<PAGE>
American General
Series Portfolio
Company 2
Semi-Annual Report
April 30, 2000
AMERICAN
|GENERAL
|FINANCIAL GROUP
<PAGE>
AMERICAN GENERAL SERIES PORTFOLIO COMPANY 2 - SEMI-ANNUAL REPORT APRIL 30, 2000
TABLE OF CONTENTS
<TABLE>
<S> <C>
Notice to Shareholders...................................................... 1
President's Letter.......................................................... 2
Stock Index Fund............................................................ 8
Mid Cap Index Fund.......................................................... 16
Small Cap Index Fund........................................................ 23
International Growth Fund................................................... 41
Large Cap Growth Fund....................................................... 44
Mid Cap Growth Fund......................................................... 49
Small Cap Growth Fund....................................................... 52
International Value Fund.................................................... 57
Large Cap Value Fund........................................................ 62
Mid Cap Value Fund.......................................................... 66
Small Cap Value Fund........................................................ 70
Socially Responsible Fund................................................... 82
Science & Technology Fund................................................... 89
Balanced Fund............................................................... 92
High Yield Bond Fund........................................................ 97
Strategic Bond Fund......................................................... 102
Domestic Bond Fund.......................................................... 106
Core Bond Fund.............................................................. 109
Municipal Bond Fund......................................................... 113
Money Market Fund........................................................... 116
Municipal Money Market Fund................................................. 119
Growth Lifestyle Fund....................................................... 122
Moderate Growth Lifestyle Fund.............................................. 124
Conservative Growth Lifestyle Fund.......................................... 126
Notes to Financial Statements............................................... 129
Financial Highlights........................................................ 134
</TABLE>
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<PAGE>
NOTICE TO SHAREHOLDERS 1
Dear Shareholder:
Thank you for helping American General Financial Group make changes to serve
you better. We have taken the best of the existing American General Series
Portfolio Company 2 (AGSPC 2) and have put them together with the best Funds
from the North American Fund Family (NAF). Where needed we have added some new
managers with brand names and longer-term track records. The Funds are advised
by leading investment managers who have proven themselves with some of the
most respected institutions. They utilize a rigorous manager selection process
and adhere to a disciplined investment philosophy. The result brings you the
best we have to offer.
As you were notified in supplements to the prospectus and in the June 2000
proxy statements, American General Corporation acquired all the outstanding
shares of Cypress Tree Asset Management Corporation, Inc., investment advisor
to NAF and renamed such advisor American General Asset Management Corp. In
July, AGSPC 2 will merge with NAF under the North American Funds brand name.
It is important to note that many of the existing AGSPC 2 funds you have come
to know so well will continue to be offered under the North American Funds
name.
The new North American Fund Family is a subadvised mutual fund family
consisting of 24 funds. The fund managers represent a select group of
specialists from some of the most well respected and diverse investment
management firms in the industry, many offering long-term track records.
Additionally, NAF presents a strong universe of investment products in core
asset classes and disciplines. These products better address the goals of
conservative as well as aggressive investors through a broader selection of
investment options suitable for asset allocation-based investment plans. The
names of the portfolios and their advisors are listed below:
Capital Preservation
Money Market Fund--American General
Municipal Money Market Fund--American General
Income
Senior Floating Rate Fund--Cypress Tree
US Government Securities Fund--American General
Core Bond Fund--American General
Strategic Income Fund--American General
High Yield Bond Fund--American General
Municipal Bond Fund--American General
Growth & Income
Balanced Fund--Invesco
Conservative Growth Lifestyle Fund--American General
Growth & Income Fund--Wellington Management
Moderate Growth Lifestyle--American General
Socially Responsible Fund--American General
Stock Index Fund--American General
Growth
Mid Cap Value Fund--Neuberger Berman
Mid Cap Growth Fund--Invesco
Large Cap Growth Fund--Dreyfus Founders
Aggressive Growth
Aggressive Growth Lifestyle Fund--American General
Small Cap Index Fund--American General
Small Cap Growth Fund--Credit Suisse/Warburg Pincus
Science & Technology Fund--T. Rowe Price
International
International Equity Fund--Morgan Stanley
Global Equity Fund--Dreyfus Founders
International Small Cap Fund--Dreyfus Founders
We believe that we have selected exceptional investment managers. The same
experienced research team consisting of 10 investment professionals who have
worked so diligently to select the best possible advisors for the North
American Fund Family will continually review each manager to ensure that
performance meets expectations. The monitoring process tracks performance
monthly against indices, Lipper and Morningstar categories and internally
created peer groups. Next we identify sources of over and under performance in
relation to sector analysis, security analysis and style analysis. Finally the
portfolio risk is tracked against modern portfolio theory statistics, credit
quality, duration and currency exposure. This commitment is key to providing
appropriate asset allocation choices for everyone's investment goals.
If you have questions regarding your investments, we encourage you to call.
Thank you for your continued support.
Sincerely,
/s/ Alice T. Kane
Alice T. Kane
President
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<PAGE>
2 PRESIDENT'S LETTER
Dear Investor,
April 30, 2000 brings us halfway into the current fiscal year for the American
General Series Portfolio Company 2 (AGSPC 2). The 24 funds that make up AGSPC
2 were chosen to provide the broad range of investment options necessary to
build a diversified portfolio. The funds you chose have been important to the
investment strategy appropriate for your risk tolerance and financial time
horizons. As an investor in AGSPC 2, you have been able to tap into the
expertise of an elite group of investment managers. However, our renewed
commitment to providing consistent performance relative to benchmarks has been
the driving force behind the changes AGSPC 2's Board has asked you as an
investor to ratify.
MARKET CONDITIONS AND PERSONAL INVESTMENT STRATEGIES
The U.S. economy has remained strong since November 1999, the beginning of
this fiscal year. The Federal Reserve continues to raise interest rates in the
hope economic growth will moderate and inflation remains under control. Until
the March/April correction, technology and small and mid-cap growth stocks
surged against most blue chips. The tech-weighted NASDAQ set a record on March
10--but early in April fell dramatically. High valuations, inflation fears and
rising short-term interest rates helped cause the market sell off, but other
factors included the failure of settlement talks in the Microsoft antitrust
case and heavy insider selling at many newly public "dot-com" companies. These
issues were aggravated by high levels of margin debt--money borrowed to buy
stocks--which forced many investors to sell securities.
As the year continues, the stocks of many companies will continue to face
challenges from rising short-term rates and high valuations among market
leaders, though the recent correction made the prices of many stocks more
reasonable. In addition, valuations among many stocks that have lagged the
market are attractive, including cyclical and other value-oriented stocks, as
well as steady-growth stocks. Small-cap value stocks are particularly
inexpensive compared with the overall market.
It is fair to say that the recent volatility underscores the need for
investors to diversify their investments. Diversification has and always will
be a critical component to investing responsibly. Of the 20 bear markets in
the last century, medium-term government bonds were up in 18 of them. That
does not mean that bonds perform better than stocks, because over time that it
is not the case. It does, however, make a good argument for diversifying into
a wide range of equities, bonds and other asset classes if you think the
market is in for tough times.
Here is where "long-term" investing becomes important. Lately, a lot of people
think long-term investing is three weeks from next Wednesday, but long-term
investing really means staying in the market for three, five or 10 years.
During that length of time the market can experience ups and downs due to
numerous happenings. Events occur--hurricanes, wars, and international crises
like the Brazil currency devaluation or Russia defaulting on its debt--that
make investors nervous and cause market volatility. The events can be
unsettling, but they should not cloud investors' judgments about thinking
long-term.
Investors need to always be conscious of several things. First, be aware of
when money is going to be needed. If within 12 months, money needs to be
available to pay for college tuition or a down payment on a house, the stock
market is not the place to be. But if you are in the market for the long haul
then time is with you and you should probably stick to a long-term investment
plan. Second, spend time getting to know your investments. There's too much at
stake not to.
Obviously the markets move up and down, but it is important for people to
realize how these market cycles work. There are several factors that affect
market cycles, but one key factor to look at is corporate profitability.
Basically, when profits go down, the market goes down. Conversely, when
profits go up, the market goes up. The markets have also historically been
weak when inflation is rising rapidly.
No one knows which way the market is headed. With that said, investors should
not expect 20% annual returns going forever. The S&P 500(R) has been up over
20% each year from 1995-1998. This is an unprecedented run, and history
suggests that it will not continue at this pace. During the past 40 years,
domestic stocks have returned an average of 12% per year.
Even though investors have become accustomed to high returns over the past few
years, the power of compounding is going to be essential to the achievement of
your investment goals. Using the historical return on stocks of 12%, the value
of an equity investment would double every 6.5 years. Thus, this is not the
time for long-term investors to be waiting on the sidelines for a buying
opportunity. Timing the market is extremely difficult, and the benefits aren't
that impressive. Experts can't predict with any consistency market swings and
investors can do themselves a great disservice if they try.
Investors who are petrified to open the paper to see what the market did, or
believe the market has to correct some time soon, shouldn't be in stocks.
These investors may want to consider a money market fund, or maybe a product
that invests in a blend of stocks, bonds, and short-term instruments. To be in
the stock market, an investor needs a longer investment horizon and must be
comfortable with varying degrees of volatility.
INVESTMENT OBJECTIVES RECAP
Listed below are the investment options that have been available through AGSPC
2. We begin with those that generally have offered higher performance results
in exchange for higher inherent investment risks. We end with those that
generally have offered lower performance results, but also lower inherent
investment risks. The fund specific returns are presented in chart format
following this letter.
AGSPC 2 GROWTH FUNDS
International Growth Fund, sub-managed by an investment team at Jacobs Asset
Management, has sought to provide long-term capital appreciation by investing
in equity securities of non-U.S. companies, the majority of which are expected
to be in developed markets. The Fund may invest across the capitalization
spectrum, although it intended to emphasize smaller capitalization stocks.
International Value Fund, sub-managed by an investment team at Capital
Guardian Trust Company, has sought to provide growth of capital and future
income through investments primarily in securities of non-U.S. issuers and
securities whose principal markets are outside of the United States.
Small Cap Index Fund, managed by an investment team at American General
Corporation's wholly-owned subsidiary--The Variable Annuity Life Insurance
Company (VALIC), has sought to replicate as closely as possible (before
deduction of expenses) the total return of the Russell 2000 Index by investing
in the common stock of companies included in the Index that were deemed
representative of the diversification of the entire Index.
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<PAGE>
PRESIDENT'S LETTER CONTINUED 3
Small Cap Value Fund splits the investment management responsibility between
two investment management teams. An investment team at VALIC has provided a
passive index style management for a portion of the portfolio, while an
investment team at Fiduciary Management Associates, Inc. has provided active
management for a portion. Within this structure, the Fund has sought maximum
long-term return, consistent with reasonable risk to principal, by investing
primarily in equity securities of small capitalization companies in terms of
revenues and/or market capitalization.
Small Cap Growth Fund, sub-managed by an investment team at J. P. Morgan
Investment Management Inc., has sought to provide long-term growth from a
portfolio of equity securities of small capitalization growth companies.
Science & Technology Fund, sub-managed by an investment team at T. Rowe Price
Associates, Inc., has sought to provide long-term growth of capital through
investments primarily in the common stocks and equity-related securities of
companies that were expected to benefit from the development, advancement and
use of science and technology.
Mid Cap Growth Fund, sub-managed by an investment team at Brown Capital
Management, Inc., has sought capital appreciation principally through
investments in medium capitalization equity securities, such as common and
preferred stocks and securities convertible into common stocks. Current income
has been a secondary objective.
Mid Cap Index Fund, managed by an investment team at VALIC, has sought to
provide investment results that are similar to the performance of the S&P 400
Mid Cap Index. As a group, the investment results, before expenses, have been
expected to approximate the total return (the combination of capital changes
and income) of selected common stocks that statistically reflect the Index.
Mid Cap Value Fund, sub-managed by an investment team at Neuberger Berman
Management Inc., has sought capital growth through investment in equity
securities of medium capitalization companies using a value-oriented
investment approach.
Large Cap Growth Fund, sub-managed by an investment team at Goldman Sachs
Asset Management, has sought long-term growth of capital through a broadly
diversified portfolio of equity securities of large cap U.S. issuers that were
expected to have better prospects for earnings growth than the growth rate of
the general domestic economy. Dividend income is a secondary objective.
Stock Index Fund, managed by an investment team at VALIC, has sought to
provide investment results that, before expenses, correspond to the total
return (i.e., the combination of capital changes and income) of common stocks
publicly traded in the United States, as represented by the S&P 500 Index.
Large Cap Value Fund, sub-managed by an investment team at State Street Global
Advisers, has sought to provide total returns that exceed over time the
Russell 1000 Value Index through investment in equity securities.
Socially Responsible Fund, managed by an investment team at VALIC, has sought
to obtain growth of capital through investment, primarily in equity
securities, in companies which have met the social criteria established for
the Fund.
AGSPC 2 LIFESTYLE FUNDS
Growth Lifestyle Fund, managed by an investment team at VALIC, has sought
growth through investments in a combination of the AGSPC 2 funds. This Fund
has been suitable for investors seeking the potential for capital growth that
a fund investing predominately in equity securities may offer.
Moderate Growth Lifestyle Fund, managed by an investment team at VALIC, has
sought growth and current income through investments in a combination of the
AGSPC 2 funds. This Fund has been suitable for investors who wish to invest in
equity securities, but who were not willing to assume the market risks of the
Growth Lifestyle Fund.
Conservative Growth Lifestyle Fund, managed by an investment team at VALIC,
has sought current income and low to moderate growth of capital through
investments in a combination of the AGSPC 2 funds. This Fund has been suitable
for investors who wish to invest in equity securities, but who were not
willing to assume the market risks of either the Growth Lifestyle Fund or the
Moderate Growth Lifestyle Fund.
AGSPC 2 BALANCED FUND
Balanced Fund, sub-managed by an investment team at Capital Guardian Trust
Company, has sought a balance between conservation of principal and long-term
capital growth and income through investment in fixed-income and equity
securities.
AGSPC 2 INCOME FUNDS
High Yield Bond Fund, sub-managed by an investment team at American General
Corporation's wholly-owned subsidiary--American General Investment Management,
LP, (AGIM) has sought the highest possible total return and income consistent
with conservation of capital through investment in a diversified portfolio of
high yielding, high risk fixed-income securities.
Strategic Bond Fund, sub-managed by an investment team at AGIM has sought the
highest possible total return and income consistent with conservation of
capital through investment in a diversified portfolio of income producing
securities.
Core Bond Fund, sub-managed by an investment team at AGIM, has sought the
highest possible total return consistent with conservation of capital through
investments in medium to high quality fixed-income securities.
Domestic Bond Fund, sub-managed by an investment team at Capital Guardian
Trust Company, has sought the highest possible total return consistent with
conservation of capital through investments primarily in investment grade
fixed-income securities and other income producing securities.
Municipal Bond Fund, sub-managed by an investment team at AGIM, has sought the
highest possible total return consistent with conservation of capital through
investments in fixed-income securities exempt from regular federal income
taxation.
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<PAGE>
4 PRESIDENT'S LETTER CONTINUED
AGSPC 2 STABILITY FUND
Municipal Money Market Fund, sub-managed by an investment team at AGIM, has
sought liquidity, protection of capital and current income through investments
in short-term money market securities exempt from regular federal income
taxation.
Money Market Fund managed by an investment team at VALIC, has sought liquidity,
protection of capital and current income through investments in short-term
money market instruments.
As market volatility persists, long-term opportunities exist in diversifying
investment portfolios. Momentum, confidence and liquidity can carry markets
typically well beyond what analysts determine to be "fair value" by traditional
value measures. History, however, also reminds investors that over time, the
value of an asset must bear some relationship to future cash flows generated by
that asset. While the timing of these changes is always uncertain,
diversification is a strategy well suited to exactly this type of uncertainty.
American General is committed to providing appropriate choices for every
portfolio asset allocation strategy.
Thank you for your confidence in our ability to help invest your assets wisely.
Sincerely,
/s/ Alice T. Kane
Alice T. Kane, President
American General Series Portfolio Company 2
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<PAGE>
PRESIDENT'S LETTER CONTINUED 5
FUND RETURNS AND TRACKING DIFFERENCES
For the Six Months Ended April 30, 2000
<TABLE>
<CAPTION>
CLASS A
-----------------------------------------------------
(3) (4)
Fund Total
Performance Index
Before Return
(1) (2) Subtracting Including Tracking
AGSPC 2 Fund/Relevant Fund Fund Expenses Reinvested Differences
Market Index Return(a) Expenses (1) + (2) Dividends (3) - (4)
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Stock Index Fund / S&P
500 Index................ 6.43% 0.41% 6.84% 7.20% (0.36)
Mid Cap Index Fund /
S&P Mid Cap 400.......... 20.12 0.41 20.53 21.26 (0.73)
Small Cap Index Fund /
Russell 2000 Index....... 14.44 0.41 14.85 18.72 (3.87)
International Growth Fund
/ Salomon Smith Barney
Primary Market Index..... 32.27 0.70 32.97 7.86 25.11
Large Cap Growth Fund /
Russell 1000 Growth
Index.................... 17.81 0.55 18.36 18.72 (0.36)
Mid Cap Growth Fund /
Russell MidCap Growth
Index.................... 21.91 0.52 22.43 41.59 (19.16)
Small Cap Growth Fund /
Russell 2000 Growth
Index.................... 21.90 0.70 22.60 27.78 (5.18)
International Value Fund
/ Salomon Smith Barney
Primary Market Index..... 19.24 0.64 19.88 7.86 12.02
Large Cap Value Fund /
Russell 1000 Value
Index.................... 0.57 0.52 1.09 (0.99) 2.08
Mid Cap Value Fund /
Russell MidCap Value
Index.................... 16.70 0.64 17.34 2.22 15.12
Small Cap Value Fund /
Russell 2000 Value
Index.................... 11.35 0.61 11.96 8.20 3.76
Socially Responsible Fund
/ S&P 500 Index.......... 4.81 0.40 5.21 7.20 (1.99)
Science & Technology
Fund/ S&P 500 Index(b) .. (10.60) 0.24 (10.36) 6.48 (16.84)
Balanced Fund / Balanced
Blend(c)................. 7.47 0.53 8.00 5.06 2.94
High Yield Bond Fund /
Salomon Smith Barney High
Yield Market Index....... 0.45 0.63 1.08 0.14 0.94
Strategic Bond Fund /
Lehman Brothers Bond
Aggregate................ 2.61 0.57 3.18 1.41 1.77
Domestic Bond Fund /
Lehman Brothers Bond
Aggregate................ 0.34 0.51 0.85 1.41 (0.56)
Core Bond Fund / Lehman
Brothers
Bond Aggregate........... 0.40 0.52 0.92 1.41 (0.49)
Municipal Bond Fund /
Lehman Brothers Seven
Through Long Municipal
Bond Index............... 2.24 0.52 2.76 2.94 (0.18)
Money Market Fund / 30
Day Certificate of
Deposit Primary Offering
Rate by New York City
Banks (NYC 30 Day CD
Rate).................... 2.58 0.40 2.98 2.30 0.68
Municipal Money Market
Fund..................... 1.36 0.52 1.88 N/A N/A
Growth Lifestyle
Fund(d).................. 15.89 0.05 15.94 10.27 5.67
Moderate Growth Lifestyle
Fund(e).................. 11.76 0.05 11.81 8.43 3.38
Conservative Growth
Lifestyle Fund(f)........ 9.29 0.05 9.34 6.51 2.83
</TABLE>
<TABLE>
<CAPTION>
CLASS B
-----------------------------------------------------
(3) (4)
Fund Total
Performance Index
Before Return
(1) (2) Subtracting Including Tracking
AGSPC 2 Fund/Relevant Fund Fund Expenses Reinvested Differences
Market Index Return(a) Expenses (1) + (2) Dividends (3) - (4)
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<S> <C> <C> <C> <C> <C>
Stock Index Fund / S&P
500 Index................ 6.19% 0.78% 6.97% 7.20% (0.23)
Mid Cap Index Fund /
S&P Mid Cap 400.......... 19.68 0.79 20.47 21.26 (0.79)
Small Cap Index Fund /
Russell 2000 Index....... 14.01 0.79 14.80 18.72 (3.92)
International Growth Fund
/ Salomon Smith Barney
Primary Market Index..... 31.66 1.07 32.73 7.86 24.87
Large Cap Growth Fund /
Russell 1000 Growth
Index.................... 17.39 0.92 18.31 18.72 (0.41)
Mid Cap Growth Fund /
Russell MidCap Growth
Index.................... 21.51 0.89 22.40 41.59 (19.19)
Small Cap Growth Fund /
Russell 2000 Growth
Index.................... 21.54 1.07 22.61 27.78 (5.17)
International Value Fund
/ Salomon Smith Barney
Primary Market Index..... 18.88 1.02 19.90 7.86 12.04
Large Cap Value Fund /
Russell 1000 Value
Index.................... 0.10 0.90 1.00 (0.99) 1.99
Mid Cap Value Fund /
Russell MidCap Value
Index.................... 16.16 1.02 17.18 2.22 14.96
Small Cap Value Fund /
Russell 2000 Value
Index.................... 10.50 0.99 11.49 8.20 3.29
Socially Responsible Fund
/ S&P 500 Index.......... 4.39 0.77 5.16 7.20 (2.04)
Science & Technology
Fund/ S&P 500 Index(b) .. (10.70) 0.37 (10.33) 6.48 (16.81)
Balanced Fund / Balanced
Blend(c)................. 7.10 0.91 8.01 5.06 2.95
High Yield Bond Fund /
Salomon Smith Barney High
Yield Market Index....... 0.07 0.99 1.06 0.14 0.92
Strategic Bond Fund /
Lehman Brothers Bond
Aggregate................ 2.22 0.95 3.17 1.41 1.76
Domestic Bond Fund /
Lehman Brothers Bond
Aggregate................ (0.03) 0.89 0.86 1.41 (0.55)
Core Bond Fund / Lehman
Brothers
Bond Aggregate........... 0.07 0.90 0.97 1.41 (0.44)
Municipal Bond Fund /
Lehman Brothers Seven
Through Long Municipal
Bond Index............... 1.97 0.89 2.86 2.94 (0.08)
Money Market Fund / 30
Day Certificate of
Deposit Primary Offering
Rate by New York City
Banks (NYC 30 Day CD
Rate).................... 2.20 0.77 2.97 2.30 0.67
Municipal Money Market
Fund..................... 0.98 0.90 1.88 N/A N/A
Growth Lifestyle
Fund(d).................. 15.83 0.05 15.88 10.27 5.61
Moderate Growth Lifestyle
Fund(e).................. 11.80 0.05 11.85 8.43 3.42
Conservative Growth
Lifestyle Fund(f)........ 9.34 0.05 9.39 6.51 2.88
</TABLE>
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<PAGE>
6 PRESIDENT'S LETTER CONTINUED
FUND RETURNS AND TRACKING DIFFERENCES
For the Six Months Ended April 30, 2000
<TABLE>
<CAPTION>
CLASS I
-----------------------------------------------------
(3) (4)
Fund Total
Performance Index
Before Return
(1) (2) Subtracting Including Tracking
AGSPC 2 Fund/Relevant Fund Fund Expenses Reinvested Differences
Market Index Return(a) Expenses (1) + (2) Dividends (3) - (4)
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Stock Index Fund / S&P
500 Index................ N/A N/A N/A N/A N/A
Mid Cap Index Fund /
S&P Mid Cap 400.......... N/A N/A N/A N/A N/A
Small Cap Index Fund /
Russell 2000 Index....... N/A N/A N/A N/A N/A
International Growth Fund
/ Salomon Smith Barney
Primary Market Index..... 32.30% 0.64% 32.94% 7.86% 25.08
Large Cap Growth Fund /
Russell 1000 Growth
Index.................... 17.88 0.49 18.37 18.72 (0.35)
Mid Cap Growth Fund /
Russell MidCap Growth
Index.................... 21.97 0.46 22.43 41.59 (19.16)
Small Cap Growth Fund /
Russell 2000 Growth
Index.................... 22.03 0.64 22.67 27.78 (5.11)
International Value Fund
/ Salomon Smith Barney
Primary Market Index..... 19.40 0.58 19.98 7.86 12.12
Large Cap Value Fund /
Russell 1000 Value
Index.................... 0.61 0.46 1.07 (0.99) 2.06
Mid Cap Value Fund /
Russell MidCap Value
Index.................... 16.74 0.58 17.32 2.22 15.10
Small Cap Value Fund /
Russell 2000 Value
Index.................... 11.30 0.55 11.85 8.20 3.65
Socially Responsible Fund
/ S&P 500 Index.......... 4.88 0.34 5.22 7.20 (1.98)
Science & Technology Fund
/ S&P 500 Index(b)....... (10.60) 0.23 (10.37) 6.48 (16.85)
Balanced Fund / Balanced
Blend(c)................. 7.45 0.47 7.92 5.06 2.86
High Yield Bond Fund /
Salomon Smith Barney High
Yield Market Index....... 0.50 0.56 1.06 0.14 0.92
Strategic Bond Fund /
Lehman Brothers Bond
Aggregate................ 2.66 0.51 3.17 1.41 1.76
Domestic Bond Fund /
Lehman Brothers Bond
Aggregate................ 0.39 0.45 0.84 1.41 (0.57)
Core Bond Fund / Lehman
Brothers
Bond Aggregate........... 0.45 0.46 0.91 1.41 (0.50)
Municipal Bond Fund /
Lehman Brothers Seven
Through Long Municipal
Bond Index............... N/A N/A N/A N/A N/A
Money Market Fund / 30
Day Certificate of
Deposit Primary Offering
Rate by New York City
Banks (NYC 30 Day CD
Rate).................... 2.64 0.34 2.98 2.30 0.68
Municipal Money Market
Fund..................... N/A N/A N/A N/A N/A
Growth Lifestyle
Fund(d).................. 15.66 0.05 15.71 10.27 5.44
Moderate Growth Lifestyle
Fund(e).................. 11.68 0.05 11.73 8.43 3.30
Conservative Growth
Lifestyle Fund(f)........ 9.31 0.05 9.36 6.51 2.85
</TABLE>
<TABLE>
<CAPTION>
CLASS II
-----------------------------------------------------
(3) (4)
Fund Total
Performance Index
Before Return
(1) (2) Subtracting Including Tracking
AGSPC 2 Fund/Relevant Fund Fund Expenses Reinvested Differences
Market Index Return(a) Expenses (1) + (2) Dividends (3) - (4)
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Stock Index Fund / S&P
500 Index................ N/A N/A N/A N/A N/A
Mid Cap Index Fund /
S&P Mid Cap 400.......... N/A N/A N/A N/A N/A
Small Cap Index Fund /
Russell 2000 Index....... N/A N/A N/A N/A N/A
International Growth Fund
/ Salomon Smith Barney
Primary Market Index..... 32.52% 0.51% 33.03% 7.86% 25.17
Large Cap Growth Fund /
Russell 1000 Growth
Index.................... 18.04 0.36 18.40 18.72 (0.32)
Mid Cap Growth Fund /
Russell MidCap Growth
Index.................... 22.24 0.33 22.57 41.59 (19.02)
Small Cap Growth Fund /
Russell 2000 Growth
Index.................... 22.18 0.51 22.69 27.78 (5.09)
International Value Fund
/ Salomon Smith Barney
Primary Market Index..... 19.54 0.46 20.00 7.86 12.14
Large Cap Value Fund /
Russell 1000 Value
Index.................... 0.76 0.34 1.10 (0.99) 2.09
Mid Cap Value Fund /
Russell MidCap Value
Index.................... 16.83 0.46 17.29 2.22 15.07
Small Cap Value Fund /
Russell 2000 Value
Index.................... 11.66 0.43 12.09 8.20 3.89
Socially Responsible Fund
/ S&P 500 Index.......... 4.99 0.21 5.20 7.20 (2.00)
Science & Technology Fund
/ S&P 500 Index(b)....... N/A N/A N/A N/A N/A
Balanced Fund / Balanced
Blend(c)................. 7.60 0.35 7.95 5.06 2.89
High Yield Bond Fund /
Salomon Smith Barney High
Yield Market Index....... 0.63 0.44 1.07 0.14 0.93
Strategic Bond Fund /
Lehman Brothers Bond
Aggregate................ 2.74 0.39 3.13 1.41 1.72
Domestic Bond Fund /
Lehman Brothers Bond
Aggregate................ 0.51 0.33 0.84 1.41 (0.57)
Core Bond Fund / Lehman
Brothers
Bond Aggregate........... 0.60 0.34 0.94 1.41 (0.47)
Municipal Bond Fund /
Lehman Brothers Seven
Through Long Municipal
Bond Index............... N/A N/A N/A N/A N/A
Money Market Fund / 30
Day Certificate of
Deposit Primary Offering
Rate by New York City
Banks (NYC 30 Day CD
Rate).................... 2.77 0.21 2.98 2.30 0.68
Municipal Money Market
Fund..................... N/A N/A N/A N/A N/A
Growth Lifestyle
Fund(d).................. 15.75 0.05 15.80 10.27 5.53
Moderate Growth Lifestyle
Fund(e).................. 11.73 0.05 11.78 8.43 3.35
Conservative Growth
Lifestyle Fund(f)........ 9.36 0.05 9.41 6.51 2.90
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
PRESIDENT'S LETTER CONTINUED 7
NOTES TO FUND RETURNS AND TRACKING DIFFERENCE
For the Six Months Ended April 30, 2000
----
(a) Fund Level Returns are net of investment management fees and other fund
expenses.
(b) Inception of Fund is February 29, 2000. Fund return, Fund expenses and
Total Index Return represent two month return (from inception to April 30,
2000).
(c) Balanced Blend consists of 40% Lehman Brothers Government and Corporate
Index and 60% S&P 500 Index.
(d) Benchmark for Aggressive Growth Lifestyle consists of 15% EAFE, 15% Salomon
Smith Barney Primary Market Index, 13% S&P 500, 12% Russell 1000 Value, 10%
Russell 2000 Growth, 10% Russell 2000 Value, 10% Lehman Aggregate, 8%
Russell MidCap Value, and 7% Russell MidCap Growth.
(e) Benchmark for Moderate Growth Lifestyle consists of 7% EAFE, 8% Salomon
Smith Barney Primary Market Index, 15% S&P 500, 15% Russell 1000 Value, 7%
Russell 2000 Growth, 8% Russell 2000 Value, 25% Lehman Aggregate, 8%
Russell MidCap Value, and 7% Russell MidCap Growth.
(f) Benchmark for Conservative Growth Lifestyle consists of 5% EAFE, 5% Salomon
Smith Barney Primary Market Index, 15% S&P 500, 15% Russell 1000 Value, 5%
Russell 2000 Growth, 5% Russell 2000 Value, 40% Lehman Aggregate, 5%
Russell MidCap Value, and 5% Russell MidCap Growth.
--------------------------------------------------------------------------------
<PAGE>
8 April 30, 2000 (Unaudited)
STOCK INDEX FUND
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
COMMON STOCK - 87.05%
ADVERTISING - 0.23%
600 Interpublic Group Corp. .............................. $ 24,600
400 Omnicom Group, Inc. .................................. 36,424
100 Young & Rubicam, Inc. ................................ 5,568
-----------
66,592
-----------
AEROSPACE/DEFENSE - 1.10%
200 B.F. Goodrich Co. .................................... 6,374
1,800 Boeing Co. ........................................... 71,437
100 Crane Co. ............................................ 2,687
400 General Dynamics Corp. ............................... 23,400
1,600 Honeywell International, Inc. ........................ 89,600
800 Lockheed Martin Corp. ................................ 19,900
100 Northrop Grumman Corp. ............................... 7,087
100 Perkinelmer, Inc. .................................... 5,474
700 Raytheon Co., Class B................................. 15,530
200 TRW, Inc. ............................................ 11,700
1,000 United Technologies Corp. ............................ 62,187
-----------
315,376
-----------
AIRLINES - 0.18%
300 AMR Corp. ............................................ 10,218
300 Delta Air Lines, Inc. ................................ 15,824
1,000 Southwest Airlines Co. ............................... 21,687
100 * US Airways Group, Inc. ............................... 2,780
-----------
50,509
-----------
APPAREL & PRODUCTS - 0.02%
100 Liz Claiborne, Inc. .................................. 4,631
-----------
APPLIANCES/FURNISHINGS - 0.10%
400 Leggett & Platt, Inc. ................................ 8,550
200 Maytag Corp. ......................................... 6,887
200 Whirlpool Corp. ...................................... 13,024
-----------
28,461
-----------
AUTO - CARS - 0.96%
1,100 Delphi Automotive Systems Corp. ...................... 21,037
2,400 Ford Motor Co. ....................................... 131,250
1,300 General Motors Corp. ................................. 121,714
-----------
274,001
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
AUTO - ORIGINAL EQUIPMENT - 0.06%
300 Danaher Corp. ........................................ $ 17,138
-----------
AUTO - REPLACEMENT PARTS - 0.10%
300 * AutoZone, Inc. ....................................... 6,880
200 Cooper Tire & Rubber Co. ............................. 2,700
400 Genuine Parts Co. .................................... 10,500
300 Goodyear Tire & Rubber Co. ........................... 8,287
-----------
28,367
-----------
BANKS - NEW YORK CITY - 1.63%
1,500 Bank of New York Co., Inc. ........................... 61,593
6,800 Citigroup, Inc. ...................................... 404,174
-----------
465,767
-----------
BANKS - OTHER - 1.83%
3,500 Bank of America Corp. ................................ 171,500
2,000 First Union Corp. .................................... 63,750
1,900 FleetBoston Financial Corp. .......................... 67,330
1,000 Mellon Financial Corp. ............................... 32,124
1,200 National City Corp. .................................. 20,400
300 Providian Financial Corp. ............................ 26,418
300 Union Planters Corp. ................................. 8,493
3,300 Wells Fargo Co. ...................................... 135,505
-----------
525,520
-----------
BANKS - REGIONAL - 1.97%
800 AmSouth Bancorporation................................ 11,650
2,300 BankOne Corp. ........................................ 70,150
700 BBT Corp. ............................................ 18,637
1,700 Chase Manhattan Corp. ................................ 122,505
300 Comerica, Inc. ....................................... 12,712
600 Fifth Third Bancorp................................... 37,874
2,000 Firstar Corp. ........................................ 49,750
500 Huntington Bancshares, Inc. .......................... 9,124
900 KeyCorp............................................... 16,650
500 Northern Trust Corp. ................................. 32,062
200 Old Kent Financial Corp. ............................. 6,024
600 PNC Bank Corp. ....................................... 26,174
400 Regions Financial Corp. .............................. 8,174
300 SouthTrust Corp. ..................................... 7,162
300 State Street Corp. ................................... 29,062
400 Summit Bancorporation................................. 10,149
600 SunTrust Banks, Inc. ................................. 30,449
600 Synovus Financial Corp. .............................. 11,137
1,500 U.S. Bancorp, Inc. ................................... 30,468
400 Wachovia Corp. ....................................... 25,074
-----------
564,987
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
BEVERAGE -
BREWERS/DISTRIBUTORS - 0.43%
100 Adolph Coors Co., Class B............................. $ 5,100
900 Anheuser-Busch Companies, Inc. ....................... 63,505
100 Brown-Forman Corp., Class B........................... 5,455
900 Seagram Co., Ltd. .................................... 48,600
-----------
122,660
-----------
BEVERAGE - SOFT DRINKS - 1.27%
5,000 Coca-Cola Co. ........................................ 235,312
900 Coca-Cola Enterprises, Inc. .......................... 19,180
3,000 PepsiCo, Inc. ........................................ 110,062
-----------
364,554
-----------
BROADCASTING - 1.58%
1,500 * CBS Corp. ............................................ 88,124
700 * Clear Channel Communications, Inc. ................... 50,400
1,900 * Comcast Corp., Class A................................ 76,118
1,200 * Media One Group, Inc. ................................ 90,750
1,000 US WEST, Inc. ........................................ 71,187
1,400 * Viacom, Inc., Class B................................. 76,124
-----------
452,703
-----------
BUILDING MATERIALS - 0.27%
100 Armstrong World Industries., Inc. .................... 1,955
800 Lowe's Companies, Inc. ............................... 39,600
900 Masco Corp. .......................................... 20,193
300 Sherwin-Williams Co. ................................. 7,462
200 Vulcan Materials Co. ................................. 8,763
-----------
77,973
-----------
CHEMICAL - MAJOR - 0.70%
400 Dow Chemical Co. ..................................... 45,200
2,100 E.I. du Pont de Nemours and Co. ...................... 99,618
200 Hercules, Inc. ....................................... 3,112
400 PPG Industries, Inc. ................................. 21,750
400 Rohm and Haas Co. .................................... 14,250
300 Union Carbide Corp. .................................. 17,700
-----------
201,630
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 9
STOCK INDEX FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
CHEMICAL - MISCELLANEOUS - 0.26%
500 Air Products and Chemicals, Inc. ..................... $ 15,530
200 Eastman Chemical Co. ................................. 10,462
300 Ecolab, Inc. ......................................... 11,718
100 * FMC Corp. ............................................ 5,818
100 Great Lakes Chem Corp. ............................... 2,693
100 Millipore Corp. ...................................... 7,168
300 Praxair, Inc. ........................................ 13,330
200 Sigma Aldrich Corp. .................................. 5,874
100 W.R. Grace & Co. ..................................... 1,300
-----------
73,893
-----------
CONGLOMERATES - 0.67%
200 ITT Industries, Inc. ................................. 6,312
200 Loews Corp. .......................................... 11,025
300 Textron, Inc. ........................................ 18,581
3,400 Tyco International, Ltd. ............................. 156,188
-----------
192,106
-----------
CONSUMER FINANCE - 0.23%
400 Capital One Financial Corp. .......................... 17,500
300 Equifax, Inc. ........................................ 7,331
1,600 MBNA Corp. ........................................... 42,500
-----------
67,331
-----------
CONTAINERS - METAL/GLASS - 0.39%
100 Ball Corp. ........................................... 3,150
500 Corning, Inc. ........................................ 98,750
300 Crown Cork & Seal Co., Inc. .......................... 4,875
100 Owens Corning......................................... 1,819
300 * Owens-Illinois, Inc. ................................. 4,050
-----------
112,644
-----------
CONTAINERS - PAPER - 0.08%
100 Bemis Co., Inc. ...................................... 3,681
300 * Pactiv Corp. ......................................... 2,456
200 * Sealed Air Corp. ..................................... 11,125
100 Temple-Inland, Inc. .................................. 5,013
-----------
22,275
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
COSMETICS/TOILETRIES - 0.39%
100 Alberto-Culver Co., Class B........................... $ 2,363
500 Avon Products, Inc. .................................. 20,750
2,200 Gillette Co. ......................................... 81,400
200 International Flavors & Fragrances, Inc. ............. 6,888
-----------
111,401
-----------
DRUGS - 6.29%
300 Allergan, Inc. ....................................... 17,663
200 * ALZA Corp. ........................................... 8,813
2,600 American Home Products Corp. ......................... 146,088
2,100 * Amgen, Inc. .......................................... 117,601
100 Bausch & Lomb, Inc. .................................. 6,038
300 * Biogen, Inc. ......................................... 17,644
4,000 Bristol Myers Squibb Co. ............................. 209,750
2,200 Eli Lilly and Co. .................................... 170,088
4,700 Merck & Co., Inc. .................................... 326,650
7,800 Pfizer, Inc. ......................................... 328,575
2,609 Pharmacia Corp. ...................................... 130,287
3,000 Schering-Plough Corp. ................................ 120,938
1,700 Warner-Lambert Co. ................................... 193,481
200 * Watson Pharmaceuticals, Inc. ......................... 8,988
-----------
1,802,604
-----------
ELECTRONIC EQUIPMENT - 4.07%
400 * Cabletron Systems, Inc. .............................. 9,150
900 Emerson Electric Co. ................................. 49,388
6,600 General Electric Co. ................................. 1,037,850
400 Molex, Inc. .......................................... 21,975
100 National Service Industries, Inc. .................... 2,150
300 * Teradyne, Inc. ....................................... 33,000
100 Thomas & Betts Corp. ................................. 3,081
200 W. W. Grainger, Inc. ................................. 8,675
-----------
1,165,269
-----------
ELECTRONIC INSTRUMENTS - 0.04%
100 Tektronix, Inc. ...................................... 5,788
300 * Thermo Electron Corp. ................................ 5,813
-----------
11,601
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
ENTERTAINMENT - 1.65%
1,300 Carnival Corp., Class A............................... $ 32,338
300 * Harrah's Entertainment, Inc. ......................... 6,169
400 Hasbro, Inc. ......................................... 6,375
900 Mattel, Inc. ......................................... 11,025
2,600 Time Warner, Inc. .................................... 233,838
4,200 Walt Disney Co. ...................................... 181,913
-----------
471,658
-----------
FINANCE COMPANIES - 0.26%
1,500 Associates First Capital Corp. ....................... 33,281
1,000 Household International, Inc. ........................ 41,750
-----------
75,031
-----------
FINANCIAL SERVICES - 0.64%
900 American Express Co. ................................. 135,056
500 American General...................................... 28,000
200 Countrywide Credit Industries, Inc. .................. 5,525
200 H & R Block, Inc. .................................... 8,363
200 T. Rowe Price Associates, Inc. ....................... 7,625
-----------
184,569
-----------
FOODS - 0.85%
1,200 Archer Daniels Midland Co. ........................... 11,925
600 BestFoods............................................. 30,150
900 Campbell Soup Co. .................................... 23,400
1,000 ConAgra, Inc. ........................................ 18,875
600 General Mills, Inc. .................................. 21,825
700 H J Heinz Co. ........................................ 23,800
300 Hershey Foods Corp. .................................. 13,613
800 Kellogg Co. .......................................... 19,550
700 Nabisco Group Holdings Corp. ......................... 9,013
300 Quaker Oats Co. ...................................... 19,556
600 Ralston Purina Co. ................................... 10,613
1,800 Sara Lee Corp. ....................................... 27,000
200 Wm. Wrigley Jr. Co. .................................. 14,476
-----------
243,796
-----------
FOOTWEAR - 0.10%
600 NIKE, Inc., Class B................................... 26,063
100 * Reebok International, Ltd. ........................... 1,700
-----------
27,763
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
10 April 30, 2000 (Unaudited)
STOCK INDEX FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
FREIGHT - 0.09%
600 * FDX Corp. ............................................ $ 22,613
100 Ryder System, Inc. ................................... 2,219
-----------
24,832
-----------
GOLD MINING - 0.08%
800 Barrick Gold Corp. ................................... 13,450
500 * Homestake Mining Co. ................................. 3,000
700 Placer Dome, Inc. .................................... 5,688
-----------
22,138
-----------
GOVERNMENT SPONSORED - 0.70%
1,400 Federal Home Loan Mortgage Corp. ..................... 64,313
2,100 Federal National Mortgage Association................. 126,656
300 SLM Holding Corp. .................................... 9,394
-----------
200,363
-----------
HARDWARE & TOOLS - 0.06%
200 Black & Decker Corp. ................................. 8,413
100 Snap-on, Inc. ........................................ 2,644
200 Stanley Works......................................... 5,900
-----------
16,957
-----------
HEALTHCARE - 0.33%
600 Cardinal Health, Inc. ................................ 33,038
200 * HCR Manor Care, Inc. ................................. 2,388
800 * HealthSouth Corp. .................................... 6,450
300 * Humana, Inc. ......................................... 2,306
600 IMS Health, Inc. ..................................... 10,238
600 McKesson HBOC, Inc. .................................. 10,125
200 * Quintiles Transnational Corp. ........................ 2,863
300 UnitedHealth Group, Inc. ............................. 20,006
100 * Wellpoint Health Networks, Inc. ...................... 7,375
-----------
94,789
-----------
HEAVY DUTY TRUCKS/PARTS - 0.12%
100 Cummins Engine Co., Inc. ............................. 3,556
300 Dana Corp. ........................................... 9,113
100 Eaton Corp. .......................................... 8,400
100 * Navistar International Corp. ......................... 3,500
200 PACCAR, Inc. ......................................... 9,513
-----------
34,082
-----------
HOME BUILDERS - 0.02%
100 Centex Corp. ......................................... 2,413
100 Kaufman & Broad Home Corp. ........................... 1,925
100 Pulte Corp. .......................................... 2,150
-----------
6,488
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
HOSPITAL MANAGEMENT - 0.18%
1,100 Columbia/HCA Healthcare Corp. ........................ $ 31,281
100 Shared Medical Systems Corp. ......................... 4,144
600 Tenet Healthcare Corp. ............................... 15,300
-----------
50,725
-----------
HOSPITAL SUPPLIES - 1.98%
3,100 Abbott Laboratories................................... 119,156
600 Baxter International, Inc. ........................... 39,075
500 Becton, Dickinson and Co. ............................ 12,813
200 * Biomet, Inc. ......................................... 7,138
800 * Boston Scientific Corp. .............................. 21,200
100 C. R. Bard, Inc. ..................................... 4,356
2,800 Johnson & Johnson..................................... 231,000
100 Mallinckrodt, Inc. ................................... 2,688
2,400 Medtronic, Inc. ...................................... 124,650
200 * St. Jude Medical, Inc. ............................... 6,238
-----------
568,314
-----------
HOUSEHOLD PRODUCTS - 1.40%
300 * Bed Bath & Beyond, Inc. .............................. 11,006
500 Clorox Co. ........................................... 18,375
1,200 Colgate-Palmolive Co. ................................ 68,550
800 Minnesota Mining & Manufacturing Co. ................. 69,200
600 Newell Rubbermaid, Inc. .............................. 15,113
2,700 Procter & Gamble Co. ................................. 160,988
100 Tupperware Corp. ..................................... 1,888
1,200 Unilever NV........................................... 54,675
-----------
399,795
-----------
INFORMATION PROCESSING - 0.14%
400 * Comverse Technology, Inc. ............................ 35,675
600 * Parametric Technology Corp. .......................... 4,894
-----------
40,569
-----------
INFORMATION PROCESSING -
BUSINESS SOFTWARE - 4.64%
500 * BMC Software, Inc. ................................... 23,406
400 * Citrix Systems, Inc. ................................. 24,425
10,500 * Microsoft Corp. ...................................... 732,375
5,700 * Oracle Corp. ......................................... 455,644
500 * Peoplesoft, Inc. ..................................... 6,969
800 * Veritas Software Corp. ............................... 85,813
-----------
1,328,632
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
INFORMATION PROCESSING -
COMPUTER HARDWARE - 2.68%
200 * Adaptec, Inc. ........................................ $ 5,400
300 * Apple Computer, Inc. ................................. 37,219
3,400 Compaq Computer Corp. ................................ 99,450
5,200 * Dell Computer Corp. .................................. 260,650
600 * Gateway, Inc. ........................................ 33,150
300 * Lexmark International Group, Inc. .................... 35,400
400 * Silicon Graphics, Inc. ............................... 2,875
3,200 * Sun Microsystems, Inc. ............................... 294,200
-----------
768,344
-----------
INFORMATION PROCESSING -
COMPUTER SERVICES - 1.69%
4,600 America Online, Inc. ................................. 275,138
1,300 Automatic Data Processing, Inc. ...................... 69,956
300 * Ceridian Corp. ....................................... 6,506
1,000 Electronic Data Systems Corp. ........................ 68,750
800 First Data Corp. ..................................... 38,950
500 Paychex, Inc. ........................................ 26,313
-----------
485,613
-----------
INFORMATION PROCESSING -
DATA SERVICES - 5.16%
200 Adobe Systems, Inc. .................................. 24,188
100 Autodesk, Inc. ....................................... 3,838
1,400 * Cendant Corp. ........................................ 21,612
1,200 Computer Associates International, Inc. .............. 66,975
300 * Computer Sciences Corp. .............................. 24,469
700 * Compuware Corp. ...................................... 8,794
2,100 * EMC Corp. ............................................ 291,769
2,000 Hewlett Packard Co. .................................. 270,000
3,700 International Business Machines....................... 413,014
200 * NCR Corp. ............................................ 7,725
600 * Network Appliance, Inc. .............................. 44,363
700 * Novell, Inc. ......................................... 13,738
500 Pitney Bowes, Inc. ................................... 20,438
400 * Seagate Technology, Inc. ............................. 20,325
1,200 * Solectron Corp. ...................................... 56,175
600 * Unisys Corp. ......................................... 13,913
1,300 Xerox Corp. .......................................... 34,369
1,100 * Yahoo!, Inc. ......................................... 143,275
-----------
1,478,980
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 11
STOCK INDEX FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
INFORMATION PROCESSING -
NETWORKING - 3.43%
700 * 3Com Corp. ........................................... $ 27,606
13,800 * Cisco Systems, Inc. .................................. 956,728
-----------
984,334
-----------
INSURANCE - CASUALTY - 0.20%
400 Chubb Corp. .......................................... 25,450
100 Progressive Corp. .................................... 6,544
300 SAFECO Corp. ......................................... 6,638
500 St. Paul Companies, Inc. ............................. 17,813
-----------
56,445
-----------
INSURANCE - LIFE - 0.20%
300 Aetna, Inc. .......................................... 17,363
700 Conseco, Inc. ........................................ 3,806
200 Jefferson-Pilot Corp. ................................ 13,313
400 Lincoln National Corp. ............................... 13,925
300 Torchmark Corp. ...................................... 7,519
-----------
55,926
-----------
INSURANCE - MISCELLANEOUS - 0.07%
200 MBIA, Inc. ........................................... 9,888
200 MGIC Investment Corp. ................................ 9,563
-----------
19,451
-----------
INSURANCE - MULTILINE - 1.85%
500 AFLAC, Inc. .......................................... 24,406
1,600 Allstate Corp. ....................................... 37,800
3,100 American International Group, Inc. ................... 340,031
500 Aon Corp. ............................................ 13,531
300 CIGNA Corp. .......................................... 23,925
300 Cincinnati Financial Corp. ........................... 12,094
400 Hartford Financial
Services Group, Inc. ................................. 20,875
500 Marsh & McLennan Companies, Inc. ..................... 49,281
500 UnumProvident Corp. .................................. 8,500
-----------
530,443
-----------
LEISURE TIME - 0.16%
200 Brunswick Corp. ...................................... 3,838
600 Harley-Davidson, Inc. ................................ 23,887
400 * Mirage Resorts, Inc. ................................. 8,150
299 Sabre Holdings Corp. ................................. 10,447
-----------
46,322
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
LODGING - 0.08%
700 Hilton Hotels Corp. .................................. $ 5,950
500 Marriott International, Inc. ......................... 16,000
-----------
21,950
-----------
MACHINE TOOLS - 0.01%
100 Milacron, Inc. ....................................... 1,825
-----------
MACHINERY - AGRICULTURE - 0.07%
500 Deere & Co. .......................................... 20,188
-----------
MACHINERY - CONSTRUCTION &
CONTRACTS - 0.12%
700 Caterpillar, Inc. .................................... 27,606
200 Fluor Corp. .......................................... 6,713
-----------
34,319
-----------
MACHINERY -
INDUSTRIAL/SPECIALTY - 0.38%
200 Cooper Industries, Inc. .............................. 6,863
400 Dover Corp. .......................................... 20,325
600 Illinois Tool Works, Inc. ............................ 38,438
300 Ingersoll-Rand Co. ................................... 14,081
200 Johnson Controls, Inc. ............................... 12,663
300 Pall Corp. ........................................... 6,694
200 Parker Hannifin Corp. ................................ 9,300
100 Timken Co. ........................................... 1,850
-----------
110,214
-----------
MEDICAL TECHNOLOGY - 0.20%
600 * Guidant Corp. ........................................ 34,425
400 PE Corp. - PE Biosystems Group........................ 24,000
-----------
58,425
-----------
MERCHANDISE - DRUG - 0.33%
800 CVS Corp. ............................................ 34,800
100 Longs Drug Stores Corp. .............................. 2,325
500 * Rite Aid Corp. ....................................... 2,500
2,000 Walgreen Co. ......................................... 56,250
-----------
95,875
-----------
MERCHANDISE - SPECIALTY - 2.03%
100 American Greetings Corp., Class A..................... 1,813
400 * Best Buy Co., Inc. ................................... 32,300
400 Circuit City Stores, Inc. ............................ 23,525
200 * Consolidated Stores Corp. ............................ 2,488
900 * Costco Wholesale Corp. ............................... 48,656
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
MERCHANDISE - SPECIALTY - Continued
500 Dollar General Corp. ................................. $ 11,438
300 Fortune Brands, Inc. ................................. 7,500
1,700 Gap, Inc. ............................................ 62,475
4,700 Home Depot, Inc. ..................................... 263,494
300 Ikon Office Solutions, Inc. .......................... 1,763
100 Jostens, Inc. ........................................ 2,469
600 * Kohls Corp. .......................................... 28,800
400 Limited, Inc. ........................................ 18,075
300 Nordstrom, Inc. ...................................... 8,344
700 * Office Depot, Inc. ................................... 7,394
1,000 * Staples, Inc. ........................................ 19,063
400 Tandy Corp. .......................................... 22,800
600 TJX Companies, Inc. .................................. 11,513
500 * Toys "R" Us, Inc. .................................... 7,625
-----------
581,535
-----------
MERCHANDISING - DEPARTMENT - 0.33%
200 Dillards, Inc., Class A............................... 2,788
400 * Federated Deptartment Stores, Inc. ................... 13,600
700 May Department Stores Co. ............................ 19,250
900 Target Corp. ......................................... 59,906
-----------
95,544
-----------
MERCHANDISING - FOOD - 0.50%
900 Albertson's, Inc. .................................... 29,306
100 Great Atlantic & Pacific Tea Co., Inc. ............... 1,831
1,700 * Kroger Co. ........................................... 31,556
1,000 * Safeway, Inc. ........................................ 44,125
300 Supervalu, Inc. ...................................... 6,206
700 SYSCO Corp. .......................................... 26,338
300 Winn-Dixie Stores, Inc. .............................. 4,969
-----------
144,331
-----------
MERCHANDISING - MASS - 1.89%
500 J.C. Penney Co., Inc. ................................ 6,906
1,000 * KMart Corp. .......................................... 8,125
800 Sears Roebuck and Co. ................................ 29,300
9,000 Wal-Mart Stores, Inc. ................................ 498,375
-----------
542,706
-----------
METALS - ALUMINUM - 0.23%
400 Alcan Aluminium, Ltd. ................................ 13,100
700 Alcoa, Inc. .......................................... 45,413
100 Reynolds Metals Co. .................................. 6,650
-----------
65,163
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
12 April 30, 2000 (Unaudited)
STOCK INDEX FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
METALS - COPPER - 0.06%
300 Newmont Mining Corp. ................................. $ 7,031
200 Phelps Dodge Corp. ................................... 9,250
-----------
16,281
-----------
METALS - MISCELLANEOUS - 0.05%
300 Engelhard Corp. ...................................... 5,269
300 * Freeport-McMoRan Copper & Gold, Inc., Class B......... 2,888
400 * Inco, Ltd. ........................................... 6,250
-----------
14,407
-----------
METALS - STEEL - 0.08%
200 Allegheny Technologies, Inc. ......................... 4,838
300 * Bethlehem Steel Corp. ................................ 1,613
200 Nucor Corp. .......................................... 8,600
200 USX-US Steel Group, Inc. ............................. 5,013
200 Worthington Industries, Inc. ......................... 2,475
-----------
22,539
-----------
MULTIMEDIA - 0.01%
100 Meredith Corp. ....................................... 2,781
-----------
NATURAL GAS - DIVERSIFIED - 0.17%
400 Coastal Corp. ........................................ 20,075
100 Eastern Enterprises................................... 6,088
500 El Paso Energy Corp. ................................. 21,250
-----------
47,413
-----------
OIL - INTEGRATED DOMESTIC - 0.50%
200 Amerada Hess Corp. ................................... 12,725
100 Ashland Oil, Inc. .................................... 3,413
400 Burlington Resources, Inc. ........................... 15,725
1,300 Conoco, Inc., Class B................................. 32,338
200 Kerr-McGee Corp. ..................................... 10,350
700 Occidental Petroleum Corp. ........................... 15,006
500 Phillips Petroleum Co. ............................... 23,719
500 Unocal Corp. ......................................... 16,156
600 USX-Marathon Group.................................... 13,988
-----------
143,420
-----------
OIL - INTEGRATED INTERNATIONAL - 3.33%
1,300 Chevron Corp. ........................................ 110,663
7,000 Exxon Mobil Corp. .................................... 543,813
4,300 * Royal Dutch Petroleum Co. ............................ 246,713
1,100 Texaco, Inc. ......................................... 54,450
-----------
955,639
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
OIL - SERVICES - 0.53%
700 Baker Hughes, Inc. ................................... $ 22,269
900 Halliburton Co. ...................................... 39,769
100 McDermott International, Inc. ........................ 813
200 * Rowan Companies, Inc. ................................ 5,588
1,100 Schlumberger, Ltd. ................................... 84,219
-----------
152,658
-----------
OIL/GAS PRODUCERS - 0.20%
300 Anadarko Petroleum Corp. ............................. 13,031
200 Apache Corp. ......................................... 9,688
200 Sunoco, Inc. ......................................... 6,063
400 Transocean Sedco Forex, Inc. ......................... 18,800
500 Union Pacific Resources Group, Inc. .................. 9,594
-----------
57,176
-----------
PAPER/FOREST PRODUCTS - 0.69%
200 Avery Dennison Corp. ................................. 13,125
100 Boise Cascade Corp. .................................. 3,256
200 Champion International Corp. ......................... 13,150
400 Fort James Corp. ..................................... 9,575
300 Georgia-Pacific Corp. ................................ 11,025
800 International Paper Co. .............................. 29,400
1,100 Kimberly-Clark Corp. ................................. 63,869
200 Louisiana Pacific Corp. .............................. 2,675
200 Mead Corp. ........................................... 6,963
100 Potlatch Corp. ....................................... 3,944
200 Westvaco Corp. ....................................... 6,175
500 Weyerhaeuser Co. ..................................... 26,719
200 Willamette Industries, Inc. .......................... 7,638
-----------
197,514
-----------
PHOTOGRAPHY - 0.12%
600 Eastman Kodak Co. .................................... 33,563
100 Polaroid Corp. ....................................... 2,019
-----------
35,582
-----------
POLLUTION CONTROL - 0.08%
400 * Allied Waste Industries, Inc. ........................ 2,450
1,300 * Waste Management, Inc. ............................... 20,638
-----------
23,088
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
PUBLISHING - NEWS - 0.36%
200 Dow Jones & Co., Inc. ................................ $ 12,975
600 Gannett Co., Inc. .................................... 38,325
200 Knight-Ridder, Inc. .................................. 9,813
300 New York Times Co., Class A........................... 12,356
100 Times Mirror Co. ..................................... 9,756
500 Tribune Co. .......................................... 19,438
-----------
102,663
-----------
PUBLISHING/PRINTING - 0.15%
100 Deluxe Corp. ......................................... 2,519
300 Dun & Bradstreet Corp. ............................... 9,038
100 Harcourt General, Inc. ............................... 3,738
400 McGraw-Hill, Inc. .................................... 21,000
300 R. R. Donnelley and Sons Co. ......................... 6,375
-----------
42,670
-----------
RAILROAD - 0.28%
900 Burlington Northern Santa Fe Corp. ................... 21,713
400 CSX Corp. ............................................ 8,375
200 Kansas City Southern Industies, Inc. ................. 14,375
800 Norfolk Southern Corp. ............................... 14,100
500 Union Pacific Corp. .................................. 21,063
-----------
79,626
-----------
RESTAURANTS - 0.43%
300 Darden Restaurants, Inc. ............................. 5,531
2,700 McDonald's Corp. ..................................... 102,938
300 * Tricon Global Restaurants, Inc. ...................... 10,238
200 Wendy's International, Inc. .......................... 4,475
-----------
123,182
-----------
SAVINGS & LOAN - 0.14%
300 Golden West Financial Corp. .......................... 10,238
1,200 Washington Mutual, Inc. .............................. 30,675
-----------
40,913
-----------
SECURITIES RELATED - 1.53%
200 Bear Stearns Co., Inc. ............................... 8,575
1,700 Charles Schwab Corp. ................................. 75,650
500 Franklin Resources, Inc. ............................. 16,125
400 J. P. Morgan & Co., Inc. ............................. 51,350
200 Lehman Brothers Holdings, Inc. ....................... 16,413
800 Merrill Lynch & Co., Inc. ............................ 81,550
2,300 Morgan Stanley Dean Witter & Co. ..................... 176,525
300 Paine Webber Group, Inc. ............................. 13,163
-----------
439,351
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 13
STOCK INDEX FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SEMICONDUCTOR EQUIPMENT - 0.67%
1,600 * Applied Materials, Inc. .............................. $ 162,900
400 * KLA-Tencor Corp. ..................................... 29,950
-----------
192,850
-----------
SEMICONDUCTORS - 5.79%
300 * Advanced Micro Devices, Inc. ......................... 26,325
386 * Altera Corp. ......................................... 39,469
700 * Analog Devices, Inc. ................................. 53,769
400 * Conexant Systems, Inc. ............................... 23,950
6,800 Intel Corp. .......................................... 862,325
600 Linear Technology Corp. .............................. 34,275
600 * LSI Logic Corp. ...................................... 37,500
500 * Micron Technology, Inc. .............................. 69,625
1,400 Motorola, Inc. ....................................... 166,687
300 * National Semiconductor Corp. ......................... 18,225
400 Rockwell International Corp. ......................... 15,750
1,600 Texas Instruments, Inc. .............................. 260,600
700 * Xilinx, Inc. ......................................... 51,275
-----------
1,659,775
-----------
TELECOMMUNICATIONS - 6.09%
600 * ADC Communications, Inc. ............................. 36,450
600 ALLTEL Corp. ......................................... 39,975
200 * Andrew Corp. ......................................... 5,888
6,500 AT&T Corp. ........................................... 303,469
300 CenturyTel, Inc. ..................................... 7,350
1,500 * Global Crossing, Ltd. ................................ 47,250
6,500 Lucent Technologies, Inc. ............................ 404,219
5,800 * MCI Worldcom, Inc. ................................... 263,538
700 * Nextel Communications, Inc., Class A.................. 76,606
2,900 Nortel Networks Corp. ................................ 328,425
1,500 * QUALCOMM, Inc. ....................................... 162,656
400 Scientific-Atlanta, Inc. ............................. 26,025
800 * Tellabs, Inc. ........................................ 43,850
-----------
1,745,701
-----------
TEXTILE - PRODUCTS - 0.03%
100 Russell Corp. ........................................ 1,963
200 V. F. Corp. .......................................... 5,650
-----------
7,613
-----------
TOBACCO - 0.38%
4,800 Philip Morris Companies, Inc. ........................ 105,000
300 UST, Inc. ............................................ 4,500
-----------
109,500
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
UTILITIES - COMMUNICATION - 3.53%
3,100 Bell Atlantic Corp. .................................. $ 183,675
3,800 BellSouth Corp. ...................................... 185,013
2,000 GTE Corp. ............................................ 135,500
6,900 SBC Communications, Inc. ............................. 302,306
1,800 * Sprint Corp. - FON Group.............................. 110,700
1,700 Sprint Corp. - PCS Group.............................. 93,500
-----------
1,010,694
-----------
UTILITIES - ELECTRIC - 1.52%
400 * AES Corp. ............................................ 35,975
300 Ameren Corp. ......................................... 11,006
400 American Electric Power, Inc. ........................ 14,650
300 Carolina Power & Light Co. ........................... 10,969
400 Central & South West Corp. ........................... 8,675
300 Cinergy Corp. ........................................ 8,025
200 CMS Energy Corp. ..................................... 3,800
400 Consolidated Edison, Inc. ............................ 14,075
300 Constellation Energy Group, Inc. ..................... 9,919
500 Dominion Resources, Inc. ............................. 22,495
300 DTE Energy Co. ....................................... 9,788
700 Duke Energy Corp. .................................... 40,250
700 Edison International, Inc. ........................... 13,344
500 Entergy Corp. ........................................ 12,719
500 FirstEnergy Corp. .................................... 12,719
200 Florida Progress Corp. ............................... 9,800
400 FPL Group, Inc. ...................................... 18,075
300 GPU, Inc. ............................................ 8,419
200 New Century Energies, Inc. ........................... 6,525
400 * Niagara Mohawk Holdings, Inc. ........................ 5,550
300 Northern States Power Co. ............................ 6,544
800 PG&E Corp. ........................................... 20,750
400 Peco Energy Co. ...................................... 16,675
200 Pinnacle West Capital Corp. .......................... 7,025
300 PPL Corp. ............................................ 7,162
400 Public Service Enterprise Group, Inc. ................ 14,350
600 Reliant Energy, Inc. ................................. 15,974
1,400 Southern Co. ......................................... 34,913
600 Texas Utilities Co. .................................. 20,213
400 Unicom Corp. ......................................... 15,900
-----------
436,284
-----------
UTILITIES - GAS, DISTRIBUTION - 0.05%
100 NICOR, Inc. .......................................... 3,388
300 Tosco Corp. .......................................... 9,619
-----------
13,007
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
UTILITIES - GAS, PIPELINE - 0.58%
200 Columbia Energy Group................................ $ 12,550
1,500 Enron Corp. ......................................... 104,531
100 ONEOK, Inc. ......................................... 2,525
100 Peoples Energy Corp. ................................ 3,106
400 Sempra Energy........................................ 7,425
900 Williams Companies, Inc. ............................ 33,581
-----------
163,718
-----------
TOTAL COMMON STOCK
(Cost $22,350,613)................................... 24,944,472
-----------
<CAPTION>
PAR
VALUE
----------
<C> <S> <C>
UNITED STATES GOVERNMENT -
SHORT-TERM - 0.99%
U. S. TREASURY BILLS - 0.99%
United States Treasury Bills:
$ 75,000 5.60% due 05/11/00.................................. 74,883
25,000 5.53% due 06/22/00.................................. 24,800
175,000 5.50% due 05/11/00.................................. 174,731
10,000 5.40% due 06/22/00.................................. 9,922
-----------
284,336
-----------
UNITED STATES GOVERNMENT -
SHORT-TERM
(Cost $284,336)...................................... 284,336
-----------
CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT - 12.20%
3,496,000 BANKS - OTHER - 12.20%
State Street Bank Repurchase Agreement,
5.62%, dated 04/28/00, to be repurchased
at $3,497,637 on 05/01/00, collateralized by U.S.
Treasury Bonds, 8.00%, 11/15/21, with
a par value of $2,925,000 (Cost $3,496,000).......... 3,496,000
-----------
TOTAL CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT
(Cost $3,496,000).................................... 3,496,000
-----------
TOTAL INVESTMENTS
(Cost $26,130,949) - 100.24%......................... $28,724,808
-----------
* Non-income producing
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
14 April 30, 2000 (Unaudited)
STOCK INDEX FUND - CONTINUED
<TABLE>
<CAPTION>
UNREALIZED
CONTRACTS APPRECIATION
<C> <S> <C> <C>
----------------------------------------------------------
FUTURES CONTRACTS PURCHASED(1)
(Delivery month/Value at 04/30/00)
10(2) S&P 500 Index Futures
(June/$1,460.00)............. $34,475
-------
(1) U.S. Treasury Bills with a market value of
approximately $285,000 were maintained in a
segregated account with a portion placed as
collateral for futures contracts.
(2) Per 250.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
<S> <C>
-------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
ASSETS:
Investments, at market (Cost $26,130,949).......................... $28,724,808
Receivables for:
Fund shares sold.................................................. 374,268
Dividends and interest............................................ 21,234
Other assets....................................................... 11,510
-----------
TOTAL ASSETS....................................................... 29,131,820
-----------
LIABILITIES:
Payable for fund shares redeemed................................... 332,270
Payable to affiliates:
Advisory fees..................................................... 12,301
Distribution fees for Class A & B................................. 18,567
Other............................................................. 86,439
Accrued expenses and other liabilities............................. 25,428
-----------
TOTAL LIABILITIES.................................................. 475,005
-----------
NET ASSETS......................................................... $28,656,815
-----------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value per share,
unlimited shares authorized,
2,219,945 shares outstanding................................... $ 22,199
Additional paid in capital..................................... 25,921,384
Undistributed net realized gain on securities.................. 82,781
Undistributed net investment income............................ 2,117
Unrealized appreciation of:
Investments........................................ $2,593,859
Futures contracts.................................. 34,475 2,628,334
---------- -----------
NET ASSETS APPLICABLE
TO SHARES OUTSTANDING.......................................... $28,656,815
-----------
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
--------------------------------------------------------------------------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Net asset value and redemption price per Class A
share ($7,428,755 divided by 572,568 shares)..................... $12.97
------
Offering price per Class A share (100/94.25 of $12.97)*.......... $13.76
------
Net asset value and offering price per Class B
share ($21,228,060 divided by 1,647,377 shares)**................ $12.89
------
* Offering price includes sales charge of 5.75%. The sales charge is reduced
for purchases of $25,000 and over.
** Redemption price per share is equal to net asset value less any applicable
contingent deferred sales charge.
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
15
STOCK INDEX FUND (Unaudited) - CONTINUED
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2000
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Dividends (net of foreign withholding tax of $151)............... $ 124,292
Interest......................................................... 93,723
----------
Total investment income......................................... 218,015
----------
EXPENSES:
Advisory fees.................................................... 33,489
Transfer agent fees.............................................. 39,184
Custodian fees................................................... 15,522
Distribution fees:
Class A......................................................... 8,273
Class B......................................................... 90,939
Registration and filing fees..................................... 14,040
Audit fees and tax services...................................... 5,202
Accounting services.............................................. 3,721
Trustees' fees and expenses...................................... 2,584
Report to shareholders........................................... 2,870
Miscellaneous.................................................... 7,123
----------
Total expenses.................................................. 222,947
Expense reimbursement (see Note 3).............................. (52,792)
----------
Net expenses.................................................... 170,155
----------
NET INVESTMENT INCOME............................................ 47,860
----------
REALIZED AND UNREALIZED GAIN (LOSS) ON SECURITIES:
Net realized gain on securities................................. 185,010
Net unrealized appreciation (depreciation) of
securities during the period:
Investments.......................................... $1,223,035
Futures contracts.................................... (67,742) 1,155,293
---------- ----------
Net realized and unrealized gain on securities during the
period......................................................... 1,340,303
----------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS................. $1,388,163
----------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the Six For the
Months Ended Year Ended
April 30, 2000 October 31, 1999
<S> <C> <C>
--------------------------------
OPERATIONS:
Net investment income................. $ 47,860 $ 68,733
Net realized gain on securities....... 185,010 54,301
Net unrealized appreciation of
securities during the period.......... 1,155,293 1,473,041
--------------------------------
Increase in net assets resulting from
operations........................... 1,388,163 1,596,075
--------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A.............................. (30,717) (41,597)
Class B.............................. (17,043) (25,119)
--------------------------------
Total distributions to shareholders
from net investment income.......... (47,760) (66,716)
--------------------------------
Net realized gain on securities
Class A.............................. (42,200) -
Class B.............................. (114,330) -
--------------------------------
Total distributions to shareholders
from net realized gain on
securities.......................... (156,530) -
--------------------------------
Decrease in net assets resulting from
distributions to shareholders......... (204,290) (66,716)
--------------------------------
SHARE TRANSACTIONS:
Net increase in net assets resulting
from share transactions
Class A.............................. 1,470,142 5,005,041
Class B.............................. 5,328,547 14,134,853
--------------------------------
Total increase in net assets resulting
from share transactions............... 6,798,689 19,139,894
--------------------------------
TOTAL INCREASE IN NET ASSETS.......... 7,982,562 20,669,253
<PAGE>
NET ASSETS:
Beginning of year.................... 20,674,253 5,000
--------------------------------
End of period (including
undistributed net
investment income of $2,117 and
$2,017).............................. $28,656,815 $20,674,253
--------------------------------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CHANGE IN SHARES Class A Class B
OUTSTANDING ---------------------------------------- ----------------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
------------------- ------------------- ---------------------- ----------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
------------------- ------------------- ---------------------- ----------------------
Shares sold..... 127,405 $1,626,424 463,951 $5,084,388 563,852 $ 7,148,168 1,247,810 $14,353,724
Shares issued
for
distributions
reinvested...... 5,643 72,762 3,454 41,504 10,232 130,698 2,069 24,958
Shares
repurchased..... (17,952) (229,044) (10,183) (120,851) (156,023) (1,950,319) (20,813) (243,829)
------------------- ------------------- ---------------------- ----------------------
Increase in
shares
outstanding..... 115,096 1,470,142 457,222 5,005,041 418,061 5,328,547 1,229,066 14,134,853
Shares
outstanding:
Beginning of
period.......... 457,472 5,007,541 250 2,500 1,229,316 14,137,353 250 2,500
------------------- ------------------- ---------------------- ----------------------
End of period... 572,568 $6,477,683 457,472 $5,007,541 1,647,377 $19,465,900 1,229,316 $14,137,353
------------------- ------------------- ---------------------- ----------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<PAGE>
16 April 30, 2000 (Unaudited)
MID CAP INDEX FUND
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
COMMON STOCK - 90.22%
ADVERTISING - 0.59%
700 Harte-Hanks, Inc. .................................... $ 17,324
1,200 * Westwood One, Inc. ................................... 42,450
-----------
59,774
-----------
AEROSPACE/DEFENSE - 1.13%
1,400 * SCI Systems, Inc. .................................... 74,549
100 * Sequa Corp., Class A.................................. 4,925
400 Teleflex, Inc. ....................................... 13,825
500 * Titan Corp. .......................................... 21,469
-----------
114,768
-----------
AIRLINES - 0.08%
300 * Alaska Air Group, Inc. ............................... 8,625
-----------
APPAREL & PRODUCTS - 1.32%
1,000 * Abercrombie and Fitch Co. ............................ 11,000
500 * American Eagle Outfitters, Inc. ...................... 8,500
1,700 Cintas Corp. ......................................... 67,362
500 Claire's Stores, Inc. ................................ 9,219
300 * Land's End, Inc. ..................................... 12,694
900 Ross Stores, Inc. .................................... 18,675
600 Warnaco Group, Inc., Class A.......................... 6,375
-----------
133,825
-----------
APPLIANCES/FURNISHINGS - 0.41%
500 * Furniture Brands International, Inc. ................. 9,343
800 Herman Miller, Inc. .................................. 21,900
400 Lancaster Colony Corp. ............................... 10,500
-----------
41,743
-----------
AUTO - CARS - 0.09%
600 Meritor Automotive, Inc. ............................. 9,000
-----------
AUTO - ORIGINAL EQUIPMENT - 0.84%
300 Arvin Industries, Inc. ............................... 6,524
300 Carlisle Cos., Inc. .................................. 12,356
500 Donaldson Co., Inc. .................................. 11,625
700 Federal-Mogul Corp. .................................. 9,494
700 * Lear Corp. ........................................... 20,956
400 Mark IV Industries, Inc. ............................. 8,475
300 Modine Manufacturing Co. ............................. 6,619
300 Superior Industries International, Inc. .............. 9,656
-----------
85,705
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
AUTO - REPLACEMENT PARTS - 0.39%
300 Kaydon Corp. ......................................... $ 7,012
300 * SPX Corp. ............................................ 32,963
-----------
39,975
-----------
BANKS - OTHER - 0.39%
1,300 First Tennessee National Corp. ....................... 24,700
2,200 Sovereign Bancorp, Inc. .............................. 15,124
-----------
39,824
-----------
BANKS - REGIONAL - 4.02%
600 Associated Banc-Corp. ................................ 15,337
400 CCB Financial Corp. .................................. 15,825
500 City National Corp. .................................. 18,406
1,100 Compass Bancshares, Inc. ............................. 20,350
2,000 First Security Corp. ................................. 28,250
500 First Virginia Banks, Inc. ........................... 18,250
900 FirstMerit Corp. ..................................... 14,738
1,100 GreenPoint Financial Corp. ........................... 20,488
1,600 Hibernia Corp., Class A............................... 17,000
1,100 Marshall & Ilsley Corp. .............................. 51,081
700 Mercantile Bankshares Corp. .......................... 19,950
1,100 National Commerce Bancorp. ........................... 18,081
1,800 North Fork Bancorporation, Inc. ...................... 29,138
800 Pacific Century Financial Corp. ...................... 16,450
500 Provident Financial Group, Inc. ...................... 14,656
800 TCF Financial Corp. .................................. 18,700
500 Webster Financial Corp. .............................. 10,688
400 Westamerica Bankcorporation........................... 10,025
300 Wilmington Trust Corp. ............................... 13,838
900 Zions Bancorporation.................................. 37,350
-----------
408,601
-----------
BEVERAGE - SOFT DRINKS - 0.16%
1,400 Whitman Corp. ........................................ 16,013
-----------
BROADCASTING - 1.95%
1,200 A.H. Belo Corp. ...................................... 20,024
309 * Chris-Craft Industries, Inc. ......................... 18,984
500 * Hispanic Broadcasting Corp., Class A.................. 50,531
1,000 * Univision Communications, Inc. ....................... 109,250
-----------
198,789
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
BUILDING MATERIALS - 1.18%
400 Fastenal Co. ......................................... $ 23,374
600 Hon Industries, Inc. ................................. 14,963
500 Martin Marietta Materials, Inc. ...................... 26,500
1,100 RPM, Inc. ............................................ 11,138
400 Southdown, Inc. ...................................... 23,250
500 USG Corp. ............................................ 20,875
-----------
120,100
-----------
CHEMICAL - MAJOR - 0.37%
500 Albemarle Corp. ...................................... 10,468
300 Borg-Warner Automotive, Inc. ......................... 12,544
1,100 Solutia, Inc. ........................................ 14,988
-----------
38,000
-----------
CHEMICAL - MISCELLANEOUS - 1.31%
700 * Airgas, Inc. ......................................... 4,112
1,200 CK Witco Corp. ....................................... 14,100
400 * Cytec Industries, Inc. ............................... 12,050
200 Dexter Corp. ......................................... 10,975
800 Ethyl Corp. .......................................... 2,500
400 Ferro Corp. .......................................... 9,150
300 Georgia Gulf Corp. ................................... 7,219
100 H.B. Fuller Co. ...................................... 3,844
500 Lubrizol Corp. ....................................... 12,813
1,200 Lyondell Chemical Co. ................................ 22,050
500 M.A. Hanna Co. ....................................... 5,750
200 Minerals Technologies, Inc. .......................... 9,250
100 NCH Corp. ............................................ 4,325
400 Olin Corp. ........................................... 7,100
300 Rollins, Inc. ........................................ 4,313
300 Schulman, A., Inc. ................................... 3,863
-----------
133,414
-----------
COMMERCIAL SERVICES - 0.04%
400 * Navigant Consulting Co. .............................. 3,975
-----------
CONGLOMERATES - 0.75%
400 Alexander & Baldwin, Inc. ............................ 8,400
1,100 Dial Corp. ........................................... 15,330
500 * Litton Industries, Inc. .............................. 21,719
100 * MAXXAM, Inc. ......................................... 2,700
500 * Ogden Corp. .......................................... 4,906
900 Viad Corp. ........................................... 22,838
-----------
75,893
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 17
MID CAP INDEX FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
CONTAINERS - PAPER - 0.27%
200 Chesapeake Corp. ..................................... $ 6,250
1,000 Sonoco Products Co. .................................. 20,874
-----------
27,124
-----------
DRUGS - 4.53%
1,300 Bergen Brunswig Corp., Class A........................ 6,500
400 Carter-Wallace, Inc. ................................. 8,900
1,800 * Chiron Corp. ......................................... 81,450
600 * Covance, Inc. ........................................ 5,512
800 * Forest Laboratories, Inc. ............................ 67,250
800 * Genzyme Corp. ........................................ 39,050
800 ICN Pharmaceuticals, Inc. ............................ 20,150
300 * Incyte Pharmaceuticals, Inc. ......................... 23,100
1,600 * IVAX Corp. ........................................... 43,800
800 * Millennium Pharmaceuticals, Inc. ..................... 63,500
1,300 Mylan Laboratories, Inc. ............................. 36,888
700 * Sepracor, Inc. ....................................... 64,400
-----------
460,500
-----------
ELECTRIC PRODUCTS -
MISCELLANEOUS - 0.09%
300 CMP Group, Inc. ...................................... 8,681
-----------
ELECTRICAL EQUIPMENT - 0.21%
400 * Antec Corp. .......................................... 21,500
-----------
ELECTRONIC EQUIPMENT - 0.93%
1,900 * American Power Conversion Corp. ...................... 67,093
300 AMETEK, Inc. ......................................... 6,169
600 Hubbell, Inc., Class B................................ 15,638
400 * UCAR International, Inc. ............................. 5,275
-----------
94,175
-----------
ELECTRONIC INSTRUMENTS - 3.38%
1,000 * Arrow Electronics, Inc. .............................. 43,812
2,100 * Concord EFS, Inc. .................................... 46,988
400 * Imation Corp. ........................................ 11,225
200 * MagnaTek, Inc. ....................................... 1,663
500 Pittston Brink's Group................................ 8,188
400 * Sawtek, Inc. ......................................... 19,125
800 * Sensormatic Electronics Corp. ........................ 13,350
1,350 Symbol Technologies, Inc. ............................ 75,263
800 * Vishay Intertechnology, Inc. ......................... 67,100
600 * Waters Corp. ......................................... 57,000
-----------
343,714
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
ENTERTAINMENT - 0.44%
300 * GTECH Holdings Corp. ................................. $ 6,224
500 * International Speedway Corp. ......................... 21,500
900 * Mandalay Resort Group................................. 16,988
-----------
44,712
-----------
FERTILIZERS - 0.17%
1,100 IMC Global, Inc. ..................................... 16,981
-----------
FINANCE COMPANIES - 0.15%
600 Finova Group, Inc. ................................... 7,687
500 Keystone Financial, Inc. ............................. 7,500
-----------
15,187
-----------
FINANCIAL SERVICES - 1.13%
500 * Allamerica Financial Corp. ........................... 27,062
1,500 * Convergys Corp. ...................................... 66,000
300 * Investment Technology Group, Inc. .................... 11,250
300 * NCO Group, Inc. ...................................... 10,313
-----------
114,625
-----------
FOODS - 1.73%
400 Dean Foods Co. ....................................... 9,800
600 Dole Food Co., Inc. .................................. 10,537
300 Dreyer's Grand Ice Cream, Inc. ....................... 7,200
1,000 Flowers Industries, Inc. ............................. 15,250
1,400 Hormel Foods Corp. ................................... 21,350
1,100 IBP, Inc. ............................................ 18,150
200 International Multifoods Corp. ....................... 2,563
700 Interstate Bakeries Corp. ............................ 8,925
300 J.M. Smucker Co., Class A............................. 4,800
300 Lance, Inc. .......................................... 3,187
700 McCormick & Co., Inc. ................................ 21,831
300 * Suiza Foods Corp. .................................... 11,681
400 Trinity Industries, Inc. ............................. 8,900
2,300 Tyson Foods, Inc., Class A............................ 24,006
500 Universal Foods Corp. ................................ 8,219
-----------
176,399
-----------
FOOTWEAR - 0.11%
200 * Payless ShoeSource, Inc. ............................. 11,025
-----------
FREIGHT - 0.44%
500 Airborne Freight Corp. ............................... 10,718
400 C. H. Robinson Worldwide, Inc. ....................... 20,000
400 J.B. Hunt Transport Services, Inc. ................... 6,600
300 Overseas Shipholding Group, Inc. ..................... 7,856
-----------
45,174
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
FUNERAL SERVICES - 0.05%
1,100 Stewart Enterprises, Inc. ............................ $ 5,294
-----------
HEALTHCARE - 2.11%
500 * Apria Healthcare Group, Inc. ......................... 6,968
600 * Edwards Lifesciences Corp. ........................... 9,000
500 * First Health Group Corp. ............................. 15,219
1,200 * Foundation Health Systems, Inc., Class A.............. 12,075
2,400 * Health Management Associates, Inc. ................... 38,250
500 * Lincare Holdings, Inc. ............................... 15,250
900 Omnicare, Inc. ....................................... 13,669
800 * Oxford Health Plans, Inc. ............................ 15,200
400 * PacifiCare Health Systems, Inc., Class A.............. 20,575
700 * Quorum Health Group, Inc. ............................ 7,438
700 * Steris Corp. ......................................... 6,300
1,000 * Sybron International Corp. ........................... 31,125
400 * Trigon Healthcare, Inc. .............................. 14,375
600 * VISX, Inc. ........................................... 9,488
-----------
214,932
-----------
HEAVY DUTY TRUCKS/PARTS - 0.15%
200 Bandag, Inc. ......................................... 4,774
500 Federal Signal Corp. ................................. 10,156
-----------
14,930
-----------
HOME BUILDERS - 0.13%
1,400 Clayton Homes, Inc. .................................. 13,300
-----------
HOSPITAL MANAGEMENT - 0.03%
1,000 * Beverly Enterprises, Inc. ............................ 3,375
-----------
HOSPITAL SUPPLIES - 1.68%
300 * Acuson Corp. ......................................... 3,693
300 Beckman Coulter, Inc. ................................ 19,444
500 DENTSPLY International, Inc. ......................... 14,531
600 Hillenbrand Industries, Inc. ......................... 18,075
300 * MiniMed, Inc. ........................................ 36,881
700 * PSS World Medical, Inc. .............................. 6,016
1,000 Stryker Corp. ........................................ 71,875
-----------
170,515
-----------
HOUSEHOLD PRODUCTS - 0.07%
400 Church & Dwight Co., Inc. ............................ 7,150
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
18 April 30, 2000 (Unaudited)
MID CAP INDEX FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
HUMAN RESOURCES - 0.99%
400 Kelly Services, Inc., Class A......................... $ 9,424
800 Manpower, Inc. ....................................... 28,250
1,000 * Modis Professional Services, Inc. .................... 7,562
900 * Robert Half International, Inc. ...................... 55,012
-----------
100,248
-----------
INFORMATION PROCESSING - 1.15%
900 * Acxiom Corp. ......................................... 24,300
400 * CDW Computer Centers, Inc. ........................... 41,600
400 * Micrel, Inc. ......................................... 34,600
800 * Sybase, Inc. ......................................... 16,150
-----------
116,650
-----------
INFORMATION PROCESSING -
BUSINESS SOFTWARE - 0.73%
600 * DST Systems, Inc. .................................... 44,512
2,700 * Informix Corp. ....................................... 29,700
-----------
74,212
-----------
INFORMATION PROCESSING -
COMPUTER HARDWARE - 0.91%
1,800 * Jabil Circuit, Inc. .................................. 73,687
1,600 * Quantum Corp. - DLT &
Storage Systems....................................... 18,800
-----------
92,487
-----------
INFORMATION PROCESSING -
COMPUTER SERVICES - 1.61%
600 * Cambridge Technology Partners, Inc. .................. 6,600
500 * Checkfree Holdings Corp. ............................. 25,404
900 * Gartner Group, Inc., Class B.......................... 9,731
900 * Rationale Software Corp. ............................. 76,613
1,300 * SunGard Data Systems, Inc. ........................... 44,931
-----------
163,279
-----------
INFORMATION PROCESSING -
CONSUMER SOFTWARE - 1.45%
1,900 * Intuit, Inc. ......................................... 68,280
500 * Macromedia, Inc. ..................................... 43,500
1,400 * Networks Associates, Inc. ............................ 35,612
-----------
147,392
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
INFORMATION PROCESSING -
DATA SERVICES - 6.35%
600 * A.C. Nielson Corp. ................................... $ 13,837
500 * Affiliated Computer Services, Inc., Class A........... 16,563
1,500 * Comdisco, Inc. ....................................... 46,594
500 * CSG Systems International, Inc. ...................... 23,063
700 * Diebold, Inc. ........................................ 20,213
600 * Electronic Arts, Inc. ................................ 36,300
1,200 * Fiserv, Inc. ......................................... 55,125
700 * Keane, Inc. .......................................... 20,213
800 * Legato Systems, Inc. ................................. 10,350
600 * Mentor Graphics Corp. ................................ 7,875
700 * NOVA Corp. ........................................... 22,138
300 * Nvidia Corp. ......................................... 26,738
400 * Policy Management Systems Corp. ...................... 5,300
800 Reynolds and Reynolds Co., Class A.................... 19,000
1,900 * Siebel Systems, Inc. ................................. 233,463
1,000 * Storage Technology Corp. ............................. 13,000
400 * Structural Dynamic Research Corp. .................... 5,350
400 * Sykes Enterprises, Inc. .............................. 8,000
600 * Symantec Corp. ....................................... 37,463
500 * Tech Data Corp. ...................................... 20,969
300 * Transaction Systems Architects, Inc., Class A......... 4,894
-----------
646,448
-----------
<PAGE>
INSURANCE - CASUALTY - 0.29%
600 American Financial Group, Inc. ....................... 15,262
500 Everest Reinsurance Holding, Inc. .................... 14,625
-----------
29,887
-----------
INSURANCE - LIFE - 0.14%
600 Protective Life Corp. ................................ 14,288
-----------
INSURANCE - MISCELLANEOUS - 0.70%
700 Ambac Financial Group, Inc. .......................... 33,600
300 HSB Group, Inc. ...................................... 8,700
600 Ohio Casualty Corp. .................................. 9,974
400 PMI Group, Inc. ...................................... 19,374
-----------
71,648
-----------
INSURANCE - MULTILINE - 0.85%
400 Horace Mann Educators Corp. .......................... 5,824
1,300 Old Republic Internatinal Corp. ...................... 18,524
900 Reliastar Financial Corp. ............................ 38,755
700 Unitrin, Inc. ........................................ 23,624
-----------
86,727
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
LEISURE TIME - 0.47%
800 Callaway Golf Co. .................................... $ 13,300
700 * International Game Technology......................... 17,062
800 * Premier Parks, Inc. .................................. 17,250
-----------
47,612
-----------
LODGING - 0.38%
3,000 * Park Place Entertainment Corp. ....................... 38,438
-----------
MACHINE TOOLS - 0.21%
400 * Gilead Sciences, Inc. ................................ 21,675
-----------
MACHINERY - AGRICULTURE - 0.07%
600 AGCO Corp. ........................................... 7,125
-----------
MACHINERY - CONSTRUCTION &
CONTRACTS - 0.70%
600 * Calpine Corp. ........................................ 54,900
300 Granite Construction, Inc. ........................... 7,124
300 * Jacobs Engineering Group, Inc. ....................... 9,393
-----------
71,417
-----------
MACHINERY -
INDUSTRIAL/SPECIALTY - 1.09%
300 * Albany International Corp., Class A................... 4,555
700 * American Standard Companies, Inc. .................... 28,700
400 Cordant Technologies, Inc. ........................... 22,650
400 Flowserve Corp. ...................................... 5,650
300 Newport News Shipbuilding, Inc. ...................... 10,013
200 Nordson Corp. ........................................ 8,938
300 Stewart & Stevenson Services, Inc. ................... 3,619
200 Tecumseh Products Co., Class A........................ 9,288
600 Tidewater, Inc. ...................................... 17,850
-----------
111,263
-----------
MERCHANDISE - DRUG - 1.28%
400 * Express Scripts, Inc. Class A......................... 14,300
700 * Medimmune, Inc. ...................................... 111,956
700 * Perrigo Co. .......................................... 3,981
-----------
130,237
-----------
MERCHANDISE - SPECIALTY - 1.23%
700 Barnes & Noble, Inc. ................................. 12,950
700 * BJ's Wholesale Club, Inc. ............................ 24,806
1,100 * OfficeMax, Inc. ...................................... 6,188
600 Sotheby's Holdings, Inc., Class A..................... 9,938
700 Tiffany & Co. ........................................ 50,881
600 * Williams-Sonoma, Inc. ................................ 20,775
-----------
125,538
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 19
MID CAP INDEX FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
MERCHANDISING - DEPARTMENT - 0.55%
500 Blyth Industries, Inc. ............................... $ 14,844
800 * Borders Group, Inc. .................................. 12,700
500 * Neiman Marcus Group, Inc., Class A.................... 12,875
1,400 * Saks, Inc. ........................................... 16,013
-----------
56,432
-----------
MERCHANDISING - FOOD - 0.34%
400 Hannaford Bros. Co. .................................. 28,950
500 Ruddick Corp. ........................................ 5,719
-----------
34,669
-----------
MERCHANDISING - MASS - 0.66%
600 * Dollar Tree Stores, Inc. ............................. 34,725
1,700 Family Dollar Stores, Inc. ........................... 32,406
-----------
67,131
-----------
METALS - MISCELLANEOUS - 0.17%
300 Kennametal, Inc. ..................................... 8,625
200 Precision Castparts Corp. ............................ 8,350
-----------
16,975
-----------
METALS - STEEL - 0.32%
1,100 AK Steel Holding Corp. ............................... 12,169
200 Carpenter Technology Corp. ........................... 4,013
100 Cleveland-Cliffs, Inc. ............................... 2,456
400 Harsco Corp. ......................................... 11,875
200 Ryerson Tull, Inc. ................................... 2,475
-----------
32,988
-----------
MISCELLANEOUS - 0.23%
300 * Polycom, Inc. ........................................ 23,738
-----------
MULTIMEDIA - 0.69%
2,400 * Cadence Design Systems, Inc. ......................... 40,350
700 * Synopsys, Inc. ....................................... 29,400
-----------
69,750
-----------
NATURAL GAS - DIVERSIFIED - 0.65%
300 * Hanover Compressor Co. ............................... 17,475
1,100 Kinder Morgan, Inc. .................................. 33,344
800 Questar Corp. ........................................ 15,050
-----------
65,869
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
OIL - INTEGRATED DOMESTIC - 0.09%
800 Pennzoil-Quaker State Co. ............................ $ 8,750
-----------
OIL - INTEGRATED INTERNATIONAL - 0.23%
400 Murphy Oil Corp. ..................................... 23,600
-----------
OIL - SERVICE - PRODUCTS - 3.08%
800 * BJ Services Co. ...................................... 56,200
1,400 Dynegy Inc. .......................................... 91,613
1,100 * Grant Prideco, Inc. .................................. 21,175
1,300 * Noble Drilling Corp. ................................. 51,919
1,700 * Ocean Energy, Inc. ................................... 21,994
1,800 * Santa Fe Snyder Corp. ................................ 16,538
700 * Varco International, Inc. ............................ 8,750
1,100 Weatherford International, Inc. ...................... 44,688
-----------
312,877
-----------
OIL - SERVICES - 2.30%
900 Devon Energy Corp. ................................... 43,369
1,400 ENSCO International, Inc. ............................ 46,463
1,700 * Global Marine, Inc. .................................. 40,800
1,400 * Nabors Industries, Inc. .............................. 55,213
500 * Smith International, Inc. ............................ 38,000
400 York International Corp. ............................. 9,650
-----------
233,495
-----------
OIL/GAS PRODUCERS - 1.04%
700 Cabot Corp. .......................................... 18,900
500 Helmerich & Payne, Inc. .............................. 15,656
600 Noble Affiliates, Inc. ............................... 21,638
1,000 * Pioneer Natural Resources Corp. ...................... 10,313
900 Ultramar Diamond Shamrock Corp. ...................... 22,275
600 Valero Energy Corp. .................................. 17,400
-----------
106,182
-----------
PAPER/FOREST PRODUCTS - 1.32%
500 Bowater, Inc. ........................................ 27,500
900 Consolidated Papers, Inc. ............................ 34,088
800 Georgia-Pacific Corp. (Timber Group).................. 18,550
500 Longview Fibre Co. ................................... 6,375
400 P.H. Glatfelter Co. .................................. 4,300
500 Pentair, Inc. ........................................ 19,125
300 Rayonier, Inc. ....................................... 14,081
300 Standard Register Co. ................................ 3,919
500 Wausau-Mosinee Paper Corp. ........................... 6,063
-----------
134,001
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
PUBLISHING - NEWS - 1.06%
400 Lee Enterprises, Inc. ................................ $ 9,075
300 Media General, Inc., Class A.......................... 14,756
1,100 Reader's Digest Association, Inc., Class A............ 35,200
100 Washington Post Co., Class B.......................... 48,800
-----------
107,831
-----------
PUBLISHING/PRINTING - 0.52%
300 Banta Corp. .......................................... 5,869
300 Houghton Mifflin Co. ................................. 12,469
200 * Scholastic Corp. ..................................... 9,338
600 * Valassis Communications, Inc. ........................ 20,438
400 Wallace Computer Services, Inc. ...................... 4,375
-----------
52,489
-----------
RAILROAD - 0.25%
500 GATX Corp. ........................................... 17,875
500 * Wisconsin Central Transportation Corp. ............... 7,281
-----------
25,156
-----------
RESTAURANTS - 1.24%
400 Bob Evans Farms, Inc. ................................ 5,225
600 * Brinker International, Inc. .......................... 19,125
400 * Buffets, Inc. ........................................ 3,925
600 CBRL Group, Inc. ..................................... 8,325
300 Lone Star Steakhouse & Saloon, Inc. .................. 3,544
700 * Outback Steakhouse, Inc. ............................. 22,925
300 * Papa Johns International, Inc. ....................... 8,250
1,800 * Starbucks Corp. ...................................... 54,422
-----------
125,741
-----------
SAVINGS & LOAN - 0.76%
500 Astoria Financial Corp. .............................. 13,781
2,100 Charter One Financial, Inc. .......................... 42,656
1,100 Dime Bancorp, Inc. ................................... 20,625
-----------
77,062
-----------
SCHOOLS - 0.47%
800 * Apollo Group, Inc., Class A........................... 23,200
700 * DeVry, Inc. .......................................... 16,669
500 * Sylvan Learning Systems, Inc. ........................ 7,531
-----------
47,400
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
20 April 30, 2000 (Unaudited)
MID CAP INDEX FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SECURITIES RELATED - 1.17%
900 A.G. Edwards, Inc. ................................... $ 33,863
2,900 * E*Trade Group, Inc. .................................. 62,350
600 Legg Mason, Inc. ..................................... 22,688
-----------
118,901
-----------
SEMICONDUCTOR EQUIPMENT - 2.01%
800 * Microchip Technology, Inc. ........................... 49,650
1,270 * Novellus Systems, Inc. ............................... 84,693
700 * QLogic Corp. ......................................... 70,219
-----------
204,562
-----------
SEMICONDUCTORS - 6.26%
2,200 * Atmel Corp. .......................................... 107,663
400 Avnet, Inc. .......................................... 31,450
700 * Cirrus Logic, Inc. ................................... 11,463
1,100 * Cypress Semiconductor Corp. .......................... 57,131
1,100 * Energizer Holdings, Inc. ............................. 18,769
900 * Integrated Device Technology, Inc. ................... 43,256
2,800 * Maxim Integrated Products, Inc. ...................... 181,475
400 * TranSwitch Corp. ..................................... 35,225
400 * Triquint Semiconductor, Inc. ......................... 41,125
1,600 * Vitesse Semiconductor Corp. .......................... 108,900
-----------
636,457
-----------
TELECOMMUNICATIONS - 1.88%
400 * Adtran, Inc. ......................................... 27,025
500 COMSAT Corp. ......................................... 12,219
700 Harris Corp. ......................................... 22,619
300 * L-3 Communications Holdings, Inc. .................... 15,975
200 * Powerwave Technologies, Inc. ......................... 41,613
1,200 * Sanmina Corp. ........................................ 72,075
-----------
191,526
-----------
TEXTILE - PRODUCTS - 0.71%
500 * Burlington Industries, Inc. .......................... 2,188
1,200 * Jones Apparel Group, Inc. ............................ 35,625
500 * Mohawk Industries, Inc. .............................. 12,406
600 * Unifi, Inc. .......................................... 6,113
300 Wellman, Inc. ........................................ 6,413
500 WestPoint Stevens, Inc., Class A...................... 9,375
-----------
72,120
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
TOBACCO - 0.28%
1,100 RJ Reynolds Tobacco Holdings, Inc. ................... $ 22,825
300 Universal Corp. ...................................... 5,663
-----------
28,488
-----------
TRUCKERS - 0.28%
200 Arnold Industries, Inc. .............................. 2,338
500 CNF Transportation, Inc. ............................. 13,969
600 * Swift Transportation Co., Inc. ....................... 12,038
-----------
28,345
-----------
UTILITIES - COMMUNICATION - 1.21%
2,200 * Broadwing, Inc. ...................................... 62,288
600 Telephone and Data Systems, Inc. ..................... 61,200
-----------
123,488
-----------
UTILITIES - ELECTRIC - 5.83%
1,100 Allegheny Energy, Inc. ............................... 33,413
800 Alliant Energy Corp. ................................. 24,000
200 Black Hills Corp. .................................... 4,588
200 Cleco Corp. .......................................... 6,888
900 Conectiv, Inc. ....................................... 15,975
1,300 DPL, Inc. ............................................ 30,225
800 DQE, Inc. ............................................ 30,600
1,200 Energy East Corp. .................................... 25,050
300 Hawaiian Electric Industries, Inc. ................... 11,100
400 Idacorp, Inc. ........................................ 14,750
900 IPALCO Enterprises, Inc. ............................. 18,394
600 Kansas City Power & Light Co. ........................ 15,413
1,300 LG&E Energy Corp. .................................... 30,306
700 Minnesota Power, Inc. ................................ 12,906
1,100 Montana Power Co. .................................... 48,469
1,200 Nisource, Inc. ....................................... 22,200
1,400 Northeast Utilities................................... 30,100
600 Nstar................................................. 26,438
800 OGE Energy Corp. ..................................... 15,850
1,200 Potomac Electric Power Co. ........................... 28,125
400 Public Service Co. of New Mexico...................... 7,200
800 Puget Sound Energy, Inc. ............................. 19,000
1,000 Scana Corp. .......................................... 25,875
800 Sierra Pacific Resources.............................. 12,100
1,300 TECO Energy, Inc. .................................... 28,438
900 UtiliCorp United, Inc. ............................... 17,325
500 Washington Gas Light Co. ............................. 12,813
1,200 Wisconsin Energy Corp. ............................... 25,650
-----------
593,191
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
UTILITIES - GAS, DISTRIBUTION - 0.99%
600 AGL Resources, Inc. .................................. $ 10,500
1,300 Keyspan Corp. ........................................ 38,188
900 MCN Energy Group, Inc. ............................... 22,444
400 National Fuel Gas Co. ................................ 18,975
600 Vectren Corp. ........................................ 12,075
-----------
102,182
-----------
WATER SERVICES - 0.21%
1,000 American Water Works Co., Inc. ....................... 22,688
-----------
TOTAL COMMON STOCK
(Cost $8,345,400)..................................... 9,177,972
-----------
<CAPTION>
PAR
VALUE
---------
<C> <S> <C>
UNITED STATES GOVERNMENT -
SHORT-TERM - 0.68%
U. S. TREASURY BILLS - 0.68%
United States Treasury Bills:
$ 50,000 5.61% due 06/01/00................................... 49,757
20,000 5.49% due 06/22/00................................... 19,841
-----------
69,598
-----------
UNITED STATES GOVERNMENT -
SHORT-TERM
(Cost $69,598)........................................ 69,598
-----------
CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT - 9.25%
BANKS - OTHER - 9.25%
941,000 State Street Bank Repurchase Agreement, 5.62%, dated
04/28/00, to be repurchased
at $941,441 on 05/01/00, collateralized by U.S.
