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, 2000
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 8
Municipal Bonds 8
Statements of Assets and Liabilities 15
Statements of Operations 16
Statements of Changes in Net Assets 17
Notes to Financial Statements 18
Independent Auditor's Report 23
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 were $137.0 million as of April 30, 2000. This
compares with $160.4 million on April 30, 1999. IMoneyNet Inc. (formerly IBC
Financial Data, Inc.) is a respected mutual fund performance and statistical
reporting company that ranks money market fund performance by category. We
are pleased to announce for the five-year period ending April 30, 2000, The
Florida TaxFree Money Fund was ranked number nine out of 240 retail tax-free
money market funds by iMoneyNet, based on total return for the period. For
the three-year period ended April 30, 2000, The Florida TaxFree Money Market
Fund was ranked 13th out of 271 retail tax-free money market funds by
iMoneyNet. We are pleased to report that, for the year ending April 30,
2000, The Florida TaxFree Money Market Fund was ranked by iMoneyNet in the
top 5% out of a total of approximately 307 retail tax-free money market funds
tracked by that 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 4.03% as of April 30, 2000. For
investors in the 36% federal tax bracket who have Florida intangible assets
of $200,000 or more, the tax equivalent yield was 6.45%.
The Florida TaxFree ShortTerm Fund
As of April 30, 2000, total net assets for the Fund were $32.8 million. The
portfolio had a dollar-weighted average maturity of 2.4 years and a 30 day
SEC yield of 4.50% on April 30, 2000. This yield equates to a tax equivalent
yield of 7.18% for a Floridian in the 36% federal tax bracket with Florida
intangible assets of $200,000 or more.
The Florida TaxFree ShortTerm Fund is a variable net asset value mutual fund,
and therefore the value of shares fluctuates with the movements of the short-
term municipal bond market. The net asset value per share was $9.84 on April
30, 2000, compared with $10.11 on April 30, 1999, contributing to a 1.39%
cumulative total return on the Fund for the year ended April 30, 2000. 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,
2000.
The cumulative total return on the Fund since its inception November 22, 1993
through April 30, 2000 was 28.50%. This represents a return of 4.42% 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 $12,850.20 on April 30, 2000, including
reinvestment of all distributions.
The Florida Intangible Tax
The Florida intangible tax is assessed against intangible assets such as
stocks, bonds, and mutual funds as of January 1 each year.
Each of The Florida TaxFree Funds will ordinarily invest at least 65% of its
assets in Florida obligations. While state-specific tax-free funds can invest
up to 35% in out-of-state issues, your Funds' portfolio management committee
intends to keep the Funds completely exempt from the Florida Intangible Tax
by investing in only Florida or other exempt issues at the appropriate time.
We appreciate your investment in The Florida TaxFree Funds and urge you to
contact us at 1-800-557-7555 whenever we can be of assistance.
Sincerely,
W. Robb Hough, Jr.
President
The Hough Group of Fund
The Florida TaxFree Money Market Fund
Statement of Investments
April 30, 2000
Variable Rate Demand Notes Principal Value
Florida (33%) Amount
Broward County, FL, IDB, (Pavermodule, Inc.
Project), 5.25%, 09/01/04, NationsBank, N.A.,
LOC 630,000 630,000
Broward County, FL, IDB, (W.R. Bonsal Company
Project), 5.25%, 09/01/08, NationsBank, N.A.,
LOC 1,200,000 1,200,000
Capital Trust Agency, FL, Housing RB,
(Community Loan Program), Series 1999A, 5.18%,
12/01/32, Anchor National Life Insurance Co.,
Payment & Liquidity Agreement, National Union
Fire Insurance Co., GTY 3,000,000 3,000,000
Collier County, FL HFA, Housing RB, (River Reach),
5.05%, 12/01/15, Banco Santander Central
Hispano, LOC 2,400,000 2,400,000
Dade County, FL Health Facilities Auth, Hospital
RB, (Miami Children's Hospital), 6.35%,
09/01/20, Barnett Bank of South FL, LOC 3,000,000 3,000,000
Dade County, FL IDA, IDB, (Arlington Sales), 6.05%,
06/01/08, Credit Commercial de France,
LOC 1,100,000 1,100,000
Florida HFA, Housing RB, (Clear Lake), Series D,
5.15%, 12/01/09, Continental Casualty, GTY 1,000,000 1,000,000
Florida HFA, Housing RB, (Lakes of Northdale
Project), Series D, 5.20%, 06/01/07, SouthTrust
Bank of AL, LOC 2,065,000 2,065,000
Florida Housing Finance Corp, Housing RB,
(South Pointe Project), Series J, 4.51%, 02/15/28,
FNMA Collateralized 1,000,000 1,000,000
Florida Local Government Finance Auth, IDB,
(Lake Wales Medical Centers Project), Series A,
5.45%, 03/01/15, First Union National Bank, LOC 638,000 638,000
Hillsborough County, FL IDA, Pollution Control RB,
(Reynolds Metals Company), 4.70%,
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, 5.85%,
9/01/25 500,000 500,000
Hillsborough County, FL IDA, Industrial Development
RB, (Berry Packaging Inc.), 5.25%,
07/01/17, NationsBank, N.A., LOC 1,140,000 1,140,000
Hillsborough County, FL IDA, IDB, (National
Gypsum Company, Apollo Beach Project), Series 2000A,
5.95%, 04/01/30, Wachovia Bank, N.A., LOC 3,800,000 3,800,000
Jacksonville, FL, Industrial Development RB,
(Coastal Industries), 6.00%, 08/01/08, ABN-AMRO
Bank, N.V., LOC 425,000 425,000
Lake County, FL IDA, IDB, (Novelty Crystal Corp.),
6.05%, 03/01/09, Credit Commercial de
France, LOC 1,225,000 1,225,000
Lee County, FL IDA, Hospital RB, (Bonita Community
Health Center, Inc. Project), Series 1999A,
5.13%, 12/01/29, Fifth Third Bank, LOC 2,000,000 2,000,000
Martin County, FL, Pollution Control RB, (Florida
Power & Light), Series 2000, 5.85%, 07/15/22 2,500,000 2,500,000
Martin County, FL IDA, IDB, (Tampa Farm Service Inc.), 5.20%,
11/01/11, SunTrust Bank, N.A.,LOC 1,500,000 1,500,000
North Miami, FL, Public Improv RB, (Miami Country
Day School), Series 1999, 5.15%, 08/01/19,
Bank of America, LOC 2,000,000 2,000,000
Orange County, FL Health Facilities Auth, Hospital RB, (Adventist Health
Systems/Sunbelt Obligated Group), Floater Certificates - Series 171,
Series A, 5.25%, 11/15/14, FSA Insured, Morgan Stanley Dean Witter,
Liquidity Facility 5,875,000 5,875,000
Palm Beach County, FL HFA, Housing RB, (Azalea Place Apartments),
Series 1999A, 4.56%,
12/01/32, SunTrust Bank, LOC 500,000 500,000
Palm Beach County, FL, Water & Sewer RB, 6.00%, 10/01/11,
AMBAC Insured, First Union National Bank, SBPA 350,000 350,000
St. Petersburg, FL, Public Improv RB, (Florida International
Museum Project), Series 1997A, 5.10%, 10/01/17,
SunTrust Bank, Tampa Bay, LOC 4,275,000 4,275,000
Sumter County, FL IDA, IDB, (Great Southern Wood, FL, Inc.),
5.35%, 04/01/05, SouthTrust Bank, LOC 300,000 300,000
Tamarac, FL, IDB, (Tampa Bay Business Center, Inc.
