<PAGE>
ADVANTUS INDEX 500 FUND, INC.
SEMI-ANNUAL REPORT TO SHAREHOLDERS
JANUARY 31, 1997
(UNAUDITED)
<PAGE>
ADVANTUS INDEX 500 FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
JANUARY 31, 1997
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investments in securities, at value - see accompanying
schedule for detailed listing (identified cost: $5,150,126). . $ 5,495,783
Cash in bank on demand deposit. . . . . . . . . . . . . . . . . 7,037
Dividends receivable. . . . . . . . . . . . . . . . . . . . . . 4,990
Organizational costs. . . . . . . . . . . . . . . . . . . . . . 83,845
------------
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . 5,591,655
------------
LIABILITIES
Payable to Adviser. . . . . . . . . . . . . . . . . . . . . . . 86,698
------------
Total liabilities . . . . . . . . . . . . . . . . . . . . . . 86,698
------------
Net assets applicable to outstanding capital stock. . . . . . . $ 5,504,957
------------
------------
REPRESENTED BY:
Capital stock - authorized 10 billion shares (Class A--2
billion shares, Class B--2 billion shares, Class C--2 billion
shares and 4 billion shares unallocated) of $.01 par value
(note 1). . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,152
Additional paid-in capital . . . . . . . . . . . . . . . . . . 5,147,047
Undistributed net investment income. . . . . . . . . . . . . . 7,101
Unrealized appreciation of investments . . . . . . . . . . . . 345,657
------------
Total - representing net assets applicable to
outstanding capital stock. . . . . . . . . . . . . . . . . . $ 5,504,957
------------
------------
Net assets applicable to outstanding Class A Shares . . . . . . $ 5,396,505
------------
------------
Net assets applicable to outstanding Class B Shares . . . . . . $ 54,226
------------
------------
Net assets applicable to outstanding Class C Shares . . . . . . $ 54,226
------------
------------
Shares outstanding and net asset value per share:
Class A - Shares outstanding 505,073 . . . . . . . . . . . . . $ 10.68
------------
------------
Class B - Shares outstanding 5,073 . . . . . . . . . . . . . . $ 10.69
------------
------------
Class C - Shares outstanding 5,073 . . . . . . . . . . . . . . $ 10.69
------------
------------
</TABLE>
See accompanying notes to financial statements.
<PAGE>
ADVANTUS INDEX 500 FUND, INC.
STATEMENT OF OPERATIONS
PERIOD FROM SEPTEMBER 4, 1996 TO JANUARY 31, 1997
(UNAUDITED)
<TABLE>
<S> <C>
Investment income:
Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,829
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,324
--------
Total investment income. . . . . . . . . . . . . . . . . . . . 12,153
--------
Expenses
Investment advisory fee . . . . . . . . . . . . . . . . . . . . 1,616
Custodian fees. . . . . . . . . . . . . . . . . . . . . . . . . 500
Administrative service fee. . . . . . . . . . . . . . . . . . . 18,000
Directors' fees . . . . . . . . . . . . . . . . . . . . . . . . 22
Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,709
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145
--------
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . 22,992
Less fees and expenses waived or absorbed by Adviser:
Other fund expenses. . . . . . . . . . . . . . . . . . . . . . (20,140)
Total net expenses . . . . . . . . . . . . . . . . . . . . . . 2,852
--------
Investment income - net. . . . . . . . . . . . . . . . . . . . 9,301
--------
Net change in unrealized appreciation or depreciation on
investments . . . . . . . . . . . . . . . . . . . . . . . . . . 345,656
--------
Net increase in net assets resulting from operations . . . . . . $354,957
--------
--------
</TABLE>
See accompanying notes to financial statements.
<PAGE>
ADVANTUS INDEX 500 FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
PERIOD FROM SEPTEMBER 4, 1996 TO JANUARY 31, 1997
(UNAUDITED)
<TABLE>
<S> <C>
Operations:
Investment income - net. . . . . . . . . . . . . . . . . . . . $ 9,301
Net change in unrealized appreciation or depreciation of
investments . . . . . . . . . . . . . . . . . . . . . . . . . 345,656
----------
Increase in net assets resulting from operations. . . . . . . 354,957
----------
Distributions to shareholders from net investment income:
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . (734)
Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . (733)
Class C . . . . . . . . . . . . . . . . . . . . . . . . . . . (733)
----------
Total distributions . . . . . . . . . . . . . . . . . . . . . (2,200)
----------
Capital share transactions (notes 4 and 5):
Proceeds from sales:
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,050,000
Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000
Class C . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000
Shares issued as a result of reinvested dividends:
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 734
Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . 733
Class C . . . . . . . . . . . . . . . . . . . . . . . . . . . 733
----------
Increase in net assets from capital share transactions. . . . 5,152,200
----------
Total increase in net assets. . . . . . . . . . . . . . . . . 5,504,957
Net assets at beginning of period . . . . . . . . . . . . . . . --
----------
Net assets at end of period. . . . . . . . . . . . . . . . . . $5,504,957
----------
----------
</TABLE>
See accompanying notes to financial statements.
<PAGE>
ADVANTUS INDEX 500 FUND, INC.
NOTES TO FINANCIAL STATEMENTS
JANUARY 31, 1997
(UNAUDITED)
(1) ORGANIZATION
Advantus Index 500 Fund, Inc. (the Fund) was incorporated on July 3, 1996.
The Fund is registered under the Investment Company Act of 1940 (as amended) as
a diversified, open-end management investment company.
The Fund currently issues three classes of shares: Class A, Class B and Class
C shares. Class A shares are sold subject to a front-end sales charge. Class B
shares are sold subject to a contingent deferred sales charge payable upon
redemption if redeemed within six years of purchase. Class C shares are sold
without either a front-end sales charge or a contingent deferred sales charge.
