FIRST AMERICAN INVESTMENT FUNDS, INC.
SEMI-ANNUAL REPORT
MARCH 31, 1995
FIRST AMERICAN FUNDS
The Power Of Disciplined Investing
TABLE OF CONTENTS
MESSAGE FROM YOUR CHAIRMAN 1
ECONOMIC AND INVESTMENT REVIEW 2
STATEMENTS OF NET ASSETS 4
STATEMENTS OF OPERATIONS 56
STATEMENTS OF CHANGES IN NET ASSETS 60
FINANCIAL HIGHLIGHTS 64
NOTES TO FINANCIAL STATEMENTS 68
MESSAGE FROM YOUR CHAIRMAN March 31, 1995
Dear Shareholder:
For the first six months of the fiscal year, the First American Investment
Funds, Inc. continued their steady growth. Assets under management surpassed
$1.8 Billion as of March 31, 1995, representing growth of over $600 Million
since September 30, 1994.
As you know, early in February the First American Mutual Fund portfolios were
merged into the First American Investment Funds, Inc. to eliminate investor
confusion and help streamline operations. Now that the merger has been
accomplished in the upcoming months we will be focused on increasing our
level of service to you. We are in the process of revising and upgrading our
shareholder statements to provide you with an easier to read more useful
document. You should see the results of this project in the next several
months. In addition, in the near future we will be offering an automated
voice response system that will allow shareholders to access performance,
prices and yields 24 hours a day toll-free.
Many of the Funds continued to perform above the averages in their categories
and several were once again recognized in national publications such as The Wall
Street Journal, Business Week, USA Today, and Kiplinger's for top performance.
In addition, the Chairman of First Asset Management, John Murphy, was invited to
appear on CNBC's Mutual Fund Investor Program to discuss First Asset
Management's economic outlook and investment philosophy.
The past six months have been a period of tremendous growth for the family
and we expect to see additional significant growth in the future. Through
these periods of growth, we will continue our commitment to improving and
maintaining our shareholder services and our disciplined approach to
investing.
Sincerely,
Joseph D. Strauss
Chairman
ECONOMIC AND INVESTMENT REVIEW March 31, 1995
At the halfway point in the First American Funds' fiscal year, major changes
in the economic and policy environment have become readily apparent. The
Federal Reserve's seven step doubling of short term interest rates and the
accompanying increase in bond yields have slowed final demand in the domestic
economy to a pace that better matches its productive capacity, thereby
reducing inflationary pressures. Perhaps consumers were riveted to the O.J.
Simpson trial, but more likely, rising indebtedness and a pervasive sense of
job insecurity, despite growing payrolls, sapped the urge to spend this year.
In any event, slowing retail sales, reduced auto production schedules,
accumulation of inventory, and lower housing starts tell us that the economy
is now growing at a 2.0% to 3.0% annual rate in contrast to
the 4.0% to 5.0% that characterized the latter portion
of 1994.
Productivity growth and very modest wage gains have kept the cost of labor at
extraordinarily low levels during this expansion. With labor's two-thirds of
input costs well contained, American industry has absorbed higher raw
material prices and still produced surprisingly strong profits with only
small end product price increases. This is fortunate, since current
competitive conditions rarely allow pricing flexibility. With inflation
contained, consumer and business credit available, and personal income
growing with healthy job creation, there is good reason to expect the
economic expansion to enjoy additional years of life.
For years the United States has generated insufficient savings to fully fund
its fiscal deficit and the related excess demand for goods and services. The
shortfall has been funded in international financial markets. Although the
anti-inflationary monetary policy of recent years has been confidence
building, our foreign creditors have become restive with chronic fiscal
deficits, expanding trade imbalances, and a growing abundance of dollars in
international currency markets. Into this unstable condition, mix a generous
helping of uncoordinated international fiscal and monetary policy
initiatives, foot-dragging on needed trade reform by our major overseas
trading partners, and a collapse of the Mexican peso and economy. Finally,
add a fiscal crisis in Canada and a slide in its dollar. In these
circumstances can the accelerating erosion of the U.S. dollar during the past
few months seem so surprising? The sweeping election victory that yielded
Republican majorities in both houses of Congress may launch a more
responsible approach to fiscal management, but fine print of the Contract
With America calls for Middle-America to part with entitlements, long held
sacred, in favor of budgetary balance. We can be sure our international
creditors are watching developments in Washington with particular interest.
Thus far, their assessment is not particularly optimistic. By contrast, we
believe the value of the dollar reflects undue pessimism. By virtually any
standard comparing purchasing power, the dollar is significantly undervalued
versus the yen and the mark. As a result, it is not hard to see the dollar
stabilizing, if not appreciating modestly, in the visible future.
Has the Fed finished tightening credit? This question is asked and answered
by investors every day, since the perceived trend of short interest rates
largely determines the valuation of the bond and stock markets. Today's
slowing economy and low inflation bode well for unchanged, if not lower,
short interest rates. The weak dollar and soaring input prices suggest the
opposite. The current level of the bond and stock markets seems to imply a
consensus for no additional increases in short rates. We are not as sure, but
believe that if monetary policy is tightened one more notch, the lift in
rates would probably be the last for this cycle.
Bond yields peaked just as the Funds' fiscal year began last fall. The
slowing economy, low inflation, new Congressional budget balancing
initiatives, and strong internal corporate financing capability combined to
drive the meaningful bond market rally that lifted your fixed income
portfolios this fiscal year. Yields all along the curve fell with a
particularly dramatic drop in intermediate bond yields. The 5 year treasury
yield has fallen almost one percentage point while long treasury bond yields
declined about three-quarters of a percent and could fall further, although
we believe the rally is close to its finish. First American bond funds
extended maturity last fall to successfully capture much of the rally's
benefit. Believing bonds to be near fair value, the fixed income funds
recently shortened maturity to a neutral stance versus their respective
benchmark averages.
The slowing of economic growth to a sustainable pace carried the prospect of
an end to monetary tightening, a lesson not lost on the stock market this
fiscal year. Stocks rallied strongly and the market averages now stand at
record highs. Surprisingly strong earning gains have supported equity
valuations for many months and promise to remain a favorable factor in the
investment equation for at least several more quarters. This is not to ignore
the heated debate over the impact of slowing domestic economic growth, but
extensive restructuring of American corporations in both the manufacturing
and service sectors has produced cost structures which seems capable of
surprising investors with better than expected earnings gains. Stocks of
companies that are "fixing problems" have been rewarding investments for the
funds.
