<PAGE> 1
SEMI-ANNUAL REPORT
NOVEMBER 30, 1995
[COLLAGE APPEARS HERE]
American
General
Series
Portfolio
Company
<PAGE> 2
================================================================================
AMERICAN GENERAL SERIES PORTFOLIO COMPANY SEMI-ANNUAL REPORT NOVEMBER 30, 1995
- --------------------------------------------------------------------------------
TABLE OF CONTENTS
<TABLE>
<S> <C>
President's Letter . . . . . . . . . . . . . . . . . . . 1
Stock Index Fund . . . . . . . . . . . . . . . . . . . . 5
MidCap Index Fund . . . . . . . . . . . . . . . . . . . . 14
Small Cap Index Fund . . . . . . . . . . . . . . . . . . 21
International Equities Fund . . . . . . . . . . . . . . . 39
Growth Fund . . . . . . . . . . . . . . . . . . . . . . . 46
Growth & Income Fund . . . . . . . . . . . . . . . . . . 49
Science & Technology Fund . . . . . . . . . . . . . . . . 54
Social Awareness Fund . . . . . . . . . . . . . . . . . . 57
Timed Opportunity Fund . . . . . . . . . . . . . . . . . 63
Capital Conservation Fund . . . . . . . . . . . . . . . . 71
Government Securities Fund . . . . . . . . . . . . . . . 75
International Government Bond Fund . . . . . . . . . . . 78
Money Market Fund . . . . . . . . . . . . . . . . . . . . 82
Notes to Financial Statements . . . . . . . . . . . . . . 85
Financial Highlights . . . . . . . . . . . . . . . . . . 90
</TABLE>
<PAGE> 3
================================================================================
AGSPC PRESIDENT'S LETTER
- --------------------------------------------------------------------------------
We are pleased to provide the November 30, 1995 Semi-Annual Report of the
American General Series Portfolio Company. This report details the investments
of each of the thirteen funds that comprise the American General Series
Portfolio Company and provides financial and performance information for each
fund for the six months ended November 30, 1995.
Your variable annuity contract permits you to invest in one or more of the
funds described in this report. The funds that are available under your
contract are shown on the chart on page 4.
MARKET CONDITIONS
The domestic markets provided excellent returns for investors in both stocks
and bonds. Yields declined with a favorable impact on the bond market as the
economy grew at a moderated pace and inflation was well under control. The
consumer price index increased 0.13% on average per month over the six-month
period. For the month of November there was no increase in that index. Gross
Domestic Product advanced modestly at 2.73% per quarter, providing a positive
backdrop for both stocks and bonds.
Returns in the equity markets were well above historic norms. Stocks, as
measured by the Standard & Poor's 500 Index (S&P 500(R)), returned 14.89% over
the six months ended November 30, 1995.
Bond investors were well rewarded with the Lehman Brothers U.S. Treasury Index
recording a total return of 5.66% and the Merrill Lynch Corporate Master Bond
index returning 6.50% for the six months.
The rising value of the dollar in relation to other currencies reduced
international returns in both stocks and bonds. The Morgan Stanley Capital
International Index of Europe, Australia, and Far East (EAFE) rose a modest
2.36% in dollar terms as the dollar gained 21% in value versus the Japanese yen
and single digit amounts against other currencies. The exchange rates also
reduced gains in international bonds. Net returns were negative 0.9% as
measured by the Salomon Brothers Non U.S.Government Bond Index.
FUND RETURNS
INDEXED FUNDS
The Stock Index Fund and the MidCap Index Fund tracked their relevant indexes
within one tenth of 1 percent. The former was 0.07% above its index and the
latter 0.08% below its index. The Small Cap Index Fund had a negative tracking
difference of 0.22%. Given the large number of issues in the Russell 2000(R)
Index and the sampling procedure, tracking is within tolerance. International
Equities Fund had a negative tracking difference of 0.27%. Volatile currency
markets were responsible for that performance.
MANAGED FUNDS
The AGSPC Growth Fund surpassed the S&P 500 Index by 13.79% during the half
year. With economic growth likely to moderate, investors focused on companies
that could generate double digit earnings growth in a slower economy. That is
precisely the type of investment that the Growth Fund seeks.
The AGSPC Growth & Income Fund exceeded the return of the S&P 500 Index by
2.97% before fees and expenses. The stock selection process of the Value Line
Ranking System worked well. Small and mid-sized companies were favored, which
positioned the fund favorably during the first half of the period. Those
sectors underperformed larger capitalization stocks in the second half.
The AGSPC Science & Technology Fund's return was 26.45% over the S&P 500 Index.
The technology sector was a strong beneficiary of an outstanding demand
environment for technology products. Constraints on supply supported industry
pricing and margins and a favorable currency situation kept foreign competitors
at a disadvantage. And strong money flows into technology and aggressive growth
mutual funds aided stocks.
The Social Awareness Fund's return exceeded the S&P 500 by 0.70%. The
outperformance was largely due to over weighting in pharmaceuticals and banks.
Underweighting of oil refining and motor vehicles also contributed to
performance.
1
<PAGE> 4
================================================================================
AGSPC PRESIDENT'S LETTER - CONTINUED
- --------------------------------------------------------------------------------
The Timed Opportunity Fund outperformed the 55% Stock, 35% Bond, and 10% Cash
Benchmark by 0.13%. The close tracking is attributed to a very small negative
variance in the bond component and a slightly larger positive variance in the
stock portion of the portfolio.
BOND FUNDS
The Capital Conservation Fund underperformed its relevant index by 0.03%.
Results in the most recent three months nearly made up the shortfall of the
first quarter. Lengthening of portfolio duration versus the duration of the
index improved performance. Outperformance of corporates versus treasury issues
also aided results.
The Government Securities Fund surpassed its index's return by 0.16%.
Lengthening of the portfolio duration to 109% of the index duration enhanced
performance.
The International Government Bond Fund outperformed its relevant index but
recorded a negative return of 0.80%. Foreign bond markets behaved much like
the markets in the United States with prices rising as low inflation and modest
economic growth contributed to a decline in interest rates. However, the very
strong dollar exchange rate overcame the local market performance and the
return to the U.S. investor was slightly negative.
FUTURE OUTLOOK
The excellent performance of the equity and bond markets in 1995 has led to the
expectation of a correction in domestic markets. After that, a continuation of
low inflation and modest economic growth should allow a further decline in
interest rates. Lower rates would enhance prospects for the economy and provide
a positive environment for both stock and bond funds. Some investors may choose
to direct investments to international markets as the outlook in Europe is
favorable for financial assets and the economy in Japan is improving.
Expectations for more stable exchange rates should let U.S. investors achieve
the returns of local markets.
Respectfully,
/s/ STEPHEN D. BICKEL
Stephen D. Bickel, President
American General Series Portfolio Company
January 19, 1996
2
<PAGE> 5
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AGSPC PRESIDENT'S LETTER - CONTINUED
- --------------------------------------------------------------------------------
FUND RETURNS AND TRACKING DIFFERENCES
FOR THE SIX MONTHS ENDED NOVEMBER 30, 1995
<TABLE>
<CAPTION>
(1) (2) (3) (4) (5)
FUND TOTAL
PERFORMANCE INDEX
BEFORE RETURN
SUBTRACTING INCLUDING TRACKING
FUND FUND EXPENSES REINVESTED DIFFERENCE
AGSPC FUND/RELEVANT MARKET INDEX RETURN(a) EXPENSES (1) + (2) DIVIDENDS (3) - (4)
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INDEXED FUNDS:
Stock Index Fund / S&P 500 . . . . . . . . . . . . . . . . . . . 14.78% 0.18% 14.96% 14.89% 0.07%
MidCap Index Fund / MidCap 400 . . . . . . . . . . . . . . . . . 15.86 0.21 16.07 16.15 (0.08)
Small Cap Index Fund / Russell 2000(R) . . . . . . . . . . . . . 14.62 0.21 14.83 15.05 (0.22)
International Equities Fund / EAFE . . . . . . . . . . . . . . . 1.88 0.21 2.09 2.36 (0.27)
MANAGED FUNDS:
Growth Fund / S&P 500 . . . . . . . . . . . . . . . . . . . . . . 28.27 0.41 28.68 14.89 13.79
Growth & Income Fund / S&P 500 . . . . . . . . . . . . . . . . . 17.47 0.39 17.86 14.89 2.97
Science & Technology Fund / S&P 500 . . . . . . . . . . . . . . . 40.87 0.47 41.34 14.89 26.45
Social Awareness Fund / S&P 500 . . . . . . . . . . . . . . . . . 15.31 0.28 15.59 14.89 0.70
Timed Opportunity Fund / Benchmark(b) . . . . . . . . . . . . . . 10.29 0.29 10.58 10.45 0.13
Capital Conservation Fund / Merrill Lynch Corporate Master Bond . 6.18 0.29 6.47 6.50 (0.03)
Government Securities Fund / Lehman Bros U.S. Treasury . . . . . 5.54 0.28 5.82 5.66 0.16
Intl Gov't Bond Fund / Salomon Non U.S. Gov't Bond . . . . . . . (1.08) 0.28 (0.80) (0.90) 0.10
Money Market Fund / 30 Day Certificate of Deposit
Primary Offering Rate by New York City Banks
(NYC 30 Day CD Rate) . . . . . . . . . . . . . . . . . . . . . 2.70 0.28 2.98 2.41 0.57
</TABLE>
(a) Fund level returns are net of investment management fees and other
fund expenses, but do not reflect charges specified in annuity
contracts for mortality and expense guarantees (1.00%), administrative
fees, or surrender charges.
(b) Benchmark consists of 55% S&P 500 Index, 35% Merrill Lynch Corporate
and Government Master Index, and 10% NYC 30 Day CD Rate.
3
<PAGE> 6
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AGSPC PRESIDENT'S LETTER - CONTINUED
- --------------------------------------------------------------------------------
SUMMARY OF NET ASSET VALUES PER SHARE
AND PER SHARE DISTRIBUTIONS
<TABLE>
<CAPTION>
DISTRIBUTIONS FROM NET
INVESTMENT INCOME AND
NET REALIZED GAINS
NET ASSET VALUES ON SECURITIES
--------------------------------- ---------------------
NOVEMBER 30, NOVEMBER 30,
1994 MAY 31, 1995 12/1/94 TO 6/1/95 TO
FUND (UNAUDITED) 1995 (UNAUDITED) 5/31/95 11/30/95
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Stock Index (emulate S & P 500) . . . . . . . . . . . . . . . . . $14.32 $16.81 $19.10 $0.22 $0.18
MidCap Index (emulate MidCap 400) . . . . . . . . . . . . . . . . 14.33 15.68 18.04 0.58 0.12
Small Cap Index (emulate Russell 2000) . . . . . . . . . . . . . 11.25 12.49 14.22 0.09 0.09
International Equities (foreign long term growth stocks) . . . . 10.05 10.42 10.53 0.15 0.08
Growth Fund (long term growth of capital) . . . . . . . . . . . . 9.87 11.43 14.64 0.03 0.02
Growth & Income Fund (long term growth of capital
and current income) . . . . . . . . . . . . . . . . . . . . . 9.73 11.09 12.99 0.05 0.04
Science & Technology Fund (long term growth of capital) . . . . . 12.13 14.43 20.29 0.15 0.02
Social Awareness (social criteria growth stocks) . . . . . . . . 11.67 13.02 14.88 0.84 0.13
Timed Opportunity (asset allocation) . . . . . . . . . . . . . . 10.65 11.24 12.15 0.65 0.23
Capital Conservation (quality corporate bonds) . . . . . . . . . 8.76 9.52 9.79 0.31 0.31
Government Securities (intermediate and
long term government bonds) . . . . . . . . . . . . . . . . . 9.24 9.89 10.12 0.32 0.31
International Government Bond (high quality
foreign government debt securities) . . . . . . . . . . . . . 11.05 12.72 12.25 0.39 0.33
Money Market (money market instruments) . . . . . . . . . . . . . 1.00 1.00 1.00 0.03 0.03
</TABLE>
The change in net asset value of the funds will not be the same as the change
in the accumulation unit value of your annuity contract because (1) the change
in net asset value does not reflect the reinvestment of income and capital gain
distributions and (2) the mortality and expense charges described in your
annuity contract are not included.
FUNDS AVAILABLE UNDER
VARIABLE ANNUITY CONTRACTS
<TABLE>
<CAPTION>
VALIC SEPARATE ACCOUNT A
-----------------------------------------------
CONTRACT FORM
-----------------------------------------------
INDEPENDENCE GROUP
PORTFOLIO PLUS IMPACT UNIT
FUND DIRECTOR* UIT(G)-585 UIT-981 PURCHASE**
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Stock Index (emulate S & P 500) . . . . . . . . . Yes Yes Yes Yes
MidCap Index (emulate MidCap 400) . . . . . . . . Yes Yes Yes No
Small Cap Index (emulate Russell 2000) . . . . . Yes Yes No No
International Equities (foreign long term
growth stocks) . . . . . . . . . . . . . . . . Yes Yes No No
Growth Fund (long term growth of capital) . . . Yes No No No
Growth & Income Fund (long term growth
of capital and current income) . . . . . . . . Yes No No No
Science & Technology Fund (long term
growth of capital) . . . . . . . . . . . . . . Yes No No No
Social Awareness (social criteria growth
stocks) . . . . . . . . . . . . . . . . . . . Yes Yes No No
Timed Opportunity (asset allocation) . . . . . . Yes Yes Yes No
Capital Conservation (quality corporate
bonds) . . . . . . . . . . . . . . . . . . . . Yes Yes Yes No
Government Securities (intermediate and
long term government bonds) . . . . . . . . . Yes Yes No No
Int'l Government Bond (high quality
foreign government debt securities) . . . . . Yes Yes No No
Money Market (money market instruments) . . . . . Yes Yes Yes No
<CAPTION>
AG LIFE
SEPARATE ACCOUNT A AG LIFE AG LIFE
---------------------- SEPARATE SEPARATE
NON ACCOUNT ACCOUNT
FUND QUALIFIED QUALIFIED B D
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Stock Index (emulate S & P 500) . . . . . . . . . Yes Yes Yes Yes
MidCap Index (emulate MidCap 400) . . . . . . . . Yes Yes Yes No
Small Cap Index (emulate Russell 2000) . . . . . No No No No
International Equities (foreign long term
growth stocks) . . . . . . . . . . . . . . . . No No No Yes
Growth Fund (long term growth of capital) . . . No No No No
Growth & Income Fund (long term growth
of capital and current income) . . . . . . . . No No No No
Science & Technology Fund (long term
growth of capital) . . . . . . . . . . . . . . No No No No
Social Awareness (social criteria growth
stocks) . . . . . . . . . . . . . . . . . . . No No No Yes
Timed Opportunity (asset allocation) . . . . . . Yes Yes Yes No
Capital Conservation (quality corporate
bonds) . . . . . . . . . . . . . . . . . . . . Yes Yes Yes No
Government Securities (intermediate and
long term government bonds) . . . . . . . . . Yes Yes Yes No
Int'l Government Bond (high quality
foreign government debt securities) . . . . . No No No No
Money Market (money market instruments) . . . . . Yes Yes Yes No
</TABLE>
* UIT(G)194, UITN-194, UIT-IRA-194, UIT-SEP-194
** GUP, IVA, GVA SA-1, GVA SA-2
4
<PAGE> 7
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STOCK INDEX FUND November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- -----------------------------------------------------------------------------------
<S> <C><C> <C>
COMMON STOCKS -98.70%
ADVERTISING - 0.06%
21,700 Interpublic Group of Cos Inc . . . . . . . . $ 832,738
---------------
AEROSPACE/DEFENSE - 2.25%
112,050 Boeing Co . . . . . . . . . . . . . . . . . . 8,165,644
29,000 EG&G Inc . . . . . . . . . . . . . . . . . . 558,250
18,880 General Dynamics Corp . . . . . . . . . . . . 1,125,720
66,784 Lockheed Martin Corp . . . . . . . . . . . . 4,900,276
47,400 Loral Corp . . . . . . . . . . . . . . . . . 1,605,675
38,800 McDonnell Douglas Corp . . . . . . . . . . . 3,458,050
18,100 Northrop Grumman Corp . . . . . . . . . . . . 1,113,150
83,400 Raytheon Co . . . . . . . . . . . . . . . . . 3,711,300
63,700 Rockwell International Corp . . . . . . . . . 3,121,300
22,000 TRW Inc . . . . . . . . . . . . . . . . . . . 1,647,250
44,700 United Technologies Corp . . . . . . . . . . 4,190,625
---------------
33,597,240
---------------
AIRLINES - 0.33%
24,400 * AMR Corp . . . . . . . . . . . . . . . . . . 1,869,650
14,000 Delta Air Lines Inc . . . . . . . . . . . . . 1,086,750
55,200 Southwest Airlines Co . . . . . . . . . . . . 1,380,000
41,400 * USAir Group Inc . . . . . . . . . . . . . . . 553,725
---------------
4,890,125
---------------
APPAREL & PRODUCTS - 0.09%
16,500 * Fruit of the Loom Inc Class A . . . . . . . . 319,688
32,900 Liz Claiborne . . . . . . . . . . . . . . . . 966,437
---------------
1,286,125
---------------
APPLIANCES/FURNISHINGS - 0.13%
21,800 Maytag Corp . . . . . . . . . . . . . . . . . 444,175
27,800 Whirlpool Corp . . . . . . . . . . . . . . . 1,542,900
---------------
1,987,075
---------------
AUTO - CARS - 1.90%
121,637 Chrysler Corp . . . . . . . . . . . . . . . . 6,309,919
352,700 Ford Motor Co . . . . . . . . . . . . . . . . 9,963,775
249,300 General Motors Corp . . . . . . . . . . . . . 12,091,050
---------------
28,364,744
---------------
AUTO - REPLACEMENT PARTS - 0.38%
18,700 Cooper Tire & Rubber Co . . . . . . . . . . . 460,488
14,300 Echlin Inc . . . . . . . . . . . . . . . . . 521,950
49,600 Genuine Parts Co . . . . . . . . . . . . . . 2,002,600
55,100 Goodyear Tire & Rubber Co . . . . . . . . . . 2,334,862
15,800 Pep Boys Manny Moe & Jack Co . . . . . . . . 418,700
---------------
5,738,600
---------------
BANKS - NEW YORK CITY - 1.79%
55,800 Bank of New York Inc . . . . . . . . . . . . 2,629,575
61,300 Chase Manhattan Corp . . . . . . . . . . . . 3,731,637
86,734 Chemical Banking Corp . . . . . . . . . . . . 5,204,040
142,900 Citicorp . . . . . . . . . . . . . . . . . . 10,110,175
63,600 JP Morgan & Co Inc . . . . . . . . . . . . . 4,992,600
---------------
26,668,027
---------------
BANKS - OTHER - 1.80%
44,200 Bank of Boston Corp . . . . . . . . . . . . . 2,049,775
125,068 BankAmerica Corp . . . . . . . . . . . . . . 7,957,451
33,300 First Chicago Corp . . . . . . . . . . . . . 2,314,350
60,700 First Union Corp . . . . . . . . . . . . . . 3,315,738
50,100 Fleet Financial Group Inc . . . . . . . . . . 2,091,675
43,500 Mellon Bank Corp . . . . . . . . . . . . . . 2,327,250
43,600 National City Corp . . . . . . . . . . . . . 1,411,550
14,000 Republic of New York Corp . . . . . . . . . . 882,000
26,800 US Bancorp Oregon . . . . . . . . . . . . . . 907,850
16,800 Wells Fargo & Co . . . . . . . . . . . . . . 3,532,200
---------------
26,789,839
---------------
BANKS - REGIONAL - 2.88%
133,471 Banc One Corp . . . . . . . . . . . . . . . . 5,088,582
37,500 Barnett Banks Inc . . . . . . . . . . . . . . 2,254,688
41,800 Boatmens Bancshares Inc . . . . . . . . . . . 1,619,750
41,500 Corestates Financial Corp . . . . . . . . . . 1,608,125
39,800 First Bank Systems Inc . . . . . . . . . . . 2,054,675
23,000 First Fidelity Bancorp Inc . . . . . . . . . 1,687,625
27,200 First Interstate Bancorp Inc . . . . . . . . 3,644,800
83,770 Keycorp . . . . . . . . . . . . . . . . . . . 3,089,019
91,902 NationsBank Corp . . . . . . . . . . . . . . 6,559,505
60,350 NBD Bancorp Inc . . . . . . . . . . . . . . . 2,315,931
114,100 Norwest Corp . . . . . . . . . . . . . . . . 3,765,300
87,200 PNC Bank Corp . . . . . . . . . . . . . . . . 2,550,600
48,300 Shawmut National Corp . . . . . . . . . . . . 1,811,250
36,100 SunTrust Banks Inc . . . . . . . . . . . . . 2,463,825
55,513 Wachovia Corp . . . . . . . . . . . . . . . . 2,498,085
---------------
43,011,760
---------------
BEVERAGE - BREWERS/
DISTRIBUTORS - 0.74%
11,900 Adolph Coors Class B . . . . . . . . . . . . 240,975
86,200 Anheuser Busch Cos Inc . . . . . . . . . . . 5,710,750
18,915 Brown-Forman Corp Class B . . . . . . . . . . 721,134
121,700 Seagram Ltd . . . . . . . . . . . . . . . . . 4,442,050
---------------
11,114,909
---------------
BEVERAGE - SOFT DRINKS - 3.06%
414,600 Coca Cola Co . . . . . . . . . . . . . . . . 31,405,950
257,700 Pepsico Inc . . . . . . . . . . . . . . . . . 14,237,925
---------------
45,643,875
---------------
BROADCASTING - 1.11%
47,700 Capital Cities/ABC Inc . . . . . . . . . . . 5,896,912
71,850 Comcast Corp Class A Special . . . . . . . . 1,419,038
193,400 * Tele Communications Inc Class A . . . . . . . 3,577,900
117,100 * Viacom Inc Class B . . . . . . . . . . . . . 5,650,075
---------------
16,543,925
---------------
BUILDING MATERIALS - 0.38%
8,900 Armstrong World Industries Inc . . . . . . . 532,888
57,100 Lowes Cos Inc . . . . . . . . . . . . . . . . 1,798,650
57,500 Masco Corp . . . . . . . . . . . . . . . . . 1,696,250
12,100 * Owens Corning Fiberglass Corp . . . . . . . . 536,937
</TABLE>
5
<PAGE> 8
================================================================================
STOCK INDEX FUND-CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- -----------------------------------------------------------------------------------
<S> <C><C> <C>
BUILDING MATERIALS - Continued
28,200 Sherwin Williams Co . . . . . . . . . . . . . $ 1,117,425
---------------
5,682,150
---------------
CHEMICAL - MAJOR - 2.36%
5,900 BF Goodrich Co . . . . . . . . . . . . . . . 413,738
91,100 Dow Chemical Co . . . . . . . . . . . . . . . 6,456,712
183,800 E I du Pont de Nemours & Co . . . . . . . . . 12,222,700
39,300 Hercules Inc . . . . . . . . . . . . . . . . 2,156,587
38,500 Monsanto Co . . . . . . . . . . . . . . . . . 4,408,250
54,900 Morton International Inc . . . . . . . . . . 1,900,913
66,500 PPG Industries Inc . . . . . . . . . . . . . 3,017,437
16,600 Rohm & Haas Co . . . . . . . . . . . . . . . 1,000,150
48,900 Union Carbide Corp . . . . . . . . . . . . . 1,937,663
28,200 WR Grace & Co . . . . . . . . . . . . . . . . 1,713,150
---------------
35,227,300
---------------
CHEMICAL - MISCELLANEOUS - 0.74%
41,100 Air Products & Chemicals Inc . . . . . . . . 2,281,050
30,637 Eastman Chemical Co . . . . . . . . . . . . . 2,010,553
8,550 Ecolab Inc . . . . . . . . . . . . . . . . . 245,813
8,200 * FMC Corp . . . . . . . . . . . . . . . . . . 605,775
26,500 Great Lakes Chemical Corp . . . . . . . . . . 1,884,812
30,800 Mallinckrodt Group Inc . . . . . . . . . . . 1,051,050
9,328 Millipore Corp . . . . . . . . . . . . . . . 347,468
20,300 Nalco Chemical Co . . . . . . . . . . . . . . 621,688
38,500 Praxair Inc . . . . . . . . . . . . . . . . . 1,121,312
16,200 Sigma Aldrich . . . . . . . . . . . . . . . . 797,850
---------------
10,967,371
---------------
CONGLOMERATES - 1.31%
98,700 Allied Signal Inc . . . . . . . . . . . . . . 4,663,575
24,000 Dial Corp . . . . . . . . . . . . . . . . . . 648,000
36,000 * ITT Corp . . . . . . . . . . . . . . . . . . 4,414,500
17,500 Loews Corp . . . . . . . . . . . . . . . . . 2,686,250
3,900 Ogden Corp . . . . . . . . . . . . . . . . . 82,875
17,000 Teledyne Inc . . . . . . . . . . . . . . . . 412,250
170 Teledyne Inc (Preferred) . . . . . . . . . . 2,253
60,100 Tenneco Inc . . . . . . . . . . . . . . . . . 2,884,800
24,300 Textron Inc . . . . . . . . . . . . . . . . . 1,861,987
42,400 Tyco International Ltd . . . . . . . . . . . 1,330,300
25,900 Whitman Corp . . . . . . . . . . . . . . . . 569,800
---------------
19,556,590
---------------
CONSUMER FINANCE - 0.16%
11,600 Beneficial Corp . . . . . . . . . . . . . . . 588,700
43,000 MBNA Corp . . . . . . . . . . . . . . . . . . 1,736,125
---------------
2,324,825
---------------
CONTAINERS - METAL/GLASS - 0.11%
4,700 Ball Corp . . . . . . . . . . . . . . . . . . 134,538
37,800 * Crown Cork & Seal Inc . . . . . . . . . . . . 1,582,875
---------------
1,717,413
---------------
CONTAINERS - PAPER - 0.05%
6,500 Bemis Inc . . . . . . . . . . . . . . . . . . 169,813
13,300 Temple Inland Inc . . . . . . . . . . . . . . 603,487
---------------
773,300
---------------
COSMETICS/TOILETRIES - 0.74%
3,400 Alberto Culver Co Class B . . . . . . . . . . 109,650
19,300 Avon Products Inc . . . . . . . . . . . . . . 1,401,662
149,800 Gillette Co . . . . . . . . . . . . . . . . . 7,770,875
34,800 International Flavors & Fragrances . . . . . 1,779,150
---------------
11,061,337
---------------
DRUGS - 6.12%
14,200 Allergan Inc . . . . . . . . . . . . . . . . 440,200
31,600 * ALZA Corp . . . . . . . . . . . . . . . . . . 726,800
98,300 American Home Products Corp . . . . . . . . . 8,969,875
85,200 * Amgen Inc . . . . . . . . . . . . . . . . . . 4,228,050
168,300 Bristol Myers Squibb Co . . . . . . . . . . . 13,506,075
93,900 Eli Lilly & Co . . . . . . . . . . . . . . . 9,343,050
407,800 Merck & Co Inc . . . . . . . . . . . . . . . 25,232,625
203,200 Pfizer Inc . . . . . . . . . . . . . . . . . 11,785,600
123,400 Schering Plough Corp . . . . . . . . . . . . 7,080,075
169,970 Upjohn Co . . . . . . . . . . . . . . . . . . 6,097,674
43,300 Warner Lambert Co . . . . . . . . . . . . . . 3,864,525
---------------
91,274,549
---------------
ELECTRICAL EQUIPMENT - 3.53%
74,000 AMP Inc . . . . . . . . . . . . . . . . . . . 2,969,250
20,000 * Cabletron Systems Inc . . . . . . . . . . . . 1,660,000
77,300 Emerson Electric Co . . . . . . . . . . . . . 6,029,400
553,300 General Electric Co . . . . . . . . . . . . . 37,209,425
9,200 National Service Industries Inc . . . . . . . 299,000
20,200 Raychem Corp . . . . . . . . . . . . . . . . 1,050,400
3,400 Thomas & Betts Corp . . . . . . . . . . . . . 249,475
14,200 W W Grainger Inc . . . . . . . . . . . . . . 949,625
132,300 Westinghouse Electric Corp . . . . . . . . . 2,232,562
---------------
52,649,137
---------------
ELECTRONIC INSTRUMENTS - 0.14%
22,800 General Signal Corp . . . . . . . . . . . . . 735,300
28,400 * Intergraph Corp . . . . . . . . . . . . . . . 488,125
19,400 Perkin Elmer Corp . . . . . . . . . . . . . . 698,400
3,600 Tektronix Inc . . . . . . . . . . . . . . . . 193,950
---------------
2,115,775
---------------
ENTERTAINMENT - 1.36%
39,200 * Harrahs Entertainment Inc . . . . . . . . . . 975,100
34,550 Hasbro Inc . . . . . . . . . . . . . . . . . 1,053,775
16,200 * King World Productions Inc . . . . . . . . . 641,925
68,050 Mattel Inc . . . . . . . . . . . . . . . . . 1,905,400
130,000 Time Warner Inc . . . . . . . . . . . . . . . 5,200,000
174,300 Walt Disney Co . . . . . . . . . . . . . . . 10,479,787
---------------
20,255,987
---------------
</TABLE>
6
<PAGE> 9
================================================================================
STOCK INDEX FUND-CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- -----------------------------------------------------------------------------------
<S> <C><C> <C>
FINANCE COMPANIES - 0.12%
27,900 Household International Inc . . . . . . . . . $ 1,743,750
---------------
FOODS - 2.70%
160,424 Archer Daniels Midland Co . . . . . . . . . . 2,767,314
83,000 Campbell Soup Co . . . . . . . . . . . . . . 4,637,625
87,250 Conagra Inc . . . . . . . . . . . . . . . . . 3,479,094
48,500 CPC International Inc . . . . . . . . . . . . 3,334,375
55,800 General Mills Inc . . . . . . . . . . . . . . 3,075,975
123,150 H J Heinz Co . . . . . . . . . . . . . . . . 3,925,406
19,700 Hershey Foods Corp . . . . . . . . . . . . . 1,216,475
73,800 Kellogg Co . . . . . . . . . . . . . . . . . 5,636,475
24,100 Pioneer Hi Bred International Inc . . . . . . 1,379,725
45,000 Quaker Oats Co . . . . . . . . . . . . . . . 1,563,750
37,700 Ralston Purina Co . . . . . . . . . . . . . . 2,412,800
166,700 Sara Lee Corp . . . . . . . . . . . . . . . . 5,376,075
31,300 Wm Wrigley Jr Co . . . . . . . . . . . . . . 1,475,012
---------------
40,280,101
---------------
FOOTWEAR - 0.19%
16,900 Brown Group Inc . . . . . . . . . . . . . . . 236,600
34,000 Nike Inc Class B . . . . . . . . . . . . . . 1,972,000
20,700 Reebok International Ltd . . . . . . . . . . 538,200
3,800 Stride Rite Corp . . . . . . . . . . . . . . 33,250
---------------
2,780,050
---------------
FREIGHT - 0.10%
20,600 * Federal Express Corp . . . . . . . . . . . . 1,539,850
---------------
GOLD MINING - 0.40%
102,200 Barrick Gold Corp . . . . . . . . . . . . . . 2,695,525
21,800 Echo Bay Mines Ltd . . . . . . . . . . . . . 226,175
53,900 Homestake Mining Co . . . . . . . . . . . . . 889,350
88,900 Placer Dome Inc . . . . . . . . . . . . . . . 2,200,275
---------------
6,011,325
---------------
GOVERNMENT SPONSORED - 0.98%
62,300 Federal Home Loan Mortgage
Corp . . . . . . . . . . . . . . . . . . . 4,797,100
89,300 Federal National Mortgage
Association . . . . . . . . . . . . . . . 9,778,350
---------------
14,575,450
---------------
HARDWARE & TOOLS - 0.10%
22,200 Black & Decker Corp . . . . . . . . . . . . . 829,725
7,700 Snap-On Inc . . . . . . . . . . . . . . . . . 340,725
6,000 Stanley Works . . . . . . . . . . . . . . . . 303,750
---------------
1,474,200
---------------
HEALTHCARE - 0.43%
60,300 United Healthcare Corp . . . . . . . . . . . 3,791,363
56,200 US Healthcare Inc . . . . . . . . . . . . . . 2,557,100
---------------
6,348,463
---------------
HEAVY DUTY TRUCKS/PARTS - 0.30%
19,700 Cummins Engine Inc . . . . . . . . . . . . . 773,225
27,100 Dana Corp . . . . . . . . . . . . . . . . . . 792,675
31,300 Eaton Corp . . . . . . . . . . . . . . . . . 1,705,850
39,010 * Navistar International Corp . . . . . . . . . 424,234
16,355 Paccar Inc . . . . . . . . . . . . . . . . . 715,531
---------------
4,411,515
---------------
HOME BUILDERS - 0.07%
16,600 Centex Corp . . . . . . . . . . . . . . . . . 545,725
14,456 Kaufman & Broad Home Corp . . . . . . . . . . 187,928
7,900 Pulte Corp . . . . . . . . . . . . . . . . . 242,925
---------------
976,578
---------------
HOSPITAL MANAGEMENT - 0.74%
8,000 * Beverly Enterprises Inc . . . . . . . . . . . 93,000
147,423 Columbia/HCA Healthcare Corp . . . . . . . . 7,610,712
8,950 * Community Psychiatric Centers . . . . . . . . 99,569
45,800 Humana Inc . . . . . . . . . . . . . . . . . 1,282,400
13,000 Manor Care Inc . . . . . . . . . . . . . . . 424,125
13,100 Shared Medical Systems Corp . . . . . . . . . 568,213
54,900 * Tenet Healthcare Corp . . . . . . . . . . . . 981,338
---------------
11,059,357
---------------
HOSPITAL SUPPLIES - 3.00%
262,700 Abbott Laboratories . . . . . . . . . . . . . 10,672,187
23,900 Bausch & Lomb Inc . . . . . . . . . . . . . . 863,388
100,000 Baxter International Inc . . . . . . . . . . 4,200,000
23,200 Becton Dickinson & Co . . . . . . . . . . . . 1,618,200
29,000 * Biomet Inc . . . . . . . . . . . . . . . . . 536,500
44,700 * Boston Scientific Corp . . . . . . . . . . . 1,810,350
8,400 C R Bard Inc . . . . . . . . . . . . . . . . 242,550
214,400 Johnson & Johnson . . . . . . . . . . . . . . 18,572,400
78,700 Medtronic Inc . . . . . . . . . . . . . . . . 4,318,662
30,450 * St Jude Medical Inc . . . . . . . . . . . . . 1,202,775
25,700 United States Surgical Corp . . . . . . . . . 645,713
---------------
44,682,725
---------------
HOUSEHOLD PRODUCTS - 2.99%
14,400 Clorox Co . . . . . . . . . . . . . . . . . . 1,090,800
49,700 Colgate Palmolive Co . . . . . . . . . . . . 3,640,525
140,500 Minnesota Mining &
Manufacturing Co . . . . . . . . . . . . . 9,202,750
59,000 Newell Co . . . . . . . . . . . . . . . . . . 1,556,125
24,200 Premark International Inc . . . . . . . . . . 1,234,200
226,926 Procter & Gamble Co . . . . . . . . . . . . . 19,600,733
47,900 Rubbermaid Inc . . . . . . . . . . . . . . . 1,317,250
52,300 Unilever N V-ADR . . . . . . . . . . . . . . 6,949,363
---------------
44,591,746
---------------
INFORMATION PROCESSING - 8.38%
53,500 * Amdahl Corp . . . . . . . . . . . . . . . . . 508,250
39,000 Apple Computer . . . . . . . . . . . . . . . 1,486,875
22,200 Autodesk Inc . . . . . . . . . . . . . . . . 782,550
52,600 Automatic Data Processing Inc . . . . . . . . 4,188,275
10,300 * Ceridian Corp . . . . . . . . . . . . . . . . 432,600
91,800 * Cisco Systems Inc . . . . . . . . . . . . . . 7,722,675
</TABLE>
7
<PAGE> 10
================================================================================
STOCK INDEX FUND-CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- -----------------------------------------------------------------------------------
<S> <C><C> <C>
INFORMATION PROCESSING - Continued
90,800 * Compaq Computer Corp . . . . . . . . . . . . $ 4,494,600
85,125 Computer Associates International
Inc . . . . . . . . . . . . . . . . . . . 5,575,688
14,900 * Computer Sciences Corp . . . . . . . . . . . 1,083,975
1,800 * Cray Research Inc . . . . . . . . . . . . . . 43,200
51,400 * Digital Equipment Corp . . . . . . . . . . . 3,026,175
74,627 First Data Corp . . . . . . . . . . . . . . . 5,298,517
39,200 H&R Block Inc . . . . . . . . . . . . . . . . 1,744,400
169,900 Hewlett Packard Co . . . . . . . . . . . . . 14,080,463
35,300 Honeywell Inc . . . . . . . . . . . . . . . . 1,681,163
272,700 Intel Corp . . . . . . . . . . . . . . . . . 16,600,612
188,900 International Business Machines
Corp . . . . . . . . . . . . . . . . . . . 18,252,462
196,100 * Microsoft Corp . . . . . . . . . . . . . . . 17,085,212
128,000 * Novell Inc . . . . . . . . . . . . . . . . . 2,160,000
146,350 * Oracle Systems Inc . . . . . . . . . . . . . 6,640,631
52,800 Pitney Bowes Inc . . . . . . . . . . . . . . 2,362,800
44,100 * Silicon Graphics Inc . . . . . . . . . . . . 1,609,650
33,400 * Sun Microsystems Inc . . . . . . . . . . . . 2,809,775
26,800 * Tandem Computers Inc . . . . . . . . . . . . 335,000
37,700 * Unisys Corp . . . . . . . . . . . . . . . . . 245,050
34,200 Xerox Corp . . . . . . . . . . . . . . . . . 4,689,675
---------------
124,940,273
---------------
INSURANCE - CASUALTY - 0.43%
32,300 Chubb Corp . . . . . . . . . . . . . . . . . 3,141,175
23,700 Safeco Corp . . . . . . . . . . . . . . . . . 1,682,700
24,300 St Paul Cos Inc . . . . . . . . . . . . . . . 1,360,800
13,900 USF & G Corp . . . . . . . . . . . . . . . . 239,775
---------------
6,424,450
---------------
INSURANCE - LIFE - 0.38%
20,250 Jefferson Pilot Corp . . . . . . . . . . . . 1,440,282
37,300 Lincoln National Corp . . . . . . . . . . . . 1,743,775
20,200 Torchmark Corp . . . . . . . . . . . . . . . 858,500
21,109 Transamerica Corp . . . . . . . . . . . . . . 1,617,477
2,550 USLIFE Corp . . . . . . . . . . . . . . . . . 73,631
---------------
5,733,665
---------------
INSURANCE - MISCELLANEOUS - 0.39%
3,200 Alexander & Alexander Services . . . . . . . 70,000
27,600 General Re Corp . . . . . . . . . . . . . . . 4,129,650
28,800 UNUM Corp . . . . . . . . . . . . . . . . . . 1,558,800
---------------
5,758,450
---------------
INSURANCE - MULTILINE - 2.42%
40,200 Aetna Life & Casualty Co . . . . . . . . . . 2,949,675
144,320 Allstate Corp . . . . . . . . . . . . . . . . 5,917,120
157,618 American International Group Inc . . . . . . 14,146,215
27,400 Cigna Corp . . . . . . . . . . . . . . . . . 3,014,000
21,700 Marsh & McLennan Cos Inc . . . . . . . . . . 1,882,475
44,500 Providian Corp . . . . . . . . . . . . . . . 1,785,563
106,389 Travelers Group Inc . . . . . . . . . . . . . 6,330,145
---------------
36,025,193
---------------
LEISURE TIME - 0.05%
16,100 * Bally Entertainment Group . . . . . . . . . . 195,213
17,900 Brunswick Corp . . . . . . . . . . . . . . . 382,612
8,700 Outboard Marine Corp . . . . . . . . . . . . 178,350
---------------
756,175
---------------
LODGING - 0.18%
18,500 Hilton Hotels Corp . . . . . . . . . . . . . 1,195,563
38,100 Marriot International Inc . . . . . . . . . . 1,419,225
---------------
2,614,788
---------------
MACHINE TOOLS - 0.03%
4,700 Cincinnati Milacron Inc . . . . . . . . . . . 122,788
22,800 Giddings & Lewis Inc . . . . . . . . . . . . 359,100
---------------
481,888
---------------
MACHINERY - AGRICULTURE - 0.22%
93,300 Deere & Co . . . . . . . . . . . . . . . . . 3,067,238
5,340 * Varity Corp . . . . . . . . . . . . . . . . . 206,925
---------------
3,274,163
---------------
MACHINERY - CONSTRUCTION &
CONTRACTS - 0.44%
68,200 Caterpillar Inc . . . . . . . . . . . . . . . 4,185,775
30,300 Fluor Corp . . . . . . . . . . . . . . . . . 1,969,500
2,600 Foster Wheeler Corp . . . . . . . . . . . . . 102,700
10,800 Harnischfeger Industries Inc . . . . . . . . 365,850
---------------
6,623,825
---------------
MACHINERY - INDUSTRIAL/
SPECIALTY - 0.62%
14,600 Briggs & Stratton Corp . . . . . . . . . . . 607,725
42,700 Cooper Industries Inc . . . . . . . . . . . . 1,558,550
32,400 Dover Corp . . . . . . . . . . . . . . . . . 1,259,550
33,600 Illinois Tool Works Inc . . . . . . . . . . . 2,129,400
25,600 Ingersoll Rand Co . . . . . . . . . . . . . . 982,400
16,000 Johnson Controls Inc . . . . . . . . . . . . 1,108,000
25,633 Pall Corp . . . . . . . . . . . . . . . . . . 695,295
16,350 Parker Hannifin Corp . . . . . . . . . . . . 600,863
6,400 Timken Co . . . . . . . . . . . . . . . . . . 258,400
1,600 Trinova Corp . . . . . . . . . . . . . . . . 49,200
---------------
9,249,383
---------------
MERCHANDISE - DRUG - 0.21%
8,300 Longs Drug Stores Corp . . . . . . . . . . . 329,925
24,200 Rite Aid Corp . . . . . . . . . . . . . . . . 756,250
72,800 Walgreen Co . . . . . . . . . . . . . . . . . 2,120,300
---------------
3,206,475
---------------
MERCHANDISE - SPECIALTY - 1.25%
32,900 American Greetings Corp Class A . . . . . . . 896,525
29,500 * Charming Shoppes Inc . . . . . . . . . . . . 68,219
27,100 Circuit City Stores Inc . . . . . . . . . . . 785,900
53,000 Gap Inc . . . . . . . . . . . . . . . . . . . 2,398,250
151,900 Home Depot Inc . . . . . . . . . . . . . . . 6,740,562
</TABLE>
8
<PAGE> 11
================================================================================
STOCK INDEX FUND-CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- -----------------------------------------------------------------------------------
<S> <C><C> <C>
MERCHANDISE - SPECIALTY - Continued
973 Jostens Inc . . . . . . . . . . . . . . . . . $ 24,082
129,800 Limited Inc . . . . . . . . . . . . . . . . . 2,320,175
32,300 Melville Corp . . . . . . . . . . . . . . . . 1,005,338
30,900 Nordstrom Inc . . . . . . . . . . . . . . . . 1,212,825
16,800 Tandy Corp . . . . . . . . . . . . . . . . . 800,100
18,600 TJX Cos Inc . . . . . . . . . . . . . . . . . 309,225
89,225 * Toys R Us Inc . . . . . . . . . . . . . . . . 2,074,481
---------------
18,635,682
---------------
MERCHANDISING -
DEPARTMENT - 0.60%
25,900 Dayton Hudson Corp . . . . . . . . . . . . . 1,880,988
30,800 Dillard Department Stores Inc
Class A . . . . . . . . . . . . . . . . . 889,350
59,800 * Federated Department Stores Inc . . . . . . . 1,741,675
86,200 May Department Stores Co . . . . . . . . . . 3,760,475
16,000 Mercantile Stores Inc . . . . . . . . . . . . 744,000
---------------
9,016,488
---------------
MERCHANDISING - FOOD - 0.69%
92,400 Albertsons Inc . . . . . . . . . . . . . . . 2,841,300
37,300 American Stores Co . . . . . . . . . . . . . 979,125
6,900 Fleming Cos Inc . . . . . . . . . . . . . . . 159,563
15,500 Giant Foods Inc Class A . . . . . . . . . . . 499,875
15,300 Great Atlantic & Pacific Tea Inc . . . . . . 334,687
31,700 * Kroger Co . . . . . . . . . . . . . . . . . . 1,061,950
16,700 Supervalu Inc . . . . . . . . . . . . . . . . 538,575
71,900 Sysco Corp . . . . . . . . . . . . . . . . . 2,201,937
26,000 Winn Dixie Stores Inc . . . . . . . . . . . . 1,667,250
---------------
10,284,262
---------------
MERCHANDISING - MASS - 2.00%
81,400 J C Penney Inc . . . . . . . . . . . . . . . 3,815,625
174,200 K Mart Corp . . . . . . . . . . . . . . . . . 1,350,050
82,622 * Price/Costco Inc . . . . . . . . . . . . . . 1,373,591
121,700 Sears Roebuck & Co . . . . . . . . . . . . . 4,791,937
747,200 Wal Mart Stores Inc . . . . . . . . . . . . . 17,932,800
35,000 * Woolworth Corp . . . . . . . . . . . . . . . 525,000
---------------
29,789,003
---------------
METALS - ALUMINUM - 0.47%
68,000 Alcan Aluminium Ltd . . . . . . . . . . . . . 2,252,500
61,800 Aluminum Co of America . . . . . . . . . . . 3,615,300
20,300 Reynolds Metals Co . . . . . . . . . . . . . 1,172,325
---------------
7,040,125
---------------
METALS - COPPER - 0.24%
9,200 Asarco Inc . . . . . . . . . . . . . . . . . 325,450
32,649 Newmont Mining Corp . . . . . . . . . . . . . 1,407,988
26,200 Phelps Dodge Corp . . . . . . . . . . . . . . 1,778,325
---------------
3,511,763
---------------
METALS - MISCELLANEOUS - 0.31%
31,350 Cyprus Amax Minerals Co . . . . . . . . . . . 862,125
57,075 Engelhard Corp . . . . . . . . . . . . . . . 1,334,128
47,000 Freeport McMoran Copper & Gold
Class B . . . . . . . . . . . . . . . . . 1,274,875
32,300 Inco Ltd . . . . . . . . . . . . . . . . . . 1,150,688
---------------
4,621,816
---------------
METALS - STEEL - 0.28%
22,300 * Armco Inc . . . . . . . . . . . . . . . . . . 128,225
21,900 * Bethlehem Steel Corp . . . . . . . . . . . . 306,600
20,200 Inland Steel Industries . . . . . . . . . . . 527,725
31,100 Nucor Corp . . . . . . . . . . . . . . . . . 1,551,112
29,620 USX US Steel Group . . . . . . . . . . . . . 966,353
38,925 Worthington Industries Inc . . . . . . . . . 763,903
---------------
4,243,918
---------------
MISCELLANEOUS - 0.38%
84,900 Corning Inc . . . . . . . . . . . . . . . . . 2,557,612
49,500 * CUC International Inc . . . . . . . . . . . . 1,881,000
29,550 Service Corp International . . . . . . . . . 1,200,469
---------------
5,639,081
---------------
MOBILE HOMES - 0.02%
14,600 Fleetwood Enterprises Inc . . . . . . . . . . 350,400
---------------
NATURAL GAS - DIVERSIFIED - 0.22%
26,000 Coastal Corp . . . . . . . . . . . . . . . . 864,500
11,200 Enserch Corp . . . . . . . . . . . . . . . . 173,600
8,800 NorAm Energy Corp . . . . . . . . . . . . . . 69,300
47,929 Panhandle Eastern Corp . . . . . . . . . . . 1,359,985
23,700 Sonat Inc . . . . . . . . . . . . . . . . . . 764,325
---------------
3,231,710
---------------
OIL - INTEGRATED DOMESTIC - 2.19%
34,000 Amerada Hess Corp . . . . . . . . . . . . . . 1,615,000
163,500 Amoco Corp . . . . . . . . . . . . . . . . . 11,077,125
10,000 Ashland Oil Inc . . . . . . . . . . . . . . . 348,750
51,700 Atlantic Richfield Co . . . . . . . . . . . . 5,602,987
47,300 Burlington Resources Inc . . . . . . . . . . 1,821,050
11,100 Kerr McGee Corp . . . . . . . . . . . . . . . 642,413
111,700 Occidental Petroleum Corp . . . . . . . . . . 2,471,362
40,800 * Oryx Energy Co . . . . . . . . . . . . . . . 535,500
11,000 Pennzoil Co . . . . . . . . . . . . . . . . . 435,875
91,800 Phillips Petroleum Co . . . . . . . . . . . . 3,052,350
40,202 * Santa Fe Energy Resources Inc . . . . . . . . 371,869
29,016 Sun Co . . . . . . . . . . . . . . . . . . . 805,194
86,400 Unocal Corp . . . . . . . . . . . . . . . . . 2,322,000
87,000 USX Marathon Group . . . . . . . . . . . . . 1,598,625
---------------
32,700,100
---------------
OIL - INTEGRATED
INTERNATIONAL - 5.68%
209,400 Chevron Corp . . . . . . . . . . . . . . . . 10,339,125
409,200 Exxon Corp . . . . . . . . . . . . . . . . . 31,661,850
131,400 Mobil Corp . . . . . . . . . . . . . . . . . 13,714,875
175,300 Royal Dutch Petroleum Co - ADR . . . . . . . 22,504,137
88,700 Texaco Inc . . . . . . . . . . . . . . . . . 6,563,800
---------------
84,783,787
---------------
</TABLE>
9
<PAGE> 12
================================================================================
STOCK INDEX FUND-CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- -----------------------------------------------------------------------------------
<S> <C><C> <C>
OIL - SERVICES - 0.74%
53,600 Baker Hughes Inc . . . . . . . . . . . . . . $ 1,092,100
69,300 Dresser Industries Inc . . . . . . . . . . . 1,637,212
42,500 Halliburton Co . . . . . . . . . . . . . . . 1,843,437
24,000 McDermott International Inc . . . . . . . . . 435,000
80,400 Schlumberger Ltd . . . . . . . . . . . . . . 5,105,400
18,500 * Western Atlas Inc . . . . . . . . . . . . . . 885,688
---------------
10,998,837
---------------
OIL/GAS PRODUCERS - 0.03%
3,000 Helmerich & Payne Inc . . . . . . . . . . . . 81,750
8,700 Louisiana Land & Exploration Co . . . . . . . 339,300
---------------
421,050
---------------
PAPER/FOREST PRODUCTS - 1.88%
41,000 Alco Standard Corp . . . . . . . . . . . . . 1,783,500
24,100 Avery Dennison Corp . . . . . . . . . . . . . 1,147,762
8,366 Boise Cascade Corp . . . . . . . . . . . . . 311,634
25,300 Champion International Corp . . . . . . . . . 1,192,262
2,430 * Crown Vantage Inc . . . . . . . . . . . . . . 41,918
9,100 Federal Paper Board Inc . . . . . . . . . . . 473,200
32,500 Georgia Pacific Corp . . . . . . . . . . . . 2,526,875
85,800 International Paper Co . . . . . . . . . . . 3,271,125
33,100 James River Corp . . . . . . . . . . . . . . 1,042,650
56,900 Kimberly Clark Corp . . . . . . . . . . . . . 4,374,187
41,600 Louisiana Pacific Corp . . . . . . . . . . . 1,123,200
16,000 Mead Corp . . . . . . . . . . . . . . . . . . 914,000
4,900 Potlatch Corp . . . . . . . . . . . . . . . . 197,838
49,700 Scott Paper Co . . . . . . . . . . . . . . . 2,839,112
23,364 Stone Container Corp . . . . . . . . . . . . 365,063
27,250 Union Camp Corp . . . . . . . . . . . . . . . 1,338,656
26,850 Westvaco Corp . . . . . . . . . . . . . . . . 735,019
72,800 Weyerhaeuser Co . . . . . . . . . . . . . . . 3,294,200
17,500 Willamette Industries Inc . . . . . . . . . . 1,058,750
---------------
28,030,951
---------------
PHOTOGRAPHY - 0.55%
114,650 Eastman Kodak Co . . . . . . . . . . . . . . 7,796,200
10,400 Polaroid Corp . . . . . . . . . . . . . . . . 479,700
---------------
8,275,900
---------------
POLLUTION CONTROL - 0.51%
70,000 Browning Ferris Industries Inc . . . . . . . 2,108,750
71,800 Laidlaw Inc Class B . . . . . . . . . . . . . 664,150
50 Safety Kleen Corp . . . . . . . . . . . . . . 713
165,000 WMX Technologies Inc . . . . . . . . . . . . 4,867,500
---------------
7,641,113
---------------
PUBLISHING - NEWS - 0.57%
31,600 Dow Jones & Co Inc . . . . . . . . . . . . . 1,212,650
47,600 Gannett Inc . . . . . . . . . . . . . . . . . 2,903,600
21,200 Knight-Ridder Inc . . . . . . . . . . . . . . 1,367,400
22,200 New York Times Co Class A . . . . . . . . . . 654,900
39,732 Times Mirror Co . . . . . . . . . . . . . . . 1,291,290
15,600 Tribune Co . . . . . . . . . . . . . . . . . 1,006,200
---------------
8,436,040
---------------
PUBLISHING/PRINTING - 0.53%
21,700 Deluxe Corp . . . . . . . . . . . . . . . . . 599,463
59,400 Dun & Bradstreet Corp . . . . . . . . . . . . 3,705,075
19,217 Harcourt General Inc . . . . . . . . . . . . 773,484
12,000 McGraw Hill Inc . . . . . . . . . . . . . . . 1,005,000
21,600 Moore Corp Ltd . . . . . . . . . . . . . . . 386,100
39,200 R R Donnelley & Sons Co . . . . . . . . . . . 1,504,300
---------------
7,973,422
---------------
RAILROAD - 1.22%
46,317 Burlington Northern Inc . . . . . . . . . . . 3,734,308
29,300 Conrail Inc . . . . . . . . . . . . . . . . . 2,047,338
36,800 CSX Corp . . . . . . . . . . . . . . . . . . 3,224,600
48,300 Norfolk Southern Corp . . . . . . . . . . . . 3,803,625
45,309 Santa Fe Pacific Gold Corp . . . . . . . . . 543,708
70,700 Union Pacific Corp . . . . . . . . . . . . . 4,789,925
---------------
18,143,504
---------------
RESTAURANTS - 0.79%
55,800 Darden Restaurants Inc . . . . . . . . . . . 648,675
7,550 Lubys Cafeterias Inc . . . . . . . . . . . . 166,100
230,400 McDonalds Corp . . . . . . . . . . . . . . . 10,281,600
7,800 * Shoneys Inc . . . . . . . . . . . . . . . . . 83,850
30,000 Wendys International Inc . . . . . . . . . . 618,750
---------------
11,798,975
---------------
SAVINGS AND LOAN - 0.21%
25,100 Golden West Financial Corp . . . . . . . . . 1,283,238
47,050 Great Western Financial Corp . . . . . . . . 1,199,775
24,900 H F Ahmanson & Co . . . . . . . . . . . . . . 666,075
---------------
3,149,088
---------------
SECURITIES RELATED - 1.13%
163,700 American Express Co . . . . . . . . . . . . . 6,957,250
60,648 Dean Witter Discover & Co . . . . . . . . . . 3,093,048
59,700 Merrill Lynch & Co Inc . . . . . . . . . . . 3,320,812
23,000 Morgan Stanley Group Inc . . . . . . . . . . 1,983,750
39,900 Salomon Inc . . . . . . . . . . . . . . . . . 1,451,363
---------------
16,806,223
---------------
SEMICONDUCTORS - 1.63%
37,000 * Advanced Micro Devices Inc . . . . . . . . . 758,500
62,200 * Applied Materials Inc . . . . . . . . . . . . 3,024,475
71,000 Micron Technology Inc . . . . . . . . . . . . 3,887,250
196,200 Motorola Inc . . . . . . . . . . . . . . . . 12,017,250
46,700 * National Semiconductor Corp . . . . . . . . . 998,212
62,000 Texas Instruments Inc . . . . . . . . . . . . 3,588,250
---------------
24,273,937
---------------
TELECOMMUNICATIONS - 0.92%
158,600 * Airtouch Communications Inc . . . . . . . . . 4,619,225
56,300 ALLTEL Corp . . . . . . . . . . . . . . . . . 1,660,850
10,327 * Andrew Corp . . . . . . . . . . . . . . . . . 446,643
42,600 * DSC Communications Corp . . . . . . . . . . . 1,688,025
6,600 Harris Corp . . . . . . . . . . . . . . . . . 380,325
85,800 Northern Telecommunications
Corp . . . . . . . . . . . . . . . . . . . 3,464,175
</TABLE>
10
<PAGE> 13
================================================================================
STOCK INDEX FUND-CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- -----------------------------------------------------------------------------------
<S> <C><C> <C>
TELECOMMUNICATIONS - Continued
29,500 Scientific Atlanta Inc . . . . . . . . . . . $ 468,312
24,900 * Tellabs Inc . . . . . . . . . . . . . . . . . 977,325
---------------
13,704,880
---------------
TEXTILE - PRODUCTS - 0.08%
11,400 Russell Corp . . . . . . . . . . . . . . . . 303,525
17,600 V F Corp . . . . . . . . . . . . . . . . . . 915,200
---------------
1,218,725
---------------
TOBACCO - 1.97%
62,800 American Brands Inc . . . . . . . . . . . . . 2,621,900
277,300 Philip Morris Cos Inc . . . . . . . . . . . . 24,333,075
73,300 UST Inc . . . . . . . . . . . . . . . . . . . 2,391,412
---------------
29,346,387
---------------
TRUCKERS - 0.09%
2,300 Consolidated Freightways Inc . . . . . . . . 60,375
14,200 Roadway Services Inc . . . . . . . . . . . . 713,550
15,900 Ryder System Inc . . . . . . . . . . . . . . 379,613
19,300 * Yellow Corp . . . . . . . . . . . . . . . . . 231,600
---------------
1,385,138
---------------
UTILITIES - COMMUNICATION - 8.03%
184,400 Ameritech Corp . . . . . . . . . . . . . . . 10,142,000
524,326 AT & T Corp . . . . . . . . . . . . . . . . . 34,605,516
143,600 Bell Atlantic Corp . . . . . . . . . . . . . 9,046,800
324,400 Bellsouth Corp . . . . . . . . . . . . . . . 12,611,050
310,400 GTE Corp . . . . . . . . . . . . . . . . . . 13,230,800
220,100 MCI Communications Corp . . . . . . . . . . . 5,887,675
142,500 NYNEX Corp . . . . . . . . . . . . . . . . . 7,071,562
146,200 Pacific Telesis Group . . . . . . . . . . . . 4,386,000
192,700 SBC Communications Inc . . . . . . . . . . . 10,405,800
119,200 Sprint Corp . . . . . . . . . . . . . . . . . 4,768,000
155,300 U S West Inc . . . . . . . . . . . . . . . . 4,853,125
155,300 U S West Inc Media Group . . . . . . . . . . 2,795,400
---------------
119,803,728
---------------
UTILITIES - ELECTRIC - 3.49%
50,600 American Electric Power Inc . . . . . . . . . 1,903,825
35,200 Baltimore Gas & Electric Co . . . . . . . . . 937,200
60,100 Carolina Power & Light Co . . . . . . . . . . 1,975,787
70,100 Central & South West Corp . . . . . . . . . . 1,883,937
41,164 CiNergy Corp . . . . . . . . . . . . . . . . 1,214,338
71,500 Consolidated Edison Co of New York
Inc . . . . . . . . . . . . . . . . . . . . 2,064,562
42,300 Detroit Edison Co . . . . . . . . . . . . . . 1,380,038
57,650 Dominion Resources Inc . . . . . . . . . . . 2,284,381
61,200 Duke Power Co . . . . . . . . . . . . . . . . 2,746,350
86,000 Entergy Corp . . . . . . . . . . . . . . . . 2,397,250
68,400 FPL Group Inc . . . . . . . . . . . . . . . . 2,966,850
50,900 Houston Industries Inc . . . . . . . . . . . 2,328,675
37,500 Niagara Mohawk Power Corp . . . . . . . . . . 370,313
26,000 Northern States Power Co . . . . . . . . . . 1,222,000
35,900 Ohio Edison Co . . . . . . . . . . . . . . . 816,725
148,000 Pacific Gas & Electric Co . . . . . . . . . . 4,070,000
83,900 PacifiCorp . . . . . . . . . . . . . . . . . 1,646,538
79,400 Peco Energy Co . . . . . . . . . . . . . . . 2,302,600
44,500 P P & L Resources Inc . . . . . . . . . . . . 1,106,937
74,850 Public Service Enterprise Group . . . . . . . 2,217,431
163,800 SCE Corp . . . . . . . . . . . . . . . . . . 2,559,375
213,600 Southern Co . . . . . . . . . . . . . . . . . 4,886,100
79,800 Texas Utilities Co . . . . . . . . . . . . . 3,072,300
77,700 Unicom Corp . . . . . . . . . . . . . . . . . 2,486,400
28,800 Union Electric Co . . . . . . . . . . . . . . 1,155,600
---------------
51,995,512
---------------
UTILITIES - GAS, PIPELINE - 0.54%
13,000 * Columbia Gas System Inc . . . . . . . . . . . 562,250
22,600 Consolidated Natural Gas Co . . . . . . . . . 1,002,875
89,500 Enron Corp . . . . . . . . . . . . . . . . . 3,356,250
23,700 Nicor Inc . . . . . . . . . . . . . . . . . . 601,388
18,300 ONEOK Inc . . . . . . . . . . . . . . . . . . 430,050
15,000 Pacific Enterprises . . . . . . . . . . . . . 401,250
2,200 Peoples Energy Corp . . . . . . . . . . . . . 67,100
40,100 Williams Cos Inc . . . . . . . . . . . . . . 1,684,200
---------------
8,105,363
---------------
UTILITIES - MISCELLANEOUS - 0.07%
32,600 General Public Utilities Corp . . . . . . . . 1,030,975
---------------
TOTAL COMMON STOCKS
(Cost $1,045,112,379) . . . . . . . . . . . . 1,472,026,437
---------------
</TABLE>
<TABLE>
<CAPTION>
PAR
VALUE
- ------------
<S> <C> <C>
CORPORATE SHORT TERM
COMMERCIAL PAPER - 1.39%
FINANCE COMPANIES - 0.67%
$10,065,000 Ford Motor Credit Co,
5.73% due 12/4/95 . . . . . . . . . . . . . 10,060,194
---------------
SECURITIES RELATED - 0.72%
10,700,000 Merrill Lynch & Co Inc,
5.82% due 12/1/95 . . . . . . . . . . . . . 10,700,000
---------------
TOTAL CORPORATE SHORT
TERM COMMERCIAL PAPER
(Cost $20,760,194) . . . . . . . . . . . . . 20,760,194
---------------
UNITED STATES GOVERNMENT -
SHORT TERM - 0.06%
United States Treasury Bills:
400,000 5.645% due 12/21/95 . . . . . . . . . . . . 398,746
450,000 5.53% due 12/14/95 . . . . . . . . . . . . 449,101
---------------
847,847
---------------
TOTAL UNITED STATES
GOVERNMENT - SHORT TERM
(Cost $847,847) . . . . . . . . . . . . . . . 847,847
---------------
</TABLE>
11
<PAGE> 14
================================================================================
STOCK INDEX FUND-CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
MARKET
VALUE
- -----------------------------------------------------------------------------------
<S><C> <C>
TOTAL INVESTMENTS
(Cost $1,066,720,420) - 100.15% . . . . . . . $ 1,493,634,478
Other assets and liabilities,
net - (0.15%) . . . . . . . . . . . . . . (2,201,717)
---------------
NET ASSETS (equivalent
to $19.10 per share on
78,073,334 shares
outstanding) - 100% . . . . . . . . . . . $ 1,491,432,761
===============
* Non-income producing
</TABLE>
<TABLE>
<CAPTION>
UNREALIZED
APPRECIATION
CONTRACTS (DEPRECIATION)
- -----------------------------------------------------------------------------------
<S> <C> <C>
FUTURES CONTRACTS PURCHASED(1)
(Delivery month/Value at 11/30/95)
44 (2) S&P 500 Index Futures
(December/$607.25) . . . . . . . . . . . . $ 210,975
1 (2) S&P 500 Index Futures
(March/$612.75) . . . . . . . . . . . . . . (375)
---------------
$ 210,600
===============
</TABLE>
(1) U.S.Treasury Bills with a market value of
approximately $850,000 were maintained in a
segregated account with a portion placed as
collateral for futures contracts.
