities Auth, 175,000 184,543
Hospital RB, (Martin Memorial Hospital),
Series A, 7.00%, 11/15/00, MBIA Insured
Municipal Bonds (Continued) Principal
Amount Value
Martin County, FL Combined Spl Assmt RB, 150,000 154,241
5.30%, 11/01/01
Miami Beach, FL Health Facilities Auth, 500,000 499,780
Hospital RB, (South Shore Hospital), Series
A, 4.30%, 08/01/03, ACA Insured
Miami Beach, FL Redevelopment Agcy, Tax 50,000 50,701
Increm RB, (City Center/Historic Conv Village),
4.90%, 12/01/01
Miami Beach, FL Redevelopment Agcy, Tax 160,000 163,598
Increm RB, (Historic Conv Village), Series B,
5.25%, 01/01/01
Miami-Dade County, FL, Special Obligation 250,000 209,948
RB, Series C, Zero Coupon, 10/01/03, MBIA Insured
Miami-Dade County, FL Aviation Auth, 250,000 253,113
Transportation RB, Series A, 4.20%, 10/01/03, FGIC Insured
Miami, FL Health Facilities Auth, Hospital RB, 100,000 106,129
(Mercy Hospital), 6.45%, 08/01/01, AMBAC Insured
Miami, FL Sports & Exhibition Auth, Special 175,000 184,636
Obligation RB, 7.20%, 04/01/00, Pre-refunded @ 102
North Miami, FL Health Facilities Auth, 100,000 102,501
Hospital RB, (Catholic Health Services Obligation Group),
4.80%, 08/15/01, SunTrust Bank, Central Florida, LOC
North Miami, FL Health Facilities Auth, 190,000 199,867
Hospital RB, (Catholic Health Services Obligation
Group), 5.10%, 08/15/04, SunTrust Bank, Central Florida, LOC
Orange County, FL Health Facilities Auth, 75,000 77,129
Hospital RB, (Orlando Regional Healthcare),
Series A, 5.15%, 11/01/00, MBIA Insured
Orange County, FL HFA, Single Family Mortgage 50,000 51,030
RB, 5.50%, 10/01/00, GNMA/FNMA Collateralized
Orange County, FL HFA, Single Family Mortgage 80,000 81,914
RB, Series A, 5.05%, 04/01/02, GNMA/FNMA Collateralized
Orange County, FL HFA, Single Family Mortgage 235,000 238,288
RB, Series A, 4.70%, 03/01/02, GNMA/FNMA Collateralized
Orange County, FL, Public Improv RB, (Tourist 220,000 243,789
Development Tax), Series B, 6.50%, 10/01/02,
Pre-refunded @ 102
Orlando, FL Utilities Commission, Electric Util 75,000 81,443
RB, Sub-series A, 6.50%, 10/01/01, Pre-refunded @ 102
Orlando, FL Utilities Commission, Electric Util 40,000 40,944
RB, 5.20%, 10/01/00
Osceola County, FL HFA, Multifamily Housing RB, 70,000 71,769
(Tierra Vista Apartments Project), Series A, 4.85%,
06/01/03, FSA Insured
Palm Beach County, FL, Criminal Justice 200,000 207,830
Facilities RB, 6.90%, 06/01/00, FGIC Insured
Palm Beach County, FL, Criminal Justice 175,000 185,544
Facilities RB, 7.10%, 06/01/00, Pre-refunded @ 102
Palm Beach County, FL Health Faciltities Auth, 105,000 108,089
Hospital RB, (Good Samaritian Health System),
5.40%, 10/01/99, Escrowed to Maturity
Palm Beach County, FL Health Facilities Auth, 200,000 200,252
Hospital RB, (The Waterford Project), Series
1997, 4.35%, 10/01/99
Palm Beach County, FL Health Facilities Auth, 150,000 153,332
Hospital RB, (The Waterford Project), Series
1997, 5.00%, 10/01/03
Palm Beach, FL HFA, Housing RB, (Lake Crystal 130,000 129,932
Apts Project), 4.20%, 12/01/04, FHLMC Collateralized
Palm Beach County, FL School District, 100,000 104,246
Certificates of Participation, Series A, 5.50%,
08/01/01, AMBAC Insured
Panama City - Bay County, FL, Airport RB, 75,000 75,338
4.25%, 10/01/99, MBIA Insured
Pensacola, FL Health Facilities Auth, Hospital 100,000 100,697
RB, (Daughters of Charity National Health), 4.60%, 01/01/00
Pinellas County, FL HFA, Single Family 100,000 101,664
Mortgage RB, Series 1997C, 4.60%, 09/01/02,
GNMA Collateralized
Pinellas County, FL Educational Facilities 280,000 289,576
Auth, Industrial Development RB, (College Harbor