Project), 5.25%, 08/01/15, NationsBank of
FL, NA, LOC 315,000 315,000
Volusia County, FL IDA, IDB, (RS Displays Inc. Project), 6.05%,
06/01/09, Credit Commercial de France, LOC 675,000 675,000
Other (Non-Florida) (1%)
Los Angeles, CA Regional Airport Improvement Corporation, IDB,
(LA International - LAX ), 6.00%,
12/01/25, Societe Generale, LOC 800,000 800,000
Midlothian, TX Industrial Development Corp, IDB, (Texas
Industries Inc. Project), 6.25%, 05/01/29,
Bank of America, NT & SA, LOC 1,000,000 1,000,000
Total Variable Rate Demand Notes (Cost $46,213,000) $46,213,000
Municipal Bonds
Florida (63%) Principal Value
Amount
Bay County, FL, Water & Sewer RB, Series 2000, 4.10%,
09/01/00, AMBAC Insured 240,000 239,983
Brevard County, FL School District, Tax Anticipation
Notes, 4.00%, 6/30/00 1,000,000 1,001,032
Broward County, FL School District, Revenue Anticipation
Notes, Series B, 4.60%, 04/11/01 2,250,000 2,257,123
Broward County, FL, Sales Tax RB, Commercial Paper,4.00%, 06/08/00,
Credit Local de France, Line of Credit 2,360,000 2,360,000
Cape Coral, FL Health Facilities Auth, Hospital RB, (Gulf
Care Inc. Project), 5.00%, 10/01/00,
Asset Guaranty, GTY 105,000 105,211
Celebration Community Development District, FL, Special Assessment RB,
5.25%, 05/01/01, MBIA Insured 100,000 100,821
Charlotte County, FL School District, Tax Anticipation Notes,
Series 1999, 4.00%, 06/30/00 5,000,000 5,002,785
Dade County, FL, Water & Sewer RB, 5.00%, 10/01/00,
FGIC Insured 150,000 150,457
Florida, State of, GO Bonds, Series H, 5.125%,
07/01/00 100,000 100,125
Florida, State of, GO Bonds, Department of Transportation -
Right of Way, 5.75%, 07/01/00 100,000 100,325
Florida State Board of Education, GO Bonds, 7.00%, 06/01/00,
Pre-refunded @ 102 1,000,000 1,022,632
Florida State Board of Education, GO Bonds, 7.00%, 06/01/00,
Pre-refunded @ 102 600,000 613,724
Florida State Board of Education, GO Bonds, 7.00%, 06/01/00,
Pre-refunded @ 102 125,000 127,825
Florida State Board of Education, GO Bonds, Series A, Zero
Coupon, 06/01/00, Pre-refunded @43.7159 250,000 108,930
Florida State Board of Education, GO Bonds, Series A, Zero
Coupon, 06/01/00, Pre-refunded @37.6576 1,680,000 630,687
Florida State Board of Education, GO Bonds, Series A, Zero
Coupon, 06/01/00, Pre-refunded @34.9505 750,000 261,168
Florida State Board of Education, GO Bonds, Series A, Zero
Coupon, 06/01/00, Pre-refunded @32.4381 1,250,000 404,218
Florida State Board of Education, GO Bonds, Series A,
6.10%, 06/01/00 85,000 85,076
Florida State Board of Education, GO Bonds, Series C,
5.40%, 06/01/00 200,000 200,255
Florida State Board of Education, GO Bonds, Series A,
7.25%, 06/01/00, Pre-refunded @ 102 3,705,000 3,789,209
Florida State Board of Education, GO Bonds, 7.00%, 06/01/00,
Pre-refunded @ 102 1,000,000 1,022,632
Florida State Board of Education, GO Bonds, Series
A, 4.10%, 01/01/01 100,000 99,901
Florida State Board of Education, GO Bonds, Series C, 5.00%,
06/01/00, FGIC Insured 2,750,000 2,752,657
Florida State Board of Education, GO Bonds, (Capital Outlay), 6.00%,
01/01/01 2,240,000 2,267,893
Florida State Department of General Services, Division of Facilities
Management, Public Improv RB, (FL Facilities Pool),
7.00%, 09/01/00, Pre-refunded @ 102 50,000 51,435
Florida State Division of Bond Finance, Department of General Services,
Public Improv RB, (Dept of Environmental Protection), Series B,
4.10%, 07/01/00, AMBAC Insured 250,000 250,042
Florida State Division of Bond Finance, Department of General Services,
Public Improv RB, (Dept of Natural Resources-Preservation 2000),
Series A, 5.00%, 07/01/00, AMBAC Insured 150,000 150,341
Florida State Division of Bond Finance, Department of General Services,
Public Improv RB, (Dept of Natural Resources-Preservation 2000),
Series A, 5.00%, 07/01/00, MBIA Insured 200,000 200,251
Florida Local Government Commission, Commercial Paper, (Florida Association
of Counties Pooled Program), 4.00%, 08/07/00,
First Union National Bank, LOC 2,837,000 2,837,000
Florida Local Government Commission, Commercial Paper, (Florida Pooled
Program), Series B,4.00%, 05/04/00,
First Union National Bank, LOC 2,000,000 2,000,000
Florida Municipal Power Agency, Commercial Paper,
Pooled Loan Project, 3.95%, 06/20/00,
First Union National Bank of NC, LOC 1,905,000 1,905,000
Florida State Turnpike Auth, Transportation RB, Series A, 5.90%,
07/01/00, FGIC Insured 100,000 100,306
Florida State Turnpike Auth, Transportation RB,
6.00%, 7/01/00 1,590,000 1,595,050
Fort Lauderdale, FL, GO Bonds, (Parking Improvement Project),
4.80%, 01/01/01 100,000 100,290
Hernando County, FL School Board, Certificates of Participation, (FL School
Boards Association,Inc.), 4.05%, 07/01/00,
FSA Insured 55,000 54,943
Hillsborough County, FL, Public Improv RB, (Warehouse & Sheriffs Facs),
4.50%, 07/01/00, FSA Insured 250,000 250,000
Hillsborough County, FL School Board, Certificates of Participation,
(Master Lease Program), Series A, 5.00%, 07/01/00,
MBIA Insured 4,000,000 4,005,344
Hillsborough County, FL School Board, Certificates of Participation,
3.65%, 7/01/00, MBIA Insured 500,000 500,000
Hillsborough County, FL School Board, Sales Tax RB, 4.125%, 10/01/00,
AMBAC Insured 250,000 250,000
Indian River County, FL, Water & Sewer RB, 5.90%, 05/01/00, Escrowed to
Maturity 100,000 100,000
Indian Trace, FL Community Development Dist, Special Assessment RB,
(Water Management - Special Benefit), Series A, 5.00%, 05/01/00,
MBIA Insured, Swiss Bank, SBPA 100,000 100,000
Inland Protection Financing Corp, FL, Public Improv RB, 5.00%, 07/01/00,