(2) Per 500
<TABLE>
<S> <C> <C>
NET ASSETS REPRESENTED BY:
Capital stock, $.01 par value per share,
1,000,000,000 shares authorized,
78,073,334 shares outstanding . . . . . . . . . . . . . . . . $ 780,733
Additional paid in capital . . . . . . . . . . . . . . . . . . 1,024,542,200
Undistributed net realized gain on securities . . . . . . . . . 38,329,054
Undistributed net investment income . . . . . . . . . . . . . . 656,116
Unrealized appreciation of:
Investments . . . . . . . . . . . . . . . . . $426,914,058
Futures . . . . . . . . . . . . . . . . . . 210,600 427,124,658
------------ ---------------
NET ASSETS APPLICABLE TO SHARES
OUTSTANDING . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,491,432,761
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
12
<PAGE> 15
================================================================================
STOCK INDEX FUND FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
(Unaudited)
STATEMENT OF OPERATIONS
For the six months ended November 30, 1995
<TABLE>
<S> <C>
INVESTMENT INCOME:
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 16,553,023
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 554,578
--------------
Total investment income . . . . . . . . . . . . . . . . . . . . . . . 17,107,601
--------------
EXPENSES:
Advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,963,710
Custodian and accounting services . . . . . . . . . . . . . . . . . . . . 281,918
Reports to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . 82,142
Audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,389
Directors' fees and expenses . . . . . . . . . . . . . . . . . . . . . . 28,004
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,855
--------------
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,454,018
--------------
NET INVESTMENT INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . 14,653,583
--------------
REALIZED AND UNREALIZED GAIN ON SECURITIES:
Net realized gain on:
Investments . . . . . . . . . . . . . . . . . . . . $ 6,971,595
Futures contracts . . . . . . . . . . . . . . . . . 1,715,594 8,687,189
---------------
Net unrealized appreciation of securities during the
period:
Investments . . . . . . . . . . . . . . . . . . . . 166,693,000
Futures contracts . . . . . . . . . . . . . . . . . 56,675 166,749,675
--------------- --------------
Net realized and unrealized gain on securities during the period . 175,436,864
--------------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . $ 190,090,447
==============
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the six For the fiscal
months ended year ended
November 30,1995 May 31, 1995
-------------------------------
<S> <C> <C>
OPERATIONS:
Net investment income . . . . . . . . . . . . . . . . . $ 14,653,583 $ 27,820,558
Net realized gain on securities . . . . . . . . . . . . 8,687,189 30,306,629
Net unrealized appreciation of securities during
the period . . . . . . . . . . . . . . . . . . . . . 166,749,675 154,652,699
--------------------------------
Increase in net assets resulting from operations . . 190,090,447 212,779,886
--------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income . . . . . . . . . . . . . . . . . (14,126,575) (27,954,349)
Net realized gain on securities . . . . . . . . . . . - (2,497,235)
--------------------------------
Decrease in net assets resulting from distributions
to shareholders . . . . . . . . . . . . . . . . . . (14,126,575) (30,451,584)
--------------------------------
CAPITAL STOCK TRANSACTIONS:
Proceeds from capital stock sold . . . . . . . . . . . 71,348,502 100,308,445
Proceeds from capital stock issued for distributions
reinvested . . . . . . . . . . . . . . . . . . . . . 14,126,575 30,451,584
--------------------------------
85,475,077 130,760,029
Cost of capital stock repurchased . . . . . . . . . . . (37,998,301) (131,555,447)
--------------------------------
Increase (decrease) in net assets resulting from
capital stock transactions . . . . . . . . . . . 47,476,776 (795,418)
--------------------------------
TOTAL INCREASE IN NET ASSETS . . . . . . . . . . . . . 223,440,648 181,532,884
NET ASSETS:
Beginning of period . . . . . . . . . . . . . . . . . . 1,267,992,113 1,086,459,229
--------------------------------
End of period (including undistributed net investment
income of $656,116 and $129,108) . . . . . . . . . . $ 1,491,432,761 $1,267,992,113
--------------------------------
CHANGE IN SHARES OUTSTANDING:
Shares of capital stock sold . . . . . . . . . . . . . 3,955,873 6,656,098
Shares issued for distributions reinvested . . . . . . 778,378 2,028,815
Shares of capital stock repurchased . . . . . . . . . (2,112,376) (8,727,186)
--------------------------------
Increase (decrease) in shares outstanding . . . . . 2,621,875 (42,273)
Shares outstanding:
Beginning of period . . . . . . . . . . . . . . . . 75,451,459 75,493,732
--------------------------------
End of period . . . . . . . . . . . . . . . . . . . 78,073,334 75,451,459
--------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
13
<PAGE> 16
================================================================================
MIDCAP INDEX FUND November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
COMMON STOCKS - 99.22%
ADVERTISING - 0.40%
28,882 Omnicom Group . . . . . . . . . . . . . . . $ 1,927,874
---------------
AEROSPACE/DEFENSE - 0.90%
18,480 GenCorp Inc . . . . . . . . . . . . . . . . 217,140
22,071 OEA Inc . . . . . . . . . . . . . . . . . . 598,676
21,855 * Rohr Industries Inc . . . . . . . . . . . . 319,629
3,700 * Sequa Corp Class A . . . . . . . . . . . . 107,763
30,437 Sundstrand Corp . . . . . . . . . . . . . . 1,970,796
10,210 Teleflex Inc . . . . . . . . . . . . . . . 453,069
18,761 Thiokol Corp . . . . . . . . . . . . . . . 635,528
---------------
4,302,601
---------------
AIRLINES - 0.23%
17,921 * Alaska Air Group Inc . . . . . . . . . . . 324,818
29,574 Atlantic Southeast Airlines Inc . . . . . . 776,318
---------------
1,101,136
---------------
APPAREL & PRODUCTS - 0.61%
2,753 Angelica Corp . . . . . . . . . . . . . . . 61,598
24,900 * Ann Taylor Stores Corp . . . . . . . . . . 317,475
37,553 Cintas Corp . . . . . . . . . . . . . . . . 1,727,438
11,776 Claire's Stores Inc . . . . . . . . . . . . 229,632
37,014 CML Group Inc . . . . . . . . . . . . . . . 226,711
23,424 * Lands End Inc . . . . . . . . . . . . . . . 345,504
---------------
2,908,358
---------------
APPLIANCES/FURNISHINGS - 0.94%
43,259 Heilig Meyers Co . . . . . . . . . . . . . 875,995
28,514 Herman Miller Inc . . . . . . . . . . . . . 905,320
27,501 Lancaster Colony Corp . . . . . . . . . . . 955,660
69,576 Leggett & Platt Inc . . . . . . . . . . . . 1,678,521
2,604 National Presto Industries Inc . . . . . . 108,391
---------------
4,523,887
---------------
AUTO - ORIGINAL EQUIPMENT - 1.11%
16,925 Arvin Industries Inc . . . . . . . . . . . 298,303
7,700 Carlisle Cos Inc . . . . . . . . . . . . . 328,213
42,442 Danaher Corp . . . . . . . . . . . . . . . 1,305,092
16,218 Donaldson Co Inc . . . . . . . . . . . . . 403,423
34,370 Federal Mogul Corp . . . . . . . . . . . . 657,326
42,170 Mark IV Industries Inc . . . . . . . . . . 869,756
27,228 Modine Manufacturing Co . . . . . . . . . . 844,067
23,200 Superior Industries International
Inc . . . . . . . . . . . . . . . . . . 635,100
---------------
5,341,280
---------------
AUTO - OTHER - 0.35%
60,070 Harley Davidson Inc . . . . . . . . . . . . 1,666,943
---------------
AUTO - REPLACEMENT PARTS - 0.10%
16,221 Kaydon Corp . . . . . . . . . . . . . . . . 482,575
---------------
BANKS - OTHER - 0.59%
62,972 State Street Boston Corp . . . . . . . . . 2,833,740
---------------
BANKS - REGIONAL - 7.32%
28,234 Bancorp Hawaii Inc . . . . . . . . . . . . 1,037,600
30,952 Central Fidelity Banks Inc . . . . . . . . 1,021,416
43,055 City National Corp . . . . . . . . . . . . 592,006
32,700 Comerica Inc . . . . . . . . . . . . . . . 1,222,163
29,286 Crestar Financial Corp . . . . . . . . . . 1,786,446
18,718 Dauphin Depository Corp . . . . . . . . . . 575,579
50,100 Fifth Third Bancorp . . . . . . . . . . . . 3,663,563
52,343 First American Bank Corp . . . . . . . . . 2,348,892
41,441 First Security Corp . . . . . . . . . . . . 1,440,075
34,301 First Tennessee National Corp . . . . . . . 2,075,211
24,775 First Virginia Banks Inc . . . . . . . . . 1,056,034
84,600 Hibernia Corp Class A . . . . . . . . . . . 888,300
77,348 Marshall & Ilsley Corp . . . . . . . . . . 2,040,054
40,634 Mercantile Bancorporation Inc . . . . . . . 1,864,085
35,356 Mercantile Bankshares Corp . . . . . . . . 1,003,227
54,496 Meridian Bancorp Inc . . . . . . . . . . . 2,513,628
45,053 Northern Trust Corp . . . . . . . . . . . . 2,354,019
35,209 Regions Financial Corp . . . . . . . . . . 1,478,777
68,687 SouthTrust Corp . . . . . . . . . . . . . . 1,742,932
45,103 UJB Financial Corp . . . . . . . . . . . . 1,510,950
36,536 West One Bancorp . . . . . . . . . . . . . 1,817,665
33,678 Wilmington Trust Corp . . . . . . . . . . . 1,081,905
---------------
35,114,527
---------------
BEVERAGE - SOFT DRINKS - 0.62%
101,903 Coca Cola Enterprises Inc . . . . . . . . . 2,955,187
---------------
BROADCASTING - 0.58%
29,828 A H Belo Corp . . . . . . . . . . . . . . . 1,062,623
25,619 * Chris Craft Industries Inc . . . . . . . . 1,053,581
23,216 TCA Cable TV Inc . . . . . . . . . . . . . 658,754
---------------
2,774,958
---------------
BUILDING MATERIALS - 1.03%
12,766 CalMat Co . . . . . . . . . . . . . . . . . 220,214
27,200 Fastenal Company . . . . . . . . . . . . . 1,128,800
20,825 Hon Industries Inc . . . . . . . . . . . . 583,100
60,372 RPM Inc Ohio . . . . . . . . . . . . . . . 1,267,812
12,000 * Southdown Inc . . . . . . . . . . . . . . . 226,500
26,400 Vulcan Materials Co . . . . . . . . . . . . 1,498,200
---------------
4,924,626
---------------
CHEMICAL - MAJOR - 0.18%
48,000 Albemarle Corp . . . . . . . . . . . . . . 882,000
---------------
CHEMICAL - MISCELLANEOUS - 3.02%
40,873 A Schulman Inc . . . . . . . . . . . . . . 771,478
25,080 Betz Laboratories Inc . . . . . . . . . . . 1,009,470
34,337 Crompton & Knowles Corp . . . . . . . . . . 446,381
13,268 Dexter Corp . . . . . . . . . . . . . . . . 323,408
92,000 Ethyl Corp . . . . . . . . . . . . . . . . 1,150,000
22,547 Ferro Corp . . . . . . . . . . . . . . . . 501,671
32,633 Georgia Gulf Corp . . . . . . . . . . . . . 1,162,551
14,064 H B Fuller Co . . . . . . . . . . . . . . . 450,048
25,693 Lawter International Inc . . . . . . . . . 279,411
24,780 Loctite Corp . . . . . . . . . . . . . . . 1,211,123
</TABLE>
14
<PAGE> 17
================================================================================
MIDCAP INDEX FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
CHEMICAL - MISCELLANEOUS - Continued
60,019 Lubrizol Corp . . . . . . . . . . . . . . . $ 1,718,044
66,678 Lyondell Petrochemical Co . . . . . . . . . 1,633,611
32,424 M A Hanna Co . . . . . . . . . . . . . . . 871,395
4,355 NCH Corp . . . . . . . . . . . . . . . . . 235,714
23,871 Olin Corp . . . . . . . . . . . . . . . . . 1,814,196
23,025 Rollins Inc . . . . . . . . . . . . . . . . 477,768
49,900 * Sterling Chemical Inc . . . . . . . . . . . 417,912
---------------
14,474,181
---------------
CONGLOMERATES - 1.04%
43,498 Alexander & Baldwin Inc . . . . . . . . . . 1,054,827
41,200 * Litton Industries Inc . . . . . . . . . . . 1,848,850
5,100 * MAXXAM Inc . . . . . . . . . . . . . . . . 194,438
17,761 PHH Corp . . . . . . . . . . . . . . . . . 812,566
34,921 Trinity Industries Inc . . . . . . . . . . 1,073,820
---------------
4,984,501
---------------
CONTAINERS - PAPER - 0.69%
15,614 Chesapeake Corp . . . . . . . . . . . . . . 460,613
28,722 * Sealed Air Corp . . . . . . . . . . . . . . 876,021
78,836 Sonoco Products Co . . . . . . . . . . . . 1,970,900
---------------
3,307,534
---------------
COSMETICS/TOILETRIES - 0.38%
35,088 Tambrands Inc . . . . . . . . . . . . . . . 1,828,962
---------------
DRUGS - 3.52%
27,104 Bergen Brunswig Corp Class A . . . . . . . 650,496
29,276 * Biogen Inc . . . . . . . . . . . . . . . . 1,595,542
32,346 Carter Wallace Inc. . . . . . . . . . . . . 367,936
45,188 * Centocor Inc . . . . . . . . . . . . . . . 632,632
34,070 * Chiron Corp . . . . . . . . . . . . . . . . 3,432,553
36,341 * Forest Laboratories Inc . . . . . . . . . . 1,544,493
23,571 * Genzyme Corp . . . . . . . . . . . . . . . 1,538,008
89,836 Ivax Corp . . . . . . . . . . . . . . . . . 2,391,883
33,400 McKesson Corp . . . . . . . . . . . . . . . 1,715,924
93,034 Mylan Labs Inc . . . . . . . . . . . . . . 2,174,670
18,900 R P Scherer Corp . . . . . . . . . . . . . 838,687
---------------
16,882,824
---------------
ELECTRICAL EQUIPMENT - 2.58%
74,286 * American Power Conversion Corp . . . . . . 789,289
34,331 Ametek Inc . . . . . . . . . . . . . . . . 605,084
42,498 * Conner Peripherals Inc . . . . . . . . . . 961,517
25,935 Hubbell Inc Class B . . . . . . . . . . . . 1,585,277
87,633 Molex Inc . . . . . . . . . . . . . . . . . 2,935,706
45,096 * Quantum Corp . . . . . . . . . . . . . . . 845,550
57,815 * Seagate Technology . . . . . . . . . . . . 3,049,740
60,846 * Teradyne Inc . . . . . . . . . . . . . . . 1,589,601
---------------
12,361,764
---------------
ELECTRONIC INSTRUMENTS - 2.51%
37,376 * Arrow Electronics Inc . . . . . . . . . . . 1,742,656
28,266 * Exabyte Corp . . . . . . . . . . . . . . . 356,858
60,300 * Integrated Device Technology . . . . . . . 1,025,100
21,321 * Magnetek Inc . . . . . . . . . . . . . . . 175,898
59,779 Sensormatic Electronics Corp . . . . . . . 1,292,721
21,673 * Symbol Technologies Inc . . . . . . . . . . 834,411
64,040 * Thermo Electron Corp . . . . . . . . . . . 3,169,980
24,116 Varian Association Inc . . . . . . . . . . 1,157,568
24,473 * VeriFone Inc . . . . . . . . . . . . . . . 715,835
44,500 * Vishay Intertechnology Inc . . . . . . . . 1,557,500
---------------
12,028,527
---------------
ENTERTAINMENT - 0.01%
3,243 * Dave & Busters Inc . . . . . . . . . . . . 47,429
---------------
FERTILIZERS - 0.38%
23,773 IMC Global Inc . . . . . . . . . . . . . . 1,839,436
---------------
FINANCE COMPANIES - 1.06%
110,100 Green Tree Financial Corp . . . . . . . . . 3,110,325
41,400 SunAmerica Inc . . . . . . . . . . . . . . 1,950,975
---------------
5,061,300
---------------
FOODS - 2.66%
29,082 Dean Foods Co . . . . . . . . . . . . . . . 814,296
56,509 Dole Foods Inc . . . . . . . . . . . . . . 2,126,151
15,818 Dreyers Grand Ice Cream Inc . . . . . . . . 520,017
36,137 Flowers Industries Inc . . . . . . . . . . 465,257
37,100 IBP Inc . . . . . . . . . . . . . . . . . . 2,318,750
8,212 International Multifoods Corp . . . . . . . 191,956
18,171 J M Smucker Co Class A . . . . . . . . . . 379,320
17,771 Lance Inc . . . . . . . . . . . . . . . . . 293,222
75,878 McCormick & Co Inc . . . . . . . . . . . . 1,792,618
20,676 Michaels Foods Inc . . . . . . . . . . . . 237,774
116,291 Tyson Foods Inc Class A . . . . . . . . . . 2,761,910
25,229 Universal Foods Corp . . . . . . . . . . . 879,860
---------------
12,781,131
---------------
FOOTWEAR - 0.25%
27,400 * Nine West Group Inc . . . . . . . . . . . . 1,215,875
---------------
FREIGHT - 0.46%
19,073 Airborne Freight Corp . . . . . . . . . . . 536,428
21,560 American President Cos Ltd . . . . . . . . 539,000
34,400 JB Hunt Transport Services Inc . . . . . . 563,300
28,971 Overseas Shipholding Group Inc . . . . . . 579,420
---------------
2,218,148
---------------
GOLD MINING - 0.15%
81,294 Battle Mountain Gold Co . . . . . . . . . . 721,484
---------------
HARDWARE & TOOLS - 0.04%
7,355 Lawson Products Inc . . . . . . . . . . . . 174,681
---------------
HEALTHCARE - 2.66%
32,100 * Apria Healthcare Group Inc . . . . . . . . 971,025
36,353 Cardinal Health Inc . . . . . . . . . . . . 1,963,062
42,343 * Coram Healthcare Corp . . . . . . . . . . . 232,887
37,076 * FHP International Corp . . . . . . . . . . 1,075,204
26,886 * Healthcare Compare Corp . . . . . . . . . . 1,051,915
72,292 * Healthsouth Corp . . . . . . . . . . . . . 2,186,833
36,200 * Horizon/CMS Healthcare Corp . . . . . . . . 782,825
</TABLE>
15
<PAGE> 18
================================================================================
MIDCAP INDEX FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
HEALTHCARE - Continued
88,064 * Laboratory Corp of America . . . . . . . . $ 759,552
12,018 * Laboratory Corp of America
(Warrants) . . . . . . . . . . . . . . . 8,262
51,891 * Novacare Inc . . . . . . . . . . . . . . . 304,860
26,400 * Pacificare Health System Inc
Class B . . . . . . . . . . . . . . . . 2,290,200
45,085 * Value Health Inc . . . . . . . . . . . . . 1,132,760
---------------
12,759,385
---------------
HEAVY DUTY TRUCKS/PARTS - 0.14%
30,204 Federal Signal Corp . . . . . . . . . . . . 687,141
---------------
HOME BUILDERS - 0.41%
69,776 Clayton Homes Inc . . . . . . . . . . . . . 1,953,728
---------------
HOSPITAL MANAGEMENT - 1.18%
44,500 * Foundation Health Corp . . . . . . . . . . 2,035,875
29,600 * Healthcare & Retirement Corp . . . . . . . 991,600
23,500 * Healthsource Inc . . . . . . . . . . . . . 1,468,750
35,229 Surgical Care Affiliates Inc . . . . . . . 1,144,943
---------------
5,641,168
---------------
HOSPITAL SUPPLIES - 1.63%
17,335 * Acuson Corp . . . . . . . . . . . . . . . . 203,686
14,810 * Advanced Technology Laboratories . . . . . 318,415
18,633 Beckman Instruments Inc . . . . . . . . . . 649,826
14,566 * Cordis Corp . . . . . . . . . . . . . . . . 1,543,996
14,368 * Datascope Inc . . . . . . . . . . . . . . . 366,384
22,100 DENTSPLY International Inc . . . . . . . . 792,838
8,009 Diagnostic Products Corp . . . . . . . . . 287,322
24,568 * Nellcor Inc . . . . . . . . . . . . . . . . 1,412,660
42,191 Stryker Corp . . . . . . . . . . . . . . . 2,257,218
---------------
7,832,345
---------------
HOUSEHOLD PRODUCTS - 0.26%
10,314 Church & Dwight Inc . . . . . . . . . . . . 188,231
14,273 First Brands Corp . . . . . . . . . . . . . 652,990
14,164 Stanhome Inc . . . . . . . . . . . . . . . 421,378
---------------
1,262,599
---------------
INFORMATION PROCESSING - 9.78%
50,150 Adobe Systems Inc . . . . . . . . . . . . . 3,391,394
23,762 * AST Research Inc . . . . . . . . . . . . . 216,828
142,650 * Bay Networks Inc . . . . . . . . . . . . . 6,419,250
39,152 * BMC Software Inc . . . . . . . . . . . . . 1,654,172
32,321 * Borland International Inc . . . . . . . . . 569,658
46,119 * Cadence Design Systems Inc . . . . . . . . 1,660,284
25,026 Comdisco Inc . . . . . . . . . . . . . . . 847,756
41,000 * Compuware Corp . . . . . . . . . . . . . . 840,500
10,173 * Convex Computer Corp . . . . . . . . . . . 48,322
71,812 * Dell Computer Corp . . . . . . . . . . . . 3,177,681
25,423 Diebold Inc . . . . . . . . . . . . . . . . 1,458,645
43,900 * Electronic Arts . . . . . . . . . . . . . . 1,498,088
169,000 * E M C Corp . . . . . . . . . . . . . . . . 3,020,875
36,364 * Fiserv Inc . . . . . . . . . . . . . . . . 963,646
30,876 * Information Resources Inc . . . . . . . . . 370,512
108,700 * Informix Corp . . . . . . . . . . . . . . . 3,009,631
9,514 Measurex Corp . . . . . . . . . . . . . . . 266,392
39,707 * Mentor Graphics Corp . . . . . . . . . . . 799,103
48,542 * Parametric Technology Corp . . . . . . . . 3,434,347
39,692 Paychex Inc . . . . . . . . . . . . . . . . 1,791,102
17,418 * Policy Management Systems Corp . . . . . . 779,456
37,654 Reynolds & Reynolds Co Class A . . . . . . 1,435,559
32,725 * Sequent Computer Systems Inc . . . . . . . 519,509
30,900 * Solectron Corp . . . . . . . . . . . . . . 1,313,250
46,890 * Storage Technology Corp . . . . . . . . . . 1,160,528
25,825 * Stratus Computer Inc . . . . . . . . . . . 858,681
30,673 * Structural Dynamics Research Corp . . . . . 624,962
35,012 * Symantec Corp . . . . . . . . . . . . . . . 927,817
35,300 * U S Robotics Corp . . . . . . . . . . . . . 3,874,174
---------------
46,932,122
---------------
INSURANCE - CASUALTY - 1.02%
43,233 American Financial Group Inc . . . . . . . 1,296,990
54,762 Progressive Corp Ohio . . . . . . . . . . . 2,436,909
17,018 Transatlantic Holdings Inc . . . . . . . . 1,169,988
---------------
4,903,887
---------------
INSURANCE - LIFE - 0.25%
42,486 Provident Life & Accident Co
Class B . . . . . . . . . . . . . . . . 1,194,919
---------------
INSURANCE - MISCELLANEOUS - 0.43%
955 * Everen Capital Corp . . . . . . . . . . . . 23,155
13,166 Hartford Steam Boiler Inspections . . . . . 607,281
28,850 Kemper Corp . . . . . . . . . . . . . . . . 1,420,862
---------------
2,051,298
---------------
INSURANCE - MULTILINE - 1.58%
78,150 AFLAC Inc . . . . . . . . . . . . . . . . . 3,184,612
92,772 Aon Corp . . . . . . . . . . . . . . . . . 4,371,881
---------------
7,556,493
---------------
LEISURE TIME - 1.48%
62,600 Callaway Golf Co . . . . . . . . . . . . . 1,244,175
79,025 * Circus Circus Enterprise Inc . . . . . . . 2,192,944
102,802 International Game Technology . . . . . . . 1,272,175
71,045 * Mirage Resorts Inc . . . . . . . . . . . . 2,406,649
---------------
7,115,943
---------------
LODGING - 0.81%
44,700 * HFS Inc . . . . . . . . . . . . . . . . . . 3,095,475
35,300 * Promus Hotel Corp . . . . . . . . . . . . . 781,013
---------------
3,876,488
---------------
MACHINERY - CONSTRUCTION &
CONTRACTS - 0.14%
11,514 Granite Construction Inc . . . . . . . . . 319,514
14,968 * Jacobs Engineering Group Inc . . . . . . . 361,103
---------------
680,617
---------------
</TABLE>
16
<PAGE> 19
================================================================================
MIDCAP INDEX FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
MACHINERY - INDUSTRIAL/
SPECIALTY - 1.80%
29,273 Albany International Corp Class A . . . . . $ 625,710
19,618 Duriron Co Inc . . . . . . . . . . . . . . 564,018
21,425 Goulds Pumps Inc . . . . . . . . . . . . . 506,166
29,576 Keystone International Inc . . . . . . . . 606,308
12,514 Nordson Corp . . . . . . . . . . . . . . . 719,555
32,133 Stewart & Stevenson Services Inc . . . . . 739,058
18,400 Tecumseh Products Co Class A . . . . . . . 975,200
68,292 Tidewater Inc . . . . . . . . . . . . . . . 1,954,858
27,624 Watts Industries Inc Class A . . . . . . . 566,291
30,600 York International Corp . . . . . . . . . . 1,369,350
---------------
8,626,514
---------------
MEDICAL TECHNOLOGY - 0.02%
12,788 * Applied Bioscience International Inc . . . 81,524
---------------
MERCHANDISE - DRUG - 0.47%
66,600 * Perrigo Co . . . . . . . . . . . . . . . . 874,125
50,700 * Revco Drugs Inc . . . . . . . . . . . . . . 1,400,588
---------------
2,274,713
---------------
MERCHANDISE - SPECIALTY - 3.07%
3,857 AT Cross Co Class A . . . . . . . . . . . . 61,230
35,200 * Best Buy Co Inc . . . . . . . . . . . . . . 721,600
59,997 Dollar General Corp . . . . . . . . . . . . 1,627,419
15,723 Duty Free International Inc . . . . . . . . 212,261
41,100 Fingerhut Cos Inc . . . . . . . . . . . . . 518,888
23,771 * Gibson Greetings Inc . . . . . . . . . . . 356,565
6,657 Hancock Fabrics Inc . . . . . . . . . . . . 64,074
68,464 * Home Shopping Network Inc . . . . . . . . . 641,850
33,027 Intelligent Electronics Inc . . . . . . . . 214,676
31,700 * Kohls Corp . . . . . . . . . . . . . . . . 1,711,800
23,821 * MacFrugals Bargains Close Outs . . . . . . 312,651
26,500 * Micro Warehouse Inc . . . . . . . . . . . . 1,245,500
117,037 * Office Depot Inc . . . . . . . . . . . . . 2,867,406
53,711 Sothebys Holdings Inc . . . . . . . . . . . 745,240
80,600 * Staples Inc . . . . . . . . . . . . . . . . 2,055,300
15,368 Tiffany & Co . . . . . . . . . . . . . . . 793,372
31,086 * Waban Inc . . . . . . . . . . . . . . . . . 575,091
---------------
14,724,923
---------------
MERCHANDISING - FOOD - 0.46%
29,900 Hannaford Brothers Co . . . . . . . . . . . 717,600
24,700 Ruddick Corp . . . . . . . . . . . . . . . 265,525
13,668 Savannah Foods & Industries Inc . . . . . . 169,142
39,688 * Vons Cos Inc . . . . . . . . . . . . . . . 1,051,732
---------------
2,203,999
---------------
MERCHANDISING - MASS - 0.30%
40,007 Family Dollar Stores Inc . . . . . . . . . 615,108
18,100 * Fred Meyer Inc . . . . . . . . . . . . . . 418,563
66,624 * Service Merchandise Inc . . . . . . . . . . 408,071
---------------
1,441,742
---------------
METALS - ALUMINUM - 0.28%
39,767 * Alumax Inc . . . . . . . . . . . . . . . . 1,322,253
---------------
METALS - MISCELLANEOUS - 0.40%
17,700 Brush Wellman Inc . . . . . . . . . . . . . 309,750
29,506 Kennametal Inc . . . . . . . . . . . . . . 907,310
19,950 Precision Castparts Corp . . . . . . . . . 718,200
---------------
1,935,260
---------------
METALS - STEEL - 1.11%
60,152 Allegheny Ludlum Corp . . . . . . . . . . . 1,120,331
8,810 Carpenter Technology Corp . . . . . . . . . 381,033
39,188 CBI Industries Inc . . . . . . . . . . . . 1,317,697
12,857 Cleveland Cliffs Inc . . . . . . . . . . . 503,030
21,721 Harsco Corp . . . . . . . . . . . . . . . . 1,281,539
15,516 Lukens Inc . . . . . . . . . . . . . . . . 475,177
18,323 Oregon Steel Mills Inc . . . . . . . . . . 251,940
---------------
5,330,747
---------------
MISCELLANEOUS - 1.77%
60,700 Equifax Inc . . . . . . . . . . . . . . . . 2,541,813
22,186 Flightsafety International Inc . . . . . . 1,164,765
22,100 * Jones Apparel Group Inc . . . . . . . . . . 798,363
30,303 Kelly Services Inc Class A . . . . . . . . 833,333
62,900 Manpower Inc . . . . . . . . . . . . . . . 1,682,575
36,300 Olsten Corp . . . . . . . . . . . . . . . . 1,452,000
---------------
8,472,849
---------------
NATURAL GAS - DIVERSIFIED - 0.90%
46,700 El Paso Natural Gas Co . . . . . . . . . . 1,436,025
42,143 Questar Corp . . . . . . . . . . . . . . . 1,364,380
35,232 * Seagull Energy Corp . . . . . . . . . . . . 642,984
34,191 Valero Energy Corp . . . . . . . . . . . . 884,692
---------------
4,328,081
---------------
OIL - INTEGRATED DOMESTIC - 0.46%
27,073 Diamond Shamrock Inc . . . . . . . . . . . 680,209
23,980 Mapco Inc . . . . . . . . . . . . . . . . . 1,288,925
16,614 Quaker State Corp . . . . . . . . . . . . . 224,289
---------------
2,193,423
---------------
OIL - INTEGRATED
INTERNATIONAL - 0.30%
36,846 Murphy Oil Corp . . . . . . . . . . . . . . 1,450,811
---------------
OIL - SERVICE - PRODUCTS - 0.18%
68,825 * Parker Drilling Co . . . . . . . . . . . . 352,728
5,786 * Varco International Inc . . . . . . . . . . 52,797
18,582 * Weatherford Enterra Inc . . . . . . . . . . 471,518
---------------
877,043
---------------
OIL - SERVICES - 0.88%
26,421 * BJ Services Co . . . . . . . . . . . . . . 650,617
139,115 * Global Marine Inc . . . . . . . . . . . . . 939,026
68,339 * Nabors Industries Inc . . . . . . . . . . . 674,848
30,846 * Smith International Inc . . . . . . . . . . 520,526
46,546 Witco Corp . . . . . . . . . . . . . . . . 1,431,290
---------------
4,216,307
---------------
</TABLE>
17
<PAGE> 20
================================================================================
MIDCAP INDEX FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
OIL/GAS PRODUCERS - 1.51%
49,355 Anadarko Petroleum Corp . . . . . . . . . . $ 2,375,209
57,698 Apache Corp . . . . . . . . . . . . . . . . 1,536,209
31,640 Cabot Corp . . . . . . . . . . . . . . . . 1,487,080
39,235 Noble Affiliates Inc . . . . . . . . . . . 1,064,249
23,400 Parker & Parsley Petroleum Co . . . . . . . 438,750
62,766 Ranger Oil Ltd . . . . . . . . . . . . . . 360,905
---------------
7,262,402
---------------
PAPER/FOREST PRODUCTS - 1.56%
36,439 Bowater Inc . . . . . . . . . . . . . . . . 1,448,450
33,435 Consolidated Papers Inc . . . . . . . . . . 2,072,970
36,739 Longview Fibre Co . . . . . . . . . . . . . 633,748
28,700 P H Glatfelter Co . . . . . . . . . . . . . 548,888
16,988 Pentair Inc . . . . . . . . . . . . . . . . 845,153
27,800 Rayonier Inc . . . . . . . . . . . . . . . 1,063,350
16,670 Standard Register Inc . . . . . . . . . . . 345,903
19,009 Wausau Paper Mills Co . . . . . . . . . . . 522,747
---------------
7,481,209
---------------
PHOTOGRAPHY - 0.02%
3,753 CPI Corp . . . . . . . . . . . . . . . . . 78,344
---------------
POLLUTION CONTROL - 0.07%
10,016 * Air & Water Technologies Corp
Class A . . . . . . . . . . . . . . . . 55,088
24,533 Calgon Carbon Corp . . . . . . . . . . . . 288,263
---------------
343,351
---------------
PUBLISHING - NEWS - 0.86%
14,300 Lee Enterprises Inc . . . . . . . . . . . . 595,238
17,268 Media General Inc Class A . . . . . . . . . 526,674
9,861 Washington Post Co Class B . . . . . . . . 2,997,744
---------------
4,119,656
---------------
PUBLISHING/PRINTING - 0.96%
21,791 Banta Corp . . . . . . . . . . . . . . . . 953,356
3,857 Ennis Business Forms Inc . . . . . . . . . 48,213
21,116 Houghton Mifflin Co . . . . . . . . . . . . 849,919
17,200 * Scholastic Corp . . . . . . . . . . . . . . 1,191,100
53,800 * Topps Co Inc . . . . . . . . . . . . . . . 275,725
18,514 Wallace Computer Services Inc . . . . . . . 1,069,184
24,625 * Western Publishing Group Inc . . . . . . . 221,624
---------------
4,609,121
---------------
RAILROAD - 0.79%
16,312 GATX Corp . . . . . . . . . . . . . . . . . 795,210
37,818 Illinois Central Corp . . . . . . . . . . . 1,531,629
31,532 Kansas City Southern
Industries Inc . . . . . . . . . . . . . 1,458,355
---------------
3,785,194
---------------
RESTAURANTS - 1.15%
40,133 Bob Evans Farms Inc . . . . . . . . . . . . 707,344
57,255 * Brinker International Inc . . . . . . . . . 880,296
24,732 * Buffets Inc . . . . . . . . . . . . . . . . 327,699
50,166 Cracker Barrel Old Country Stores . . . . . 934,342
12,780 * International Dairy Queen Inc
Class A . . . . . . . . . . . . . . . . 284,355
31,853 Morrison Restaurants Inc . . . . . . . . . 533,538
38,100 * Outback Steakhouse Inc . . . . . . . . . . 1,390,650
19,988 Sbarro Inc . . . . . . . . . . . . . . . . 447,232
7,606 * Sizzler International Inc . . . . . . . . . 29,472
---------------
5,534,928
---------------
SECURITIES RELATED - 2.50%
50,076 A G Edwards Inc . . . . . . . . . . . . . . 1,352,052
90,666 Bear Stearns Cos Inc . . . . . . . . . . . 1,971,986
144,652 Charles Schwab Corp . . . . . . . . . . . . 3,507,811
63,268 Franklin Resources Inc . . . . . . . . . . 3,345,296
80,200 Paine Webber Group Inc . . . . . . . . . . 1,794,474
---------------
11,971,619
---------------
SEMICONDUCTORS - 4.17%
36,920 * Altera Corp . . . . . . . . . . . . . . . . 2,141,360
60,686 * Analog Devices Inc . . . . . . . . . . . . 2,245,382
80,600 * Atmel Corp . . . . . . . . . . . . . . . . 2,418,000
37,288 Avnet Inc . . . . . . . . . . . . . . . . . 1,752,536
49,936 * Cirrus Logic Inc . . . . . . . . . . . . . 1,448,144
67,282 * Cypress Semiconductor Corp . . . . . . . . 1,051,281
60,854 Linear Technology Corp . . . . . . . . . . 2,753,643
102,400 * LSI Logic Corp . . . . . . . . . . . . . . 4,288,000
59,181 * Xilinx Inc . . . . . . . . . . . . . . . . 1,901,190
---------------
19,999,536
---------------
TELECOMMUNICATIONS - 3.25%
48,964 * ADC Telecommunications Inc . . . . . . . . 2,227,862
34,942 Comsat Corp . . . . . . . . . . . . . . . . 677,001
134,346 Frontier Corp . . . . . . . . . . . . . . . 3,476,203
171,800 * Nextel Communications Inc
Class A . . . . . . . . . . . . . . . . . 2,641,425
23,870 * Octel Communications Corp . . . . . . . . . 784,726
37,840 * Vanguard Cellular Systems Inc
Class A . . . . . . . . . . . . . . . . 856,130
151,652 * Worldcom Inc . . . . . . . . . . . . . . . 4,928,690
---------------
15,592,037
---------------
TEXTILE - PRODUCTS - 0.89%
45,300 * Burlington Industries Inc . . . . . . . . . 605,888
108,910 Shaw Industries Inc . . . . . . . . . . . . 1,701,719
54,921 Unifi Inc . . . . . . . . . . . . . . . . . 1,304,374
26,284 Wellman Inc . . . . . . . . . . . . . . . . 673,527
---------------
4,285,508
---------------
TOBACCO - 0.16%
31,835 Universal Corp . . . . . . . . . . . . . . 756,081
---------------
TRUCKERS - 0.07%
17,614 Arnold Industries Inc . . . . . . . . . . . 325,859
---------------
UTILITIES - COMMUNICATION - 1.27%
52,750 Century Telephone Enterprises Inc . . . . . 1,648,438
21,418 Lincoln Telecommunications Co . . . . . . . 417,651
</TABLE>
18
<PAGE> 21
================================================================================
MIDCAP INDEX FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
UTILITIES - COMMUNICATION - Continued
59,264 Southern New England
Telecommunications Corp . . . . . . . . $ 2,148,320
49,291 Telephone & Data Systems Inc . . . . . . . 1,879,219
---------------
6,093,628
---------------
UTILITIES - ELECTRIC - 11.19%
53,136 * AES Corp . . . . . . . . . . . . . . . . . 1,076,004
94,614 Allegheny Power System Inc . . . . . . . . 2,625,539
18,268 Atlanta Gas & Light Co . . . . . . . . . . 698,751
43,035 Atlantic Energy Inc . . . . . . . . . . . . 844,562
3,853 Black Hills Corp . . . . . . . . . . . . . 95,362
31,100 * California Energy Inc . . . . . . . . . . . 598,675
7,959 Central Louisiana Electric Co . . . . . . . 203,949
30,416 Central Maine Power Co . . . . . . . . . . 410,616
67,264 CMS Energy Corp . . . . . . . . . . . . . . 1,832,944
54,537 Delmarva Power & Light Co . . . . . . . . . 1,213,448
78,862 Florida Progress Corp . . . . . . . . . . . 2,710,880
16,066 Hawaiian Electric Industries Inc . . . . . 614,525
20,623 Idaho Power Co . . . . . . . . . . . . . . 592,911
59,100 Illinova Corp . . . . . . . . . . . . . . . 1,676,963
11,059 Indiana Energy Inc . . . . . . . . . . . . 262,651
34,176 Ipalco Enterprises . . . . . . . . . . . . 1,277,328
53,219 Kansas City Power & Light Co . . . . . . . 1,330,475
31,471 LG & E Energy Corp . . . . . . . . . . . . 1,298,179
67,134 MidAmerican Energy Co . . . . . . . . . . . 1,116,103
16,218 Minnesota Power & Light Co . . . . . . . . 450,050
51,557 Montana Power Co . . . . . . . . . . . . . 1,172,922
24,733 Nevada Power Co . . . . . . . . . . . . . . 537,943
55,517 New England Electric System . . . . . . . . 2,165,163
75,221 New York State Electric & Gas Corp . . . . 1,955,746
57,472 Nipsco Industries Inc . . . . . . . . . . . 2,126,464
111,333 Northeast Utilities . . . . . . . . . . . . 2,658,075
42,846 Oklahoma Gas & Electric Co . . . . . . . . 1,735,263
65,223 Pinnacle West Capital Corp . . . . . . . . 1,777,327
33,191 Portland General Corp . . . . . . . . . . . 937,646
119,864 Potomac Electric Power Co . . . . . . . . . 2,936,668
57,112 * Public Service Co of Colorado . . . . . . . 1,970,364
39,337 * Public Service Co of New Mexico . . . . . . 693,315
58,362 Puget Sound Power & Light Co . . . . . . . 1,356,917
87,988 Scana Corp . . . . . . . . . . . . . . . . 2,375,676
40,248 Southwestern Public Service Co . . . . . . 1,313,091
94,920 Teco Energy Inc . . . . . . . . . . . . . . 2,301,810
32,788 Utilicorp United Inc . . . . . . . . . . . 913,965
24,924 Washington Gas Light Co . . . . . . . . . . 520,288
93,652 Wisconsin Energy Corp . . . . . . . . . . . 2,762,733
16,616 WPL Holdings Inc . . . . . . . . . . . . . 515,095
---------------
53,656,386
---------------
UTILITIES - GAS, DISTRIBUTION - 0.92%
31,305 Brooklyn Union Gas Co . . . . . . . . . . . 884,366
57,768 MCN Corp . . . . . . . . . . . . . . . . . 1,256,454
35,578 National Fuel Gas Co . . . . . . . . . . . 1,142,943
28,982 Tosco Corp . . . . . . . . . . . . . . . . 1,104,939
---------------
4,388,702
---------------
TOTAL COMMON STOCKS
(Cost $387,748,177) . . . . . . . . . . . . 475,879,352
---------------
CORPORATE SHORT TERM
COMMERCIAL PAPER - 1.00%
SECURITIES RELATED - 1.00%
$ 4,781,000 Merrill Lynch & Co Inc,
5.82% due 12/1/95 . . . . . . . . . . . . $ 4,781,000
---------------
TOTAL CORPORATE SHORT TERM
COMMERCIAL PAPER
(Cost $4,781,000) . . . . . . . . . . . . . 4,781,000
---------------
UNITED STATES GOVERNMENT -
SHORT TERM - 0.04%
200,000 United States Treasury Bills,
5.645% due 12/21/95
(Cost $199,373) . . . . . . . . . . . . . 199,373
---------------
TOTAL INVESTMENTS
(Cost $392,728,550) - 100.26% . . . . . . 480,859,725
Other assets and liabilities,
net - (0.26%) . . . . . . . . . . . . . (1,226,543)
---------------
NET ASSETS (equivalent
to $18.04 per share on
26,584,118 shares
outstanding) - 100% . . . . . . . . . . $ 479,633,182
===============
* Non-income producing
</TABLE>
<TABLE>
<CAPTION>
UNREALIZED
CONTRACTS APPRECIATION
- ----------------------------------------------------------------------------------
<S> <C> <C>
FUTURES CONTRACTS PURCHASED(1)
(Delivery month/Value at 11/30/95)
47 (2) S&P MidCap 400 Index Futures
(December/$218.80) . . . . . . . . . . . $ 112,300
---------------
</TABLE>
(1) U.S.Treasury Bills with a market value
of approximately $200,000 were maintained
in a segregated account with a portion
placed as collateral for futures
contracts.
(2) Per 500
<TABLE>
<S> <C> <C>
NET ASSETS REPRESENTED BY:
Capital stock, $.01 par value per share,
1,000,000,000 shares authorized,
26,584,118 shares outstanding . . . . . . . . . . . . . . . . $ 265,841
Additional paid in capital . . . . . . . . . . . . . . . . . . 361,484,493
Undistributed net realized gain on securities . . . . . . . . . 29,517,301
Undistributed net investment income . . . . . . . . . . . . . . 122,072
Unrealized appreciation of:
Investments . . . . . . . . . . . . . . . . . $ 88,131,175
Futures . . . . . . . . . . . . . . . . . . . 112,300 88,243,475
------------ ---------------
NET ASSETS APPLICABLE TO SHARES
OUTSTANDING . . . . . . . . . . . . . . . . . . . . . . . . . $ 479,633,182
===============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
19
<PAGE> 22
================================================================================
MIDCAP INDEX FUND FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
(Unaudited)
STATEMENT OF OPERATIONS
For the six months ended November 30, 1995
<TABLE>
<S> <C>
INVESTMENT INCOME:
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,879,662
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218,958
--------------
Total investment income . . . . . . . . . . . . . . . . . . . . . . . 4,098,620
--------------
EXPENSES:
Advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 788,297
Custodian and accounting services . . . . . . . . . . . . . . . . . . . . 92,652
Reports to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . 26,850
Audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,386
Directors' fees and expenses . . . . . . . . . . . . . . . . . . . . . . 9,207
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,067
--------------
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 942,459
--------------
NET INVESTMENT INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . 3,156,161
--------------
REALIZED AND UNREALIZED GAIN ON SECURITIES:
Net realized gain on:
Investments . . . . . . . . . . . . . . . . . . . . $ 11,604,001
Futures contracts . . . . . . . . . . . . . . . . . 847,110 12,451,111
---------------
Net unrealized appreciationduring the period:
Investments . . . . . . . . . . . . . . . . . . . . 49,429,887
Futures contracts . . . . . . . . . . . . . . . . . 85,450 49,515,337
--------------- --------------
Net realized and unrealized gain on securities during the period . 61,966,448
--------------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . $ 65,122,609
==============
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the six For the fiscal
months ended year ended
November 30, 1995 May 31, 1995
--------------------------------
<S> <C> <C>
OPERATIONS:
Net investment income . . . . . . . . . . . . . . . . . $ 3,156,161 $ 6,497,943
Net realized gain on securities . . . . . . . . . . . . 12,451,111 17,285,230
Net unrealized appreciation of securities during the
period . . . . . . . . . . . . . . . . . . . . . . . 49,515,337 24,441,688
--------------------------------
Increase in net assets resulting from operations . . 65,122,609 48,224,861
--------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income . . . . . . . . . . . . . . . . . (3,192,676) (6,508,350)
Net realized gain on securities . . . . . . . . . . . . - (11,552,354)
--------------------------------
Decrease in net assets resulting from distributions
to shareholders . . . . . . . . . . . . . . . . . (3,192,676) (18,060,704)
--------------------------------
CAPITAL STOCK TRANSACTIONS:
Proceeds from capital stock sold . . . . . . . . . . . 20,306,166 49,716,369
Proceeds from capital stock issued for distributions
reinvested . . . . . . . . . . . . . . . . . . . . . 3,192,676 18,060,704
--------------------------------
23,498,842 67,777,073
Cost of capital stock repurchased . . . . . . . . . . . (13,352,243) (39,425,302)
--------------------------------
Increase in net assets resulting from capital
stock transactions . . . . . . . . . . . . . . . . . 10,146,599 28,351,771
--------------------------------
TOTAL INCREASE IN NET ASSETS . . . . . . . . . . . . . 72,076,532 58,515,928
NET ASSETS:
Beginning of period . . . . . . . . . . . . . . . . . . 407,556,650 349,040,722
--------------------------------
End of period (including undistributed net investment
income of $122,072 and $158,587) . . . . . . . . . . $ 479,633,182 $ 407,556,650
--------------------------------
CHANGE IN SHARES OUTSTANDING:
Shares of capital stock sold . . . . . . . . . . . . . 1,187,321 3,399,417
Shares issued for distributions reinvested . . . . . . 184,168 1,269,279
Shares of capital stock repurchased . . . . . . . . . (775,341) (2,681,672)
--------------------------------
Increase in shares outstanding . . . . . . . . . . . . 596,148 1,987,024
Shares outstanding: . . . . . . . . . . . . . . . . . .