Treasury Bonds, 8.00%, 11/15/21, with a par value of
$790,000 (Cost $941,000).............................. 941,000
-----------
TOTAL CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT
(Cost $941,000)....................................... 941,000
-----------
TOTAL INVESTMENTS
(Cost $9,355,998) - 100.15%........................... $10,188,570
-----------
* Non-income producing
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 21
MID CAP INDEX FUND - CONTINUED
<TABLE>
<CAPTION>
UNREALIZED
CONTRACTS DEPRECIATION
<S> <C> <C>
----------------------------------------------------------------------------
FUTURES CONTRACTS PURCHASED(1)
(Delivery month/Value at 04/30/00) MidCap 400 Index
4(2) Futures (June/$482.75).............................. $(14,000)
--------
(1) U.S. Treasury Bills with a market value of
approximately $20,000 were maintained in a
segregated account with a portion placed as
collateral for futures contracts.
(2) Per 500.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
<S> <C>
-------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
ASSETS:
Investments, at market (Cost $9,355,998)........................... $10,188,570
Receivable for:
Investments sold.................................................. 6,986
Fund shares sold.................................................. 13,431
Dividends and interest............................................ 6,723
Other assets....................................................... 18,314
-----------
TOTAL ASSETS....................................................... 10,234,024
-----------
LIABILITIES:
Payable for:
Investments purchased............................................. 4,932
Fund shares redeemed.............................................. 2,784
Payable to affiliates:
Advisory fees..................................................... 4,621
Distribution fees for Class A & B................................. 2,815
Other............................................................. 46,048
-----------
TOTAL LIABILITIES.................................................. 61,200
-----------
NET ASSETS......................................................... $10,172,824
-----------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value per share,
unlimited shares authorized,
793,151 shares outstanding...................................... $ 7,932
Additional paid in capital...................................... 8,428,724
Undistributed net realized gain on securities................... 917,032
Undistributed net investment income............................. 564
Unrealized appreciation (depreciation) of:
Investments........................................... $832,572
Futures contracts..................................... (14,000) 818,572
-------- -----------
NET ASSETS APPLICABLE
TO SHARES OUTSTANDING........................................... $10,172,824
-----------
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
------------------------------------------------------------------------------
COMPUTATION OF NET ASSET VALUE
AND OFFERING PRICE:
Net asset value and redemption price per Class A
share ($4,146,707 divided by 322,974 shares)........................... $12.84
------
Offering price per Class A share
(100/94.25 of $12.84)*................................................. $13.62
------
Net asset value and offering price per Class B
share ($6,026,117 divided by 470,177 shares)**......................... $12.82
------
* Offering price includes sales charge of 5.75%.
The sales charge is reduced for purchases
of $25,000 and over.
** Redemption price per share is equal to net asset value less any
applicable contingent deferred sales charge.
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
22
MID CAP INDEX FUND (Unaudited) - CONTINUED
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2000
<TABLE>
<CAPTION>
<S> <C> <C>
INVESTMENT INCOME:
Dividends..................................................... $ 44,278
Interest...................................................... 33,393
----------
Total investment income...................................... 77,671
----------
EXPENSES:
Advisory fees................................................. 12,644
Transfer agent fees........................................... 14,161
Custodian fees................................................ 5,151
Distribution fees:
Class A...................................................... 4,694
Class B...................................................... 26,378
Registration and filing fees.................................. 10,622
Audit fees and tax services................................... 1,706
Accounting services........................................... 1,355
Trustees' fees and expenses................................... 1,259
Report to shareholders........................................ 1,869
Miscellaneous................................................. 2,526
----------
Total expenses............................................... 82,365
Expense reimbursement (see Note 3)........................... (25,072)
----------
Net expenses................................................. 57,293
----------
NET INVESTMENT INCOME......................................... 20,378
----------
REALIZED AND UNREALIZED GAIN (LOSS) ON SECURITIES:
Net realized gain on securities:
Investments......................................... $728,393
Futures contracts................................... 251,377 979,770
--------
Net unrealized appreciation (depreciation) of securities
during the period:
Investments......................................... 679,368
Futures contracts................................... (76,725) 602,643
-------- ----------
Net realized and unrealized gain on securities during the
period...................................................... 1,582,413
----------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.............. $1,602,791
----------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the Six For the
Months Ended Year Ended
April 30, 2000 October 31, 1999
<S> <C> <C>
-------------------------------
OPERATIONS:
Net investment income................. $ 20,378 $ 32,148
Net realized gain on securities....... 979,770 710,646
Net unrealized appreciation of
securities during the period.......... 602,643 215,929
-------------------------------
Increase in net assets resulting from
operations........................... 1,602,791 958,723
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A.............................. (15,887) (25,613)
Class B.............................. (5,059) (5,403)
-------------------------------
Total distributions to shareholders
from net investment income.......... (20,946) (31,016)
-------------------------------
Net realized gain on securities
Class A.............................. (323,708) -
Class B.............................. (449,676) -
-------------------------------
Total distributions to shareholders
from net realized gain on
securities.......................... (773,384) -
-------------------------------
Decrease in net assets resulting from
distributions to shareholders......... (794,330) (31,016)
-------------------------------
SHARE TRANSACTIONS:
Net increase in net assets resulting
from share transactions
Class A.............................. 604,759 2,752,112
Class B.............................. 1,117,082 3,957,703
-------------------------------
Total increase in net assets resulting
from share transactions............... 1,721,841 6,709,815
-------------------------------
TOTAL INCREASE IN NET ASSETS.......... 2,530,302 7,637,522
NET ASSETS:
Beginning of year.................... 7,642,522 5,000
-------------------------------
End of period (including
undistributed net
investment income of $564 and
$1,132).............................. $10,172,824 $7,642,522
-------------------------------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CHANGE IN SHARES Class A Class B
OUTSTANDING ---------------------------------------- ----------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
------------------- ------------------- ------------------- -------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
------------------- ------------------- ------------------- -------------------
Shares sold............. 26,089 $ 324,509 270,376 $2,735,113 60,578 $ 740,906 376,417 $3,963,754
Shares issued for
distributions
reinvested.............. 29,616 339,593 2,190 25,612 39,616 452,557 464 5,390
Shares repurchased...... (4,785) (59,343) (762) (8,613) (6,182) (76,381) (966) (11,441)
------------------- ------------------- ------------------- -------------------
Increase in shares
outstanding............. 50,920 604,759 271,804 2,752,112 94,012 1,117,082 375,915 3,957,703
Shares outstanding:
Beginning of period..... 272,054 2,754,612 250 2,500 376,165 3,960,203 250 2,500
------------------- ------------------- ------------------- -------------------
End of period........... 322,974 $3,359,371 272,054 $2,754,612 470,177 $5,077,285 376,165 $3,960,203
------------------- ------------------- ------------------- -------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) SMALL CAP INDEX FUND 23
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
COMMON STOCK - 80.78%
ADVERTISING - 0.61%
100 * ADVO, Inc. ........................................... $ 3,000
100 * Direct Focus, Inc. ................................... 3,274
109 * E4L, Inc. ............................................ 149
200 * Getty Images, Inc. ................................... 6,074
267 * HA-LO Industries, Inc. ............................... 1,951
64 Interpublic Group Corp. .............................. 2,618
100 * Marketing Services Group, Inc. ....................... 693
137 Penton Media, Inc. ................................... 3,604
300 True North Communications, Inc. ...................... 12,355
400 * Westwood One, Inc. ................................... 14,149
-----------
47,867
-----------
AEROSPACE/DEFENSE - 0.76%
100 * Alliant Techsystems, Inc. ............................ 6,962
118 * Aviall, Inc. ......................................... 722
24 B.F. Goodrich Co. .................................... 764
150 * Be Aerospace, Inc. ................................... 1,105
102 Fairchild Corp., Class A.............................. 624
200 Gencorp, Inc. ........................................ 2,012
100 * Kellstrom Industries, Inc. ........................... 404
200 * Orbital Sciences Corp. ............................... 2,524
300 Perkinelmer, Inc. .................................... 16,424
100 Primex Technologies, Inc. ............................ 2,200
100 * Remec, Inc. .......................................... 3,793
100 * Sequa Corp., Class A.................................. 4,924
300 * Titan Corp. .......................................... 12,880
137 * Trimble Navigation, Ltd. ............................. 3,784
-----------
59,122
-----------
AIRLINES - 0.42%
400 * Airtran Holdings, Inc. ............................... 1,700
200 * Alaska Air Group, Inc. ............................... 5,749
213 * American West Holdings Corp., Class B................. 3,114
100 * Atlantic Coast Airlines Holdings, Inc. ............... 2,987
91 * Atlas Air, Inc. ...................................... 3,178
100 Circle International Group, Inc. ..................... 2,655
100 * Frontier Airlines, Inc. .............................. 1,524
200 * Mesa Airlines, Inc. .................................. 1,300
100 * Mesaba Holdings, Inc. ................................ 1,249
100 * Midwest Express Holdings, Inc. ....................... 2,530
134 SkyWest, Inc. ........................................ 5,644
400 * Transport World Airlines, Inc. ....................... 824
-----------
32,454
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
APPAREL & PRODUCTS - 0.83%
100 * Ann Taylor Stores Corp. .............................. $ 2,068
118 Brown Shoe Company, Inc. ............................. 1,209
100 * Buckle, Inc. ......................................... 1,280
100 Cato Corp., Class A................................... 1,055
100 * Chicos' FAS, Inc. .................................... 1,793
100 * Children's Place, Inc. ............................... 2,224
100 * Columbia Sportswear Co. .............................. 2,905
100 * David's Bridal, Inc. ................................. 1,149
100 * Donna Karan International, Inc. ...................... 674
101 * Dress Barn, Inc. ..................................... 1,981
126 * Footstar, Inc. ....................................... 4,685
122 * Goodys Family Clothing, Inc. ......................... 792
47 * Guess?, Inc. ......................................... 1,292
137 * Gymboree Corp. ....................................... 496
104 * Jo-ann Stores, Inc. .................................. 968
200 Kellwood Co. ......................................... 3,424
100 * Land's End, Inc. ..................................... 4,230
200 * Mens Wearhouse, Inc. ................................. 4,287
201 * Nautica Enterprises, Inc. ............................ 2,260
200 * Oakley, Inc. ......................................... 2,300
100 OshKosh B'Gosh, Inc., Class A......................... 1,612
150 * Pacific Sunwear of California, Inc. .................. 5,108
100 Phillips-Van Heusen Corp. ............................ 843
150 * Quicksilver, Inc. .................................... 2,830
100 * Shoe Carnival, Inc. .................................. 974
200 * Shop At Home, Inc. ................................... 1,258
100 Talbots, Inc. ........................................ 5,055
100 * UniFirst Corp. ....................................... 962
100 * United Retail Group, Inc. ............................ 818
100 * Urban Outfitters, Inc. ............................... 1,074
100 * Value City Department Stores, Inc. ................... 1,018
100 * Wet Seal, Inc. ....................................... 1,774
-----------
64,398
-----------
APPLIANCES/FURNISHINGS - 0.61%
100 Aaron Rents, Inc. .................................... 1,450
100 Bassett Furniture Industries, Inc. ................... 1,330
300 Ethan Allen Interiors, Inc. .......................... 8,005
300 * Furniture Brands International, Inc. ................. 5,605
200 * Griffon Corp. ........................................ 1,349
116 Haverty Furniture Companies, Inc. .................... 1,304
400 Heilig-Meyers Co. .................................... 1,224
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
APPLIANCES/FURNISHINGS - Continued
300 Hussmann International, Inc. ......................... $ 4,162
200 Kimball International, Inc., Class B.................. 2,800
300 La-Z-Boy Chair Co. ................................... 4,705
300 * Metromedia International Group, Inc. ................. 1,500
47 National Presto Industries, Inc. ..................... 1,621
100 Oneida, Ltd. ......................................... 1,912
100 * Restoration Hardware, Inc. ........................... 387
100 * Salton, Inc. ......................................... 4,293
100 SLI, Inc. ............................................ 1,424
556 * Sunbeam Corp. ........................................ 1,945
146 * Windmere Corp. ....................................... 2,344
-----------
47,360
-----------
AUTO - CARS - 0.18%
100 * A.S.V., Inc. ......................................... 1,350
100 * Autobytel.Com......................................... 590
142 * Avis Group Holdings, Inc. ............................ 2,875
200 * Budget Group, Inc. ................................... 937
100 * Group 1 Automotive, Inc. ............................. 1,187
46 * Lithia Motors, Inc. .................................. 732
100 Oshkosh Truck Corp., Class B.......................... 3,149
113 * Rent-A-Center, Inc. .................................. 2,301
138 * United Auto Group, Inc. .............................. 1,198
-----------
14,319
-----------
AUTO - ORIGINAL EQUIPMENT - 0.49%
200 * Allen Telecom, Inc. .................................. 3,549
100 * American Axle & Manufacturing
Holdings, Inc. ....................................... 1,500
200 Arvin Industries, Inc. ............................... 4,349
100 * Delco Remy International, Inc. ....................... 793
300 Donaldson Co., Inc. .................................. 6,974
115 * Hayes Lemmerz International, Inc. .................... 1,810
300 Mark IV Industries, Inc. ............................. 6,355
300 * Miller Industries, Inc. .............................. 1,030
144 Modine Manufacturing Co. ............................. 3,176
127 Superior Industries International, Inc. .............. 4,087
300 * Tower Automotive, Inc. ............................... 4,687
-----------
38,310
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
24 April 30, 2000 (Unaudited)
SMALL CAP INDEX FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
AUTO - REPLACEMENT PARTS - 0.41%
100 * Aftermarket Technology Corp. ......................... $ 1,162
400 * Collins & Aikman Corp. ............................... 2,649
122 * CSK Auto Corp. ....................................... 1,280
100 * Discount Auto Parts, Inc. ............................ 1,068
100 * Dura Automotive Systems, Inc. ........................ 1,624
100 Gentek, Inc. ......................................... 1,343
200 Kaydon Corp. ......................................... 4,674
100 Midas, Inc. .......................................... 2,530
120 Myers Industries, Inc. ............................... 1,679
200 * O'Reilly Automotive, Inc. ............................ 2,700
300 Pep Boys-Manny, Moe & Jack............................ 1,893
100 Simpson Industries, Inc. ............................. 1,030
136 Smith, A.O. Corp. .................................... 2,796
100 Standard Motor Products, Inc. ........................ 1,118
200 * Valance Technology, Inc. ............................. 3,087
100 Wynn's International, Inc. ........................... 1,387
-----------
32,020
-----------
BANKS - OTHER - 0.46%
100 Alabama National Bancorp.............................. 2,000
200 First BanCorp. ....................................... 3,537
100 First Merchants Corp. ................................ 2,074
325 Husdon United Bancorp................................. 7,332
100 Irwin Financial Corp. ................................ 1,693
200 * Net.B@nk, Inc. ....................................... 2,074
100 Premier National Bancorp, Inc. ....................... 1,300
100 R&G Financial Co. .................................... 862
300 Republic Security Financial Corp. .................... 1,668
504 Sky Financial Group, Inc. ............................ 8,284
200 Sterling Bancshares, Inc. ............................ 2,200
300 W Holding Co., Inc. .................................. 2,737
-----------
35,761
-----------
BANKS - REGIONAL - 3.65%
100 1st Source Corp. ..................................... 2,062
200 AMCORE Financial, Inc. ............................... 3,987
200 Anchor BanCorp Wisconsin, Inc. ....................... 3,149
100 Anchor Financial Corp. ............................... 2,880
100 Area Bancshares Corp. ................................ 1,949
43 BancFirst Ohio Corp. ................................. 832
20 Banco Santander Puerto Rico........................... 244
400 BancorpSouth, Inc. ................................... 6,174
325 BancWest Corp. ....................................... 5,951
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
BANKS - REGIONAL - Continued
45 Bank Atlantic Bancorp, Inc., Class A.................. $ 168
300 Bank Atlantic Bancorp, Inc., Class B.................. 1,800
100 Bank of Granite Corp. ................................ 2,037
200 Bank United Corp. .................................... 6,637
200 Banknorth Group, Inc. ................................ 4,774
3 BBT Corp. ............................................ 80
100 * BOK Financial Corp. .................................. 1,640
120 Brenton Banks, Inc. .................................. 1,170
100 BSB Bancorp, Inc. .................................... 1,974
105 BT Financial Corp. ................................... 1,804
100 Cathay Bancorp, Inc. ................................. 4,550
138 * Centennial Bancorp.................................... 1,336
35 Centura Banks, Inc. .................................. 1,445
100 Century South Banks, Inc. ............................ 2,162
131 Chemical Financial Corp. ............................. 3,602
261 Citizens Banking Corp. ............................... 4,664
111 City Holding Co. ..................................... 1,470
210 Commerce Bancorp, Inc. ............................... 8,333
100 Commonwealth Bancorp, Inc. ........................... 1,300
303 Community First Bankshares, Inc. ..................... 5,112
110 Community Trust Bancorp, Inc. ........................ 1,965
100 Corus Bankshares, Inc. ............................... 2,491
100 CPB, Inc. ............................................ 2,487
100 CVB Financial Corp. .................................. 1,612
100 East West Bancorp, Inc. .............................. 1,249
103 F&M National Corp. ................................... 2,465
100 FCNB Corp. ........................................... 1,421
400 First American Financial Corp., Class A............... 6,174
100 First Busey Corp. .................................... 1,924
100 First Charter Corp. .................................. 1,387
35 First Citizens BancShares, Inc., Class A.............. 2,208
37 First Commerce Bancshares, Inc., Class B.............. 1,286
400 First Commonwealth Financial Corp. ................... 4,649
100 First Federal Capital Corp. .......................... 1,149
241 First Financial Bancorp............................... 4,292
100 First Financial Bankshares, Inc. ..................... 2,700
250 First Midwest Bancorp, Inc. .......................... 6,218
100 * First Republic Bank................................... 1,962
200 First United Bancshares, Inc. ........................ 3,287
110 FNB Corp. ............................................ 2,176
149 * Friedman, Billings, Ramsey Group, Inc., Class A....... 1,163
100 Frontier Financial Corp. ............................. 1,885
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
BANKS - REGIONAL - Continued
85 GBC Bancorp........................................... $ 2,368
100 Glacier Bancorp, Inc. ................................ 1,424
100 Greater Bay Bancorp................................... 4,251
100 * Hamilton Bancorp, Inc. ............................... 1,837
100 Harbor Florida Bancshares, Inc. ...................... 1,049
100 Harleysville National Corp. .......................... 2,924
100 Harris Financial, Inc. ............................... 630
224 * Imperial Bancorp...................................... 4,395
400 Independence Community Bank Corp. .................... 4,700
100 Independent Bank Corp. ............................... 1,024
125 International Bancshares Corp. ....................... 5,171
100 InterWest Bancorp, Inc. .............................. 1,600
124 Merchants New York Bancorp, Inc. ..................... 2,068
100 Mid-State Bancshares.................................. 2,624
100 Midamerica Bancorp.................................... 2,362
100 Midwest Banc Holdings, Inc. .......................... 1,412
100 National Bancorp of Alaska, Inc. ..................... 3,700
110 National City Bancshares, Inc. ....................... 2,420
115 National Penn Bancshares, Inc. ....................... 2,371
115 NBT Bancorp, Inc. .................................... 1,214
100 Niagara Bancorp, Inc. ................................ 993
200 * Ocwen Financial Corp. ................................ 1,450
47 Old Kent Financial Corp. ............................. 1,401
100 Omega Financial Corp. ................................ 2,500
200 One Valley Bancorp, Inc. ............................. 6,787
200 Pacific Capital Bancorp............................... 5,524
100 Park National Corp. .................................. 9,124
40 Peoples Holding Co. .................................. 960
100 PFF Bancorp, Inc. .................................... 1,405
37 * Republic Bancshares, Inc. ............................ 434
123 Riggs National Corp. ................................. 1,667
5 Roslyn Bancorp, Inc. ................................. 84
200 S&T Bancorp, Inc. .................................... 3,512
100 Sandy Spring Bancorp, Inc. ........................... 2,374
100 Second Bancorp, Inc. ................................. 1,705
63 Shoreline Financial Corp. ............................ 857
126 * Silicon Valley Bancshares............................. 7,780
200 South Financial Group, Inc. .......................... 2,774
200 * Southwest Bancorporation of Texas, Inc. .............. 3,912
100 Sterling Financial Corp. ............................. 1,937
200 Susquehanna Bancshares, Inc. ......................... 2,762
100 Texas Regional Bancshares, Inc., Class A.............. 2,856
50 * Three Rivers Bancorp, Inc. ........................... 441
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 25
SMALL CAP INDEX FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
BANKS - REGIONAL - Continued
105 Trust Co. of New Jersey............................... $ 2,021
300 TrustCo Bank Corp. NY................................. 3,581
100 U.S. Bancorp, Inc. ................................... 544
105 U.S.B. Holding Co., Inc. ............................. 1,450
110 UMB Financial Corp. .................................. 3,988
300 United Bankshares, Inc. .............................. 6,544
100 United National Bancorp............................... 1,956
200 Webster Financial Corp. .............................. 4,275
120 West Coast Bancorp.................................... 1,245
100 Westcorp.............................................. 1,381
145 Whitney Holding Corp. ................................ 5,057
-----------
284,261
-----------
BEVERAGE -
BREWERS/DISTRIBUTORS - 0.15%
100 * Beringer Wine Estates Holdings, Inc., Class B......... 3,613
100 * Canandaigua Brands, Inc., Class A..................... 5,038
100 * Robert Mondavi Corp., Class A......................... 3,319
-----------
11,970
-----------
BROADCASTING - 0.68%
100 Ackerley Group, Inc. ................................. 1,300
233 ACTV, Inc. ........................................... 4,223
100 * Citadel Communications Corp. ......................... 3,906
100 * Cumulus Media, Inc. .................................. 1,313
200 * Data Broadcasting Corp. .............................. 981
300 * Emmis Communications Corp., Class A................... 12,750
200 * Entercom Communications Corp. ........................ 8,500
100 * On Command Corp. ..................................... 2,138
200 * Paxson Communications Corp. .......................... 1,638
100 * Radio One, Inc. ...................................... 5,800
100 * SAGA Communications, Inc., Class A.................... 2,025
200 * Sinclair Broadcast Group, Inc. ....................... 1,563
100 * Sirius Satellite Radio, Inc. ......................... 3,969
100 * Source Media, Inc. ................................... 800
100 * Young Broadcasting, Inc., Class A..................... 2,150
-----------
53,056
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
BUILDING MATERIALS - 0.58%
200 Apogee Enterprises, Inc. ............................. $ 713
100 Centex Construction Products, Inc. ................... 3,088
200 * Comfort Systems USA, Inc. ............................ 1,375
100 Cooper Companies, Inc. ............................... 3,363
400 * Dal-Tile International, Inc. ......................... 3,900
150 Elcor Corp. .......................................... 4,772
200 Fedders Corp.......................................... 1,175
100 Florida Rock Industries, Inc. ........................ 3,238
300 Interface, Inc., Class A.............................. 1,088
100 LSI Industries, Inc. ................................. 1,788
100 Matthews International Corp., Class A................. 2,300
19 Mestek, Inc. ......................................... 341
119 * NCI Building Systems, Inc. ........................... 2,276
100 * Nortek, Inc. ......................................... 2,075
100 Republic Group, Inc. ................................. 1,144
100 * Simpson Manufacturing Co. ............................ 4,525
136 Texas Industries, Inc. ............................... 4,437
100 * The Genlyte Group, Inc. .............................. 1,963
111 Watsco, Inc. ......................................... 1,429
-----------
44,990
-----------
CHEMICAL - MAJOR - 0.20%
200 Albemarle Corp. ...................................... 4,188
100 Chemed Corp. ......................................... 2,988
100 * Hexcel Corp. ......................................... 850
42 * Invitrogen Corp. ..................................... 2,620
100 Polymer Group, Inc. .................................. 1,163
100 Spartech Corp. ....................................... 3,475
-----------
15,284
-----------
CHEMICAL - MISCELLANEOUS - 1.43%
300 * Agribiotech, Inc. .................................... 15
400 * Airgas, Inc. ......................................... 2,350
100 Arch Chemicals, Inc. ................................. 1,975
134 Brady Corp. .......................................... 3,936
150 Cambrex Corp. ........................................ 6,150
117 ChemFirst, Inc. ...................................... 2,267
769 CK Witco Corp. ....................................... 9,036
300 * Cytec Industries, Inc. ............................... 9,038
100 Dexter Corp. ......................................... 5,488
400 Ethyl Corp. .......................................... 1,250
200 Ferro Corp. .......................................... 4,575
300 * Fisher Scientific International, Inc. ................ 11,981
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
CHEMICAL - MISCELLANEOUS - Continued
135 Geon Co. ............................................. $ 2,953
200 Georgia Gulf Corp. ................................... 4,813
100 H.B. Fuller Co. ...................................... 3,844
300 M.A. Hanna Co. ....................................... 3,450
100 MacDermid, Inc. ...................................... 2,344
100 Minerals Technologies, Inc. .......................... 4,625
100 NL Industries, Inc. .................................. 1,625
100 * Octel Corp. .......................................... 931
300 Olin Corp. ........................................... 5,325
200 OM Group, Inc. ....................................... 9,200
200 Omnova Solutions, Inc. ............................... 1,200
300 Procurenet, Inc. ..................................... 45
110 Rollins, Inc. ........................................ 1,581
200 Schulman, A. Inc. .................................... 2,575
37 Stepan Co. ........................................... 793
200 * U.S. Plastic Lumber Corp. ............................ 875
400 * W.R. Grace & Co. ..................................... 5,200
100 WD-40 Co. ............................................ 1,994
-----------
111,434
-----------
COAL - 0.02%
108 Arch Coal, Inc. ...................................... 581
100 Consol Energy, Inc. .................................. 1,038
-----------
1,619
-----------
COMMERCIAL SERVICES - 0.38%
200 * Billing Concepts Corp. ............................... 1,072
100 * Carey International, Inc. ............................ 925
100 Central Parking Corp. ................................ 2,563
500 * Century Business Services, Inc. ...................... 1,625
400 * Elot, Inc. ........................................... 1,200
200 * Integrated Electrical Services, Inc. ................. 963
200 * Iron Mountain, Inc. .................................. 7,000
100 * IT Group, Inc. ....................................... 669
100 * Lason, Inc. .......................................... 450
100 * MemberWorks, Inc. .................................... 3,230
200 * Navigant Consulting Co. .............................. 1,988
100 * NBC Internet, Inc., Class A........................... 2,313
124 * Prepaid Legal Services, Inc. ......................... 3,968
100 * Wackenhut Corp., Class A.............................. 1,319
-----------
29,285
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
26 April 30, 2000 (Unaudited)
SMALL CAP INDEX FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
CONGLOMERATES - 0.12%
300 Alexander & Baldwin, Inc. ............................ $ 6,300
300 * Ogden Corp. .......................................... 2,944
-----------
9,244
-----------
CONSUMER FINANCE - 0.43%
500 * AmeriCredit Corp. .................................... 9,344
207 Chittenden Corp. ..................................... 5,498
200 Eaton Vance Corp. .................................... 8,463
200 Metris Companies, Inc. ............................... 7,500
129 WesBanco, Inc. ....................................... 2,935
-----------
33,740
-----------
CONTAINERS - METAL/GLASS - 0.20%
200 AptarGroup, Inc. ..................................... 5,700
200 Clarcor, Inc. ........................................ 3,600
100 Greif Brothers Corp., Class A......................... 3,300
100 * Silgan Holdings, Inc. ................................ 1,288
100 * U.S. Can Corp. ....................................... 1,838
-----------
15,726
-----------
CONTAINERS - PAPER - 0.09%
100 Chesapeake Corp. ..................................... 3,125
300 * Gaylord Container Corp., Class A...................... 1,538
135 * Ivex Packaging Corp. ................................. 1,215
100 Rock-Tenn Co., Class A................................ 919
-----------
6,797
-----------
COSMETICS/TOILETRIES - 0.04%
100 * Chattem, Inc. ........................................ 1,275
200 * Playtex Products, Inc. ............................... 2,163
-----------
3,438
-----------
DRUGS - 3.73%
200 * Abgenix, Inc. ........................................ 17,913
100 * Algos Pharmaceuticals Corp. .......................... 1,500
200 * Alkermes, Inc. ....................................... 10,650
124 ALPharma, Inc., Class A............................... 4,790
300 * AmeriSource Health Corp., Class A..................... 6,000
100 * Anesta Corp. ......................................... 1,888
100 * Applied Analytical Industries, Inc. .................. 950
100 * Barr Laboratories, Inc. .............................. 4,319
133 Bindley Western Industries, Inc. ..................... 2,319
100 Carter-Wallace, Inc. ................................. 2,225
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
DRUGS - Continued
300 * Celgene............................................... $ 14,119
100 * Cell Pathways, Inc. .................................. 2,594
200 * Cephalon, Inc. ....................................... 11,250
100 * Chirex, Inc. ......................................... 1,700
148 * Columbia Laboratories, Inc. .......................... 1,397
100 * COR Therapeutics, Inc. ............................... 7,619
100 * Corixa Corp. ......................................... 3,075
109 * Coulter Pharmaceutical, Inc. ......................... 1,989
400 * Covance, Inc. ........................................ 3,675
100 * Cygnus, Inc. ......................................... 1,250
300 * Dura Pharmaceuticals, Inc. ........................... 3,900
100 * GelTex Pharmaceuticals, Inc. ......................... 1,594
100 * Guilford Pharmaceuticals, Inc. ....................... 1,738
200 * Hemispherx Biopharma, Inc. ........................... 1,550
100 Herbalife International, Inc., Class A................ 1,006
300 * Human Genome Sciences, Inc. .......................... 22,969
300 * IDEC Pharmaceuticals Corp. ........................... 19,200
200 * Incyte Pharmaceuticals, Inc. ......................... 15,400
100 * Inhale Therapeutic Systems, Inc. ..................... 6,188
354 Jones Pharma, Inc. ................................... 10,200
100 * K-V Pharmaceutical Co., Class B....................... 2,625
150 * King Pharmaceuticals, Inc. ........................... 7,406
300 * Ligand Pharmaceuticals, Inc., Class B................. 4,013
100 * MacroChem Corp. ...................................... 631
150 * Medicis Pharmaceutical Corp., Class A................. 6,563
478 * Millennium Pharmaceuticals, Inc. ..................... 37,941
100 Natures Sunshine Products, Inc. ...................... 850
100 * Neurogen Corp. ....................................... 2,925
200 * Parexel International Corp. .......................... 1,800
106 * Pathogenesis Corp. ................................... 2,253
400 * P-Com, Inc. .......................................... 4,325
100 * Pharmaceutical Resources, Inc. ....................... 638
100 * Pharmacyclics, Inc. .................................. 4,538
100 * Regeneron Pharmaceuticals, Inc. ...................... 2,856
100 * SafeScience, Inc. .................................... 950
100 * SangStat Medical Corp. ............................... 2,875
8 * Shire Pharmaceuticals Group, Plc. - ADR............... 322
600 * Sicor, Inc. .......................................... 6,788
100 * SuperGen, Inc. ....................................... 3,313
200 * Triangle Pharmaceuticals, Inc. ....................... 1,294
200 * Vertex Pharmaceuticals, Inc. ......................... 10,450
-----------
290,323
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
ELECTRIC PRODUCTS -
MISCELLANEOUS - 0.10%
200 CMP Group, Inc. ...................................... $ 5,788
100 Harmon Industries, Inc. .............................. 1,750
-----------
7,538
-----------
ELECTRICAL EQUIPMENT - 1.23%
100 * Aeroflex, Inc. ....................................... 3,725
600 * AMKOR Technologies, Inc. ............................. 36,713
200 * Antec Corp. .......................................... 10,750
237 Avista Corp. ......................................... 7,006
100 * Benchmark Electronics, Inc. .......................... 4,019
100 C & D Technologies, Inc. ............................. 6,444
200 * General Semiconductor, Inc. .......................... 4,000
300 * Intergraph Corp. ..................................... 2,044
200 * Intertan, Inc. ....................................... 2,763
200 * NeoMagic Corp. ....................................... 675
33 * Northeast Optic Network, Inc. ........................ 1,848
100 * Power Integrations, Inc. ............................. 2,275
100 * Power-One, Inc. ...................................... 6,825
100 * Stoneridge, Inc. ..................................... 1,319
100 * Tweeter Home Entertainment Group, Inc. ............... 3,688
200 * WESCO International, Inc. ............................ 1,850
-----------
95,944
-----------
ELECTRONIC EQUIPMENT - 1.85%
207 AMETEK, Inc. ......................................... 4,256
200 * Amphenol Corp., Class A............................... 12,750
200 Belden, Inc. ......................................... 5,938
200 * C-COR Electronics, Inc. .............................. 7,825
200 * Cable Design Technologies Corp. ...................... 6,850
100 * Dbt Online, Inc. ..................................... 1,969
400 * Digital Microwave Corp. .............................. 14,775
100 * Electro Rent Corp. ................................... 1,100
200 * Electro Scientific Industries, Inc. .................. 12,613
100 * EMCOR Group, Inc. .................................... 2,238
112 * Esterline Technologies Corp. ......................... 1,358
200 General Cable Corp. .................................. 1,538
26 General Electric Co. ................................. 4,089
200 * GenRad, Inc. ......................................... 1,488
147 * Identix, Inc. ........................................ 2,196
5 * Juno Lighting, Inc. .................................. 38
247 * Kemet Corp. .......................................... 18,402
200 * Kent Electronics Corp. ............................... 5,838
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 27
SMALL CAP INDEX FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT - Continued
126 * Littelfuse, Inc. ..................................... $ 4,473
200 * Mail-Well, Inc. ...................................... 1,788
200 * Pinnacle Holdings, Inc. .............................. 11,238
100 * Plexus Corp. ......................................... 7,663
100 Standex International Corp. .......................... 1,644
100 Thomas Industries, Inc. .............................. 2,013
100 * Triumph Group, Inc. .................................. 2,688
300 * UCAR International, Inc. ............................. 3,956
120 * Vicor Corp. .......................................... 3,120
-----------
143,844
-----------
ELECTRONIC INSTRUMENTS - 3.73%
200 * Alpha Industries, Inc. ............................... 10,400
300 * Ampex Corp., Class A.................................. 844
100 * Arguss Holdings, Inc. ................................ 2,175
200 BMC Industries, Inc. ................................. 1,000
100 * BriteSmile, Inc. ..................................... 688
300 * C-Cube Microsystems, Inc. ............................ 19,275
200 * Checkpoint Systems, Inc. ............................. 1,788
300 * Commscope, Inc. ...................................... 14,250
200 CTS Corp. ............................................ 12,613
142 * Dionex Corp. ......................................... 5,165
200 * DSP Group, Inc. ...................................... 14,225
322 Flextronics International, Ltd. ...................... 22,621
127 Gerber Scientific, Inc. .............................. 1,762
100 * Hadco Corp. .......................................... 8,231
104 Harman International Industries, Inc. ................ 6,799
200 * Harmonic Lightwaves, Inc. ............................ 14,763
235 * Imation Corp. ........................................ 6,595
313 * InterDigital Communications Corp. .................... 6,475
100 * ITI Technologies, Inc. ............................... 2,569
300 * Lattice Semiconductor Corp. .......................... 20,213
300 * LTX Corp. ............................................ 13,725
200 * MagnaTek, Inc. ....................................... 1,663
200 Methode Electronics, Inc., Class A.................... 8,334
70 * Metromedia Fiber Network, Inc. ....................... 2,161
249 * Mettler-Toledo International, Inc. ................... 8,591
100 * Molecular Devices Corp. .............................. 4,298
100 Park Electrochemical Corp. ........................... 2,563
100 * Performance Food Group Co. ........................... 2,638
100 Pioneer-Standard Electronics, Inc. ................... 1,531
296 Pittston Brink's Group................................ 4,847
300 * Read-Rite Corp. ...................................... 900
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
ELECTRONIC INSTRUMENTS - Continued
49 * Rogers Corp. ......................................... $ 3,301
200 * Sawtek, Inc. ......................................... 9,563
200 * Semtech Corp. ........................................ 13,638
500 * Sensormatic Electronics Corp. ........................ 8,344
100 Technitrol, Inc. ..................................... 6,800
300 Tektronix, Inc. ...................................... 17,363
100 * Thermedics, Inc. ..................................... 825
200 * Varian, Inc. ......................................... 7,275
-----------
290,811
-----------
ENTERTAINMENT - 0.56%
100 * AMC Entertainment, Inc. .............................. 425
100 * Argosy Gaming Co. .................................... 1,600
200 * Ascent Entertainment Group, Inc. ..................... 3,063
300 * Aztar Corp. .......................................... 3,581
100 * Carmike Cinemas, Inc., Class A........................ 575
100 * Dave & Buster's, Inc. ................................ 738
100 Dover Downs Entertainment, Inc. ...................... 1,225
200 * Florida Panthers Holdings, Inc. ...................... 1,788
100 Gaylord Entertainment Co. ............................ 2,394
243 * GTECH Holdings Corp. ................................. 5,042
200 * Hollywood Entertainment Corp. ........................ 1,400
100 * Loews Cineplex Entertainment Corp. ................... 319
100 * Marvel Enterprises, Inc. ............................. 494
200 * Midway Games, Inc. ................................... 1,325
100 * Pegasus Communications Corp. ......................... 10,913
128 * Playboy Enterprises, Inc. ............................ 2,064
100 * Steinway Musical Instruments, Inc. ................... 1,963
150 * THQ, Inc. ............................................ 2,325
209 * Trans World Entertainment Corp. ...................... 2,195
-----------
43,429
-----------
FEDERAL AGENCIES - 0.02%
100 Federal Agricultural Mortgage Corp. .................. 1,500
-----------
FERTILIZERS - 0.09%
200 Delta & Pine Land Co. ................................ 4,200
100 * Hines Horticulture, Inc. ............................. 797
200 Mississippi Chemical Corp. ........................... 1,538
200 * Terra Industries, Inc. ............................... 550
-----------
7,085
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
FINANCE COMPANIES - 0.23%
300 * Amresco, Inc. ........................................ $ 263
300 * Associates First Capital Corp. ....................... 27
133 Charter Municipal Mortgage
Acceptance Co. ...................................... 1,588
100 * Credit Acceptance Corp. .............................. 525
200 Doral Financial Corp. ................................ 2,388
100 * Financial Federal Corp. .............................. 1,863
200 * Imperial Credit Industries, Inc. ..................... 775
100 Oriental Financial Group.............................. 1,700
300 Phoenix Investment Partners, Ltd. .................... 2,606
100 Resource Bancshares
Mortgage Group, Inc. ................................ 500
100 * SierraCities, Inc. ................................... 600
100 * Triad Guaranty, Inc. ................................. 2,100
100 Tucker Anthony Sutro Corp. ........................... 1,675
300 * UniCapital Corp. ..................................... 413
27 WFS Financial, Inc. .................................. 527
-----------
17,550
-----------
FINANCIAL SERVICES - 0.63%
100 Advanta Corp. ........................................ 1,700
48 Advest Group, Inc. ................................... 939
100 * Affiliated Managers Group, Inc. ...................... 4,013
47 * Charles River Associates, Inc. ....................... 955
100 * Coinstar, Inc. ....................................... 1,119
100 * Compucredit Corp. .................................... 3,281
100 * Corporate Executive Board Co. ........................ 5,875
18 Heller Financial, Inc. ............................... 350
137 Jefferies Group, Inc. ................................ 3,023
300 Leucadia National Corp. .............................. 6,994
100 Medallion Financial Corp. ............................ 1,656
100 * NCO Group, Inc. ...................................... 3,438
100 * New Century Financial Corp. .......................... 688
200 Resource America, Inc. ............................... 1,381
200 Richmond Count Financial Corp. ....................... 3,425
110 Southwest Securities Group, Inc. ..................... 4,524
100 * Track Data Corp. ..................................... 209
300 United Asset Management Corp. ........................ 5,400
-----------
48,970
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
28 April 30, 2000 (Unaudited)
SMALL CAP INDEX FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
FOODS - 0.97%
100 * Agribrands International, Inc. ....................... $ 3,744
100 * American Italian Pasta Co., Class A................... 2,475
100 * Aurora Foods, Inc. ................................... 481
300 Chiquita Brands International, Inc. .................. 1,163
200 Corn Products International, Inc. .................... 4,800
300 * Del Monte Foods Co. .................................. 2,663
100 Dreyer's Grand Ice Cream, Inc. ....................... 2,400
300 Earthgrains Co. ...................................... 4,219
200 * Grand Union Co. ...................................... 338
200 * Imperial Sugar Co. ................................... 325
200 * International Home Foods, Inc. ....................... 2,913
100 International Multifoods Corp. ....................... 1,281
100 Interpool, Inc. ...................................... 731
40 * J & J Snack Foods Corp. .............................. 638
200 J.M. Smucker Co., Class A............................. 3,200
200 Lance, Inc. .......................................... 2,125
100 Michael Foods, Inc. .................................. 2,144
110 Morrison Management Specialists, Inc. ................ 3,046
400 * NBTY, Inc. ........................................... 7,100
100 Pilgrims Pride Corp. ................................. 744
185 * Ralcorp Holdings, Inc. ............................... 2,555
47 Riviana Foods......................................... 743
200 * Suiza Foods Corp. .................................... 7,788
100 * The Hain Food Group, Inc. ............................ 2,681
300 Trinity Industries, Inc. ............................. 6,675
100 * United Natural Foods, Inc. ........................... 1,513
303 Universal Foods Corp. ................................ 4,981
200 * Vlasic Foods International, Inc. ..................... 350
150 * Wild Oats Markets, Inc. .............................. 1,988
-----------
75,804
-----------
FOOTWEAR - 0.28%
146 * Genesco, Inc. ........................................ 1,889
100 Justin Industries, Inc. .............................. 1,825
300 * Reebok International, Ltd. ........................... 5,100
300 Stride Rite Corp. .................................... 2,531
100 Timberland Co., Class A............................... 6,938
300 Wolverine World Wide, Inc. ........................... 3,600
-----------
21,883
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
FREIGHT - 0.60%
300 Airborne Freight Corp. ............................... $ 6,431
200 AMCOL International Corp. ............................ 3,275
300 C. H. Robinson Worldwide, Inc. ....................... 15,000
100 Cascade Natural Gas Corp. ............................ 1,613
100 * Egl, Inc. ............................................ 2,294
138 J.B. Hunt Transport Services, Inc. ................... 2,277
200 * Kirby Corp. .......................................... 4,138
200 Overseas Shipholding Group, Inc. ..................... 5,238
100 * Seacor Smit, Inc. .................................... 6,125
-----------
46,391
-----------
FUNERAL SERVICES - 0.01%
100 * Carriage Services, Inc. .............................. 394
-----------
GOLD MINING - 0.02%
845 * Battle Mountain Gold Co. ............................. 1,743
-----------
HARDWARE & TOOLS - 0.02%
100 Barnes Group, Inc. ................................... 1,694
-----------
HEALTHCARE - 1.61%
122 * Advance Paradigm, Inc. ............................... 1,525
100 * Alterra Healthcare Corp. ............................. 325
100 * American Retirement Corp. ............................ 750
100 * AmeriPath, Inc. ...................................... 781
300 * Apria Healthcare Group, Inc. ......................... 4,181
106 Block Drug Co., Inc., Class A......................... 3,021
1,300 * Caremark Rx, Inc. .................................... 8,288
300 * First Health Group Corp. ............................. 9,131
125 * Gentiva Health Services, Inc. ........................ 1,086
100 * Hanger Orthopedic Group, Inc. ........................ 500
200 * Henry Schein, Inc. ................................... 2,797
400 Hooper Holmes, Inc. .................................. 6,950
200 * ImClone Systems, Inc. ................................ 18,200
100 * IMPATH, Inc. ......................................... 4,600
200 Invacare Corp. ....................................... 5,350
400 * Laboratory Corp. of America Holdings.................. 2,375
200 * LCA-Vision, Inc. ..................................... 725
200 * Matria Healthcare, Inc. .............................. 888
100 * MAXIMUS, Inc. ........................................ 2,356
232 * Medquist, Inc. ....................................... 8,222
134 Mentor Corp. ......................................... 2,370
100 * NCS HealthCare, Inc., Class A......................... 81
100 * Ocular Sciences, Inc. ................................ 1,656
100 * Onhealth Network Co. ................................. 372
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
HEALTHCARE - Continued
200 * Patterson Dental Co. ................................. $ 9,625
119 * Pharmaceutical Product
Development, Inc. .................................... 2,001
500 * PhyCor, Inc. ......................................... 297
100 * Province Healthcare Co. .............................. 2,888
500 * Quorum Health Group, Inc. ............................ 5,313
300 * Renal Care Group, Inc. ............................... 6,694
213 * Respironics, Inc. .................................... 3,461
200 * Sierra Health Services, Inc. ......................... 713
400 * Steris Corp. ......................................... 3,600
144 * Sunrise Medical, Inc. ................................ 756
500 * Total Renal Care Holdings, Inc. ...................... 1,438
388 * US Oncology, Inc. .................................... 1,334
42 Vital Signs, Inc. .................................... 840
-----------
125,490
-----------
HEAVY DUTY TRUCKS/PARTS - 0.20%
100 Bandag, Inc. ......................................... 2,388
100 Detroit Diesel Corp. ................................. 1,550
300 Federal Signal Corp. ................................. 6,094
200 * Terex Corp. .......................................... 3,125
103 Titan International, Inc. ............................ 708
138 Wabash National Corp. ................................ 2,010
-----------
15,875
-----------
HOME BUILDERS - 0.49%
300 D R Horton, Inc. ..................................... 3,881
100 * Del Webb Corp. ....................................... 1,494
300 * Fairfield Communities, Inc. .......................... 2,719
300 Kaufman & Broad Home Corp. ........................... 5,775
100 M.D.C. Holdings, Inc. ................................ 1,906
100 * NVR, Inc. ............................................ 6,225
100 * Palm Harbor Homes, Inc. .............................. 1,650
200 Pulte Corp. .......................................... 4,300
100 Ryland Group, Inc. ................................... 2,013
200 Standard Pacific Corp. ............................... 2,013
134 * Toll Brothers, Inc. .................................. 2,906
100 * U.S. Home Corp. ...................................... 3,581
-----------
38,463
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 29
SMALL CAP INDEX FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
HOSPITAL MANAGEMENT - 0.37%
600 * Beverly Enterprises, Inc. ............................ $ 2,025
400 * Coventry Health Care, Inc. ........................... 4,250
100 * DVI, Inc. ............................................ 1,388
200 * Eclipsys Corp. ....................................... 1,600
200 * Lifepoint Hospitals, Inc. ............................ 3,425
200 * Magellan Health Services, Inc. ....................... 750
300 * Orthodontic Centers of America, Inc. ................. 6,356
100 * Pediatrix Medical Group, Inc. ........................ 825
17 * Simione Central Holdings, Inc. ....................... 37
100 * Sunrise Assisted Living, Inc. ........................ 1,575
200 * Triad Hospitals, Inc. ................................ 3,438
400 * Ventas, Inc. ......................................... 1,575
139 * Veterinary Centers of America, Inc. .................. 1,877
-----------
29,121
-----------
HOSPITAL SUPPLIES - 0.69%
100 * Acuson Corp. ......................................... 1,231
100 Arrow International, Inc. ............................ 3,413
300 * Bio-Technology General Corp. ......................... 4,219
200 * Coherent, Inc. ....................................... 11,563
100 * CONMED Corp. ......................................... 2,613
100 Datascope Corp. ...................................... 3,313
100 Diagnostic Products Corp. ............................ 3,069
200 * Isis Pharmaceuticals, Inc. ........................... 2,225
100 Landauer, Inc. ....................................... 1,838
200 Owens & Minor, Inc. .................................. 2,400
500 * PSS World Medical, Inc. .............................. 4,297
100 * Scott Technologies Inc. .............................. 1,950
300 * Summit Technology, Inc. .............................. 2,663
100 * TECHE Corp. .......................................... 7,113
200 * Theragenics Corp. .................................... 1,988
-----------
53,895
-----------
HOUSEHOLD PRODUCTS - 0.30%
100 Bush Industries, Inc. ................................ 1,500
300 Church & Dwight Co., Inc. ............................ 5,363
150 * Cost Plus, Inc. ...................................... 4,584
100 Libbey, Inc. ......................................... 3,050
100 * Select Comfort Corp. ................................. 434
100 * Tuesday Morning Corp. ................................ 1,250
400 Tupperware Corp. ..................................... 7,550
-----------
23,731
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
HUMAN RESOURCES - 0.46%
35 Adecco SA - ADR ...................................... $ 3,647
100 * AHL Services, Inc. ................................... 969
100 * Cornell Corrections, Inc. ............................ 900
100 * Heidrick & Struggles International, Inc. ............. 3,600
380 * Interim Services, Inc. ............................... 6,508
115 Kelly Services, Inc., Class A......................... 2,710
100 * Korn/Ferry International.............................. 2,650
230 * Labor Ready, Inc. .................................... 2,084
200 * Metamor Worldwide, Inc. .............................. 3,875
200 * Personnel Group of America, Inc. ..................... 1,050
100 * Probusiness Services, Inc. ........................... 2,638
100 * Provant, Inc. ........................................ 553
300 * Romac International, Inc. ............................ 3,094
111 * Staff Leasing, Inc. .................................. 416
200 * Staffmark, Inc. ...................................... 1,313
-----------
36,007
-----------
INFORMATION PROCESSING - 1.68%
100 * Administaff, Inc. .................................... 4,025
160 * Advent Software, Inc. ................................ 8,400
300 * American Management Systems, Inc. .................... 11,100
200 * Ashton Technology Group, Inc. ........................ 950
100 * CACI International, Inc. ............................. 2,344
46 * CAIS Internet, Inc. .................................. 610
200 * ChoicePoint, Inc. .................................... 7,600
300 * CHS Electronics, Inc. ................................ 26
200 * Complete Business Solutions, Inc. .................... 4,575
100 * F.Y.I., Inc. ......................................... 2,681
129 * Fritz Companies, Inc. ................................ 1,242
5 Global Sources, Ltd. ................................. 176
100 * Go2Net, Inc .......................................... 5,950
100 * InfoUSA, Inc., Class B................................ 581
100 * Intraware, Inc. ...................................... 1,600
100 * Launch Media, Inc. ................................... 1,044
300 * Learn2.com, Inc. ..................................... 844
31 * Mapquest.Com.......................................... 577
100 * Maxwell Technologies, Inc. ........................... 1,513
200 * Micrel, Inc. ......................................... 17,300
100 * Nextera Enterprises, Inc., Class A.................... 663
200 * Pegasystems, Inc. .................................... 1,775
300 * Quanta Services, Inc. ................................ 13,931
300 * Rare Medium Group, Inc. .............................. 6,169
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
INFORMATION PROCESSING - Continued
266 * S1 Corp. ............................................. $ 14,447
117 * Sipex Corp. .......................................... 2,676
110 * Spyglass, Inc. ....................................... 5,830
526 * Sybase, Inc. ......................................... 10,619
231 * Systemax, Inc. ....................................... 1,776
100 * Wavo Corp. ........................................... 256
-----------
131,280
-----------
INFORMATION PROCESSING -
BUSINESS SOFTWARE - 2.52%
100 * 24/7 Media, Inc. ..................................... 1,963
200 * Actuate Software Corp. ............................... 5,988
30 * Appliedtheory Corp. .................................. 330
200 * Aspect Development, Inc. ............................. 13,825
200 * Aspen Technology, Inc. ............................... 7,075
200 * AXENT Technologies, Inc. ............................. 4,025
200 * Beyond.Com Corp. ..................................... 438
200 * Bindview Development Corp. ........................... 1,613
100 * Brio Technology, Inc. ................................ 2,475
200 * Cerner Corp. ......................................... 4,413
300 * Ciber, Inc. .......................................... 5,419
100 * Concur Technologies, Inc. ............................ 763
100 * Echelon Corp. ........................................ 3,256
100 * Engineering Animation, Inc. .......................... 847
258 * Epicor Software Corp. ................................ 1,032
200 * Exchange Applications, Inc. .......................... 2,438
100 * First Consulting Group, Inc. ......................... 900
100 * Great Plains Software, Inc. .......................... 4,231
250 * Harbinger Corp. ...................................... 4,719
200 * HNC Software, Inc. ................................... 9,900
200 * Infocure Corp. ....................................... 1,825
100 * Informatica Corp. .................................... 4,194
1,750 * Informix Corp. ....................................... 19,250
200 * ISS Group, Inc. ...................................... 18,088
200 * Macrovision Corp. .................................... 9,775
100 * Mediconsult.com, Inc. ................................ 205
100 * Mercator Software, Inc. .............................. 3,681
42 * Metro Information Services, Inc. ..................... 572
135 * Micromuse, Inc. ...................................... 13,247
500 * Microstrategy, Inc. .................................. 12,938
100 * Multex.com, Inc. ..................................... 2,031
100 * Navarre Corp. ........................................ 269
100 * Net Perceptions, Inc. ................................ 1,938
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
30 April 30, 2000 (Unaudited)
SMALL CAP INDEX FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
INFORMATION PROCESSING -
BUSINESS SOFTWARE - Continued
100 * Onyx Software Corp. .................................. $ 2,131
333 * Peregrine Systems, Inc. .............................. 8,013
100 * Pervasive Software, Inc. ............................. 703
100 * Proxicom, Inc. ....................................... 3,419
200 * Quadramed Corp. ...................................... 781
200 * SAGA Systems, Inc. ................................... 3,725
100 * Sanchez Computer Associates, Inc. .................... 1,938
150 * SERENA Software, Inc. ................................ 3,281
100 * Ss&c Technologies, Inc. .............................. 438
100 * Webtrend Corp. ....................................... 3,281
100 * Zomax, Inc. .......................................... 4,731
-----------
196,104
-----------
INFORMATION PROCESSING -
COMPUTER HARDWARE - 0.75%
100 * Anacomp, Inc. ........................................ 1,213
215 * Artesyn Technologies, Inc. ........................... 5,214
335 * Concurrent Computer Corp. ............................ 3,350
100 * Cyberian Outpost, Inc. ............................... 531
100 * Cybex Computer Products Corp. ........................ 2,738
100 * Egghead.com, Inc. .................................... 466
200 * Hutchinson Technology, Inc. .......................... 2,550
1,700 * Iomega Corp. ......................................... 6,056
400 * Komag, Inc. .......................................... 1,175
400 * Maxtor Corp. ......................................... 4,775
200 * MEMC Electronic Materials, Inc. ...................... 3,475
100 * Mercury Computer Systems, Inc. ....................... 3,844
500 * Merisel, Inc. ........................................ 672
100 * Miami Computer Supply Corp. .......................... 2,092
226 * Micron Electronics, Inc. ............................. 2,415
100 * MIPS Technologies, Inc., Class A...................... 2,888
100 * Netopia, Inc. ........................................ 4,175
133 * OEA, Inc. ............................................ 1,330
140 * PubliCARD, Inc. ...................................... 849
150 * Radiant Systems, Inc. ................................ 2,794
800 * Western Digitial Corp. ............................... 5,550
-----------
58,152
-----------
INFORMATION PROCESSING -
COMPUTER SERVICES - 1.03%
200 * Answerthink Consulting Group, Inc. ................... 3,850
300 * Cambridge Technology Partner, Inc. ................... 3,300
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
INFORMATION PROCESSING -
COMPUTER SERVICES - Continued
31 * Catapult Comm Corp. .................................. $ 258
201 * Computer Horizons Corp. .............................. 2,764
105 * Computer Task Group, Inc. ............................ 893
100 * Cotelligent, Inc. .................................... 644
32 * Creative Computers, Inc. ............................. 246
103 * Datastream Systems, Inc. ............................. 1,442
100 * Digital River, Inc. .................................. 1,500
300 * Eloyalty Corp. ....................................... 4,931
125 Factset Research Systems, Inc. ....................... 3,594
100 * Flashnet Communication................................ 353
100 * Globix Corp. ......................................... 2,250
300 * Igate Capital Corp. .................................. 9,000
100 * IVillage, Inc. ....................................... 1,006
20 * Latitude Communications, Inc. ........................ 290
200 * Messagemedia, Inc. ................................... 1,100
123 * OneMain.com, Inc. .................................... 784
150 * Pegasus Systems, Inc. ................................ 2,663
200 * Presstek, Inc. ....................................... 4,200
100 * Sagent Technology, Inc. .............................. 794
100 * Source Information Management Co. .................... 1,475
200 * SVI Holdings, Inc. ................................... 1,838
33 * Syntel, Inc. ......................................... 367
300 * Tyler Technologies, Inc. ............................. 1,613
150 * USinternetworking, Inc. .............................. 3,731
400 * Verticalnet, Inc. .................................... 21,600
100 * Zixit Corp. .......................................... 3,694
-----------
80,180
-----------
INFORMATION PROCESSING -
CONSUMER SOFTWARE - 1.08%
100 * 3DFX Interactive, Inc. ............................... 1,038
1,200 * BroadVision, Inc. .................................... 52,725
200 * Caprock Communications Corp. ......................... 6,700
100 * Efax.com, Inc. ....................................... 219
100 * Imrglobal Corp. ...................................... 1,288
200 * MTI Technology Corp. ................................. 3,100
200 * Open Market, Inc. .................................... 2,063
100 * SCM Microsystems, Inc. ............................... 7,913
200 * Verity, Inc. ......................................... 6,488
100 * Worldgate Communication, Inc. ........................ 2,356
-----------
83,890
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
INFORMATION PROCESSING -
DATA SERVICES - 4.28%
200 * Activision, Inc. ..................................... $ 1,250
200 * Advanced Digital Information Corp. ................... 4,913
138 Analysts International Corp. ......................... 1,535
137 * Anixter International, Inc. .......................... 4,615
105 * Applied Graphics Technologies, Inc. .................. 555
46 * At Home Corp. ........................................ 857
200 * Auspex Systems, Inc. ................................. 1,525
249 * Avant! Corp. ......................................... 4,482
100 * Barra, Inc. .......................................... 4,213
100 * Bell & Howell Co. .................................... 2,656
100 * Black Box Corp. ...................................... 7,694
100 * Brooktrout Technology, Inc. .......................... 2,700
100 * CCC Information Services Group, Inc. ................. 1,388
200 * Computer Network Technology Corp. .................... 3,225
42 * Computer Sciences Corp. .............................. 3,426
114 * Cybercash, Inc. ...................................... 844
100 * Documentum, Inc. ..................................... 5,900
100 * Excalibur Technologies Corp. ......................... 3,550
100 Fair Issac & Co., Inc. ............................... 4,231
209 * FileNet Corp. ........................................ 6,139
232 * GT Interactive Software Corp. ........................ 479
200 Henry Jack & Associates, Inc. ........................ 7,900
200 * Hyperion Solutions Corp. ............................. 6,066
100 * IDX Systems Corp. .................................... 1,694
100 * In Focus Systems, Inc. ............................... 2,994
200 * Information Resources, Inc. .......................... 1,263
100 Innovex, Inc. ........................................ 875
100 * INSpire Insurance Solutions, Inc. .................... 300
133 * JDA Software Group, Inc. ............................. 2,477
100 * Kronos, Inc. ......................................... 3,213
100 * Learning Tree International, Inc. .................... 4,794
132 * Manugistics Group, Inc. .............................. 5,651
114 * Mapics, Inc. ......................................... 755
400 * Mentor Graphics Corp. ................................ 5,250
500 * Mercury Interactive Corp. ............................ 45,000
100 * MICROS Systems, Inc. ................................. 4,025
100 MTS Systems Corp. .................................... 756
200 National Computer Systems, Inc. ...................... 10,288
150 * National Instruments Corp. ........................... 7,313
100 * Network Peripherals, Inc. ............................ 2,800
109 * Nvidia Corp. ......................................... 9,715
300 * Paxar Corp. .......................................... 3,056
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 31
SMALL CAP INDEX FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
INFORMATION PROCESSING -
DATA SERVICES - Continued
200 * Phoenix Technologies, Ltd. ........................... $ 3,925
200 * Pinnacle Systems, Inc. ............................... 4,800
200 * Policy Management Systems Corp. ...................... 2,650
100 * Primark Corp. ........................................ 2,700
250 * Profit Recovery Group International, Inc. ............ 4,391
200 * Progress Software Corp. .............................. 4,000
100 * Project Software & Development, Inc. ................. 3,050
118 * ProxyMed, Inc. ....................................... 192
12 * PsiNet, Inc. ......................................... 278
100 * QRS Corp. ............................................ 3,300
100 * Radisys Corp. ........................................ 4,138
200 * Renaissance Worldwide, Inc. .......................... 750
500 * S3, Inc. ............................................. 7,031
316 * Sandisk Corp. ........................................ 28,954
100 * Santa Cruz Operation, Inc. ........................... 606
100 Schawk, Inc. ......................................... 819
104 * Solectron Corp. ...................................... 4,869
100 SPSS, Inc. ........................................... 2,850
231 * Structural Dynamic Research Corp. .................... 3,090
143 * Sykes Enterprises, Inc. .............................. 2,860
208 * Systems & Computer Technology Corp. .................. 4,901
300 Technology Solutions Co. ............................. 1,969
100 * Telescan, Inc. ....................................... 988
211 * Transaction Systems Architects, Inc., Class A......... 3,442
100 * Volt Information Sciences, Inc. ...................... 3,456
300 * Wave Systems Corp. ................................... 5,756
384 * Wind River Systems, Inc. ............................. 16,392
200 * Xircom, Inc. ......................................... 7,888
200 * Zebra Technologies Corp., Class A..................... 11,400
-----------
333,807
-----------
INFORMATION PROCESSING -
NETWORKING - 1.19%
100 * ACT Networks, Inc. ................................... 1,238
200 * Advanced Radio Telecom Corp. ......................... 3,338
60 * Akamai Technologies, Inc. ............................ 5,890
150 * Apex, Inc. ........................................... 4,434
200 * Banyan Systems, Inc. ................................. 2,775
300 * Concentric Network Corp. ............................. 13,050
100 * Concord Communications, Inc. ......................... 2,800
200 * Emulex Corp. ......................................... 9,075
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
INFORMATION PROCESSING -
NETWORKING - Continued
103 * Entrust Technologies, Inc. ........................... $ 5,060
100 * HearMe, Inc. ......................................... 730
100 * Hypercom Corp. ....................................... 1,463
200 * INTL Fibercom Inc. ................................... 3,638
300 * Picturetel Corp. ..................................... 1,275
200 * Remedy Corp. ......................................... 10,625
233 * RSA Security, Inc. ................................... 13,674
29 * RWD Technologies, Inc. ............................... 232
100 * Softnet Systems, Inc. ................................ 1,500
100 * TheGlobe.com, Inc. ................................... 356
200 * Visual Networking, Inc. .............................. 7,800
100 * YouthStream Media Networks, Inc. ..................... 638
200 * Ziff-Davis, Inc. ..................................... 1,963
100 * Ziff-Davis, Inc. - ZDNET.............................. 1,244
-----------
92,798
-----------
INSURANCE - CASUALTY - 0.46%
100 * Acceptance Insurance Co., Inc. ....................... 444
100 Baldwin & Lyons, Inc., Class B........................ 1,963
23 Chubb Corp. .......................................... 1,463
200 Commerce Group, Inc. ................................. 5,900
100 E.W. Blanch Holdings, Inc. ........................... 2,225
100 * FPIC Insurance Group, Inc. ........................... 1,438
200 * Frontier Insurance Group, Inc. ....................... 163
300 HCC Insurance Holdings, Inc. ......................... 3,525
100 * Philadelphia Consolidated Holdings Co. ............... 1,538
100 * PICO Holdings Inc. ................................... 1,050
100 PMA Capital Corp. .................................... 1,825
400 Reliance Group Holdings, Inc. ........................ 1,100
100 * Risk Capital Holdings, Inc. .......................... 1,539
100 RLI Corp. ............................................ 3,213
200 Selective Insurance Group, Inc. ...................... 3,788
100 State Auto Financial Corp. ........................... 1,000
100 Stewart Information Services Corp. ................... 1,425
200 * Superior National Insurance Group, Inc. .............. 46
100 Trenwick Group, Inc. ................................. 1,413
44 United Fire & Casualty Co. ........................... 770
-----------
35,828
-----------
INSURANCE - LIFE - 0.24%
300 Mony Group, Inc. ..................................... 9,281
200 Presidential Life Corp. .............................. 3,184
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
INSURANCE - LIFE - Continued
100 StanCorp Financial Group, Inc. ....................... $ 2,913
200 * UICI.................................................. 875
100 W. R. Berkley Corp. .................................. 2,113
-----------
18,366
-----------
INSURANCE - MISCELLANEOUS - 0.71%
30 Ace, Ltd. ............................................ 718
200 Arthur J. Gallagher & Co. ............................ 7,450
100 Brown & Brown, Inc. .................................. 4,013
200 Crawford & Co., Class B............................... 2,750
110 Fidelity National Financial, Inc. .................... 1,623
100 Harleysville Group, Inc. ............................. 1,606
100 Hilb, Rogal & Hamilton Co. ........................... 2,831
200 HSB Group, Inc. ...................................... 5,800
100 Liberty Corp. ........................................ 3,281
300 * Mid Atlantic Medical Services, Inc.................... 2,794
400 Ohio Casualty Corp. .................................. 6,650
206 Radian Group, Inc. ................................... 10,493
100 SCPIE Holdings, Inc. ................................. 2,956
100 Zenith National Insurance Corp. ...................... 2,450
-----------
55,415
-----------
INSURANCE - MULTILINE - 0.34%
300 Alfa Corp. ........................................... 5,400
1 Allstate Corp. ....................................... 24
100 American Annuity Group, Inc. ......................... 1,669
100 AmerUs Life Holdings, Inc. ........................... 1,994
108 Argonaut Group, Inc. ................................. 1,850
107 CNA Surety Corp. ..................................... 1,578
106 * Delphi Financial Group, Inc., Class A................. 3,054
100 FBL Financial Group, Inc., Class A.................... 1,550
100 * HealthAxis, Inc. ..................................... 525
300 Horace Mann Educators Corp. .......................... 4,369
100 LandAmerica Financial Group, Inc. .................... 1,763
152 * Medical Assurance, Inc. .............................. 2,014
59 * Professionals Group, Inc. ............................ 1,044
-----------
26,834
-----------
LEISURE TIME - 0.72%
300 * Acclaim Entertainment, Inc. .......................... 820
100 * Action Performance Co., Inc. ......................... 925
100 * American Classic Voyages Co. ......................... 2,006
500 * AMF Bowling, Inc. .................................... 969
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
32 April 30, 2000 (Unaudited)
SMALL CAP INDEX FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
LEISURE TIME - Continued
200 * Bally Total Fitness Holding Corp. .................... $ 4,475
200 * Boyd Gaming Corp. .................................... 1,013
500 Callaway Golf Co. .................................... 8,313
100 Churchill Downs, Inc. ................................ 2,469
200 * Dollar Thrifty Automotive Group, Inc. ................ 4,200
200 * Handleman Co. ........................................ 2,400
100 * JAKKS Pacific, Inc. .................................. 1,838
200 * Pinnacle Entertainment, Inc. ......................... 4,013
200 Polaris Industries, Inc. ............................. 6,125
100 * Scotts Co. ........................................... 3,613
200 * Station Casinos, Inc. ................................ 5,700
233 * Sunterra Corp. ....................................... 481
100 * Travelocity.co, Inc. ................................. 1,763
144 * Vail Resorts, Inc. ................................... 2,322
100 Winnebago Industries, Inc. ........................... 1,700
148 * WMS Industries, Inc. ................................. 1,295
-----------
56,440
-----------
LODGING - 0.32%
400 * Choice Hotels International, Inc. .................... 5,275
100 Deltic Timber Corp. .................................. 2,200
500 * Extended Stay America, Inc. .......................... 4,469
200 * Lodgian, Inc. ........................................ 613
100 Marcus Corp. ......................................... 1,069
308 Meristar Hospitality Corp. ........................... 6,083
315 * Prime Hospitality Corp. .............................. 2,914
100 * U.S. Franchise Systems, Inc. ......................... 481
900 * Wyndham International, Inc. .......................... 1,856
-----------
24,960
-----------
MACHINE TOOLS - 0.43%
275 * Gilead Sciences, Inc. ................................ 14,902
43 L.S. Starrett Co. .................................... 1,043
200 Milacron, Inc. ....................................... 3,650
100 * PRI Automation, Inc. ................................. 7,988
200 Roper Industries, Inc. ............................... 6,300
-----------
33,883
-----------
MACHINERY - AGRICULTURE - 0.12%
400 AGCO Corp. ........................................... 4,750
100 Lindsay Manufacturing Co. ............................ 1,788
100 Toro Co. ............................................. 3,075
-----------
9,613
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
MACHINERY - CONSTRUCTION &
CONTRACTS - 0.46%
100 * Astec Industries, Inc. ............................... $ 2,513
100 * CDI Corp. ............................................ 2,250
120 CMI Corp., Class A.................................... 488
100 Columbus McKinnon Corp. .............................. 1,400
300 Foster Wheeler Corp. ................................. 2,756
121 Granite Construction, Inc. ........................... 2,874
129 * Insituform Technologies, Inc., Class A................ 4,330
142 * Jacobs Engineering Group, Inc. ....................... 4,446
146 Kaman Corp., Class A ................................. 1,551
302 Lennar Corp. ......................................... 5,625
206 * Morrison Knudsen Corp. ............................... 1,893
200 * National Equipment Services, Inc. .................... 1,400
300 * Nationsrent, Inc. .................................... 1,444
100 * Neff Corp. ........................................... 450
100 Sauer, Inc. .......................................... 869
100 * Stone & Webster, Inc. ................................ 1,319
-----------
35,608
-----------
MACHINERY -
INDUSTRIAL/SPECIALTY - 1.77%
200 AAR Corp. ............................................ 3,013
121 * Albany International Corp., Class A .................. 1,838
135 Applied Industrial Technologies, Inc. ................ 2,346
300 Applied Power, Inc., Class A ......................... 8,588
200 * Asyst Technologies, Inc. ............................. 10,700
208 Baldor Electric Co. .................................. 3,861
207 * Blount International, Inc. ........................... 2,717
117 * Burlington Coat Factory Warehouse Corp. .............. 1,755
104 * Chart Industries, Inc. ............................... 345
100 Exide Corp. .......................................... 963
241 Flowserve Corp. ...................................... 3,404
100 * Gardner Denver, Inc. ................................. 1,744
100 Graco, Inc. .......................................... 3,388
144 Helix Technology Corp. ............................... 7,353
200 Hughes Supply, Inc. .................................. 3,050
200 IDEX Corp. ........................................... 6,250
104 * Ionics, Inc. ......................................... 2,444
300 JLG Industries, Inc. ................................. 2,850
200 * Kulicke & Soffa Industries, Inc. ..................... 15,663
147 Lilly Industries, Inc., Class A....................... 1,599
241 Lincoln Electric Holdings, Inc. ...................... 4,590
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
MACHINERY -
INDUSTRIAL/SPECIALTY - Continued
150 Manitowoc Co., Inc. .................................. $ 4,978
200 Newport News Shipbuilding, Inc. ...................... 6,675
100 Nordson Corp. ........................................ 4,469
135 Regal-Beloit Corp. ................................... 2,438
100 Robbins & Myers, Inc. ................................ 2,438
100 * Specialty Equipment Companies, Inc. .................. 2,063
200 * Speedfam-ipec, Inc. .................................. 3,163
100 * SPS Technologies, Inc. ............................... 3,138
200 Stewart & Stevenson Services, Inc. ................... 2,413
250 * Stillwater Mining Co. ................................ 7,000
100 Tennant Co. .......................................... 3,481
300 Timken Co. ........................................... 5,550
108 Watts Industries, Inc., Class A ...................... 1,445
-----------
137,712
-----------
MEDICAL TECHNOLOGY - 2.27%
100 * Affymetrix, Inc. ..................................... 13,506
100 * Aviron................................................ 2,406
100 * Biomatrix, Inc. ...................................... 1,906
100 * Bio-Rad Laboratories, Inc., Class A .................. 2,550
300 Celera Genomics ...................................... 24,750
115 * Cyberonics, Inc. ..................................... 2,343
200 * Cytyc Corp. .......................................... 8,950
200 * Dendrite International, Inc. ......................... 4,575
100 * Duramed Pharmaceuticals, Inc. ........................ 472
122 * Eclipse Surgical Technologies, Inc. .................. 511
100 * Entremed, Inc. ....................................... 5,244
100 * Enzo Biochem, Inc. ................................... 4,050
200 * Enzon, Inc. .......................................... 7,450
100 * Gliatech, Inc. ....................................... 1,525
200 * Haemonetics Corp. .................................... 4,600
200 * IDEXX Laboratories, Inc. ............................. 5,250
100 * IGEN International, Inc. ............................. 1,594
200 * Laser Vision Centers, Inc. ........................... 813
115 * LaserSight, Inc. ..................................... 575
300 * Liposome, Inc. ....................................... 5,250
100 * Novoste Corp. ........................................ 4,100
200 * On Assignment, Inc. .................................. 6,275
200 * Organogenesis, Inc. .................................. 2,288
100 * Osteotech, Inc. ...................................... 713
181 * Per-Se Technologies, Inc. ............................ 1,233
121 * Protein Design Labs, Inc. ............................ 12,282
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 33
SMALL CAP INDEX FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
MEDICAL TECHNOLOGY - Continued
300 * Quest Diagnostics, Inc. .............................. $ 17,456
100 * Res-Care, Inc. ....................................... 1,094
200 * ResMed, Inc. ......................................... 6,800
124 * Serologicals Corp. ................................... 450
300 * Sunrise Technologies, Inc. ........................... 1,931
100 * Syncor International Corp. ........................... 4,125
101 * Thermo Cardiosystems, Inc. ........................... 1,155
100 * Transkaryotic Therapies, Inc. ........................ 2,994
100 * Trex Medical Corp. ................................... 275
200 * Varian Medical Systems, Inc. ......................... 8,000
100 * Ventana Medical Systems, Inc. ........................ 2,819
100 * Vical, Inc. .......................................... 1,800
100 West Pharmaceutical Services, Inc. ................... 2,444
-----------
176,554
-----------
MERCHANDISE - DRUG - 0.16%
100 * Duane Reade, Inc. .................................... 3,000
45 * Medimmune, Inc. ...................................... 7,197
400 * Perrigo Co. .......................................... 2,275
-----------
12,472
-----------
MERCHANDISE - SPECIALTY - 1.48%
100 * Advanced Energy Industries, Inc. ..................... 6,900
200 * Ames Department Stores, Inc. ......................... 3,588
100 Arctic Cat, Inc. ..................................... 1,006
144 * Avid Technology, Inc. ................................ 1,980
200 * Barnesandnoble.com, Inc. ............................. 2,188
200 * Bombay Co., Inc. ..................................... 725
346 * Boyds Collection, Ltd. ............................... 2,163
300 Caseys General Stores, Inc. .......................... 3,506
200 Cash America International, Inc. ..................... 1,800
131 * Central Garden & Pet Co. ............................. 1,376
600 * Charming Shoppes, Inc. ............................... 4,050
300 * Compucom Systems, Inc. ............................... 1,031
200 * Copart, Inc. ......................................... 3,450
112 * Daisytek International Corp. ......................... 1,372
108 * Department 56, Inc. .................................. 986
200 * Earthshell Corp. ..................................... 650
100 Enesco Group, Inc. ................................... 450
112 * Finish Line, Inc. .................................... 1,183
100 * Fossil, Inc. ......................................... 2,075
100 * Franklin Covey Co. ................................... 913
100 * Guitar Center, Inc. .................................. 1,363
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
MERCHANDISE - SPECIALTY - Continued
100 Hancock Holding Co. .................................. $ 3,463
800 * Hanover Direct, Inc. ................................. 1,400
200 * Homebase, Inc. ....................................... 413
279 * Inacom Corp. ......................................... 436
100 * International Specialty Products, Inc. ............... 588
200 Jostens, Inc. ........................................ 4,938
100 * Keystone Automotive Industries, Inc. ................. 625
41 * Mannatech, Inc. ...................................... 123
200 * Michaels Stores, Inc. ................................ 7,888
100 Movado Group, Inc. ................................... 863
200 * MSC Industrial Direct Co. ............................ 2,800
200 * Musicland Stores Corp. ............................... 1,500
700 * OfficeMax, Inc. ...................................... 3,938
100 * Petco Animal Supplies, Inc. .......................... 1,156
700 * Petsmart, Inc. ....................................... 2,275
100 * Racing Champions Corp. ............................... 281
200 * Rayovac Corp. ........................................ 4,175
108 * Rent-Way, Inc. ....................................... 2,801
219 * Rexall Sundown, Inc. ................................. 4,216
100 Russ Berrie and Co., Inc. ............................ 1,863
200 * Seitel, Inc. ......................................... 1,250
300 * Sitel Corp. .......................................... 2,063
200 * Sola International, Inc. ............................. 900
100 South Jersey Industries, Inc. ........................ 2,675
105 * Spiegel, Inc., Class A ............................... 866
100 * SportsLine.com, Inc. ................................. 1,919
100 Sturm, Ruger & Co., Inc. ............................. 1,000
300 * Sunglass Hut International, Inc. ..................... 2,250
100 * Twinlab Corp. ........................................ 750
200 * United Stationers, Inc. .............................. 6,675
200 * US Office Products, Co. .............................. 381
100 * Wesley Jessen VisionCare, Inc. ....................... 3,938
100 * West Marine, Inc. .................................... 800
100 * Whitehall Jewellers, Inc. ............................ 1,719
-----------
115,683
-----------
MERCHANDISING - DEPARTMENT - 0.26%
100 * 99 Cents Only Stores ................................. 3,763
500 * Borders Group, Inc. .................................. 7,938
600 Pier 1 Imports, Inc. ................................. 6,825
200 * Stein Mart, Inc. ..................................... 1,797
100 * Value America, Inc. .................................. 188
-----------
20,511
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
MERCHANDISING - FOOD - 0.40%
150 * CEC Entertainment, Inc. .............................. $ 4,500
250 Fleming Companies, Inc. .............................. 4,109
100 Great Atlantic & Pacific Tea Co., Inc. ............... 1,831
100 * IHOP Corp. ........................................... 1,625
100 Ingles Markets, Inc., Class A ........................ 1,000
200 Ruddick Corp. ........................................ 2,288
39 Sanderson Farms, Inc. ................................ 283
300 * Smithfield Foods, Inc. ............................... 6,394
2 Supervalu, Inc. ...................................... 41
200 * Whole Foods Market, Inc. ............................. 8,513
100 Zapata Corp. ......................................... 400
-----------
30,984
-----------
MERCHANDISING - MASS - 0.22%
100 * Factory 2-U Stores, Inc. ............................. 3,344
150 * Insight Enterprises, Inc. ............................ 6,272
100 * SCP Pool Corp. ....................................... 3,681
200 * ShopKo Stores, Inc. .................................. 3,575
-----------
16,872
-----------
METALS - ALUMINUM - 0.07%
100 ACX Technologies, Inc. ............................... 419
100 IMCO Recycling Inc. .................................. 1,031
200 * Kaiser Aluminum Corp. ................................ 850
130 Tredegar Corp. ....................................... 3,356
-----------
5,656
-----------
METALS - COPPER - 0.05%
200 Southern Peru Copper Corp. ........................... 2,513
100 * Wolverine Tube, Inc. ................................. 1,500
-----------
4,013
-----------
METALS - MISCELLANEOUS - 0.32%
105 Brush Wellman, Inc. .................................. 1,943
100 Castle A. M. & Co. ................................... 1,225
100 Commercial Metals Co. ................................ 2,938
200 Kennametal, Inc. ..................................... 5,750
200 Precision Castparts Corp. ............................ 8,350
100 * RTI International Metals, Inc. ....................... 1,056
300 * Steel Dynamics, Inc. ................................. 3,413
100 * Titanium Metals Corp. ................................ 419
-----------
25,094
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
34 April 30, 2000 (Unaudited)
SMALL CAP INDEX FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
METALS - STEEL - 0.62%
800 * Bethlehem Steel Corp. ................................ $ 4,300
100 Carpenter Technology Corp. ........................... 2,006
100 Cleveland-Cliffs, Inc. ............................... 2,456
100 Commercial Intertech Corp. ........................... 2,000
300 Harsco Corp. ......................................... 8,906
100 Intermet Corp. ....................................... 738
600 LTV Corp. ............................................ 2,138
200 Metals USA, Inc. ..................................... 1,425
225 * Mueller Industries, Inc. ............................. 7,411
130 National Steel Corp., Class B......................... 813
200 Oregon Steel Mills, Inc. ............................. 613
100 Quanex Corp. ......................................... 1,638
150 Reliance Steel & Aluminium Co. ....................... 3,450
100 Rouge Industries, Inc., Class A....................... 569
100 Ryerson Tull, Inc. ................................... 1,238
112 Valmont Industries, Inc. ............................. 2,226
500 Worthington Industries, Inc. ......................... 6,188
-----------
48,115
-----------
MISCELLANEOUS - 0.58%
900 * 7-eleven, Inc. ....................................... 3,375
100 * ABC-Naco, Inc. ....................................... 1,113
100 * AMERCO, Inc. ......................................... 1,675
100 * Aviation Sales Co. ................................... 381
300 * Brightpoint, Inc. .................................... 3,544
100 * Burns International Services Corp. ................... 1,088
200 * Cadiz, Inc. .......................................... 1,450
400 * Catalytica, Inc. ..................................... 4,450
100 * Cdnow, Inc. .......................................... 431
25 * Coorstek, Inc. ....................................... 1,127
40 * Internet Capital Group, Inc. ......................... 1,695
100 * Kroll-O'Gara Co. ..................................... 769
100 * Polycom, Inc. ........................................ 7,913
100 * Protection One, Inc. ................................. 119
150 Regis Corp. .......................................... 1,753
600 USEC, Inc. ........................................... 2,813
200 * Veritas DGC, Inc. .................................... 4,800
100 * Wackenhut Corrections Corp. .......................... 788
299 Westinghouse Air Brake Co. ........................... 3,382
100 Woodward Governor Co. ................................ 2,206
-----------
44,872
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
MOBILE HOMES - 0.19%
300 * Champion Enterprises, Inc. ........................... $ 2,119
100 Coachmen Industries, Inc. ............................ 1,544
200 Fleetwood Enterprises, Inc. .......................... 2,925
100 McGrath Rentcorp ..................................... 1,603
75 * Monaco Coach Corp. ................................... 1,228
100 * National R.V. Holdings, Inc. ......................... 1,225
305 Oakwood Homes Corp. .................................. 896
100 Skyline Corp. ........................................ 2,038
45 Thor Industries, Inc. ................................ 1,212
-----------
14,790
-----------
MULTIMEDIA - 0.02%
100 Gray Communications Systems, Inc. .................... 1,169
-----------
NATURAL GAS - DIVERSIFIED - 0.60%
200 Atmos Energy Corp. ................................... 3,175
200 Eastern Enterprises .................................. 12,175
200 * Hanover Compressor Co. ............................... 11,650
122 Laclede Gas Co. ...................................... 2,394
100 New Jersey Resources Corp. ........................... 4,025
210 * Southern Union Co. ................................... 3,609
200 Southwest Gas Corp. .................................. 3,813
205 UGI Corp. ............................................ 4,190
100 Western Gas Resources, Inc. .......................... 1,669
-----------
46,700
-----------
OIL - INTEGRATED DOMESTIC - 0.18%
100 * Belco Oil and Gas Corp. .............................. 881
315 Cross Timbers Oil Co. ................................ 4,548
200 * Meridian Resource Corp. .............................. 725
500 Pennzoil-Quaker State Co. ............................ 5,469
209 * Tesoro Petroleum Corp. ............................... 2,456
-----------
14,079
-----------