FSA Insured 1,000,000 1,002,047
Jacksonville, FL Electric Auth, Electric Util RB, (Bulk Power Supply -
Scherer), Series 4-1-A, 6.70%, 10/01/00,
Pre-refunded @ 101.50 35,000 35,828
Jacksonville, FL Electric Auth, Electric Util RB, (Bulk Power Supply -
Scherer), Series 4-1-A, 7.00%, 10/01/00,
Pre-refunded @ 101.50 1,900,000 1,951,220
Jacksonville, FL, Excise Tax RB, 4.60%, 10/01/00,
FGIC Insured 500,000 500,492
Jacksonville, FL, GO Bonds, (Commercial Paper Program), 3.90%, 05/12/00,
Morgan Guaranty,Bayerische Landesbank Girozentrale,
SunBank, LOC 9,800,000 9,800,000
Jacksonville, FL, Commercial Paper, (Florida Power & Light),
Series 1992, 3.90%, 06/12/00 2,800,000 2,800,000
Jacksonville, FL, Commercial Paper, (Florida Power & Light),
Series 1992, 3.90%, 05/04/00 2,500,000 2,500,000
Lee County, FL, Public Improv RB, (Capital Improvement &
Transportation Facilities), 6.50%, 10/01/00,
Pre-refunded @ 102 225,000 231,478
Lee County, FL Hospital Board of Directors, Hospital RB, (Lee Memorial
Hospital Project), Commercial Paper, 1995 Series A, 4.05%, 06/09/00,
SunTrust Bank, Central FL, LOC 1,500,000 1,500,000
Lee County, FL Hospital Board of Directors, Hospital RB, (Lee Memorial
Hospital Project), Commercial Paper, Series D, 3.95%, 05/08/00,
SunTrust Bank, Central FL, LOC 1,800,000 1,800,000
Longboat Key, FL Beach Erosion Control District A, GO Bonds, 5.10%,
02/01/01, MBIA Insured 100,000 100,581
Orange County, FL, Commercial Paper, 3.75%, 05/09/00, NationsBank, N.A.,
Liquidity Facility 3,000,000 3,000,000
Orlando & Orange County, FL Expressway Auth, Transportation RB,
(Junior Lien), 6.50%, 07/01/00,
Pre-refunded @ 102 110,000 112,659
Orlando & Orange County, FL Expressway Auth, Transportation RB,
(Junior Lien), 6.75%, 07/01/00,
Pre-refunded @ 102 70,000 71,676
Osceola County, FL School Board, Certificates of Participation, Series A,
3.25%, 06/01/00, AMBAC Insured 575,000 574,976
Palm Beach County, FL, Criminal Justice Facilities RB, 6.00%, 06/01/00,
Pre-refunded @ 100 250,000 250,412
Palm Beach County, FL Health Facilities Auth, Hospital RB, (Pooled Hospital
Loan Project), Commercial Paper, 3.90%, 05/16/00, MBIA Insured,
Credit Suisse, SBPA 2,500,000 2,500,000
Polk County, FL, Public Improv RB, 3.85%, 12/01/00,
FSA Insured 200,000 199,254
Port of Palm Beach District, FL, Transportation RB, Series A, 3.80%,
09/01/00, MBIA Insured 195,000 195,000
Putnam County, FL Development Auth, Pollution Ctrl RB, (Seminole Electric
Cooperative, Inc.), Series D, 3.80%, 06/15/00, National Rural Utilities
Cooperative Finance Corporation, GTY,
Mandatory Tender @ 100 1,000,000 1,000,000
Putnam County, FL Development Auth, Pollution Ctrl RB, (Seminole Electric
Cooperative, Inc.), Series H-3, 4.05%, 09/15/00, National Rural Utilities
Cooperative Finance Corporation, GTY,
Mandatory Tender @ 100 1,100,000 1,100,000
St. Lucie County, FL, Public Improv RB, (800 MHZ Radio System Project),
Series A, 4.20%, 04/01/01, MBIA Insured 150,000 150,000
St. Lucie County, FL School District, Certificates of Participation,
Series A, 7.25%, 07/01/00, Pre-refunded @ 102 350,000 359,060
St. Lucie County, FL School District, GO Bonds, Series A, 3.90%, 02/01/01,
FSA Insured 150,000 149,614
St. Lucie County, FL, Commercial Paper, (Florida Power & Light), 3.90%,
05/05/00 2,500,000 2,500,000
St. Lucie County, FL, Commercial Paper, (Florida Power & Light), 3.85%,
05/02/00 3,250,000 3,250,000
Sarasota County, FL School Board Financing Corp, Lease Obligation, 4.60%,
07/01/00, MBIA Insured 2,320,000 2,321,322
Seminole County, FL School District, Tax Anticipation Notes,
4.00%, 07/28/00 1,100,000 1,101,500
Sunrise, FL, Public Improv RB, 3.10%, 10/01/00,
FSA Insured 200,000 198,524
Sunshine State Governmental Financing Comm, Commercial Paper, 4.05%, 06/06/00,
FGIC Insured, SBPA: Bank of Nova Scotia 2,260,000 2,260,000
Tallahassee, FL, Electric Util RB, Series A, 4.00%, 10/01/00,
FSA Insured 500,000 499,290
Tampa Bay Water, FL Utility System, Water & Sewer RB, Series A, 3.60%,
10/01/00, FGIC Insured 300,000 298,851
Volusia County, FL School Board, Certificates of Participation, (Master
Lease Program), 3.65%, 08/01/00, FSA Insured 900,000 900,000
Walton County, FL, Certificates of Participation, 3.50%, 07/01/00, FSA
Insured 725,000 725,000
Wellington, FL, Public Service Tax RB, Series 1999, 3.60%, 09/01/00, AMBAC
Insured 300,000 299,999
Other (Non-Florida) (3%)
Arlington, TX, Public Improv RB, 5.75%, 08/15/00 125,000 125,432
Bergen County, NJ Utilities Auth, Water & Sewer RB, Series B, Zero Coupon,
12/15/00, Pre-refunded @ 45.055 150,000 65,420
Centennial, CO Water & Sanitation District, Water & Sewer RB, 4.50%,
06/15/00, FSA Insured 75,000 75,000
Cook County, IL, GO Bonds, 7.05%, 11/01/00,
MBIA Insured 250,000 253,342
Cook County, IL, GO Bonds, Series A, 5.90%, 11/15/00,
MBIA Insured 200,000 201,723
Florence County, SC, Hospital RB, (McLeod Regional Medical Center Project),
6.75%, 11/01/00, Pre-refunded @ 102 290,000 299,790
Hawaii State Airports System, Transportation RB, Third Series, 5.125%,
07/01/00, AMBAC Insured 500,000 500,265
Houston, TX, Water & Sewer RB, Prior Lien, 7.375%, 12/01/00,
Pre-refunded @ 102 500,000 518,788
Jenison, MI Public Schools, GO Bonds, 4.65%, 05/01/00,
FGIC Insured 55,000 55,000
Lake City, MI Area School, GO Bonds, Zero Coupon, 05/01/00,
Pre-refunded @ 96.2442 200,000 192,488
Nassau County, NY, GO Bonds, Series P, 6.30%, 11/01/00,
FGIC Insured 100,000 100,947
Oklahoma HFA, Housing RB, Series D, 4.80%, 09/01/00
65,000 65,000
Pierce County, WA Public Transportation Benefit Area Corp, Public