Issue), Senior Lien, Series 1996A, 7.25%, 12/01/02
Municipal Bonds (Continued) Principal
Amount Value
Pinellas County, FL Educational Facilities 60,000 60,861
Auth, Industrial Development RB, (College Harbor
Issue), Junior Lien, Series 1996B, 5.40%, 12/01/00
Pinellas County, FL Educational Facilities 60,000 61,415
Auth, Industrial Development RB, (College Harbor
Issue), Junior Lien, Series 1996B, 5.60%, 12/01/01
Pinellas County, FL Educational Facilities 65,000 67,293
Auth, Industrial Development RB, (College
Harbor Issue), Junior Lien, Series 1996B, 5.70%, 12/01/02
Pinellas County, FL Health Facilities Auth, 100,000 102,026
Hospital RB, (Morton Plant Health System Project),
4.70%, 11/15/00, MBIA Insured
Pinellas County, FL Health Facilities Auth, 130,000 130,507
Hospital RB, (Sunshine Village Nursing Home),
6.50%, 10/01/99
Pinellas County, FL, Transportation Improv RB, 150,000 153,740
5.25%, 08/01/00, FGIC Insured
Plantation, FL Health Facilities Auth, Hospital 275,000 275,325
RB, (Covenant Village of FL Project), 4.00%, 12/01/99
Plantation, FL, Water & Sewer RB, Zero Coupon, 185,000 148,955
03/01/03, MBIA Insured
Polk County, FL School Board, Certificates of 100,000 106,395
Participation, (School District Financing Program),
6.375%, 01/01/01, Pre-refunded @ 102
Port St. Lucie, FL, Water & Sewer RB, Series 150,000 137,720
1996A, Zero Coupon, 09/01/01, Escrowed to Maturity
Reedy Creek, FL Improv Dist, Water & Sewer RB, 80,000 86,138
Series 1991-1, 6.50%, 10/01/01, Pre-refunded @ 101
St. Johns County, FL IDA, Hospital RB, 230,000 235,720
(Flagler Hospital Project), 5.50%, 08/01/00
St. Johns County, FL IDA, Hospital RB, 185,000 192,641
(Flagler Hospital Project), 5.60%, 08/01/01
St. Johns River Management District, FL, Water 50,000 50,195
& Sewer RB, (Land Acquisition), 5.50%, 07/01/99, Pre-refunded @ 100
St. Lucie County, FL School Board, Certificates 55,000 57,520
of Participation, 5.00%, 07/01/03, FSA Insured
St. Petersburg, FL Professional Sports 100,000 102,336
Facility,Sales Tax RB, Series 1995, 5.00%,
10/01/00, MBIA Insured
St. Petersburg, FL, Public Improv RB, 5.80%, 40,000 40,768
02/01/00, MBIA Insured
Sarasota County, FL Health Facilities Auth, 500,000 504,590
Hospital RB, (Sunnyside Properties Project),
Series 1995, 5.50%, 05/15/01
Sarasota County, FL Utility System, Electric 400,000 90,664
Util RB, Zero Coupon, 06/01/99, Pre-refunded @ 22.7283
Sarasota County, FL, Public Improv RB, 125,000 124,599
(Infrastructure Sales Surtax Rev), 3.70%,
09/01/03, FSA Insured
Sarasota County, FL, Public Improv RB, 125,000 124,458
(Infrastructure Sales Surtax Rev), 3.80%,
09/01/04, FSA Insured
Seminole County, FL School Board, Certificates 185,000 206,985
of Participation, Series A, 6.125%, 07/01/04,
Pre-refunded @ 102
Seminole, FL Water Control District, Spl Assmt 225,000 229,289
Bonds, (Unit of Development No. 2), Series 1996, 5.95%, 08/01/01
South Broward Hospital District, FL, Hospital 50,000 50,705
RB, 4.65%, 05/01/00, AMBAC Insured
South Broward Hospital District, FL, Hospital 100,000 105,088
RB, 5.05%, 05/01/04, AMBAC Insured
Sunrise Lakes, FL, GO Bonds, (Phase 4 100,000 101,173
Recreation Dist), 4.125%, 08/01/04, AMBAC Insured
Tallahassee, FL, Electric Util RB, Series B, 500,000 549,285
6.20%, 10/01/02, Pre-refunded @ 102
Tallahassee, FL, Electric Util RB, Series A, 100,000 100,530
4.00%, 10/01/04, FSA Insured
Tallahassee, FL Health Facilities, Hospital 75,000 77,192
RB, (Tallahassee Memorial Regional Medical Center),
Series B, 5.30%, 12/01/00, MBIA Insured
Tallahassee, FL Municipal Airport Rfdg RB, 165,000 168,249
4.60%, 10/01/01, AMBAC Insured
Municipal Bonds (Continued) Principal