Beginning of period . . . . . . . . . . . . . . . . 25,987,970 24,000,946
--------------------------------
End of period . . . . . . . . . . . . . . . . . . . 26,584,118 25,987,970
--------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
20
<PAGE> 23
================================================================================
SMALL CAP INDEX FUND November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
COMMON STOCKS - 96.73%
ADVERTISING - 0.60%
5,200 * Acxiom Corp . . . . . . . . . . . . . . . . $ 149,500
5,025 Advo Inc . . . . . . . . . . . . . . . . . 133,162
2,700 * American Business Information . . . . . . . 49,275
2,600 * Catalina Marketing Corp . . . . . . . . . . 150,150
600 Grey Advertising Inc . . . . . . . . . . . 114,000
300 Harte Hanks Communications . . . . . . . . 9,975
52 * Polyvision Corp . . . . . . . . . . . . . . 103
8,100 True North Communications . . . . . . . . . 166,050
8,100 * Westwood One Inc . . . . . . . . . . . . . 114,413
---------------
886,628
---------------
AEROSPACE/DEFENSE - 1.23%
2,600 * Alliant Techsystems Inc . . . . . . . . . . 133,250
10,200 Aviall Inc . . . . . . . . . . . . . . . . 86,700
7,400 * BE Aerospace Inc . . . . . . . . . . . . . 67,525
400 Cubic Corp . . . . . . . . . . . . . . . . 9,550
6,900 GenCorp Inc . . . . . . . . . . . . . . . . 81,075
14,000 * Geotek Communications Inc . . . . . . . . . 99,750
1,000 * Nortek Inc . . . . . . . . . . . . . . . . 9,500
5,800 OEA Inc . . . . . . . . . . . . . . . . . . 157,325
6,200 * Orbital Sciences Corp . . . . . . . . . . . 99,200
7,900 * Rohr Industries Inc . . . . . . . . . . . . 115,538
9,100 * SCI Systems Inc . . . . . . . . . . . . . . 304,850
3,600 * Sequa Corp Class A . . . . . . . . . . . . 104,850
2,000 * Special Devices Inc . . . . . . . . . . . . 30,250
2,000 * Tech Sym Corp . . . . . . . . . . . . . . . 59,750
3,700 Teleflex Inc . . . . . . . . . . . . . . . 164,187
4,800 Thiokol Corp . . . . . . . . . . . . . . . 162,600
5,900 * Trimble Navigation Ltd . . . . . . . . . . 120,212
600 * Whittaker Corp . . . . . . . . . . . . . . 10,650
---------------
1,816,762
---------------
AIRLINES - 0.86%
6,100 * Alaska Air Group Inc . . . . . . . . . . . 110,563
12,300 * America West Airlines Inc Class B . . . . . 219,862
8,475 Comair Holdings Inc . . . . . . . . . . . . 274,378
6,500 * Continental Airlines Inc Class B . . . . . 254,312
5,350 Expeditors International of
Washington Inc . . . . . . . . . . . . . 136,425
5,400 Harper Group Inc . . . . . . . . . . . . . 93,150
9,700 * Mesa Airlines Inc . . . . . . . . . . . . . 87,906
1,300 Skywest Inc . . . . . . . . . . . . . . . . 17,875
7,300 Tower Air Inc . . . . . . . . . . . . . . . 52,013
1,700 * WorldCorp Inc . . . . . . . . . . . . . . . 17,000
---------------
1,263,484
---------------
APPAREL & PRODUCTS - 1.39%
4,400 Angelica Corp . . . . . . . . . . . . . . . 98,450
5,000 * Ann Taylor Stores Corp . . . . . . . . . . 63,750
7,100 Authentic Fitness Corp . . . . . . . . . . 149,987
2,200 Blair Corp . . . . . . . . . . . . . . . . 68,475
8,150 Cato Corp . . . . . . . . . . . . . . . . . 58,069
5,800 * Chic By H I S Inc . . . . . . . . . . . . . 31,175
5,900 Claire's Stores Inc . . . . . . . . . . . . 115,050
3,100 CML Group Inc . . . . . . . . . . . . . . . 18,987
5,400 * Designs Inc . . . . . . . . . . . . . . . . 42,525
1,000 * Donnkenny Inc . . . . . . . . . . . . . . . 33,000
9,400 * Dress Barn . . . . . . . . . . . . . . . . 86,950
1,200 Fab Industries . . . . . . . . . . . . . . 35,250
5,250 * Goodys Family Clothing Inc . . . . . . . . 57,094
6,400 * Gymboree Corp . . . . . . . . . . . . . . . 151,200
2,300 Haggar Corp . . . . . . . . . . . . . . . . 41,400
2,700 * Hartmarx Corp . . . . . . . . . . . . . . . 12,150
400 * Johnson Worldwide Associates Inc . . . . . 9,200
5,550 Kellwood Co . . . . . . . . . . . . . . . . 107,531
4,200 * Mens Wearhouse Inc . . . . . . . . . . . . 121,275
4,950 * Nautica Enterprises Inc . . . . . . . . . . 175,725
6,300 Oshkosh B Gosh Inc Class A . . . . . . . . 96,075
3,700 Oxford Industries Inc . . . . . . . . . . . 69,375
1,700 Phillips Van Heusen Corp . . . . . . . . . 17,638
9,400 Ross Stores Inc . . . . . . . . . . . . . . 179,775
1,800 St John Knits Inc . . . . . . . . . . . . . 84,375
3,000 * Todays Man Inc . . . . . . . . . . . . . . 13,125
16,600 * Tultex Corp . . . . . . . . . . . . . . . . 78,850
600 Unifirst Corp . . . . . . . . . . . . . . . 9,525
1,000 * Urban Outfitters Inc . . . . . . . . . . . 23,000
---------------
2,048,981
---------------
APPLIANCES/FURNISHINGS - 1.07%
2,100 Aaron Rents Inc Class A . . . . . . . . . . 37,275
3,750 Bassett Furniture Industries Inc . . . . . 84,375
4,200 Crown Crafts Inc . . . . . . . . . . . . . 51,450
1,500 Falcon Products Inc . . . . . . . . . . . . 21,375
13,003 * General Host Corp . . . . . . . . . . . . . 61,764
12,356 * Griffon Corp . . . . . . . . . . . . . . . 105,026
5,000 Haverty Furniture Cos Inc . . . . . . . . . 71,250
11,000 Hechinger Co Class A . . . . . . . . . . . 49,500
1,450 * Helen of Troy Corp . . . . . . . . . . . . 27,731
6,500 Herman Miller Inc . . . . . . . . . . . . . 206,375
6,000 Hunt Manufacturing Co . . . . . . . . . . . 90,000
2,200 La Z Boy Chair Co . . . . . . . . . . . . . 70,125
4,800 * Lechters Inc . . . . . . . . . . . . . . . 33,600
11,400 * Levitz Furniture Inc . . . . . . . . . . . 37,050
9,485 * Metromedia International Group Inc . . . . 170,730
1,500 National Presto Industries Inc . . . . . . 62,438
4,600 Oneida Ltd . . . . . . . . . . . . . . . . 79,925
4,400 * O Sullivan Industries Holdings Inc . . . . 28,050
5,600 * Renters Choice Inc . . . . . . . . . . . . 91,700
4,400 Rival Co . . . . . . . . . . . . . . . . . 92,950
5,200 Sun Television & Appliances Inc . . . . . . 28,600
4,900 Windmere Corp . . . . . . . . . . . . . . . 29,400
5,423 * Zenith Electronics Corp . . . . . . . . . . 42,028
---------------
1,572,717
---------------
AUTO - CARS - 0.21%
2,800 * Insurance Auto Auctions Inc . . . . . . . . 30,800
6,900 * National Auto Credit Inc . . . . . . . . . 116,437
2,600 * Oxford Resources Corp Class A . . . . . . . 66,300
6,200 * Roadmaster Industries Inc . . . . . . . . . 17,825
3,243 Varlen Corp . . . . . . . . . . . . . . . . 85,129
---------------
316,491
---------------
</TABLE>
21
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SMALL CAP INDEX FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
AUTO - ORIGINAL EQUIPMENT - 0.63%
8,800 Allen Group Inc . . . . . . . . . . . . . . $ 232,100
3,900 Arvin Industries Inc . . . . . . . . . . . 68,738
2,900 Breed Technologies Inc . . . . . . . . . . 58,725
2,500 Carlisle Cos Inc . . . . . . . . . . . . . 106,562
6,000 Donaldson Co Inc . . . . . . . . . . . . . 149,250
3,500 Excel Industries Inc . . . . . . . . . . . 42,875
7,100 Federal Mogul Corp . . . . . . . . . . . . 135,787
4,800 Hayes Wheels International Inc . . . . . . 128,400
---------------
922,437
---------------
AUTO - REPLACEMENT PARTS - 1.09%
3,300 A O Smith Corp . . . . . . . . . . . . . . 78,375
5,500 * APS Holding Corp Class A . . . . . . . . . 101,750
14,200 * Collins & Aikman Corp . . . . . . . . . . . 90,525
1,075 Dart Group Corp Class A . . . . . . . . . . 102,125
1,200 * Discount Auto Parts Inc . . . . . . . . . . 33,300
4,600 Furon Co . . . . . . . . . . . . . . . . . 82,225
6,300 Handy & Harman . . . . . . . . . . . . . . 97,650
800 * Jason Inc . . . . . . . . . . . . . . . . . 5,700
6,600 Kaydon Corp . . . . . . . . . . . . . . . . 196,350
4,700 Masland Corp . . . . . . . . . . . . . . . 68,150
1,470 * Monro Muffler Brake Inc . . . . . . . . . . 21,131
943 Myers Industries Inc . . . . . . . . . . . 15,088
7,950 Simpson Industries Inc . . . . . . . . . . 74,531
6,400 SPX Corp . . . . . . . . . . . . . . . . . 103,200
2,100 Standard Motor Products Inc
Class A . . . . . . . . . . . . . . . . . 31,500
6,450 Standard Products Co Class A . . . . . . . 104,006
7,600 Stant Corp . . . . . . . . . . . . . . . . 70,300
11,200 * TBC Corp . . . . . . . . . . . . . . . . . 78,400
2,900 * Thomson PBE Inc . . . . . . . . . . . . . . 42,050
2,200 Transpro Inc . . . . . . . . . . . . . . . 21,175
3,300 Walbro Corp . . . . . . . . . . . . . . . . 64,350
4,050 Wynns International Inc . . . . . . . . . . 116,438
---------------
1,598,319
---------------
BANKS - NEW YORK CITY - 0.20%
2,448 Chase Manhattan Corp . . . . . . . . . . . 149,022
6,900 New York Bancorp Inc . . . . . . . . . . . 139,725
---------------
288,747
---------------
BANKS - REGIONAL - 7.37%
4,900 Amcore Financial Inc . . . . . . . . . . . 108,413
2,625 Anchor Bancorp Wisconsin Inc . . . . . . . 93,844
3,918 Associated Banc Corp . . . . . . . . . . . 155,740
7,800 BancorpSouth Inc . . . . . . . . . . . . . 173,550
590 Bank of Granite Corp . . . . . . . . . . . 16,815
2,100 BSB Bancorp Inc . . . . . . . . . . . . . . 71,400
259 BT Financial Corp . . . . . . . . . . . . . 9,324
5,812 CCB Financial Corp . . . . . . . . . . . . 290,600
5,800 Center Financial Corp . . . . . . . . . . . 104,763
8,100 Centura Banks Inc . . . . . . . . . . . . . 275,400
4,300 Chemical Financial Corp . . . . . . . . . . 176,300
5,600 Citizens Bancorp Inc of Maryland . . . . . 190,400
400 Citizens Bancshares Inc . . . . . . . . . . 17,800
600 Citizens Banking Corp of Michigan . . . . . 19,200
14,000 City National Corp . . . . . . . . . . . . 192,500
4,108 CNB Bancshares Inc . . . . . . . . . . . . 108,851
8,749 Collective Bancorp Inc . . . . . . . . . . 230,755
3,800 Colonial BancGroup Inc . . . . . . . . . . 111,625
2,012 Commerce Bancorp Inc N J . . . . . . . . . 45,270
5,100 Commercial Federal Corp . . . . . . . . . . 186,787
5,300 Community First Bankshares Inc . . . . . . 108,650
4,120 Cullen Frost Bankers Inc . . . . . . . . . 209,090
6,600 Deposit Guaranty Corp . . . . . . . . . . . 306,900
1,742 F & M National Corp . . . . . . . . . . . . 32,009
3,524 First American Financial Corp . . . . . . . 80,612
1,350 First Citizens Bancshares Inc
North Carolina . . . . . . . . . . . . . 72,225
225 First Commerce BancShares Inc . . . . . . . 4,219
8,156 First Commercial Corp . . . . . . . . . . . 263,031
3,200 First Financial Bancorp . . . . . . . . . . 111,200
210 First Financial Corp of Indiana . . . . . . 6,300
7,700 First Financial Corp of Wisconsin . . . . . 173,250
7,557 First Michigan Bank Corp . . . . . . . . . 215,374
3,900 First Midwest Bancorp Inc . . . . . . . . . 115,050
6,300 First National Bancorp of
Gainesville . . . . . . . . . . . . . . 190,575
473 First Western Bancorp Inc . . . . . . . . . 12,758
337 Firstbank of Illinois Co . . . . . . . . . 10,110
2,100 Firstier Financial Inc . . . . . . . . . . 95,550
7,500 FirstMerit Corp . . . . . . . . . . . . . . 213,750
3,087 Fort Wayne National Corp . . . . . . . . . 98,012
7,750 Fulton Financial Corp . . . . . . . . . . . 172,437
4,100 Great Financial Corp . . . . . . . . . . . 95,069
315 Harleysville National Corp
Pennsylvania . . . . . . . . . . . . . . 8,820
6,300 Hawkeye Bancorporation . . . . . . . . . . 166,162
1,900 Heritage Financial Services Inc . . . . . . 37,050
5,925 Hubco Inc . . . . . . . . . . . . . . . . . 118,500
4,741 * Imperial Bancorp . . . . . . . . . . . . . 110,228
3,900 Jefferson Bankshares Inc . . . . . . . . . 91,650
1,650 Keycorp . . . . . . . . . . . . . . . . . . 60,844
1,500 Leader Financial Corp . . . . . . . . . . . 56,813
2,400 Liberty Bancorp Inc . . . . . . . . . . . . 90,300
10,700 Magna Group Inc . . . . . . . . . . . . . . 259,475
5,600 Mark Twain Bancshares Inc . . . . . . . . . 211,400
4,727 Mid America Inc . . . . . . . . . . . . . . 79,177
1,825 National Bancorp of Alaska Inc . . . . . . 116,800
7,287 National Commerce Bancorporation . . . . . 187,640
3,549 National Penn Bancshares Inc . . . . . . . 91,387
6,100 North Fork Bancorporation Inc . . . . . . . 141,825
3,012 North Side Savings Bank . . . . . . . . . . 88,854
5,612 Norwest Corp . . . . . . . . . . . . . . . 185,196
5,860 Onbancorp Inc . . . . . . . . . . . . . . . 194,112
6,474 One Valley Bancorp of
West Virginia Inc . . . . . . . . . . . 207,168
210 Peoples First Corp . . . . . . . . . . . . 4,620
600 Pikeville National Corp . . . . . . . . . . 12,300
12,300 Premier Bancorp Inc . . . . . . . . . . . . 290,587
2,775 Provident Bancorp Inc . . . . . . . . . . . 120,713
9,800 * Riggs National Corp . . . . . . . . . . . . 138,425
5,250 River Forest Bancorp . . . . . . . . . . . 124,688
</TABLE>
22
<PAGE> 25
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- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
BANKS - REGIONAL - Continued
9,218 Roosevelt Financial Group Inc . . . . . . . $ 156,706
3,900 SFFed Corp . . . . . . . . . . . . . . . . 121,388
4,800 St Paul Bancorp Inc . . . . . . . . . . . . 120,600
8,725 Summit Bancorp . . . . . . . . . . . . . . 253,025
875 Susquehanna Bancshares Inc . . . . . . . . 25,375
8 TCF Financial Corp . . . . . . . . . . . . 483
8,200 The Trust Company of New Jersey . . . . . . 110,700
2,000 Transport Financial Bancorp Inc . . . . . . 33,750
3,432 Trustco Bank Corp New York . . . . . . . . 75,504
9,650 Trustmark Corp . . . . . . . . . . . . . . 178,525
2,090 UMB Financial Corp . . . . . . . . . . . . 91,960
24 Union Planters Corp . . . . . . . . . . . . 756
6,225 United Carolina Bancshares . . . . . . . . 234,994
75 United Counties Bancorp . . . . . . . . . . 16,950
8,000 UST Corp . . . . . . . . . . . . . . . . . 120,000
5,300 Valley National Bancorp . . . . . . . . . . 130,512
2,500 Victoria Bankshares Inc . . . . . . . . . . 81,250
4,000 Westamerica Bancorp . . . . . . . . . . . . 165,000
661 Westcorp Inc . . . . . . . . . . . . . . . 12,890
6,100 Whitney Holding Corp . . . . . . . . . . . 187,575
5,200 Zions Bancorporation . . . . . . . . . . . 366,600
---------------
10,844,785
---------------
BEVERAGE - BREWERS/
DISTRIBUTORS - 0.20%
10,000 Adolph Coors Class B . . . . . . . . . . . 202,500
2,700 * Canandaigua Wine Inc Class B . . . . . . . 97,200
---------------
299,700
---------------
BEVERAGE - SOFT DRINKS - 0.07%
3,000 Coca Cola Bottling Co . . . . . . . . . . . 102,000
---------------
BROADCASTING - 1.23%
3,300 * Adelphia Communications Corp
Class A . . . . . . . . . . . . . . . . 24,750
5,300 * American Mobile Satellite Corp . . . . . . 147,075
5,100 * American Telecasting Inc . . . . . . . . . 73,950
6,300 * Antec Corp . . . . . . . . . . . . . . . . 91,350
200 * CAI Wireless Systems Inc . . . . . . . . . 1,725
4,800 Citicasters Inc . . . . . . . . . . . . . . 154,800
4,300 * Cyrix Corp . . . . . . . . . . . . . . . . 145,662
2,400 * Evergreen Media . . . . . . . . . . . . . . 58,200
1,300 * EZ Communications Inc . . . . . . . . . . . 21,125
3,300 * Heritage Media Corp Class A . . . . . . . . 86,212
2,800 * International Family Entertainment
Inc Class B . . . . . . . . . . . . . . 52,150
800 * Jacor Communications Inc . . . . . . . . . 13,800
2,700 * Microtest Incorporated . . . . . . . . . . 41,850
1,300 * Outlet Communications Inc
Class A . . . . . . . . . . . . . . . . . 60,775
3,200 * Peoples Choice TV Corp . . . . . . . . . . 69,600
6,600 * Renaissance Communication Corp . . . . . . 142,725
6,400 TCA Cable TV Inc . . . . . . . . . . . . . 181,600
8,000 * United International Holdings Inc
Class A . . . . . . . . . . . . . . . . 112,000
1,100 United Television Inc . . . . . . . . . . . 95,975
2,800 * United Video Satellite Group
Class A . . . . . . . . . . . . . . . . 81,200
3,700 * Wavephore Inc . . . . . . . . . . . . . . . 60,588
6,500 * Westcott Communications Inc . . . . . . . . 92,625
---------------
1,809,737
---------------
BUILDING MATERIALS - 0.75%
3,100 * ABT Building Products Corp . . . . . . . . 46,500
800 Ameron Inc . . . . . . . . . . . . . . . . 29,100
5,700 Apogee Enterprises Inc . . . . . . . . . . 84,075
2,850 Butler Manufacturing Co . . . . . . . . . . 98,325
5,000 CalMat Co . . . . . . . . . . . . . . . . . 86,250
3,200 * Centex Construction Productions
Inc . . . . . . . . . . . . . . . . . . . 44,800
3,600 * Congoleum Corp Class A . . . . . . . . . . 37,350
2,100 Elcor Chemical Corp . . . . . . . . . . . . 43,837
12 Fedders Corp Class A . . . . . . . . . . . 50
9,500 Fedders USA Inc . . . . . . . . . . . . . . 49,875
1,900 Florida Rock Industries Inc . . . . . . . . 50,350
5,000 Interface Inc Class A . . . . . . . . . . . 80,625
3,200 Lone Star Industries Inc . . . . . . . . . 79,600
4,200 Medusa Corp . . . . . . . . . . . . . . . . 104,475
13,800 * Payless Cashways Inc . . . . . . . . . . . 58,650
1,000 Puerto Rican Cement Co Inc . . . . . . . . 32,500
3,500 * Southdown Inc . . . . . . . . . . . . . . . 66,062
7,100 * Triangle Pacific Corp . . . . . . . . . . . 111,825
---------------
1,104,249
---------------
CHEMICAL - MAJOR - 0.22%
4,600 Borg Warner Automotive Inc . . . . . . . . 136,275
3,800 Chemed Corp . . . . . . . . . . . . . . . . 147,725
1,800 * Synetic Inc . . . . . . . . . . . . . . . . 47,700
---------------
331,700
---------------
CHEMICAL - MISCELLANEOUS - 1.47%
4,600 * Cytec Industries Inc . . . . . . . . . . . 294,400
4,200 Dexter Corp . . . . . . . . . . . . . . . . 102,375
4,200 Fisher Scientific International Inc . . . . 137,025
10,400 * Foamex International Inc . . . . . . . . . 74,100
5,100 Geon Co . . . . . . . . . . . . . . . . . . 126,225
5,200 H B Fuller Co . . . . . . . . . . . . . . . 166,400
10,700 Lawter International Inc . . . . . . . . . 116,362
500 Learonal Inc . . . . . . . . . . . . . . . 14,063
2,000 Lesco Inc . . . . . . . . . . . . . . . . . 28,000
6,400 * McWhorter Technologies Inc . . . . . . . . 96,800
4,900 Minerals Technologies Inc . . . . . . . . . 183,137
7,000 * Mycogen Corp . . . . . . . . . . . . . . . 91,875
1,400 NCH Corp . . . . . . . . . . . . . . . . . 75,775
2,600 O Sullivan Corp . . . . . . . . . . . . . . 27,300
5,400 Om Group Inc . . . . . . . . . . . . . . . 165,375
375 Penwest Ltd . . . . . . . . . . . . . . . . 9,938
925 Petrolite Corp . . . . . . . . . . . . . . 23,587
1,700 Quaker Chemical . . . . . . . . . . . . . . 28,050
13,200 * Sterling Chemical Inc . . . . . . . . . . . 110,550
375 Tuscarora Inc . . . . . . . . . . . . . . . 9,094
600 Univar Corp . . . . . . . . . . . . . . . . 7,350
2,050 W H Brady Co Class A . . . . . . . . . . . 157,850
2,900 WD 40 Co . . . . . . . . . . . . . . . . . 116,000
---------------
2,161,631
---------------
</TABLE>
23
<PAGE> 26
================================================================================
SMALL CAP INDEX FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
COAL - 0.33%
1,900 * Addington Resources Inc . . . . . . . . . . $ 28,381
4,000 Ashland Coal Inc . . . . . . . . . . . . . 87,000
7,500 Eastern Enterprises . . . . . . . . . . . . 243,750
2,200 NACCO Industries Inc Class A . . . . . . . 125,400
---------------
484,531
---------------
CONGLOMERATES - 0.24%
2,300 * MAXXAM Inc . . . . . . . . . . . . . . . . 87,688
2,600 * PEC Israel Economic Corp . . . . . . . . . 54,925
4,700 PHH Corp . . . . . . . . . . . . . . . . . 215,025
---------------
357,638
---------------
CONSUMER FINANCE - 0.43%
6,100 * Americredit Corp . . . . . . . . . . . . . 78,538
7,233 * Comdata Holdings Corp . . . . . . . . . . . 173,592
3,700 Eaton Vance Corp . . . . . . . . . . . . . 106,375
1,120 * Fleet Financial . . . . . . . . . . . . . . 12,880
6,000 SEI Corp . . . . . . . . . . . . . . . . . 129,000
2,400 * TFC Enterprises Inc . . . . . . . . . . . . 16,350
9,300 * World Acceptance Corp . . . . . . . . . . . 113,925
---------------
630,660
---------------
CONTAINERS - METAL/GLASS - 0.36%
2,200 * Alltrista Corp . . . . . . . . . . . . . . 40,700
4,700 AptarGroup Inc . . . . . . . . . . . . . . 169,200
2,800 Clarcor Inc . . . . . . . . . . . . . . . . 61,250
600 * CSS Industries Inc . . . . . . . . . . . . 12,450
4,400 Greif Brothers Corp Class A . . . . . . . . 114,950
625 Liqui Box Corp . . . . . . . . . . . . . . 18,281
9,900 Omega Environmental Inc . . . . . . . . . . 40,219
5,700 * U S Can Corp . . . . . . . . . . . . . . . 73,388
---------------
530,438
---------------
CONTAINERS - PAPER - 0.30%
5,800 Chesapeake Corp . . . . . . . . . . . . . . 171,100
12,600 * Gaylord Container Corp Class A . . . . . . 116,550
6,800 Rock Tennessee Co Class A . . . . . . . . . 108,800
3,600 * Shorewood Packaging Corp . . . . . . . . . 50,850
---------------
447,300
---------------
COSMETICS/TOILETRIES - 0.24%
2,300 * American Safety Razor Co . . . . . . . . . 19,838
3,300 Helene Curtis Industries Inc . . . . . . . 95,287
4,100 * Inbrand Corp . . . . . . . . . . . . . . . 71,750
3,621 Maybelline Inc. . . . . . . . . . . . . . . 97,767
9,100 Playtex Products Inc . . . . . . . . . . . 64,838
---------------
349,480
---------------
DRUGS - 2.33%
3,400 * Agouron Pharmaceuticals Inc . . . . . . . . 101,150
9,100 * Alliance Pharmaceutical Corp . . . . . . . 109,200
3,500 Alpharma Inc Class A . . . . . . . . . . . 76,125
3,900 * Amerisource Health Corp Class A . . . . . . 113,100
1,900 * Amylin Pharmaceuticals Inc . . . . . . . . 13,300
1,000 * Aphton Corp . . . . . . . . . . . . . . . . 10,625
5,400 * Athena Neurosciences Inc . . . . . . . . . 49,613
30 Bergen Brunswig Corp Class A . . . . . . . 720
5,300 Bindley Western Industries Inc . . . . . . 94,737
1,400 Biocraft Laboratories Inc . . . . . . . . . 19,775
200 Carter Wallace Inc. . . . . . . . . . . . . 2,275
1,500 * Cellpro Inc . . . . . . . . . . . . . . . . 18,375
6,800 * Cephalon Inc . . . . . . . . . . . . . . . 188,700
2,800 * Columbia Laboratories Inc . . . . . . . . . 19,600
2,698 * Copley Pharmaceutical Inc . . . . . . . . . 39,796
200 * Cor Therapeutics Inc . . . . . . . . . . . 2,200
3,200 * Cygnus Inc . . . . . . . . . . . . . . . . 50,000
2,400 * Duramed Pharmaceuticals Inc . . . . . . . . 39,563
5,000 * Gilead Sciences Inc . . . . . . . . . . . . 131,250
800 Herbalife International Inc . . . . . . . . 5,900
1,600 * Human Genome Sciences Inc . . . . . . . . . 43,200
7,077 ICN Pharmaceuticals Inc . . . . . . . . . . 143,309
5,900 * ICOS Corp . . . . . . . . . . . . . . . . . 41,300
10,300 * IDEXX Laboratories Inc . . . . . . . . . . 458,350
3,400 * Immulogic Pharmaceutical Corp . . . . . . . 42,925
8,000 * Immunex Corp . . . . . . . . . . . . . . . 132,500
4,100 * Interneuron Pharmaceuticals . . . . . . . . 73,287
4,300 Life Technologies Inc . . . . . . . . . . . 108,575
3,458 * Ligand Pharmaceuticals Inc Class B . . . . 29,393
1,600 * Medco Research Inc . . . . . . . . . . . . 17,000
5,520 Natures Sunshine Products Inc . . . . . . . 124,200
8,700 * Noven Pharmaceuticals Inc . . . . . . . . . 87,000
1,200 * PDT Inc . . . . . . . . . . . . . . . . . . 52,800
3,600 * Pharmaceutical Resources Inc . . . . . . . 28,800
4,400 * Pure Pacific . . . . . . . . . . . . . . . 31,350
7,000 * Regeneron Pharmaceuticals Inc . . . . . . . 77,875
2,700 * Roberts Pharmaceutical Corp . . . . . . . . 45,225
6,400 * Sepracor Inc . . . . . . . . . . . . . . . 102,400
6,400 * Sequus Pharmaceuticals Inc . . . . . . . . 80,000
4,100 * Somatogen Inc . . . . . . . . . . . . . . . 56,888
12,100 * Systemed Inc . . . . . . . . . . . . . . . 72,600
800 * Systemix Inc . . . . . . . . . . . . . . . 11,800
2,900 * Vertex Pharmaceuticals Inc . . . . . . . . 59,812
8,930 * Watson Pharmaceuticals Inc . . . . . . . . 420,826
---------------
3,427,419
---------------
ELECTRICAL EQUIPMENT - 2.27%
200 * Acme Electric Corp . . . . . . . . . . . . 1,675
3,500 * Alpha Industries Inc . . . . . . . . . . . 51,625
5,100 * American Superconductor Corp . . . . . . . 62,475
7,200 Ametek Inc . . . . . . . . . . . . . . . . 126,900
2,212 AMP Inc . . . . . . . . . . . . . . . . . . 88,756
900 * Applied Digital Access Inc . . . . . . . . 11,025
3,800 * Applied Innovation Inc . . . . . . . . . . 34,200
8,457 * BancTec Inc . . . . . . . . . . . . . . . . 162,797
6,200 Belden Inc . . . . . . . . . . . . . . . . 167,400
3,950 * C Cor Electronics Inc . . . . . . . . . . . 101,712
5,800 * C Cube Microsystems Inc . . . . . . . . . . 581,450
4,600 * Cable Design Technologies Corp . . . . . . 198,950
4,700 * California Microwave . . . . . . . . . . . 102,225
400 * Cherry Corp Class B . . . . . . . . . . . . 4,200
11,300 * Conner Peripherals Inc . . . . . . . . . . 255,662
4,900 * Digital Microwave Corp . . . . . . . . . . 60,025
5,775 * Electro Rent Corp . . . . . . . . . . . . . 116,944
3,700 * Energy Conversion Devices Inc . . . . . . . 63,825
2,300 Exide Electronics Group Inc . . . . . . . . 35,075
</TABLE>
24
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SMALL CAP INDEX FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
ELECTRICAL EQUIPMENT - Continued
500 * Franklin Electronic Publishers Inc . . . . $ 20,500
2,000 * Holophone Corp . . . . . . . . . . . . . . 61,000
2,400 * Hutchinson Technology Inc . . . . . . . . . 118,800
2,700 Integrated Circuit Systems Inc . . . . . . 38,138
3,100 * Integrated Silicon Solution . . . . . . . . 74,400
3,050 Joslyn Manufacturing Co . . . . . . . . . . 103,700
4,800 Juno Lighting Inc . . . . . . . . . . . . . 76,200
750 * Kent Electronics Corp . . . . . . . . . . . 40,688
2,800 * Micrel Inc . . . . . . . . . . . . . . . . 46,200
5,400 * Sierra Semi Conductor Corp . . . . . . . . 99,900
5,300 Standex International Corp . . . . . . . . 192,787
1,000 * Summa Four Inc . . . . . . . . . . . . . . 15,125
2,800 * Thermo Ecotek Corp . . . . . . . . . . . . 42,700
900 Thomas Industries Inc . . . . . . . . . . . 18,338
5,900 Woodhead Industries . . . . . . . . . . . . 92,925
5,100 X-Rite Inc . . . . . . . . . . . . . . . . 75,863
---------------
3,344,185
---------------
ELECTRONIC INSTRUMENTS - 3.32%
5,150 Analogic Corp . . . . . . . . . . . . . . . 108,150
8,600 * Applied Magnetics Corp . . . . . . . . . . 133,300
5,900 Augat Inc . . . . . . . . . . . . . . . . . 101,775
1,948 * Bell Industries . . . . . . . . . . . . . . 44,317
5,100 * Cognex Corp . . . . . . . . . . . . . . . . 309,825
1,400 CTS Corp . . . . . . . . . . . . . . . . . 50,575
700 Daniel Industries Inc . . . . . . . . . . . 9,275
2,600 * Dial Page Inc . . . . . . . . . . . . . . . 41,275
3,300 * Dionex Corp . . . . . . . . . . . . . . . . 186,450
6,800 * Dynatech Corp . . . . . . . . . . . . . . . 101,150
4,000 * Evans & Sutherland Computer Co . . . . . . 96,000
4,600 * Exabyte Corp . . . . . . . . . . . . . . . 58,075
3,700 * Exar Corp . . . . . . . . . . . . . . . . . 79,550
203 * Ferrofluidics Corp . . . . . . . . . . . . 2,461
2,100 Fluke Corp . . . . . . . . . . . . . . . . 71,925
3,700 * Gentex Corp . . . . . . . . . . . . . . . . 80,475
5,500 Genus Inc . . . . . . . . . . . . . . . . . 45,375
8,300 Gerber Scientific Inc . . . . . . . . . . . 141,100
3,200 * Hadco Corp . . . . . . . . . . . . . . . . 96,800
3,675 Harman International Industries
Inc . . . . . . . . . . . . . . . . . . . 161,241
9,600 * Interdigital Commerce Corp . . . . . . . . 81,600
14,300 * Intergraph Corp . . . . . . . . . . . . . . 245,781
2,200 * Iomega Corp . . . . . . . . . . . . . . . . 94,050
6,150 * Lattice Semiconductor Corp . . . . . . . . 198,337
8,300 * Lo Jack Corp . . . . . . . . . . . . . . . 76,775
10,200 * LTX Corp . . . . . . . . . . . . . . . . . 126,225
6,100 * Magnetek Inc . . . . . . . . . . . . . . . 50,325
3,400 * Marshall Industries . . . . . . . . . . . . 119,850
9,450 Methode Electronics Inc Class A . . . . . . 138,206
2,500 * Nashua Corp . . . . . . . . . . . . . . . . 39,375
5,900 National Computer Systems Inc . . . . . . . 123,900
4,800 Park Electrochemical Corp . . . . . . . . . 145,800
3,000 * Performance Food Group Co . . . . . . . . . 71,250
8,737 Pioneer Standard Electronic Inc . . . . . . 128,871
3,800 * Robotic Vision Systems Inc . . . . . . . . 99,275
6,000 * Standard Microsystems Corp . . . . . . . . 123,750
6,200 Telxon Corp . . . . . . . . . . . . . . . . 144,150
3,300 Texas Industries Inc . . . . . . . . . . . 169,125
6,200 * 3DO Co . . . . . . . . . . . . . . . . . . 68,975
1,500 * Three-Five Systems Inc . . . . . . . . . . 32,438
900 * Union Switch & Signal . . . . . . . . . . . 6,300
7,300 * VeriFone Inc . . . . . . . . . . . . . . . 213,525
3,100 Watkins Johnson Co. . . . . . . . . . . . . 140,662
5,200 Wyle Electronics . . . . . . . . . . . . . 204,750
8,200 Zero Corp . . . . . . . . . . . . . . . . . 130,175
---------------
4,892,564
---------------
ENTERTAINMENT - 1.05%
4,100 * AMC Entertainment Inc . . . . . . . . . . . 89,175
8,100 American Classic Voyages Co . . . . . . . . 89,100
4,400 * Argosy Gaming Corp . . . . . . . . . . . . 37,400
6,900 * Autotote Corp Class A . . . . . . . . . . . 20,269
15,400 * Aztar Corp . . . . . . . . . . . . . . . . 134,750
2,200 * BET Holdings Inc Class A . . . . . . . . . 51,425
1,100 * Carmike Cinemas Inc . . . . . . . . . . . . 26,950
920 * Dave & Busters Inc . . . . . . . . . . . . 13,455
12,200 * Discovery Zone Inc . . . . . . . . . . . . 41,175
3,400 * GC Cos Inc . . . . . . . . . . . . . . . . 113,900
4,700 * Grand Casinos Inc . . . . . . . . . . . . . 172,725
3,200 * Griffin Gaming & Entertainment
Inc . . . . . . . . . . . . . . . . . . . 36,400
1,000 Harveys Casino Resorts . . . . . . . . . . 15,000
5,800 * Hollywood Entertainment Corp . . . . . . . 93,525
6,700 * Musicland Stores Corp . . . . . . . . . . . 42,712
1,200 NN Ball & Roller Inc . . . . . . . . . . . 27,000
3,000 * Primadonna Resorts Inc . . . . . . . . . . 51,750
2,100 * Recoton Corp . . . . . . . . . . . . . . . 36,750
2,900 * Regal Cinemas Inc . . . . . . . . . . . . . 124,700
1,050 * Shuffle Master Inc . . . . . . . . . . . . 14,306
3,300 * Sodak Gaming Inc . . . . . . . . . . . . . 64,350
4,500 * Sports & Recreation Inc . . . . . . . . . . 31,500
7,400 * Starsight Telecast Inc . . . . . . . . . . 30,525
6,300 * Toy Biz Inc Class A . . . . . . . . . . . . 140,175
8,200 * Tyco Toys Inc . . . . . . . . . . . . . . . 45,100
---------------
1,544,117
---------------
FERTILIZERS - 0.30%
4,300 Delta & Pine Land Co . . . . . . . . . . . 164,475
7,100 * First Mississippi Corp . . . . . . . . . . 181,050
2,200 * Great American Management &
Investment Inc . . . . . . . . . . . . . 96,800
---------------
442,325
---------------
FINANCE COMPANIES - 0.45%
2,970 * Imperial Credit Industries Inc . . . . . . 49,748
6,100 Keystone Financial Inc . . . . . . . . . . 189,863
4,350 Money Store Inc . . . . . . . . . . . . . . 205,537
4,400 Phoenix Duff & Phelps Corp . . . . . . . . 29,700
440 Phoenix Duff & Phelps Corp
(Preferred) . . . . . . . . . . . . . . . 11,000
3,600 United States Trust Corp . . . . . . . . . 171,900
---------------
657,748
---------------
FOODS - 0.93%
350 Bridgford Foods Corp . . . . . . . . . . . 3,238
800 Chiquita Brands International Inc . . . . . 10,700
</TABLE>
25
<PAGE> 28
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- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
FOODS - Continued
2,700 Dreyers Grand Ice Cream Inc . . . . . . . . $ 88,762
15,450 Flowers Industries Inc . . . . . . . . . . 198,919
5,850 Hudson Foods Inc . . . . . . . . . . . . . 93,600
7,200 International Multifoods Corp . . . . . . . 168,300
5,200 Interstate Bakeries Corp . . . . . . . . . 116,350
6,300 J M Smucker Co Class A . . . . . . . . . . 131,512
4,200 Lance Inc . . . . . . . . . . . . . . . . . 69,300
7,900 Michaels Foods Inc . . . . . . . . . . . . 90,850
6,700 * Morningstar Group Inc . . . . . . . . . . . 54,437
2,700 * NBTY Inc . . . . . . . . . . . . . . . . . 15,188
8,000 * Ralcorp Holdings Inc . . . . . . . . . . . 189,000
2,250 * Thorn Apple Valley Inc . . . . . . . . . . 37,688
3,090 Tootsie Roll Industries Inc . . . . . . . . 108,150
---------------
1,375,994
---------------
FOOTWEAR - 0.46%
4,400 Brown Group Inc . . . . . . . . . . . . . . 61,600
3,800 * Cole Kenneth Productions Inc
Class A . . . . . . . . . . . . . . . . 80,750
3,366 * Converse Inc . . . . . . . . . . . . . . . 13,885
4,600 * Edison Brothers Stores Inc . . . . . . . . 8,625
1,683 * Florsheim Shoe Co . . . . . . . . . . . . . 7,784
4,400 J Baker Inc . . . . . . . . . . . . . . . . 28,050
2,400 * Just For Feet Inc . . . . . . . . . . . . . 81,900
7,100 Justin Industries Inc . . . . . . . . . . . 77,212
8,800 Stride Rite Corp . . . . . . . . . . . . . 77,000
2,100 * Timberland Co Class A . . . . . . . . . . . 40,425
6,150 * Wolverine World Wide Inc . . . . . . . . . 193,725
---------------
670,956
---------------
FREIGHT - 0.70%
5,000 Air Express International Corp . . . . . . 117,500
7,800 American President Cos Ltd . . . . . . . . 195,000
4,886 * Fritz Companies Inc . . . . . . . . . . . . 189,332
1,800 * Greyhound Lines Inc . . . . . . . . . . . . 7,538
500 International Shipholding Corp . . . . . . 9,625
5,500 * Interpool Inc . . . . . . . . . . . . . . . 92,812
3,200 JB Hunt Transport Services Inc . . . . . . 52,400
6,000 * Kirby Corp . . . . . . . . . . . . . . . . 107,250
14,900 * OMI Corp . . . . . . . . . . . . . . . . . 91,263
7,500 Overseas Shipholding Group Inc . . . . . . 150,000
800 * SEACOR Holdings Inc . . . . . . . . . . . . 18,400
---------------
1,031,120
---------------
GOLD MINING - 0.30%
12,800 * Amax Gold Inc . . . . . . . . . . . . . . . 81,600
6,600 Coeur D'Alene Mines Corp . . . . . . . . . 119,625
6,630 * Firstmiss Gold Inc . . . . . . . . . . . . 130,114
2,600 FMC Gold Co . . . . . . . . . . . . . . . . 10,725
65,500 * Sunshine Mining Co . . . . . . . . . . . . 106,437
---------------
448,501
---------------
HARDWARE & TOOLS - 0.09%
2,100 Brenco Inc . . . . . . . . . . . . . . . . 22,050
4,400 Lawson Products Inc . . . . . . . . . . . . 104,500
---------------
126,550
---------------
HEALTHCARE - 4.11%
11,700 * Advanced Tissue Sciences Inc . . . . . . . 103,838
2,600 * American Medical Response . . . . . . . . . 74,425
13,690 * Apria Healthcare Group Inc . . . . . . . . 414,122
4,100 * Arbor Health Care Co . . . . . . . . . . . 74,825
3,838 * Benson Eyecare Corp . . . . . . . . . . . . 33,103
2,163 Block Drug Inc Class A . . . . . . . . . . 84,357
2,487 Cardinal Health Inc . . . . . . . . . . . . 134,282
5,100 Collagen Corp . . . . . . . . . . . . . . . 93,075
8,300 * Coram Healthcare Corp . . . . . . . . . . . 45,650
5,100 * Cytogen Corp . . . . . . . . . . . . . . . 26,775
60 FHP International Corp . . . . . . . . . . 1,613
5,200 * Genesis Health Ventures Inc . . . . . . . . 169,650
4,300 * GranCare Inc . . . . . . . . . . . . . . . 65,575
11,262 * Horizon/CMS Healthcare Corp . . . . . . . . 243,541
4,700 Integrated Health Services Inc . . . . . . 103,987
8,800 Invacare Corp . . . . . . . . . . . . . . . 235,400
1,200 Kinetic Concepts Inc . . . . . . . . . . . 13,650
6,300 * Lincare Holdings Inc . . . . . . . . . . . 168,525
4,100 * Living Centers of America Inc . . . . . . . 128,637
8,800 * Mariner Health Group Inc . . . . . . . . . 117,700
7,000 * Maxicare Health Plans Inc . . . . . . . . . 153,125
8,400 Mentor Corp . . . . . . . . . . . . . . . . 173,250
5,100 * Multicare Cos Inc . . . . . . . . . . . . . 106,462
6,500 Omnicare Inc . . . . . . . . . . . . . . . 245,375
8,900 * Ornda Healthcorp . . . . . . . . . . . . . 174,662
4,150 * Pacific Physician Services Inc . . . . . . 68,475
5,050 * Patterson Dental Co . . . . . . . . . . . . 130,037
9,600 * Phycor Inc . . . . . . . . . . . . . . . . 429,600
2,800 * Physicians Health . . . . . . . . . . . . . 118,300
5,000 * Quantum Health Resources Inc . . . . . . . 46,563
4,300 * Regency Health Services . . . . . . . . . . 46,225
100 * Renal Treatment Centers Inc . . . . . . . . 4,038
800 * Respironics Inc . . . . . . . . . . . . . . 15,400
4,600 * Rightchoice Managed Care Inc
Class A . . . . . . . . . . . . . . . . 58,075
2,800 * Rotech Med Corp . . . . . . . . . . . . . . 80,850
3,500 * Rural/Metro Corp . . . . . . . . . . . . . 85,750
2,800 * Sierra Health Services Inc . . . . . . . . 91,700
5,000 * Spacelabs Inc . . . . . . . . . . . . . . . 132,500
6,400 * Steris Corp . . . . . . . . . . . . . . . . 259,200
3,400 * Summit Care Corp . . . . . . . . . . . . . 77,350
7,288 * Sun Healthcare Group Inc . . . . . . . . . 90,189
5,600 * Sunrise Medical Inc . . . . . . . . . . . . 96,600
3,850 * Tecnol Medical Products Inc . . . . . . . . 66,894
4,500 * Theratx Inc . . . . . . . . . . . . . . . . 60,750
5,000 * Universal Health Services Inc
Class B . . . . . . . . . . . . . . . . 206,250
14,300 * USAir Group Inc . . . . . . . . . . . . . . 191,262
2,885 * Value Health Inc . . . . . . . . . . . . . 72,486
5,300 * Visx Inc . . . . . . . . . . . . . . . . . 183,512
2,300 Vital Signs Inc . . . . . . . . . . . . . . 46,000
7,425 * Vivra Inc . . . . . . . . . . . . . . . . . 168,919
1,600 * Wellcare Management Inc . . . . . . . . . . 34,000
---------------
6,046,529
---------------
HEAVY DUTY TRUCKS/PARTS - 0.27%
800 Cascade Corp . . . . . . . . . . . . . . . 11,500
4,300 * Detroit Diesel Corp . . . . . . . . . . . . 78,475
</TABLE>
26
<PAGE> 29
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- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
HEAVY DUTY TRUCKS/PARTS - Continued
4,000 Kysor Industrial Corp . . . . . . . . . . . $ 92,000
1,700 Osh Kosh Truck Corp Class B . . . . . . . . 25,075
550 * Raymond Corp . . . . . . . . . . . . . . . 11,413
4,450 * Spartan Motors Inc . . . . . . . . . . . . 48,950
4,450 Wabash National Corp . . . . . . . . . . . 124,600
---------------
392,013
---------------
HOME BUILDERS - 0.71%
3,100 Continental Homes Holding Corp . . . . . . 56,962
7,320 D R Horton Inc . . . . . . . . . . . . . . 73,200
6,100 Del Webb Corp . . . . . . . . . . . . . . . 123,525
4,050 * Hovnanian Enterprises Inc Class A . . . . . 27,338
350 * Hovnanian Enterprises Inc Class B . . . . . 2,363
2,000 * NVR Inc . . . . . . . . . . . . . . . . . . 19,500
6,900 Pulte Corp . . . . . . . . . . . . . . . . 212,175
3,000 * Redman Industries . . . . . . . . . . . . . 84,000
7,000 Ryland Group Inc . . . . . . . . . . . . . 86,625
3,600 * Schuler Homes Inc . . . . . . . . . . . . . 32,400
10,200 Standard Pacific Corp . . . . . . . . . . . 58,650
7,700 * Toll Brothers Inc . . . . . . . . . . . . . 139,562
5,170 * U S Home Corp . . . . . . . . . . . . . . . 134,420
---------------
1,050,720
---------------
HOSPITAL MANAGEMENT - 0.73%
2,300 * Advantage Health Corp . . . . . . . . . . . 75,900
19,500 * Careadvantage Inc . . . . . . . . . . . . . 3,900
800 * Champion Healthcare Corp . . . . . . . . . 4,300
6,500 * Charter Medical Corp . . . . . . . . . . . 118,625
1,700 * Coastal Physician Group Inc . . . . . . . . 24,013
4,050 * Community Health Systems Inc . . . . . . . 138,712
11,400 * Community Psychiatric Centers . . . . . . . 126,825
7,100 * Coventry Corp . . . . . . . . . . . . . . . 139,337
3,200 * Emcare Holdings Inc . . . . . . . . . . . . 74,400
4,400 * Health Management Inc . . . . . . . . . . . 59,400
3,900 * Health Management Systems Inc . . . . . . . 139,425
2,800 * Healthwise America Inc . . . . . . . . . . 87,500
600 * Orthodontic Centers America Inc . . . . . . 19,050
400 * Uniholding Corp . . . . . . . . . . . . . . 1,700
13,300 * Unilab Corp . . . . . . . . . . . . . . . . 38,237
2,300 * United American Healthcare Corp . . . . . . 24,438
28 * Vencor Inc . . . . . . . . . . . . . . . . 868
---------------
1,076,630
---------------
HOSPITAL SUPPLIES - 1.68%
9,400 * Acuson Corp . . . . . . . . . . . . . . . . 110,450
1,400 * Advanced Technology Laboratories . . . . . 30,100
10,900 Ballard Medical Products . . . . . . . . . 186,662
10,200 * Bio Technology General Corp . . . . . . . . 36,975
4,400 * Coherent Inc . . . . . . . . . . . . . . . 184,800
4,800 * Datascope Inc . . . . . . . . . . . . . . . 122,400
4,100 Diagnostic Products Corp . . . . . . . . . 147,087
4,900 * Gulf South Medical Supply Inc . . . . . . . 117,600
4,750 * Healthdyne Technologies Inc . . . . . . . . 51,656
6,900 * Isis Pharmaceuticals . . . . . . . . . . . 78,487
600 Landauer Inc . . . . . . . . . . . . . . . 11,775
1,600 * Maxxim Medical Inc . . . . . . . . . . . . 25,400
9,724 * Nellcor Inc . . . . . . . . . . . . . . . . 559,130
10,950 Owens & Minor Inc . . . . . . . . . . . . . 142,350
2,700 * Pharmaceutical Marketing
Services . . . . . . . . . . . . . . . . 36,788
1,000 * Safeskin Corp . . . . . . . . . . . . . . . 18,875
1,800 * Sullivan Dental Products Inc . . . . . . . 16,650
4,400 * Summit Technology Inc . . . . . . . . . . . 209,550
2,200 * Target Therapeutics Inc . . . . . . . . . . 172,425
1,800 * Techne Corp . . . . . . . . . . . . . . . . 42,525
2,300 * Uromed Corp . . . . . . . . . . . . . . . . 23,288
3,450 * VWR Scientific Products Corp . . . . . . . 40,969
3,800 West Co Inc . . . . . . . . . . . . . . . . 91,200
1,900 Work Recovery Inc . . . . . . . . . . . . . 1,900
---------------
2,459,042
---------------
HOUSEHOLD PRODUCTS - 0.61%
4,500 Armor All Products Corp . . . . . . . . . . 83,813
2,500 * Duracraft . . . . . . . . . . . . . . . . . 58,750
3,000 Ekco Group Inc . . . . . . . . . . . . . . 18,000
1,125 Fays Inc . . . . . . . . . . . . . . . . . 7,734
8,700 * First Alert Inc . . . . . . . . . . . . . . 92,438
6,200 Libbey Inc . . . . . . . . . . . . . . . . 140,275
2,312 * Midwest Grain Products Inc . . . . . . . . 28,033
4,225 Oil Dri Corp of America . . . . . . . . . . 63,375
2,700 Pittway Corp Class A . . . . . . . . . . . 173,475
3,250 Rykoff Sexton Inc . . . . . . . . . . . . . 62,156
5,000 Stanhome Inc . . . . . . . . . . . . . . . 148,750
800 * Syratech Corp . . . . . . . . . . . . . . . 16,500
---------------
893,299
---------------
INFORMATION PROCESSING - 8.63%
300 * Active Voice Corp . . . . . . . . . . . . . 8,100
7,733 Adac Laboratories . . . . . . . . . . . . . 97,629
2,496 Adobe Systems Inc . . . . . . . . . . . . . 168,792
3,200 * Alantec Corp . . . . . . . . . . . . . . . 130,400
8,925 * American Management Systems
Inc . . . . . . . . . . . . . . . . . . . 265,519
3,900 Analysts International Corp . . . . . . . . 117,487
2,800 * Applix Inc . . . . . . . . . . . . . . . . 114,450
3,300 * Artisoft Inc . . . . . . . . . . . . . . . 30,938
5,703 * AST Research Inc . . . . . . . . . . . . . 52,040
4,800 * Atria Software Inc . . . . . . . . . . . . 201,600
8,100 * Auspex Systems Inc . . . . . . . . . . . . 120,487
5,200 * Banyan Systems Inc . . . . . . . . . . . . 64,350
6,000 * BBN Corp . . . . . . . . . . . . . . . . . 225,000
5,800 * BISYS Group Inc . . . . . . . . . . . . . . 163,850
7,300 * Black Box Corp . . . . . . . . . . . . . . 123,187
3,100 * Boole & Babbage Inc . . . . . . . . . . . . 114,700
10,100 * Borland International Inc . . . . . . . . . 178,012
6,900 * Boston Technology Inc . . . . . . . . . . . 99,187
1,300 * Business Records Corp
Holding Co . . . . . . . . . . . . . . . 49,400
1,400 * Caere Corp . . . . . . . . . . . . . . . . 12,775
1,400 * Cambridge Technology Partners
Inc . . . . . . . . . . . . . . . . . . . 69,300
1,700 * CDW Computer Centers Inc . . . . . . . . . 87,550
9,500 * Cheyenne Software Inc . . . . . . . . . . . 220,875
5,300 * CompUSA Inc . . . . . . . . . . . . . . . . 196,762
1,500 * Computer Horizons Corp . . . . . . . . . . 52,875
</TABLE>
27
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================================================================================
SMALL CAP INDEX FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
INFORMATION PROCESSING - Continued
7,000 * Computer Network Technology
Corp . . . . . . . . . . . . . . . . . . $ 42,875
14,900 * Computer Vision . . . . . . . . . . . . . . 186,250
7,500 * Comverse Technology Inc . . . . . . . . . . 168,750
6,275 * Concord EFS Inc . . . . . . . . . . . . . . 240,019
6,500 * Continuum Co Inc . . . . . . . . . . . . . 260,000
7,300 * Control Data Systems Inc . . . . . . . . . 124,100
9,500 * CopyTele Inc . . . . . . . . . . . . . . . 92,625
6,500 * Cray Research Inc . . . . . . . . . . . . . 156,000
13,900 * Data General Corp . . . . . . . . . . . . . 168,537
3,500 * Dialogic Corp . . . . . . . . . . . . . . . 111,125
3,600 * DSP Group Inc . . . . . . . . . . . . . . . 42,750
7,100 * Egghead Inc . . . . . . . . . . . . . . . . 56,800
3,900 * Electronic For Imaging Inc . . . . . . . . 335,400
2,600 * Emulux Corp . . . . . . . . . . . . . . . . 32,500
4,800 * Envoy Corp . . . . . . . . . . . . . . . . 70,800
4,000 * FileNet Corp . . . . . . . . . . . . . . . 171,000
2,000 * Firefox Communications Inc . . . . . . . . 43,500
1,317 First Data Corp . . . . . . . . . . . . . . 93,507
4,800 * FTP Software Inc . . . . . . . . . . . . . 145,800
5,400 * General Datacommunications
Industries Inc . . . . . . . . . . . . . 106,650
200 * Global Village Communications . . . . . . . 4,550
3,200 * Gupta Corp . . . . . . . . . . . . . . . . 20,800
560 HBO & Co . . . . . . . . . . . . . . . . . 41,860
1,600 * HCIA Inc . . . . . . . . . . . . . . . . . 72,400
1,800 Henry Jack & Associates Inc . . . . . . . . 43,425
7,200 * Hogan Systems Inc . . . . . . . . . . . . . 66,600
3,100 * Hyperion Software Corp . . . . . . . . . . 137,175
8,100 * IMO Industries Inc . . . . . . . . . . . . 57,713
3,400 * In Focus Systems Inc . . . . . . . . . . . 115,600
1,700 * Incomnet Inc . . . . . . . . . . . . . . . 7,863
3,600 * Information Resources Inc . . . . . . . . . 43,200
5,500 * Input Output Inc . . . . . . . . . . . . . 253,687
5,900 * Intersolv Inc . . . . . . . . . . . . . . . 64,163
4,200 * Keane Inc . . . . . . . . . . . . . . . . . 116,025
3,900 * Landmark Graphics Corp . . . . . . . . . . 78,000
2,900 * Learning Co . . . . . . . . . . . . . . . . 176,175
5,800 Logicon Inc . . . . . . . . . . . . . . . . 163,125
4,300 MacNeal-Schwendler Corp . . . . . . . . . . 67,188
6,400 * Macromedia Inc . . . . . . . . . . . . . . 297,600
2,300 * Mapinfo Corp . . . . . . . . . . . . . . . 44,850
4,400 * Marcam Corp . . . . . . . . . . . . . . . . 75,350
18,300 * Maxtor Corp . . . . . . . . . . . . . . . . 116,377
5,100 Measurex Corp . . . . . . . . . . . . . . . 142,800
2,600 * Medic Computer Systems Inc . . . . . . . . 166,400
5,600 * Merisel Inc . . . . . . . . . . . . . . . . 25,900
100 * Microcom Inc . . . . . . . . . . . . . . . 2,525
2,400 * Microdyne Corp . . . . . . . . . . . . . . 49,800
2,300 * Micron Electronics Inc . . . . . . . . . . 33,638
800 * MICROS Systems Inc . . . . . . . . . . . . 33,800
5,100 * Microtec Research Inc . . . . . . . . . . . 67,575
3,250 MTS Systems Corp . . . . . . . . . . . . . 114,562
7,250 National Data Corp . . . . . . . . . . . . 176,719
9,700 * NetManage Inc . . . . . . . . . . . . . . . 219,462
4,200 * Network General Corp . . . . . . . . . . . 175,875
3,200 * Norand Corp . . . . . . . . . . . . . . . . 47,200
2,000 * Oak Technology . . . . . . . . . . . . . . 94,000
2,400 * Open Environment Corp . . . . . . . . . . . 24,000
3,100 * Optical Data Systems Inc . . . . . . . . . 64,325
2,133 * Paxar Corp . . . . . . . . . . . . . . . . 27,462
5,100 * Platinum Software Corp . . . . . . . . . . 34,425
6,800 * Platinum Technology Inc . . . . . . . . . . 113,900
5,500 * Primark Corp . . . . . . . . . . . . . . . 151,937
4,600 * Progress Software Corp . . . . . . . . . . 146,050
6,600 * Quarterdeck Corp . . . . . . . . . . . . . 211,200
9,200 * Racoktek Inc . . . . . . . . . . . . . . . 52,900
13,800 * S3 Inc . . . . . . . . . . . . . . . . . . 260,475
5,100 * Safeguard Scientifics Inc . . . . . . . . . 252,450
8,400 * Sequent Computer Systems Inc . . . . . . . 133,350
5,200 * Sierra On Line Inc . . . . . . . . . . . . 176,800
5,500 * Softkey International Inc . . . . . . . . . 185,625
100 * Spectrum HoloByte Inc . . . . . . . . . . . 863
9,000 * Stac Electronics . . . . . . . . . . . . . 106,875
91 * Sterling Software Inc . . . . . . . . . . . 5,369
4,800 * Stratus Computer Inc . . . . . . . . . . . 159,600
9,800 * Structural Dynamics Research
Corp . . . . . . . . . . . . . . . . . . 199,675
4,500 * Syquest Technology Inc . . . . . . . . . . 47,813
6,100 System Software Associates Inc . . . . . . 219,600
5,000 * Systems and Computer
Technology Corp . . . . . . . . . . . . 93,125
11,100 * Tech Data Corp . . . . . . . . . . . . . . 187,313
2,100 * TGV Software Inc . . . . . . . . . . . . . 17,850
4,770 * 3COM Corp . . . . . . . . . . . . . . . . . 218,228
5,100 * Tseng Laboratories Inc . . . . . . . . . . 49,725
102 * U S Robotics Corp . . . . . . . . . . . . . 11,195
6,600 * Viewlogic Systems Inc . . . . . . . . . . . 71,775
8,800 * Wang Laboratories Inc . . . . . . . . . . . 157,300
3,200 * Wonderware Corp . . . . . . . . . . . . . . 85,600
3,300 * Xircom Inc . . . . . . . . . . . . . . . . 40,838
2,200 * Zebra Technologies Corp Class A . . . . . . 146,850
---------------
12,682,728
---------------
INSURANCE - CASUALTY - 1.35%
500 Avemco Corp . . . . . . . . . . . . . . . . 8,438
900 Baldwin & Lyons Inc Class B . . . . . . . . 13,950
4,000 * Capsure Holdings Corp . . . . . . . . . . . 56,000
5,700 Citizens Corp . . . . . . . . . . . . . . . 106,162
8,800 Commerce Group Inc
Massachusetts . . . . . . . . . . . . . . 185,900
4,600 E W Blanch Holdings Inc . . . . . . . . . . 99,475
3,969 Frontier Insurance Group Inc . . . . . . . 131,969
1,473 Gainsco Inc . . . . . . . . . . . . . . . . 15,098
600 * HCC Insurance Holdings Inc . . . . . . . . 20,025
4,600 NAC Re Corp . . . . . . . . . . . . . . . . 151,800
4,400 National Re Corp . . . . . . . . . . . . . 144,650
750 * Navigators Group Inc . . . . . . . . . . . 13,875
200 Nymagic Inc . . . . . . . . . . . . . . . . 3,325
3,081 Orion Capital Corp . . . . . . . . . . . . 128,632
19,200 Reliance Group Holdings Inc . . . . . . . . 170,400
900 RLI Corp . . . . . . . . . . . . . . . . . 21,600
400 Scor U S Corp . . . . . . . . . . . . . . . 6,050
5,900 Selective Insurance Group Inc . . . . . . . 224,200
3,500 Transnational Re Corp Class A . . . . . . . 92,750
2,800 Trenwick Group Inc . . . . . . . . . . . . 143,500
</TABLE>
28
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- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
INSURANCE - CASUALTY - Continued
7,400 * 20th Century Industries . . . . . . . . . . $ 135,050
337 United Fire Casualty Co . . . . . . . . . . 12,216
2,400 Vesta Insurance Group Inc . . . . . . . . . 107,400
---------------
1,992,465
---------------
INSURANCE - LIFE - 0.98%
6,600 American Bankers Insurance
Group Inc . . . . . . . . . . . . . . . 238,425
450 American Heritage Life Investment . . . . . 9,056
3,050 Independent Insurance Group Inc . . . . . . 81,873
300 Kansas City Life Insurance Co . . . . . . . 15,450
7,100 * Life USA Holdings Inc . . . . . . . . . . . 61,237
500 * National Western Life Insurance Co
Class A . . . . . . . . . . . . . . . . 26,625
6,500 Presidential Life Corp . . . . . . . . . . 65,000
7,750 Protective Life Corp . . . . . . . . . . . 225,719
3,200 Reinsurance Group of America