Although the weak dollar may be a concern for the United States in general,
it has accentuated comparatively our low unit labor costs, which favor export
oriented corporations versus their competitors in other established
industrial nations. First American Funds in both value and growth styles have
invested in the stock of firms that are well positioned to profit from our
country's increasing competitive stature in global markets. We have also
focused on firms with operations or expansion plans reaching rapidly growing
free markets worldwide. Our international investment strategy focuses on
rapidly growing world product markets as opposed to the comparatively
lethargic, mature industrial economies.
The family of First American Funds offers investors a wide choice of
investment alternatives in equity, fixed income, or money market portfolios.
Each fund employs a well defined discipline in its management. The confidence
of fund shareholders has been reflected in significant growth of investment
assets. It has been a privilege to serve our shareholders.
Sincerely,
/s/ John M. Murphy, Jr.
John M. Murphy, Jr.
Senior Managing Director
First Asset Management
Chairman, First Trust
STATEMENT OF NET ASSETS----MARCH 31, 1995 (UNAUDITED)
LIMITED TERM TAX FREE INCOME FUND
Description Par (000) Value (000)
<TABLE>
<CAPTION>
<S> <C> <C>
MUNICIPAL BONDS--98.0%
ALASKA--7.8%
Anchorage, Telephone Utility (RB)
(AMBAC)
3.500%, 12/01/96 $250 $ 243
North Slope Borough, Series 1994 B (GO)
(CGIC)
5.200%, 06/30/96 250 252
North Slope Borough, Series G (GO)
(AMBAC)
7.500%, 06/30/97 400 421
Spring Creek Correctional Center, Series
A, Pre-refunded @ 102 (COP) (CGIC)
9.500%, 10/01/95 (B) 200 209
1,125
ARIZONA--2.7%
Maricopa County, Elementary School
District #17 (GO) (AMBAC)
0.000% 07/01/98 (D) 465 396
CALIFORNIA--15.8%
San Francisco, Port Commission (RB)
4.400%, 07/01/96 500 499
Sonoma County (COP)
4.600%, 08/01/96 470 465
State (GO)
6.000%, 05/01/97 500 511
State, Series C (RAN)
5.750%, 04/25/96 800 809
2,284
COLORADO--2.8%
Denver, City & County Airport, Series C, Mandatory
Put @ 100 (RB) (ST)
6.000%, 04/01/97 (C) 400 407
GEORGIA--1.8%
Cobb County, School District (GO)
6.125%, 02/01/96 250 253
ILLINOIS--6.0%
Aurora, Kane, & DuPage Counties, Single
Family Mortgage, Series 95 A (RB)(GNMA)(AMT)
6.100%, 04/01/08 (D) 250 249
Development Finance Authority, School
District #300 (GO) (FGIC)
0.000% 12/01/96 455 423
Sales Tax, Series S (RB)
3.250%, 06/15/95 200 199
871
LOUISIANA--2.8%
Deepwater Port Authority, Series B (RB)
4.600%, 09/01/95 200 200
Public Facilities Authority, St. Francis
Medical Center Project (RB) (FSA)
3.550%, 07/01/96 $200 $ 199
399
MAINE--3.4%
Highway Authority (RB)
6.000%, 04/15/96 480 487
MASSACHUSETTS--1.7%
Housing Finance Agency, Insured Rental Housing,
Series A (RB) (AMBAC) (AMT)
4.900%, 01/01/97 250 251
MINNESOTA--26.1%
Dakota & Washington Counties, Housing &
Redevelopment Authority (RB) (GNMA/FHA)(AMT)
5.750%, 09/01/16 325 329
Fridley, Commercial Development,
Mandatory Put @ 100 (RB) (AMT)
4.900%, 09/01/96 (C) 235 235
Hennepin County, Pre-refunded
@ 100 (GO)
6.600%, 12/01/96 (B) 300 310
Housing Finance Agency, Single Family
Mortgage, Series C (RB)
5.800%, 07/01/96 180 182
Housing Finance Agency, Single Family Mortgage,
Series R (RB) (AMT)
5.150%, 01/01/97 260 260
Minneapolis, Special School District #1
(COP)
4.750%, 06/01/96 300 299
Minnetonka, Multi-family Housing,
Southampton Apartments Project,
Mandatory Put @ 100
(RB) (NBOC)
4.750%, 06/01/95 (C) 500 502
Northern Municipal Power Agency (RB)
7.000%, 01/01/97 220 227
Southern Municipal Power Agency,
Escrowed to Maturity (RB)
4.500%, 01/01/96 140 140
Southern Municipal Power Agency,
Prerefunded @ 102 (RB)
7.375%, 01/01/96 (B) 200 208
Southern Municipal Power Agency, Series
B (RB)
4.500%, 01/01/96 360 359
5.000%, 01/01/98 250 249
St Paul, Independent School District
#625 (GO) (ISF)
6.500%, 02/01/97 300 309
Western Municipal Power Agency, Series A,
Pre-refunded @ 102 (RB)
9.500%, 01/01/96 (B) $ 150 $ 158
3,767
NEW MEXICO--2.1%
Albuquerque Airport, Gross Receipts Tax,
Mandatory Put @ 100 (RB)
8.250%, 07/01/95 (C) 300 303
NEW YORK--1.8%
Medical Care Facilities, Series A,
Pre-refunded @ 102 (RB)
8.500%, 01/15/96 (B) 250 263
NORTH DAKOTA--2.2%
Cass County, Hospital Facility,
Mandatory Sinking Fund (RB)
8.500%, 09/01/97 300 314
RHODE ISLAND--5.5%
Pawtucket (GO) (FGIC)
7.750%, 04/15/97 750 790
TENNESSEE--1.9%
Local Development Authority, Community Provider Loan
Program (RB)
4.600%, 10/01/96 275 274
TEXAS--6.0%
Dallas, Waterworks & Sewer (RB)
8.200%, 04/01/97 500 529
State (GO)
6.700%, 12/01/96 320 331
860
VIRGINIA--1.7%
Fairfax County, Water Authority (RB)
3.350%, 04/01/96 250 246
WASHINGTON--4.1%
State Public Power Supply, Nuclear
Project #3, Series C (RB)
3.500%, 07/01/95 300 298
State, Series R-94 A (GO)
3.400%, 08/01/95 300 299
597
WYOMING--1.8%
State Student Loan Program (RB) (AMT)
6.000%, 12/01/97 250 255
TOTAL MUNICIPAL BONDS
(Cost $14,136) 14,142
CASH EQUIVALENTS--4.5%
Federated Tax Free Money Market
4.045%, 04/07/95 (A) 642,000 642
TOTAL CASH EQUIVALENTS
(Cost $642) $ 642
TOTAL INVESTMENTS--102.5%
(Cost $14,778) 14,784
OTHER ASSETS AND LIABILITIES--(2.5%)
Other Assets and Liabilities, Net (359)
NET ASSETS:
Portfolio shares--Institutional Class ($.0001 par
value--2 billion authorized) based on 1,380,922
outstanding shares 13,833
Portfolio shares--Retail Class A ($.0001 par
value--2 billion authorized) based on 63,401
outstanding shares 634
Distributions in excess of net investment income (2)
Accumulated net realized loss on investments (46)
Net unrealized appreciation of investments 6
TOTAL NET ASSETS:--100.0% $14,425
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION
PRICE PER SHARE--INSTITUTIONAL CLASS $ 9.99
NET ASSET VALUE AND REDEMPTION PRICE
PER SHARE--RETAIL CLASS A $ 9.99
Maximum Sales Charge Of 2.00%+ 0.20
OFFERING PRICE PER SHARE--RETAIL CLASS A $ 10.19
</TABLE>
The accompanying notes are an integral part of the financial statements.
