<PAGE>
CONNING MONEY MARKET PORTFOLIO Schedule of Portfolio Investments
May 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Time Deposit (4.1%)
Principal Amortized
Amount Cost
----------- -----------
<S> <C> <C>
Banking (4.1%):
Banco Espirito Santo Euro, 5.72%, 7/19/00............. $ 1,000,000 $ 1,000,000
Banco Espirito Santo Euro, 7.00%, 11/27/00............ 5,000,000 5,000,000
Banco Espirito Santo Euro, 6.56%, 1/26/01............. 2,000,000 2,000,000
-----------
TOTAL TIME DEPOSIT 8,000,000
-----------
Commercial Paper (94.6%)
Asset-Backed (6.3%):
Pooled Accounts Receivables Capital, 6.85%, 6/2/00
(b).................................................. 2,600,000 2,599,505
Pooled Accounts Receivables Capital, 6.09%, 6/8/00
(b).................................................. 5,500,000 5,493,487
Triple-A1 Funding Corp., 6.61%, 7/24/00 (b)........... 4,181,000 4,140,313
-----------
12,233,305
-----------
Banking (7.6%):
Moat Funding, 6.10%, 6/2/00 (b)....................... 468,000 467,921
Moat Funding, 6.51%, 6/15/00 (b)...................... 5,000,000 4,987,342
Zions Bancorporation, 6.64%, 7/14/00.................. 7,500,000 7,440,517
Zions Bancorporation, 6.75%, 7/28/00.................. 2,000,000 1,978,847
-----------
14,874,627
-----------
Financial Services (4.8%):
Hitachi Credit America Corp., 6.15%, 6/14/00.......... 4,000,000 3,991,117
Hitachi Credit America Corp., 6.55%, 6/19/00.......... 3,500,000 3,488,537
Hitachi Credit America Corp., 6.55%, 6/23/00.......... 2,000,000 1,991,994
-----------
9,471,648
-----------
Install Sales Financial (5.1%):
Sheffield Receivables, 6.09%, 6/13/00 (b)............. 10,000,000 9,979,700
-----------
Miscellaneous Business Credit (35.6%):
Barton Capital Corp., 6.09%, 6/9/00 (b)............... 5,000,000 4,993,233
Barton Capital Corp., 6.54%, 6/19/00 (b).............. 2,000,000 1,993,460
</TABLE>
<TABLE>
<CAPTION>
Commercial Paper, continued
Principal Amortized
Amount Cost
---------- -----------
<S> <C> <C>
Barton Capital Corp., 6.59%, 7/18/00 (b)................ $2,500,000 $ 2,478,458
Enterprise Funding, 6.41%, 6/5/00 (b)................... 1,016,000 1,015,276
Enterprise Funding, 6.07%, 6/7/00 (b)................... 4,180,000 4,175,771
Enterprise Funding, 6.08%, 6/8/00 (b)................... 3,083,000 3,079,355
Forrestal Funding Master Trust, 6.60%, 7/7/00 (b)....... 552,000 548,357
GTE Corp., 6.30%, 1/5/01 (b)............................ 9,000,000 8,995,834
Kitty Hawk Funding Corp., 6.06%, 6/5/00 (b)............. 5,000,000 4,996,633
Kitty Hawk Funding Corp., 6.12%, 6/12/00 (b)............ 1,300,000 1,296,906
Market Street Funding, 6.08%, 6/12/00 (b)............... 3,500,000 3,493,498
Market Street Funding, 6.62%, 7/21/00 (b)............... 3,000,000 2,972,417
Racers Monthly, 6.14%, 12/15/00......................... 8,500,000 8,500,000
Southern Company, 6.85%, 6/1/00 (b)..................... 1,685,000 1,685,000
Sweetwater Capital Corp., 6.12%, 6/8/00 (b)............. 4,303,000 4,297,675
Sweetwater Capital Corp., 6.08%, 6/12/00 (b)............ 3,500,000 3,493,498
Sweetwater Capital Corp., 6.00%, 6/15/00 (b)............ 402,000 401,056
Windmill Funding Corp., 6.08%, 6/1/00 (b)............... 9,000,000 9,000,000