Inc . . . . . . . . . . . . . . . . . . . 98,800
435 Seafield Capital Corp . . . . . . . . . . . 15,443
4,900 Security Connecticut Corp . . . . . . . . . 124,950
7,470 United Companies Financial Corp . . . . . . 246,510
6,400 * United Insurance Cos Inc . . . . . . . . . 111,200
2,800 WR Berkley Corp . . . . . . . . . . . . . . 126,700
---------------
1,446,988
---------------
INSURANCE - MISCELLANEOUS - 1.26%
3,600 Acordia Inc . . . . . . . . . . . . . . . . 100,800
3,550 Allied Group Inc . . . . . . . . . . . . . 126,025
3,600 Arthur J Gallagher & Co . . . . . . . . . . 117,900
3,600 Capital Guaranty Corp . . . . . . . . . . . 79,650
1,100 Capital Re Corp . . . . . . . . . . . . . . 33,000
4,300 CMAC Investment Corp . . . . . . . . . . . 201,025
6,100 Executive Risk Inc . . . . . . . . . . . . 158,600
3,750 Fidelity National Financial Inc . . . . . . 59,063
3,600 Foremost Corp of America . . . . . . . . . 176,400
5,675 Fremont General Corp . . . . . . . . . . . 195,787
1,300 Guaranty National Corp . . . . . . . . . . 18,850
600 Harleysville Group Inc . . . . . . . . . . 17,625
2,250 Hilb Rogal & Hamilton Co . . . . . . . . . 31,500
4,800 Integon Corp . . . . . . . . . . . . . . . 81,600
4,050 Lawyers Title Corp . . . . . . . . . . . . 69,356
5,100 Liberty Corp . . . . . . . . . . . . . . . 168,937
200 Midland Co . . . . . . . . . . . . . . . . 9,900
900 MMI Cos Inc . . . . . . . . . . . . . . . . 21,150
525 Poe & Brown Inc . . . . . . . . . . . . . . 12,994
3,600 Stewart Information Services
Corp . . . . . . . . . . . . . . . . . . 80,100
4,100 Zenith National Insurance Corp . . . . . . 90,713
---------------
1,850,975
---------------
INSURANCE - MULTILINE - 0.86%
1,650 Alfa Corp . . . . . . . . . . . . . . . . . 18,150
6,378 American Annuity Group Inc . . . . . . . . 70,158
3,200 * American Travelers Corp . . . . . . . . . . 80,000
6,600 Amvestors Financial Corp . . . . . . . . . 75,900
2,800 Argonaut Group Inc . . . . . . . . . . . . 93,100
400 Capitol American Financial Corp . . . . . . 8,200
2,800 * Delphi Financial Group Inc . . . . . . . . 56,700
3,700 Home Beneficial Corp Class B . . . . . . . 90,187
4,200 Horace Mann Educators Corp . . . . . . . . 121,800
5,200 John Alden Financial Corp . . . . . . . . . 107,250
5,400 Life Re Corp . . . . . . . . . . . . . . . 115,425
2,023 * MAIC Holdings Inc . . . . . . . . . . . . . 63,724
250 * Markel Corp . . . . . . . . . . . . . . . . 18,063
7,700 Penncorp Financial Group Inc . . . . . . . 213,675
1,700 United Wisconsin Services Inc . . . . . . . 38,888
4,000 Washington National Corp . . . . . . . . . 99,000
---------------
1,270,220
---------------
LEISURE TIME - 0.73%
2,100 * Anchor Gaming . . . . . . . . . . . . . . . 43,050
10,400 * Bally Entertainment Group . . . . . . . . . 126,100
1,500 * Casino America Inc . . . . . . . . . . . . 8,813
2,500 * First Team Sports Inc . . . . . . . . . . . 39,219
12,900 Handleman Co . . . . . . . . . . . . . . . 80,625
4,900 * Hollywood Park Inc . . . . . . . . . . . . 50,225
7,800 Huffy Corp . . . . . . . . . . . . . . . . 82,875
6,100 Outboard Marine Corp . . . . . . . . . . . 125,050
9,200 * Players International Inc . . . . . . . . . 121,900
7,100 * Rio Hotel & Casino Inc . . . . . . . . . . 88,750
7,400 * Scotts Co Class A . . . . . . . . . . . . . 148,925
2,900 Showboat Inc . . . . . . . . . . . . . . . 78,300
1,900 Winnebago Industries Inc. . . . . . . . . . 14,725
3,300 * WMS Industries Inc . . . . . . . . . . . . 60,637
---------------
1,069,194
---------------
LODGING - 0.05%
3,393 Marcus Corp . . . . . . . . . . . . . . . . 78,463
---------------
MACHINE TOOLS - 0.37%
300 Acme-Cleveland Corp . . . . . . . . . . . . 6,825
6,700 Giddings & Lewis Inc . . . . . . . . . . . 105,525
2,100 Gleason Corp . . . . . . . . . . . . . . . 70,088
6,100 Greenfield Industries Inc . . . . . . . . . 187,575
800 * PRI Automation Inc . . . . . . . . . . . . 32,800
3,900 Roper Industries . . . . . . . . . . . . . 138,450
---------------
541,263
---------------
MACHINERY - AGRICULTURE - 0.15%
1,200 * Central Tractor Farm & Country Inc . . . . 11,700
1,200 * Lindsay Manufacturing Co . . . . . . . . . 42,600
5,400 Toro Co . . . . . . . . . . . . . . . . . . 170,775
---------------
225,075
---------------
MACHINERY - CONSTRUCTION &
CONTRACTS - 0.72%
2,900 * Astec Industries Inc . . . . . . . . . . . 31,538
2,700 Blount International Inc Class A . . . . . 81,337
4,600 * CDI Corp . . . . . . . . . . . . . . . . . 85,100
2,000 Granite Construction Inc . . . . . . . . . 55,500
65 Harnischfeger Industries Inc . . . . . . . 2,202
6,645 * Instituform Technologies Inc
Class A . . . . . . . . . . . . . . . . 77,248
3,900 J Ray McDermott . . . . . . . . . . . . . . 61,912
5,400 * Jacobs Engineering Group Inc . . . . . . . 130,275
9,600 Kaman Corp Class A . . . . . . . . . . . . 110,400
</TABLE>
29
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- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
MACHINERY - CONSTRUCTION &
CONTRACTS - Continued
3,500 * Kasler Corp . . . . . . . . . . . . . . . . $ 20,125
8,100 Lennar Corp . . . . . . . . . . . . . . . . 179,212
1,300 MDC Holdings Inc . . . . . . . . . . . . . 8,613
9,000 * Morrison Knudsen Corp . . . . . . . . . . . 54,000
2,400 Stone & Webster Inc . . . . . . . . . . . . 88,800
3,900 TJ International Inc . . . . . . . . . . . 69,225
---------------
1,055,487
---------------
MACHINERY - INDUSTRIAL/
SPECIALTY - 2.75%
7,800 AAR Corp . . . . . . . . . . . . . . . . . 143,325
1,300 * ABC Rail Production Corp . . . . . . . . . 28,600
900 AEP Industries Inc . . . . . . . . . . . . 20,925
9,100 Albany International Corp Class A . . . . . 194,512
9,100 * AMSCO International Inc . . . . . . . . . . 153,562
525 Applied Power Inc Class A . . . . . . . . . 17,128
6,780 Baldor Electric Co . . . . . . . . . . . . 153,397
3,900 Bearings Inc . . . . . . . . . . . . . . . 149,662
6,300 BWIP Inc Class A . . . . . . . . . . . . . 96,863
1,800 * Central Sprinkler Corp . . . . . . . . . . 60,300
3,800 * Dovatron International Inc . . . . . . . . 124,450
7,450 Duriron Co Inc . . . . . . . . . . . . . . 214,187
5,100 * Exide Corp . . . . . . . . . . . . . . . . 233,962
3,000 * GaSonics International Corp . . . . . . . . 53,250
475 General Binding Corp . . . . . . . . . . . 10,331
450 Gorman Rupp Co . . . . . . . . . . . . . . 6,750
5,800 Goulds Pumps Inc . . . . . . . . . . . . . 137,025
600 Graco Inc . . . . . . . . . . . . . . . . . 21,525
2,700 Helix Technology Corp . . . . . . . . . . . 91,125
2,400 Hughes Supply Inc . . . . . . . . . . . . . 63,000
200 * ICC Technologies Inc . . . . . . . . . . . 2,425
6,800 IDEX Corp . . . . . . . . . . . . . . . . . 279,650
4,100 * Insilco Corp . . . . . . . . . . . . . . . 135,300
4,300 * Integrated Process Equipment
Corp . . . . . . . . . . . . . . . . . . 132,225
3,300 * International Imaging Materials . . . . . . 84,975
5,400 * Ionics Inc . . . . . . . . . . . . . . . . 233,550
10,200 * Kenetech Corp . . . . . . . . . . . . . . . 31,875
6,000 * Kulicke & Soffa Industries Inc . . . . . . 170,250
4,950 Lilly Industries Inc Class A . . . . . . . 64,350
850 Lufkin Industries Inc . . . . . . . . . . . 16,788
4,300 Manitowoc Co Inc . . . . . . . . . . . . . 126,313
3,840 * Oak Industries Inc . . . . . . . . . . . . 92,640
3,500 * Ortel Corp . . . . . . . . . . . . . . . . 41,125
600 * Osmonics Inc . . . . . . . . . . . . . . . 10,800
3,500 * Park Ohio Industries Inc . . . . . . . . . 45,500
7,000 Regal Beloit Corp . . . . . . . . . . . . . 154,000
350 Robbins & Myers Inc . . . . . . . . . . . . 11,200
2,125 Roto-Rooter Inc . . . . . . . . . . . . . . 66,938
800 Scotsman Industries Inc . . . . . . . . . . 13,200
7,000 * Specialty Equipment Cos Inc . . . . . . . . 71,750
2,700 * SPS Technologies Inc . . . . . . . . . . . 122,513
1,400 * Stimsonite Corp . . . . . . . . . . . . . . 12,513
4,400 Tennant Co . . . . . . . . . . . . . . . . 107,800
2,900 * Thermo Power Corp . . . . . . . . . . . . . 39,875
---------------
4,041,434
---------------
MEDICAL TECHNOLOGY - 1.01%
11,500 * Applied Bioscience International
Inc . . . . . . . . . . . . . . . . . . 73,312
10,600 * Calgene Inc . . . . . . . . . . . . . . . . 54,325
2,700 Dekalb Genetics Corp Class B . . . . . . . 122,175
5,800 * Epitope Inc . . . . . . . . . . . . . . . . 68,150
8,000 * Haemonetics Corp . . . . . . . . . . . . . 142,000
1,300 * Heart Technology Inc . . . . . . . . . . . 35,588
3,100 * I Statutory Corp . . . . . . . . . . . . . 107,725
5,600 * InControl Inc . . . . . . . . . . . . . . . 67,200
8,100 * Liposome Co Inc . . . . . . . . . . . . . . 135,675
2 * Molecular Biosystems Inc . . . . . . . . . 14
3,700 * Neopath Inc . . . . . . . . . . . . . . . . 70,300
8,500 * North American Biologicals Inc . . . . . . 81,812
3,100 * Northfield Laboratories Inc . . . . . . . . 50,762
5,500 * Organogenesis Inc . . . . . . . . . . . . . 103,125
5,300 * Protein Design Laboratories Inc . . . . . . 99,375
5,900 * SciClone Pharmaceuticals Inc . . . . . . . 31,713
12,924 * Scios Nova Inc . . . . . . . . . . . . . . 50,080
400 * Sofamor/Danek Group Inc. . . . . . . . . . 9,200
1,600 * Thermotrex Corp . . . . . . . . . . . . . . 69,600
5,300 * Ventritex Inc . . . . . . . . . . . . . . . 114,944
---------------
1,487,075
---------------
MERCHANDISE - DRUG - 0.48%
7,350 Arbor Drugs Inc . . . . . . . . . . . . . . 145,162
6,000 Big B Inc . . . . . . . . . . . . . . . . . 60,750
3,800 * Express Scripts Inc Class A . . . . . . . . 156,750
7,739 * Foxmeyer Health Corp . . . . . . . . . . . 201,214
770 Genovese Drug Stores Inc Class A . . . . . 9,240
2,400 Longs Drug Stores Corp . . . . . . . . . . 95,400
2,700 * Medimmune Inc . . . . . . . . . . . . . . . 34,425
---------------
702,941
---------------
MERCHANDISE - SPECIALTY - 2.95%
578 Anthony Industries Inc . . . . . . . . . . 12,933
11,318 Arctco Inc . . . . . . . . . . . . . . . . 159,867
6,500 AT Cross Co Class A . . . . . . . . . . . . 103,187
10,700 * Aura Systems Inc . . . . . . . . . . . . . 59,519
5,100 * Avid Technology Inc . . . . . . . . . . . . 202,087
1,289 * Ben Franklin Retail Stores Inc . . . . . . 4,512
2,550 * BMC West Corp . . . . . . . . . . . . . . . 31,556
9,600 Bombay Inc . . . . . . . . . . . . . . . . 64,800
5,200 * Books A Million Inc . . . . . . . . . . . . 74,750
8,300 * Borders Group Inc . . . . . . . . . . . . . 146,287
3,400 * Bush Boake Allen Inc . . . . . . . . . . . 104,550
6,100 Caseys General Stores Inc . . . . . . . . . 141,825
8,200 Cash America Investments Inc . . . . . . . 45,100
400 * Cellstar Corp . . . . . . . . . . . . . . . 10,500
30,900 * Charming Shoppes Inc . . . . . . . . . . . 71,456
4,200 * Cobra Golf Inc . . . . . . . . . . . . . . 115,500
1,500 * Colonial Data Technologies . . . . . . . . 23,813
1,000 * Copart Inc . . . . . . . . . . . . . . . . 23,875
7,800 * Eagle Hardware & Garden . . . . . . . . . . 58,988
4,700 * EMPI Inc . . . . . . . . . . . . . . . . . 86,950
14,100 Fingerhut Cos Inc . . . . . . . . . . . . . 178,012
3,000 * Fossil Inc . . . . . . . . . . . . . . . . 28,125
5,000 * Franklin Quest Co . . . . . . . . . . . . . 94,375
4,900 * Friedmans Inc Class A . . . . . . . . . . . 113,925
</TABLE>
30
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SMALL CAP INDEX FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
MERCHANDISE - SPECIALTY - Continued
4,100 * Gibson Greetings Inc . . . . . . . . . . . $ 61,500
10,100 Hancock Fabrics Inc . . . . . . . . . . . . 97,213
11,100 * Home Shopping Network Inc . . . . . . . . . 104,062
3,000 Intelligent Electronics Inc . . . . . . . . 19,500
10,700 Intreco Inc . . . . . . . . . . . . . . . . 89,613
7,100 Jenny Craig Inc . . . . . . . . . . . . . . 67,450
500 Labone Inc . . . . . . . . . . . . . . . . 6,875
9,400 * MacFrugals Bargains Close Outs . . . . . . 123,375
5,900 * Michaels Stores Inc . . . . . . . . . . . . 97,350
2,200 * Microage Inc . . . . . . . . . . . . . . . 18,700
3,600 * Rex Stores Corp . . . . . . . . . . . . . . 63,000
5,200 Russ Berrie & Co Inc . . . . . . . . . . . 70,850
1,600 * Safety 1st Inc . . . . . . . . . . . . . . 32,400
3,200 * Seitel Inc . . . . . . . . . . . . . . . . 80,000
7,800 Sothebys Holdings Inc . . . . . . . . . . . 108,225
5,900 * Sportmart Inc . . . . . . . . . . . . . . . 45,725
1,100 * Sports Authority Inc . . . . . . . . . . . 23,238
2,600 Sturm Ruger & Co Inc . . . . . . . . . . . 76,050
14,600 * Sunglass Hut International Inc . . . . . . 306,600
5,000 Tiffany & Co . . . . . . . . . . . . . . . 258,125
4,000 * Tractor Supply Co . . . . . . . . . . . . . 80,000
386 * United Stationers Inc . . . . . . . . . . . 8,589
4,100 Unitog Co . . . . . . . . . . . . . . . . . 101,987
7,500 * Waban Inc . . . . . . . . . . . . . . . . . 138,750
4,900 * Williams Sonoma Inc . . . . . . . . . . . . 98,000
12,300 * Zale Corp . . . . . . . . . . . . . . . . . 204,487
---------------
4,338,156
---------------
MERCHANDISING - DEPARTMENT - 0.48%
200 * Alexanders Inc . . . . . . . . . . . . . . 12,425
12,500 * Best Products Inc . . . . . . . . . . . . . 78,125
1,300 * Bon Ton Stores Inc . . . . . . . . . . . . 7,313
17 * Broadway Stores Inc (Warrants) . . . . . . 4
2,785 * Federated Department Stores Inc . . . . . . 81,113
8,500 Neiman Marcus Group Inc . . . . . . . . . . 177,437
10,315 Pier 1 Imports Inc . . . . . . . . . . . . 112,176
3,800 * Proffitts Inc . . . . . . . . . . . . . . . 102,600
4,150 * Stein Mart Inc . . . . . . . . . . . . . . 52,134
412 Strawbridge & Clothier . . . . . . . . . . 9,064
3,700 * Venture Stores Inc . . . . . . . . . . . . 13,413
2,700 * Younkers Inc . . . . . . . . . . . . . . . 67,837
---------------
713,641
---------------
MERCHANDISING - FOOD - 0.96%
3,400 Delchamps Inc . . . . . . . . . . . . . . . 58,650
75 Farmer Brothers Co . . . . . . . . . . . . 10,650
4,400 * IHOP Corp . . . . . . . . . . . . . . . . . 113,850
5,600 Ingles Markets Inc . . . . . . . . . . . . 60,200
5,600 * J & J Snack Foods Corp . . . . . . . . . . 68,600
4,575 Nash Finch Co . . . . . . . . . . . . . . . 86,925
1,800 * Penn Traffic Co . . . . . . . . . . . . . . 23,400
1,234 * Quality Food Centers Inc . . . . . . . . . 24,989
5,818 Richfood Holdings Inc . . . . . . . . . . . 163,631
3,800 Ruddick Corp . . . . . . . . . . . . . . . 40,850
3,300 Sanderson Farms Inc . . . . . . . . . . . . 35,475
10,400 Savannah Foods & Industries Inc . . . . . . 128,700
3,000 * Showbiz Pizza Time Inc . . . . . . . . . . 38,250
5,500 Smart & Final Inc . . . . . . . . . . . . . 105,875
5,400 * Smithfield Foods Inc . . . . . . . . . . . 167,400
3,500 Smiths Food & Drug Centers Inc
Class B . . . . . . . . . . . . . . . . 84,438
1,900 Super Food Services Inc . . . . . . . . . . 24,225
4,300 * Whole Foods Market Inc . . . . . . . . . . 62,350
7,037 WLR Foods Inc . . . . . . . . . . . . . . . 116,110
---------------
1,414,568
---------------
MERCHANDISING - MASS - 0.45%
4,900 * Caldor Corp . . . . . . . . . . . . . . . . 20,213
2,400 * Dollar Tree Stores Inc . . . . . . . . . . 67,200
7,800 Family Dollar Stores Inc . . . . . . . . . 119,925
5,300 * Fred Meyer Inc . . . . . . . . . . . . . . 122,562
5,400 Good Guys Inc . . . . . . . . . . . . . . . 56,025
5,470 * Hills Store Co . . . . . . . . . . . . . . 64,273
21,500 * Service Merchandise Inc . . . . . . . . . . 131,687
6,700 Shopko Stores Inc . . . . . . . . . . . . . 76,213
---------------
658,098
---------------
METALS - ALUMINUM - 0.27%
5,800 * ACX Technologies Inc . . . . . . . . . . . 95,700
4,700 IMCO Recycling Inc . . . . . . . . . . . . 106,338
5,200 * Kaiser Aluminum Corp . . . . . . . . . . . 75,400
3,871 Tredagar Industries Inc . . . . . . . . . . 122,904
---------------
400,342
---------------
METALS - COPPER - 0.27%
10,100 * Magma Copper Co . . . . . . . . . . . . . . 214,625
5,200 Wolverine Tube Inc . . . . . . . . . . . . 176,150
---------------
390,775
---------------
METALS - MISCELLANEOUS - 0.44%
750 A M Castle & Co . . . . . . . . . . . . . . 18,375
6,800 Brush Wellman Inc . . . . . . . . . . . . . 119,000
5,633 Commercial Metals Co . . . . . . . . . . . 132,375
3,500 * Dravo Corp . . . . . . . . . . . . . . . . 42,000
12,600 * Hecla Mining Co . . . . . . . . . . . . . . 91,350
900 * Intermagnetics General Corp . . . . . . . . 20,250
6,650 * Material Sciences Corp . . . . . . . . . . 88,113
4,000 Precision Castparts Corp . . . . . . . . . 144,000
---------------
655,463
---------------
METALS - STEEL - 1.59%
5,000 * Acme Metals Inc . . . . . . . . . . . . . . 76,250
6,400 Alaska Steel Holdings Corp . . . . . . . . 221,600
5,000 Amcast Industrial Corp . . . . . . . . . . 92,500
29,300 * Armco Inc . . . . . . . . . . . . . . . . . 168,475
5,300 Birmingham Steel Corp . . . . . . . . . . . 78,838
4,200 Carpenter Technology Corp . . . . . . . . . 181,650
800 Chaparral Steel Co . . . . . . . . . . . . 8,400
3,400 * Citation Corp Alabama . . . . . . . . . . . 54,825
3,100 Cleveland Cliffs Inc . . . . . . . . . . . 121,287
1,350 Commercial Intertech Corp . . . . . . . . . 23,963
1,500 * EnviroSource Inc . . . . . . . . . . . . . 4,500
5,100 * Geneva Steel Co Class A . . . . . . . . . . 36,975
3,100 Huntco Inc Class A . . . . . . . . . . . . 54,638
</TABLE>
31
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SMALL CAP INDEX FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
METALS - STEEL - Continued
9,600 * Intermet Corp . . . . . . . . . . . . . . . $ 115,200
7,800 J & L Specialty Steel Inc . . . . . . . . . 128,700
2,600 Lukens Inc . . . . . . . . . . . . . . . . 79,625
5,600 * Mueller Industries Inc . . . . . . . . . . 128,800
11,600 * Northwestern Steel & Wire Co . . . . . . . 95,700
7,500 Oregon Steel Mills Inc . . . . . . . . . . 103,125
5,300 Quanex Corp . . . . . . . . . . . . . . . . 104,012
1,850 Steel Technologies Inc . . . . . . . . . . 15,956
12,600 UNR Industries Inc . . . . . . . . . . . . 112,612
4,400 Valmont Industries Inc . . . . . . . . . . 111,650
7,000 * WCI Steel Inc . . . . . . . . . . . . . . . 30,625
7,800 * Weirton Steel Corp . . . . . . . . . . . . 34,125
4,400 * WHX Corp . . . . . . . . . . . . . . . . . 48,400
6,800 * Wyman Gordon Co . . . . . . . . . . . . . . 102,000
---------------
2,334,431
---------------
MISCELLANEOUS - 1.46%
4,400 * Accustaff Inc . . . . . . . . . . . . . . . 132,000
6,400 Amcol International Corp . . . . . . . . . 93,600
1,800 * Amerco . . . . . . . . . . . . . . . . . . 35,550
1,100 * Ampal American Israel Corp
Class A . . . . . . . . . . . . . . . . . 6,188
6,600 Barefoot Inc . . . . . . . . . . . . . . . 75,900
8,200 * Borg-Warner Security Corp . . . . . . . . . 96,350
3,000 * Career Horizons Inc . . . . . . . . . . . . 85,500
9,400 * Corrections Corp of America . . . . . . . . 291,400
6,300 * DeVry Inc . . . . . . . . . . . . . . . . . 167,737
2,800 * Equity Corp International . . . . . . . . . 54,600
8,200 * Figgie International Holdings Inc
Class A . . . . . . . . . . . . . . . . 95,325
7,900 Ideon Group Inc . . . . . . . . . . . . . . 64,188
5,100 * Interim Services Inc . . . . . . . . . . . 163,200
2,500 * ITT Educational Services Inc . . . . . . . 51,250
3,400 * Kinder Care Learning Centers Inc . . . . . 41,650
1,091 LADD Furniture Inc . . . . . . . . . . . . 14,592
3,100 * National Education Corp . . . . . . . . . . 24,413
412 * Patlex Corp . . . . . . . . . . . . . . . . 2,060
3,000 * Pinkertons Inc . . . . . . . . . . . . . . 60,750
8,300 * Rexel Inc . . . . . . . . . . . . . . . . . 112,050
4,300 * Robert Half International Inc . . . . . . . 172,537
5,500 * Sola International Inc . . . . . . . . . . 149,875
3,900 * Sylvan Learning Systems Inc . . . . . . . . 93,600
800 * Wackenhut Corp . . . . . . . . . . . . . . 13,600
2,000 * Wackenhut Corrections Corp . . . . . . . . 52,500
---------------
2,150,415
---------------
MOBILE HOMES - 0.33%
4,200 * Champion Enterprises Inc . . . . . . . . . 126,000
400 McGrath Rentcorp . . . . . . . . . . . . . 7,200
5,450 Oakwood Homes Corp . . . . . . . . . . . . 223,450
6,200 Skyline Corp . . . . . . . . . . . . . . . 116,250
750 Thor Industries Inc . . . . . . . . . . . . 12,469
---------------
485,369
---------------
NATURAL GAS - DIVERSIFIED - 0.96%
3,150 Atmos Energy Corp . . . . . . . . . . . . . 65,756
1,000 Bay State Gas Co . . . . . . . . . . . . . 27,125
300 Cascade Natural Gas Corp . . . . . . . . . 4,913
8,104 K N Energy Inc . . . . . . . . . . . . . . 236,029
1,500 Laclede Gas Co . . . . . . . . . . . . . . 31,687
4,700 New Jersey Resources Corp . . . . . . . . . 131,012
8,100 * Seagull Energy Corp . . . . . . . . . . . . 147,825
826 * Southern Union Co . . . . . . . . . . . . . 19,721
10,400 Southwest Gas Corp . . . . . . . . . . . . 187,200
2,915 * Tejas Gas Corp . . . . . . . . . . . . . . 143,564
7,400 UGI Corp . . . . . . . . . . . . . . . . . 153,550
7,600 United Cities Gas Co . . . . . . . . . . . 129,200
4,400 Wicor Inc . . . . . . . . . . . . . . . . . 135,300
---------------
1,412,882
---------------
OIL - INTEGRATED DOMESTIC - 0.18%
4,600 * Crown Central Petroleum Corp
Class A . . . . . . . . . . . . . . . . 64,975
2,800 * Hondo Oil & Gas Co . . . . . . . . . . . . 44,100
8,200 Quaker State Corp . . . . . . . . . . . . . 110,700
5,600 * Tesoro Petroleum Corp . . . . . . . . . . . 46,900
---------------
266,675
---------------
OIL - SERVICE - PRODUCTS - 0.58%
4,275 * Energy Ventures Inc . . . . . . . . . . . . 89,775
3,600 Getty Petroleum Corp . . . . . . . . . . . 53,550
7,100 * Global Industrial Technologies Inc . . . . 126,025
3,200 * Global Industries Inc . . . . . . . . . . . 86,000
7,100 * Kelley Oil & Gas Corp . . . . . . . . . . . 7,988
9,700 * Lone Star Technologies Inc . . . . . . . . 83,662
12,100 * Parker Drilling Co . . . . . . . . . . . . 62,013
4,163 * Varco International Inc . . . . . . . . . . 37,987
11,832 * Weatherford Enterra Inc . . . . . . . . . . 300,237
---------------
847,237
---------------
OIL - SERVICES - 1.20%
6,400 * BJ Services Co . . . . . . . . . . . . . . 157,600
880 * BJ Services Co (Warrants) . . . . . . . . . 4,290
4,300 Camco International Inc . . . . . . . . . . 101,050
4,700 * Hornbeck Offshore Services Inc . . . . . . 84,600
17,100 * Marine Drilling Cos Inc . . . . . . . . . . 69,469
1,500 Mascotech Inc . . . . . . . . . . . . . . . 16,313
21,900 * Nabors Industries Inc . . . . . . . . . . . 216,262
16,300 * Noble Drilling Corp . . . . . . . . . . . . 118,175
11,600 * Oceaneering International Inc . . . . . . . 113,100
4,900 * Offshore Logistics Inc . . . . . . . . . . 58,800
3,575 Pennsylvania Enterprises Inc . . . . . . . 133,169
3,600 * Pool Energy Services Co . . . . . . . . . . 32,400
3,200 Production Operators Corp . . . . . . . . . 97,600
12,900 * Reading & Bates Corp . . . . . . . . . . . 169,312
18,500 * Rowan Cos Inc . . . . . . . . . . . . . . . 138,750
12,700 * Smith International Inc . . . . . . . . . . 214,312
5,400 * Tuboscope Vetco International
Corp . . . . . . . . . . . . . . . . . . 31,725
---------------
1,756,927
---------------
OIL/GAS PRODUCERS - 1.54%
30 * American Exploration Co . . . . . . . . . . 308
56 Apache Corp . . . . . . . . . . . . . . . . 1,491
</TABLE>
32
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- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
OIL/GAS PRODUCERS - Continued
160 * Aztec Energy Corp Utah . . . . . . . . . . $ 2
10,450 * Barrett Resources Corp . . . . . . . . . . 258,637
9,300 * Benton Oil & Gas Co . . . . . . . . . . . . 137,175
3,400 Berry Petroleum Co Class A . . . . . . . . 36,125
7,800 * Box Energy Corp Class B . . . . . . . . . . 68,250
5,900 Cabot Oil & Gas Corp Class A . . . . . . . 83,337
2,200 * Chesapeake Energy Corp . . . . . . . . . . 93,500
11,200 * Coda Energy Inc . . . . . . . . . . . . . . 84,000
5,800 Devon Energy Corp . . . . . . . . . . . . . 139,925
6,100 * Global Natural Resources Inc . . . . . . . 59,475
3,100 * H S Resources Inc . . . . . . . . . . . . . 41,463
6,500 Helmerich & Payne Inc . . . . . . . . . . . 177,125
500 Holly Corp . . . . . . . . . . . . . . . . 11,000
4,600 KCS Energy Inc . . . . . . . . . . . . . . 63,250
2,600 * Louis Dreyfus Natural Gas Corp . . . . . . 35,425
22,400 * Mesa Inc . . . . . . . . . . . . . . . . . 72,800
2,400 * Nuevo Energy Co . . . . . . . . . . . . . . 53,400
7,700 Parker & Parsley Petroleum Co . . . . . . . 144,375
2,400 Phoenix Resource Cos Inc . . . . . . . . . 41,400
6,900 Snyder Oil Corp . . . . . . . . . . . . . . 80,212
2,400 St Mary Land & Exploration Co . . . . . . . 32,550
5,900 * Stone Energy Corp . . . . . . . . . . . . . 79,650
4,900 * Texas Meridian Resources Corp . . . . . . . 60,638
4,200 * Tide West Oil Inc . . . . . . . . . . . . . 56,175
6,400 * Tom Brown Inc . . . . . . . . . . . . . . . 81,600
6,900 * United Meridian Corp . . . . . . . . . . . 114,712
6,200 USX Delhi Group . . . . . . . . . . . . . . 63,550
1,600 Vintage Petroleum Inc . . . . . . . . . . . 32,800
11,200 Wainoco Oil Corp . . . . . . . . . . . . . 32,200
2,400 Wiser Oil Co . . . . . . . . . . . . . . . 30,000
---------------
2,266,550
---------------
PAPER/FOREST PRODUCTS - 0.44%
8,000 Caraustar Industries Inc . . . . . . . . . 158,000
1,720 Mosinee Paper Corp . . . . . . . . . . . . 41,710
50 Pentair Inc . . . . . . . . . . . . . . . . 2,488
3,200 Ply Gem Industries Inc . . . . . . . . . . 58,400
5,500 Pope & Talbot Inc . . . . . . . . . . . . . 81,125
4,000 Republic Gypsum Co . . . . . . . . . . . . 51,500
3,600 Sealright Co Inc . . . . . . . . . . . . . 39,600
4,300 Standard Register Inc . . . . . . . . . . . 89,225
1,700 Universal Forest Products Inc . . . . . . . 15,300
4,100 Wausau Paper Mills Co . . . . . . . . . . . 112,750
---------------
650,098
---------------
PHOTOGRAPHY - 0.20%
6,400 CPI Corp . . . . . . . . . . . . . . . . . 133,600
1,950 * Photronics Inc . . . . . . . . . . . . . . 61,913
2,500 * Ultratech Stepper Inc . . . . . . . . . . . 94,375
---------------
289,888
---------------
POLLUTION CONTROL - 0.97%
700 * Air & Water Technologies Corp
Class A . . . . . . . . . . . . . . . . 3,850
5,700 * Allwaste Inc . . . . . . . . . . . . . . . 24,225
4,400 Dames & Moore Inc . . . . . . . . . . . . . 57,750
546 Heidemij NV . . . . . . . . . . . . . . . . 4,641
4,200 * International Technology Corp . . . . . . . 11,025
7,100 * Mid American Waste Systems Inc . . . . . . 28,400
225 Mine Safety Appliances Co . . . . . . . . . 9,872
3,900 * Molten Metal Tech Inc . . . . . . . . . . . 144,300
5,250 * Newpark Resources Inc . . . . . . . . . . . 93,844
5,200 * OHM Corp . . . . . . . . . . . . . . . . . 42,250
5,600 * Republic Waste Industries Inc . . . . . . . 150,500
15,800 * Rollins Environmental Services
Inc . . . . . . . . . . . . . . . . . . . 47,400
5,900 * Sanifill Inc . . . . . . . . . . . . . . . 197,650
6,800 * Tetra Technologies Inc . . . . . . . . . . 113,050
2,500 * U S Filter Corp . . . . . . . . . . . . . . 55,000
4,400 * United Waste Systems Inc . . . . . . . . . 175,450
8,433 * USA Waste Services Inc . . . . . . . . . . 177,093
600 * Western Waste Industries . . . . . . . . . 11,025
3,200 Zurn Industries Inc . . . . . . . . . . . . 78,400
---------------
1,425,725
---------------
PUBLISHING - NEWS - 0.22%
6,100 * Network Equipment Technologies . . . . . . 202,063
2,500 Pulitzer Publishing Co . . . . . . . . . . 115,000
---------------
317,063
---------------
PUBLISHING/PRINTING - 1.63%
5,300 Banta Corp . . . . . . . . . . . . . . . . 231,875
2,200 Bowne & Co Inc . . . . . . . . . . . . . . 44,000
4,900 CCH Inc Class A . . . . . . . . . . . . . . 267,050
4,400 Ennis Business Forms Inc . . . . . . . . . 55,000
3,800 Houghton Mifflin Co . . . . . . . . . . . . 152,950
8,000 John H Harland Co . . . . . . . . . . . . . 165,000
5,800 John Wiley & Son Class A . . . . . . . . . 188,500
8,800 Meredith Corp . . . . . . . . . . . . . . . 346,500
4,000 Merrill Corp . . . . . . . . . . . . . . . 68,000
5,809 Nelson Thomas Inc . . . . . . . . . . . . . 94,396
3,300 New England Business Service
Inc . . . . . . . . . . . . . . . . . . . 74,663
9,000 * Nu Kote Holdings Inc Class A . . . . . . . 177,750
300 Plenum Publishing Corp . . . . . . . . . . 10,875
5,000 * Scientific Games Holding Corp . . . . . . . 168,125
18,100 * Topps Co Inc . . . . . . . . . . . . . . . 92,763
8,900 * Valassis Communications Inc . . . . . . . . 136,837
9,000 * ValueVision International Inc
Class A . . . . . . . . . . . . . . . . 50,625
100 Waverly Inc . . . . . . . . . . . . . . . . 4,025
7,900 * Western Publishing Group Inc . . . . . . . 71,100
---------------
2,400,034
---------------
RAILROAD - 0.07%
500 Florida East Coast Industries Inc . . . . . 33,813
6,300 * Johnstown America Industries Inc . . . . . 33,862
1,700 * Railtex Inc . . . . . . . . . . . . . . . . 34,425
---------------
102,100
---------------
REAL ESTATE - 0.69%
2,900 * Avatar Holdings Inc . . . . . . . . . . . . 105,850
20,700 * Catellus Development Corp . . . . . . . . . 121,613
200 * Christiana Cos Inc . . . . . . . . . . . . 4,750
</TABLE>
33
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- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
REAL ESTATE - Continued
7,675 Cousins Properties Inc . . . . . . . . . . $ 141,028
4,400 * Insignia Financial Group Inc
Class A . . . . . . . . . . . . . . . . 131,450
4,100 * Mercer International Inc . . . . . . . . . 88,150
8,800 Merry Land & Investment Co . . . . . . . . 194,700
5,900 North American Mortgage Co . . . . . . . . 133,487
8,082 Republic Bancorp Inc . . . . . . . . . . . 91,929
500 Tejon Ranch Co . . . . . . . . . . . . . . 7,313
---------------
1,020,270
---------------
REAL ESTATE INVESTMENT TRUST - 5.32%
3,600 Allied Capital Commercial Corp . . . . . . 67,050
6,800 American Health Properties Inc . . . . . . 135,150
680 American Health Properties Inc
(Preferred) . . . . . . . . . . . . . . 9,690
4,500 Associated Estates Realty Corp . . . . . . 86,625
9,100 Avalon Properties Inc . . . . . . . . . . . 177,450
4,400 Bay Apartment Community Inc . . . . . . . . 95,700
6,800 Beacon Properties . . . . . . . . . . . . . 139,400
8,600 Berkshire Realty Co Inc . . . . . . . . . . 80,625
4,200 Bradley Real Estate Inc . . . . . . . . . . 58,275
2,100 BRE Properties Inc . . . . . . . . . . . . 69,563
2,300 Burnham Pacific Properties Inc . . . . . . 23,863
7,800 Capstead Mortgage Corp . . . . . . . . . . 176,475
4,000 Centerpoint Properties Corp . . . . . . . . 89,000
3,100 Chateau Properties Inc . . . . . . . . . . 67,425
2,400 Chelsea GCA Realty Inc . . . . . . . . . . 66,900
3,900 Columbus Realty Trust . . . . . . . . . . . 73,613
8,200 Commercial Net Lease Realty Inc . . . . . . 107,625
3,700 Crescent Real Estate Equities . . . . . . . 124,875
12,600 CRI Liquidating Real Estate
Inv Trust Inc . . . . . . . . . . . . . 45,675
1,400 CRIIMI MAE Inc . . . . . . . . . . . . . . 11,900
10,200 Crown American Realty . . . . . . . . . . . 67,575
13,400 CWM Mortgage Holdings Inc . . . . . . . . . 202,675
16,600 Debartolo Realty Corp . . . . . . . . . . . 213,725
5,600 Developers Diversified Realty . . . . . . . 158,200
7,400 Duke Realty Investments Inc . . . . . . . . 205,350
3,400 Essex Property Trust . . . . . . . . . . . 63,325
4,500 Excel Realty Trust Inc . . . . . . . . . . 87,750
2,700 Factory Stores America Inc . . . . . . . . 46,238
6,800 Federal Realty Investment Trust . . . . . . 149,600
3,100 Felcor Suite Hotels Inc . . . . . . . . . . 89,900
9,900 First Union Real Estate Equity &
Mortgage . . . . . . . . . . . . . . . . 69,300
3,800 Gables Residential Trust . . . . . . . . . 83,600
4,800 General Growth Properties Inc . . . . . . . 90,000
6,700 Glimcher Realty Trust . . . . . . . . . . . 117,250
5,800 Haagen Alexander Properties Inc . . . . . . 65,250
500 Health Care REIT Inc . . . . . . . . . . . 8,938
3,392 HGI Realty Inc . . . . . . . . . . . . . . 75,472
1,000 Highwoods Properties Inc . . . . . . . . . 26,375
10,300 IRT Property Co . . . . . . . . . . . . . . 95,275
4,900 Irvine Apartment Community Inc . . . . . . 88,200
3,200 JDN Realty Corp . . . . . . . . . . . . . . 65,600
4,700 JP Realty Inc . . . . . . . . . . . . . . . 93,412
8,500 * Koger Equity Inc . . . . . . . . . . . . . 80,219
4,400 Kranzco Realty Trust . . . . . . . . . . . 63,250
7,900 LTC Properties . . . . . . . . . . . . . . 117,512
3,500 Macerich Co . . . . . . . . . . . . . . . . 69,125
5,300 Manufactured Home Communities
Inc . . . . . . . . . . . . . . . . . . . 92,750
4,400 Mark Centers Trust . . . . . . . . . . . . 45,650
5,400 MGI Properties . . . . . . . . . . . . . . 85,725
2,800 Mid America Apartment
Communities Inc . . . . . . . . . . . . 63,350
4,200 Mills Corp . . . . . . . . . . . . . . . . 76,650
4,500 National Golf Properties Inc . . . . . . . 99,562
4,900 National Health Investors Inc . . . . . . . 151,287
5,900 Nationwide Health Properties Inc . . . . . 234,525
4,186 Omega Healthcare Investors . . . . . . . . 102,034
3,500 Pennsylvania Real Estate
Investment Trust . . . . . . . . . . . . 68,250
3,900 Post Properties Inc . . . . . . . . . . . . 117,975
500 Price REIT Inc . . . . . . . . . . . . . . 14,375
4,500 Prime Residential Inc . . . . . . . . . . . 77,062
8,900 Public Storage Inc . . . . . . . . . . . . 160,200
4,500 Real Estate Investment Trust of
California . . . . . . . . . . . . . . . 79,875
3,700 Regency Realty Corp . . . . . . . . . . . . 61,050
5,500 Resource Mortgage Capital Inc . . . . . . . 109,312
9,000 RFS Hotel Investment Inc . . . . . . . . . 136,125
3,300 ROC Communities Inc . . . . . . . . . . . . 73,837
16,200 * Rockefeller Center Properties Inc . . . . . 123,525
15,700 RPS Realty Trust . . . . . . . . . . . . . 68,688
5,200 Saul Centers Inc . . . . . . . . . . . . . 72,150
3,700 South West Properties Trust Inc . . . . . . 46,250
5,900 Spieker Properties Inc . . . . . . . . . . 144,550
3,200 Storage Trust Realty . . . . . . . . . . . 64,400
3,300 Storage USA Inc . . . . . . . . . . . . . . 100,237
3,100 Sun Communities Inc . . . . . . . . . . . . 77,500
3,400 Tanger Factory Outlet Centers Inc . . . . . 79,050
2,300 Taubman Centers Inc . . . . . . . . . . . . 21,563
5,600 Thornburg Mortgage Asset Corp . . . . . . . 82,600
1,600 Town & Country Trust . . . . . . . . . . . 19,800
3,600 Trinet Corp Realty Trust Inc . . . . . . . 97,200
5,500 Tucker Properties Corp . . . . . . . . . . 49,500
15,800 United Dominion Realty Trust Inc . . . . . 223,175
4,300 Universal Health Realty Income . . . . . . 72,025
1,600 Urban Shopping Centers Inc . . . . . . . . 32,800
3,500 Walden Residential Properties Inc . . . . . 62,563
6,500 Washington Real Estate
Investment Trust . . . . . . . . . . . . 102,375
3,300 Weeks Corp . . . . . . . . . . . . . . . . 75,075
4,300 Wellsford Residential Properties . . . . . 89,762
7,200 Western Investment Real Estate
Trust . . . . . . . . . . . . . . . . . 76,500
---------------
7,830,877
---------------
RESTAURANTS - 1.25%
7,062 Apple South Inc . . . . . . . . . . . . . . 148,302
8,550 Applebees International Inc . . . . . . . . 237,262
</TABLE>
34
<PAGE> 37
================================================================================
SMALL CAP INDEX FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
RESTAURANTS - Continued
5,600 * Au Bon Pain Co Inc Class A . . . . . . . . $ 51,100
9,500 * Buffets Inc . . . . . . . . . . . . . . . . 125,875
6,500 CKE Restaurants Inc . . . . . . . . . . . . 112,937
14,980 * Flagstar Cos Inc . . . . . . . . . . . . . 61,793
7,000 * Foodmaker Inc . . . . . . . . . . . . . . . 36,750
4,000 * Hometown Buffet Inc . . . . . . . . . . . . 43,500
3,200 * International Dairy Queen Inc
Class A . . . . . . . . . . . . . . . . 71,200
4,100 Landrys Seafood Restaurants Inc . . . . . . 63,550
6,200 Lubys Cafeterias Inc . . . . . . . . . . . 136,400
5,400 Morrison Restaurants Inc . . . . . . . . . 90,450
2,400 * Papa Johns International Inc . . . . . . . 102,900
14,000 * Ryans Family Steak House . . . . . . . . . 103,250
2,700 Sbarro Inc . . . . . . . . . . . . . . . . 60,413
3,433 * Sholodge Inc . . . . . . . . . . . . . . . 32,184
10,900 * Shoneys Inc . . . . . . . . . . . . . . . . 117,175
7,800 * Sizzler International Inc . . . . . . . . . 30,225
5,850 * SONIC Corp . . . . . . . . . . . . . . . . 128,700
3,000 TCBY Enterprises Inc . . . . . . . . . . . 12,750
3,900 * Triarc Cos Inc Class A . . . . . . . . . . 40,950
2,400 * VICORP Restaurants Inc . . . . . . . . . . 26,700
---------------
1,834,366
---------------
SAVINGS AND LOAN - 2.56%
3,600 Albank Financial . . . . . . . . . . . . . 107,100
2,800 Astoria Financial Corp . . . . . . . . . . 121,800
7,212 Bankers Corp . . . . . . . . . . . . . . . 123,055
3,700 Bay View Capital Corp . . . . . . . . . . . 105,450
5,000 Bell Bancorp . . . . . . . . . . . . . . . 161,250
3,250 Boston Bancorp . . . . . . . . . . . . . . 119,844
2,375 C S F Holdings Inc . . . . . . . . . . . . 93,219
16,720 * California Federal Bank . . . . . . . . . 254,980
1,672 * California Federal Bank (Goodwill
Certificate) . . . . . . . . . . . . . . 8,360
13,390 Charter One Financial Inc . . . . . . . . . 428,480
2,000 CitFed Bancorp Inc . . . . . . . . . . . . 68,500
7,400 * Coast Savings Financial Inc . . . . . . . . 221,075
7 * Dime Bancorp Inc . . . . . . . . . . . . . 79
1,700 Downey Financial Corp . . . . . . . . . . . 38,675
2,100 Financial Trust Corp . . . . . . . . . . . 65,100
1,600 Firstfed Financial Corp . . . . . . . . . . 24,600
15,892 * Glendale Federal Bank FSB . . . . . . . . . 256,258
3,600 * Greater New York Savings Bank . . . . . . . 42,300
3,000 JSB Financial Inc . . . . . . . . . . . . . 96,750
4,500 Long Island Bancorp Inc . . . . . . . . . . 115,875
3,900 Loyola Capital Corp . . . . . . . . . . . . 146,250
3,700 Nova Scotia Bancorp Inc . . . . . . . . . . 144,069
2,000 Peoples Bank of Bridgeport
Connecticut . . . . . . . . . . . . . . . 42,250
6,500 Peoples Heritage Financial Group . . . . . 136,500
3,580 Provident Bankshares Corp . . . . . . . . . 109,190
1,100 Queens County Bancorp . . . . . . . . . . . 44,275
6,600 RCSB Financial Inc . . . . . . . . . . . . 157,575
200 RS Financial Corp . . . . . . . . . . . . . 7,825
2,700 Security Capital Corp . . . . . . . . . . . 159,300
11,143 Sovereign Bancorp Inc . . . . . . . . . . . 117,001
4,600 St Francis Capital Corp . . . . . . . . . . 106,950
2,400 T R Financial Corp . . . . . . . . . . . . 60,000
3,300 Webster Financial Corp . . . . . . . . . . 85,800
---------------
3,769,735
---------------
SECURITIES RELATED - 0.88%
3,100 Alex Brown Inc . . . . . . . . . . . . . . 142,600
2,650 BHC Financial Inc . . . . . . . . . . . . . 49,356
3,700 Enhance Financial Services Group
Inc . . . . . . . . . . . . . . . . . . 89,263
4,700 Financial Security Assurance
Holdings Ltd . . . . . . . . . . . . . . 122,787
800 Intermediate Regional Financial
Group Inc . . . . . . . . . . . . . . . 31,500
1,036 * Investors Financial Services Corp . . . . . 20,195
199 * Investors Financial Services Corp
Class A . . . . . . . . . . . . . . . . 3,882
1,300 Jefferies Group Inc . . . . . . . . . . . . 55,250
3,250 Legg Mason Inc . . . . . . . . . . . . . . 96,687
1,206 Liberty Financial Cos Inc . . . . . . . . . 35,276
900 McDonald Co Investments Inc . . . . . . . . 15,750
8,100 Morgan Keegan Inc . . . . . . . . . . . . . 100,237
5,600 Pioneer Group Inc . . . . . . . . . . . . . 148,400
4,400 Piper Jaffray Cos Inc . . . . . . . . . . . 56,100
4,821 Quick & Reilly Group Inc . . . . . . . . . 122,333
3,600 Raymond James Financial Inc . . . . . . . . 81,450
3,983 Waterhouse Investor Services Inc . . . . . 78,664
1,400 * White River Corp . . . . . . . . . . . . . 48,300
---------------
1,298,030
---------------
SEMICONDUCTORS - 1.30%
7,100 * Actel Corp . . . . . . . . . . . . . . . . 94,075
6,200 * Brooktree Corp . . . . . . . . . . . . . . 81,375
5,100 * Burr Brown . . . . . . . . . . . . . . . . 146,625
5,750 * Credence Systems Corp . . . . . . . . . . . 171,062
3,300 * Cree Research Inc . . . . . . . . . . . . . 61,050
8,300 Dallas Semiconductor Corp . . . . . . . . . 178,450
3,100 * Electroglas Inc . . . . . . . . . . . . . . 184,450
3,800 * Epic Design Technology Inc . . . . . . . . 80,750
3,800 * FSI International Inc . . . . . . . . . . . 76,950
1,900 * Fusion Systems Corp . . . . . . . . . . . . 59,375
5,400 * International Rectifier Corp . . . . . . . 267,975
5,000 * Level One Communications Inc . . . . . . . 105,000
3,400 * Quickturn Design Systems Inc . . . . . . . 34,850
1,700 * SDL Inc . . . . . . . . . . . . . . . . . . 38,250
4,500 * Unitrode Corp . . . . . . . . . . . . . . . 128,813
5,850 * Zilog Inc . . . . . . . . . . . . . . . . . 204,019
---------------
1,913,069
---------------
TELECOMMUNICATIONS - 2.36%
1,400 ABM Industries Inc . . . . . . . . . . . . 39,375
50 AGCO Corp . . . . . . . . . . . . . . . . . 2,156
6,100 * Apertus Technologies Inc . . . . . . . . . 61,000
4,100 * Arch Communications Group Inc . . . . . . . 103,012
6,000 * Aspect Telecommunication Corp . . . . . . . 204,000
3,600 * BroadBand Technologies Inc . . . . . . . . 63,000
3,400 * Cellular Communications
International . . . . . . . . . . . . . 117,300
</TABLE>
35
<PAGE> 38
================================================================================
SMALL CAP INDEX FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
TELECOMMUNICATIONS - Continued
3,700 * Cellular Communications of
Puerto Rico Inc . . . . . . . . . . . . . $ 98,975
4,190 * Cellular Technical Services Inc . . . . . . 91,394
4,800 * Centennial Cellular Corp Class A . . . . . 91,200
2,100 * Checkpoint Systems Inc . . . . . . . . . . 64,838
3,800 * CIDCO Inc . . . . . . . . . . . . . . . . . 100,700
2,600 * Coherent Inc . . . . . . . . . . . . . . . 39,650
4,900 * CommNet Cellular Inc . . . . . . . . . . . 132,912
4,400 Communications Systems . . . . . . . . . . 71,500
7,300 * Compression Laboratories Inc . . . . . . . 53,838
5,300 * Crosscomm Corp . . . . . . . . . . . . . . 64,925
5,100 * Digi International Inc . . . . . . . . . . 118,575
1,500 Harmon Industries Inc . . . . . . . . . . . 25,875
9,066 * International CableTel Inc . . . . . . . . 234,583
5,400 * Intervoice Inc . . . . . . . . . . . . . . 118,125
3,100 * IPC Information Systems Inc . . . . . . . . 44,950
3,100 * Itron Inc . . . . . . . . . . . . . . . . . 87,575
3,800 * Metricom Inc . . . . . . . . . . . . . . . 59,850
2,794 * Millicom International Cellular . . . . . . 85,217
7,340 * Octel Communications Corp . . . . . . . . . 241,302
1,900 * Pairgain Technologies Inc . . . . . . . . . 95,712
9,600 * Picturetel Corp . . . . . . . . . . . . . . 374,400
3,900 * Plantronics Inc . . . . . . . . . . . . . . 138,450
4,250 * PriCellular Corp Class A . . . . . . . . . 54,188
3,200 * Sanmina Corp . . . . . . . . . . . . . . . 165,200
4,700 * Symmetricom Inc . . . . . . . . . . . . . . 71,088
4,000 * T Netix Inc . . . . . . . . . . . . . . . . 41,000
5,300 * U S Long Distance Corp . . . . . . . . . . 69,563
2,900 * Xpedite Systems Inc . . . . . . . . . . . . 42,775
---------------
3,468,203
---------------
TEXTILE - PRODUCTS - 0.58%
13,600 * Burlington Industries Inc . . . . . . . . . 181,900
5,000 * Cone Mills Corp . . . . . . . . . . . . . . 56,250
3,100 Delta Woodside Industries Inc . . . . . . . 20,150
600 * Fabri Centers of America Inc
Class A . . . . . . . . . . . . . . . . . 8,775
600 * Fabri Centers of America Inc
Class B . . . . . . . . . . . . . . . . . 7,125
3,600 * Fieldcrest Cannon Inc . . . . . . . . . . . 72,450
4,050 G & K Services Class A . . . . . . . . . . 94,162
3,100 * Galey & Lord Inc . . . . . . . . . . . . . 32,163
2,900 Guilford Mills Inc . . . . . . . . . . . . 66,700
2,300 * Lydall Incorporated . . . . . . . . . . . . 60,087
5,200 * Mohawk Industries Inc . . . . . . . . . . . 92,300
4,500 * Norton McNaughton Inc . . . . . . . . . . . 60,750
5,600 * Westpoint Stevens Inc Class A . . . . . . . 100,800
---------------
853,612
---------------
TOBACCO - 0.13%
10,400 DiMon Inc . . . . . . . . . . . . . . . . . 179,400
1,570 * Standard Commercial Corp . . . . . . . . . 18,246
---------------
197,646
---------------
TRUCKERS - 0.61%
6,300 * American Freightways Corp . . . . . . . . . 85,838
7,350 Arnold Industries Inc . . . . . . . . . . . 135,975
221 Frozen Food Express Industries
Inc . . . . . . . . . . . . . . . . . . . 2,044
707 * Heartland Express Inc . . . . . . . . . . . 21,298
800 * Knight Transportation Inc . . . . . . . . . 11,500
4,200 * Landstar Systems Inc . . . . . . . . . . . 108,150
3,200 MS Carriers Inc . . . . . . . . . . . . . . 61,600
16,375 Rollins Truck Leasing Corp . . . . . . . . 163,750
5,700 * Swift Transportation Co Inc . . . . . . . . 95,475
4,900 TNT Freightways Corp . . . . . . . . . . . 96,775
4,500 * United States Xpress
Enterprises Inc Class A . . . . . . . . 33,188
800 Werner Enterprises Inc . . . . . . . . . . 17,000
5,900 * Yellow Corp . . . . . . . . . . . . . . . . 70,800
---------------
903,393
---------------
UTILITIES - COMMUNICATION - 0.25%
3,500 * C-TEC Corp . . . . . . . . . . . . . . . . 101,500
9,600 Lincoln Telecommunications Co . . . . . . . 187,200
3,300 PXRE Corp . . . . . . . . . . . . . . . . . 80,025
---------------
368,725
---------------
UTILITIES - ELECTRIC - 1.61%
2,700 Black Hills Corp . . . . . . . . . . . . . 66,825
5,900 Central Louisiana Electric Co . . . . . . . 151,188
6,250 Central Vermont Public Service
Corp . . . . . . . . . . . . . . . . . . 84,375
5,500 Cilcorp Inc . . . . . . . . . . . . . . . . 226,187
4,300 Commonwealth Energy Systems . . . . . . . . 193,500
5,200 Eastern Utilities Associates . . . . . . . 119,600
800 Empire District Electric Co . . . . . . . . 15,400
1,400 Green Mountain Power Corp . . . . . . . . . 38,675
8,200 Indiana Energy Inc . . . . . . . . . . . . 194,750
5,300 Interstate Power Co . . . . . . . . . . . . 164,962
1,750 Madison Gas & Electric Co . . . . . . . . . 57,969
7,791 MidAmerican Energy Co . . . . . . . . . . . 129,525
4,575 Otter Tail Power Co . . . . . . . . . . . . 160,125
16,200 * Public Service Co of New Mexico . . . . . . 285,525
2,200 * Sithe Energies Inc . . . . . . . . . . . . 14,025
2,200 Southern Indiana Gas & Electric Co . . . . 73,425
400 St Joseph Light & Power Co . . . . . . . . 12,550
4,500 TNP Enterprises Inc . . . . . . . . . . . . 82,688
53,600 * Tuscon Electric Power Co . . . . . . . . . 160,800
3,500 United Illuminating Co . . . . . . . . . . 130,375
---------------
2,362,469
---------------
UTILITIES - GAS, DISTRIBUTION - 0.66%
1,000 Colonial Gas Co . . . . . . . . . . . . . . 21,250
1,800 Connecticut Energy Corp . . . . . . . . . . 36,225
1,200 Connecticut Natural Gas Corp . . . . . . . 27,750
4,100 Energen Corp . . . . . . . . . . . . . . . 95,325
3,720 NGC Corp . . . . . . . . . . . . . . . . . 33,015
3,800 Northwest Natural Gas Co . . . . . . . . . 127,300
1,200 NUI Corp . . . . . . . . . . . . . . . . . 19,800
7,400 Piedmont Natural Gas Inc . . . . . . . . . 173,900
4,800 Public Service Co of North Carolina
Inc . . . . . . . . . . . . . . . . . . 78,600
714 South Jersey Industries Inc . . . . . . . . 15,262
</TABLE>
36
<PAGE> 39
===============================================================================
SMALL CAP INDEX FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- -------------------------------------------------------------------------------
<S> <C><C> <C>
UTILITIES - GAS, DISTRIBUTION - Continued
7,800 Southwestern Energy Co . . . . . . . . . . $ 101,400
10,500 Washington Energy Co . . . . . . . . . . . 192,937
27 World Fuel Services Corp. . . . . . . . . . 385
2,150 Yankee Energy Systems Inc . . . . . . . . . 49,719
---------------
972,868
---------------
UTILITIES - GAS, PIPELINE - 0.16%
9,900 ONEOK Inc . . . . . . . . . . . . . . . . . 232,650
68 Williams Cos Inc . . . . . . . . . . . . . 2,856
---------------
235,506
---------------
UTILITIES - MISCELLANEOUS - 0.70%
5,200 Central Hudson Gas & Electric
Corp . . . . . . . . . . . . . . . . . . 157,950
11,176 * Citizens Utilities Co Class B . . . . . . . 139,700
4,800 IES Industries Inc . . . . . . . . . . . . 133,200
4,650 MDU Resources Group Inc . . . . . . . . . . 93,581
400 Northwestern Public Service Co . . . . . . 10,700
3,600 Orange & Rockland Utilities Inc . . . . . . 127,350
7,700 Sierra Pacific Resources . . . . . . . . . 178,063
2,900 Trigen Energy Corp . . . . . . . . . . . . 54,375
4,100 WPS Resources Corp . . . . . . . . . . . . 130,175
---------------
1,025,094
---------------
WATER SERVICES - 0.34%
3,000 Aquarion Co . . . . . . . . . . . . . . . . 70,125
400 California Water Service Co . . . . . . . . 13,300
1,200 Consumers Water Co . . . . . . . . . . . . 21,300
1,300 E Town Corp . . . . . . . . . . . . . . . . 38,188
1,050 IWC Resources Corp . . . . . . . . . . . . 21,000
2,100 Philadelphia Suburban Corp . . . . . . . . 40,425
2,400 SJW Corp . . . . . . . . . . . . . . . . . 83,400
5,750 Southern California Water Co . . . . . . . 108,531
8,400 United Water Resources Inc . . . . . . . . 101,850
---------------
498,119
---------------
TOTAL COMMON STOCKS
(Cost $121,833,927) . . . . . . . . . . . . 142,320,854
---------------
</TABLE>
<TABLE>
<CAPTION>
PAR
VALUE
- ------------
<S> <C> <C>
CORPORATE SHORT TERM
COMMERCIAL PAPER - 3.08%
CONSUMER FINANCE - 0.76%
$ 1,121,000 Beneficial Corp,
5.77% due 12/4/95 . . . . . . . . . . . . 1,120,461
---------------
SECURITIES RELATED - 2.32%
3,417,000 Merrill Lynch & Co Inc,
5.82% due 12/1/95 . . . . . . . . . . . . 3,417,000
---------------
TOTAL CORPORATE SHORT
TERM COMMERCIAL PAPER
(Cost $4,537,461) . . . . . . . . . . . . . 4,537,461
---------------
UNITED STATES GOVERNMENT -
SHORT TERM - 0.14%
$ 200,000 United States Treasury Bills,
5.645% due 12/21/95
(Cost $199,373) . . . . . . . . . . . . . 199,373
---------------
TOTAL INVESTMENTS
(Cost $126,570,761) - 99.95% . . . . . . . 147,057,688
Other assets and liabilities,
net - 0.05% . . . . . . . . . . . . . . 77,963
---------------
NET ASSETS (equivalent
to $14.22 per share on
10,350,560 shares
outstanding) - 100% . . . . . . . . . . $ 147,135,651
===============
* Non-income producing
</TABLE>
<TABLE>
<CAPTION>
UNREALIZED
APPRECIATION
CONTRACTS (DEPRECIATION)
- -------------------------------------------------------------------------------
<S> <C> <C>
FUTURES CONTRACTS PURCHASED(1)
(Delivery month/Value at 11/30/95)
31 (2) Russell 2000 Index Futures
(December/$309.25) . . . . . . . . . . . $ 15,250
2 (2) Russell 2000 Index Futures
(March/$313.40) . . . . . . . . . . . . . (975)
---------------
$ 14,275
===============
</TABLE>
(1) U.S. Treasury Bills with a market value of
approximately $200,000 were maintained in a
segregated account with a portion placed as
collateral for futures contracts.
(2) Per 500.
