NOTES TO FINANCIAL STATEMENTS
--------------------------------- --------------------------------
Shares Amount
--------------------------------- --------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
March 31, 2001 September 30, March 31, 2001 September 30,
Minnesota Portfolio (unaudited) 2000 (unaudited) 2000
-------------------------------------------------------------------------------------
Class C
Shares sold 119,694 121,928 $ 1,190,042 $ 1,164,949
-------------------------------------------------------------------------------------
Shares issued in
reinvestment of
dividends 13,294 28,935 131,989 275,465
-------------------------------------------------------------------------------------
Shares redeemed (64,861) (315,968) (641,162) (3,001,705)
-------------------------------------------------------------------------------------
Net increase
(decrease) 68,127 (165,105) $ 680,869 $ (1,561,291)
=====================================================================================
--------------------------------- --------------------------------
Shares Amount
--------------------------------- --------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
New Jersey March 31, 2001 September 30, March 31, 2001 September 30,
Portfolio (unaudited) 2000 (unaudited) 2000
-------------------------------------------------------------------------------------
Class A
Shares sold 1,427,137 2,110,449