Windmill Funding Corp., 6.09%, 6/2/00 (b)............... 900,000 899,848
Yorkshire Building Society, 6.10%, 6/2/00............... 1,300,000 1,299,779
-----------
69,616,054
-----------
Miscellaneous Personal Credit (4.8%):
Thunder Bay Funding, Inc., 6.12%, 6/6/00 (b)............ 2,500,000 2,497,875
Thunder Bay Funding, Inc., 6.11%, 6/7/00 (b)............ 5,000,000 4,994,908
Thunder Bay Funding, Inc., 6.42%, 6/9/00 (b)............ 2,000,000 1,997,147
-----------
9,489,930
-----------
Mortgage Bank (4.1%):
Cooper River Funding, 6.55%, 6/7/00..................... 8,000,000 7,991,267
-----------
</TABLE>
See notes to financial statements
1
<PAGE>
CONNING MONEY MARKET PORTFOLIO Schedule of Portfolio Investments
November 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Commercial Paper, continued
Principal Amortized
Amount Cost
---------- -----------
<S> <C> <C>
Oil & Exploration, Production & Services (6.4%):
Centennial Energy Holdings, 6.62%, 6/5/00 (b)........... $ 750,000 $ 749,448
Centennial Energy Holdings, 6.55%, 6/20/00 (b).......... 2,000,000 1,993,086
Centennial Energy Holdings, 6.74%, 7/28/00 (b).......... 285,000 281,959
Explorer Pipeline, 6.85%, 6/1/00 (b).................... 1,995,000 1,995,000
Explorer Pipeline, 6.10%, 6/9/00 (b).................... 6,000,000 5,991,867
Explorer Pipeline, 6.55%, 6/23/00 (b)................... 1,500,000 1,493,996
-----------
12,505,356
-----------
Personal Credit Institution (14.5%):
Delaware Funding Corp., 6.07%, 6/14/00 (b).............. 9,000,000 8,980,272
Edison Asset Securitization, 6.43%, 6/7/00 (b).......... 1,000,000 998,928
Seven Hills Funding Corp., 6.35%, 6/5/00 (b)............ 828,000 827,416
Seven Hills Funding Corp., 6.35%, 6/15/00 (b)........... 8,000,000 7,980,244
World Omni, 6.09%, 6/7/00 (b)........................... 9,500,000 9,490,346
-----------
28,277,206
-----------
Pharmaceuticals (3.6%):
Allergan Inc., 6.11%, 6/2/00............................ 3,000,000 2,999,491
Allergan Inc., 6.13%, 6/16/00........................... 1,500,000 1,496,169
Allergan Inc., 6.13%, 6/20/00........................... 2,500,000 2,491,912
-----------
6,987,572
-----------
</TABLE>
<TABLE>
<CAPTION>
Commercial Paper, continued
Principal Amortized
Amount Cost
---------- ------------
<S> <C> <C>
Utilities (1.8%):
Progress Capital Holdings, 6.50% 6/13/00............. $3,500,000 $ 3,492,417
------------
TOTAL COMMERCIAL PAPER 184,919,082
------------
Investment Companies (1.7%)
SEI Prime Obligation Money Market.................... 3,365,060 3,365,060
------------
TOTAL INVESTMENT COMPANIES 3,365,060
------------
TOTAL INVESTMENTS (Amortized Cost $196,284,142)(a)--
100.4%.............................................. 196,284,142
------------
Liabilities in excess of other assets--(0.4%)........ (797,730)
------------
TOTAL NET ASSETS-100% $195,486,412
============
</TABLE>
--------
Percentages indicated are based on net assets of $195,486,412.
(a) Cost for federal income tax and financial reporting purposes are the same.
(b) Rule 144A, Section 4(2) or other security which is restricted as to resale
to institutional investors. The Portfolio's sub-adviser has determined
these securities to be liquid.