<TABLE>
<S> <C> <C>
NET ASSETS REPRESENTED BY:
Capital stock, $.01 par value per share,
1,000,000,000 shares authorized,
10,350,560 shares outstanding . . . . . . . . . . . . . . $ 103,506
Additional paid in capital . . . . . . . . . . . . . . . . 117,803,896
Undistributed net realized gain on securities . . . . . . . 8,696,968
Undistributed net investment income . . . . . . . . . . . . 30,079
Unrealized appreciation of:
Investments . . . . . . . . . . $ 20,486,92
Futures . . . . . . . . . . . 14,275 20,501,202
------------- ---------------
NET ASSETS APPLICABLE TO SHARES
OUTSTANDING . . . . . . . . . . . . . . . . . . . . . . . $ 147,135,651
===============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
37
<PAGE> 40
================================================================================
SMALL CAP INDEX FUND FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
(Unaudited)
STATEMENT OF OPERATIONS
For the six months ended November 30, 1995
<TABLE>
<S> <C>
INVESTMENT INCOME:
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,014,398
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,771
--------------
Total investment income . . . . . . . . . . . . . . . . . . . . . . . 1,265,169
--------------
EXPENSES:
Advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246,950
Custodian and accounting services . . . . . . . . . . . . . . . . . . . . 29,376
Reports to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . 7,839
Audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,724
Directors' fees and expenses . . . . . . . . . . . . . . . . . . . . . . 2,842
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,970
--------------
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 292,701
--------------
NET INVESTMENT INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . 972,468
--------------
REALIZED AND UNREALIZED GAIN (LOSS) ON SECURITIES:
Net realized gain on:
Investments . . . . . . . . . . . . . . . . . . . . $ 5,339,372
Futures contracts . . . . . . . . . . . . . . . . . 566,375 5,905,747
---------------
Net unrealized appreciation (depreciation) during the year:
Investments . . . . . . . . . . . . . . . . . . . . 11,841,185
Futures contracts . . . . . . . . . . . . . . . . . (16,900) 11,824,285
--------------- --------------
Net realized and unrealized gain on securities during the period . 17,730,032
--------------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . $ 18,702,500
--------------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the six For the fiscal
months ended year ended
November 30, 1995 May 31, 1995
--------------------------------
<S> <C> <C>
OPERATIONS:
Net investment income . . . . . . . . . . . . . . . . . $ 972,468 $ 1,728,509
Net realized gain on securities . . . . . . . . . . . . 5,905,747 2,796,349
Net unrealized appreciation of securities during
the period . . . . . . . . . . . . . . . . . . . . . 11,824,285 7,291,771
--------------------------------
Increase in net assets resulting from operations . . 18,702,500 11,816,629
--------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income . . . . . . . . . . . . . . . . . (957,791) (1,724,116)
--------------------------------
CAPITAL STOCK TRANSACTIONS:
Proceeds from capital stock sold . . . . . . . . . . . 11,303,905 27,773,025
Proceeds from capital stock issued for
distributions reinvested . . . . . . . . . . . . . . 957,791 1,724,116
--------------------------------
12,261,696 29,497,141
Cost of capital stock repurchased . . . . . . . . . . . (9,437,859) (21,072,208)
--------------------------------
Increase in net assets resulting from capital
stock transactions . . . . . . . . . . . . . . . . . 2,823,837 8,424,933
--------------------------------
TOTAL INCREASE IN NET ASSETS . . . . . . . . . . . . . 20,568,546 18,517,446
NET ASSETS:
Beginning of period . . . . . . . . . . . . . . . . . . 126,567,105 108,049,659
--------------------------------
End of period (including undistributed net
investment income of $30,079 and $15,402) . . . . . $ 147,135,651 $ 126,567,105
--------------------------------
CHANGE IN SHARES OUTSTANDING:
Shares of capital stock sold . . . . . . . . . . . . . 825,243 2,410,176
Shares issued for distributions reinvested . . . . . . 69,094 147,801
Shares of capital stock repurchased . . . . . . . . . (680,033) (1,802,417)
--------------------------------
Increase in shares outstanding . . . . . . . . . . . 214,304 755,560
Shares outstanding:
Beginning of period . . . . . . . . . . . . . . . . 10,136,256 9,380,696
--------------------------------
End of period . . . . . . . . . . . . . . . . . . . 10,350,560 10,136,256
--------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
38
<PAGE> 41
================================================================================
INTERNATIONAL EQUITIES FUND November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
COMMON STOCKS - 99.10%
ADVERTISING - 0.14%
3,000 Euro RSCG Worldwide . . . . . . . . . . . $ 273,099
---------------
AIRLINES - 0.55%
4,100 British Airways Plc - ADR . . . . . . . . . 288,537
20,000 Japan Air Lines Co Ltd . . . . . . . . . . 127,961
5,000 Lufthansa AG . . . . . . . . . . . . . . . 663,763
---------------
1,080,261
---------------
APPAREL & PRODUCTS - 0.48%
4,000 Hennes & Mauritz Series B . . . . . . . . . 248,646
20,000 Onward Kashiyama . . . . . . . . . . . . . 298,771
163,039 Pacific Dunlop Ltd . . . . . . . . . . . . 389,629
---------------
937,046
---------------
APPLIANCES/FURNISHINGS - 1.83%
50,000 Brother Industries . . . . . . . . . . . . 250,123
22,000 Matsushita Electric Industrial Ltd . . . . 326,486
4,200 Matsushita Electric Industrial
Ltd - ADR . . . . . . . . . . . . . . . 617,400
15,000 * Philips Electronic . . . . . . . . . . . . 590,070
133,000 Sanyo Electric Co Ltd . . . . . . . . . . . 692,776
3,400 Sanyo Electric Co Ltd - ADR . . . . . . . . 88,400
20,000 Sharp Corp . . . . . . . . . . . . . . . . 283,047
13,970 Sony Corp - ADR . . . . . . . . . . . . . . 752,634
---------------
3,600,936
---------------
AUTO - CARS - 4.02%
27,500 Daimler Benz AG - ADR . . . . . . . . . . . 1,361,250
100,000 Fiat SPA . . . . . . . . . . . . . . . . . 302,032
15,000 Fiat SPA - ADR . . . . . . . . . . . . . . 223,125
25,000 Honda Motor Co Ltd - ADR . . . . . . . . . 903,125
35,000 Nissan Motor Co Ltd . . . . . . . . . . . . 257,641
18,000 Nissan Motor Co Ltd - ADR . . . . . . . . . 267,750
500 Peugeot Citroen SA . . . . . . . . . . . . 64,623
13,200 Peugeot Citroen SA - ADR . . . . . . . . . 427,449
1,250 * Porsche AG . . . . . . . . . . . . . . . . 582,521
98,000 Toyota Motor Corp . . . . . . . . . . . . . 1,935,921
23,519 Toyota Motor Corp - ADR . . . . . . . . . . 926,061
32,000 Volvo AB . . . . . . . . . . . . . . . . . 663,870
---------------
7,915,368
---------------
AUTO - REPLACEMENT PARTS - 0.96%
36,000 Bridgestone Corp . . . . . . . . . . . . . 530,712
1,600 Bridgestone Corp - ADR . . . . . . . . . . 236,383
10,000 Michelin (CGDE) Class B . . . . . . . . . . 406,372
5,550 Nippondenso Ltd - ADR . . . . . . . . . . . 411,070
2,000 * Phoenix AG . . . . . . . . . . . . . . . . 301,459
---------------
1,885,996
---------------
BANKS - OTHER - 16.37%
14,688 ABN Amro Holdings NV . . . . . . . . . . . 653,989
30,000 Ammb Holdings BHD . . . . . . . . . . . . . 310,406
50,000 Asahi Bank Ltd . . . . . . . . . . . . . . 579,853
6,190 Asahi Bank Ltd - ADR . . . . . . . . . . . 719,412
10,700 Banco de Santander - ADR . . . . . . . . . 493,538
45,000 Bank of Tokyo Ltd . . . . . . . . . . . . . 734,152
4,180 Bank of Tokyo Ltd - ADR . . . . . . . . . . 683,423
68,000 Bank of Yokohama Ltd . . . . . . . . . . . 504,570
2,296 Bank of Yokohama Ltd - ADR . . . . . . . . 170,735
36,000 Barclays Plc . . . . . . . . . . . . . . . 433,742
15,840 Barclays Plc - ADR . . . . . . . . . . . . 756,360
10,000 BCO Santander SA . . . . . . . . . . . . . 466,513
40,000 Chiba Bank . . . . . . . . . . . . . . . . 351,843
275,000 Credito Italiano . . . . . . . . . . . . . 283,225
107,000 Dai Ichi Kangyo Bank Ltd . . . . . . . . . 1,998,034
200,000 * DCB Holdings BHD . . . . . . . . . . . . . 528,183
50,000 * DCB Holdings BHD (Warrants) . . . . . . . . 45,723
13,300 * Den Danske Bank AF 1871 - ADR . . . . . . . 900,923
42,500 Deutsche Bank AG - ADR . . . . . . . . . . 1,995,247
10,000 Development Bank Singapore . . . . . . . . 116,980
13,625 Development Bank
Singapore - ADR . . . . . . . . . . . . . 637,527
10,000 * Dresdner Bank AG . . . . . . . . . . . . . 267,925
52,000 * Dresdner Bank AG - ADR . . . . . . . . . . 1,394,229
60,000 Fuji Bank Ltd . . . . . . . . . . . . . . . 1,250,123
6,830 Fuji Bank Ltd - ADR . . . . . . . . . . . . 1,426,140
8,180 HSBC Holdings Plc - ADR . . . . . . . . . . 1,205,563
53,000 Industrial Bank of Japan Ltd . . . . . . . 1,520,983
1,280 Industrial Bank of Japan Ltd - ADR . . . . 368,127
13,500 Istituto Mobiliare Italiano - ADR . . . . . 231,188
48,000 Joyo Bank Ltd . . . . . . . . . . . . . . . 364,658
100,300 Lloyds Bank . . . . . . . . . . . . . . . . 1,332,829
60,000 Mitsui Trust & Banking Co Ltd . . . . . . . 562,555
27,035 National Australia Bank . . . . . . . . . . 235,558
9,319 National Australia Bank - ADR . . . . . . . 411,201
10,000 National Westminster Bank Plc . . . . . . . 102,342
9,100 National Westminster
Bank Plc - ADR . . . . . . . . . . . . . 558,513
98,000 Sakura Bank Ltd . . . . . . . . . . . . . . 1,059,459
3,290 Sakura Bank Ltd - ADR . . . . . . . . . . . 356,446
1,800 SCHW Bankgesellsch . . . . . . . . . . . . 1,880,391
30,000 Shizuoka Bank Ltd . . . . . . . . . . . . . 380,344
89,000 Sumitomo Bank Ltd . . . . . . . . . . . . . 1,714,398
3,410 Sumitomo Bank Ltd - ADR . . . . . . . . . . 658,288
46,000 Tokai Bank Ltd . . . . . . . . . . . . . . 560,590
2,225 Tokai Bank Ltd - ADR . . . . . . . . . . . 543,484
10,000 Tokyo Trust & Banking . . . . . . . . . . . 77,936
21,300 Westpac Banking Corp - ADR . . . . . . . . 439,313
---------------
32,266,961
---------------
BEVERAGE - BREWERS/
DISTRIBUTORS - 1.66%
58,800 Bass Plc Co . . . . . . . . . . . . . . . . 620,677
96,100 Guinness Plc . . . . . . . . . . . . . . . 679,703
16,000 Kirin Brewery Ltd . . . . . . . . . . . . . 169,828
4,995 Kirin Brewery Ltd - ADR . . . . . . . . . . 539,460
12,000 LVMH Moet Hennessy Louis - ADR . . . . . . 460,500
45,000 Sapporo Breweries . . . . . . . . . . . . . 392,727
40,000 Whitbread . . . . . . . . . . . . . . . . . 408,451
---------------
3,271,346
---------------
BUILDING MATERIALS - 3.20%
20,000 Asahi Glass Co . . . . . . . . . . . . . . 220,147
5,400 Asahi Glass Co - ADR . . . . . . . . . . . 595,685
</TABLE>
39
<PAGE> 42
================================================================================
INTERNATIONAL EQUITIES FUND-CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
BUILDING MATERIALS - Continued
30,191 CRH . . . . . . . . . . . . . . . . . . . . $ 211,790
4,700 Glaverbel . . . . . . . . . . . . . . . . . 516,953
1,025 Holderbank Finance Glarus . . . . . . . . . 763,845
5,564 Imetal . . . . . . . . . . . . . . . . . . 646,653
40,000 Inax Corp . . . . . . . . . . . . . . . . . 381,327
4,000 * Lafarge . . . . . . . . . . . . . . . . . . 254,083
78,315 Redland Plc . . . . . . . . . . . . . . . . 457,997
24,642 Redland Plc - ADR . . . . . . . . . . . . . 143,596
2,400 Taisei Construction Ltd - ADR . . . . . . . 156,958
110,000 Taisei Corp . . . . . . . . . . . . . . . . 717,838
15,000 Tostem Corp . . . . . . . . . . . . . . . . 457,002
24,000 Toto Ltd . . . . . . . . . . . . . . . . . 325,504
525 Toto Ltd - ADR . . . . . . . . . . . . . . 71,358
38,000 * Uralita SA . . . . . . . . . . . . . . . . 385,380
---------------
6,306,116
---------------
CHEMICAL - MAJOR - 1.17%
2,000 * Ciba Geigy AG . . . . . . . . . . . . . . . 1,783,071
40,000 Sekisui Chemical . . . . . . . . . . . . . 514,988
---------------
2,298,059
---------------
CHEMICAL - MISCELLANEOUS - 3.37%
24,867 Air Liquide - ADR . . . . . . . . . . . . . 802,008
5,100 Akzo Nobel N V - ADR . . . . . . . . . . . 289,425
8,500 Asahi Chemical Co Ltd - ADR . . . . . . . . 636,265
2,500 * BASF AG . . . . . . . . . . . . . . . . . . 547,950
1,000 * Bayer A G . . . . . . . . . . . . . . . . . 260,181
18,000 * Bayer A G - ADR . . . . . . . . . . . . . . 468,666
41,336 BOC Group . . . . . . . . . . . . . . . . . 556,568
11,000 Imperial Chemical
Industries Plc - ADR . . . . . . . . . . 514,250
20,000 Mitsubishi Chemical Corp . . . . . . . . . 97,494
8,040 Mitsubishi Chemical Corp - ADR . . . . . . 392,773
56,515 * Montedison S P A - ADR . . . . . . . . . . 346,154
195,000 Nylex (Malaysia) BHD . . . . . . . . . . . 584,155
22,000 Shin Etsu Chemical Co . . . . . . . . . . . 454,054
50,000 Toray Industries Inc . . . . . . . . . . . 325,307
5,500 Toray Industries Inc - ADR . . . . . . . . 358,613
---------------
6,633,863
---------------
CONGLOMERATES - 3.92%
100,000 BET . . . . . . . . . . . . . . . . . . . . 192,897
27,195 Broken Hill Proprietary Ltd - ADR . . . . . 1,478,728
41,825 BTR Plc . . . . . . . . . . . . . . . . . . 214,183
37,426 BTR Plc - ADR . . . . . . . . . . . . . . . 765,912
57,800 Hanson Plc - ADR . . . . . . . . . . . . . 881,450
3,300 Itochu Corp - ADR . . . . . . . . . . . . . 219,393
57,000 Keppel Corp Ltd . . . . . . . . . . . . . . 468,770
21,500 Keppel Corp Ltd - ADR . . . . . . . . . . . 353,623
18,000 Lagardere Groupe . . . . . . . . . . . . . 350,225
70,000 Marubeni Corp . . . . . . . . . . . . . . . 371,499
3,200 Marubeni Corp - ADR . . . . . . . . . . . . 170,196
27,000 Mitsubishi Corp . . . . . . . . . . . . . . 323,735
50,000 Mitsui & Co Ltd . . . . . . . . . . . . . . 423,587
2,200 Mitsui & Co Ltd - ADR . . . . . . . . . . . 370,700
60,000 Sime Darby Holdings Ltd . . . . . . . . . . 154,907
194,400 Sime Darby Holdings Ltd - ADR . . . . . . . 502,077
100,763 Tomkins . . . . . . . . . . . . . . . . . . 407,248
200,000 * Trafalgar House . . . . . . . . . . . . . . 73,484
---------------
7,722,614
---------------
CONSUMER FINANCE - 0.17%
52,000 Nippon Shinpan Co . . . . . . . . . . . . . 341,897
---------------
COSMETICS/TOILETRIES - 0.66%
1,000 Loreal Co . . . . . . . . . . . . . . . . . 247,671
14,000 Loreal Co - ADR . . . . . . . . . . . . . . 695,002
34,490 Shiseido Co Ltd - ADR . . . . . . . . . . . 366,877
---------------
1,309,550
---------------
DRUGS - 5.68%
30,000 Astra AB Series A . . . . . . . . . . . . . 1,118,908
1,800 Banyu Pharmaceutical
Co Ltd - ADR . . . . . . . . . . . . . . 411,307
3,158 Eisai Co Ltd - ADR . . . . . . . . . . . . 556,763
70,400 Glaxo Wellcome Plc - ADR . . . . . . . . . 1,883,200
30,000 Kaken Pharmmaceutical Co Ltd . . . . . . . 256,511
7,000 Kissei Pharmaceutical Co . . . . . . . . . 191,941
500 Roche Holdings AG . . . . . . . . . . . . . 3,777,116
27,000 Sankyo Co . . . . . . . . . . . . . . . . . 602,359
75,961 Smithkline Beecham Plc . . . . . . . . . . 797,753
65,000 Takeda Chemical Industries Ltd . . . . . . 971,007
10,300 Zeneca Group Plc - ADR . . . . . . . . . . 629,588
---------------
11,196,453
---------------
ELECTRICAL EQUIPMENT - 1.22%
58,000 Delta Plc . . . . . . . . . . . . . . . . . 344,075
15,000 Fanuc . . . . . . . . . . . . . . . . . . . 638,329
49,000 Franco Tosi SPA . . . . . . . . . . . . . . 327,858
14,000 Franco Tosi SPA (Warrants) . . . . . . . . 1,970
134,000 General Electric Plc . . . . . . . . . . . 652,358
10,400 General Electric Plc - ADR . . . . . . . . 50,424
3,400 Sumitomo Electric
Industries Ltd - ADR . . . . . . . . . . 398,502
---------------
2,413,516
---------------
ELECTRONIC INSTRUMENTS - 3.35%
50,000 Hitachi Ltd . . . . . . . . . . . . . . . . 506,143
8,550 Hitachi Ltd - ADR . . . . . . . . . . . . . 874,237
1,000 Kyocera Corp . . . . . . . . . . . . . . . 79,115
3,300 Kyocera Corp - ADR . . . . . . . . . . . . 521,400
144,000 Mitsubishi Electric Corp . . . . . . . . . 1,069,916
600 Mitsubishi Electric Corp - ADR . . . . . . 44,676
50,000 NEC Corp . . . . . . . . . . . . . . . . . 638,821
5,100 NEC Corp - ADR . . . . . . . . . . . . . . 327,038
50,000 Racal Electronics . . . . . . . . . . . . . 192,514
800 * Siemens AG . . . . . . . . . . . . . . . . 417,894
14,000 * Siemens AG - ADR . . . . . . . . . . . . . 1,463,697
55,000 Yokogawa Electric . . . . . . . . . . . . . 462,703
---------------
6,598,154
---------------
ENTERTAINMENT - 0.21%
65,000 Rank Organisation . . . . . . . . . . . . . 409,982
---------------
</TABLE>
40
<PAGE> 43
================================================================================
INTERNATIONAL EQUITIES FUND-CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
FINANCE COMPANIES - 0.83%
4,000 * Compagnie Bancaire . . . . . . . . . . . . $ 435,227
126 Credit Local de France . . . . . . . . . . 9,498
4,612 International Nederlanden . . . . . . . . . 301,904
7,554 Societe Generale . . . . . . . . . . . . . 882,473
---------------
1,629,102
---------------
FOODS - 3.28%
25,000 Ajinomoto Inc . . . . . . . . . . . . . . . 270,270
1,900 Ajinomoto Inc - ADR . . . . . . . . . . . . 205,850
20,665 Cadbury Schweppes Plc . . . . . . . . . . . 176,216
13,500 Cadbury Schweppes Plc - ADR . . . . . . . . 467,438
70,524 Coca Cola Amatil Ltd . . . . . . . . . . . 570,515
10,000 Dai Ei Inc . . . . . . . . . . . . . . . . 114,988
11,500 Dai Ei Inc - ADR . . . . . . . . . . . . . 273,125
750 Danone . . . . . . . . . . . . . . . . . . 117,373
120,000 Grand Metropolitan . . . . . . . . . . . . 812,002
20,060 Groupe Danone - ADR . . . . . . . . . . . . 629,248
5,346 KAO Corp - ADR . . . . . . . . . . . . . . 658,179
38,000 Nestle S A - ADR . . . . . . . . . . . . . 2,028,337
54,322 Northern Foods . . . . . . . . . . . . . . 145,535
---------------
6,469,076
---------------
FOOTWEAR - 0.15%
50,000 Church & Co Plc . . . . . . . . . . . . . . 287,048
---------------
FREIGHT - 0.73%
98,000 Mitsui Osk Lines Ltd . . . . . . . . . . . 287,017
40,000 Nippon Yusen Kabushiki Kaisha . . . . . . . 233,513
8,570 Nippon Yusen Kabushiki
Kaisha - ADR . . . . . . . . . . . . . . 501,386
30,000 P & O Steam Navigation . . . . . . . . . . 223,094
300,000 Shun Tak Holdings . . . . . . . . . . . . . 203,623
---------------
1,448,633
---------------
HARDWARE & TOOLS - 0.23%
22,000 SKF AB . . . . . . . . . . . . . . . . . . 453,055
---------------
HOME BUILDERS - 0.24%
15,000 Daiwa House Industries . . . . . . . . . . 224,078
214 Sekisui Homes Ltd - ADR . . . . . . . . . . 25,082
20,000 Sekisui House . . . . . . . . . . . . . . . 233,907
---------------
483,067
---------------
HOSPITAL SUPPLIES - 0.27%
1,000 * Novo Nordisk AS . . . . . . . . . . . . . . 125,848
12,800 * Novo Nordisk AS - ADR . . . . . . . . . . . 396,800
---------------
522,648
---------------
HOUSEHOLD PRODUCTS - 0.78%
7,000 Katokichi Co . . . . . . . . . . . . . . . 131,400
10,600 Unilever N V- ADR . . . . . . . . . . . . . 1,408,475
---------------
1,539,875
---------------
INFORMATION PROCESSING - 0.67%
5,000 CSK Corp . . . . . . . . . . . . . . . . . 154,791
3,700 CSK Corp - ADR . . . . . . . . . . . . . . 107,300
14,000 Fujitsu Ltd . . . . . . . . . . . . . . . . 165,110
15,200 Fujitsu Ltd - ADR . . . . . . . . . . . . . 898,255
---------------
1,325,456
---------------
INSURANCE - CASUALTY - 0.91%
80,000 Nichido Fire & Marine Insurance Co
Ltd . . . . . . . . . . . . . . . . . . 619,558
25,000 Sumitomo Marine & Fire . . . . . . . . . . 193,366
20,000 Tokio Marine & Fire
Insurance Co Ltd . . . . . . . . . . . . 228,010
13,100 Tokio Marine & Fire
Insurance Co Ltd - ADR . . . . . . . . . 753,250
---------------
1,794,184
---------------
INSURANCE - LIFE - 0.62%
60,897 Irish Life . . . . . . . . . . . . . . . . 234,937
30,240 Prudential Plc - ADR . . . . . . . . . . . 995,570
---------------
1,230,507
---------------
INSURANCE - MULTILINE - 2.83%
29,590 Assic Generali . . . . . . . . . . . . . . 674,447
22,500 AXA . . . . . . . . . . . . . . . . . . . . 1,346,258
15,690 Fortis Amev NV . . . . . . . . . . . . . . 1,048,390
7,000 * Gan Group . . . . . . . . . . . . . . . . . 225,128
40,525 General Accident . . . . . . . . . . . . . 412,260
300 * Munchener Ruckvers . . . . . . . . . . . . 495,748
300 * Munchener Ruckvers (Rights) . . . . . . . . 34,433
95,472 Royal Insurance . . . . . . . . . . . . . . 568,564
2,500 Zurich Insurance . . . . . . . . . . . . . 767,758
---------------
5,572,986
---------------
LEISURE TIME - 1.16%
58,000 Asahi Optical Co Ltd . . . . . . . . . . . 233,710
8,000 Canon Inc - ADR . . . . . . . . . . . . . . 709,000
20,000 Fuji Photo Film Co Ltd . . . . . . . . . . 495,332
9,601 Fuji Photo Film Co Ltd - ADR . . . . . . . 475,249
5,000 Sega Enterprises Ltd . . . . . . . . . . . 270,270
8,000 Sega Enterprises Ltd - ADR . . . . . . . . 108,341
---------------
2,291,902
---------------
LODGING - 0.66%
275,000 Hong Kong & Shang Hai Hotels . . . . . . . 346,643
480,000 Hotel Properties . . . . . . . . . . . . . 707,834
200,000 Shangri Louisiana Asia Ltd . . . . . . . . 237,883
---------------
1,292,360
---------------
MACHINE TOOLS - 0.68%
35,000 Amada Co . . . . . . . . . . . . . . . . . 354,300
50,000 Makino Milling . . . . . . . . . . . . . . 422,604
16,000 Makita Electric Works Ltd - ADR . . . . . . 234,000
40,000 Minebea Co . . . . . . . . . . . . . . . . 332,580
---------------
1,343,484
---------------
MACHINERY - CONSTRUCTION &
CONTRACTS - 1.74%
1,500 Bilfinger & Berger . . . . . . . . . . . . 582,867
5,000 * Deutsche Babcock . . . . . . . . . . . . . 427,989
52,000 Kajima Corp . . . . . . . . . . . . . . . . 509,012
</TABLE>
41
<PAGE> 44
================================================================================
INTERNATIONAL EQUITIES FUND-CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
MACHINERY - CONSTRUCTION &
CONTRACTS - Continued
2,340 Kajima Corp - ADR . . . . . . . . . . . . . $ 229,551
80,000 Kumagai Gumi HK . . . . . . . . . . . . . . 59,988
2,000 Lefebvre Jean . . . . . . . . . . . . . . . 119,026
70,000 Shimizu Corp . . . . . . . . . . . . . . . 715,479
5,000 Volker Stevin . . . . . . . . . . . . . . . 294,881
1,500 Vossloh AG . . . . . . . . . . . . . . . . 482,265
---------------
3,421,058
---------------
MACHINERY - INDUSTRIAL/
SPECIALTY - 2.57%
10,000 * Atlas Copco AB Series A . . . . . . . . . . 151,018
20,000 * Atlas Copco AB Series B . . . . . . . . . . 297,460
10,250 CNIM . . . . . . . . . . . . . . . . . . . 322,668
8,000 Ebara Corp . . . . . . . . . . . . . . . . 113,219
2,530 Ebara Corp - ADR . . . . . . . . . . . . . 358,829
325,000 Johan Holdings Berhad . . . . . . . . . . . 242,117
54,000 Komatsu Ltd . . . . . . . . . . . . . . . . 424,570
400 Komatsu Ltd - ADR . . . . . . . . . . . . . 63,036
70,000 Kubota Corp . . . . . . . . . . . . . . . . 460,246
1,350 Kubota Corp - ADR . . . . . . . . . . . . . 170,100
140,000 Mitsubishi Hvy Industries . . . . . . . . . 1,115,872
2,000 Rieter Holdings AG . . . . . . . . . . . . 549,553
2,000 Rieter Holdings AG (Warrants) . . . . . . . 3,743
77,661 Rolls Royce . . . . . . . . . . . . . . . . 210,441
70,000 SASIB . . . . . . . . . . . . . . . . . . . 292,839
25,000 Siebe . . . . . . . . . . . . . . . . . . . 289,728
---------------
5,065,439
---------------
MERCHANDISE - SPECIALTY - 0.72%
40,150 BAA . . . . . . . . . . . . . . . . . . . . 301,801
450,000 Dickson Concept Int . . . . . . . . . . . . 325,796
20,000 Esselte AB Series B . . . . . . . . . . . . 298,986
1,500 Herlitz AG . . . . . . . . . . . . . . . . 262,601
15,000 Takashimaya Co . . . . . . . . . . . . . . 232,924
---------------
1,422,108
---------------
MERCHANDISING - DEPARTMENT - 1.39%
45,000 Daimaru Inc . . . . . . . . . . . . . . . . 296,314
40,000 Hankyu Department Stores . . . . . . . . . 530,713
500 Karstadt AG . . . . . . . . . . . . . . . . 197,400
15,000 Marks & Spencer Ltd . . . . . . . . . . . . 101,385
25,033 Marks & Spencer Ltd - ADR . . . . . . . . . 1,019,990
32,000 Marui Co . . . . . . . . . . . . . . . . . 597,543
---------------
2,743,345
---------------
MERCHANDISING - FOOD - 1.18%
1,700 * Carrefour . . . . . . . . . . . . . . . . . 938,142
15,000 Delhaize Le Lion . . . . . . . . . . . . . 626,640
100,000 J Sainsbury . . . . . . . . . . . . . . . . 588,641
20,000 Kwik Save Group . . . . . . . . . . . . . . 175,444
---------------
2,328,867
---------------
MERCHANDISING - MASS - 2.04%
35,000 ARGOS . . . . . . . . . . . . . . . . . . . 295,775
10,000 Centros Com Pryca . . . . . . . . . . . . . 194,718
3,600 Familymart Co . . . . . . . . . . . . . . . 151,430
4,000 Ito-Yokado Co Ltd . . . . . . . . . . . . . 220,934
5,050 Ito-Yokado Co Ltd - ADR . . . . . . . . . . 1,113,525
56,000 Mitsukoshi . . . . . . . . . . . . . . . . 494,231
200 Mitsukoshi Ltd - ADR . . . . . . . . . . . 17,689
20,000 Seiyu . . . . . . . . . . . . . . . . . . . 251,597
2,000 Seven Eleven Japan Co Ltd . . . . . . . . . 138,378
16,371 Seven Eleven Japan Co Ltd - ADR . . . . . . 1,135,149
---------------
4,013,426
---------------
METALS - COPPER - 0.48%
22,379 RTZ Corp Plc . . . . . . . . . . . . . . . 321,193
10,700 RTZ Corp Plc - ADR . . . . . . . . . . . . 625,950
---------------
947,143
---------------
METALS - MISCELLANEOUS - 0.72%
400 Alusuisse Lonza Holdings . . . . . . . . . 324,628
7,500 CRA Ltd - ADR . . . . . . . . . . . . . . . 475,978
101,342 North Ltd . . . . . . . . . . . . . . . . . 284,305
50,000 Western Mining . . . . . . . . . . . . . . 335,090
---------------
1,420,001
---------------
METALS - STEEL - 1.72%
36,700 British Steel Plc . . . . . . . . . . . . . 94,953
2,000 British Steel Plc - ADR . . . . . . . . . . 52,000
50,000 Cockerill Sambre . . . . . . . . . . . . . 284,225
60,000 Kawasaki Steel Corp . . . . . . . . . . . . 212,875
15,420 Kawasaki Steel Corp - ADR . . . . . . . . . 548,270
255,000 NKK Corp . . . . . . . . . . . . . . . . . 701,720
178,000 * Sumitomo Metal Industries Ltd . . . . . . . 540,560
7,400 * Sumitomo Metal
Industries Ltd - ADR . . . . . . . . . . 225,213
50,000 Sumitomo Metal Mining . . . . . . . . . . . 436,855
19,687 * Usinor Sacilor . . . . . . . . . . . . . . 283,638
---------------
3,380,309
---------------
MISCELLANEOUS - 0.46%
1,250 * Preussag AG . . . . . . . . . . . . . . . . 359,711
8,000 Secom Co . . . . . . . . . . . . . . . . . 540,147
---------------
899,858
---------------
OIL - INTEGRATED
INTERNATIONAL - 3.31%
19,533 British Petroleum Co Plc - ADR . . . . . . 1,867,843
20,946 Elf Aquitaine - ADR . . . . . . . . . . . . 733,110
13,000 Repsol S A - ADR . . . . . . . . . . . . . 411,125
22,098 Royal Dutch Petroleum Co - ADR . . . . . . 2,836,831
10,961 TOTAL . . . . . . . . . . . . . . . . . . . 674,286
---------------
6,523,195
---------------
OIL - SERVICE - PRODUCTS - 0.13%
30,000 Mitsubishi Oil Co . . . . . . . . . . . . . 257,690
---------------
OIL/GAS PRODUCERS - 0.69%
23,500 Norsk Hydro A S - ADR . . . . . . . . . . . 954,687
5,000 OMV AG . . . . . . . . . . . . . . . . . . 411,282
---------------
1,365,969
---------------
</TABLE>
42
<PAGE> 45
================================================================================
INTERNATIONAL EQUITIES FUND-CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
PAPER/FOREST PRODUCTS - 1.18%
3,926 Fletcher Challenge - ADR . . . . . . . . . $ 54,964
147,000 Fletcher Challenge Forest Ltd . . . . . . . 207,299
10,020 Fletcher Challenge Ltd - ADR . . . . . . . 250,500
37,000 Honshu Paper Co . . . . . . . . . . . . . . 228,727
47,000 New Oji Paper Co Ltd . . . . . . . . . . . 431,892
300 New Oji Paper Co Ltd - ADR . . . . . . . . 27,627
60,000 Nippon Paper Industries . . . . . . . . . . 395,086
27,000 * Repola . . . . . . . . . . . . . . . . . . 525,412
15,000 Sumitomo Forestry . . . . . . . . . . . . . 201,966
---------------
2,323,473
---------------
POLLUTION CONTROL - 0.24%
5,000 Lyonnaise Des Eaux SA . . . . . . . . . . . 478,910
---------------
PUBLISHING - NEWS - 0.81%
63,069 Independent News Plc . . . . . . . . . . . 369,525
22,500 News Corp Ltd - ADR . . . . . . . . . . . . 472,500
80,000 Reuters . . . . . . . . . . . . . . . . . . 755,052
---------------
1,597,077
---------------
PUBLISHING/PRINTING - 0.77%
30,000 Dai Nippon Printing Ltd . . . . . . . . . . 524,816
1,000 Dai Nippon Printing Ltd - ADR . . . . . . . 175,318
81,380 Pearson . . . . . . . . . . . . . . . . . . 808,567
---------------
1,508,701
---------------
RAILROAD - 1.08%
30,000 Fukuyama Transport . . . . . . . . . . . . 260,639
90,000 Nagoya Railroad Co Ltd . . . . . . . . . . 442,260
9,218 Nagoya Railroad Co Ltd - ADR . . . . . . . 453,954
99,000 Odakyu Electric Railway Co Ltd . . . . . . 700,541
40,000 Tokyu Corp . . . . . . . . . . . . . . . . 277,936
---------------
2,135,330
---------------
REAL ESTATE - 2.23%
175,000 Great Eagle Holdings . . . . . . . . . . . 466,069
140,000 Hang Lung Development Co . . . . . . . . . 221,722
83,000 Mitsubishi Estate Co Ltd . . . . . . . . . 938,084
65,000 Mitsui Fudosan Co . . . . . . . . . . . . . 804,914
202,600 Sun Hung Kai Properties Ltd . . . . . . . . 1,630,512
98,000 Wharf Holdings Ltd . . . . . . . . . . . . 327,516
---------------
4,388,817
---------------
SECURITIES RELATED - 2.17%
15,000 Daiwa Securities Co Ltd . . . . . . . . . . 207,862
4,810 Daiwa Securities Co Ltd - ADR . . . . . . . 667,989
7,500 Invesco Plc - ADR . . . . . . . . . . . . . 305,625
46,000 Mitsubishi Trust & Banking Corp . . . . . . 705,258
35,000 Nomura Securities Co Ltd . . . . . . . . . 687,961
3,800 Nomura Securities Co Ltd - ADR . . . . . . 748,546
160,000 Peregrine Investment . . . . . . . . . . . 207,889
6,000 Yamaichi Securities Co Ltd - ADR . . . . . 380,577
20,000 Yasuda Trust & Banking Co Ltd . . . . . . . 96,315
5,670 Yasuda Trust & Banking
Co Ltd - ADR . . . . . . . . . . . . . . 273,643
---------------
4,281,665
---------------
SEMICONDUCTORS - 0.25%
8,000 Rohm Co . . . . . . . . . . . . . . . . . . 488,255
---------------
TELECOMMUNICATIONS - 4.04%
16,379 British Telecommunications Plc - ADR . . . 947,935
21,800 Cable & Wireless Plc - ADR . . . . . . . . 449,625
40,200 Ericsson L M Telephone Co
Class B - ADR . . . . . . . . . . . . . 954,750
60,600 Hong Kong Telecommunications
Ltd - ADR . . . . . . . . . . . . . . . 1,037,775
15,395 Kon Ptt Nederland . . . . . . . . . . . . . 548,565
10,000 * Nokia AB OY . . . . . . . . . . . . . . . . 551,009
100,000 STET . . . . . . . . . . . . . . . . . . . 271,703
335,000 Telecom Italia . . . . . . . . . . . . . . 455,627
135,000 Telecom Italia Mobile . . . . . . . . . . . 217,800
4,800 Telecomm Corp
New Zealand Ltd - ADR . . . . . . . . . . 321,600
14,000 Telefonica De Espana S A . . . . . . . . . 193,096
14,600 Telefonica De Espana S A - ADR . . . . . . 605,900
110,000 * Telekom Malaysia . . . . . . . . . . . . . 819,472
16,500 Vodafone Group Plc - ADR . . . . . . . . . 596,063
---------------
7,970,920
---------------
TEXTILE - PRODUCTS - 0.26%
30,000 Benetton Group SPA . . . . . . . . . . . . 345,648
30,000 Marzotto & Figli . . . . . . . . . . . . . 170,713
---------------
516,361
---------------
TOBACCO - 0.66%
73,067 BAT Industries Ltd Plc . . . . . . . . . . 623,061
40,100 BAT Industries Ltd Plc - ADR . . . . . . . 681,700
---------------
1,304,761
---------------
UTILITIES - ELECTRIC - 4.05%
205,000 China Light & Power . . . . . . . . . . . . 964,718
18,000 Empresa Nacional De
Electricidad - ADR . . . . . . . . . . . 972,000
30,000 Iberdrola SA . . . . . . . . . . . . . . . 253,134
36,661 Kansai Electric Power Co Inc . . . . . . . 868,334
40,000 Manweb . . . . . . . . . . . . . . . . . . 627,679
80,000 National Power . . . . . . . . . . . . . . 564,605
4,000 Oester Elektrizita Class A . . . . . . . . 227,999
30,000 * RWE AG - ADR . . . . . . . . . . . . . . . 1,090,815
145,000 Tenaga Nasional . . . . . . . . . . . . . . 542,964
25,250 Tokyo Electric Power . . . . . . . . . . . 655,135
30,000 * Veba AG . . . . . . . . . . . . . . . . . . 1,223,813
---------------
7,991,196
---------------
UTILITIES - GAS, DISTRIBUTION - 0.32%
120,000 Hong Kong & China Gas . . . . . . . . . . . 196,253
127,000 Osaka Gas Co . . . . . . . . . . . . . . . 431,863
---------------
628,116
---------------
UTILITIES - GAS, PIPELINE - 0.15%
50,000 British Gas Plc . . . . . . . . . . . . . . 186,773
2,700 British Gas Plc - ADR . . . . . . . . . . . 100,575
---------------
287,348
---------------
</TABLE>
43
<PAGE> 46
================================================================================
INTERNATIONAL EQUITIES FUND-CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
WATER SERVICES - 0.74%
10,196 Eaux (Cie Generale) . . . . . . . . . . . . $ 992,120
51,791 North West Water . . . . . . . . . . . . . 472,954
---------------
1,465,074
---------------
TOTAL COMMON STOCKS
(Cost $174,986,017) . . . . . . . . . . . . 195,299,012
---------------
</TABLE>
<TABLE>
<CAPTION>
PAR
VALUE
- --------------------------------------------------------------------------------
<S> <C><C> <C>
UNITED STATES GOVERNMENT -
SHORT TERM - 0.13%
$ 250,000 United States Treasury Bills,
5.63% due 12/21/95
(Cost $249,218) . . . . . . . . . . . . . 249,218
---------------
TOTAL INVESTMENTS
(Cost $175,235,235) - 99.23% . . . . . . . 195,548,230
Other assets and liabilities,
net - 0.77% . . . . . . . . . . . . . . 1,521,156
---------------
NET ASSETS (equivalent
to $10.53 per share on
18,716,675 shares
outstanding) - 100% . . . . . . . . . . $ 197,069,386
---------------
</TABLE>
* Non-income producing
<TABLE>
<CAPTION>
UNREALIZED
CONTRACTS APPRECIATION
- --------------------------------------------------------------------------------
<S> <C> <C>
FUTURES CONTRACTS PURCHASED(1)
(Delivery month/Value at 11/30/95)
23 (2) Nikkei 225 Futures
(December/$184.57) . . . . . . . . . . . $ 74,313
---------------
(1) U.S. Treasury Bills with a market value of
approximately $250,000 were maintained in a
segregated account with a portion placed as
collateral for futures contracts.
(2) Per 500
- --------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
Capital stock, $.01 par value per share,
1,000,000,000 shares authorized,
18,716,675 shares outstanding . . . . . . . . . . . . . . . . $ 187,167
Additional paid in capital . . . . . . . . . . . . . . . . . . 171,711,519
Undistributed net realized gain on securities and
foreign currency transactions . . . . . . . . . . . . . . . . 4,663,605
Undistributed net investment income . . . . . . . . . . . . . 127,112
Unrealized appreciation (depreciation) of:
Investments . . . . . . . . . . . . . . . . $ 20,312,995
Futures . . . . . . . . . . . . . . . . . 74,313
Foreign currency translation . . . . . . . (7,325) 20,379,983
------------ ---------------
NET ASSETS APPLICABLE TO SHARES
OUTSTANDING. . . . . . . . . . . . . . . . . . . . . . . . . 197,069,386
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
44
<PAGE> 47
================================================================================
INTERNATIONAL EQUITIES FUND FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
(Unaudited)
STATEMENT OF OPERATIONS
For the six months ended November 30, 1995
<TABLE>
<S> <C>
INVESTMENT INCOME:
Dividends (net of foreign withholding taxes of $281,431) . . . . . . . . $ 1,838,676
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 288,409
--------------
Total investment income . . . . . . . . . . . . . . . . . . . . . . . 2,127,085
--------------
EXPENSES:
Advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 357,897
Custodian and accounting services . . . . . . . . . . . . . . . . . . . . 43,519
Reports to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . 11,318
Audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,643
Directors' fees and expenses . . . . . . . . . . . . . . . . . . . . . . 4,475
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,175
--------------
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 432,027
--------------
NET INVESTMENT INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . 1,695,058
--------------
REALIZED AND UNREALIZED GAIN (LOSS) ON SECURITIES AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments . . . . . . . . . . . . . . . . . . . . $ 3,469,339
Foreign currency transactions . . . . . . . . . . . (86,699)
Futures . . . . . . . . . . . . . . . . . . . . . . 113,147 3,495,787
---------------
Net unrealized appreciation (depreciation) during the period:
Investments . . . . . . . . . . . . . . . . . . . . (1,319,533)
Foreign currency translation . . . . . . . . . . . . (1,610)
Futures . . . . . . . . . . . . . . . . . . . . . . 145,538 (1,175,605)
--------------- ---------------
Net realized and unrealized gain on securities and foreign currencies
during the period . . . . . . . . . . . . . . . . . . . . . . . . . 2,320,182
--------------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . $ 4,015,240
--------------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the six For the fiscal
months ended year ended
November 30, 1995 May 31, 1995
---------------------------------
<S> <C>
OPERATIONS:
Net investment income . . . . . . . . . . . . . . . . . $ 1,695,058 $ 2,935,676
Net realized gain on securities and foreign currency
transactions . . . . . . . . . . . . . . . . . . . . 3,495,787 1,612,508
Net unrealized appreciation (depreciation) of securities and
translation of foreign currencies during the period (1,175,605) 4,179,750
--------------------------------
Increase in net assets resulting from operations . . 4,015,240 8,727,934
--------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income . . . . . . . . . . . . . . . . . (1,649,994) (2,923,253)
Net realized gain on securities . . . . . . . . . . . . - (1,262,696)
---------------------------------
Decrease in net assets resulting from distributions to
shareholders . . . . . . . . . . . . . . . . . . . . (1,649,994) (4,185,949)
---------------------------------
CAPITAL STOCK TRANSACTIONS:
Proceeds from capital stock sold . . . . . . . . . . . 24,206,370 70,844,488
Proceeds from capital stock issued for distributions
reinvested . . . . . . . . . . . . . . . . . . . . . 1,649,994 4,185,949
---------------------------------
25,856,364 75,030,437
Cost of capital stock repurchased . . . . . . . . . . . (40,243,103) (45,664,455)
---------------------------------
Increase (decrease) in net assets resulting from
capital stock transactions . . . . . . . . . . . . . (14,386,739) 29,365,982
--------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS . . . . . . . . (12,021,493) 33,907,967
NET ASSETS:
Beginning of period . . . . . . . . . . . . . . . . . . 209,090,879 175,182,912
--------------------------------
End of period (including undistributed net investment
income of $127,112 and $82,048) . . . . . . . . . . $ 197,069,386 $ 209,090,879
--------------- ----------------
CHANGE IN SHARES OUTSTANDING:
Shares of capital stock sold . . . . . . . . . . . . . 2,322,234 6,923,001
Shares issued for distributions reinvested . . . . . . 158,940 410,419
Shares of capital stock repurchased . . . . . . . . . (3,838,253) (4,532,670)
---------------------------------
Increase (decrease) in shares outstanding . . . . . (1,357,079) 2,800,750
Shares outstanding:
Beginning of period . . . . . . . . . . . . . . . . 20,073,754 17,273,004
--------------------------------
End of period . . . . . . . . . . . . . . . . . . . 18,716,675 20,073,754
--------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
45
<PAGE> 48
================================================================================
GROWTH FUND November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- ----------------------------------------------------------------------------------
<S> <C><C> <C>
COMMON STOCKS - 91.86%
ADVERTISING - 4.72%
150,000 Advo Inc . . . . . . . . . . . . . . . . . $ 3,975,000
70,000 * Catalina Marketing Corp . . . . . . . . . . 4,042,500
100,000 * Dimac Corp . . . . . . . . . . . . . . . . 2,712,500
---------------
10,730,000
---------------
APPAREL & PRODUCTS - 1.94%
100,000 * Tommy Hilfiger Corp . . . . . . . . . . . . 4,412,500
---------------
AUTO - REPLACEMENT PARTS - 1.41%
110,000 * Autozone Inc . . . . . . . . . . . . . . . 3,203,750
---------------
BROADCASTING - 9.80%
45,000 Capital Cities/ABC Inc . . . . . . . . . . 5,563,125
90,000 Comcast Corp Class A . . . . . . . . . . . 1,726,875
210,000 Comcast Corp Class A Special . . . . . . . 4,147,500
175,000 * Cox Communications Inc Class A . . . . . . 3,500,000
100,000 Gaylord Entertainment Co . . . . . . . . . 2,525,000
100,000 * Viacom Inc Class B . . . . . . . . . . . . 4,825,000
---------------
22,287,500
---------------
CHEMICAL - MISCELLANEOUS - 0.92%
75,000 * Airgas Inc . . . . . . . . . . . . . . . . 2,100,000
---------------
FINANCE COMPANIES - 1.10%
10,000 Household International Inc . . . . . . . . 625,000
40,000 Money Store Inc . . . . . . . . . . . . . . 1,890,000
---------------
2,515,000
---------------
GOVERNMENT SPONSORED - 2.32%
40,000 Federal Home Loan Mortgage Corp . . . . . . 3,080,000
20,000 Federal National Mortgage
Association . . . . . . . . . . . . . . 2,190,000
---------------
5,270,000
---------------
HEALTHCARE - 9.81%
90,000 Cardinal Health Inc . . . . . . . . . . . . 4,860,000
61,400 * Pacificare Health System Inc
Class B . . . . . . . . . . . . . . . . 5,326,450
70,000 * Patterson Dental Co . . . . . . . . . . . . 1,802,500
157,700 * Quorum Health Group Inc . . . . . . . . . . 3,410,263
110,000 United Healthcare Corp . . . . . . . . . . 6,916,250
---------------
22,315,463
---------------
HOSPITAL MANAGEMENT - 2.27%
100,000 Columbia / HCA Healthcare Corp . . . . . . 5,162,500
---------------
INFORMATION PROCESSING - 7.51%
60,000 * America Online Inc . . . . . . . . . . . . 2,452,500
125,000 * BISYS Group Inc . . . . . . . . . . . . . . 3,531,250
75,000 * Ceridian Corp . . . . . . . . . . . . . . . 3,150,000
63,436 First Data Corp . . . . . . . . . . . . . . 4,503,956
120,000 * SunGard Data Systems Inc . . . . . . . . . 3,450,000
---------------
17,087,706
---------------
INSURANCE - MISCELLANEOUS - 3.74%
70,000 Ace Ltd . . . . . . . . . . . . . . . . . . 2,537,500
20,000 CMAC Investment Corp . . . . . . . . . . . 935,000
25,000 MGIC Investment Corp . . . . . . . . . . . 1,390,625
20,000 PMI Group Inc . . . . . . . . . . . . . . . 950,000
50,000 UNUM Corp . . . . . . . . . . . . . . . . . 2,706,250
---------------
8,519,375
---------------
LEISURE TIME - 0.74%
50,000 * Mirage Resorts Inc . . . . . . . . . . . . 1,693,750
---------------
LODGING - 2.28%
75,000 * HFS Inc . . . . . . . . . . . . . . . . . . 5,193,750
---------------
MERCHANDISE - DRUG - 3.13%
60,000 * Eckerd Corp . . . . . . . . . . . . . . . . 2,557,500
165,000 * Revco Drugs Inc . . . . . . . . . . . . . . 4,558,125
---------------
7,115,625
---------------
MERCHANDISE - SPECIALTY - 11.62%
70,000 Circuit City Stores Inc . . . . . . . . . . 2,030,000
175,000 * Cole National Corp Class A . . . . . . . . 2,450,000
110,000 * Corporate Express Inc . . . . . . . . . . . 2,942,500
180,000 * General Nutrition Cos Inc . . . . . . . . . 3,982,500
100,000 * Global Direct Mail Corp . . . . . . . . . . 2,787,500
70,000 Home Depot Inc . . . . . . . . . . . . . . 3,106,250
50,000 * Kohls Corp . . . . . . . . . . . . . . . . 2,700,000
36,900 * Micro Warehouse Inc . . . . . . . . . . . . 1,734,300
175,000 * Office Depot Inc . . . . . . . . . . . . . 4,287,500
9,000 * Viking Office Products Inc . . . . . . . . 414,000
---------------
26,434,550
---------------
MERCHANDISING - MASS - 1.46%
200,000 * Price/Costco Inc . . . . . . . . . . . . . 3,325,000
---------------
MISCELLANEOUS - 8.19%
375,000 * ADT Ltd . . . . . . . . . . . . . . . . . . 5,250,000
140,000 * CUC International Inc . . . . . . . . . . . 5,320,000
110,000 Olsten Corp . . . . . . . . . . . . . . . . 4,400,000
90,000 Service Corp International . . . . . . . . 3,656,250
---------------
18,626,250
---------------
OIL - SERVICES - 2.56%
25,000 * BJ Services Co . . . . . . . . . . . . . . 615,625
50,000 Schlumberger Ltd . . . . . . . . . . . . . 3,175,000
120,000 * Smith International Inc . . . . . . . . . . 2,025,000
---------------
5,815,625
---------------
PAPER/FOREST PRODUCTS - 1.91%
100,000 Alco Standard Corp . . . . . . . . . . . . 4,350,000
---------------
POLLUTION CONTROL - 2.54%
110,000 * Sanifill Inc . . . . . . . . . . . . . . . 3,685,000
100,000 * USA Waste Services Inc . . . . . . . . . . 2,100,000
---------------
5,785,000
---------------
</TABLE>
46
<PAGE> 49
================================================================================
GROWTH FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- ----------------------------------------------------------------------------------
<S> <C><C> <C>
RESTAURANTS - 2.19%
125,000 * Brinker International Inc . . . . . . . . . $ 1,921,875
50,000 * Lone Star Steakhouse & Saloon . . . . . . . 1,962,500
30,000 * Outback Steakhouse Inc . . . . . . . . . . 1,095,000
---------------
4,979,375
---------------
SECURITIES RELATED - 2.32%
100,000 Franklin Resources Inc . . . . . . . . . . 5,287,500
---------------
TELECOMMUNICATIONS - 7.38%
100,000 * Airtouch Communications Inc . . . . . . . . 2,912,500
80,000 Frontier Corp . . . . . . . . . . . . . . . 2,070,000
100,000 * Mobile Telecommunication . . . . . . . . . 2,300,000
200,000 * Paging Network Inc . . . . . . . . . . . . 4,450,000
80,000 * Panamsat Corp . . . . . . . . . . . . . . . 1,440,000
100,000 Vodafone Group Plc - ADR . . . . . . . . . 3,612,500
---------------
16,785,000
---------------
TOTAL COMMON STOCKS
(Cost $168,195,282) . . . . . . . . . . . . 208,995,219
---------------
</TABLE>
<TABLE>
<CAPTION>
PAR
VALUE
- ----------------------------------------------------------------------------------
<S> <C> <C>
CORPORATE SHORT TERM
COMMERCIAL PAPER - 8.09%
CONSUMER FINANCE - 4.32%
$ 9,829,000 Beneficial Corp,
5.74% due 12/4/95 . . . . . . . . . . . . 9,824,298
---------------
FINANCE COMPANIES - 0.64%
1,453,000 Ford Motor Credit Co,
5.80% due 12/4/95 . . . . . . . . . . . . 1,452,298
---------------
SECURITIES RELATED - 3.13%
7,120,000 Merrill Lynch & Co Inc,
5.82% due 12/1/95 . . . . . . . . . . . . 7,120,000
---------------
TOTAL CORPORATE SHORT TERM
COMMERCIAL PAPER
(Cost $18,396,596) . . . . . . . . . . . . 18,396,596
---------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
VALUE
- ----------------------------------------------------------------------------------
<S> <C><C> <C>
TOTAL INVESTMENTS
(Cost $186,591,878) - 99.95% . . . . . . . $ 227,391,815
Other assets and liabilities,
net - 0.05% . . . . . . . . . . . . . . 118,942
---------------
NET ASSETS (equivalent
to $14.64 per share on
15,538,462 shares
outstanding) - 100% . . . . . . . . . . $ 227,510,757
---------------
* Non-income producing
- ----------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
Capital stock, $.01 par value per share,
1,000,000,000 shares authorized,
15,538,462 shares outstanding . . . . . . . . . . . . . . . . $ 155,385
Additional paid in capital . . . . . . . . . . . . . . . . . . 182,577,916
Undistributed net realized gain on securities . . . . . . . . . 3,995,835
Undistributed net investment income . . . . . . . . . . . . . . (18,316)
Unrealized appreciation of securities . . . . . . . . . . . . . 40,799,937
---------------
NET ASSETS APPLICABLE TO SHARES
OUTSTANDING . . . . . . . . . . . . . . . . . . . . . . . . . $ 227,510,757
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
47
<PAGE> 50
================================================================================
GROWTH FUND FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
(Unaudited)
STATEMENT OF OPERATIONS
For the six months ended November 30, 1995
<TABLE>
<S> <C>
INVESTMENT INCOME:
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 270,581
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 603,270
--------------
Total investment income . . . . . . . . . . . . . . . . . . . . . . . 873,851
--------------
EXPENSES:
Advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 640,088
Directors' fees and expenses . . . . . . . . . . . . . . . . . . . . . . 2,580
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,141
--------------
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 664,809
--------------
NET INVESTMENT INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . 209,042
--------------
REALIZED AND UNREALIZED GAIN ON SECURITIES:
Net realized gain on securities . . . . . . . . . . . . . . . . . . . . . 3,722,073
Net unrealized appreciation of securities during the period . . . . . . . 32,105,980
--------------
Net realized and unrealized gain on securities during the period . . . 35,828,053
--------------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . $ 36,037,095
==============
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the six For the fiscal
months ended year ended
November 30, 1995 May 31, 1995
---------------------------------
<S> <C> <C>
OPERATIONS:
Net investment income . . . . . . . . . . . . . . . . . $ 209,042 $ 175,040
Net realized gain on securities . . . . . . . . . . . . 3,722,073 273,762
Net unrealized appreciation of securities during
the period . . . . . . . . . . . . . . . . . . . . . 32,105,980 8,820,861
--------------------------------
Increase in net assets resulting from operations . . 36,037,095 9,269,663
--------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income . . . . . . . . . . . . . . . . . (227,633) (175,491)
--------------------------------
CAPITAL STOCK TRANSACTIONS:
Proceeds from capital stock sold . . . . . . . . . . . 97,093,504 81,516,869
Proceeds from capital stock issued for distributions
reinvested . . . . . . . . . . . . . . . . . . . . . 227,633 175,491
--------------------------------
97,321,137 81,692,360
Cost of capital stock repurchased . . . . . . . . . . . (6,233,967) (57,829)
--------------------------------
Increase in net assets resulting from capital
stock transactions . . . . . . . . . . . . . . . . 91,087,170 81,634,531
--------------------------------
TOTAL INCREASE IN NET ASSETS . . . . . . . . . . . . . 126,896,632 90,728,703
NET ASSETS:
Beginning of period . . . . . . . . . . . . . . . . . . 100,614,125 9,885,422
End of year (including undistributed net investment
income of ($18,316) and $275) . . . . . . . . . . . $ 227,510,757 $ 100,614,125
================================
CHANGE IN SHARES OUTSTANDING:
Shares of capital stock sold . . . . . . . . . . . . . 7,152,337 7,787,173
Shares issued for distributions reinvested . . . . . . 17,008 16,615
Shares of capital stock repurchased . . . . . . . . . (430,721) (5,125)
--------------------------------
Increase in shares outstanding . . . . . . . . . . . 6,738,624 7,798,663
Shares outstanding:
Beginning of period . . . . . . . . . . . . . . . . 8,799,838 1,001,175
--------------------------------
End of period . . . . . . . . . . . . . . . . . . . 15,538,462 8,799,838
================================
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
48
<PAGE> 51
================================================================================
GROWTH & INCOME FUND November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- ----------------------------------------------------------------------------------
<S> <C> <C><C> <C>
COMMON STOCKS - 91.76%
ADVERTISING - 1.22%
13,600 Omnicom Group . . . . . . . . . . . . . . . $ 907,800
---------------
AEROSPACE/DEFENSE - 4.33%
8,600 Loral Corp . . . . . . . . . . . . . . . . 291,325
17,100 McDonnell Douglas Corp . . . . . . . . . . 1,524,035
11,400 Northrop Grumman Corp . . . . . . . . . . . 701,100
6,100 * SCI Systems Inc . . . . . . . . . . . . . . 204,350
3,300 Sundstrand Corp . . . . . . . . . . . . . . 213,675
3,100 United Technologies Corp . . . . . . . . . 290,625
---------------
3,225,110
---------------
APPAREL & PRODUCTS - 0.17%
5,000 Warnaco Group Inc Class A . . . . . . . . . 126,250
---------------
APPLIANCES/FURNISHINGS - 0.09%
3,400 * Helen of Troy Corp . . . . . . . . . . . . 65,025
---------------
AUTO - ORIGINAL EQUIPMENT - 1.90%
29,600 Danaher Corp . . . . . . . . . . . . . . . 910,200
24,380 Mark IV Industries Inc . . . . . . . . . . 502,838
---------------
1,413,038
---------------
BANKS - REGIONAL - 1.10%
7,300 Midlantic Corp . . . . . . . . . . . . . . 438,912
10,400 SouthTrust Corp . . . . . . . . . . . . . . 263,900
1,900 Star Banc Corp . . . . . . . . . . . . . . 113,762
---------------
816,574
---------------
BEVERAGE - BREWERS/
DISTRIBUTORS - 0.86%
3,500 * Canandaigua Wine Co Inc Class A . . . . . . 117,250
16,500 * Robert Mondavi Corp Class A . . . . . . . . 525,938
---------------
643,188
---------------
BEVERAGE - SOFT DRINKS - 0.52%
13,300 Coca Cola Enterprises Inc . . . . . . . . . 385,700
---------------
BROADCASTING - 1.80%
15,000 * Evergreen Media . . . . . . . . . . . . . . 363,750
7,000 * Heritage Media Corp Class A . . . . . . . . 182,875
16,464 * Viacom Inc Class B . . . . . . . . . . . . 794,388
---------------
1,341,013
---------------
CHEMICAL - MAJOR - 0.99%
13,400 Hercules Inc . . . . . . . . . . . . . . . 735,325
---------------
CHEMICAL - MISCELLANEOUS - 2.26%
7,800 * Airgas Inc . . . . . . . . . . . . . . . . 218,400
18,500 Praxair Inc . . . . . . . . . . . . . . . . 538,813
12,200 Sigma Aldrich . . . . . . . . . . . . . . . 600,850
24,000 Terra Industries Inc . . . . . . . . . . . 327,000
---------------
1,685,063
---------------
CONGLOMERATES - 1.04%
2,500 * ITT Corp . . . . . . . . . . . . . . . . . 306,563
1,600 Loews Corp . . . . . . . . . . . . . . . . 245,600
4,600 Tenneco Inc . . . . . . . . . . . . . . . . 220,800
---------------
772,963
---------------
CONSUMER FINANCE - 0.26%
8,700 Countrywide Credit Industries Inc . . . . . 191,400
---------------
CONTAINERS - PAPER - 0.15%
3,700 * Sealed Air Corp . . . . . . . . . . . . . . 112,850
---------------
DRUGS - 1.70%
30,600 Mylan Labs Inc . . . . . . . . . . . . . . 715,275
9,500 Pfizer Inc . . . . . . . . . . . . . . . . 551,000
---------------
1,266,275
---------------
ELECTRICAL EQUIPMENT - 1.66%
4,400 AMP Inc . . . . . . . . . . . . . . . . . . 176,550
7,800 * Anixter International Inc . . . . . . . . . 138,450
3,800 * Cabletron Systems Inc . . . . . . . . . . . 315,400
4,250 Molex Inc . . . . . . . . . . . . . . . . . 142,375
11,800 Philips Electric - ADR . . . . . . . . . . 461,675
---------------
1,234,450
---------------
ELECTRONIC INSTRUMENTS - 3.74%
2,100 * Dionex Corp . . . . . . . . . . . . . . . . 118,650
7,100 Perkin Elmer Corp . . . . . . . . . . . . . 255,600
22,500 * Symbol Technologies Inc . . . . . . . . . . 866,250
13,100 Tektronix Inc . . . . . . . . . . . . . . . 705,763
23,910 * Vishay Intertechnology Inc . . . . . . . . 836,850
---------------
2,783,113
---------------
ENTERTAINMENT - 0.99%
3,500 * Gtech Holdings Corp . . . . . . . . . . . . 99,750
10,800 * Harrahs Entertainment Inc . . . . . . . . . 268,650
6,200 Walt Disney Co . . . . . . . . . . . . . . 372,775
---------------
741,175
---------------
FERTILIZERS - 0.65%
3,700 * First Mississippi Corp . . . . . . . . . . 94,350
5,000 IMC Global Inc . . . . . . . . . . . . . . 386,875
---------------
481,225
---------------
FINANCE COMPANIES - 1.83%
4,000 * Credit Acceptance Corp . . . . . . . . . . 82,000
26,400 Green Tree Financial Corp . . . . . . . . . 745,800
4,200 Household International Inc . . . . . . . . 262,500
5,700 Money Store Inc . . . . . . . . . . . . . . 269,325
---------------
1,359,625
---------------
FOODS - 1.78%
6,600 H J Heinz Co . . . . . . . . . . . . . . . 210,375
16,000 IBP Inc . . . . . . . . . . . . . . . . . . 1,000,000
2,000 Pioneer Hi Bred International Inc . . . . . 114,500
---------------
1,324,875
---------------
FOOTWEAR - 0.58%