Both Class B and Class C are subject to a higher Rule 12b-1 fee than Class A
shares. Both Class B and Class C shares automatically convert to Class A shares
at net asset value after a specified holding period. Such holding periods
decline as the amount of the purchase increases and range from 28 to 84 months
after purchase for Class B shares and 40 to 96 months after purchase for Class C
shares. All three classes of shares have identical voting, dividend,
liquidation and other rights and the same terms and conditions, except that the
level of distribution fees charged differs between Class A, Class B and Class C
shares. Income, expenses (other than distribution fees) and realized and
unrealized gains or losses are allocated to each class of shares based upon its
relative net assets.
On September 4, 1996, Advantus Capital Management, Inc. (Advantus Capital or
the Adviser) purchased 5,000 Class A shares, 5,000 Class B shares and 5,000
Class C shares. Advantus Capital is a wholly-owned subsidiary of MIMLIC Asset
Management Company (MIMLIC Management) which is a wholly owned subsidiary of the
Minnesota Mutual Life Insurance Company (Minnesota Mutual). Operations of the
Fund did not formally commence until January 31, 1997 when the shares became
effectively registered under the Securities Exchange Act of 1933. Prior to
commencement of operations, Minnesota Mutual purchased 500,000 Class A shares
for $5 million.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies followed by the Fund are summarized as
follows:
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of increases and decreases in net assets from operations
during the period. Actual results could differ from those estimates.
<PAGE>
ADVANTUS INDEX 500 FUND, INC.
NOTES TO FINANCIAL STATEMENTS--CONTINUED
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-(CONTINUED)
INVESTMENTS IN SECURITIES
Investments in securities traded on a national exchange are valued at the
last sales price on that exchange prior to the time when assets are valued;
securities traded in the over-the-counter market and listed securities for which
no sale was reported on that date are valued on the basis of the last current
bid price. When market quotations are not readily available, securities are
valued at fair value as determined in good faith by the Board of Directors.
Such fair values are determined using pricing services or prices quoted by
independent brokers. Short-term securities are valued at market.
Security transactions are accounted for on the date the securities are
purchased or sold. Realized gains and losses are calculated on the identified-
cost basis. Dividend income is recognized on the ex-dividend date and interest
income, including amortization of bond premium and discount computed on a level
yield basis, is accrued daily.
FEDERAL TAXES
The Fund's policy is to comply with the requirements of the Internal Revenue
Code applicable to regulated investment companies and to distribute all of its
taxable income to shareholders. Therefore, no income tax provision is required.
The Fund's policy is to make required minimum distributions prior to December
31, in order to avoid federal excise tax.
Net investment income and net realized gains (losses) may differ for
financial statement and tax purposes primarily because of temporary book-to-tax
differences. The character of distributions made during the year from net
investment income or net realized gains may differ from their ultimate
characterization for federal income tax purposes. Also, due to the timing of
dividend distributions, the fiscal year in which amounts are distributed may
differ from the year that the income or realized gains (losses) were recorded by
the Fund.
DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income are declared and paid quarterly.
Realized gains, if any, are paid annually.
(3) INVESTMENT SECURITY TRANSACTIONS
For the period from September 4, 1996 to January 31, 1997, purchases of
securities and proceeds from sales, other than temporary investments in short-
term securities aggregated $5,150,126 and $0, respectively.
<PAGE>
ADVANTUS INDEX 500 FUND, INC.
NOTES TO FINANCIAL STATEMENTS-CONTINUED
(4) EXPENSES AND RELATED PARTY TRANSACTIONS
The Fund has an investment advisory agreement with Advantus Capital. Under
the agreement, Advantus Capital acts as investment adviser and manager for the
Fund. The fee for investment management and advisory services is based on the
average daily net assets of the Fund at the annual rate of .34 percent. The
Fund has engaged Minnesota Mutual to act as its transfer agent, dividend
disbursing agent and redemption agent and bears the expenses of such services.
Subject to a minimum annual fee of $12,000, Minnesota Mutual provides transfer
agent services to Index Fund at an annual cost of $25 per shareholder account.
The Fund has adopted separate Plans of Distribution applicable to Class A,
Class B and Class C shares, respectively, relating to the payment of certain
distribution expenses pursuant to Rule 12b-1 under the Investment Company Act of
1940 (as amended). The Fund pays distribution fees to MIMLIC Sales Corporation
(MIMLIC Sales), the underwriter of the Fund and wholly-owned subsidiary of
MIMLIC Management, to be used to pay certain expenses incurred in the
distribution, promotion and servicing of the Fund's shares. The Class A Plan
provides for a fee up to .30 percent of average daily net assets of Class A
shares. The Class B and Class C Plans provide for a fee up to 1.00 percent of
average daily net assets of Class B and Class C shares, respectively. The Class
B and Class C 1.00 percent fee is comprised of a .75 percent distribution fee
and a .25 percent service fee. Distribution fees will begin on January 31,
1997, the commencement of operations of the Fund.
The Fund also bears certain other operating expenses including outside
directors' fees, custodian fees, registration fees, printing and shareholder
reports, legal, auditing and accounting services, organizational costs and other
miscellaneous expenses.
The Fund pays an administrative services fee to Minnesota Mutual for
accounting, auditing, legal and other administrative services which Minnesota
Mutual provides. The administrative service fee is $3,600 per month.
Advantus Capital directly incurs and pays the above operating expenses and
the Fund in turn reimburses Advantus Capital. During the period ended January
31, 1997, Advantus Capital voluntarily agreed to absorb $20,140 in expenses
which were otherwise payable by the Fund.
As of January 31, 1997, Minnesota Mutual and subsidiaries and the directors
and officers of the Fund as a whole own the following shares:
<TABLE>
<CAPTION>
NUMBER OF
SHARES PERCENTAGE OWNED
--------- ----------------
<S> <C> <C>
Class A.................................... 505,073 100.0%
Class B.................................... 5,073 100.0%
Class C.................................... 5,073 100.0%
</TABLE>
<PAGE>
ADVANTUS INDEX 500 FUND, INC.