See notes to financial statements
2
<PAGE>
CONNING MONEY MARKET PORTFOLIO
Statement of Assets and Liabilities
May 30, 2000
(Unaudited)
<TABLE>
<S> <C> <C>
Assets:
Investments, at value (cost $196,284,142)................ $196,284,142
Interest and dividends receivable........................ 226,149
Other Assets............................................. 36,309
------------
Total Assets............................................ 196,546,600
Liabilities:
Dividends payable........................................ $880,913
Accrued expenses and other liabilities:
Investment advisory fees................................ 27,779
Administrative fees..................................... 8,170
Shareholder liason and administrative service fees...... 116,446
Custodian fees.......................................... 3,268
Other liabilities....................................... 23,612
--------
Total Liabilities....................................... 1,060,188
------------
Net Assets:
Capital.................................................. 195,486,893
Undistributed net investment loss........................ (481)
------------
Net Assets............................................... $195,486,412
============
Net Assets.............................................. $195,486,412
Shares.................................................. 195,486,893
Offering and redemption price per share................. $1.00
=====
</TABLE>
Statement of Operations
For the six months ended May 30, 2000
(Unaudited)
<TABLE>
<S> <C> <C>
Investment Income:
Interest income............................................ $6,700,044
----------
Expenses:
Investment advisory fees................................... $437,390
Administration fees........................................ 218,696
Shareholder liason and administrative service fees......... 821,942
Accounting fees............................................ 1,059
Custodian fees............................................. 21,868
Transfer agent fees........................................ 10,480
Other...................................................... 51,718
--------
Total expenses before voluntary fee reduction............. 1,563,153
Expenses voluntarily reduced.............................. (511,398)
----------
Net Expenses.............................................. 1,051,755
----------
Net Investment Income..................................... 5,648,289
----------
Realized Gains from Investments:
Net realized loss from investment transactions............ (613)
----------
Change in net assets resulting from operations............ $5,647,676
==========
</TABLE>
See notes to financial statements
3
<PAGE>
CONNING MONEY MARKET PORTFOLIO
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
For the
six months For the
ended period ended
May 31, 2000 November 30,
(Unaudited) 1999(a)
------------ ------------
<S> <C> <C>
From Investment Activities:
Operations:
Net investment income............................. $ 5,648,289 $ 4,041,444
Net realized gains (losses) from investment trans-
actions.......................................... (613) 131
------------ ------------
Change in net assets resulting from operations..... 5,647,676 4,041,575
------------ ------------
Distributions to Shareholders:
From net investment income........................ (5,648,289) (4,041,444)
------------ ------------
Change in net assets from shareholder distribu-
tions............................................. (5,648,289) (4,041,444)
------------ ------------
Change in net assets from capital transactions..... (35,093,293) 230,580,187
------------ ------------
Change in net assets............................... (35,093,906) 230,580,318
Net Assets:
Beginning of period............................... 230,580,318 --
------------ ------------
End of period..................................... $195,486,412 $230,580,318
============ ============
</TABLE>
--------
(a) For the period from February 16, 1999 (initial public investment) through
November 30, 1999.
See notes to financial statements
4
<PAGE>
CONNING MONEY MARKET PORTFOLIO
Financial Highlights
<TABLE>
<CAPTION>
For the six February 16,
months ended 1999 to
May 31, 2000 November 30,
(Unaudited) 1999(a)
------------ ------------
<S> <C> <C>
Net Asset Value, Beginning of Period............ $ 1.00 $ 1.00
-------- --------
Investment Activities
Net investment income.......................... 0.026 0.034
-------- --------
Total from Investment Activities............... 0.026 0.034
-------- --------
Distributions
Net investment income.......................... (0.026) (0.034)
-------- --------
Total Distributions............................ (0.026) (0.034)
-------- --------
Net Asset Value, End of Period.................. $ 1.00 $ 1.00
======== ========
Total Return.................................... 2.59%(b) 3.41%(b)
Ratios/Supplementary Data:
Net Assets at end of period (000)............... $195,486 $230,580
Ratio of expenses to average net assets......... 0.96%(c) 0.99%(c)
Ratio of net investment income to average net
assets......................................... 5.15%(c) 4.47%(c)
Ratio of expenses to average net assets*........ 1.43%(c) 1.47%(c)
</TABLE>
--------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
(a) Period from initial public investment.
(b) Not annualized.
(c) Annualized.
See notes to financial statements
5
<PAGE>
CONNING MONEY MARKET PORTFOLIO
Notes to Financial Statements
May 31, 2000
1.Organization
Mercantile Mutual Funds, Inc. (the "Fund") is registered under the
Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end
management investment company. As of May 31, 2000, the Fund offered
nineteen investment portfolios. The accompanying financial statements and
financial highlights are those of the Conning Money Market Portfolio (the
"Portfolio") only. The Fund, which was formerly known as The ARCH Fund,
Inc., was organized on September 9, 1982 as a Maryland corporation.