7,400 Nike Inc Class B . . . . . . . . . . . . . 429,200
---------------
</TABLE>
49
<PAGE> 52
================================================================================
GROWTH & INCOME FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- ----------------------------------------------------------------------------------
<S> <C> <C><C> <C>
FREIGHT - 0.11%
3,000 Stolt Nielsen . . . . . . . . . . . . . . . $ 84,188
---------------
GOLD MINING - 0.07%
2,621 * Firstmiss Gold Inc . . . . . . . . . . . . 51,437
---------------
HARDWARE & TOOLS - 1.20%
24,000 Black & Decker Corp . . . . . . . . . . . . 897,000
---------------
HEALTHCARE - 2.49%
20,600 Cardinal Health Inc . . . . . . . . . . . . 1,112,400
10,000 * Healthcare Compare Corp . . . . . . . . . . 391,250
13,000 Invacare Corp . . . . . . . . . . . . . . . 347,750
---------------
1,851,400
---------------
HEAVY DUTY TRUCKS/PARTS - 0.08%
3,030 * Raymond Corp . . . . . . . . . . . . . . . 62,873
---------------
HOME BUILDERS - 1.39%
36,925 Clayton Homes Inc . . . . . . . . . . . . . 1,033,900
---------------
HOSPITAL MANAGEMENT - 0.82%
18,900 Surgical Care Affiliates Inc . . . . . . . 614,250
---------------
HOSPITAL SUPPLIES - 5.79%
8,600 Becton Dickinson & Co . . . . . . . . . . . 599,850
9,200 * Boston Scientific Corp . . . . . . . . . . 372,600
9,100 Johnson & Johnson . . . . . . . . . . . . . 788,288
25,400 Medtronic Inc . . . . . . . . . . . . . . . 1,393,825
9,856 * Nellcor Inc . . . . . . . . . . . . . . . . 566,720
15,000 * St Jude Medical Inc . . . . . . . . . . . . 592,500
---------------
4,313,783
---------------
HOUSEHOLD PRODUCTS - 0.29%
2,500 Procter & Gamble Co . . . . . . . . . . . . 215,938
---------------
INFORMATION PROCESSING - 10.58%
17,900 * Ceridian Corp . . . . . . . . . . . . . . . 751,800
4,600 * Cisco Systems Inc . . . . . . . . . . . . . 386,975
8,000 * Compaq Computer Corp . . . . . . . . . . . 396,000
16,350 Computer Associates International
Inc . . . . . . . . . . . . . . . . . . 1,070,925
6,000 Danka Business Systems - ADR . . . . . . . 204,000
5,800 First Data Corp . . . . . . . . . . . . . . 411,800
9,600 HBO & Co . . . . . . . . . . . . . . . . . 717,600
2,000 Honeywell Inc . . . . . . . . . . . . . . . 95,250
7,000 Intel Corp . . . . . . . . . . . . . . . . 426,125
8,800 International Business Machines
Corp . . . . . . . . . . . . . . . . . . 850,300
5,200 Logicon Inc . . . . . . . . . . . . . . . . 146,250
4,200 * Medic Computer Systems Inc . . . . . . . . 268,800
11,800 National Data Corp . . . . . . . . . . . . 287,625
9,250 * Oracle Systems Inc . . . . . . . . . . . . 419,718
14,000 Paychex Inc . . . . . . . . . . . . . . . . 631,750
13,100 Reynolds & Reynolds Co Class A . . . . . . 499,435
5,400 * Sterling Software Inc . . . . . . . . . . . 318,600
---------------
7,882,953
---------------
INSURANCE - CASUALTY - 0.92%
17,000 * 20th Century Industries . . . . . . . . . . 310,250
21,800 USF & G Corp . . . . . . . . . . . . . . . 376,050
---------------
686,300
---------------
INSURANCE - LIFE - 0.35%
7,300 American Bankers Insurance Group
Inc . . . . . . . . . . . . . . . . . . 263,713
---------------
INSURANCE - MISCELLANEOUS - 0.37%
5,000 MGIC Investment Corp . . . . . . . . . . . 278,125
---------------
INSURANCE - MULTILINE - 1.16%
1,000 * CNA Financial Corp . . . . . . . . . . . . 116,125
12,600 Travelers Group Inc . . . . . . . . . . . . 749,700
---------------
865,825
---------------
LEISURE TIME - 1.11%
12,600 * Bally Entertainment Group . . . . . . . . . 152,775
8,900 * Circus Circus Enterprise Inc . . . . . . . 246,975
12,700 * Mirage Resorts Inc . . . . . . . . . . . . 430,213
---------------
829,963
---------------
LODGING - 1.10%
2,000 * HFS Inc . . . . . . . . . . . . . . . . . . 138,500
13,000 * Host Marriott Corp . . . . . . . . . . . . 167,375
18,800 Louisiana Quinta Inns Inc . . . . . . . . . 509,950
---------------
815,825
---------------
MACHINERY - CONSTRUCTION &
CONTRACTS - 1.01%
13,650 Blount International Inc Class A . . . . . 411,206
10,100 Harnischfeger Industries Inc . . . . . . . 342,138
---------------
753,344
---------------
MACHINERY -
INDUSTRIAL/SPECIALTY - 3.54%
11,200 Dover Corp . . . . . . . . . . . . . . . . 435,400
24,000 IDEX Corp . . . . . . . . . . . . . . . . . 987,000
13,800 JLG Industries Inc . . . . . . . . . . . . 391,575
800 Pacific Scientific Co . . . . . . . . . . . 20,300
6,100 Pall Corp . . . . . . . . . . . . . . . . . 165,463
17,400 Parker Hannifin Corp . . . . . . . . . . . 639,450
---------------
2,639,188
---------------
MEDICAL TECHNOLOGY - 0.63%
3,500 * Bio Rad Laboratories Inc Class A . . . . . 144,375
8,000 * Quintiles Transnational Corp . . . . . . . 324,000
---------------
468,375
---------------
MERCHANDISE - DRUG - 0.30%
7,100 Rite Aid Corp . . . . . . . . . . . . . . . 221,875
---------------
MERCHANDISE - SPECIALTY - 4.26%
3,500 * Colonial Data Technologies . . . . . . . . 55,562
6,900 * Consolidated Stores Inc . . . . . . . . . . 170,775
17,500 Dollar General Corp . . . . . . . . . . . . 474,687
17,600 * General Nutrition Cos Inc . . . . . . . . . 389,400
</TABLE>
50
<PAGE> 53
================================================================================
GROWTH & INCOME FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- ----------------------------------------------------------------------------------
<S> <C><C> <C>
MERCHANDISE - SPECIALTY - Continued
8,300 Jostens Inc . . . . . . . . . . . . . . . . $ 205,425
6,000 * Micro Warehouse Inc . . . . . . . . . . . . 282,000
18,000 * Office Depot Inc . . . . . . . . . . . . . 441,000
40,250 * Staples Inc . . . . . . . . . . . . . . . . 1,026,375
6,900 * Waban Inc . . . . . . . . . . . . . . . . . 127,650
---------------
3,172,874
---------------
MERCHANDISING - FOOD - 2.16%
13,500 * Kroger Co . . . . . . . . . . . . . . . . . 452,250
24,800 * Safeway Inc . . . . . . . . . . . . . . . . 1,153,200
---------------
1,605,450
---------------
METALS - MISCELLANEOUS - 0.21%
6,700 Engelhard Corp . . . . . . . . . . . . . . 156,613
---------------
MISCELLANEOUS - 2.90%
19,050 * CUC International Inc . . . . . . . . . . . 723,900
24,200 Equifax Inc . . . . . . . . . . . . . . . . 1,013,375
14,800 Manpower Inc . . . . . . . . . . . . . . . 395,900
2,400 Uniforce Temp Personnel Inc . . . . . . . . 23,400
---------------
2,156,575
---------------
MOBILE HOMES - 1.67%
30,400 Oakwood Homes Corp . . . . . . . . . . . . 1,246,400
---------------
NATURAL GAS - DIVERSIFIED - 0.58%
15,200 Panhandle Eastern Corp . . . . . . . . . . 431,300
---------------
OIL - INTEGRATED DOMESTIC - 1.44%
7,400 Amoco Corp . . . . . . . . . . . . . . . . 501,350
11,600 Occidental Petroleum Corp . . . . . . . . . 256,650
4,400 Phillips Petroleum Co . . . . . . . . . . . 146,300
9,000 USX Marathon Group . . . . . . . . . . . . 165,375
---------------
1,069,675
---------------
OIL - INTEGRATED
INTERNATIONAL - 1.22%
5,145 British Petroleum Co Plc - ADR . . . . . . 491,991
6,300 Imperial Oil Ltd . . . . . . . . . . . . . 219,712
1,900 Mobil Corp . . . . . . . . . . . . . . . . 198,312
---------------
910,015
---------------
OIL - SERVICES - 1.62%
4,000 * BJ Services Co . . . . . . . . . . . . . . 98,500
18,400 Halliburton Co . . . . . . . . . . . . . . 798,100
3,900 Schlumberger Ltd . . . . . . . . . . . . . 247,650
3,700 * Smith International Inc . . . . . . . . . . 62,438
---------------
1,206,688
---------------
OIL/GAS PRODUCERS - 0.40%
7,400 Norsk Hydro A S - ADR . . . . . . . . . . . 300,625
---------------
PAPER/FOREST PRODUCTS - 1.52%
3,400 Boise Cascade Corp . . . . . . . . . . . . 126,650
9,000 James River Corp . . . . . . . . . . . . . 283,500
12,600 Scott Paper Co . . . . . . . . . . . . . . 719,775
---------------
1,129,925
---------------
POLLUTION CONTROL - 1.42%
13,400 Browning Ferris Industries Inc . . . . . . 403,675
16,000 * Sanifill Inc . . . . . . . . . . . . . . . 536,000
3,000 * United Waste Systems Inc . . . . . . . . . 119,625
---------------
1,059,300
---------------
PUBLISHING - NEWS - 1.06%
18,900 New York Times Co Class A . . . . . . . . . 557,550
4,100 Reuters Holdings Plc - ADR . . . . . . . . 231,138
---------------
788,688
---------------
RAILROAD - 0.50%
4,600 Burlington Northern Inc . . . . . . . . . . 370,875
---------------
RESTAURANTS - 0.41%
10,900 Applebees International Inc . . . . . . . . 302,475
---------------
SECURITIES RELATED - 0.60%
10,600 American Express Co . . . . . . . . . . . . 450,500
---------------
TELECOMMUNICATIONS - 3.14%
15,000 * ADC Telecommunications Inc . . . . . . . . 682,500
12,650 * Andrew Corp . . . . . . . . . . . . . . . . 547,113
17,000 * InterMediate Telephone Inc . . . . . . . . 284,750
4,000 * Qualcomm Inc . . . . . . . . . . . . . . . 165,500
4,000 Telecomm Corp New Zealand
Ltd - ADR . . . . . . . . . . . . . . . . 268,000
12,000 * Worldcom Inc . . . . . . . . . . . . . . . 390,000
---------------
2,337,863
---------------
TOBACCO - 1.65%
14,000 Philip Morris Cos Inc . . . . . . . . . . . 1,228,500
---------------
TRUCKERS - 0.36%
10,100 Consolidated Freightways Inc . . . . . . . 265,125
---------------
UTILITIES - COMMUNICATION - 0.86%
7,800 Century Telephone Enterprises Inc . . . . . 243,750
13,300 Cincinnati Bell Inc . . . . . . . . . . . . 397,338
---------------
641,088
---------------
UTILITIES - ELECTRIC - 0.18%
4,800 Illinova Corp . . . . . . . . . . . . . . . 136,200
---------------
UTILITIES - GAS, PIPELINE - 0.67%
11,900 Williams Cos Inc . . . . . . . . . . . . . 499,800
---------------
TOTAL COMMON STOCKS
(Cost $56,420,358) . . . . . . . . . . . . 68,338,046
---------------
</TABLE>
<TABLE>
<CAPTION>
PAR
VALUE
- ----------------------------------------------------------------------------------
<S> <C> <C>
CORPORATE SHORT TERM
COMMERCIAL PAPER - 9.06%
CONSUMER FINANCE - 4.60%
$ 2,839,000 Beneficial Corp,
5.77% due 12/4/95 . . . . . . . . . . . . 2,837,635
</TABLE>
51
<PAGE> 54
================================================================================
GROWTH & INCOME FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
- ----------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER FINANCE - Continued
$ 591,000 Sears Roebuck Acceptance Corp,
5.75% due 12/6/95 . . . . . . . . . . . . $ 590,528
---------------
3,428,163
---------------
SECURITIES RELATED - 4.46%
3,318,000 Merrill Lynch & Co Inc,
5.85% due 12/1/95 . . . . . . . . . . . . 3,318,000
---------------
TOTAL CORPORATE SHORT
TERM COMMERCIAL PAPER
(Cost $6,746,163) . . . . . . . . . . . . . 6,746,163
---------------
TOTAL INVESTMENTS
(Cost $63,166,521) - 100.82% . . . . . . . 75,084,209
Other assets and liabilities,
net - (0.82%) . . . . . . . . . . . . . (613,380)
---------------
NET ASSETS (equivalent
to $12.99 per share on
5,734,348 shares
outstanding) - 100% . . . . . . . . . . $ 74,470,829
---------------
</TABLE>
* Non-income producing
<TABLE>
<S> <C>
- ----------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
Capital stock, $.01 par value per share,
1,000,000,000 shares authorized,
5,734,348 shares outstanding . . . . . . . . . . . . . . . . $ 57,343
Additional paid in capital . . . . . . . . . . . . . . . . . . 62,093,362
Accumulated net realized gain on securities . . . . . . . . . . 388,117
Undistributed net investment income . . . . . . . . . . . . . . 14,319
Unrealized appreciation of securities . . . . . . . . . . . . . 11,917,688
---------------
NET ASSETS APPLICABLE TO SHARES
OUTSTANDING . . . . . . . . . . . . . . . . . . . . . . . . . $ 74,470,829
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
52
<PAGE> 55
================================================================================
GROWTH & INCOMEFUND FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
(Unaudited)
STATEMENT OF OPERATIONS
For the six months ended November 30, 1995
<TABLE>
<S> <C>
INVESTMENT INCOME:
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 261,551
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158,644
--------------
Total investment income . . . . . . . . . . . . . . . . . . . . . . . 420,195
--------------
EXPENSES:
Advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218,919
Directors' fees and expenses . . . . . . . . . . . . . . . . . . . . . . 1,066
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,293
--------------
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228,278
--------------
NET INVESTMENT INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . 191,917
--------------
REALIZED AND UNREALIZED GAIN ON SECURITIES:
Net realized gain on securities . . . . . . . . . . . . . . . . . . . . . 861,048
Net unrealized appreciation on securities during the period . . . . . . . 7,909,104
--------------
Net realized and unrealized gain on securities during the period . 8,770,152
--------------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . $ 8,962,069
--------------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the six For the fiscal
months ended year ended
November 30,1995 May 31, 1995
-------------------------------
<S> <C> <C>
OPERATIONS:
Net investment income . . . . . . . . . . . . . . . . . $ 191,917 $ 202,114
Net realized gain (loss) on securities . . . . . . . . 861,048 (401,877)
Net unrealized appreciation of securities
during the period . . . . . . . . . . . . . . . . . 7,909,104 4,070,674
--------------------------------
Increase in net assets resulting from operations . . 8,962,069 3,870,911
--------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income . . . . . . . . . . . . . . . . . (180,219) (202,618)
---------------------------------
CAPITAL STOCK TRANSACTIONS:
Proceeds from capital stock sold . . . . . . . . . . . 23,784,967 29,191,427
Proceeds from capital stock issued for
distributions reinvested . . . . . . . . . . . . . . 180,219 202,618
--------------------------------
23,965,186 29,394,045
Cost of capital stock repurchased . . . . . . . . . . . (1,142,715) (85,788)
---------------------------------
Increase in net assets resulting from capital
stock transactions . . . . . . . . . . . . . . . . . 22,822,471 29,308,257
--------------------------------
TOTAL INCREASE IN NET ASSETS . . . . . . . . . . . . . 31,604,321 32,976,550
NET ASSETS:
Beginning of period . . . . . . . . . . . . . . . . . . 42,866,508 9,889,958
--------------------------------
End of period (including undistributed net
investment income of $14,319 and $2,621) . . . . . . $ 74,470,829 $ 42,866,508
--------------------------------
CHANGE IN SHARES OUTSTANDING:
Shares of capital stock sold . . . . . . . . . . . . . 1,942,567 2,853,051
Shares issued for distributions reinvested . . . . . . 14,520 19,591
Shares of capital stock repurchased . . . . . . . . . (89,326) (8,074)
---------------------------------
Increase in shares outstanding . . . . . . . . . . . 1,867,761 2,864,568
Shares outstanding:
Beginning of period . . . . . . . . . . . . . . . . 3,866,587 1,002,019
--------------------------------
End of period . . . . . . . . . . . . . . . . . . . 5,734,348 3,866,587
--------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
53
<PAGE> 56
================================================================================
SCIENCE & TECHNOLOGY FUND November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- ----------------------------------------------------------------------------------
<S> <C><C> <C>
COMMON STOCKS - 83.82%
AEROSPACE/DEFENSE - 1.02%
139,600 OEA Inc . . . . . . . . . . . . . . . . . . $ 3,786,650
---------------
DRUGS - 3.52%
225,000 * ALZA Corp . . . . . . . . . . . . . . . . . 5,175,000
75,000 * Amgen Inc . . . . . . . . . . . . . . . . . 3,721,875
150,000 * Cephalon Inc . . . . . . . . . . . . . . . 4,162,500
---------------
13,059,375
---------------
ELECTRICAL EQUIPMENT - 0.37%
34,100 * Microchip Technology Inc . . . . . . . . . 1,381,050
---------------
INFORMATION PROCESSING -
BUSINESS SOFTWARE - 20.65%
230,000 Adobe Systems Inc . . . . . . . . . . . . . 15,553,750
70,000 * Baan Co . . . . . . . . . . . . . . . . . . 3,176,250
350,000 * BMC Software Inc . . . . . . . . . . . . . 14,787,500
200,000 * C ATS Software Inc . . . . . . . . . . . . 1,350,000
187,500 * Cadence Design Systems Inc . . . . . . . . 6,750,000
60,000 * Microsoft Corp . . . . . . . . . . . . . . 5,227,500
80,000 * Peoplesoft Inc . . . . . . . . . . . . . . 3,360,000
400,000 * Platinum Technology Inc . . . . . . . . . . 6,700,000
180,000 * Synopsys Inc . . . . . . . . . . . . . . . 6,210,000
132,800 * Tivoli Systems Inc . . . . . . . . . . . . 3,950,800
97,300 * Verity Inc . . . . . . . . . . . . . . . . 4,840,675
36,100 * Visio Corp . . . . . . . . . . . . . . . . 965,675
198,500 * Xcellenet Incorp . . . . . . . . . . . . . 3,821,125
---------------
76,693,275
---------------
INFORMATION PROCESSING -
COMPUTER HARDWARE SYSTEMS - 2.06%
85,000 Hewlett Packard Co . . . . . . . . . . . . 7,044,375
11,100 * Komag Inc . . . . . . . . . . . . . . . . . 589,688
---------------
7,634,063
---------------
INFORMATION PROCESSING -
COMPUTER SERVICES - 12.33%
250,000 * America Online Inc . . . . . . . . . . . . 10,218,750
175,000 First Data Corp . . . . . . . . . . . . . . 12,425,000
90,000 * Security Dynamics Technologies . . . . . . 4,455,000
200,000 * Silicon Graphics Inc . . . . . . . . . . . 7,300,000
250,000 * SunGard Data Systems Inc . . . . . . . . . 7,187,500
250,000 * Tech Data Corp . . . . . . . . . . . . . . 4,218,750
---------------
45,805,000
---------------
INFORMATION PROCESSING -
CONSUMER SOFTWARE - 9.13%
126,000 * Broderbund Software Inc . . . . . . . . . . 8,158,500
153,000 * Electronic Arts . . . . . . . . . . . . . . 5,221,125
150,000 * Expert Software Inc . . . . . . . . . . . . 2,531,250
170,000 * Intuit . . . . . . . . . . . . . . . . . . 14,280,000
80,000 * Macromedia Inc . . . . . . . . . . . . . . 3,720,000
---------------
33,910,875
---------------
INFORMATION PROCESSING -
NETWORKING - 7.87%
85,000 * Alantec Corp . . . . . . . . . . . . . . . 3,463,750
150,000 * Bay Networks Inc . . . . . . . . . . . . . 6,750,000
70,000 * Cascade Communications Corp . . . . . . . . 6,107,500
45,000 * Cisco Systems Inc . . . . . . . . . . . . . 3,785,625
50,000 * Shiva Corp . . . . . . . . . . . . . . . . 3,700,000
3,000 * Sync Research Inc . . . . . . . . . . . . . 152,250
115,000 * 3COM Corp . . . . . . . . . . . . . . . . . 5,261,250
---------------
29,220,375
---------------
MEDICAL TECHNOLOGY - 1.43%
300,000 * Haemonetics Corp . . . . . . . . . . . . . 5,325,000
---------------
SECURITIES RELATED - 0.30%
125,000 * Investment Technology Group Inc . . . . . . 1,125,000
---------------
SEMICONDUCTORS - 11.10%
200,000 * Actel Corp . . . . . . . . . . . . . . . . 2,650,000
25,000 * Altera Corp . . . . . . . . . . . . . . . . 1,450,000
31,600 * Analog Devices Inc . . . . . . . . . . . . 1,169,200
80,000 * Applied Materials Inc . . . . . . . . . . . 3,890,000
196,200 * Cirrus Logic Inc . . . . . . . . . . . . . 5,689,800
150,000 * Maxim Integrated Products Inc . . . . . . . 11,250,000
175,000 * Silicon Valley Group Inc . . . . . . . . . 4,768,750
214,300 * Xilinx Inc . . . . . . . . . . . . . . . . 6,884,387
99,600 * Zilog Inc . . . . . . . . . . . . . . . . . 3,473,550
---------------
41,225,687
---------------
TELECOMMUNICATIONS - 14.04%
200,000 * Airtouch Communications Inc . . . . . . . . 5,825,000
110,000 * Ascend Communications Inc . . . . . . . . . 7,865,000
350,000 * Centennial Cellular Corp Class A . . . . . 6,650,000
300,000 * Mobile Telecommunication . . . . . . . . . 6,900,000
60,000 Nokia Corp - ADR . . . . . . . . . . . . . 3,255,000
400,000 * Panamsat Corp . . . . . . . . . . . . . . . 7,200,000
400,000 Vodafone Group Plc - ADR . . . . . . . . . 14,450,000
---------------
52,145,000
---------------
TOTAL COMMON STOCKS
(Cost $249,738,666) . . . . . . . . . . . . 311,311,350
---------------
</TABLE>
<TABLE>
<CAPTION>
PAR
VALUE
- ----------------------------------------------------------------------------------
<S> <C> <C>
CORPORATE SHORT TERM
COMMERCIAL PAPER - 18.72%
CONSUMER FINANCE - 7.48%
Beneficial Corp:
$ 3,969,000 5.77% due 12/11/95 . . . . . . . . . . . 3,962,639
7,861,000 5.72% due 12/7/95 . . . . . . . . . . . . 7,853,506
Sears Roebuck Acceptance Corp:
8,000,000 5.79% due 12/8/95 . . . . . . . . . . . . 7,990,993
7,947,000 5.76% due 12/1/95 . . . . . . . . . . . . 7,947,000
---------------
27,754,138
---------------
</TABLE>
54
<PAGE> 57
================================================================================
SCIENCE & TECHNOLOGY FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
- ----------------------------------------------------------------------------------
<S> <C> <C>
FINANCE COMPANIES - 8.25%
$ 9,028,000 Ford Motor Credit Co,
5.74% due 12/1/95 . . . . . . . . . . . . $ 9,028,000
8,626,000 General Electric Capital Corp,
5.76% due 12/4/95 . . . . . . . . . . . . 8,621,859
13,004,000 IBM Credit Corp,
5.73% due 12/6/95 . . . . . . . . . . . . 12,993,651
---------------
30,643,510
---------------
SECURITIES RELATED - 2.99%
11,121,000 Merrill Lynch & Co Inc,
5.78% due 12/5/95 . . . . . . . . . . . . 11,113,858
---------------
TOTAL CORPORATE SHORT TERM
COMMERCIAL PAPER
(Cost $69,511,506) . . . . . . . . . . . . 69,511,506
---------------
TOTAL INVESTMENTS
(Cost $319,250,172) - 102.54% . . . . . . 380,822,856
Other assets and liabilities,
net - (2.54%) . . . . . . . . . . . . . (9,440,299)
---------------
NET ASSETS (equivalent
to $20.29 per share
on 18,300,923 shares
outstanding) - 100% . . . . . . . . . . $ 371,382,557
---------------
</TABLE>
* Non-income producing
<TABLE>
- -----------------------------------------------------------------------------------
<S> <C>
NET ASSETS REPRESENTED BY:
Capital stock, $.01 par value per share,
1,000,000,000 shares authorized,
18,300,923 shares outstanding . . . . . . . . . . . . . . . . $ 183,009
Additional paid in capital . . . . . . . . . . . . . . . . . . 268,283,818
Undistributed net realized gain on securities . . . . . . . . . 41,320,244
Undistributed net investment income . . . . . . . . . . . . . . 22,802
Unrealized appreciation of securities . . . . . . . . . . . . . 61,572,684
---------------
NET ASSETS APPLICABLE TO SHARES
OUTSTANDING . . . . . . . . . . . . . . . . . . . . . . . . . $ 371,382,557
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
55
<PAGE> 58
================================================================================
SCIENCE & TECHNOLOGY FUND FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
(Unaudited)
STATEMENT OF OPERATIONS
For the six months ended November 30, 1995
<TABLE>
<S> <C>
INVESTMENT INCOME:
Dividends (net of foreign withholding taxes of $13,361) . . . . . . . . . $ 213,637
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,450,777
--------------
Total investment income . . . . . . . . . . . . . . . . . . . . . . . 1,664,414
--------------
EXPENSES:
Advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,258,935
Directors' fees and expenses . . . . . . . . . . . . . . . . . . . . . . 4,651
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,847
--------------
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,306,433
--------------
NET INVESTMENT INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . 357,981
--------------
REALIZED AND UNREALIZED GAIN ON SECURITIES AND FOREIGN CURRENCIES:
Net realized gain on:
Investments . . . . . . . . . . . . . . . . . . . . $ 32,643,197
Foreign currency transactions . . . . . . . . . . . 56,759 32,699,956
---------------
Net unrealized appreciation of securities during the period . . . . . . . 47,231,409
--------------
Net realized and unrealized gain on securities during the period . . . 79,931,365
--------------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . $ 80,289,346
--------------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the six For the fiscal
months ended year ended
November 30, 1995 May 31, 1995
--------------------------------
<S> <C> <C>
OPERATIONS:
Net investment income . . . . . . . . . . . . . . . . . $ 357,981 $ 231,664
Net realized gain on securities . . . . . . . . . . . . 32,699,956 9,293,121
Net unrealized appreciation of securities
during the period . . . . . . . . . . . . . . . . . 47,231,409 14,512,577
--------------------------------
Increase in net assets resulting from operations . . 80,289,346 24,037,362
--------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income . . . . . . . . . . . . . . . . . (365,398) (194,344)
Net realized gain on securities . . . . . . . . . . . . - (680,121)
--------------------------------
Decrease in net assets resulting from distributions
to shareholders . . . . . . . . . . . . . . . . . . (365,398) (874,465)
--------------------------------
CAPITAL STOCK TRANSACTIONS:
Proceeds from capital stock sold . . . . . . . . . . . 143,289,993 138,322,673
Proceeds from capital stock issued for
distributions reinvested . . . . . . . . . . . . . . 365,398 874,465
--------------------------------
. . . . . . . . . . . . . . . . . . . . . . . . 143,655,391 139,197,138
Cost of capital stock repurchased . . . . . . . . . . . (18,879,822) (5,510,922)
--------------------------------
Increase in net assets resulting from capital
stock transactions . . . . . . . . . . . . . . . . . 124,775,569 133,686,216
--------------------------------
TOTAL INCREASE IN NET ASSETS . . . . . . . . . . . . . 204,699,517 156,849,113
NET ASSETS:
Beginning of period . . . . . . . . . . . . . . . . . . 166,683,040 9,833,927
--------------------------------
End of period (including undistributed net
investment income of $22,802 and $30,219) . . . . . $ 371,382,557 $ 166,683,040
--------------------------------
CHANGE IN SHARES OUTSTANDING:
Shares of capital stock sold . . . . . . . . . . . . . 7,726,177 10,904,305
Shares issued for distributions reinvested . . . . . . 19,752 69,381
Shares of capital stock repurchased . . . . . . . . . (995,202) (424,004)
---------------------------------
Increase in shares outstanding . . . . . . . . . . . 6,750,727 10,549,682
Shares outstanding:
Beginning of period . . . . . . . . . . . . . . . . 11,550,196 1,000,514
--------------------------------
End of period . . . . . . . . . . . . . . . . . . . 18,300,923 11,550,196
--------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
56
<PAGE> 59
================================================================================
SOCIAL AWARENESS FUND November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- -----------------------------------------------------------------------------------
<S> <C><C> <C>
COMMON STOCKS - 98.60%
ADVERTISING - 0.23%
3,968 Interpublic Group of Cos Inc . . . . . . . $ 152,272
---------------
AIRLINES - 0.48%
2,676 * AMR Corp . . . . . . . . . . . . . . . . . 205,048
753 Delta Air Lines Inc . . . . . . . . . . . . 58,452
2,185 Southwest Airlines Co . . . . . . . . . . . 54,625
---------------
318,125
---------------
APPLIANCES/FURNISHINGS - 0.26%
3,174 Whirlpool Corp . . . . . . . . . . . . . . 176,157
---------------
AUTO - CARS - 0.94%
12,139 Chrysler Corp . . . . . . . . . . . . . . . 629,711
---------------
AUTO - REPLACEMENT PARTS - 0.86%
698 Echlin Inc . . . . . . . . . . . . . . . . 25,477
5,187 Genuine Parts Co . . . . . . . . . . . . . 209,425
7,944 Goodyear Tire & Rubber Co . . . . . . . . . 336,627
---------------
571,529
---------------
BANKS - NEW YORK CITY - 2.75%
4,141 Bank of New York Inc . . . . . . . . . . . 195,145
3,398 Chase Manhattan Corp . . . . . . . . . . . 206,853
5,923 Chemical Banking Corp . . . . . . . . . . . 355,380
8,364 Citicorp . . . . . . . . . . . . . . . . . 591,753
6,245 JP Morgan & Co Inc . . . . . . . . . . . . 490,232
---------------
1,839,363
---------------
BANKS - OTHER - 1.89%
1,571 Bank of Boston Corp . . . . . . . . . . . . 72,855
10,046 BankAmerica Corp . . . . . . . . . . . . . 639,177
1,730 First Chicago Corp . . . . . . . . . . . . 120,235
5,130 First Union Corp . . . . . . . . . . . . . 280,226
1,782 Fleet Financial Group Inc . . . . . . . . . 74,399
109 Mellon Bank Corp . . . . . . . . . . . . . 5,832
377 National City Corp . . . . . . . . . . . . 12,205
277 Wells Fargo & Co . . . . . . . . . . . . . 58,239
---------------
1,263,168
---------------
BANKS - REGIONAL - 3.18%
12,074 Banc One Corp . . . . . . . . . . . . . . . 460,321
1,182 Barnett Banks Inc . . . . . . . . . . . . . 71,068
242 Comerica Inc . . . . . . . . . . . . . . . 9,045
2,353 Corestates Financial Corp . . . . . . . . . 91,179
454 First Fidelity Bancorp Inc . . . . . . . . 33,312
261 First Interstate Bancorp Inc . . . . . . . 34,974
4,933 Keycorp . . . . . . . . . . . . . . . . . . 181,904
7,310 NationsBank Corp . . . . . . . . . . . . . 521,751
2,929 NBD Bancorp Inc . . . . . . . . . . . . . . 112,400
8,434 Norwest Corp . . . . . . . . . . . . . . . 278,322
5,366 PNC Bank Corp . . . . . . . . . . . . . . . 156,956
121 Shawmut National Corp . . . . . . . . . . . 4,538
1,421 SunTrust Banks Inc . . . . . . . . . . . . 96,983
1,543 Wachovia Corp . . . . . . . . . . . . . . . 69,435
---------------
2,122,188
---------------
BEVERAGE - BREWERS/
DISTRIBUTORS - 1.10%
6,261 Anheuser Busch Cos Inc . . . . . . . . . . 414,791
8,789 Seagram Ltd . . . . . . . . . . . . . . . . 320,799
---------------
735,590
---------------
BEVERAGE - SOFT DRINKS - 4.21%
25,359 Coca Cola Co . . . . . . . . . . . . . . . 1,920,944
16,055 Pepsico Inc . . . . . . . . . . . . . . . . 887,039
---------------
2,807,983
---------------
BROADCASTING - 1.23%
2,888 Capital Cities/ABC Inc . . . . . . . . . . 357,029
520 Comcast Corp Class A Special . . . . . . . 10,270
9,468 * Tele Communications Inc Class A . . . . . . 175,158
5,746 * Viacom Inc Class B . . . . . . . . . . . . 277,244
---------------
819,701
---------------
BUILDING MATERIALS - 0.28%
4,329 Masco Corp . . . . . . . . . . . . . . . . 127,706
766 * Owens Corning Fiberglass Corp . . . . . . . 33,991
640 Sherwin Williams Co . . . . . . . . . . . . 25,360
---------------
187,057
---------------
CHEMICAL - MAJOR - 1.63%
655 BF Goodrich Co . . . . . . . . . . . . . . 45,932
4,458 Morton International Inc . . . . . . . . . 154,358
9,975 PPG Industries Inc . . . . . . . . . . . . 452,616
3,784 Rohm & Haas Co . . . . . . . . . . . . . . 227,986
3,432 WR Grace & Co . . . . . . . . . . . . . . . 208,494
---------------
1,089,386
---------------
CHEMICAL - MISCELLANEOUS - 0.89%
502 A Schulman Inc . . . . . . . . . . . . . . 9,475
2,468 Great Lakes Chemical Corp . . . . . . . . . 175,536
3,989 Lubrizol Corp . . . . . . . . . . . . . . . 114,185
3,831 Lyondell Petrochemical Co . . . . . . . . . 93,860
2,190 Mallinckrodt Group Inc . . . . . . . . . . 74,734
3,302 Nalco Chemical Co . . . . . . . . . . . . . 101,124
968 Praxair Inc . . . . . . . . . . . . . . . . 28,193
---------------
597,107
---------------
CONGLOMERATES - 0.19%
266 Ogden Corp . . . . . . . . . . . . . . . . 5,652
3,794 Tyco International Ltd . . . . . . . . . . 119,037
---------------
124,689
---------------
CONSUMER FINANCE - 0.08%
339 Beneficial Corp . . . . . . . . . . . . . . 17,204
894 MBNA Corp . . . . . . . . . . . . . . . . . 36,096
---------------
53,300
---------------
CONTAINERS - METAL/GLASS - 0.14%
2,188 * Crown Cork & Seal Inc . . . . . . . . . . . 91,623
---------------
CONTAINERS - PAPER - 0.23%
355 Chesapeake Corp . . . . . . . . . . . . . . 10,472
638 Sonoco Products Co . . . . . . . . . . . . 15,950
</TABLE>
57
<PAGE> 60
================================================================================
SOCIAL AWARENESS FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- -----------------------------------------------------------------------------------
<S> <C><C> <C>
CONTAINERS - PAPER - Continued
2,786 Temple Inland Inc . . . . . . . . . . . . . $ 126,415
---------------
152,837
---------------
COSMETICS/TOILETRIES - 1.50%
2,748 Avon Products Inc . . . . . . . . . . . . . 199,574
12,381 Gillette Co . . . . . . . . . . . . . . . . 642,264
3,118 International Flavors & Fragrances . . . . 159,408
---------------
1,001,246
---------------
DRUGS - 6.97%
7,423 American Home Products Corp . . . . . . . . 677,349
2,534 * Amgen Inc . . . . . . . . . . . . . . . . . 125,750
12,955 Bristol Myers Squibb Co . . . . . . . . . . 1,039,639
23,635 Merck & Co Inc . . . . . . . . . . . . . . 1,462,415
11,108 Pfizer Inc . . . . . . . . . . . . . . . . 644,264
5,929 Schering Plough Corp . . . . . . . . . . . 340,176
4,111 Warner Lambert Co . . . . . . . . . . . . . 366,907
---------------
4,656,500
---------------
ELECTRICAL EQUIPMENT - 1.49%
6,963 AMP Inc . . . . . . . . . . . . . . . . . . 279,390
9,218 Emerson Electric Co . . . . . . . . . . . . 719,004
---------------
998,394
---------------
ENTERTAINMENT - 1.77%
657 Hasbro Inc . . . . . . . . . . . . . . . . 20,038
5,673 Mattel Inc . . . . . . . . . . . . . . . . 158,844
8,902 Time Warner Inc . . . . . . . . . . . . . . 356,080
10,783 Walt Disney Co . . . . . . . . . . . . . . 648,328
---------------
1,183,290
---------------
FINANCE COMPANIES - 0.17%
1,772 Household International Inc . . . . . . . . 110,750
---------------
FOODS - 2.72%
7,577 Archer Daniels Midland Co . . . . . . . . . 130,703
5,128 Campbell Soup Co . . . . . . . . . . . . . 286,527
5,408 Conagra Inc . . . . . . . . . . . . . . . . 215,644
4,229 CPC International Inc . . . . . . . . . . . 290,744
1,516 General Mills Inc . . . . . . . . . . . . . 83,569
8,307 H J Heinz Co . . . . . . . . . . . . . . . 264,786
1,473 Hershey Foods Corp . . . . . . . . . . . . 90,958
4,444 Kellogg Co . . . . . . . . . . . . . . . . 339,410
814 Quaker Oats Co . . . . . . . . . . . . . . 28,287
895 Ralston Purina Co . . . . . . . . . . . . . 57,280
664 Wm Wrigley Jr Co . . . . . . . . . . . . . 31,291
---------------
1,819,199
---------------
FOOTWEAR - 0.20%
2,359 Nike Inc Class B . . . . . . . . . . . . . 136,822
---------------
FREIGHT - 0.12% . . . . . . . . . . . . . .
1,110 * Federal Express Corp . . . . . . . . . . . 82,973
---------------
GOLD MINING - 0.74%
12,452 Barrick Gold Corp . . . . . . . . . . . . . 328,421
6,614 Placer Dome Inc . . . . . . . . . . . . . . 163,697
---------------
492,118
---------------
GOVERNMENT SPONSORED - 1.38%
3,498 Federal Home Loan Mortgage Corp . . . . . . 269,346
5,971 Federal National Mortgage Association . . 653,824
---------------
923,170
---------------
HARDWARE & TOOLS - 0.03%
553 Black & Decker Corp . . . . . . . . . . . . 20,668
---------------
HEALTHCARE - 0.09%
616 United Healthcare Corp . . . . . . . . . . 38,731
448 US Healthcare Inc . . . . . . . . . . . . . 20,384
---------------
59,115
---------------
HEAVY DUTY TRUCKS/PARTS - 0.49%
1,703 Cummins Engine Inc . . . . . . . . . . . . 66,843
5,052 Dana Corp . . . . . . . . . . . . . . . . . 147,771
2,638 Paccar Inc . . . . . . . . . . . . . . . . 115,412
---------------
330,026
---------------
HOSPITAL MANAGEMENT - 0.55%
7,143 Columbia / HCA Healthcare Corp . . . . . . 368,757
---------------
HOSPITAL SUPPLIES - 4.03%
19,906 Abbott Laboratories . . . . . . . . . . . . 808,681
1,103 Bausch & Lomb Inc . . . . . . . . . . . . . 39,846
10,696 Baxter International Inc . . . . . . . . . 449,232
538 Becton Dickinson & Co . . . . . . . . . . . 37,526
232 * Boston Scientific Corp . . . . . . . . . . 9,396
13,741 Johnson & Johnson . . . . . . . . . . . . . 1,190,314
2,847 Medtronic Inc . . . . . . . . . . . . . . . 156,229
---------------
2,691,224
---------------
HOUSEHOLD PRODUCTS - 1.99%
4,404 Colgate Palmolive Co . . . . . . . . . . . 322,593
1,560 Newell Co . . . . . . . . . . . . . . . . . 41,145
1,503 Premark International Inc . . . . . . . . . 76,653
1,177 Rubbermaid Inc . . . . . . . . . . . . . . 32,367
6,450 Unilever N V - ADR . . . . . . . . . . . . . 857,044
---------------
1,329,802
---------------
INFORMATION PROCESSING - 9.32%
3,112 Apple Computer . . . . . . . . . . . . . . 118,645
2,073 Automatic Data Processing Inc . . . . . . . 165,063
3,753 * Cisco Systems Inc . . . . . . . . . . . . . 315,721
4,215 * Compaq Computer Corp . . . . . . . . . . . 208,642
2,265 Computer Associates International Inc . . 148,358
1,649 * Digital Equipment Corp . . . . . . . . . . 97,085
2,094 First Data Corp . . . . . . . . . . . . . . 148,674
10,216 Hewlett Packard Co . . . . . . . . . . . . 846,651
13,712 Intel Corp . . . . . . . . . . . . . . . . 834,718
12,488 International Business Machines Corp . . . 1,206,653
9,759 * Microsoft Corp . . . . . . . . . . . . . . 850,253
3,760 * Novell Inc . . . . . . . . . . . . . . . . 63,450
5,759 * Oracle Systems Inc . . . . . . . . . . . . 261,315
4,374 Pitney Bowes Inc . . . . . . . . . . . . . 195,736
1,524 * Silicon Graphics Inc . . . . . . . . . . . 55,626
</TABLE>
58
<PAGE> 61
================================================================================
SOCIAL AWARENESS FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- -----------------------------------------------------------------------------------
<S> <C><C> <C>
INFORMATION PROCESSING - Continued
791 * Sun Microsystems Inc . . . . . . . . . . . $ 66,543
4,651 Xerox Corp . . . . . . . . . . . . . . . . 637,768
---------------
6,220,901
---------------
INSURANCE - CASUALTY - 0.42%
1,744 Chubb Corp . . . . . . . . . . . . . . . . 169,604
2,022 St Paul Cos Inc . . . . . . . . . . . . . . 113,232
---------------
282,836
---------------
INSURANCE - LIFE - 0.37%
1,516 Lincoln National Corp . . . . . . . . . . . 70,873
2,242 Transamerica Corp . . . . . . . . . . . . . 171,794
37 * Transport Holdings Inc Class A . . . . . . 1,452
---------------
244,119
---------------
INSURANCE - MISCELLANEOUS - 0.19%
871 General Re Corp . . . . . . . . . . . . . . 130,323
---------------
INSURANCE - MULTILINE - 3.13%
1,664 Aetna Life & Casualty Co . . . . . . . . . 122,096
4,962 Allstate Corp . . . . . . . . . . . . . . . 203,442
11,486 American International Group Inc . . . . . 1,030,868
1,852 Cigna Corp . . . . . . . . . . . . . . . . 203,720
1,807 Marsh & McLennan Cos Inc . . . . . . . . . 156,757
282 Providian Corp . . . . . . . . . . . . . . 11,315
6,031 Travelers Group Inc . . . . . . . . . . . . 358,845
---------------
2,087,043
---------------
MACHINERY - AGRICULTURE - 0.42%
6,942 Deere & Co . . . . . . . . . . . . . . . . 228,218
1,309 * Varity Corp . . . . . . . . . . . . . . . . 50,724
---------------
278,942
---------------
MACHINERY - CONSTRUCTION & CONTRACTS - 0.56%
6,058 Caterpillar Inc . . . . . . . . . . . . . . 371,810
---------------
MACHINERY - INDUSTRIAL/SPECIALTY - 1.35%
7,251 Cooper Industries Inc . . . . . . . . . . . 264,662
1,372 Dover Corp . . . . . . . . . . . . . . . . 53,337
3,513 Illinois Tool Works Inc . . . . . . . . . . 222,636
4,019 Ingersoll Rand Co . . . . . . . . . . . . . 154,229
2,089 Johnson Controls Inc . . . . . . . . . . . 144,663
607 Pall Corp . . . . . . . . . . . . . . . . . 16,465
1,115 Timken Co . . . . . . . . . . . . . . . . . 45,018
---------------
901,010
---------------
MERCHANDISE - SPECIALTY - 0.73%
6,031 Home Depot Inc . . . . . . . . . . . . . . 267,626
3,415 Limited Inc . . . . . . . . . . . . . . . . 61,043
674 Melville Corp . . . . . . . . . . . . . . . 20,978
911 Tandy Corp . . . . . . . . . . . . . . . . 43,387
3,961 * Toys R Us Inc . . . . . . . . . . . . . . . 92,093
---------------
485,127
---------------
MERCHANDISING - DEPARTMENT - 0.46%
586 Dayton Hudson Corp . . . . . . . . . . . . 42,558
6,007 May Department Stores Co . . . . . . . . . 262,056
---------------
304,614
---------------
MERCHANDISING - FOOD - 0.42%
5,704 Albertsons Inc . . . . . . . . . . . . . . 175,398
3,128 American Stores Co . . . . . . . . . . . . 82,110
617 * Kroger Co . . . . . . . . . . . . . . . . . 20,670
---------------
278,178
---------------
MERCHANDISING - MASS - 2.79%
7,604 J C Penney Inc . . . . . . . . . . . . . . 356,437
9,991 K Mart Corp . . . . . . . . . . . . . . . . 77,430
9,130 Sears Roebuck & Co . . . . . . . . . . . . 359,494
44,594 Wal Mart Stores Inc . . . . . . . . . . . . 1,070,256
---------------
1,863,617
---------------
METALS - ALUMINUM - 1.07%
6,894 Alcan Aluminium Ltd . . . . . . . . . . . . 228,364
6,339 Aluminum Co of America . . . . . . . . . . 370,831
1,950 Reynolds Metals Co . . . . . . . . . . . . 112,613
---------------
711,808
---------------
METALS - MISCELLANEOUS - 0.23%
1,824 Cyprus Amax Minerals Co . . . . . . . . . . 50,160
1,095 Engelhard Corp . . . . . . . . . . . . . . 25,596
2,124 Inco Ltd . . . . . . . . . . . . . . . . . 75,667
---------------
151,423
---------------
METALS - STEEL - 0.17%
174 Allegheny Ludlum Corp . . . . . . . . . . . 3,241
778 * Bethlehem Steel Corp . . . . . . . . . . . 10,892
727 Nucor Corp . . . . . . . . . . . . . . . . 36,259
1,965 USX US Steel Group . . . . . . . . . . . . 64,108
---------------
114,500
---------------
MISCELLANEOUS - 0.36%
5,618 Corning Inc . . . . . . . . . . . . . . . . 169,242
1,741 Service Corp International . . . . . . . . 70,728
---------------
239,970
---------------
NATURAL GAS - DIVERSIFIED - 0.51%
6,658 Panhandle Eastern Corp . . . . . . . . . . 188,921
4,704 Sonat Inc . . . . . . . . . . . . . . . . . 151,704
---------------
340,625
---------------
OIL - INTEGRATED DOMESTIC - 2.28%
4,065 Amerada Hess Corp . . . . . . . . . . . . . 193,087
4,567 Ashland Oil Inc . . . . . . . . . . . . . . 159,274
3,687 Burlington Resources Inc . . . . . . . . . 141,950
625 Mapco Inc . . . . . . . . . . . . . . . . . 33,594
7,168 * Oryx Energy Co . . . . . . . . . . . . . . 94,080
2,551 Pennzoil Co . . . . . . . . . . . . . . . . 101,083
13,191 Phillips Petroleum Co . . . . . . . . . . . 438,601
3,393 Sun Co . . . . . . . . . . . . . . . . . . 94,156
14,356 USX Marathon Group . . . . . . . . . . . . 263,791
---------------
1,519,616
---------------
</TABLE>
59
<PAGE> 62
================================================================================
SOCIAL AWARENESS FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- -----------------------------------------------------------------------------------
<S> <C><C> <C>
OIL - INTEGRATED INTERNATIONAL - 3.08%
39,116 Chevron Corp . . . . . . . . . . . . . . . $ 1,931,352
3,194 Murphy Oil Corp . . . . . . . . . . . . . . 125,764
---------------
2,057,116
---------------
OIL - SERVICES - 1.54%
2,289 Baker Hughes Inc . . . . . . . . . . . . . 46,638
10,435 Dresser Industries Inc . . . . . . . . . . 246,527
2,068 Halliburton Co . . . . . . . . . . . . . . 89,700
4,006 McDermott International Inc . . . . . . . . 72,609
9,033 Schlumberger Ltd . . . . . . . . . . . . . 573,595
---------------
1,029,069
---------------
PAPER/FOREST PRODUCTS - 1.53%
1,716 Alco Standard Corp . . . . . . . . . . . . 74,646
446 Avery Dennison Corp . . . . . . . . . . . . 21,241
790 Boise Cascade Corp . . . . . . . . . . . . 29,427
100 Bowater Inc . . . . . . . . . . . . . . . . 3,975
1,352 Mead Corp . . . . . . . . . . . . . . . . . 77,233
3,807 Scott Paper Co . . . . . . . . . . . . . . 217,475
10,547 Weyerhaeuser Co . . . . . . . . . . . . . . 477,252
1,968 Willamette Industries Inc . . . . . . . . . 119,064
---------------
1,020,313
---------------
PHOTOGRAPHY - 0.01%
101 Polaroid Corp . . . . . . . . . . . . . . . 4,659
---------------
POLLUTION CONTROL - 1.04%
5,254 Browning Ferris Industries Inc . . . . . . 158,277
18,115 WMX Technologies Inc . . . . . . . . . . . 534,392
---------------
692,669
---------------
PUBLISHING - NEWS - 0.51%
2,907 Dow Jones & Co Inc . . . . . . . . . . . . 111,556
3,204 Gannett Inc . . . . . . . . . . . . . . . . 195,444
765 Times Mirror Co . . . . . . . . . . . . . . 24,862
115 Tribune Co . . . . . . . . . . . . . . . . 7,418
---------------
339,280
---------------
PUBLISHING/PRINTING - 1.08%
3,860 Deluxe Corp . . . . . . . . . . . . . . . . 106,632
7,853 Dun & Bradstreet Corp . . . . . . . . . . . 489,831
116 McGraw Hill Inc . . . . . . . . . . . . . . 9,715
6,320 Moore Corp Ltd . . . . . . . . . . . . . . 112,970
---------------
719,148
---------------
RAILROAD - 1.97%
1,866 Burlington Northern Inc . . . . . . . . . . 150,446
1,671 Conrail Inc . . . . . . . . . . . . . . . . 116,761
2,804 CSX Corp . . . . . . . . . . . . . . . . . 245,701
3,757 Norfolk Southern Corp . . . . . . . . . . . 295,864
7,436 Union Pacific Corp . . . . . . . . . . . . 503,789
---------------
1,312,561
---------------
RESTAURANTS - 1.04%
15,521 McDonalds Corp . . . . . . . . . . . . . . 692,625
---------------
SECURITIES RELATED - 1.91%
11,561 American Express Co . . . . . . . . . . . . 491,343
612 Bear Stearns Cos Inc . . . . . . . . . . . 13,311
2,824 Dean Witter Discover & Co . . . . . . . . . 144,024
4,818 Merrill Lynch & Co Inc . . . . . . . . . . 268,001
2,831 Morgan Stanley Group Inc . . . . . . . . . 244,174
3,083 Salomon Inc . . . . . . . . . . . . . . . . 112,144
---------------
1,272,997
---------------
SEMICONDUCTORS - 0.66%
2,414 * Advanced Micro Devices Inc . . . . . . . . 49,487
2,554 * Applied Materials Inc . . . . . . . . . . . 124,188
524 * LSI Logic Corp . . . . . . . . . . . . . . 21,943
3,612 Micron Technology Inc . . . . . . . . . . . 197,757
2,097 * National Semiconductor Corp . . . . . . . . 44,823
---------------
438,198
---------------
TELECOMMUNICATIONS - 0.52%
457 ALLTEL Corp . . . . . . . . . . . . . . . . 13,481
127 * Andrew Corp . . . . . . . . . . . . . . . . 5,493
1,867 * DSC Communications Corp . . . . . . . . . . 73,980
6,312 Northern Telecommunications Corp . . . . . 254,847
---------------
347,801
---------------
TEXTILE - PRODUCTS - 0.11%
1,480 V F Corp . . . . . . . . . . . . . . . . . 76,960
---------------
TRUCKERS - 0.10%
1,059 Roadway Services Inc . . . . . . . . . . . 53,215
702 Ryder System Inc . . . . . . . . . . . . . 16,760
---------------
69,975
---------------
UTILITIES - COMMUNICATION - 10.37%
12,876 Ameritech Corp . . . . . . . . . . . . . . 708,180
31,750 AT & T Corp . . . . . . . . . . . . . . . . 2,095,500
10,598 Bell Atlantic Corp . . . . . . . . . . . . 667,674
22,626 Bellsouth Corp . . . . . . . . . . . . . . 879,586
9,310 MCI Communications Corp . . . . . . . . . . 249,043
11,012 NYNEX Corp . . . . . . . . . . . . . . . . 546,470
16,238 Pacific Telesis Group . . . . . . . . . . . 487,140
13,377 SBC Communications Inc . . . . . . . . . . 722,358
3,127 Sprint Corp . . . . . . . . . . . . . . . . 125,080
12,608 U S West Inc . . . . . . . . . . . . . . . 394,000
2,811 U S West Inc Media Group . . . . . . . . . 50,598
---------------
6,925,629
---------------
UTILITIES - ELECTRIC - 2.37%
8,466 Allegheny Power System Inc . . . . . . . . 234,931
8,066 CiNergy Corp . . . . . . . . . . . . . . . 237,947
640 Ipalco Enterprises . . . . . . . . . . . . 23,920
3,944 Montana Power Co . . . . . . . . . . . . . 89,726
130 Nevada Power Co . . . . . . . . . . . . . . 2,828
349 Nipsco Industries Inc . . . . . . . . . . . 12,913
20,444 PacifiCorp . . . . . . . . . . . . . . . . 401,213
8,419 Potomac Electric Power Co . . . . . . . . . 206,265
4,475 * Public Service Co of Colorado . . . . . . . 154,388
4,411 Puget Sound Power & Light Co . . . . . . . 102,556
</TABLE>
60
<PAGE> 63
================================================================================
SOCIAL AWARENESS FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- -----------------------------------------------------------------------------------
<S> <C><C> <C>
UTILITIES - ELECTRIC - Continued
503 Southwestern Public Service Co . . . . . . $ 16,410
2,827 Teco Energy Inc . . . . . . . . . . . . . . 68,555
1,128 Utilicorp United Inc . . . . . . . . . . . 31,443
---------------
1,583,095
---------------
UTILITIES - GAS, PIPELINE - 1.17%
480 * Columbia Gas System Inc . . . . . . . . . . 20,760
5,074 Consolidated Natural Gas Co . . . . . . . . 225,159
8,721 Enron Corp . . . . . . . . . . . . . . . . 327,037
2,611 Pacific Enterprises . . . . . . . . . . . . 69,844
3,283 Williams Cos Inc . . . . . . . . . . . . . 137,886
---------------
780,686
---------------
TOTAL COMMON STOCKS
(Cost $55,655,379) . . . . . . . . . . . . 65,825,083
---------------
</TABLE>
<TABLE>
<CAPTION>
PAR
VALUE
- ----------------------------------------------------------------------------------
<S> <C> <C>
CORPORATE SHORT TERM
COMMERCIAL PAPER - 1.13%
SECURITIES RELATED - 1.13%
Merrill Lynch & Co Inc:
$ 256,000 5.82% due 12/1/95 . . . . . . . . . . . . 256,000
500,000 5.75% due 12/4/95 . . . . . . . . . . . . 499,760
---------------
755,760
---------------
TOTAL CORPORATE SHORT TERM
COMMERCIAL PAPER
(Cost $755,760) . . . . . . . . . . . . . . 755,760
---------------
TOTAL INVESTMENTS
(Cost $56,411,139) - 99.73% . . . . . . . 66,580,843
Other assets and liabilities, net - 0.27% 177,309
---------------
NET ASSETS (equivalent to $14.88 per share
on 4,486,244 shares outstanding) - 100% $ 66,758,152
---------------
* Non-income producing
- ----------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
Capital stock, $.01 par value per share, 1,000,000,000 shares
authorized, 4,486,244 shares outstanding . . . . . . . . . . $ 44,862
Additional paid in capital . . . . . . . . . . . . . . . . . . 51,791,431
Undistributed net realized gain on securities . . . . . . . . . 4,721,364
Undistributed net investment income . . . . . . . . . . . . . . 30,791
Unrealized appreciation of investments . . . . . . . . . . . . 10,169,704
---------------
NET ASSETS APPLICABLE TO SHARES OUTSTANDING . . . . . . . . . . $ 66,758,152
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
61
<PAGE> 64
================================================================================
SOCIAL AWARENESS FUND FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<S> <C> <C>
STATEMENT OF OPERATIONS
For the six months ended November 30, 1995
INVESTMENT INCOME:
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 724,494
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,353
--------------
Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 743,847
--------------
EXPENSES:
Advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149,555
Custodian and accounting services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,221
Reports to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,645
Audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,292
Directors' fees and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,186
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,639
--------------
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,538
--------------
NET INVESTMENT INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 573,309
--------------
REALIZED AND UNREALIZED GAIN (LOSS) ON SECURITIES:
Net realized gain on:
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,669,868
Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,365 3,705,233
--------------
Net unrealized appreciation (depreciation) of securities during the period:
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,316,808
Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (17,950) 4,298,858
-------------- --------------
Net realized and unrealized gain on securities during the period . . . . . . . . . . . . . . . 8,004,091
--------------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,577,400
--------------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the six For the fiscal
months ended year ended
November 30, 1995 May 31, 1995
--------------------------------
<S> <C> <C>
OPERATIONS:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 573,309 $ 1,063,220
Net realized gain on securities . . . . . . . . . . . . . . . . . . . . . . . . . 3,705,233 2,356,297
Net unrealized appreciation of securities during the period . . . . . . . . . . . 4,298,858 4,816,175
-------------------------------
Increase in net assets resulting from operations . . . . . . . . . . . . . . 8,577,400 8,235,692
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (542,518) (1,067,168)
Net realized gain on securities . . . . . . . . . . . . . . . . . . . . . . . . . - (2,755,148)
-------------------------------
Decrease in net assets resulting from distributions to shareholders . . . . . (542,518) (3,822,316)
-------------------------------
CAPITAL STOCK TRANSACTIONS:
Proceeds from capital stock sold . . . . . . . . . . . . . . . . . . . . . . . . 5,199,771 6,436,649
Proceeds from capital stock issued for distributions reinvested . . . . . . . . . 542,518 3,822,316
-------------------------------
5,742,289 10,258,965
Cost of capital stock repurchased . . . . . . . . . . . . . . . . . . . . . . . . (946,110) (6,474,724)
-------------------------------
Increase in net assets resulting from capital stock transactions . . . . . . 4,796,179 3,784,241
-------------------------------
TOTAL INCREASE IN NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . 12,831,061 8,197,617
NET ASSETS:
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,927,091 45,729,474
-------------------------------
End of year (including undistributed net investment income of $30,791 and $0) . . $ 66,758,152 $ 53,927,091
-------------------------------
CHANGE IN SHARES OUTSTANDING:
Shares of capital stock sold . . . . . . . . . . . . . . . . . . . . . . . . . . 371,135 537,130
Shares issued for distributions reinvested . . . . . . . . . . . . . . . . . . . 38,488 336,272
Shares of capital stock repurchased . . . . . . . . . . . . . . . . . . . . . . (66,400) (547,073)
-------------------------------
Increase in shares outstanding . . . . . . . . . . . . . . . . . . . . . . . 343,223 326,329
Shares outstanding:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,143,021 3,816,692
-------------------------------
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,486,244 4,143,021
-------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
62
<PAGE> 65
================================================================================
TIMED OPPORTUNITY FUND November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- -----------------------------------------------------------------------------------
<S> <C><C> <C>
COMMON STOCKS - 58.30%
AEROSPACE/DEFENSE - 1.15%
5,457 Boeing Co . . . . . . . . . . . . . . . . . $ 397,679
1,960 General Dynamics Corp . . . . . . . . . . . 116,865
2,335 Lockheed Martin Corp . . . . . . . . . . . 171,331
2,166 McDonnell Douglas Corp . . . . . . . . . . 193,045
3,681 Northrop Grumman Corp . . . . . . . . . . . 226,381
1,449 Raytheon Co . . . . . . . . . . . . . . . . 64,480
7,208 Rockwell International Corp . . . . . . . . 353,192
7,902 TRW Inc . . . . . . . . . . . . . . . . . . 591,662
469 United Technologies Corp . . . . . . . . . 43,969
---------------
2,158,604
---------------
AIRLINES - 0.21%
2,976 * AMR Corp . . . . . . . . . . . . . . . . . 228,036
12,270 * USAir Group Inc . . . . . . . . . . . . . . 164,111
---------------
392,147
---------------
APPLIANCES/FURNISHINGS - 0.11%
7,239 Bassett Furniture Industries Inc . . . . . 162,877
612 Whirlpool Corp . . . . . . . . . . . . . . 33,966
1,070 * Zenith Electronics Corp . . . . . . . . . . 8,293
---------------
205,136
---------------
AUTO - CARS - 1.28%
12,149 Chrysler Corp . . . . . . . . . . . . . . . 630,229
22,294 Ford Motor Co . . . . . . . . . . . . . . . 629,806
23,653 General Motors Corp . . . . . . . . . . . . 1,147,170
---------------
2,407,205
---------------
AUTO - REPLACEMENT PARTS - 0.50%
6,943 Cooper Tire & Rubber Co . . . . . . . . . . 170,971
6,266 Genuine Parts Co . . . . . . . . . . . . . 252,990
8,283 Goodyear Tire & Rubber Co . . . . . . . . . 350,992
6,331 Pep Boys Manny Moe & Jack Co . . . . . . . 167,772
---------------
942,725
---------------
BANKS - NEW YORK CITY - 0.87%
5,705 Bank of New York Inc . . . . . . . . . . . 268,848