+ The offer price is calculated by dividing the net asset value by 1
minus the maximum sales charge of 2.00%.
(A) Variable Rate Security with Demand Features--the rate reported on the
Statement of Net Assets is the rate in effect as of March 31, 1995. The
date shown is the longer of the reset date or demand date.
(B) Pre-refunded Security--the pre-refunded date is shown as the maturity
date on the Statement of Net Assets.
(C) Mandatory Put Security--the mandatory put date is shown as the maturity
date on the Statement of Net Assets.
(D) When issued security (Total Cost Maricopa County, Arizona and Aurora,
Kane, and DuPage Counties, Illinois are $394,390 and $250,000
respectively)
AMT--Alternative Minimum Tax
AMBAC--American Municipal Bond Assurance Company
CGIC--Capital Guaranty Insurance Company
COP--Certificates of Participation
FGIC--Financial Guaranty Insurance Corporation
FHA--Federal Housing Authority
FSA--Financial Security Assurance
GNMA--Government National Mortgage Association
GO--General Obligation
ISF--Insured by State Funds
NBOC--National Bank of Canada
RAN--Revenue Anticipation Notes
RB--Revenue Bond
ST--Sumitomo Trust
INTERMEDIATE TAX FREE FUND
Description Par (000) Value (000)
<TABLE>
<CAPTION>
<S> <C> <C>
MUNICIPAL BONDS--96.5%
ARIZONA--3.5%
Maricopa County, School District,
Pre-refunded @ 101 (GO) (FGIC)
5.400%, 07/01/97 (B) $1,000 $1,026
CALIFORNIA--6.5%
Contra Costa, Water District, Callable
10/01/04 @ 102 (RB) (MBIA)
5.800%, 10/01/07 1,000 1,016
Orange County, Transportation Authority,
Callable 02/15/02 @ 102 (RB)
5.700%, 02/15/03 200 202
San Diego, Callable 01/01/04 @ 101 (RB)
5.625%, 01/01/06 200 202
State Health Facilities Authority,
Callable 10/01/98 @ 102 (RB) (CMI)
7.250%, 10/01/99 500 528
1,948
COLORADO--10.3%
Arvada, Sales & Use Tax, Callable
12/01/02 @ 100 (RB) (FGIC)
5.900%, 12/01/05 500 514
Aurora, Single Family Mortgage,
Series 1993-A
3.875%, 05/01/00 10 10
Boulder Valley, School District,
Region 2, Callable 12/01/04 @ 101 (GO)(STAID)
5.950%, 12/01/07 500 513
Colorado Springs Utilities,
Crossover Refunding, Series A (RB)
6.350%, 11/15/01 1,000 1,076
State Housing Finance Authority,
Single Family Mortgages, Callable
08/01/99 @ 102 (RB) (FHA/VA)
7.400%, 08/01/09 915 940
3,053
FLORIDA--2.0%
Dade County, Senior High School
Facilities, Series A, Pre-refunded @
102 (LOC: Sumitomo Bank)
6.900%, 07/01/95 (B) 15 15
North Brevard County, Health,
Hospital, & Nursing Home Improvements,
Jess Parish Memorial Hospital (RB) (AMBAC)
6.800%, 09/01/96 15 15
Reedy Creek, Utility, Callable
10/01/97 @ 102 (RB)
8.900%, 10/01/03 500 554
584
ILLINOIS--5.3%
Aurora, Kane, & DuPage Counties,
Single Family Mortgage, Series 1995-A
(RB) (GNMA) (AMT)
6.100%, 04/01/08 (C) $ 750 $ 747
Lansing, Sales Tax, Callable 12/01/02
@102 (RB) (AMBAC)
5.350%, 12/01/04 835 835
1,582
INDIANA--1.5%
Perry Township, Multi-School Building, Escrowed To
Maturity (RB) (STAID)
7.000%, 07/01/97 15 16
State Housing Finance Authority, Callable 07/01/98
@ 102.5, (RB) (FPI)
7.800%, 01/01/99 415 430
446
IOWA--0.3%
Davenport, Home Ownership Mortgage,
Series 1994 (RB)
4.000%, 03/01/03 100 98
MICHIGAN--0.6%
Dearborn School District, Callable
05/01/03 @ 101.5 (GO) (MBIA)
4.850%, 05/01/05 100 95
St. Joseph, Hospital Finance Authority
(RB) (AMBAC)
4.750%, 01/01/02 100 96
191
MINNESOTA--16.6%
Anoka County, Solid Waste Disposal,
(RB) (AMT) (CFC)
6.000%, 12/01/98 1,000 1,020
Minneapolis & St. Paul, Housing &
Redevelopment Authority, Callable
11/15/03 @ 102 (RB) (AMBAC)
4.750%, 11/15/18 1,000 825
Minneapolis, Hennepin Avenue,
Series C (GO)
6.200%, 03/01/02 800 847
Robbinsdale, North Memorial Medical
Center, Series B, Callable 05/15/03
@ 102, (RB) (AMBAC)
5.450%, 05/15/13 1,000 948
Southern Minnesota, Municipal Power
Authority, Un-refunded Balance, Series A, Callable
01/01/03 @ 102 (RB)
5.600%, 01/01/04 445 446
State Higher Education, Supplemental
Student Loan Program, Series A, Credit
Support Norwest Bank (RB)
4.150%, 12/01/00 500 500
State, Public Improvements,
Pre-refunded @ 100 (GO)
5.800%, 08/01/04 (B) $ 250 $ 260
Wayzata, School District, Series B,
Callable 02/01/03 @ 100 (RB) (FGIC)
4.900%, 02/01/07 100 93
4,939
MISSOURI--3.5%
Kansas City, School District (RB) ( FGIC)
6.300%, 02/01/00 1,000 1,045
NEW MEXICO--4.1%
Farmington, Utility Systems, Escrowed
to Maturity (RB)
10.000%, 01/01/02 685 808