The Portfolio's investment objective is to seek current income with
liquidity and stability of principal. In pursuing its investment objective,
the Portfolio invests substantially all (but not less than 80%) of its
total assets in a broad range of money market instruments.
2.Significant Accounting Policies
The following is a summary of significant accounting policies followed by
the Fund in the preparation of its financial statements. The policies are
in conformity with generally accepted accounting principles. The
preparation of financial statements requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities
at the date of the financial statements and the reported amounts of income
and expenses for the period. Actual results could differ from these
estimates.
Securities valuation:
The securities of the Portfolio are valued at amortized cost. Amortized
cost valuation involves valuing an instrument at its cost initially and,
thereafter, assuming a constant amortization to maturity of any discount or
premium, regardless of the effect of fluctuating interest rates on the
market value of the instrument.
Section 4(2) paper:
Commercial paper in which the Portfolio invests may include securities
issued by corporations without registration under the Securities Act of
1933, as amended (the "1933 Act"), in reliance on the so-called private
placement exemption in Section 4(2) of the 1933 Act ("Section 4(2) paper").
Section 4(2) paper is restricted as to disposition under the federal
securities laws in that any resale must be similarly made in an exempt
transaction. Section 4(2) paper is normally resold to other institutional
investors through or with the assistance of investment dealers who make a
market in Section 4(2) paper. Investment by the Portfolio in Section 4(2)
paper could have the effect of increasing the illiquidity of the Portfolio
during any period in which institutional investors were no longer
interested in purchasing these securities. Section 4(2) paper will not be
considered illiquid, however, if the Portfolio's sub-adviser has
determined, that a liquid trading market exists for such securities. At May
31, 2000, Section 4(2) paper amounted to $137,757,035 or 70.5%, of the
Portfolio's net assets. The Portfolio's sub-adviser has determined these
securities to be liquid.
Repurchase agreements:
The Portfolio may engage in repurchase agreement transactions. Under the
terms of a typical repurchase agreement, the Portfolio takes possession of
collateral subject to an obligation of the seller to repurchase, and the
Portfolio to resell, the obligation at an agreed upon price and time,
thereby determining the yield during the Portfolio's holding period. This
arrangement results in a fixed rate of return that is not subject to market
fluctuations during the Portfolio's holding period. The value of the
collateral exceeds at all times the total amount of the repurchase
obligation, including accrued interest. In the event of counterparty
default, the Portfolio has the right to use the collateral to offset losses
incurred. There is potential for loss to the Portfolio
Continued
6
<PAGE>
CONNING MONEY MARKET PORTFOLIO
Notes to Financial Statements, Continued
May 31, 2000
in the event the Portfolio is delayed or prevented from exercising its
rights to dispose of the collateral securities, including the risk of a
possible decline in the value of the underlying securities during the
period while the Portfolio seeks to assert its rights. The Portfolio's
investment adviser (or sub-investment adviser), acting under the
supervision of the Board of Directors, reviews the value of the collateral
and the creditworthiness of those banks and dealers with which the
Portfolio enters into repurchase agreements to evaluate potential risks.
Securities transactions and investment income:
Securities transactions are recorded on the trade date. Realized gains and
losses on investments sold are recorded on the identified cost basis.
Interest income, including accretion of discount and amortization of
premium on investments, is accrued on a daily basis. Dividend income is
recorded on the ex-dividend date.
Securities lending:
To increase return, the Portfolio may, from time to time, lend portfolio
securities to broker-dealers, banks or institutional borrowers of
securities pursuant to agreements requiring that the loans be continuously
secured by collateral equal in value to at least the market value of the
securities loaned. Collateral for such loans may include cash, securities
of the U.S. Government, or its agencies or instrumentalities, irrevocable
letters of credit, or any combination thereof. The collateral must be
valued daily and, should the market value of the loaned securities exceed
collateral value, the borrower must furnish additional collateral to the
Portfolio. By lending its securities, the Portfolio can increase its income
by continuing to receive interest or dividends on the loaned securities as
well as either investing the cash collateral in short-term instruments or
obtaining yield in the form of interest paid by the borrower when non-cash
collateral, such as U.S. Government securities, are held by the Portfolio.