OIL - SERVICE - PRODUCTS - 0.67%
200 * Barrett Resources Corp. .............................. 6,350
100 * Drill Quip, Inc. ..................................... 4,063
100 Getty Realty Corp. ................................... 1,225
400 * Global Industries, Inc. .............................. 5,700
100 * IRI International Corp. .............................. 781
146 * Lone Star Technologies, Inc. ......................... 6,734
115 * Maverick Tube Corp. .................................. 3,278
400 * Parker Drilling Co. .................................. 1,725
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
OIL - SERVICE - PRODUCTS - Continued
400 * Pride International, Inc. ............................ $ 9,050
100 RPC, Inc. ............................................ 1,013
10 * Santa Fe Snyder Corp. ................................ 92
115 SEMCO Energy, Inc. ................................... 1,495
200 * Syntroleum Corp. ..................................... 3,925
200 * TransMontaigne, Inc. ................................. 1,563
400 * Varco International, Inc. ............................ 5,000
-----------
51,994
-----------
OIL - SERVICES - 0.45%
200 * Friede Goldman Halter, Inc. .......................... 1,238
500 * Key Energy Services, Inc. ............................ 4,875
400 * Marine Drilling Companies, Inc. ...................... 10,400
238 Mascotech, Inc. ...................................... 2,752
100 * McMoRan Exploration Co. .............................. 1,325
2 * Nabors Industries, Inc. .............................. 79
100 * Oceaneering International, Inc. ...................... 1,725
100 * Offshore Logistics, Inc. ............................. 1,213
200 * Tuboscope, Inc. ...................................... 3,475
100 * U S Liquids, Inc. .................................... 575
300 * Unova, Inc. .......................................... 4,200
100 * UTI Energy Corp. ..................................... 3,475
-----------
35,332
-----------
OIL/GAS PRODUCERS - 1.50%
100 * Atwood Oceanics, Inc. ................................ 6,063
100 * Basin Exploration, Inc. .............................. 1,400
100 * Berry Petroleum Co., Class A.......................... 1,581
200 * Brown, Tom, Inc. ..................................... 3,800
148 * Cabot Oil & Gas Corp., Class A........................ 2,747
500 * Chesapeake Energy Corp. .............................. 1,875
233 * EEX Corp. ............................................ 655
213 Equitable Resources, Inc. ............................ 9,878
100 * Evergree Resources, Inc. ............................. 2,313
210 * Forest Oil Corp. ..................................... 2,349
1,100 * Grey Wolf, Inc. ...................................... 4,469
900 * Harken Energy Corp. .................................. 619
300 Helmerich & Payne, Inc. .............................. 9,394
100 * Houston Exploration Co. .............................. 1,806
108 HS Resources, Inc. ................................... 2,612
300 * Input/Output, Inc. ................................... 2,213
126 * Louis Dreyfus Natural Gas Corp. ...................... 3,528
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 35
SMALL CAP INDEX FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
OIL/GAS PRODUCERS - Continued
100 Mitchell Energy & Development Corp., Class A.......... $ 2,388
239 * Newfield Exploration Co. ............................. 9,709
100 * Nuevo Energy Co. ..................................... 1,750
211 * Patterson Energy, Inc. ............................... 5,961
600 * Pioneer Natural Resources Corp. ...................... 6,188
103 * Plains Resources, Inc. ............................... 1,461
300 Pogo Producing Co. ................................... 7,688
100 St. Mary Land & Exploration Co. ...................... 3,375
100 * Stone Energy Corp. ................................... 4,725
100 * Swift Energy Co. ..................................... 2,044
300 Valero Energy Corp. .................................. 8,700
300 Vintage Petroleum, Inc. .............................. 5,963
-----------
117,254
-----------
PAPER/FOREST PRODUCTS - 0.50%
200 * Buckeye Technologies, Inc. ........................... 3,825
200 Caraustar Industries, Inc. ........................... 3,038
333 Longview Fibre Co. ................................... 4,246
200 P.H. Glatfelter Co. .................................. 2,150
200 Potlatch Corp. ....................................... 7,888
200 Rayonier, Inc. ....................................... 9,388
100 Schweitzer-Mauduit, Inc. ............................. 1,456
100 Standard Register Co. ................................ 1,306
100 Universal Forest Products, Inc. ...................... 1,350
332 Wausau-Mosinee Paper Corp. ........................... 4,026
-----------
38,673
-----------
PHOTOGRAPHY - 0.19%
100 CPI Corp. ............................................ 2,388
139 * Photronics, Inc. ..................................... 4,630
300 Polaroid Corp. ....................................... 6,056
138 * Ultratech Stepper, Inc. .............................. 2,061
-----------
15,135
-----------
POLLUTION CONTROL - 0.18%
220 Calgon Carbon Corp. .................................. 1,389
100 * Cuno, Inc. ........................................... 2,713
445 * Newpark Resources, Inc. .............................. 3,671
222 * Tetra Tech, Inc. ..................................... 5,231
100 * URS Corp. ............................................ 1,275
-----------
14,279
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
PROFESSIONAL SPORTS - 0.03%
100 * Championship Auto Racing Teams, Inc. ................. $ 2,025
-----------
PUBLISHING - NEWS - 0.10%
300 Lee Enterprises, Inc. ................................ 6,806
138 * Network Equipment Technologies, Inc. ................. 1,139
-----------
7,945
-----------
PUBLISHING/PRINTING - 0.48%
200 Banta Corp. .......................................... 3,913
17 * Berlitz International, Inc. .......................... 222
238 Bowne & Co., Inc. .................................... 2,737
100 * Consolidated Graphics, Inc. .......................... 1,181
200 John H. Harland Co. .................................. 3,075
300 * Journal Register Co. ................................. 4,388
100 New England Business Service, Inc. ................... 1,650
200 * R.H. Donnelley Corp. ................................. 4,000
100 * Scholastic Corp. ..................................... 4,669
100 * Scientific Games Holdings Corp. ...................... 1,850
300 * Topps Co., Inc. ...................................... 2,625
200 * ValueVision International, Inc., Class A.............. 3,988
300 Wallace Computer Services, Inc. ...................... 3,281
-----------
37,579
-----------
RAILROAD - 0.18%
200 Florida East Coast Industries, Inc. .................. 9,838
300 * Wisconsin Central Transport Corp. .................... 4,369
-----------
14,207
-----------
REAL ESTATE - 0.42%
227 Brandywine Realty Trust............................... 3,944
100 * Castle & Cooke, Inc. ................................. 1,813
100 * CB Richard Ellis Services, Inc. ...................... 988
200 Center Trust, Inc. ................................... 1,450
200 Cousins Properties, Inc. ............................. 7,850
100 Entertainment Properties Trust........................ 1,363
102 Forest City Enterprises, Inc., Class A................ 2,971
100 * Insignia Financial Group, Inc. ....................... 1,044
200 LNR Property Corp. ................................... 4,313
320 Republic Bancorp, Inc. ............................... 3,160
140 SL Green Realty Corp. ................................ 3,596
-----------
32,492
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS - 3.86%
100 Alexandria Real Estate Equities, Inc. ................ $ 3,200
400 Allied Capital Corp. ................................. 7,475
100 American Industrial Properties REIT................... 1,250
100 Amli Residential Properties Trust..................... 2,275
100 Associated Estates Realty Corp. ...................... 831
100 Bedford Property Investors, Inc. ..................... 1,763
111 Boykin Lodging Co. ................................... 1,394
200 Bradley Real Estate, Inc. ............................ 3,613
300 BRE Properties, Inc., Class A......................... 8,381
200 Burnham Pacific Properties............................ 1,475
300 Cabot Industrial Trust................................ 5,775
300 Camden Property Trust................................. 8,513
100 Capital Automotive REIT............................... 1,394
400 Capstead Mortgage Corp. .............................. 1,475
146 CBL & Associates Properties, Inc. .................... 3,422
133 CenterPoint Properties Corp. ......................... 4,771
100 Chateau Communities, Inc. ............................ 2,600
102 Chelsea GCA Realty, Inc. ............................. 3,328
200 Colonial Properties Trust............................. 4,988
200 Commercial Net Lease Realty........................... 2,200
300 Cornerstone Realty Income Trust, Inc. ................ 3,056
100 * Crestline Capital Corp. .............................. 1,719
100 Crown American Realty Trust........................... 556
400 Developers Diversified Realty Corp. .................. 6,075
38 Duke-Weeks Realty Corp. .............................. 824
103 EastGroup Properties, Inc. ........................... 2,144
200 Equity Inns, Inc. .................................... 1,325
100 Essex Property Trust, Inc. ........................... 3,863
300 Federal Realty Investment Trust....................... 6,375
200 First Industrial Realty Trust, Inc. .................. 6,013
100 First Washington Realty Trust......................... 2,081
200 Gables Residential Trust.............................. 4,800
200 Glenborough Reality Trust, Inc. ...................... 2,950
200 Glimcher Realty Trust................................. 2,750
50 Golf Trust of America, Inc. .......................... 863
107 Great Lakes REIT, Inc. ............................... 1,618
356 Health Care Property Investors, Inc. ................. 9,924
200 Health Care REIT, Inc. ............................... 3,188
300 Healthcare Realty Trust, Inc. ........................ 5,400
100 Home Properties of NY, Inc. .......................... 2,800
300 Hospitality Properties Trust.......................... 6,675
500 * Indymac Mortgage Holdings, Inc. ...................... 6,531
200 Innkeepers USA Trust.................................. 1,800
200 IRT Property Co. ..................................... 1,663
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
36 April 30, 2000 (Unaudited)
SMALL CAP INDEX FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS - Continued
219 JDN Realty Corp. ..................................... $ 2,122
200 * Jones Lang Lasalle, Inc. ............................. 3,188
100 JP Realty, Inc. ...................................... 1,794
200 Kilroy Realty Corp. .................................. 4,825
200 Koger Equity, Inc. ................................... 3,500
200 Konover Property Trust, Inc. ......................... 1,175
100 LaSalle Hotel Properties.............................. 1,513
112 Lexington Corp. Properties............................ 1,260
200 LTC Properties, Inc. ................................. 1,188
200 Macerich Co. ......................................... 4,638
130 Manufactured Home Communities, Inc. .................. 3,250
100 MGI Properties, Inc. ................................. 231
119 Mid-America Apartment Communities, Inc. .............. 2,841
100 Mills Corp. .......................................... 1,800
100 National Golf Properties, Inc. ....................... 1,913
200 National Health Investors, Inc. ...................... 2,400
300 Nationwide Health Properties, Inc. ................... 3,975
129 Omega Healthcare Investors, Inc. ..................... 790
100 Pacific Gulf Properties, Inc. ........................ 2,150
100 Pan Pacific Retail Properties, Inc. .................. 1,900
100 Parkway Properties, Inc. ............................. 3,000
100 Pennsylvania Real Estate Investment Trust............. 1,725
200 Prentiss Properties Trust............................. 4,750
100 Prime Group Realty Trust.............................. 1,481
300 Prime Retail, Inc. ................................... 488
200 PS Business Parks, Inc. .............................. 4,450
200 Realty Income Corp. .................................. 4,363
300 Reckson Associates Realty Corp. ...................... 6,019
49 Redwood Trust, Inc. .................................. 720
200 Regency Realty Corp. ................................. 4,425
200 RFS Hotel Investors, Inc. ............................ 2,425
100 Saul Centers, Inc. ................................... 1,544
300 * Security Capital Group, Inc. ......................... 4,500
200 Shurgard Storage Centers, Inc., Class A............... 5,238
127 Smith Charles E Realty, Inc. ......................... 4,786
100 Sovran Self Storage, Inc. ............................ 2,056
30 Starwood Financial, Inc. ............................. 527
200 Storage USA, Inc. .................................... 5,850
147 Summit Properties, Inc. .............................. 2,931
100 Sun Communities, Inc. ................................ 3,313
200 Taubman Centers, Inc. ................................ 2,388
100 Thornburg Mortgage Inc. .............................. 875
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS - Continued
100 Town & Country Trust.................................. $ 1,725
200 * Trammell Crow Co. .................................... 2,600
100 U.S. Restaurant Properties, Inc. ..................... 1,269
700 United Dominion Realty Trust, Inc. ................... 7,000
100 Urban Shopping Centers, Inc. ......................... 3,225
200 Washington Real Estate Investment Trust............... 3,213
200 Weingarten Realty Investors........................... 8,100
100 * Wellsford Real Properties, Inc. ...................... 888
111 Western Properties Trust.............................. 1,256
200 Westfield America, Inc. .............................. 2,738
-----------
301,437
-----------
RESTAURANTS - 0.74%
200 * Advantica Restaurant Corp. ........................... 275
200 Applebees International, Inc. ........................ 7,288
100 Avado Brands, Inc. ................................... 200
200 Bob Evans Farms, Inc. ................................ 2,613
300 * Buffets, Inc. ........................................ 2,944
400 CBRL Group, Inc. ..................................... 5,550
100 * Cheesecake Factory, Inc. ............................. 4,094
300 CKE Restaurants, Inc. ................................ 1,106
175 * Consolidated Products, Inc. .......................... 1,597
300 * Jack in the Box, Inc. ................................ 7,350
200 Landry's Seafood Restaurants, Inc. ................... 1,725
214 Lone Star Steakhouse & Saloon, Inc. .................. 2,528
100 Luby's, Inc. ......................................... 900
100 * NPC International, Inc. .............................. 1,038
100 * O'Charley's, Inc. .................................... 1,269
100 * Papa Johns International, Inc. ....................... 2,750
100 * RARE Hospitality International, Inc. ................. 3,094
200 Ruby Tuesday, Inc. ................................... 4,188
200 * Ryan's Family Steak Houses, Inc. ..................... 1,956
100 * Sonic Corp. .......................................... 2,781
100 * Triarc Companies, Inc., Class A....................... 2,063
-----------
57,309
-----------
RETIREMENT/AGED CARE - 0.00%
100 * Capital Senior Living Corp. .......................... 256
-----------
SAVINGS & LOAN - 0.75%
100 Alliance Bancorp...................................... 1,656
42 Andover Bancorp....................................... 1,147
208 Bay View Capital Corp. ............................... 1,495
100 Brookline Bancorp, Inc. .............................. 944
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SAVINGS & LOAN - Continued
600 Capitol Federal Financial............................. $ 5,850
100 CFS Bancorp, Inc. .................................... 881
100 Dime Community Bancshares............................. 1,731
131 Downey Financial Corp. ............................... 3,914
105 F&M Bancorp/Frederick................................. 2,126
400 * Finet.com, Inc. ...................................... 350
100 First Financial Holdings, Inc. ....................... 1,363
100 First Indiana Corp. .................................. 1,863
300 First Sentinel Bancorp, Inc. ......................... 2,250
100 First Washington Bancorp, Inc. ....................... 1,500
118 * FirstFed Financial Corp. ............................. 1,475
100 Hudson River Bankcorp. ............................... 988
100 * Local Financial Corp. ................................ 806
200 MAF Bancorp, Inc. .................................... 3,750
100 Northwest Bancorp, Inc. .............................. 725
100 OceanFirst Financial Corp. ........................... 1,600
221 Provident Bankshares Corp. ........................... 3,294
108 Queens County Bancorp, Inc. .......................... 2,194
200 Seacoast Financial Services Co. ...................... 1,875
100 St. Francis Capital Corp. ............................ 1,419
300 Staten Island Bancorp, Inc. .......................... 5,156
200 United Community Financial Co. ....................... 1,125
400 Washington Federal, Inc. ............................. 6,975
3 * Wilshire Financial Services Group, Inc. .............. 3
-----------
58,455
-----------
SCHOOLS - 0.11%
100 * Advantage Learning Systems, Inc. ..................... 1,456
100 * Bright Horizons Family Solutions, Inc. ............... 1,800
123 * Education Management Corp. ........................... 2,014
100 * ITT Educational Services, Inc. ....................... 1,788
100 * School Specialty, Inc. ............................... 1,863
-----------
8,921
-----------
SECURITIES RELATED - 0.46%
100 Dain Rauscher Corp. .................................. 6,194
10 * E*Trade Group, Inc. .................................. 215
200 Enhance Financial Services Group, Inc. ............... 2,025
100 Investors Financial Services Corp. ................... 8,163
100 Liberty Financial Companies, Inc. .................... 1,875
200 Morgan Keegan, Inc. .................................. 3,188
100 * National Discount Brokers Group, Inc. ................ 2,919
200 * Pioneer Group, Inc. .................................. 5,600
300 Raymond James Financial, Inc. ........................ 6,038
-----------
36,217
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 37
SMALL CAP INDEX FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SEMICONDUCTOR EQUIPMENT - 1.33%
180 * Applied Materials, Inc. .............................. $ 18,326
100 * ATMI, Inc. ........................................... 3,850
100 * Brooks Automation, Inc. .............................. 8,969
200 * Cognex Corp. ......................................... 11,375
900 * LAM Research Corp. ................................... 41,288
200 * Varian Semiconductor Equipment Associates, Inc. ...... 13,450
100 * Veeco Instruments, Inc. .............................. 6,213
-----------
103,471
-----------
SEMICONDUCTORS - 3.93%
100 * Actel Corp. .......................................... 3,681
200 * Alliance Semiconductor Corp. ......................... 4,075
100 * American Xtal Technology, Inc. ....................... 2,439
150 * Anadigics, Inc. ...................................... 11,288
248 * Burr Brown Corp. ..................................... 16,895
423 * Cirrus Logic, Inc. ................................... 6,927
100 Cohu, Inc. ........................................... 3,806
100 * Credence Systems Corp. ............................... 14,275
200 * Cree, Inc. ........................................... 29,100
200 * Cymer, Inc. .......................................... 7,813
700 * Cypress Semiconductor Corp. .......................... 36,356
400 Dallas Semiconductor Corp. ........................... 17,175
129 * Electroglas, Inc. .................................... 4,999
100 * Emcore Corp. ......................................... 8,675
200 * ESS Technology, Inc. ................................. 2,600
150 * Exar Corp. ........................................... 12,026
200 * FSI International, Inc. .............................. 2,988
500 * Integrated Device Technology, Inc. ................... 24,031
323 * International Rectifier Corp. ........................ 15,867
200 * Kopin Corp. .......................................... 15,488
200 * MRV Communications, Inc. ............................. 13,788
100 * PLX Technology, Inc. ................................. 3,294
215 * Silicon Valley Group Inc. ............................ 6,128
249 * TranSwitch Corp. ..................................... 21,928
200 * Triquint Semiconductor, Inc. ......................... 20,563
-----------
306,205
-----------
TELECOMMUNICATIONS - 4.95%
105 ABM Industries, Inc. ................................. 2,651
200 * Adaptive Broadband Corp. ............................. 6,500
100 * Adelphia Business Solutions, Inc. .................... 3,500
100 * Adtran, Inc. ......................................... 6,756
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
TELECOMMUNICATIONS - Continued
500 * Advanced Fibre Communications, Inc. .................. $ 22,844
100 * Aerial Communications, Inc. .......................... 4,419
200 * Ancor Communications, Inc. ........................... 6,038
529 * Andrew Corp. ......................................... 15,572
200 * Anicom, Inc. ......................................... 950
306 * Aspect Communications, Inc. .......................... 10,863
200 * AVT Corp. ............................................ 2,213
100 * Aware, Inc. .......................................... 3,900
100 * Carrier Access Corp. ................................. 4,363
300 * CellNet Data Systems, Inc. ........................... 30
200 * CellStar Corp. ....................................... 1,150
100 * COM21, Inc. .......................................... 2,800
200 CT Communications, Inc. .............................. 6,050
150 * CTC Communications Group, Inc. ....................... 5,063
100 * Diamond Tech Partners, Inc. .......................... 7,913
225 * Dycom Industries, Inc. ............................... 11,700
330 * E. Spire Communication, Inc. ......................... 1,671
100 * Electric Lightwave, Inc. ............................. 2,206
200 * General Communication, Inc. .......................... 1,000
400 * Glenayre Technologies, Inc. .......................... 5,275
300 * ICG Communications, Inc. ............................. 8,925
129 * IDT Corp. ............................................ 4,080
38 * Inet Technologies, Inc. .............................. 1,639
100 Inter-Tel, Inc. ...................................... 2,025
300 Intermedia Communications, Inc. ...................... 12,225
207 * InterVoice-Brite, Inc. ............................... 3,299
100 * IPC Information Systems, Inc. ........................ 16,700
300 * ITC Deltacom, Inc. ................................... 9,863
100 * Leap Wireless International, Inc. .................... 5,138
100 * MasTec, Inc. ......................................... 8,638
100 * Metricom, Inc. ....................................... 2,806
100 * MGC Communications, Inc. ............................. 4,900
200 * MMC Networks, Inc. ................................... 5,300
100 * Motient Corp. ........................................ 1,250
178 Nortel Networks Corp. ................................ 20,159
100 North Pittsburgh Systems, Inc. ....................... 1,300
100 * Pacific Gateway Exchange, Inc. ....................... 631
600 * Paging Network, Inc. ................................. 1,013
400 * Pairgain Technologies, Inc. .......................... 9,950
100 * Plantronics, Inc. .................................... 8,850
200 * Powertel, Inc. ....................................... 13,450
100 * Powerwave Technologies, Inc. ......................... 20,806
305 * Price Communications Co. ............................. 6,176
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
TELECOMMUNICATIONS - Continued
200 * Primus Telecommunications Group, Inc. ................ $ 6,563
100 * Proxim, Inc. ......................................... 7,694
300 * PTEK Holdings, Inc. .................................. 1,519
100 * Razorfish, Inc. ...................................... 1,894
200 * STAR Telecommunications, Inc. ........................ 950
100 * Superior Telecom, Inc. ............................... 1,213
300 * Talk.com, Inc. ....................................... 2,925
200 * Tekelec............................................... 7,000
100 * TeleTech Holdings, Inc. .............................. 3,263
100 * Terayon Communication Systems, Inc. .................. 9,300
100 * Tut Systems, Inc. .................................... 4,800
100 * US LEC Corp. ......................................... 2,613
44 * Viatel, Inc. ......................................... 1,683
152 * Voicestream Wireless Corp. ........................... 15,048
237 * Weblink Wireless, Inc. ............................... 2,696
100 * West Teleservices Corp. .............................. 2,113
110 * Westell Technologies, Inc., Class A................... 3,128
300 * World Access, Inc. ................................... 4,725
100 * Worldpages.com, Inc. ................................. 656
100 * Xceed, Inc. .......................................... 1,375
-----------
385,708
-----------
TEXTILE - PRODUCTS - 0.30%
300 * Burlington Industries, Inc. .......................... 1,313
100 * Dan River, Inc., Class A.............................. 569
100 G & K Services, Inc., Class A......................... 2,450
102 Guilford Mills, Inc. ................................. 842
100 * Lydall, Inc. ......................................... 888
100 Pillowtex Corp. ...................................... 525
200 Russell Corp. ........................................ 3,925
100 Springs Industries, Inc., Class A..................... 4,106
400 * Unifi, Inc. .......................................... 4,075
219 Wellman, Inc. ........................................ 4,681
-----------
23,374
-----------
TOBACCO - 0.08%
100 Brooke Group, Ltd. ................................... 1,388
300 DIMON, Inc. .......................................... 713
200 Universal Corp. ...................................... 3,775
-----------
5,876
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
38 April 30, 2000 (Unaudited)
SMALL CAP INDEX FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
TRUCKERS - 0.67%
140 * American Freightways Corp. ........................... $ 2,608
122 Arnold Industries, Inc. .............................. 1,426
128 * Consolidated Freightways Corp. ....................... 800
100 * Covenant Transport, Inc., Class A..................... 1,319
100 * Forward Air Corp. .................................... 3,438
112 * Heartland Express, Inc. .............................. 1,890
43 * Knight Transportation, Inc. .......................... 790
100 * Landstar System, Inc. ................................ 5,725
100 * M.S. Carriers, Inc. .................................. 2,375
100 Roadway Express, Inc. ................................ 2,350
301 Rollins Truck Leasing Corp. .......................... 2,991
250 * Swift Transportation Co., Inc. ....................... 5,016
200 USFreightways Corp. .................................. 9,325
200 Werner Enterprises, Inc. ............................. 3,750
100 * Xtra Corp. ........................................... 4,700
200 * Yellow Corp. ......................................... 3,813
-----------
52,316
-----------
UTILITIES - COMMUNICATION - 0.13%
100 * Alpine Group, Inc. ................................... 813
19 * Broadwing, Inc. ...................................... 538
100 CFW Communications Co. ............................... 3,850
100 * Commonwealth Telephone
Enterprises, Inc. .................................... 4,856
-----------
10,057
-----------
UTILITIES - ELECTRIC - 0.98%
100 * American Superconductor Corp. ........................ 3,819
138 Black Hills Corp. .................................... 3,165
145 Cleco Corp. .......................................... 4,993
400 * El Paso Electric Co. ................................. 4,425
112 Empire District Electric Co. ......................... 2,415
208 Hawaiian Electric Industries, Inc. ................... 7,696
200 Idacorp, Inc. ........................................ 7,375
100 Madison Gas & Electric Co. ........................... 1,813
100 Northwestern Corp. ................................... 2,300
200 Otter Tail Power Co. ................................. 5,200
200 Public Service Co. of New Mexico...................... 3,600
234 RGS Energy Group, Inc. ............................... 5,499
42 Scana Corp. .......................................... 1,087
488 Sierra Pacific Resources.............................. 7,381
200 UniSource Energy Corp. ............................... 3,250
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
UTILITIES - ELECTRIC - Continued
100 United Illuminating Co. .............................. $ 4,600
300 Washington Gas Light Co. ............................. 7,688
-----------
76,306
-----------
UTILITIES - GAS, DISTRIBUTION - 0.59%
400 AGL Resources, Inc. .................................. 7,000
100 Connecticut Natural Gas Corp. ........................ 3,856
200 Energen Corp. ........................................ 3,663
300 * National-Oilwell, Inc. ............................... 7,181
200 Northwest Natural Gas Co. ............................ 4,400
100 NUI Corp. ............................................ 2,675
200 Piedmont Natural Gas Co., Inc. ....................... 5,650
200 Southwestern Energy Co. .............................. 1,700
466 Vectren Corp.......................................... 9,380
-----------
45,505
-----------
UTILITIES - GAS, PIPELINE - 0.07%
200 ONEOK, Inc. .......................................... 5,050
-----------
UTILITIES - MISCELLANEOUS - 0.37%
100 * Casella Waste Systems, Inc. .......................... 744
109 CH Energy Group, Inc. ................................ 3,590
401 * Encompass Services Corp. ............................. 2,782
400 MDU Resources Group, Inc. ............................ 8,725
100 * Stericycle, Inc. ..................................... 2,100
300 Walter Industries, Inc. .............................. 3,206
101 * Waste Connections, Inc. .............................. 1,263
200 WPS Resources Corp. .................................. 5,975
-----------
28,385
-----------
WATER SERVICES - 0.31%
100 American States Water Co. ............................ 3,012
100 California Water Service Group........................ 2,330
100 E'Town Corp. ......................................... 6,519
200 Philadelphia Suburban Corp. .......................... 4,800
200 United Water Resources, Inc. ......................... 6,950
-----------
23,611
-----------
TOTAL COMMON STOCK
(Cost $5,870,539)..................................... 6,293,748
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
WARRANTS - 0.00%
APPLIANCES/FURNISHINGS - 0.00%
38 Sunbeam Corp. ........................................ $ 33
----------
TOTAL WARRANTS
(Cost $0)............................................. 33
----------
PREFERRED STOCK - 0.00%
APPLIANCES/FURNISHINGS - 0.00%
200 O'Sullivan Industries Holdings, Inc. ................. 113
----------
TOTAL PREFERRED STOCK
(Cost $275)........................................... 113
----------
<CAPTION>
PAR
VALUE
----------
<C> <S> <C>
UNITED STATES GOVERNMENT -
SHORT-TERM - 1.28%
U. S. TREASURY BILLS - 1.28%
United States Treasury Bills:
$ 25,000 5.57% due 05/04/00................................... 24,988
75,000 5.54% due 05/11/00................................... 74,884
----------
99,872
----------
TOTAL UNITED STATES GOVERNMENT -
SHORT-TERM
(Cost $99,872)........................................ 99,872
----------
CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT - 18.04%
BANKS - OTHER - 18.04%
1,406,000 State Street Bank Repurchase Agreement, 5.62%, dated
04/28/00, to be repurchased at $1,406,658 on 05/01/00,
collateralized by U.S. Treasury Bonds, 5.25%,
02/15/29, with a par value of $1,640,000 (Cost
$1,406,000)........................................... 1,406,000
----------
TOTAL CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT
(Cost $1,406,000)..................................... 1,406,000
----------
TOTAL INVESTMENTS
(Cost $7,376,686) - 100.10%........................... $7,799,766
----------
*Non-income producing
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 39
SMALL CAP INDEX FUND - CONTINUED
<TABLE>
<CAPTION>
UNREALIZED
(DEPRECIATION)
CONTRACTS APPRECIATION
<S> <C> <C>
---------------------------------------------------------------
FUTURES CONTRACTS PURCHASED(1)
(Delivery month/Value at 04/30/00)
4(2) Russell 2000 Index Futures
(June/$509.00)..................... $(196,150)
1(3) S&P 500 Index Futures
(June/$1,460.00)................... 12,525
---------
(183,625)
---------
</TABLE>
(1) U.S. Treasury Bills with a market value of approximately $100,000 were
maintained in a segregated account with a portion placed as collateral for
futures contracts.
(2) Per 500.
(3) Per 250.
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
<S> <C>
-------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES:
ASSETS:
Investments, at market (Cost $7,376,686)............................ $7,799,766
Receivables for:
Investments sold................................................... 12,100
Fund shares sold................................................... 338
Dividends and interest............................................. 3,822
Other assets........................................................ 23,821
----------
TOTAL ASSETS........................................................ 7,839,847
----------
LIABILITIES:
Payable for fund shares redeemed.................................... 1,021
Payable to affiliates:
Advisory fees...................................................... 3,822
Distribution fees for Class A & B.................................. 4,213
Other.............................................................. 39,079
Accrued expenses and other liabilities.............................. 10
----------
TOTAL LIABILITIES................................................... 48,145
----------
NET ASSETS.......................................................... $7,791,702
----------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value per share,
unlimited authorized shares,
682,274 shares outstanding....................................... $ 6,823
Additional paid in capital....................................... 7,054,366
Undistributed net realized gain on securities.................... 490,273
Undistributed net investment income.............................. 785
Unrealized appreciation (depreciation) of:
Investments........................................... $ 423,080
Futures contracts..................................... (183,625) 239,455
--------- ----------
NET ASSETS APPLICABLE
TO SHARES OUTSTANDING............................................ $7,791,702
----------
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
-------------------------------------------------------------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Net asset value and redemption price per Class A
share ($3,417,858 divided by 299,232 shares)............... $11.42
------
Offering price per Class A share (100/94.25 of $11.42)*.... $12.12
------
Net asset value and offering price per Class B
share ($4,373,844 divided by 383,042 shares)**............. $11.42
------
* Offering price includes sales charge of 5.75%. The sales charge is reduced
for purchases of $25,000 and over.
** Redemption price per share is equal to net asset value less any applicable
contingent deferred sales charge.
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
40
SMALL CAP INDEX FUND (Unaudited) - CONTINUED
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2000
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME:
Dividends................................................... $ 41,727
Interest.................................................... 38,487
--------
Total investment income.................................... 80,214
--------
EXPENSES:
Advisory fees............................................... 10,579
Transfer agent fees......................................... 12,053
Custodian fees.............................................. 4,267
Distribution fees:
Class A.................................................... 4,248
Class B.................................................... 20,792
Registration and filing fees................................ 10,616
Audit fees and tax services................................. 1,384
Accounting services......................................... 1,134
Trustees' fees and expenses................................. 1,132
Report to shareholders...................................... 1,760
Miscellaneous............................................... 2,170
--------
Total expenses............................................. 70,135
Expense reimbursement (see Note 3)......................... (23,160)
--------
Net expenses............................................... 46,975
--------
NET INVESTMENT INCOME....................................... 33,239
--------
REALIZED AND UNREALIZED GAIN (LOSS) ON SECURITIES:
Net realized gain on securities:
Investments...................................... $ 248,200
Futures contracts................................ 219,280 467,480
---------
Net unrealized appreciation (depreciation) of
securities during the period:
Investments...................................... 543,827
Futures contracts................................ (160,825) 383,002
--------- --------
Net realized and unrealized gain on securities
during the period......................................... 850,482
--------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............ $883,721
--------
</TABLE>
<TABLE>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
For the Six For the
Months Ended Year Ended
April 30, 2000 October 31, 1999
--------------------------------
<S> <C> <C>
OPERATIONS:
Net investment income......................... $ 33,239 $ 33,820
Net realized gain on securities............... 467,480 653,965
Net unrealized appreciation (depreciation) of
securities during the period.................. 383,002 (143,547)
--------------------------------
Increase in net assets resulting from
operations................................... 883,721 544,238
--------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A...................................... (22,224) (26,235)
Class B...................................... (11,201) (6,614)
--------------------------------
Total distributions to shareholders
from net investment income.................. (33,425) (32,849)
--------------------------------
Net realized gain on securities
Class A...................................... (289,197) -
Class B...................................... (341,975) -
--------------------------------
Total distributions to shareholders
from net realized gain on securities........ (631,172) -
--------------------------------
Decrease in net assets resulting from
distributions to shareholders................. (664,597) (32,849)
--------------------------------
SHARE TRANSACTIONS:
Net increase in net assets resulting from
share transactions
Class A...................................... 408,248 2,639,566
Class B...................................... 902,399 3,105,976
--------------------------------
Total increase in net assets resulting from
share transactions............................ 1,310,647 5,745,542
--------------------------------
TOTAL INCREASE IN NET ASSETS.................. 1,529,771 6,256,931
NET ASSETS:
Beginning of year............................ 6,261,931 5,000
--------------------------------
End of period (including undistributed net
investment income of $785 and $971).......... $7,791,702 $6,261,931
--------------------------------
</TABLE>
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CHANGE IN SHARES Class A Class B
OUTSTANDING ---------------------------------------- ----------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
------------------- ------------------- ------------------- -------------------
Shares Amount Shares Amount Shares Amount Shares Amount
------------------- ------------------- ------------------- -------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Shares sold............. 12,592 $ 150,316 260,137 $2,618,550 52,385 $ 616,946 304,191 $3,102,682
Shares issued for
distributions
reinvested.............. 28,010 311,419 2,928 26,235 31,809 352,709 598 6,607
Shares repurchased...... (4,214) (53,487) (471) (5,219) (5,901) (67,256) (290) (3,313)
------------------- ------------------- ------------------- ------------------
Increase in shares
outstanding............. 36,388 408,248 262,594 2,639,566 78,293 902,399 304,499 3,105,976
Shares outstanding:
Beginning of period..... 262,844 2,642,066 250 2,500 304,749 3,108,476 250 2,500
------------------- ------------------- ------------------- ------------------
End of period........... 299,232 $3,050,314 262,844 $2,642,066 383,042 $4,010,875 304,749 $3,108,476
------------------- ------------------- ------------------- ------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited)INTERNATIONAL GROWTH FUND 41
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
COMMON STOCK - 92.21%
APPAREL & PRODUCTS - 1.16%
561 Christian Dior........................................ $ 133,308
-----------
AUTO - CARS - 2.10%
5,327 Renault, S.A. ........................................ 242,032
-----------
BANKS - OTHER - 8.22%
2,000 Bank Austria AG....................................... 88,689
2,700 Banque Nationale De Paris............................. 218,115
3,200 Commerzbank AG........................................ 120,966
3,500 Dresdner Bank......................................... 145,029
3,600 ING Groep NV.......................................... 196,345
25,728 United Overseas Bank, Ltd. ........................... 179,305
-----------
948,449
-----------
BROADCASTING - 2.71%
65,500 Asia Satellite Telecom Holdings....................... 204,761
1,700 * Grupo Televisa, S.A. ................................. 107,844
-----------
312,605
-----------
CHEMICAL - MISCELLANEOUS - 1.92%
5,413 Akzo Nobel............................................ 221,493
-----------
CONGLOMERATES - 2.86%
2,246 Lagardere S.C.A. ..................................... 152,050
46,000 LI & Fung............................................. 177,759
-----------
329,809
-----------
CONSUMER FINANCE - 0.83%
1,000 Acom Co. ............................................. 96,322
-----------
DRUGS - 4.19%
5,100 Astrazeneca, Plc. .................................... 214,755
4,880 Aventis............................................... 268,285
-----------
483,040
-----------
ELECTRIC PRODUCTS -
MISCELLANEOUS - 1.03%
10,000 Hitachi, Ltd. ........................................ 119,362
-----------
ELECTRICAL EQUIPMENT - 2.65%
7,000 NEC Corp. ............................................ 190,423
1,000 Sony Corp. ........................................... 114,828
-----------
305,251
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT - 4.08%
4,416 Philips Electronic NV................................. $ 196,909
1,700 * Samsung Electronics(/1/).............................. 274,006
-----------
470,915
-----------
FINANCE COMPANIES - 3.47%
58,600 Grupo Financiero Banamex Accival,
S.A. de CV (Bannaci).................................. 211,653
1,320 Orix Corp. ........................................... 188,336
-----------
399,989
-----------
FINANCIAL SERVICES - 4.54%
19,000 Amvescap, Plc. ....................................... 278,135
62,000 Bank of East Asia, Ltd. .............................. 134,122
7,900 Investor AB, Class B.................................. 111,181
-----------
523,438
-----------
FOODS - 2.03%
3,000 * Companhia de Brasileira - ADR......................... 85,500
12,000 Parmalat Finanziaria SPA.............................. 12,816
12,000 Sumitomo Corp. ....................................... 134,351
-----------
232,667
-----------
HOUSEHOLD PRODUCTS - 1.99%
38,200 Unilever, Plc. ....................................... 229,537
-----------
INFORMATION PROCESSING -
BUSINESS SOFTWARE - 0.70%
7,000 Misys, Plc. .......................................... 80,728
-----------
INFORMATION PROCESSING -
COMPUTER SERVICES - 1.03%
2,000 Getronics NV.......................................... 119,221
-----------
INFORMATION PROCESSING -
NETWORKING - 1.61%
5,200 * Newbridge Networks Corp. ............................. 186,225
-----------
INSURANCE - MULTILINE - 1.04%
21,300 Royal & Sun Alliance
Insurance Group, Plc. ................................ 120,239
-----------
MACHINERY -
CONSTRUCTION & CONTRACTS - 2.23%
10,341 Alstom................................................ 257,568
-----------
MERCHANDISE - DRUG - 1.06%
2,801 Scor.................................................. 121,867
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
METALS - ALUMINUM - 1.50%
3,944 Pechiney, S.A., Class A............................... $ 172,745
-----------
METALS - MISCELLANEOUS - 1.00%
40,000 Marubeni Corp. ....................................... 115,845
-----------
METALS - STEEL - 4.33%
2,100 Boehler-Udeholm AG.................................... 81,788
10,600 * Ispat International NV - ADR.......................... 123,888
6,500 Pohang Iron & Steel, Ltd. - ADR....................... 136,500
12,000 Usinor SA............................................. 157,569
-----------
499,745
-----------
MISCELLANEOUS - 1.91%
128,000 First Pacific Co., Ltd. .............................. 45,191
9,100 Viag AG............................................... 175,306
-----------
220,497
-----------
OIL - SERVICE - PRODUCTS - 0.72%
3,500 * Petroleo Brasileiro S.A. ............................. 83,563
-----------
PAPER/FOREST PRODUCTS - 1.69%
23,000 Metsa Serla, Class B.................................. 194,998
-----------
PHOTOGRAPHY - 1.39%
4,000 Fuji Photo Film Co. .................................. 160,259
-----------
PUBLISHING - NEWS - 1.67%
17,900 News Corp, Ltd. ...................................... 192,390
-----------
REAL ESTATE - 1.06%
174,000 Wheelock & Company, Ltd. ............................. 122,862
-----------
REAL ESTATE INVESTMENT TRUSTS - 1.55%
15,000 Cheung Kong Holdings, Ltd. ........................... 179,094
-----------
TELECOMMUNICATIONS - 14.87%
7,900 British Telecommunications, Plc. ..................... 141,791
28,000 China Telecom (Hong Kong)............................. 202,203
5,700 * Embratel Participacoes - ADR.......................... 128,250
2,300 Ericsson LMTEL Co. - ADR, Class B..................... 203,406
14,100 Global TeleSystems Group, Inc. ....................... 205,331
1,226 KPN NV (Koninklijke).................................. 123,494
1,070 Mobilcom AG........................................... 131,262
2,100 Phillippine Long Distance Telephone Co. .............. 37,641
7,400 * SK Telecom Co., Ltd. - ADR............................ 237,263
10,389 Telenorte Leste Partic - ADR.......................... 185,053
3,300 United Pan-Europe Communications NV................... 120,038
-----------
1,715,732
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
42 April 30, 2000 (Unaudited)
INTERNATIONAL GROWTH FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
UTILITIES - COMMUNICATION - 7.98%
25 DDI Corp. ............................................ $ 286,838
16 NTT Corp. ............................................ 198,381
400 Swisscom AG........................................... 141,354
4,782 Telefonica, S.A. ..................................... 106,375
41,275 Vodafone Group, Plc. ................................. 189,564
-----------
922,512
-----------
UTILITIES - ELECTRIC - 1.09%
40,500 HongKong Electric Holdings, Ltd. ..................... 126,348
-----------
TOTAL COMMON STOCK
(Cost $9,185,737)..................................... 10,640,655
-----------
<CAPTION>
PAR
VALUE
---------
<C> <S> <C>
CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT - 8.20%
$947,000 BANKS - OTHER - 8.20%
State Street Bank Repurchase Agreement, 5.62%, dated
04/28/00, to be repurchased at $947,444 on 05/01/00,
collateralized by U.S. Treasury Bonds, 8.00%,
11/15/21, with a par value of $795,000 (Cost
$947,000)............................................. 947,000
-----------
TOTAL CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT
(Cost $947,000)....................................... 947,000
-----------
TOTAL INVESTMENTS
(Cost $10,132,737) - 100.41%.......................... $11,587,655
-----------
* Non-income producing
</TABLE>
----
(1) Securities exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be sold in transactions exempt from
registration, normally to qualified institutional buyers. At April 30,
2000, the aggregate value of these securities was $274,006, representing
2.37% of net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
<S> <C>
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
ASSETS:
Investments, at market (Cost $10,132,737)....................... $11,587,655
Receivables for:
Investments sold............................................... 168,393
Fund shares sold............................................... 124,706
Dividends and interest......................................... 32,400
Other assets.................................................... 87,840
-----------
TOTAL ASSETS.................................................... 12,000,994
-----------
LIABILITIES:
Payable for:
Investments purchased.......................................... 368,358
Fund shares redeemed........................................... 25,942
Payable to affiliates:
Administrative service fees for Class I........................ 5,637
Advisory fees.................................................. 17,348
Distribution fees for Class A & B.............................. 4,608
Other.......................................................... 38,633
Accrued expenses and other liabilities.......................... 378
-----------
TOTAL LIABILITIES............................................... 460,904
-----------
NET ASSETS...................................................... $11,540,090
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
<TABLE>
<S> <C> <C>
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value per share,
unlimited shares authorized,
784,063 shares outstanding....................................... $ 7,841
Additional paid in capital....................................... 8,637,193
Undistributed net realized gain on securities.................... 1,547,160
Accumulated net investment loss.................................. (106,647)
Unrealized appreciation (depreciation) of:
Investments.......................................... $1,454,918
Foreign currency translation......................... (375) 1,454,543
---------- -----------
NET ASSETS APPLICABLE
TO SHARES OUTSTANDING............................................ $11,540,090
-----------
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
------------------------------------------------------------------------------
COMPUTATION OF NET ASSET VALUE
AND OFFERING PRICE:
Net asset value and redemption price per Class A
share ($2,424,940 divided by 164,139 shares)........................... $14.77
------
Offering price per Class A share
(100/94.25 of $14.77)*................................................. $15.67
------
Net asset value and offering price per Class B
share ($5,186,958 divided by 354,833 shares)**......................... $14.62
------
Net asset value, offering price and redemption
price per Class I share ($2,118,507 divided by
143,144 shares)........................................................ $14.80
------
Net asset value, offering price and redemption
price per Class II share ($1,809,685 divided by
121,947 shares)........................................................ $14.84
------
* Offering price includes sales charge of 5.75%.
The sales charge is reduced for purchases
of $25,000 and over.
** Redemption price per share is equal to net asset value less any
applicable contingent deferred sales charge.
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
43
INTERNATIONAL GROWTH FUND (Unaudited) - CONTINUED
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2000
<TABLE>
<CAPTION>
<S> <C> <C>
INVESTMENT INCOME:
Dividends (net of foreign withholding tax of $4,392)............. $ 53,433
Interest......................................................... 16,903
----------
Total investment income......................................... 70,336
----------
EXPENSES:
Advisory fees.................................................... 46,011
Transfer agent fees.............................................. 16,205
Custodian fees................................................... 6,759
Distribution fees:
Class A......................................................... 2,774
Class B......................................................... 21,070
Administrative service fee, Class I.............................. 2,453
Registration and filing fees..................................... 17,265
Audit fees and tax services...................................... 2,015
Accounting services.............................................. 1,534
Trustees' fees and expenses...................................... 1,257
Report to shareholders........................................... 1,749
Miscellaneous.................................................... 2,894
----------
Total expenses.................................................. 121,986
Expense reimbursement (see Note 3).............................. (38,861)
----------
Net expenses.................................................... 83,125
----------
NET INVESTMENT LOSS.............................................. (12,789)
----------
REALIZED AND UNREALIZED GAIN (LOSS) ON SECURITIES AND FOREIGN
CURRENCIES:
Net realized gain (loss) on securities:
Investments.......................................... $1,560,725
Foreign currency transactions........................ (13,564) 1,547,161
---------- ----------
Net unrealized appreciation (depreciation) of
securities during the period:
Investments.......................................... 780,861
Foreign currency translation......................... (375) 780,486
---------- ----------
Net realized and unrealized gain on securities and
foreign currencies during the period........................... 2,327,647
----------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS................. $2,314,858
----------
</TABLE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
For the Six For the
Months Ended Year Ended
April 30, 2000 October 31, 1999
-------------------------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss).................. $ (12,789) $ 53,743
Net realized gain on securities and foreign
currencies.................................... 1,547,161 132,293
Net unrealized appreciation of securities and
foreign currencies during the period.......... 780,486 674,057
-------------------------------
Increase in net assets resulting from
operations................................... 2,314,858 860,093
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A...................................... (27,704) (352)
Class B...................................... (43,299) -
Class I...................................... (24,550) (616)
Class II..................................... (25,255) (1,164)
-------------------------------
Total distributions to shareholders
from net investment income.................. (120,808) (2,132)
-------------------------------
Net realized gain on securities
Class A...................................... (34,221) -
Class B...................................... (62,204) -
Class I...................................... (30,744) -
Class II..................................... (29,786) -
-------------------------------
Total distributions to shareholders
from net realized gain on securities........ (156,955) -
-------------------------------
Decrease in net assets resulting from
distributions to shareholders................. (277,763) (2,132)
-------------------------------
Net increase (decrease) in net assets
resulting from share transactions
Class A...................................... 322,039 1,447,297
Class B...................................... 1,603,364 2,553,637
Class I...................................... 217,834 1,294,888
Class II..................................... (76,720) 1,279,045
-------------------------------
Total increase in net assets resulting from
share transactions............................ 2,066,517 6,574,867
-------------------------------
TOTAL INCREASE IN NET ASSETS.................. 4,103,612 7,432,828
NET ASSETS:
Beginning of year............................ 7,436,478 3,650
-------------------------------
End of period (including accumulated net
investment income (loss) of ($106,647) and
$26,950)..................................... $11,540,090 $7,436,478
--------------------------------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CHANGE IN SHARES Class A Class B
OUTSTANDING ---------------------------------------- ----------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
------------------- ------------------- ------------------- -------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
------------------- ------------------- ------------------- -------------------
Shares sold..... 40,173 $ 611,583 147,213 $1,486,365 172,276 $2,564,308 251,466 $2,592,664
Shares issued
for
distributions
reinvested...... 4,129 62,155 35 352 7,091 105,660 - -
Shares
repurchased..... (23,654) (351,699) (3,848) (39,420) (72,492) (1,066,604) (3,599) (39,027)
------------------- ------------------- ------------------- -------------------
Increase
(decrease) in
shares
outstanding..... 20,648 322,039 143,400 1,447,297 106,875 1,603,364 247,867 2,553,637
Shares
outstanding:
Beginning of
period.......... 143,491 1,448,209 91 912 247,958 2,554,549 91 912
------------------- ------------------- ------------------- -------------------
End of period... 164,139 $1,770,248 143,491 $1,448,209 354,833 $4,157,913 247,958 $2,554,549
------------------- ------------------- ------------------- -------------------
<CAPTION>
CHANGE IN SHARES Class I Class II
OUTSTANDING ----------------------------------------- -----------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
-------------------- -------------------- -------------------- --------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-------------------- -------------------- -------------------- --------------------
Shares sold..... 25,406 $ 383,792 130,754 $1,312,797 4,568 $ 71,243 127,639 $1,278,455
Shares issued
for
distributions
reinvested...... 3,671 55,324 60 616 3,643 55,043 114 1,164
Shares
repurchased..... (15,160) (221,282) (1,679) (18,525) (14,056) (203,006) (53) (574)
-------------------- -------------------- -------------------- --------------------
Increase
(decrease) in
shares
outstanding..... 13,917 217,834 129,135 1,294,888 (5,845) (76,720) 127,700 1,279,045
Shares
outstanding:
Beginning of
period.......... 129,227 1,295,801 92 913 127,792 1,279,958 92 913
-------------------- -------------------- -------------------- --------------------
End of period... 143,144 $1,513,635 129,227 $1,295,801 121,947 $1,203,238 127,792 $1,279,958
-------------------- -------------------- -------------------- --------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<PAGE>
44 April 30, 2000 (Unaudited)
LARGE CAP GROWTH FUND
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
COMMON STOCK - 86.37%
ADVERTISING - 0.28%
300 * Doubleclick, Inc. .................................... $ 22,762
1,000 Interpublic Group Corp. .............................. 41,000
200 * TMP Worldwide, Inc. .................................. 13,074
-----------
76,836
-----------
AEROSPACE/DEFENSE - 0.82%
2,400 Boeing Co. ........................................... 95,250
1,200 Northrop Grumman Corp. ............................... 85,050
700 United Technologies Corp. ............................ 43,530
-----------
223,830
-----------
APPAREL & PRODUCTS - 0.18%
1,300 Intimate Brands, Inc. ................................ 50,050
-----------
APPLIANCES/FURNISHINGS - 0.92%
1,600 Lancaster Colony Corp. ............................... 42,000
3,200 Whirlpool Corp. ...................................... 208,400
-----------
250,400
-----------
AUTO - CARS - 0.44%
800 * General Motors Corp., Class H......................... 77,050
1,400 Hertz Corp., Class A.................................. 43,662
-----------
120,712
-----------
BANKS - OTHER - 0.18%
550 Providian Financial Corp. ............................ 48,434
-----------
BANKS - REGIONAL - 0.19%
700 Chase Manhattan Corp. ................................ 50,444
-----------
BEVERAGE -
BREWERS/DISTRIBUTORS - 0.14%
700 Seagram Co., Ltd. .................................... 37,800
-----------
BEVERAGE - SOFT DRINKS - 1.59%
3,800 Coca-Cola Co. ........................................ 178,837
1,100 Coca-Cola Enterprises, Inc. .......................... 23,443
2,000 Pepsi Bottling Group, Inc. ........................... 43,125
5,100 PepsiCo, Inc. ........................................ 187,106
-----------
432,511
-----------
BROADCASTING - 0.49%
800 * CBS Corp. ............................................ 47,000
300 * Clear Channel Communications, Inc. ................... 21,600
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
BROADCASTING - Continued
300 * Media One Group, Inc. ................................ $ 22,687
800 * Viacom, Inc., Class B ................................ 43,500
-----------
134,787
-----------
BUILDING MATERIALS - 0.18%
1,000 Lowe's Companies, Inc. ............................... 49,500
-----------
CHEMICAL - MAJOR - 0.68%
1,300 Dow Chemical Co. ..................................... 146,900
1,100 Rohm and Haas Co. .................................... 39,187
-----------
186,087
-----------
CHEMICAL - MISCELLANEOUS - 0.10%
900 Air Products and Chemicals, Inc. ..................... 27,956
-----------
CONGLOMERATES - 0.32%
1,900 Tyco International, Ltd. ............................. 87,281
-----------
CONSUMER FINANCE - 0.15%
1,500 MBNA Corp. ........................................... 39,844
-----------
<PAGE>
CONTAINERS - METAL/GLASS - 0.43%
600 Corning, Inc. ........................................ 118,500
-----------
COSMETICS/TOILETRIES - 0.19%
1,200 Estee Lauder Companies ............................... 52,950
-----------
DRUGS - 8.17%
1,100 Allergan, Inc. ....................................... 64,762
4,300 * Amgen, Inc. .......................................... 240,800
300 Bausch & Lomb, Inc. .................................. 18,112
1,800 * Biogen, Inc. ......................................... 105,862
5,400 Bristol Myers Squibb Co. ............................. 283,162
1,000 * Chiron Corp. ......................................... 45,250
300 Eli Lilly and Co. .................................... 23,194
1,000 * Immunex Corp. ........................................ 39,375
2,700 * IVAX Corp. ........................................... 73,913
1,500 Jones Pharma, Inc. ................................... 43,219
7,200 Merck & Co., Inc. .................................... 500,400
400 * Millennium Pharmaceuticals, Inc. ..................... 31,750
11,100 Pfizer, Inc. ......................................... 467,588
952 Pharmacia Corp. ...................................... 47,541
1,500 Schering-Plough Corp. ................................ 60,469
1,600 Warner-Lambert Co. ................................... 182,100
-----------
2,227,497
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT - 6.36%
900 * Cabletron Systems, Inc. .............................. $ 20,587
200 Emerson Electric Co. ................................. 10,974
10,100 General Electric Co. ................................. 1,588,224
1,250 Molex, Inc. .......................................... 68,671
400 * Teradyne, Inc. ....................................... 44,000
-----------
1,732,456
-----------
ELECTRONIC INSTRUMENTS - 0.52%
400 * C-Cube Microsystems, Inc. ............................ 25,700
500 * Sawtek, Inc. ......................................... 23,905
1,100 * Vishay Intertechnology, Inc. ......................... 92,262
-----------
141,867
-----------
ENTERTAINMENT - 1.19%
3,600 Time Warner, Inc. .................................... 323,775
15 Go.com................................................ 203
-----------
323,978
-----------
FINANCIAL SERVICES - 0.56%
1,000 American Express Co. ................................. 150,063
100 * Ameritrade Holding Corp., Class A..................... 1,675
-----------
151,738
-----------
FOODS - 2.03%
1,200 BestFoods............................................. 60,300
6,200 ConAgra, Inc. ........................................ 117,024
200 H J Heinz Co. ........................................ 6,800
3,200 Hormel Foods Corp. ................................... 48,800
5,300 IBP, Inc. ............................................ 87,450
1,600 Keebler Foods Co. .................................... 50,300
500 McCormick & Co., Inc. ................................ 15,593
6,100 Nabisco Group Holdings Corp. ......................... 78,537
900 Nabisco Holdings Corp., Class A....................... 33,805
3,100 Ralston Purina Co. ................................... 54,830
-----------
553,439
-----------
FOOTWEAR - 0.16%
1,000 NIKE, Inc., Class B................................... 43,438
-----------
HEALTHCARE - 0.64%
500 Cardinal Health, Inc. ................................ 27,531
300 * Edwards Lifesciences Corp. ........................... 4,500
1,600 UnitedHealth Group, Inc. ............................. 106,700
500 * Wellpoint Health Networks, Inc. ...................... 36,875
-----------
175,606
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 45
LARGE CAP GROWTH FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<S> <C> <C>
---------------------------------------------------------
HOSPITAL MANAGEMENT - 0.17%
800 Columbia/HCA Healthcare Corp. .... $ 22,750
1,100 * Healtheon/WebMD Corp. ............ 23,169
-----------
45,919
-----------
HOSPITAL SUPPLIES - 2.43%
2,300 Abbott Laboratories .............. 88,406
1,500 Baxter International, Inc. ....... 97,688
3,800 Johnson & Johnson................. 313,500
2,300 Medtronic, Inc. .................. 119,456
600 Stryker Corp. .................... 43,125
-----------
662,175
-----------
HOUSEHOLD PRODUCTS - 1.09%
400 Colgate-Palmolive Co. ............ 22,850
4,600 Procter & Gamble Co. ............. 274,275
-----------
297,125
-----------
HUMAN RESOURCES - 0.22%
1,000 * Robert Half International, Inc. .. 61,125
-----------
INFORMATION PROCESSING - 1.27%
200 * Comverse Technology, Inc. ........ 17,838
400 * Infospace, Inc. .................. 28,725
2,700 * JDS Uniphase Corp. ............... 280,125
400 * Lycos, Inc. ...................... 18,600
-----------
345,288
-----------
INFORMATION PROCESSING -
BUSINESS SOFTWARE - 6.79%
400 * Broadcom Corp. ................... 68,950
200 * Citrix Systems, Inc. ............. 12,213
1,500 * DST Systems, Inc. ................ 111,281
200 * i2 Technologies, Inc. ............ 25,850
200 * Inktomi Corp. .................... 30,788
200 * Micromuse, Inc. .................. 19,625
11,000 * Microsoft Corp. .................. 767,250
7,200 * Oracle Corp. ..................... 575,550
2,100 * Veritas Software Corp. ........... 225,258
300 * Vignette Corp. ................... 14,456
-----------
1,851,221
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<S> <C> <C>
-----------------------------------------------------------------
INFORMATION PROCESSING -
COMPUTER HARDWARE - 3.67%
1,200 * Apple Computer, Inc. ..................... $ 148,875
3,500 * Dell Computer Corp. ...................... 175,438
200 * E-Tek Dynamics, Inc. ..................... 40,950
300 * Gateway, Inc. ............................ 16,575
800 * Lexmark International Group, Inc. ........ 94,400
5,700 * Sun Microsystems, Inc. ................... 524,044
-----------
1,000,282
-----------
INFORMATION PROCESSING -
COMPUTER SERVICES - 2.68%
6,900 * America Online, Inc. ..................... 412,706
500 Automatic Data Processing, Inc. .......... 26,906
100 * Checkfree Holdings Corp. ................. 5,081
700 * CMGI, Inc. ............................... 49,875
100 * Cnet Networks, Inc. ...................... 3,456
100 * Earthlink, Inc. .......................... 1,888
1,100 Electronic Data Systems Corp. ............ 75,625
2,300 First Data Corp. ......................... 111,981
300 * VeriSign, Inc. ........................... 41,813
-----------
729,331
-----------
<PAGE>
INFORMATION PROCESSING -
CONSUMER SOFTWARE - 0.14%
400 * Intuit, Inc. ............................. 14,375
100 * Macromedia, Inc. ......................... 8,700
200 * Networks Associates, Inc. ................ 5,088
200 * Realnetworks, Inc. ....................... 9,525
-----------
37,688
-----------
INFORMATION PROCESSING -
DATA SERVICES - 7.00%
1,200 Adobe Systems, Inc. ...................... 145,125
400 * At Home Corp. ............................ 7,450
1,200 * Bea Systems, Inc. ........................ 57,900
2,800 Comdisco, Inc. ........................... 86,975
400 Computer Associates International, Inc. .. 22,325
500 * Computer Sciences Corp. .................. 40,781
3,100 * EMC Corp. ................................ 430,706
2,600 Hewlett Packard Co. ...................... 351,000
3,100 International Business Machines .......... 346,038
200 * Mercury Interactive Corp. ................ 18,000
1,600 * Network Appliance, Inc. .................. 118,300
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<S> <C> <C>
------------------------------------------------------------
INFORMATION PROCESSING -
DATA SERVICES - Continued
100 * Network Solutions, Inc. ............. $ 14,800
200 * PsiNet, Inc. ........................ 4,638
200 * Sandisk Corp. ....................... 18,325
100 * Sapient Corp. ....................... 7,919
500 * Seagate Technology, Inc. ............ 25,406
500 * Siebel Systems, Inc. ................ 61,438
1,000 * Solectron Corp. ..................... 46,813
800 * Yahoo!, Inc. ........................ 104,200
-----------
1,908,139
-----------
INFORMATION PROCESSING -
NETWORKING - 6.26%
22,000 * Cisco Systems, Inc. ................. 1,525,219
200 * Emulex Corp. ........................ 9,075
500 * Exodus Communications, Inc. ......... 44,219
100 * Extreme Networks, Inc. .............. 5,763
600 * PMC-Sierra, Inc. .................... 115,125
200 * Verio, Inc. ......................... 7,513
-----------
1,706,914
-----------
INSURANCE - LIFE - 0.09%
500 Hartford Life, Inc., Class A......... 24,625
-----------
INSURANCE - MULTILINE - 0.67%
1,300 American International Group, Inc. .. 142,594
400 Marsh & McLennan Companies, Inc. .... 39,425
-----------
182,019
-----------
LEISURE TIME - 0.12%
900 Royal Caribbean Cruises, Ltd. ....... 18,731
400 Sabre Holdings Corp. ................ 13,975
-----------
32,706
-----------
LODGING - 0.53%
3,400 Marriott International, Inc. ........ 108,800
1,242 MGM Grand, Inc. ..................... 36,639
-----------
145,439
-----------
MACHINERY - CONSTRUCTION &
CONTRACTS - 0.13%
400 * Calpine Corp. ....................... 36,600
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
46 April 30, 2000 (Unaudited)
LARGE CAP GROWTH FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<S> <C> <C>
------------------------------------------------------------
MEDICAL TECHNOLOGY - 0.31%
200 * Genentech, Inc. ..................... $ 23,400
1,000 PE Corp. - PE Biosystems Group....... 60,000
-----------
83,400
-----------
MERCHANDISE - DRUG - 0.76%
800 * Andrx Corp. ......................... 40,950
2,000 CVS Corp. ........................... 87,000
500 * Medimmune, Inc. ..................... 79,969
-----------
207,919
-----------
MERCHANDISE - SPECIALTY - 2.26%
500 * Amazon.com, Inc. .................... 27,594
400 * Best Buy Co., Inc. .................. 32,300
700 * Costco Wholesale Corp. .............. 37,844
500 Gap, Inc. ........................... 18,375
6,950 Home Depot, Inc. .................... 389,634
1,500 Limited, Inc. ....................... 67,781
600 Tiffany & Co. ....................... 43,613
-----------
617,141
-----------
MERCHANDISING - DEPARTMENT - 0.77%
3,000 * Federated Deptartment Stores, Inc. .. 102,000
1,000 May Department Stores Co. ........... 27,500
1,200 Target Corp. ........................ 79,875
-----------
209,375
-----------
MERCHANDISING - FOOD - 0.31%
1,000 * Kroger Co. .......................... 18,563
700 * Safeway, Inc. ....................... 30,888
900 SYSCO Corp. ......................... 33,863
-----------
83,314
-----------
MERCHANDISING - MASS - 1.93%
200 * Priceline.com, Inc. ................. 12,650
2,700 Sears Roebuck and Co. ............... 98,888
7,500 Wal-Mart Stores, Inc. ............... 415,313
-----------
526,851
-----------
MISCELLANEOUS - 0.38%
700 Avx Corp. ........................... 68,206
100 * Ebay, Inc. .......................... 15,919
173 * MarchFirst, Inc. .................... 3,687
200 * Polycom, Inc. ....................... 15,825
-----------
103,637
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<S> <C> <C>
----------------------------------------------------------
OIL - INTEGRATED DOMESTIC - 0.17%
2,000 USX-Marathon Group................. $ 46,625
-----------
PAPER/FOREST PRODUCTS - 0.36%
600 Georgia-Pacific Corp. ............. 22,050
1,300 Kimberly-Clark Corp. .............. 75,481
-----------
97,531
-----------
PHOTOGRAPHY - 0.29%
1,400 Eastman Kodak Co. ................. 78,313
-----------
PUBLISHING - NEWS - 0.50%
3,300 New York Times Co., Class A........ 135,919
-----------
PUBLISHING/PRINTING - 0.23%
800 McGraw-Hill, Inc. ................. 42,000
700 * TV Guide, Inc. .................... 20,869
-----------
62,869
-----------
<PAGE>
RESTAURANTS - 0.28%
1,200 * Starbucks Corp. ................... 36,281
1,200 * Tricon Global Restaurants, Inc. ... 40,950
-----------
77,231
-----------
SECURITIES RELATED - 0.63%
1,100 A.G. Edwards, Inc. ................ 41,388
2,100 Charles Schwab Corp. .............. 93,450
600 * E*Trade Group, Inc. ............... 12,900
300 Morgan Stanley Dean Witter & Co. .. 23,025
-----------
170,763
-----------
SEMICONDUCTOR EQUIPMENT - 1.02%
2,300 * Applied Materials, Inc. ........... 234,169
300 * KLA-Tencor Corp. .................. 22,463
200 * QLogic Corp. ...................... 20,063
-----------
276,695
-----------
SEMICONDUCTORS - 7.87%
1,700 * Analog Devices, Inc. .............. 130,581
600 * Applied Micro Circuits Corp. ...... 77,325
700 * Conexant Systems, Inc. ............ 41,913
1,033 * Energizer Holdings, Inc. .......... 17,626
9,300 Intel Corp. ....................... 1,179,356
600 * LSI Logic Corp. ................... 37,500
1,500 Motorola, Inc. .................... 178,594
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<S> <C> <C>
-------------------------------------------------------------
SEMICONDUCTORS - Continued
300 * SDL, Inc. ............................ $ 58,500
2,100 Texas Instruments, Inc. .............. 342,038
300 * Triquint Semiconductor, Inc. ......... 30,844
700 * Xilinx, Inc. ......................... 51,275
-----------
2,145,552
-----------
TELECOMMUNICATIONS - 6.99%
700 * ADC Communications, Inc. ............. 42,525
400 * Advanced Fibre Communication.......... 18,275
700 * Allegiance Telecom, Inc. ............. 49,525
500 * Aspect Communications, Inc. .......... 17,750
2,700 AT&T Corp. ........................... 126,056
1,100 * AT&T Corp. - Liberty Media Group...... 54,931
400 BCE, Inc. ............................ 45,900
800 * CIENA Corp. .......................... 98,900
300 * Covad Communications Group, Inc. ..... 8,325
800 * EchoStar Communications Corp.,
Class A............................... 50,950
900 * Level 3 Communications, Inc. ......... 80,100
7,400 Lucent Technologies, Inc. ............ 460,188
5,450 * MCI Worldcom, Inc. ................... 247,634
400 * Nextel Communications, Inc., Class A.. 43,775
300 * NEXTLINK Communications, Inc. ........ 25,294
900 Nortel Networks Corp. ................ 101,925
2,600 * QUALCOMM, Inc. ....................... 281,938
100 * RCN Corp. ............................ 2,863
100 * RF Micro Devices, Inc. ............... 10,406
100 * Rhythms Netconnections, Inc. ......... 2,069
600 Sanmina Corp. ........................ 36,038
1,400 Scientific-Atlanta, Inc. ............. 91,088
100 * Terayon Communication Systems, Inc. .. 9,300
-----------
1,905,755
-----------
TOBACCO - 0.26%
3,200 * Philip Morris Companies, Inc. ........ 70,000
-----------
UTILITIES - COMMUNICATION - 0.65%
600 Bell Atlantic Corp. .................. 35,550
700 GTE Corp. ............................ 47,425
1,200 Sprint Corp. FON Group................ 73,800
200 Telephone and Data Systems, Inc. ..... 20,400
-----------
177,175
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 47
LARGE CAP GROWTH FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
UTILITIES - GAS, PIPELINE - 0.23%
900 Enron Corp. .......................................... $ 62,719
-----------
TOTAL COMMON STOCK
(Cost $19,456,460).................................... 23,543,321
-----------
<CAPTION>
PAR
VALUE
---------
<C> <S> <C>
UNITED STATES GOVERNMENT -
SHORT-TERM - 0.80%
U. S. TREASURY BILLS - 0.80%
United States Treasury Bills:
$ 25,000 5.65% due 06/01/00................................... 24,877
25,000 5.62% due 06/01/00................................... 24,879
10,000 5.60% due 06/01/00................................... 9,952
75,000 5.58% due 06/08/00................................... 74,557
25,000 5.53% due 06/22/00................................... 24,800
25,000 5.50% due 05/11/00................................... 24,962
35,000 5.50% due 06/15/00................................... 34,759
-----------
218,786
-----------
UNITED STATES GOVERNMENT -
SHORT-TERM
(Cost $218,786)....................................... 218,786
-----------
CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT - 12.59%
3,433,000 BANKS - OTHER - 12.59%
State Street Bank Repurchase Agreement, 5.62%, dated
04/28/00, to be repurchased at $3,434,608 on 05/01/00,
collateralized by U.S. Treasury Bonds, 8.00%,
11/15/21, with a par value of $2,870,000 (Cost
$3,433,000)........................................... 3,433,000
-----------
TOTAL CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT
(Cost $3,433,000)..................................... 3,433,000
-----------
TOTAL INVESTMENTS
(Cost $23,108,246) - 99.76%........................... $27,195,107
-----------
*Non-income producing
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
UNREALIZED
CONTRACTS DEPRECIATION
<C> <S> <C> <C>
-----------------------------------------------------------
FUTURES CONTRACTS PURCHASED(1)
(Delivery month/Value at 04/30/00)
9(2) S&P 500 Index Futures
(June/$1,460.00)............. $ (20,950)
-----------
</TABLE>
(1) U.S. Treasury Bills with a market value of approximately $210,000 were
maintained in a segregated account with a portion placed as collateral for
futures contracts.
(2) Per 250.
<TABLE>
<CAPTION>
<S> <C>
-------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
ASSETS:
Investments, at market (Cost $23,108,246).......................... $27,195,107
Receivables for:
Fund shares sold.................................................. 206,965
Dividends and interest............................................ 9,005
Other assets....................................................... 21,102
-----------
TOTAL ASSETS....................................................... 27,432,179
-----------
LIABILITIES:
Payable for fund shares redeemed................................... 55,633
Payable to affiliates:
Administrative service fees for Class I........................... 7,766
Advisory fees..................................................... 22,983
Distribution fees for Class A & B................................. 3,835
Other............................................................. 82,258
-----------
TOTAL LIABILITIES.................................................. 172,475
-----------
NET ASSETS......................................................... $27,259,704
-----------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value per share,
unlimited shares authorized,
1,728,034 shares outstanding..................................... $ 17,280
Additional paid in capital....................................... 22,125,820
Undistributed net realized gain on securities.................... 1,117,290
Accumulated net investment loss.................................. (66,597)
Unrealized appreciation (depreciation) of:
Investments.......................................... $4,086,861
Futures contracts.................................... (20,950) 4,065,911
---------- -----------
NET ASSETS APPLICABLE
TO SHARES OUTSTANDING............................................ $27,259,704
-----------
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
--------------------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Net asset value and redemption price per Class A
share ($4,329,436 divided by 272,262 shares)............ $15.90
------
Offering price per Class A share
(100/94.25 of $15.90)*.................................. $16.87
------
Net asset value and offering price per Class B
share ($16,877,409 divided by 1,075,606 shares)**....... $15.69
------
Net asset value, offering price and redemption
price per Class I share ($4,113,811 divided by
258,467 shares)......................................... $15.92
------
Net asset value, offering price and redemption
price per Class II share ($1,939,048 divided by
121,699 shares)......................................... $15.93
------
* Offering price includes sales charge of 5.75%. The sales charge is reduced
for purchases of $25,000 and over.
** Redemption price per share is equal to net asset value less any applicable
contingent deferred sales charge.
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
48 LARGE CAP GROWTH FUND (Unaudited) - CONTINUED
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2000
<TABLE>
<CAPTION>
<S> <C> <C>
INVESTMENT INCOME:
Dividends......................................................... $ 58,431
Interest.......................................................... 36,095
----------
Total investment income.......................................... 94,526
----------
EXPENSES:
Advisory fees..................................................... 59,001
Transfer agent fees............................................... 34,120
Custodian fees.................................................... 13,755
Distribution fees:
Class A.......................................................... 4,634
Class B.......................................................... 63,944
Administrative service fee, Class I............................... 3,926
Registration and filing fees...................................... 17,885
Audit fees and tax services....................................... 4,496
Accounting services............................................... 3,218
Trustees' fees and expenses....................................... 2,198
Report to shareholders............................................ 2,592
Miscellaneous..................................................... 6,097
----------
Total expenses................................................... 215,866
Expense reimbursement (see Note 3)............................... (54,743)
----------
Net expenses..................................................... 161,123
----------
NET INVESTMENT LOSS............................................... (66,597)
----------
REALIZED AND UNREALIZED GAIN (LOSS) ON SECURITIES:
Net realized gain (loss) on securities:
Investments........................................... $1,147,384
Futures contracts..................................... (7,231) 1,140,153
----------
Net unrealized appreciation (depreciation) on securities during
the period:
Investments........................................... 1,907,532
Futures contracts..................................... (24,685) 1,882,847
---------- ----------
Net realized and unrealized gain on securities during the
period.......................................................... 3,023,000
----------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. $2,956,403
----------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the Six For the
Months Ended Year Ended
April 30, 2000 October 31, 1999
<S> <C> <C>
-------------------------------
OPERATIONS:
Net investment loss........................... $ (66,597) $ (30,534)
Net realized gain on securities............... 1,140,153 162,545
Net unrealized appreciation of securities
during the period............................. 1,882,847 2,183,064
-------------------------------
Increase in net assets resulting from
operations................................... 2,956,403 2,315,075
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A...................................... - -
Class B...................................... - -
Class I...................................... - (413)
Class II..................................... - (4,487)
-------------------------------
Total distributions to shareholders
from net investment income.................. - (4,900)
-------------------------------
Net realized gain on securities
Class A...................................... (26,230) -
Class B...................................... (87,546) -
Class I...................................... (22,526) -
Class II..................................... (13,672) -
-------------------------------
Total distributions to shareholders
from net realized gain on securities........ (149,974) -
-------------------------------
Decrease in net assets resulting from
distributions to shareholders................. (149,974) (4,900)
-------------------------------
<PAGE>
SHARE TRANSACTIONS:
Net increase in net assets resulting from
share transactions
Class A...................................... 1,080,392 2,233,762
Class B...................................... 6,449,091 8,024,484
Class I...................................... 720,642 2,408,861
Class II..................................... 65,945 1,157,073
-------------------------------
Total increase in net assets resulting from
share transactions............................ 8,316,070 13,824,180
-------------------------------
TOTAL INCREASE IN NET ASSETS.................. 11,122,499 16,134,355
NET ASSETS:
Beginning of year............................ 16,137,205 2,850
-------------------------------
End of period (including accumulated net
investment loss of $66,597 and $0)........... $27,259,704 $16,137,205
-------------------------------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CHANGE IN SHARES Class A Class B
OUTSTANDING ---------------------------------------- -------------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
------------------- ------------------- ---------------------- -------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
------------------- ------------------- ---------------------- -------------------
Shares sold..... 111,034 $1,735,769 215,767 $2,400,134 560,095 $ 8,655,876 672,822 $8,230,783
Shares issued
for
distributions
reinvested...... 1,694 25,851 - - 5,757 86,927 - -
Shares
repurchased..... (43,374) (681,228) (12,930) (166,372) (147,298) (2,293,712) (15,841) (206,299)
------------------- ------------------- ---------------------- -------------------
Increase in
shares
outstanding..... 69,354 1,080,392 202,837 2,233,762 418,554 6,449,091 656,981 8,024,484
Shares
outstanding:
Beginning of
period.......... 202,908 2,234,474 71 712 657,052 8,025,196 71 712
------------------- ------------------- ---------------------- -------------------
End of period... 272,262 $3,314,866 202,908 $2,234,474 1,075,606 $14,474,287 657,052 $8,025,196
------------------- ------------------- ---------------------- -------------------
<CAPTION>
CHANGE IN SHARES Class I Class II
OUTSTANDING ------------------------------------------ -----------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
--------------------- -------------------- -------------------- --------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
--------------------- -------------------- -------------------- --------------------
Shares sold..... 111,669 $ 1,752,450 224,884 $2,539,442 17,441 $ 280,037 124,934 $1,249,361
Shares issued
for
distributions
reinvested...... 1,475 22,523 34 413 895 13,671 352 4,487
Shares
repurchased..... (69,492) (1,054,331) (10,174) (130,994) (14,369) (227,763) (7,626) (96,775)
--------------------- -------------------- -------------------- --------------------
Increase in
shares
outstanding..... 43,652 720,642 214,744 2,408,861 3,967 65,945 117,660 1,157,073
Shares
outstanding:
Beginning of
period.......... 214,815 2,409,574 71 713 117,732 1,157,786 72 713
--------------------- -------------------- -------------------- --------------------
End of period... 258,467 $ 3,130,216 214,815 $2,409,574 121,699 $1,223,731 117,732 $1,157,786
--------------------- -------------------- -------------------- --------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) MID CAP GROWTH FUND 49
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
COMMON STOCK - 98.19%
ADVERTISING - 2.46%
4,100 * Catalina Marketing Corp. ............................. $ 415,125
-----------
APPAREL & PRODUCTS - 1.97%
8,400 Cintas Corp. ......................................... 332,850
-----------
AUTO - ORIGINAL EQUIPMENT - 1.90%
5,600 Danaher Corp. ........................................ 319,900
-----------
BUILDING MATERIALS - 3.88%
11,200 Fastenal Co. ......................................... 654,500
-----------
CONGLOMERATES - 0.87%
10,500 Dial Corp. ........................................... 146,344
-----------
CONSUMER FINANCE - 2.27%
15,700 Equifax, Inc. ........................................ 383,669
-----------
DRUGS - 3.28%
8,600 * ALZA Corp. ........................................... 378,938
19,000 * Covance, Inc. ........................................ 174,563
-----------
553,501
-----------
ENTERTAINMENT - 2.43%
16,500 Carnival Corp., Class A............................... 410,438
-----------
FINANCIAL SERVICES - 2.76%
12,200 T. Rowe Price Associates, Inc. ....................... 465,125
-----------
GOVERNMENT SPONSORED - 1.54%
8,300 SLM Holding Corp. .................................... 259,894
-----------
HEALTHCARE - 9.16%
10,300 Cardinal Health, Inc. ................................ 567,144
12,600 * HCR Manor Care, Inc. ................................. 150,413
30,000 * Health Management Association......................... 478,125
11,200 Omnicare, Inc. ....................................... 170,100
12,600 * Quintiles Transnational Corp. ........................ 180,338
-----------
1,546,120
-----------
HOUSEHOLD PRODUCTS - 1.36%
9,100 Newell Rubbermaid, Inc. .............................. 229,206
-----------
HUMAN RESOURCES - 2.06%
8,500 * Interim Services, Inc. ............................... 145,563
3,300 * Robert Half International, Inc. ...................... 201,713
-----------
347,276
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
INFORMATION PROCESSING - 5.98%
12,800 * Acxiom Corp. ......................................... $ 345,600
9,600 * Advent Software, Inc. ................................ 504,000
8,100 * Fritz Companies, Inc. ................................ 77,963
10,100 * Parametric Technology Corp. .......................... 82,378
-----------
1,009,941
-----------
INFORMATION PROCESSING -
COMPUTER HARDWARE - 2.13%
8,800 * Jabil Circuit, Inc. .................................. 360,250
-----------
INFORMATION PROCESSING -
COMPUTER SERVICES - 2.15%
6,900 Paychex, Inc. ........................................ 363,113
-----------
INFORMATION PROCESSING -
CONSUMER SOFTWARE - 1.22%
8,100 * Networks Associates, Inc. ............................ 206,044
-----------
INFORMATION PROCESSING -
DATA SERVICES - 13.73%
7,700 * BISYS Group, Inc. .................................... 481,731
2,826 Computer Associates International, Inc. .............. 157,726
16,800 * Compuware Corp. ...................................... 211,050
2,200 * EMC Corp. ............................................ 305,663
8,700 * Fiserv, Inc. ......................................... 399,656
10,700 * Keane, Inc. .......................................... 308,963
8,000 * Solectron Corp. ...................................... 374,500
4,800 * Transaction Systems Architects, Inc.,
Class A............................................... 78,300
-----------
2,317,589
-----------
INSURANCE - MULTILINE - 1.79%
6,200 AFLAC, Inc. .......................................... 302,638
-----------
LEISURE TIME - 2.55%
10,800 Harley-Davidson, Inc. ................................ 429,975
-----------
MEDICAL TECHNOLOGY - 2.05%
3,408 * Guidant Corp. ........................................ 195,534
2,500 PE Corp. - PE Biosystems Group........................ 150,000
-----------
345,534
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
MERCHANDISE - SPECIALTY - 5.82%
13,525 Dollar General Corp. ................................. $ 309,384
3,400 * Kohls Corp. .......................................... 163,200
10,900 * Staples, Inc. ........................................ 207,781
15,700 TJX Companies, Inc. .................................. 301,244
-----------
981,609
-----------
MERCHANDISING - MASS - 3.19%
9,300 * Dollar Tree Stores, Inc. ............................. 538,238
-----------
OIL - SERVICES - 1.04%
2,300 Smith International, Inc. ............................ 174,800
-----------
SECURITIES RELATED - 4.36%
11,000 Franklin Resources, Inc. ............................. 354,749
10,100 Legg Mason, Inc. ..................................... 381,905
-----------
736,654
-----------
SEMICONDUCTORS - 4.82%
5,600 * Altera Corp. ......................................... 572,600
3,300 * Xilinx, Inc. ......................................... 241,724
-----------
814,324
-----------
TELECOMMUNICATIONS - 8.17%
7,000 * ADC Communications, Inc. ............................. 425,249
4,300 * Amdocs, Ltd. ......................................... 291,055
8,900 CenturyTel, Inc. ..................................... 218,049
7,400 * Sanmina Corp. ........................................ 444,462
-----------
1,378,815
-----------
TEXTILE - PRODUCTS - 0.65%
4,500 G & K Services, Inc., Class A......................... 110,250
-----------
UTILITIES - ELECTRIC - 2.60%
4,900 * AES Corp. ............................................ 440,694
-----------
TOTAL COMMON STOCK
(Cost $15,601,290).................................... 16,574,416
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
50 April 30, 2000 (Unaudited)
MID CAP GROWTH FUND - CONTINUED
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT - 1.93%
BANKS - OTHER - 1.93%
$325,000 State Street Bank Repurchase Agreement, 5.62%, dated
04/28/00, to be repurchased at $325,152 on 05/01/00,
collateralized by U.S. Treasury Bonds, 8.00%, 11/15/21,
with a par value of $275,000 (Cost $325,000)........... $ 325,000
-----------
TOTAL CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT
(Cost $325,000)........................................ 325,000
-----------
TOTAL INVESTMENTS
(Cost $15,926,290) - 100.12%........................... $16,899,416
-----------
*Non-income producing
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
<S> <C>
-------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
ASSETS:
Investments, at market (Cost $15,926,290).......................... $16,899,416
Receivables for:
Fund shares sold.................................................. 34,619
Dividends and interest............................................ 773
Other assets....................................................... 18,482
-----------
TOTAL ASSETS....................................................... 16,953,290
-----------
LIABILITIES:
Payable for fund shares redeemed................................... 3,494
Payable to affiliates:
Administrative service fees for Class I........................... 14,123
Advisory fees..................................................... 18,864
Distribution fees for Class A & B................................. 1,361
Other............................................................. 36,798
-----------
TOTAL LIABILITIES.................................................. 74,640
-----------
NET ASSETS......................................................... $16,878,650
-----------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value per share, unlimited
shares authorized,
1,385,336 shares outstanding...................................... $ 13,853
Additional paid in capital........................................ 14,837,192
Accumulated net investment loss................................... (50,173)
Undistributed net realized gain on securities..................... 1,104,652
Unrealized appreciation of securities............................. 973,126
-----------
NET ASSETS APPLICABLE
TO SHARES OUTSTANDING............................................. $16,878,650
-----------
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
COMPUTATION OF NET ASSET VALUE
AND OFFERING PRICE:
Net asset value and redemption price per Class A
share ($2,104,460 divided by 172,297 shares)............................ $12.21
------
Offering price per Class A share
(100/94.25 of $12.21)*.................................................. $12.95
------
Net asset value and offering price per Class B
share ($5,306,999 divided by 440,051 shares)**.......................... $12.06
------
Net asset value, offering price and redemption
price per Class I share ($8,022,211 divided by
655,288 shares)......................................................... $12.24
------
Net asset value, offering price and redemption
price per Class II share ($1,444,980 divided by
117,700 shares)......................................................... $12.28
------
* Offering price includes sales charge of 5.75%.
The sales charge is reduced for purchases
of $25,000 and over.
** Redemption price per share is equal to net asset value
less any applicable contingent deferred sales charge.