NOTES TO FINANCIAL STATEMENTS-CONTINUED
(4) EXPENSES AND RELATED PARTY TRANSACTIONS - CONTINUED
During the period ended January 31, 1997, legal fees, which are included in
organizational costs, were paid to a law firm of which the Fund's secretary is a
partner in the amount of 23,961.
(5) ORGANIZATIONAL COSTS
The Fund incurred organizational expenses in connection with the start-up and
initial registration. These costs will be amortized over 60 months on a
straight-line basis beginning with the commencement of operations. If any or
all of the shares held by Advantus Capital, or any other holder, representing
initial capital of the Fund are redeemed during the amortization period, the
redemption proceeds will be reduced by the pro rata portion (based on the ratio
that the number of initial shares redeemed bears to the total number of
outstanding initial shares of the Fund at the date of redemption) of the
unamortized organizational cost balance.
(6) CAPITAL SHARE TRANSACTIONS
Transactions in shares for the period from September 4, 1996 to January 31,
1997 were as follows:
<TABLE>
<CAPTION>
Class A Class B Class C
--------- --------- ---------
<S> <C> <C> <C>
Sold.................................... 505,000 5,000 5,000
Issued for reinvested distributions..... 73 73 73
Redeemed................................ -- -- --
--------- --------- ---------
505,073 5,073 5,073
--------- --------- ---------
--------- --------- ---------
</TABLE>
(7) FINANCIAL HIGHLIGHTS
The inception of the Fund was July 3, 1996. Operations did not commence
until January 31, 1997 when the shares of the Fund became effectively registered
under the Securities Act of 1933. Accordingly, financial highlights are not
presented for the period from July 3, 1996 to January 31, 1997.
<PAGE>
ADVANTUS INDEX 500 FUND, INC.
INVESTMENTS IN SECURITIES
JANUARY 31, 1997
(UNAUDITED)
(Percentages of each investment category relate to total net assets.)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE (a)
<C> <S> <C>
COMMON STOCKS (99.8%)
CAPITAL GOODS (7.8%)
Machinery (7.6%)
300 Allied-Signal, Inc . . . . . . . . . . . . . . . . . . $ 21,075
200 AMP Incorporated . . . . . . . . . . . . . . . . . . . 8,150
200 Applied Materials, Inc (b) . . . . . . . . . . . . . . 9,875
300 Browning-Ferris Industries, Inc. . . . . . . . . . . . 9,750
100 Case Corporation . . . . . . . . . . . . . . . . . . . 5,300
200 Caterpillar, Inc.. . . . . . . . . . . . . . . . . . . 15,525
200 Cooper Industries. . . . . . . . . . . . . . . . . . . 8,625
200 Dana Corporation . . . . . . . . . . . . . . . . . . . 6,525
200 Deere & Company... . . . . . . . . . . . . . . . . . . 8,550
100 Dover Corporation. . . . . . . . . . . . . . . . . . . 4,950
100 Eaton Corporation. . . . . . . . . . . . . . . . . . . 7,000
200 Emerson Electric Company . . . . . . . . . . . . . . . 19,750
100 Fluor Corporation . . . . . . . . . . . . . . . . . . 7,112
1,500 General Electric Company . . . . . . . . . . . . . . . 154,500
100 Grainger W W, Inc. . . . . . . . . . . . . . . . . . . 7,725
100 IKN Office Solutions, Inc. . . . . . . . . . . . . . . 4,413
100 Illinois Tool Works, Inc.. . . . . . . . . . . . . . . 8,162
200 Ingersoll-Rand Company . . . . . . . . . . . . . . . . 9,125
200 ITT Corporation (b). . . . . . . . . . . . . . . . . . 11,425
100 ITT Hartford Group . . . . . . . . . . . . . . . . . . 7,338
600 Laidlaw, Inc (c) . . . . . . . . . . . . . . . . . . . 7,800
100 Paccar, Inc. . . . . . . . . . . . . . . . . . . . . . 6,537
100 Raychem Corporation. . . . . . . . . . . . . . . . . . 8,663
100 Textron, Inc . . . . . . . . . . . . . . . . . . . . . 9,737
200 Thermo Electron Corporation (b). . . . . . . . . . . . 6,825
100 Tyco International Ltd . . . . . . . . . . . . . . . . 5,713
100 Western Atlas Corporation (b). . . . . . . . . . . . . 6,787
600 Westinghouse Electric Corporation. . . . . . . . . . . 11,025
300 Whitman Corporation . . . . . . . . . . . . . . . . . 6,900
400 WMX Technologies, Inc. . . . . . . . . . . . . . . . . 14,650
----------
419,512
----------
Electronics (.2%)
300 Advanced Micro Devices, Inc (b). . . . . . . . . . . . 10,500
----------
</TABLE>
See accompanying notes to investments in securities.
<PAGE>
ADVANTUS INDEX 500 FUND, INC.