Loans are subject to termination by the Portfolio or the borrower at any
time. The risks to the Portfolio of lending securities are that the
borrower may fail to provide additional collateral when required, or fail
to return the borrowed securities when due. In addition, if cash collateral
invested by the Portfolio is less than the amount required to be returned
to the borrower as a result of a decrease in the value of the cash
collateral investments, the Portfolio must compensate the borrower for the
deficiency. The Portfolio did not engage in any securities lending
transactions during the period.
Dividends and distributions to shareholders:
The Portfolio declares dividends daily from net investment income and pays
such dividends monthly, no later than five business days after the end of
each month. Net realized capital gains are distributed at least annually.
Additional distributions of net investment income and capital gains may be
made at the discretion of the Board of Directors in order to comply with
certain distribution requirements of the Internal Revenue Code.
Distributions from net investment income and from net realized capital
gains are determined in accordance with federal income tax regulations
which may differ from generally accepted accounting principles. These
"book/tax" differences are either considered temporary or permanent in
nature. To the extent these differences are permanent in nature, such
amounts are reclassified within the composition of net assets based on
their federal tax-basis treatment; temporary differences do not require
reclassification. Distributions to shareholders which exceed net investment
income and net realized capital gains for financial reporting purposes but
not for tax purposes are reported as distributions in excess of net
investment income or net realized gains. To the extent they exceed net
investment income and net realized gains for tax purposes, they are
reported as distributions of capital.
Continued
7
<PAGE>
CONNING MONEY MARKET PORTFOLIO
Notes to Financial Statements, Continued
May 31, 2000
As of May 31, 2000, the following reclassifications have been made to
decrease such accounts with offsetting adjustments made to capital:
<TABLE>
<CAPTION>
Accumulated
Undistributed Net Realized
Net Investment Loss On
Loss Investments
-------------- ------------
<S> <C> <C>
Conning Money Market Portfolio................... $(481) $(613)
</TABLE>
Federal income taxes:
The Portfolio intends to qualify as a regulated investment company by
complying with the provisions available to registered investment companies,
as defined in applicable sections of the Internal Revenue Code, and to make
distributions of net investment income and net realized capital gains
sufficient to relieve it from all, or substantially all, federal income
taxes.
Other:
Operating expenses of the Fund not directly attributable to the Portfolio
are prorated among the portfolios of the Fund based on the relative net
assets of each portfolio or another appropriate basis. Operating expenses
directly attributable to the Portfolio are charged directly to the
Portfolio's operations.
3.Capital Share Transactions
As of May 31, 2000, the Fund's Articles of Incorporation authorize the
Board of Directors, in its discretion, to issue up to twenty billion full
and fractional shares of capital stock, $.001 par value per share, and to
classify or reclassify any unissued shares of the Fund into one or more
classes and to divide and classify shares of any class into one or more
series of such class. The Fund's shares are currently classified into
twenty classes of shares consisting of one or more series.
Shareholder transactions in the Portfolio were as follows:
<TABLE>
<CAPTION>
Conning Money
Market Portfolio
----------------
For the
period ended
May 31, 2000
----------------
<S> <C>
CAPITAL TRANSACTIONS:
Proceeds from shares issued................................ $ 351,569,032
Dividends reinvested....................................... 5,628,320
Cost of shares redeemed.................................... (392,290,646)
-------------
Total net increase from capital transactions................ $ (35,093,294)
=============
SHARE TRANSACTIONS:
Issued..................................................... 351,569,032
Reinvested................................................. 5,628,320
Redeemed................................................... (392,290,646)
-------------
Total net increase from share transactions.................. (35,093,294)
=============
</TABLE>
Continued
8
<PAGE>
CONNING MONEY MARKET PORTFOLIO
Notes to Financial Statements, Continued
May 31, 2000
4.Related Party Transactions
Investment advisory services are provided to the Fund by Firstar Investment
Research & Management Company ("FIRMCO"), a wholly owned subsidiary of
Firstar Corporation. Under the terms of its investment advisory agreement
with the Fund, FIRMCO is entitled to receive fees from the Portfolio at an
annual rate of 0.40% of the first $1.5 billion of average daily net assets
of the Portfolio, 0.35% of the next $1.0 billion of average daily net
assets and 0.25% of average daily net assets in excess of $2.5 billion.