State University (RB)
7.800%, 04/01/97 400 423
1,231
NEW YORK--1.8%
Environmental Facilities, Pollution Control,
Callable 11/15/04 @ 102 (RB)
6.400%, 05/15/06 500 540
NORTH DAKOTA--9.8%
Bismarck, Hospital Authority (RB) (AMBAC)
6.250%, 05/01/99 1,000 1,050
Fargo, Water Authority, Callable
1/01/04 @ 100 (RB) (MBIA)
5.000%, 01/01/05 300 282
Fargo, Water Utilities, Callable
01/01/00 @ 100 (RB)
5.900%, 01/01/02 500 513
State Bank Capital Financing Program,
Series E (GO)
6.400%, 12/01/95 20 20
State Building Authority, Escrowed To
Maturity (RB) (AMBAC)
6.900%, 06/01/97 500 523
6.900%, 06/01/98 500 529
2,917
OHIO--0.8%
Kings County, Local School District,
Callable 12/01/05 @ 100 (RB) (FGIC)
5.750%, 12/01/10 (C) 250 251
OKLAHOMA--0.8%
Oklahoma County, Home Finance
Authority, Pre-refunded @ 100 (RB)
0.000%, 03/01/06 (B) 790 248
OREGON--5.9%
Deschutes & Jefferson Counties,
School District, (GO) (MBIA)
5.000%, 06/01/02 $ 500 $ 493
Multnomah County, School District (GO)
5.100%, 06/01/03 500 496
Multnomah, School District #3, Callable 12/01/05
@100 (GO) (FGIC)
5.500%, 12/01/06 500 499
State (GO)
7.000%, 07/01/01 250 274
1,762
PENNSYLVANIA--4.6%
Commonwealth, Callable 05/01/04
@ 101.5 (GO)
5.300%, 05/01/06 300 296
Northumberland County, Commonwealth
Lease, Callable 10/15/01 @ 100 (RB)
6.600%, 10/15/02 1,000 1,085
1,381
PUERTO RICO--1.7%
Housing Finance Authority, Single
Family Mortgage (RB) (GNMA)
5.800%, 10/15/00 250 256
6.000%, 02/01/02 250 255
511
SOUTH DAKOTA--1.8%
Sioux Falls (COP)
6.450%, 08/01/01 500 536
TENNESSEE--1.7%
Nashville & Davidson County,
Metropolitan Government (GO)
5.000%, 05/15/05 500 491
TEXAS--0.1%
San Antonio, Texas Electric & Gas
Improvement, (RB)
6.900%, 02/01/96 15 15
UTAH--1.8%
Intermountain Power Authority,
Callable 07/01/98 @ 102 (RB)
7.625%, 07/01/08 500 538
VIRGINIA--2.7%
Riverside, Regional Jail Authority Facility,
Callable 07/01/05 @ 102, (RB) (MBIA)
5.700%, 07/01/08 500 496
Virginia Beach, Callable 11/01/04
@ 102 (GO) (STAID)
5.500%, 11/01/05 $ 300 $ 296
792
WASHINGTON--0.9%
State (GO)
6.600%, 02/01/03 250 272
WASHINGTON, D.C.--0.7%
District of Columbia, Callable
06/01/98 @ 101.5 (GO) (MBIA)
6.750%, 06/01/01 200 210
WISCONSIN--7.1%
Milwaukee County, Callable 09/01/02 @
100 (GO)
5.550%, 09/01/03 1,000 1,001
Oak Creek, Water Works System,
Callable 12/01/95 @100 (RB)
5.600%, 12/01/96 25 25
State Health & Educational Facilities,
Childrens Hospital, Series B (RB) FGIC)
6.500%, 08/15/95 15 15
State, Pre-refunded @100 (GO)
6.900%, 05/01/98 (B) 1,000 1,058
2,099
WYOMING--0.1%
State Community Development Authority,
Single Family Mortgage, Series A (RB) (FHA)
6.400%, 06/01/95 15 15
TOTAL MUNICIPAL BONDS
(Cost $28,049) 28,721
CASH EQUIVALENTS--4.0%
Federated Minnesota Municipal Cash Trust
4.089%, 04/07/95 (A) 474,000 474
Federated Tax Free Money Market
4.045%, 04/07/95 (A) 706,000 706
TOTAL CASH EQUIVALENTS
(Cost $1,180) 1,180
TOTAL INVESTMENTS--100.5%
(Cost $29,229) 29,901
OTHER ASSETS AND LIABILITIES--(0.5%)
Other Assets and Liabilities, Net (144)
NET ASSETS:
Portfolio shares--Institutional Class ($.0001 par
value--2 billion authorized) based on 2,731,931
outstanding shares $27,892
Portfolio shares--Retail Class A ($.0001 par
value--2 billion authorized) based on 106,601
outstanding shares 1,136
Distributions in excess of net investment income (3)
Accumulated net realized gain on investments 60
Net unrealized appreciation of investments 672
TOTAL NET ASSETS:--100.0% $29,757
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION
PRICE PER SHARE--INSTITUTIONAL CLASS $ 10.48
NET ASSET VALUE AND REDEMPTION PRICE PER
SHARE--RETAIL CLASS A $ 10.49
Maximum Sales Charge Of 3.00%+ 0.32
OFFERING PRICE PER SHARE--RETAIL CLASS A $ 10.81
</TABLE>
The accompanying notes are an integral part of the financial statements.
+ The offer price is calculated by dividing the net asset value by 1
minus the maximum sales charge of 3.00%.
(A) Variable Rate Security with Demand Features--the rate reported on the
Statement of Net Assets is the rate in effect as of March 31, 1995. The
date shown is the longer of the reset date or the demand date.
(B) The pre-refunded date is shown as the maturity date on the Statement of
Net Assets.
(C) When issued security (Total Cost of Aurora, Kane and DuPage Counties
Illinois and Kings County Ohio are $250,000 and $750,000 respectively.)