INVESTMENTS IN SECURITIES - CONTINUED
<TABLE>
<CAPTION>
MARKET
SHARES VALUE (a)
<C> <S> <C>
CONSUMER GOODS AND SERVICES (33.7%)
Consumer Goods (19.8%)
700 Abbott Laboratories. . . . . . . . . . . . . . . . . . $ 38,063
200 American Brands, Inc . . . . . . . . . . . . . . . . . 10,200
600 American Home Products Corporation . . . . . . . . . . 38,025
200 Amgen, Inc (b) . . . . . . . . . . . . . . . . . . . . 11,275
400 Anheuser-Busch Companies, Inc. . . . . . . . . . . . . 17,000
100 Avon Products. . . . . . . . . . . . . . . . . . . . . 6,275
200 Baxter International, Inc. . . . . . . . . . . . . . . 9,225
200 Becton, Dickinson and Company. . . . . . . . . . . . . 9,850
200 Boston Scientific Corporation (b). . . . . . . . . . . 13,650
500 Bristol-Myers Squibb Company . . . . . . . . . . . . . 63,500
200 Brown-Forman, Inc. . . . . . . . . . . . . . . . . . . 8,800
200 Cabletron Systems Incorporated (b) . . . . . . . . . . 6,950
100 Clorox Company . . . . . . . . . . . . . . . . . . . . 11,862
2,300 Coca-Cola Company. . . . . . . . . . . . . . . . . . . 133,113
100 Colgate-Palmolive Company. . . . . . . . . . . . . . . 9,675
600 Columbia/HCA Healthcare Corporation. . . . . . . . . . 23,700
500 Eli Lilly & Company. . . . . . . . . . . . . . . . . . 43,562
500 Gillette Company . . . . . . . . . . . . . . . . . . . 40,750
100 Guidant Corporation. . . . . . . . . . . . . . . . . . 5,575
200 Healthsouth Rehabilitation Corporation (b) . . . . . . 8,725
200 International Flavors & Fragrances, Inc. . . . . . . . 8,875
1,200 Johnson & Johnson. . . . . . . . . . . . . . . . . . . 69,150
200 Mallinckrodt, Inc. . . . . . . . . . . . . . . . . . . 8,200
200 Medtronic, Inc . . . . . . . . . . . . . . . . . . . . 13,700
1,100 Merck & Company., Inc. . . . . . . . . . . . . . . . . 99,825
1,400 Pepsico, Inc.. . . . . . . . . . . . . . . . . . . . . 48,825
600 Pfizer, Inc. . . . . . . . . . . . . . . . . . . . . . 55,725
400 Pharmacia & UpJohn . . . . . . . . . . . . . . . . . . 14,900
700 Philip Morris Companies, Inc.. . . . . . . . . . . . . 83,213
600 Procter & Gamble Company . . . . . . . . . . . . . . . 69,300
300 Schering-Plough Corporation. . . . . . . . . . . . . . 22,688
300 Service Corporation International. . . . . . . . . . . 8,700
200 St. Jude Medical, Inc (b). . . . . . . . . . . . . . . 7,575
300 Tenet Healthcare Corporation (b) . . . . . . . . . . . 8,100
300 Seagram Company Ltd (c). . . . . . . . . . . . . . . . 11,887
100 Unilever N.V. (c). . . . . . . . . . . . . . . . . . . 16,450
200 United Health Care . . . . . . . . . . . . . . . . . . 9,750
200 UST, Inc . . . . . . . . . . . . . . . . . . . . . . . 6,150
200 Warner-Lambert Company . . . . . . . . . . . . . . . . 16,100
----------
1,088,888
----------
</TABLE>
See accompanying notes to investments in securities.
<PAGE>
ADVANTUS INDEX 500 FUND, INC.
INVESTMENTS IN SECURITIES - CONTINUED
<TABLE>
<CAPTION>
MARKET
SHARES VALUE (a)
<C> <S> <C>
Consumer Services (4.1%)
200 Cognizant Corporation (b). . . . . . . . . . . . . . . $ 6,425
400 Comcast Corporation. . . . . . . . . . . . . . . . . . 7,350
300 CUC International, Inc (b) . . . . . . . . . . . . . . 7,425
600 Walt Disney Company. . . . . . . . . . . . . . . . . . 43,950
200 R.R. Donnelley & Sons Company. . . . . . . . . . . . . 6,250
300 Dun & Bradstreet Corporation . . . . . . . . . . . . . 7,200
300 Eastman Kodak Company. . . . . . . . . . . . . . . . . 26,025
100 Gannett Company. . . . . . . . . . . . . . . . . . . . 7,663
200 Hasbro, Inc. . . . . . . . . . . . . . . . . . . . . . 7,900
100 HFS Incorporated (b) . . . . . . . . . . . . . . . . . 7,000
300 Hilton Hotels Corporation. . . . . . . . . . . . . . . 8,550
100 Marriott International, Inc. . . . . . . . . . . . . . 5,312
300 Mattel, Inc. . . . . . . . . . . . . . . . . . . . . . 8,438
600 McDonalds Corporation. . . . . . . . . . . . . . . . . 27,300
200 Mcgraw-Hill Companies, Inc.. . . . . . . . . . . . . . 9,950
500 Time Warner, Inc . . . . . . . . . . . . . . . . . . . 19,250
100 Times Mirror Company . . . . . . . . . . . . . . . . . 4,725
200 Tribune Company. . . . . . . . . . . . . . . . . . . . 7,650
300 Viacom (b) . . . . . . . . . . . . . . . . . . . . . . 10,275
----------
228,638
----------
Food (2.9%)
200 Albertson's Incorporated . . . . . . . . . . . . . . . 7,000
500 Archer-Daniels-Midland Company . . . . . . . . . . . . 9,875
200 Campbell Soup Company. . . . . . . . . . . . . . . . . 16,600
200 Conagra, Inc.. . . . . . . . . . . . . . . . . . . . . 10,100
100 CPC International. . . . . . . . . . . . . . . . . . . 7,687
100 General Mills, Inc.. . . . . . . . . . . . . . . . . . 6,775
300 H.J. Heinz Company . . . . . . . . . . . . . . . . . . 12,075
200 Hershey Foods Corporation. . . . . . . . . . . . . . . 8,450
200 Kellogg Company. . . . . . . . . . . . . . . . . . . . 13,925
200 Kroger Company (b) . . . . . . . . . . . . . . . . . . 9,550
200 Quaker Oats Company . . . . . . . . . . . . . . . . . 7,675
100 Ralston-Ralston Purina Group . . . . . . . . . . . . . 7,863
400 Sara Lee Corporation . . . . . . . . . . . . . . . . . 15,800
300 Super Valu, Inc. . . . . . . . . . . . . . . . . . . . 9,262
200 Sysco Corporation. . . . . . . . . . . . . . . . . . . 6,575
200 Winn-Dixie Stores, Incorporated. . . . . . . . . . . . 6,100
100 WM. Wrigley Jr. Company. . . . . . . . . . . . . . . . 5,813
----------
161,125
----------
</TABLE>
See accompanying notes to investments in securities.