Improv RB, (Limited Sales Tax), 5.80%, 12/01/00,
FGIC Insured 250,000 252,198
Portsmouth, VA, GO Bonds, 6.60%, 08/01/00, Pre-refunded @ 102
300,000 307,696
Providence, RI Public Building Auth, Public Improv RB, Series A, 6.90%,
12/15/00, Pre-refunded @ 102 200,000 207,092
St. Robert, MO Waterworks & Sewer System, Water & Sewer RB, 8.125%, 10/01/00,
Pre-refunded @ 103 100,000 104,461
San Antonio, TX River Auth, Public Improv RB, (Channel Project), 5.20%,
07/01/00, MBIA Insured 100,000 100,153
Shelby County, TN, GO Bonds, Series A, 6.25%, 12/01/00, Pre-refunded @ 102
100,000 103,028
Socorro, TX Independent School District, GO Bonds, Zero Coupon, 09/01/00,
Pre-refunded @ 38.983 100,000 38,375
Texas, State of, GO Bonds, Series A, 6.00%, 08/01/00, Escrowed to Maturity
275,000 276,273
Vermont State Student Loan Assistance Corp, Higher Educ RB, Series A-3,
5.90%, 06/15/00, FSA Insured 175,000 175,303
Warren, MI, GO Bonds, (Michigan Transportation Fund), 4.20%, 06/01/00
100,000 100,000
Will County, IL Community United School District No. 365, GO Bonds, Series A,
5.25%, 11/01/00, FSA Insured 175,000 175,801
Wisconsin State Health & Educational Facilities Auth, Higher Education RB,
(Medical College Wisconsin, Inc. Project), 4.40%, 12/01/00,
MBIA Insured 200,000 200,000
Total Municipal Bonds (Cost $89,987,029) $ 89,987,029
Total Investments (100%) (Cost $136,200,029) $ 136,200,029
Summary of Ratings (Unaudited):
AAA/Equivalent 98%, AA/Equivalent 2%
Average Portfolio Maturity: 44 Days
The Florida taxFree ShortTerm Fund
Statment of Investments
April 30,2000
Variable Rate Demand Notes Principal Amount
Value
Florida (1%)
Hillsborough County, FL IDA, Pollution Ctrl RB, (Tampa Electric Co.),
Series 1990, 5.85%, 9/01/25 $100,000 $100,000
Hillsborough County, FL IDA, IDB, (National Gypsum Company, Apollo Beach
Project), Series 2000A, 5.95%, 04/01/30,
Wachovia Bank, N.A., LOC 500,000 500,000
Palm Beach County, FL, Water & Sewer RB, 6.00%, 10/01/11, AMBAC Insured,
First Union National Bank, SBPA 1,000,000 1,000,000
Other (Non-Florida) (6%)
Brazos, TX River Auth, Pollution Control RB, (Texas Utilities Electric Co.),
Series A, 6.25%, 04/01/30, Morgan Guaranty Trust Company, LOC
$500,000 $500,000
Los Angeles County, CA IDA, IDB, (Socransky Children's Fund), 5.85%, 12/01/05,
Dai-Ichi Kangyo Bank Ltd., LOC 125,000 125,000
Los Angeles County, CA IDA, IDB, (353 Properties Ltd. Partnership), 5.85%,
12/01/05, Dai-Ichi Kangyo Bank Ltd., LOC 300,000 300,000
Total Variable Rate Demand Notes (Cost $2,525,000) $ 2,525,000
Municipal Bonds Principal Amount
Altomonte Springs, FL Community Redevelopment Agency, Tax Increment RB,
5.50% 04/01/02 150,000 151,752
Baker County, FL Hospital Auth, Hospital RB, Series 1998, 4.30%, 12/01/03,
ACA Insured 305,000 290,467
Bay Medical Center, FL, Hospital RB, (Bay Medical Center Project), 4.70%, 1
0/01/02, AMBAC Insured 100,000 99,591
Brevard County, FL School Board, Certificates of Participation, 6.50%,
07/01/02, Pre-refunded @ 102 100,000 105,374
Brevard County, FL Solid Waste Management System, Solid Waste RB, 4.00%,
04/01/01, FSA Insured 100,000 99,497
Broward County, FL Airport System, Transportation RB, (Passenger Facility
Charge/Convertible Lien Bonds), Series 1998H-1, 4.50%, 10/01/04, AMBAC
Insured 300,000 290,664
Broward County, FL Educational Facilities Auth, Higher Education RB, (Nova
Southeastern University Project), 5.40%, 04/01/02, Connie Lee Insured
75,000 75,836
Broward County, FL Health Facilities Authority, (North Beach Hospital Project)
6.50%, 8/15/01, MBIA Insured 100,000 102,232
Broward County, FL, Public Improv RB, (Tourist Development Tax Special Rev -
Convention Center), Zero Coupon, 10/01/01, Escrowed to Maturity
450,000 420,404
Canaveral, FL, Transportation RB, 5.40%, 06/01/02, FGIC Insured
100,000 101,208
Celebration Community Development District, FL, Special Assessment RB, Series
B, 4.60%, 05/01/03, MBIA Insured 250,000 247,865
Clay County, FL HFA, Single Family Mortgage RB, (Multi-County Program),
4.80%, 04/01/02, GNMA/FNMA Collateralized 120,000 119,477
Clay County, FL HFA, Single Family Mortgage RB, (Multi-County Program),
4.50%, 04/01/03, GNMA/FNMA Collateralized 240,000 233,542
Clearwater, FL Housing Auth, Housing RB, (Hamptons Apartments), 8.25%,
05/01/04, Pre-refunded @ 103 600,000 677,808
Clearwater, FL Housing Auth, Housing RB, (Hamptons at Clearwater Project),
4.40%, 05/01/00, ACA Insured 130,000 130,000
Coral Springs, FL, GO Bonds, 4.25%, 04/01/01 50,000 49,961
Dade County, FL, GO Bonds, 5.25%, 11/01/04, FGIC Insured
50,000 50,495
Dade County, FL Aviation Auth, Transportation RB, Series X, 5.25%, 10/01/01
100,000 100,806
Dade County, FL, Guaranteed Entitlement Spl Assmt Bonds, Series B, Zero
Coupon, 02/01/01, MBIA Insured 250,000 241,943
Dade County, FL School Board, Certificates of Participation, 5.00%, Series A,
05/01/01, Escrowed to Maturity 125,000 125,721
Dade County, FL School Board, Certificates of Participation, Series A,
5.50%, 05/01/04, Pre-refunded @ 101 400,000 411,320
Dade County, FL School District, GO Bonds, 5.00%, 06/01/00, MBIA Insured
50,000 50,016
Dade County, FL School District, GO Bonds, 5.50%, 08/01/04,
Pre-refunded @ 101 100,000 102,925
Dade County, FL, Special Assessment RB, (Various Purpose Improv Projects),
Series A, 7.15%, 07/01/00, Pre-refunded @ 100 25,000 25,112
Dade County, FL, Public Improv RB, Special Obligation, (Courthouse Center
Project), 6.35%,04/01/04, Pre-refunded @ 102 495,000 526,789
Escambia County, FL Health Facilities Auth, Hospital RB, (Azalea Trace, Inc.