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
51
MID CAP GROWTH FUND (Unaudited) - CONTINUED
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2000
<TABLE>
<S> <C>
INVESTMENT INCOME:
Dividends............................................. $ 26,653
Interest.............................................. 17,884
----------
Total investment income.............................. 44,537
----------
EXPENSES:
Advisory fees......................................... 52,501
Transfer agent fees................................... 25,251
Custodian fees........................................ 11,950
Distribution fees:
Class A.............................................. 2,606
Class B.............................................. 23,961
Administrative service fee, Class I................... 9,760
Registration and filing fees.......................... 17,504
Audit fees and tax services........................... 3,298
Accounting services................................... 2,423
Trustees' fees and expenses........................... 1,733
Report to shareholders................................ 1,964
Miscellaneous......................................... 5,010
----------
Total expenses....................................... 157,961
Expense reimbursement (see Note 3)................... (63,251)
----------
Net expenses......................................... 94,710
----------
NET INVESTMENT LOSS................................... (50,173)
----------
REALIZED AND UNREALIZED GAIN ON SECURITIES:
Net realized gain on securities....................... 1,132,095
Net unrealized appreciation of securities during the
period................................................ 2,114,819
----------
Net realized and unrealized loss on securities
during the period................................... 3,246,914
----------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS...... $3,196,741
----------
</TABLE>
<TABLE>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
For the Six For the
Months Ended Year Ended
April 30, 2000 October 31, 1999
<S> <C> <C>
-------------------------------
OPERATIONS:
Net investment loss........................... $ (50,173) $ (32,772)
Net realized gain on securities............... 1,132,095 436,028
Net unrealized appreciation (depreciation) of
securities
during the period............................. 2,114,819 (1,141,693)
-------------------------------
Increase (Decrease) in net assets resulting
from operations.............................. 3,196,741 (738,437)
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A...................................... - (110)
Class B...................................... - -
Class I...................................... - (1,446)
Class II..................................... - (1,216)
-------------------------------
Total distributions to shareholders
from net investment income.................. - (2,772)
-------------------------------
Net realized gain on securities
Class A...................................... (55,967) -
Class B...................................... (122,396) -
Class I...................................... (209,541) -
Class II..................................... (40,023) -
-------------------------------
Total distributions to shareholders
from net realized gain on securities........ (427,927) -
-------------------------------
Decrease in net assets resulting from
distributions to shareholders................. (427,927) (2,772)
-------------------------------
SHARE TRANSACTIONS:
Net increase (decrease) in net assets
resulting from share transactions
Class A...................................... (21,987) 1,751,127
Class B...................................... 846,053 3,749,213
Class I...................................... (334,196) 7,710,034
Class II..................................... (111,101) 1,257,852
-------------------------------
Total increase in net assets resulting from
share transactions............................ 378,769 14,468,226
-------------------------------
TOTAL INCREASE IN NET ASSETS.................. 3,147,583 13,727,017
NET ASSETS:
Beginning of year............................ 13,731,067 4,050
-------------------------------
End of period (including accumulated
investment loss of $50,173 and $0)........... $16,878,650 $13,731,067
-------------------------------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CHANGE IN SHARES Class A Class B
OUTSTANDING ---------------------------------------- ------------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
------------------- ------------------- --------------------- -------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
------------------- ------------------- --------------------- -------------------
Shares sold..... 28,326 $ 318,103 174,068 $1,777,169 175,517 $ 1,971,862 367,134 $3,853,739
Shares issued
for
distributions
reinvested...... 5,055 55,964 10 110 10,963 120,152 - -
Shares
repurchased..... (32,846) (396,054) (2,417) (26,152) (104,088) (1,245,961) (9,576) (104,526)
------------------- ------------------- --------------------- -------------------
Increase
(decrease) in
shares
outstanding..... 535 (21,987) 171,661 1,751,127 82,392 846,053 357,558 3,749,213
Shares
outstanding:
Beginning of
period.......... 171,762 1,752,140 101 1,013 357,659 3,750,225 101 1,012
------------------- ------------------- --------------------- -------------------
End of period... 172,297 $1,730,153 171,762 $1,752,140 440,051 $ 4,596,278 357,659 $3,750,225
------------------- ------------------- --------------------- -------------------
<CAPTION>
CHANGE IN SHARES Class I Class II
OUTSTANDING ------------------------------------------- -----------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
---------------------- -------------------- -------------------- --------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
---------------------- -------------------- -------------------- --------------------
Shares sold..... 117,516 $ 1,347,084 763,324 $8,630,444 4,617 $ 49,556 125,666 $1,257,636
Shares issued
for
distributions
reinvested...... 18,885 209,442 130 1,436 3,602 40,021 107 1,216
Shares
repurchased..... (160,620) (1,890,722) (84,048) (921,846) (16,306) (200,678) (88) (1,000)
---------------------- -------------------- -------------------- --------------------
Increase
(decrease) in
shares
outstanding..... (24,219) (334,196) 679,406 7,710,034 (8,087) (111,101) 125,685 1,257,852
Shares
outstanding:
Beginning of
period.......... 679,507 7,711,047 101 1,013 125,787 1,258,864 102 1,012
---------------------- -------------------- -------------------- --------------------
End of period... 655,288 $ 7,376,851 679,507 $7,711,047 117,700 $1,147,763 125,787 $1,258,864
---------------------- -------------------- -------------------- --------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<PAGE>
52 April 30, 2000 (Unaudited)
SMALL CAP GROWTH FUND
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
COMMON STOCK - 94.95%
ADVERTISING - 1.26%
2,225 * Catalina Marketing Corp. ............................. $ 225,280
3,700 * Ticket Master Online - City Search, Inc. ............. 74,000
-----------
299,280
-----------
AUTO - REPLACEMENT PARTS - 0.47%
8,325 Gentek, Inc. ......................................... 111,867
-----------
BANKS - OTHER - 0.22%
4,800 Sterling Bancshares, Inc. ............................ 52,800
-----------
BANKS - REGIONAL - 1.63%
5,850 Bank United Corp. .................................... 194,146
1,800 City National Corp. .................................. 66,263
500 * Hamilton Bancorp, Inc. ............................... 9,188
3,550 National Commerce Bancorp. ........................... 58,353
2,875 Pacific Century Financial Corp. ...................... 59,117
-----------
387,067
-----------
BEVERAGE -
BREWERS/DISTRIBUTORS - 0.56%
4,025 * Robert Mondavi Corp., Class A......................... 133,580
-----------
BROADCASTING - 2.34%
2,925 * Entercom Communications Corp. ........................ 124,312
4,300 * Insight Communications Co. ........................... 87,613
5,350 * Spanish Broadcasting Systems, Inc.,
Class A............................................... 99,978
2,250 * Univision Communications, Inc. ....................... 245,813
-----------
557,716
-----------
CHEMICAL - MAJOR - 0.84%
8,175 Albemarle Corp. ...................................... 171,163
2,150 Solutia, Inc. ........................................ 29,294
-----------
200,457
-----------
CHEMICAL - MISCELLANEOUS - 2.05%
4,500 * General Chemical Group, Inc. ......................... 6,468
4,825 Geon Co. ............................................. 105,547
10,000 Georgia Gulf Corp. ................................... 240,625
2,900 Minerals Technologies, Inc. .......................... 134,125
-----------
486,765
-----------
COMMERCIAL SERVICES - 0.13%
1,350 * NBC Internet, Inc., Class A........................... 31,219
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
DRUGS - 6.84%
2,250 * Abgenix, Inc. ........................................ $ 201,515
1,100 Bindley Western Industries, Inc. ..................... 19,181
2,350 * Corixa Corp. ......................................... 72,263
6,000 * Human Genome Sciences, Inc. .......................... 459,375
1,800 * IDEC Pharmaceuticals Corp. ........................... 115,200
1,400 * Ilex Oncology, Inc. .................................. 33,600
11,300 * Ligand Pharmaceuticals, Inc., Class B................. 151,138
2,900 * Millennium Pharmaceuticals, Inc. ..................... 230,188
1,600 * Neurocrine Biosciences, Inc. ......................... 34,000
1,000 * SangStat Medical Corp. ............................... 28,750
5,400 * Vertex Pharmaceuticals, Inc. ......................... 282,150
-----------
1,627,360
-----------
ELECTRONIC EQUIPMENT - 1.26%
4,750 * Electro Scientific Industries, Inc. .................. 299,547
-----------
ELECTRONIC INSTRUMENTS - 3.25%
6,500 * 3DO Co. .............................................. 39,813
4,800 * C-Cube Microsystems, Inc. ............................ 308,400
2,675 * Lattice Semiconductor Corp. .......................... 180,227
5,350 * LTX Corp. ............................................ 244,763
-----------
773,203
-----------
FINANCE COMPANIES - 0.35%
4,500 * Financial Federal Corp. .............................. 83,813
-----------
FINANCIAL SERVICES - 1.23%
1,750 * Blackrock, Inc. ...................................... 45,500
3,800 * Gabelli Asset Management, Inc. ....................... 75,524
4,675 Heller Financial, Inc. ............................... 90,870
500 * Lendingtree, Inc. .................................... 4,750
1,850 Southwest Securities Group, Inc. ..................... 76,081
-----------
292,725
-----------
FOODS - 0.73%
2,950 Keebler Foods Co. .................................... 92,740
2,450 * Symx Technologies, Inc. .............................. 81,309
-----------
174,049
-----------
FOOTWEAR - 0.19%
3,050 * Vans, Inc. ........................................... 46,131
-----------
HEALTHCARE - 0.73%
1,250 * Accredo Health, Inc. ................................. 35,155
1,200 * Diversa Corp. ........................................ 32,400
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
HEALTHCARE - Continued
4,400 * Healthgate Data Corp. ................................ $ 18,975
4,950 Hooper Holmes, Inc. .................................. 86,006
-----------
172,536
-----------
HOSPITAL MANAGEMENT - 0.02%
500 * Eclipsys Corp. ....................................... 4,000
-----------
HOUSEHOLD PRODUCTS - 0.51%
3,962 * Cost Plus, Inc. ...................................... 121,089
-----------
INFORMATION PROCESSING - 0.90%
500 Go2Net, Inc. ......................................... 29,750
1,300 National Information Consortium, Inc. ................ 16,087
3,500 Safeguard Scientifics, Inc. .......................... 146,125
1,425 Stamps.Com, Inc. ..................................... 22,800
-----------
214,762
-----------
INFORMATION PROCESSING -
BUSINESS SOFTWARE - 11.59%
3,300 * Accrue Software, Inc. ................................ 78,580
4,950 * Actuate Software Corp. ............................... 148,191
4,300 * Agile Software Corp. ................................. 159,369
1,100 * Allaire Corp. ........................................ 60,569
4,050 * Art Technology Group, Inc. ........................... 246,038
4,200 * Aspen Technology, Inc. ............................... 148,575
1,400 * Business Objects SA - ADR............................. 137,025
2,600 * Clarent Corp. ........................................ 176,800
1,050 * Corillian Corp. ...................................... 13,125
3,700 * Digital Impact, Inc. ................................. 45,325
1,250 * DSL.net, Inc. ........................................ 12,500
900 * E.pihpany, Inc. ...................................... 59,456
2,000 * Exchange Applications, Inc. .......................... 24,375
1,950 * Informatica Corp. .................................... 81,778
9,850 * Informix Corp. ....................................... 108,350
1,050 * ISS Group, Inc. ...................................... 94,959
3,675 * Mediaplex, Inc. ...................................... 188,344
300 * Micromuse, Inc. ...................................... 29,438
100 * Mission Critical Software, Inc. ...................... 3,600
6,300 * Net Perceptions, Inc. ................................ 122,063
275 * Nuance Communications, Inc. .......................... 8,302
400 * Numerical Technologies, Inc. ......................... 16,700
2,075 * Purchasepro.com, Inc. ................................ 62,250
4,600 * Quest Software, Inc. ................................. 173,363
4,100 * Retek, Inc. .......................................... 88,150
1,550 * Silverstream Software, Inc. .......................... 61,225
2,825 * Software Technologies Corp. .......................... 50,497
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 53
SMALL CAP GROWTH FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
INFORMATION PROCESSING -
BUSINESS SOFTWARE - Continued
850 * Sonic Foundry, Inc. .................................. $ 38,038
1,650 * Sonicwall, Inc. ...................................... 99,825
1,350 * Websense, Inc. ....................................... 43,875
4,450 * Webtrend Corp. ....................................... 146,016
2,325 * Witness Systems, Inc. ................................ 30,661
-----------
2,757,362
-----------
INFORMATION PROCESSING -
COMPUTER HARDWARE - 2.39%
3,950 * DDI Corp. ............................................ 59,250
5,350 * EMachines Inc. ....................................... 45,808
1,200 * JNI Corp. ............................................ 47,925
3,175 * M-Systems Flash Disk Pioneers, Ltd. .................. 209,550
4,000 * Metron Technology NV.................................. 83,500
3,050 * Silicon Image, Inc. .................................. 122,381
-----------
568,414
-----------
INFORMATION PROCESSING -
COMPUTER SERVICES - 7.15%
4,050 * Alteon Websystems, Inc. .............................. 275,400
1,000 * Artistdirect, Inc. ................................... 4,750
3,200 * Checkfree Holdings Corp. ............................. 162,600
1,650 * Datastream Systems, Inc. ............................. 23,100
2,625 * Digitas, Inc. ........................................ 40,522
4,550 * Espeed, Inc. ......................................... 214,988
4,125 * Fastnet Corp. ........................................ 26,039
5,000 * Gartner Group, Inc., Class A.......................... 67,500
3,700 * Keynote Systems, Inc. ................................ 166,038
1,375 * Lifeminders.com, Inc. ................................ 61,016
3,025 * Media Metrix, Inc. ................................... 97,178
4,325 * Netegrity, Inc. ...................................... 191,922
3,975 * Netratings, Inc. ..................................... 105,338
1,650 * PC-Tel, Inc. ......................................... 55,275
1,450 * Verticalnet, Inc. .................................... 78,300
500 * Vicinity Corp. ....................................... 5,938
2,150 * Wireless Facilities, Inc. ............................ 124,431
-----------
1,700,335
-----------
INFORMATION PROCESSING -
CONSUMER SOFTWARE - 1.99%
2,811 * BroadVision, Inc. .................................... 123,507
8,175 * Caprock Communications Corp. ......................... 273,863
1,650 * Liberate Technologies, Inc. .......................... 64,556
1,250 * Lightspan, Inc. ...................................... 10,391
-----------
472,317
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
INFORMATION PROCESSING -
DATA SERVICES - 4.34%
1,000 Certicom Corp. ....................................... $ 46,300
900 * Manugistics Group, Inc. .............................. 38,530
4,000 * Mercury Interactive Corp. ............................ 360,000
5,900 * Pinnacle Systems, Inc. ............................... 141,600
1,200 * Sandisk Corp. ........................................ 109,950
7,050 * Smartforce, Plc. ..................................... 336,638
-----------
1,033,018
-----------
INFORMATION PROCESSING -
NETWORKING - 4.32%
550 * Emulex Corp. ......................................... 24,955
2,050 * GoAmerica, Inc. ...................................... 20,372
300 * Metasolv Software, Inc. .............................. 10,238
1,650 * Metawave Communications Corp. ........................ 21,863
2,550 * Net2phone, Inc. ...................................... 112,519
2,125 * Netro Corp. .......................................... 91,641
5,000 * Packeteer, Inc. ...................................... 112,500
2,100 * Redback Networks, Inc. ............................... 166,688
2,150 * Software.com, Inc. ................................... 173,881
1,450 * Turnstone Systems, Inc. .............................. 159,500
500 * Ulticom, Inc. ........................................ 16,500
1,950 * Verio, Inc. .......................................... 73,247
1,100 * Visual Networking, Inc. .............................. 42,900
-----------
1,026,804
-----------
INSURANCE - CASUALTY - 0.38%
2,450 RenaissanceRe Holdings, Ltd. ......................... 90,038
-----------
LEISURE TIME - 1.00%
4,800 * American Classic Voyages Co. ......................... 96,300
3,525 * Anchor Gaming......................................... 141,880
-----------
238,180
-----------
MACHINE TOOLS - 1.64%
4,050 * Gilead Sciences, Inc. ................................ 219,458
2,150 * PRI Automation Inc. .................................. 171,731
-----------
391,189
-----------
MACHINERY - INDUSTRIAL/SPECIALTY - 1.05%
7,550 * GaSonics International Corp. ......................... 249,150
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
MEDICAL TECHNOLOGY - 3.28%
550 * Aclara Biosciences, Inc. ............................. $ 20,969
1,500 * Affymetrix, Inc. ..................................... 202,594
2,700 * Akorn, Inc. .......................................... 18,731
5,400 * Allscripts, Inc. ..................................... 167,400
3,550 * Avant Immunotherapeutics, Inc. ....................... 24,406
2,550 * Cytyc Corp. .......................................... 114,113
6,300 * Eclipse Surgical Technologies, Inc. .................. 26,381
1,725 * Exelixis, Inc. ....................................... 32,883
725 * Gene Logic, Inc. ..................................... 19,484
825 * Intermune Pharmaceuticals, Inc. ...................... 14,025
650 * Maxygen, Inc. ........................................ 27,178
6,250 * Vical, Inc. .......................................... 112,500
-----------
780,664
-----------
MERCHANDISE - SPECIALTY - 0.27%
3,100 * Rayovac Corp. ........................................ 64,713
-----------
MISCELLANEOUS - 1.76%
5,025 * Polycom, Inc. ........................................ 397,603
1,200 * Sage, Inc. ........................................... 20,325
-----------
417,928
-----------
OIL - SERVICE - PRODUCTS - 0.69%
1,800 * Cooper Cameron Corp. ................................. 135,000
1,400 * Global Industries, Inc. .............................. 19,950
600 * Gulf Island Fabrication, Inc. ........................ 9,075
-----------
164,025
-----------
OIL - SERVICES - 1.21%
4,000 Devon Energy Corp. ................................... 192,750
4,000 * Global Marine, Inc. .................................. 96,000
-----------
288,750
-----------
OIL/GAS PRODUCERS - 0.42%
4,325 * Spinnaker Exploration Co. ............................ 100,556
-----------
PUBLISHING/PRINTING - 0.51%
1,075 * Scholastic Corp. ..................................... 50,189
2,100 * Valassis Communications, Inc. ........................ 71,531
-----------
121,720
-----------
REAL ESTATE INVESTMENT TRUSTS - 0.55%
6,950 Allied Capital Corp. ................................. 129,878
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
54 April 30, 2000 (Unaudited)
SMALL CAP GROWTH FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SEMICONDUCTOR EQUIPMENT - 5.60%
9,750 * ATMI, Inc. ........................................... $ 375,375
1,750 * Brooks Automation, Inc. .............................. 156,953
8,050 * LAM Research Corp. ................................... 369,294
2,925 * Microchip Technology, Inc. ........................... 181,533
4,850 * MKS Instruments, Inc. ................................ 227,950
775 * Therma-Wave, Inc. .................................... 21,313
-----------
1,332,418
-----------
SEMICONDUCTORS - 6.29%
3,700 * Applied Micro Circuits Corp. ......................... 476,838
5,350 * Cypress Semiconductor Corp. .......................... 277,866
3,700 * Exar Corp. ........................................... 296,636
4,655 * Fairchild Semiconductor Corp. ........................ 221,113
1,090 * Silicon Laboratories, Inc. ........................... 94,830
1,450 * TranSwitch Corp. ..................................... 127,691
-----------
1,494,974
-----------
TELECOMMUNICATIONS - 11.18%
9,000 * Advanced Fibre Communications, Inc. .................. 411,188
350 * Aether Systems, Inc. ................................. 58,270
721 * Alamosa PCS Holdings, Inc. ........................... 20,549
5,850 * Allegiance Telecom, Inc. ............................. 413,888
1,325 * Anaren Microwave, Inc. ............................... 137,800
250 * Avanex Corp. ......................................... 30,469
3,225 * Choice One Communications, Inc. ...................... 103,200
1,850 * Copper Mountain Networks, Inc. ....................... 154,244
6,012 * Covad Communications Group, Inc. ..................... 166,833
3,275 * Diamond Tech Partners, Inc. .......................... 259,134
800 * Ditech Communications Corp. .......................... 68,600
2,937 * Dycom Industries, Inc. ............................... 152,724
3,175 Flag Telecom Holdings, Ltd. .......................... 61,913
5,375 * Ibasis, Inc. ......................................... 121,609
1,075 * Illuinet Holdings, Inc. .............................. 48,442
1,350 * Intermedia Communications, Inc. ...................... 55,013
700 * L-3 Communications Holdings, Inc. .................... 37,275
1,200 * MGC Communications, Inc. ............................. 58,800
7,475 * Motient Corp. ........................................ 93,438
600 * Telecop Pcs, Inc. .................................... 26,775
750 * Telocity, Inc. ....................................... 6,141
525 * UTStarcom, Inc. ...................................... 24,938
2,600 * Vyyo, Inc. ........................................... 54,925
1,625 * Williams Communications Group, Inc. .................. 60,125
800 * WinStar Communications, Inc. ......................... 31,900
-----------
2,658,193
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
TEXTILE - PRODUCTS - 1.12%
12,450 Wellman, Inc. ..................................... $ 266,119
-----------
UTILITIES - GAS, DISTRIBUTION - 0.71%
6,950 * National-Oilwell, Inc. ............................ 166,366
-----------
TOTAL COMMON STOCK
(Cost $21,284,062)................................. 22,583,077
-----------
<CAPTION>
PAR
VALUE
----------
<C> <S> <C>
CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT - 5.75%
BANKS - OTHER - 5.75%
$1,367,000 State Street Bank Repurchase Agreement,
5.62%, dated 04/28/00, to be repurchased
at $1,367,640 on 05/01/00, collateralized by
U.S. Treasury Bonds, 8.00%, 11/15/21, with
a par value of $1,145,000 (Cost $1,367,000)........ 1,367,000
-----------
TOTAL CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT
(Cost $1,367,000).................................. 1,367,000
-----------
TOTAL INVESTMENTS
(Cost $22,651,062) - 100.70%....................... $23,950,077
-----------
*Non-income producing
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 55
SMALL CAP GROWTH FUND - CONTINUED
<TABLE>
<CAPTION>
<S> <C>
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
ASSETS:
Investments, at market (Cost $22,651,062)......................... $23,950,077
Receivables for:
Investments sold................................................. 402,378
Fund shares sold................................................. 200,915
Dividends and interest........................................... 1,108
Other assets...................................................... 19,711
-----------
TOTAL ASSETS...................................................... 24,574,189
-----------
LIABILITIES:
Payable for:
Investments purchased............................................ 478,734
Fund shares redeemed............................................. 195,913
Payable to affiliates:
Administrative service fees for Class I.......................... 9,415
Advisory fees.................................................... 33,751
Distribution fees for Class A & B................................ 3,971
Other............................................................ 68,622
-----------
TOTAL LIABILITIES................................................. 790,406
-----------
NET ASSETS........................................................ $23,783,783
-----------
--------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value per share, unlimited
shares authorized,
1,431,725 shares outstanding...................................... $ 14,317
Additional paid in capital........................................ 19,596,507
Undistributed net realized gain on securities..................... 2,985,194
Accumulated net investment loss................................... (111,250)
Unrealized appreciation of securities............................. 1,299,015
-----------
NET ASSETS APPLICABLE
TO SHARES OUTSTANDING............................................. $23,783,783
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
<S> <C>
------------------------------------------------------------------------------
COMPUTATION OF NET ASSET VALUE
AND OFFERING PRICE:
Net asset value and redemption price per Class A
share ($4,273,053 divided by 255,909 shares)........................... $16.70
------
Offering price per Class A share
(100/94.25 of $16.70)*................................................. $17.72
------
Net asset value and offering price per Class B
share ($11,470,614 divided by 695,799 shares)**........................ $16.49
------
Net asset value, offering price and redemption
price per Class I share ($5,807,838 divided by
347,127 shares)........................................................ $16.73
------
Net asset value, offering price and redemption
price per Class II share ($2,232,278 divided by
132,890 shares)........................................................ $16.80
------
* Offering price includes sales charge of 5.75%. The sales charge is
reduced for purchases of $25,000 and over.
** Redemption price per share is equal to net asset value less any
applicable contingent deferred sales charge.
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
56 SMALL CAP GROWTH FUND (Unaudited) - CONTINUED
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2000
<TABLE>
<S> <C>
INVESTMENT INCOME:
Dividends........................................................... $ 18,759
Interest............................................................ 36,020
----------
Total investment income............................................ 54,779
----------
EXPENSES:
Advisory fees....................................................... 84,254
Transfer agent fees................................................. 32,843
Custodian fees...................................................... 13,345
Distribution fees:
Class A............................................................ 4,900
Class B............................................................ 45,064
Administrative service fee, Class I................................. 5,748
Registration and filing fees........................................ 17,523
Audit fees and tax services......................................... 4,185
Accounting services................................................. 2,974
Trustees' fees and expenses......................................... 1,836
Report to shareholders.............................................. 2,045
Miscellaneous....................................................... 5,292
----------
Total expenses..................................................... 220,009
Expense reimbursement (see Note 3)................................. (53,980)
----------
Net expenses....................................................... 166,029
----------
NET INVESTMENT LOSS................................................. (111,250)
----------
REALIZED AND UNREALIZED GAIN (LOSS) ON SECURITIES:
Net realized gain on securities..................................... 3,013,746
Net unrealized (depreciation) of securities during the period....... (825,723)
----------
Net realized and unrealized gain on securities during the period.. 2,188,023
----------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................... $2,076,773
----------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the Six
Months Ended For the
April 30, Year Ended
2000 October 31, 1999
<S> <C> <C>
-------------------------------
OPERATIONS:
Net investment loss............................ $ (111,250) $ (62,847)
Net realized gain on securities................ 3,013,746 610,629
Net unrealized appreciation (depreciation) of
securities
during the period.............................. (825,723) 2,124,738
-------------------------------
Increase in net assets resulting from
operations.................................... 2,076,773 2,672,520
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A....................................... - -
Class B....................................... - -
Class I....................................... - -
Class II...................................... - -
-------------------------------
Total distributions to shareholders
from net investment income................... - -
-------------------------------
Net realized gain on securities
Class A....................................... (115,930) -
Class B....................................... (248,499) -
Class I....................................... (139,417) -
Class II...................................... (72,488) -
-------------------------------
Total distributions to shareholders
from net realized gain on securities......... (576,334) -
-------------------------------
Decrease in net assets resulting from
distributions to shareholders.................. (576,334) -
-------------------------------
SHARE TRANSACTIONS:
Net increase in net assets resulting from share
transactions
Class A....................................... 1,587,028 1,824,408
Class B....................................... 6,018,153 4,276,237
Class I....................................... 1,529,711 2,968,170
Class II...................................... 197,189 1,206,028
-------------------------------
Total increase in net assets resulting from
share transactions............................. 9,332,081 10,274,843
-------------------------------
TOTAL INCREASE IN NET ASSETS................... 10,832,520 12,947,363
NET ASSETS:
Beginning of year............................. 12,951,263 3,900
-------------------------------
End of period (including accumulated net
investment loss of $111,250 and $0)........... $23,783,783 $12,951,263
-------------------------------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CHANGE IN SHARES Class A Class B
OUTSTANDING ---------------------------------------- -----------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
------------------- ------------------- --------------------- ------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
------------------- ------------------- --------------------- ------------------
Shares sold..... 118,986 $2,198,766 182,574 $1,966,779 467,404 $ 8,705,438 374,780 $4,362,168
Shares issued
for
distributions
reinvested...... 6,620 115,446 - - 14,398 248,512 -
Shares
repurchased..... (40,711) (727,184) (11,658) (142,371) (154,209) (2,935,797) (6,672) (85,931)
------------------- ------------------- --------------------- ------------------
Increase in
shares
outstanding..... 84,895 1,587,028 170,916 1,824,408 327,593 6,018,153 368,108 4,276,237
Shares
outstanding:
Beginning of
period.......... 171,014 1,825,383 98 975 368,206 4,277,212 98 975
------------------- ------------------- --------------------- ------------------
End of period... 255,909 $3,412,411 171,014 $1,825,383 695,799 $10,295,365 386,206 $4,277,212
------------------- ------------------- --------------------- ------------------
<CAPTION>
CHANGE IN SHARES Class I Class II
OUTSTANDING ----------------------------------------- -----------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
-------------------- -------------------- -------------------- --------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-------------------- -------------------- -------------------- --------------------
Shares sold..... 151,319 $1,562,478 262,445 $3,058,138 25,831 $ 463,049 124,903 $1,249,025
Shares issued
for
distributions
reinvested...... 7,981 139,354 - - 4,138 72,487 - -
Shares
repurchased..... (67,770) (172,121) (6,945) (89,968) (18,740) (338,347) (3,339) (42,997)
-------------------- -------------------- -------------------- --------------------
Increase in
shares
outstanding..... 91,530 1,529,711 255,500 2,968,170 11,229 197,189 121,564 1,206,028
Shares
outstanding:
Beginning of
period.......... 255,597 2,969,145 97 975 121,661 1,207,003 97 975
-------------------- -------------------- -------------------- --------------------
End of period... 347,127 $4,498,856 255,597 $2,969,145 132,890 $1,404,192 121,661 $1,207,003
-------------------- -------------------- -------------------- --------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) INTERNATIONAL VALUE FUND 57
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
COMMON STOCK - 93.94%
AEROSPACE/DEFENSE - 0.36%
8,300 British Aerospace, Plc................................ $ 51,724
-----------
AIRLINES - 0.21%
2,600 British Airways, Plc. ................................ 13,660
1,000 KLM-Konin Luchtvaart Mij NV .......................... 16,811
-----------
30,471
-----------
APPAREL & PRODUCTS - 0.39%
100 Christian Dior ....................................... 23,763
800 Societe BIC, S.A. .................................... 31,841
-----------
55,604
-----------
AUTO - CARS - 2.83%
900 Daimlerchrysler AG ................................... 52,341
3,240 Fiat SpA Private ..................................... 47,401
2,528 * Hyundai Motor Co., Ltd.(/1/) ......................... 11,903
17,000 Mitsubishi Motors Corp. .............................. 59,931
15,000 Nissan Motor Co. ..................................... 68,147
525 Peugeot, S.A. ........................................ 108,581
4,000 Suzuki Motor Corp. ................................... 59,551
-----------
407,855
-----------
BANKS - OTHER - 6.73%
6,200 ABN Amro Holdings NV.................................. 127,609
5,845 Allied Irish Banks, Plc. ............................. 58,293
13,388 Australia & New Zealand Banking
Group, Ltd. .......................................... 92,490
5,200 Banco Bilboa Vizcaya.................................. 70,879
2,800 Bank of Nova Scotia................................... 63,591
5,050 Foreningssparbanken AB................................ 74,455
17,800 Lloyds TSB Group, Plc. ............................... 174,641
6,100 Royal Bank of Scotland................................ 95,501
6,000 Sakura Bank, Ltd. .................................... 42,082
3,800 Svenska Handelsbken................................... 50,296
183 UBS AG................................................ 44,939
11,666 Westpac Banking Corp. ................................ 74,402
-----------
969,178
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
BEVERAGE -
BREWERS/DISTRIBUTORS - 1.36%
1,700 Heineken NV........................................... $ 94,232
1,600 Heineken Holding NV, Class A.......................... 53,868
3,920 South African Breweries, Ltd. ........................ 28,926
2,500 South African Breweries, Plc. ........................ 18,367
-----------
195,393
-----------
BEVERAGE - SOFT DRINKS - 0.50%
2,000 CIA Cervejaria Brahma SP - ADR........................ 31,000
6,422 Coca-Cola Amatil, Ltd. ............................... 15,342
14,000 Coca-Cola Beverages, Plc. ............................ 25,631
-----------
71,973
-----------
BROADCASTING - 1.07%
760 Canal Plus............................................ 146,410
600 News Corp, Ltd. ...................................... 7,612
-----------
154,022
-----------
BUILDING MATERIALS - 1.69%
1,316 * Cemex SA.............................................. 28,787
430 Compagnie De Saint - Gobain........................... 58,650
3,800 CRH, Plc. ............................................ 60,774
40 Holdrbank Finan Glarus, Class B....................... 45,336
2,400 Thyssen Krupp AG...................................... 50,160
-----------
243,707
-----------
CHEMICAL - MAJOR - 0.73%
2,500 BOC Group, Plc. ...................................... 41,350
8,000 Mitsui Chemicals, Inc. ............................... 63,733
-----------
105,083
-----------
CHEMICAL - MISCELLANEOUS - 0.15%
6,000 Toray Industries, Inc. ............................... 21,763
-----------
CONGLOMERATES - 2.77%
8 Bouygues.............................................. 5,110
7,588 Broken Hill Proprietary Co. .......................... 81,649
1,000 Broken Hill Proprietary Co., Ltd. - ADR............... 21,188
6,000 Hutchison Whampoa..................................... 87,429
100 LVMH.................................................. 41,946
600 Siemens AG............................................ 88,489
52,000 Singapore Technology Engineering, Ltd. ............... 73,089
-----------
398,900
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
COSMETICS/TOILETRIES - 0.63%
3,000 Kao Corp. ............................................ $ 91,325
-----------
DRUGS - 5.66%
3,000 Astrazeneca, Plc. .................................... 126,325
4,520 Astrazeneca, Plc. - (SEK)............................. 189,070
300 Astrazeneca, Plc. - ADR............................... 12,638
4,000 Chugai Pharmaceutical Co., Ltd. ...................... 76,984
1,862 DSM NV................................................ 61,132
73 Novartis AG........................................... 102,213
5 Roche Holdings AG..................................... 52,339
3,000 Sankyo Co. ........................................... 66,065
4,000 Shionogi & Co., Ltd. ................................. 61,809
1,000 Takeda Chemical Industries............................ 65,788
-----------
814,363
-----------
ELECTRIC PRODUCTS -
MISCELLANEOUS - 4.06%
7,200 ASM Lithography Holdings, N.V. ....................... 281,333
5,000 Hitachi, Ltd. ........................................ 59,681
1,060 Siemens AG............................................ 156,331
9,000 Toshiba Corp. ........................................ 87,273
-----------
584,618
-----------
ELECTRICAL EQUIPMENT - 7.45%
700 Hirose Electric Co., Ltd. ............................ 84,589
22,500 Johnson Electric Holdings, Ltd. ...................... 181,261
1,000 Murata Manufacturing Co., Ltd. ....................... 194,310
9,000 NEC Corp. ............................................ 244,830
3,200 Sony Corp. ........................................... 367,449
-----------
1,072,439
-----------
ELECTRONIC EQUIPMENT - 2.49%
1,300 Hon Hai Precision - GDR............................... 35,003
800 Mabuchi Motor Co., Ltd. .............................. 88,087
1,020 * Samsung Electronics(/1/).............................. 164,404
1,000 Taiyo Yuden Co., Ltd. ................................ 70,784
-----------
358,278
-----------
ELECTRONIC INSTRUMENTS - 2.26%
800 Advantest Corp. ...................................... 182,910
330 Keyence Corp. ........................................ 109,466
7,911 New Dixons Group, Plc. ............................... 32,310
-----------
324,686
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
58 April 30, 2000 (Unaudited)
INTERNATIONAL VALUE FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
ENTERTAINMENT - 0.86%
600 Nintendo Co., Ltd. ................................... $ 99,931
10,000 Rank Group, Plc. ..................................... 23,198
-----------
123,129
-----------
FINANCE COMPANIES - 0.41%
5,484 Lend Lease Corp., Ltd. ............................... 59,378
-----------
FINANCIAL SERVICES - 1.60%
423 Aiful Corp. .......................................... 42,662
3,300 Clarica Life Insurance Co. ........................... 63,476
10,300 Credito Italiano...................................... 41,744
666 Deutsche Bank AG...................................... 44,724
1,000 * Shinhan Bank - GDR.................................... 19,194
100 Shohkoh Fund & Co., Ltd. ............................. 17,858
-----------
229,658
-----------
FOODS - 1.89%
8,900 Cadbury Schweppes, Plc. .............................. 60,790
350 Groupe Danone......................................... 76,490
37 Nestle, S.A. ......................................... 65,376
4,900 Tate & Lyle, Plc. .................................... 17,405
15,307 Tesco, Plc. .......................................... 52,337
-----------
272,398
-----------
HEAVY DUTY TRUCKS/PARTS - 0.91%
4,800 Bombardier, Inc. ..................................... 130,395
-----------
HOSPITAL SUPPLIES - 0.65%
2,500 Sanofi-Synthelabo SA.................................. 93,255
-----------
HOUSEHOLD PRODUCTS - 0.15%
3,500 Unilever, Plc. ....................................... 21,031
-----------
INFORMATION PROCESSING -
COMPUTER HARDWARE - 2.02%
7,046 * Asustek Computer, Inc. - GDR.......................... 92,557
1,000 Creative Technology, Ltd. ............................ 27,375
32,000 Legend Holdings, Ltd. ................................ 37,180
1,000 TDK Corp. ............................................ 133,889
-----------
291,001
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
INFORMATION PROCESSING -
COMPUTER SERVICES - 0.21%
200 Fujitsu Support and Service, Inc. ..................... $ 29,609
-----------
INFORMATION PROCESSING -
CONSUMER SOFTWARE - 0.17%
1,000 Creative Technology, Ltd. ............................. 24,305
-----------
INSURANCE - CASUALTY - 0.34%
11,000 Mitsui Marine & Fire Insurance......................... 48,346
-----------
INSURANCE - MISCELLANEOUS - 0.34%
30 Schweizerische Rueckversicherungs...................... 48,317
-----------
INSURANCE - MULTILINE - 1.98%
2,059 AEGON, N.V. ........................................... 147,928
100 Allianz AG Holding..................................... 38,483
2,100 Assicurazioni Generali................................. 59,729
6,972 Royal & Sun Alliance Insurance Group................... 39,357
-----------
285,497
-----------
LODGING - 0.12%
450 Accor, S.A. ........................................... 16,704
-----------
MACHINE TOOLS - 0.88%
3,000 THK Co., Ltd. ......................................... 126,301
-----------
MACHINERY -
INDUSTRIAL/SPECIALTY - 1.47%
22,900 Invensys, Plc. ........................................ 110,816
18,000 Mitsubishi Heavy Industries, Ltd. ..................... 55,961
8,300 TI Group, Plc. ........................................ 45,393
-----------
212,170
-----------
MEDICAL TECHNOLOGY - 0.28%
1,400 Degussa AG............................................. 40,519
-----------
MERCHANDISING - DEPARTMENT - 0.19%
9,000 Mycal Corp. ........................................... 27,481
-----------
MERCHANDISING - MASS - 1.12%
13,252 Coles Myer, Ltd. ...................................... 49,583
6,000 Jusco Co. Ltd. ........................................ 111,034
-----------
160,617
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
METALS - ALUMINUM - 0.43%
1,400 Pechiney, S.A., Class A................................ $ 61,319
-----------
METALS - MISCELLANEOUS - 0.41%
3,800 INCO, Ltd. ............................................ 59,501
-----------
METALS - STEEL - 0.23%
1,600 Pohang Iron & Steel Co., Ltd. - ADR.................... 33,600
-----------
MISCELLANEOUS - 1.45%
230 Bouygues SA............................................ 146,719
1,200 Metallgesellschaft AG.................................. 18,985
28 Societe Generale de Surveillance Holding, S.A. ........ 43,615
-----------
209,319
-----------
OIL - INTEGRATED INTERNATIONAL - 1.46%
22,900 Eni, SpA............................................... 113,826
1,150 Norsk Hydro ASA........................................ 42,095
6,600 Shell Transport & Trading Co. ......................... 54,220
-----------
210,141
-----------
OIL/GAS PRODUCERS - 0.42%
4,700 Enterprise Oil, Plc. .................................. 35,008
170 Total Fina Elf, S.A. .................................. 25,783
-----------
60,791
-----------
PAPER/FOREST PRODUCTS - 0.61%
3,400 UPM-Kymmene Oyj........................................ 88,053
-----------
PHOTOGRAPHY - 1.47%
6,000 Nikon Corp. ........................................... 210,965
-----------
PUBLISHING - NEWS - 2.33%
850 News Corp., Ltd. - ADR................................. 43,722
6,400 Reuters Group, Plc. ................................... 114,268
3,000 Singapore Press Holdings, Ltd. ........................ 58,682
3,600 Thomson Corp. ......................................... 118,934
-----------
335,606
-----------
REAL ESTATE - 0.38%
6,000 Sekisui House, Ltd. ................................... 54,962
-----------
REAL ESTATE INVESTMENT TRUSTS - 0.17%
3,000 Sun Hung Kai Properties................................ 23,783
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 59
INTERNATIONAL VALUE FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
SEMICONDUCTOR EQUIPMENT - 3.42%
200 Aixtron.............................................. $ 51,069
1,700 Infineon Technologies - ADR.......................... 115,388
2,000 Tokyo Electron, Ltd. ................................ 325,885
-----------
492,342
-----------
SEMICONDUCTORS - 4.36%
2,000 Fujitsu, Ltd. ....................................... 56,627
2,100 * Infineon Technologies AG............................. 144,551
1,240 STMicroelectronics, N.V. ............................ 236,513
3,621 * Taiwan Semiconductor - ADR........................... 189,424
-----------
627,115
-----------
TELECOMMUNICATIONS - 9.61%
10,000 Cable & Wireless Optus, Ltd. ........................ 32,268
1,600 Cable & Wireless, Plc. .............................. 26,664
2,800 Colt TelecomGroup.................................... 122,637
1,000 Ericsson LM, Class B................................. 89,020
600 Ericsson LMTEL Co. - ADR, Class B.................... 53,063
8,500 Nokia Oyj............................................ 487,381
11 NTT Docomo, Inc. .................................... 367,430
300 PT Multimedia - Servicos de Telecomunicacoes e
Multimedia
SGPS SA.............................................. 20,923
700 T-Online International AG............................ 26,271
700 Telecel-Comunicacoes Pessoai......................... 11,068
1,100 * Telecomunicacoes De sp - ADR......................... 27,775
3,000 Telefonica S.A. ..................................... 66,735
1,200 Teleglobe............................................ 29,926
600 United Pan-Europe Communications NV.................. 21,825
-----------
1,382,986
-----------
TOBACCO - 0.56%
33 CIE Financ Richemont - UTS, Class A.................. 80,366
-----------
UTILITIES - COMMUNICATION - 9.29%
5 DDI Corp. ........................................... 57,368
1,600 Deutsche Telekom AG.................................. 102,501
6 NTT Corp. ........................................... 74,393
262 Swisscom AG.......................................... 92,587
1,800 Telecom Italia, SpA.................................. 25,156
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
UTILITIES - COMMUNICATION - Continued
14,500 Telecom Italia, SpA - Risp............................ $ 91,311
5,187 Telefonica, S.A. ..................................... 115,385
3,800 Telefonos De Mexico - ADR............................. 223,488
5,000 TIM, SpA.............................................. 47,707
110,323 Vodafone Group, Plc. ................................. 506,678
-----------
1,336,574
-----------
WATER SERVICES - 0.41%
600 Vivendi (Ex-Gen Des Eaux)............................. 59,320
-----------
TOTAL COMMON STOCK
(Cost $10,003,249).................................... 13,518,236
-----------
<CAPTION>
PAR
VALUE
---------
<C> <S> <C>
CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT - 5.39%
BANKS - OTHER - 5.39%
$ 776,000 State Street Bank Repurchase Agreement, 5.62%, dated
04/28/00, to be repurchased at $776,363 on 05/01/00,
collateralized by U.S. Treasury Bonds, 8.00%,
11/15/21, with a par value of $650,000 (Cost
$776,000)............................................. 776,000
-----------
TOTAL CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT
(Cost $776,000)....................................... 776,000
-----------
TOTAL INVESTMENTS
(Cost $10,779,249) - 99.33%........................... $14,294,236
-----------
*Non-income producing
</TABLE>
----
(1) Securities exempt from registration under rule 144A of the Securities Act
of 1933. These securities may be sold in transactions exempt from
registration, normally to qualified institutional buyers. At April 30,
2000, the aggregate value of these securities was $176,307, representing
1.23% of net assets.
--------------------------------------------------------------------------------
<PAGE>
60 April 30, 2000 (Unaudited)
INTERNATIONAL VALUE FUND - CONTINUED
FORWARD CURRENCY CONTRACTS
<TABLE>
-------------------------------------------------------------------------
<CAPTION>
Unrealized
Settlement Face Market Appreciation
Long/Short Date(s) Value Value (Depreciation)
-------------------------------------------------------------------------
<S> <C> <C> <C> <C>
55,721 EUR / 5,899,899 JPY 05/26/00 $ 52,582 $ 56,707 $ (4,125)
36,136 EUR / 50,778 CND 06/07/00 33,406 34,790 (1,384)
44,137 EUR / 68,030 AUD 07/19/00 45,341 44,706 635
271,536 EUR / 26,812,530 JPY 07/19/00 255,674 259,357 (3,683)
39,833 EUR / 23,473 GBP 07/31/00 36,402 36,744 (342)
64,000 USD / 6,888,320 JPY 08/28/00 62,804 64,000 (1,196)
56,579 EUR / 6,134,910 JPY 08/28/00 50,082 56,302 (6,220)
13,216 EUR / 8,203 GBP 09/05/00 12,144 12,883 (739)
126,558 EUR / 13,148,160 JPY 02/20/00 113,572 124,799 (11,227)
--------------------------------------------------------------
$662,007 $690,288 $(28,281)
--------------------------------------------------------------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
STATEMENT OF ASSETS AND LIABILITIES
ASSETS:
Investments, at market (Cost $10,779,249).......................... $14,294,236
Receivables for:
Investments sold.................................................. 24,628
Fund shares sold.................................................. 391,833
Dividends and interest............................................ 21,256
Other assets....................................................... 9,097
-----------
TOTAL ASSETS....................................................... 14,741,050
-----------
LIABILITIES:
Payable for:
Investments purchased............................................. 19,209
Fund shares redeemed.............................................. 271,597
Payable to affiliates:
Administrative service fees for Class I........................... 6,902
Advisory fees..................................................... 23,914
Distribution fees for Class A & B................................. 5,390
Other............................................................. 17,729
Accrued expenses and other liabilities............................. 6,036
-----------
TOTAL LIABILITIES.................................................. 350,777
-----------
NET ASSETS......................................................... $14,390,273
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
<S> <C> <C>
-------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value per share,
unlimited shares authorized; 868,962 shares outstanding.......... $ 8,690
Additional paid in capital........................................ 10,468,908
Undistributed net realized gain on securities..................... 536,868
Accumulated net investment loss................................... (110,954)
Unrealized appreciation (depreciation) of:
Investments........................................... $3,514,987
Foreign currency translation.......................... 55
Forward currency contracts............................ (28,281) 3,486,761
---------- -----------
NET ASSETS APPLICABLE
TO SHARES OUTSTANDING............................................. $14,390,273
-----------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
COMPUTATION OF NET ASSET VALUE
AND OFFERING PRICE:
Net asset value and redemption price per Class A
share ($2,948,149 divided by 177,171 shares)...................... $ 16.64
-----------
Offering price per Class A share
(100/94.25 of $16.64)*............................................ $ 17.66
-----------
Net asset value and offering price per Class B
share ($5,980,800 divided by 364,182 shares)**.................... $ 16.42
-----------
Net asset value, offering price and redemption
price per Class I share ($3,511,229 divided by
210,847 shares)................................................... $ 16.65
-----------
Net asset value, offering price and redemption
price per Class II share ($1,950,095 divided by
116,762 shares)................................................... $ 16.70
-----------
* Offering price includes sales charge of 5.75%.
The sales charge is reduced for purchases
of $25,000 and over.
** Redemption price per share is equal to net asset value less any
applicable contingent deferred sales charge.
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
INTERNATIONAL VALUE FUND (Unaudited) - CONTINUED 61
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2000
<TABLE>
<CAPTION>
<S> <C> <C>
INVESTMENT INCOME:
Dividends (net of foreign withholding taxes of $7,466)........ $ 54,991
Interest...................................................... 23,939
----------
Total investment income...................................... 78,930
----------
EXPENSES:
Advisory fees................................................. 63,111
Transfer agent fees........................................... 20,199
Custodian fees................................................ 8,641
Distribution fees:
Class A...................................................... 3,422
Class B...................................................... 25,742
Administrative service fee, Class I........................... 3,453
Registration and filing fees.................................. 17,370
Audit fees and tax services................................... 2,528
Accounting services........................................... 1,893
Trustees' fees and expenses................................... 1,512
Report to shareholders........................................ 2,036
Miscellaneous................................................. 3,480
----------
Total expenses............................................... 153,387
Expense reimbursement (see Note 3)........................... (57,681)
----------
Net Expenses................................................. 95,706
----------
NET INVESTMENT LOSS........................................... (16,776)
----------
REALIZED AND UNREALIZED GAIN (LOSS) ON SECURITIES AND FOREIGN
CURRENCIES:
Net realized gain (loss) on securities:
Investments........................................ $ 594,085
Foreign currency transactions...................... (5,459)
Forward currency contracts......................... (51,755) 536,871
---------
Net unrealized appreciation (depreciation)
during the period:
Investments........................................ 1,352,367
Foreign currency translation....................... (368)
Forward currency contracts......................... (21,017) 1,330,982
--------- ----------
Net realized and unrealized gain on securities and
foreign currencies during the period........................ 1,867,853
----------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.............. $1,851,077
----------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the Six For the
Months Ended Year Ended
April 30, 2000 October 31, 1999
<S> <C> <C>
-------------------------------
<CAPTION>
(audited)
<S> <C> <C>
OPERATIONS:
Net investment income (loss).................. $ (16,776) $ 16,050
Net realized gain on securities and foreign
currencies.................................... 536,871 272,788
Net unrealized appreciation of securities and
foreign currencies during the period.......... 1,330,982 2,155,779
-------------------------------
Increase in net assets resulting from
operations................................... 1,851,077 2,444,617
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A...................................... (23,123) (170)
Class B...................................... (36,277) -
Class I...................................... (21,992) (440)
Class II..................................... (18,155) (979)
-------------------------------
Total distributions to shareholders
from net investment income.................. (99,547) (1,589)
-------------------------------
Net realized gain on securities
Class A...................................... (63,212) -
Class B...................................... (111,877) -
Class I...................................... (59,707) -
Class II..................................... (47,087) -
-------------------------------
Total distributions to shareholders
from net realized gain on securities........ (281,883) -
-------------------------------
Decrease in net assets resulting from
distributions to shareholders................. (381,430) (1,589)
-------------------------------
Net increase (decrease) in net assets
resulting from share transactions
Class A...................................... 683,274 1,358,857
Class B...................................... 1,689,308 2,979,166
Class I...................................... 1,068,858 1,565,004
Class II..................................... (58,562) 1,188,093
-------------------------------
Total increase in net assets resulting from
share transactions............................ 3,382,878 7,091,120
-------------------------------
TOTAL INCREASE IN NET ASSETS.................. 4,852,525 9,534,148
NET ASSETS:
Beginning of year............................ 9,537,748 3,600
-------------------------------
End of period (including accumulated net
investment income (loss) of ($110,954) and
$5,369)...................................... $14,390,273 $9,537,748
-------------------------------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CHANGE IN SHARES Class A Class B
OUTSTANDING ---------------------------------------- ----------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
------------------- ------------------- ------------------- -------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
------------------- ------------------- ------------------- -------------------
Shares sold..... 55,395 $ 893,899 139,952 $1,434,844 146,734 $2,421,972 270,810 $3,103,486
Shares issued
for
distributions
reinvested...... 5,287 86,540 16 170 9,170 148,197 - -
Shares
repurchased..... (17,795) (297,165) (5,774) (76,157) (53,114) (880,861) (9,508) (124,320)
------------------- ------------------- ------------------- -------------------
Increase
(decrease) in
shares
outstanding..... 42,887 683,274 134,194 1,358,857 102,790 1,689,308 261,302 2,979,166
Shares
outstanding:
Beginning of
year............ 134,284 1,359,757 90 900 261,392 2,980,066 90 900
------------------- ------------------- ------------------- -------------------
End of period... 177,171 $2,043,031 134,284 $1,359,757 364,182 $4,669,374 261,392 $2,980,066
------------------- ------------------- ------------------- -------------------
<CAPTION>
CHANGE IN SHARES Class I Class II
OUTSTANDING ----------------------------------------- -----------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
-------------------- -------------------- -------------------- --------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-------------------- -------------------- -------------------- --------------------
Shares sold..... 95,689 $1,618,255 153,234 $1,636,780 3,762 $ 62,835 124,910 $1,249,099
Shares issued
for
distributions
reinvested...... 4,989 81,649 41 440 3,972 65,242 92 979
Shares
repurchased..... (37,695) (631,046) (5,501) (72,216) (11,297) (186,639) (4,767) (61,985)
-------------------- -------------------- -------------------- --------------------
Increase
(decrease) in
shares
outstanding..... 62,983 1,068,858 147,774 1,565,004 (3,563) (58,562) 120,235 1,188,093
Shares
outstanding:
Beginning of
year............ 147,864 1,565,904 90 900 120,325 1,188,993 90 900
-------------------- -------------------- -------------------- --------------------
End of period... 210,847 $2,634,762 147,864 $1,565,904 116,762 $1,130,431 120,325 $1,188,993
-------------------- -------------------- -------------------- --------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<PAGE>
62 April 30, 2000 (Unaudited)
LARGE CAP VALUE FUND
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
COMMON STOCK - 98.71%
AEROSPACE/DEFENSE - 2.17%
3,600 Boeing Co. ........................................... $ 142,874
1,900 Northrop Grumman Corp. ............................... 134,663
-----------
277,537
-----------
APPLIANCES/FURNISHINGS - 0.49%
2,400 Lancaster Colony Corp. ............................... 63,000
-----------
AUTO - CARS - 2.30%
4,000 Ford Motor Co. ....................................... 218,749
800 General Motors Corp. ................................. 74,900
-----------
293,649
-----------
AUTO - ORIGINAL EQUIPMENT - 0.42%
4,000 FEDERAL-Mogul Corp. .................................. 54,250
-----------
BANKS - NEW YORK CITY - 4.14%
8,900 Citigroup, Inc. ...................................... 528,994
-----------
BANKS - OTHER - 6.47%
6,600 Bank of America Corp. ................................ 323,399
2,400 First Union Corp. .................................... 76,500
5,600 FleetBoston Financial Corp. .......................... 198,450
4,700 Unionbancal Corp. .................................... 130,131
2,400 Wells Fargo Co. ...................................... 98,550
-----------
827,030
-----------
BANKS - REGIONAL - 2.76%
700 BankOne Corp. ........................................ 21,349
2,800 Chase Manhattan Corp. ................................ 201,775
6,500 Hibernia Corp., Class A............................... 69,063
1,400 PNC Bank Corp. ....................................... 61,075
-----------
353,262
-----------
BROADCASTING - 0.30%
500 * Media One Group, Inc. ................................ 37,813
-----------
BUILDING MATERIALS - 0.26%
3,200 Johns Manville Corp. ................................. 33,400
-----------
CHEMICAL - MAJOR - 1.05%
2,833 E.I. du Pont de Nemours and Co. ...................... 134,390
-----------
CHEMICAL - MISCELLANEOUS - 1.00%
2,200 * FMC Corp. ............................................ 128,013
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
CONGLOMERATES - 1.12%
2,600 Loews Corp. .......................................... $ 143,325
-----------
CONTAINERS - PAPER - 0.51%
1,300 Temple-Inland, Inc. .................................. 65,163
-----------
DRUGS - 1.47%
1,400 * Genzyme-Molecular Oncology............................ 68,337
1,200 Merck & Co., Inc. .................................... 83,400
714 Pharmacia Corp. ...................................... 35,655
-----------
187,392
-----------
ELECTRONIC EQUIPMENT - 1.03%
1,200 * Teradyne, Inc. ....................................... 132,000
-----------
ELECTRONIC INSTRUMENTS - 1.18%
1,800 * Vishay Intertechnology, Inc. ......................... 150,975
-----------
ENTERTAINMENT - 1.83%
5,400 Walt Disney........................................... 233,888
-----------
FINANCE COMPANIES - 0.51%
700 Goldman Sachs Group, Inc. ............................ 65,275
-----------
FINANCIAL SERVICES - 0.54%
4,100 CIT Group, Inc. ...................................... 69,444
-----------
FOODS - 2.03%
2,900 ConAgra, Inc. ........................................ 54,737
4,700 IBP, Inc. ............................................ 77,550
3,900 Ralston Purina Co. ................................... 68,981
1,500 * Suiza Foods Corp. .................................... 58,406
-----------
259,674
-----------
GOVERNMENT SPONSORED - 1.54%
600 Federal Home Loan Mortgage Corp. ..................... 27,562
2,800 Federal National Mortgage Association................. 168,875
-----------
196,437
-----------
HEALTHCARE - 3.05%
2,100 * PacifiCare Health Systems, Inc., Class A.............. 108,018
2,100 * Trigon Healthcare, Inc. .............................. 75,469
1,000 UnitedHealth Group, Inc. ............................. 66,688
1,900 * Wellpoint Health Networks, Inc. ...................... 140,125
-----------
390,300
-----------
HEAVY DUTY TRUCKS/PARTS - 0.47%
1,700 Cummins Engine Co., Inc. ............................. 60,456
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
HOSPITAL SUPPLIES - 0.26%
400 Johnson & Johnson..................................... $ 33,000
-----------
HOUSEHOLD PRODUCTS - 0.27%
400 Minnesota Mining & Manufacturing Co. ................. 34,600
-----------
INFORMATION PROCESSING -
COMPUTER HARDWARE - 0.58%
600 * Apple Computer, Inc. ................................. 74,438
-----------
INFORMATION PROCESSING -
DATA SERVICES - 1.00%
700 Hewlett Packard Co. .................................. 94,499
300 International Business Machines....................... 33,488
-----------
127,987
-----------
INSURANCE - LIFE - 0.59%
2,300 AXA Financial, Inc. .................................. 75,038
-----------
INSURANCE - MISCELLANEOUS - 3.19%
2,100 Ambac Financial Group, Inc. .......................... 100,799
2,400 MGIC Investment Corp. ................................ 114,750
2,600 PMI Group, Inc. ...................................... 125,938
1,300 Radian Group, Inc. ................................... 66,219
-----------
407,706
-----------
INSURANCE - MULTILINE - 1.91%
2,225 American International Group, Inc. ................... 244,055
-----------
LEISURE TIME - 0.56%
3,700 Brunswick Corp. ...................................... 70,994
-----------
MACHINERY -
INDUSTRIAL/SPECIALTY - 1.65%
3,100 Dover Corp. .......................................... 157,518
1,800 Tidewater, Inc. ...................................... 53,550
-----------
211,068
-----------
MERCHANDISE - SPECIALTY - 2.34%
1,300 Circuit City Stores, Inc. ............................ 76,455
800 * Costco Wholesale Corp. ............................... 43,250
1,500 Tiffany & Co. ........................................ 109,031
1,700 * Zale Corp. ........................................... 70,125
-----------
298,861
-----------
MERCHANDISING - DEPARTMENT - 0.77%
2,900 * Federated Department Stores, Inc. .................... 98,600
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 63
LARGE CAP VALUE FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
MERCHANDISING - MASS - 1.17%
4,100 Sears Roebuck and Co. ................................ $ 150,163
-----------
METALS - STEEL - 0.53%
2,700 USX-US Steel Group, Inc. ............................. 67,669
-----------
NATURAL GAS - DIVERSIFIED - 0.34%
2,300 Questar Corp. ........................................ 43,269
-----------
OIL - INTEGRATED DOMESTIC - 2.56%
1,200 Amerada Hess Corp. ................................... 76,349
2,100 Burlington Resources, Inc. ........................... 82,556
1,400 Kerr-McGee Corp. ..................................... 72,450
4,500 Occidental Petroleum Corp. ........................... 96,469
-----------
327,824
-----------
OIL - INTEGRATED INTERNATIONAL - 5.81%
1,600 Chevron Corp. ........................................ 136,200
7,684 Exxon Mobil Corp. .................................... 596,951
200 Texaco, Inc. ......................................... 9,900
-----------
743,051
-----------
OIL - SERVICE - PRODUCTS - 0.55%
1,000 * BJ Services Co. ...................................... 70,250
-----------
OIL - SERVICES - 0.29%
1,100 ENSCO International Inc. ............................. 36,506
-----------
OIL/GAS PRODUCERS - 0.66%
1,200 Helmerich & Payne, Inc. .............................. 37,575
4,500 * Pioneer Natural Resources Corp. ...................... 46,406
-----------
83,981
-----------
PAPER/FOREST PRODUCTS - 1.96%
2,000 Boise Cascade Corp. .................................. 65,125
2,000 Georgia-Pacific Corp. ................................ 73,500
4,700 Louisiana Pacific Corp. .............................. 62,863
1,300 Willamette Industries, Inc. .......................... 49,644
-----------
251,132
-----------
PHOTOGRAPHY - 0.35%
800 Eastman Kodak Co. .................................... 44,750
-----------
PUBLISHING - NEWS - 0.61%
1,900 New York Times Co., Class A........................... 78,256
-----------
PUBLISHING/PRINTING - 0.37%
900 McGraw-Hill, Inc. .................................... 47,250
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
RAILROAD - 0.90%
3,700 Burlington Northern Santa Fe Corp. ................... $ 89,263
600 Union Pacific Corp. .................................. 25,275
-----------
114,538
-----------
RESTAURANTS - 1.07%
4,000 * Tricon Global Restaurants, Inc. ...................... 136,500
-----------
SAVINGS & LOAN - 0.35%
2,190 Charter One Financial, Inc. .......................... 44,484
-----------
SECURITIES RELATED - 5.06%
1,700 A.G. Edwards, Inc. ................................... 63,963
1,200 J.P. Morgan & Co., Inc. .............................. 154,050
1,000 Lehman Brothers Holdings, Inc. ....................... 82,063
900 Merrill Lynch & Co., Inc. ............................ 91,744
2,700 Morgan Stanley Dean Witter & Co. ..................... 207,225
1,100 Paine Webber Group, Inc. ............................. 48,263
-----------
647,308
-----------
SEMICONDUCTOR EQUIPMENT - 1.10%
2,100 * Novellus Systems, Inc. ............................... 140,044
-----------
SEMICONDUCTORS - 3.42%
3,000 * Energizer Holdings, Inc. ............................. 51,188
2,100 * LSI Logic Corp. ...................................... 131,250
600 Motorola, Inc. ....................................... 71,438
1,200 Rockwell International Corp. ......................... 47,250
700 * SDL, Inc. ............................................ 136,500
-----------
437,626
-----------
TELECOMMUNICATIONS - 4.66%
8,298 AT&T Corp. ........................................... 387,413
1,200 * AT&T Corp. - Liberty Media Group...................... 59,925
3,250 * MCI Worldcom, Inc. ................................... 147,672
-----------
595,010
-----------
TEXTILE - PRODUCTS - 1.10%
8,900 Shaw Industries, Inc. ................................ 140,731
-----------
TOBACCO - 0.44%
2,600 Philip Morris Companies, Inc. ........................ 56,875
-----------
TRUCKERS - 0.42%
2,600 CNF Transportation, Inc. ............................. 53,081
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<S> <C> <C>
--------------------------------------------------------------------------------
UTILITIES - COMMUNICATION - 9.37%
4,400 Bell Atlantic Corp. .................................... $ 260,700
6,000 BellSouth Corp. ........................................ 292,125
2,000 GTE Corp. .............................................. 135,500
8,690 SBC Communications, Inc. ............................... 380,731
2,100 Sprint Corp. - FON Group................................ 129,150
-----------
1,198,206
-----------
UTILITIES - ELECTRIC - 3.85%
3,300 Energy East Corp. ...................................... 68,888
3,100 FirstEnergy Corp. ...................................... 78,856
3,600 PG&E Corp. ............................................. 93,375
2,900 PPL Corp. .............................................. 69,238
2,700 Public Service Enterprise Group, Inc. .................. 96,863
3,200 Reliant Energy, Inc. ................................... 85,200
-----------
492,420
-----------
UTILITIES - GAS, DISTRIBUTION - 0.98%
1,500 Keyspan Corp. .......................................... 44,063
2,500 Tosco Corp. ............................................ 80,156
-----------
124,219
-----------
UTILITIES - GAS, PIPELINE - 1.03%
800 Enron Corp. ............................................ 55,750
4,000 Sempra Energy........................................... 74,250
-----------
130,000
-----------
TOTAL COMMON STOCK
(Cost $11,920,587)...................................... 12,617,157
-----------
TOTAL INVESTMENTS
(Cost $11,920,587) - 98.71%............................. $12,617,157
-----------
*Non-income producing
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
64 April 30, 2000 (Unaudited)
LARGE CAP VALUE FUND - CONTINUED
<TABLE>
<CAPTION>
<S> <C>
-------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
ASSETS:
Investments, at market (Cost $11,920,587).......................... $12,617,157
Receivables for:
Investments sold.................................................. 360,713
Fund shares sold.................................................. 150,564
Dividends and interest............................................ 15,585
Other assets....................................................... 15,675
-----------
TOTAL ASSETS....................................................... 13,159,694
-----------
LIABILITIES:
Payable for:
Investments purchased............................................. 265,853
Fund shares redeemed.............................................. 7,638
Payable to affiliates:
Administrative service fees for Class I........................... 5,714
Advisory fees..................................................... 10,564
Distribution fees for Class A & B................................. 1,014
Other............................................................. 55,475
Accrued expenses and other liabilities............................. 31,771
-----------
TOTAL LIABILITIES.................................................. 378,029
-----------
NET ASSETS......................................................... $12,781,665
-----------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value per share, unlimited
shares authorized, 1,155,654 shares outstanding................... $ 11,554
Additional paid in capital........................................ 12,107,868
Accumulated net realized loss on securities....................... (36,408)
Undistributed net investment income............................... 2,081
Unrealized appreciation of securities............................. 696,570
-----------
NET ASSETS APPLICABLE
TO SHARES OUTSTANDING............................................. $12,781,665
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
<S> <C>
-------------------------------------------------------------------------------
COMPUTATION OF NET ASSET VALUE
AND OFFERING PRICE:
Net asset value and redemption price per Class A
share ($2,340,785 divided by 211,518 shares)............................ $11.07
------
Offering price per Class A share
(100/94.25 of $11.07)*.................................................. $11.75
------
Net asset value and offering price per Class B
share ($6,910,820 divided by 625,295 shares)**.......................... $11.05
------
Net asset value, offering price and redemption
price per Class I share ($2,076,839 divided by
187,538 shares)......................................................... $11.07
------
Net asset value, offering price and redemption
price per Class II share ($1,453,221 divided by
131,303 shares)......................................................... $11.07
------
* Offering price includes sales charge of 5.75%.
The sales charge is reduced for purchases
of $25,000 and over.
** Redemption price per share is equal to net asset value
less any applicable contingent deferred sales charge.
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
LARGE CAP VALUE FUND (Unaudited) - CONTINUED 65
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2000
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME:
Dividends............................................................. $108,915
Interest.............................................................. 5,212
--------
Total investment income.............................................. 114,127
--------
EXPENSES:
Advisory fees......................................................... 28,562
Transfer agent fees................................................... 17,903
Custodian fees........................................................ 6,811
Distribution fees:
Class A.............................................................. 2,753
Class B.............................................................. 29,506
Administrative service fee, Class I................................... 2,334
Registration and filing fees.......................................... 17,339
Audit fees and tax services........................................... 2,230
Accounting services................................................... 1,714
Trustees' fees and expenses........................................... 1,506
Report to shareholders................................................ 2,140
Miscellaneous......................................................... 3,574
--------
Total expenses....................................................... 116,372
Expense reimbursement (see Note 3)................................... (38,006)
--------
Net expenses......................................................... 78,366
--------
NET INVESTMENT INCOME................................................. 35,761
--------
REALIZED AND UNREALIZED GAIN (LOSS) ON SECURITIES:
Net realized loss on securities....................................... (18,743)
Net unrealized appreciation of securities during the period........... 225,989
--------
Net realized and unrealized gain on securities during the period.... 207,246
--------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS...................... $243,007
--------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the Six For the
Months Ended Year Ended
April 30, 2000 October 31, 1999
<S> <C> <C>
-------------------------------
<CAPTION>
(audited)
<S> <C> <C>
OPERATIONS:
Net investment income......................... $ 35,761 $ 53,022
Net realized gain (loss) on securities........ (18,743) 293,884
Net unrealized appreciation of securities
during the period............................. 225,989 470,581
-------------------------------
Increase in net assets resulting from
operations................................... 243,007 817,487
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A...................................... (10,462) (14,988)
Class B...................................... (5,341) (3,987)
Class I...................................... (9,894) (14,522)
Class II..................................... (9,595) (17,913)
-------------------------------
Total distributions to shareholders
from net investment income.................. (35,292) (51,410)
-------------------------------
Net realized gain on securities
Class A...................................... (61,163) -
Class B...................................... (157,522) -
Class I...................................... (51,015) -
Class II..................................... (41,849) -
-------------------------------
Total distributions to shareholders
from net realized gain on securities........ (311,549) -
-------------------------------
Decrease in net assets resulting from
distributions to shareholders................. (346,841) (51,410)
-------------------------------
SHARE TRANSACTIONS:
Net increase in net assets resulting from
share transactions
Class A...................................... 349,795 1,828,784
Class B...................................... 1,991,320 4,732,977
Class I...................................... 332,260 1,572,899
Class II..................................... 68,302 1,240,185
-------------------------------
Total increase in net assets resulting from
share transactions............................ 2,741,677 9,374,845
-------------------------------
TOTAL INCREASE IN NET ASSETS.................. 2,637,843 10,140,922
NET ASSETS:
Beginning of year............................ 10,143,822 2,900
-------------------------------
End of period (including undistributed net
investment income of $2,081 and $1,612)...... $12,781,665 $10,143,822
-------------------------------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CHANGE IN SHARES Class A Class B
OUTSTANDING --------------------------------------- ------------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
------------------- ------------------ --------------------- -------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
------------------- ------------------ --------------------- -------------------
Shares sold..... 64,971 $ 695,936 184,168 $1,900,280 303,232 $ 3,228,324 439,906 $4,800,672
Shares issued
for
distributions
reinvested...... 6,652 71,436 1,312 14,967 15,283 163,347 354 3,971
Shares
repurchased..... (38,066) (417,577) (7,591) (86,463) (127,352) (1,400,351) (6,200) (71,666)
------------------- ------------------ --------------------- -------------------
Increase in
shares
outstanding..... 33,557 349,795 177,889 1,828,784 191,163 1,991,320 434,060 4,732,977
Shares
outstanding:
Beginning of
year............ 177,961 1,829,509 72 725 434,132 4,733,702 72 725
------------------- ------------------ --------------------- -------------------
End of period... 211,518 $2,179,304 177,961 $1,829,509 625,295 $ 6,725,022 434,132 $4,733,702
------------------- ------------------ --------------------- -------------------
<CAPTION>
CHANGE IN SHARES Class I Class II
OUTSTANDING ----------------------------------------- ----------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
-------------------- -------------------- -------------------- -------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-------------------- -------------------- -------------------- -------------------
Shares sold..... 69,397 $ 739,698 158,591 $1,621,068 22,204 $ 239,466 125,842 $1,260,171
Shares issued
for
distributions
reinvested...... 5,657 60,828 1,276 14,524 4,783 51,444 1,574 17,913
Shares
repurchased..... (42,045) (468,266) (5,411) (62,693) (19,947) (222,608) (3,226) (37,899)
-------------------- -------------------- -------------------- -------------------
Increase in
shares
outstanding..... 33,009 332,260 154,456 1,572,899 7,040 68,302 124,190 1,240,185
Shares
outstanding:
Beginning of
year............ 154,529 1,573,624 73 725 124,263 1,240,910 73 725
-------------------- -------------------- -------------------- -------------------
End of period... 187,538 $1,905,884 154,529 $1,573,624 131,303 $1,309,212 124,263 $1,240,910
-------------------- -------------------- -------------------- -------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<PAGE>
66 April 30, 2000 (Unaudited)
MID CAP VALUE FUND
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
COMMON STOCK - 93.52%
AEROSPACE/DEFENSE - 2.72%
6,500 General Dynamics Corp. ............................... $ 380,250
-----------
AIRLINES - 2.43%
4,700 * Continental Airlines, Inc., Class B 188,000
7,000 Southwest Airlines Co. ............................... 151,812
-----------
339,812
-----------
APPLIANCES/FURNISHINGS - 1.08%
4,400 Maytag Corp. ......................................... 151,525
-----------
AUTO - CARS - 0.96%
1,400 * General Motors Corp., Class H......................... 134,838
-----------
AUTO - ORIGINAL EQUIPMENT - 3.53%
3,500 Danaher Corp. ........................................ 199,937
9,800 * Lear Corp. ........................................... 293,388
-----------
493,325
-----------
AUTO - REPLACEMENT PARTS - 1.73%
2,200 * SPX Corp. ............................................ 241,725
-----------
BANKS - OTHER - 3.22%
6,500 FleetBoston Financial Corp. .......................... 230,343
2,500 Providian Financial Corp. ............................ 220,156
-----------
450,499
-----------
BANKS - REGIONAL - 0.72%
3,825 Valley National Bancorp............................... 100,645
-----------
BROADCASTING - 2.05%
17,200 A.H. Belo Corp. ...................................... 287,025
-----------
CHEMICAL - MISCELLANEOUS - 2.86%
2,900 * FMC Corp. ............................................ 168,743
5,200 Praxair, Inc. ........................................ 231,075
-----------
399,818
-----------
CONTAINERS - PAPER - 1.19%
3,000 * Sealed Air Corp. ..................................... 166,875
-----------
DRUGS - 1.88%
5,400 * Genzyme-Molecular Oncology............................ 263,588
-----------
ELECTRONIC INSTRUMENTS - 0.95%
1,400 * Waters Corp. ......................................... 133,000
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
FINANCE COMPANIES - 0.72%
2,400 Household International, Inc. ........................ $ 100,200
-----------
FINANCIAL SERVICES - 1.18%
6,000 Countrywide Credit Industries, Inc. .................. 165,750
-----------
FOODS - 2.26%
3,500 Hershey Foods Corp. .................................. 158,812
4,200 Nabisco Holdings Corp., Class A....................... 157,763
-----------
316,575
-----------
GOVERNMENT SPONSORED - 1.30%
5,800 SLM Holding Corp. .................................... 181,613
-----------
HEALTHCARE - 1.79%
3,400 * Wellpoint Health Networks, Inc. ...................... 250,750
-----------
HEAVY DUTY TRUCKS/PARTS - 1.08%
1,800 Eaton Corp. .......................................... 151,200
-----------
HOSPITAL SUPPLIES - 1.96%
5,100 Becton, Dickinson and Co. ............................ 130,687
3,300 C. R. Bard, Inc. ..................................... 143,756
-----------
274,443
-----------
INFORMATION PROCESSING - 0.54%
2,000 * ChoicePoint, Inc. .................................... 76,000
-----------
INFORMATION PROCESSING -
COMPUTER HARDWARE - 0.80%
900 * Apple Computer, Inc. ................................. 111,656
-----------
INFORMATION PROCESSING -
COMPUTER SERVICES - 2.66%
7,100 * Ceridian Corp. ....................................... 153,980
6,300 * SunGard Data Systems, Inc. ........................... 217,744
-----------
371,724
-----------
INFORMATION PROCESSING -
DATA SERVICES - 2.02%
6,100 Comdisco, Inc. ....................................... 189,480
7,400 * Compuware Corp. ...................................... 92,963
-----------
282,443
-----------
INSURANCE - LIFE - 0.81%
4,100 Nationwide Financial Services, Inc.,
Class A............................................... 114,031
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
INSURANCE - MISCELLANEOUS - 3.01%
10,400 Ace Limited........................................... $ 248,949
3,600 Ambac Financial Group, Inc. .......................... 172,800
-----------
421,749
-----------
INSURANCE - MULTILINE - 2.77%
7,800 Aon Corp. ............................................ 211,088
3,700 XL Capital, Ltd. ..................................... 176,213
-----------
387,301
-----------
LODGING - 1.48%
7,300 Starwood Hotels & Resorts
Worldwide, Inc. ...................................... 207,594
-----------
MACHINERY -
INDUSTRIAL/SPECIALTY - 2.44%
5,100 * American Standard Companies, Inc. .................... 209,100
5,900 Pall Corp. ........................................... 131,644
-----------
340,744
-----------
MERCHANDISE - SPECIALTY - 0.97%
10,900 * Consolidated Stores Corp. ............................ 135,569
-----------
MERCHANDISING - FOOD - 1.61%
12,100 * Kroger Co. ........................................... 224,606
-----------
METALS - MISCELLANEOUS - 1.20%
9,600 Engelhard Corp. ...................................... 168,600
-----------
MULTIMEDIA - 0.95%
7,900 * Cadence Design Systems, Inc. ......................... 132,819
-----------
NATURAL GAS - DIVERSIFIED - 2.47%
4,600 Coastal Corp. ........................................ 230,863
3,800 Kinder Morgan, Inc. .................................. 115,188
-----------
346,051
-----------
OIL - INTEGRATED DOMESTIC - 1.13%
6,800 USX-Marathon Group.................................... 158,525
-----------
OIL - SERVICE - PRODUCTS - 2.92%
3,920 Dynegy, Inc. ......................................... 256,515
3,800 * Noble Drilling Corp. ................................. 151,763
-----------
408,278
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 67
MID CAP VALUE FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
OIL/GAS PRODUCERS - 4.66%
5,800 Anadarko Petroleum Corp. ............................. $ 251,938
3,500 Apache Corp. ......................................... 169,531
4,900 Transocean Sedco Forex, Inc. ......................... 230,300
-----------
651,769
-----------
PAPER/FOREST PRODUCTS - 2.60%
3,700 Bowater, Inc. ........................................ 203,500
10,500 * Smurfit-Stone Container Corp. ........................ 160,125
-----------
363,625
-----------
PUBLISHING - NEWS - 1.57%
4,700 Scripps Co. .......................................... 219,431
-----------
PUBLISHING/PRINTING - 0.95%
4,400 Dun & Bradstreet Corp. ............................... 132,550
-----------
REAL ESTATE INVESTMENT TRUSTS - 4.51%
4,500 Boston Properties, Inc. .............................. 156,938
13,800 * Indymac Mortgage Holdings, Inc. ...................... 180,263
3,600 Spieker Properties, Inc. ............................. 159,525
3,900 Vornado Realty Trust.................................. 134,550
-----------
631,276
-----------
SECURITIES RELATED - 3.95%
5,000 Bear Stearns Co., Inc. ............................... 214,375
7,700 Franklin Resources, Inc. ............................. 248,325
1,100 Lehman Brothers Holdings, Inc. ....................... 90,269
-----------
552,969
-----------
SEMICONDUCTORS - 2.28%
1,600 * Atmel Corp. .......................................... 78,300
4,700 * Energizer Holdings, Inc. ............................. 80,194
500 * Micron Technology, Inc. .............................. 69,625
1,500 * National Semiconductor Corp. ......................... 91,125
-----------
319,244
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
TELECOMMUNICATIONS - 4.73%
1,300 * Allegiance Telecom, Inc. ............................ $ 91,975
6,100 * American Tower Corp., Class A........................ 283,650
2,600 * EchoStar Communications Corp.,
Class A.............................................. 165,588
12,300 * Loral Space & Communications, Ltd. .................. 120,694
-----------
661,907
-----------
UTILITIES - ELECTRIC - 2.59%
2,000 * AES Corp. ........................................... 179,875
4,600 Unicom Corp. ........................................ 182,850
-----------
362,725
-----------
UTILITIES - GAS, DISTRIBUTION - 0.57%
2,500 Tosco Corp. ......................................... 80,156
-----------
UTILITIES - GAS, PIPELINE - 1.72%
6,400 Williams Companies, Inc. ............................ 238,800
-----------
TOTAL COMMON STOCK
(Cost $12,293,486)................................... 13,085,598
-----------
PAR
VALUE
--------
CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT - 6.88%
BANKS - OTHER - 6.88%
$963,000 State Street Bank Repurchase Agreement,
5.62%, dated 04/28/00, to be repurchased
at $963,451 on 05/01/00, collateralized by
U.S. Treasury Bonds, 8.00%, 11/15/21, with
a par value of $805,000 (Cost $963,000).............. 963,000
-----------
TOTAL CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT
(Cost $963,000)...................................... 963,000
-----------
TOTAL INVESTMENTS
(Cost $13,256,486) - 100.40%......................... $14,048,598
-----------
*Non-income producing
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
ASSETS:
Investments, at market (Cost $13,256,486).......................... $14,048,598
Receivables for:
Investments sold.................................................. 116,681
Fund shares sold.................................................. 59,131
Dividends and interest............................................ 8,157
Other assets....................................................... 16,421
-----------
TOTAL ASSETS....................................................... 14,248,988
-----------
LIABILITIES:
Payable for:
Investments purchased............................................. 168,116
Fund shares redeemed.............................................. 10,861
Payable to affiliates:
Administrative service fees for Class I........................... 5,805
Advisory fees..................................................... 16,688
Distribution fees for Class A & B................................. 6,538
Other............................................................. 48,076
-----------
TOTAL LIABILITIES.................................................. 256,084
-----------
NET ASSETS......................................................... $13,992,904
-----------
--------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value per share, unlimited
shares authorized, 1,139,711 shares outstanding.................... $ 11,397
Additional paid in capital......................................... 12,619,729
Undistributed net realized gain on securities...................... 579,702
Accumulated net investment loss.................................... (10,036)
Unrealized depreciation of securities.............................. 792,112
-----------
NET ASSETS APPLICABLE
TO SHARES OUTSTANDING.............................................. $13,992,904
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
68 April 30, 2000 (Unaudited)
MID CAP VALUE FUND - CONTINUED
<TABLE>
<CAPTION>
<S> <C>
--------------------------------------------------------------------------------
COMPUTATION OF NET ASSET VALUE
AND OFFERING PRICE:
Net asset value and redemption price per Class A
share ($2,545,341 divided by 205,414 shares)............................. $12.39
------
Offering price per Class A share
(100/94.25 of $12.39)*................................................... $13.15
------
Net asset value and offering price per Class B
share ($7,511,280 divided by 616,109 shares)**........................... $12.19
------
Net asset value, offering price and redemption
price per Class I share ($2,138,807 divided by
172,960 shares).......................................................... $12.37
------
Net asset value, offering price and redemption
price per Class II share ($1,797,476 divided by
145,228 shares).......................................................... $12.38
------
* Offering price includes sales charge of 5.75%.
The sales charge is reduced for purchases
of $25,000 and over.