5,131 Chemical Banking Corp . . . . . . . . . . . 307,860
9,348 Citicorp . . . . . . . . . . . . . . . . . 661,371
4,961 JP Morgan & Co Inc . . . . . . . . . . . . 389,439
---------------
1,627,518
---------------
BANKS - OTHER - 0.91%
187 Bank of Boston Corp . . . . . . . . . . . . 8,672
8,775 BankAmerica Corp . . . . . . . . . . . . . 558,309
2,227 First Chicago Corp . . . . . . . . . . . . 154,777
4,288 First Union Corp . . . . . . . . . . . . . 234,232
8,287 Fleet Financial Group Inc . . . . . . . . . 345,982
3,748 National City Corp . . . . . . . . . . . . 121,342
1,397 Wells Fargo & Co . . . . . . . . . . . . . 293,719
---------------
1,717,033
---------------
BANKS - REGIONAL - 2.04%
11,424 Banc One Corp . . . . . . . . . . . . . . . 435,540
11,514 Barnett Banks Inc . . . . . . . . . . . . . 692,279
791 Boatmens Bancshares Inc . . . . . . . . . . 30,651
1,418 CoreStates Financial Corp . . . . . . . . . 54,948
580 First Interstate Bancorp Inc . . . . . . . 77,720
10,129 NationsBank Corp . . . . . . . . . . . . . 722,957
15,435 NBD Bancorp Inc . . . . . . . . . . . . . . 592,318
15,204 Norwest Corp . . . . . . . . . . . . . . . 501,732
10,389 PNC Bank Corp . . . . . . . . . . . . . . . 303,878
3,587 SunTrust Banks Inc . . . . . . . . . . . . 244,813
3,943 Wachovia Corp . . . . . . . . . . . . . . . 177,435
---------------
3,834,271
---------------
BEVERAGE - BREWERS/DISTRIBUTORS - 0.46%
1,219 Adolph Coors Class B . . . . . . . . . . . 24,685
8,517 Anheuser Busch Cos Inc . . . . . . . . . . 564,251
7,704 Seagram Ltd . . . . . . . . . . . . . . . . 281,196
---------------
870,132
---------------
BEVERAGE - SOFT DRINKS - 1.89%
31,709 Coca Cola Co . . . . . . . . . . . . . . . 2,401,957
20,920 Pepsico Inc . . . . . . . . . . . . . . . . 1,155,830
---------------
3,557,787
---------------
BROADCASTING - 0.64%
2,586 Capital Cities/ABC Inc . . . . . . . . . . 319,694
1,676 Comcast Corp Class A Special . . . . . . . 33,101
20,280 * Tele Communications Inc Class A . . . . . . 375,180
9,785 * Viacom Inc Class B . . . . . . . . . . . . 472,126
---------------
1,200,101
---------------
BUILDING MATERIALS - 0.16%
957 Armstrong World Industries Inc . . . . . . 57,300
4,048 Masco Corp . . . . . . . . . . . . . . . . 119,416
2,709 * Owens Corning Fiberglass Corp . . . . . . . 120,212
---------------
296,928
---------------
CHEMICAL - MAJOR - 1.71%
7,640 Dow Chemical Co . . . . . . . . . . . . . . 541,485
16,887 E I du Pont de Nemours & Co . . . . . . . . 1,122,985
562 Hercules Inc . . . . . . . . . . . . . . . 30,840
2,554 Monsanto Co . . . . . . . . . . . . . . . . 292,433
7,663 Morton International Inc . . . . . . . . . 265,331
9,998 PPG Industries Inc . . . . . . . . . . . . 453,659
3,354 Rohm & Haas Co . . . . . . . . . . . . . . 202,079
5,037 WR Grace & Co . . . . . . . . . . . . . . . 305,998
---------------
3,214,810
---------------
CHEMICAL - MISCELLANEOUS - 0.53%
721 Air Products & Chemicals Inc . . . . . . . 40,015
7,474 Eastman Chemical Co . . . . . . . . . . . . 490,481
3,316 Ecolab Inc . . . . . . . . . . . . . . . . 95,335
4,091 * FMC Corp . . . . . . . . . . . . . . . . . 302,223
191 Mallinckrodt Group Inc . . . . . . . . . . 6,518
306 Millipore Corp . . . . . . . . . . . . . . 11,399
1,651 Nalco Chemical Co . . . . . . . . . . . . . 50,562
---------------
996,533
---------------
</TABLE>
63
<PAGE> 66
================================================================================
TIMED OPPORTUNITY FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- -----------------------------------------------------------------------------------
<S> <C><C> <C>
COAL - 0.34%
19,203 Eastern Enterprises . . . . . . . . . . . . $ 624,098
388 NACCO Industries Inc Class A . . . . . . . 22,116
---------------
646,214
---------------
CONGLOMERATES - 0.66%
3,533 Allied Signal Inc . . . . . . . . . . . . . 166,934
4,920 * ITT Corp . . . . . . . . . . . . . . . . . 603,315
1,468 Loews Corp . . . . . . . . . . . . . . . . 225,338
153 Teledyne Inc (Preferred) . . . . . . . . . 2,027
1,407 Tenneco Inc . . . . . . . . . . . . . . . . 67,536
1,295 Textron Inc . . . . . . . . . . . . . . . . 99,230
2,742 Tyco International Ltd . . . . . . . . . . 86,030
---------------
1,250,410
---------------
CONSUMER FINANCE - 0.20%
9,249 MBNA Corp . . . . . . . . . . . . . . . . . 373,428
---------------
CONTAINERS - PAPER - 0.18%
7,433 Temple Inland Inc . . . . . . . . . . . . . 337,272
---------------
COSMETICS/TOILETRIES - 0.67%
1,086 Alberto Culver Co Class B . . . . . . . . . 35,024
3,725 Avon Products Inc . . . . . . . . . . . . . 270,528
10,161 Gillette Co . . . . . . . . . . . . . . . . 527,102
8,426 International Flavors & Fragrances . . . . 430,779
---------------
1,263,433
---------------
DRUGS - 3.81%
1,752 Allergan Inc . . . . . . . . . . . . . . . 54,312
9,984 American Home Products Corp . . . . . . . . 911,040
6,727 * Amgen Inc . . . . . . . . . . . . . . . . . 333,827
12,065 Bristol Myers Squibb Co . . . . . . . . . . 968,216
8,183 Eli Lilly & Co . . . . . . . . . . . . . . 814,209
29,285 Merck & Co Inc . . . . . . . . . . . . . . 1,812,009
12,548 Pfizer Inc . . . . . . . . . . . . . . . . 727,784
6,527 Schering Plough Corp . . . . . . . . . . . 374,487
11,095 Upjohn Co . . . . . . . . . . . . . . . . . 398,033
8,774 Warner Lambert Co . . . . . . . . . . . . . 783,080
---------------
7,176,997
---------------
ELECTRICAL EQUIPMENT - 2.05%
5,324 AMP Inc . . . . . . . . . . . . . . . . . . 213,626
450 * Cabletron Systems Inc . . . . . . . . . . . 37,350
3,691 Emerson Electric Co . . . . . . . . . . . . 287,898
44,384 General Electric Co . . . . . . . . . . . . 2,984,824
843 Raychem Corp . . . . . . . . . . . . . . . 43,836
4,372 W W Grainger Inc . . . . . . . . . . . . . 292,377
---------------
3,859,911
---------------
ELECTRONIC INSTRUMENTS - 0.30%
17,231 * Intergraph Corp . . . . . . . . . . . . . . 296,158
5,009 Perkin Elmer Corp . . . . . . . . . . . . . 180,324
1,576 Tektronix Inc . . . . . . . . . . . . . . . 84,907
---------------
561,389
---------------
ENTERTAINMENT - 0.68%
3,343 * King World Productions Inc . . . . . . . . 132,466
5,348 Mattel Inc . . . . . . . . . . . . . . . . 149,744
3,778 Time Warner Inc . . . . . . . . . . . . . . 151,120
13,934 Walt Disney Co . . . . . . . . . . . . . . 837,782
---------------
1,271,112
---------------
FINANCE COMPANIES - 0.05%
1,487 Household International Inc . . . . . . . . 92,938
---------------
FOODS - 1.58%
10,669 Archer Daniels Midland Co . . . . . . . . . 184,040
7,612 Campbell Soup Co . . . . . . . . . . . . . 425,320
1,587 Conagra Inc . . . . . . . . . . . . . . . . 63,282
4,725 CPC International Inc . . . . . . . . . . . 324,844
7,181 General Mills Inc . . . . . . . . . . . . . 395,853
7,402 H J Heinz Co . . . . . . . . . . . . . . . 235,939
4,906 Kellogg Co . . . . . . . . . . . . . . . . 374,696
5,983 Quaker Oats Co . . . . . . . . . . . . . . 207,909
2,549 Ralston Purina Co . . . . . . . . . . . . . 163,136
14,194 Sara Lee Corp . . . . . . . . . . . . . . . 457,756
2,876 Wm Wrigley Jr Co . . . . . . . . . . . . . 135,531
---------------
2,968,306
---------------
FOOTWEAR - 0.16%
5,015 Nike Inc Class B . . . . . . . . . . . . . 290,870
400 Stride Rite Corp . . . . . . . . . . . . . 3,500
---------------
294,370
---------------
GOLD MINING - 0.22%
9,191 Barrick Gold Corp . . . . . . . . . . . . . 242,413
6,786 Placer Dome Inc . . . . . . . . . . . . . . 167,953
---------------
410,366
---------------
GOVERNMENT SPONSORED - 0.41%
2,783 Federal Home Loan Mortgage Corp . . . . . . 214,291
5,004 Federal National Mortgage Association . . 547,938
---------------
762,229
---------------
HARDWARE & TOOLS - 0.13%
3,264 Black & Decker Corp . . . . . . . . . . . . 121,992
2,528 Stanley Works . . . . . . . . . . . . . . . 127,980
---------------
249,972
---------------
HEALTHCARE - 0.14%
1,655 United Healthcare Corp . . . . . . . . . . 104,058
3,449 US Healthcare Inc . . . . . . . . . . . . . 156,930
---------------
260,988
---------------
HEAVY DUTY TRUCKS/PARTS - 0.12%
705 Dana Corp . . . . . . . . . . . . . . . . . 20,621
3,760 Eaton Corp . . . . . . . . . . . . . . . . 204,920
---------------
225,541
---------------
</TABLE>
64
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================================================================================
TIMED OPPORTUNITY FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- -----------------------------------------------------------------------------------
<S> <C><C> <C>
HOME BUILDERS - 0.06%
1,595 Centex Corp . . . . . . . . . . . . . . . . $ 52,436
1,683 Pulte Corp . . . . . . . . . . . . . . . . 51,752
---------------
104,188
---------------
HOSPITAL MANAGEMENT - 0.39%
3,569 * Beverly Enterprises Inc . . . . . . . . . . 41,489
11,032 Columbia / HCA Healthcare Corp . . . . . . 569,527
3,354 Manor Care Inc . . . . . . . . . . . . . . 109,424
307 * Tenet Healthcare Corp . . . . . . . . . . . 5,488
---------------
725,928
---------------
HOSPITAL SUPPLIES - 1.75%
22,292 Abbott Laboratories . . . . . . . . . . . . 905,612
4,338 Bausch & Lomb Inc . . . . . . . . . . . . . 156,710
7,415 Baxter International Inc . . . . . . . . . 311,430
3,066 Becton Dickinson & Co . . . . . . . . . . . 213,853
6,577 * Biomet Inc . . . . . . . . . . . . . . . . 121,675
2,254 * Boston Scientific Corp . . . . . . . . . . 91,287
4,139 C R Bard Inc . . . . . . . . . . . . . . . 119,514
13,518 Johnson & Johnson . . . . . . . . . . . . . 1,170,997
2,955 Medtronic Inc . . . . . . . . . . . . . . . 162,156
1,148 * St Jude Medical Inc . . . . . . . . . . . . 45,326
---------------
3,298,560
---------------
HOUSEHOLD PRODUCTS - 1.55%
4,873 Colgate Palmolive Co . . . . . . . . . . . 356,947
5,084 Minnesota Mining & Manufacturing Co . . . . 333,002
1,951 Premark International Inc . . . . . . . . . 99,501
14,540 Procter & Gamble Co . . . . . . . . . . . . 1,255,892
8,683 Rubbermaid Inc . . . . . . . . . . . . . . 238,783
4,803 Unilever N V - ADR . . . . . . . . . . . . 638,199
---------------
2,922,324
---------------
INFORMATION PROCESSING - 4.72%
125 Apple Computer . . . . . . . . . . . . . . 4,766
6,388 Automatic Data Processing Inc . . . . . . . 508,644
7,795 * Ceridian Corp . . . . . . . . . . . . . . . 327,390
8,133 * Cisco Systems Inc . . . . . . . . . . . . . 684,189
4,295 * Compaq Computer Corp . . . . . . . . . . . 212,603
5,425 Computer Associates International Inc . . 355,337
6,082 * Cray Research Inc . . . . . . . . . . . . . 145,968
5,705 * Data General Corp . . . . . . . . . . . . . 69,173
3,682 * Digital Equipment Corp . . . . . . . . . . 216,778
1,235 First Data Corp . . . . . . . . . . . . . . 87,685
11,414 Hewlett Packard Co . . . . . . . . . . . . 945,935
4,575 Honeywell Inc . . . . . . . . . . . . . . . 217,884
18,907 Intel Corp . . . . . . . . . . . . . . . . 1,150,964
14,621 International Business Machines Corp . . . 1,412,754
13,504 * Microsoft Corp . . . . . . . . . . . . . . 1,176,536
8,854 * Oracle Systems Inc . . . . . . . . . . . . 401,750
2,807 * Silicon Graphics Inc . . . . . . . . . . . 102,456
4,307 * Sun Microsystems Inc . . . . . . . . . . . 362,326
7,520 * Tandem Computers Inc . . . . . . . . . . . 94,000
2,991 Xerox Corp . . . . . . . . . . . . . . . . 410,141
---------------
8,887,279
---------------
INSURANCE - CASUALTY - 0.21%
1,258 Chubb Corp . . . . . . . . . . . . . . . . 122,340
1,339 Safeco Corp . . . . . . . . . . . . . . . . 95,069
1,035 St Paul Cos Inc . . . . . . . . . . . . . . 57,960
6,510 USF & G Corp . . . . . . . . . . . . . . . 112,298
---------------
387,667
---------------
INSURANCE - LIFE - 0.16%
2,860 Lincoln National Corp . . . . . . . . . . . 133,705
3,893 Torchmark Corp . . . . . . . . . . . . . . 165,453
28 * Transport Holdings Inc Class A . . . . . . 1,099
---------------
300,257
---------------
INSURANCE - MISCELLANEOUS - 0.20%
8,107 Alexander & Alexander Services . . . . . . 177,341
1,284 General Re Corp . . . . . . . . . . . . . . 192,118
---------------
369,459
---------------
INSURANCE - MULTILINE - 1.23%
7,038 Aetna Life & Casualty Co . . . . . . . . . 516,413
6,104 Allstate Corp . . . . . . . . . . . . . . . 250,264
11,623 American International Group Inc . . . . . 1,043,164
1,987 Marsh & McLennan Cos Inc . . . . . . . . . 172,372
5,731 Travelers Group Inc . . . . . . . . . . . . 340,995
---------------
2,323,208
---------------
LEISURE TIME - 0.15%
13,292 * Bally Entertainment Group . . . . . . . . . 161,165
5,891 Outboard Marine Corp . . . . . . . . . . . 120,766
---------------
281,931
---------------
LODGING - 0.01%
537 Marriot International Inc . . . . . . . . . 20,003
---------------
MACHINE TOOLS - 0.05%
5,652 Giddings & Lewis Inc . . . . . . . . . . . 89,019
---------------
MACHINERY - AGRICULTURE - 0.11%
6,534 Deere & Co . . . . . . . . . . . . . . . . 214,805
---------------
MACHINERY - CONSTRUCTION & CONTRACTS - 0.08%
1,774 Caterpillar Inc . . . . . . . . . . . . . . 108,879
1,123 Foster Wheeler Corp . . . . . . . . . . . . 44,359
---------------
153,238
---------------
MACHINERY - INDUSTRIAL/SPECIALTY - 0.17%
6,852 Cooper Industries Inc . . . . . . . . . . . 250,098
285 Illinois Tool Works Inc . . . . . . . . . . 18,062
870 Johnson Controls Inc . . . . . . . . . . . 60,247
---------------
328,407
---------------
</TABLE>
65
<PAGE> 68
================================================================================
TIMED OPPORTUNITY FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- -----------------------------------------------------------------------------------
<S> <C><C> <C>
MERCHANDISE - DRUG - 0.12%
2,500 Rite Aid Corp . . . . . . . . . . . . . . . $ 78,125
4,950 Walgreen Co . . . . . . . . . . . . . . . . 144,169
---------------
222,294
---------------
MERCHANDISE - SPECIALTY - 0.70%
4,211 American Greetings Corp Class A . . . . . . 114,750
895 Circuit City Stores Inc . . . . . . . . . . 25,955
723 Gap Inc . . . . . . . . . . . . . . . . . . 32,716
10,075 Home Depot Inc . . . . . . . . . . . . . . 447,078
394 Jostens Inc . . . . . . . . . . . . . . . . 9,751
3,014 Limited Inc . . . . . . . . . . . . . . . . 53,875
1,268 Nordstrom Inc . . . . . . . . . . . . . . . 49,769
6,738 * Price Enterprises Inc . . . . . . . . . . . 103,386
3,942 Tandy Corp . . . . . . . . . . . . . . . . 187,738
12,916 * Toys R Us Inc . . . . . . . . . . . . . . . 300,297
---------------
1,325,315
---------------
MERCHANDISING - DEPARTMENT - 0.29%
3,993 Dayton Hudson Corp . . . . . . . . . . . . 289,992
3,836 Dillard Department Stores Inc Class A . . 110,764
1,278 May Department Stores Co . . . . . . . . . 55,753
1,940 Mercantile Stores Inc . . . . . . . . . . . 90,210
---------------
546,719
---------------
MERCHANDISING - FOOD - 0.45%
10,467 Albertsons Inc . . . . . . . . . . . . . . 321,860
1,943 American Stores Co . . . . . . . . . . . . 51,004
5 * Brunos Onc . . . . . . . . . . . . . . . . 53
3,855 * Kroger Co . . . . . . . . . . . . . . . . . 129,142
1,702 Supervalu Inc . . . . . . . . . . . . . . . 54,890
9,117 Sysco Corp . . . . . . . . . . . . . . . . 279,208
308 Winn Dixie Stores Inc . . . . . . . . . . . 19,751
---------------
855,908
---------------
MERCHANDISING - MASS - 1.06%
7,442 J C Penney Inc . . . . . . . . . . . . . . 348,844
6,355 Sears Roebuck & Co . . . . . . . . . . . . 250,228
56,612 Wal Mart Stores Inc . . . . . . . . . . . . 1,358,688
2,155 * Woolworth Corp . . . . . . . . . . . . . . 32,325
---------------
1,990,085
---------------
METALS - ALUMINUM - 0.07%
2,302 Aluminum Co of America . . . . . . . . . . 134,667
---------------
METALS - COPPER - 0.06%
2,744 Newmont Mining Corp . . . . . . . . . . . . 118,335
---------------
METALS - MISCELLANEOUS - 0.22%
228 Engelhard Corp . . . . . . . . . . . . . . 5,329
15,198 Freeport McMoran Copper & Gold Class B . . 412,246
---------------
417,575
---------------
METALS - STEEL - 0.05%
8,650 * Armco Inc . . . . . . . . . . . . . . . . . 49,738
2,159 * Bethlehem Steel Corp . . . . . . . . . . . 30,226
294 Nucor Corp . . . . . . . . . . . . . . . . 14,663
---------------
94,627
---------------
MISCELLANEOUS - 0.08%
3,212 Corning Inc . . . . . . . . . . . . . . . . 96,762
1,565 * CUC International Inc . . . . . . . . . . . 59,470
---------------
156,232
---------------
NATURAL GAS - DIVERSIFIED - 0.25%
3,047 Coastal Corp . . . . . . . . . . . . . . . 101,313
7,740 Enserch Corp . . . . . . . . . . . . . . . 119,970
7,269 NorAm Energy Corp . . . . . . . . . . . . . 57,243
4,153 Panhandle Eastern Corp . . . . . . . . . . 117,841
2,512 Sonat Inc . . . . . . . . . . . . . . . . . 81,012
---------------
477,379
---------------
OIL - INTEGRATED DOMESTIC - 1.18%
12,253 Amoco Corp . . . . . . . . . . . . . . . . 830,141
5,469 Atlantic Richfield Co . . . . . . . . . . . 592,703
845 Burlington Resources Inc . . . . . . . . . 32,533
5,340 Occidental Petroleum Corp . . . . . . . . . 118,147
7,129 Phillips Petroleum Co . . . . . . . . . . . 237,039
2,710 Sun Co . . . . . . . . . . . . . . . . . . 75,202
9,003 Unocal Corp . . . . . . . . . . . . . . . . 241,956
5,111 USX Marathon Group . . . . . . . . . . . . 93,915
---------------
2,221,636
---------------
OIL - INTEGRATED INTERNATIONAL - 3.07%
11,818 Chevron Corp . . . . . . . . . . . . . . . 583,514
26,921 Exxon Corp . . . . . . . . . . . . . . . . 2,083,012
8,787 Mobil Corp . . . . . . . . . . . . . . . . 917,143
12,579 Royal Dutch Petroleum Co - ADR . . . . . . 1,614,829
7,828 Texaco Inc . . . . . . . . . . . . . . . . 579,272
---------------
5,777,770
---------------
OIL - SERVICES - 0.69%
5,592 Baker Hughes Inc . . . . . . . . . . . . . 113,937
10,575 Dresser Industries Inc . . . . . . . . . . 249,834
3,483 Halliburton Co . . . . . . . . . . . . . . 151,075
18,580 * Rowan Cos Inc . . . . . . . . . . . . . . . 139,350
9,064 Schlumberger Ltd . . . . . . . . . . . . . 575,564
1,572 * Western Atlas Inc . . . . . . . . . . . . . 75,260
---------------
1,305,020
---------------
OIL/GAS PRODUCERS - 0.07%
4,559 Helmerich & Payne Inc . . . . . . . . . . . 124,233
---------------
PAPER/FOREST PRODUCTS - 1.35%
1,492 Alco Standard Corp . . . . . . . . . . . . 64,902
11,993 Boise Cascade Corp . . . . . . . . . . . . 446,739
7,301 Champion International Corp . . . . . . . . 344,060
3,027 Georgia Pacific Corp . . . . . . . . . . . 235,349
15,869 International Paper Co . . . . . . . . . . 605,006
1,937 Kimberly Clark Corp . . . . . . . . . . . . 148,907
718 Potlatch Corp . . . . . . . . . . . . . . . 28,989
155 Scott Paper Co . . . . . . . . . . . . . . 8,854
</TABLE>
66
<PAGE> 69
================================================================================
TIMED OPPORTUNITY FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- -----------------------------------------------------------------------------------
<S> <C><C> <C>
PAPER/FOREST PRODUCTS - Continued
2,839 Union Camp Corp . . . . . . . . . . . . . . $ 139,466
9,589 Westvaco Corp . . . . . . . . . . . . . . . 262,499
4,219 Willamette Industries Inc . . . . . . . . . 255,249
---------------
2,540,020
---------------
PHOTOGRAPHY - 0.22%
6,189 Eastman Kodak Co . . . . . . . . . . . . . 420,852
---------------
POLLUTION CONTROL - 0.33%
30,059 Laidlaw Inc Class B . . . . . . . . . . . . 278,046
11,355 WMX Technologies Inc . . . . . . . . . . . 334,972
---------------
613,018
---------------
PUBLISHING - NEWS - 0.19%
4,260 Dow Jones & Co Inc . . . . . . . . . . . . 163,478
3,083 Gannett Inc . . . . . . . . . . . . . . . . 188,063
---------------
351,541
---------------
PUBLISHING/PRINTING - 0.50%
15,567 Harcourt General Inc . . . . . . . . . . . 626,572
2,686 John H Harland Co . . . . . . . . . . . . . 55,399
1,180 McGraw Hill Inc . . . . . . . . . . . . . . 98,825
4,080 R R Donnelley & Sons Co . . . . . . . . . . 156,570
---------------
937,366
---------------
RAILROAD - 0.56%
6,319 Burlington Northern Inc . . . . . . . . . . 509,469
2,036 CSX Corp . . . . . . . . . . . . . . . . . 178,405
3,120 Norfolk Southern Corp . . . . . . . . . . . 245,700
1,892 Union Pacific Corp . . . . . . . . . . . . 128,183
---------------
1,061,757
---------------
RESTAURANTS - 0.37%
4,937 Darden Restaurants Inc . . . . . . . . . . 57,393
12,591 McDonalds Corp . . . . . . . . . . . . . . 561,873
10,922 * Ryans Family Steak House . . . . . . . . . 80,550
---------------
699,816
---------------
SAVINGS AND LOAN - 0.10%
3,500 Great Western Financial Corp . . . . . . . 89,250
3,904 H F Ahmanson & Co . . . . . . . . . . . . . 104,432
---------------
193,682
---------------
SECURITIES RELATED - 1.29%
10,578 American Express Co . . . . . . . . . . . . 449,565
9,153 Dean Witter Discover & Co . . . . . . . . . 466,803
2,466 Merrill Lynch & Co Inc . . . . . . . . . . 137,171
10,966 Morgan Stanley Group Inc . . . . . . . . . 945,818
11,718 Salomon Inc . . . . . . . . . . . . . . . . 426,242
---------------
2,425,599
---------------
SEMICONDUCTORS - 1.04%
2,820 * Applied Materials Inc . . . . . . . . . . . 137,122
7,509 Micron Technology Inc . . . . . . . . . . . 411,118
14,007 Motorola Inc . . . . . . . . . . . . . . . 857,929
7,087 * National Semiconductor Corp . . . . . . . . 151,485
7,006 Texas Instruments Inc . . . . . . . . . . . 405,472
---------------
1,963,126
---------------
TELECOMMUNICATIONS - 0.62%
6,152 * Airtouch Communications Inc . . . . . . . . 179,177
10,107 ALLTEL Corp . . . . . . . . . . . . . . . . 298,157
1,588 * Andrew Corp . . . . . . . . . . . . . . . . 68,681
2,730 * DSC Communications Corp . . . . . . . . . . 108,176
10,830 Northern Telecommunications Corp . . . . . 437,261
1,850 * Tellabs Inc . . . . . . . . . . . . . . . . 72,613
---------------
1,164,065
---------------
TOBACCO - 1.01%
19,112 Philip Morris Cos Inc . . . . . . . . . . . 1,677,078
6,822 UST Inc . . . . . . . . . . . . . . . . . . 222,568
---------------
1,899,646
---------------
UTILITIES - COMMUNICATION - 5.11%
13,648 Ameritech Corp . . . . . . . . . . . . . . 750,640
39,552 AT & T Corp . . . . . . . . . . . . . . . . 2,610,432
8,979 Bell Atlantic Corp . . . . . . . . . . . . 565,677
20,844 Bellsouth Corp . . . . . . . . . . . . . . 810,311
28,484 GTE Corp . . . . . . . . . . . . . . . . . 1,214,130
12,227 MCI Communications Corp . . . . . . . . . . 327,072
9,025 NYNEX Corp . . . . . . . . . . . . . . . . 447,866
13,762 Pacific Telesis Group . . . . . . . . . . . 412,860
24,953 SBC Communications Inc . . . . . . . . . . 1,347,462
11,337 Sprint Corp . . . . . . . . . . . . . . . . 453,480
17,773 * U S West Inc . . . . . . . . . . . . . . . 555,406
6,602 * U S West Inc Media Group . . . . . . . . . 118,836
---------------
9,614,172
---------------
UTILITIES - ELECTRIC - 1.87%
134 American Electric Power Inc . . . . . . . . 5,042
2,698 Baltimore Gas & Electric Co . . . . . . . . 71,834
3,046 Central & South West Corp . . . . . . . . . 81,861
4,373 CiNergy Corp . . . . . . . . . . . . . . . 129,004
10,006 Consolidated Edison Co of New York Inc . . 288,923
8,484 Dominion Resources Inc . . . . . . . . . . 336,178
7,258 Duke Power Co . . . . . . . . . . . . . . . 325,703
8,674 Entergy Corp . . . . . . . . . . . . . . . 241,788
1,629 FPL Group Inc . . . . . . . . . . . . . . . 70,658
1,511 Houston Industries Inc . . . . . . . . . . 69,128
1,790 Ohio Edison Co . . . . . . . . . . . . . . 40,723
8,919 Pacific Gas & Electric Co . . . . . . . . . 245,272
4,945 PacifiCorp . . . . . . . . . . . . . . . . 97,046
11,817 Public Service Enterprise Group . . . . . . 350,079
18,204 SCE Corp . . . . . . . . . . . . . . . . . 284,437
24,239 Southern Co . . . . . . . . . . . . . . . . 554,467
2,037 Unicom Corp . . . . . . . . . . . . . . . . 65,184
6,649 Union Electric Co . . . . . . . . . . . . . 266,791
---------------
3,524,118
---------------
</TABLE>
67
<PAGE> 70
================================================================================
TIMED OPPORTUNITY FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
- -----------------------------------------------------------------------------------
<S> <C> <C>
UTILITIES - GAS, PIPELINE - 0.38%
459 Consolidated Natural Gas Co . . . . . . . . $ 20,368
14,934 Enron Corp . . . . . . . . . . . . . . . . 560,025
3,777 Nicor Inc . . . . . . . . . . . . . . . . . 95,841
1,400 Pacific Enterprises . . . . . . . . . . . . 37,450
---------------
713,684
---------------
TOTAL COMMON STOCKS
(Cost $93,331,733) . . . . . . . . . . . . 109,722,336
---------------
</TABLE>
<TABLE>
<CAPTION>
PAR
VALUE
- -----------------------------------------------------------------------------------
<S> <C> <C>
CORPORATE BONDS - 16.95%
AEROSPACE/DEFENSE - 0.94%
$ 1,750,000 Raytheon Co,
6.50% due 7/15/05 . . . . . . . . . . . . 1,775,410
---------------
AUTO - CARS - 1.11%
2,000,000 General Motors Acceptance Corp,
7.375% due 5/28/99 . . . . . . . . . . . 2,085,740
---------------
BANKS - OTHER - 1.08%
2,000,000 BankAmerica Corp,
6.75% due 9/15/05 . . . . . . . . . . . . 2,034,040
---------------
BANKS - REGIONAL - 1.15%
2,000,000 NationsBank Corp,
7.625% due 4/15/05 . . . . . . . . . . . 2,154,260
---------------
CONSUMER FINANCE - 3.07%
2,000,000 American Express Credit Corp,
6.50% due 8/1/00 . . . . . . . . . . . . 2,039,020
1,700,000 Associates Corp of North America,
6.00% due 6/15/00 . . . . . . . . . . . . 1,699,524
2,000,000 Sears Roebuck Acceptance Corp,
6.75% due 9/15/05 . . . . . . . . . . . . 2,038,980
---------------
5,777,524
---------------
FINANCE COMPANIES - 0.53%
1,000,000 Ford Motor Credit Co,
6.25% due 11/8/00 . . . . . . . . . . . . 1,005,370
---------------
HEAVY DUTY TRUCKS/PARTS - 0.53%
1,000,000 Eaton Corp,
7.00% due 4/1/11 . . . . . . . . . . . . 996,280
---------------
LODGING - 0.80%
1,500,000 ITT Destinations,
6.75% due 11/15/05 . . . . . . . . . . . 1,509,630
---------------
MERCHANDISE - DRUG - 0.52%
1,000,000 Rite Aid Corp,
6.875% due 8/15/13 . . . . . . . . . . . 971,220
---------------
MERCHANDISING - MASS - 0.56%
1,000,000 Sears Roebuck & Co,
7.35% due 3/23/00 . . . . . . . . . . . . 1,048,300
---------------
OIL - INTEGRATED DOMESTIC - 1.12%
2,000,000 Union Oil Co California,
7.20% due 5/15/05 . . . . . . . . . . . . 2,097,560
---------------
POLLUTION CONTROL - 1.18%
2,000,000 Browning Ferris Industries Inc,
7.875% due 3/15/05 . . . . . . . . . . . 2,219,980
---------------
PUBLISHING/PRINTING - 1.06%
2,000,000 Time Warner Entertainment Co L P,
7.25% due 9/1/08 . . . . . . . . . . . . 2,002,980
---------------
SECURITIES RELATED - 1.13%
2,000,000 Smith Barney Holdings Inc,
7.875% due 10/1/99 . . . . . . . . . . . 2,120,480
---------------
UTILITIES - COMMUNICATION - 1.09%
2,000,000 Bellsouth Telecommunications,
7.00% due 10/1/25 . . . . . . . . . . . . 2,058,060
---------------
UTILITIES - ELECTRIC - 1.08%
2,000,000 Texas Utilities Electric Co,
6.75% due 7/1/05 . . . . . . . . . . . . 2,036,520
---------------
TOTAL CORPORATE BONDS
(Cost $30,913,946) . . . . . . . . . . . . 31,893,354
---------------
UNITED STATES GOVERNMENT -
LONG TERM - 18.40%
GOVERNMENT SPONSORED - 1.05%
Federal Home Loan Mortgage Corp:
420,413 7.50% due 9/1/25 . . . . . . . . . . . . 427,900
783,876 7.50% due 9/1/25 . . . . . . . . . . . . 797,837
194,779 7.50% due 9/1/25 . . . . . . . . . . . . 198,248
544,255 7.50% due 9/1/25 . . . . . . . . . . . . 553,948
---------------
1,977,933
---------------
UNITED STATES BONDS
AND NOTES - 17.35%
4,000,000 United States Treasury Bonds,
7.50% due 11/15/24 . . . . . . . . . . . 4,676,880
United States Treasury Notes:
1,000,000 8.50% due 7/15/97 . . . . . . . . . . . . 1,047,190
1,000,000 8.00% due 8/15/99 . . . . . . . . . . . . 1,082,030
4,000,000 7.875% due 11/15/04 . . . . . . . . . . . 4,575,000
1,000,000 6.75% due 5/31/99 . . . . . . . . . . . . 1,039,220
3,000,000 6.25% due 8/31/00 . . . . . . . . . . . . 3,084,360
6,000,000 6.125% due 5/15/98 . . . . . . . . . . . 6,099,360
3,000,000 5.875% due 7/31/97 . . . . . . . . . . . 3,022,500
4,000,000 5.625% due 10/31/97 . . . . . . . . . . . 4,018,760
3,000,000 5.50% due 4/15/00 . . . . . . . . . . . . 3,002,340
1,000,000 5.375% due 5/31/98 . . . . . . . . . . . 998,910
---------------
32,646,550
---------------
TOTAL UNITED STATES
GOVERNMENT - LONG TERM
(Cost $33,270,794) . . . . . . . . . . . . 34,624,483
---------------
</TABLE>
68
<PAGE> 71
================================================================================
TIMED OPPORTUNITY FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
- -----------------------------------------------------------------------------------
<S> <C><C> <C>
CORPORATE SHORT TERM
COMMERCIAL PAPER - 5.77%
BEVERAGE - SOFT DRINKS - 0.52%
$ 1,000,000 Coca Cola Enterprises Inc,
5.72% due 1/31/96 . . . . . . . . . . . . $ 990,308
--------------
CONSUMER FINANCE - 1.17%
2,200,000 Beneficial Corp,
5.72% due 12/5/95 . . . . . . . . . . . . 2,198,602
---------------
FINANCE COMPANIES - 1.51%
1,843,000 CIESCO L P,
5.60% due 12/14/95 . . . . . . . . . . . 1,839,273
1,000,000 International Lease Finance Corp,
5.62% due 12/12/95 . . . . . . . . . . . 998,283
---------------
2,837,556
---------------
SECURITIES RELATED - 2.57%
Merrill Lynch & Co Inc:
2,483,000 5.85% due 12/1/95 . . . . . . . . . . . . 2,483,000
2,357,000 5.77% due 12/4/95 . . . . . . . . . . . . 2,355,866
---------------
4,838,866
---------------
TOTAL CORPORATE SHORT TERM
COMMERCIAL PAPER
(Cost $10,865,332) . . . . . . . . . . . . 10,865,332
---------------
UNITED STATES GOVERNMENT -
SHORT TERM - 0.13%
250,000 United States Treasury Bills,
5.645% due 12/21/95
(Cost $249,216) . . . . . . . . . . . . . 249,216
---------------
TOTAL INVESTMENTS
(Cost $168,631,021) - 99.55% . . . . . . . 187,354,721
Other assets and liabilities,
net - 0.45% . . . . . . . . . . . . . . 837,489
---------------
NET ASSETS (equivalent
to $12.15 per share on
15,493,178 shares
outstanding) - 100% . . . . . . . . . . $ 188,192,210
---------------
* Non-income producing
</TABLE>
<TABLE>
<CAPTION>
UNREALIZED
CONTRACTS APPRECIATION
- ----------------------------------------------------------------------------------
<S> <C> <C>
FUTURES CONTRACTS PURCHASED(1)
(Delivery month/Value at 11/30/95)
20 (2) S&P 500 Index Futures
(December/$607.25) . . . . . . . . . . . $ 280,550
---------------
(1) U.S. Treasury Bills with a market value of
approximately $250,000 were maintained in a
segregated account with a portion placed as
collateral for futures contracts.
(2) Per 500
- ----------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
Capital stock, $.01 par value per share,
1,000,000,000 shares authorized,
15,493,178 shares outstanding . . . . . . . . . . . . . . . $ 154,932
Additional paid in capital . . . . . . . . . . . . . . . . . 159,160,641
Undistributed net realized gain on securities . . . . . . . . 9,790,115
Undistributed net investment income . . . . . . . . . . . . . 82,272
Unrealized appreciation of:
Investments . . . . . . . . . . . . . . . . $ 18,723,700
Futures . . . . . . . . . . . . . . . . . . 280,550 19,004,250
--------------- ---------------
NET ASSETS APPLICABLE TO SHARES OUTSTANDING . . . . . . . . . $ 188,192,210
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
69
<PAGE> 72
================================================================================
TIMED OPPORTUNITY FUND FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<S> <C> <C>
STATEMENT OF OPERATIONS
For the six months ended November 30, 1995
INVESTMENT INCOME:
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,141,629
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,034,657
-------------
Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,176,286
-------------
EXPENSES:
Advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 463,082
Custodian and accounting services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,504
Reports to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,553
Audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,927
Directors' fees and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,925
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,276
-------------
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 540,267
-------------
NET INVESTMENT INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,636,019
-------------
REALIZED AND UNREALIZED GAIN ON SECURITIES:
Net realized gain on:
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,768,727
Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . 771,274 7,540,001
-------------- -------------
Net unrealized appreciation (depreciation) during the period:
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,961,016
Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . (14,050) 6,946,966
-------------- -------------
Net realized and unrealized gain during the period . . . . . . . . . . . . . . . . . . 14,486,967
-------------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . . . . $ 18,122,986
=============
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS For the six For the fiscal
months ended year ended
November 30, 1995 May 31, 1995
-------------------------------
<S> <C> <C>
OPERATIONS:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,636,019 $ 7,512,913
Net realized gain on securities . . . . . . . . . . . . . . . . . . . . . . . 7,540,001 3,400,944
Net unrealized appreciation of securities during the period . . . . . . . . . 6,946,966 10,353,911
-------------------------------
Increase in net assets resulting from operations . . . . . . . . . . . . 18,122,986 21,267,768
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,710,667) (7,558,597)
Net realized gain on securities . . . . . . . . . . . . . . . . . . . . . . . - (7,068,460)
-------------------------------
Decrease in net assets resulting from distributions to shareholders . . . (3,710,667) (14,627,057)
-------------------------------
CAPITAL STOCK TRANSACTIONS:
Proceeds from capital stock sold . . . . . . . . . . . . . . . . . . . . . . 1,763,174 6,307,925
Proceeds from capital stock issued for distributions reinvested . . . . . . . 3,710,667 14,627,057
-------------------------------
5,473,841 20,934,982
Cost of capital stock repurchased . . . . . . . . . . . . . . . . . . . . . . (15,087,290) (38,758,320)
-------------------------------
Decrease in net assets resulting from capital stock transactions . . . . (9,613,449) (17,823,338)
-------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS . . . . . . . . . . . . . . . . . . . 4,798,870 (11,182,627)
NET ASSETS:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183,393,340 194,575,967
-------------------------------
End of period (including undistributed net investment income of $82,272
and $156,920) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 188,192,210 $ 183,393,340
===============================
CHANGE IN SHARES OUTSTANDING:
Shares of capital stock sold . . . . . . . . . . . . . . . . . . . . . . . . 151,301 585,687
Shares issued for distributions reinvested . . . . . . . . . . . . . . . . . 318,008 1,389,056
Shares of capital stock repurchased . . . . . . . . . . . . . . . . . . . . (1,295,474) (3,610,925)
-------------------------------
Decrease in shares outstanding . . . . . . . . . . . . . . . . . . . . . (826,165) (1,636,182)
Shares outstanding:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,319,343 17,955,525
-------------------------------
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,493,178 16,319,343
===============================
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
70
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CAPITAL CONSERVATION FUND November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
- ----------------------------------------------------------------------------------
<S> <C> <C>
CORPORATE BONDS - 80.73%
AEROSPACE/DEFENSE - 1.56%
$ 500,000 Boeing Inc,
8.10% due 11/15/06 . . . . . . . . . . . $ 570,210
500,000 Rockwell International Corp,
8.375% due 2/15/01 . . . . . . . . . . . 552,310
---------------
1,122,520
---------------
AIRLINES - 3.14%
2,000,000 Southwest Airlines Co,
8.75% due 10/15/03 . . . . . . . . . . . 2,265,700
---------------
AUTO - CARS - 1.67%
1,000,000 General Motors Corp,
8.80% due 3/1/21 . . . . . . . . . . . . 1,203,080
---------------
BANKS - OTHER - 2.79%
1,000,000 BankAmerica Corp,
7.20% due 4/15/06 . . . . . . . . . . . . 1,051,300
1,000,000 Toronto Dominion Bank Ont,
6.125% due 11/1/08 . . . . . . . . . . . 962,450
---------------
2,013,750
---------------
BANKS - REGIONAL - 13.79%
Barnett Banks Inc:
500,000 10.875% due 3/15/03 . . . . . . . . . . . 625,845
1,000,000 6.90% due 9/1/05 . . . . . . . . . . . . 1,026,950
500,000 Boatmens Bancshares Inc,
8.625% due 11/15/03 . . . . . . . . . . . 563,315
2,000,000 First Bank Systems Inc,
6.875% due 9/15/07 . . . . . . . . . . . 2,050,840
NationsBank Corp:
1,500,000 7.75% due 8/15/15 . . . . . . . . . . . . 1,605,405
1,000,000 7.625% due 4/15/05 . . . . . . . . . . . 1,077,130
1,000,000 Norwest Corp,
6.65% due 10/15/23 . . . . . . . . . . . 955,590
1,000,000 Southtrust Corp,
7.625% due 5/1/04 . . . . . . . . . . . . 1,054,690
1,000,000 Wachovia Corp,
6.375% due 2/1/09 . . . . . . . . . . . . 979,450
---------------
9,939,215
---------------
BEVERAGE - BREWERS/
DISTRIBUTORS - 3.33%
2,000,000 Joseph E Seagram & Sons Inc,
9.00% due 8/15/21 . . . . . . . . . . . . 2,401,440
---------------
CONSUMER FINANCE - 2.83%
1,000,000 Associates Corp of North America,
6.125% due 2/1/98 . . . . . . . . . . . . 1,006,170
1,000,000 Commercial Credit Group Inc,
6.875% due 5/1/02 . . . . . . . . . . . . 1,035,730
---------------
2,041,900
---------------
CONTAINERS - METAL/GLASS - 1.43%
1,000,000 Crown Cork & Seal Co Inc,
7.00% due 6/15/99 . . . . . . . . . . . . 1,030,170
---------------
ENTERTAINMENT - 2.95%
2,000,000 News America Holdings Inc,
8.25% due 8/10/18 . . . . . . . . . . . . 2,125,460
---------------
FINANCE COMPANIES - 7.87%
2,000,000 Capital One Bank,
8.125% due 3/1/00 . . . . . . . . . . . . 2,124,740
1,000,000 CIT Group Holdings,
8.375% due 11/1/01 . . . . . . . . . . . 1,099,040
Ford Motor Credit Co:
1,000,000 8.20% due 2/15/02 . . . . . . . . . . . . 1,099,860
500,000 6.375% due 11/5/08 . . . . . . . . . . . 491,990
750,000 General Electric Capital Corp,
8.125% due 5/15/12 . . . . . . . . . . . 858,510
---------------
5,674,140
---------------
FOODS - 4.31%
2,550,000 Ralston Purina Co,
9.25% due 10/15/09 . . . . . . . . . . . 3,110,490
---------------
INSURANCE - MULTILINE - 0.76%
500,000 ITT Hartford Group,
8.30% due 12/1/01 . . . . . . . . . . . . 544,255
---------------
LODGING - 2.09%
1,500,000 ITT Destinations,
7.375% due 11/15/15 . . . . . . . . . . . 1,509,585
---------------
MACHINERY - INDUSTRIAL/
SPECIALTY - 0.86%
500,000 Ingersoll Rand Co,
9.00% due 8/15/21 . . . . . . . . . . . . 621,830
---------------
MERCHANDISE - DRUG - 0.66%
500,000 Imcera Group Inc,
6.00% due 10/15/03 . . . . . . . . . . . 475,610
---------------
MERCHANDISING - DEPARTMENT - 4.03%
2,000,000 Associated Dry Goods Corp,
8.85% due 3/1/06 . . . . . . . . . . . . 2,374,600
500,000 Dillard Department Stores Inc,
8.75% due 6/15/98 . . . . . . . . . . . . 533,450
---------------
2,908,050
---------------
MERCHANDISING - FOOD - 0.72%
500,000 Supervalu Inc,
7.25% due 7/15/99 . . . . . . . . . . . . 520,760
---------------
MERCHANDISING - MASS - 1.37%
1,000,000 Sears Roebuck & Co,
6.25% due 1/15/04 . . . . . . . . . . . . 990,540
---------------
</TABLE>
71
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================================================================================
CAPITAL CONSERVATION FUND- CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
- ----------------------------------------------------------------------------------
<S> <C>
OIL - INTEGRATED DOMESTIC - 2.59%
Texaco Capital Inc:
$ 1,000,000 9.75% due 3/15/20 . . . . . . . . . . . . $ 1,336,940
500,000 9.00% due 11/15/97 . . . . . . . . . . . 530,300
---------------
1,867,240
---------------
OIL - INTEGRATED
INTERNATIONAL - 0.76%
500,000 Societe Nationale Elf Aquitaine,
8.00% due 10/15/01 . . . . . . . . . . . 548,170
---------------
PAPER/FOREST PRODUCTS - 3.36%
2,000,000 Georgia Pacific Corp,
9.50% due 12/1/11 . . . . . . . . . . . . 2,419,080
---------------
PUBLISHING - NEWS - 0.74%
500,000 Times Mirror Co,
7.50% due 7/1/23 . . . . . . . . . . . . 529,555
---------------
PUBLISHING/PRINTING - 1.39%
1,000,000 Time Warner Entertainment Co L P,
7.25% due 9/1/08 . . . . . . . . . . . . 1,001,490
---------------
TOBACCO - 1.44%
1,000,000 Philip Morris Cos Inc,
7.375% due 2/15/99 . . . . . . . . . . . 1,035,480
---------------
TRUCKERS - 1.42%
1,000,000 Ryder Systems Inc,
6.77% due 4/20/01 . . . . . . . . . . . . 1,024,560
---------------
UTILITIES - COMMUNICATION - 2.85%
2,000,000 Southern Bell Telephone &
Telegraph Co,
7.625% due 3/15/13 . . . . . . . . . . . 2,056,840
---------------
UTILITIES - ELECTRIC - 10.02%
1,000,000 Central Power & Light Co,
6.00% due 4/1/00 . . . . . . . . . . . . 991,140
1,000,000 Georgia Power Co,
6.125% due 9/1/99 . . . . . . . . . . . . 1,004,730
2,000,000 Kansas Gas & Electric Co,
8.29% due 3/29/16 . . . . . . . . . . . . 2,123,980
1,000,000 PSI Energy Inc,
5.35% due 9/23/98 . . . . . . . . . . . . 984,940
500,000 Utilicorp United Inc,
8.20% due 1/15/07 . . . . . . . . . . . . 555,155
500,000 Virginia Electric & Power Co,
9.50% due 1/31/00 . . . . . . . . . . . . 571,820
1,000,000 West Penn Power Co,
5.50% due 6/1/98 . . . . . . . . . . . . 992,770
---------------
7,224,535
---------------
TOTAL CORPORATE BONDS
(Cost $55,529,885) . . . . . . . . . . . . 58,205,445
---------------
UNITED STATES GOVERNMENT -
LONG TERM - 16.45%
FEDERAL AGENCIES - 1.13%
Government National Mortgage
Association:
152,706 Pool #233862,
9.50% due 5/15/18 . . . . . . . . . . . . 164,350
10,556 Pool #248341,
9.50% due 6/15/18 . . . . . . . . . . . . 11,370
5,034 Pool #252064,
9.50% due 6/15/18 . . . . . . . . . . . . 5,418
188,022 Pool #247397,
9.50% due 7/15/18 . . . . . . . . . . . . 202,358
57,254 Pool #256190,
9.50% due 8/15/18 . . . . . . . . . . . . 61,620
19,299 Pool #253172,
9.50% due 10/15/18 . . . . . . . . . . . 20,770
337,473 Pool #185210,
8.00% due 1/15/22 . . . . . . . . . . . . 349,497
---------------
815,383
---------------
GOVERNMENT SPONSORED - 5.15%
Federal National Mortgage
Association:
1,725,000 6.27% due 4/1/99 . . . . . . . . . . . . 1,726,225
2,000,000 5.62% due 2/23/98 . . . . . . . . . . . . 1,987,440
---------------
3,713,665
---------------
UNITED STATES BONDS &
NOTES - 10.17%
1,000,000 United States Treasury Bonds,
7.50% due 11/15/24 . . . . . . . . . . . 1,169,220
United States Treasury Notes:
4,500,000 7.875% due 11/15/04 . . . . . . . . . . . 5,146,875
1,000,000 6.875% due 2/28/97 . . . . . . . . . . . 1,017,340
---------------
7,333,435
---------------
TOTAL UNITED STATES
GOVERNMENT - LONG TERM
(Cost $10,973,344) . . . . . . . . . . . . 11,862,483
--------------
FOREIGN GOVERNMENT BOND - 0.73%
CANADA - 0.73%
500,000 New Brunswick Province,
7.125% due 10/1/02
(Cost $498,802) . . . . . . . . . . . . . 526,115
---------------
CORPORATE SHORT TERM
COMMERCIAL PAPER - 0.52%
375,000 Merrill Lynch & Co Inc,
5.82% due 12/1/95
(Cost $375,000) . . . . . . . . . . . . . 375,000
---------------
</TABLE>
72
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================================================================================
CAPITAL CONSERVATION FUND- CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
MARKET
VALUE
- --------------------------------------------------------------------------
<S> <C>
TOTAL INVESTMENTS
(Cost $67,377,031) - 98.43% . . . . . . . . $ 70,969,043
Other assets and liabilities,
net - 1.57% . . . . . . . . . . . . . . 1,130,063
---------------
NET ASSETS (equivalent
to $9.79 per share on
7,366,059 shares
outstanding) - 100% . . . . . . . . . . 72,099,106
---------------
</TABLE>
<TABLE>
<CAPTION>
UNREALIZED
CONTRACTS APPRECIATION
- ---------------------------------------------------------------------------
<S> <C> <C>
FUTURES CONTRACTS PURCHASED(1)
(Delivery month/Value at 11/30/95)
3 (2) U.S. Treasury 2 Year Notes
(March/$104.55) . . . . . . . . . . . . . $ 1,219
---------------
(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 2,000
- --------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
Capital stock, $.01 par value per share,
1,000,000,000 shares authorized,
7,366,059 shares outstanding . . . . . . . $ 73,661
Additional paid in capital . . . . . . . . . 70,304,156
Accumulated net realized loss on securities . (1,897,536)
Undistributed net investment income . . . . . 25,594
Unrealized appreciation of:
Investments . . . . . . . . . . $ 3,592,012
Futures . . . . . . . . . . . 1,219 3,593,231
------------ --------------
NET ASSETS APPLICABLE TO SHARES
OUTSTANDING . . . . . . . . . . . . . . . . $ 72,099,106
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
73
<PAGE> 76
================================================================================
CAPITAL CONSERVATION FUND FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<S> <C>
STATEMENT OF OPERATIONS
For the six months ended November 30, 1995
INVESTMENT INCOME:
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,407,337
---------------
EXPENSES:
Advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . 170,631
Custodian and accounting services . . . . . . . . . . . . . . . 14,217
Reports to shareholders . . . . . . . . . . . . . . . . . . . . 4,046
Audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . 1,371
Directors' fees and expenses . . . . . . . . . . . . . . . . . 1,416
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . 3,517
---------------
Total expenses . . . . . . . . . . . . . . . . . . . . . . . 195,198
---------------
NET INVESTMENT INCOME . . . . . . . . . . . . . . . . . . . . . 2,212,139
---------------
REALIZED AND UNREALIZED GAIN (LOSS) ON SECURITIES:
Net realized gain (loss) on:
Investments . . . . . . . . . . . . . . . . . $ 1,004,327
Futures contracts . . . . . . . . . . . . . . (5,073) 999,254
-----------
Net unrealized appreciation during the period:
Investments . . . . . . . . . . . . . . . . . 913,702
Futures contracts . . . . . . . . . . . . . . 656 914,358
----------- ---------------
Net realized and unrealized gain on securities during the period 1,913,612
---------------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . $ 4,125,751
---------------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the six For the fiscal
months ended year ended
November 30, 1995 May 31, 1995
----------------- ---------------
<S> <C> <C>
OPERATIONS:
Net investment income . . . . . . . . . . . . . . . . . . . . . $ 2,212,139 $ 4,244,789
Net realized gain (loss) on securities . . . . . . . . . . . . 999,254 (2,788,646)
Net unrealized appreciation of securities during the period . . 914,358 5,470,987
--------------- -------------
Increase in net assets resulting from operations . . . . . . 4,125,751 6,927,130
--------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income . . . . . . . . . . . . . . . . . . . . . (2,187,737) (4,277,330)
--------------- -------------
CAPITAL STOCK TRANSACTIONS:
Proceeds from capital stock sold . . . . . . . . . . . . . . . 5,814,922 11,988,687
Proceeds from capital stock issued for distributions reinvested 2,187,737 4,277,330
--------------- -------------
8,002,659 16,266,017
Cost of capital stock repurchased . . . . . . . . . . . . . . . (3,872,473) (14,190,188)
--------------- -------------
Increase in net assets resulting from capital stock
transactions . . . . . . . . . . . . . . . . . . . . . . . 4,130,186 2,075,829
--------------- -------------
TOTAL INCREASE IN NET ASSETS . . . . . . . . . . . . . . . . . 6,068,200 4,725,629
NET ASSETS:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . 66,030,906 61,305,277
--------------- -------------
End of period (including undistributed net investment income of
$25,594 and $1,192) . . . . . . . . . . . . . . . . . . . . . $ 72,099,106 $ 66,030,906
--------------- -------------
CHANGE IN SHARES OUTSTANDING:
Shares of capital stock sold . . . . . . . . . . . . . . . . . 605,351 1,308,761
Shares issued for distributions reinvested . . . . . . . . . . 228,820 474,405
Shares of capital stock repurchased . . . . . . . . . . . . . (403,452) (1,560,060)
--------------- -------------
Increase in shares outstanding . . . . . . . . . . . . . . . 430,719 223,106
Shares outstanding:
Beginning of period . . . . . . . . . . . . . . . . . . . . . 6,935,340 6,712,234
--------------- -------------
End of period . . . . . . . . . . . . . . . . . . . . . . . . 7,366,059 6,935,340
--------------- -------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
74
<PAGE> 77
================================================================================
GOVERNMENT SECURITIES FUND November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
- ----------------------------------------------------------------------------------
<S> <C> <C>
UNITED STATES GOVERNMENT -
LONG TERM - 94.50%
FEDERAL AGENCIES - 6.38%
$ 337,473 Government National Mortgage
Association Pool #185210,
8.00% due 1/15/22 . . . . . . . . . . . . . $ 349,497
4,000,000 Tennessee Valley Authority,
6.375% due 6/15/05 . . . . . . . . . . . . 4,086,880
---------------
4,436,377
---------------
GOVERNMENT SPONSORED - 55.06%
Federal Farm Credit Banks:
500,000 9.15% due 2/14/05 . . . . . . . . . . . . . 605,480
1,000,000 7.35% due 3/24/05 . . . . . . . . . . . . . 1,088,910
2,000,000 7.16% due 5/19/10 . . . . . . . . . . . . . 2,173,750
1,000,000 7.06% due 5/24/10 . . . . . . . . . . . . . 1,074,630
1,500,000 6.92% due 5/13/02 . . . . . . . . . . . . . 1,575,150
Federal Home Loan Banks:
3,700,000 7.93% due 1/20/98 . . . . . . . . . . . . . 3,875,750
1,155,000 7.26% due 9/6/01 . . . . . . . . . . . . . 1,235,122
Federal Home Loan Mortgage Corp:
1,500,000 7.86% due 1/15/97 . . . . . . . . . . . . . 1,536,795
1,000,000 7.75% due 8/30/05 . . . . . . . . . . . . . 1,020,160
1,500,000 7.09% due 6/1/05 . . . . . . . . . . . . . 1,553,430
Federal Home Loan Mortgage
PC Guaranteed:
2,111,041 8.50% due 3/1/25 . . . . . . . . . . . . . 2,193,499
1,400,804 8.00% due 2/1/25 . . . . . . . . . . . . . 1,442,829
134,746 7.50% due 9/1/25 . . . . . . . . . . . . . 137,145
506,980 7.50% due 9/1/25 . . . . . . . . . . . . . 516,009
319,585 7.50% due 9/1/25 . . . . . . . . . . . . . 325,277
2,000,000 7.00% due 9/15/23 . . . . . . . . . . . . . 2,035,000
175,000 5.50% due 2/25/19 . . . . . . . . . . . . . 168,710
Federal National Mortgage
Association:
1,000,000 9.05% due 4/10/00 . . . . . . . . . . . . . 1,126,870
1,000,000 7.49% due 3/2/05 . . . . . . . . . . . . . 1,101,230
2,000,000 7.27% due 8/24/05 . . . . . . . . . . . . . 2,095,320
2,000,000 6.85% due 9/12/05 . . . . . . . . . . . . . 2,034,680
1,000,000 6.78% due 7/28/00 . . . . . . . . . . . . . 1,020,550
1,185,000 5.94% due 1/29/98 . . . . . . . . . . . . . 1,195,985
2,000,000 5.33% due 6/26/98 . . . . . . . . . . . . . 1,991,060
1,000,000 5.30% due 8/25/98 . . . . . . . . . . . . . 994,080
Student Loan Marketing Association:
1,000,000 7.50% due 3/8/00 . . . . . . . . . . . . . 1,066,410
3,000,000 7.00% due 3/3/98 . . . . . . . . . . . . . 3,090,930
---------------
38,274,761
---------------
UNITED STATES BONDS & NOTES - 33.06%
United States Treasury Bonds:
1,000,000 11.875% due 11/15/03 . . . . . . . . . . . 1,385,000
1,000,000 10.75% due 8/15/05 . . . . . . . . . . . . 1,359,840
2,000,000 8.75% due 8/15/20 . . . . . . . . . . . . . 2,618,440
4,000,000 8.50% due 2/15/20 . . . . . . . . . . . . . 5,102,480
1,000,000 7.50% due 11/15/24 . . . . . . . . . . . . 1,169,220
United States Treasury Notes:
1,000,000 8.25% due 7/15/98 . . . . . . . . . . . . . 1,068,280
2,000,000 8.125% due 2/15/98 . . . . . . . . . . . . 2,111,880
1,500,000 7.375% due 5/15/96 . . . . . . . . . . . . 1,512,660
2,500,000 6.75% due 4/30/00 . . . . . . . . . . . . . 2,616,800
1,000,000 6.50% due 5/15/97 . . . . . . . . . . . . . 1,015,160
1,000,000 6.375% due 1/15/00 . . . . . . . . . . . . 1,030,940
1,000,000 5.75% due 8/15/03 . . . . . . . . . . . . . 1,001,410
1,000,000 4.375% due 11/15/96 . . . . . . . . . . . . 990,310
---------------
22,982,420
---------------
TOTAL UNITED STATES
GOVERNMENT - LONG TERM
(Cost $62,074,730) . . . . . . . . . . . . . 65,693,558
---------------
SUPRANATIONAL - 3.36%
1,800,000 International Bank For
Reconstruction & Development,
9.25% due 7/15/17
(Cost $1,966,538) . . . . . . . . . . . . . 2,337,102
---------------
CORPORATE SHORT TERM
COMMERCIAL PAPER - 0.51%
351,000 Merrill Lynch & Co Inc,
5.82% due 12/1/95
(Cost $351,000) . . . . . . . . . . . . . . 351,000
---------------
TOTAL INVESTMENTS
(Cost $64,392,268) - 98.37% . . . . . . . . . 68,381,660
Other assets and liabilities,
net - 1.63% . . . . . . . . . . . . . . . 1,134,856
---------------
NET ASSETS (equivalent
to $10.12 per share on
6,867,299 shares
outstanding) - 100% . . . . . . . . . . $ 69,516,516
---------------
</TABLE>
<TABLE>
<CAPTION>
UNREALIZED
CONTRACTS APPRECIATION
- ----------------------------------------------------------------------------------
<S> <C> <C>
FUTURES CONTRACTS PURCHASED(1)
(Delivery month/Value at 11/30/95)
5 (2) U.S. Treasury 2 Year Notes
(March/$104.55) . . . . . . . . . . . . . $ 2,031
---------------
</TABLE>
(1) U.S. Treasury Bills with a market value of
approximately $35,000 were maintained in a
segregated account with a portion placed as
collateral for futures contracts.
(2) Per 2,000
75
<PAGE> 78
================================================================================
GOVERNMENT SECURITIES FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<S> <C>
- ----------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
Capital stock, $.01 par value per share,
1,000,000,000 shares authorized,
6,867,299 shares outstanding . . . . . . . . . . . . . . . . $ 68,673
Additional paid in capital . . . . . . . . . . . . . . . . . . 68,267,998
Accumulated net realized loss on securities . . . . . . . . . (2,835,179)
Undistributed net investment income . . . . . . . . . . . . . . 23,601
Unrealized appreciation of:
Investments . . . . . . . . . . . . . . . . . $ 3,989,392
Futures 2,031 3,991,423
--------------- ---------------
NET ASSETS APPLICABLE TO
SHARES OUTSTANDING . . . . . . . . . . . . . . . . . . . . . $ 69,516,516
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
76
<PAGE> 79
================================================================================
GOVERNMENT SECURITIES FUND FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<S> <C>
STATEMENT OF OPERATIONS
For the six months ended November 30, 1995
INVESTMENT INCOME:
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,113,255
---------------
EXPENSES:
Advisory fees . . . . . . . . . . . . . . . . . . . . . . . . 153,618
Custodian and accounting services . . . . . . . . . . . . . . 12,725
Reports to shareholders . . . . . . . . . . . . . . . . . . . 3,667
Audit fees . . . . . . . . . . . . . . . . . . . . . . . . . 1,532
Directors' fees and expenses . . . . . . . . . . . . . . . . 1,186
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . 1,085
---------------
Total expenses . . . . . . . . . . . . . . . . . . . . . . . 173,813
---------------
NET INVESTMENT INCOME . . . . . . . . . . . . . . . . . . . . 1,939,442
---------------
REALIZED AND UNREALIZED GAIN (LOSS) ON SECURITIES:
Net realized gain (loss) on:
Investments . . . . . . . . . . . . . . . . . . $ 54,538
Futures contracts . . . . . . . . . . . . . . . (4,854) 49,684
------------ ---------------
Net unrealized appreciation (depreciation) . . .
during the period: . . . . . . . . . . . . . . .