<PAGE>
ADVANTUS INDEX 500 FUND, INC.
INVESTMENTS IN SECURITIES - CONTINUED
<TABLE>
<CAPTION>
MARKET
SHARES VALUE (a)
<C> <S> <C>
Retail (3.9%)
200 American Stores Company. . . . . . . . . . . . . . . . $ 8,400
200 CVS Corporation. . . . . . . . . . . . . . . . . . . . 8,650
200 Dayton Hudson Corporation. . . . . . . . . . . . . . . 7,525
300 Dillard Department Stores, Inc . . . . . . . . . . . . 8,962
200 Federated Department Stores (b). . . . . . . . . . . . 6,575
300 Gap, Incorporated. . . . . . . . . . . . . . . . . . . 8,625
400 Home Depot, Inc. . . . . . . . . . . . . . . . . . . . 19,800
700 K Mart Corporation (b) . . . . . . . . . . . . . . . . 7,788
200 May Department Stores Company . . . . . . . . . . . . 8,900
300 Nike, Inc. . . . . . . . . . . . . . . . . . . . . . . 20,362
200 J.C. Penney Company, Inc.. . . . . . . . . . . . . . . 9,475
300 Price/Costco Corporation (b) . . . . . . . . . . . . . 7,988
200 Rite Aid Corporation . . . . . . . . . . . . . . . . . 8,000
300 Sears, Roebuck and Company.. . . . . . . . . . . . . . 14,400
400 Limited, Inc.. . . . . . . . . . . . . . . . . . . . . 6,850
200 Toys R Us (b). . . . . . . . . . . . . . . . . . . . . 5,000
2,000 Wal-Mart Stores, Inc.. . . . . . . . . . . . . . . . . 47,500
200 Walgreen Company.. . . . . . . . . . . . . . . . . . . 8,225
----------
213,025
----------
Consumer Cyclicals (3.0%)
300 Autozone, Inc (b). . . . . . . . . . . . . . . . . . . 6,487
600 Chrysler Corporation Holding Company.. . . . . . . . . 20,925
200 Corning, Inc . . . . . . . . . . . . . . . . . . . . . 7,125
1,000 Ford Motor . . . . . . . . . . . . . . . . . . . . . . 32,125
200 Fruit of the Loom (b). . . . . . . . . . . . . . . . . 8,025
700 General Motors Corporation . . . . . . . . . . . . . . 41,300
200 Genuine Parts Company. . . . . . . . . . . . . . . . . 8,825
100 Goodyear Tire & Rubber Company . . . . . . . . . . . . 5,450
100 Interpublic Group Company. . . . . . . . . . . . . . . 4,938
200 Newell Company . . . . . . . . . . . . . . . . . . . . 6,600
300 Rubbermaid Incorporated. . . . . . . . . . . . . . . . 6,937
100 V.F. Corporation . . . . . . . . . . . . . . . . . . . 6,650
200 Whirlpool Corporation. . . . . . . . . . . . . . . . . 10,175
----------
165,562
----------
Credit Sensitive (23.9%)
Building (.7%)
100 Armstrong World Industries, Inc. . . . . . . . . . . . 7,100
200 Lowe's Companies, Inc. . . . . . . . . . . . . . . . . 6,625
200 Masco Corporation. . . . . . . . . . . . . . . . . . . 6,900
</TABLE>
See accompanying notes to investments in securities.
<PAGE>
ADVANTUS INDEX 500 FUND, INC.
INVESTMENTS IN SECURITIES - CONTINUED
<TABLE>
<CAPTION>
MARKET
SHARES VALUE (a)
<C> <S> <C>
Building - continued
200 PPG Industries, Incorporated . . . . . . . . . . . . . $ 10,700
100 Sherwin-Williams Company . . . . . . . . . . . . . . . 5,550
----------
36,875
----------
Finance (14.7%)
100 Aetna, Incorporated. . . . . . . . . . . . . . . . . . 7,900
400 Allstate Corporation . . . . . . . . . . . . . . . . . 26,300
400 American Express Company . . . . . . . . . . . . . . . 24,950
200 American General Corporation . . . . . . . . . . . . . 7,975
400 American Internationl Group, Inc.. . . . . . . . . . . 48,450
100 AON Corporation. . . . . . . . . . . . . . . . . . . . 6,463
400 Banc One Corporation . . . . . . . . . . . . . . . . . 18,150
100 Bank of Boston Corporation . . . . . . . . . . . . . . 7,125
300 Bank of New York Co, Inc . . . . . . . . . . . . . . . 10,988
300 Bankamerica Corporation. . . . . . . . . . . . . . . . 33,487
100 Bankers Trust New York Corporation . . . . . . . . . . 8,500
200 Barnett Banks, Inc.. . . . . . . . . . . . . . . . . . 8,800
400 Chase Manhattan Corporation . . . . . . . . . . . . . 37,000
200 Chubb Corporation. . . . . . . . . . . . . . . . . . . 10,900
100 Cigna Corporation. . . . . . . . . . . . . . . . . . . 15,163
400 Citicorp . . . . . . . . . . . . . . . . . . . . . . . 46,550
100 Comerica . . . . . . . . . . . . . . . . . . . . . . . 5,712
100 Conseco, Incorporated. . . . . . . . . . . . . . . . . 7,350
200 Corestates Financial Corporation.. . . . . . . . . . . 9,950
200 Dean Witter Discover & Company . . . . . . . . . . . . 7,625
800 Federal Home Loan Mortgage Corporation . . . . . . . . 24,200
1,000 Federal National Mortgage Association. . . . . . . . . 39,500
100 Fifth Third Bancorp. . . . . . . . . . . . . . . . . . 7,738
100 First Bank Systems, Incorporated . . . . . . . . . . . 7,600
300 First Chicago Corporation. . . . . . . . . . . . . . . 17,137
400 First Data Corporation . . . . . . . . . . . . . . . . 14,400
300 First Union Corporaiton. . . . . . . . . . . . . . . . 25,088
200 Fleet Financial Group, Incorporated. . . . . . . . . . 10,800
100 General Re Corporation . . . . . . . . . . . . . . . . 16,150
100 Golden West Financial Corporation. . . . . . . . . . . 6,712
200 Great Western Financial Corporation. . . . . . . . . . 6,325
200 Green Tree Financial Corporation . . . . . . . . . . . 7,775
100 Household International, Inc.. . . . . . . . . . . . . 9,913
200 Keycorp. . . . . . . . . . . . . . . . . . . . . . . . 10,475
100 Lincoln National Corporation . . . . . . . . . . . . . 5,362
100 Loews Corporation. . . . . . . . . . . . . . . . . . . 9,888
100 Marsh & McLennen . . . . . . . . . . . . . . . . . . . 10,775
</TABLE>
See accompanying notes to investments in securities.