Project), 5.25%, 01/01/03 300,000 290,235
Escambia County, FL Health Facilities Auth, Hospital RB, (Baptist Hospital &
Baptist Manor Project), 4.10%, 10/01/01 375,000 365,959
Escambia County, FL Health Facilities Auth, Hospital RB, (Baptist Hospital &
Baptist Manor Project), 4.20%, 10/01/02 165,000 157,478
Escambia County, FL Health Facilities Auth, Hospital RB, (Baptist Hospital &
Baptist Manor Project), 4.40%, 10/01/03 210,000 197,713
Escambia County, FL Health Facilities Auth, Hospital RB, (Charity Obligated
Group), Series C, 3.90%, 11/01/04 250,000 239,635
Escambia County, FL HFA, Single Family Mortgage RB, (Multi-County Program),
Series A, 4.70%, 04/01/01, GNMA Collateralized 90,000 90,005
Escambia County, FL HFA, Single Family Mortgage RB, (Multi-County Program),
Series A, 4.50%, 04/01/03, GNMA Collateralized 245,000 238,407
Escambia County, FL HFA, Single Family Mortgage RB, (Multi-County Program),
4.10%, 04/01/04, GNMA Collateralized 150,000 143,234
Escambia County, FL School Board, Certificates of Participation, 6.25%,
02/01/02, Pre-refunded @ 100 45,000 46,121
Florida Development Finance Corporation, IRB, (FDFC Guaranty Program), 1997
Series B, 4.90%, 05/01/03, AMBAC Insured 40,000 39,802
Florida Development Finance Corporation, IRB, (FDFC Guaranty Program), 1997
Series C, 4.90%, 05/01/03, AMBAC Insured 30,000 29,852
Florida Gas Utility, Electric Util RB, (Gas Project No. 1), 5.00%, 12/01/03,
FSA Insured 250,000 245,990
Florida HFA, General Mortgage RB, Series A, 5.75%, 06/01/02, FHA Insured
45,000 45,754
Florida HFA, Housing RB, Single Family Mortgage RB, 1995 Series A, 5.70%,
01/01/01, GNMA Collateralized 70,000 70,509
Florida HFA, Housing RB, (Turtle Creek Apartments Project), 1996 Series C,
4.75%, 05/01/00, AMBAC Insured 85,000 85,000
Florida HFA, Rfdg Homeowner Mortgage & RB, Series 2, 5.20%, 01/01/02
230,000 230,564
Florida HFA, Housing RB, Series C, 4.90%, 08/01/01, FNMA Collateralized
150,000 150,456
Florida State, GO Bonds, (Pollution Ctrl), Series Y, 6.50%, 07/01/02,
Pre-refunded @ 101 175,000 182,824
Florida State, GO Bonds, (Pollution Ctrl), Series Y, 6.60%, 07/01/02,
Pre-refunded @ 101 135,000 141,310
Florida State, GO Bonds, (Jacksonville Transportation, Sr. Lien), 6.40%,
07/01/02, Pre-refunded @ 101 170,000 177,256
Florida State Department of Transportation, GO Bonds, (Right-of-Way
Acquisition and Bridge Construction), Series 1997A, 6.40%, 07/01/02
200,000 206,562
Florida State Board of Education, GO Bonds, Series A, Zero Coupon, 06/01/00,
Pre-refunded @ 43.716 80,000 34,850
Florida State Board of Education, GO Bonds, Series A, Zero Coupon, 06/01/00,
Pre-refunded @ 37.658 100,000 37,525
Florida State Board of Education, GO Bonds, Series C, 5.40%, 06/01/03
60,000 60,828
Florida State Board of Education, GO Bonds, Series A, 6.75%, 06/01/01,
Pre-refunded @ 101 175,000 180,945
Florida State Board of Education, GO Bonds, Series C, 6.50%, 06/01/02,
Pre-refunded @ 102 400,000 417,384
Florida State Board of Education, GO Bonds, Series C, 6.625%, 06/01/02,
Pre-refunded @ 101 100,000 104,591
Florida State Board of Education, GO Bonds, Series B, 6.00%, 06/01/02,
Pre-refunded @ 101 295,000 304,936
Florida State Board of Education, GO Bonds, Series C, 5.125%, 06/01/00
100,000 100,041
Florida State Board of Education, GO Bonds, Series A, 5.25%, 06/01/00
65,000 65,033
Florida State Board of Education, GO Bonds, Series B, 6.00%, 06/01/02,
Pre-refunded @ 101 85,000 87,863
Florida State Board of Education, GO Bonds, Series A, 6.50%, 06/01/03
300,000 313,458
Florida State Board of Education, GO Bonds, Series A, 5.00%, 06/01/04
200,000 200,326
Florida State Board of Education, GO Bonds, Series C, 4.75%, 06/01/05, FGIC
Insured 250,000 246,905
Florida State Board of Education, GO Bonds, Series C, 5.90%, 05/01/00,
Escrowed to Maturity 25,000 25,000
Florida State Department of General Services, Division of Facilities
Management, Public Improv RB, (FL Facilities Pool), 7.00%, 09/01/00,
Pre-refunded @ 102 100,000 102,845
Florida State Board of Regents, Certificates of Participation, State
University System, (FL Atlantic University Foundation, Inc.), 4.00%,
05/01/04, Asset Guaranty Insured 125,000 118,678
Florida State Division of Bond Finance, Department of General Services,
Sales Tax RB, (Dept of Natural Resources-Preservation 2000), Series A, 6.75%,
07/01/01, Pre-refunded @ 102 100,000 104,374
Florida State Division of Bond Finance, Department of General Services,
Public Improv RB, (Dept of Natural Resources-Preservation 2000), Series A,
6.25%, 07/01/02, Pre-refunded @ 101 100,000 103,963
Florida State Division of Bond Finance, Department of General Services,
Public Improv RB, (Dept of Natural Resources-Preservation 2000), Series A,
6.25%, 07/01/02, Pre-refunded @ 101 175,000 181,935
Florida State Division of Bond Finance, Department of General Services,
Public Improv RB, (Dept of Natural Resources-Preservation 2000), Series A,
6.00%, 07/01/03, AMBAC Insured 500,000 515,000
Florida State Division of Bond Finance, Investment Fraud Restoration Financing
Corp, Miscellaneous RB, 3.85%, 05/01/04, MBIA Insured
250,000 235,573
Florida Municipal Power Agency, Electric Util RB, (St. Lucie Project),
5.00%, 10/01/01, FGIC Insured 100,000 100,496
Florida State Turnpike Auth, Transportation RB, Series A, 6.25%, 07/01/01,
Pre-refunded @ 100 45,000 45,863
Gainesville, FL Util System, Electric Util RB, Series A, 5.90%, 10/01/00
50,000 50,319
Gulf Breeze, FL, Public Improv RB, (Local Government Loan Program), Series
1985B, 4.50%,12/01/04, FGIC Insured 500,000 486,895
Hernando County, FL School District, GO Bonds, 5.10%, 09/01/01, MBIA Insured
120,000 120,710
Hernando County, FL, Solid Waste RB, 7.10%, 10/01/00, Pre-refunded @ 102
100,000 103,106
Hernando County, FL, Solid Waste RB, 7.125%, 10/01/00, Pre-refunded @ 102
75,000 77,337
Hillsborough County, FL Aviation Auth, Transportation RB, (Tampa International
Arpt), Series A, 5.00%, 10/01/01, AMBAC Insured
250,000 250,663
Homestead, FL, Special Assessment RB, (Hurricane Andrew), 5.25%, 03/01/03,
Escrowed to Maturity 140,000 141,343
Indian Trace Community Development District, FL, Water Management-Special
Benefit Bonds, Series A, 5.10%, 05/01/01, MBIA Insured
250,000 251,925
Indian Trace Community Development District, FL, Water Management-Special
Benefit Bonds, Series A, 5.20%, 05/01/02, MBIA Insured
35,000 35,277
Indian Trail Water Control District, FL, Public Improv RB, (Unit of
Development No.1), Series 1990, 7.875%, 07/01/00
10,000 10,025
Jacksonville Beach, FL, Electric Utility RB, 6.75%, 10/01/01,
Pre-refunded @ 102 115,000 120,523
Jacksonville, FL, Capital Improv RB, (Gator Bowl Project), 5.15%, 10/01/02,
AMBAC Insured 100,000 100,829
Jacksonville, FL, Capital Improv RB, (Gator Bowl Project), 6.00%, 10/01/04,
Pre-refunded @ 101 165,000 173,179
Jacksonville, FL Electric Auth, Electric Util RB, Series 3-A, 4.50%,
10/01/05 500,000 481,550
Jacksonville, FL, Excise Tax RB, 5.65%, 10/01/05, Escrowed to Maturity