AMBAC--American Municipal Bond Assurance Company
AMT--Alternative Minimum Tax
CFC--National Rural Utilities Co-op Finance Corporation
CMI--California Municipal Insurers
COP--Certificates of Participation
FGIC--Financial Guaranty Insurance Corporation
FHA--Federal Housing Authority
GNMA--Government National Mortgage Association
FPI--Foremost Pool Insurance
GO--General Obligation
LOC--Letter of Credit
MBIA--Municipal Bond Insurance Association
RB--Revenue Bond
STAID--State Aid Withholding
VA--Veterans Administration
MINNESOTA INSURED INTERMEDIATE TAX FREE FUND
Description Par (000) Value (000)
<TABLE>
<CAPTION>
<S> <C> <C>
MUNICIPAL BONDS--97.4%
MINNESOTA--97.4%
Anoka County, Capital Improvement,
Series C (GO)
5.550%, 02/01/05 $2,000 $1,998
Anoka-Hennepin, Callable 02/01/03 @ 100
(GO) (FGIC)
4.875%, 02/01/07 500 463
Becker, Pollution Control, Callable
04/01/99 @ 102 (RB)
6.800%, 04/01/07 2,500 2,631
Becker, Tax Increment-Series D, Callable
08/01/04 @ 100 (GO) (AMT) (MBIA)
6.000%, 08/01/07 2,500 2,553
Bloomington, Mall of America Project,
Series A, Callable 02/01/04 @ 100 (RB)
(FSA)
5.450%, 02/01/09 3,850 3,780
Burnsville Apartment Projects, Series A,
Putable 12/01/98 @ 100 (RB) (PMLIC)
5.000%, 12/01/08 3,000 2,993
Coon Rapids, Single Family Mortgage,
Callable 09/01/04 @ 102 (RB)
5.900%, 09/01/06 455 456
Dakota County, Housing & Redevelopment Authority,
Single Family, Callable 09/01/98
@ 103 (RB) (GNMA,FHA/VA)
7.250%, 03/01/06 820 823
Dakota, Washington & Stearns Counties,
Single Family Mortgage, Callable 3/01/04
@ 102 (AMT) (RB) (FNMA)
6.000%, 09/01/04 650 657
Duluth, Economic Development Authority, Health Care
Facilities, Callable 11/01/02
@ 102 (RB) (AMBAC)
6.100%, 11/01/04 900 950
Faribault, Independent School District,
Callable 6/01/04 @ 100 (GO)
6.750%, 06/01/05 1,000 1,096
Mankato, Independent School District,
Series A, Callable 02/01/04 @ 100 (GO)
(CGIC)
5.000%, 02/01/05 800 769
Minneapolis & St. Paul, Housing & Redevelopment
Authority, Health Care, Callable 11/15/03 @ 102 (RB)
(AMBAC)
4.750%, 11/15/18 1,000 825
Minneapolis & St. Paul Metropolitan
Airports, Callable 01/01/99
@ 102 (RB) (AMT)
7.800%, 01/01/11 1,000 1,090
Minneapolis & St. Paul, Housing And Redevelopment
Authority, Health Care, Callable 08/15/00 @ 102 (RB)
(MBIA)
7.300%, 08/15/01 $1,000 $1,115
Minneapolis & St. Paul, Housing Finance
Board, (RB) (AMT) (FNMA/GNMA)
6.800%, 11/01/08 1,500 1,605
Minneapolis & St. Paul, Housing Finance
Board, Single Family Mortgage, Series A
(RB) (AMT) (GNMA,FHA/VA)
7.875%, 12/01/12 45 46
Minneapolis, Community Development
Agency (RB) (MBIA)
7.000%, 03/01/01 2,500 2,766
Minneapolis, Convention Center,
Pre-refunded @ 102 (RB)
(AMBAC)
7.400%, 04/01/98 (B) 500 514
Minneapolis, Health Care Facilities,
Callable 11/15/03 @ 102
(RB) (MBIA)
5.100%, 11/15/05 1,000 956
Minneapolis, School District No. 1 (RB)
(AMBAC)
5.300%, 02/01/02 1,000 1,003
Minnesota State Public Facility
Authority, Water Pollution Control,
Callable 12/01/99 @ 100
(RB) (CGIC)
6.750%, 03/01/00 1,000 1,070
Minnesota State, Housing & Redevelopment Authority,
Single Family, Callable 04/01/04
@ 102 (RB) (AMT) (FNMA)
6.250%, 10/01/04 1,065 1,076
Minnesota State, Housing Financial
Agency, Single Family Mortgage, Series
D, Callable 01/01/04 @ 102 (RB) (AMBAC)
4.800%, 07/01/04 800 766
Minnesota State, Pre-refunded
@ 100 (GO)
5.800%, 08/01/04 (B) 750 779
Minnesota State, Pre-refunded
@ 100 (GO)
6.800%, 08/01/00 (B) 2,790 2,964
Minnesota Tax-Exempt Mortgage Trust,
Series A (RB) (Northwestern National)
5.688%, 08/01/96 (A) 115 115
Minnesota Tax-Exempt Mortgage Trust,
Series C (RB) (Northwestern National)
7.094%, 09/01/10 (A) 898 888
Northern Minnesota Power Agency,
Callable 01/01/99 @102 (RB) (AMBAC)
7.250%, 01/01/00 $ 700 $ 762
Northern Municipal Power Agency,
Minnesota Electric, Series A, Callable
01/01/03 @ 102 (RB) (AMBAC)
5.700%, 01/01/05 2,000 2,033
Olmsted County Minnesota, Pre-refunded
@ 100 (GO)
6.550%, 02/01/98 (B) 1,000 1,033
Olmsted County, Housing And
Redevelopment, Pre-refunded 02/01/01 @
100 (RB)
7.000%, 02/01/05 (B) 1,025 1,125
Olmsted County, Pre-refunded 02/01/97 @
100 (GO)
6.650%, 02/01/99 (B) 1,000 1,034
Osseo, Independent School District (GO)
5.700%, 02/01/03 2,000 2,033
Osseo, Independent School District,
Callable 02/01/03 @ 100 (GO) (FGIC)
5.400%, 02/01/05 500 497
Plymouth Health Facilities, Callable
06/01/04 @ 102 (RB) (CGIC)
6.200%, 06/01/11 1,360 1,396
Robbinsdale, North Center Project,
Escrowed To Maturity (RB) (AMBAC)
6.750%, 01/01/97 400 415
Robbinsdale, North Memorial Medical
Center, Series B, Callable 05/15/03 @
102 (RB) (AMBAC)
5.450%, 05/15/13 1,000 948
Rochester, St. Mary's Hospital,
Escrowed To Maturity (RB)
5.750%, 10/01/07 3,000 3,050
Rosemount, Independent School District,
Series B (GO) (FGIC)
5.600%, 02/01/98 1,000 1,016
Saint Louis Park, Hospital Revenue
Facilities, Methodist Hospital, Series
C, Pre-refunded 07/01/00 @ 102
(RB) (AMBAC)
7.150%, 07/01/02 (B) 1,240 1,381
Southern Minnesota Municipal Power
Agency (RB) (MBIA)
4.850%, 01/01/07 375 342
Southern Minnesota Municipal Power
Agency, Refunded Balance Series A,