** Redemption price per share is equal to net asset value
less any applicable contingent deferred sales charge.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<PAGE>
MID CAP VALUE FUND (Unaudited) - CONTINUED 69
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2000
<TABLE>
<S> <C>
INVESTMENT INCOME:
Dividends............................................. $ 53,802
Interest.............................................. 30,467
----------
Total investment income.............................. 84,269
----------
EXPENSES:
Advisory fees......................................... 43,915
Transfer agent fees................................... 18,171
Custodian fees........................................ 6,831
Distribution fees:
Class A.............................................. 2,711
Class B.............................................. 30,403
Administrative service fee, Class I................... 2,256
Registration and filing fees.......................... 17,409
Audit fees and tax services........................... 2,314
Accounting services................................... 1,757
Trustees' fees and expenses........................... 1,472
Report to shareholders................................ 2,048
Miscellaneous......................................... 3,346
----------
Total expenses....................................... 132,633
Expense reimbursement (see Note 3)................... (38,328)
----------
Net expenses......................................... 94,305
----------
NET INVESTMENT LOSS................................... (10,036)
----------
REALIZED AND UNREALIZED GAIN ON SECURITIES:
Net realized gain on securities....................... 598,785
Net unrealized appreciation of securities during the
period................................................ 1,130,833
----------
Net realized and unrealized gain on securities
during the period................................... 1,729,618
----------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS...... $1,719,582
----------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the Six For the
Months Ended Year Ended
April 30, 2000 October 31, 1999
<S> <C> <C>
-------------------------------
OPERATIONS:
Net investment income (loss).................. $ (10,036) $ 23,827
Net realized gain on securities............... 598,785 1,208,461
Net unrealized appreciation (depreciation) of
securities
during the period............................. 1,130,833 (338,721)
-------------------------------
Increase in net assets resulting from
operations................................... 1,719,582 893,567
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A...................................... - (6,396)
Class B...................................... - (2,384)
Class I...................................... - (7,955)
Class II..................................... - (12,262)
-------------------------------
Total distributions to shareholders
from net investment income.................. - (28,997)
-------------------------------
Net realized gain on securities
Class A...................................... (228,657) -
Class B...................................... (622,404) -
Class I...................................... (190,060) -
Class II..................................... (181,253) -
-------------------------------
Total distributions to shareholders
from net realized gain on securities........ (1,222,374) -
-------------------------------
Decrease in net assets resulting from
distributions to shareholders................. (1,222,374) (28,997)
-------------------------------
SHARE TRANSACTIONS:
Net increase in net assets resulting from
share transactions
Class A...................................... 723,361 1,476,640
Class B...................................... 2,704,686 4,436,404
Class I...................................... 550,644 1,258,652
Class II..................................... 270,152 1,206,637
-------------------------------
Total increase in net assets resulting from
share transactions............................ 4,248,843 8,378,333
-------------------------------
TOTAL INCREASE IN NET ASSETS.................. 4,746,051 9,242,903
NET ASSETS:
Beginning of year............................ 9,246,853 3,950
-------------------------------
End of period (accumulated net
investment loss of $10,036 and $0)........... $13,992,904 $9,246,853
-------------------------------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CHANGE IN SHARES Class A Class B
OUTSTANDING ---------------------------------------- ----------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
------------------- ------------------- ------------------- -------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
------------------- ------------------- ------------------- -------------------
Shares sold..... 53,192 $ 644,297 148,430 $1,533,854 210,926 $2,504,153 392,956 $4,546,587
Shares issued
for
distributions
reinvested...... 20,164 227,258 576 6,387 55,926 621,902 222 2,384
Shares
repurchased..... (12,202) (148,194) (4,845) (63,601) (35,149) (421,369) (8,871) (112,567)
------------------- ------------------- ------------------- -------------------
Increase in
shares
outstanding..... 61,154 723,361 144,161 1,476,640 231,703 2,704,686 384,307 4,436,404
Shares
outstanding:
Beginning of
period.......... 144,260 1,477,628 99 988 384,406 4,437,391 99 987
------------------- ------------------- ------------------- -------------------
End of period... 205,414 $2,200,989 144,260 $1,477,628 616,109 $7,142,077 384,406 $4,437,391
------------------- ------------------- ------------------- -------------------
<CAPTION>
CHANGE IN SHARES Class I Class II
OUTSTANDING ----------------------------------------- -----------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
-------------------- -------------------- -------------------- --------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-------------------- -------------------- -------------------- --------------------
Shares sold..... 34,656 $ 418,597 129,332 $1,304,099 11,121 $ 136,885 125,228 $1,253,837
Shares issued
for
distributions
reinvested...... 16,916 190,134 707 7,954 16,112 181,253 1,065 12,263
Shares
repurchased..... (4,695) (58,087) (4,055) (53,401) (3,916) (47,986) (4,480) (59,463)
-------------------- -------------------- -------------------- --------------------
Increase in
shares
outstanding..... 46,877 550,644 125,984 1,258,652 23,317 270,152 121,813 1,206,637
Shares
outstanding:
Beginning of
period.......... 126,083 1,259,640 99 988 121,911 1,207,624 98 987
-------------------- -------------------- -------------------- --------------------
End of period... 172,960 $1,810,284 126,083 $1,259,640 145,228 $1,477,776 121,911 $1,207,624
-------------------- -------------------- -------------------- --------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<PAGE>
70 April 30, 2000 (Unaudited)
SMALL CAP VALUE FUND
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
COMMON STOCK - 94.92%
ADVERTISING - 0.07%
100 True North Communications, Inc. ...................... $ 4,118
2 * Zap.Com Corp. ........................................ 11
-----------
4,129
-----------
AEROSPACE/DEFENSE - 0.50%
100 * Aviall, Inc. ......................................... 612
200 Fairchild Corp., Class A ............................. 1,225
300 Gencorp, Inc. ........................................ 3,019
100 * Orbital Sciences Corp. ............................... 1,263
200 Perkinelmer, Inc. .................................... 10,950
100 Primex Technologies, Inc. ............................ 2,200
200 * Remec, Inc. .......................................... 7,588
100 * Sequa Corp., Class A ................................. 4,925
-----------
31,782
-----------
AIRLINES - 1.06%
100 * Airtran Holdings, Inc. ............................... 424
1,900 * Alaska Air Group, Inc. ............................... 54,625
200 * American West Holdings Corp., Class B ................ 2,925
100 Circle International Group, Inc. ..................... 2,656
100 * Frontier Airlines, Inc. .............................. 1,525
200 * Mesa Airlines, Inc. .................................. 1,300
100 * Midwest Express Holdings, Inc. ....................... 2,531
500 * Transport World Airlines, Inc. ....................... 1,031
-----------
67,017
-----------
APPAREL & PRODUCTS - 0.44%
100 Brown Shoe Co., Inc. ................................. 1,024
100 Cato Corp., Class A .................................. 1,056
100 * Donna Karan International, Inc. ...................... 675
100 * Dress Barn, Inc. ..................................... 1,963
100 * Footstar, Inc. ....................................... 3,719
100 * Goodys Family Clothing, Inc. ......................... 650
200 * Gymboree Corp. ....................................... 725
100 * Jo-ann Stores, Inc. .................................. 931
200 Kellwood Co. ......................................... 3,425
200 * Nautica Enterprises, Inc. ............................ 2,250
100 Oxford Industries, Inc. .............................. 1,700
200 Phillips-Van Heusen Corp. ............................ 1,688
100 Talbots, Inc. ........................................ 5,056
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
APPAREL & PRODUCTS - Continued
100 UniFirst Corp. ....................................... $ 963
100 * United Retail Group, Inc. ............................ 819
100 * Value City Deptartment Stores, Inc. .................. 1,019
-----------
27,663
-----------
APPLIANCES/FURNISHINGS - 0.50%
100 Bassett Furniture Industries, Inc. ................... 1,330
100 * Furniture Brands International, Inc. ................. 1,869
300 * Griffon Corp. ........................................ 2,025
100 Haverty Furniture Companies, Inc. .................... 1,125
400 Heilig-Meyers Co. .................................... 1,225
400 Hussmann International, Inc. ......................... 5,550
300 Kimball International, Inc., Class B ................. 4,200
300 La-Z-Boy Chair Co. ................................... 4,706
400 * Metromedia International Group, Inc. ................. 2,000
100 National Presto Industries, Inc. ..................... 3,450
700 * Sunbeam Corp. ........................................ 2,450
100 * Windmere Corp. ....................................... 1,606
-----------
31,536
-----------
AUTO - CARS - 0.11%
200 * Avis Group Holdings, Inc. ............................ 4,049
200 * Budget Group, Inc. ................................... 938
200 * United Auto Group, Inc. .............................. 1,738
-----------
6,725
-----------
AUTO - ORIGINAL EQUIPMENT - 1.08%
200 * Allen Telecom, Inc. .................................. 3,549
200 Arvin Industries, Inc. ............................... 4,350
800 Borg-Warner Auromotive, Inc. ......................... 33,450
200 Donaldson Co., Inc. .................................. 4,650
400 Mark IV Industries, Inc. ............................. 8,475
200 * Miller Industries, Inc. .............................. 688
100 Modine Manufacturing Co. ............................. 2,206
200 Superior Industries International, Inc. .............. 6,438
300 * Tower Automotive, Inc. ............................... 4,688
-----------
68,494
-----------
AUTO - REPLACEMENT PARTS - 0.33%
100 * Aftermarket Technology Corp. ......................... 1,162
500 * Collins & Aikman Corp. ............................... 3,313
100 * Discount Auto Parts, Inc. ............................ 1,069
100 * Dura Automotive System, Inc. ......................... 1,625
100 Gentek, Inc. ......................................... 1,344
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
AUTO - REPLACEMENT PARTS - Continued
100 Kaydon Corp. ......................................... $ 2,338
110 Myers Industries, Inc. ............................... 1,540
400 Pep Boys-Manny, Moe & Jack ........................... 2,525
100 Simpson Industries, Inc. ............................. 1,031
200 Smith, A.O. Corp. .................................... 4,113
100 Standard Motor Products, Inc. ........................ 1,119
-----------
21,179
-----------
BANKS - OTHER - 0.16%
100 Alabama National Bancorp ............................. 1,999
100 First Merchants Corp. ................................ 2,075
97 Husdon United Bancorp ................................ 2,189
110 Premier National Bancorp, Inc. ....................... 1,430
400 Republic Security Financial Co. ...................... 2,225
-----------
9,918
-----------
BANKS - REGIONAL - 7.64%
200 AMCORE Financial, Inc. ............................... 3,987
200 Anchor BanCorp Wisconsin, Inc. ....................... 3,150
100 Area Bancshares Corp. ................................ 1,950
2 BancFirst Corp. ...................................... 54
500 BancorpSouth, Inc. ................................... 7,719
400 BancWest Corp. ....................................... 7,325
45 Bank Atlantic Bancorp, Class A ....................... 169
300 Bank Atlantic Bancorp, Class B ....................... 1,800
2,100 Bank United Corp. .................................... 69,694
190 Banknorth Group, Inc. ................................ 4,536
87 BBT Corp. ............................................ 2,316
103 * BOK Financial Corp. .................................. 1,690
100 BSB Bancorp, Inc. .................................... 1,975
105 BT Financial Corp. ................................... 1,805
100 Cathay Bancorp, Inc. ................................. 4,550
100 Century South Banks, Inc. ............................ 2,163
131 Chemical Financial Corp. ............................. 3,603
200 Citizens Banking Corp. ............................... 3,575
100 City Holding Co. ..................................... 1,325
105 Commerce Bancorp, Inc. ............................... 4,167
100 Commonwealth Bancorp, Inc. ........................... 1,300
100 Community First Bankshares ........................... 1,688
110 Community Trust Bancorp .............................. 1,966
100 Corus Bankshares, Inc. ............................... 2,492
100 CPB, Inc. ............................................ 2,488
2,400 Cullen/Frost Bankers, Inc. ........................... 59,250
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 71
SMALL CAP VALUE FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
BANKS - REGIONAL - Continued
100 East West Bancorp .................................... $ 1,250
103 F&M National Corp. ................................... 2,466
100 FCNB Corp. ........................................... 1,422
400 First American Financial Corp., Class A .............. 6,175
100 First Busey Corp. .................................... 1,925
100 First Charter Corp. .................................. 1,388
400 First Commonwealth Financial Corp. ................... 4,650
100 First Federal Capital Corp. .......................... 1,150
110 First Financial Bankshares ........................... 2,970
100 First Financial Corp. ................................ 3,325
300 First Midwest Bancorp, Inc. .......................... 7,463
100 * First Republic Bank .................................. 1,963
200 First United Bancshares, Inc. ........................ 3,288
116 FNB Corp. ............................................ 2,281
85 GBC Bancorp .......................................... 2,369
1,950 Greater Bay Bancorp .................................. 82,905
100 Harbor Florida Bancshares ............................ 1,050
105 Harleysville National Corp. .......................... 3,071
100 Harris Financial, Inc. ............................... 631
2,658 * Imperial Bancorp ..................................... 52,163
600 Independence Community Bank .......................... 7,050
100 Independent Bank Corp. ............................... 1,025
100 International Bancshares Corp. ....................... 4,138
100 InterWest Bancorp, Inc. .............................. 1,600
100 Mid State Bancshares ................................. 2,625
103 Midamerica Bancorp ................................... 2,433
100 National Bancorp of Alaska, Inc. ..................... 3,700
105 National City Bancshares, Inc. ....................... 2,310
105 National Penn Bancshares, Inc. ....................... 2,166
110 NBT Bancorp, Inc. .................................... 1,162
100 Niagara Bancorp, Inc. ................................ 994
500 North Fork Bancorporation, Inc. ...................... 8,094
200 * Ocwen Financial Corp. ................................ 1,450
47 Old Kent Financial Corp. ............................. 1,402
100 Omega Financial Corp. ................................ 2,500
300 One Valley Bancorp, Inc. ............................. 10,181
100 Peoples Holding Co. .................................. 2,400
100 PFF Bancorp, Inc. .................................... 1,406
200 Riggs National Corp. ................................. 2,713
100 Second Bancorp, Inc. ................................. 1,706
100 * Silicon Valley Bancshares ............................ 6,175
100 Simmons First National Corp. ......................... 2,350
200 South Financial Group, Inc. .......................... 2,775
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
BANKS - REGIONAL - Continued
300 Susquehanna Bancshares, Inc. ......................... $ 4,144
100 Texas Regional Bancshares, Inc., Class A ............. 2,856
50 * Three Rivers Bancorp ................................. 441
100 U.S. Bancorp, Inc. ................................... 544
110 UMB Financial Corp. .................................. 3,988
106 United National Bancorp .............................. 2,074
300 Webster Financial Corp. .............................. 6,413
110 West Coast Bancorp ................................... 1,141
100 Westcorp ............................................. 1,381
200 Whitney Holding Corp. ................................ 6,975
-----------
482,954
-----------
BEVERAGE - BREWERS/DISTRIBUTORS - 0.13%
100 * Canandaigua Brands, Inc., Class A .................... 5,037
100 * Robert Mondavi Corp., Class A ........................ 3,319
-----------
8,356
-----------
BROADCASTING - 0.06%
100 * On Command Corp. ..................................... 2,137
200 * Sinclair Broadcast Group, Inc. ....................... 1,563
-----------
3,700
-----------
BUILDING MATERIALS - 1.16%
100 * Comfort Systems USA, Inc. ............................ 687
100 * Dal-Tile International, Inc. ......................... 975
200 Fedders Corp. ........................................ 1,175
100 * Genlyte Group, Inc. .................................. 1,963
300 Interface, Inc., Class A ............................. 1,088
100 * NCI Building Systems, Inc. ........................... 1,913
100 * Nortek, Inc. ......................................... 2,075
1,950 Texas Industries, Inc. ............................... 63,619
-----------
73,495
-----------
CHEMICAL - MAJOR - 0.16%
200 Albemarle Corp. ...................................... 4,187
100 Chemed Corp. ......................................... 2,988
100 * Hexcel Corp. ......................................... 850
200 Polymer Group, Inc. .................................. 2,325
-----------
10,350
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
CHEMICAL - MISCELLANEOUS - 2.95%
300 * Agribiotech, Inc. .................................... $ 14
400 * Airgas, Inc. ......................................... 2,350
100 Arch Chemicals, Inc. ................................. 1,975
200 Cambrex Corp. ........................................ 8,200
100 ChemFirst, Inc. ...................................... 1,938
369 CK Witco Corp. ....................................... 4,336
1,750 * Cytec Industries, Inc. ............................... 52,719
100 Dexter Corp. ......................................... 5,488
500 Ethyl Corp. .......................................... 1,563
100 Ferro Corp. .......................................... 2,288
100 * Fisher Scientific International, Inc. ................ 3,994
100 Geon Co. ............................................. 2,188
100 Georgia Gulf Corp. ................................... 2,406
100 H.B. Fuller Co. ...................................... 3,844
400 M.A. Hanna Co. ....................................... 4,600
100 Minerals Technologies, Inc. .......................... 4,625
100 NL Industries, Inc. .................................. 1,625
100 * Octel Corp. .......................................... 931
3,600 Olin Corp. ........................................... 63,900
200 OM Group, Inc. ....................................... 9,200
300 OMNOVA Solutions ..................................... 1,800
300 Schulman, A., Inc. ................................... 3,863
200 W.R. Grace & Co. ..................................... 2,600
-----------
186,447
-----------
COAL - 0.10%
100 Arch Coal, Inc. ...................................... 537
100 Consol Energy, Inc. .................................. 1,038
100 NACCO Industries, Inc., Class A ...................... 4,488
-----------
6,063
-----------
COMMERCIAL SERVICES - 0.03%
100 * Integrated Electrical Services, Inc. ................. 480
200 * IT Group, Inc. ....................................... 1,338
-----------
1,818
-----------
CONGLOMERATES - 0.15%
300 Alexander & Baldwin, Inc. ............................ 6,299
300 * Ogden Corp. .......................................... 2,944
-----------
9,243
-----------
CONSUMER FINANCE - 2.46%
2,807 Chittenden Corp. ..................................... 74,560
2,100 Metris Companies, Inc. ............................... 78,750
100 WesBanco, Inc. ....................................... 2,275
-----------
155,585
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
72 April 30, 2000 (Unaudited)
SMALL CAP VALUE FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
CONTAINERS - METAL/GLASS - 0.28%
100 * Alltrista Corp. ...................................... $ 2,124
200 AptarGroup, Inc. ..................................... 5,700
200 Clarcor, Inc. ........................................ 3,600
100 * CSS Industries, Inc. ................................. 1,913
100 Greif Brothers Corp., Class A ........................ 3,300
100 * Silgan Holdings, Inc. ................................ 1,288
-----------
17,925
-----------
CONTAINERS - PAPER - 0.16%
200 Chesapeake Corp. ..................................... 6,249
200 * Gaylord Container Corp., Class A ..................... 1,025
200 * Ivex Packaging Corp. ................................. 1,800
100 Rock-Tenn Co., Class A ............................... 919
-----------
9,993
-----------
COSMETICS/TOILETRIES - 0.02%
100 * Playtex Products, Inc. ............................... 1,081
-----------
DRUGS - 1.23%
100 Bindley Western Industries, Inc. ..................... 1,743
2,800 * Bio-Technology General Corp. ......................... 39,375
100 Carter-Wallace, Inc. ................................. 2,225
200 * Dura Pharmaceuticals, Inc. ........................... 2,600
200 * Guilford Pharmaceuticals, Inc. ....................... 3,475
100 Herbalife International, Inc., Class A ............... 1,006
100 * Neurogen Corp. ....................................... 2,925
100 * P-Com, Inc. .......................................... 1,081
100 * Regeneron Pharmaceuticals, Inc. ...................... 2,856
104 * Shire Pharmaceuticals Group, Plc. - ADR .............. 4,186
500 * Sicor, Inc. .......................................... 5,656
200 * Vertex Pharmaceuticals, Inc. ......................... 10,450
-----------
77,578
-----------
ELECTRIC PRODUCTS -
MISCELLANEOUS - 0.14%
300 CMP Group, Inc. ...................................... 8,681
-----------
ELECTRICAL EQUIPMENT - 1.27%
100 * AMKOR Technologies, Inc. ............................. 6,118
300 Avista Corp. ......................................... 8,869
2,900 * General Semiconductor, Inc. .......................... 58,000
400 * Intergraph Corp. ..................................... 2,725
150 * Intertan, Inc. ....................................... 2,072
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT - Continued
100 * Stoneridge, Inc. ..................................... $ 1,319
100 * WESCO International, Inc. ............................ 925
-----------
80,028
-----------
ELECTRONIC EQUIPMENT - 2.34%
200 Belden, Inc. ......................................... 5,937
200 * Cable Design Technologies Corp. ...................... 6,850
100 * Electro Rent Corp. ................................... 1,100
100 * EMCOR Group, Inc. .................................... 2,238
100 * Esterline Technologies Corp. ......................... 1,213
100 General Cable Corp. .................................. 769
5 * Juno Lighting, Inc. .................................. 38
300 * Kemet Corp. .......................................... 22,350
3,000 * Kent Electronics Corp. ............................... 87,563
200 * Pinnacle Holdings, Inc. .............................. 11,238
100 Thomas Industries, Inc. .............................. 2,013
100 * Triumph Group, Inc. .................................. 2,688
300 * UCAR International, Inc. ............................. 3,956
-----------
147,953
-----------
ELECTRONIC INSTRUMENTS - 1.61%
200 * Ampex Corp., Class A ................................. 562
100 Analogic Corp. ....................................... 4,069
200 BMC Industries, Inc. ................................. 1,000
200 * Checkpoint Systems, Inc. ............................. 1,788
100 * Commscope, Inc. ...................................... 4,750
100 Gerber Scientific, Inc. .............................. 1,388
100 * Hadco Corp. .......................................... 8,231
100 Harman International Industries, Inc. ................ 6,538
300 * Imation Corp. ........................................ 8,419
100 * ITI Technologies, Inc. ............................... 2,569
200 * MagnaTek, Inc. ....................................... 1,663
100 Methode Electronics, Inc., Class A ................... 4,167
234 * Metromedia Fiber Network, Inc. ....................... 7,225
100 Park Electrochemical Corp. ........................... 2,563
200 Pioneer-Standard Electronics, Inc. ................... 3,063
348 Pittston Brink's Group ............................... 5,699
300 * Read-Rite Corp. ...................................... 900
100 * Rogers Corp. ......................................... 6,738
400 * Sensormatic Electronics Corp. ........................ 6,675
300 Tektronix, Inc. ...................................... 17,363
100 * Thermedics, Inc. ..................................... 825
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
ELECTRONIC INSTRUMENTS - Continued
100 * ThermoQuest Corp. .................................... $ 1,681
100 * Varian, Inc. ......................................... 3,638
-----------
101,514
-----------
ENTERTAINMENT - 0.28%
200 * Ascent Entertainment Group, Inc. ..................... 3,062
300 * Aztar Corp. .......................................... 3,581
100 * Carmike Cinemas, Inc., Class A ....................... 575
300 * Florida Panthers Holdings, Inc. ...................... 2,681
100 Gaylord Entertainment Co. ............................ 2,394
200 * GTECH Holdings Corp. ................................. 4,150
100 * Loews Cineplex Entertainment Corp. ................... 319
100 * Trans World Entertainment Corp. ...................... 1,050
-----------
17,812
-----------
FERTILIZERS - 0.04%
200 Mississippi Chemical Corp. ........................... 1,537
300 * Terra Industries, Inc. ............................... 825
-----------
2,362
-----------
FINANCE COMPANIES - 0.22%
300 * Amresco, Inc. ........................................ 262
300 * Associates First Capital Corp. ....................... 27
200 Charter Municipal Mortgage Acceptance Co. ............ 2,388
100 * Contifinancial Corp. ................................. 4
200 * Credit Acceptance Corp. .............................. 1,050
100 Doral Financial Corp. ................................ 1,194
200 * Imperial Credit Industries, Inc. ..................... 775
400 Phoenix Investment Partners, Ltd. .................... 3,475
200 Resource Bancshares
Mortgage Group, Inc. ................................. 1,000
100 * Triad Guaranty, Inc. ................................. 2,100
100 * Tucker Anthony Sutro Corp. ........................... 1,675
200 * UniCapital Corp. ..................................... 275
-----------
14,225
-----------
FINANCIAL SERVICES - 1.36%
100 Advanta Corp. ........................................ 1,699
100 Advest Group, Inc. ................................... 1,956
2,100 Federated Investors, Inc. ............................ 59,325
200 Jefferies Group, Inc. ................................ 4,413
300 Leucadia National Corp. .............................. 6,994
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 73
SMALL CAP VALUE FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
FINANCIAL SERVICES - Continued
100 * National Processing, Inc. ............................ $ 1,038
100 * New Century Financial Corp. .......................... 688
200 Resource America, Inc. ............................... 1,381
300 Richmond Count Financial Corp. ....................... 5,138
200 United Assets Management Corp. ....................... 3,600
-----------
86,232
-----------
FOODS - 2.14%
100 * Agribrands International, Inc. ....................... 3,743
100 * Aurora Foods, Inc. ................................... 481
300 Chiquita Brands International, Inc. .................. 1,163
300 Corn Products International, Inc. .................... 7,200
100 * Del Monte Foods Co. .................................. 888
300 Earthgrains Co. ...................................... 4,219
100 * Grand Union Co. ...................................... 169
200 * Imperial Sugar Co. ................................... 325
100 * International Home Foods, Inc. ....................... 1,456
100 International Multifoods Corp. ....................... 1,281
100 Interpool, Inc. ...................................... 731
100 * J & J Snack Foods Corp. .............................. 1,594
200 J.M. Smucker Co., Class A ............................ 3,200
100 Lance, Inc. .......................................... 1,063
100 Michael Foods, Inc. .................................. 2,144
400 * NBTY, Inc. ........................................... 7,100
2,700 * Performance Food Group Co. ........................... 71,213
270 * Ralcorp Holdings, Inc. ............................... 3,729
300 * Suiza Foods Corp. .................................... 11,681
300 Trinity Industries, Inc. ............................. 6,675
300 Universal Foods Corp. ................................ 4,931
200 * Vlasic Foods International, Inc. ..................... 350
-----------
135,336
-----------
FOOTWEAR - 0.18%
100 * Just For Feet, Inc. .................................. 5
100 Justin Industries, Inc. .............................. 1,824
300 * Reebok International, Ltd. ........................... 5,100
100 Stride Rite Corp. .................................... 844
300 Wolverine World Wide, Inc. ........................... 3,600
-----------
11,373
-----------
FREIGHT - 0.32%
400 Airborne Freight Corp. ............................... 8,574
100 AMCOL International Corp. ............................ 1,638
100 Cascade Natural Gas Corp. ............................ 1,613
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
FREIGHT - Continued
200 J.B. Hunt Transport Services, Inc. ................... $ 3,300
200 Overseas Shipholding Group, Inc. ..................... 5,238
-----------
20,363
-----------
HARDWARE & TOOLS - 0.03%
100 Barnes Group, Inc. ................................... 1,694
-----------
HEALTHCARE - 2.51%
100 * Alterra Healthcare Corp. ............................. 324
100 * AmeriPath, Inc. ...................................... 781
400 * Apria Healthcare Group, Inc. ......................... 5,575
103 Block Drug Co., Inc., Class A ........................ 2,936
100 * First Health Group Corp. ............................. 3,044
125 * Gentiva Health Services, Inc. ........................ 1,086
400 * Integrated Health Services, Inc. ..................... 104
3,400 Invacare Corp. ....................................... 90,950
500 * Laboratory Corp. of America Holdings ................. 2,969
300 * Matria Healthcare, Inc. .............................. 1,331
100 * NCS HealthCare, Inc., Class A ........................ 81
2,450 * Pharmaceutical Product Development, Inc. ............. 41,191
500 * PhyCor, Inc. ......................................... 297
500 * Quorum Health Group, Inc. ............................ 5,313
200 * Sierra Health Services, Inc. ......................... 713
400 * Sun Healthcare Group, Inc. ........................... 30
200 * Sunrise Medical, Inc. ................................ 1,050
200 * US Oncology, Inc. .................................... 688
-----------
158,463
-----------
HEAVY DUTY TRUCKS/PARTS - 0.69%
100 Bandag, Inc. ......................................... 2,387
100 Detroit Diesel Corp. ................................. 1,550
100 Titan International, Inc. ............................ 688
2,700 Wabash National Corp. ................................ 39,319
-----------
43,944
-----------
HOME BUILDERS - 0.48%
300 D R Horton, Inc. ..................................... 3,880
100 * Del Webb Corp. ....................................... 1,494
300 Kaufman & Broad Home Corp. ........................... 5,775
200 M.D.C. Holdings, Inc. ................................ 3,813
200 Pulte Corp. .......................................... 4,300
100 Ryland Group, Inc. ................................... 2,013
100 Standard Pacific Corp. ............................... 1,006
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
HOME BUILDERS - Continued
200 * Toll Brothers, Inc. .................................. $ 4,338
100 * U.S. Home Corp. ...................................... 3,581
-----------
30,200
-----------
HOSPITAL MANAGEMENT - 0.24%
700 * Beverly Enterprises, Inc. ............................ 2,362
400 * Coventry Health Care, Inc. ........................... 4,250
100 * DVI, Inc. ............................................ 1,388
100 * Lifepoint Hospitals, Inc. ............................ 1,713
300 * Magellan Health Services, Inc. ....................... 1,125
100 * Triad Hospitals, Inc. ................................ 1,719
400 * Ventas, Inc. ......................................... 1,575
100 * Veterinary Centers of America, Inc. .................. 1,350
-----------
15,482
-----------
HOSPITAL SUPPLIES - 0.41%
100 * Acuson Corp. ......................................... 1,230
100 Arrow International, Inc. ............................ 3,413
200 * Coherent, Inc. ....................................... 11,563
100 Datascope Corp. ...................................... 3,313
100 Diagnostic Products Corp. ............................ 3,069
200 Owens & Minor, Inc. .................................. 2,400
100 * PSS World Medical, Inc. .............................. 859
-----------
25,847
-----------
HOUSEHOLD PRODUCTS - 0.15%
100 Bush Industries, Inc. ................................ 1,499
100 Libbey, Inc. ......................................... 3,050
100 Mikasa, Inc. ......................................... 981
100 * Select Comfort Corp. ................................. 434
200 Tupperware Corp. ..................................... 3,775
-----------
9,739
-----------
HUMAN RESOURCES - 0.92%
35 Adecco SA - ADR ...................................... 3,646
290 * Interim Services, Inc. ............................... 4,966
100 Kelly Services, Inc., Class A ........................ 2,356
1,700 * Korn/Ferry International ............................. 45,050
200 * Personnel Group of America, Inc. ..................... 1,050
200 * Staffmark, Inc. ...................................... 1,313
-----------
58,381
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
74 April 30, 2000 (Unaudited)
SMALL CAP VALUE FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
INFORMATION PROCESSING - 1.22%
100 * Ashton Technology Group, Inc. ........................ $ 474
300 * CHS Electronics, Inc. ................................ 26
2,450 * Complete Business Solutions, Inc. .................... 56,044
200 * Fritz Companies, Inc. ................................ 1,925
10 * Global Sources, Ltd. ................................. 344
100 * Learn2.com, Inc. ..................................... 281
200 * Pegasystems, Inc. .................................... 1,775
100 * Rare Medium Group, Inc. .............................. 2,056
600 * Sybase, Inc. ......................................... 12,113
300 * Systemax, Inc. ....................................... 2,306
-----------
77,344
-----------
INFORMATION PROCESSING -
BUSINESS SOFTWARE - 0.06%
100 * Aspen Technology, Inc. ............................... 3,538
-----------
INFORMATION PROCESSING -
COMPUTER HARDWARE - 0.20%
100 * Hutchinson Technology, Inc. .......................... 1,274
500 * Komag, Inc. .......................................... 1,469
300 * MEMC Electronic Materials, Inc. ...................... 5,213
700 * Merisel, Inc. ........................................ 941
100 * OEA, Inc. ............................................ 1,000
400 * Western Digitial Corp. ............................... 2,775
-----------
12,672
-----------
INFORMATION PROCESSING -
DATA SERVICES - 2.34%
200 * Anixter International, Inc. .......................... 6,737
100 * Applied Graphics Technologies, Inc. .................. 528
100 * Auspex Systems, Inc. ................................. 763
100 * Avant! Corp. ......................................... 1,800
42 * Computer Sciences Corp. .............................. 3,426
125 * EMC Corp. ............................................ 17,367
100 * GT Interactive Software Corp. ........................ 206
200 * In Focus Systems, Inc. ............................... 5,988
200 * Information Resources, Inc. .......................... 1,263
100 * JDA Software Group, Inc. ............................. 1,863
100 * Manugistics Group, Inc. .............................. 4,281
300 * Mentor Graphics Corp. ................................ 3,938
200 MTS Systems Corp. .................................... 1,513
800 National Computer Systems, Inc........................ 41,150
300 * Paxar Corp. .......................................... 3,056
100 * Phoenix Technologies, Ltd. ........................... 1,963
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
INFORMATION PROCESSING -
DATA SERVICES - Continued
200 * Primark Corp. ........................................ $ 5,400
900 * Radisys Corp. ........................................ 37,238
300 * S3, Inc. ............................................. 4,219
100 * Volt Information Sciences, Inc. ...................... 3,456
100 * Wave Systems Corp. ................................... 1,919
-----------
148,074
-----------
INFORMATION PROCESSING -
NETWORKING - 0.07%
100 * Hypercom Corp. ....................................... 1,462
300 * Picturetel Corp. ..................................... 1,275
200 * Ziff-Davis, Inc. ..................................... 1,963
-----------
4,700
-----------
INSURANCE - CASUALTY - 0.50%
100 * Acceptance Insurance Co., Inc. ....................... 443
100 Baldwin & Lyons, Inc., Class B........................ 1,963
200 Commerce Group, Inc. ................................. 5,900
200 * Frontier Insurance Group, Inc. ....................... 163
300 HCC Insurance Holdings, Inc. ......................... 3,525
100 * Philadelphia Consolidated Holding Co. ................ 1,538
100 * PICO Holdings, Inc ................................... 1,050
100 PMA Capital Corp. .................................... 1,825
400 Reliance Group Holdings, Inc. ........................ 1,100
100 * Risk Capital Holdings, Inc. .......................... 1,539
100 RLI Corp. ............................................ 3,213
200 Selective Insurance Group, Inc. ...................... 3,788
100 State Auto Financial Corp. ........................... 1,000
100 Stewart Information Services Corp. ................... 1,425
100 * Superior National Insurance Group, Inc. .............. 23
100 Trenwick Group, Inc. ................................. 1,413
100 United Fire & Casualty Co. ........................... 1,750
-----------
31,658
-----------
INSURANCE - LIFE - 0.34%
100 Kansas City Life Insurance Co. ....................... 2,712
400 Mony Group, Inc. ..................................... 12,375
200 Presidential Life Corp. .............................. 3,184
300 * UICI.................................................. 1,313
100 W. R. Berkley Corp. .................................. 2,113
-----------
21,697
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
INSURANCE - MISCELLANEOUS - 0.66%
130 Ace Limited........................................... $ 3,111
200 Fidelity National Financial, Inc. .................... 2,950
100 Harleysville Group, Inc. ............................. 1,606
100 Liberty Corp. ........................................ 3,281
200 * Mid Atlantic Medical Services, Inc. .................. 1,863
500 Ohio Casualty Corp. .................................. 8,313
300 Radian Group, Inc. ................................... 15,281
100 SCPIE Holdings, Inc. ................................. 2,956
100 Zenith National Insurance Corp. ...................... 2,450
-----------
41,811
-----------
INSURANCE - MULTILINE - 3.52%
300 Alfa Corp. ........................................... 5,399
134 Allstate Corp. ....................................... 3,166
100 American Annuity Group, Inc. ......................... 1,669
100 AmerUs Life Holdings, Inc. ........................... 1,994
100 Argonaut Group, Inc. ................................. 1,713
100 CNA Surety Corp. ..................................... 1,475
102 * Delphi Financial Group, Inc., Class A................. 2,939
100 FBL Financial Group, Inc., Class A.................... 1,550
1,900 Gallagher, Arthur J & Co. ............................ 70,775
2,800 Horace Mann Educators Corp. .......................... 40,775
100 LandAmerica Financial Group, Inc. .................... 1,763
220 * Medical Assurance, Inc. .............................. 2,915
110 * Professionals Group, Inc. ............................ 1,946
2,900 StanCorp Financial Group, Inc. ....................... 84,463
-----------
222,542
-----------
LEISURE TIME - 1.01%
600 * AMF Bowling, Inc. .................................... 1,162
1,900 * Bally Total Fitness Holding Corp. .................... 42,513
300 * Boyd Gaming Corp. .................................... 1,519
400 Callaway Golf Co. .................................... 6,650
200 * Dollar Thrifty Automotive Group, Inc. ................ 4,200
100 * Family Golf Centers, Inc. ............................ 38
200 * Handleman Co. ........................................ 2,400
200 * Pinnacle Entertainment Inc. .......................... 4,013
100 * Vail Resorts, Inc. ................................... 1,613
-----------
64,108
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 75
SMALL CAP VALUE FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
LODGING - 0.34%
100 Deltic Timber Corp. .................................. $ 2,199
300 * Extended Stay America, Inc. .......................... 2,681
200 * Lodgian, Inc. ........................................ 613
200 Marcus Corp. ......................................... 2,138
400 Meristar Hospitality Corp. ........................... 7,900
400 * Prime Hospitality Corp. .............................. 3,700
1,000 * Wyndham International, Inc. .......................... 2,063
-----------
21,294
-----------
MACHINE TOOLS - 0.12%
100 L.S. Starrett Co. .................................... 2,424
300 Milacron, Inc. ....................................... 5,475
-----------
7,899
-----------
MACHINERY - AGRICULTURE - 0.14%
500 AGCO Corp. ........................................... 5,937
100 Toro Co. ............................................. 3,075
-----------
9,012
-----------
MACHINERY - CONSTRUCTION &
CONTRACTS - 0.45%
100 * CDI Corp. ............................................ 2,249
100 Columbus McKinnon Corp. .............................. 1,399
300 Foster Wheeler Corp. ................................. 2,755
100 Granite Construction, Inc. ........................... 2,374
300 * Harnischfeger Industries, Inc. ....................... 177
100 * Jacobs Engineering Group, Inc. ....................... 3,131
200 Kaman Corp., Class A.................................. 2,125
400 Lennar Corp. ......................................... 7,450
300 * Morrison Knudsen Corp. ............................... 2,756
100 * National Equipment Services, Inc. .................... 700
200 * Nationsrent, Inc. .................................... 963
100 Sauer, Inc. .......................................... 869
100 * Stone & Webster, Inc. ................................ 1,319
-----------
28,267
-----------
MACHINERY -
INDUSTRIAL/SPECIALTY - 1.31%
200 AAR Corp. ............................................ 3,012
104 * Albany International Corp., Class A................... 1,579
200 Applied Industrial Technologies, Inc. ................ 3,474
200 Baldor Electric Co. .................................. 3,712
103 * Blount International, Inc. ........................... 1,351
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
MACHINERY -
INDUSTRIAL/SPECIALTY - Continued
100 * Burlington Coat Factory Warehouse Corp. .............. $ 1,500
200 Exide Corp. .......................................... 1,925
300 Flowserve Corp. ...................................... 4,238
100 * Gardner Denver, Inc. ................................. 1,744
200 Hughes Supply, Inc. .................................. 3,050
200 IDEX Corp. ........................................... 6,250
100 * Ionics, Inc. ......................................... 2,350
100 JLG Industries, Inc. ................................. 950
200 * Kulicke & Soffa Industries, Inc. ..................... 15,663
200 Lilly Industries, Inc., Class A....................... 2,175
200 Lincoln Electric Holdings, Inc. ...................... 3,809
100 Nordson Corp. ........................................ 4,469
200 Regal-Beloit Corp. ................................... 3,613
100 Robbins & Myers, Inc. ................................ 2,438
71 * Speedfam-ipec, Inc. .................................. 1,123
100 * SPS Technologies, Inc. ............................... 3,138
200 Stewart & Stevenson Services, Inc. ................... 2,413
400 Timken Co. ........................................... 7,400
100 Watts Industries, Inc., Class A....................... 1,338
-----------
82,714
-----------
MEDICAL TECHNOLOGY - 1.63%
100 * Bio-Rad Laboratories, Inc., Class A................... 2,549
100 * Haemonetics Corp. .................................... 2,299
400 * PE Corp. - Celera Genomics............................ 33,000
100 * Protein Design Labs, Inc. ............................ 10,149
200 * Quest Diagnostics, Inc. .............................. 11,637
200 * Serologicals Corp. ................................... 724
1,000 * Varian Medical Systems, Inc. ......................... 40,000
100 West Pharmaceutical Services, Inc. ................... 2,444
-----------
102,802
-----------
MERCHANDISE - DRUG - 0.04%
500 * Perrigo Co. .......................................... 2,844
-----------
MERCHANDISE - SPECIALTY - 1.98%
200 Arctic Cat, Inc. ..................................... 2,012
100 * Avid Technology, Inc. ................................ 1,374
100 * Barnesandnoble.com, Inc. ............................. 1,093
200 * Bombay Co., Inc. ..................................... 724
200 * Boyds Collection, Ltd. ............................... 1,249
100 * Bush Boake Allen, Inc. ............................... 2,987
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
MERCHANDISE - SPECIALTY - Continued
100 Caseys General Stores, Inc. .......................... $ 1,168
200 Cash America International, Inc. ..................... 1,799
100 * Central Garden & Pet Co. ............................. 1,050
800 * Charming Shoppes, Inc. ............................... 5,400
400 * Compucom Systems, Inc. ............................... 1,375
100 * Daisytek International Corp. ......................... 1,225
100 * Department 56, Inc. .................................. 913
100 * Earthshell Corp. ..................................... 325
100 * Finish Line, Inc. .................................... 1,056
100 * Franklin Covey Co. ................................... 913
100 Hancock Holding Co. .................................. 3,463
300 * Homebase, Inc. ....................................... 619
300 * Inacom Corp. ......................................... 469
100 * International Specialty Products, Inc. ............... 588
100 Jostens, Inc. ........................................ 2,469
1,700 * Michaels Stores, Inc. ................................ 67,044
700 * OfficeMax, Inc. ...................................... 3,938
200 * Petco Animal Supplies, Inc. .......................... 2,313
100 Russ Berrie and Co., Inc. ............................ 1,863
200 * Seitel, Inc. ......................................... 1,250
100 * Sitel Corp. .......................................... 688
200 * Sola International, Inc. ............................. 900
100 South Jersey Industries, Inc. ........................ 2,675
100 * Spiegel, Inc., Class A................................ 825
200 Sturm, Ruger & Co., Inc. ............................. 2,000
200 * Twinlab Corp. ........................................ 1,500
200 * United Stationers, Inc. .............................. 6,675
300 * US Office Products, Co. .............................. 572
100 * West Marine, Inc. .................................... 800
-----------
125,314
-----------
MERCHANDISING - DEPARTMENT - 0.88%
300 * Borders Group, Inc. .................................. 4,762
4,400 Pier 1 Imports, Inc. ................................. 50,049
100 * Stein Mart, Inc. ..................................... 897
-----------
55,708
-----------
MERCHANDISING - FOOD - 0.22%
300 Fleming Companies, Inc. .............................. 4,930
100 Great Atlantic & Pacific Tea Co., Inc. ............... 1,830
100 Ingles Markets, Inc., Class A......................... 1,000
200 Ruddick Corp. ........................................ 2,287
100 Sanderson Farms, Inc. ................................ 724
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
76 April 30, 2000 (Unaudited)
SMALL CAP VALUE FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
MERCHANDISING - FOOD - Continued
100 * Smart & Final, Inc. .................................. $ 793
100 * Smithfield Foods, Inc. ............................... 2,130
2 Supervalu, Inc. ...................................... 40
100 Zapata Corp. ......................................... 400
-----------
14,134
-----------
MERCHANDISING - MASS - 0.06%
200 * ShopKo Stores, Inc. .................................. 3,575
-----------
METALS - ALUMINUM - 0.04%
100 ACX Technologies, Inc. ............................... 418
100 IMCO Recycling, Inc. ................................. 1,030
200 Kaiser Aluminum Corp. ................................ 849
-----------
2,297
-----------
METALS - COPPER - 0.12%
72 Phelps Dodge Corp. ................................... 3,329
200 Southern Peru Copper Corp. ........................... 2,512
100 * Wolverine Tube, Inc. ................................. 1,500
-----------
7,341
-----------
METALS - MISCELLANEOUS - 0.86%
100 Brush Wellman, Inc. .................................. 1,849
100 Castle A. M. & Co. ................................... 1,224
50 * CIRCOR International, Inc. ........................... 571
100 Commercial Metals Co. ................................ 2,937
200 Kennametal, Inc. ..................................... 5,749
200 Precision Castparts Corp. ............................ 8,349
100 * RTI International Metals, Inc. ....................... 1,055
1,150 * Stillwater Mining Co. ................................ 32,199
100 * Titanium Metals Corp. ................................ 418
-----------
54,351
-----------
METALS - STEEL - 2.28%
191 AK Steel Holding Corp. ............................... 2,112
1,000 * Bethlehem Steel Corp. ................................ 5,374
100 Carpenter Technology Corp. ........................... 2,005
100 Cleveland-Cliffs, Inc. ............................... 2,455
100 Commercial Intertech Corp. ........................... 2,000
3,000 Gibraltar Steel Corp. ................................ 51,750
300 Harsco Corp. ......................................... 8,906
200 Intermet Corp. ....................................... 1,475
700 LTV Corp. ............................................ 2,494
200 Metals USA, Inc. ..................................... 1,425
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
METALS - STEEL - Continued
200 * Mueller Industries, Inc. ............................. $ 6,588
100 National Steel Corp., Class B......................... 625
200 Oregon Steel Mills, Inc. ............................. 613
100 Quanex Corp. ......................................... 1,638
150 Reliance Steel & Aluminium Co. ....................... 3,450
100 Rouge Industries, Inc., Class A....................... 569
61 Ryerson Tull, Inc. ................................... 755
3,550 * Steel Dynamics, Inc. ................................. 40,381
100 Valmont Industries, Inc. ............................. 1,988
600 Worthington Industries, Inc. ......................... 7,425
-----------
144,028
-----------
MISCELLANEOUS - 0.36%
600 7-eleven, Inc. ....................................... 2,249
200 * ABC-Naco, Inc. ....................................... 2,224
100 * AMERCO, Inc. ......................................... 1,674
200 * Brightpoint, Inc. .................................... 2,362
25 * Coorstek, Inc. ....................................... 1,126
700 * USEC, Inc. ........................................... 3,280
200 * Veritas DGC, Inc. .................................... 4,800
266 Westinghouse Air Brake Co. ........................... 3,009
100 Woodward Governor Co. ................................ 2,206
-----------
22,930
-----------
MOBILE HOMES - 0.13%
100 * Champion Enterprises, Inc. ........................... 705
100 Coachmen Industries, Inc. ............................ 1,543
200 Fleetwood Enterprises, Inc. .......................... 2,924
300 Oakwood Homes Corp. .................................. 880
100 Skyline Corp. ........................................ 2,037
-----------
8,089
-----------
MULTIMEDIA - 0.02%
100 Gray Communications Systems, Inc. .................... 1,169
-----------
NATURAL GAS - DIVERSIFIED - 0.55%
200 Atmos Energy Corp. ................................... 3,174
200 Eastern Enterprises................................... 12,174
100 Laclede Gas Co. ...................................... 1,962
100 New Jersey Resources Corp. ........................... 4,024
100 * Southern Union Co. ................................... 1,718
200 Southwest Gas Corp. .................................. 3,812
300 UGI Corp. ............................................ 6,130
100 Western Gas Resources, Inc. .......................... 1,668
-----------
34,662
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
OIL - INTEGRATED DOMESTIC - 0.20%
100 * Belco Oil and Gas Corp. .............................. $ 880
100 Cross Timbers Oil Co. ................................ 1,443
600 Pennzoil-Quaker State Co. ............................ 6,563
300 * Tesoro Petroleum Corp. ............................... 3,525
-----------
12,411
-----------
OIL - SERVICE - PRODUCTS - 2.67%
100 * Global Industries, Inc. .............................. 1,425
100 * IRI International Corp. .............................. 781
1,000 * Lone Star Technologies, Inc. ......................... 46,125
100 * Maverick Tube Corp. .................................. 2,850
500 * Parker Drilling Co. .................................. 2,156
400 * Pride International, Inc. ............................ 9,050
100 RPC, Inc. ............................................ 1,013
3,550 * Santa Fe Snyder Corp ................................. 32,616
1,050 * Seacor Smit, Inc. .................................... 64,313
100 SEMCO Energy, Inc. ................................... 1,300
100 * TransMontaigne, Inc. ................................. 781
500 * Varco International, Inc. ............................ 6,250
-----------
168,660
-----------
OIL - SERVICES - 1.67%
34 Devon Energy Corp. ................................... 1,638
57 * Friede Goldman Halter, Inc. .......................... 353
600 * Key Energy Services, Inc. ............................ 5,850
2,700 * Marine Drilling Companies, Inc. ...................... 70,200
200 Mascotech, Inc. ...................................... 2,313
100 * McMoRan Exploration Co. .............................. 1,325
205 * Nabors Industries, Inc. .............................. 8,085
100 * Oceaneering International, Inc. ...................... 1,725
200 * Offshore Logistics, Inc. ............................. 2,425
200 * Tuboscope, Inc. ...................................... 3,475
100 * U S Liquids, Inc. .................................... 575
300 * Unova, Inc. .......................................... 4,200
100 * UTI Energy Corp. ..................................... 3,475
-----------
105,639
-----------
OIL/GAS PRODUCERS - 2.75%
950 * Atwood Oceanics, Inc. ................................ 57,594
100 * Brown, Tom, Inc. ..................................... 1,900
200 Cabot Oil & Gas Corp., Class A........................ 3,713
400 * Chesapeake Energy Corp. .............................. 1,500
300 * EEX Corp. ............................................ 844
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 77
SMALL CAP VALUE FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
OIL/GAS PRODUCERS - Continued
1,100 * Grey Wolf, Inc. ...................................... $ 4,469
1,000 * Harken Energy Corp. .................................. 688
400 Helmerich & Payne, Inc. .............................. 12,525
100 * Houston Exploration Co. .............................. 1,806
100 * HS Resources, Inc. ................................... 2,419
400 * Input/Output, Inc. ................................... 2,950
200 * Louis Dreyfus Natural Gas Corp ....................... 5,600
200 Mitchell Energy & Development Corp., Class A ......... 4,775
950 * Newfield Exploration Co. ............................. 38,594
100 * Nuevo Energy Co. ..................................... 1,750
300 * Patterson Energy, Inc. ............................... 8,475
700 * Pioneer Natural Resources Corp. ...................... 7,219
100 St. Mary Land & Exploration Co. ...................... 3,375
100 * Swift Energy Co. ..................................... 2,044
400 Valero Energy Corp. .................................. 11,600
-----------
173,840
-----------
PAPER/FOREST PRODUCTS - 1.32%
100 * Buckeye Technologies, Inc. ........................... 1,913
200 Caraustar Industries, Inc. ........................... 3,038
200 Glatfelter, P.H. Co. ................................. 2,150
400 Longview Fibre Co. ................................... 5,100
1,400 Potlatch Corp. ....................................... 55,213
200 Rayonier, Inc. ....................................... 9,388
100 Schweitzer-Mauduit, Inc. ............................. 1,456
100 Standard Register Co. ................................ 1,306
100 Universal Forest Products, Inc ....................... 1,350
200 Wausau-Mosinee Paper Corp. ........................... 2,425
-----------
83,339
-----------
PHOTOGRAPHY - 0.12%
300 Polaroid Corp. ....................................... 6,056
100 * Ultratech Stepper, Inc. .............................. 1,494
-----------
7,550
-----------
POLLUTION CONTROL - 0.09%
300 Calgon Carbon Corp. .................................. 1,894
100 * Cuno, Inc. ........................................... 2,713
100 * URS Corp. ............................................ 1,275
-----------
5,882
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
PUBLISHING - NEWS - 1.25%
1,500 Media General, Inc., Class A.......................... $ 73,781
200 * Network Equipment Technologies, Inc. ................. 1,650
100 Pulitzer, Inc. ....................................... 3,838
-----------
79,269
-----------
PUBLISHING/PRINTING - 0.93%
200 Banta Corp. .......................................... 3,913
300 Bowne & Co., Inc. .................................... 3,450
200 John H. Harland Co. .................................. 3,075
100 * Journal Register Co. ................................. 1,463
900 McClatchy Co., Class A................................ 28,519
380 Quebecor Printing, Inc. .............................. 8,598
100 * Scholastic Corp. ..................................... 4,669
100 * Scientific Games Holdings Corp. ...................... 1,850
300 Wallace Computer Services, Inc. ...................... 3,281
-----------
58,818
-----------
RAILROAD - 0.22%
200 Florida East Coast Industries, Inc. .................. 9,838
300 * Wisconsin Central Transport Corp. .................... 4,369
-----------
14,207
-----------
REAL ESTATE - 0.28%
100 * Castle & Cooke, Inc. ................................. 1,813
100 * CB Richard Ellis Services, Inc. ...................... 988
200 Center Trust, Inc. ................................... 1,450
100 * Insignia Financial Group, Inc. ....................... 1,044
200 LNR Property Corp. ................................... 4,313
330 Republic Bancorp, Inc. ............................... 3,259
200 SL Green Realty Corp. ................................ 5,138
-----------
18,005
-----------
REAL ESTATE INVESTMENT TRUSTS - 7.42%
100 Alexandria Real Estate Equities, Inc. ................ 3,200
400 Allied Capital Corp. ................................. 7,475
100 American Industrial Properties REIT................... 1,250
100 Amli Residential Properties Trust..................... 2,275
100 Associated Estates Realty Corp. ...................... 831
200 Bedford Property Investors, Inc. ..................... 3,525
100 Boykin Lodging Co. ................................... 1,256
200 Bradley Real Estate, Inc. ............................ 3,613
3,150 Brandywine Realty Trust............................... 54,731
400 BRE Properties, Inc., Class A......................... 11,175
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS - Continued
200 Burnham Pacific Properties, Inc. ..................... $ 1,475
300 Cabot Industrial Trust................................ 5,775
300 Camden Property Trust................................. 8,513
100 Capital Automotive REIT............................... 1,394
400 Capstead Mortgage Corp. .............................. 1,475
2,400 CBL & Associates Properties, Inc. .................... 56,250
200 CenterPoint Properties Corp. ......................... 7,175
100 Chateau Communities, Inc. ............................ 2,600
100 Chelsea GCA Realty, Inc. ............................. 3,263
200 Colonial Properties Trust............................. 4,988
200 Commercial Net Lease Realty........................... 2,200
300 Cornerstone Realty Income Trust, Inc. ................ 3,056
100 * Crestline Capital Corp. .............................. 1,719
200 Crown American Realty Trust........................... 1,113
500 Developers Diversified Realty Corp. .................. 7,594
38 Duke-Weeks Realty Corp. .............................. 824
100 EastGroup Properties, Inc. ........................... 2,081
100 Entertainment Properties Trust........................ 1,363
300 Equity Inns, Inc. .................................... 1,988
100 Essex Property Trust, Inc. ........................... 3,863
200 Federal Realty Investment Trust ...................... 4,250
300 First Industrial Realty Trust, Inc. .................. 9,019
100 First Washington Realty Trust, Inc. .................. 2,081
200 Gables Residential Trust.............................. 4,800
200 Glenborough Realty Trust, Inc. ....................... 2,950
200 Glimcher Realty Trust................................. 2,750
100 Golf Trust of America, Inc. .......................... 1,725
100 Great Lakes REIT, Inc. ............................... 1,513
256 Health Care Property Investors, Inc. ................. 7,136
200 Health Care REIT, Inc. ............................... 3,188
300 Healthcare Realty Trust, Inc. ........................ 5,400
2,000 Home Properties of NY, Inc. .......................... 56,000
400 Hospitality Properties Trust.......................... 8,900
500 * Indymac Mortgage Holdings, Inc. ...................... 6,531
300 Innkeepers USA Trust.................................. 2,700
300 IRT Property Co. ..................................... 2,494
300 JDN Realty Corp. ..................................... 2,906
100 JP Realty, Inc. ...................................... 1,794
200 Kilroy Reality Corp. ................................. 4,825
200 Koger Equity, Inc. ................................... 3,500
200 Konover Property Trust, Inc. ......................... 1,175
100 LaSalle Hotel Properties.............................. 1,513
100 Lexington Corp. Properties............................ 1,125
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
78 April 30, 2000 (Unaudited)
SMALL CAP VALUE FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS - Continued
200 LTC Properties, Inc. ................................. $ 1,188
200 Macerich Co. ......................................... 4,638
100 Manufactured Home Communities, Inc. .................. 2,500
100 MGI Properties, Inc. ................................. 231
100 Mid-America Apartment Communities, Inc. .............. 2,388
200 National Health Investors, Inc. ...................... 2,400
300 Nationwide Health Properties, Inc. ................... 3,975
100 Omega Healthcare Investors, Inc. ..................... 613
100 Pacific Gulf Properties, Inc. ........................ 2,150
100 Pan Pacific Retail Properties, Inc. .................. 1,900
100 Parkway Properties, Inc. ............................. 3,000
100 Pennsylvania Real Estate Investment Trust............. 1,725
300 Prentiss Properties Trust............................. 7,125
100 Prime Group Realty Trust.............................. 1,481
300 Prime Retail, Inc. ................................... 488
200 PS Business Parks, Inc. .............................. 4,450
200 Realty Income Corp. .................................. 4,363
300 Reckson Associates Realty Corp. ...................... 6,019
100 Redwood Trust, Inc. .................................. 1,469
300 Regency Realty Corp. ................................. 6,638
200 RFS Hotel Investors, Inc. ............................ 2,425
100 Saul Centers, Inc. ................................... 1,544
300 * Security Capital Group, Inc. ......................... 4,500
200 Shurgard Storage Centers, Inc., Class A............... 5,238
100 Sovran Self Storage, Inc. ............................ 2,056
230 Starwood Financial, Inc. ............................. 4,039
200 Storage USA, Inc. .................................... 5,850
200 Summit Properties, Inc. .............................. 3,988
100 Sun Communities, Inc. ................................ 3,313
300 Taubman Centers, Inc. ................................ 3,581
200 Thornburg Mortgage, Inc. ............................. 1,750
100 U.S. Restaurant Properties, Inc. ..................... 1,269
800 United Dominion Realty Trust, Inc. ................... 8,000
100 Urban Shopping Centers, Inc. ......................... 3,225
200 Weingarten Realty Investors........................... 8,100
200 * Wellsford Real Properties, Inc. ...................... 1,775
100 Western Properties Trust.............................. 1,131
200 Westfield America, Inc. .............................. 2,738
-----------
469,578
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
RESTAURANTS - 1.51%
300 * Advantica Restaurant Corp. ........................... $ 413
1,950 Applebees International, Inc. ........................ 71,053
100 Avado Brands, Inc. ................................... 200
300 Bob Evans Farms, Inc. ................................ 3,919
400 * Buffets, Inc. ........................................ 3,925
400 CBRL Group, Inc. ..................................... 5,550
100 CKE Restaurants, Inc. ................................ 369
200 Landry's Seafood Restaurants, Inc. ................... 1,725
300 Lone Star Steakhouse & Saloon, Inc. .................. 3,544
200 Luby's, Inc. ......................................... 1,800
300 * Ryan's Family Steak Houses, Inc. ..................... 2,934
-----------
95,432
-----------
RETIREMENT/AGED CARE - 0.00%
100 * Assisted Living Concepts, Inc. ....................... 113
-----------
SAVINGS & LOAN - 1.06%
100 Alliance Bancorp...................................... 1,656
100 Andover Bancorp....................................... 2,731
154 Bay View Capital Corp. ............................... 1,107
100 Brookline Bancorp, Inc. .............................. 944
600 Capitol Federal Financial............................. 5,850
200 CFS Bancorp, Inc. .................................... 1,763
297 Charter One Financial, Inc. .......................... 6,033
100 Dime Community Bancshares............................. 1,731
100 Downey Financial Corp. ............................... 2,988
105 F&M Bank Corp. ....................................... 2,126
100 First Financial Holdings, Inc. ....................... 1,363
100 First Indiana Corp. .................................. 1,863
300 First Sentinel Bancorp, Inc. ......................... 2,250
100 First Washington Bancorp, Inc. ....................... 1,500
200 * FirstFed Financial Corp. ............................. 2,500
100 Hudson River Bankcorp. ............................... 989
200 * Local Financial Corp. ................................ 1,613
200 MAF Bancorp, Inc. .................................... 3,750
100 Northwest Bancorp, Inc. .............................. 725
100 OceanFirst Financial Corp. ........................... 1,600
221 Provident Bankshares Corp. ........................... 3,294
100 Queens County Bancorp, Inc. .......................... 2,031
200 Seacoast Financial Services Co. ...................... 1,875
100 St. Francis Capital Corp. ............................ 1,419
300 Staten Island Bancorp, Inc. .......................... 5,156
200 United Community Financial Co. ....................... 1,125
400 Washington Federal, Inc. ............................. 6,975
-----------
66,957
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SECURITIES RELATED - 1.31%
100 Dain Rauscher Corp. .................................. $ 6,194
200 Enhance Financial Services Group, Inc. ............... 2,025
850 Investors Financial Services Corp. ................... 69,381
100 Liberty Financial Companies, Inc. .................... 1,875
100 Morgan Keegan, Inc. .................................. 1,594
100 Raymond James Financial, Inc. ........................ 2,013
-----------
83,082
-----------
SEMICONDUCTOR EQUIPMENT - 1.01%
900 * ATMI, Inc. ........................................... 34,650
100 * Brooks Automation, Inc. .............................. 8,969
300 * LAM Research Corp. ................................... 13,763
100 * Varian Semiconductor Equipment Associates, Inc. ...... 6,725
-----------
64,107
-----------
SEMICONDUCTORS - 3.03%
1,900 * Actel Corp. .......................................... 69,944
200 * Alliance Semiconductor Corp. ......................... 4,075
33 Avnet, Inc. .......................................... 2,595
500 * Cirrus Logic, Inc. ................................... 8,188
200 Cohu, Inc. ........................................... 7,613
400 * Cypress Semiconductor Corp. .......................... 20,775
100 * Electroglas, Inc. .................................... 3,875
200 * ESS Technology, Inc. ................................. 2,600
150 * Exar Corp. ........................................... 12,026
100 * FSI International, Inc. .............................. 1,494
600 * Integrated Device Technology, Inc. ................... 28,838
200 * International Rectifier Corp. ........................ 9,825
200 * MRV Communications, Inc. ............................. 13,788
200 * Silicon Valley Group Inc. ............................ 5,700
-----------
191,336
-----------
TELECOMMUNICATIONS - 1.79%
500 * Andrew Corp. ......................................... 14,719
100 * Anicom, Inc. ......................................... 475
100 * Aspect Communications, Inc. .......................... 3,550
200 CT Communication, Inc. ............................... 6,050
300 * General Communication, Inc. .......................... 1,500
500 * Glenayre Technologies, Inc. .......................... 6,594
1,500 * L-3 Communications Holdings, Inc. .................... 79,875
100 * Paging Network, Inc. ................................. 169
100 * PTEK Holdings, Inc. .................................. 506
-----------
113,438
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 79
SMALL CAP VALUE FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
TEXTILE - PRODUCTS - 1.33%
400 * Burlington Industries, Inc. .......................... $ 1,750
100 * Dan River, Inc., Class A.............................. 569
100 Guilford Mills, Inc. ................................. 825
100 * Lydall, Inc. ......................................... 888
100 * Pillowtex Corp. ...................................... 525
200 Russell Corp. ........................................ 3,925
100 Springs Industries, Inc., Class A..................... 4,106
400 * Unifi, Inc. .......................................... 4,075
3,150 Wellman, Inc. ........................................ 67,331
-----------
83,994
-----------
TOBACCO - 0.12%
105 Brooke Group, Ltd. ................................... 1,457
300 DIMON, Inc. .......................................... 713
100 * General Cigar Holdings, Inc. ......................... 1,525
200 Universal Corp. ...................................... 3,775
-----------
7,470
-----------
TRUCKERS - 1.54%
100 * American Freightways Corp. ........................... 1,863
200 Arnold Industries, Inc. .............................. 2,338
200 * Consolidated Freightways Corp. ....................... 1,250
100 * Heartland Express, Inc. .............................. 1,688
100 * Hub Group, Inc., Class A.............................. 1,200
100 * M.S. Carriers, Inc. .................................. 2,375
100 Roadway Express, Inc. ................................ 2,350
400 Rollins Truck Leasing Corp. .......................... 3,975
200 USFreightways Corp. .................................. 9,325
3,350 Werner Enterprises, Inc. ............................. 62,813
100 * Xtra Corp. ........................................... 4,700
200 * Yellow Corp. ......................................... 3,813
-----------
97,690
-----------
TRUCKING & LEASING - 0.01%
100 * U S Xpress Enterprises, Inc., Class A................. 838
-----------
UTILITIES - COMMUNICATION - 0.02%
100 PXRE Corp. ........................................... 1,488
-----------
UTILITIES - ELECTRIC - 2.16%
100 Black Hills Corp. .................................... 2,294
200 Cleco Corp. .......................................... 6,888
500 * El Paso Electric Co. ................................. 5,531
100 Empire District Electric Co. ......................... 2,156
182 Energy East Corp. .................................... 3,799
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
UTILITIES - ELECTRIC - Continued
200 Hawaiian Electric Industries, Inc. ................... $ 7,400
300 Idacorp, Inc. ........................................ 11,063
100 Madison Gas & Electric Co. ........................... 1,813
1,950 Northwestern Corp. ................................... 44,850
67 Nstar................................................. 2,952
200 Otter Tail Power Co. ................................. 5,200
300 Public Service Co. of New Mexico...................... 5,400
200 RGS Energy Group, Inc. ............................... 4,700
242 Scana Corp. .......................................... 6,262
588 Sierra Pacific Resources Corp. ....................... 8,894
300 UniSource Energy Corp. ............................... 4,875
100 United Illuminating Co. .............................. 4,600
300 Washington Gas Light Co. ............................. 7,688
-----------
136,365
-----------
UTILITIES - GAS, DISTRIBUTION - 0.76%
400 AGL Resources, Inc. .................................. 7,000
100 Connecticut Natural Gas Corp. ........................ 3,856
200 Energen Corp. ........................................ 3,663
400 * National-Oilwell, Inc. ............................... 9,575
200 Northwest Natural Gas Co. ............................ 4,400
100 NUI Corp. ............................................ 2,675
200 Piedmont Natural Gas Co., Inc. ....................... 5,650
200 Southwestern Energy Co. .............................. 1,700
466 Vectren Corp. ........................................ 9,378
-----------
47,897
-----------
UTILITIES - GAS, PIPELINE - 1.08%
1,350 Equitable Resources, Inc. ............................ 62,606
200 ONEOK, Inc. .......................................... 5,050
-----------
67,656
-----------
UTILITIES - MISCELLANEOUS - 1.31%
100 CH Energy Group, Inc. ................................ 3,294
151 * Encompass Services Corp. ............................. 1,048
3,200 MDU Resources Group, Inc. ............................ 69,800
300 Walter Industries, Inc. .............................. 3,206
200 WPS Resources Corp. .................................. 5,975
-----------
83,323
-----------
WATER SERVICES - 0.40%
100 American States Water Co. ............................ 3,013
100 California Water Service Group........................ 2,331
100 E'Town Corp. ......................................... 6,519
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
WATER SERVICES - Continued
300 Philadelphia Suburban Corp. .......................... $ 7,200
200 United Water Resources, Inc. ......................... 6,950
-----------
26,013
-----------
TOTAL COMMON STOCK
(Cost $5,736,563)..................................... 6,003,631
-----------
PREFERRED STOCK - 0.00%
APPLIANCES/FURNISHINGS - 0.00%
100 O'Sullivan Industries Holdings, Inc. ................. 56
-----------
TOTAL PREFERRED STOCK
(Cost $90)............................................ 56
-----------
<CAPTION>
PAR
VALUE
---------
<C> <S> <C>
UNITED STATES GOVERNMENT -
SHORT-TERM - 0.79%
U. S. TREASURY BILLS - 0.79%
$ 50,000 United States Treasury Bills, 5.60% due 05/25/00...... 49,813
-----------
UNITED STATES GOVERNMENT -
SHORT-TERM
(Cost $49,813)........................................ 49,813
-----------
CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT - 2.47%
BANKS - OTHER - 2.47%
156,000 State Street Bank Repurchase Agreement, 5.62%, dated
04/28/00, to be repurchased at $156,073 on 05/01/00,
collateralized by U.S. Treasury Bonds, 8.00%,
11/15/21, with a par value of $135,000 (Cost
$156,000)............................................. 156,000
-----------
TOTAL CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT
(Cost $156,000)....................................... 156,000
-----------
TOTAL INVESTMENTS
(Cost $5,942,466) - 98.18%............................ $ 6,209,500
-----------
*Non-income producing
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
80 April 30, 2000 (Unaudited)
SMALL CAP VALUE FUND - CONTINUED
---------------------------------------------------------------------------
<TABLE>
<S> <C>
STATEMENT OF ASSETS AND LIABILITIES:
ASSETS:
Investments, at market (Cost $5,942,466).................. $ 6,209,500
Receivables for:
Investments sold......................................... 65,372
Fund shares sold......................................... 347
Dividends and interest................................... 3,812
Other assets.............................................. 102,983
-----------
TOTAL ASSETS.............................................. 6,382,014
-----------
LIABILITIES:
Payable for:
Investments purchased.................................... 6,762
Fund shares redeemed..................................... 2,589
Payable to affiliates:
Administrative service fees for Class I.................. 4,662
Advisory fees............................................ 9,076
Distribution fees for Class A & B........................ 348
Other.................................................... 34,014
Accrued expenses and other liabilities.................... 18
-----------
TOTAL LIABILITIES......................................... 57,469
-----------
NET ASSETS................................................ $ 6,324,545
-----------
---------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value per share,
unlimited shares authorized; 618,269 shares outstanding... $ 6,183
Additional paid in capital................................ 5,986,500
Undistributed net realized gain on securities............. 64,614
Undistributed net investment income....................... 214
Unrealized depreciation of securities..................... 267,034
-----------
NET ASSETS APPLICABLE
TO SHARES OUTSTANDING..................................... $ 6,324,545
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
<S> <C>
---------------------------------------------------------------------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Net asset value and redemption price per Class A
share ($1,393,874 divided by 135,931 shares).............. $10.25
------
Offering price per Class A share (100/94.25 of $10.25)*... $10.88
------
Net asset value and offering price per Class B share
($2,471,415 divided by 242,360 shares)**.................. $10.20
------
Net asset value, offering price and redemption price per
Class I share ($1,278,105 divided by 124,825 shares)...... $10.24
------
Net asset value, offering price and redemption price per
Class II share ($1,181,151 divided by 115,153 shares)..... $10.26
------
* Offering price includes sales charge of 5.75%. The sales
charge is reduced for purchases of $25,000 and over.
** Redemption price per share is equal to the net asset
value less any applicable contingent deferred sales charges.
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
81
SMALL CAP VALUE FUND (Unaudited) - CONTINUED
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2000
<TABLE>
<CAPTION>
<S> <C> <C>
INVESTMENT INCOME:
Dividends............................................................. $ 56,472
Interest.............................................................. 31,913
--------
Total investment income.............................................. 88,385
--------
EXPENSES:
Advisory fees......................................................... 26,173
Transfer agent fees................................................... 11,363
Custodian fees........................................................ 4,182
Distribution fees:
Class A.............................................................. 1,910
Class B.............................................................. 14,023
Administrative service fee, Class I................................... 1,704
Registration and filing fees.......................................... 17,242
Audit fees and tax services........................................... 1,279
Accounting services................................................... 1,047
Trustees' fees and expenses........................................... 1,040
Report to shareholders................................................ 1,567
Miscellaneous......................................................... 2,317
--------
Total expenses....................................................... 83,847
Expense reimbursement (see Note 3)................................... (33,544)
--------
Net expenses......................................................... 50,303
--------
NET INVESTMENT INCOME................................................. 38,082
--------
REALIZED AND UNREALIZED GAIN ON SECURITIES:
Net realized gain on securities:
Investments................................................. $193,781
Futures contracts........................................... 25,665 219,446
--------
Net unrealized appreciation of securities during the period........... 535,716
--------
Net realized and unrealized gain on securities during the period.... 755,162
--------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS...................... $793,244
--------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the Six For the
Months Ended Year Ended
April 30, 2000 October 31, 1999
<S> <C> <C>
-------------------------------
OPERATIONS:
Net investment income......................... $ 38,082 $ 56,036
Net realized gain (loss) on securities........ 219,446 (154,832)
Net unrealized appreciation (depreciation) of
securities
during the period............................. 535,716 (268,682)
-------------------------------
Increase (decrease) in net assets resulting
from operations.............................. 793,244 (367,478)
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A...................................... (10,058) (14,575)
Class B...................................... (8,216) (6,591)
Class I...................................... (9,833) (15,287)
Class II..................................... (10,831) (18,513)
-------------------------------
Total distributions to shareholders
from net investment income.................. (38,938) (54,966)
-------------------------------
Net realized gain on securities
Class A...................................... - -
Class B...................................... - -
Class I...................................... - -
Class II..................................... - -
-------------------------------
Total distributions to shareholders
from net realized gain on securities........ - -
-------------------------------
Decrease in net assets resulting from
distributions to shareholders................. (38,938) (54,966)
-------------------------------
SHARE TRANSACTIONS:
Net increase (decrease) in net assets
resulting from share transactions
Class A...................................... (141,546) 1,469,347
Class B...................................... (131,945) 2,427,311
Class I...................................... (102,099) 1,328,381
Class II..................................... (182,779) 1,322,163
-------------------------------
Total increase (decrease) in net assets
resulting
from share transactions....................... (558,369) 6,547,202
-------------------------------
TOTAL INCREASE IN NET ASSETS.................. 195,937 6,124,758
NET ASSETS:
Beginning of year............................ 6,128,608 3,850
-------------------------------
End of period (including undistributed net
investment income of $214 and $1,070)........ $6,324,545 $6,128,608
-------------------------------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class A Class B
CHANGE IN SHARES OUTSTANDING ---------------------------------------- -----------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
------------------- ------------------- -------------------- -------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
------------------- ------------------- -------------------- -------------------
Shares
sold........ 31,324 $ 302,017 150,303 $1,492,009 132,897 $1,283,071 250,399 $2,451,800
Shares
issued for
distributions
reinvested.. 1,027 10,122 1,506 14,574 833 8,200 692 6,580
Shares
repurchased.. (44,249) (453,685) (4,077) (37,236) (139,355) (1,423,216) (3,202) (31,069)
------------------- ------------------- -------------------- -------------------
Increase
(decrease)
in shares
outstanding.. (11,898) (141,546) 147,732 1,469,347 (5,625) (131,945) 247,889 2,427,311
Shares
outstanding:
Beginning of
period...... 147,829 1,470,310 97 963 247,985 2,428,274 96 963
------------------- ------------------- -------------------- -------------------
End of
period...... 135,931 $1,328,764 147,829 $1,470,310 242,360 $2,296,329 247,985 $2,428,274
------------------- ------------------- -------------------- -------------------
<CAPTION>
Class I Class II
CHANGE IN SHARES OUTSTANDING ----------------------------------------- ---------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
-------------------- -------------------- -------------------- ------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-------------------- -------------------- -------------------- ------------------
Shares
sold........ 30,778 $ 299,143 132,600 $1,323,961 7,513 $ 72,130 130,429 $1,303,651
Shares
issued for
distributions
reinvested.. 998 9,833 1,577 15,287 1,100 10,831 1,909 18,512
Shares
repurchased.. (40,084) (411,075) (1,140) (10,867) (25,894) (265,740) - -
-------------------- -------------------- -------------------- ------------------
Increase
(decrease)
in shares
outstanding.. (8,308) (102,099) 133,037 1,328,381 (17,281) (182,779) 132,338 1,322,163
Shares
outstanding:
Beginning of
period...... 133,133 1,329,343 96 962 132,434 1,323,125 96 962
-------------------- -------------------- -------------------- ------------------
End of
period...... 124,825 $1,227,244 133,133 $1,329,343 115,153 $1,140,346 132,434 $1,323,125
-------------------- -------------------- -------------------- ------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<PAGE>
82 April 30, 2000 (Unaudited)
SOCIALLY RESPONSIBLE FUND
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
COMMON STOCK - 85.16%
ADVERTISING - 0.47%
50 * Catalina Marketing Corp. ............................. $ 5,062
100 * Doubleclick, Inc. .................................... 7,588
150 Interpublic Group Corp. .............................. 6,150
100 Omnicom Group, Inc. .................................. 9,106
300 * TMP Worldwide, Inc. .................................. 19,613
-----------
47,519
-----------
AEROSPACE/DEFENSE - 0.11%
500 * Howmet International, Inc. ........................... 10,594
-----------
AIRLINES - 0.03%
100 AMR Corp. ............................................ 3,406
-----------
AUTO - CARS - 0.05%
250 Delphi Automotive Systems Corp. ...................... 4,780
-----------
AUTO - REPLACEMENT PARTS - 0.07%
250 Goodyear Tire & Rubber Co. ........................... 6,906
-----------
BANKS - NEW YORK CITY - 1.92%
500 Bank of New York Co., Inc. ........................... 20,530
2,900 Citigroup, Inc. ...................................... 172,369
-----------
192,899
-----------
BANKS - OTHER - 2.11%
1,600 Bank of America Corp. ................................ 78,399
700 First Union Corp. .................................... 22,313
1,000 FleetBoston Financial Corp. .......................... 35,438
250 Mellon Financial Corp. ............................... 8,031
50 National City Corp. .................................. 850
150 Providian Financial Corp. ............................ 13,209
1,300 Wells Fargo Co. ...................................... 53,381
-----------
211,621
-----------
BANKS - REGIONAL - 1.94%
200 AmSouth Bancorporation ............................... 2,912
850 BankOne Corp. ........................................ 25,925
800 Chase Manhattan Corp. ................................ 57,650
200 Fifth Third Bancorp .................................. 12,625
700 Firstar Corp. ........................................ 17,413
100 Huntington Bancshares, Inc. .......................... 1,825
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
BANKS - REGIONAL - Continued
450 PNC Bank Corp. ....................................... $ 19,631
50 SouthTrust Corp. ..................................... 1,194
100 State Street Corp. ................................... 9,688
450 SunTrust Banks, Inc. ................................. 22,838
350 U.S. Bancorp, Inc. ................................... 7,109
250 Wachovia Corp. ....................................... 15,672
-----------
194,482
-----------
BEVERAGE - SOFT DRINKS - 1.54%
2,000 Coca-Cola Co. ........................................ 94,125
250 Coca-Cola Enterprises, Inc. .......................... 5,327
1,500 PepsiCo, Inc. ........................................ 55,031
-----------
154,483
-----------
BROADCASTING - 1.73%
550 * CBS Corp. ............................................ 32,312
100 * Clear Channel Communications, Inc. ................... 7,200
700 * Comcast Corp., Class A ............................... 28,044
225 * Infinity Broadcasting Corp. .......................... 7,636
500 * Media One Group, Inc. ................................ 37,813
400 US WEST, Inc. ........................................ 28,475
600 * Viacom, Inc., Class B ................................ 32,625
-----------
174,105
-----------
BUILDING MATERIALS - 0.34%
300 Lowe's Companies, Inc. ............................... 14,849
350 Masco Corp. .......................................... 7,853
200 Sherwin-Williams Co. ................................. 4,975
150 Vulcan Materials Co. ................................. 6,572
-----------
34,249
-----------
CHEMICAL - MAJOR - 0.39%
400 PPG Industries, Inc. ................................. 21,749
500 Rohm and Haas Co. .................................... 17,813
-----------
39,562
-----------
CHEMICAL - MISCELLANEOUS - 0.31%
300 Ecolab, Inc. ......................................... 11,718
200 Lubrizol Corp. ....................................... 5,125
300 Praxair, Inc. ........................................ 13,331
100 W.R. Grace & Co. ..................................... 1,300
-----------
31,474
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
COAL - 0.00%
86 Arch Coal, Inc. ...................................... $ 463
-----------
CONGLOMERATES - 0.65%
100 ITT Industries, Inc. ................................. 3,155
1,350 Tyco International, Ltd. ............................. 62,016
-----------
65,171
-----------
CONSUMER FINANCE - 0.30%
150 Capital One Financial Corp. .......................... 6,562
900 MBNA Corp. ........................................... 23,906
-----------
30,468
-----------
CONTAINERS - METAL/GLASS - 0.85%
50 Ball Corp. ........................................... 1,574
400 Corning, Inc. ........................................ 79,000
150 Crown Cork & Seal Co., Inc. .......................... 2,438
200 * Owens-Illinois, Inc. ................................. 2,700
-----------
85,712
-----------
CONTAINERS - PAPER - 0.05%
50 Bemis Co., Inc. ...................................... 1,840
50 * Sealed Air Corp. ..................................... 2,781
-----------
4,621
-----------
COSMETICS/TOILETRIES - 0.38%
150 Avon Products, Inc. .................................. 6,224
850 Gillette Co. ......................................... 31,450
-----------
37,674
-----------
DRUGS - 4.76%
100 Allergan, Inc. ....................................... 5,887
1,250 American Home Products Corp. ......................... 70,234
850 * Amgen, Inc. .......................................... 47,600
1,850 Bristol Myers Squibb Co. ............................. 97,009
950 Eli Lilly and Co. .................................... 73,447
1,950 Merck & Co., Inc. .................................... 135,525
1,200 Schering-Plough Corp. ................................ 48,375
-----------
478,077
-----------
ELECTRONIC EQUIPMENT - 0.63%
200 * Cabletron Systems, Inc. .............................. 4,574
550 Emerson Electric Co. ................................. 30,181
312 Molex, Inc. .......................................... 17,141
100 * Teradyne, Inc. ....................................... 11,000
-----------
62,896
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 83
SOCIALLY RESPONSIBLE FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
ELECTRONIC INSTRUMENTS - 0.14%
50 * Arrow Electronics, Inc. .............................. $ 2,190
200 * Imation Corp. ........................................ 5,613
150 * Sensormatic Electronics Corp. ........................ 2,503
50 * Vishay Intertechnology, Inc. ......................... 4,194
-----------
14,500
-----------
ENTERTAINMENT - 1.92%
600 Carnival Corp., Class A .............................. 14,924
300 Mattel, Inc. ......................................... 3,675
50 * Metro-Goldwyn-Mayer, Inc. ............................ 1,500
1,100 Time Warner, Inc. .................................... 98,931
1,700 Walt Disney Co. ...................................... 73,631
-----------
192,661
-----------
FINANCE COMPANIES - 0.49%
750 Associates First Capital Corp. ....................... 16,640
100 Goldman Sachs Group, Inc. ............................ 9,325
550 Household International, Inc. ........................ 22,963
-----------
48,928
-----------
FINANCIAL SERVICES - 0.76%
450 American Express Co. ................................. 67,527
100 * Convergys Corp. ...................................... 4,400
100 H & R Block, Inc. .................................... 4,181
-----------
76,108
-----------
FOODS - 1.09%
300 BestFoods ............................................ 15,074
500 Campbell Soup Co. .................................... 13,000
900 ConAgra, Inc. ........................................ 16,988
150 General Mills, Inc. .................................. 5,456
50 H J Heinz Co. ........................................ 8,500
100 Hershey Foods Corp. .................................. 4,538
450 Kellogg Co. .......................................... 10,997
100 Nabisco Group Holdings Corp. ......................... 1,288
150 Quaker Oats Co. ...................................... 9,778
250 Ralston Purina Co. ................................... 4,422
800 Sara Lee Corp. ....................................... 12,000
100 Wm. Wrigley Jr. Co. .................................. 7,238
-----------
109,279
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
FOOTWEAR - 0.11%
250 NIKE, Inc., Class B .................................. $ 10,859
-----------
FREIGHT - 0.04%
100 * FDX Corp. ............................................ 3,769
-----------
GOLD MINING - 0.23%
800 Barrick Gold Corp. ................................... 13,449
1,000 * Homestake Mining Co. ................................. 6,000
450 Placer Dome, Inc. .................................... 3,656
-----------
23,105
-----------
GOVERNMENT SPONSORED - 1.03%
750 Federal Home Loan Mortgage Corp. ..................... 34,452
1,100 Federal National Mortgage Association ................ 66,344
100 SLM Holding Corp. .................................... 3,131
-----------
103,927
-----------
HARDWARE & TOOLS - 0.04%
150 Stanley Works ........................................ 4,425
-----------
HEALTHCARE - 0.21%
100 Cardinal Health, Inc. ................................ 5,505
50 * Edwards Lifesciences Corp. ........................... 750
450 IMS Health, Inc. ..................................... 7,678
100 UnitedHealth Group, Inc. ............................. 6,669
-----------
20,602
-----------
HOSPITAL MANAGEMENT - 0.18%
500 Columbia/HCA Healthcare Corp. ........................ 14,218
150 Tenet Healthcare Corp. ............................... 3,825
-----------
18,043
-----------
HOSPITAL SUPPLIES - 2.32%
1,350 Abbott Laboratories .................................. 51,890
250 Baxter International, Inc. ........................... 16,281
50 Becton, Dickinson and Co. ............................ 1,281
200 * Boston Scientific Corp. .............................. 5,300
1,350 Johnson & Johnson .................................... 111,375
900 Medtronic, Inc. ...................................... 46,744
-----------
232,871
-----------
HOUSEHOLD PRODUCTS - 1.47%
150 Clorox Co. ........................................... 5,512
550 Colgate-Palmolive Co. ................................ 31,419
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS - Continued
250 Newell Rubbermaid, Inc. .............................. $ 6,297
1,250 Procter & Gamble Co. ................................. 74,531
650 Unilever NV .......................................... 29,616
-----------
147,375
-----------
INFORMATION PROCESSING - 0.14%
200 * Infospace, Inc. ...................................... 14,363
-----------
INFORMATION PROCESSING -
BUSINESS SOFTWARE - 4.29%
50 * BMC Software, Inc. ................................... 2,341
3,800 * Microsoft Corp. ...................................... 265,050
2,000 * Oracle Corp. ......................................... 159,875
250 * Peoplesoft, Inc. ..................................... 3,484
-----------
430,750
-----------
INFORMATION PROCESSING -
COMPUTER HARDWARE - 2.70%
100 * Adaptec, Inc. ........................................ 2,700
200 * Apple Computer, Inc. ................................. 24,813
1,200 Compaq Computer Corp. ................................ 35,100
1,500 * Dell Computer Corp. .................................. 75,188
200 * Gateway, Inc. ........................................ 11,050
100 * Lexmark International Group, Inc. .................... 11,800
1,200 * Sun Microsystems, Inc. ............................... 110,325
-----------
270,976
-----------
INFORMATION PROCESSING -
COMPUTER SERVICES - 2.10%
1,450 * America Online, Inc. ................................. 86,728
450 Automatic Data Processing, Inc. ...................... 24,216
100 * CMGI, Inc. ........................................... 7,125
100 * Cnet Networks, Inc. .................................. 3,456
50 * Critical Path, Inc. .................................. 2,906
242 * Earthlink, Inc. ...................................... 4,558
500 Electronic Data Systems Corp. ........................ 34,375
600 First Data Corp. ..................................... 29,213
250 Paychex, Inc. ........................................ 13,156
100 * Scient Corp. ......................................... 5,400
-----------
211,133
-----------
INFORMATION PROCESSING -
CONSUMER SOFTWARE - 0.05%
150 * Intuit, Inc. ......................................... 5,391
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
84 April 30, 2000 (Unaudited)
SOCIALLY RESPONSIBLE FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
INFORMATION PROCESSING -
DATA SERVICES - 4.62%
50 * At Home Corp. ........................................ $ 931
50 Autodesk, Inc. ....................................... 1,919
350 * Cendant Corp. ........................................ 5,403
500 Computer Associates International, Inc. .............. 27,906
200 * Compuware Corp. ...................................... 2,513
100 * CSG Systems International, Inc. ...................... 4,613
550 * EMC Corp. ............................................ 76,416
100 Galileo International, Inc. .......................... 2,313
750 Hewlett Packard Co. .................................. 101,250
1,200 International Business Machines....................... 133,950
200 * Novell, Inc. ......................................... 3,925
400 Pitney Bowes, Inc. ................................... 16,350
100 * PsiNet, Inc. ......................................... 2,319
350 * Seagate Technology, Inc. ............................. 17,784
300 * Solectron Corp. ...................................... 14,044
200 * Unisys Corp. ......................................... 4,638
350 Xerox Corp. .......................................... 9,253
300 * Yahoo!, Inc. ......................................... 39,075
-----------
464,602
-----------
INFORMATION PROCESSING -
NETWORKING - 3.41%
200 * 3Com Corp. ........................................... 7,888
4,800 * Cisco Systems, Inc. .................................. 332,775
50 * Verio, Inc. .......................................... 1,878
-----------
342,541
-----------
INSURANCE - CASUALTY - 0.11%
150 Chubb Corp. .......................................... 9,544
50 St. Paul Companies, Inc. ............................. 1,781
-----------
11,325
-----------
INSURANCE - LIFE - 0.17%
150 Aetna, Inc. .......................................... 8,681
100 AXA Financial, Inc. .................................. 3,263
150 Lincoln National Corp. ............................... 5,222
-----------
17,166
-----------
INSURANCE - MULTILINE - 2.17%
50 Aegon N.V. ........................................... 3,619
250 AFLAC, Inc. .......................................... 12,203
400 Allstate Corp. ....................................... 9,450
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
INSURANCE - MULTILINE - Continued
1,300 American International Group, Inc. ................... $ 142,594
150 Aon Corp. ............................................ 4,059
200 CIGNA Corp. .......................................... 15,950
50 * CNA Financial Corp. .................................. 1,538
150 Hartford Financial Services Group, Inc. .............. 7,828
200 Marsh & McLennan Companies, Inc. ..................... 19,713
50 UnumProvident Corp. .................................. 850
-----------
217,804
-----------
LEISURE TIME - 0.07%
100 Harley-Davidson, Inc.................................. 3,981
72 Sabre Holdings Corp. ................................. 2,516
-----------
6,497
-----------
MACHINERY - AGRICULTURE - 0.12%
300 Deere & Co. .......................................... 12,113
-----------
MACHINERY - CONSTRUCTION &
CONTRACTS - 0.16%
400 Caterpillar, Inc. .................................... 15,775
-----------
MACHINERY -
INDUSTRIAL/SPECIALTY - 0.90%
800 Dover Corp. .......................................... 40,650
300 Illinois Tool Works, Inc. ............................ 19,219
50 Ingersoll-Rand Co. ................................... 2,347
200 Pall Corp. ........................................... 4,463
100 Parker Hannifin Corp. ................................ 4,650
600 Tidewater, Inc. ...................................... 17,850
50 Timken Co. ........................................... 925
-----------
90,104
-----------
MEDICAL TECHNOLOGY - 0.26%
150 * Guidant Corp. ........................................ 8,606
300 PE Corp. - PE Biosystems Group........................ 18,000
-----------
26,606
-----------
MERCHANDISE - DRUG - 0.25%
150 CVS Corp. ............................................ 6,525
650 Walgreen Co. ......................................... 18,281
-----------
24,806
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
MERCHANDISE - SPECIALTY - 1.82%
150 * Best Buy Co., Inc. ................................... $ 12,113
50 Circuit City Stores, Inc. ............................ 2,941
300 * Costco Wholesale Corp. ............................... 16,219
600 Gap, Inc. ............................................ 22,050
1,875 Home Depot, Inc. ..................................... 105,117
100 * Kohls Corp. .......................................... 4,800
50 Limited, Inc. ........................................ 2,259
50 * Office Depot, Inc. ................................... 528
250 * Staples, Inc. ........................................ 4,766
150 Tandy Corp. .......................................... 8,550
100 TJX Companies, Inc. .................................. 1,919
100 * Toys "R" Us, Inc. .................................... 1,525
-----------
182,787
-----------
MERCHANDISING - DEPARTMENT - 0.25%
50 * Federated Department Stores, Inc. .................... 1,700
350 Target Corp. ......................................... 23,297
-----------
24,997
-----------
MERCHANDISING - FOOD - 0.34%
150 Albertson's, Inc. .................................... 4,884
500 * Kroger Co. ........................................... 9,281
200 * Safeway, Inc. ........................................ 8,825
300 SYSCO Corp. .......................................... 11,288
-----------
34,278
-----------
MERCHANDISING - MASS - 2.02%
50 J.C. Penney Co., Inc. ................................ 691
50 * Priceline.com, Inc. .................................. 3,163
300 Sears Roebuck and Co. ................................ 10,988
3,400 Wal-Mart Stores, Inc. ................................ 188,275
-----------
203,117
-----------
METALS - ALUMINUM - 0.23%
700 Alcan Aluminium, Ltd. ................................ 22,925
-----------
METALS - COPPER - 0.03%
150 Newmont Mining Corp. ................................. 3,516
-----------
METALS - MISCELLANEOUS - 0.05%
150 * Freeport-McMoRan Copper & Gold,
Class B............................................... 1,444
200 * Inco Limited.......................................... 3,125
-----------
4,569
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 85
SOCIALLY RESPONSIBLE FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
METALS - STEEL - 0.09%
200 * Bethlehem Steel Corp. ................................ $ 1,075
50 Carpenter Technology Corp. ........................... 1,003
200 USX-US Steel Group, Inc. ............................. 5,013
150 Worthington Industries, Inc. ......................... 1,856
-----------
8,947
-----------
MISCELLANEOUS - 0.15%
50 Avx Corp.............................................. 4,872
50 * Ebay, Inc. ........................................... 7,959
200 Valhi, Inc. .......................................... 2,225
-----------
15,056
-----------
NATURAL GAS - DIVERSIFIED - 0.51%
50 Eastern Enterprises................................... 3,044
700 El Paso Energy Corp. ................................. 29,750
600 Kinder Morgan, Inc. .................................. 18,188
-----------
50,982
-----------
OIL - INTEGRATED DOMESTIC - 0.12%
350 Ashland Oil, Inc. .................................... 11,944
-----------
OIL - SERVICE - PRODUCTS - 0.29%
150 * Cooper Cameron Corp. ................................. 11,250
350 * Noble Drilling Corp. ................................. 13,978
300 * Varco International, Inc. ............................ 3,750
-----------
28,978
-----------
OIL - SERVICES - 0.95%
550 Baker Hughes, Inc. ................................... 17,497
250 ENSCO International, Inc. ............................ 8,297
600 Halliburton Co. ...................................... 26,513
100 * Nabors Industries, Inc. .............................. 3,944
450 * Rowan Companies, Inc. ................................ 12,572
350 Schlumberger, Ltd. ................................... 26,797
-----------
95,620
-----------
OIL/GAS PRODUCERS - 0.60%
50 Diamond Offshore Drilling, Inc. ...................... 2,016
1,100 Helmerich & Payne, Inc. .............................. 34,444
517 Transocean Sedco Forex, Inc. ......................... 24,299
-----------
60,759
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
PAPER/FOREST PRODUCTS - 0.69%
250 Avery Dennison Corp. ................................. $ 16,406
200 Fort James Corp. ..................................... 4,788
200 Georgia-Pacific Corp. (Timber Group).................. 4,638
650 Kimberly-Clark Corp. ................................. 37,741
50 Rayonier, Inc. ....................................... 2,347
100 Willamette Industries, Inc. .......................... 3,819
-----------
69,739
-----------
POLLUTION CONTROL - 0.01%
50 * Waste Management, Inc. ............................... 794
-----------
PUBLISHING - NEWS - 0.34%
100 Dow Jones & Co., Inc. ................................ 6,488
300 Gannett Co., Inc. .................................... 19,163
150 New York Times Co., Class A........................... 6,178
50 Tribune Co. .......................................... 1,944
-----------
33,773
-----------
PUBLISHING/PRINTING - 0.34%
800 Dun & Bradstreet Corp. ............................... 24,100
200 McGraw-Hill, Inc. .................................... 10,500
-----------
34,600
-----------
RAILROAD - 0.61%
850 Burlington Northern Santa Fe Corp. ................... 20,506
350 CSX Corp. ............................................ 7,328
100 Kansas City Southern Industries, Inc. ................ 7,188
400 Norfolk Southern Corp. ............................... 7,050
450 Union Pacific Corp. .................................. 18,956
-----------
61,028
-----------
REAL ESTATE INVESTMENT
TRUSTS - 0.06%
100 Equity Residential Properties......................... 4,550
50 Public Storage, Inc. ................................. 1,119
-----------
5,669
-----------
RESTAURANTS - 0.49%
1,300 McDonald's Corp. ..................................... 49,563
-----------
SAVINGS & LOAN - 0.11%
450 Washington Mutual, Inc. .............................. 11,503
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SECURITIES RELATED - 4.78%
500 Charles Schwab Corp. ................................. $ 22,250
100 Franklin Resources, Inc. ............................. 3,225
200 J. P. Morgan & Co., Inc. ............................. 25,675
50 Lehman Brothers Holdings, Inc. ....................... 4,103
350 Merrill Lynch & Co., Inc. ............................ 35,678
1,000 Morgan Stanley Dean Witter & Co. ..................... 76,750
2,150 Standard & Poor's Depositary Receipts................. 312,691
-----------
480,372
-----------
SEMICONDUCTOR EQUIPMENT - 0.96%
700 * Applied Materials, Inc. .............................. 71,269
200 * KLA-Tencor Corp. ..................................... 14,975
150 * Novellus Systems, Inc. ............................... 10,003
-----------
96,247
-----------
SEMICONDUCTORS - 6.32%
200 * Advanced Micro Devices, Inc. ......................... 17,550
300 * Analog Devices, Inc. ................................. 23,044
100 * Cirrus Logic, Inc. ................................... 1,638
83 * Energizer Holdings, Inc. ............................. 1,416
50 * Integrated Device Technology, Inc. ................... 2,403
2,200 Intel Corp. .......................................... 278,988
200 * LSI Logic Corp. ...................................... 12,500
200 * Micron Technology, Inc. .............................. 27,850
915 Motorola, Inc. ....................................... 108,942
200 * National Semiconductor Corp. ......................... 12,150
250 Rockwell International Corp. ......................... 9,844
850 Texas Instruments, Inc. .............................. 138,444
-----------
634,769
-----------
TELECOMMUNICATIONS - 5.91%
100 ADC Communications, Inc. ............................. 6,075
200 ALLTEL Corp. ......................................... 13,325
2,600 AT&T Corp. ........................................... 121,388
450 * Global Crossing, Ltd. ................................ 14,175
100 * Level 3 Communications, Inc. ......................... 8,900
2,300 Lucent Technologies, Inc. ............................ 143,031
2,125 * MCI Worldcom, Inc. ................................... 96,555
200 * Nextel Communications, Inc., Class A.................. 21,888
950 Nortel Networks Corp. ................................ 107,588
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
86 April 30, 2000 (Unaudited)
SOCIALLY RESPONSIBLE FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
TELECOMMUNICATIONS - Continued
400 * QUALCOMM, Inc. ....................................... $ 43,375
100 Scientific-Atlanta, Inc. ............................. 6,506
200 * Tellabs, Inc. ........................................ 10,963
-----------
593,769
-----------
TEXTILE - PRODUCTS - 0.56%
2,000 V. F. Corp. .......................................... 56,500
-----------
UTILITIES - COMMUNICATION - 3.80%
1,200 Bell Atlantic Corp. .................................. 71,100
1,700 BellSouth Corp. ...................................... 82,769
800 GTE Corp. ............................................ 54,200
2,650 SBC Communications, Inc. ............................. 116,103
750 Sprint Corp. FON Group................................ 46,125
200 * Sprint Corp. PCS Group................................ 11,000
-----------
381,297
-----------
UTILITIES - ELECTRIC - 0.73%
61 DPL, Inc. ............................................ 1,418
150 Idacorp, Inc. ........................................ 5,531
550 New Century Energies, Inc. ........................... 17,944
650 OGE Energy Corp. ..................................... 12,878
550 Potomac Electric Power Co. ........................... 12,891
400 Puget Sound Energy, Inc. ............................. 9,500
400 Scottish Power, Plc. - ADR............................ 12,775
-----------
72,937
-----------
UTILITIES - GAS, DISTRIBUTION - 1.14%
2,700 AGL Resources, Inc. .................................. 47,250
300 MCN Energy Group, Inc. ............................... 7,481
800 National Fuel Gas Co. ................................ 37,950
1,100 Vectren Corp. ........................................ 22,138
-----------
114,819
-----------
UTILITIES - GAS, PIPELINE - 0.68%
1,150 ONEOK, Inc. .......................................... 29,038
1,300 Peoples Energy Corp. ................................. 40,381
-----------
69,419
-----------
TOTAL COMMON STOCK
(Cost $7,434,640)..................................... 8,554,839
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT - 14.28%
$1,435,000 BANKS - OTHER - 14.28%
State Street Bank Repurchase Agreement, 5.62%, dated
04/28/00, to be repurchased at $1,435,672 on
05/01/00, collateralized by U.S. Treasury Bonds,
8.00%, 11/15/21, with a par value of $1,200,000
(Cost $1,435,000).................................... $ 1,435,000
-----------
TOTAL CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT
(Cost $1,435,000).................................... 1,435,000
-----------
UNITED STATES GOVERNMENT -
SHORT-TERM - 0.99%
U. S. TREASURY BILLS - 0.99%
100,000 United States Treasury Bills,
5.55% due 06/08/00.................................. 99,413
-----------
UNITED STATES GOVERNMENT -
SHORT-TERM
(Cost $99,413)....................................... 99,413
-----------
TOTAL INVESTMENTS
(Cost $8,969,053) - 100.43%.......................... $10,089,252
-----------
*Non-income producing
</TABLE>
<TABLE>
<CAPTION>
UNREALIZED
CONTRACTS APPRECIATION
<C> <S> <C>
--------------------------------------------------------------------------------
FUTURES CONTRACTS PURCHASED(1)
(Delivery month/Value at 04/30/00)
4(2) S&P 500 Index Futures
(June/$1,460.00).................................... $ 5,250
-------------
</TABLE>
----
(1) U.S. Treasury Bills with a market value of approximately $100,000 were
maintained in a segregated account with a portion placed as collateral for
futures contracts.