Amount Value
University of South Florida, University Rev 165,000 172,072
Housing Facilities RB, Series A, 7.00%,
07/01/00, MBIA Insured
University of South Florida, University Rev 185,000
Housing Facilities RB, Series A, 7.00%, 203,204
07/01/02, MBIA Insured
Volusia County, FL, Special Assessment RB, 510,000 522,429
(Bethune Beach Wastewater Project), 6.60%, 07/01/01
Volusia County, FL School Board, Certificates 200,000 216,448
of Participation, (Master Lease Program), 10.00%,
08/01/00, FSA Insured
Winter Springs, FL, Water & Sewer RB, 7.15%, 100,000 105,460
04/01/00, Pre-refunded @ 102
OTHER (NON-FLORIDA) (3%)
Puerto Rico Electric Power Auth, Electric Util 75,000 77,309
RB, Series X, 4.75%, 07/01/02, MBIA Insured
Puerto Rico Industrial, Tourist, Educational, 190,000 196,129
Medical & Evironmental Control Facililties Financing
Auth, Hospital RB, (Auxilio Mutuo Obligated Group),
1997 Series A, 4.80%, 07/01/02, MBIA Insured
Virgin Islands Port Auth, Transporation RB, 455,000 455,312
(Rohlsen Terminal), Series 1998A, 4.35%, 09/01/03
Total Municipal Bonds (Cost $27,624,972) $ 27,952,259
Total Investments (100%) (Cost $29,094,972) $ 29,422,259
Summary of Ratings (unaudited): AAA/Equivalent 61%, AA/Equivalent 11%,
A/Equivalent 12%, BBB/Equivalent 9%, Other 7%
Average Portfolio Maturity: 2.62 Years
THE FLORIDA TAXFREE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
APRIL 30, 1999
Money Fund ShortTerm Fund
ASSETS
Investments in securities, at value $159,221,889 $29,422,259
(cost $159,221,889 and $29,094,972 respectively)
Cash 191,171 582,119
Receivables:
Interest 1,257,414 396,568
Fund shares sold 459,399 --
Total assets 161,129,873 30,400,946
LIABILITIES
Payable for investment securities purchased 289,105 940,798
Dividend payable 374,119 94,651
Funds advanced by manager 56,256 9,564
Total liabilities 719,480 1,045,013
NET ASSETS
Net assets $ 160,410,393 $ 29,355,933
Number of shares outstanding 160,413,238 2,903,264
Net asset value, offering price and redemption
price per share $ 1.00 $ 10.11
THE FLORIDA TAXFREE FUNDS
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED APRIL 30, 1999
Money Fund ShortTerm Fund
INVESTMENT INCOME
Income:
Interest $ 5,529,470 $ 1,176,298
Expenses:
Distribution and Service fees 130,909 17,975
Investment advisory fee (Note 2) 826,651 160,888
Custodian fees (Note 3) 38,469 11,793
Transfer agency fees and
expenses (Note 2) 102,814 12,654
Printing costs 11,509 1,483
Professional fees 15,810 14,455
Insurance 2,330 411
Registration and filing fees 33,287 17,089
Trustees' fees and expenses 8,968 1,583
Amortization of organization costs 4,886 4,886
Other expenses 31,022 5,636
Total expenses 1,206,655 248,853
Expense reimbursements and fee
reductions (Note 2) (540,503) (138,143)
Custodian fees paid indirectly (Note 3) (26,497) (6,815)
Net expenses 639,655 103,895
Net investment income $ 4,889,815 $ 1,072,403
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on investments $ (7,193) $ 22,744
Unrealized appreciation (depreciation)
on investments -- 126,150
Net realized and unrealized gain
(loss) on investments (7,193) 148,894
Increase in net assets from operations $ 4,882,622 $ 1,221,297
THE FLORIDA TAXFREE FUNDS
STATEMENT OF CHANGES IN NET ASSETS
MONEY FUND SHORTTERM FUND
Year Year Year Year
Ended 4/30/99 Ended 4/30/98 Ended 4/30/99 Ended 4/30/98
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment
income $4,889,815 $5,314,283 $1,072,403 $1,158,959
Net realized gain
(loss) on
Investments (7,193) 4,030 22,744 49,460
Unrealized appreciation
(depreciation)
of Investments -- -- 126,150 244,669
Increase in net assets