Callable 01/01/03 @ 102 (RB)
5.600%, 01/01/04 255 265
St. Paul, Housing & Redevelopment
Authority, Callable 9/01/05
@ 102 (RB) (FNMA)
6.125%, 03/01/17 $ 500 $ 504
St. Paul, Housing And Development
Authority, Downtown & Seventh Place
Project (RB) (AMBAC)
4.850%, 09/01/01 500 490
St. Paul, Sewer Revenue Bond, Callable
06/01/03 @ 100 (RB) (AMBAC)
5.350%, 12/01/04 800 801
Stearns County, Housing And
Redevelopment Authority, Callable
02/01/99 @ 102 (RB) (AMBAC)
6.750%, 02/01/04 1,665 1,777
Stillwater, Independent School District,
Callable 02/01/02 @ 100 (RB) (FGIC)
5.200%, 02/01/03 2,500 2,475
Washington County, Housing And
Redevelopment Authority, Jail Facility (RB)
6.400%, 02/01/00 1,000 1,058
Washington County, Housing And
Redevelopment Authority, Pre-refunded @
100 (RB)
6.800%, 02/01/04 (B) 1,500 1,644
Washington County, Housing And
Redevelopment, Jail Facilities (RB)
4.900%, 02/01/01 750 743
Washington County, Raymie Johnson
Apartments, Series C
(RB) (FGIC)
6.000%, 01/01/10 1,340 1,332
Wayzata Independent School District,
Series B, Callable 02/01/03
@ 100 (GO) (FGIC)
4.900%, 02/01/07 800 745
Willmar, Independent School District,
Callable 02/01/02 @ 100 (GO) (AMBAC)
6.150%, 02/01/09 100 103
Wright County, Solid Waste, Series C,
Callable 12/01/99 @ 100 (RB)
(AMT) (CGIC)
7.000%, 12/01/05 500 543
TOTAL MINNESOTA 66,292
TOTAL MUNICIPAL BONDS
(Cost $64,831) 66,292
CASH EQUIVALENTS--1.8%
Federated Minnesota Municipal
Cash Trust
4.089%, 04/07/95 (A) 1,247,000 $ 1,247
TOTAL CASH EQUIVALENTS
(Cost $1,247) 1,247
TOTAL INVESTMENTS--99.2%
(Cost $66,078) 67,539
OTHER ASSETS AND LIABILITIES--0.8%
Other Assets and Liabilities, Net 543
NET ASSETS:
Portfolio shares--Institutional Class ($.0001 par
value--2 billion authorized) based on 6,783,368
outstanding shares 64,875
Portfolio shares--Retail Class A ($.0001 par value--2
billion authorized) based on 192,079 oustanding
shares 1,850
Distributions in excess of net investment income (35)
Accumulated net realized loss on investments (69)
Net unrealized appreciation of investments 1,461
TOTAL NET ASSETS:--100.0% $68,082
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE
PER SHARE--INSTITUTIONAL CLASS $ 9.76
NET ASSET VALUE AND REDEMPTION PRICE
PER SHARE--RETAIL CLASS A $ 9.76
Maximum Sales Charge Of 3.00%+ 0.30
OFFERING PRICE PER SHARE--RETAIL CLASS A $ 10.06
</TABLE>
The accompanying notes are an integral part of the financial statements.
+ The offer price is calculated by dividing the net asset value by 1
minus the maximum sales charge of 3.00%.
(A) Variable Rate Security--the rate reported on the Statement of Net
Assets is the rate in effect as of March 31, 1995. The date shown is
the longer of the reset date or demand date.
(B) The pre-refunded date is shown as the maturity date on the Statement of
Net Assets.
AMBAC--American Municipal Bond Assurance Company
AMT--Alternative Minimum Tax
CGIC--Capital Guaranty Insurance Company
FGIC--Financial Guaranty Insurance Company
FHA/VA--Federal Housing Authority/Veterans Administration
FNMA--Federal National Mortgage Association
FSA--Financial Security Assurance
GNMA--Government National Mortgage Association
GO--General Obligation
MBIA--Municipal Bond Insurance Company
PMLIC--Phoenix Mutual Life Insurance Company
RB--Revenue Bond
COLORADO INTERMEDIATE TAX FREE FUND
Description Shares Value (000)
<TABLE>
<CAPTION>
<S> <C> <C>
MUNICIPAL BONDS--94.7%
COLORADO--94.7%
Adams County, School District #1 (GO)
(FGIC)
6.000%, 12/01/00 $ 250 $ 262
Adams County, School District #12,
Callable 12/15/96 @ 101 (GO)
7.650%, 12/15/03 975 1,026
Arapahoe County, Cherry Creek School
District #5, Callable 12/15/00 @ 101 (GO)
6.800%, 12/15/01 1,000 1,088
Arapahoe County, Cherry Creek School
District #5, Callable 12/15/95 @ 102 (GO)
5.600%, 12/15/97 1,000 1,023
Arvada, Sales & Use Tax, Callable
12/01/02 @ 100 (RB) (FGIC)
5.900%, 12/01/05 500 514
Auraria, Higher Education Center,
Callable 04/01/03 @ 101 (RB) (FSA)
5.000%, 04/01/05 500 479
Aurora, Callable 12/01/04 @ 101 (COP)
6.000%, 12/01/06 1,000 1,010
Aurora, Educational Development Authority, Aurora
Community College (RB)
5.750%, 10/15/04 500 477
Aurora, Single Family Mortgage, Series
1993 A (RB)
3.875%, 05/01/00 10 10
Boulder County, Sales & Use Tax
(RB) (FGIC)
5.750%, 12/15/05 1,000 1,019
Boulder Valley, School District #Re 2,
Callable 10/15/01 @ 100 (GO)
5.900%, 10/15/02 500 520
5.900%, 10/15/03 500 518
Boulder Valley, School District #Re 2,
Callable 12/01/04 @ 101, 12/01/06 @
100 (STAID) (GO)
5.950%, 12/01/07 500 513
Boulder, Callable 10/01/01 @ 101 (GO)
5.700%, 10/01/04 250 258
Boulder, Larimer, & Weld Counties, Vrain
Valley School District #Re 1-JT, Callable 12/15/02 @
101 (GO) (MBIA)
6.000%, 12/15/10 1,000 1,021
Boulder, Larimer, & Weld Counties,
Vrain Valley School District,
Pre-refunded @ 101 (GO)
7.200%, 12/15/99 (B) 500 548
Boulder, Urban Renwal Tax Allocation
(RB) (MBIA)
5.700%, 03/01/00 1,250 1,295
Breckenridge, Excise Tax (RB) (MBIA)
5.000%, 12/01/99 $ 500 $ 500
5.100%, 12/01/00 500 505
Brighton, Callable 12/01/01 @ 101 (GO)
(MBIA)
6.350%, 12/01/05 500 529
Broomfield, Callable 11/01/96 @ 101 (GO)