(2) Per 250.
-------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 87
SOCIALLY RESPONSIBLE FUND - CONTINUED
<TABLE>
<CAPTION>
<S> <C>
-------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
ASSETS:
Investments, at market (Cost $8,969,053)........................... $10,089,252
Receivables for:
Fund shares sold.................................................. 19,097
Dividends and interest............................................ 7,779
Other assets....................................................... 13,288
-----------
TOTAL ASSETS....................................................... 10,129,416
-----------
LIABILITIES:
Payable for fund shares redeemed................................... 3,407
Payable to affiliates:
Administrative service fees for Class I........................... 6,549
Advisory fees..................................................... 3,981
Distribution fees for Class A & B................................. 3,349
Other............................................................. 42,530
Accrued expenses and other liabilities............................. 23,694
-----------
TOTAL LIABILITIES.................................................. 83,510
-----------
NET ASSETS......................................................... $10,045,906
-----------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value per share,
unlimited shares authorized,
823,952 shares outstanding......................................... $ 8,240
Additional paid in capital......................................... 8,914,625
Accumulated net realized loss on securities........................ (3,505)
Undistributed net investment income................................ 1,097
Unrealized appreciation of:
Investments............................................ $1,120,199
Futures contracts...................................... 5,250 1,125,449
---------- -----------
NET ASSETS APPLICABLE
TO SHARES OUTSTANDING.............................................. $10,045,906
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
COMPUTATION OF NET ASSET VALUE
AND OFFERING PRICE:
Net asset value and redemption price per Class A
share ($1,817,781 divided by 149,039 shares)........................... $12.20
------
Offering price per Class A share
(100/94.25 of $12.20)*................................................. $12.94
------
Net asset value and offering price per Class B
share ($3,622,078 divided by 297,552 shares)**......................... $12.17
------
Net asset value, offering price and redemption
price per Class I share ($2,992,376 divided by
245,052 shares)........................................................ $12.21
------
Net asset value, offering price and redemption
price per Class II share ($1,613,671 divided by
132,309 shares)........................................................ $12.20
------
* Offering price includes sales charge of 5.75%.
The sales charge is reduced for purchases
of $25,000 and over.
** Redemption price per share is equal to net asset value less any
applicable contingent deferred sales charge.
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
88
SOCIALLY RESPONSIBLE FUND (Unaudited) - CONTINUED
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2000
<TABLE>
<CAPTION>
<S> <C> <C>
INVESTMENT INCOME:
Dividends...................................................... $ 49,566
Interest....................................................... 19,951
--------
Total investment income....................................... 69,517
--------
EXPENSES:
Advisory fees.................................................. 11,266
Transfer agent fees............................................ 14,019
Custodian fees................................................. 5,360
Distribution fees:
Class A....................................................... 2,203
Class B....................................................... 16,920
Administrative service fee, Class I............................ 2,851
Registration and filing fees................................... 17,213
Audit fees and tax services.................................... 1,691
Accounting services............................................ 1,352
Trustees' fees and expenses.................................... 1,317
Report to shareholders......................................... 1,966
Miscellaneous.................................................. 2,592
--------
Total expenses................................................ 78,750
Expense reimbursement (see Note 3)............................ (34,297)
--------
Net expenses.................................................. 44,453
--------
NET INVESTMENT INCOME.......................................... 25,064
--------
REALIZED AND UNREALIZED GAIN (LOSS) ON SECURITIES:
Net realized loss on securities................................ (3,503)
Net unrealized appreciation during the period:
Investments.......................................... $356,553
Future contracts..................................... 5,250 361,803
-------- --------
Realized and unrealized gain on securities during the
period...................................................... 358,300
--------
INCREASE IN NET ASSETS RESULTING FROM OPERATION................ $383,364
--------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the Six For the
Months Ended Year Ended
April 30, 2000 October 31, 1999
<S> <C> <C>
-------------------------------
<CAPTION>
(audited)
<S> <C> <C>
OPERATIONS:
Net investment income.......................... $ 25,064 $ 48,228
Net realized gain (loss) on securities......... (3,503) 348,904
Net unrealized appreciation of securities
during the period............................. 361,803 763,646
-------------------------------
Increase in net assets resulting from
operations................................... 383,364 1,160,778
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A....................................... (5,756) (12,791)
Class B....................................... - (2,406)
Class I....................................... (10,279) (15,583)
Class II...................................... (7,932) (17,934)
-------------------------------
Total distributions to shareholders
from net investment income.................. (23,967) (48,714)
-------------------------------
Net realized gain on securities
Class A....................................... (68,557) -
Class B....................................... (132,478) -
Class I....................................... (85,308) -
Class II...................................... (62,077) -
-------------------------------
Total distributions to shareholders
from net realized gain on securities........ (348,420) -
-------------------------------
Decrease in net assets resulting from
distributions to shareholders................. (372,387) (48,714)
-------------------------------
SHARE TRANSACTIONS:
Net increase in net assets resulting from share
transactions
Class A....................................... 150,004 1,389,173
Class B....................................... 674,797 2,629,548
Class I....................................... 898,365 1,839,366
Class II...................................... 70,006 1,266,606
-------------------------------
Total increase in net assets resulting from
share transactions............................ 1,793,172 7,124,693
-------------------------------
TOTAL INCREASE IN NET ASSETS................... 1,804,149 8,236,757
NET ASSETS:
Beginning of year............................. 8,241,757 5,000
-------------------------------
End of period (including undistributed net
investment income of $1,097 and $0).......... $10,045,906 $8,241,757
-------------------------------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CHANGE IN SHARES Class A Class B
OUTSTANDING --------------------------------------- ----------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
------------------- ------------------ ------------------- -------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
------------------- ------------------ ------------------- -------------------
Shares sold..... 10,909 $ 136,255 135,640 $1,376,465 56,167 $ 687,651 242,494 $2,630,795
Shares issued
for
distributions
reinvested...... 6,130 74,311 1,097 12,708 10,839 131,263 206 2,271
Shares
repurchased..... (4,862) (60,562) - - (11,970) (144,117) (309) (3,518)
------------------- ------------------ ------------------- -------------------
Increase in
shares
outstanding..... 12,177 150,004 136,737 1,389,173 55,036 674,797 242,391 2,629,548
Shares
outstanding:
Beginning of
period.......... 136,862 1,390,423 125 1,250 242,516 2,630,798 125 1,250
------------------- ------------------ ------------------- -------------------
End of period... 149,039 $1,540,427 136,862 $1,390,423 297,552 $3,305,595 242,516 $2,630,798
------------------- ------------------ ------------------- -------------------
<CAPTION>
CHANGE IN SHARES Class I Class II
OUTSTANDING ----------------------------------------- ---------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
-------------------- -------------------- -------------------- ------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-------------------- -------------------- -------------------- ------------------
Shares sold..... 130,624 $1,632,978 179,786 $1,923,909 8 $ 100 124,875 $1,248,750
Shares issued
for
distributions
reinvested...... 7,871 95,570 1,401 16,322 5,774 70,006 1,535 17,856
Shares
repurchased..... (66,004) (830,183) (8,751) (100,865) (8) (100) - -
-------------------- -------------------- -------------------- ------------------
Increase in
shares
outstanding..... 72,491 898,365 172,436 1,839,366 5,774 70,006 126,410 1,266,606
Shares
outstanding:
Beginning of
period.......... 172,561 1,840,616 125 1,250 126,535 1,267,856 125 1,250
-------------------- -------------------- -------------------- ------------------
End of period... 245,052 $2,738,981 172,561 $1,840,616 132,309 $1,337,862 126,535 $1,267,856
-------------------- -------------------- -------------------- ------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 89
SCIENCE & TECHNOLOGY FUND
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
COMMON STOCK - 95.10%
ADVERTISING - 1.18%
1,550 * Doubleclick, Inc. .................................... $ 117,606
-----------
AEROSPACE/DEFENSE - 0.91%
1,700 * SCI Systems, Inc. .................................... 90,525
-----------
ELECTRONIC INSTRUMENTS - 0.99%
1,400 Flextronics International, Ltd. ...................... 98,350
-----------
INFORMATION PROCESSING - 0.60%
500 * JDS Uniphase Corp. ................................... 51,874
1,000 * Parametric Technology Corp. .......................... 8,156
-----------
60,030
-----------
INFORMATION PROCESSING -
BUSINESS SOFTWARE - 12.84%
7,000 * BMC Software, Inc. ................................... 327,687
200 * Broadcom Corp. ....................................... 34,475
350 * Inktomi Corp. ........................................ 53,878
600 * ISS Group, Inc. ...................................... 54,263
1,400 * Microsoft Corp. ...................................... 97,650
500 * Mission Critical Software, Inc. ...................... 18,000
700 * NetIQ Corp. .......................................... 25,725
6,300 * Oracle Corp. ......................................... 503,606
1,400 * Veritas Software Corp. ............................... 150,172
500 * Webtrend Corp. ....................................... 16,406
-----------
1,281,862
-----------
INFORMATION PROCESSING -
COMPUTER HARDWARE - 7.39%
4,900 * Dell Computer Corp. .................................. 245,612
300 * E-Tek Dynamics, Inc. ................................. 61,425
1,700 * Electronics for Imaging, Inc. ........................ 88,825
700 * MIPS Technologies, Inc., Class A...................... 20,213
3,500 * Sun Microsystems, Inc. ............................... 321,781
-----------
737,856
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
INFORMATION PROCESSING -
COMPUTER SERVICES - 3.53%
400 * Alteon Websystems, Inc. .............................. $ 27,200
1,400 * Ariba, Inc. .......................................... 103,863
1,700 * Commerce One, Inc. ................................... 103,805
2,500 * USinternetworking, Inc. .............................. 62,188
400 * VeriSign, Inc. ....................................... 55,750
-----------
352,806
-----------
INFORMATION PROCESSING -
CONSUMER SOFTWARE - 3.15%
5,100 * Intuit, Inc. ......................................... 183,281
1,400 * Liberate Technologies, Inc. .......................... 54,774
1,600 * Realnetworks, Inc. ................................... 76,200
-----------
314,255
-----------
INFORMATION PROCESSING -
DATA SERVICES - 6.34%
2,500 * Electronic Arts, Inc. ................................ 151,250
700 * EMC Corp. ............................................ 97,255
400 * Network Solutions, Inc. .............................. 59,200
3,500 * Novell, Inc. ......................................... 68,688
3,050 * PsiNet, Inc. ......................................... 70,722
2,800 * Solectron Corp. ...................................... 131,075
1,400 * Xircom, Inc. ......................................... 55,213
-----------
633,403
-----------
INFORMATION PROCESSING -
NETWORKING - 8.06%
2,100 * 3Com Corp. ........................................... 82,819
7,000 * Cisco Systems, Inc. .................................. 485,296
1,000 * Exodus Communications, Inc. .......................... 88,438
600 Softbank Corp. ....................................... 147,675
-----------
804,228
-----------
MISCELLANEOUS - 0.59%
1,400 * Internet Capital Group, Inc. ......................... 59,325
-----------
MULTIMEDIA - 0.72%
1,700 * Synopsys, Inc. ....................................... 71,400
-----------
SECURITIES RELATED - 0.75%
3,500 * E*Trade Group, Inc. .................................. 75,250
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SEMICONDUCTOR EQUIPMENT - 5.88%
2,800 * Applied Materials, Inc. .............................. $ 285,075
2,500 * ASM Lithography Holding NV............................ 100,000
1,700 * Cognex Corp. ......................................... 96,688
1,400 * KLA-Tencor Corp. ..................................... 104,825
-----------
586,588
-----------
SEMICONDUCTORS - 19.97%
3,500 * Altera Corp. ......................................... 357,875
5,600 * Analog Devices, Inc. ................................. 430,150
700 * Applied Micro Circuits Corp. ......................... 90,213
700 * Conexant Systems, Inc. ............................... 41,913
5,600 * Maxim Integrated Products, Inc. ...................... 362,950
200 * SDL, Inc. ............................................ 39,000
2,100 Texas Instruments, Inc. .............................. 342,038
4,500 * Xilinx, Inc. ......................................... 329,625
-----------
1,993,764
-----------
TELECOMMUNICATIONS - 21.29%
2,100 * CIENA Corp. .......................................... 259,613
2,000 Colt Telecom Group, Plc. ............................. 87,598
1,400 * Covad Communications Group, Inc. ..................... 38,850
1,700 Ericsson LMTEL Co. - ADR.............................. 150,344
5,250 * MCI Worldcom, Inc. ................................... 238,547
1,500 * NEXTLINK Communications, Inc. ........................ 126,469
7,000 Nokia Corp. - ADR..................................... 398,125
2,700 Nortel Networks Corp. ................................ 305,775
1,250 * QUALCOMM, Inc. ....................................... 135,547
1,800 * Rhythms Netconnections, Inc. ......................... 37,238
1,400 * Sanmina Corp. ........................................ 84,088
5,600 Vodafone Airtouch, Plc. - ADR......................... 263,200
-----------
2,125,394
-----------
UTILITIES - COMMUNICATION - 0.91%
19,700 Vodafone Group, Plc. ................................. 90,476
-----------
TOTAL COMMON STOCK
(Cost $10,008,379).................................... 9,493,118
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
90 April 30, 2000 (Unaudited)
SCIENCE & TECHNOLOGY FUND - CONTINUED
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
CORPORATE SHORT TERM
REPURCHASE AGREEMENT - 7.34%
BANKS - OTHER - 7.34%
$733,000 State Street Bank Repurchase Agreement, 5.62%, dated
04/28/00, to be repurchased
at $733,343 on 05/01/00, collateralized by U.S.
Treasury Bonds, 7.63%, 02/15/07, with a par value of
$735,000 (Cost $733,000)............................... $ 733,000
-----------
TOTAL CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT
(Cost $733,000)........................................ 733,000
-----------
TOTAL INVESTMENTS
(Cost $10,741,379) - 102.44%........................... $10,226,118
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
<S> <C>
-------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
ASSETS:
Investments, at market (Cost $10,741,379).......................... $10,226,118
Receivables for:
Investments sold.................................................. 1,215,911
Fund shares sold.................................................. 116,960
Dividends and interest............................................ 444
Other assets....................................................... 60,845
-----------
TOTAL ASSETS....................................................... 11,620,278
-----------
LIABILITIES:
Payable for:
Investments purchased............................................. 1,554,693
Fund shares redeemed.............................................. 3,592
Payable to affiliates:
Advisory fees..................................................... 9,773
Distribution fees for Class A & B................................. 4,752
Other............................................................. 33,310
Accrued expenses and other liabilities............................. 31,567
-----------
TOTAL LIABILITIES.................................................. 1,637,687
-----------
NET ASSETS......................................................... $ 9,982,591
-----------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value per share,
unlimited shares authorized, 1,117,205 shares outstanding.......... $ 11,172
Additional paid in capital......................................... 10,750,615
Accumulated net realized loss on securities........................ (255,235)
Accumulated net investment loss.................................... (8,700)
Unrealized depreciation of securities.............................. (515,261)
-----------
NET ASSETS APPLICABLE TO SHARES OUTSTANDING........................ $ 9,982,591
-----------
-------------------------------------------------------------------------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Net asset value and redemption price per Class A
share ($2,257,340 divided by 252,480 shares)....................... $ 8.94
-----------
Offering price per Class A share (100/94.25 of $8.94)*............. $ 9.49
-----------
Net asset value and offering price per Class B
share ($7,129,128 divided by 798,058 shares)**..................... $ 8.93
-----------
Net asset value, offering price and redemption price per
Class I share ($596,123 divided by 66,667 shares).................. $ 8.94
-----------
* Offering price includes sales charge of 5.75%. The sales charge
is reduced for purchases of $25,000 and over.
** Redemption price per share is equal to net asset value less
any applicable contingent deferred sales charge.
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
91
SCIENCE & TECHNOLOGY FUND (Unaudited) - CONTINUED
STATEMENT OF OPERATIONS
From Inception (February 29, 2000) to April 30, 2000
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Dividends.......................................................... $ 905
Interest........................................................... 11,702
---------
Total investment income........................................... 12,607
---------
EXPENSES:
Advisory fees...................................................... 9,773
Transfer agent fees................................................ 2,783
Custodian fees..................................................... 1,314
Distribution fees:
Class A........................................................... 773
Class B........................................................... 6,730
Registration and filing fees....................................... 5,856
Audit fees and tax services........................................ 522
Accounting services................................................ 326
Report to shareholders............................................. 270
Miscellaneous...................................................... 669
---------
Total expenses.................................................... 29,016
Expense reimbursement (see Note 3)................................ (7,709)
---------
Net expenses...................................................... 21,307
---------
NET INVESTMENT LOSS................................................ (8,700)
---------
REALIZED AND UNREALIZED LOSS ON SECURITIES:
Net realized loss on securities:
Investments............................................. $(254,347)
Foreign currency transactions........................... (888) (255,235)
---------
Net unrealized depreciation of securities during the period........ (515,261)
---------
Net realized and unrealized loss on securities during the
period........................................................... (770,496)
---------
DECREASE IN NET ASSETS RESULTING FROM OPERATIONS................... $(779,196)
---------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
From Inception
(February 29, For the
2000) to Year Ended
April 30, 2000 October 31, 1999
<S> <C> <C>
-------------------------------
OPERATIONS:
Net investment loss........................... $ (8,700) $ -
Net realized loss on securities and foreign
currencies.................................... (255,235) -
Net unrealized depreciation of securities
during the period............................. (515,261) -
-------------------------------
Decrease in net assets resulting from
operations................................... (779,196) -
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A...................................... - -
Class B...................................... - -
Class I...................................... -
-------------------------------
Total distributions to shareholders
from net investment income.................. - -
-------------------------------
Net realized gain on securities
Class A...................................... - -
Class B...................................... - -
Class I...................................... -
-------------------------------
Total distributions to shareholders
from net realized gain on securities........ - -
-------------------------------
Decrease in net assets resulting from
distributions to shareholders................. - -
-------------------------------
SHARE TRANSACTIONS:
Net increase in net assets resulting from
share transactions
Class A...................................... 2,497,444 -
Class B...................................... 7,597,677 -
Class I...................................... 666,666 -
-------------------------------
Total increase in net assets resulting from
share transactions............................ 10,761,787 -
-------------------------------
TOTAL INCREASE IN NET ASSETS.................. 9,982,591 -
NET ASSETS:
Beginning of year............................ - -
-------------------------------
End of period (including accumulated net
investment loss of $8,700)................... $ 9,982,591 $ -
-------------------------------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CHANGE IN SHARES Class A Class B Class I
OUTSTANDING ---------------------------------- ---------------------------------- -----------------------------------
From Inception For the From Inception For the From Inception
(February 29, Year Ended (February 29, Year Ended (February 29, For the
2000) October 31, 2000) October 31, 2000) to Year Ended
to April 30, 2000 1999 to April 30, 2000 1999 April 30, 2000 October 31, 1999
------------------- ------------- ------------------- ------------- --------------- --------------------
Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
------------------- ------------- ------------------- ------------- --------------- --------------------
Shares sold..... 256,658 $2,534,248 - $ - 817,200 $7,766,080 - $ - 66,667 $666,666 - $ -
Shares issued
for
distributions
reinvested...... - - - - - - - - - - - -
Shares
repurchased..... (4,176) (36,804) - - (19,142) (168,403) - - - - - -
------------------- ------------- ------------------- ------------- --------------- --------------------
Increase in
shares
outstanding..... 252,480 2,497,444 - - 798,058 7,597,677 - - 66,667 666,666 - -
Shares
outstanding:
Beginning of
period.......... - - - - - - - - - - - -
------------------- ------------- ------------------- ------------- --------------- --------------------
End of period... 252,480 $2,497,444 - $ - 798,058 $7,597,677 - $ - 66,667 $666,666 - $ -
------------------- ------------- ------------------- ------------- --------------- --------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<PAGE>
92 April 30, 2000 (Unaudited)
BALANCED FUND
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
COMMON STOCK - 62.85%
AEROSPACE/DEFENSE - 1.83%
2,900 Lockheed Martin Corp. ................................ $ 72,137
2,000 Raytheon Co., Class B................................. 44,375
2,200 United Technologies Corp. ............................ 136,813
-----------
253,325
-----------
AIRLINES - 0.14%
500 * Continental Airlines, Inc., Class B................... 20,000
-----------
APPAREL & PRODUCTS - 0.10%
1,600 * Tommy Hilfiger Corp. ................................. 14,100
-----------
AUTO - CARS - 0.45%
6,200 * Autonation, Inc. ..................................... 56,574
300 Delphi Automotive Systems Corp. ...................... 5,738
-----------
62,312
-----------
AUTO - ORIGINAL EQUIPMENT - 0.28%
2,900 Federal-Mogul Corp. .................................. 39,331
-----------
BANKS - NEW YORK CITY - 0.66%
1,550 Citigroup, Inc. ...................................... 92,128
-----------
BANKS - OTHER - 1.34%
2,800 Bank of America Corp. ................................ 137,199
1,200 Wells Fargo Co. ...................................... 49,275
-----------
186,474
-----------
BANKS - REGIONAL - 0.88%
4,000 BankOne Corp. ........................................ 122,000
-----------
BEVERAGE - SOFT DRINKS - 0.61%
2,300 PepsiCo, Inc. ........................................ 84,381
-----------
BROADCASTING - 2.27%
900 * Adelphia Communications Corp., Class A................ 44,605
1,500 * Cablevision Systems Corp., Class A.................... 101,531
1,200 * Charter Communications, Inc., Class A................. 17,625
300 US WEST, Inc. ........................................ 21,356
2,400 * Viacom, Inc., Class B................................. 130,500
-----------
315,617
-----------
BUILDING MATERIALS - 0.71%
2,000 Lowe's Companies, Inc. ............................... 99,000
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
CHEMICAL - MISCELLANEOUS - 0.70%
2,500 Ecolab, Inc. ......................................... $ 97,656
-----------
CONGLOMERATES - 1.38%
1,100 Textron, Inc. ........................................ 68,130
2,700 Tyco International, Ltd. ............................. 124,031
-----------
192,161
-----------
COSMETICS/TOILETRIES - 0.60%
2,000 Avon Products, Inc. .................................. 83,000
-----------
DRUGS - 4.20%
5,656 Astrazeneca, Plc. - ADR............................... 238,258
1,800 * Forest Laboratories, Inc. ............................ 151,313
4,600 Pfizer, Inc. ......................................... 193,775
-----------
583,346
-----------
ELECTRICAL EQUIPMENT - 0.65%
400 * Sony Corp. ........................................... 90,250
-----------
ELECTRONIC EQUIPMENT - 2.59%
1,000 Emerson Electric Co. ................................. 54,874
500 General Electric Co. ................................. 78,625
1,700 * Teradyne, Inc. ....................................... 187,000
900 W. W. Grainger, Inc. ................................. 39,038
-----------
359,537
-----------
ENTERTAINMENT - 2.87%
2,000 Carnival Corp., Class A............................... 49,749
5,100 * Fox Entertainment Group, Inc. ........................ 131,325
3,500 Hasbro, Inc. ......................................... 55,781
1,800 Time Warner, Inc. .................................... 161,888
-----------
398,743
-----------
FERTILIZERS - 0.22%
2,000 IMC Global, Inc. ..................................... 30,875
-----------
FINANCE COMPANIES - 1.07%
2,200 Associates First Capital Corp. ....................... 48,812
2,400 Household International, Inc. ........................ 100,200
-----------
149,012
-----------
FOODS - 2.56%
3,700 Campbell Soup Co. .................................... 96,200
700 ConAgra, Inc. ........................................ 13,213
2,100 General Mills, Inc. .................................. 76,388
800 H J Heinz Co. ........................................ 27,200
5,800 Kellogg Co. .......................................... 141,738
-----------
354,739
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
FOOTWEAR - 0.44%
1,400 NIKE, Inc., Class B................................... $ 60,813
-----------
FUNERAL SERVICES - 0.18%
5,000 * Service Corp. International........................... 25,625
-----------
GOVERNMENT SPONSORED - 0.70%
3,100 SLM Holding Corp. .................................... 97,069
-----------
HARDWARE & TOOLS - 0.21%
700 Black & Decker Corp. ................................. 29,444
-----------
HEALTHCARE - 0.71%
700 * PacifiCare Health Systems, Inc., Class A.............. 36,006
4,400 * Quintiles Transnational Corp. ........................ 62,975
-----------
98,981
-----------
HOSPITAL SUPPLIES - 0.93%
1,800 Becton, Dickinson and Co. ............................ 46,125
1,600 Medtronic, Inc. ...................................... 83,100
-----------
129,225
-----------
HOUSEHOLD PRODUCTS - 0.58%
2,200 Clorox Co. ........................................... 80,850
-----------
INFORMATION PROCESSING -
BUSINESS SOFTWARE - 0.35%
3,500 * Peoplesoft, Inc. ..................................... 48,781
-----------
INFORMATION PROCESSING -
COMPUTER HARDWARE - 1.30%
3,100 Compaq Computer Corp. ................................ 90,675
1,800 * Dell Computer Corp. .................................. 90,225
-----------
180,900
-----------
INFORMATION PROCESSING -
CONSUMER SOFTWARE - 0.06%
100 * Macromedia, Inc. ..................................... 8,700
-----------
INFORMATION PROCESSING - DATA SERVICES - 2.16%
1,800 Autodesk, Inc. ....................................... 69,075
1,500 Galileo International, Inc. .......................... 34,688
900 Hewlett Packard Co. .................................. 121,500
400 International Business Machines....................... 44,650
2,200 * Policy Management Systems Corp. ...................... 29,150
-----------
299,063
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 93
BALANCED FUND - CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
INFORMATION PROCESSING -
NETWORKING - 0.81%
800 * Cisco Systems, Inc. .................................. $ 55,463
300 * PMC-Sierra, Inc. ..................................... 57,563
-----------
113,026
-----------
INSURANCE - LIFE - 0.58%
1,200 Jefferson-Pilot Corp. ................................ 79,875
-----------
INSURANCE - MISCELLANEOUS - 1.33%
2 * Berkshire Hathaway, Inc., Class A..................... 118,600
1,350 PMI Group, Inc. ...................................... 65,391
-----------
183,991
-----------
INSURANCE - MULTILINE - 2.01%
1,200 Allstate Corp. ....................................... 28,350
2,500 Cincinnati Financial Corp. ........................... 100,781
1,500 Hartford Financial Services Group..................... 78,281
1,500 XL Capital, Ltd. ..................................... 71,438
-----------
278,850
-----------
MACHINERY -
INDUSTRIAL/SPECIALTY - 1.34%
1,900 Dover Corp. .......................................... 96,544
1,400 Illinois Tool Works, Inc. ............................ 89,688
-----------
186,232
-----------
MEDICAL TECHNOLOGY - 1.67%
3,200 * Guidant Corp. ........................................ 183,600
800 PE Corp - PE Biosystems Group......................... 48,000
-----------
231,600
-----------
MERCHANDISE - SPECIALTY - 0.48%
1,600 American Greetings Corp., Class A..................... 29,000
1,100 * Williams-Sonoma, Inc. ................................ 38,088
-----------
67,088
-----------
MERCHANDISING - FOOD - 0.21%
900 Albertsons, Inc. ..................................... 29,306
-----------
MERCHANDISING - MASS - 0.24%
600 Wal-Mart Stores, Inc. ................................ 33,225
-----------
METALS - ALUMINUM - 0.33%
700 Alcoa, Inc. .......................................... 45,413
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
MISCELLANEOUS - 0.45%
700 * Agilent Technologies, Inc. ........................... $ 62,038
-----------
MULTIMEDIA - 0.46%
3,800 * Cadence Design Systems, Inc. ......................... 63,888
-----------
OIL - INTEGRATED INTERNATIONAL - 1.39%
300 Chevron Corp. ........................................ 25,538
1,896 Exxon Mobil Corp. .................................... 147,296
400 Texaco, Inc. ......................................... 19,800
-----------
192,634
-----------
OIL - SERVICE - PRODUCTS - 0.56%
1,600 Shell Transport & Trading - ADR....................... 77,200
-----------
OIL - SERVICES - 0.73%
3,200 Baker Hughes, Inc. ................................... 101,800
-----------
OIL/GAS PRODUCERS - 0.41%
1,200 Transocean Sedco Forex, Inc. ......................... 56,400
-----------
RAILROAD - 0.45%
1,000 Canadian National Railway Co. ........................ 28,063
800 Union Pacific Corp. .................................. 33,700
-----------
61,763
-----------
REAL ESTATE INVESTMENT TRUSTS - 0.24%
2,500 * Indymac Mortgage Holdings, Inc. ...................... 32,656
-----------
RESTAURANTS - 0.47%
900 McDonald's Corp. ..................................... 34,313
1,000 * Starbucks Corp. ...................................... 30,234
-----------
64,547
-----------
SAVINGS & LOAN - 0.46%
2,500 Washington Mutual, Inc. .............................. 63,906
-----------
SEMICONDUCTOR EQUIPMENT - 1.64%
1,200 * Applied Materials, Inc. .............................. 122,175
1,400 * KLA-Tencor Corp. ..................................... 104,825
-----------
227,000
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SEMICONDUCTORS - 3.85%
1,000 * Advanced Micro Devices, Inc. ......................... $ 87,750
400 * Altera Corp. ......................................... 40,900
800 * Applied Micro Circuits Corp. ......................... 103,100
500 * Burr Brown Corp. ..................................... 34,063
800 Intel Corp. .......................................... 101,450
500 * Maxim Integrated Products, Inc. ...................... 32,406
500 * Micron Technology, Inc. .............................. 69,625
400 Texas Instruments, Inc. .............................. 65,150
-----------
534,444
-----------
TELECOMMUNICATIONS - 3.68%
1,850 AT&T Corp. ........................................... 86,372
3,200 * AT&T Corp. - Liberty Media Group...................... 159,800
1,800 * MCI Worldcom, Inc. ................................... 81,788
3,200 Nokia Corp. - ADR, Class A............................ 182,000
-----------
509,960
-----------
TEXTILE - PRODUCTS - 0.35%
1,700 V. F. Corp. .......................................... 48,025
-----------
TOBACCO - 0.35%
2,200 Philip Morris Companies, Inc. ........................ 48,125
-----------
UTILITIES - COMMUNICATION - 1.60%
2,900 Sprint Corp. FON Group................................ 178,350
800 Sprint Corp. PCS Group................................ 44,000
-----------
222,350
-----------
UTILITIES - ELECTRIC - 2.13%
1,700 * AES Corp. ............................................ 152,894
1,600 American Electric Power, Inc. ........................ 58,600
1,300 Cinergy Corp. ........................................ 34,775
2,300 Northeast Utilities................................... 49,450
-----------
295,719
-----------
UTILITIES - GAS, PIPELINE - 0.90%
3,300 Williams Companies, Inc. ............................. 123,131
-----------
TOTAL COMMON STOCK
(Cost $7,647,812)..................................... 8,721,630
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
94 April 30, 2000 (Unaudited)
BALANCED FUND - CONTINUED
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
CORPORATE BONDS - 9.69%
AIRLINES - 2.34%
$149,264 Airplanes Pass-Thru Trust, Series C,
8.15% due 03/15/11............................... $ 132,650
99,987 Continential Airlines, Inc.,
7.08% due 11/01/04............................... 96,823
100,000 Delta Air Lines, Inc.,
7.70% due 12/15/05............................... 95,243
-----------
324,716
-----------
BROADCASTING - 0.57%
100,000(1) Fox Sports Networks, LLC,
9.75% due 08/15/07............................... 79,500
-----------
DRUGS - 0.62%
100,000 McKesson Corp.,
6.30% due 03/01/05............................... 85,921
-----------
FINANCE COMPANIES - 1.38%
100,000 Discover Card Master Trust I,
5.60% due 05/15/06............................... 94,280
100,000 Green Tree Financial Corp., Series A7,
7.14% due 01/15/29............................... 96,812
-----------
191,092
-----------
FINANCIAL SERVICES - 1.29%
100,000 Charter Communications Holding,
8.25% due 04/01/07............................... 89,500
100,000 Household Finance Corp.,
6.40% due 06/17/08............................... 89,896
-----------
179,396
-----------
FOODS - 0.57%
100,000 Nabisco, Inc.,
7.55% due 06/15/15............................... 78,751
-----------
MERCHANDISE - SPECIALTY - 0.12%
21,000 Amazon.com, Inc.,
4.75% due 02/01/09............................... 17,063
-----------
METALS - ALUMINUM - 0.60%
100,000 Scotia Pacific Co., LLC, Series B,
7.11% due 01/20/14............................... 83,182
-----------
POLLUTION CONTROL - 0.65%
100,000 WMX Technologies, Inc.,
7.10% due 08/01/26............................... 90,606
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
TELECOMMUNICATIONS - 0.89%
$ 100,000 Nextel Communications, Inc.,
9.95% due 02/15/08............................. $ 70,000
50,000(1) Voicestream Wireless Corp.,
11.50% due 09/15/09............................ 53,500
-----------
123,500
-----------
UTILITIES - GAS, PIPELINE - 0.66%
100,000 Williams Companies, Inc.,
6.50% due 08/01/06............................. 91,368
-----------
TOTAL CORPORATE BONDS
(Cost $1,443,893)............................... 1,345,095
-----------
UNITED STATES GOVERNMENT -
LONG-TERM - 22.27%
FEDERAL AGENCIES - 8.82%
100,000 Federal Home Loan Bank,
5.13% due 09/15/03............................. 93,765
Government National Mortgage Association:
250,000 8.00% due 04/15/30............................. 250,468
197,200 7.00% due 12/15/22............................. 190,677
477,015 7.00% due 11/25/28............................. 458,827
244,981 6.50% due 06/15/29............................. 229,439
-----------
1,223,176
-----------
GOVERNMENT SPONSORED - 4.30%
Federal National Mortgage Association:
150,000 6.25% due 05/15/29............................. 132,820
400,000 6.00% due 05/15/08............................. 368,376
100,000(1) Government Lease Trust,
6.18% due 05/18/05............................. 95,739
-----------
596,935
-----------
U.S. TREASURY NOTES - 9.15%
1,250,000 United States Treasury Notes,
6.88% due 05/15/06............................. 1,270,313
-----------
TOTAL UNITED STATES GOVERNMENT -
LONG-TERM
(Cost $3,158,791)............................... 3,090,424
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT - 5.20%
BANKS - OTHER - 5.20%
$721,000 State Street Bank Repurchase Agreement, 5.62%, dated
04/28/00, to be repurchased
at $721,338 on 05/01/00, collateralized by U.S.
Treasury Bonds, 5.25%, 02/15/29, with a par value of
$840,000 (Cost $721,000)............................... $ 721,000
-----------
TOTAL CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT
(Cost $721,000)........................................ 721,000
-----------
TOTAL INVESTMENTS
(Cost $12,971,496) - 100.01%........................... $13,878,149
-----------
*Non-income producing
</TABLE>
----
(1) Securities exempt from registration under rule 144A of the Securities Act of
1933. These securities may be sold in transactions exempt from registration,
normally to qualified institutional buyers. At April 30, 2000, the aggregate
value of these securities was $228,739, representing 1.65% of net assets.
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 95
BALANCED FUND - CONTINUED
<TABLE>
<CAPTION>
<S> <C>
-------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
ASSETS:
Investments, at market (Cost $12,971,496).......................... $13,878,149
Receivables for:
Investments sold.................................................. 12,442
Fund shares sold.................................................. 5,312
Dividends and interest............................................ 92,256
Other assets....................................................... 23,410
-----------
TOTAL ASSETS....................................................... 14,011,569
-----------
LIABILITIES:
Payable for:
Investments purchased............................................. 90,318
Fund shares redeemed.............................................. 547
Payable to affiliates:
Administrative service fees for class I........................... 5,994
Advisory fees..................................................... 17,761
Distribution fees for Class A & B................................. 6,583
Other............................................................. 13,863
Accrued expenses and other liabilities............................. 549
-----------
TOTAL LIABILITIES.................................................. 135,615
-----------
NET ASSETS......................................................... $13,875,954
-----------
</TABLE>
--------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
<TABLE>
<S> <C>
Shares of beneficial interest, $.01 par value per share, unlimited
shares authorized,
1,172,231 shares outstanding....................................... $ 11,722
Additional paid in capital......................................... 12,680,780
Undistributed net realized gain on securities...................... 274,226
Undistributed net investment income................................ 2,573
Unrealized appreciation of securities.............................. 906,653
-----------
NET ASSETS APPLICABLE
TO SHARES OUTSTANDING.............................................. $13,875,954
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
<S> <C>
-------------------------------------------------------------------------------
COMPUTATION OF NET ASSET VALUE
AND OFFERING PRICE:
Net asset value and redemption price per Class A
share ($2,282,766 divided by 192,793 shares)............................ $11.84
------
Offering price per Class A share
(100/94.25 of $11.84)*.................................................. $12.56
------
Net asset value and offering price per Class B
share ($7,530,694 divided by 636,525 shares)**.......................... $11.83
------
Net asset value, offering price and redemption
price per Class I share ($2,498,688 divided by
210,776 shares)......................................................... $11.85
------
Net asset value, offering price and redemption
price per Class II share ($1,563,806 divided by
132,137 shares)......................................................... $11.83
------
* Offering price includes sales charge of 5.75%.
The sales charge is reduced for purchases
of $25,000 and over.
** Redemption price per share is equal to net asset value less any
applicable contingent deferred sales charge.
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
96
BALANCED FUND (Unaudited) - CONTINUED
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2000
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME:
Dividends (net of foreign withholding tax of $401).................... $ 48,197
Interest.............................................................. 158,042
--------
Total investment income.............................................. 206,239
--------
EXPENSES:
Advisory fees......................................................... 50,170
Transfer agent fees................................................... 19,765
Custodian fees........................................................ 7,616
Distribution fees:
Class A.............................................................. 2,642
Class B.............................................................. 34,884
Administrative service fee, Class I................................... 2,451
Registration and filing fees.......................................... 18,406
Audit fees and tax services........................................... 2,475
Accounting services................................................... 1,881
Trustees' fees and expenses........................................... 1,634
Report to shareholders................................................ 2,226
Miscellaneous......................................................... 3,761
--------
Total expenses....................................................... 147,911
Expense reimbursement (see Note 3)................................... (58,550)
--------
Net expenses......................................................... 89,361
--------
NET INVESTMENT INCOME................................................. 116,878
--------
REALIZED AND UNREALIZED GAIN ON SECURITIES:
Net realized gain on securities....................................... 287,663
Net unrealized appreciation of securities during the period........... 493,957
--------
Net realized and unrealized gain on securities during the period.... 781,620
--------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS...................... $898,498
--------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the Six For the
Months Ended Year Ended
April 30, 2000 October 31, 1999
<S> <C> <C>
--------------------------------
OPERATIONS:
Net investment income......................... $ 116,878 $ 133,857
Net realized gain on securities............... 287,663 229,026
Net unrealized appreciation of securities
during the period............................. 493,957 412,696
--------------------------------
Increase in net assets resulting from
operations................................... 898,498 775,579
--------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A...................................... (23,473) (30,629)
Class B...................................... (51,173) (38,485)
Class I...................................... (22,874) (29,571)
Class II..................................... (19,290) (32,829)
--------------------------------
Total distributions to shareholders
from net investment income.................. (116,810) (131,514)
--------------------------------
Net realized gain on securities
Class A...................................... (41,434) -
Class B...................................... (135,276) -
Class I...................................... (36,306) -
Class II..................................... (29,285) -
--------------------------------
Total distributions to shareholders
from net realized gain on securities........ (242,301) -
--------------------------------
Decrease in net assets resulting from
distributions to shareholders................. (359,111) (131,514)
--------------------------------
SHARE TRANSACTIONS:
Net increase in net assets resulting from
share transactions
Class A...................................... 388,604 1,634,761
Class B...................................... 976,518 6,132,326
Class I...................................... 624,311 1,600,830
Class II..................................... 48,573 1,281,579
--------------------------------
Total increase in net assets resulting from
share transactions............................ 2,038,006 10,649,496
--------------------------------
TOTAL INCREASE IN NET ASSETS.................. 2,577,393 11,293,561
NET ASSETS:
Beginning of year............................ 11,298,561 5,000
--------------------------------
End of period (including undistributed net
investment income of $2,573 and $2,505)...... $13,875,954 $11,298,561
--------------------------------
</TABLE>
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CHANGE IN SHARES Class A Class B
OUTSTANDING ---------------------------------------- ----------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
------------------- ------------------- ------------------- -------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
------------------- ------------------- ------------------- -------------------
Shares sold..... 33,322 $ 385,382 160,044 $1,646,861 126,431 $1,448,455 554,404 $6,168,853
Shares issued
for
distributions
reinvested...... 5,679 64,836 2,688 30,598 16,248 184,834 3,396 38,149
Shares
repurchased..... (5,424) (61,614) (3,641) (42,698) (57,716) (656,771) (6,363) (74,676)
------------------- ------------------- ------------------- -------------------
Increase in
shares
outstanding..... 33,577 388,604 159,091 1,634,761 84,963 976,518 551,437 6,132,326
Shares
outstanding:
Beginning of
period.......... 159,216 1,636,011 125 1,250 551,562 6,133,576 125 1,250
------------------- ------------------- ------------------- -------------------
End of period... 192,793 $2,024,615 159,216 $1,636,011 636,525 $7,110,094 551,562 $6,133,576
------------------- ------------------- ------------------- -------------------
<CAPTION>
CHANGE IN SHARES Class I Class II
OUTSTANDING ----------------------------------------- ---------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
-------------------- -------------------- -------------------- ------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-------------------- -------------------- -------------------- ------------------
Shares sold..... 63,968 $ 738,652 153,886 $1,574,100 9 $ 100 124,875 $1,248,750
Shares issued
for
distributions
reinvested...... 5,175 59,179 2,598 29,570 4,253 48,573 2,884 32,829
Shares
repurchased..... (14,722) (173,520) (254) (2,840) (9) (100) - -
-------------------- -------------------- -------------------- ------------------
Increase in
shares
outstanding..... 54,421 624,311 156,230 1,600,830 4,253 48,573 127,759 1,281,579
Shares
outstanding:
Beginning of
period.......... 156,355 1,602,080 125 1,250 127,884 1,282,829 125 1,250
-------------------- -------------------- -------------------- ------------------
End of period... 210,776 $2,226,391 156,355 $1,602,080 132,137 $1,331,402 127,884 $1,282,829
-------------------- -------------------- -------------------- ------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 97
HIGH YIELD BOND FUND
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
CORPORATE BONDS - 91.90%
ADVERTISING - 1.45%
$ 250,000 Adams Outdoor Advertising,
10.75% due 03/15/06............................ $ 255,000
750,000 Interep National Radio Sales, Series B,
10.00% due 07/01/08............................ 678,750
-----------
933,750
-----------
AEROSPACE/DEFENSE - 0.36%
250,000 K & F Industries,
9.25% due 10/15/07............................. 231,250
-----------
AIRLINES - 1.74%
1,000,000 Aircraft Service International Group,
11.00% due 08/15/05............................ 871,257
250,000 Atlas Air, Inc., Class C,
9.70% due 01/02/10............................. 249,690
-----------
1,120,947
-----------
APPAREL & PRODUCTS - 1.41%
350,000 Anvil Knitwear, Inc., Class B,
10.88% due 03/15/07............................ 297,500
500,000(1) Bell Sports, Inc.,
11.00% due 08/15/08............................ 488,750
275,000(1) Galey & Lord, Inc.,
9.13% due 03/01/08............................. 118,250
-----------
904,500
-----------
AUTO - CARS - 1.90%
900,000 Diamond Triumph,
9.25% due 04/01/08............................. 630,000
1,000,000(1) Prestolite Electric, Inc.,
9.63% due 02/01/08............................. 590,000
-----------
1,220,000
-----------
AUTO - ORIGINAL EQUIPMENT - 0.10%
65,000 Delco Remy International, Inc.,
10.63% due 08/01/06............................ 63,212
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
BROADCASTING - 5.72%
$ 500,000 Adelphia Communications Corp.,
9.38% due 11/15/09................................... $ 467,500
600,000 Coaxial Communication, Inc.,
10.00% due 08/15/06.................................. 579,000
400,000 Cumulus Media, Inc.,
10.38% due 07/01/08.................................. 363,000
875,000 Echostar DBS Corp.,
9.38% due 02/01/09................................... 840,000
400,000 Golden Sky DBS, Inc.,
13.50% due 03/01/07.................................. 268,000
200,000 Spanish Broadcasting System, Inc.,
9.63% due 11/01/09................................... 196,000
1,000,000 Susquehanna Media Co.,
8.50% due 05/15/09................................... 962,500
-----------
3,676,000
-----------
BUILDING MATERIALS - 0.54%
1,000,000 Uniforet, Inc.,
11.13% due 10/15/06.................................. 350,000
-----------
CHEMICAL - MAJOR - 2.76%
1,500,000 Koppers Industries, Inc.,
9.88% due 12/01/07................................... 1,365,000
500,000 Royster-Clark, Inc.,
10.25% due 04/01/09.................................. 407,500
-----------
1,772,500
-----------
CHEMICAL - MISCELLANEOUS - 2.01%
500,000 Borden Chemical & Plastics,
9.50% due 05/01/05................................... 467,500
750,000 GEO Specialty,
10.13% due 08/01/08.................................. 645,000
185,000 Lyondell Chemical Co., Series B,
9.88% due 05/01/07................................... 182,456
-----------
1,294,956
-----------
COAL - 0.43%
300,000 Oglebay Norton Co.,
10.00% due 02/01/09.................................. 276,000
-----------
COMMERCIAL SERVICES - 0.36%
300,000 Integrated Electrical Services, Series B,
9.38% due 02/01/09................................... 234,000
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
CONSUMER FINANCE - 1.13%
$ 750,000 AmeriCredit Corp.,
9.25% due 02/01/04............................. $ 729,375
-----------
CONTAINERS - PAPER - 0.38%
300,000 Packaged Ice, Inc., Series B,
9.75% due 02/01/05............................. 243,000
-----------
DRUGS - 2.73%
250,000 Bergen Brunswig Corp., Class A,
7.25% due 06/01/05............................. 192,893
1,350,000 ICN Pharmaceuticals, Inc.,
8.75% due 11/15/08............................. 1,255,500
300,000 King Pharmaceuticals, Inc.,
10.75% due 02/15/09............................ 306,000
-----------
1,754,393
-----------
ELECTRONIC INSTRUMENTS - 3.23%
400,000 Celestica International, Inc.,
10.50% due 12/31/06............................ 415,000
1,000,000 Flextronics International, Ltd.,
8.75% due 10/15/07............................. 945,000
750,000 Metromedia Fiber Network, Inc.,
10.00% due 12/15/09............................ 714,375
-----------
2,074,375
-----------
ENTERTAINMENT - 6.91%
1,000,000 Carmike Cinemas, Inc., Series B,
9.38% due 02/01/09............................. 680,000
1,500,000 Cinemark USA, Inc.,
9.63% due 08/01/08............................. 1,005,000
550,000 Harveys Casino Resorts,
10.63% due 06/01/06............................ 561,000
750,000(1) Hollywood Casino Shreveport,
13.00% due 08/01/06............................ 791,250
266,000 Hollywood Entertainment Corp.,
10.63% due 08/15/04............................ 232,750
600,000 Isle Of Capri Casinos,
8.75% due 04/15/09............................. 543,000
100,000 Pegasus Communications Corp., Series B,
9.63% due 10/15/05............................. 97,250
500,000 Riviera Black Hawk, Inc.,
13.00% due 05/01/05............................ 535,000
-----------
4,445,250
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
98 April 30, 2000 (Unaudited)
HIGH YIELD BOND FUND - CONTINUED
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
FINANCE COMPANIES - 1.93%
$ 750,000 ITT Corp.,
6.25% due 11/15/00............................. $ 739,635
650,000 Meditrust Companies,
7.51% due 09/26/03............................. 504,851
-----------
1,244,486
-----------
FINANCIAL SERVICES - 3.50%
750,000(1) Charter Communications Holding,
10.25% due 10/15/10............................ 723,750
1,500,000 Ono Finance Co., Plc.,
13.00% due 05/01/09............................ 1,530,000
-----------
2,253,750
-----------
FOODS - 1.47%
1,000,000 Agrilink Foods, Inc.,
11.88% due 11/01/08............................ 885,000
75,000 Chiquita Brands International,
9.63% due 01/15/04............................. 60,000
-----------
945,000
-----------
FREIGHT - 1.37%
1,000,000 Ultrapetrol (Bahamas), Ltd.,
10.50% due 04/01/08............................ 880,000
-----------
HEALTHCARE - 0.84%
200,000 Caremark Rx, Inc.,
7.38% due 10/01/06............................. 162,000
1,000,000 Universal Hospital Services,
10.25% due 03/01/08............................ 380,000
-----------
542,000
-----------
HOME BUILDERS - 1.11%
Beazer Homes USA, Inc.:
350,000 9.00% due 03/01/04............................. 325,063
450,000 8.88% due 04/01/08............................. 391,500
-----------
716,563
-----------
HOSPITAL MANAGEMENT - 2.00%
650,000 Lifepoint Hospitals Holding, Series B,
10.75% due 05/15/09............................ 664,625
600,000 Triad Hospitals Holding, Series B,
11.00% due 05/15/09............................ 624,000
-----------
1,288,625
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS - 1.12%
$750,000 Sealy Mattress Co., Series B,
10.88% due 12/15/07.............................. $ 528,750
200,000 Sleepmaster, Series B,
11.00% due 05/15/09.............................. 190,500
-----------
719,250
-----------
INFORMATION PROCESSING -
BUSINESS SOFTWARE - 0.69%
500,000(1) Northpoint Communication, Inc.,
12.88% due 02/15/10.............................. 445,000
-----------
INFORMATION PROCESSING -
COMPUTER SERVICES - 1.47%
575,000(1) Globix Corp.,
12.50% due 02/01/10.............................. 506,000
500,000 PSInet, Inc.,
11.00% due 08/01/09.............................. 440,000
-----------
946,000
-----------
INFORMATION PROCESSING -
NETWORKING - 0.38%
500,000(1) Condor Systems, Inc.,
11.88% due 05/01/09.............................. 241,250
-----------
LEISURE TIME - 0.93%
100,000 Hollywood Park, Inc.,
9.50% due 08/01/07............................... 99,625
500,000 Hollywood Park, Inc., Series B,
9.25% due 02/15/07............................... 497,500
-----------
597,125
-----------
LODGING - 2.24%
Crown Castle International Holding:
350,000 10.63% due 11/15/07.............................. 252,000
350,000 10.38% due 05/15/11.............................. 206,500
250,000 HMH Properties,
7.88% due 08/01/08............................... 216,250
800,000 Prime Hospitality Corp.,
9.75% due 04/01/07............................... 768,000
-----------
1,442,750
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
MACHINERY -
CONSTRUCTION & CONTRACTS - 1.51%
$ 200,000 Calpine Corp.,
7.75% due 04/15/09............................. $ 186,000
525,000 Grove Worldwide, LLC,
9.25% due 05/01/08............................. 225,750
500,000(1) Lennar Corp.,
9.95% due 05/01/10............................. 461,565
100,000 Penhall International,
12.00% due 08/01/06............................ 98,000
-----------
971,315
-----------
MERCHANDISE - DRUG - 0.37%
250,000 Express Scripts, Inc.,
9.63% due 06/15/09............................. 237,500
-----------
MERCHANDISE - SPECIALTY - 1.25%
750,000 BIG 5 Corp., Series B,
10.88% due 11/15/07............................ 690,000
130,000 Finlay Enterprises, Inc.,
9.00% due 05/01/08............................. 115,700
-----------
805,700
-----------
MERCHANDISING - DEPARTMENT - 1.11%
750,000 True Temper Sports, Inc., Series B,
10.88% due 12/01/08............................ 712,500
-----------
MERCHANDISING - FOOD - 1.35%
1,000,000 Disco S.A.,
9.88% due 05/15/08............................. 870,000
-----------
METALS - STEEL - 2.77%
250,000 AK Steel Corp.,
7.88% due 02/15/09............................. 227,500
300,000 Renco Steel Holdings, Series B,
10.88% due 02/01/05............................ 270,000
300,000 Russel Metals, Inc.,
10.00% due 06/01/09............................ 304,500
1,000,000 WCI Steel, Inc.,
10.00% due 12/01/04............................ 980,000
-----------
1,782,000
-----------
MISCELLANEOUS - 1.12%
1,500,000(1) United Pan Europe,
13.75% due 02/01/10............................ 720,000
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 99
HIGH YIELD BOND FUND - CONTINUED
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
NATURAL GAS -
DIVERSIFIED - 0.84%
$ 530,000 Leviathan Gas Pipeline Partner Co., Series B,
10.38% due 06/01/09................................ $ 537,288
-----------
OIL - INTEGRATED DOMESTIC - 0.64%
445,000 Tesoro Petroleum Corp.,
9.00% due 07/01/08................................. 413,850
-----------
OIL - SERVICE - PRODUCTS - 1.58%
750,000 Parker Drilling Co.,
9.75% due 11/15/06................................. 706,875
315,000 Triton Energy, Ltd.,
9.25% due 04/15/05................................. 311,850
-----------
1,018,725
-----------
OIL/GAS PRODUCERS - 3.43%
800,000 Frontier Oil Corp.,
11.75% due 11/05/09................................ 770,000
500,000 Grey Wolf, Inc.,
8.88% due 07/01/07................................. 460,000
1,000,000 HS Resources, Inc.,
9.25% due 11/15/06................................. 973,000
-----------
2,203,000
-----------
PAPER/FOREST PRODUCTS - 1.86%
1,250,000 Bear Island, LLC, Series B,
10.00% due 12/01/07................................ 1,193,750
-----------
POLLUTION CONTROL - 0.89%
625,000 Marsulex, Inc.,
9.63% due 07/01/08................................. 570,313
-----------
PUBLISHING - NEWS - 0.38%
250,000 Regional Independent Media,
10.50% due 07/01/08................................ 247,500
-----------
PUBLISHING/PRINTING - 0.79%
250,000 Transwestern Publishing Co.,
9.63% due 11/15/07................................. 237,500
275,000 TV Guide, Inc.,
8.13% due 03/01/09................................. 269,500
-----------
507,000
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
RESTAURANTS - 1.29%
$ 325,000 Apple South, Inc.,
9.75% due 06/01/06............................. $ 263,250
500,000 Dominos, Inc., Series B,
10.38% due 01/15/09............................ 466,250
100,000 Sbarro, Inc.,
11.00% due 09/15/09............................ 100,500
-----------
830,000
-----------
SAVINGS & LOAN - 1.04%
Western Financial Bank:
250,000 8.88% due 08/01/07............................. 217,500
500,000 8.50% due 07/01/03............................. 452,545
-----------
670,045
-----------
SCHOOLS - 2.13%
1,500,000 KinderCare Learning Centers, Inc.,
9.50% due 02/15/09............................. 1,368,750
-----------
TELECOMMUNICATIONS - 11.40%
100,000 Cadmus Communications Corp.,
9.75% due 06/01/09............................. 96,125
250,000 Call-Net Enterprises, Inc.,
8.00% due 08/15/08............................. 177,500
1,000,000 Global Crossing, Ltd.,
9.63% due 05/15/08............................. 980,000
1,000,000(1) GT Group Telecom,
13.25% due 02/01/10............................ 535,000
500,000(1) Level 3 Communications, Inc.,
12.88% due 03/15/10............................ 258,750
1,500,000 Microcell Telecommunications,
12.00% due 06/01/09............................ 960,000
700,000 National Communications Corp., Series B,
11.50% due 10/01/08............................ 710,500
NEXTLINK Communications, Inc.:
500,000(1) 12.13% due 12/01/09............................ 275,000
420,000 10.75% due 11/15/08............................ 411,600
750,000 10.75% due 06/01/09............................ 736,875
1,000,000 Orbcomm Global, Series B,
14.00% due 08/15/04............................ 910,000
500,000(1) Spectrasite Holdings, Inc.,
12.88% due 03/15/10............................ 258,750
1,100,000(1) Voicestream Wire Co.,
11.88% due 11/15/09............................ 682,000
750,000(1) WinStar Communications, Inc.,
14.75 due 04/15/10............................. 341,250
-----------
7,333,350
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
TEXTILE - PRODUCTS - 0.19%
$ 150,000 WestPoint Stevens Inc., Series A,
7.88% due 06/15/05............................. $ 123,000
-----------
TRUCKING & LEASING - 1.66%
1,500,000 Anthony Crane Rentals,
10.38% due 08/01/08............................ 1,065,000
-----------
UTILITIES - ELECTRIC - 2.09%
1,375,000 Caithness Coso Fund Corp.,
9.05% due 12/15/09............................. 1,340,625
-----------
TOTAL CORPORATE BONDS
(Cost $63,990,096).............................. 59,106,518
-----------
FOREIGN BONDS - 3.21%
TELECOMMUNICATIONS - 3.21%
380,000 Energis, Plc.,
9.75% due 06/15/09............................. 376,200
600,000 ESAT Telecom Group, Plc.,
12.50% due 02/01/07............................ 553,500
Netia Holdings B.V.:
500,000 11.25% due 11/01/07............................ 352,500
250,000 10.25% due 11/01/07............................ 210,625
1,000,000 Telewest Communications, Plc.,
9.25% due 04/15/09............................. 570,000
-----------
2,062,825
-----------
TOTAL FOREIGN BONDS
(Cost $2,017,594)............................... 2,062,825
-----------
<CAPTION>
NUMBER
OF SHARES
----------
<C> <S> <C>
COMMON STOCK - 0.11%
FINANCIAL SERVICES - 0.11%
500(1) Ono Finance, Plc., Warrants..................... 75,000
-----------
TOTAL COMMON STOCK
(Cost $0)....................................... 75,000
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
100 April 30, 2000 (Unaudited)
HIGH YIELD BOND FUND - CONTINUED
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
CORPORATE SHORT TERM
REPURCHASE AGREEMENT - 2.48%
BANKS - OTHER - 2.48%
$1,593,000 State Street Bank Repurchase Agreement, 5.62%, dated
04/28/00, to be repurchased at $1,593,746 on
05/01/00, collateralized by U.S. Treasury Note,
8.00%, 11/15/21, with a par value of $1,335,000
(Cost $1,593,000).................................... $ 1,593,000
-----------
TOTAL CORPORATE SHORT TERM -
REPURCHASE AGREEMENT
(Cost $1,593,000).................................... 1,593,000
-----------
TOTAL INVESTMENTS
(Cost $67,600,690) - 97.70% ......................... $62,837,343
-----------
</TABLE>
<TABLE>
<S> <C>
(1) Securities exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be sold in
transactions exempt from registration, normally to qualified
institutional buyers. At April 30, 2000, the aggregate value of
these securities was $7,511,565, representing 11.68% of net
assets.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
--------------------------------------------------------------------------------
<S> <C>
STATEMENT OF ASSETS AND LIABILITIES
ASSETS:
Investments, at market (Cost $67,600,690).......................... $62,837,343
Receivables for:
Investments sold.................................................. 1,977,560
Dividends and interest............................................ 1,933,382
Other assets....................................................... 60,370
-----------
TOTAL ASSETS....................................................... 66,808,655
-----------
LIABILITIES:
Payable for investments purchased................................. 2,225,395
Payable to affiliates:
Administrative service fees for Class I........................... 231
Advisory fees..................................................... 74,862
Distribution fees for Class A & B................................. 278
Other............................................................. 186,437
Accrued expenses and other liabilities............................. 2,522
-----------
TOTAL LIABILITIES.................................................. 2,489,725
-----------
NET ASSETS......................................................... $64,318,930
-----------
--------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value per share, unlimited
shares authorized, 7,119,810 shares outstanding.................... $ 71,199
Additional paid in capital......................................... 70,762,266
Accumulated net realized loss on securities........................ (1,836,734)
Undistributed net investment income................................ 85,546
Unrealized depreciation of securities.............................. (4,763,347)
-----------
NET ASSETS APPLICABLE
TO SHARES OUTSTANDING.............................................. $64,318,930
-----------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
COMPUTATION OF NET ASSET VALUE
AND OFFERING PRICE:
Net asset value and redemption price per Class A
share ($206,942 divided by 22,905 shares)............................... $9.03
-----
Offering price per Class A share
(100/95.25 of $9.03)*................................................... $9.48
-----
Net asset value and offering price per Class B
share ($1,200,707 divided by 132,907 shares)**.......................... $9.03
-----
Net asset value, offering price and redemption
price per Class I share ($14,172 divided by
1,569 shares)........................................................... $9.03
-----
Net asset value, offering price and redemption
price per Class II share ($62,897,109 divided by
6,962,429 shares)....................................................... $9.03
-----
* Offering price includes sales charge of 4.75%.
The sales charge is reduced for purchases
of $25,000 and over.
** Redemption price per share is equal to net asset value less any
applicable contingent deferred sales charge.
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
101
HIGH YIELD BOND FUND (Unaudited) - CONTINUED
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2000
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME:
Interest.......................................................... $ 3,484,913
-----------
Total investment income.......................................... 3,484,913
-----------
EXPENSES:
Advisory fees..................................................... 223,918
Transfer agent fees............................................... 99,560
Custodian fees.................................................... 33,123
Distribution fees:
Class A.......................................................... 192
Class B.......................................................... 4,553
Administrative service fee, Class I............................... 18
Registration and filing fees...................................... 10,025
Audit fees and tax services....................................... 10,675
Accounting services............................................... 9,596
Trustees' fees and expenses....................................... 12,123
Report to shareholders............................................ 20,495
Miscellaneous..................................................... 24,620
-----------
Total expenses................................................... 448,898
Expense reimbursement (see Note 3)............................... (160,129)
-----------
Net expenses..................................................... 288,769
-----------
NET INVESTMENT INCOME............................................. 3,196,144
-----------
REALIZED AND UNREALIZED LOSS ON SECURITIES:
Net realized loss on securities................................... (1,126,131)
Net unrealized depreciation of securities during the period....... (1,718,060)
-----------
Net realized and unrealized loss on securities during the
period.......................................................... (2,844,191)
-----------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. $ 351,953
-----------
</TABLE>
<TABLE>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
For the Six For the
Months Ended Year Ended
April 30, 2000 October 31, 1999
<S> <C> <C>
-------------------------------
OPERATIONS:
Net investment income......................... $ 3,196,144 $ 5,380,873
Net realized loss on securities............... (1,126,131) (710,603)
Net unrealized depreciation of securities
during the period............................. (1,718,060) (3,045,287)
-------------------------------
Increase in net assets resulting from
operations................................... 351,953 1,624,983
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A...................................... (7,293) (5,419)
Class B...................................... (39,719) (24,330)
Class I...................................... (671) (4,874)
Class II..................................... (3,064,238) (5,346,250)
-------------------------------
Total distributions to shareholders
from net investment income.................. (3,111,921) (5,380,873)
-------------------------------
Net realized gain on securities
Class A...................................... - -
Class B...................................... - -
Class I...................................... - -
Class II..................................... - -
-------------------------------
Total distributions to shareholders
from net realized gain on securities........ - -
-------------------------------
Decrease in net assets resulting from
distributions to shareholders................. (3,111,921) (5,380,873)
-------------------------------
SHARE TRANSACTIONS:
Net increase in net assets resulting from
share transactions
Class A...................................... 182,812 33,219
Class B...................................... 594,609 689,564
Class I...................................... 771 12,082
Class II..................................... 3,094,599 66,222,132
-------------------------------
Total increase in net assets resulting from
share transactions............................ 3,872,791 66,956,997
-------------------------------
TOTAL INCREASE IN NET ASSETS.................. 1,112,823 63,201,107
NET ASSETS:
Beginning of year............................ 63,206,107 5,000
-------------------------------
End of period (including undistributed net
investment income of $85,546 and $1,323)..... $64,318,930 $63,206,107
-------------------------------
</TABLE>
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CHANGE IN SHARES Class A Class B
OUTSTANDING --------------------------------------- ------------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
---------------- --------------------- ------------------- ---------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
---------------- --------------------- ------------------- ---------------------
Shares sold..... 21,216 $200,665 127,950 $ 1,278,928 70,137 $ 654,196 191,330 $ 1,913,973
Shares issued
for
distributions
reinvested...... 438 4,052 538 5,377 3,314 30,739 2,309 22,587
Shares
repurchased..... (2,374) (21,905) (124,988) (1,251,087) (9,728) (90,326) (124,580) (1,247,010)
---------------- --------------------- ------------------- ---------------------
Increase in
shares
outstanding..... 19,280 182,812 3,500 33,218 63,723 594,609 69,059 689,550
Shares
outstanding:
Beginning of
period.......... 3,625 34,468 125 1,250 69,184 690,800 125 1,250
---------------- --------------------- ------------------- ---------------------
End of period... 22,905 $217,280 3,625 $ 34,468 132,907 $1,285,409 69,184 $ 690,800
---------------- --------------------- ------------------- ---------------------
<CAPTION>
CHANGE IN SHARES Class I Class II
OUTSTANDING ------------------------------------- -----------------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
-------------- ---------------------- ----------------------- -----------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-------------- ---------------------- ----------------------- -----------------------
Shares sold..... 11 $ 101 124,875 $ 1,248,449 3,143 $ 29,229 6,217,232 $62,127,399
Shares issued
for
distributions
reinvested...... 72 670 486 4,873 329,617 3,065,467 537,322 5,345,983
Shares
repurchased..... -- -- (124,000) (1,241,240) (10) (97) (125,000) (1,252,558)
-------------- ---------------------- ----------------------- -----------------------
Increase in
shares
outstanding..... 83 771 1,361 12,082 332,750 3,094,599 6,629,554 66,220,824
Shares
outstanding:
Beginning of
period.......... 1,486 13,332 125 1,250 6,629,679 66,222,074 125 1,250
-------------- ---------------------- ----------------------- -----------------------
End of period... 1,569 $14,103 1,486 $ 13,332 6,962,429 $69,316,673 6,629,679 $66,222,074
-------------- ---------------------- ----------------------- -----------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<PAGE>
102 April 30, 2000 (Unaudited)
STRATEGIC BOND FUND
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
CORPORATE BONDS - 47.24%
AIRLINES - 0.34%
$ 25,000 Aircraft Service International Group,
11.00% due 08/15/05.................................... $ 21,781
-----------
APPAREL & PRODUCTS - 0.59%
44,000 Anvil Knitwear, Inc., Series B,
10.88% due 03/15/07.................................... 37,400
-----------
AUTO - CARS - 1.11%
100,000 Diamond Triumph,
9.25% due 04/01/08..................................... 70,000
-----------
BROADCASTING - 3.34%
25,000 Coaxial Communications, Inc.,
10.00% due 08/15/06.................................... 24,126
100,000 Cumulus Media, Inc.,
10.38% due 07/01/08.................................... 90,750
50,000 Echostar DBS Corp.,
9.38% due 02/01/09..................................... 48,000
50,000 Susquehanna Media Co.,
8.50% due 05/15/09..................................... 48,125
-----------
211,001
-----------
BUILDING MATERIALS - 0.28%
50,000 Uniforet, Inc.,
11.13% due 10/15/06.................................... 17,500
-----------
CHEMICAL - MAJOR - 1.07%
50,000 Koppers Industries, Inc.,
9.88% due 12/01/07..................................... 45,500
25,000 Polymer Group, Inc.,
9.00% due 07/01/07..................................... 22,500
-----------
68,000
-----------
CHEMICAL - MISCELLANEOUS - 0.68%
50,000 GEO Specialty,
10.13% due 08/01/08.................................... 43,000
-----------
CONSUMER FINANCE - 0.77%
50,000 AmeriCredit Corp.,
9.25% due 02/01/04..................................... 48,625
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
DRUGS - 1.04%
$ 25,000 Bergen Brunswig Corp., Class A,
7.25% due 06/01/05............................... $ 19,288
50,000 ICN Pharmaceuticals, Inc.,
8.75% due 11/15/08............................... 46,500
-----------
65,788
-----------
ELECTRONIC INSTRUMENTS - 0.90%
60,000 Flextronics International, Ltd.,
8.75% due 10/15/07............................... 56,700
-----------
ENTERTAINMENT - 2.38%
100,000(1) Hollywood Casino Shreveport,
13.00% due 08/01/06.............................. 105,500
50,000 Isle Of Capri Casinos,
8.75% due 04/15/09............................... 45,250
-----------
150,750
-----------
FINANCIAL SERVICES - 1.61%
100,000 Ono Finance, Plc.,
13.00% due 05/01/09.............................. 102,000
-----------
FOODS - 1.02%
50,000 Agrilink Foods, Inc.,
11.88% due 11/01/08.............................. 44,250
25,000 Chiquita Brands International,
9.63% due 01/15/04............................... 20,000
-----------
64,250
-----------
HEALTHCARE - 0.22%
35,000 Universal Hospital Service,
10.25% due 03/01/08.............................. 14,000
-----------
HOME BUILDERS - 0.71%
Beazer Homes USA, Inc.:
25,000 9.00% due 03/01/04............................... 23,218
25,000 8.88% due 04/01/08............................... 21,750
-----------
44,968
-----------
HOSPITAL MANAGEMENT - 1.37%
85,000 Lifepoint Hospitals Holding, Series B,
10.75% due 05/15/09.............................. 86,913
-----------
INFORMATION PROCESSING -
BUSINESS SOFTWARE - 0.70%
50,000(1) Northpoint Communication Group, Inc.
12.88% due 02/15/10.............................. 44,500
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
INFORMATION PROCESSING -
COMPUTER SERVICES - 0.70%
$ 50,000 PSInet Inc.,
11.00% due 08/01/09.............................. $ 44,000
-----------
INFORMATION PROCESSING -
NETWORKING - 0.19%
25,000(1) Condor Systems, Inc.,
11.88% due 05/01/09.............................. 12,063
-----------
LEISURE TIME - 1.48%
100,000 Speedway Motorsports, Inc., Series D,
8.50% due 08/15/07............................... 93,750
-----------
LODGING - 1.23%
50,000 Crown Castle International Holding,
10.38% due 05/15/11.............................. 29,500
50,000 Prime Hospitality Corp.,
9.75% due 04/01/07............................... 48,000
-----------
77,500
-----------
MACHINERY -
CONSTRUCTION & CONTRACTS - 0.71%
50,000 National Equipment Services, Series D,
10.00% due 11/30/04.............................. 45,000
-----------
MERCHANDISE - DRUG - 0.75%
50,000 Express Scripts, Inc.,
9.63% due 06/15/09............................... 47,500
-----------
MERCHANDISE - SPECIALTY - 0.71%
50,000 Finlay Fine Jewelry Enterprises, Inc.
8.38% due 05/01/08............................... 45,000
-----------
MERCHANDISING - DEPARTMENT - 1.13%
75,000 True Temper Sports, Inc., Series B,
10.88% due 12/01/08.............................. 71,250
-----------
MERCHANDISING - FOOD - 0.69%
50,000 Disco S.A.,
9.88% due 05/15/08............................... 43,500
-----------
METALS - STEEL - 4.10%
155,000 Pohang Iron & Steel,
7.13% due 11/01/06............................... 144,889
100,000 Renco Steel Holdings, Series B,
10.88% due 02/01/05.............................. 90,000
25,000 WCI Steel, Inc.,
10.00% due 12/01/04.............................. 24,500
-----------
259,389
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 103
STRATEGIC BOND FUND - CONTINUED
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
NATURAL GAS - DIVERSIFIED - 0.80%
$ 50,000 Leviathan Gas Pipeline Partner, Series B,
10.38% due 06/01/09.............................. $ 50,688
-----------
OIL - SERVICES - 2.13%
150,000 Baker Hughes, Inc.,
6.25% due 01/15/09............................... 134,782
-----------
OIL/GAS PRODUCERS - 1.49%
50,000 Grey Wolf, Inc.,
8.88% due 07/01/07............................... 46,000
50,000 HS Resources, Inc.,
9.25% due 11/15/06............................... 48,500
-----------
94,500
-----------
PAPER/FOREST PRODUCTS - 1.28%
85,000 Bear Island, LLC, Series B,
10.00% due 12/01/07.............................. 81,176
-----------
PUBLISHING/PRINTING - 0.38%
25,000 Transwestern Publishing Co.,
9.63% due 11/15/07............................... 23,750
-----------
RESTAURANTS - 0.38%
25,000 Perkins Family Restaurants,
10.13% due 12/15/07.............................. 24,126
-----------
SAVINGS & LOAN - 0.41%
30,000 Western Financial Bank,
8.88% due 08/01/07............................... 26,100
-----------
TELECOMMUNICATIONS - 9.78%
50,000(1) GT Group Telecom,
13.25% due 02/01/10.............................. 26,750
50,000(1) Level 3 Communications, Inc.,
12.88% due 03/15/10.............................. 25,875
75,000 Microcell Telecommunications,
12.00% due 06/01/09.............................. 48,000
100,000 National Communications Corp., Series B,
11.50% due 10/01/08.............................. 101,500
150,000 NEXTLINK Communications, Inc.,
10.75% due 11/15/08.............................. 147,000
150,000 Sprint Capital Corp.,
6.13% due 11/15/08............................... 133,001
220,000(1) Voicestream Wire Co.,
11.88% due 11/15/09.............................. 136,400
-----------
618,526
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
UTILITIES - ELECTRIC - 0.77%
$ 50,000 Caithness Coso Fund Corp.,
9.05% due 12/15/09................................ $ 48,750
-----------
TOTAL CORPORATE BONDS
(Cost $3,087,267).................................. 2,988,526
-----------
FOREIGN BONDS - 0.39%
TELECOMMUNICATIONS - 0.39%
25,000 Energis, Plc.,
9.75% due 06/15/09................................ 24,750
-----------
TOTAL FOREIGN BONDS
(Cost $25,179)..................................... 24,750
-----------
UNITED STATES GOVERNMENT -
LONG TERM - 23.97%
GOVERNMENT SPONSORED - 19.53%
Federal Home Loan Mortgage Corp.:
198,538 7.00% due 06/01/29................................ 190,035
145,886 6.50% due 05/01/29................................ 136,404
Federal National Mortgage Association:
475,393 8.00% due 11/01/28................................ 475,687
48,144 5.50% due 01/01/29................................ 42,367
444,022 5.50% due 06/01/29................................ 390,740
-----------
1,235,233
-----------
U.S. TREASURY NOTES & BONDS - 4.44%
315,000 United States Treasury Notes,
4.75% due 11/15/08................................ 281,286
-----------
TOTAL UNITED STATES GOVERNMENT -
LONG TERM
(Cost $1,602,260).................................. 1,516,519
-----------
GOVERNMENT BONDS -
FOREIGN - 15.52%
160,000 Argentina, Republic of,
6.81% due 03/31/05................................ 148,792
303,303 Brazil - C Bond,
8.00% due 04/15/14................................ 218,560
50,000,000 Hellenic Republic,
8.80% due 06/19/07................................ 156,116
125,000 Republic of Lithuania,
8.00% due 03/29/04................................ 115,871
</TABLE>
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
GOVERNMENT BONDS -
FOREIGN - Continued
$500,000 Republic of South Africa,
12.00% due 02/28/05............................. $ 68,943
500,000 Republic of South Africa, Series 153,
13.00% due 08/31/10............................. 68,004
250,000 United Mexico States, Series W-B,
6.25% due 12/31/19.............................. 205,313
-----------
981,599
-----------
TOTAL GOVERNMENT BONDS - FOREIGN
(Cost $1,008,464)................................ 981,599
-----------
<CAPTION>
NUMBER
OF SHARES
---------
<C> <S> <C>
COMMON STOCK - 0.23%
FINANCIAL SERVICES - 0.23%
100(1) Ono Finance, Plc., Warrants...................... 15,000
-----------
TOTAL COMMON STOCK
(Cost $0)........................................ 15,000
-----------
<CAPTION>
PAR
VALUE
---------
<C> <S> <C>
CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT - 9.96%
BANKS - OTHER - 9.96%
$630,000 State Street Bank Repurchase Agreement, 5.62%
dated 04/28/00, to be repurchased
at $630,295 on 05/01/00, collateralized by U.S.
Treasury Bonds, 8.00%, 11/15/21, with a par value
of $530,000 (Cost $630,000)...................... 630,000
-----------
TOTAL CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT
(Cost $630,000).................................. 630,000
-----------
TOTAL INVESTMENTS
(Cost $6,353,170) - 97.31%....................... $ 6,156,394
-----------
</TABLE>
---------
(1) Securities exempt from registration under rule 144A of the Securities Act
of 1933. These securities may be sold in transactions exempt from
registration, normally to qualified institutional buyers. At April 30,
2000, the aggregate value of these securities was $366,088, representing
5.79% of net assets.
--------------------------------------------------------------------------------
<PAGE>
104 April 30, 2000 (Unaudited)
STRATEGIC BOND FUND - CONTINUED
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
STATEMENT OF ASSETS AND LIABILITIES
ASSETS:
Investments, at market (Cost $6,353,170)............................ $6,156,394
Receivables for:
Fund shares sold................................................... 18,696
Dividends and interest............................................. 136,058
Other assets........................................................ 64,958
----------
TOTAL ASSETS........................................................ 6,376,106
----------
LIABILITIES:
Payable to affiliates:
Administrative service fees for Class I............................ 4,771
Advisory fees...................................................... 6,208
Distribution fees for Class A & B.................................. 1,523
Other.............................................................. 35,662
Accrued expenses and other liabilities.............................. 1,584
----------
TOTAL LIABILITIES................................................... 49,748
----------
NET ASSETS.......................................................... $6,326,358
----------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value per share,
unlimited shares authorized, 670,109 shares outstanding........ $ 6,701
Additional paid in capital..................................... 6,641,219
Accumulated net realized loss on securities.................... (140,930)
Undistributed net investment income............................ 15,878
Unrealized appreciation (depreciation) of:
Investments......................................... $(196,776)
Foreign currency translation........................ 266 (196,510)
--------- ----------
NET ASSETS APPLICABLE
TO SHARES OUTSTANDING.......................................... $6,326,358
----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
COMPUTATION OF NET ASSET VALUE
AND OFFERING PRICE:
Net asset value and redemption price per Class A
share ($1,667,657 divided by 176,630 shares)............................ $9.44
-----
Offering price per Class A share
(100/95.25 of $9.44)*................................................... $9.91
-----
Net asset value and offering price per Class B
share ($2,025,211 divided by 214,562 shares)**.......................... $9.44
-----
Net asset value, offering price and redemption
price per Class I share ($1,314,872 divided by
139,259 shares)......................................................... $9.44
-----
Net asset value, offering price and redemption
price per Class II share ($1,318,618 divided by
139,658 shares)......................................................... $9.44
-----
* Offering price includes sales charge of 4.75%.
The sales charge is reduced for purchases
of $25,000 and over.
** Redemption price per share is equal to net asset value less any
applicable contingent deferred sales charge.
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
105
STRATEGIC BOND FUND (Unaudited) - CONTINUED
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2000
<TABLE>
<CAPTION>
<S> <C> <C>
INVESTMENT INCOME:
Interest (net of foreign withholding taxes of $910)................. $271,905
--------
Total investment income............................................ 271,905
--------
EXPENSES:
Advisory fees....................................................... 18,083
Transfer agent fees................................................. 9,438
Custodian fees...................................................... 3,282
Distribution fees:
Class A............................................................ 1,990
Class B............................................................ 9,167
Administrative service fee, Class I................................. 1,625
Registration and filing fees........................................ 17,146
Audit fees and tax services......................................... 1,053
Accounting services................................................. 904
Trustees' fees and expenses......................................... 1,027
Report to shareholders.............................................. 1,667
Miscellaneous....................................................... 1,870
--------
Total expenses..................................................... 67,252
Expense reimbursement (see Note 3)................................. (28,870)
--------
Net expenses....................................................... 38,382
--------
NET INVESTMENT INCOME............................................... 233,523
--------
REALIZED AND UNREALIZED GAIN (LOSS) ON SECURITIES AND FOREIGN
CURRENCIES:
Net realized gain (loss) on securities:
Investments............................................... $(17,385)
Foreign currency transactions............................. 5,368 (12,017)
--------
Net unrealized appreciation (depreciation) of securities during the
period:
Investments............................................... (77,771)
Foreign currency translation.............................. 266 (77,505)
-------- --------
Net realized and unrealized loss on securities and
foreign currencies during the period.............................. (89,522)
--------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................... $144,001
--------
</TABLE>
<TABLE>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
For the Six For the
Months Ended Year Ended
April 30, 2000 October 31, 1999
<S> <C> <C>
-------------------------------
OPERATIONS:
Net investment income......................... $ 233,523 $ 357,262
Net realized loss on securities and foreign
currencies.................................... (12,017) (126,788)
Net unrealized depreciation of securities
during the period............................. (77,505) (119,005)
-------------------------------
Increase in net assets resulting from
operations................................... 144,001 111,469
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A...................................... (59,088) (87,354)
Class B...................................... (61,204) (89,294)
Class I...................................... (48,861) (89,196)
Class II..................................... (50,617) (91,418)
-------------------------------
Total distributions to shareholders
from net investment income.................. (219,770) (357,262)
-------------------------------
Net realized gain on securities
Class A...................................... - -
Class B...................................... - -
Class I...................................... - -
Class II..................................... - -
-------------------------------
Total distributions to shareholders
from net realized gain on securities........ - -
-------------------------------
Decrease in net assets resulting from
distributions to shareholders................. (219,770) (357,262)
-------------------------------
SHARE TRANSACTIONS:
Net increase in net assets resulting from
share transactions
Class A...................................... 392,536 1,355,590
Class B...................................... 344,322 1,772,798
Class I...................................... 48,969 1,337,949
Class II..................................... 50,625 1,340,131
-------------------------------
Total increase in net assets resulting from
share transactions............................ 836,452 5,806,468
-------------------------------
TOTAL INCREASE IN NET ASSETS.................. 760,683 5,560,675
NET ASSETS:
Beginning of year............................ 5,565,675 5,000
-------------------------------
End of period (including undistributed net
investment income of $15,878 and $2,125)..... $6,326,358 $5,565,675
-------------------------------
</TABLE>
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CHANGE IN SHARES Class A Class B
OUTSTANDING --------------------------------------- ----------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
------------------- ------------------ ------------------- -------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
------------------- ------------------ ------------------- -------------------
Shares sold..... 35,053 $ 339,064 126,908 $1,268,224 45,932 $ 439,793 171,021 $1,700,597
Shares issued
for
distributions
reinvested...... 5,829 55,712 8,950 87,366 6,208 59,344 9,154 89,165
Shares
repurchased..... (235) (2,240) - - (16,118) (154,815) (1,760) (16,964)
------------------- ------------------ ------------------- -------------------
Increase in
shares
outstanding..... 40,647 392,536 135,858 1,355,590 36,022 344,322 178,415 1,772,798
Shares
outstanding:
Beginning of
period.......... 135,983 1,356,840 125 1,250 178,540 1,774,048 125 1,250
------------------- ------------------ ------------------- -------------------
End of period... 176,630 $1,749,376 135,983 $1,356,840 214,562 $2,118,370 178,540 $1,774,048
------------------- ------------------ ------------------- -------------------
<CAPTION>
CHANGE IN SHARES Class I Class II
OUTSTANDING ------------------------------------- ---------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
------------------ ------------------ -------------------- ------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
------------------ ------------------ -------------------- ------------------
Shares sold..... 10 $ 100 124,875 $1,248,750 10 $ 99 124,875 $1,248,750
Shares issued
for
distributions
reinvested...... 5,112 48,869 9,137 89,199 5,297 50,626 9,362 91,381
Shares
repurchased..... - - - - (11) (100) - -
------------------ ------------------ -------------------- ------------------
Increase in
shares
outstanding..... 5,122 48,969 134,012 1,337,949 5,296 50,625 134,237 1,340,131
Shares
outstanding:
Beginning of
period.......... 134,137 1,339,199 125 1,250 134,362 1,341,381 125 1,250
------------------ ------------------ -------------------- ------------------
End of period... 139,259 $1,388,168 134,137 $1,339,199 139,658 $1,392,006 134,362 $1,341,381
------------------ ------------------ -------------------- ------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<PAGE>
106 April 30, 2000 (Unaudited)
DOMESTIC BOND FUND
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
CORPORATE BONDS - 18.75%
AIRLINES - 2.63%
$ 237,890 Airplanes Pass-Thru Trust C,
8.15% due 03/15/11................................ $ 211,411
149,980 Continential Airlines,
7.08% due 11/01/04................................ 145,234
150,000 Delta Air Lines, Inc.,
7.70% due 12/15/05................................ 142,865
-----------
499,510
-----------
BROADCASTING - 0.63%
150,000 Fox/Liberty Networks, LLC.,
9.75% due 08/15/07................................ 119,250
-----------
CONSUMER FINANCE - 1.97%
Associates Corp. NA
250,000 5.80% due 04/20/04................................ 233,583
150,000 5.75% due 11/01/03................................ 141,408
-----------
374,991
-----------
DRUGS - 1.42%
315,000 McKesson Corp.,
6.30% due 03/01/05................................ 270,651
-----------
FINANCE COMPANIES - 2.15%
150,000 Discover Card Master Trust I,
5.60% due 05/15/06................................ 141,419
127,616 DLJ Commercial Mortgage Corp.,
6.14% due 10/15/06................................ 121,417
150,000 Green Tree Financial Corp., Class A7,
7.14% due 01/15/29................................ 145,218
-----------
408,054
-----------
FINANCIAL SERVICES - 2.10%
150,000 Charter Communications Holding,
8.25% due 04/01/07................................ 134,250
150,000 Ford Motor Credit Co.,
5.80% due 01/12/09................................ 130,847
150,000 Household Finance Corp.,
6.40% due 06/17/08................................ 134,844
-----------
399,941
-----------
FOODS - 0.62%
150,000 Nabisco, Inc.,
7.55% due 06/15/15................................ 118,127
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C> <C>
--------------------------------------------------------------------------------
LODGING - 0.78%
$ 250,000 Crown Castle International Holding,
10.38% due 05/15/11................................ $ 147,500
-----------
METALS - ALUMINUM - 0.66%
150,000 Scotia Pacific Co., LLC, Series B,
7.11% due 01/20/14................................. 124,773
-----------
POLLUTION CONTROL - 0.71%
150,000 WMX Technologies, Inc.,
7.10% due 08/01/26................................. 135,909
-----------
TELECOMMUNICATIONS - 2.68%
500,000 Nextel Communications, Inc.,
9.95% due 02/15/08................................. 350,000
150,000(1) Omnipoint Corp.,
11.50% due 09/15/09................................ 160,500
-----------
510,500
-----------
UTILITIES - GAS, PIPELINE - 2.40%
500,000 Williams Companies, Inc.,
6.50% due 08/01/06................................. 456,840
-----------
TOTAL CORPORATE BONDS
(Cost $3,798,592)................................... 3,566,046
-----------
UNITED STATES GOVERNMENT
LONG TERM - 74.07%
FEDERAL AGENCIES - 25.30%
400,000 Federal Home Loan Bank,
5.13% due 09/15/03................................. 375,064
Government National Mortgage Association:
2,000,000 8.00% due 04/15/30................................. 2,003,740
591,601 7.00% due 12/15/22................................. 572,031
980,762 7.00% due 08/15/29................................. 943,062
979,924 6.50% due 06/15/29................................. 917,758
-----------
4,811,655
-----------
GOVERNMENT SPONSORED - 13.84%
Federal National Mortgage Association:
474,018 6.50% due 04/01/29................................. 442,766
750,000 6.25% due 05/15/29................................. 664,103
1,500,000 6.00% due 05/15/08................................. 1,381,410
150,000(1) Government Lease Trust,
6.18% due 05/18/05................................. 143,607
-----------
2,631,886
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
U.S. TREASURY NOTES & BONDS - 34.93%
$ 500,000 United States Treasury Bonds,
7.50% due 11/15/16................................. $ 560,080
United States Treasury Notes:
5,500,000 6.88% due 05/15/06................................. 5,589,375
500,000 6.38% due 08/15/02................................. 496,955
-----------
6,646,410
-----------
TOTAL UNITED STATES GOVERNMENT
LONG TERM
(Cost $14,427,338).................................. 14,089,951
-----------
CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT - 4.87%
BANKS - OTHER - 4.87%
926,000 State Street Bank Repurchase Agreement, 5.62% dated
04/28/00, to be repurchased
at $926,434 on 05/01/00, collateralized by U.S.
Treasury Bonds, 8.00%, 11/15/21, with a par value of
$775,000 (Cost $926,000)............................ 926,000
-----------
TOTAL CORPORATE SHORT-TERM -
REPURCHASE AGREEMENT
(Cost $926,000)..................................... 926,000
-----------
TOTAL INVESTMENTS
(Cost $19,151,930) - 97.69%......................... $18,581,997
-----------
</TABLE>
--------
(1) Securities exempt from registration under rule 144A of the Securities Act
of 1933. These securities may be sold in transactions exempt from
registration, normally to qualified institutional buyers. At April 30,
2000, the aggregate value of these securities was $304,107, representing
1.60% of net assets.