Conning Asset Management Company ("Conning"), an indirect subsidiary of
Metropolitan Life Insurance Company, serves as sub-adviser to the
Portfolio. Under the terms of its sub-advisory agreement with FIRMCO,
Conning is entitled to receive fees from FIRMCO based on a percentage of
the average daily net assets of the Portfolio. FIRSTAR BANK N.A. serves as
custodian for the Fund. Under the terms of the custodian agreement, FIRSTAR
receives fees computed on the average daily net assets of the Portfolio at
a rate of 0.02%.
The Company has entered into a Co-Administration Agreement with BISYS Fund
Services L.P. and Firstar Mutual Fund Services, LLC (the "Co-
Administrators") for certain administrative services. Pursuant to the Co-
Administration Agreement with the Company, the Co-Administrators are
entitled to receive a fee, computed daily and payable monthly, at the
annual rate of 0.20% of the Company's average aggregate daily net assets.
For the period ended May 31, 2000, $164 of administration fees, in
thousands, were waived for the Conning Money Market Fund.
The Fund has adopted a Shareholder Services Plan (the "Plan") with respect
to the Portfolio. Pursuant to the Plan, the Portfolio may pay (i) broker-
dealers and other institutions ("Service Organizations") for shareholder
liason services and (ii) Service Organizations for administrative support
services. The fees paid for shareholder liason services and/or
administrative support services may not exceed the annual rates of 0.25%
and 0.50%, respectively, of the Portfolio's average daily net assets
attributable to the Portfolio's outstanding shares which are owned of
record or beneficially by customers of Service Organizations. The Fund is
currently limiting the Portfolio's payments under the Plan to an aggregate
of not more than an annual rate of 0.66% of the average daily assets
attributable to the Portfolio's outstanding shares owned of record or
beneficially by customers of Service Organizations.
Fees may be voluntarily reduced to assist the Portfolio in maintaining a
more competitive expense ratio. Information regarding fee reduction
transactions are as follows for the period ended May 31, 2000:
<TABLE>
<CAPTION>
Administrative
Investment Advisory Administration Servicing
Fees Fees Fees
--------------------- -------------- --------------
Annual
Fee Before
Voluntary Voluntary Voluntary Voluntary
Fee Fee Fee Fee
Reductions Reductions Reductions Reductions
---------- ---------- -------------- --------------
<S> <C> <C> <C> <C>
Conning Money Market
Portfolio.............. 0.40% $251,500 $164,022 $95,876
</TABLE>
9
<PAGE>
INVESTMENT ADVISER
Firstar Investment Research & Management Company, LLC
Firstar Center
777 East Wisconsin Avenue, Suite 800
Milwaukee, Wisconsin 53202
SUB-INVESTMENT ADVISER
Conning Asset Management Co.
700 Market Street
St. Louis, Missouri 63101
DISTRIBUTOR
BISYS Fund Services
3435 Stelzer Road
Columbus, Ohio 43219-3035
AUDITORS
KPMG LLP
Two Nationwide Plaza
Columbus, Ohio 43215
LEGAL COUNSEL
Drinker Biddle & Reath LLP
One Logan Square
18th & Cherry Streets
Philadelphia, Pennsylvania 19103-6996
TRANSFER AGENT
Firstar Mutual Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
This report is submitted for the general information of the shareholders of
the Conning Money Market Portfolio. It is not authorized for distribution to
prospective investors unless accompanied or preceded by a current prospectus
for the Portfolio, which contains information concerning the Portfolio's in-
vestment policies and expenses as well as other pertinent information. An in-
vestment in the Portfolio is NOT INSURED BY THE FDIC or any other governmental
agency, is not a deposit or obligation of, or endorsed or guaranteed by, any
bank, the distributor or any of their affiliates. Although the Portfolio seeks
to preserve the value of your investment at $1.00 per share, it is possible to
lose money by investing in the Portfolio.
7/00
CONNING MONEY MARKET PORTFOLIO
[LOGO OF CONNING ASSET MANAGEMENT]
SEMI-ANNUAL REPORT
May 31, 2000