7.600%, 11/01/03 1,000 1,048
Centennial Water & Sanitation, Series A, Callable
12/01/96 @ 101 (GO) (SWB)
4.750%, 12/01/97 500 498
Colorado Springs, Series A, Callable
11/15/01 @ 102 (RB)
6.625%, 11/15/04 1,000 1,088
Denver, City & County Airport, Series C, Mandatory
Put @ 100 (RB) (ST)
6.000%, 04/01/97 (C) 1,250 1,272
Denver, City & County School District
#1 (GO)
5.600%, 06/01/08 350 343
Douglas County, School District #1
Douglas & Elbert Counties, Callable
12/15/04 @ 101 (GO) (MBIA)
6.400%, 12/15/11 1,000 1,039
Eagle, Garfield, & Routt Counties,
School District #50 J, Callable
12/01/04 @ 102 (GO) (FGIC)
6.125%, 12/01/09 1,290 1,323
El Paso County, School District #20 (COP)
6.100%, 12/01/99 250 255
Fort Collins, Callable 12/01/02 @ 101 (GO)
5.550%, 12/01/03 500 509
6.400%, 12/01/09 575 602
Fort Collins, Downtown Development
Authority (RB) (MBIA)
6.200%, 06/01/01 250 266
Garfield, Pitkin, & Eagle Counties,
School District #1 (GO) (MBIA)
6.000%, 12/15/04 1,000 1,053
Jefferson County, Industrial
Development (RB)
6.625%, 09/01/01 250 265
Jefferson County, Metropolitain Y.M.C.A., Callable
08/01/04 @ 100 (RB)
7.500%, 08/01/08 1,000 1,006
Jefferson County, School District #R 1,
Callable 12/15/02 @ 101 (GO) (AMBAC)
5.900%, 12/15/04 475 496
La Plata County, School Districts
#9 & Durango, Callable 11/01/02
@ 101 (GO) (FGIC)
6.200%, 11/01/05 1,000 1,053
Larimer County, School District #R-1
Poudre (GO)
5.400%, 12/15/04 $ 750 $ 742
Larimer, Weld, & Boulder Counties,
School District #R 2J Thompson,
Callable 12/15/04 @ 100 (GO)
5.900%, 12/15/06 1,000 1,021
Longmont (GO)
5.250%, 11/15/01 250 253
Longmont, Callable 09/01/01 @ 100 (GO)
6.000%, 09/01/03 500 519
Louisville, Callable 06/01/98 @ 101
(GO) (FGIC)
7.200%, 12/01/04 465 496
Morgan City, Pollution Control, Series A, Callable
6/01/03 @ 101 (RB) (MBIA)
5.500%, 06/01/12 1,000 958
Northglenn, Callable 11/01/96 @ 101
(GO) (MBIA)
6.400%, 11/01/98 500 515
7.125%, 11/01/06 500 519
Platte River Power Authority, Series BB (RB)
5.500%, 06/01/02 500 511
Poudre Valley, Hospital District,
Pre-refunded @ 101 (RB)
6.700%, 11/15/98 (B) 500 534
Pueblo County, Single Family Mortgage,
Callable 11/01/04 @ 102 (RB)
(GNMA/FNMA)
6.400%, 11/01/13 1,100 1,111
Pueblo, Urban Renewal Authority,
Callable 12/01/03 @ 101 (RB) (AMBAC)
5.800%, 12/01/09 840 846
South Suburban Park & Recreation
District (GO) (MBIA)
0.000% 12/15/01 1,000 714
State Board of Agriculture, Fort Lewis
College (RB) (FGIC)
6.000%, 10/01/02 250 265
State Colleges Board, Mesa State College,
Series B Enterprise, Callable 05/15/04
@ 101 (RB) (MBIA)
5.500%, 05/15/09 1,210 1,184
State Housing Finance Authority (RB)
5.000%, 06/01/04 195 185
State Housing Finance Authority,
Multi-family Housing,
Series A (RB) (FHA)
5.125%, 10/01/03 695 670
State Housing Finance Authority,
Single Family Mortgage, Series C-2
(RB) (FHA) (AMT)
6.850%, 08/01/22 350 354
State Regional Transit District, Sales
Tax, Pre-refunded @ 101 (RB)
7.100%, 11/01/00 (B) $ 500 $ 553
State Student Loan Obligation
Authority, Series A (RB)
6.250%, 06/01/96 240 243
State Water Resources & Power
Development Authority, Callable
09/01/02 @ 101 (RB) (FSA)
5.900%, 09/01/03 250 262
State Water Resources & Power
Development Authority, Clean Water
Project, Callable 09/01/02 @ 102 (RB)
5.800%, 09/01/06 150 154
Steamboat Springs, Accommodations Tax, Callable
03/01/04 @ 100 (RB) (MBIA)
5.800%, 03/01/10 1,000 1,004
Stonegate Village Metropolitan District,
Callable 12/01/02 @ 100 (GO)
6.300%, 12/01/04 500 523
Summit County, School District #Re 1,
Callable 12/01/04 @ 101 (GO) (FGIC)
6.450%, 12/01/08 1,250 1,320
Thornton (GO) (FGIC)
5.600%, 12/01/02 1,000 1,024
Thornton, Callable 12/01/02 @ 101 (GO)
(FGIC)
5.650%, 12/01/03 500 514
University of Colorado Hospital
Authority (RB) (AMBAC)
5.250%, 11/15/99 1,400 1,427
Ute Water Conservancy District, Callable 06/15/97 @
100 (RB) (AMBAC)
7.700%, 06/15/02 1,000 1,056
Westminster, Water & Wastewater
Utility Enterprise, Callable 10/01/04
@ 100 (RB) (AMBAC)
5.800%, 12/01/05 1,000 1,035
TOTAL COLORADO 45,743
TOTAL MUNICIPAL BONDS
(Cost $44,324) 45,743
CASH EQUIVALENTS--3.1%
Federated Tax Free Money Market
4.045%, 04/07/95 (A) 1,499,000 1,499
TOTAL CASH EQUIVALENTS
(Cost $1,499) 1,499
TOTAL INVESTMENTS--97.8%
(Cost $45,823) 47,242
OTHER ASSETS AND LIABILITIES--2.2%
Other Assets and Liabilities, Net $ 1,051
NET ASSETS:
Portfolio shares--Institutional Class ($.0001 par
value--2 billion authorized) based on 4,545,055
outstanding shares $45,583
Portfolio shares--Retail Class A ($.0001 par
value--2 billion authorized) based on 125,114
outstanding shares 1,275
Distributions in excess of net investment income (5)
Accumulated net realized gain on investments 21
Net unrealized appreciation of investments 1,419
TOTAL NET ASSETS:--100.0% $48,293
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE
PER SHARE--INSTITUTIONAL CLASS $ 10.34
NET ASSET VALUE AND REDEMPTION PRICE
PER SHARE--RETAIL CLASS A $ 10.34
Maximum Sales Charge Of 3.00%+ 0.32
OFFERING PRICE PER SHARE--RETAIL CLASS A $ 10.66
</TABLE>
The accompanying notes are an integral part of the financial statements.