<PAGE>
ADVANTUS INDEX 500 FUND, INC.
INVESTMENTS IN SECURITIES - CONTINUED
<TABLE>
<CAPTION>
MARKET
SHARES VALUE (a)
<C> <S> <C>
Finance - continued
200 MBNA Corporation . . . . . . . . . . . . . . . . . . . $ 6,900
100 Mellon Bank Corporation. . . . . . . . . . . . . . . . 7,462
200 Merrill Lynch & Company, Inc.. . . . . . . . . . . . . 16,850
200 J.P. Morgan & Company, Incorporated . . . . . . . . . 20,600
100 Morgan Stanley Group . . . . . . . . . . . . . . . . . 5,713
200 National City Corporation. . . . . . . . . . . . . . . 9,075
365 Nationsbank Corporation. . . . . . . . . . . . . . . . 39,420
300 Norwest Corporation. . . . . . . . . . . . . . . . . . 14,287
300 PNC Bank Corporation . . . . . . . . . . . . . . . . . 11,925
100 Republic New York Corporation. . . . . . . . . . . . . 8,863
200 Safeco Corporation . . . . . . . . . . . . . . . . . . 7,600
100 Salomon, Inc . . . . . . . . . . . . . . . . . . . . . 5,525
100 St. Paul Companies, Inc. . . . . . . . . . . . . . . . 6,250
200 Suntrust Banks, Inc. . . . . . . . . . . . . . . . . . 10,000
100 Transamerica Corporation . . . . . . . . . . . . . . . 8,225
200 U.S. Bancorp . . . . . . . . . . . . . . . . . . . . . 9,112
100 Unum Corporation . . . . . . . . . . . . . . . . . . . 7,563
100 Wachovia Corporation . . . . . . . . . . . . . . . . . 5,762
100 Wells Fargo & Company. . . . . . . . . . . . . . . . . 30,475
----------
810,783
----------
Utilities (8.5%)
400 Airtouch Communications (b). . . . . . . . . . . . . . 10,350
200 Alltel Corp. . . . . . . . . . . . . . . . . . . . . . 6,425
200 American Electric Power Company, Inc . . . . . . . . . 8,275
500 Ameritech. . . . . . . . . . . . . . . . . . . . . . . 29,875
1,400 AT&T Corporation . . . . . . . . . . . . . . . . . . . 55,125
400 Bell Atlantic Corporation. . . . . . . . . . . . . . . 26,900
900 Bellsouth Corporation. . . . . . . . . . . . . . . . . 39,938
200 Carolina Power & Light Company . . . . . . . . . . . . 7,525
300 Central & Southwest Corporation. . . . . . . . . . . . 7,575
200 Cinergy Corporation. . . . . . . . . . . . . . . . . . 6,900
200 Consolidated Edison Company of New York. . . . . . . . 6,200
100 Consolidated Natural Gas Company . . . . . . . . . . . 5,562
200 Dominion Resources, Inc. . . . . . . . . . . . . . . . 7,925
200 DTE Energy Company . . . . . . . . . . . . . . . . . . 6,275
200 Duke Power Company . . . . . . . . . . . . . . . . . . 9,375
400 Edison International . . . . . . . . . . . . . . . . . 8,550
200 Enron Corporation. . . . . . . . . . . . . . . . . . . 8,250
</TABLE>
See accompanying notes to investments in securities.
<PAGE>
ADVANTUS INDEX 500 FUND, INC.