280,000 287,322
Jacksonville, FL Health Facilities Auth, Hospital RB, 7.375%, 07/01/00,
Pre-refunded @ 100 50,000 52,567
Jacksonville, FL Health Facilities Auth, Hospital RB, (National Benevolent
Association-Cypress Village Project), Series 1996A, 5.00%, 12/01/00
125,000 125,030
Jacksonville, FL Health Facilities Auth, Hospital RB, (National Benevolent
Association-Cypress Village Project), Series 1996A, 5.20%, 12/01/01
130,000 129,219
Jacksonville, FL Health Facilities Auth, Hospital RB, (National Benevolent
Association-Cypress Village Florida Project), Series 2000A, 5.50%, 03/01/02
120,000 120,444
Jacksonville, FL Health Facilities Auth, Hospital RB, (National Benevolent
Association-Cypress Village Florida Project), Series 2000A, 5.75%, 03/01/03
125,000 126,090
Lakeland, FL, Hospital RB, (Lakeland Regional Medical Center), 4.20%,
11/15/02, MBIA Insured 90,000 87,838
Largo, FL, Hospital RB, (Sun Coast Health System), 5.75%, 03/01/01
285,000 283,928
Lee County, FL HFA, Single Family Mortgage RB, (Multi-County Program),
Series A, Subseries 2, 5.25%, 03/01/02, GNMA Collateralized
45,000 45,222
Lee County, FL HFA, Single Family Mortgage RB, (Multi-County Program),
Series 1996A, Subseries 3, 5.10%, 03/01/01, GNMA Collateralized
35,000 35,127
Lee County, FL School Board, Certificates of Participation, Series A, 6.25%,
08/01/01, Pre-refunded @ 102 80,000 83,153
Lee County, FL School Board, Certificates of Participation, Series A, 4.85%,
08/01/03, FSA Insured 50,000 49,834
Lee County, FL School Board, Certificates of Participation, Series A, 5.50%,
08/01/03, Pre-refunded @ 102 130,000 134,605
Lee County, FL School Board, Certificates of Participation, Series A, 4.30%,
08/01/01, FSA Insured 50,000 49,651
Lee County, FL IDA, Water & Sewer RB, (Bonita Springs Utilities Project),
4.80%, 11/01/01, MBIA Insured 70,000 70,000
Lee County, FL, Public Improv RB, (Local Option Gas Tax Revenues), 4.70%,
10/01/03, FGIC Insured 100,000 99,344
Lee County, FL Solid Waste System, Solid Waste RB, Series A, 6.90%, 10/01/03,
MBIA Insured 100,000 104,278
Lee County, FL Solid Waste System, Solid Waste RB, Series A, 4.50%, 10/01/01,
MBIA Insured 95,000 94,611
Manatee County, FL HFA, Single Family Mortgage RB, Subseries 1, 5.375%,
05/01/02, GNMA Collateralized 35,000 35,239
Marion County, FL Hospital District, Hospital RB, (Munroe Regional Health
System), Series 1999, 4.375%, 10/01/02 250,000 241,468
Marion County, FL, Solid Waste RB, 6.20%, 08/01/00, FGIC Insured
50,000 50,216
Martin County, FL, Combined Spl Assmt RB, 5.30%, 11/01/01
90,000 90,000
Miami Beach, FL Health Facilities Auth, Hospital RB, (South Shore Hospital),
Series A, 4.30%, 08/01/03, ACA Insured 500,000 477,365
Miami Beach, FL Redevelopment Agcy, Tax Increm RB, (City Center/Historic
Conv Village), 4.90%, 12/01/01 50,000 49,626
Miami Beach, FL Redevelopment Agcy, Tax Increm RB, (Historic Conv Village),
Series B, 5.25%, 12/01/01 160,000 160,642
Miami-Dade County, FL, Special Obligation RB, Series C, Zero Coupon,
10/01/03, MBIA Insured 250,000 210,120
Miami-Dade County, FL Aviation Auth, Transportation RB, Series A, 4.20%,
10/01/03, FGIC Insured 250,000 240,660
Miami, FL Health Facilities Auth, Hospital RB, (Mercy Hospital), 6.45%,
08/01/01, AMBAC Insured 100,000 102,046
Miami, FL Health Facilities Auth, Hospital RB, (Mercy Hospital), 6.85%,
08/01/01, Pre-refunded @ 102 250,000 261,648
North Miami, FL Health Facilities Auth, Hospital RB, (Catholic Health
Services Obligation Group), 5.10%, 08/15/04, SunTrust Bank, Central Florida,
LOC 190,000 188,883
Orange County, FL Health Facilities Auth, Hospital RB, (Orlando Regional
Healthcare), Series A, 5.15%, 11/01/00, Escrowed to Maturity
50,000 50,218
Orange County, FL Health Facilities Auth, Hospital RB, (Orlando Regional
Healthcare), Series A, 5.15%, 11/01/00, MBIA Insured
25,000 25,091
Orange County, FL HFA, Single Family Mortgage RB, 5.50%, 10/01/00, GNMA/FNMA
Collateralized 45,000 45,178
Orange County, FL HFA, Single Family Mortgage RB, Series A, 5.05%, 04/01/02,
GNMA/FNMA Collateralized 75,000 75,010
Orange County, FL HFA, Single Family Mortgage RB, Series A, 4.70%, 03/01/02,
GNMA/FNMA Collateralized 230,000 228,287
Orange County, FL, Public Improv RB, (Tourist Development Tax), Series B,
6.50%, 10/01/02, Pre-refunded @ 102 295,000 311,606
Orlando, FL Utilities Commission, Electric Util RB, Sub-series A, 6.50%,
10/01/01, Pre-refunded @ 102 775,000 809,612
Orlando, FL Utilities Commission, Electric Util RB, 5.20%, 10/01/00
65,000 65,231
Osceola County, FL HFA, Multifamily Housing RB, (Tierra Vista Apartments
Project), Series A, 4.85%, 06/01/03, FSA Insured
70,000 69,094
Osceola County, FL, Sales Tax RB, 3.95%, 04/01/04, FSA Insured
150,000 142,136
Osceola County, FL School Board, Certificates of Participation, Series A,
(Four Corners Charter School), 4.25%, 08/01/01, MBIA Insured
180,000 178,573
Osceola County, FL School Board, Certificates of Participation, Series A,
(Four Corners Charter School), 5.00%, 08/01/05, MBIA Insured
215,000 214,420
Palm Beach County, FL Health Facilities Auth, Hospital RB, (Good Samaritan
Health System), 5.40%, 10/01/00, Escrowed to Maturity
105,000 105,479
Palm Beach County, FL Health Facilities Auth, Hospital RB, (The Waterford
Project), Series 1997, 5.00%, 10/01/03 150,000 145,203
Palm Beach, FL HFA, Housing RB, (Lake Crystal Apts Project), 4.20%, 12/01/04,
FHLMC Collateralized 130,000 124,342
Palm Beach County, FL, IDB, (The Henry Morrison Flagler Museum Project),
4.25%, 11/01/01, The Northern Trust Company, LOC, Mandatory Tender @ 100
1,000,000 1,000,000
Palm Beach County, FL School District, Certificates of Participation, SeriesA,
5.50%, 08/01/01, AMBAC Insured 100,000 101,033
Pasco County, FL School Board, Certificates of Participation, Series A, 6.20%,
08/01/02, FSA Insured 250,000 257,663
Pasco County, FL Solid Waste RB, 5.375%, 04/01/01, AMBAC Insured, Escrowed
to Maturity 250,000 251,478
Pinellas County, FL, HFA, Single Family Mortgage RB, Series 1997C, 4.60%,
09/01/02, GNMA Collateralized 100,000 98,774
Pinellas County, FL Educational Facilities Auth, Industrial Development RB,
(College Harbor Issue), Senior Lien, Series 1996A, 7.25%, 12/01/02
280,000 293,801
Pinellas County, FL Educational Facilities Auth, Industrial Development RB,
(College Harbor Issue), Junior Lien, Series 1996B, 5.40%, 12/01/00
60,000 60,302
Pinellas County, FL Educational Facilities Auth, Industrial Development RB,
(College Harbor Issue), Junior Lien, Series 1996B, 5.60%, 12/01/01
60,000 60,473
Pinellas County, FL Educational Facilities Auth, Industrial Development RB,
(College Harbor Issue), Junior Lien, Series 1996B, 5.70%, 12/01/02
65,000 65,803
Pinellas County, FL, Solid Waste RB, (Resource Recovery), 5.10%, 10/01/03,
MBIA Insured 250,000 250,298
Pinellas County, FL, Water & Sewer RB, 5.70%, 10/01/02, Pre-refunded @ 102
165,000 171,316
Pinellas County, FL, Transportation Improv RB, 5.25%, 08/01/00, FGIC Insured