from operations 4,882,622 5,318,313 1,221,297 1,453,088
Dividends to shareholders from:
Net investment
income (4,890,020) (5,314,077) (1,072,291) (1,158,959)
Fund share
transactions
(Note 4) 11,056,406 12,904,402 6,254,235 (6,194,004)
Net increase/(decrease) in
net assets 11,049,008 12,908,638 6,403,241 (5,899,875)
Net Assets:
Beginning of
period 149,361,385 136,452,747 22,952,692 28,852,567
End of period $160,410,393 $149,361,385 $29,355,933 $22,952,692
THE FLORIDA TAXFREE FUNDS
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 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 straight line 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.
Securities Traded on a When-Issued or Delayed Delivery Basis
The Funds may trade securities on a when-issued or delayed delivery basis,
with payment and delivery scheduled for a future date. These transactions are
subject to market fluctuations and are subject to the risk that the value at
delivery may be more or less than the trade date purchase price. Although the
Funds will generally purchase these securities with the intention of acquiring
such securities, it may sell such securities before the settlement date.
These securities are identified on the accompanying Statement of Investments.
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, 1999 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 an 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.
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
year ended April 30, 1999, management fees totaled $826,651 and $160,888 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,
1999, fees under this agreement amounted to $65,569 and $5,817 for the Money
Fund and the ShortTerm Fund, respectively. However, these and all other
expenses of the Funds were paid by WRH to the extent that they exceeded .28%
of each fund's average daily net assets for the period May 1 - June 14, 1998
and, .40% of each Fund's average daily net assets, for the period June 15
through April 30, 1999, expenses in excess of .40% of each fund's average
daily net assets and will continue to be paid by WRH 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 distribution and
service 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, 1999, the Money Fund and the ShortTerm Fund
paid $498 and $1,359, 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, 1999, custodian fees were reduced by earnings
credits of $26,497 and $6,815 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
$160,413,238 and $29,042,627, respectively. Transactions in Fund shares for
the year ended April 30, 1999 and 1998 were as follows:
MONEY FUND* SHORTTERM FUND
SHARES AMOUNT
Year Ended Year Ended Year Ended
4/30/99 4/30/98 4/30/99 4/30/98 4/30/99 4/30/98
Sold 340,729,327 364,568,053 2,417,264 2,728,078 24,440,324 27,392,402
Issued on reinvested dividends
4,744,159 5,018,708 93,290 111,735 942,753 1,122,079
Redeemed
(334,417,080) (356,682,359) 1,891,621 (3,453,934) (19,128,842)(34,708,485)
Net increase/(decrease)
11,056,406 12,904,402 618,933 (614,121) $6,254,235 $(6,194,004)
* 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, 1999 were
$13,826,027 and $6,309,209, respectively. At April 30, 1999, the cost of
securities for federal income tax purposes was the same as that for financial
reporting purposes. Net unrealized appreciation, which amounted to $327,287
for the ShortTerm Fund, consisted of aggregate gross unrealized appreciation
and (depreciation) of $334,872 and ($7,585), respectively. As of April 30,
1999, the accumulated net realized loss were $2,845 and $14,093 for the Money
Fund and the ShortTerm Fund, respectively.