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 107
DOMESTIC BOND FUND - CONTINUED
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
STATEMENT OF ASSETS AND LIABILITIES
ASSETS:
Investments, at market (Cost $19,151,930).......................... $18,581,997
Receivables for:
Fund shares sold.................................................. 211,059
Dividends and interest............................................ 346,936
Other assets....................................................... 16,557
-----------
TOTAL ASSETS....................................................... 19,156,549
-----------
LIABILITIES:
Payable for fund shares redeemed................................... 62,115
Payable to affiliates:
Administrative service fees for Class I........................... 8,128
Advisory fees..................................................... 17,051
Distribution fees for Class A & B................................. 8,441
Other............................................................. 38,555
Accrued expenses and other liabilities............................. 1,146
-----------
TOTAL LIABILITIES.................................................. 135,436
-----------
NET ASSETS......................................................... $19,021,113
-----------
-------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value per share, unlimited
shares authorized, 2,076,191 shares outstanding................... $ 20,762
Additional paid in capital......................................... 19,833,024
Accumulated net realized loss on securities........................ (279,717)
Undistributed net investment income................................ 16,977
Unrealized depreciation of securities.............................. (569,933)
-----------
NET ASSETS APPLICABLE TO SHARES OUTSTANDING........................ $19,021,113
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Net asset value and redemption price per Class A
share ($2,928,691 divided by 319,950 shares)............................ $9.15
-----
Offering price per Class A share (100/95.25 of $9.15)*................... $9.61
-----
Net asset value and offering price per Class B share ($9,969,914
divided by 1,087,991 shares)**.......................................... $9.16
-----
Net asset value, offering price and redemption price per Class I
share ($4,377,862 divided by 477,840 shares)............................ $9.16
-----
Net asset value, offering price and redemption price per Class II
share ($1,744,646 divided by 190,410 shares)............................ $9.16
-----
* Offering price includes sales charge of 4.75%. The sales charge
is reduced for purchases of $25,000 and over.
** Redemption price per share is equal to net asset value
less any applicable contingent deferred sales charge.
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
108
DOMESTIC BOND FUND (Unaudited) - CONTINUED
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2000
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME:
Interest............................................................. $ 492,308
---------
Total investment income............................................. 492,308
---------
EXPENSES:
Advisory fees........................................................ 44,096
Transfer agent fees.................................................. 22,536
Custodian fees....................................................... 9,734
Distribution fees:
Class A............................................................. 2,844
Class B............................................................. 36,084
Administrative service fee, Class I.................................. 4,662
Registration and filing fees......................................... 17,360
Audit fees and tax services.......................................... 2,989
Accounting services.................................................. 2,205
Trustees' fees and expenses.......................................... 1,636
Report to shareholders............................................... 1,994
Miscellaneous........................................................ 4,855
---------
Total expenses...................................................... 150,995
Expense reimbursement (see Note 3).................................. (53,007)
---------
Net expenses........................................................ 97,988
---------
NET INVESTMENT INCOME................................................ 394,320
---------
REALIZED AND UNREALIZED LOSS ON SECURITIES:
Net realized loss on securities...................................... (57,498)
Net unrealized depreciation of securities during the period.......... (302,639)
---------
Net realized and unrealized loss on securities during the period.... (360,137)
---------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS..................... $ 34,183
---------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the Six For the
Months Ended Year Ended
April 30, 2000 October 31, 1999
<S> <C> <C>
-------------------------------
OPERATIONS:
Net investment income.......................... $ 394,320 $ 391,025
Net realized loss on securities................ (57,498) (219,966)
Net unrealized depreciation of securities
during the period............................. (302,639) (267,294)
-------------------------------
Increase (Decrease) in net assets resulting
from operations.............................. 34,183 (96,235)
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A....................................... (62,223) (80,495)
Class B....................................... (170,947) (132,548)
Class I....................................... (103,544) (106,039)
Class II...................................... (42,882) (71,943)
-------------------------------
Total distributions to shareholders
from net investment income.................. (379,596) (391,025)
-------------------------------
Net realized gain on securities
Class A....................................... - -
Class B....................................... - -
Class I....................................... - -
Class II...................................... - -
-------------------------------
Total distributions to shareholders
from net realized gain on securities........ - -
-------------------------------
Decrease in net assets resulting from
distributions to shareholders................. (379,596) (391,025)
-------------------------------
SHARE TRANSACTIONS:
Net increase in net assets resulting from share
transactions
Class A....................................... 1,034,248 2,047,253
Class B....................................... 4,506,942 5,815,834
Class I....................................... 955,668 3,629,409
Class II...................................... 348,358 1,514,824
-------------------------------
Total increase in net assets resulting from
share transactions............................ 6,845,216 13,007,320
-------------------------------
TOTAL INCREASE IN NET ASSETS................... 6,499,803 12,520,060
NET ASSETS:
Beginning of year............................. 12,521,310 1,250
-------------------------------
End of period (including undistributed net
investment income of $16,977 and $2,253)..... $19,021,113 $12,521,310
-------------------------------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CHANGE IN SHARES Class A Class B
OUTSTANDING ---------------------------------------- -------------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
------------------- ------------------- ---------------------- -------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
------------------- ------------------- ---------------------- -------------------
Shares sold..... 143,130 $1,321,619 203,846 $2,009,015 599,107 $ 5,540,707 604,606 $5,855,580
Shares issued
for
distributions
reinvested...... 6,741 62,049 8,285 79,825 18,548 170,872 13,790 131,823
Shares
repurchased..... (37,725) (349,420) (4,358) (41,587) (130,040) (1,204,637) (18,051) (171,569)
------------------- ------------------- ---------------------- -------------------
Increase in
shares
outstanding..... 112,146 1,034,248 207,773 2,047,253 487,615 4,506,942 600,345 5,815,834
Shares
outstanding:
Beginning of
period.......... 207,804 2,047,565 31 312 600,376 5,816,146 31 312
------------------- ------------------- ---------------------- -------------------
End of period... 319,950 $3,081,813 207,804 $2,047,565 1,087,991 $10,323,088 600,376 $5,816,146
------------------- ------------------- ---------------------- -------------------
<CAPTION>
CHANGE IN SHARES Class I Class II
OUTSTANDING ----------------------------------------- ---------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
-------------------- -------------------- -------------------- ------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-------------------- -------------------- -------------------- ------------------
Shares sold..... 179,469 $1,657,609 403,632 $3,904,413 59,665 $ 551,827 145,135 $1,442,848
Shares issued
for
distributions
reinvested...... 11,239 103,535 11,039 105,624 4,686 43,167 7,447 71,976
Shares
repurchased..... (87,058) (805,476) (40,512) (380,628) (26,555) (246,636) - -
-------------------- -------------------- -------------------- ------------------
Increase in
shares
outstanding..... 103,650 955,668 374,159 3,629,409 37,796 348,358 152,582 1,514,824
Shares
outstanding:
Beginning of
period.......... 374,190 3,629,722 31 313 152,614 1,515,137 32 313
-------------------- -------------------- -------------------- ------------------
End of period... 477,840 $4,585,390 374,190 $3,629,722 190,410 $1,863,495 152,614 $1,515,137
-------------------- -------------------- -------------------- ------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 109
CORE BOND FUND
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
CORPORATE BONDS - 45.36%
AUTO - CARS - 2.72%
$5,260,000 Daimler Chrysler NA Holding,
7.13% due 04/10/03............................. $ 5,198,615
3,460,000 General Motors Acceptance Corp.,
7.75% due 01/19/10............................. 3,433,462
-----------
8,632,077
-----------
BANKS - OTHER - 2.70%
5,385,000 Bank of America Corp.,
7.80% due 02/15/10............................. 5,347,413
3,300,000 First Union Corp.,
6.95% due 11/01/04............................. 3,216,378
-----------
8,563,791
-----------
BANKS - REGIONAL - 1.83%
5,860,000 First Union National Bank,
7.88% due 02/15/10............................. 5,811,772
-----------
CHEMICAL - MAJOR - 1.06%
3,550,000 Dow Chemical Co.,
7.38% due 11/01/29............................. 3,374,098
-----------
CONGLOMERATES - 1.83%
5,945,000(1) Tyco International Group SA,
6.88% due 09/05/02............................. 5,817,183
-----------
CONSUMER FINANCE - 1.89%
6,625,000 Associates Corp. of North America,
6.95% due 11/01/18............................. 5,985,953
-----------
CONTAINERS - METAL/GLASS - 1.12%
3,975,000 Owens Corning,
7.70% due 05/01/08............................. 3,553,690
-----------
FINANCE COMPANIES - 6.31%
Ford Motor Credit Co.:
4,035,000 7.50% due 03/15/05............................. 3,983,795
3,155,000 6.70% due 07/16/04............................. 3,034,227
Goldman Sachs Group, Inc.:
5,770,000 7.80% due 01/28/10............................. 5,680,398
3,460,000 7.50% due 01/28/05............................. 3,424,234
4,005,000 Newcourt Credit Group, Inc., Series A,
7.13% due 12/17/03............................. 3,915,076
-----------
20,037,730
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
FINANCIAL SERVICES - 5.28%
$4,715,000 Countrywide Home,
6.25% due 04/15/09............................. $ 4,104,265
2,105,000 General Electric Capital Corp.,
7.25% due 05/03/04............................. 2,095,738
3,155,000(1) Heller Financial, Inc.,
7.38% due 11/01/09............................. 2,981,096
2,690,000 Household Finance Corp.,
7.88% due 03/01/07............................. 2,662,185
4,950,000(1) Potomac Capital Investment Corp.,
7.55% due 11/19/01............................. 4,933,660
-----------
16,776,944
-----------
FOODS - 1.09%
3,460,000 IBP, Inc.,
7.95% due 02/01/10............................. 3,445,364
-----------
MACHINERY -
CONSTRUCTION & CONTRACTS - 0.31%
1,050,000(1) Lennar Corp.,
9.95% due 05/01/10............................. 969,287
-----------
MERCHANDISE - DRUG - 0.73%
Rite Aid Corp.:
1,590,000 7.13% due 01/15/07............................. 667,800
4,000,000 6.50% due 12/15/05............................. 1,640,000
-----------
2,307,800
-----------
POLLUTION CONTROL - 0.25%
2,050,000 Laidlaw, Inc.
6.50% due 05/01/05............................. 789,250
-----------
SECURITIES RELATED - 2.90%
5,775,000 Lehman Brothers Holdings, Inc.,
7.75% due 01/15/05............................. 5,684,009
1,000,000 Merrill Lynch & Co., Inc.,
7.20% due 10/15/12............................. 936,080
2,765,000 Morgan Stanley Dean Witter & Co.,
5.63% due 01/20/04............................. 2,592,602
-----------
9,212,691
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
TELECOMMUNICATIONS - 6.32%
$5,595,000 AT&T Corp.,
6.50% due 03/15/29................................... $ 4,719,718
7,755,000 Bell Atlantic Pennsylvania, Inc.,
6.00% due 12/01/28................................... 6,050,606
Bellsouth Capital Funding:
3,770,000 7.88% due 02/15/30................................... 3,742,291
3,770,000 7.75% due 02/15/10................................... 3,769,171
1,835,000 Northwestern Bell Telephone,
7.75% due 05/01/30................................... 1,801,897
-----------
20,083,683
-----------
UTILITIES - ELECTRIC - 5.68%
2,885,000 Appalachian Power Co.,
8.00% due 06/01/25................................... 2,895,646
4,000,000 Arizona Public Service,
5.88% due 02/15/04................................... 3,698,120
2,940,000 Cinergy Corp.,
6.13% due 04/15/04................................... 2,742,605
2,890,000 Edison International, Inc.,
6.88% due 09/15/04................................... 2,825,004
2,690,000 National Rural Utilities,
7.38% due 02/10/03................................... 2,682,845
3,675,000 Pennsylvania Electric Co., Series C,
6.63% due 04/01/19................................... 3,215,588
-----------
18,059,808
-----------
UTILITIES - GAS, PIPELINE - 3.34%
3,675,000 Enron Corp.,
6.75% due 09/01/04................................... 3,509,882
3,780,000 Peco Energy Transition Trust,
6.13% due 03/01/09................................... 3,440,405
4,010,000 Williams Companies, Inc.,
7.63% due 07/15/19................................... 3,676,408
-----------
10,626,695
-----------
TOTAL CORPORATE BONDS
(Cost $151,740,811)................................... 144,047,816
-----------
FOREIGN BONDS - 9.85%
BANKS - OTHER - 1.33%
4,300,000 Asian Development Bank,
6.50% due 10/21/02................................... 4,231,930
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
110 April 30, 2000 (Unaudited)
CORE BOND FUND - CONTINUED
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
-------------------------------------------------------------------------------
INSURANCE - MULTILINE - 1.87%
Fairfax Financial Holdings, Ltd.:
$ 2,935,000 8.25% due 10/01/15............................ $ 2,635,425
3,780,000 7.38% due 03/15/06............................ 3,305,429
-----------
5,940,854
-----------
SUPRANATIONAL - 0.89%
2,840,000 International Finance Corp.,
7.13% due 04/06/05............................ 2,815,491
-----------
FINANCE COMPANIES - 4.27%
13,700,000 KFW International Finance,
7.13% due 02/15/05............................ 13,572,864
-----------
TELECOMMUNICATIONS - 1.49%
3,910,000 AT&T Canada, Inc.
9.95% due 06/15/08............................ 3,120,102
1,615,000(1) Vodafone,
7.88% due 02/15/30............................ 1,581,456
-----------
4,701,558
-----------
TOTAL FOREIGN BONDS
(Cost $32,252,522)............................. 31,262,697
-----------
UNITED STATES GOVERNMENT -
LONG TERM - 36.87%
FEDERAL AGENCIES - 6.33%
Federal Home Loan Bank:
3,655,000 7.22% due 02/25/03............................ 3,634,422
900,000 6.01% due 12/03/08............................ 810,981
3,780,000 5.81% due 03/23/09............................ 3,387,825
4,000,000 5.32% due 12/23/08............................ 3,470,000
8,950,000 Government National Mortgage Association,
7.50% due 05/01/30............................ 8,801,788
-----------
20,105,016
-----------
GOVERNMENT SPONSORED - 30.23%
5,540,000 Federal Farm Credit Bank,
6.75% due 07/07/09............................ 5,297,625
Federal Home Loan Mortgage Corp.:
3,500,000 8.00% due 06/01/30............................ 3,491,250
</TABLE>
<TABLE>
<CAPTION>
PAR
VALUE MARKET VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
GOVERNMENT SPONSORED - Continued
$ 2,850,000 7.50% due 05/01/15................................. $ 2,833,983
8,650,000 7.25% due 01/15/10................................. 8,624,310
12,061 7.00% due 09/01/10................................. 11,789
9,106 7.00% due 07/01/11................................. 8,892
13,268 7.00% due 11/01/11................................. 12,963
19,004 7.00% due 02/01/12................................. 18,559
121,096 7.00% due 03/01/12................................. 118,484
11,235 7.00% due 05/01/12................................. 10,972
20,622 7.00% due 05/01/12................................. 20,139
19,295 7.00% due 06/01/12................................. 18,843
15,811 7.00% due 09/01/12................................. 15,440
14,451 7.00% due 10/01/12................................. 14,113
22,613 7.00% due 07/01/13................................. 22,083
445,337 7.00% due 04/01/28................................. 426,548
97,398 7.00% due 10/01/28................................. 93,197
1,362,862 7.00% due 08/01/29................................. 1,304,504
7,500,000 7.00% due 05/01/30................................. 7,175,400
4,000,000 6.65% due 11/07/07................................. 3,840,640
34,660,000 6.63% due 09/15/09................................. 33,048,623
2,900,000 6.50% due 05/01/15................................. 2,774,952
20,775,000 6.50% due 05/17/29................................. 19,385,776
4,050,000 6.37% due 01/30/08................................. 3,824,091
3,780,000 6.28% due 02/12/08................................. 3,579,773
------------
95,972,949
------------
U.S. TREASURY NOTES & BONDS - 0.31%
1,000,000 United States Treasury Notes,
6.13% due 08/15/07................................. 979,220
------------
<PAGE>
TOTAL UNITED STATES GOVERNMENT -
LONG TERM
(Cost $119,526,196)................................. 117,057,185
------------
FOREIGN GOVERNMENT BONDS -
LONG TERM - 1.80%
GOVERNMENT BOND - CANADA - 1.80%
5,765,000 Canada Mortgage & Housing,
7.20% due 02/01/05................................. 5,718,171
------------
TOTAL FOREIGN GOVERNMENT BONDS -
LONG TERM
(Cost $5,764,495)................................... 5,718,171
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
VALUE MARKET VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
CORPORATE SHORT-TERM
COMMERCIAL PAPER - 18.61%
FOODS - 3.24%
$10,323,000 Safeway Inc.,
6.16% due 05/18/00................................. $ 10,299,813
------------
HEALTHCARE - 3.15%
10,000,000 UnitedHealth Group, Inc.,
6.05% due 05/08/00................................. 9,988,226
------------
METALS - STEEL - 3.07%
9,775,000 Harsco Corp.,
6.06% due 05/09/00................................. 9,761,821
------------
OIL/GAS PRODUCERS - 0.55%
1,753,000 Duke Capital Corp.,
6.06% due 05/01/00................................. 1,753,000
------------
UTILITIES - COMMUNICATION - 2.61%
8,290,000 GTE Corp.,
6.03% due 05/04/00................................. 8,279,911
------------
UTILITIES - ELECTRIC - 5.99%
5,000,000 Appalachian Power,
6.27% due 05/01/00................................. 5,000,000
2,026,000 Centennial Energy,
6.02% due 05/03/00................................. 2,025,322
12,000,000 Conectiv, Inc.,
6.20% due 05/15/00................................. 11,970,977
------------
18,996,299
------------
TOTAL CORPORATE SHORT-TERM
COMMERCIAL PAPER
(Cost $59,079,070).................................. 59,079,070
------------
TOTAL INVESTMENTS
(Cost $368,363,094) - 112.49%....................... $357,164,939
------------
</TABLE>
--------
(1) Securities exempt from registration under rule 144A of the Securities Act
of 1933. These securities may be sold in transactions exempt from
registration, normally to qualified institutional buyers. At April 30,
2000, the aggregate value of these securities was $16,282,682,
representing 5.13% of net assets.
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 111
CORE BOND FUND - CONTINUED
<TABLE>
<CAPTION>
<S> <C>
-------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
ASSETS:
Investments, at market (cost $368,363,094)........................ $357,164,939
Receivables for:
Investments sold................................................. 11,003,533
Fund shares sold................................................. 123
Dividends and interest........................................... 4,510,719
Other assets...................................................... 46,469
------------
TOTAL ASSETS...................................................... 372,725,783
------------
Payable for:
Investments purchased............................................ 52,384,999
Fund shares redeemed............................................. 1,559,033
Payable to affiliates:
Administrative service fees for Class I.......................... 325
Advisory fees.................................................... 256,628
Distribution fee payable, Class A & B............................ 380
Other............................................................ 1,005,114
Accrued expenses and other liabilities............................ 834
------------
TOTAL LIABILITIES................................................. 55,207,313
------------
NET ASSETS........................................................ $317,518,470
------------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value per share,
unlimited shares authorized,
34,562,550 shares outstanding.................................... $ 345,625
Additional paid in capital....................................... 341,742,973
Accumulated net realized loss on securities...................... (13,462,033)
Undistributed net investment income.............................. 90,060
Unrealized depreciation of securities............................ (11,198,155)
------------
NET ASSETS APPLICABLE
TO SHARES OUTSTANDING............................................ $317,518,470
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
COMPUTATION OF NET ASSET VALUE
AND OFFERING PRICE:
Net asset value and redemption price per Class A
share ($136,411 divided by 14,844 shares)............................... $9.19
-----
Offering price per Class A share
(100/95.25 of $9.19)*................................................... $9.65
-----
Net asset value and offering price per Class B
share ($411,429 divided by 44,745 shares)**............................. $9.19
-----
Net asset value, offering price and redemption
price per Class I share ($176,052 divided by
19,152 shares).......................................................... $9.19
-----
Net asset value, offering price and redemption
price per Class II share ($316,794,578 divided by
34,483,809 shares)...................................................... $9.19
-----
* Offering price includes sales charge of 4.75%.
The sales charge is reduced for purchases
of $25,000 and over.
** Redemption price per share is equal to net asset value
less any applicable contingent deferred sales charge.
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
112
CORE BOND FUND (Unaudited) - CONTINUED
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2000
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME:
Interest........................................................... $11,431,774
-----------
Total investment
income........................................................... 11,431,774
-----------
EXPENSES:
Advisory fees...................................................... 768,196
Transfer agent fees................................................ 495,249
Custodian fees..................................................... 161,519
Distribution fees:
Class A........................................................... 172
Class B........................................................... 1,922
Administrative service fee, Class I................................ 118
Registration and filing fees....................................... 34,908
Audit fees and tax services........................................ 51,532
Accounting services................................................ 47,898
Trustees' fees and expenses........................................ 62,967
Report to shareholders............................................. 108,436
Miscellaneous...................................................... 112,008
-----------
Total expenses.................................................... 1,844,925
Expense reimbursement (see Note 3)................................ (756,549)
-----------
Net expenses...................................................... 1,088,376
-----------
NET INVESTMENT INCOME.............................................. 10,343,398
-----------
REALIZED AND UNREALIZED LOSS ON SECURITIES:
Net realized loss on securities.................................... (5,978,534)
Net unrealized depreciation of securities during the period........ (2,593,835)
-----------
Net realized and unrealized loss on securities during the period... (8,572,369)
-----------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS................... $ 1,771,029
-----------
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
For the Six For the
Months Ended Year Ended
April 30, 2000 October 31, 1999
<S> <C> <C>
-------------------------------
OPERATIONS:
Net investment income.......................... $ 10,343,398 $ 17,604,160
Net realized loss on securities................ (5,978,534) (6,856,127)
Net unrealized depreciation of securities
during the period............................. (2,593,835) (8,604,320)
-------------------------------
Increase in net assets resulting from
operations................................... 1,771,029 2,143,713
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A....................................... (4,424) (5,521)
Class B....................................... (10,635) (7,561)
Class I....................................... (3,021) (3,535)
Class II...................................... (10,829,775) (17,620,398)
-------------------------------
Total distributions to shareholders
from net investment income.................. (10,847,855) (17,637,015)
-------------------------------
Net realized gain on securities -
Class A....................................... - -
Class B....................................... - -
Class I....................................... - -
Class II...................................... - -
-------------------------------
Total distributions to shareholders
from net realized gain on securities........ - -
-------------------------------
Decrease in net assets resulting from
distributions to shareholders................. (10,847,855) (17,637,015)
-------------------------------
SHARE TRANSACTIONS:
Net increase (decrease) in net assets resulting
from share transactions
Class A....................................... 10,047 147,076
Class B....................................... 126,581 314,894
Class I....................................... 128,995 63,589
Class II...................................... (1,528,133) 342,820,549
-------------------------------
Total increase (decrease) in net assets
resulting
from share transactions....................... (1,262,510) 343,346,108
-------------------------------
TOTAL INCREASE IN NET ASSETS................... (10,339,336) 327,852,806
NET ASSETS:
Beginning of year............................. 327,857,806 5,000
-------------------------------
End of period (including undistributed net
investment income of $90,060 and $594,517)... $317,518,470 $327,857,806
-------------------------------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CHANGE IN SHARES Class A Class B
OUTSTANDING --------------------------------------- ---------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
---------------- --------------------- ---------------- ---------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
---------------- --------------------- ---------------- ---------------------
Shares sold..... 2,370 $ 22,203 138,621 $1,381,108 22,225 $206,918 155,415 $ 1,543,770
Shares issued
for
distributions
reinvested...... 84 778 485 4,724 963 8,933 726 7,011
Shares
repurchased..... (1,395) (12,934) (125,446) (1,238,756) (9,576) (89,270) (125,133) (1,235,887)
---------------- --------------------- ---------------- ---------------------
Increase
(decrease) in
shares
outstanding..... 1,059 10,047 13,660 147,076 13,612 126,581 31,008 314,894
Shares
outstanding:
Beginning of
period.......... 13,785 148,326 125 1,250 31,133 316,144 125 1,250
---------------- --------------------- ---------------- ---------------------
End of period... 14,844 $158,373 13,785 $ 148,326 44,745 $442,725 31,133 $ 316,144
---------------- --------------------- ---------------- ---------------------
<CAPTION>
CHANGE IN SHARES Class I Class II
OUTSTANDING ------------------------------------------ ---------------------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
------------------- ---------------------- ------------------------- -------------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
------------------- ---------------------- ------------------------- -------------------------
Shares sold..... 28,133 $ 260,515 128,718 $ 1,285,174 11 $ 100 34,878,992 $344,948,750
Shares issued
for
distributions
reinvested...... 312 2,897 361 3,535 1,167,307 10,830,901 1,820,469 17,620,043
Shares
repurchased..... (14,497) (134,417) (124,000) (1,225,120) (1,328,421) (12,359,134) (2,054,674) (19,748,244)
------------------- ---------------------- ------------------------- -------------------------
Increase
(decrease) in
shares
outstanding..... 13,948 128,995 5,079 63,589 (161,103) (1,528,133) 34,644,787 342,820,549
Shares
outstanding:
Beginning of
period.......... 5,204 64,839 125 1,250 34,644,912 342,821,799 125 1,250
------------------- ---------------------- ------------------------- -------------------------
End of period... 19,152 $ 193,834 5,204 $ 64,839 34,483,809 $341,293,666 34,644,912 $342,821,799
------------------- ---------------------- ------------------------- -------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 113
MUNICIPAL BOND FUND
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
MUNICIPAL BONDS - 94.12%
GENERAL OBLIGATIONS - 15.05%
$270,000 Argyle Texas Independent School District,
zero coupon due 08/15/14............................... $ 118,230
250,000 District of Columbia Refunding,
5.50% due 06/01/09..................................... 252,120
250,000 Garland Texas,
4.50% due 02/15/19..................................... 205,112
225,000 Harris County, Texas,
4.50% due 10/01/09..................................... 207,521
200,000 Kerrville Texas Independent School District,
6.00% due 08/15/13..................................... 208,241
300,000 Pine Richland School District Pennsylvania,
zero coupon due 09/01/23............................... 72,464
-----------
1,063,688
-----------
HEALTHCARE - 16.89%
250,000 Colorado Health Facilities Authority,
5.25% due 09/01/18..................................... 202,424
250,000 Elkhart County Hospital Authority,
5.25% due 08/15/28..................................... 204,574
250,000 Louisiana Public Facilities Authority Hospital,
5.50% due 08/15/19..................................... 205,230
200,000 Massachusetts State Health & Educational
Facilities Partners,
5.13% due 07/01/19..................................... 169,500
250,000 Michigan State Hospital Finance Authority
Revenue Bonds, Series A,
5.25% due 11/15/09..................................... 247,040
175,000 Washington County Ohio Hospital Revenue,
5.38% due 09/01/18..................................... 165,148
-----------
1,193,916
-----------
HOUSING - 2.96%
225,000 New York State Mortgage Agency,
4.70% due 04/01/11..................................... 208,922
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
INDUSTRIAL DEVELOPMENT - 10.03%
$250,000 Camden Arkansas Pollution Control
International Paper Co. Project,
5.70% due 09/01/12..................................... $ 246,628
250,000 Nekoosa Wisconsin Pollution Control
Nekoosa Papers, Inc., Project A,
5.35% due 07/01/15..................................... 221,838
250,000 Oklahoma Development Finance Authority
Oklahoma-Pollution Control Revenue,
4.88% due 06/01/14..................................... 240,528
-----------
708,994
-----------
LEASE APPROPRIATION - 10.36%
215,000 Anchorage Alaska Lease Revenue Bonds,
5.88% due 02/01/13..................................... 220,515
250,000 New York State Dormatory Authority
Mental Health,
6.00% due 02/15/07..................................... 257,128
250,000 Ohio Building Authority Correctional Facilities,
5.50% due 10/01/09..................................... 254,963
-----------
732,606
-----------
PRE-REFUNDED -
ESCROWED TO MATURITY - 6.71%
250,000 Maryland State Transit Authority Facility
Projects Revenue Bond,
6.80% due 07/01/16..................................... 278,875
200,000 Lower Colorado River Authority Texas
Revenue Bond,
5.25% due 01/01/15..................................... 195,386
-----------
474,261
-----------
<PAGE>
TRANSPORTATION - 9.45%
225,000 Central Puget Sound Washington Regional,
5.25% due 02/01/13..................................... 221,085
225,000 Illinois State Highway Authority Toll,
5.50% due 01/01/15..................................... 223,639
225,000 Portland Oregon Airport Revenue,
5.25% due 07/01/11..................................... 222,921
-----------
667,645
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
UTILITIES - 16.41%
$225,000 Long Island Power Authority New York Electric,
5.00% due 04/01/12..................................... $ 219,348
250,000 Lower Colorado River Authority
Texas Revenue,
6.00% due 05/15/10..................................... 262,893
250,000 Philadelphia Pennsylvania Gas Works,
5.38% due 07/01/12..................................... 248,108
250,000 South Carolina State Public Service Revenue,
5.63% due 01/01/13..................................... 252,678
225,000 Wyandotte County Kansas City Unified
Government,
4.50% due 09/01/28..................................... 176,540
-----------
1,159,567
-----------
WATER - 6.26%
230,000 Green River-Sweetwater-County Wyoming,
Series B,
4.50% due 03/01/14..................................... 228,489
225,000 Honolulu Hawaii City & County,
5.25% due 07/01/15..................................... 214,130
-----------
442,619
-----------
TOTAL MUNICIPAL BONDS
(Cost $7,124,071)....................................... 6,652,218
-----------
SHORT TERM SECURITIES
VARIABLE RATE DEMAND NOTES - 4.24%
EDUCATION - 2.83%
200,000 South Carolina Educational Facility,
5.05% due 10/01/26..................................... 200,000
-----------
STUDENT LOAN - 1.41%
100,000 Missouri Higher Education Loan Authority,
5.10% due 06/01/17..................................... 100,000
-----------
TOTAL SHORT TERM SECURITIES
VARIABLE RATE DEMAND NOTES
(Cost $300,000)......................................... 300,000
-----------
TOTAL INVESTMENTS
(Cost $7,424,071) - 98.36%.............................. $ 6,952,218
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
114 April 30, 2000 (Unaudited)
MUNICIPAL BOND FUND - CONTINUED
<TABLE>
<CAPTION>
<S> <C>
---------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
ASSETS:
Investments, at market (Cost $7,424,071)...................... $6,952,218
Receivables for:
Fund shares sold............................................. 316
Dividends and interest....................................... 99,128
Other assets.................................................. 497,748
----------
TOTAL ASSETS.................................................. 7,549,410
----------
LIABILITIES:
Payable for:
Investments purchased........................................ 432,775
Fund shares redeemed......................................... 356
Payable to affiliates:
Advisory fees................................................ 5,918
Distribution fees for Class A & B............................ 3,833
Other........................................................ 38,131
Accrued expenses and other liabilities........................ 151
----------
TOTAL LIABILITIES............................................. 481,164
----------
NET ASSETS.................................................... $7,068,246
----------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value per share,
unlimited shares authorized, 778,361 shares outstanding........ $ 7,784
Additional paid in capital..................................... 7,700,451
Accumulated net realized loss on securities.................... (168,920)
Undistributed net investment income............................ 784
Unrealized depreciation of securities.......................... (471,853)
----------
NET ASSETS APPLICABLE TO SHARES OUTSTANDING.................... $7,068,246
----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
<S> <C>
--------------------------------------------------------------------------
COMPUTATION OF NET ASSET VALUE
AND OFFERING PRICE:
Net asset value and redemption price per Class A
share ($3,228,178 divided by 355,437 shares).................. $ 9.08
--------
Offering price per Class A share
(100/95.25 of $9.08)*......................................... $ 9.53
--------
Net asset value and offering price per Class B
share ($3,840,068 divided by 422,924 shares)**................ $ 9.08
--------
* Offering price includes sales charge of 4.75%. The sales
charge is reduced for purchases of $25,000 and over.
** Redemption price per share is equal to net asset value
less any applicable contingent deferred sales charge.
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
115
MUNICIPAL BOND FUND (Unaudited) - CONTINUED
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2000
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME:
Tax-exempt interest............................................. $189,419
--------
Total investment income........................................ 189,419
--------
EXPENSES:
Advisory fees................................................... 17,849
Transfer agent fees............................................. 11,195
Custodian fees.................................................. 3,972
Distribution fees:
Class A........................................................ 3,972
Class B........................................................ 19,808
Registration and filing fees.................................... 10,669
Audit fees and tax services..................................... 1,470
Accounting services............................................. 1,071
Trustees' fees and expenses..................................... 1,203
Report to shareholders.......................................... 1,880
Miscellaneous................................................... 2,357
--------
Total expenses................................................. 75,446
Expense reimbursement (see Note 3)............................. (23,112)
--------
Net expenses................................................... 52,334
--------
NET INVESTMENT INCOME........................................... 137,085
--------
REALIZED AND UNREALIZED GAIN (LOSS) ON SECURITIES:
Net realized loss on securities................................. (147,989)
Net unrealized appreciation of securities during the period..... 155,503
--------
Net realized and unrealized gain on securities during
the period..................................................... 7,514
--------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS................ $144,599
--------
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
For the Six For the
Months Ended Year Ended
April 30, 2000 October 31, 1999
-------------------------------
<S> <C> <C>
OPERATIONS:
Net investment income......................... $ 137,085 $ 199,322
Net realized loss on securities............... (147,989) (20,931)
Net unrealized appreciation (depreciation) of
securities
during the period............................. 155,503 (627,356)
-------------------------------
Increase (decrease) in net assets resulting
from operations.............................. 144,599 (448,965)
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A...................................... (67,378) (99,998)
Class B...................................... (68,923) (99,324)
-------------------------------
Total distributions to shareholders
from net investment income.................. (136,301) (199,322)
-------------------------------
Net realized gain on securities
Class A...................................... - -
Class B...................................... - -
-------------------------------
Total distributions to shareholders
from net realized gain on securities.......... - -
-------------------------------
Decrease in net assets resulting from
distributions to shareholders................. (136,301) (199,322)
-------------------------------
SHARE TRANSACTIONS:
Net increase (decrease) in net assets
resulting from share transactions
Class A...................................... 219,835 3,281,484
Class B...................................... (239,556) 4,441,472
-------------------------------
Total increase (decrease) in net assets
resulting
from share transactions....................... (19,721) 7,722,956
-------------------------------
TOTAL INCREASE IN NET ASSETS.................. (11,423) 7,074,669
NET ASSETS:
Beginning of year............................ 7,079,669 5,000
-------------------------------
End of period (including undistributed
investment income of $784 and $0)............ $7,068,246 $7,079,669
-------------------------------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CHANGE IN SHARES Class A Class B
OUTSTANDING ---------------------------------------- ----------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
------------------- ------------------- ------------------- -------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
------------------- ------------------- ------------------- -------------------
Shares sold............. 71,930 $ 663,557 323,646 $3,207,747 42,621 $ 386,250 452,335 $4,470,919
Shares issued for
distributions
reinvested.............. 7,421 67,238 10,147 97,610 7,346 66,552 9,600 91,777
Shares repurchased...... (55,429) (510,960) (2,528) (23,873) (76,559) (692,358) (12,669) (121,224)
------------------- ------------------- ------------------- -------------------
Increase (decrease) in
shares outstanding...... 23,922 219,835 331,265 3,281,484 (26,592) (239,556) 449,266 4,441,472
Shares outstanding:
Beginning of period..... 331,515 3,283,984 250 2,500 449,516 4,443,972 250 2,500
------------------- ------------------- ------------------- -------------------
End of period........... 355,437 $3,503,819 331,515 $3,283,984 422,924 $4,204,416 449,516 $4,443,972
------------------- ------------------- ------------------- -------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<PAGE>
116 April 30, 2000 (Unaudited)
MONEY MARKET FUND
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
COMMERCIAL PAPER - 104.20%
BANKS - REGIONAL - 4.13%
$959,000 Bank One Corp,
6.07% due 05/22/00..................................... $ 955,585
-----------
BEVERAGE - SOFT DRINKS - 4.17%
370,000 Coca-Cola Co.,
6.17% due 06/07/00..................................... 367,652
602,000 Coca-Cola Enterprises, Inc.,
6.05% due 06/09/00..................................... 598,046
-----------
965,698
-----------
CHEMICAL - MAJOR - 7.57%
960,000 E.I. DuPont de Nemours & Co.,
6.00% due 05/30/00..................................... 955,346
800,000 PPG Industries, Inc.,
6.00% due 05/09/00..................................... 798,929
-----------
1,754,275
-----------
CONSUMER FINANCE - 7.18%
474,000 Associates Corp. of North America,
5.95% due 05/15/00..................................... 472,901
900,000 Countrywide Home Loans,
6.06% due 05/25/00..................................... 896,360
296,000 Sears Roebuck Acceptance Corp.,
6.00% due 06/08/00..................................... 294,109
-----------
1,663,370
-----------
FINANCE COMPANIES - 12.04%
800,000 Bell Atlantic Financial Services, Inc.,
6.05% due 05/30/00..................................... 796,083
698,000 Ciesco, L.P.,
6.03% due 06/09/00..................................... 693,425
435,000 General Electric Capital Corp.,
6.03% due 06/05/00..................................... 432,442
472,000 General Motors Acceptance Corp.,
5.88% due 05/09/00..................................... 471,376
399,000 Salomon Smith Barney Holdings,
6.05% due 06/12/00..................................... 396,174
-----------
2,789,500
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
FOODS - 7.14%
$ 700,000 Albertson's Inc.,
6.11% due 07/14/00................................... $ 699,797
960,000 Kellogg Co.,
6.06% due 06/05/00................................... 954,334
-----------
1,654,131
-----------
FOREIGN GOVERNMENT - 1.79%
416,000 Province of British Columbia,
6.05% due 06/01/00................................... 413,819
-----------
GOVERNMENT SPONSORED - 0.86%
200,000 Federal Home Loan Mortgage Corp.,
5.79% due 06/22/00................................... 198,294
-----------
HARDWARE & TOOLS - 4.19%
975,000 Snap-on, Inc.,
6.07% due 06/02/00................................... 969,714
-----------
HEALTHCARE - 7.37%
900,000 Baxter International, Inc.,
6.05% due 06/12/00................................... 893,627
821,000 Cardinal Health, Inc.,
6.11% due 06/21/00................................... 813,860
-----------
1,707,487
-----------
HOUSEHOLD PRODUCTS - 3.88%
900,000 Colgate-Palmolive Co.,
6.05% due 05/17/00................................... 897,579
-----------
INSURANCE - LIFE - 4.18%
991,000 Jefferson-Pilot Corp.,
6.12% due 09/07/00................................... 969,054
-----------
INSURANCE - MULTILINE - 7.86%
921,000 Aon Corp.,
5.95% due 05/19/00................................... 920,037
900,000 Marsh & McLennan Companies, Inc.,
6.02% due 05/03/00................................... 899,698
-----------
1,819,735
-----------
MACHINERY - INDUSTRIAL/SPECIALTY - 6.19%
434,000 Cooper Industries, Inc.,
6.10% due 05/01/00................................... 434,000
1,000,000 Dover Corp.,
6.13% due 02/28/01................................... 1,000,000
-----------
1,434,000
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
MERCHANDISING - MASS - 1.48%
$344,000 Wal-Mart Stores, Inc.,
6.00% due 05/31/00..................................... $ 342,277
-----------
PHOTOGRAPHY - 3.84%
900,000 Eastman Kodak Co.,
6.18% due 07/14/00..................................... 888,555
-----------
SECURITIES RELATED - 8.24%
944,000 Merrill Lynch & Co.,
6.01% due 05/24/00..................................... 941,100
971,000 Morgan Stanley Dean Witter & Co.,
5.93% due 05/26/00..................................... 966,955
-----------
1,908,055
-----------
UTILITIES - COMMUNICATION - 8.07%
900,000 Bellsouth Telecom, Inc.,
6.00% due 05/02/00..................................... 899,849
973,000 GTE Corp.,
6.08% due 05/01/00..................................... 970,623
-----------
1,870,472
-----------
UTILITIES - ELECTRIC - 4.02%
670,000 Conectiv, Inc.,
6.22% due 05/12/00..................................... 668,725
268,000 Southern California Edison Co.,
6.12% due 06/22/00..................................... 265,628
-----------
934,353
-----------
TOTAL INVESTMENTS
(Cost $24,135,953) - 104.20%............................ 24,135,953
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 117
MONEY MARKET FUND - CONTINUED
<TABLE>
<CAPTION>
<S> <C>
-----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
ASSETS:
Investments, at market (Cost $24,135,953)...................... $24,135,953
Receivables for:
Fund shares sold.............................................. 812,664
Dividends and interest........................................ 12,747
Other assets................................................... 33,534
-----------
TOTAL ASSETS................................................... 24,994,898
-----------
LIABILITIES:
Payable for fund shares redeemed............................... 1,731,952
Payable to affiliates:
Administrative service fees for Class I....................... 7,358
Advisory fees................................................. 10,228
Distribution fees for Class A & B............................. 6,392
Other......................................................... 80,868
-----------
TOTAL LIABILITIES.............................................. 1,836,798
-----------
NET ASSETS..................................................... $23,158,100
-----------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value per share,
unlimited shares authorized, 23,158,100 shares outstanding....... $ 231,581
Additional paid in capital....................................... 22,926,519
-----------
NET ASSETS APPLICABLE TO SHARES OUTSTANDING...................... $23,158,100
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
<S> <C>
--------------------------------------------------------------------------
COMPUTATION OF NET ASSET VALUE
AND OFFERING PRICE:
Net asset value, offering price and redemption price
per Class A share ($13,543,692 divided by
13,543,692 shares)........................................... $1.00
-----
Net asset value and offering price per Class B
share ($4,409,710 divided by 4,409,710 shares)*.............. $1.00
-----
Net asset value, offering price and redemption
price per Class I share ($3,858,409 divided
by 3,858,409 shares)......................................... $1.00
-----
Net asset value, offering price and redemption
price per Class II share ($1,346,289 divided
by 1,346,289 shares)......................................... $1.00
-----
* Redemption price per share is equal to net asset
value less any applicable contingent deferred sales
charge.
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
118
MONEY MARKET FUND (Unaudited) - CONTINUED
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2000
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME:
Interest.............................................................. $703,735
--------
Total investment income.............................................. 703,735
--------
EXPENSES:
Advisory fees......................................................... 29,585
Transfer agent fees................................................... 38,126
Custodian fees........................................................ 15,161
Distribution fees:
Class A.............................................................. 13,311
Class B.............................................................. 27,526
Administrative service fee, Class I................................... 3,973
Registration and filing fees.......................................... 19,294
Audit fees and tax services........................................... 5,102
Accounting services................................................... 3,550
Trustees' fees and expenses........................................... 2,934
Report to shareholders................................................ 3,720
Miscellaneous......................................................... 7,400
--------
Total expenses....................................................... 169,682
Expense reimbursement (see Note 3)................................... (64,234)
--------
Net expenses......................................................... 105,448
--------
NET INVESTMENT INCOME................................................. 598,287
--------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS...................... $598,287
--------
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
For the Six For the
Months Ended Year Ended
April 30, 2000 October 31, 1999
-------------------------------
<S> <C> <C>
OPERATIONS:
Net investment income......................... $ 598,287 $ 588,074
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A...................................... (275,820) (147,687)
Class B...................................... (120,195) (141,895)
Class I...................................... (83,619) (79,445)
Class II..................................... (118,653) (219,047)
-------------------------------
Decrease in net assets resulting from
distributions to shareholders................ (598,287) (588,074)
-------------------------------
SHARE TRANSACTIONS:
Net increase (decrease) in net assets
resulting from share transactions
Class A...................................... 5,995,014 7,547,428
Class B...................................... (1,648,456) 6,056,916
Class I...................................... 948,403 2,908,756
Class II..................................... (3,322,760) 4,667,799
-------------------------------
Total increase in net assets resulting from
share transactions........................... 1,972,201 21,180,899
-------------------------------
TOTAL INCREASE IN NET ASSETS.................. 1,972,201 21,180,899
NET ASSETS:
Beginning of year............................ 21,185,899 5,000
-------------------------------
End of period................................ $23,158,100 $21,185,899
</TABLE>
-------------------------------
------------------------------------------------------------------------------
CHANGE IN SHARES OUTSTANDING
<TABLE>
<CAPTION>
Class A Class B
------------------------------------------------ -------------------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
----------------------- ----------------------- ------------------------ -----------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
----------------------- ----------------------- ------------------------ -----------------------
Shares sold..... 12,367,539 $12,367,539 9,440,120 $ 9,440,120 1,789,663 $ 1,789,663 7,462,979 $ 7,462,979
Shares issued
for
distributions
reinvested...... 275,235 275,235 148,413 148,413 118,408 118,408 142,305 142,305
Shares
repurchased..... (6,647,760) (6,647,760) (2,041,105) (2,041,105) (3,556,527) (3,556,527) (1,548,368) (1,548,368)
----------------------- ----------------------- ------------------------ -----------------------
Increase
(decrease) in
shares
outstanding..... 5,995,014 5,995,014 7,547,428 7,547,428 (1,648,456) (1,648,456) 6,056,916 6,056,916
Shares
outstanding:
Beginning of
period.......... 7,548,678 7,548,678 1,250 1,250 6,058,166 6,058,166 1,250 1,250
----------------------- ----------------------- ------------------------ -----------------------
End of period... 13,543,692 13,543,692 7,548,678 $ 7,548,678 4,409,710 $ 4,409,710 6,058,166 $ 6,058,166
----------------------- ----------------------- ------------------------ -----------------------
<CAPTION>
Class I Class II
----------------------------------------------- --------------------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
------------------------ ---------------------- ------------------------ -------------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
------------------------ ---------------------- ------------------------ -------------------------
Shares sold..... 7,356,551 $ 7,356,551 3,788,358 $3,788,358 100 $ 100 9,248,750 $ 9,248,750
Shares issued
for
distributions
reinvested...... 84,007 84,007 80,380 80,380 118,653 118,653 219,321 219,321
Shares
repurchased..... (6,492,155) (6,492,155) (959,982) (959,982) (3,441,513) (3,441,513) (4,800,272) (4,800,272)
------------------------ ---------------------- ------------------------ -------------------------
Increase
(decrease) in
shares
outstanding..... 948,403 948,403 2,908,756 2,908,756 (3,322,760) (3,322,760) 4,667,799 4,667,799
Shares
outstanding:
Beginning of
period.......... 2,910,006 2,910,006 1,250 1, 250 4,669,049 4,669,049 1,250 1,250
------------------------ ---------------------- ------------------------ -------------------------
End of period... 3,858,409 $ 3,858,409 2,910,006 $2,910,006 1,346,289 $ 1,346,289 4,669,049 $ 4,669,049
------------------------ ---------------------- ------------------------ -------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 119
MUNICIPAL MONEY MARKET FUND
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
SHORT TERM SECURITIES
VARIABLE RATE DEMAND NOTES -
MUNICIPALITIES - 98.83%
EDUCATION - 6.82%
$200,000 Michigan State University,
4.90% due 08/15/22...................................... $ 200,000
300,000 South Carolina Educational Facility,
5.05% due 10/01/26...................................... 300,000
-----------
500,000
-----------
GENERAL OBLIGATIONS - 10.22%
300,000 Chicago Illinois,
5.00% due 01/01/12...................................... 300,000
200,000 Massachusetts State,
5.00% due 09/01/16...................................... 200,000
250,000 Orlando Florida,
5.00% due 10/01/21...................................... 250,000
-----------
750,000
-----------
HEALTHCARE - 19.08%
200,000 Bruce Michigan Healthcare,
4.95% due 05/01/18...................................... 200,000
100,000 Colorado Health Facilities Authority,
5.00% due 05/15/20...................................... 100,000
300,000 Florence County South Carolina Hospital Revenue,
5.05% due 11/01/15...................................... 300,000
Fort Wayne Indiana Hospital Authority:
100,000 5.00% due 01/01/16...................................... 100,000
100,000 5.00% due 01/01/20...................................... 100,000
200,000 Louisiana Public Facilities Authority Hospital,
5.10% due 09/01/27...................................... 200,000
100,000 Missouri State Health & Educational Facilities,
5.00% due 11/01/19...................................... 100,000
300,000 North Carolina Medical Care Community Hospital,
5.90% due 10/01/20...................................... 300,000
-----------
1,400,000
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
HOSPITAL MANAGEMENT - 2.73%
$100,000 Quakertown Pennsylvania,
5.00% due 07/01/05...................................... $ 100,000
100,000 South Carolina Jobs,
5.00% due 11/01/25...................................... 100,000
-----------
200,000
-----------
HOUSING - 10.22%
100,000 Community Development Administration
MD Avalon Lea Apartments Project,
adjustable coupon due 06/15/26.......................... 100,000
300,000 Maine Street Housing Authority,
5.10% due 10/28/32...................................... 300,000
250,000 Massachusetts State Housing Finance,
4.95% due 12/01/25...................................... 250,000
100,000 New York City New York Housing Development,
4.95% due 11/15/19...................................... 100,000
-----------
750,000
-----------
INDUSTRIAL DEVELOPMENT - 15.68%
200,000 Ashland Kentucky Pollution Control,
4.90% due 04/01/09...................................... 200,000
100,000 Cuyahoga County Ohio,
5.00% due 12/01/15...................................... 100,000
250,000 Duluth Minnesota Tax Increment Revenue,
5.00% due 09/01/10...................................... 250,000
Illinois Dev BIMBA Manufacturing Co.,
100,000 5.15% due 10/01/15...................................... 100,000
100,000 5.15% due 05/01/16...................................... 100,000
200,000 Louisiana State Offshore Terminal Authority,
5.00% due 10/01/19...................................... 200,000
200,000 Philadelphia Pennsylvania Authority,
5.10% due 12/01/08...................................... 200,000
-----------
1,150,000
-----------
STUDENT LOAN - 17.72%
300,000 Indiana Secondary Market Educational Loans,
5.10% due 12/01/14...................................... 300,000
250,000 Kentucky Higher Education Student Loan,
5.05% due 07/15/18...................................... 250,000
</TABLE>
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
STUDENT LOAN - Continued
$200,000 Missouri Higher Education Loan Authority Student Loan,
5.10% due 12/01/05...................................... $ 200,000
200,000 North Texas Higher Education Authority,
5.10% due 04/01/20...................................... 200,000
100,000 Pennsylvania Higher Education,
5.10% due 12/01/25...................................... 100,000
250,000 Utah State Board Regents Student Loan,
5.10% due 11/01/25...................................... 250,000
-----------
1,300,000
-----------
TRANSPORTATION - 2.73%
200,000 Illinois State Toll Highway Authority,
5.05% due 01/01/16...................................... 200,000
-----------
UTILITIES - 9.54%
200,000 Detroit Michigan Sewer Disposal Revenue,
5.00% due 07/01/23...................................... 200,000
250,000 Municipal Electric Authority Georgia,
5.05% due 01/01/20...................................... 250,000
250,000 Piedmont Municipal Power Agency
South Carolina Electric,
5.05% due 12/01/15...................................... 250,000
-----------
700,000
-----------
WATER - 4.09%
200,000 Grand Rapids Michigan Water Supply Revenue,
4.95% due 01/01/20...................................... 200,000
100,000 Massachusetts State Water Reservoir Authority,
4.95% due 04/01/28...................................... 100,000
-----------
300,000
-----------
TOTAL INVESTMENTS
(Cost $7,250,000) - 98.83%.............................. $ 7,250,000
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
120 April 30, 2000 (Unaudited)
MUNICIPAL MONEY MARKET FUND - CONTINUED
<TABLE>
<CAPTION>
<S> <C>
------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
ASSETS:
Investments, at market (Cost $7,250,000)........................ $7,250,000
Receivables for:
Fund shares sold............................................... 14,099
Dividends and interest......................................... 36,545
Other assets.................................................... 82,734
----------
TOTAL ASSETS.................................................... 7,383,378
----------
LIABILITIES:
Payable for fund shares redeemed................................ 1,042
Payable to affiliates:
Advisory fees.................................................. 6,094
Distribution fees for Class A & B.............................. 3,272
Other.......................................................... 37,216
----------
TOTAL LIABILITIES............................................... 47,624
----------
NET ASSETS...................................................... $7,335,754
----------
------------------------------------------
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value per share,
unlimited shares authorized, 7,335,754 shares outstanding....... $ 73,358
Additional paid in capital...................................... 7,262,396
----------
NET ASSETS APPLICABLE TO SHARES OUTSTANDING..................... $7,335,754
----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
<S> <C>
----------------------------------------------------------------------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Net asset value and redemption price per Class A
share ($4,463,947 divided by 4,463,947 shares).................. $ 1.00
----------
Net asset value and offering price per Class B share
($2,871,807 divided by 2,871,807 shares)*....................... $ 1.00
----------
* Redemption price per share is equal to net asset value less
any applicable contingent deferred sales charge.
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
121
MUNICIPAL MONEY MARKET FUND (Unaudited) - CONTINUED
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2000
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME:
Tax-exempt interest............................................... $135,921
--------
Total investment income.......................................... 135,921
--------
EXPENSES:
Advisory fees..................................................... 18,010
Transfer agent fees............................................... 11,323
Custodian fees.................................................... 4,059
Distribution fees:
Class A.......................................................... 5,275
Class B.......................................................... 14,919
Registration and filing fees...................................... 11,116
Audit fees and tax services....................................... 1,504
Accounting services............................................... 1,081
Trustees' fees and expenses....................................... 1,110
Report to shareholders............................................ 1,688
Miscellaneous..................................................... 2,192
--------
Total expenses................................................... 72,277
Expense reimbursement (see Note 3)............................... (23,240)
--------
Net expenses..................................................... 49,037
--------
NET INVESTMENT INCOME............................................. 86,884
--------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. $ 86,884
--------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the Six For the
Months Ended Year Ended
April 30, 2000 October 31, 1999
<S> <C> <C>
-------------------------------
OPERATIONS:
Net investment income......................... $ 86,884 $ 99,461
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A...................................... (57,585) (61,916)
Class B...................................... (29,299) (37,545)
-------------------------------
Decrease in net assets resulting from
distributions to shareholders................. (86,884) (99,461)
-------------------------------
SHARE TRANSACTIONS:
Net increase in net assets resulting from
share transactions
Class A...................................... 812,568 3,648,879
Class B...................................... 30,886 2,838,421
-------------------------------
Total increase in net assets resulting from
share transactions............................ 843,454 6,487,300
-------------------------------
TOTAL INCREASE IN NET ASSETS.................. 843,454 6,487,300
NET ASSETS:
Beginning of year............................ 6,492,300 5,000
-------------------------------
End of period................................ $7,335,754 $6,492,300
-------------------------------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CHANGE IN SHARES Class A Class B
OUTSTANDING ---------------------------------------------- --------------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
----------------------- --------------------- --------------------- ---------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
----------------------- --------------------- --------------------- ---------------------
Shares sold............. 1,810,671 $ 1,810,671 3,984,748 $3,984,748 438,066 $ 438,066 2,853,653 $2,853,653
Shares issued for
distributions
reinvested.............. 57,500 57,500 61,818 61,818 29,270 29,270 37,545 37,545
Shares repurchased...... (1,055,603) (1,055,603) (397,687) (397,687) (436,450) (436,450) (52,777) (52,777)
----------------------- --------------------- --------------------- ---------------------
Increase in shares
outstanding............. 812,568 812,568 3,648,879 3,648,879 30,886 30,886 2,838,421 2,838,421
Shares outstanding:
Beginning of period..... 3,651,379 3,651,379 2,500 2,500 2,840,921 2,840,921 2,500 2,500
----------------------- --------------------- --------------------- ---------------------
End of period........... 4,463,947 $ 4,463,947 3,651,379 $3,651,379 2,871,807 $2,871,807 2,840,921 $2,840,921
----------------------- --------------------- --------------------- ---------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<PAGE>
122 April 30, 2000 (Unaudited)
GROWTH LIFESTYLE FUND
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
INVESTMENT COMPANIES - AFFILIATED - 99.84%
BOND FUNDS - 9.90%
AGSPC 2 Domestic Bond Fund:
35,017 Class A............................................. $ 320,408
103,583 Class B............................................. 948,823
27,873 Class I............................................. 255,312
18,961 Class II............................................ 173,686
-----------
1,698,229
-----------
INTERNATIONAL EQUITY FUNDS - 25.04%
AGSPC 2 International Growth Fund:
28,523 Class A............................................. 421,574
85,524 Class B............................................. 1,249,507
22,712 Class I............................................. 336,144
15,403 Class II............................................ 228,587
AGSPC 2 International Value Fund:
23,303 Class A............................................. 387,754
69,995 Class B............................................. 1,150,025
18,558 Class I............................................. 309,182
12,583 Class II............................................ 210,254
-----------
4,293,027
-----------
LARGE CAP EQUITY FUNDS - 29.53%
AGSPC 2 Large Cap Growth Fund:
40,167 Class A............................................. 638,658
120,704 Class B............................................. 1,893,838
31,987 Class I............................................. 509,234
21,740 Class II............................................ 346,320
AGSPC 2 Large Cap Value Fund:
28,523 Class A............................................. 315,746
84,659 Class B............................................. 935,481
22,724 Class I............................................. 251,783
15,467 Class II............................................ 171,219
-----------
5,062,279
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
MID CAP EQUITY FUNDS - 14.84%
AGSPC 2 Mid Cap Growth Fund:
13,036 Class A............................................. $ 159,171
39,136 Class B............................................. 471,985
10,369 Class I............................................. 126,919
7,035 Class II............................................ 86,384
AGSPC 2 Mid Cap Value Fund:
25,959 Class A............................................. 321,635
77,848 Class B............................................. 948,965
20,665 Class I............................................. 255,624
14,041 Class II............................................ 173,831
-----------
2,544,514
-----------
SMALL CAP EQUITY FUNDS - 20.53%
AGSPC 2 Small Cap Growth Fund:
30,001 Class A............................................. 501,023
90,077 Class B............................................. 1,484,461
23,858 Class I............................................. 399,144
16,167 Class II............................................ 271,613
AGSPC 2 Small Cap Value Fund:
15,770 Class A............................................. 161,639
47,478 Class B............................................. 484,274
12,688 Class I............................................. 129,929
8,622 Class II............................................ 88,459
-----------
3,520,542
-----------
TOTAL INVESTMENT COMPANIES -
AFFILIATED
(Cost $16,311,251).................................. 17,118,591
-----------
TOTAL INVESTMENTS
(Cost $16,311,251) - 99.84%......................... $17,118,591
-----------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
STATEMENT OF ASSETS AND LIABILITIES
ASSETS:
Investments, at market (Cost $16,311,251)......................... $17,118,591
Receivables for:
Investments sold................................................. 163,381
Fund shares sold................................................. 23,855
Dividends and interest........................................... 11,409
Other assets...................................................... 54,984
-----------
TOTAL ASSETS...................................................... 17,372,220
-----------
LIABILITIES:
Payable for:
Investments purchased........................................... 223,902
Fund shares redeemed............................................ 98
Payable to affiliates-
Advisory fees..................................................... 2,732
Accrued expenses and other liabilities............................ 135
-----------
TOTAL LIABILITIES................................................. 226,867
-----------
NET ASSETS........................................................ $17,145,353
-----------
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value per share,
unlimited shares authorized, 1,295,486 shares outstanding....... $ 12,955
Additional paid in capital........................................ 14,951,709
Undistributed net realized gain on securities..................... 1,666,882
Accumulated net investment loss................................... (293,533)
Unrealized appreciation of securities............................. 807,340
-----------
NET ASSETS APPLICABLE TO SHARES OUTSTANDING....................... $17,145,353
-----------
------------------------------------------------------------------------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Net asset value and redemption price per Class A
share ($3,206,887 divided by 242,214 shares)....................... $ 13.24
-----------
Offering price per Class A share (100/94.25 of $13.24)*............ $ 14.05
-----------
Net asset value and offering price per Class B share
($9,631,974 divided by 727,780 shares)**........................... $ 13.23
-----------
Net asset value, offering price and redemption price per
Class I share ($2,573,707 divided by 194,464 shares)............... $ 13.23
-----------
Net asset value, offering price and redemption price per
Class II share ($1,732,785 divided by 131,028 shares).............. $ 13.22
-----------
* Offering price includes sales charge of 5.75%. The sales charge is reduced
for purchases of $25,000 and over.
** Redemption price per share is equal to net asset value less any applicable
contingent deferred sales charge.
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
123
GROWTH LIFESTYLE FUND (Unaudited) - CONTINUED
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2000
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME:
Dividends.......................................................... $ 81,808
Interest........................................................... 860
----------
Total investment income........................................... 82,668
EXPENSES:
Advisory fees...................................................... 6,802
----------
NET INVESTMENT INCOME.............................................. 75,866
----------
REALIZED AND UNREALIZED GAIN (LOSS) ON SECURITIES:
Net realized gain on securities.................................... 1,372,722
Capital gain distributions......................................... 294,154
Net unrealized depreciation of securities during the period........ (182,650)
----------
Net realized and unrealized gain on securities during the period.. 1,484,226
----------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS................... $1,560,092
----------
</TABLE>
<TABLE>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
For the Six For the
Months Ended Year Ended
April 30, 2000 October 31, 1999
-------------------------------
<S> <C> <C>
OPERATIONS:
Net investment income......................... $ 75,866 $ 43,845
Net realized gain on securities............... 1,372,722 131,422
Capital gain distributions.................... 294,154 -
Net unrealized appreciation (depreciation) of
securities during the period.................. (182,650) 989,990
-------------------------------
Increase in net assets resulting from
operations................................... 1,560,092 1,165,257
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A...................................... (71,057) (7,843)
Class B...................................... (196,618) (13,419)
Class I...................................... (56,912) (7,389)
Class II..................................... (52,622) (7,384)
-------------------------------
Total distributions to shareholders
from net investment income.................. (377,209) (36,035)
-------------------------------
Net realized gain on securities
Class A...................................... (24,592) -
Class B...................................... (68,468) -
Class I...................................... (19,814) -
Class II..................................... (18,542) -
-------------------------------
Total distributions to shareholders
from net realized gain on securities........ (131,416) -
-------------------------------
Decrease in net assets resulting from
distributions to shareholders................. (508,625) (36,035)
-------------------------------
SHARE TRANSACTIONS:
Net increase in net assets resulting from
share transactions
Class A...................................... 1,073,261 1,667,344
Class B...................................... 4,197,099 4,523,841
Class I...................................... 865,984 1,304,837
Class II..................................... 71,165 1,256,133
-------------------------------
Total increase in net assets resulting from
share transactions............................ 6,207,509 8,752,155
-------------------------------
TOTAL INCREASE IN NET ASSETS.................. 7,258,976 9,881,377
NET ASSETS:
Beginning of year............................ 9,886,377 5,000
-------------------------------
End of period (including accumulated net
investment income (loss) of $(293,533) and
$7,810)...................................... $17,145,353 $9,886,377
</TABLE>
-------------------------------
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CHANGE IN SHARES Class A Class B
OUTSTANDING ---------------------------------------- ----------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
------------------- ------------------- ------------------- -------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
------------------- ------------------- ------------------- -------------------
Shares sold..... 79,474 $1,063,389 161,537 $1,664,691 322,383 $4,301,858 413,726 $4,534,939
Shares issued
for
distributions
reinvested...... 7,180 95,039 682 7,811 19,818 262,255 1,164 13,408
Shares
repurchased..... (6,316) (85,167) (468) (5,158) (27,321) (367,014) (2,115) (24,506)
------------------- ------------------- ------------------- -------------------
Increase in
shares
outstanding..... 80,338 1,073,261 161,751 1,667,344 314,880 4,197,099 412,775 4,523,841
Shares
outstanding:
Beginning of
period.......... 161,876 1,668,594 125 1,250 412,900 4,525,091 125 1,250
------------------- ------------------- ------------------- -------------------
End of period... 242,214 $2,741,855 161,876 $1,668,594 727,780 $8,722,190 412,900 $4,525,091
------------------- ------------------- ------------------- -------------------
<CAPTION>
CHANGE IN SHARES Class I Class II
OUTSTANDING ----------------------------------------- ---------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
-------------------- -------------------- -------------------- ------------------
Shares Amount Shares Amount Shares Amount Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-------------------- -------------------- -------------------- ------------------
Shares sold..... 69,830 $ 938,839 130,012 $1,308,193 8 $ 100 124,875 $1,248,750
Shares issued
for
distributions
reinvested...... 5,791 76,638 648 7,389 5,380 71,165 648 7,383
Shares
repurchased..... (11,029) (149,493) (913) (10,745) (8) (100) - -
-------------------- -------------------- -------------------- ------------------
Increase in
shares
outstanding..... 64,592 865,984 129,747 1,304,837 5,380 71,165 125,523 1,256,133
Shares
outstanding:
Beginning of
period.......... 129,872 1,306,087 125 1,250 125,648 1,257,383 125 1,250
-------------------- -------------------- -------------------- ------------------
End of period... 194,464 $2,172,071 129,872 $1,306,087 131,028 $1,328,548 125,648 $1,257,383
-------------------- -------------------- -------------------- ------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<PAGE>
124 April 30, 2000 (Unaudited)
MODERATE GROWTH LIFESTYLE FUND
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
INVESTMENT COMPANIES - AFFILIATED - 99.69%
BOND FUNDS - 29.76%
AGSPC 2 Domestic Bond Fund:
90,500 Class A.............................................. $ 828,076
298,605 Class B.............................................. 2,735,220
90,768 Class I.............................................. 831,436
53,001 Class II............................................. 485,490
-----------
4,880,222
-----------
INTERNATIONAL EQUITY FUNDS - 15.06%
AGSPC 2 International Growth Fund:
14,203 Class A.............................................. 209,923
47,462 Class B.............................................. 693,413
14,241 Class I.............................................. 210,772
8,291 Class II............................................. 123,035
AGSPC 2 International Value Fund:
12,570 Class A.............................................. 209,173
42,081 Class B.............................................. 691,387
12,606 Class I.............................................. 210,020
7,337 Class II............................................. 122,597
-----------
2,470,320
-----------
LARGE CAP EQUITY FUNDS - 29.55%
AGSPC 2 Large Cap Growth Fund:
25,999 Class A.............................................. 413,391
87,074 Class B.............................................. 1,366,185
26,073 Class I.............................................. 415,078
15,211 Class II............................................. 242,316
AGSPC 2 Large Cap Value Fund:
36,928 Class A.............................................. 408,788
122,148 Class B.............................................. 1,349,741
37,044 Class I.............................................. 410,453
21,643 Class II............................................. 239,593
-----------
4,845,545
-----------
MID CAP EQUITY FUNDS - 11.92%
AGSPC 2 Mid Cap Growth Fund:
6,751 Class A.............................................. 82,424
22,586 Class B.............................................. 272,389
6,762 Class I.............................................. 82,761
3,938 Class II............................................. 48,353
AGSPC 2 Mid Cap Value Fund:
20,106 Class A.............................................. 249,117
67,525 Class B.............................................. 823,126
20,238 Class I.............................................. 250,349
11,806 Class II............................................. 146,156
-----------
1,954,675
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SMALL CAP EQUITY FUNDS - 13.40%
AGSPC 2 Small Cap Growth Fund:
17,259 Class A............................................... $ 288,230
57,757 Class B............................................... 951,829
17,287 Class I............................................... 289,213
10,056 Class II.............................................. 168,945
AGSPC 2 Small Cap Value Fund:
8,245 Class A............................................... 84,508
27,409 Class B............................................... 279,573
8,285 Class I............................................... 84,844
4,831 Class II.............................................. 49,570
-----------
2,196,712
-----------
TOTAL INVESTMENT COMPANIES -
AFFILIATED
(Cost $15,394,192).................................... 16,347,474
-----------
TOTAL INVESTMENTS
(Cost $15,394,192) - 99.69%........................... $16,347,474
-----------
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
STATEMENT OF ASSETS AND LIABILITIES
ASSETS:
Investments, at market (Cost $15,394,192).......................... $16,347,474
Receivables for:
Investments sold.................................................. 142,809
Fund shares sold.................................................. 42,371
Dividends and interest............................................ 23,367
Other assets....................................................... 41,204
-----------
TOTAL ASSETS....................................................... 16,597,225
-----------
LIABILITIES:
Payable for:
Investments purchased............................................. 195,374
Fund shares redeemed.............................................. 752
Payable to affiliates-Advisory fees................................ 2,614
Accrued expenses and other liabilities............................. 719
-----------
TOTAL LIABILITIES.................................................. 199,459
-----------
NET ASSETS......................................................... $16,397,766
-----------
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
--------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value per share, unlimited
shares authorized,
1,335,346 shares outstanding...................................... $ 13,353
Additional paid in capital........................................ 14,712,286
Undistributed net realized gain on securities..................... 988,538
Accumulated net investment loss................................... (269,693)
Unrealized appreciation of securities............................. 953,282
-----------
NET ASSETS APPLICABLE
TO SHARES OUTSTANDING............................................. $16,397,766
-----------
--------------------------------------------------------------------------------
COMPUTATION OF NET ASSET VALUE
AND OFFERING PRICE:
Net asset value and redemption price per Class A
share ($2,774,668 divided by 225,840 shares)...................... $ 12.29
-----------
Offering price per Class A share
(100/94.25 of $12.29)*............................................ $ 13.04
-----------
Net asset value and offering price per Class B
share ($9,244,443 divided by 752,432 shares) **................... $ 12.29
-----------
Net asset value, offering price and redemption
price per Class I share ($2,770,824 divided by
225,772 shares)................................................... $ 12.27
-----------
Net asset value, offering price and redemption
price per Class II share ($1,607,831 divided by
131,302 shares)................................................... $ 12.25
-----------
</TABLE>
* Offering price includes sales charge of 5.75%. The sales charge is reduced
for purchases of $25,000 and over.
** Redemption price per share is equal to net asset value less any applicable
contingent deferred sales charge.
--------------------------------------------------------------------------------
<PAGE>
125
MODERATE GROWTH LIFESTYLE FUND (Unaudited) - CONTINUED
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2000
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME:
Dividends............................................................ $ 117,155
----------
Total investment income............................................. 117,155
EXPENSES:
Advisory fees........................................................ 7,019
----------
NET INVESTMENT INCOME................................................ 110,136
----------
REALIZED AND UNREALIZED GAIN ON SECURITIES:
Net realized gain on securities...................................... 716,868
Capital gain distribution............................................ 271,669
Net unrealized appreciation of securities during the period.......... 213,954
----------
Net realized and unrealized gain on securities during the period.... 1,202,491
----------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS..................... $1,312,627
----------
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
For the Six For the
Months Ended Year Ended
April 30, 2000 October 31, 1999
-------------------------------
<S> <C> <C>
OPERATIONS:
Net investment income......................... $ 110,136 $ 98,624
Net realized gain on securities............... 716,868 87,982
Capital gain distribution..................... 271,669 -
Net unrealized appreciation of securities
during the period............................. 213,954 739,328
-------------------------------
Increase in net assets resulting from
operations................................... 1,312,627 925,934
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A...................................... (69,236) (18,579)
Class B...................................... (214,952) (35,672)
Class I...................................... (57,886) (18,006)
Class II..................................... (48,560) (15,562)
-------------------------------
Total distributions to shareholders
from net investment income.................. (390,634) (87,819)
-------------------------------
Net realized gain on securities
Class A...................................... (15,414) -
Class B...................................... (48,559) -
Class I...................................... (12,830) -
Class II..................................... (11,178) -
-------------------------------
Total distributions to shareholders
from net realized gain on securities........ (87,981) -
-------------------------------
Decrease in net assets resulting from
distributions to shareholders................. (478,615) (87,819)
-------------------------------
SHARE TRANSACTIONS:
Net increase in net assets resulting from
share transactions
Class A...................................... 708,383 1,731,166
Class B...................................... 3,232,796 5,250,001
Class I...................................... 1,115,319 1,358,924
Class II..................................... 59,738 1,264,312
-------------------------------
Total increase in net assets resulting from
share transactions............................ 5,116,236 9,604,403
-------------------------------
TOTAL INCREASE IN NET ASSETS.................. 5,950,248 10,442,518
NET ASSETS:
Beginning of year............................ 10,447,518 5,000
-------------------------------
End of period (including accumulated net
investment loss of $269,693 and $10,805)..... $16,397,766 $10,447,518
-------------------------------
</TABLE>
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CHANGE IN SHARES Class A Class B
OUTSTANDING ---------------------------------------- ----------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
------------------- ------------------- ------------------- -------------------
Shares Amount Shares Amount Shares Amount Shares Amount
------------------- ------------------- ------------------- -------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Shares sold..... 53,813 $ 662,057 167,065 $1,718,775 296,661 $3,604,531 490,629 $5,299,614
Shares issued
for
distributions
reinvested...... 6,943 84,611 1,665 18,578 21,417 261,432 3,143 35,286
Shares
repurchased..... (3,199) (38,285) (572) (6,187) (51,996) (633,167) (7,547) (84,899)
------------------- ------------------- ------------------- -------------------
Increase in
shares
outstanding..... 57,557 708,383 168,158 1,731,166 266,082 3,232,796 486,225 5,250,001
Shares
outstanding:
Beginning of
period.......... 168,283 1,732,416 125 1,250 486,350 5,251,251 125 1,250
------------------- ------------------- ------------------- -------------------
End of period... 225,840 $2,440,799 168,283 $1,732,416 752,432 $8,484,047 486,350 $5,251,251
------------------- ------------------- ------------------- -------------------
<CAPTION>
CHANGE IN SHARES Class I Class II
OUTSTANDING ----------------------------------------- ---------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
-------------------- -------------------- -------------------- ------------------
Shares Amount Shares Amount Shares Amount Shares Amount
-------------------- -------------------- -------------------- ------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Shares sold..... 101,684 $1,252,335 133,299 $1,342,797 8 $ 98 124,875 $1,248,750
Shares issued
for
distributions
reinvested...... 5,762 70,238 1,620 18,006 4,908 59,738 1,394 15,562
Shares
repurchased..... (16,555) (207,254) (163) (1,879) (8) (98) - -
-------------------- -------------------- -------------------- ------------------
Increase in
shares
outstanding..... 90,891 1,115,319 134,756 1,358,924 4,908 59,738 126,269 1,264,312
Shares
outstanding:
Beginning of
period.......... 134,881 1,360,174 125 1,250 126,394 1,265,562 125 1,250
-------------------- -------------------- -------------------- ------------------
End of period... 225,772 $2,475,493 134,881 $1,360,174 131,302 $1,325,300 126,394 $1,265,562
-------------------- -------------------- -------------------- ------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<PAGE>
126 April 30, 2000 (Unaudited)
CONSERVATIVE GROWTH LIFESTYLE FUND
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
INVESTMENT COMPANIES - AFFILIATED - 99.95%
BOND FUNDS - 49.86%
AGSPC 2 Domestic Bond Fund:
129,510 Class A.............................................. $ 1,185,019
499,915 Class B.............................................. 4,579,218
129,638 Class I.............................................. 1,187,481
84,347 Class II............................................. 772,619
-----------
7,724,337
-----------
INTERNATIONAL EQUITY FUNDS - 8.08%
AGSPC 2 International Growth Fund:
6,513 Class A.............................................. 96,269
25,424 Class B.............................................. 371,438
6,507 Class I.............................................. 96,311
4,221 Class II............................................. 62,646
AGSPC 2 International Value Fund:
5,765 Class A.............................................. 95,931
22,541 Class B.............................................. 370,351
5,760 Class I.............................................. 95,966
3,736 Class II............................................. 62,423
-----------
1,251,335
-----------
LARGE CAP EQUITY FUNDS - 25.74%
AGSPC 2 Large Cap Growth Fund:
19,367 Class A.............................................. 307,934
75,792 Class B.............................................. 1,189,169
19,360 Class I.............................................. 308,210
12,586 Class II............................................. 200,491
AGSPC 2 Large Cap Value Fund:
27,534 Class A.............................................. 304,801
106,321 Class B.............................................. 1,174,843
27,505 Class I.............................................. 304,752
17,907 Class II............................................. 198,235
-----------
3,988,435
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<C> <S> <C>
--------------------------------------------------------------------------------
MID CAP EQUITY FUNDS - 8.02%
AGSPC 2 Mid Cap Growth Fund:
3,869 Class A............................................... $ 47,241
15,123 Class B............................................... 182,381
3,862 Class I............................................... 47,271
2,506 Class II.............................................. 30,775
AGSPC 2 Mid Cap Value Fund:
11,651 Class A............................................... 144,353
45,501 Class B............................................... 554,652
11,561 Class I............................................... 143,009
7,515 Class II.............................................. 93,033
-----------
1,242,715
-----------
SMALL CAP EQUITY FUNDS - 8.25%
AGSPC 2 Small Cap Growth Fund:
8,882 Class A............................................... 148,327
34,805 Class B............................................... 573,591
8,888 Class I............................................... 148,702
5,761 Class II.............................................. 96,779
AGSPC 2 Small Cap Value Fund:
4,568 Class A............................................... 46,825
18,007 Class B............................................... 183,676
4,731 Class I............................................... 48,449
3,074 Class II.............................................. 31,539
-----------
1,277,888
-----------
TOTAL INVESTMENT COMPANIES -
AFFILIATED
(Cost $15,124,130).................................... 15,484,710
-----------
TOTAL INVESTMENTS
(Cost $15,124,130) - 99.95%........................... $15,484,710
-----------
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
-------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
ASSETS:
Investments, at market (Cost $15,124,130).......................... $15,484,710
Receivables for:
Investments sold.................................................. 62,383
Fund shares sold.................................................. 10,058
Dividends and interest............................................ 32,731
Other assets...................................................... 280,197
-----------
TOTAL ASSETS....................................................... 15,870,079
-----------
LIABILITIES:
Payable for:
Investments purchased............................................. 371,347
Fund shares redeemed.............................................. 348
Payable to affiliates-Advisory fees................................ 2,444
Accrued expenses and other liabilities............................. 3,514
-----------
TOTAL LIABILITIES.................................................. 377,653
-----------
NET ASSETS......................................................... $15,492,426
-----------
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
April 30, 2000 (Unaudited) 127
CONSERVATIVE GROWTH LIFESTYLE FUND - CONTINUED
<TABLE>
<CAPTION>
<S> <C> <C>
-------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value per share,
unlimited shares authorized,
1,331,438 shares outstanding.................................. $ 13,314
Additional paid in capital.................................... 14,322,886
Undistributed net realized gain on securities................. 987,106
Accumulated net investment loss............................... (191,460)
Unrealized appreciation of securities......................... 360,580
-----------
NET ASSETS APPLICABLE
TO SHARES OUTSTANDING......................................... $15,492,426
-----------
-------------------------------------------------------------------------------
COMPUTATION OF NET ASSET VALUE
AND OFFERING PRICE:
Net asset value and redemption price per Class A
share ($2,366,484 divided by 203,700 shares).................. $ 11.62
-----------
Offering price per Class A share
(100/94.25 of $11.62)*........................................ $ 12.33
-----------
Net asset value and offering price per Class B
share ($9,243,754 divided by 793,529 shares)**................ $ 11.65
-----------
Net asset value, offering price and redemption
price per Class I share ($2,348,271 divided by
202,021 shares)............................................... $ 11.62
-----------
Net asset value, offering price and redemption
price per Class II share ($1,533,917 divided by 132,188
shares)....................................................... $ 11.60
-----------
* Offering price includes sales charge of 5.75%.
The sales charge is reduced for purchases
of $25,000 and over.
** Redemption price per share is equal to net asset value
less any applicable contingent deferred sales charge.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<PAGE>
128
CONSERVATIVE GROWTH LIFESTYLE FUND (Unaudited) - CONTINUED
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2000
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME:
Dividends........................................................... $ 153,538
Interest............................................................ 330
----------
Total investment income............................................ 153,868
----------
EXPENSES:
Advisory fees....................................................... 6,381
----------
NET INVESTMENT INCOME............................................... 147,487
----------
REALIZED AND UNREALIZED GAIN (LOSS) ON SECURITIES:
Net realized gain on securities..................................... 794,396
Capital gain distributions.......................................... 194,618
Net unrealized depreciation of securities during the period......... (106,172)
----------
Net realized and unrealized gain on securities during the period... 882,842
----------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................... $1,030,329
----------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
For the Six For the
Months Ended Year Ended
April 30, 2000 October 31, 1999
-------------------------------
<S> <C> <C>
OPERATIONS:
Net investment income......................... $ 147,487 $ 144,689
Net realized gain on securities............... 794,396 99,813
Capital gain distributions.................... 194,618 -
Net unrealized appreciation (depreciation) of
securities during the period.................. (106,172) 466,752
-------------------------------
Increase in net assets resulting from
operations................................... 1,030,329 711,254
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A...................................... (57,432) (28,694)
Class B...................................... (198,007) (52,880)
Class I...................................... (52,227) (25,850)
Class II..................................... (42,954) (25,592)
-------------------------------
Total distributions to shareholders
from net investment income.................. (350,620) (133,016)
-------------------------------
Net realized gain on securities
Class A...................................... (16,902) -
Class B...................................... (57,065) -
Class I...................................... (14,924) -
Class II..................................... (12,830) -
-------------------------------
Total distributions to shareholders
from net realized gain on securities........ (101,721) -
-------------------------------
Decrease in net assets resulting from
distributions to shareholders................. (452,341) (133,016)
-------------------------------
SHARE TRANSACTIONS:
Net increase in net assets resulting from
share transactions
Class A...................................... 478,221 1,651,288
Class B...................................... 3,043,060 5,695,871
Class I...................................... 755,373 1,377,276
Class II..................................... 55,769 1,274,342
-------------------------------
Total increase in net assets resulting from
share transactions............................ 4,332,423 9,998,777
-------------------------------
TOTAL INCREASE IN NET ASSETS.................. 4,910,411 10,577,015
NET ASSETS:
Beginning of year............................ 10,582,015 5,000
-------------------------------
End of period (including accumulated
net investment income (loss) of ($191,460)
and $11,673)................................. $15,492,426 $10,582,015
-------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
CHANGE IN SHARES Class A Class B
OUTSTANDING ---------------------------------------- ----------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
------------------- ------------------- ------------------- -------------------
Shares Amount Shares Amount Shares Amount Shares Amount
------------------- ------------------- ------------------- -------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Shares sold..... 35,589 $ 410,435 161,245 $1,641,759 250,201 $2,908,740 532,302 $5,703,840
Shares issued
for
distributions
reinvested...... 6,440 74,297 2,626 28,624 21,670 250,695 4,759 52,029
Shares
repurchased..... (567) (6,511) (1,758) (19,095) (10,067) (116,375) (5,461) (59,998)
------------------- ------------------- ------------------- -------------------
Increase in
shares
outstanding..... 41,462 478,221 162,113 1,651,288 261,804 3,043,060 531,600 5,695,871
Shares
outstanding:
Beginning of
period.......... 162,238 1,652,538 125 1,250 531,725 5,697,121 125 1,250
------------------- ------------------- ------------------- -------------------
End of period... 203,700 $2,130,759 162,238 $1,652,538 793,529 $8,740,181 531,725 $5,697,121
=================== =================== =================== ===================
<CAPTION>
CHANGE IN SHARES Class I Class II
OUTSTANDING ----------------------------------------- ---------------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
-------------------- -------------------- -------------------- ------------------
Shares Amount Shares Amount Shares Amount Shares Amount
-------------------- -------------------- -------------------- ------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Shares sold..... 68,852 $ 763,378 134,800 $1,357,610 9 $ 100 124,375 $1,248,750
Shares issued
for
distributions
reinvested...... 5,696 65,713 2,374 25,851 4,837 55,769 2,851 25,592
Shares
repurchased..... (9,260) (73,718) (566) (6,185) (9) (100) - -
-------------------- -------------------- -------------------- ------------------
Increase in
shares
outstanding..... 65,288 755,373 136,608 1,377,276 4,837 55,769 127,226 1,274,342
Shares
outstanding:
Beginning of
period.......... 136,733 1,378,526 125 1,250 127,351 1,275,592 125 1,250
-------------------- -------------------- -------------------- ------------------
End of period... 202,021 $2,133,899 136,733 $1,378,526 132,188 $1,331,361 127,351 $1,275,592
==================== ==================== ==================== ==================
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
<PAGE>
129
NOTES TO FINANCIAL STATEMENTS
Note 1 -- Organization
American General Series Portfolio Company 2 (the "Series" or "AGSPC 2") was
organized as a Delaware business trust on March 16, 1998 by The Variable
Annuity Life Insurance Company ("VALIC"). The Series is registered under the
Investment Company Act of 1940 (the "1940 Act") as amended, as an open-end,
management investment company. On October 7, 1998, VALIC contributed $100,000
to the Series as its initial funding. On November 2, 1998, VALIC contributed an
additional $99,900,000 and the Series commenced operations. The Series consists
of the following 24 separate investment portfolios or "funds", each of which
is, in effect, a separate mutual fund issuing its own separate classes of
shares of beneficial interest.
Stock Index Fund Science & Technology Fund
Mid Cap Index Fund Balanced Fund
Small Cap Index Fund High Yield Bond Fund
International Growth Fund Strategic Bond Fund
Large Cap Growth Fund Domestic Bond Fund
Mid Cap Growth Fund Core Bond Fund
Small Cap Growth Fund Municipal Bond Fund
International Value Fund Money Market Fund
Large Cap Value Fund Municipal Money Market Fund
Mid Cap Value Fund Growth Lifestyle Fund*
Small Cap Value Fund Moderate Growth Lifestyle Fund*
Socially Responsible Fund Conservative Growth Lifestyle Fund*
* The Lifestyle Funds represent "Funds of Funds" which invest in other AGSPC 2
funds.
The Science & Technology Fund commenced operations on March 1, 2000. The Stock
Index Fund, Mid Cap Index Fund, Small Cap Index Fund, Municipal Bond Fund, and
Municipal Money Market Fund offer only Class A and Class B shares of beneficial
interest. The Science & Technology Fund is offered in Class A, Class B and
Institutional Class I shares of beneficial interest. The remaining 18 AGSPC 2
funds offer Class A, Class B, Class I and Class II shares. Class A shares are
sold with a front-end sales charge and Class B shares are subject to a
contingent deferred sales charge.
Note 2 -- Significant Accounting Policies
The financial statements have been prepared in accordance with generally
accepted accounting principles ("GAAP"). GAAP requires accruals which
occasionally are based upon management estimates. The following is a summary of
significant accounting policies consistently followed by each Fund in the
preparation of its financial statements.
A. Investment Valuation
Securities listed or traded on a national exchange are valued daily at their
last reported sale price. In the absence of any exchange sales on that day and
for unlisted issues, securities are valued at the last sale price on the NASDAQ
National Market System. In the absence of any National Market System sales on
that day, securities are valued at the last reported bid price. However,
options written for which other over-the-counter market quotations are readily
available are valued at the last reported asked price, in the absence of any
National Market System sales on that day. Futures contracts, options thereon,
and options on stock indexes are valued at the amount which would be received
upon a current disposition of such investments (i.e., their fair market value),
in the absence of any sales on that day. Short term debt securities for which
market quotations are readily available are valued at the last reported bid
price. However, any short term security with a remaining maturity of 60 days or
less and all investments of the Money Market Fund and the Municipal Money
Market Fund are valued by the amortized cost method which approximates fair
market value. Investments for which market quotations are not readily available
are valued at fair value as determined in good faith by, or under authority
delegated by, the Series' Board of Trustees. Lifestyle fund securities are
valued at the net asset value (market value) of the underlying AGSPC 2 fund.
B. Options, Futures, and Forward Currency Contracts
Call and Put Options. When a Fund writes a call or a put option, an amount
equal to the premium received is recorded as a liability. The liability is
"marked to market" daily to reflect the current market value of the option
written. When a written option expires, the Fund realizes a gain in the amount
of the premium originally received. If the Fund enters into a closing purchase
transaction, the Fund realizes a gain or loss in the amount of the original
premium less the cost of the closing transaction. If a written call option is
exercised, the Fund realizes a gain or loss from the sale of the underlying
security, and the proceeds from such sale are increased by the premium
originally received. If a written put option is exercised, the amount of the
premium originally received reduces the cost of the security which the Fund
purchases upon exercise of the option.
Purchased options are recorded as investments. If a purchased option expires,
the Fund realizes a loss in the amount of the cost of the option. If the Fund
enters into a closing transaction, it realizes a gain (or loss), to the extent
that the proceeds from the sale are greater (or less) than the cost of the
option. If the Fund exercises a put option, it realizes a gain or loss from the
sale of the underlying security by adjusting the proceeds from such sale by the
amount of the premium originally paid. If the Fund exercises a call option, the
cost of the security purchased upon exercise is increased by the premium
originally paid.
Futures Contracts. The initial margin deposit made upon entering into a futures
contract is held by the custodian bank, in a segregated account, in the name of
the broker (the Fund's agent in acquiring the futures position). During the
period the futures contract is open, changes in the value of the contract are
recognized as unrealized gains or losses by "marking to market" on a daily
basis to reflect the market value of the contract at the end of each day's
trading. Variation margin payments are received or made daily, as unrealized
gains or losses are incurred. When the contract is closed, the Fund realizes a
gain or loss in the amount of the cost of or proceeds from the closing
transaction less the Fund's basis in the contract.
Forward Currency Contracts. Certain Funds may engage in forward currency
contracts, which are agreements between two parties to buy and sell currencies
at a set price on a future date. The U.S. dollar value of forward currency
contracts is determined using current forward currency exchange rates supplied
by a quotation service. The market value of the contract will fluctuate with
changes in currency exchange rates. During the period the forward currency
contract is open, the contract is "marked to market" daily and the change in
market value is recorded as an unrealized gain or loss. When the contract is
closed, the fund records a realized gain or loss equal to the difference
between the value of the contract at the time it was opened and the value at
the time it was closed. The fund could be exposed to risk if the value of the
currency changes unfavorably, if the counterparties to the contracts are unable
to meet the terms of their contracts, or if the fund is unable to enter into a
closing position.
--------------------------------------------------------------------------------
<PAGE>
130
NOTES TO FINANCIAL STATEMENTS CONTINUED
C. Repurchase Agreements
A fund may acquire securities subject to repurchase agreements. Under a typical
repurchase agreement, a fund would acquire a debt security for a relatively
short period (usually for one day and not more than one week) subject to an
obligation of the seller to repurchase and of the fund to resell the debt
security at an agreed-upon higher price, thereby establishing a fixed
investment return during the fund's holding period. Under each repurchase
agreement, the fund receives, as collateral, securities whose market value is
at least equal to the repurchase price.