150,000 150,324
Plantation, FL, Water & Sewer RB, Zero Coupon, 03/01/03, MBIA Insured
135,000 116,887
Polk County, FL School Board, Certificates of Participation, (School District
Financing Program), 6.375%, 01/01/01, Pre-refunded @ 102
100,000 103,275
Port Everglades, FL Port Auth, Transportation RB, Series A, Zero Coupon,
09/01/01, FGIC Insured 60,000 56,294
Port of Palm Beach District, FL, Transportation RB, Series A, 4.60%,
09/01/05, MBIA Insured 500,000 482,635
Port St. Lucie, FL, Water & Sewer RB, Series 1996A, Zero Coupon, 09/01/01,
Escrowed to Maturity 150,000 140,699
St. Johns County, FL IDA, Hospital RB, (Flagler Hospital Project), 5.60%,
08/01/01 185,000 185,686
St. Lucie County, FL School Board, Certificates of Participation, 5.00%,
07/01/03, FSA Insured 55,000 55,060
St. Petersburg, FL Health Facilities Auth, Hospital RB, (All Children's
Hospital), Series A, 6.30%, 11/15/04, MBIA Insured
50,000 52,138
Sarasota County, FL Health Facilities Auth, Hospital RB, (Sunnyside
Properties Project), Series 1995, 5.50%, 05/15/01
340,000 338,579
Sarasota County, FL, Public Improv RB, (Infrastructure Sales Surtax Rev),
3.70%, 09/01/03, FSA Insured 125,000 118,266
Sarasota County, FL, Public Improv RB, (Infrastructure Sales Surtax Rev),
3.80%, 09/01/04, FSA Insured 125,000 117,010
Seminole County, FL School Board, Certificates of Participation, Series A,
6.125%, 07/01/04, Pre-refunded @ 102 185,000 196,161
Seminole, FL Water Control District, Spl Assmt Bonds, (Unit of Development
No. 2), Series 1996, 5.95%, 08/01/01 155,000 156,331
South Broward Hospital District, FL, Hospital RB, 4.65%, 05/01/00, AMBAC
Insured 50,000 50,000
South Broward Hospital District, FL, Hospital RB, 5.05%, 05/01/04, AMBAC
Insured 100,000 99,928
South Lake County, FL Hospital District, Hospital RB, (South Lake Hospital,
Inc.), 4.625%, 10/01/04 65,000 61,948
Sunrise Lakes, FL, GO Bonds, (Phase 4 Recreation Dist), 4.125%, 08/01/04,
AMBAC Insured 100,000 95,655
Tallahassee, FL, Electric Util RB, Series A, 4.00%, 10/01/04, FSA Insured
100,000 94,572
Tallahassee, FL Health Facilities, Hospital RB, (Tallahassee Memorial
Regional Medical Center), Series B, 5.30%, 12/01/00, MBIA Insured
75,000 75,378
Tallahassee, FL Municipal Airport, Airport Rfdg RB, 4.60%, 10/01/01, AMBAC
Insured 165,000 164,883
University of South Florida, University Rev Housing Facilities RB, Series A,
7.00%, 07/01/02, MBIA Insured 185,000 193,321
Volusia County, FL Health Facilities Auth, Hospital RB, (John Knox Project),
Series A, 5.50%, 06/01/05, Asset Guaranty Insured
300,000 302,517
Volusia County, FL, Special Assessment RB, (Bethune Beach Wastewater Project),
6.60%, 07/01/01 320,000 321,770
West Orange, FL Healthcare District, Hospital RB, Series 1999A, 5.00%,
02/01/04 500,000 485,415
Other (Non-Florida) (6%)
Guam, Government of, GO Bonds, Series A, 4.90%, 11/15/04
500,000 486,705
Hawaii, State of, GO Bonds, Series CI, 4.00%, 11/01/00
250,000 249,348
Oconto County, WI, GO Bonds, (Promissory Notes), 4.40%, 12/01/00
100,000 99,903
Puerto Rico, Commonwealth of, GO Bonds, 7.30%, 07/01/00, Pre-refunded @ 102
55,000 56,356
Puerto Rico, Commonwealth of, GO Bonds, 5.00%, 07/01/01
600,000 601,974
Puerto Rico Electric Power Auth, Electric Util RB, Series X, 4.75%,
07/01/02, MBIA Insured 75,000 75,118
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental
Control Facilities Financing Auth, Hospital RB, (Auxilio Mutuo Obligated
Group), 1997 Series A, 4.80%, 07/01/02, MBIA Insured
190,000 190,490
Virgin Islands Port Auth, Transportation RB, (Rohlsen Terminal), Series 1998A,
4.35%, 09/01/03 455,000 434,977
Total Municipal Bonds (Cost $30,443,638) $ 29,993,764
Total Investments (100%) (Cost $32,968,638) $ 32,518,764
Summary of Ratings (Unaudited): AAA/Equivalent 61%, AA/Equivalent 9%,
A/Equivalent 14%, BBB/Equivalent 10%, Other 6%
Average Portfolio Maturity: 2.40 Years
The Florida TaxFree Funds
Statements of Assets and Liabilities
Money Fund ShortTerm Fund
ASSETS
Investments in securities, at value
(cost $136,200,029 and
$32,968,638 respectively) $ 136,200,029 $ 32,518,764
Cash 12,138 4,274
Receivables:
Interest 1,297,247 433,094
Fund shares sold 65,028 --
Total assets 137,574,442 32,956,132
LIABILITIES
Payable for investment securities purchased 38,375 53,607
Dividend payable 436,783 113,493
Funds advanced by manager 47,808 10,527
Total liabilities 522,966 177,627
NET ASSETS
Paid in capital 137,066,997 33,249,206
Net unrealized appreciation/(depreciation) of investments
-- (449,874)
Accumulated net realized loss (15,521) (20,827)
Net assets 137,051,476 32,778,505
Number of shares outstanding 137,219,229 3,329,493
Net asset value, offering price and redemption
price per share $ 1.00 $ 9.84
The Florida Tax Free Funds
Statements of Operations
April 30, 2000
Money Fund ShortTerm Fund
INVESTMENT INCOME
Income:
Interest $ 5,506,986 $ 1,371,301
Expenses:
Distribution and service fees (Note 2) 87,227 25,372
Investment advisory fee (Note 2) 784,022 188,376
Custodian fees (Note 3) 32,358 17,317
Transfer agency fees and expenses (Note 2) 108,819 15,326
Printing costs 11,321 1,792
Professional fees 14,674 12,502
Insurance 2,129 376
Registration and filing fees 17,607 16,480
Trustees' fees and expenses 8,118 1,433
Other expenses 34,534 7,938
Total expenses 1,100,809 286,912
Expense reimbursements and fee reductions (Note 2)
(446,184) (157,086)
Custodian fees paid indirectly (Note 3) (27,408) (4,239)
Net expenses 627,217 125,587
Net investment income $ 4,879,769 $ 1,245,714
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on investments $ (12,676) $ (6,735)
Unrealized appreciation (depreciation) on investments
-- (777,160)
Net realized and unrealized gain (loss) on investments
(12,676) (783,895)
Increase in net assets from operations $ 4,867,093 $ 461,819
The Florida TaxFree Funds
Statement of Changes in Net Assets
MONEY FUND SHORTTERM FUND
YearEnded YearEnded YearEnded YearEnded
4/30/00 4/30/99 4/30/00 4/30/99
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income
$ 4,879,769 $ 4,889,815 $ 1,245,714 $ 1,072,034
Net realized gain (loss) on Investments
(12,676) (7,193) (6,735) 22,744
Unrealized appreciation (depreciation) of Investments
-- -- (777,160) 126,150
Increase in net assets from operations
4,867,093 4,882,622 461,819 1,221,297
Distributions to shareholders from:
Net investment income
(4,879,769) (4,890,020) (1,245,826) (1,072,291)
Return of capital (152,232) -- (39,015) --
Fund share transactions (Note 4)
(23,194,009) 11,056,406 4,245,594 6,254,235
Net increase (decrease) in net assets
(23,358,917) 11,049,008 3,422,572 6,403,241
Net Assets:
Beginning of year
160,410,393 149,361,385 29,355,933 22,952,692
End of year
$137,051,476 $160,410,393 $32,778,505 $29,355,933
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 Basis or Delayed Delivery Bonds
The Funds may trade 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, they may sell such securities before the settlement date.