INVESTMENTS IN SECURITIES - CONTINUED
<TABLE>
<CAPTION>
MARKET
SHARES VALUE (a)
<C> <S> <C>
Utilities-continued
300 Entergy Corporation. . . . . . . . . . . . . . . . . . . $ 8,063
200 FPL Group, Inc.. . . . . . . . . . . . . . . . . . . . . 8,850
300 Frontier Corporation . . . . . . . . . . . . . . . . . . 6,562
800 GTE Corporation. . . . . . . . . . . . . . . . . . . . . 37,600
300 Houston Industries, Incorporated . . . . . . . . . . . . 6,788
400 Nynex Corporation. . . . . . . . . . . . . . . . . . . . 20,250
400 Pacific Telesis Group. . . . . . . . . . . . . . . . . . 15,700
300 Pacificorp . . . . . . . . . . . . . . . . . . . . . . . 6,375
300 Peco Energy Company. . . . . . . . . . . . . . . . . . . 6,900
400 Pacific Gas & Electric Corporation . . . . . . . . . . . 9,100
300 Public Service Enterprise Group, Inc.. . . . . . . . . . 8,212
500 SBC Communications, Inc. . . . . . . . . . . . . . . . . 27,438
600 Southern Company . . . . . . . . . . . . . . . . . . . . 13,125
200 Texas Utilities Company. . . . . . . . . . . . . . . . . 8,100
300 Unicom Corporation.. . . . . . . . . . . . . . . . . . . 7,087
400 U.S. West Communications Group . . . . . . . . . . . . . 13,150
600 U.S. West Media Group (b). . . . . . . . . . . . . . . . 11,175
----------
465,500
----------
INTERMEDIATE GOODS AND SERVICES (17.3%)
Energy (9.4%)
100 Amerada Hess Corporation . . . . . . . . . . . . . . . 5,900
500 Amoco Corporation. . . . . . . . . . . . . . . . . . . 43,500
200 Ashland Incorporated . . . . . . . . . . . . . . . . . 8,625
100 Atlantic Richfield Company . . . . . . . . . . . . . . 13,225
200 Baker Hughes, Incorporated . . . . . . . . . . . . . . 7,800
100 Burlington Resources, Inc. . . . . . . . . . . . . . . 4,975
600 Chevron Corporation. . . . . . . . . . . . . . . . . . 39,825
100 Coastal Corporation . . . . . . . . . . . . . . . . . 4,838
200 Dresser Industries, Inc. . . . . . . . . . . . . . . . 6,775
1,100 Exxon Corporation. . . . . . . . . . . . . . . . . . . 113,987
100 Halliburton Company . . . . . . . . . . . . . . . . . 7,237
100 Kerr-McGee Corporation . . . . . . . . . . . . . . . . 6,875
100 Louisiana Land & Exploration Company . . . . . . . . . 5,625
400 Mobil Corporation . . . . . . . . . . . . . . . . . . 52,500
300 Occidental Petroleum Corporation . . . . . . . . . . . 7,650
200 Panenergy Corporation. . . . . . . . . . . . . . . . . 9,225
100 Pennzoil Company . . . . . . . . . . . . . . . . . . . 6,238
200 Phillips Petroleum Company . . . . . . . . . . . . . . 8,825
500 Royal Dutch Petroleum ADR (c). . . . . . . . . . . . . 86,750
200 Schlumberger Limited . . . . . . . . . . . . . . . . . 22,225
100 Sonat, Inc.. . . . . . . . . . . . . . . . . . . . . . 5,325
</TABLE>
See accompanying notes to investments in securities.
<PAGE>
ADVANTUS INDEX 500 FUND, INC.
INVESTMENTS IN SECURITIES - CONTINUED
<TABLE>
<CAPTION>
MARKET
SHARES VALUE (a)
<C> <S> <C>
Energy - continued
200 Tenneco, Inc . . . . . . . . . . . . . . . . . . . . . $ 8,000
200 Texaco, Inc. . . . . . . . . . . . . . . . . . . . . . 21,175
200 Union Pacific Resources Group, Inc.. . . . . . . . . . 5,675
200 Unocal Corporation . . . . . . . . . . . . . . . . . . 8,425
300 USX - Marathon Group . . . . . . . . . . . . . . . . . 7,987
----------
519,187
----------
Materials (6.7%)
100 Air Products and Chemicals, Inc. . . . . . . . . . . . 7,138
200 Alcan Aluminium Limited (c). . . . . . . . . . . . . . 7,050
300 Allegheny Teledyne Incorporated. . . . . . . . . . . . 7,125
200 Aluminum Company of America. . . . . . . . . . . . . . 13,800
200 Avery Dennison Corporation . . . . . . . . . . . . . . 7,325
300 Barrick Gold Corporation (c) . . . . . . . . . . . . . 8,062
200 Bemis Company, Inc . . . . . . . . . . . . . . . . . . 8,175
200 Champion International Corporation . . . . . . . . . . 8,375
100 Crown Cork & Seal Company, Inc . . . . . . . . . . . . 5,750
200 Dow Chemical Company . . . . . . . . . . . . . . . . . 15,425
500 E.I. Du Pont De Nemours and Company. . . . . . . . . . 54,813
400 Freeport-Mcmoran Copper. . . . . . . . . . . . . . . . 11,500
100 Georgia-Pacific Corporation. . . . . . . . . . . . . . 7,362
100 W.R. Grace & Co. . . . . . . . . . . . . . . . . . . . 4,975
200 Inco Limited (c) . . . . . . . . . . . . . . . . . . . 6,775
300 International Paper Company. . . . . . . . . . . . . . 12,263
300 Kimberly-Clark Corporation . . . . . . . . . . . . . . 29,250
100 Mead Corporation . . . . . . . . . . . . . . . . . . . 5,625
500 Monsanto Company . . . . . . . . . . . . . . . . . . . 18,937
200 Morton International . . . . . . . . . . . . . . . . . 8,125
200 Newmont Mining Corporation . . . . . . . . . . . . . . 7,975
100 Nucor Corporation. . . . . . . . . . . . . . . . . . . 5,200
100 Phelps Dodge Corporation . . . . . . . . . . . . . . . 6,988
100 Pioneer Hi-Bred International, Inc . . . . . . . . . . 6,737
300 Placer Dome, Inc (c) . . . . . . . . . . . . . . . . . 6,113
200 Praxair, Inc . . . . . . . . . . . . . . . . . . . . . 9,275
100 Rohm and Haas Company. . . . . . . . . . . . . . . . . 8,200
200 Williams Company . . . . . . . . . . . . . . . . . . . 8,025
600 Travelers Group, Incorporated. . . . . . . . . . . . . 31,425
100 Union Camp Corporation . . . . . . . . . . . . . . . . 4,737
200 Union Carbide Corporation. . . . . . . . . . . . . . . 9,075
200 Weyerhaeuser Company . . . . . . . . . . . . . . . . . 9,100
100 Willamette Industries, Incorporated. . . . . . . . . . 6,288
----------
366,988
----------
</TABLE>
See accompanying notes to investments in securities.