D. Foreign Currency Translation
The accounting records of each Fund are maintained in U.S. dollars. Investment
securities and other assets and liabilities denominated in foreign currencies
("local currencies") are translated into U.S. dollars at prevailing exchange
rates at period end. Purchases and sales of securities, income receipts and
expense payments are translated into U.S. dollars at the prevailing exchange
rate on the respective dates of the transactions.
Net realized gains or losses on foreign currency transactions include exchange
rate gains and losses from disposition of foreign currencies, currency gains
and losses realized between trade and settlement dates of security
transactions, and currency gains and losses realized on settlement of other
assets and liabilities settled in local currencies.
In determining realized and unrealized gains or losses on foreign securities
for the period, the Funds do not isolate exchange rate fluctuations from local
security price fluctuations. Foreign currencies and other assets and
liabilities denominated in local currencies are marked-to-market daily to
reflect fluctuations in foreign exchange rates.
E. Federal Income Taxes
Each Fund intends to qualify as a "regulated investment company" under
Subchapter M of the Internal Revenue Code and to distribute all of its taxable
net investment income and taxable net realized capital gains, in excess of any
available capital loss carryovers. Therefore, no Federal income tax provision
is required.
F. Investment Transactions and Related Investment Income
Investment transactions are accounted for on the trade date. Realized gains and
losses on securities sold are determined on the basis of identified cost.
Dividend income and capital gain distributions received are recorded on the ex-
dividend date. Dividend income on certain foreign securities is recorded when
the Fund becomes aware of the dividend. Interest income on investments is
accrued daily.
G. Distributions to Shareholders
Distributions to shareholders are recorded on the record date. The Funds
declare distributions from net investment income quarterly, except for the
Money Market Fund and Municipal Money Market Fund which declare daily. The High
Yield Bond Fund, Strategic Bond Fund, Domestic Bond Fund, Core Bond Fund, and
the Municipal Bond Fund declare dividends daily and distribute such dividends
monthly. The International Growth Fund and International Value Fund pay
dividends semi-annually. Capital gains distributions are declared annually.
Investment income and capital gains and losses are recognized in accordance
with generally accepted accounting principles ("book"). Distributions from net
investment income and realized capital gains are based on earnings as
determined in accordance with federal tax regulations ("tax") which may differ
from book basis earnings. At the end of the year, offsetting adjustments to
undistributed net investment income and undistributed net realized gains
(losses) are made to eliminate permanent book/tax differences arising in the
current year.
Note 3 -- Advisory Fees and Other Transactions with Affiliates
VALIC (the "Adviser") serves as investment adviser to the Series. VALIC is an
indirect wholly-owned subsidiary of American General Corporation, Houston,
Texas. The Adviser has entered into sub-advisory agreements with the following:
American General Investment Management, L.P. -- sub-adviser for the High
Yield Bond Fund, the Strategic Bond Fund, the Core Bond Fund, the Municipal
Bond Fund, and the Muncipal Money Market Fund.
Brown Capital Management, Inc. -- sub-adviser for the Mid Cap Growth Fund.
Capital Guardian Trust Company -- sub-adviser for the International Value
Fund, the Balanced Fund, and the Domestic Bond Fund.
Fiduciary Management Associates, Inc. -- sub-adviser for the actively
managed portion of the Small Cap Value Fund.
Goldman Sachs Asset Management -- sub-adviser for the Large Cap Growth
Fund.
J.P. Morgan Investment Management Inc. -- sub-adviser for the Small Cap
Growth Fund.
Jacobs Asset Management -- sub-adviser for the International Growth Fund.
Neuberger Berman Management, Inc. -- sub-adviser for the Mid Cap Value
Fund.
State Street Global Advisors -- sub-adviser for the Large Cap Value Fund.
T. Rowe Price -- sub-adviser for the Science & Technology Fund.
Sub-advisers are compensated for such services by the Adviser.
--------------------------------------------------------------------------------
<PAGE>
131
NOTES TO FINANCIAL STATEMENTS CONTINUED
The Adviser receives from the Series a monthly fee based on each Fund's
average daily net asset value at the following annual rates:
<TABLE>
<C> <S>
Stock Index Fund 0.27% on the first $500 million
0.26% on assets over $500 million
--------------------------------------------------------------------
Mid Cap Index Fund 0.28% on the first $500 million
0.27% on assets over $500 million
--------------------------------------------------------------------
Small Cap Index Fund 0.28% on the first $500 million
0.27% on assets over $500 million
--------------------------------------------------------------------
International Growth Fund 0.90% on the first $100 million
0.80% on assets more than $100 million
--------------------------------------------------------------------
Large Cap Growth Fund 0.55%
--------------------------------------------------------------------
Mid Cap Growth Fund 0.65% on the first $25 million
0.55% on the next $25 million
0.45% on assets more than $50 million
--------------------------------------------------------------------
Small Cap Growth Fund 0.85%
--------------------------------------------------------------------
International Value Fund 1.00% on the first $25 million
0.85% on the next $25 million
0.675% on the next $200 million
0.625% on assets more than $250 million
--------------------------------------------------------------------
Large Cap Value Fund 0.50%
--------------------------------------------------------------------
Mid Cap Value Fund 0.75% on the first $100 million
0.725% on the next $150 million
0.70% on the next $250 million
0.675% on the next $250 million
0.65% on assets more than $750 million
--------------------------------------------------------------------
Small Cap Value Fund 0.75% on the first $50 million
0.65% on assets more than $50 million
--------------------------------------------------------------------
Socially Responsible Fund 0.25%
--------------------------------------------------------------------
Science & Technology Fund 0.90%
--------------------------------------------------------------------
Balanced Fund 0.80% on the first $25 million
0.65% on the next $25 million
0.45% on assets more than $50 million
--------------------------------------------------------------------
High Yield Bond Fund 0.70% on the first $200 million
0.60% on the next $300 million
0.55% on assets more than $500 million
--------------------------------------------------------------------
Strategic Bond Fund 0.60% on the first $200 million
0.50% on the next $300 million
0.45% on assets more than $500 million
--------------------------------------------------------------------
Domestic Bond Fund 0.60% on the first $50 million
0.45% on the next $50 million
0.43% on the next $200 million
0.40% on assets more than $300 million
--------------------------------------------------------------------
Core Bond Fund, 0.50% on the first $200 million
Municipal Bond Fund and, 0.45% on the next $300 million
Municipal Money Market Fund 0.40% on assets over $500 million
--------------------------------------------------------------------
Money Market Fund 0.25%
--------------------------------------------------------------------
Growth Lifestyle Fund, 0.10%
Moderate Growth Lifestyle
Fund and,
Conservative Growth
Lifestyle Fund
</TABLE>
The Adviser has voluntarily agreed to waive a portion of its management fee or
to reimburse certain expenses of each Fund, other than the Lifestyle Funds.
The Adviser may withdraw this voluntary undertaking at any time. The table
below reflects total annual operating expenses by Fund, as voluntarily limited
by the Adviser, shown as a percentage of average net assets for the year ended
October 31, 1999:
<TABLE>
<CAPTION>
Class A Class B Class I Class II
--------------------------------------------------
<S> <C> <C> <C> <C>
Stock Index Fund 0.82% 1.57% N/A N/A
Mid Cap Index
Fund 0.83% 1.58% N/A N/A
Small Cap Index
Fund 0.83% 1.58% N/A N/A
International
Growth Fund 1.40% 2.15% 1.28% 1.03%
Large Cap Growth
Fund 1.10% 1.85% 0.98% 0.73%
Mid Cap Growth
Fund 1.04% 1.79% 0.92% 0.67%
Small Cap Growth
Fund 1.40% 2.15% 1.28% 1.03%
International
Value Fund 1.29% 2.04% 1.17% 0.92%
Large Cap Value
Fund 1.05% 1.80% 0.93% 0.68%
Mid Cap Value
Fund 1.29% 2.04% 1.17% 0.92%
Small Cap Value
Fund 1.23% 1.98% 1.11% 0.86%
Socially
Responsible Fund 0.80% 1.55% 0.68% 0.43%
Science &
Technolgy Fund 1.45% 2.20% 1.33% N/A
Balanced Fund 1.07% 1.82% 0.95% 0.70%
High Yield Bond
Fund 1.25% 2.00% 1.13% 0.88%
Strategic Bond
Fund 1.15% 1.90% 1.03% 0.78%
Domestic Bond
Fund 1.03% 1.78% 0.91% 0.66%
Core Bond Fund 1.05% 1.80% 0.93% 0.68%
Municipal Bond
Fund 1.05% 1.80% N/A N/A
Money Market
Fund 0.80% 1.55% 0.68% 0.43%
Municipal Money
Market Fund 1.05% 1.80% N/A N/A
</TABLE>
On October 7, 1998, the Series entered into an Accounting Services Agreement
with VALIC which appointed VALIC as Accounting Services Agent. Under the
agreement VALIC will provide certain accounting and administrative services to
the Series. VALIC receives from each Fund, other than the Lifestyle Funds, an
annual fee of 0.03% based on average daily net asset value of the Fund.
American General Distributors, Inc., ("AGD"), a wholly-owned subsidiary of
American General Corporation, serves as the Distributor for the series. AGD
received $85,873 in net commissions for the six months ended April 30, 2000.
The Series has adopted a Distribution and Service Plan ("Plan") pursuant to
Rule 12b-1 of the Investment Company Act of 1940. The Plan provides for
payment of a distribution and service fee to the Distributor at an annual rate
of 0.25% and 1.00% of average net assets on Class A and Class B shares,
respectively, other than the Lifestyle Funds. Under the Plan, the Distributor
receives a fee for providing investor services and activities related to the
distribution of shares of the Series. For the six months ended April 30, 2000,
the Distributor received fees under the Plan of $76,299 and $564,335 for Class
A and Class B, respectively.
The Series has entered into an Administrative Service Agreement ("Service
Agreement") with American General Retirement Services Company ("AGRS" formerly
VALIC Retirement Services Company) and American General Financial Advisors
("AGFA") for the provision of recordkeeping and shareholder services to
retirement and employee benefit plans purchasing Class I shares. Under the
-------------------------------------------------------------------------------
<PAGE>
132
NOTES TO FINANCIAL STATEMENTS CONTINUED
terms of the Service Agreement, the Series pays AGRS a fee on Class I shares
equal to 0.25% of average net assets of each fund's Class I shares, other than
the Lifestyle Funds. For the six months ended April 30, 2000, the Series owed
AGRS $47,590 pursuant to the Service Agreement.
At April 30, 2000, the Series owed to the advisor or affiliates of the advisor
$2,839,926 which includes fees payable from Advisory, Accounting Services,
Administrative Services and Distribution Services, net of expense
reimbursements.
At April 30, 2000, the American General Retirement Plan, a Defined Benefit
Pension Plan sponsored by American General Corporation, owned directly or
indirectly, over 5 percent of the outstanding shares of the AGSPC2 High Yield
Bond Fund and Core Bond Fund.
At April 30, 2000, VALIC, as sponsor of the Series, owned over 5% of the
outstanding shares of each Fund, except High Yield Bond Fund and Core Bond
Fund.
During the six months ended April 30, 2000, security transactions were affected
between the following Funds at the then current market price with no brokerage
commissions incurred:
<TABLE>
<CAPTION>
Seller Purchaser Cost to Purchaser Net Gain to Seller
--------------- -------------- ----------------- ------------------
<S> <C> <C> <C>
Mid Cap Index Stock Index $88,705 $40,786
High Yield Bond Strategic Bond 92,461 (3,867)
</TABLE>
Note 4 -- Investment Activity
The information in the following table is presented on the basis of cost for
Federal income tax purposes at April 30, 2000.
<TABLE>
<CAPTION>
Gross Gross
Identified Unrealized Unrealized Net
Cost Appreciation Depreciation Unrealized
--------------------------------------------------
<S> <C> <C> <C> <C>
Stock Index Fund........... $22,350,613 $4,436,584 $1,808,250 $ 2,628,334
Mid Cap Index.............. 8,345,399 1,880,498 1,061,926 818,572
Small Cap Index............ 5,870,815 1,624,570 1,385,116 239,454
International Growth Fund.. 10,226,734 2,099,531 738,610 1,360,921
Large Cap Growth Fund...... 19,475,585 5,457,816 1,411,030 4,046,786
Mid Cap Growth Fund........ 15,628,702 3,206,456 2,260,742 945,714
Small Cap Growth Fund...... 21,312,616 4,059,839 2,789,378 1,270,461
International Value Fund... 10,108,015 4,008,674 626,680 3,381,994
Large Cap Value Fund....... 11,938,235 1,148,045 469,123 678,922
Mid Cap Value Fund......... 12,312,569 1,215,474 442,445 773,029
Small Cap Value Fund....... 5,741,671 946,432 684,415 262,017
Socially Responsible Fund.. 7,434,641 1,810,710 685,261 1,125,449
Science & Technology....... 10,008,379 269,800 785,061 (515,261)
Balanced Fund.............. 12,263,929 1,831,314 938,094 893,220
High Yield Bond Fund....... 66,007,690 440,967 5,204,314 (4,763,347)
Strategic Bond Fund........ 5,723,168 92,302 288,810 (196,508)
Domestic Bond Fund......... 18,277,948 1,172 623,123 (621,951)
Core Bond Fund............. 309,686,904 98,416 11,699,451 (11,601,035)
Municipal Bond Fund........ 7,124,071 81 471,934 (471,853)
Money Market Fund.......... 24,135,953 - - -
Municipal Money Market
Fund....................... 7,250,000 - - -
Growth Lifestyle Fund...... 16,311,251 1,057,106 249,766 807,340
Moderate Growth Lifestyle
Fund....................... 15,394,192 1,166,339 213,057 953,282
Conservative Growth
Lifestyle Fund............. 15,126,038 633,734 275,063 358,671
</TABLE>
The following net realized capital loss carryforwards at April 30, 2000, may be
utilized to offset future capital gains.
<TABLE>
<CAPTION>
Capital Loss Carryforward Expiration through
------------------------- ------------------
<S> <C> <C>
Small Cap Value Fund.............. $ 149,815 June 30, 2000(*)
High Yield Bond Fund.............. 710,603 October 31, 2007
Strategic Bond Fund............... 128,913 October 31, 2007
Domestic Bond Fund................ 170,201 October 31, 2007
Core Bond Fund.................... 7,080,619 October 31, 2007
Municipal Bond Fund............... 20,931 October 31, 2007
</TABLE>
----
(*) The capital loss carryforward for Small Cap Value Fund will expire if not
utilized prior to liquidation.
During the six months ended April 30, 2000, the cost of purchases and proceeds
from sales of securities, excluding short term securities were:
<TABLE>
<CAPTION>
Cost of Proceeds from
Securities Securities Sold
Fund Purchased or Matured
--------------------------------------------------------------------------------
<S> <C> <C>
Stock Index Fund.................................... $ 6,310,599 $ 138,297
Mid Cap Index Fund.................................. 3,634,453 1,744,001
Small Cap Index Fund................................ 1,483,002 1,364,094
International Growth Fund........................... 6,063,781 4,811,844
Large Cap Growth Fund............................... 10,432,728 5,815,609
Mid Cap Growth Fund................................. 4,438,026 4,484,864
Small Cap Growth Fund............................... 21,152,556 12,225,026
International Value Fund............................ 4,357,933 1,520,437
Large Cap Value Fund................................ 10,313,469 7,978,014
Mid Cap Value Fund.................................. 10,943,714 8,279,861
Small Cap Value Fund................................ 2,724,297 2,865,143
Socially Responsible Fund........................... 2,849,290 2,755,456
Science & Technology Fund........................... 12,932,810 2,669,772
Balanced Fund....................................... 4,837,193 2,932,745
High Yield Bond Fund................................ 28,972,370 22,510,306
Strategic Bond Fund................................. 3,255,042 2,573,833
Domestic Bond Fund.................................. 8,263,821 2,259,238
Core Bond Fund...................................... 754,777,110 759,469,325
Municipal Bond Fund................................. 969,627 1,193,207
Growth Lifestyle Fund............................... 12,106,057 5,956,042
Moderate Growth Lifestyle Fund...................... 9,961,101 5,038,259
Conservative Growth Lifestyle Fund.................. 8,723,190 4,504,132
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
133
NOTES TO FINANCIAL STATEMENTS CONTINUED
Note 5 -- Investment Holdings by Country
The following represents long-term investment holdings by country held by the
International Growth Fund and International Value Fund, as of April 30, 2000:
<TABLE>
<CAPTION>
International Growth Fund International Value Fund
----------------------------- ---------------------------
Percent of Market Percent of Market
Country Net Assets Value Net Assets Value
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Australia............... 1.67% $ 192,390 3.49% $ 504,298
Austria................. 1.48 170,477 - -
Brazil.................. 4.18 482,366 0.41 58,775
Canada.................. 1.61 186,225 3.24 465,823
Finland................. 1.69 194,998 4.00 575,434
France.................. 14.94 1,723,539 6.23 895,891
Germany................. 4.96 572,563 6.46 929,812
Hong Kong............... 10.33 1,192,340 2.29 329,653
Ireland................. - - 0.83 119,067
Italy................... 0.11 12,816 2.97 426,874
Japan................... 13.91 1,604,945 27.85 4,007,259
Korea................... 5.61 647,769 1.59 229,101
Mexico.................. 2.77 319,497 1.75 252,275
Netherlands............. 9.54 1,101,388 5.59 804,738
Norway.................. - - 0.29 42,095
Philippines............. 0.33 37,641 - -
Portugal................ - - 0.22 31,991
Singapore............... - - 1.27 183,451
Spain................... 0.92 106,375 1.76 252,999
Supra National.......... - - 1.64 236,513
Sweden.................. 4.28 493,892 1.87 266,834
Switzerland............. 1.22 141,354 4.00 575,088
Taiwan.................. - - 2.20 316,984
United Kingdom.......... 10.87 1,254,749 13.99 2,013,281
United States........... 1.79 205,331 - -
---------------------------------------------------------
Total value of
investments............. 92.21 10,640,655 93.94 13,518,236
Other assets less
liabilities............. 7.79 899,435 6.06 872,036
---------------------------------------------------------
Net assets.............. 100.00% $ 11,540,090 100.00% $ 14,390,272
---------------------------------------------------------
</TABLE>
Note 6 -- Subsequent Events
On June 22, 2000, special meetings of the shareholders of AGSPC 2 were held to
approve the following:
1.(a) An Agreement and Plan of Conversion and Termination providing for the
conversion of each of the following funds into a corresponding newly
created series of the North American Funds, effective July 7, 2000:
<TABLE>
<CAPTION>
AGSPC 2 Fund North American Fund
------------ -------------------
<S> <C>
Small Cap Index
Fund Small Cap Index Fund
Socially
Responsible Fund Socially Responsible Fund
High Yield Bond
Fund High Yield Bond Fund
Growth Lifestyle
Fund Aggressive Growth Lifestyle Fund
Moderate Growth
Lifestyle Fund Moderate Growth Lifestyle Fund
Conservative
Growth Lifestyle
Fund Conservative Growth Lifestyle Fund
Municipal Money
Market Fund Municipal Money Market Fund
Science &
Technology Fund Science & Technology Fund
</TABLE>
On June 22, 2000, the shareholders approved the Agreement and Plan of
Conversion and Termination.
(b) Each of the above referenced AGSPC 2 Funds approved an investment
advisory agreement with American General Asset Management Corp., an
affiliate of VALIC.
(c) Each of the above referenced AGSPC 2 Funds other than Science &
Technology Fund approved an investment sub-advisory agreement with
American General Investment Management, L. P.
(d) Each of the above referenced AGSPC 2 Funds Class A and Class B
shareholders (except Municipal Money Market Fund and the three Lifestyle
Funds) approved an increase in the Rule 12b-1 distribution fee.
(e) Each of the Lifestyle Funds Class A and Class B shareholders approved a
Rule 12b-1 distribution plan.
2. An Agreement and Plan of Reorganization providing for the acquisition of
all of the assets and liabilities of the AGSPC 2 Fund by the North American
Fund, as indicated below, effective July 7, 2000:
<TABLE>
<CAPTION>
AGSPC 2 Fund North American Fund
------------ -------------------
<S> <C>
Large Cap Growth Fund Large Cap Growth Fund
Mid Cap Growth Fund Mid Cap Growth Fund
Small Cap Growth Fund Small Cap Growth Fund
Large Cap Value Fund Growth & Income Fund
Mid Cap Value Fund Mid Cap Value Fund
Stock Index Fund Stock Index Fund
Balanced Fund Balanced Fund
International Growth
Fund International Equity Fund
International Value
Fund International Equity Fund
Core Bond Fund Core Bond Fund
Domestic Bond Fund Core Bond Fund
Strategic Bond Fund Strategic Income Fund
Municipal Bond Fund Municipal Bond Fund
Money Market Fund Money Market Fund
</TABLE>
On June 22, 2000, the shareholders approved the Agreement and Plan of
Reorganization.
On June 30, 2000, the Small Cap Value Fund and the Mid Cap Index Fund (the
"Funds") were liquidated. The Plan of Liquidation was approved by the Board of
Trustees on April 18, 2000 and, by written consent of the majority
shareholder, on June 30, 2000. The Board of Trustees authorized the waiver of
the Contingent Deferred Sales Charge (CDSC) on redemption of Class B shares by
shareholders of the Funds.
-------------------------------------------------------------------------------
<PAGE>
134
FINANCIAL HIGHLIGHTS (Unaudited)
Per share data is for a share of beneficial interest outstanding throughout
the period. Total return includes reinvestment of distributions on the
reinvestment date. Total returns and ratios for periods of less than one year
are not annualized.
CLASS A SHARES
<TABLE>
<CAPTION>
Stock Mid Cap Small Cap International
Index Fund Index Fund Index Fund Growth Fund
---------------------- ---------------------- ---------------------- ----------------------
For the For the For the For the For the For the For the For the
Six Months Fiscal Year Six Months Fiscal Year Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended Ended Ended Ended Ended
April 30, October 31, April 30, October 31, April 30, October 31, April 30, October 31,
2000 1999 2000 1999 2000 1999 2000 1999
---------- ----------- ---------- ----------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year............. $12.32 $10.00 $11.80 $10.00 $11.03 $10.00 $11.50 $10.00
-------------------------------------------------------------------------------------------
Income (loss)
from investment
operations:
Net investment
income (loss)... 0.06 0.11 0.05 0.10 0.08 0.10 - 0.10
Net realized and
unrealized gain
on securities... 0.73 2.32 2.18 1.80 1.48 1.03 3.70 1.40
-------------------------------------------------------------------------------------------
Total income
from investment
operations...... 0.79 2.43 2.23 1.90 1.56 1.13 3.70 1.50
-------------------------------------------------------------------------------------------
Distributions:
Distributions
from net
investment
income.......... (0.06) (0.11) (0.05) (0.10) (0.08) (0.10) (0.19) -
Distributions
from net
realized gain on
securities...... (0.08) - (1.14) - (1.09) - (0.24) -
-------------------------------------------------------------------------------------------
Total
distributions... (0.14) (0.11) (1.19) (0.10) (1.17) (0.10) (0.43) -
-------------------------------------------------------------------------------------------
Net asset value
at end of
period........... $12.97 $12.32 $12.84 $11.80 $11.42 $11.03 $14.77 $11.50
-------------------------------------------------------------------------------------------
TOTAL RETURN..... 6.43 % 24.36 % 20.12 % 19.00 % 14.44 % 11.32 % 32.27 % 15.03 %
-------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 0.41 % 0.82 % 0.41 % 0.83 % 0.41 % 0.83 % 0.70 % 1.40 %
Ratio of expenses
to average net
assets before
expense
reductions....... 0.66 % 1.53 % 0.71 % 1.67 % 0.73 % 1.69 % 1.08 % 2.68 %
Ratio of net
investment income
(loss) to average
net assets....... 0.47 % 1.08 % 0.44 % 0.91 % 0.64 % 0.97 % (0.02)% 1.06 %
Portfolio
turnover rate.... 1 % 14 % 22 % 44 % 22 % 48 % 50 % 91 %
Number of shares
outstanding at
end of period
(000's).......... 573 457 323 272 299 263 164 143
Net assets at the
end of period
(000's).......... $7,429 $5,634 $4,147 $3,209 $3,418 $2,900 $2,425 $1,650
<CAPTION>
Large Cap Mid Cap
Growth Fund Growth Fund
---------------------- ----------------------
For the For the For the For the
Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended
April 30, October 31, April 30, October 31,
2000 1999 2000 1999
---------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year............. $13.60 $10.00 $10.30 $10.00
---------------------------------------------
Income (loss)
from investment
operations:
Net investment
income (loss)... (0.01) (0.01) (0.03) (0.03)
Net realized and
unrealized gain
on securities... 2.43 3.61 2.25 0.33
---------------------------------------------
Total income
from investment
operations...... 2.42 3.60 2.22 0.30
---------------------------------------------
Distributions:
Distributions
from net
investment
income.......... - - - -
Distributions
from net
realized gain on
securities...... (0.12) - (0.31) -
---------------------------------------------
Total
distributions... (0.12) - (0.31) -
---------------------------------------------
Net asset value
at end of
period........... $15.90 $13.60 $12.21 $10.30
---------------------------------------------
TOTAL RETURN..... 17.81 % 36.00 % 21.91 % 3.01 %
---------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 0.55 % 1.10 % 0.52 % 1.04 %
Ratio of expenses
to average net
assets before
expense
reductions....... 0.82 % 2.03 % 0.97 % 2.36 %
Ratio of net
investment income
(loss) to average
net assets....... (0.10)% (0.10)% (0.24)% (0.31)%
Portfolio
turnover rate.... 29 % 65 % 28 % 25 %
Number of shares
outstanding at
end of period
(000's).......... 272 203 172 172
Net assets at the
end of period
(000's).......... $4,329 $2,760 $2,104 $1,769
</TABLE>
-------------------------------------------------------------------------------
<PAGE>
135
FINANCIAL HIGHLIGHTS (Unaudited) - CONTINUED
Per share data is for a share of beneficial interest outstanding throughout
the period. Total return includes reinvestment of distributions on the
reinvestment date. Total returns and ratios for periods of less than one year
are not annualized.
CLASS A SHARES CONTINUED
<TABLE>
<CAPTION>
Small Cap International Large Cap Mid Cap
Growth Fund Value Fund Value Fund Value Fund
---------------------- ---------------------- ---------------------- ----------------------
For the For the For the For the For the For the For the For the
Six Months Fiscal Year Six Months Fiscal Year Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended Ended Ended Ended Ended
April 30, October 31, April 30, October 31, April 30, October 31, April 30, October 31,
2000 1999 2000 1999 2000 1999 2000 1999
---------- ----------- ---------- ----------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year............. $14.17 $10.00 $14.42 $10.00 $11.39 $10.00 $11.98 $10.00
-------------------------------------------------------------------------------------------
Income (loss)
from investment
operations:
Net investment
income (loss)... (0.07) (0.07) - 0.04 0.05 0.09 0.01 0.06
Net realized and
unrealized gain
(loss) on
securities...... 3.21 4.24 2.76 4.38 - 1.39 1.84 1.97
-------------------------------------------------------------------------------------------
Total income
(loss) from
investment
operations...... 3.14 4.17 2.76 4.42 0.05 1.48 1.85 2.03
-------------------------------------------------------------------------------------------
Distributions:
Distributions
from net
investment
income.......... - - (0.14) - (0.05) (0.09) - (0.05)
Distributions
from net
realized gain on
securities...... (0.61) - (0.40) - (0.32) - (1.44) -
-------------------------------------------------------------------------------------------
Total
distributions... (0.61) - (0.54) - (0.37) (0.09) (1.44) (0.05)
-------------------------------------------------------------------------------------------
Net asset value
at end of
period........... $16.70 $14.17 $16.64 $14.42 $11.07 $11.39 $12.39 $11.98
-------------------------------------------------------------------------------------------
TOTAL RETURN..... 21.90 % 41.80 % 19.24 % 44.22 % 0.57 % 14.85 % 16.70 % 20.23 %
-------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 0.70 % 1.40 % 0.64 % 1.29 % 0.52 % 1.05 % 0.64 % 1.29 %
Ratio of expenses
to average net
assets before
expense
reductions....... 0.97 % 2.44 % 1.09 % 2.65 % 0.88 % 2.13 % 1.00 % 2.43 %
Ratio of net
investment income
(loss) to average
net assets....... (0.42)% (0.71)% (0.02)% 0.38 % 0.48 % 0.93 % 0.07 % 0.51 %
Portfolio
turnover rate.... 66 % 128 % 13 % 32 % 70 % 66 % 75 % 177 %
Number of shares
outstanding at
end of period
(000's).......... 256 171 177 134 212 178 205 144
Net assets at the
end of period
(000's).......... $4,273 $2,424 $2,948 $1,936 $2,341 $2.028 $2,545 $1,728
<CAPTION>
Small Cap Socially
Value Fund Responsible Fund
---------------------- ----------------------
For the For the For the For the
Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended
April 30, October 31, April 30, October 31,
2000 1999 2000 1999
---------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year............. $ 9.27 $10.00 $12.15 $10.00
---------------------------------------------
Income (loss)
from investment
operations:
Net investment
income (loss)... 0.07 0.11 0.04 0.10
Net realized and
unrealized gain
(loss) on
securities...... 0.98 (0.73) 0.54 2.15
---------------------------------------------
Total income
(loss) from
investment
operations...... 1.05 (0.62) 0.58 2.25
---------------------------------------------
Distributions:
Distributions
from net
investment
income.......... (0.07) (0.11) (0.04) (0.10)
Distributions
from net
realized gain on
securities...... - - (0.49) -
---------------------------------------------
Total
distributions... (0.07) (0.11) (0.53) (0.10)
---------------------------------------------
Net asset value
at end of
period........... $10.25 $ 9.27 $12.20 $12.15
---------------------------------------------
TOTAL RETURN..... 11.35 % (6.29)% 4.81 % 22.53 %
---------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 0.61 % 1.23 % 0.40 % 0.80 %
Ratio of expenses
to average net
assets before
expense
reductions....... 1.10 % 2.61 % 0.80 % 1.97 %
Ratio of net
investment income
(loss) to average
net assets....... 0.64 % 1.15 % 0.37 % 0.87 %
Portfolio
turnover rate.... 46 % 91 % 33 % 24 %
Number of shares
outstanding at
end of period
(000's).......... 136 148 149 137
Net assets at the
end of period
(000's).......... $1,394 $1,371 $1,818 $1,633
</TABLE>
-------------------------------------------------------------------------------
<PAGE>
136
FINANCIAL HIGHLIGHTS (Unaudited) - CONTINUED
Per share data is for a share of beneficial interest outstanding throughout
the period. Total return includes reinvestment of distributions on the
reinvestment date. Total returns and ratios for periods of less than one year
are not annualized.
CLASS A SHARES CONTINUED
<TABLE>
<CAPTION>
Science & Technology Balanced High Yield Strategic
Fund Fund Bond Fund Bond Fund
-------------------------- ---------------------- ---------------------- ----------------------
For the Period For the For the For the For the For the For the For the
from Inception Fiscal Year Six Months Fiscal Year Six Months Fiscal Year Six Months Fiscal Year
(February 29, Ended Ended Ended Ended Ended Ended Ended
2000) to October 31, April 30, October 31, April 30, October 31, April 30, October 31,
April 30, 2000 1999 2000 1999 2000 1999 2000 1999
-------------- ----------- ---------- ----------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year*............ $ 10.00 $ - $11.36 $10.00 $9.43 $10.00 $ 9.55 $10.00
-----------------------------------------------------------------------------------------------
Income (loss)
from investment
operations:
Net investment
income.......... - - 0.12 0.21 0.45 0.81 0.38 0.67
Net realized and
unrealized gain
(loss) on
securities...... (1.06) - 0.71 1.36 (0.41) (0.57) (0.13) (0.45)
-----------------------------------------------------------------------------------------------
Total income
(loss) from
investment
operations...... (1.06) - 0.83 1.57 0.04 0.24 0.25 0.22
-----------------------------------------------------------------------------------------------
Distributions:
Distributions
from net
investment
income.......... - - (0.12) (0.21) (0.44) (0.81) (0.36) (0.67)
Distributions
from net
realized gain on
securities...... - - (0.23) - - - - -
-----------------------------------------------------------------------------------------------
Total
distributions... - - (0.35) (0.21) (0.44) (0.81) (0.36) (0.67)
-----------------------------------------------------------------------------------------------
Net asset value
at end of
period........... $ 8.94 $ - $11.84 $11.36 $9.03 $ 9.43 $ 9.44 $ 9.55
-----------------------------------------------------------------------------------------------
TOTAL RETURN..... (10.60)% - 7.47 % 15.72 % 0.45 % 2.28% 2.61 % 2.26 %
-----------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 0.24 % - 0.53 % 1.07 % 0.63 % 1.25 % 0.57 % 1.15 %
Ratio of expenses
to average net
assets before
expense
reductions....... 0.38 % - 1.04 % 2.47 % 1.31 % 2.01 % 1.00 % 2.48 %
Ratio of net
investment income
(loss) to average
net assets....... (0.04)% - 1.10 % 1.98 % 4.85 % 5.69 % 3.92 % 6.92 %
Portfolio
turnover rate.... 114 % - 24 % 62 % 38 % 72 % 48 % 183 %
Number of shares
outstanding at
end of period
(000's).......... 252 - 193 159 23 4 177 136
Net assets at the
end of period
(000's).......... $ 2,257 $ - $2,283 $1,809 $ 207 $ 34 $1,668 $1,298
<CAPTION>
Domestic Core
Bond Fund Bond Fund
---------------------- ----------------------
For the For the For the For the
Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended
April 30, October 31, April 30, October 31,
2000 1999 2000 1999
---------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year*............ $ 9.37 $10.00 $9.45 $10.00
---------------------------------------------
Income (loss)
from investment
operations:
Net investment
income.......... 0.26 0.50 0.28 0.50
Net realized and
unrealized gain
(loss) on
securities...... (0.23) (0.63) (0.24) (0.55)
---------------------------------------------
Total income
(loss) from
investment
operations...... 0.03 (0.13) 0.04 (0.05)
---------------------------------------------
Distributions:
Distributions
from net
investment
income.......... (0.25) (0.50) (0.30) (0.50)
Distributions
from net
realized gain on
securities...... - - - -
---------------------------------------------
Total
distributions... (0.25) (0.50) (0.30) (0.50)
---------------------------------------------
Net asset value
at end of
period........... $ 9.15 $ 9.37 $9.19 $ 9.45
---------------------------------------------
TOTAL RETURN..... 0.34 % (1.34)% 0.40 % (0.52)%
---------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 0.51 % 1.03 % 0.52 % 1.05 %
Ratio of expenses
to average net
assets before
expense
reductions....... 0.92 % 2.30 % 1.31 % 1.59 %
Ratio of net
investment income
(loss) to average
net assets....... 2.82 % 5.21 % 3.04 % 4.43 %
Portfolio
turnover rate.... 16 % 98 % 245 % 469 %
Number of shares
outstanding at
end of period
(000's).......... 320 208 15 14
Net assets at the
end of period
(000's).......... $2,929 $1,948 $ 136 $ 130
</TABLE>
* For the Science & Technology Fund, net asset value shown is as of February
29, 2000.
-------------------------------------------------------------------------------
<PAGE>
137
FINANCIAL HIGHLIGHTS (Unaudited) - CONTINUED
Per share data is for a share of beneficial interest outstanding throughout
the period. Total return includes reinvestment of distributions on the
reinvestment date. Total returns and ratios for periods of less than one year
are not annualized.
CLASS A SHARES CONTINUED
<TABLE>
<CAPTION>
Municipal Money Market Municipal Money
Bond Fund Fund Market Fund Growth Lifestyle Fund
---------------------- ----------------------- ---------------------- ----------------------
For the For the For the For the For the For the For the For the
Six Months Fiscal Year Six Months Fiscal Year Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended Ended Ended Ended Ended
April 30, October 31, April 30, October 31, April 30, October 31, April 30, October 31,
2000 1999 2000 1999 2000 1999 2000 1999
---------- ----------- ---------- ----------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year............. $ 9.07 $10.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $11.92 $10.00
--------------------------------------------------------------------------------------------
Income (loss)
from investment
operations:
Net investment
income.......... 0.19 0.36 0.03 0.04 0.01 0.02 0.17 0.07
Net realized and
unrealized gain
(loss) on
securities...... 0.01 (0.93) - - - - 1.71 1.91
--------------------------------------------------------------------------------------------
Total income
(loss) from
investment
operations...... 0.20 (0.57) 0.03 0.04 0.01 0.02 1.88 1.98
--------------------------------------------------------------------------------------------
Distributions:
Distributions
from net
investment
income.......... (0.19) (0.36) (0.03) (0.04) (0.01) (0.02) (0.41) (0.06)
Distributions
from net
realized gain on
securities...... - - - - - - (0.15) -
--------------------------------------------------------------------------------------------
Total
distributions... (0.19) (0.36) (0.03) (0.04) (0.01) (0.02) (0.56) (0.06)
--------------------------------------------------------------------------------------------
Net asset value
at end of
period........... $ 9.08 $ 9.07 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $13.24 $11.92
--------------------------------------------------------------------------------------------
TOTAL RETURN..... 2.24 % (5.84)% 2.58 % 4.54 % 1.36 % 2.18 % 15.89 % 19.65 %
--------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 0.52 % 1.05 % 0.40 % 0.80 % 0.52 % 1.05 % 0.05 % 0.10 %
Ratio of expenses
to average net
assets before
expense
reductions....... 0.86 % 1.93 % 0.60 % 1.42 % 0.82 % 1.89 % 0.05 % 0.10 %
Ratio of net
investment income
to average net
assets........... 2.12 % 3.69 % 2.58 % 4.58 % 1.36 % 2.18 % 0.55 % 0.63 %
Portfolio
turnover rate.... 15 % 9 % N/A N/A N/A N/A 43 % 9 %
Number of shares
outstanding at
end of period
(000's).......... 355 332 13,544 7,549 4,464 3,651 242 162
Net assets at the
end of period
(000's).......... $3,228 $3,005 $13,544 $7,549 $4,464 $3,651 $3,207 $1,929
<CAPTION>
Moderate Growth Conservative Growth
Lifestyle Fund Lifestyle Fund
---------------------- ----------------------
For the For the For the For the
Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended
April 30, October 31, April 30, October 31,
2000 1999 2000 1999
---------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year............. $11.40 $10.00 $11.03 $10.00
---------------------------------------------
Income (loss)
from investment
operations:
Net investment
income.......... 0.12 0.14 0.16 0.21
Net realized and
unrealized gain
(loss) on
securities...... 1.20 1.39 0.86 1.02
---------------------------------------------
Total income
(loss) from
investment
operations...... 1.32 1.53 1.02 1.23
---------------------------------------------
Distributions:
Distributions
from net
investment
income.......... (0.34) (0.13) (0.33) (0.20)
Distributions
from net
realized gain on
securities...... (0.09) - (0.10) -
---------------------------------------------
Total
distributions... (0.43) (0.13) (0.43) (0.20)
---------------------------------------------
Net asset value
at end of
period........... $12.29 $11.40 $11.62 $11.03
---------------------------------------------
TOTAL RETURN..... 11.76 % 15.20 % 9.29 % 12.30 %
---------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 0.05 % 0.10 % 0.05 % 0.10 %
Ratio of expenses
to average net
assets before
expense
reductions....... 0.05 % 0.10 % 0.05 % 0.10 %
Ratio of net
investment income
to average net
assets........... 0.82 % 1.33 % 1.16 % 2.01 %
Portfolio
turnover rate.... 37 % 11 % 35 % 10 %
Number of shares
outstanding at
end of period
(000's).......... 226 168 204 162
Net assets at the
end of period
(000's).......... $2,775 $1,918 $2,366 $1,790
</TABLE>
-------------------------------------------------------------------------------
<PAGE>
138
FINANCIAL HIGHLIGHTS (Unaudited) - CONTINUED
Per share data is for a share of beneficial interest outstanding throughout
the period. Total return includes reinvestment of distributions on the
reinvestment date. Total returns and ratios for periods of less than one year
are not annualized.
CLASS B SHARES
<TABLE>
<CAPTION>
Stock Mid Cap Small Cap International
Index Fund Index Fund Index Fund Growth Fund
----------------------- ---------------------- ---------------------- ----------------------
For the For the For the For the For the For the For the For the
Six Months Fiscal Year Six Months Fiscal Year Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended Ended Ended Ended Ended
April 30, October 31, April 30, October 31, April 30, October 31, April 30, October 31,
2000 1999 2000 1999 2000 1999 2000 1999
---------- ----------- ---------- ----------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year............. $ 12.23 $ 10.00 $11.79 $10.00 $11.03 $10.00 $11.40 $10.00
--------------------------------------------------------------------------------------------
Income (loss)
from investment
operations:
Net investment
income (loss)... 0.01 0.02 0.01 0.01 0.03 0.02 - 0.02
Net realized and
unrealized gain
(loss) on
securities...... 0.74 2.23 2.17 1.79 1.48 1.03 3.62 1.38
--------------------------------------------------------------------------------------------
Total income
(loss) from
investment
operations...... 0.75 2.25 2.18 1.80 1.51 1.05 3.62 1.40
--------------------------------------------------------------------------------------------
Distributions:
Distributions
from net
investment
income.......... (0.01) (0.02) (0.01) (0.01) (0.03) (0.02) (0.16) -
Distributions
from net
realized gain on
securities...... (0.08) - (1.14) - (1.09) - (0.24) -
--------------------------------------------------------------------------------------------
Total
distributions... (0.09) (0.02) (1.15) (0.01) (1.12) (0.02) (0.40) -
--------------------------------------------------------------------------------------------
Net asset value
at end of
period........... $ 12.89 $ 12.23 $12.82 $11.79 $11.42 $11.03 $14.62 $11.40
--------------------------------------------------------------------------------------------
TOTAL RETURN..... 6.19 % 22.55 % 19.68 % 18.05 % 14.01 % 10.53 % 31.66 % 14.00 %
--------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 0.78 % 1.57 % 0.79 % 1.58 % 0.79 % 1.58 % 1.07 % 2.15 %
Ratio of expenses
to average net
assets before
expense
reductions....... 0.98 % 1.98 % 1.04 % 2.29 % 1.08 % 2.37 % 1.36 % 3.15 %
Ratio of net
investment income
(loss) to average
net assets....... 0.09 % 0.37 % 0.07 % 0.17 % 0.27 % 0.23 % (0.37)% 0.24 %
Portfolio
turnover rate.... 1 % 14 % 22 % 44 % 22 % 48 % 50 % 91 %
Number of shares
outstanding at
end of period
(000's).......... 1,647 1,229 470 376 383 305 355 248
Net assets at the
end of period
(000's).......... $21,228 $15,040 $6,026 $4,433 $4,374 $3,361 $5,187 $2,826
<CAPTION>
Large Cap Mid Cap
Growth Fund Growth Fund
----------------------- ----------------------
For the For the For the For the
Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended
April 30, October 31, April 30, October 31,
2000 1999 2000 1999
----------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year............. $ 13.47 $10.00 $10.21 $10.00
----------------------------------------------
Income (loss)
from investment
operations:
Net investment
income (loss)... (0.06) (0.05) (0.06) (0.07)
Net realized and
unrealized gain
(loss) on
securities...... 2.40 3.52 2.22 0.28
----------------------------------------------
Total income
(loss) from
investment
operations...... 2.34 3.47 2.16 0.21
----------------------------------------------
Distributions:
Distributions
from net
investment
income.......... - - - -
Distributions
from net
realized gain on
securities...... (0.12) - (0.31) -
----------------------------------------------
Total
distributions... (0.12) - (0.31) -
----------------------------------------------
Net asset value
at end of
period........... $ 15.69 $13.47 $12.06 $10.21
----------------------------------------------
TOTAL RETURN..... 17.39 % 34.70 % 21.51 % 2.10 %
----------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 0.92 % 1.85 % 0.89 % 1.79 %
Ratio of expenses
to average net
assets before
expense
reductions....... 1.11 % 2.34 % 1.22 % 2.74 %
Ratio of net
investment income
(loss) to average
net assets....... (0.49)% (0.86)% (0.62)% (1.08)%
Portfolio
turnover rate.... 29 % 65 % 28 % 25 %
Number of shares
outstanding at
end of period
(000's).......... 1,076 657 440 357
Net assets at the
end of period
(000's).......... $16,877 $8,853 $5,307 $3,652
</TABLE>
-------------------------------------------------------------------------------
<PAGE>
139
FINANCIAL HIGHLIGHTS (Unaudited) - CONTINUED
Per share data is for a share of beneficial interest outstanding throughout
the period. Total return includes reinvestment of distributions on the
reinvestment date. Total returns and ratios for periods of less than one year
are not annualized.
CLASS B SHARES CONTINUED
<TABLE>
<CAPTION>
Small Cap International Large Cap Mid Cap
Growth Fund Value Fund Value Fund Value Fund
----------------------- ---------------------- ---------------------- ----------------------
For the For the For the For the For the For the For the For the
Six Months Fiscal Year Six Months Fiscal Year Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended Ended Ended Ended Ended
April 30, October 31, April 30, October 31, April 30, October 31, April 30, October 31,
2000 1999 2000 1999 2000 1999 2000 1999
---------- ----------- ---------- ----------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year............. $ 14.04 $10.00 $14.27 $10.00 $11.38 $10.00 $11.85 $10.00
--------------------------------------------------------------------------------------------
Income (loss)
from investment
operations:
Net investment
income (loss)... (0.10) (0.10) (0.02) (0.03) 0.01 0.01 (0.03) -
Net realized and
unrealized gain
(loss) on
securities...... 3.16 4.14 2.69 4.30 (0.01) 1.38 1.81 1.87
--------------------------------------------------------------------------------------------
Total income
(loss) from
investment
operations...... 3.06 4.04 2.67 4.27 - 1.39 1.78 1.87
--------------------------------------------------------------------------------------------
Distributions:
Distributions
from net
investment
income.......... - - (0.12) - (0.01) (0.01) - (0.02)
Distributions
from net
realized gain on
securities...... (0.61) - (0.40) - (0.32) - (1.44) -
--------------------------------------------------------------------------------------------
Total
distributions... (0.61) - (0.52) - (0.33) (0.01) (1.44) (0.02)
--------------------------------------------------------------------------------------------
Net asset value
at end of
period........... $ 16.49 $14.04 $16.42 $14.27 $11.05 $11.38 $12.19 $11.85
--------------------------------------------------------------------------------------------
TOTAL RETURN..... 21.54 % 40.40 % 18.88 % 42.70 % 0.10 % 13.92 % 16.16 % 18.71 %
--------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 1.07 % 2.15 % 1.02 % 2.04 % 0.90 % 1.80 % 1.02 % 2.04 %
Ratio of expenses
to average net
assets before
expense
reductions....... 1.28 % 2.83 % 1.40 % 3.06 % 1.13 % 2.48 % 1.25 % 2.77 %
Ratio of net
investment income
(loss) to average
net assets....... (0.80)% (1.44)% (0.39)% (0.40)% 0.09 % 0.17 % (0.30)% (0.26)%
Portfolio
turnover rate.... 66 % 128 % 13 % 32 % 70 % 66 % 75 % 177 %
Number of shares
outstanding at
end of period
(000's).......... 696 368 364 261 625 434 616 384
Net assets at the
end of period
(000's).......... $11,471 $5,170 $5,981 $3,731 $6,911 $4,939 $7,511 $4,555
<CAPTION>
Small Cap Socially
Value Fund Responsible Fund
---------------------- ----------------------
For the For the For the For the
Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended
April 30, October 31, April 30, October 31,
2000 1999 2000 1999
---------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year............. $ 9.26 $10.00 $12.13 $10.00
---------------------------------------------
Income (loss)
from investment
operations:
Net investment
income (loss)... 0.03 0.03 - 0.02
Net realized and
unrealized gain
(loss) on
securities...... 0.94 (0.74) 0.53 2.13
---------------------------------------------
Total income
(loss) from
investment
operations...... 0.97 (0.71) 0.53 2.15
---------------------------------------------
Distributions:
Distributions
from net
investment
income.......... (0.03) (0.03) - (0.02)
Distributions
from net
realized gain on
securities...... - - (0.49) -
---------------------------------------------
Total
distributions... (0.03) (0.03) (0.49) (0.02)
---------------------------------------------
Net asset value
at end of
period........... $10.20 $ 9.26 $12.17 $12.13
---------------------------------------------
TOTAL RETURN..... 10.50 % (7.09)% 4.39 % 21.50 %
---------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 0.99 % 1.98 % 0.77 % 1.55 %
Ratio of expenses
to average net
assets before
expense
reductions....... 1.35 % 3.08 % 1.06 % 2.49 %
Ratio of net
investment income
(loss) to average
net assets....... 0.28 % 0.42 % - 0.09 %
Portfolio
turnover rate.... 46 % 91 % 33 % 24 %
Number of shares
outstanding at
end of period
(000's).......... 242 248 298 243
Net assets at the
end of period
(000's).......... $2,471 $2,296 $3,622 $2,943
</TABLE>
-------------------------------------------------------------------------------
<PAGE>
140
FINANCIAL HIGHLIGHTS (Unaudited) - CONTINUED
Per share data is for a share of beneficial interest outstanding throughout
the period. Total return includes reinvestment of distributions on the
reinvestment date. Total returns and ratios for periods of less than one year
are not annualized.
CLASS B SHARES CONTINUED
<TABLE>
<CAPTION>
Science & Technology Balanced High Yield Strategic
Fund Fund Bond Fund Bond Fund
-------------------------- ---------------------- ---------------------- ----------------------
For the Period For the For the For the For the For the For the For the
from Inception Fiscal Year Six Months Fiscal Year Six Months Fiscal Year Six Months Fiscal Year
(February 29, Ended Ended Ended Ended Ended Ended Ended
2000) to October 31, April 30, October 31, April 30, October 31, April 30, October 31,
April 30, 2000 1999 2000 1999 2000 1999 2000 1999
-------------- ----------- ---------- ----------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year*............ $10.00 $ - $11.35 $10.00 $ 9.43 $10.00 $ 9.55 $10.00
-----------------------------------------------------------------------------------------------
Income (loss)
from investment
operations:
Net investment
income (loss)... (0.01) - 0.08 0.09 0.41 0.74 0.34 0.59
Net realized and
unrealized gain
(loss) on
securities...... (1.06) - 0.71 1.35 (0.41) (0.57) (0.13) (0.45)
-----------------------------------------------------------------------------------------------
Total income
(loss) from
investment
operations...... (1.07) - 0.79 1.44 - 0.17 0.21 0.14
-----------------------------------------------------------------------------------------------
Distributions:
Distributions
from net
investment
income.......... - - (0.08) (0.09) (0.40) (0.74) (0.32) (0.59)
Distributions
from net
realized gain on
securities...... - - (0.23) - - - - -
-----------------------------------------------------------------------------------------------
Total
distributions... - - (0.31) (0.09) (0.40) (0.74) (0.32) (0.59)
-----------------------------------------------------------------------------------------------
Net asset value
at end of
period........... $ 8.93 $ - $11.83 $11.35 $ 9.03 $ 9.43 $ 9.44 $ 9.55
-----------------------------------------------------------------------------------------------
TOTAL RETURN..... (10.70)% - 7.10 % 14.42 % 0.07 % 1.53 % 2.22 % 1.48 %
-----------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 0.37 % - 0.91 % 1.82 % 0.99 % 2.00 % 0.95 % 1.90 %
Ratio of expenses
to average net
assets before
expense
reductions....... 0.44 % - 1.28 % 2.76 % 1.23 % 2.37 % 1.34 % 3.08 %
Ratio of net
investment income
(loss) to average
net assets....... (0.19)% - 0.73 % 1.29 % 4.47 % 7.30 % 3.54 % 6.21 %
Portfolio
turnover rate.... 114 % - 24 % 62 % 38 % 72 % 48 % 183 %
Number of shares
outstanding at
end of period
(000's).......... 798 - 637 552 133 69 215 179
Net assets at the
end of period
(000's).......... $7,129 $ - $7,531 $6,261 $1,201 $ 652 $2,025 $1,704
<CAPTION>
Domestic Core
Bond Fund Bond Fund
---------------------- ----------------------
For the For the For the For the
Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended
April 30, October 31, April 30, October 31,
2000 1999 2000 1999
---------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year*............ $ 9.38 $10.00 $9.45 $10.00
---------------------------------------------
Income (loss)
from investment
operations:
Net investment
income (loss)... 0.23 0.44 0.25 0.42
Net realized and
unrealized gain
(loss) on
securities...... (0.23) (0.62) (0.25) (0.55)
---------------------------------------------
Total income
(loss) from
investment
operations...... - (0.18) - (0.13)
---------------------------------------------
Distributions:
Distributions
from net
investment
income.......... (0.22) (0.44) (0.26) (0.42)
Distributions
from net
realized gain on
securities...... - - - -
---------------------------------------------
Total
distributions... (0.22) (0.44) (0.26) (0.42)
---------------------------------------------
Net asset value
at end of
period........... $ 9.16 $ 9.38 $9.19 $ 9.45
---------------------------------------------
TOTAL RETURN..... (0.03)% (1.89)% 0.07 % (1.27)%
---------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 0.89 % 1.78 % 0.90 % 1.80 %
Ratio of expenses
to average net
assets before
expense
reductions....... 1.16 % 2.55 % 1.26 % 2.22 %
Ratio of net
investment income
(loss) to average
net assets....... 2.45 % 4.63 % 2.68 % 4.10 %
Portfolio
turnover rate.... 16 % 98 % 245 % 469 %
Number of shares
outstanding at
end of period
(000's).......... 1,088 600 45 31
Net assets at the
end of period
(000's).......... $9,970 $5,633 $ 411 $ 294
</TABLE>
* For the Science & Technology Fund, net asset value shown is as of February
29, 2000.
-------------------------------------------------------------------------------
<PAGE>
141
FINANCIAL HIGHLIGHTS (Unaudited) - CONTINUED
Per share data is for a share of beneficial interest outstanding throughout
the period. Total return includes reinvestment of distributions on the
reinvestment date. Total returns and ratios for periods of less than one year
are not annualized.
CLASS B SHARES CONTINUED
<TABLE>
<CAPTION>
Municipal Money Municipal Money
Bond Fund Market Fund Market Fund Growth Lifestyle Fund
---------------------- ---------------------- ---------------------- ----------------------
For the For the For the For the For the For the For the For the
Six Months Fiscal Year Six Months Fiscal Year Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended Ended Ended Ended Ended
April 30, October 31, April 30, October 31, April 30, October 31, April 30, October 31,
2000 1999 2000 1999 2000 1999 2000 1999
---------- ----------- ---------- ----------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year............. $ 9.06 $10.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $11.90 $10.00
-------------------------------------------------------------------------------------------
Income (loss)
from investment
operations:
Net investment
income.......... 0.16 0.28 0.02 0.04 0.01 0.01 0.18 0.06
Net realized and
unrealized gain
(loss) on
securities...... 0.02 (0.94) - - - - 1.70 1.89
-------------------------------------------------------------------------------------------
Total income
(loss) from
investment
operations...... 0.18 (0.66) 0.02 0.04 0.01 0.01 1.88 1.95
-------------------------------------------------------------------------------------------
Distributions:
Distributions
from net
investment
income.......... (0.16) (0.28) (0.02) (0.04) (0.01) (0.01) (0.40) (0.05)
Distributions
from net
realized gain on
securities...... - - - - - - (0.15) -
-------------------------------------------------------------------------------------------
Total
distributions... (0.16) (0.28) (0.02) (0.04) (0.01) (0.01) (0.55) (0.05)
-------------------------------------------------------------------------------------------
Net asset value
at end of
period........... $ 9.08 $ 9.06 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $13.23 $11.90
-------------------------------------------------------------------------------------------
TOTAL RETURN..... 1.97 % (6.75)% 2.20 % 3.93 % 0.98 % 1.42 % 15.83 % 19.52 %
-------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 0.89 % 1.80 % 0.77 % 1.55 % 0.90 % 1.80 % 0.05 % 0.10 %
Ratio of expenses
to average net
assets before
expense
reductions....... 1.21 % 2.56 % 1.05 % 2.23 % 1.25 % 2.69 % 0.05 % 0.10 %
Ratio of net
investment income
to average net
assets........... 1.74 % 2.98 % 2.17 % 3.97 % 0.98 % 1.42 % 0.55 % 0.66 %
Portfolio
turnover rate.... 15 % 9 % N/A N/A N/A N/A 43 % 9 %
Number of shares
outstanding at
end of period
(000's).......... 423 450 4,410 6,058 2,872 2,841 728 413
Net assets at the
end of period
(000's).......... $3,840 $4,074 $4,410 $6,058 $2,872 $2,841 $9,632 $4,915
<CAPTION>
Moderate Growth Conservative Growth
Lifestyle Fund Lifestyle Fund
---------------------- ----------------------
For the For the For the For the
Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended
April 30, October 31, April 30, October 31,
2000 1999 2000 1999
---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year............. $11.42 $10.00 $11.06 $10.00
---------------------------------------------
Income (loss)
from investment
operations:
Net investment
income.......... 0.16 0.12 0.17 0.18
Net realized and
unrealized gain
(loss) on
securities...... 1.17 1.41 0.84 1.05
---------------------------------------------
Total income
(loss) from
investment
operations...... 1.33 1.53 1.01 1.23
---------------------------------------------
Distributions:
Distributions
from net
investment
income.......... (0.37) (0.11) (0.32) (0.17)
Distributions
from net
realized gain on
securities...... (0.09) - (0.10) -
---------------------------------------------
Total
distributions... (0.46) (0.11) (0.42) (0.17)
---------------------------------------------
Net asset value
at end of
period........... $12.29 $11.42 $11.65 $11.06
---------------------------------------------
TOTAL RETURN..... 11.80 % 15.26 % 9.34 % 12.21 %
---------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 0.05 % 0.10 % 0.05 % 0.10 %
Ratio of expenses
to average net
assets before
expense
reductions....... 0.05 % 0.10 % 0.05 % 0.10 %
Ratio of net
investment income
to average net
assets........... 0.81 % 1.40 % 1.15 % 2.11 %
Portfolio
turnover rate.... 37 % 11 % 35 % 10 %
Number of shares
outstanding at
end of period
(000's).......... 752 486 794 532
Net assets at the
end of period
(000's).......... $9,244 $5,553 $9,244 $5,880
</TABLE>
-------------------------------------------------------------------------------
<PAGE>
142
FINANCIAL HIGHLIGHTS (Unaudited) - CONTINUED
Per share data is for a share of beneficial interest outstanding throughout
the period. Total return includes reinvestment of distributions on the
reinvestment date. Total returns and ratios for periods of less than one year
are not annualized.
CLASS I SHARES
<TABLE>
<CAPTION>
International Large Cap Mid Cap Small Cap
Growth Fund Growth Fund Growth Fund Growth Fund
---------------------- ---------------------- ---------------------- ----------------------
For the For the For the For the For the For the For the For the
Six Months Fiscal Year Six Months Fiscal Year Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended Ended Ended Ended Ended
April 30, October 31, April 30, October 31, April 30, October 31, April 30, October 31,
2000 1999 2000 1999 2000 1999 2000 1999
---------- ----------- ---------- ----------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year............. $11.51 $10.00 $13.61 $10.00 $10.32 $10.00 $14.19 $10.00
-------------------------------------------------------------------------------------------
Income (loss)
from investment
operations:
Net investment
income (loss)... 0.02 0.12 (0.01) - (0.02) (0.01) (0.05) (0.04)
Net realized and
unrealized gain
(loss) on
securities...... 3.70 1.39 2.44 3.61 2.25 0.33 3.20 4.23
-------------------------------------------------------------------------------------------
Total income
(loss) from
investment
operations...... 3.72 1.51 2.43 3.61 2.23 0.32 3.15 4.19
-------------------------------------------------------------------------------------------
Distributions:
Distributions
from net
investment
income.......... (0.19) - - - - - - -
Distributions
from net
realized gain on
securities...... (0.24) - (0.12) - (0.31) - (0.61) -
-------------------------------------------------------------------------------------------
Total
distributions... (0.43) - (0.12) - (0.31) - (0.61) -
-------------------------------------------------------------------------------------------
Net asset value
at end of
period........... $14.80 $11.51 $15.92 $13.61 $12.24 $10.32 $16.73 $14.19
-------------------------------------------------------------------------------------------
TOTAL RETURN..... 32.30 % 15.16% 17.88 % 36.14% 21.97 % 3.24% 22.03 % 41.90 %
-------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 0.64 % 1.28% 0.49 % 0.98% 0.46 % 0.92 % 0.64 % 1.28 %
Ratio of expenses
to average net
assets before
expense
reductions....... 1.11 % 2.75% 0.85 % 2.18% 0.83 % 1.83 % 0.96 % 2.42 %
Ratio of net
investment income
(loss) to average
net assets....... 0.04 % 1.18% (0.04)% - (0.19)% (0.14)% (0.36)% (0.58)%
Portfolio
turnover rate.... 50 % 91% 29 % 65% 28 % 25 % 66 % 128 %
Number of shares
outstanding at
end of period
(000's).......... 143 129 258 215 655 680 347 256
Net assets at the
end of period
(000's).......... $2,119 $1,487 $4,114 $2,923 $8,022 $7,010 $5,808 $3,626
<CAPTION>
International Large Cap
Value Fund Value Fund
---------------------- ----------------------
For the For the For the For the
Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended
April 30, October 31, April 30, October 31,
2000 2000 2000 2000
---------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year............. $14.42 $10.00 $11.40 $10.00
---------------------------------------------
Income (loss)
from investment
operations:
Net investment
income (loss)... 0.03 0.05 0.06 0.11
Net realized and
unrealized gain
(loss) on
securities...... 2.74 4.37 (0.01) 1.40
---------------------------------------------
Total income
(loss) from
investment
operations...... 2.77 4.42 0.05 1.51
---------------------------------------------
Distributions:
Distributions
from net
investment
income.......... (0.14) - (0.06) (0.11)
Distributions
from net
realized gain on
securities...... (0.40) - (0.32) -
---------------------------------------------
Total
distributions... (0.54) - (0.38) (0.11)
---------------------------------------------
Net asset value
at end of
period........... $16.65 $14.42 $11.07 $11.40
---------------------------------------------
TOTAL RETURN..... 19.40 % 44.25% 0.61 % 15.09 %
---------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 0.58 % 1.17% 0.46 % 0.93 %
Ratio of expenses
to average net
assets before
expense
reductions....... 1.09 % 2.68% 0.92 % 2.29 %
Ratio of net
investment income
(loss) to average
net assets....... 0.05 % 0.48% 0.53 % 1.05 %
Portfolio
turnover rate.... 13 % 32% 70 % 66 %
Number of shares
outstanding at
end of period
(000's).......... 211 148 188 155
Net assets at the
end of period
(000's).......... $3,511 $2,132 $2,077 $1,761
</TABLE>
-------------------------------------------------------------------------------
<PAGE>
143
FINANCIAL HIGHLIGHTS (Unaudited) - CONTINUED
Per share data is for a share of beneficial interest outstanding throughout
the period. Total return includes reinvestment of distributions on the
reinvestment date. Total returns and ratios for periods of less than one year
are not annualized.
CLASS I SHARES CONTINUED
<TABLE>
<CAPTION>
Mid Cap Small Cap Socially Science & Technology
Value Fund Value Fund Responsible Fund Fund
---------------------- ---------------------- ---------------------- --------------------------
For the For the For the For the For the For the For the period For the
Six Months Fiscal Year Six Months Fiscal Year Six Months Fiscal Year from Inception Fiscal Year
Ended Ended Ended Ended Ended Ended (February 29, Ended
April 30, October 31, April 30, October 31, April 30, October 31 2000) to October 31,
2000 1999 2000 1999 2000 1999 April 30, 2000 1999
---------- ----------- ---------- ----------- ---------- ----------- -------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year*............ $11.95 $10.00 $ 9.27 $10.00 $12.16 $10.00 $10.00 $ -
------------------------------------------------------------------------------------------------
Income (loss)
from investment
operations:
Net investment
income.......... 0.01 0.07 0.07 0.12 0.05 0.11 - -
Net realized and
unrealized gain
(loss) on
securities...... 1.85 1.94 0.97 (0.73) 0.54 2.16 (1.06) -
------------------------------------------------------------------------------------------------
Total income
(loss) from
investment
operations...... 1.86 2.01 1.04 (0.61) 0.59 2.27 (1.06) -
------------------------------------------------------------------------------------------------
Distributions:
Distributions
from net
investment
income.......... - (0.06) (0.07) (0.12) (0.05) (0.11) - -
Distributions
from net
realized gain on
securities...... (1.44) - - - (0.49) - - -
------------------------------------------------------------------------------------------------
Total
distributions... (1.44) (0.06) (0.07) (0.12) (0.54) (0.11) - -
------------------------------------------------------------------------------------------------
Net asset value
at end of
period........... $12.37 $11.95 $10.24 $ 9.27 $12.21 $12.16 $ 8.94 $ -
------------------------------------------------------------------------------------------------
TOTAL RETURN..... 16.74 % 20.18 % 11.30 % (6.16)% 4.88 % 22.73 % (10.60)% -
------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 0.58 % 1.17 % 0.55 % 1.11 % 0.34 % 0.68 % 0.23 % -
Ratio of expenses
to average net
assets before
expense
reductions....... 1.04 % 2.51 % 1.14 % 2.68 % 0.75 % 1.89 % 0.61 % -
Ratio of net
investment income
to average net
assets........... 0.13 % 0.64 % 0.70 % 1.26 % 0.44 % 0.97 % 0.01 % -
Portfolio
turnover rate.... 75 % 177 % 46 % 91 % 33 % 24 % 114 % -
Number of shares
outstanding at
end of
period (000's)... 173 126 125 133 245 173 67 -
Net assets at the
end of period
(000's).......... $2,139 $1,507 $1,278 $1,234 $2,992 $2,098 $ 596 $ -
<CAPTION>
Balanced High Yield Strategic
Fund Bond Fund Bond Fund
---------------------- ---------------------- ----------------------
For the For the For the For the For the For the
Six Months Fiscal Year Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended Ended Ended
April 30, October 31 April 30, October 31 April 30, October 31
2000 1999 2000 1999 2000 1999
---------- ----------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year*............ $11.37 $10.00 $9.43 $10.00 $ 9.55 $10.00
--------------------------------------------------------------------
Income (loss)
from investment
operations:
Net investment
income.......... 0.12 0.22 0.45 0.83 0.38 0.69
Net realized and
unrealized gain
(loss) on
securities...... 0.71 1.37 (0.41) (0.57) (0.13) (0.45)
--------------------------------------------------------------------
Total income
(loss) from
investment
operations...... 0.83 1.59 0.04 0.26 0.25 0.24
--------------------------------------------------------------------
Distributions:
Distributions
from net
investment
income.......... (0.12) (0.22) (0.44) (0.83) (0.36) (0.69)
Distributions
from net
realized gain on
securities...... (0.23) - - - - -
--------------------------------------------------------------------
Total
distributions... (0.35) (0.22) (0.44) (0.83) (0.36) (0.69)
--------------------------------------------------------------------
Net asset value
at end of
period........... $11.85 $11.37 $9.03 $ 9.43 $ 9.44 $ 9.55
--------------------------------------------------------------------
TOTAL RETURN..... 7.45 % 15.92 % 0.50 % 2.44 % 2.66 % 2.50 %
--------------------------------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 0.47 % 0.95 % 0.56 % 1.13 % 0.51 % 1.03 %
Ratio of expenses
to average net
assets before
expense
reductions....... 1.05 % 2.57 % 6.75 % 2.05 % 1.08 % 2.50 %
Ratio of net
investment income
to average net
assets........... 1.17 % 2.09 % 4.85 % 5.57 % 3.97 % 7.09 %
Portfolio
turnover rate.... 24 % 62 % 38 % 72 % 48 % 183 %
Number of shares
outstanding at
end of
period (000's)... 211 156 2 1 139 134
Net assets at the
end of period
(000's).......... $2,499 $1,777 $ 14 $ 14 $1,315 $1,281
</TABLE>
* For the Science & Technology Fund, net asset value shown is as of February
29, 2000.
-------------------------------------------------------------------------------
<PAGE>
144
FINANCIAL HIGHLIGHTS (Unaudited) - CONTINUED
Per share data is for a share of beneficial interest outstanding throughout
the period. Total return includes reinvestment of distributions on the
reinvestment date. Total returns and ratios for periods of less than one year
are not annualized.
CLASS I SHARES CONTINUED
<TABLE>
<CAPTION>
Domestic Core Money Growth
Bond Fund Bond Fund Market Fund Lifestyle Fund
---------------------- ---------------------- ---------------------- ----------------------
For the For the For the For the For the For the For the For the
Six Months Fiscal Year Six Months Fiscal Year Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended Ended Ended Ended Ended
April 30, October 31, April 30, October 31, April 30, October 31, April 30, October 31,
2000 1999 2000 1999 2000 1999 2000 1999
---------- ----------- ---------- ----------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year............. $ 9.38 $10.00 $9.45 $10.00 $ 1.00 $ 1.00 $11.91 $10.00
-------------------------------------------------------------------------------------------
Income (loss)
from investment
operations:
Net investment
income.......... 0.27 0.51 0.28 0.51 0.03 0.05 0.15 0.07
Net realized and
unrealized gain
(loss) on
securities...... (0.23) (0.62) (0.24) (0.55) - - 1.71 1.90
-------------------------------------------------------------------------------------------
Total income
(loss) from
investment
operations...... 0.04 (0.11) 0.04 (0.04) 0.03 0.05 1.86 1.97
-------------------------------------------------------------------------------------------
Distributions:
Distributions
from net
investment
income.......... (0.26) (0.51) (0.30) (0.51) (0.03) (0.05) (0.39) (0.06)
Distributions
from net
realized gain on
securities...... - - - - - - (0.15) -
-------------------------------------------------------------------------------------------
Total
distributions... (0.26) (0.51) (0.30) (0.51) (0.03) (0.05) (0.54) (0.06)
-------------------------------------------------------------------------------------------
Net asset value
at end of
period........... $ 9.16 $ 9.38 $9.19 $ 9.45 $ 1.00 $ 1.00 $13.23 $11.91
-------------------------------------------------------------------------------------------
TOTAL RETURN..... 0.39 % (1.12)% 0.45 % (0.38)% 2.64 % 4.63 % 15.66 % 19.71 %
-------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 0.45 % 0.91 % 0.46 % 0.93 % 0.34 % 0.68 % 0.05 % 0.10 %
Ratio of expenses
to average net
assets before
expense
reductions....... 0.86 % 2.10 % 3.11 % 1.77 % 0.70 % 1.85 % 0.05 % 0.10 %
Ratio of net
investment income
to average net
assets........... 2.87 % 5.43 % 3.13 % 4.03 % 2.62 % 4.64 % 0.55 % 0.62 %
Portfolio
turnover rate.... 16 % 98 % 245 % 469 % N/A N/A 43 % 9 %
Number of shares
outstanding at
end of
period (000's)... 478 374 19 5 3,858 2,910 194 130
Net assets at the
end of period
(000's).......... $4,378 $3,509 $ 176 $ 49 $3,858 $2,910 $2,574 $1,547
<CAPTION>
Moderate Growth Conservative Growth
Lifestyle Fund Lifestyle Fund
---------------------- ----------------------
For the For the For the For the
Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended
April 30, October 31, April 30, October 31,
2000 1999 2000 1999
---------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year............. $11.39 $10.00 $11.03 $10.00
---------------------------------------------
Income (loss)
from investment
operations:
Net investment
income.......... 0.16 0.15 0.16 0.21
Net realized and
unrealized gain
(loss) on
securities...... 1.16 1.38 0.84 1.02
---------------------------------------------
Total income
(loss) from
investment
operations...... 1.32 1.53 1.00 1.23
---------------------------------------------
Distributions:
Distributions
from net
investment
income.......... (0.35) (0.14) (0.31) (0.20)
Distributions
from net
realized gain on
securities...... (0.09) - (0.10) -
---------------------------------------------
Total
distributions... (0.44) (0.14) (0.41) (0.20)
---------------------------------------------
Net asset value
at end of
period........... $12.27 $11.39 $11.62 $11.03
---------------------------------------------
TOTAL RETURN..... 11.68 % 15.35 % 9.31 % 12.24 %
---------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 0.05 % 0.10 % 0.05 % 0.10 %
Ratio of expenses
to average net
assets before
expense
reductions....... 0.05 % 0.10 % 0.05 % 0.10 %
Ratio of net
investment income
to average net
assets........... 0.80 % 1.42 % 1.15 % 2.01 %
Portfolio
turnover rate.... 37 % 11 % 35 % 10 %
Number of shares
outstanding at
end of
period (000's)... 226 135 202 137
Net assets at the
end of period
(000's).......... $2,771 $1,537 $2,348 $1,508
</TABLE>
-------------------------------------------------------------------------------
<PAGE>
145
FINANCIAL HIGHLIGHTS (Unaudited)
Per share data is for a share of beneficial interest outstanding throughout
the period. Total return includes reinvestment of distributions on the
reinvestment date. Total returns and ratios for periods of less than one year
are not annualized.
CLASS II SHARES
<TABLE>
<CAPTION>
International Large Cap Mid Cap Small Cap
Growth Fund Growth Fund Growth Fund Growth Fund
---------------------- ---------------------- ---------------------- ----------------------
For the For the For the For the For the For the For the For the
Six Months Fiscal Year Six Months Fiscal Year Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended Ended Ended Ended Ended
April 30, October 31, April 30, October 31, April 30, October 31, April 30, October 31,
2000 1999 2000 1999 2000 1999 2000 1999
---------- ----------- ---------- ----------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year............. $11.53 $10.00 $13.60 $10.00 $10.33 $10.00 $14.23 $10.00
-------------------------------------------------------------------------------------------
Income (loss)
from investment
operations:
Net investment
income (loss)... 0.02 0.15 0.01 0.04 (0.01) 0.01 (0.04) (0.04)
Net realized and
unrealized gain
(loss) on
securities...... 3.73 1.39 2.44 3.60 2.27 0.33 3.22 4.27
-------------------------------------------------------------------------------------------
Total income
(loss) from
investment
operations...... 3.75 1.54 2.45 3.64 2.26 0.34 3.18 4.23
-------------------------------------------------------------------------------------------
Distributions:
Distributions
from net
investment
income.......... (0.20) (0.01) - (0.04) - (0.01) - -
Distributions
from net
realized gain on
securities...... (0.24) - (0.12) - (0.31) - (0.61) -
-------------------------------------------------------------------------------------------
Total
distributions... (0.44) (0.01) (0.12) (0.04) (0.31) (0.01) (0.61) -
-------------------------------------------------------------------------------------------
Net asset value
at end of
period........... $14.84 $11.53 $15.93 $13.60 $12.28 $10.33 $16.80 $14.23
-------------------------------------------------------------------------------------------
TOTAL RETURN..... 32.52 % 15.41 % 18.04 % 36.40 % 22.24 % 3.39 % 22.18 % 42.30 %
-------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 0.51 % 1.03 % 0.36 % 0.73 % 0.33 % 0.67 % 0.51 % 1.03 %
Ratio of expenses
to average net
assets before
expense
reductions....... 1.01 % 2.50 % 0.83 % 2.03 % 0.94 % 2.25 % 0.93 % 2.34 %
Ratio of net
investment income
(loss) to average
net assets....... 0.13 % 1.44 % 0.08 % 0.29 % (0.06)% 0.07 % (0.24)% (0.33)
Portfolio
turnover rate.... 50 % 91 % 29 % 65 % 28 % 25 % 66 % 128 %
Number of shares
outstanding at
end of period
(000's).......... 122 128 122 118 118 126 133 122
Net assets at the
end of period
(000's).......... $1,810 $1,474 $1,939 $1,601 $1,445 $1,300 $2,232 $1,731
<CAPTION>
International Large Cap
Value Fund Value Fund
---------------------- ----------------------
For the For the For the For the
Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended
April 30, October 31, April 30, October 31,
2000 1999 2000 1999
---------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year............. $14.45 $10.00 $11.39 $10.00
---------------------------------------------
Income (loss)
from investment
operations:
Net investment
income (loss)... 0.02 0.10 0.07 0.14
Net realized and
unrealized gain
(loss) on
securities...... 2.78 4.36 - 1.39
---------------------------------------------
Total income
(loss) from
investment
operations...... 2.80 4.46 0.07 1.53
---------------------------------------------
Distributions:
Distributions
from net
investment
income.......... (0.15) (0.01) (0.07) (0.14)
Distributions
from net
realized gain on
securities...... (0.40) - (0.32) -
---------------------------------------------
Total
distributions... (0.55) (0.01) (0.39) (0.14)
---------------------------------------------
Net asset value
at end of
period........... $16.70 $14.45 $11.07 $11.39
---------------------------------------------
TOTAL RETURN..... 19.54 % 44.61 % 0.76 % 15.35 %
---------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 0.46 % 0.92 % 0.34 % 0.68 %
Ratio of expenses
to average net
assets before
expense
reductions....... 1.04 % 2.48 % 0.86 % 2.07 %
Ratio of net
investment income
(loss) to average
net assets....... 0.14 % 0.75 % 0.66 % 1.32 %
Portfolio
turnover rate.... 13 % 32 % 70 % 66 %
Number of shares
outstanding at
end of period
(000's).......... 117 120 131 124
Net assets at the
end of period
(000's).......... $1,950 $1,739 $1,453 $1,416
</TABLE>
-------------------------------------------------------------------------------
<PAGE>
146
FINANCIAL HIGHLIGHTS (Unaudited) - CONTINUED
Per share data is for a share of beneficial interest outstanding throughout
the period. Total return includes reinvestment of distributions on the
reinvestment date. Total returns and ratios for periods of less than one year
are not annualized.
CLASS II SHARES CONTINUED
<TABLE>
<CAPTION>
Mid Cap Small Cap Socially Balanced
Value Fund Value Fund Responsible Fund Fund
---------------------- ---------------------- ---------------------- ----------------------
For the For the For the For the For the For the For the For the
Six Months Fiscal Year Six Months Fiscal Year Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended Ended Ended Ended Ended
April 30, October 31, April 30, October 31, April 30, October 31, April 30, October 31,
2000 1999 2000 1999 2000 1999 2000 1999
---------- ----------- ---------- ----------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year............. $11.95 $10.00 $ 9.27 $10.00 $12.15 $10.00 $11.36 $10.00
-------------------------------------------------------------------------------------------
Income (loss)
from investment
operations:
Net investment
income.......... 0.03 0.11 0.09 0.14 0.07 0.14 0.15 0.26
Net realized and
unrealized gain
(loss) on
securities...... 1.84 1.94 0.99 (0.73) 0.53 2.15 0.70 1.36
-------------------------------------------------------------------------------------------
Total income
(loss) from
investment
operations...... 1.87 2.05 1.08 (0.59) 0.60 2.29 0.85 1.62
-------------------------------------------------------------------------------------------
Distributions:
Distributions
from net
investment
income.......... - (0.10) (0.09) (0.14) (0.06) (0.14) (0.15) (0.26)
Distributions
from net
realized gain on
securities...... (1.44) - - - (0.49) - (0.23) -
-------------------------------------------------------------------------------------------
Total
distributions... (1.44) (0.10) (0.09) (0.14) (0.55) (0.14) (0.38) (0.26)
-------------------------------------------------------------------------------------------
Net asset value
at end of
period........... $12.38 $11.95 $10.26 $ 9.27 $12.20 $12.15 $11.83 $11.36
-------------------------------------------------------------------------------------------
TOTAL RETURN..... 16.83% 20.53 % 11.66 % (5.92)% 4.99 % 22.99 % 7.60 % 16.22 %
-------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 0.46% 0.92 % 0.43 % 0.86 % 0.21 % 0.43 % 0.35 % 0.70 %
Ratio of expenses
to average net
assets before
expense
reductions....... 0.94% 2.27 % 1.03 % 2.44 % 0.71 % 1.77 % 1.00 % 2.34 %
Ratio of net
investment income
to average net
assets........... 0.26% 0.88 % 0.83 % 1.53 % 0.55 % 1.25 % 1.29 % 2.36 %
Portfolio
turnover rate.... 75% 177 % 46 % 91 % 33 % 24 % 24 % 62 %
Number of shares
outstanding at
end of period
(000's).......... 145 122 115 132 132 127 132 128
Net assets at the
end of period
(000's).......... $1,797 $1,457 $1,181 $1,228 $1,614 $1,537 $1,564 $1,452
<CAPTION>
High Yield Strategic
Bond Fund Bond Fund
----------------------- ----------------------
For the For the For the For the
Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended
April 30, October 31, April 30, October 31,
2000 1999 2000 1999
----------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year............. $ 9.43 $ 10.00 $ 9.55 $10.00
----------------------------------------------
Income (loss)
from investment
operations:
Net investment
income.......... 0.46 0.86 0.39 0.71
Net realized and
unrealized gain
(loss) on
securities...... (0.41) (0.57) (0.13) (0.45)
----------------------------------------------
Total income
(loss) from
investment
operations...... 0.05 0.29 0.26 0.26
----------------------------------------------
Distributions:
Distributions
from net
investment
income.......... (0.45) (0.86) (0.37) (0.71)
Distributions
from net
realized gain on
securities...... - - - -
----------------------------------------------
Total
distributions... (0.45) (0.86) (0.37) (0.71)
----------------------------------------------
Net asset value
at end of
period........... $ 9.03 $ 9.43 $ 9.44 $ 9.55
----------------------------------------------
TOTAL RETURN..... 0.63 % 2.74 % 2.74 % 2.67 %
----------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 0.44 % 0.88 % 0.39 % 0.78 %
Ratio of expenses
to average net
assets before
expense
reductions....... 0.69 % 1.35 % 0.95 % 2.25 %
Ratio of net
investment income
to average net
assets........... 4.98 % 8.84 % 4.09 % 7.26 %
Portfolio
turnover rate.... 38 % 72 % 48 % 183 %
Number of shares
outstanding at
end of period
(000's).......... 6,962 6,630 140 134
Net assets at the
end of period
(000's).......... $62,897 $62,506 $1,319 $1,283
</TABLE>
-------------------------------------------------------------------------------
<PAGE>
147
FINANCIAL HIGHLIGHTS (Unaudited) - CONTINUED
Per share data is for a share of beneficial interest outstanding throughout
the period. Total return includes reinvestment of distributions on the
reinvestment date. Total returns and ratios for periods of less than one year
are not annualized.
CLASS II SHARES CONTINUED
<TABLE>
<CAPTION>
Domestic Core Money Growth
Bond Fund Bond Fund Market Fund Lifestyle Fund
---------------------- ----------------------- ---------------------- ----------------------
For the For the For the For the For the For the For the For the
Six Months Fiscal Year Six Months Fiscal Year Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended Ended Ended Ended Ended
April 30, October 31, April 30, October 31, April 30, October 31, April 30, October 31,
2000 1999 2000 1999 2000 1999 2000 1999
---------- ----------- ---------- ----------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year............. $ 9.38 $10.00 $ 9.45 $ 10.00 $ 1.00 $ 1.00 $11.91 $10.00
---------------------------------------------------------------------------------------------
Income (loss)
from investment
operations:
Net investment
income.......... 0.28 0.53 0.30 0.52 0.03 0.05 0.08 0.07
Net realized and
unrealized gain
(loss) on
securities...... (0.23) (0.62) (0.25) (0.55) - - 1.79 1.90
---------------------------------------------------------------------------------------------
Total income
(loss) from
investment
operations...... 0.05 (0.09) 0.05 (0.03) 0.03 0.05 1.87 1.97
---------------------------------------------------------------------------------------------
Distributions:
Distributions
from net
investment
income.......... (0.27) (0.53) (0.31) (0.52) (0.03) (0.05) (0.41) (0.06)
Distributions
from net
realized gain on
securities...... - - - - - - (0.15) -
---------------------------------------------------------------------------------------------
Total
distributions... (0.27) (0.53) (0.31) (0.52) (0.03) (0.05) (0.56) (0.06)
---------------------------------------------------------------------------------------------
Net asset value
at end of
period........... $ 9.16 $ 9.38 $ 9.19 $ 9.45 $ 1.00 $ 1.00 $13.22 $11.91
---------------------------------------------------------------------------------------------
TOTAL RETURN..... 0.51 % (0.92)% 0.60 % (0.25)% 2.77 % 4.79 % 15.75 % 19.72 %
---------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 0.33 % 0.66 % 0.34 % 0.68 % 0.21 % 0.43 % 0.05 % 0.10 %
Ratio of expenses
to average net
assets before
expense
reductions....... 0.91 % 2.23 % 0.57 % 1.05 % 0.58 % 1.10 % 0.05 % 0.10 %
Ratio of net
investment income
to average net
assets........... 2.99 % 5.51 % 3.22 % 5.45 % 2.72 % 4.68 % 0.58 % 0.62 %
Portfolio
turnover rate.... 16 % 98 % 245 % 469 % N/A N/A 43 % 9 %
Number of shares
outstanding at
end of period
(000's).......... 190 153 34,484 34,645 1,346 4,669 131 126
Net assets at the
end of period
(000's).......... $1,745 $1,432 $316,795 $327,384 $1,346 $4,669 $1,733 $1,496
<CAPTION>
Moderate Growth Conservative Growth
Lifestyle Fund Lifestyle Fund
---------------------- ----------------------
For the For the For the For the
Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended
April 30, October 31, April 30, October 31,
2000 1999 2000 1999
---------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
PER SHARE DATA
Net asset value
at beginning of
year............. $11.39 $10.00 $11.03 $10.00
---------------------------------------------
Income (loss)
from investment
operations:
Net investment
income.......... 0.11 0.13 0.13 0.21
Net realized and
unrealized gain
(loss) on
securities...... 1.22 1.38 0.87 1.02
---------------------------------------------
Total income
(loss) from
investment
operations...... 1.33 1.51 1.00 1.23
---------------------------------------------
Distributions:
Distributions
from net
investment
income.......... (0.38) (0.12) (0.33) (0.20)
Distributions
from net
realized gain on
securities...... (0.09) - (0.10) -
---------------------------------------------
Total
distributions... (0.47) (0.12) (0.43) (0.20)
---------------------------------------------
Net asset value
at end of
period........... $12.25 $11.39 $11.60 $11.03
---------------------------------------------
TOTAL RETURN..... 11.73 % 15.17 % 9.36 % 12.27 %
---------------------------------------------
RATIOS/SUPPLEMENTAL
DATA
Ratio of expenses
to average net
assets........... 0.05 % 0.10 % 0.05 % 0.10 %
Ratio of expenses
to average net
assets before
expense
reductions....... 0.05 % 0.10 % 0.05 % 0.10 %
Ratio of net
investment income
to average net
assets........... 0.81 % 1.25 % 1.15 % 2.01 %
Portfolio
turnover rate.... 37 % 11 % 35 % 10 %
Number of shares
outstanding at
end of period
(000's).......... 131 126 132 127
Net assets at the
end of period
(000's).......... $1,608 $1,440 $1,534 $1,404
</TABLE>
-------------------------------------------------------------------------------
<PAGE>
148
AMERICAN GENERAL SERIES PORTFOLIO COMPANY 2
<TABLE>
<CAPTION>
<S> <C>
BOARD OF TRUSTEES Neuberger Berman Management Inc.
Kent E. Barrett 605 Third Avenue, Second Floor
Judith L. Craven New York, New York 10158-0180
Timothy J. Ebner
Gustavo E. Gonzales, Jr. State Street Global Advisors
Norman Hackerman 2 International Place
Alice T. Kane Boston, Massachusetts 02110
John W. Lancaster
Ben H. Love T. Rowe Price Associates, Inc.
John E. Maupin, Jr. 100 East Pratt Street
F. Robert Paulsen Baltimore, Maryland 21202
DISTRIBUTOR INDEPENDENT AUDITORS
American General Distributors, Inc. Ernst & Young LLP
2929 Allen Parkway 1221 McKinney
Houston, Texas 77019 Houston, Texas 77010
CUSTODIAN SHAREHOLDER SERVICE AGENT
State Street Bank and Trust Company National Financial Data Services, Inc.
225 Franklin Street 330 West 9th Street
Boston, Massachusetts 02110 Kansas City, Missouri 64105
INVESTMENT ADVISER OFFICERS
The Variable Annuity Life Alice T. Kane,
Insurance Company (VALIC) Chairman and President
2929 Allen Parkway Kent E. Barrett,
Houston, Texas 77019 Executive Vice President
Peter V. Tuters,
INVESTMENT SUB-ADVISERS Vice President and
American General Senior Investment Officer
Investment Management, L.P. Pauletta P. Cohn,
2929 Allen Parkway Vice President
Houston, Texas 77019 Charles H. Clines,
Vice President and Tax Officer
Brown Capital Management, Inc. Teresa S. Moro,
1201 N. Calvert Street Vice President and Investment Officer
Baltimore, Maryland 21202 William Trimbur, Jr.,
Vice President and Investment Officer
Capital Guardian Trust Company Nori L. Gabert,
333 South Hope Street Vice President and Secretary
Los Angeles, California 90071 Todd L. Spillance,
Chief Compliance Officer
Fiduciary Management Gregory R. Seward,
Associates, Inc. Treasurer
55 West Monroe Street Suite 2550 Jaime M. Sepulveda,
Chicago, Illinois 60603 Assistant Treasurer
Gregory R. Kingston,
Goldman Sachs Asset Management Controller
One New York Plaza Donald H. Guire,
New York, New York 10005 Assistant Controller
Kathyrn A. Pearce,
J. P. Morgan Investment Management Inc. Assistant Controller
522 Fifth Avenue Heriberto R. Valdez,
New York, New York 10036 Assistant Controller
Jacobs Asset Management
200 East Broward Boulevard
Suite 1920
Fort Lauderdale, Florida 33301
</TABLE>
This report is for the information of the shareholders of American General
Series Portfolio Company 2. It is authorized for distribution to other persons
only when preceded or accompanied by an effective prospectus which contains
information on how to purchase shares and other pertinent information.
If you would like further information about the material or products issued
by American General, please contact your account representative.
"Standard & Poor's(R)", "Standard & Poor's Mid Cap 400 Index" and "S&P
500(R)" are trademarks of Standard & Poor's Corporation. The Stock Index Fund
and Mid Cap Index Fund are not sponsored, endorsed, sold or promoted by S&P
and S&P makes no representation regarding the advisability of investing in the
funds. The Russell 2000(R) Index is a trademark/service mark of the Frank
Russell Company. Russell(TM) is a trademark of the Frank Russell Company.
-------------------------------------------------------------------------------
<PAGE>
-------------------
| PRESORTED |
AMERICAN GENERAL SERIES PORTFOLIO COMPANY 2 | STANDARD |
| U.S. Postage |
P.O. Box 3206 | PAID |
Houston, Texas 77253-3206 | Permit No. 8080 |
| Houston, Texas |
-------------------
AMERICAN
|GENERAL
|FINANCIAL GROUP
American General Financial Group is the marketing
name and service mark owned and used by
American General Corporation and its subsidiaries.
VA 11387 VER 04/00