For tax purposes, such losses are available to offset future realized capital
gains until the capital loss carryforwards expire in 2007 for the Money Fund
and 2002 for the ShortTerm Fund.
6. Financial Highlights
Money Fund
Year Ended Year Ended Year Ended Year Ended Year Ended
4/30/99 4/30/98 4/30/97 4/30/96 4/30/95
Per share operating performance
(for a share outstanding throughout the period)
Net asset value, beginning of period........
$1.00 $1.00 $1.00 $1.00 $1.00
Income from investment operations:
Net Investment Income.....................
0.030 0.034 0.034 0.036 0.035
Less distributions:
Dividends from net investment Income
(0.030) (0.034) (0.034) (0.036) (0.035)
Net asset value, end of period...............
$1.00 $1.00 $1.00 $1.00 $1.00
Total return .....................................
3.02% 3.50% 3.42% 3.69% 3.59%
Ratios/Supplemental Data
Net assets at end of period (000's)..........
$160,410 $149,361 $136,453 $113,943 $105,647
Ratios to Average Daily Net Assets
Expenses......................................
.39% .26% .20% .20% .07%
Expenses (Before reimbursement)DAGGER....
.73% .73% .78% .80% 1.04%
Net Investment Income....................
2.96% 3.43% 3.36% 3.62% 3.63%
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
Year Ended Year Ended Year Ended Year Ended Year Ended
4/30/99 4/30/98 4/30/97 4/30/96 4/30/95
Per share operating performance
(for a share outstanding throughout the period)
Net asset value, beginning of period.........
$10.05 $9.95 $9.94 $9.89 $9.86
Income from investment operations:
Net Investment income.....................
0.40 0.42 0.43 0.42 0.42
Net realized and unrealized gain (loss)
on investments............................
0.06 0.10 0.01 0.05 0.03
Total from investment operations........
0.46 0.52 0.44 0.47 0.45
Less distributions:
Dividends from net investment
income......................................
(0.40) (0.42) (0.43) (0.42) (0.42)
Net asset value, end of period................
$10.11 $10.05 $9.95 $9.94 $9.89
Total return.....................................
4.71% 5.23% 4.59% 4.85% 4.66%
Ratios/Supplemental Data
Net assets at end of period (000's)..........
$29,356 $22,953 $28,853 $12,344 $11,113
Ratios to Average Daily Net Assets
Expenses......................................
.39% .26% .20%. 20% .07%
Expenses (Before reimbursement)DAGGER...
.93% .93% 1.18% 1.42% 1.50%
Net Investment Income.....................
4.00% 4.20% 4.27% 4.25% 4.25%
Portfolio turnover rate...........................
25.6% 40.2% 40.9% 83.4% 35.9%
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 FLORIDA TAXFREE FUNDS
INDEPENDENT AUDITOR'S REPORT
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, 1999, 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 five years in the
period then ended.
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, 1999, by correspondence with the custodian and brokers.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, 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, 1999, 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.
McGladrey & Pullen, LLP
New York, New York
May 27, 1999
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