<PAGE>
ADVANTUS INDEX 500 FUND, INC.
INVESTMENTS IN SECURITIES - CONTINUED
<TABLE>
<CAPTION>
MARKET
SHARES VALUE (a)
<C> <S> <C>
Transportation (1.2%)
100 AMR Corporation (b). . . . . . . . . . . . . . . . . . $ 8,050
100 Burlington Northern Santa Fe . . . . . . . . . . . . . 8,750
100 Conrail Corporation. . . . . . . . . . . . . . . . . . 10,725
200 CSX Corporation. . . . . . . . . . . . . . . . . . . . 9,700
100 Delta Air Lines, Inc.. . . . . . . . . . . . . . . . . 7,900
100 Norfolk Southern Corporation . . . . . . . . . . . . . 8,862
200 Union Pacific Corporation. . . . . . . . . . . . . . . 12,000
----------
65,988
----------
TECHNOLOGY (17.1%)
300 Automatic Data Processing, Inc . . . . . . . . . . . . 12,413
300 Bay Networks, Inc (b). . . . . . . . . . . . . . . . . 6,525
300 Boeing Company . . . . . . . . . . . . . . . . . . . . 32,137
600 Cisco Systems, Inc (b) . . . . . . . . . . . . . . . . 41,850
200 Compaq Computer Corporation (b). . . . . . . . . . . . 17,375
300 Computer Associates International. . . . . . . . . . . 13,613
100 Computer Sciences Corporation (b). . . . . . . . . . . 7,075
200 Dell Computer Corporation (b). . . . . . . . . . . . . 13,225
200 Digital Equipment (b). . . . . . . . . . . . . . . . . 7,500
400 DSC Communications (b) . . . . . . . . . . . . . . . . 9,000
200 EMC Corporation (b). . . . . . . . . . . . . . . . . . 7,575
900 Hewlett-Packard Company. . . . . . . . . . . . . . . . 47,363
100 Honeywell, Inc.. . . . . . . . . . . . . . . . . . . . 7,212
500 International Business Machines Corporation. . . . . . 78,625
800 Intel. . . . . . . . . . . . . . . . . . . . . . . . . 129,800
200 Lockheed Martin Corporation. . . . . . . . . . . . . . 18,400
600 Lucent Technologies, Incorporated. . . . . . . . . . . 32,550
300 LSI Logic Corporation (b). . . . . . . . . . . . . . . 10,425
200 McDonnell Douglas Corporation. . . . . . . . . . . . . 13,450
600 MCI Communications . . . . . . . . . . . . . . . . . . 21,075
200 Micron Technology, Inc . . . . . . . . . . . . . . . . 6,950
1,100 Microsoft Corporation (b). . . . . . . . . . . . . . . 112,200
400 Minnesota Mining and Manufacturing Company . . . . . . 34,100
500 Motorola . . . . . . . . . . . . . . . . . . . . . . . 34,125
300 National Semiconductor Corporation (b) . . . . . . . . 8,325
200 Northern Telecom Limited . . . . . . . . . . . . . . . 14,725
100 Northrop Grumman Corporation . . . . . . . . . . . . . 7,812
600 Oracle Corporation (b) . . . . . . . . . . . . . . . . 23,325
100 Pitney Bowes, Inc. . . . . . . . . . . . . . . . . . . 5,762
200 Raytheon Company . . . . . . . . . . . . . . . . . . . 9,175
200 Rockwell International Corporation . . . . . . . . . . 13,150
200 Seagate Technology, Incorporated (b) . . . . . . . . . 10,300
300 Silicon Graphics, Incorporated (b) . . . . . . . . . . 8,213
</TABLE>
See accompanying notes to investments in securities.
<PAGE>
ADVANTUS INDEX 500 FUND, INC.
INVESTMENTS IN SECURITIES - CONTINUED
<TABLE>
<CAPTION>
MARKET
SHARES VALUE (a)
<C> <S> <C>
Technology - continued
400 Sprint Corporation . . . . . . . . . . . . . . . . . . $ 16,300
300 Sun Microsystems, Inc (b). . . . . . . . . . . . . . . 9,525
600 Tele-Communications, Inc (b) . . . . . . . . . . . . . 7,987
200 Tellabs, Incorporated (b). . . . . . . . . . . . . . . 8,238
200 Texas Instruments, Incorporated . . . . . . . . . . . 15,675
100 TRW, Inc.. . . . . . . . . . . . . . . . . . . . . . . 5,075
200 United Technologies Corporation. . . . . . . . . . . . 13,950
800 Worldcom, Incorported. . . . . . . . . . . . . . . . . 20,100
300 Xerox Corporation. . . . . . . . . . . . . . . . . . . 17,587
200 3 Com (b). . . . . . . . . . . . . . . . . . . . . . . 13,425
----------
943,212
----------
Total common stocks (cost: $5,150,126) . . . . . . . . 5,495,783
----------
Total investments in securities
(cost: $5,150,126) (d). . . . . . . . . . . . . . . . $5,495,783
----------
----------
</TABLE>
NOTES TO INVESTMENTS IN SECURITIES
(a) Securites are valued by procedures described in note 2 to the financial
statements.
(b) Presently non-income producing.
(c) The Fund held 2.7% of net assets in foreign securities as of January 31,
1997.
(d) At January 31, 1997 the cost of securities for federal income tax purposes
was $5,150,126. The aggregate unrealized appreciation and depreciation of
investments in securities based on this cost were:
Gross unrealized appreciation.. . . . . . . . . . . . . . . . $ 383,586
Gross unrealized depreciation . . . . . . . . . . . . . . . . (37,929)
----------
Net unrealized appreciation.. . . . . . . . . . . . . . . . . $ 345,657
----------
----------