Investments . . . . . . . . . . . . . . . . . . 1,487,005
Futures contracts . . . . . . . . . . . . . . . . (5,469) 1,481,536
------------ ---------------
Net realized and unrealized gain on securities
during the period . . . . . . . . . . . . . . . . . . . . . . 1,531,220
---------------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . $ 3,470,662
---------------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the six For the fiscal
months ended year ended
November 30, 1995 May 31, 1995
----------------- --------------
<S> <C> <C>
OPERATIONS:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,939,442 $ 2,881,198
Net realized gain (loss) on securities . . . . . . . . . . . . . . . . 49,684 (2,249,712)
Net unrealized appreciation of securities during the period . . . . . . 1,481,536 4,099,486
------------ ------------
Increase in net assets resulting from operations . . . . . . . . . 3,470,662 4,730,972
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . (1,926,367) (2,899,817)
------------ ------------
CAPITAL STOCK TRANSACTIONS:
Proceeds from capital stock sold . . . . . . . . . . . . . . . . . . . 15,244,586 12,735,273
Proceeds from capital stock issued for distributions reinvested . . . . 1,926,367 2,899,817
------------ ------------
17,170,953 15,635,090
Cost of capital stock repurchased . . . . . . . . . . . . . . . . . . . (3,372,911) (6,693,122)
------------ ------------
Increase in net assets resulting from capital stock transactions . 13,798,042 8,941,968
------------ ------------
TOTAL INCREASE IN NET ASSETS . . . . . . . . . . . . . . . . . . . . . 15,342,337 10,773,123
NET ASSETS:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . 54,174,179 43,401,056
------------ ------------
End of period (including undistributed net investment income of
$23,601 and $10,526) . . . . . . . . . . . . . . . . . . . . . . . $ 69,516,516 $ 54,174,179
------------ ------------
CHANGE IN SHARES OUTSTANDING:
Shares of capital stock sold . . . . . . . . . . . . . . . . . . . . . 1,533,991 1,337,149
Shares issued for distributions reinvested . . . . . . . . . . . . . . 194,193 306,305
Shares of capital stock repurchased . . . . . . . . . . . . . . . . . (338,843) (709,711)
------------ ------------
Increase in shares outstanding . . . . . . . . . . . . . . . . . . 1,389,341 933,743
Shares outstanding:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . 5,477,958 4,544,215
------------ ------------
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,867,299 5,477,958
------------ ------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
77
<PAGE> 80
================================================================================
INTERNATIONAL GOVERNMENT BOND FUND November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
- ----------------------------------------------------------------------------------
<S> <C> <C>
GOVERNMENT BONDS - 84.70%
AUSTRALIA - 2.44%
Commonwealth:
A$ 1,000,000 12.00% due 7/15/99 . . . . . . . . . . . . $ 846,453
A$ 400,000 10.00% due 10/15/07 . . . . . . . . . . . . 333,991
A$ 750,000 7.50% due 7/15/05 . . . . . . . . . . . . . 532,203
A$ 500,000 7.00% due 4/15/00 . . . . . . . . . . . . . 362,346
A$ 300,000 South Australia Finance Authority,
12.50% due 5/8/01 . . . . . . . . . . . . . 262,728
A$ 400,000 South Australian Government,
7.75% due 4/15/98 . . . . . . . . . . . . . 297,981
A$ 200,000 State Bank of New South Wales,
7.00% due 6/30/99 . . . . . . . . . . . . . 145,465
A$ 150,000 State Bank of South Australia,
7.25% due 6/15/00 . . . . . . . . . . . . . 108,264
---------------
2,889,431
---------------
AUSTRIA - 2.70%
Republic of Austria:
As 2,500,000 8.50% due 2/21/01 . . . . . . . . . . . . . 272,714
As 2,000,000 7.125% due 7/12/04 . . . . . . . . . . . . 203,921
As 1,500,000 7.00% due 2/14/00 . . . . . . . . . . . . . 156,331
As 2,200,000 7.00% due 1/20/03 . . . . . . . . . . . . . 224,854
As 2,000,000 7.00% due 5/16/05 . . . . . . . . . . . . . 201,858
As 2,000,000 6.875% due 4/19/02 . . . . . . . . . . . . 205,690
As 1,000,000 5.75% due 3/22/99 . . . . . . . . . . . . . 100,634
As 1,500,000 5.375% due 11/23/98 . . . . . . . . . . . . 149,845
Y 100MM 4.75% due 12/20/04 . . . . . . . . . . . . 1,126,536
Y 50MM 4.50% due 9/28/05 . . . . . . . . . . . . . 556,511
---------------
3,198,894
---------------
BELGIUM - 4.03%
Kingdom of Belgium:
Bf10,000,000 10.00% due 8/2/00 . . . . . . . . . . . . . 396,401
Bf 4,000,000 9.25% due 8/29/97 . . . . . . . . . . . . . 145,631
Bf15,000,000 9.00% due 7/30/98 . . . . . . . . . . . . . 557,013
Bf25,000,000 8.75% due 6/25/02 . . . . . . . . . . . . . 953,414
Bf10,000,000 8.00% due 12/24/12 . . . . . . . . . . . . 347,864
Bf10,000,000 7.75% due 12/22/00 . . . . . . . . . . . . 366,263
Bf25,000,000 7.75% due 10/15/04 . . . . . . . . . . . . 898,587
Bf22,000,000 7.00% due 4/29/99 . . . . . . . . . . . . . 782,839
Bf10,000,000 6.50% due 3/31/05 . . . . . . . . . . . . . 330,138
---------------
4,778,150
---------------
CANADA - 4.23%
C$ 800,000 British Columbia Province,
9.85% due 5/1/98 . . . . . . . . . . . . . 634,770
Government of Canada:
C$ 550,000 9.50% due 6/1/10 . . . . . . . . . . . . . 478,704
C$ 500,000 9.00% due 12/1/04 . . . . . . . . . . . . . 412,477
C$ 500,000 8.75% due 12/1/05 . . . . . . . . . . . . . 409,326
C$ 500,000 8.50% due 3/1/00 . . . . . . . . . . . . . 392,940
C$ 1,000,000 8.50% due 4/1/02 . . . . . . . . . . . . . 795,973
C$ 500,000 8.00% due 6/1/23 . . . . . . . . . . . . . 384,983
C$ 1,000,000 7.75% due 9/1/99 . . . . . . . . . . . . . 765,365
C$ 1,000,000 7.25% due 6/1/03 . . . . . . . . . . . . . 744,718
---------------
5,019,256
---------------
DENMARK - 4.08%
Kingdom of Denmark:
DK 2,500,000 9.00% due 11/15/98 . . . . . . . . . . . . 483,086
DK 2,500,000 9.00% due 11/15/00 . . . . . . . . . . . . 492,770
DK 5,000,000 8.00% due 11/15/01 . . . . . . . . . . . . 950,196
DK 2,500,000 8.00% due 5/15/03 . . . . . . . . . . . . . 469,520
DK 3,000,000 7.00% due 12/15/04 . . . . . . . . . . . . 524,813
DK 1,250,000 7.00% due 11/10/24 . . . . . . . . . . . . 197,809
L. 250,000 6.75% due 8/24/98 . . . . . . . . . . . . . 382,014
DK 2,000,000 6.00% due 12/10/99 . . . . . . . . . . . . 356,480
Ff 5,000,000 5.50% due 10/26/99 . . . . . . . . . . . . 981,239
---------------
4,837,927
---------------
FINLAND - 2.21%
Republic of Finland:
Ff 5,000,000 9.00% due 4/15/97 . . . . . . . . . . . . . 1,044,484
L. 250,000 8.00% due 4/7/03 . . . . . . . . . . . . . 387,037
Y 100MM 6.00% due 1/29/02 . . . . . . . . . . . . . 1,190,418
---------------
2,621,939
---------------
FRANCE - 4.75%
Government of France:
Ff 4,600,000 9.50% due 1/25/01 . . . . . . . . . . . . . 1,049,598
Ff 1,500,000 8.50% due 11/25/02 . . . . . . . . . . . . 331,470
Ff 3,500,000 8.50% due 12/26/12 . . . . . . . . . . . . 774,762
Ff 6,000,000 7.75% due 4/12/00 . . . . . . . . . . . . . 1,272,858
Ff 3,500,000 6.75% due 10/25/03 . . . . . . . . . . . . 700,631
Ff 7,000,000 6.00% due 10/25/25 . . . . . . . . . . . . 1,130,548
Ff 2,000,000 5.50% due 4/25/04 . . . . . . . . . . . . . 367,098
---------------
5,626,965
---------------
GERMANY - 14.98%
Federal Republic of Germany:
DM 1,825,000 8.75% due 8/20/01 . . . . . . . . . . . . . 1,460,833
DM 2,330,000 8.00% due 3/20/97 . . . . . . . . . . . . . 1,693,652
DM 2,000,000 7.50% due 9/9/04 . . . . . . . . . . . . . 1,500,795
DM 3,100,000 7.125% due 12/20/02 . . . . . . . . . . . . 2,295,582
DM 3,000,000 6.875% due 2/24/99 . . . . . . . . . . . . 2,212,197
DM 3,000,000 6.50% due 3/15/00 . . . . . . . . . . . . . 2,197,884
DM 2,500,000 6.50% due 7/15/03 . . . . . . . . . . . . . 1,779,022
DM 3,250,000 6.25% due 1/4/24 . . . . . . . . . . . . . 2,049,817
DM 2,500,000 6.00% due 2/20/98 . . . . . . . . . . . . . 1,794,233
DM 1,250,000 6.00% due 6/20/16 . . . . . . . . . . . . . 779,835
---------------
17,763,850
---------------
ITALY - 5.86%
Republic of Italy:
Lit 1,500MM 12.00% due 9/18/98 . . . . . . . . . . . . 963,781
Lit 1,000MM 12.00% due 6/1/01 . . . . . . . . . . . . . 650,963
Lit 2,000MM 10.50% due 4/1/00 . . . . . . . . . . . . . 1,233,765
Lit 900MM 10.00% due 8/1/03 . . . . . . . . . . . . . 531,726
Lit 2,000MM 9.50% due 12/1/97 . . . . . . . . . . . . . 1,225,010
Lit 2,000MM 9.00% due 11/1/23 . . . . . . . . . . . . . 986,262
Lit 1,400MM 8.50% due 1/1/99 . . . . . . . . . . . . . 826,779
Lit 1,000MM 8.50% due 8/1/04 . . . . . . . . . . . . . 531,088
---------------
6,949,374
---------------
</TABLE>
78
<PAGE> 81
================================================================================
INTERNATIONAL GOVERNMENT BOND FUND November 30, 1995 STATEMENT OF NET ASSETS
-CONTINUED (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
JAPAN - 22.01%
Government of Japan:
Y 250MM 6.60% due 6/20/01 . . . . . . . . . . . . . $ 3,053,071
Y 320MM 6.40% due 3/20/00 . . . . . . . . . . . . . 3,796,600
Y 105MM 6.00% due 12/20/01 . . . . . . . . . . . . 1,254,531
Y 215MM 5.50% due 3/20/02 . . . . . . . . . . . . . 2,516,821
Y 30MM 5.00% due 12/22/97 . . . . . . . . . . . . 322,290
Y 120MM 5.00% due 12/20/02 . . . . . . . . . . . . 1,369,710
Y 100MM 5.00% due 9/21/09 . . . . . . . . . . . . . 1,161,671
Y 100MM 5.00% due 3/20/15 . . . . . . . . . . . . . 1,172,433
Y 150MM 4.90% due 9/20/99 . . . . . . . . . . . . . 1,681,179
Y 130MM 4.80% due 6/21/99 . . . . . . . . . . . . . 1,447,823
Y 170MM 4.60% due 6/22/98 . . . . . . . . . . . . . 1,840,010
Y 127MM 4.50% due 6/20/03 . . . . . . . . . . . . . 1,406,673
Y 75MM 4.50% due 12/20/04 . . . . . . . . . . . . 831,818
Y 150MM 4.40% due 9/22/03 . . . . . . . . . . . . . 1,654,496
Y 50MM 4.20% due 9/21/15 . . . . . . . . . . . . . 533,464
Y 100MM 3.90% due 6/21/04 . . . . . . . . . . . . . 1,062,899
Y 100MM 3.00% due 9/20/05 . . . . . . . . . . . . . 992,138
---------------
26,097,627
---------------
NETHERLANDS - 4.65%
Government of the Netherlands:
NG 1,050,000 9.00% due 10/16/00 . . . . . . . . . . . . 751,658
NG 500,000 8.50% due 3/15/01 . . . . . . . . . . . . . 352,621
NG 500,000 8.25% due 2/15/07 . . . . . . . . . . . . . 355,709
NG 1,000,000 7.75% due 3/1/05 . . . . . . . . . . . . . 687,643
NG 500,000 7.50% due 4/15/10 . . . . . . . . . . . . . 337,183
NG 750,000 7.50% due 1/15/23 . . . . . . . . . . . . . 503,968
NG 1,250,000 6.50% due 7/15/98 . . . . . . . . . . . . . 811,307
NG 1,250,000 6.50% due 4/15/03 . . . . . . . . . . . . . 803,588
NG 1,500,000 5.75% due 1/15/04 . . . . . . . . . . . . . 913,358
---------------
5,517,035
---------------
SPAIN - 3.54%
Government of Spain:
Pst 40MM 12.25% due 3/25/00 . . . . . . . . . . . . 348,708
Pst 55MM 11.45% due 8/30/98 . . . . . . . . . . . . 464,507
Pst 70MM 11.00% due 6/15/97 . . . . . . . . . . . . 576,447
Pst 50MM 10.50% due 10/30/03 . . . . . . . . . . . . 408,503
Pst 50MM 10.30% due 6/15/02 . . . . . . . . . . . . 408,807
Pst 50MM 10.00% due 2/28/05 . . . . . . . . . . . . 401,038
Pst 50MM 8.30% due 12/15/98 . . . . . . . . . . . . 389,802
Pst 70MM 8.20% due 2/28/09 . . . . . . . . . . . . . 473,368
Pst 50MM 8.00% due 5/30/04 . . . . . . . . . . . . . 352,927
Pst 50MM 7.40% due 7/30/99 . . . . . . . . . . . . . 369,153
---------------
4,193,260
---------------
SWEDEN - 3.54%
Kingdom of Sweden:
SK 2,000,000 13.00% due 6/15/01 . . . . . . . . . . . . 363,630
SK 3,500,000 11.00% due 1/21/99 . . . . . . . . . . . . 569,915
SK 3,000,000 10.75% due 1/23/97 . . . . . . . . . . . . 467,429
SK 3,000,000 10.25% due 5/5/00 . . . . . . . . . . . . . 486,366
SK 2,000,000 10.25% due 5/5/03 . . . . . . . . . . . . . 331,743
SK 3,000,000 9.00% due 4/20/09 . . . . . . . . . . . . . 464,257
SK 3,500,000 6.00% due 2/9/05 . . . . . . . . . . . . . 445,339
Y 100MM 3.875% due 6/21/99 . . . . . . . . . . . . 1,072,482
---------------
4,201,161
---------------
UNITED KINGDOM - 5.68%
Government of United Kingdom:
L. 250,000 10.00% due 2/26/01 . . . . . . . . . . . . 430,453
L. 325,000 9.00% due 3/3/00 . . . . . . . . . . . . . 535,489
L. 400,000 9.00% due 10/13/08 . . . . . . . . . . . . 675,903
L. 400,000 9.00% due 8/6/12 . . . . . . . . . . . . . 679,539
L. 750,000 8.75% due 8/25/17 . . . . . . . . . . . . . 1,258,707
L. 250,000 8.50% due 12/7/05 . . . . . . . . . . . . . 407,728
L. 550,000 8.00% due 6/10/03 . . . . . . . . . . . . . 872,005
L. 250,000 8.00% due 12/7/15 . . . . . . . . . . . . . 391,582
L. 100,000 7.25% due 3/30/98 . . . . . . . . . . . . . 155,628
L. 300,000 6.75% due 11/26/04 . . . . . . . . . . . . 435,739
L. 600,000 6.00% due 8/10/99 . . . . . . . . . . . . . 895,591
---------------
6,738,364
---------------
TOTAL GOVERNMENT BONDS
(Cost $94,748,785) . . . . . . . . . . . . . 100,433,233
---------------
SUPRANATIONAL - 9.72%
Asian Dev Bank:
Y 50MM 5.00% due 2/5/03 . . . . . . . . . . . . . 569,410
Y 150MM 3.125% due 6/29/05 . . . . . . . . . . . . 1,499,079
Eurofima:
Ff 1,600,000 9.25% due 12/18/03 . . . . . . . . . . . . 365,695
L. 250,000 7.50% due 2/5/98 . . . . . . . . . . . . . 388,711
European Investment Bank:
Lit 400MM 10.50% due 4/30/98 . . . . . . . . . . . . 253,569
Lit 1,100MM 10.50% due 2/7/02 . . . . . . . . . . . . . 731,708
L. 250,000 9.00% due 5/14/02 . . . . . . . . . . . . . 409,762
Ff 5,000,000 6.75% due 5/14/98 . . . . . . . . . . . . . 1,023,194
Ff 2,000,000 6.125% due 10/8/04 . . . . . . . . . . . . 379,221
Y 25MM 6.625% due 3/15/00 . . . . . . . . . . . . 297,297
Y 100MM 4.625% due 2/26/03 . . . . . . . . . . . . 1,116,708
Y 55MM Inter-American Development Bank,
6.75% due 2/20/01 . . . . . . . . . . . . . 668,243
International Bank For
Reconstruction & Development:
Lit 150MM 10.80% due 11/13/01 . . . . . . . . . . . . 100,951
Lit 1,000MM 10.625% due 11/25/97 . . . . . . . . . . . 629,334
Lit 1,000MM 10.625% due 3/27/98 . . . . . . . . . . . . 630,796
Lit 200MM 9.45% due 8/11/03 . . . . . . . . . . . . . 119,124
L. 400,000 9.25% due 7/20/07 . . . . . . . . . . . . . 666,335
Y 100MM 4.50% due 3/20/03 . . . . . . . . . . . . . 1,116,093
Y 50MM 4.50% due 6/20/00 . . . . . . . . . . . . . 556,818
---------------
TOTAL SUPRANATIONAL
(Cost $11,610,695) . . . . . . . . . . . . . 11,522,048
---------------
</TABLE>
79
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================================================================================
INTERNATIONAL GOVERNMENT BOND FUND November 30, 1995 STATEMENT OF NET ASSETS
- CONTINUED (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
CORPORATE BONDS - 2.27%
FRANCE - FINANCE COMPANIES - 1.60%
Credit Local de France:
Ff 2,500,000 9.25% due 12/7/99 . . . . . . . . . . . . . $ 554,178
Ff 3,000,000 6.25% due 9/27/05 . . . . . . . . . . . . . 566,952
Ff 4,000,000 6.00% due 11/15/01 . . . . . . . . . . . . 779,481
---------------
1,900,611
---------------
NETHERLANDS - INSURANCE - 0.42%
NG 750,000 Aegon NV,
7.125% due 9/1/98 . . . . . . . . . . . . . 493,060
---------------
SWITZERLAND - BANKS -
OTHER - 0.25%
Lit 500MM Union Bank of Switzerland,
9.25% due 8/23/00 . . . . . . . . . . . . . 297,811
---------------
TOTAL CORPORATE BONDS
(Cost $2,462,036) . . . . . . . . . . . . . . 2,691,482
---------------
TOTAL INVESTMENTS
(Cost $108,821,516) - 96.69% . . . . . . . . 114,646,763
Other assets and liabilities,
net - 3.31% . . . . . . . . . . . . . . . 3,930,219
---------------
NET ASSETS (equivalent
to $12.25 per share on
9,680,365 shares
outstanding) - 100% . . . . . . . . . . $ 118,576,982
---------------
- ----------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
Capital stock, $.01 par value per share,
1,000,000,000 shares authorized,
9,680,365 shares outstanding . . . . . . . . . . . . . . . . $ 96,804
Additional paid in capital . . . . . . . . . . . . . . . . . . 112,412,478
Undistributed net realized gain on securities and
foreign currency transactions . . . . . . . . . . . . . . . . 289,012
Undistributed net investment income . . . . . . . . . . . . . . 11,439
Unrealized appreciation of securities and
foreign currency translation . . . . . . . . . . . . . . . . 5,767,249
---------------
NET ASSETS APPLICABLE TO SHARES
OUTSTANDING . . . . . . . . . . . . . . . . . . . . . . . . . $ 118,576,982
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
80
<PAGE> 83
================================================================================
INTERNATIONAL GOVERNMENT BOND FUND FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<S> <C>
STATEMENT OF OPERATIONS
For the six months ended November 30, 1995
INVESTMENT INCOME:
Interest (net of foreign withholding taxes of $121,706) . . . . $ 3,005,390
---------------
EXPENSES:
Advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . 244,452
Custodian and accounting services . . . . . . . . . . . . . . . 19,984
Directors' fees and expenses . . . . . . . . . . . . . . . . . 1,828
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . 5,942
---------------
Total expenses . . . . . . . . . . . . . . . . . . . . . 272,206
---------------
NET INVESTMENT INCOME . . . . . . . . . . . . . . . . . . . . . 2,733,184
---------------
REALIZED AND UNREALIZED GAIN ON SECURITIES AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Securities . . . . . . . . . . . . . . . . $ 224,620
Foreign currency transactions . . . . . . . (6,744) 217,876
-------------
Net unrealized depreciation during the period:
Securities . . . . . . . . . . . . . . . . (3,375,466)
Foreign currency translation . . . . . . . (111,219) (3,486,685)
------------- ---------------
Net realized and unrealized loss on securities and foreign
currencies during the period . . . . . . . . . . . . (3,268,809)
---------------
DECREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . $ (535,625)
---------------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the six For the fiscal
months ended year ended
November 30, 1995 May 31, 1995
----------------- --------------
<S> <C> <C>
OPERATIONS:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,733,184 $ 3,002,824
Net realized gain on securities and foreign currency transactions . . . 217,876 194,660
Net unrealized appreciation (depreciation) of securities and translation
of foreign currencies during the period . . . . . . . . . . . . . . (3,486,685) 8,491,114
------------ ------------
Increase (decrease) in net assets resulting from operations . . . (535,625) 11,688,598
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . (2,749,997) (3,173,182)
------------ ------------
CAPITAL STOCK TRANSACTIONS:
Proceeds from capital stock sold . . . . . . . . . . . . . . . . . . . 48,531,443 34,640,967
Proceeds from capital stock issued for distributions reinvested . . . . 2,749,997 3,173,182
------------ ------------
51,281,440 37,814,149
Cost of capital stock repurchased . . . . . . . . . . . . . . . . . . . (7,152,639) (9,623,857)
------------ ------------
Increase in net assets resulting from capital stock transactions . 44,128,801 28,190,292
------------ ------------
TOTAL INCREASE IN NET ASSETS . . . . . . . . . . . . . . . . . . . . . 40,843,179 36,705,708
NET ASSETS:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . 77,733,803 41,028,095
------------ ------------
End of period (including undistributed net investment income of $11,439
and $28,252). . . . . . . . . . . . . . . . . . . . . . . . . . . . $118,576,982 $ 77,733,803
------------ ------------
CHANGE IN SHARES OUTSTANDING:
Shares of capital stock sold . . . . . . . . . . . . . . . . . . . . . 3,922,838 2,933,943
Shares issued for distributions reinvested . . . . . . . . . . . . . . 225,281 274,556
Shares of capital stock repurchased . . . . . . . . . . . . . . . . . (578,662) (838,751)
------------ ------------
Increase in shares outstanding . . . . . . . . . . . . . . . . . . 3,569,457 2,369,748
Shares outstanding:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . 6,110,908 3,741,160
------------ ------------
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,680,365 6,110,908
------------ ------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
81
<PAGE> 84
================================================================================
MONEY MARKET FUND November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
CORPORATE SHORT TERM
COMMERCIAL PAPER - 88.74%
BANKS - REGIONAL - 4.32%
Banc One Corp:
$ 1,000,000 5.70% due 1/11/96 . . . . . . . . . . . . $ 993,508
1,200,000 5.68% due 12/21/95 . . . . . . . . . . . 1,196,213
1,500,000 5.68% due 1/22/96 . . . . . . . . . . . . 1,487,694
---------------
3,677,415
---------------
BEVERAGE - SOFT DRINKS - 8.55%
Coca Cola Co:
640,000 5.62% due 12/13/95 . . . . . . . . . . . 638,801
1,500,000 5.58% due 1/8/96 . . . . . . . . . . . . 1,491,165
1,500,000 Coca Cola Enterprises Inc,
5.72% due 1/31/96 . . . . . . . . . . . . 1,485,462
Pepsico Inc:
1,685,000 5.68% due 1/12/96 . . . . . . . . . . . . 1,673,834
2,000,000 5.55% due 12/21/95 . . . . . . . . . . . 1,993,833
---------------
7,283,095
---------------
CHEMICAL - MAJOR - 4.41%
E I du Pont de Nemours & Co:
1,450,000 5.65% due 1/16/96 . . . . . . . . . . . . 1,439,532
1,333,000 5.62% due 2/6/96 . . . . . . . . . . . . 1,319,057
1,000,000 5.55% due 12/19/95 . . . . . . . . . . . 997,225
---------------
3,755,814
---------------
CONSUMER FINANCE - 14.97%
Associates Corp of North America:
181,000 5.75% due 12/1/95 . . . . . . . . . . . . 181,000
850,000 5.68% due 12/15/95 . . . . . . . . . . . 848,122
1,300,000 5.65% due 12/8/95 . . . . . . . . . . . . 1,298,572
Beneficial Corp:
1,450,000 5.65% due 12/27/95 . . . . . . . . . . . 1,444,083
1,200,000 5.64% due 2/7/96 . . . . . . . . . . . . 1,187,216
1,101,000 5.63% due 2/2/96 . . . . . . . . . . . . 1,090,152
Commercial Credit Co:
1,233,000 5.74% due 12/4/95 . . . . . . . . . . . . 1,232,410
1,699,000 5.70% due 1/5/96 . . . . . . . . . . . . 1,689,585
Sears Roebuck Acceptance Corp:
1,700,000 5.72% due 2/5/96 . . . . . . . . . . . . 1,682,173
1,379,000 5.65% due 12/5/95 . . . . . . . . . . . . 1,378,134
725,000 5.65% due 2/16/96 . . . . . . . . . . . . 716,239
---------------
12,747,686
---------------
DRUGS - 4.41%
Schering Corp:
500,000 5.66% due 2/8/96 . . . . . . . . . . . . 494,576
399,000 5.65% due 3/27/96 . . . . . . . . . . . . 391,673
600,000 5.63% due 1/23/96 . . . . . . . . . . . . 595,027
200,000 5.57% due 1/10/96 . . . . . . . . . . . . 198,762
700,000 5.57% due 4/16/96 . . . . . . . . . . . . 685,162
1,400,000 5.55% due 1/17/96 . . . . . . . . . . . . 1,389,856
---------------
3,755,056
---------------
ELECTRICAL EQUIPMENT - 2.22%
General Electric Co:
1,500,000 5.69% due 12/18/95 . . . . . . . . . . . 1,495,970
398,000 5.65% due 12/26/95 . . . . . . . . . . . 396,438
---------------
1,892,408
---------------
FINANCE COMPANIES - 23.18%
CIESCO L P:
1,000,000 5.70% due 1/9/96 . . . . . . . . . . . . 993,825
1,500,000 5.68% due 1/19/96 . . . . . . . . . . . . 1,488,403
579,000 5.625% due 12/6/95 . . . . . . . . . . . 578,548
735,000 5.60% due 12/14/95 . . . . . . . . . . . 733,514
CIT Group Holdings Inc:
1,000,000 5.70% due 12/29/95 . . . . . . . . . . . 995,567
1,100,000 5.67% due 12/22/95 . . . . . . . . . . . 1,096,362
1,700,000 5.55% due 12/28/95 . . . . . . . . . . . 1,692,924
279,000 General Electric Capital Corp,
5.69% due 12/26/95 . . . . . . . . . . . 277,898
IBM Credit Corp:
795,000 5.71% due 1/23/96 . . . . . . . . . . . . 788,317
1,000,000 5.64% due 1/25/96 . . . . . . . . . . . . 991,383
International Lease Finance Corp:
1,500,000 5.68% due 1/4/96 . . . . . . . . . . . . 1,491,953
900,000 5.62% due 12/12/95 . . . . . . . . . . . 898,454
1,200,000 5.61% due 12/7/95 . . . . . . . . . . . . 1,198,878
Transamerica Finance Group Inc:
1,000,000 5.75% due 1/2/96 . . . . . . . . . . . . 994,889
1,500,000 5.70% due 12/19/95 . . . . . . . . . . . 1,495,725
250,000 5.70% due 1/12/96 . . . . . . . . . . . . 248,338
500,000 5.66% due 1/12/96 . . . . . . . . . . . . 496,698
600,000 5.60% due 2/1/96 . . . . . . . . . . . . 594,213
Whirlpool Financial Corp:
1,200,000 5.73% due 12/7/95 . . . . . . . . . . . . 1,198,854
1,500,000 5.72% due 2/1/96 . . . . . . . . . . . . 1,485,223
---------------
19,739,966
---------------
FOODS - 2.33%
McCormick & Co Inc:
1,000,000 5.67% due 12/1/95 . . . . . . . . . . . . 1,000,000
1,000,000 5.60% due 2/26/96 . . . . . . . . . . . . 986,467
---------------
1,986,467
---------------
INFORMATION PROCESSING - 7.90%
Hewlett Packard Co:
1,600,000 5.63% due 1/18/96 . . . . . . . . . . . . 1,587,990
970,000 5.62% due 12/20/95 . . . . . . . . . . . 967,123
1,000,000 5.60% due 2/27/96 . . . . . . . . . . . . 986,311
1,500,000 Intel Corp,
5.64% due 12/29/95 . . . . . . . . . . . 1,493,420
International Business
Machines Corp:
1,000,000 5.65% due 12/6/95 . . . . . . . . . . . . 999,215
700,000 5.64% due 1/30/96 . . . . . . . . . . . . 693,420
---------------
6,727,479
---------------
</TABLE>
82
<PAGE> 85
================================================================================
MONEY MARKET FUND - CONTINUED November 30, 1995 STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
PAR MARKET
VALUE VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
MERCHANDISE - DRUG - 1.16%
$ 1,000,000 Rite Aid Corp,
5.90% due 1/24/96 . . . . . . . . . . . . $ 991,150
---------------
OIL - INTEGRATED DOMESTIC - 3.65%
Atlantic Richfield Co:
955,000 5.65% due 1/2/96 . . . . . . . . . . . . 950,204
1,500,000 5.64% due 1/22/96 . . . . . . . . . . . . 1,487,780
674,000 5.59% due 12/11/95 . . . . . . . . . . . 672,953
---------------
3,110,937
---------------
SECURITIES RELATED - 4.54%
Merrill Lynch & Co Inc:
1,700,000 5.72% due 1/11/96 . . . . . . . . . . . . 1,688,926
596,000 5.72% due 1/24/96 . . . . . . . . . . . . 590,886
600,000 5.71% due 2/9/96 . . . . . . . . . . . . 593,338
1,000,000 4.75% due 6/24/96 . . . . . . . . . . . . 993,711
---------------
3,866,861
---------------
TOBACCO - 0.66%
567,000 Philip Morris Cos Inc,
5.67% due 12/21/95 . . . . . . . . . . . 565,214
---------------
UTILITIES - COMMUNICATION - 1.17%
1,000,000 GTE Corp,
5.81% due 12/8/95 . . . . . . . . . . . . 998,870
---------------
UTILITIES - ELECTRIC - 5.27%
Central & South West:
1,284,000 5.72% due 12/5/95 . . . . . . . . . . . . 1,283,184
1,730,000 5.72% due 1/19/96 . . . . . . . . . . . . 1,716,531
1,500,000 Southern California Edison Co,
5.67% due 1/30/96 . . . . . . . . . . . . 1,485,825
---------------
4,485,540
---------------
TOTAL CORPORATE SHORT
TERM COMMERCIAL PAPER
(Cost $75,583,958) . . . . . . . . . . . . 75,583,958
---------------
CORPORATE SHORT TERM
OBLIGATIONS - 3.54%
ENTERTAINMENT - 1.18%
1,000,000 Mattel Inc,
Floating rate note due 1/29/96,
6.00% at 11/30/95 . . . . . . . . . . . . 1,000,111
---------------
FINANCE COMPANIES - 1.18%
1,000,000 General Electric Capital Corp,
Floating rate note due 2/9/96,
6.10% at 11/30/95 . . . . . . . . . . . . 1,000,000
---------------
SECURITIES RELATED - 1.18%
1,000,000 Bear Stearns Co. Inc,
Floating rate note due 5/15/96,
5.9125% at 11/30/95 . . . . . . . . . . . 1,000,000
---------------
TOTAL CORPORATE SHORT TERM
OBLIGATIONS
(Cost $3,000,111) . . . . . . . . . . . . . 3,000,111
---------------
UNITED STATES GOVERNMENT -
SHORT TERM - 5.88%
GOVERNMENT SPONSORED - 5.88%
Federal Farm Credit Banks:
1,000,000 5.875% due 9/3/96 . . . . . . . . . . . . 1,000,000
1,000,000 5.60% due 7/1/96 . . . . . . . . . . . . 999,234
650,000 Federal Home Loan Bank,
5.55% due 12/4/95 . . . . . . . . . . . . 649,699
Federal National Mortgage
Association:
1,500,000 5.58% due 2/14/96 . . . . . . . . . . . . 1,482,562
880,000 5.57% due 1/31/96 . . . . . . . . . . . . 871,695
---------------
5,003,190
---------------
TOTAL UNITED STATES GOVERNMENT -
SHORT TERM
(Cost $5,003,190) . . . . . . . . . . . . . 5,003,190
---------------
TOTAL INVESTMENTS
(Cost $83,587,259) - 98.16% . . . . . . . . 83,587,259
Other assets and liabilities,
net - 1.84% . . . . . . . . . . . . . . 1,563,516
---------------
NET ASSETS (equivalent
to $1.00 per share on
85,150,775 shares
outstanding) - 100% . . . . . . . . . . $ 85,150,775
---------------
- ----------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
Capital stock, $.01 par value per share,
1,000,000,000 shares authorized,
85,150,775 shares outstanding . . . . . . . . . . . . . . . . $ 851,508
Additional paid in capital . . . . . . . . . . . . . . . . . . 84,299,267
---------------
NET ASSETS APPLICABLE TO SHARES
OUTSTANDING . . . . . . . . . . . . . . . . . . . . . . . . . $ 85,150,775
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
83
<PAGE> 86
================================================================================
MONEY MARKET FUND FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<S> <C>
STATEMENT OF OPERATIONS
For the six months ended November 30, 1995
INVESTMENT INCOME:
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,445,485
---------------
EXPENSES:
Advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . 206,996
Custodian and accounting services . . . . . . . . . . . . . . . 17,280
Reports to shareholders . . . . . . . . . . . . . . . . . . . . 3,367
Audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . 1,767
Directors' fees and expenses . . . . . . . . . . . . . . . . . 1,763
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . 5,089
---------------
Total expenses . . . . . . . . . . . . . . . . . . . . . . . 236,262
---------------
NET INVESTMENT INCOME . . . . . . . . . . . . . . . . . . . . . 2,209,223
---------------
REALIZED GAIN ON SECURITIES:
Net realized gain on securities . . . . . . . . . . . . . . . 1,795
---------------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . $ 2,211,018
---------------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the six For the fiscal
months ended year ended
November 30, 1995 May 31, 1995
------------------ --------------
<S> <C> <C>
OPERATIONS:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,209,223 $ 3,186,812
Net realized gain on securities . . . . . . . . . . . . . . . . . . . . 1,795 -
------------ ------------
Increase in net assets resulting from operations . . . . . . . . . 2,211,018 3,186,812
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . (2,209,222) (3,186,812)
------------ ------------
CAPITAL STOCK TRANSACTIONS:
Proceeds from capital stock sold . . . . . . . . . . . . . . . . . . . 68,366,612 133,137,958
Proceeds from capital stock issued for distributions reinvested . . . . 2,209,222 3,186,812
------------ ------------
70,575,834 136,324,770
Cost of capital stock repurchased . . . . . . . . . . . . . . . . . . . (67,680,652) (104,603,566)
------------ ------------
Increase in net assets resulting from capital stock transactions . 2,895,182 31,721,204
------------ ------------
TOTAL INCREASE IN NET ASSETS . . . . . . . . . . . . . . . . . . . . . 2,896,978 31,721,204
NET ASSETS:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . 82,253,797 50,532,593
------------ ------------
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 85,150,775 $ 82,253,797
------------ ------------
CHANGE IN SHARES OUTSTANDING
Shares of capital stock sold . . . . . . . . . . . . . . . . . . . . . 68,366,612 133,137,958
Shares issued for distributions reinvested . . . . . . . . . . . . . . 2,209,222 3,186,812
Shares of capital stock repurchased . . . . . . . . . . . . . . . . . (67,680,652) (104,603,566)
------------ ------------
Increase in shares outstanding . . . . . . . . . . . . . . . . . . 2,895,182 31,721,204
Shares outstanding:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . 82,255,593 50,534,389
------------ ------------
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,150,775 82,255,593
------------ ------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
84
<PAGE> 87
================================================================================
NOTES TO FINANCIAL STATEMENTS (Unaudited)
- --------------------------------------------------------------------------------
NOTE 1 - ORGANIZATION
The American General Series Portfolio Company (the "Series") consists
of thirteen separate investment portfolios (the "Funds"):
Stock Index Fund
MidCap Index Fund
Small Cap Index Fund
International Equities Fund
Growth Fund
Growth & Income Fund
Science & Technology Fund
Social Awareness Fund
Timed Opportunity Fund
Capital Conservation Fund
Government Securities Fund
International Government Bond Fund
Money Market Fund
The Series is registered under the Investment Company Act of 1940 (the
"1940 Act"), as amended, as an open-end management investment company. Each
Fund is diversified with the exception of International Government Bond Fund
which is non-diversified as defined by the 1940 Act.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
Each Fund is accounted for as a separate entity. 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 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 Directors.
B. OPTIONS AND FUTURES
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, 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.
C. REPURCHASE AGREEMENTS
The seller of a repurchase agreement collateralizes the agreement with
securities delivered to the Fund's custodian bank. The Adviser determines, on a
daily basis, that the seller maintains collateral of at least 100% of the
repurchase proceeds due to the Fund at maturity.
85
<PAGE> 88
================================================================================
NOTES TO FINANCIAL STATEMENTS (Unaudited) - CONTINUED
- --------------------------------------------------------------------------------
D. FOREIGN CURRENCY TRANSLATION
The accounting records of each Fund are maintained in U.S. dollars.
Transactions denominated in foreign currencies ("local currencies") are
translated into U.S. dollars at prevailing exchange rates on transaction date.
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 are determined on the basis of identified cost. Dividend
income is recorded on the ex-dividend date, except for dividend income on
certain foreign securities which 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 monthly, except for the
Money Market Fund, which declares daily. 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. On May 1, 1992, the Adviser entered into a sub-advisory
agreement with Bankers Trust Company ("Bankers Trust"), a wholly-owned
subsidiary of Bankers Trust New York Corporation, to serve as investment
sub-adviser to Stock Index Fund, MidCap Index Fund, and Small Cap Index Fund.
On April 29, 1994, the Adviser entered into sub-advisory agreements with T.
Rowe Price Associates, Inc. to serve as investment sub-adviser to Growth Fund
and Science & Technology Fund, and with Value Line, Inc., to serve as
investment sub-adviser to Growth & Income Fund. Sub-advisers are compensated
for such services by the Adviser.
The Adviser receives from the Series a monthly fee based on each
Fund's average daily net asset value at the following annual rates: for Stock
Index Fund, MidCap Index Fund, Small Cap Index Fund and International Equities
Fund .35% on the first $500 million and .25% on the excess over $500 million;
for Social Awareness Fund, Timed Opportunity Fund, Capital Conservation Fund,
Government Securities Fund, International Government Bond Fund, and Money
Market Fund, .50%; for Growth & Income Fund, .75%; for Growth Fund, .80%; for
Science & Technology Fund, .90%.
To the extent that any Fund's accrued expenses for a given month
exceed, on an annualized basis, 2% of the Fund's average daily net assets, the
Adviser will voluntarily reduce expenses of any such Fund by the amount of the
excess. The Adviser may withdraw this voluntary undertaking upon 30 days
written notice to the Series.
The Adviser provided to the Series, at cost, certain services
associated with the printing of reports to shareholders. During the six months
ended November 30, 1995, the Series paid $6,589 for such services.
86
<PAGE> 89
================================================================================
NOTES TO FINANCIAL STATEMENTS (Unaudited) - CONTINUED
- --------------------------------------------------------------------------------
During the six months ended November 30, 1995, 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>
MidCap Index Fund Stock Index Fund $12,093,453 $5,342,684
Stock Index Fund MidCap Index Fund 477,750 124,793
</TABLE>
At November 30, 1995, VALIC Separate Account A (a registered separate
account of VALIC) and VALIC owned over five percent of the outstanding shares
of the following Funds:
<TABLE>
<CAPTION>
VALIC
Separate
Account A VALIC
---------------------------
<S> <C> <C>
Stock Index Fund . . . . . . . . . . . . . . . . . . . . . . . . 96.47%
MidCap Index Fund . . . . . . . . . . . . . . . . . . . . . . . . 99.99
Small Cap Index Fund . . . . . . . . . . . . . . . . . . . . . . 100.00
International Equities Fund . . . . . . . . . . . . . . . . . . . 97.35
Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . 96.30
Growth & Income Fund . . . . . . . . . . . . . . . . . . . . . . 83.81 16.19
Science & Technology Fund . . . . . . . . . . . . . . . . . . . . 96.36
Social Awareness Fund . . . . . . . . . . . . . . . . . . . . . . 86.01 13.88
Timed Opportunity Fund . . . . . . . . . . . . . . . . . . . . . 96.20
Capital Conservation Fund . . . . . . . . . . . . . . . . . . . . 82.34 17.65
Government Securities Fund . . . . . . . . . . . . . . . . . . . 97.50
International Government Bond Fund . . . . . . . . . . . . . . . 88.55 11.45
Money Market Fund . . . . . . . . . . . . . . . . . . . . . . . . 99.99
</TABLE>
Certain officers and directors of the Series are officers and
directors of VALIC or American General Corporation.
NOTE 4 - INVESTMENT ACTIVITY
The information in the following table is presented on the basis of cost for
federal income tax purposes at November 30, 1995.
<TABLE>
<CAPTION>
IDENTIFIED COST GROSS GROSS
OF INVESTMENTS UNREALIZED UNREALIZED NET UNREALIZED
OWNED APPRECIATION DEPRECIATION APPRECIATION
---------------------------------------------------------------------
<S> <C> <C> <C> <C>
Stock Index Fund . . . . . . . . . . . . . $1,067,977,218 $ 446,077,559 $ 20,209,699 $ 425,867,860
MidCap Index Fund . . . . . . . . . . . . . 393,125,869 111,497,053 23,650,897 87,846,156
Small Cap Index Fund . . . . . . . . . . . 126,708,461 31,828,599 11,465,097 20,363,502
International Equities Fund . . . . . . . . 175,235,235 29,239,488 8,926,493 20,312,995
Growth Fund . . . . . . . . . . . . . . . . 186,663,029 41,352,591 623,805 40,728,786
Growth & Income Fund . . . . . . . . . . . 63,177,711 12,506,933 600,435 11,906,498
Science & Technology Fund . . . . . . . . . 319,627,022 66,667,990 5,472,156 61,195,834
Social Awareness Fund . . . . . . . . . . . 57,039,187 10,021,535 479,879 9,541,656
Timed Opportunity Fund . . . . . . . . . . 170,072,786 18,667,197 1,104,712 17,562,485
Capital Conservation Fund . . . . . . . . . 67,378,250 3,685,554 93,542 3,592,012
Government Securities Fund . . . . . . . . 64,408,820 3,974,871 - 3,974,871
International Government Bond Fund . . . . 108,821,516 7,741,780 1,916,533 5,825,247
Money Market Fund . . . . . . . . . . . . . 83,587,259 - - -
</TABLE>
The following net realized capital loss carryforwards at May 31, 1995,
may be utilized to offset future capital gains.
<TABLE>
<CAPTION>
CAPITAL LOSS EXPIRATION
CARRYFORWARD THROUGH:
---------------------------------
<S> <C> <C>
Growth & Income Fund . . . . . . . . . . . $ 461,741 May 31, 2003
Capital Conservation Fund . . . . . . . . . 2,551,375 May 31, 2003
Government Securities Fund . . . . . . . . 1,714,490 May 31, 2003
Money Market Fund . . . . . . . . . . . . . 3,023 May 31, 2002
</TABLE>
87
<PAGE> 90
================================================================================
NOTES TO FINANCIAL STATEMENTS (Unaudited) - CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
During the period, the cost of purchases and proceeds from sales of securities, COST OF PROCEEDS FROM
excluding short term securities were: SECURITIES SECURITIES SOLD
PURCHASED OR MATURED
---------------------------------
<S> <C> <C>
Stock Index Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 68,386,724 $ 25,582,545
MidCap Index Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,199,518 37,635,355
Small Cap Index Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,464,178 29,703,703
International Equities Fund . . . . . . . . . . . . . . . . . . . . . . . . . 18,767,756 30,857,306
Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,613,065 28,947,441
Growth & Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,175,759 15,569,647
Science & Technology Fund . . . . . . . . . . . . . . . . . . . . . . . . . . 230,206,730 153,073,008
Social Awareness Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,482,050 33,657,479
Timed Opportunity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . 130,169,252 90,664,466
Capital Conservation Fund . . . . . . . . . . . . . . . . . . . . . . . . . . 26,518,648 22,711,209
Government Securities Fund . . . . . . . . . . . . . . . . . . . . . . . . . 18,838,757 4,819,384
International Government Bond Fund . . . . . . . . . . . . . . . . . . . . . 49,570,314 6,398,600
</TABLE>
NOTE 5 - PORTFOLIO SECURITIES LOANED
To realize additional income, a Fund may lend portfolio securities
with a value of up to 30% (331/3% in the case of Growth Fund and Science &
Technology Fund) of its total assets. Any such loans will be continuously
secured by collateral, maintained in a segregated account, at least equal to
the market value of the securities loaned. The risks in lending portfolio
securities, as with other extensions of secured credit, consist of possible
delays in receiving additional collateral or in the recovery of the securities
or possible loss of rights in the collateral should the borrower fail
financially. Loans by a Fund will only be made to broker-dealers deemed by the
Adviser to be creditworthy and will not be made unless, in the judgment of the
Adviser, the consideration to be earned from such loans would justify the risk.
Each Fund receives income earned on the securities loaned during the lending
period and a portion of the interest or rebate earned on the collateral
received.
<TABLE>
<CAPTION>
Portfolio securities on loan at November 30, 1995 are summarized as follows: MARKET VALUE COLLATERAL VALUE
---------------------------------
<S> <C> <C>
Stock Index Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,831,000 $ 6,938,100
MidCap Index Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,041,162 12,419,195
Small Cap Index Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,833,535 7,096,344
International Equities Fund . . . . . . . . . . . . . . . . . . . . . . . . . 6,751,745 6,941,000
Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,340,309 11,902,625
Growth & Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,397,186 1,417,668
Science & Technology Fund . . . . . . . . . . . . . . . . . . . . . . . . . . 24,461,744 27,046,723
Social Awareness Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231,354 235,824
Timed Opportunity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,311,385 4,397,092
Capital Conservation Fund . . . . . . . . . . . . . . . . . . . . . . . . . . 1,375,751 1,404,920
Government Securities Fund . . . . . . . . . . . . . . . . . . . . . . . . . 152,763 152,977
-------------------------------
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 75,727,934 $ 79,952,468
-------------------------------
</TABLE>
NOTE 6 - INVESTMENT CONCENTRATION
A significant portion of Government Securities Fund's investments may
be in U.S. Government sponsored securities. No assurance can be given that the
U.S. Government will provide support to such U.S. Government sponsored agencies
or instrumentalities in the future since it is not required to do so by law. As
a result of the Fund's concentration in such investments, it may be subject to
risks associated with U.S. Government sponsored securities. At November 30,
1995, Government Securities Fund had 55% of its net assets invested in such
securities.
At November 30, 1995, International Government Bond Fund had 22% of
its net assets invested in securities issued by the Government of Japan and an
additional 8% in issues of companies located in Japan and/or denominated in
Japanese Yen. Future economic and political developments in a foreign country
could adversely affect the liquidity and value of foreign securities or the
currency exchange rates from which foreign currencies are translated.
88
<PAGE> 91
================================================================================
NOTES TO FINANCIAL STATEMENTS (Unaudited) - CONTINUED
- --------------------------------------------------------------------------------
NOTE 7 - SUBSEQUENT EVENT
On December 28, 1995, annual distributions from undistributed net
realized gains on investments were declared payable on December 29, 1995, to
shareholders of record December 28, 1995, as follows:
<TABLE>
<CAPTION>
RATE PER
SHARE
--------
<S> <C>
Stock Index Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3921
MidCap Index Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6507
Small Cap Index Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2814
International Equities Fund . . . . . . . . . . . . . . . . . . . . . . . . 0.2384
Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2253
Growth & Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0921
Science & Technology Fund . . . . . . . . . . . . . . . . . . . . . . . . . 2.0014
Social Awareness Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9100
Timed Opportunity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2154
International Government Bond Fund . . . . . . . . . . . . . . . . . . . . 0.0126
</TABLE>
89
<PAGE> 92
================================================================================
FINANCIAL HIGHLIGHTS (Unaudited)
- --------------------------------------------------------------------------------
Per share data is for a share of capital stock outstanding throughout the
period. Total return includes reinvestment of dividends on the reinvestment
date. Total returns and ratios for periods of less than one year are not
annualized.
<TABLE>
<CAPTION>
SIX MONTHS
ENDED FISCAL YEAR ENDED MAY 31,
NOVEMBER 30, ------------------------------------------------------
1995 1995 1994 1993 1992 1991
--------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STOCK INDEX FUND
PER SHARE DATA
Net asset value at beginning of period . . . . . . . . . . $16.81 $14.39 $14.36 $13.34 $12.60 $11.86
--------------------------------------------------------------------
Income from investment operations:
Net investment income . . . . . . . . . . . . . . . 0.19 0.37 0.35 0.34 0.32 0.31
Net realized and unrealized gain on securities . . . 2.28 2.45 0.12 1.20 0.74 0.81
--------------------------------------------------------------------
Total income from investment operations . . . . . . 2.47 2.82 0.47 1.54 1.06 1.12
--------------------------------------------------------------------
Distributions:
Distributions from net investment income . . . . . . (0.18) (0.37) (0.35) (0.34) (0.32) (0.31)
Distributions from net realized gain on securities . (0.03) (0.09) (0.18) (0.07)
--------------------------------------------------------------------
Total distributions . . . . . . . . . . . . . . . . (0.18) (0.40) (0.44) (0.52) (0.32) (0.38)
--------------------------------------------------------------------
Net asset value at end of period . . . . . . . . . . . . . $19.10 $16.81 $14.39 $14.36 $13.34 $12.60
--------------------------------------------------------------------
TOTAL RETURN . . . . . . . . . . . . . . . . . . . . . . . 14.78% 19.98% 3.29% 11.74% 8.57% 9.98%
--------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets . . . . . . . 0.18% 0.38% 0.39% 0.43% 0.50% 0.67%
Ratio of net investment income to average net assets . 1.07% 2.44% 2.44% 2.52% 3.12% 2.82%
Portfolio turnover rate . . . . . . . . . . . . . . . 2% 14% 3% 1% 45% 6%
Number of shares outstanding at end of period (000's) . 78,073 75,451 75,494 66,224 55,598 6,662
Net assets at end of period (000's) . . . . . . . . . $1,491,433 $1,267,992 $1,086,459 $951,200 $741,667 $83,970
Average net assets during the period (000's) . . . . . $1,371,067 $1,140,085 $1,030,581 $836,510 $167,262 $55,147
</TABLE>
<TABLE>
<CAPTION>
SIX MONTHS
ENDED FISCAL YEAR ENDED MAY 31,
NOVEMBER 30, ------------------------------------------------------
1995 1995 1994 1993 1992 1991
--------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
MIDCAP INDEX FUND(1)
PER SHARE DATA
Net asset value at beginning of period . . . . . . . . . . $15.68 $14.54 $14.38 $12.86 $12.51 $12.92
--------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income . . . . . . . . . . . . . . . 0.13 0.26 0.23 0.24 0.23 0.28
Net realized and unrealized gain (loss) on securities 2.35 1.59 0.28 1.93 0.39 (0.30)
--------------------------------------------------------------------
Total income (loss) from investment operations . . . 2.48 1.85 0.51 2.17 0.62 (0.02)
--------------------------------------------------------------------
Distributions:
Distributions from net investment income . . . . . . (0.12) (0.26) (0.23) (0.24) (0.23) (0.28)
Distributions from net realized gain on securities . (0.45) (0.12) (0.41) (0.04) (0.11)
--------------------------------------------------------------------
Total distributions . . . . . . . . . . . . . . . . (0.12) (0.71) (0.35) (0.65) (0.27) (0.39)
--------------------------------------------------------------------
Net asset value at end of period . . . . . . . . . . . . . 18.04 $15.68 $14.54 $14.38 $12.86 $12.51
--------------------------------------------------------------------
TOTAL RETURN . . . . . . . . . . . . . . . . . . . . . . . 15.86% 13.26% 3.52% 17.21% 5.01% 0.20%
--------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets . . . . . . . 0.21% 0.44% 0.46% 0.47% 0.54% 0.67%
Ratio of net investment income to average net assets . 0.70% 1.73% 1.62% 1.79% 1.82% 2.41%
Portfolio turnover rate . . . . . . . . . . . . . . . 8% 23% 17% 5% 112% 101%
Number of shares outstanding at end of period (000's) 26,584 25,988 24,001 14,673 8,862 6,168
Net assets at end of period (000's) . . . . . . . . . $479,633 $407,557 $349,041 $210,931 $113,992 $77,146
Average net assets during the period (000's) . . . . . $449,247 $376,486 $285,247 $154,979 $ 88,456 $69,696
</TABLE>
(1) Effective October 1, 1991, the Fund's name was changed from Capital
Accumulation Fund to MidCap Index Fund. Additionally, on October 1,
1991, the investment objectives and investment program for the Fund
were changed.
SEE NOTES TO FINANCIAL STATEMENTS.
90
<PAGE> 93
================================================================================
FINANCIAL HIGHLIGHTS (Unaudited) - CONTINUED
- --------------------------------------------------------------------------------
Per share data is for a share of capital stock outstanding throughout the
period. Total return includes reinvestment of dividends on the reinvestment
date. Total returns and ratios for periods of less than one year are not
annualized.
<TABLE>
<CAPTION>
SIX MONTHS PERIOD FROM
ENDED FISCAL YEAR ENDED MAY 31, MAY 1, 1992
NOVEMBER 30, ---------------------------------- TO
1995 1995 1994 1993 MAY 31, 1992
---------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SMALL CAP INDEX FUND
PER SHARE DATA
Net asset value at beginning of period . . . . . . . . . . $12.49 $11.52 $11.28 $9.93 $10.00(1)
---------------------------------------------------------------
Income (loss) from investment operations:
Net investment income . . . . . . . . . . . . . . . 0.09 0.17 0.13 0.15 0.02
Net realized and unrealized gain (loss) on securities 1.73 0.97 0.58 1.48 (0.07)
---------------------------------------------------------------
Total income (loss) from investment operations . . . 1.82 1.14 0.71 1.63 (0.05)
---------------------------------------------------------------
Distributions:
Distributions from net investment income . . . . . . (0.09) (0.17) (0.13) (0.15) (0.02)
Distributions from net realized gain on securities . (0.34) (0.13)
---------------------------------------------------------------
Total distributions . . . . . . . . . . . . . . . . (0.09) (0.17) (0.47) (0.28) (0.02)
---------------------------------------------------------------
Net asset value at end of period . . . . . . . . . . . . . $14.22 $12.49 $11.52 $11.28 $9.93
---------------------------------------------------------------
TOTAL RETURN . . . . . . . . . . . . . . . . . . . . . . . 14.62% 9.98% 6.18% 16.64% (0.50)%
---------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets . . . . . . . 0.21% 0.44% 0.47% 0.47% 0.04%
Ratio of net investment income to average net assets . 0.69% 1.44% 1.10% 1.40% 0.21%
Portfolio turnover rate . . . . . . . . . . . . . . . 22% 34% 16% 20% 0%
Number of shares outstanding at end of period (000's) 10,351 10,136 9,381 3,687 1,107
Net assets at end of period (000's) . . . . . . . . . $147,136 $126,567 $108,050 $41,581 $10,989
Average net assets during the period (000's) . . . . . $140,525 $120,298 $ 70,690 $22,142 $10,989
</TABLE>
(1) The net asset value at the beginning of the period is as of
commencement of operations on May 1, 1992.
<TABLE>
<CAPTION>
SIX MONTHS
ENDED FISCAL YEAR ENDED MAY 31,
NOVEMBER 30, ------------------------------------------------------
1995 1995 1994 1993 1992 1991
--------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERNATIONAL EQUITIES FUND
PER SHARE DATA
Net asset value at beginning of period . . . . . . . . . . $10.42 $10.14 $ 8.99 $ 8.03 $ 8.58 $ 9.17
--------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income . . . . . . . . . . . . . . . 0.07 0.15 0.11 0.18 0.15 0.23
Net realized and unrealized gain (loss) on securities
and foreign currencies . . . . . . . . . . . . . . 0.12 0.34 1.17 0.93 (0.55) (0.59)
--------------------------------------------------------------------
Total income (loss) from investment operations . . . 0.19 0.49 1.28 1.11 (0.40) (0.36)
--------------------------------------------------------------------
Distributions:
Distributions from net investment income . . . . . . (0.08) (0.15) (0.11) (0.15) (0.15) (0.23)
Distributions from net realized gain on securities . (0.06) (0.02)
--------------------------------------------------------------------
Total distributions . . . . . . . . . . . . . . . . (0.08) (0.21) (0.13) (0.15) (0.15) (0.23)
--------------------------------------------------------------------
Net asset value at end of period . . . . . . . . . . . . . $10.53 $10.42 $10.14 $ 8.99 $ 8.03 $ 8.58
--------------------------------------------------------------------
TOTAL RETURN . . . . . . . . . . . . . . . . . . . . . . . 1.88% 4.92% 14.31% 14.18% (4.69)% (3.71)%
--------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets . . . . . . . 0.21% 0.45% 0.47% 0.53% 0.65% 0.37%
Ratio of net investment income to average net assets . 0.83% 1.47% 1.43% 2.33% 1.84% 2.67%
Portfolio turnover rate . . . . . . . . . . . . . . . 9% 14% 7% 9% 5% 3%
Number of shares outstanding at end of period (000's) 18,717 20,074 17,273 7,429 4,256 2,451
Net assets at end of period (000's) . . . . . . . . . $197,069 $209,091 $175,183 $66,809 $34,182 $21,036
Average net assets during the period (000's) . . . . . $204,007 $199,235 $117,264 $45,509 $26,542 $15,693
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
91
<PAGE> 94
================================================================================
FINANCIAL HIGHLIGHTS (Unaudited) - CONTINUED
- --------------------------------------------------------------------------------
Per share data is for a share of capital stock outstanding throughout the
period. Total return includes reinvestment of dividends on the reinvestment
date. Total returns and ratios for periods of less than one year are not
annualized.
<TABLE>
<CAPTION>
SIX MONTHS FISCAL YEAR PERIOD FROM
ENDED ENDED APRIL 29, 1994
NOVEMBER 30, MAY 31, TO
1995 1995 MAY 31, 1994
--------------------------------------------------
<S> <C> <C> <C>
GROWTH FUND
PER SHARE DATA
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . . $11.43 $9.87 $10.00 (1)
--------------------------------------------------
Income (loss) from investment operations:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . 0.02 0.04 0.01
Net realized and unrealized gain (loss) on securities . . . . . . . . 3.21 1.56 (0.13)
--------------------------------------------------
Total income (loss) from investment operations . . . . . . . . . . . . 3.23 1.60 (0.12)
--------------------------------------------------
Distributions:
Distributions from net investment income . . . . . . . . . . . . . . . (0.02) (0.04) (0.01)
--------------------------------------------------
Net asset value at end of period . . . . . . . . . . . . . . . . . . . . . . $14.64 $11.43 $9.87
--------------------------------------------------
TOTAL RETURN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.27% 16.25% (1.19)%
--------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets . . . . . . . . . . . . . . . . 0.41% 0.91% 0.08%
Ratio of net investment income to average net assets . . . . . . . . . . 0.13% 0.41% 0.11%
Portfolio turnover rate . . . . . . . . . . . . . . . . . . . . . . . . 20% 61% 0%
Number of shares outstanding at end of period (000's) . . . . . . . . . 15,538 8,800 1,001
Net assets at end of period (000's) . . . . . . . . . . . . . . . . . . $227,511 $100,614 $9,885
Average net assets during the period (000's) . . . . . . . . . . . . . . $161,696 $42,232 $9,944
</TABLE>
(1) The net asset value at the beginning of the period is as of
commencement of operations on April 29, 1994.
<TABLE>
<CAPTION>
SIX MONTHS FISCAL YEAR PERIOD FROM
ENDED ENDED APRIL 29, 1994
NOVEMBER 30, MAY 31, TO
1995 1995 MAY 31, 1994
--------------------------------------------------
<S> <C> <C> <C>
GROWTH & INCOME FUND
PER SHARE DATA
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . . $11.09 $9.87 $10.00 (1)
--------------------------------------------------
Income (loss) from investment operations:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . 0.04 0.09 0.02
Net realized and unrealized gain (loss) on securities . . . . . . . . 1.90 1.22 (0.13)
--------------------------------------------------
Total income (loss) from investment operations . . . . . . . . . . . . 1.94 1.31 (0.11)
--------------------------------------------------
Distributions:
Distributions from net investment income . . . . . . . . . . . . . . . (0.04) (0.09) (0.02)
--------------------------------------------------
Net asset value at end of period . . . . . . . . . . . . . . . . . . . . . . $12.99 $11.09 $9.87
--------------------------------------------------
TOTAL RETURN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.47% 13.35% (1.11)%
--------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets . . . . . . . . . . . . . . . . 0.39% 0.86% 0.07%
Ratio of net investment income to average net assets . . . . . . . . . . 0.33% 0.93% 0.22%
Portfolio turnover rate . . . . . . . . . . . . . . . . . . . . . . . . 29% 97% 11%
Number of shares outstanding at end of period (000's) . . . . . . . . . 5,734 3,867 1,002
Net assets at end of period (000's) . . . . . . . . . . . . . . . . . . $74,471 $42,867 $9,890
Average net assets during the period (000's) . . . . . . . . . . . . . . $58,669 $21,910 $9,946
</TABLE>
(1) The net asset value at the beginning of the period is as of
commencement of operations on April 29, 1994.
SEE NOTES TO FINANCIAL STATEMENTS.
92
<PAGE> 95
================================================================================
FINANCIAL HIGHLIGHTS (Unaudited) - CONTINUED
- --------------------------------------------------------------------------------
Per share data is for a share of capital stock outstanding throughout the
period. Total return includes reinvestment of dividends on the reinvestment
date. Total returns and ratios for periods of less than one year are not
annualized.
<TABLE>
<CAPTION>
SIX MONTHS FISCAL YEAR PERIOD FROM
ENDED ENDED APRIL 29, 1994
NOVEMBER 30, MAY 31, TO
1995 1995 MAY 31, 1994
--------------------------------------------------
<S> <C> <C> <C>
SCIENCE & TECHNOLOGY FUND
PER SHARE DATA
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . . $14.43 $9.83 $10.00 (1)
--------------------------------------------------
Income (loss) from investment operations:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . 0.02 0.03 0.00
Net realized and unrealized gain (loss) on securities and
foreign currencies . . . . . . . . . . . . . . . . . . . . . . . . . 5.86 4.72 (0.17)
--------------------------------------------------
Total income (loss) from investment operations . . . . . . . . . . . . 5.88 4.75 (0.17)
--------------------------------------------------
Distributions:
Distributions from net investment income . . . . . . . . . . . . . . . (0.02) (0.02) 0.00
Distributions from net realized gain on securities . . . . . . . . . . (0.00) (0.13) 0.00
--------------------------------------------------
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . (0.02) (0.15) 0.00
--------------------------------------------------
Net asset value at end of period . . . . . . . . . . . . . . . . . . . . . . $20.29 $14.43 $9.83
--------------------------------------------------
TOTAL RETURN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.87% 48.61% (1.66)%
--------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets . . . . . . . . . . . . . . . . 0.47% 1.00% 0.08%
Ratio of net investment income to average net assets . . . . . . . . . . 0.13% 0.36% 0.04%
Portfolio turnover rate . . . . . . . . . . . . . . . . . . . . . . . . 64% 121% 0%
Number of shares outstanding at end of period (000's) . . . . . . . . . 18,301 11,550 1,001
Net assets at end of period (000's) . . . . . . . . . . . . . . . . . . $371,383 $166,683 $9,834
Average net assets during the period (000's) . . . . . . . . . . . . . . $280,036 $64,974 $9,918
</TABLE>
(1) The net asset value at the beginning of the period is as of
commencement of operations on April 29, 1994.
<TABLE>
<CAPTION>
SIX MONTHS
ENDED FISCAL YEAR ENDED MAY 31,
NOVEMBER 30, ------------------------------------------------------
1995 1995 1994 1993 1992 1991
--------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
SOCIAL AWARENESS FUND
PER SHARE DATA
Net asset value at beginning of period . . . . . . . . . . $13.02 $11.98 $12.12 $11.43 $11.13 $10.59
--------------------------------------------------------------------
Income from investment operations:
Net investment income . . . . . . . . . . . . . . . 0.13 0.27 0.26 0.24 0.26 0.26
Net realized and unrealized gain (loss) on securities 1.86 1.75 (0.02) 1.22 0.30 0.54
--------------------------------------------------------------------
Total income from investment operations . . . . . . 1.99 2.02 0.24 1.46 0.56 0.80
--------------------------------------------------------------------
Distributions:
Distributions from net investment income . . . . . . (0.13) (0.27) (0.26) (0.24) (0.26) (0.26)
Distributions from net realized gain on securities . (0.71) (0.12) (0.53)
--------------------------------------------------------------------
Total distributions . . . . . . . . . . . . . . . . (0.13) (0.98) (0.38) (0.77) (0.26) (0.26)
--------------------------------------------------------------------
Net asset value at end of period . . . . . . . . . . . . . $14.88 $13.02 $11.98 $12.12 $11.43 $11.13
--------------------------------------------------------------------
TOTAL RETURN . . . . . . . . . . . . . . . . . . . . . . . 15.31% 18.19% 1.97% 13.08% 5.08% 7.89%
--------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets . . . . . . . 0.28% 0.58% 0.60% 0.63% 0.16% 0.44%
Ratio of net investment income to average net assets . 0.96% 2.22% 2.19% 2.14% 2.34% 2.66%
Portfolio turnover rate . . . . . . . . . . . . . . . 57% 148% 83% 106% 203% 100%
Number of shares outstanding at end of period (000's) 4,486 4,143 3,817 2,819 1,799 973
Total net assets at end of period (000's) . . . . . . $66,758 $53,927 $45,729 $34,166 $20,570 $10,835
Average net assets during the period (000's) . . . . . $59,886 $47,942 $41,002 $26,920 $15,365 $7,959
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
93
<PAGE> 96
================================================================================
FINANCIAL HIGHLIGHTS (Unaudited) - CONTINUED
- --------------------------------------------------------------------------------
Per share data is for a share of capital stock outstanding throughout the
period. Total return includes reinvestment of dividends on the reinvestment
date. Total returns and ratios for periods of less than one year are not
annualized.
<TABLE>
<CAPTION>
SIX MONTHS
ENDED FISCAL YEAR ENDED MAY 31,
NOVEMBER 30, ------------------------------------------------------
1995 1995 1994 1993 1992 1991
--------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TIMED OPPORTUNITY FUND
PER SHARE DATA
Net asset value at beginning of period . . . . . . . . . . $11.24 $10.84 $11.18 $10.66 $11.05 $10.48
--------------------------------------------------------------------
Income from investment operations:
Net investment income . . . . . . . . . . . . . . . 0.24 0.44 0.37 0.35 0.30 0.40
Net realized and unrealized gain (loss) on securities 0.90 0.82 (0.15) 0.61 (0.19) 0.57
--------------------------------------------------------------------
Total income from investment operations . . . . . . 1.14 1.26 0.22 0.96 0.11 0.97
--------------------------------------------------------------------
Distributions:
Distributions from net investment income . . . . . . (0.23) (0.44) (0.37) (0.35) (0.30) (0.40)
Distributions from net realized gain on securities . (0.42) (0.19) (0.09) (0.20)
--------------------------------------------------------------------
Total distributions . . . . . . . . . . . . . . . . (0.23) (0.86) (0.56) (0.44) (0.50) (0.40)
--------------------------------------------------------------------
Net asset value at end of period . . . . . . . . . . . . . $12.15 $11.24 $10.84 $11.18 $10.66 $11.05
--------------------------------------------------------------------
TOTAL RETURN . . . . . . . . . . . . . . . . . . . . . . . 10.29% 12.43% 1.86% 9.17% 0.87% 9.75%
--------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets . . . . . . . 0.29% 0.58% 0.59% 0.70% 0.90% 0.92%
Ratio of net investment income to
average net assets . . . . . . . . . . . . . . . . . 1.97% 4.03% 3.24% 3.28% 2.72% 3.94%
Portfolio turnover rate . . . . . . . . . . . . . . . 59% 133% 76% 78% 111% 55%
Number of shares outstanding at end of period (000's) 15,493 16,319 17,956 14,758 13,341 11,891
Total net assets at end of period (000's) . . . . . . $188,192 $183,393 $194,576 $165,002 $142,213 $131,416
Average net assets during the period (000's) . . . . . $185,005 $186,487 $185,036 $151,450 $137,179 $116,266
</TABLE>
<TABLE>
<CAPTION>
SIX MONTHS
ENDED FISCAL YEAR ENDED MAY 31,
NOVEMBER 30, ------------------------------------------------------
1995 1995 1994 1993 1992 1991
--------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CAPITAL CONSERVATION FUND
PER SHARE DATA
Net asset value at beginning of period . . . . . . . . . . $9.52 $9.13 $9.87 $9.29 $8.81 $9.08
--------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income . . . . . . . . . . . . . . . 0.31 0.63 0.61 0.65 0.69 0.73
Net realized and unrealized gain (loss) on securities 0.27 0.39 (0.69) 0.58 0.48 (0.27)
--------------------------------------------------------------------
Total income (loss) from investment operations . . . 0.58 1.02 (0.08) 1.23 1.17 0.46
--------------------------------------------------------------------
Distributions:
Distributions from net investment income . . . . . . (0.31) (0.63) (0.61) (0.65) (0.69) (0.73)
Distributions from net realized gain on securities . (0.05)
--------------------------------------------------------------------
Total distributions . . . . . . . . . . . . . . . . (0.31) (0.63) (0.66) (0.65) (0.69) (0.73)
--------------------------------------------------------------------
Net asset value at end of period . . . . . . . . . . . . . $9.79 $9.52 $9.13 $9.87 $9.29 $8.81
--------------------------------------------------------------------
TOTAL RETURN . . . . . . . . . . . . . . . . . . . . . . . 6.18% 11.80% (1.13)% 13.60% 13.72% 5.40%
--------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets . . . . . . . 0.29% 0.58% 0.59% 0.67% 0.77% 0.83%
Ratio of net investment income to average net assets . 3.24% 6.88% 6.24% 6.77% 7.80% 8.25%
Portfolio turnover rate . . . . . . . . . . . . . . . 34% 100% 55% 58% 121% 142%
Number of shares outstanding at end of period (000's) 7,366 6,935 6,712 5,095 3,939 2,333
Total net assets at end of period (000's) . . . . . . $72,099 $66,031 $61,305 $50,290 $36,609 $20,541
Average net assets during the period (000's) . . . . . $68,369 $61,568 $59,210 $43,316 $29,793 $19,105
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
94
<PAGE> 97
================================================================================
FINANCIAL HIGHLIGHTS (Unaudited) - CONTINUED
- --------------------------------------------------------------------------------
Per share data is for a share of capital stock outstanding throughout the
period. Total return includes reinvestment of dividends on the reinvestment
date. Total returns and ratios for periods of less than one year are not
annualized.
<TABLE>
<CAPTION>
SIX MONTHS
ENDED FISCAL YEAR ENDED MAY 31,
NOVEMBER 30, ------------------------------------------------------
1995 1995 1994 1993 1992 1991
--------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
GOVERNMENT SECURITIES FUND
PER SHARE DATA
Net asset value at beginning of period . . . . . . . . . . $9.89 $9.55 $10.30 $9.84 $9.34 $9.20
--------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income . . . . . . . . . . . . . . . 0.31 0.60 0.55 0.61 0.65 0.66
Net realized and unrealized gain (loss) on securities 0.23 0.35 (0.59) 0.59 0.49 0.14
--------------------------------------------------------------------
Total income (loss) from investment operations . . . 0.54 0.95 (0.04) 1.20 1.14 0.80
--------------------------------------------------------------------
Distributions:
Distributions from net investment income . . . . . . (0.31) (0.61) (0.55) (0.61) (0.64) (0.66)
Distributions from net realized gain on securities . (0.16) (0.13)
--------------------------------------------------------------------
Total distributions . . . . . . . . . . . . . . . . (0.31) (0.61) (0.71) (0.74) (0.64) (0.66)
--------------------------------------------------------------------
Net asset value at end of period . . . . . . . . . . . . . $10.12 $9.89 $9.55 $10.30 $9.84 $9.34
--------------------------------------------------------------------
TOTAL RETURN . . . . . . . . . . . . . . . . . . . . . . . 5.54% 10.43% (0.66)% 12.56% 12.60% 9.28%
--------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets . . . . . . . 0.28% 0.58% 0.59% 0.67% 0.76% 0.87%
Ratio of net investment income to average net assets . 3.15% 6.36% 5.44% 6.08% 6.77% 7.25%
Portfolio turnover rate . . . . . . . . . . . . . . . 8% 229% 85% 105% 78% 87%
Number of shares outstanding at end of period (000's) 6,867 5,478 4,544 3,110 2,090 1,468
Total net assets at end of period (000's) . . . . . . $69,517 $54,174 $43,401 $32,023 $20,559 $13,711
Average net assets during the period (000's) . . . . . $61,561 $45,200 $41,596 $26,145 $17,069 $11,393
</TABLE>
<TABLE>
<CAPTION>
SIX MONTHS PERIOD FROM
ENDED FISCAL YEAR ENDED MAY 31, MAY 1, 1992
NOVEMBER 30, ---------------------------------- TO
1995 1995 1994 1993 MAY 31, 1992
---------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERNATIONAL GOVERNMENT BOND FUND
PER SHARE DATA
Net asset value at beginning of period . . . . . . . . . . $12.72 $10.97 $11.16 $10.43 $10.00 (1)
---------------------------------------------------------------
Income (loss) from investment operations:
Net investment income . . . . . . . . . . . . . . . 0.33 0.65 0.62 0.76 0.48
Net realized and unrealized gain (loss) on securities
and foreign currencies . . . . . . . . . . . . . . (0.47) 1.80 (0.20) 0.70 0.42
---------------------------------------------------------------
Total income (loss) from investment operations . . . (0.14) 2.45 0.42 1.46 0.90
---------------------------------------------------------------
Distributions:
Distributions from net investment income . . . . . . (0.33) (0.70) (0.60) (0.73) (0.47)
Distributions from net realized gain on securities . (0.01)
---------------------------------------------------------------
Total distributions . . . . . . . . . . . . . . . (0.33) (0.70) (0.61) (0.73) (0.47)
---------------------------------------------------------------
Net asset value at end of period . . . . . . . . . . . . . $12.25 $12.72 $10.97 $11.16 $10.43
---------------------------------------------------------------
TOTAL RETURN . . . . . . . . . . . . . . . . . . . . . . . (1.08)% 23.23% 3.87% 14.50% 9.18%
---------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets . . . . . . . 0.28% 0.59% 0.48% 0.14% 0.08%
Ratio of net investment income to average net assets . 2.78% 5.83% 5.87% 7.02% 4.62%
Portfolio turnover rate . . . . . . . . . . . . . . . 7% 6% 3% 26% 12%
Number of shares outstanding at end of period (000's) 9,680 6,111 3,741 2,062 1,259
Total net assets at end of period (000's) . . . . . . $118,577 $77,734 $41,028 $23,009 $13,126
Average net assets during the period (000's) . . . . . $98,227 $51,451 $33,561 $18,135 $11,938
</TABLE>
(1) The net asset value at the beginning of the period is as of
commencement of operations on October 1, 1991.
SEE NOTES TO FINANCIAL STATEMENTS.
95
<PAGE> 98
================================================================================
FINANCIAL HIGHLIGHTS (Unaudited) - CONTINUED
- --------------------------------------------------------------------------------
Per share data is for a share of capital stock outstanding throughout the
period. Total return includes reinvestment of dividends on the reinvestment
date. Total returns and ratios for periods of less than one year are not
annualized.
<TABLE>
<CAPTION>
SIX MONTHS
ENDED FISCAL YEAR ENDED MAY 31,
NOVEMBER 30, ------------------------------------------------------
1995 1995 1994 1993 1992 1991
--------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
MONEY MARKET FUND
PER SHARE DATA
Net asset value at beginning of period . . . . . . . . . . $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
--------------------------------------------------------------------
Income from investment operations:
Net investment income . . . . . . . . . . . . . . . 0.03 0.05 0.03 0.03 0.05 0.07
--------------------------------------------------------------------
Distributions:
Distributions from net investment income . . . . . . (0.03) (0.05) (0.03) (0.03) (0.05) (0.07)
--------------------------------------------------------------------
Net asset value at end of period . . . . . . . . . . . . . $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
--------------------------------------------------------------------
TOTAL RETURN . . . . . . . . . . . . . . . . . . . . . . . 2.70% 4.90% 2.83% 2.85% 4.47% 7.11%
--------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets . . . . . . . 0.28% 0.57% 0.58% 0.63% 0.67% 0.68%
Ratio of net investment income to average net assets . 2.64% 4.75% 2.78% 2.81% 4.42% 6.86%
Number of shares outstanding at end of period (000's) 85,151 82,256 50,534 45,323 48,355 38,572
Total net assets at end of period (000's) . . . . . . $85,151 $82,254 $50,533 $45,322 $48,353 $38,570
Average net assets during the period (000's) . . . . . $83,661 $67,021 $46,222 $45,562 $46,305 $34,733
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
96
<PAGE> 99
================================================================================
AMERICAN GENERAL SERIES PORTFOLIO COMPANY
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
BOARD OF DIRECTORS SHAREHOLDER SERVICE AGENT
Stephen D. Bickel The Variable Annuity Life
Norman Hackerman Insurance Company (VALIC)
John W. Lancaster 2929 Allen Parkway
Ben H. Love Houston, Texas 77019
Joe C. Osborne
F. Robert Paulsen OFFICERS
Peter V. Tuters Stephen D. Bickel,
R. Miller Upton Chairman and President
Thomas L. West, Jr. Thomas L. West, Jr.,
Executive Vice President
DISTRIBUTOR Norman Jaskol,
The Variable Annuity Marketing Vice President and
Company (VAMCO) Senior Investment Officer
2929 Allen Parkway Brent C. Nelson,
Houston, Texas 77019 Vice President
Teresa S. Moro,
CUSTODIAN Vice President and
State Street Bank and Trust Company Investment Officer
225 Franklin Street John W. Mossbarger,
Boston, Massachusetts 02110 Vice President and
Investment Officer
INVESTMENT ADVISER Leon A. Olver,
The Variable Annuity Life Vice President and
Insurance Company (VALIC) Investment Officer
2929 Allen Parkway William Trimbur, Jr.
Houston, Texas 77019 Vice President and
Investment Officer
INVESTMENT SUB-ADVISERS Cynthia A. Toles,
Bankers Trust Company General Counsel
280 Park Avenue and Secretary
New York, New York 10017 Gregory R. Seward,
Treasurer and Controller
T. Rowe Price Associates, Inc. Betty J. North,
100 East Pratt Street Assistant Vice President
Baltimore, Maryland 21202 David H. den Boer,
Assistant Secretary
Value Line, Inc. William W. Merryman,
220 East 42nd Street Assistant Controller
New York, New York 10017-5891 Debra A. Yeang,
Assistant Treasurer
</TABLE>
This report is for the information of the shareholders and variable
contract owners participating in the American General Series Portfolio Company.
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 this material or products
issued by VALIC or American General Life Insurance Company, please contact your
account representative.
"Standard & Poor's(R)", "Standard & Poor's MidCap 400 Index" and "S&P
500(R)" are trademarks of Standard & Poor's Corporation. The Stock Index Fund
and MidCap 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.
[VALIC LOGO]
<PAGE> 100
AMERICAN GENERAL SERIES PORTFOLIO COMPANY -----------------------
P. O. Box 3206 Bulk Rate
Houston, Texas 77253-3206 U.S. Postage
PAID
Permit No. 6748
Houston, Texas
-----------------------