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 year ended
April 30, 2000 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, 2000, management fees totaled $784,022 and $188,376 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, 2000,
fees under this agreement amounted to $64,107 and $5,369 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 .40% of each
Fund's average daily net assets. Expenses in excess of .40% of each Fund's
average daily net assets will continue to be paid by WRH 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, 2000, the Money Fund and the ShortTerm Fund
paid $129 and $921, 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, 2000, custodian fees were reduced by earnings
credits of $27,408 and $4,239 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
$137,066,997 and $33,249,206 respectively. Transactions in Fund shares
for the years ended April 30, 2000 and 1999 were as follows:
MONEY FUND*
Year Ended Year Ended
4/30/00 4/30/99
Sold 366,240,680 340,729,327
Issued on reinvested dividends
4,566,581 4,744,159
Redeemed (394,001,270) (334,417,080)
Net increase (decrease) (23,194,009) 11,056,406
SHORTTERM FUND
Shares Amount
YearEnded YearEnded YearEnded YearEnded
4/30/00 4/30/99 4/30/00 4/30/99
Sold 2,809,994 2,417,264 $27,972,466 $24,440,324
Issued on reinvested dividends
116,384 93,290 1,159,919 942,753
Redeemed (2,500,149) (1,891,621) (24,886,791) (19,128,842)
Net increase (decrease)
426,229 618,933 $ 4,245,594 $ 6,254,235
5. Investment Transactions
Purchases and sales/maturities of investment securities (excluding short-term
securities) for the ShortTerm Fund for the year ended April 30, 2000 were
$12,091,553 and $9,223,537, respectively. At April 30, 2000, the cost of
securities for federal income tax purposes was the same as that for financial
reporting purposes. Net unrealized depreciation, which amounted to $488,889
for the ShortTerm Fund, consisted of aggregate gross unrealized appreciation
and (depreciation) of $36,335 and ($525,224), respectively.
As of April 30,2000, the accumulated net realized losses were $15,521 and
$20,827 for the Money Fund and the ShortTerm Fund, respectively. For tax
purposes, such losses are available to offset future realized capital gains.
The capital loss carryforwards expire in varying amounts through 2008 for
the Money Fund and the ShortTerm Fund.
6. Financial Highlights
Money Fund
Per share operating performance
(for a share outstanding throughout the year)
YearEnded YearEnded YearEnded YearEnded YearEnded
4/30/00 4/30/99 4/30/98 4/30/97 4/30/96
Net asset value, beginning of year
$1.00 $1.00 $1.00 $1.00 $1.00
Income from investment operations:
Net Investment Income
0.032 0.030 0.034 0.034 0.036
Less distributions:
Dividends from net investment Income
(0.031) (0.030) (0.034) (0.034) (0.036)
Return of Capital
(0.001) -- -- -- --
Net asset value, end of year
$1.00 $1.00 $1.00 $1.00 $1.00
Total return 3.26% 3.02% 3.50% 3.42% 3.69%
Ratios/Supplemental Data
Net assets at end of year (000's)
$137,051 $160,410 $149,361 $136,453 $113,943
Ratios to Average Daily Net Assets
Expenses .40% .39% .26% .20% .20%
Expenses (Before reimbursement)
.70% .73% .73% .78% .80%
Net Investment Income
3.11% 2.96% 3.43% 3.36% 3.62%
6. Financial Highlights (continued)
ShortTerm Fund
Per share operating performance
(for a share outstanding throughout the year)
YearEnded YearEnded YearEnded YearEnded YearEnded
4/30/00 4/30/99 4/30/98 4/30/97 4/30/96
Net asset value, beginning of year
$10.11 $10.05 $9.95 $9.94 $9.89
Income from investment operations:
Net Investment income
0.41 0.40 0.42 0.43 0.42
Net realized and unrealized gain (loss) on investment
(0.27) 0.06 0.10 0.01 0.05
Total from investment operation
0.14 0.46 0.52 0.44 0.47
Less distributions:
Dividends from net investment income
(0.40) (0.40) (0.42) (0.43) (0.42)
Return of Capital
(0.01) -- -- -- --
Net asset value, end of year
$9.84 $10.11 $10.05 $9.95 $9.94
Total return
1.39% 4.71% 5.23% 4.59% 4.85%
Ratios/Supplemental Data
Net assets at end of year (000's)
$32,779 $29,356 $22,953 $28,853 $12,344
Ratios to Average Daily Net Assets
Expenses
.40% .39% .26% .20% .20%
Expenses (Before reimbursement)
.91% .93% .93% 1.18% 1.42%
Net Investment Income
3.97% 4.00% 4.20% 4.27% 4.25%
Portfolio turnover rate
32.2% 25.6% 40.2% 40.9% 83.4%
The Florida TaxFree Funds
Independent Auditor's Report
The Board of Trustees and Shareholders
The Florida TaxFree Funds
In our opinion, the accompanying statements of assets and liabilities,
including the statements of investments, and the related statements of
operations and of changes in net assets and the financial highlights present
fairly, in all material respects, the financial position of The Florida
TaxFree ShortTerm Fund and The Florida TaxFree Money Market Fund, series of
The Florida TaxFree Funds (the "Funds") at April 30, 2000, and the results of
their operations, the changes in their net assets and the financial highlights
for the year then ended, in conformity with accounting principles generally
accepted in the United States. These financial statements and financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Funds' management; our responsibility is to express an
opinion on these financial statements based on our audit. We conducted our audit
of these financial statements in accordance with auditing standards generally
accepted in the United States which require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement
presentation. We believe that our audit, which included confirmation of
securities at April 30, 2000 by correspondence with the custodian and brokers,
provides a reasonable basis for the opinion expressed above. The financial
statements for the year ended April 30, 1999, including the financial
highlights for each of the periods prior to April 30, 2000, were audited by
other independent accountants whose report dated May 27,1999 expressed an
unqualified opinion on those financial statements.
PricewaterhouseCoopers LLP
New York, New York
May 26, 2000
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