+ The offer price is calculated by dividing the net asset value by 1
minus the maximum sales charge of 3.00%.
(A) Variable Rate Security with Demand Features--the rate reported on the
Statement of Net Assets is the rate in effect as of March 31, 1995. The
date shown is the longer of the reset date or demand date.
(B) Pre-refunded Security--the pre-refunded date is shown as the maturity
date on the Statement of Net Assets.
(C) Mandatory Put Security--the mandatory put date is shown as the maturity
date on the Statement of Net Assets.
AMT--Alternative Minimum Tax
AMBAC--American Municipal Bond Assurance Company
COP--Certificates of Participation
FGIC--Financial Guaranty Insurance Corporation
FHA--Federal Housing Authority
FNMA--Federal National Mortgage Association
FSA--Financial Security Assurance
GNMA--Government National Mortgage Association
GO--General Obligation
MBIA--Municipal Bond Insurance Association
RB--Revenue Bond
ST--Sumitomo Trust
STAID--State Aid Withholding
SWB--Swiss Bank
LIMITED TERM INCOME FUND
Description Par (000) Value (000)
<TABLE>
<CAPTION>
<S> <C> <C>
ASSET BACKED SECURITES - 64.1%
AMERISOURCE RECEIVABLES MASTER
TRUST 1995-1 A
6.475%, 03/15/00 $3,500 $3,500
Auto Bond Receivables Trust 1993-1 A
6.125%, 11/15/98 1,863 1,823
BCI Home Equity Loan 1991-1 A1
7.100%, 09/15/06 55 55
BCI Home Equity Loan 1994-1 B
6.725%, 05/01/95 (B) 2,611 2,614
Boulevard Auto Trust 1993-1 A
4.550%, 03/15/98 1,281 1,262
Capital Auto Receivable Asset Trust
1993-1 CTFS
5.850%, 02/15/98 1,100 1,077
CFC Grantor Trust TR14 A
7.150%, 11/15/06 (A) 4,496 4,429
Chemical Financial Acceptance
1991-A A
6.450%, 12/15/97 1,894 1,852
First USA Credit Card Master
Trust 1995-1
6.265%, 10/15/01 (B) 4,100 4,097
Greentree Financial 1995-A A1
7.000%, 04/15/20 2,500 2,498
HFC Home Equity Loan Trust 1992-2 B
6.850%, 11/20/12 1,941 1,856
Household Finance 1992-3 A3
6.100%,11/20/06 (B) 2,478 2,438
Leasing Solutions Receivables 1994-1 A
5.575%, 03/15/99 1,125 1,113
Leasing Solutions Receivables 1994-2 A
8.075%, 12/15/99 2,659 2,660
Midlantic Automobile Grantor Trust 1992-1 B
5.150%, 09/15/97 1,533 1,524
New South Auto Trust 1994-B A
8.475%, 01/15/02 3,853 3,905
Olympic Automobile Receivables Trust 1993-C B
4.600%, 02/15/00 2,307 2,238
Orix Credit Alliance Owner Trust 1993-A A2
4.300%, 08/17/98 2,302 2,265
Orix Credit Alliance Owner
Trust 1993-A B
4.600%, 08/17/98 1,535 1,508
Premier Auto Trust 1992-1 A
5.750%, 07/15/97 (A) 646 643
Premier Auto Trust 1992-5 B
4.900%, 12/15/95 1,502 1,475
Premier Auto Trust 1993-4 B
4.950%, 02/02/99 1,200 1,170
Premier Auto Trust 1994-2 B
6.500%, 06/02/00 4,300 4,226
RCI Vacation Ownership Mortgage Trust
1991-B
7.500%, 08/25/98 (A) 2,205 2,179
Remodelers Home Improvement 1994-1 A
7.800%, 11/20/99 (A) 1,771 1,766
Saxon Mortgage Securities 1994-4A 1A2
5.250%, 04/25/24 $3,831 $ 3,682
The Money Store Home Equity Loan
Trust 1992-D1 A1
6.500%, 01/15/04 3,750 3,688
The Money Store Home Equity Loan
Trust 1993-B A1
5.400%, 08/15/05 3,438 3,266
The Money Store Home Equity Loan
Trust 1994-C1 A1
6.775%, 09/15/07 2,127 2,106
The Money Store Home Equity Loan
Trusts 1994-D1 A2
8.000%, 11/15/07 4,000 4,022
Western Financial Grantor
Trust 1991-3 A
6.750%, 01/01/97 1 1
Western Financial Grantor
Trust 1993-2 A2
4.700%, 10/01/98 2,750 2,662
Western Financial Grantor
Trust 1994-3 B
6.650%, 12/01/99 2,677 2,625
World Omni Leasing 1993-1 B
5.000%, 05/17/99 1,408 1,378
Zions Auto Trust 1993-1 B
5.650%, 06/15/99 2,250 2,206
TOTAL ASSET BACKED SECURITIES
(Cost $80,544) 79,809
CORPORATE OBLIGATIONS--17.0%
AEROSPACE & DEFENSE--1.4%
Lockheed
4.570%, 04/03/95 750 750
6.762%, 05/11/95 (B) 1,000 1,000
1,750
BANKS--0.8%
Fleet/Norstar Financial Group
10.200%, 09/15/95 1,000 1,016
CHEMICALS--0.4%
ICI Wilmington
7.830%, 05/09/95 500 501
ELECTRICAL SERVICES--0.8%
Houston Lighting & Power
8.625%, 01/15/96 1,000 1,016
FINANCIAL SERVICES--5.1%
American General Finance
7.300%, 10/16/95 500 503
Beneficial
6.060%, 06/30/95 1,000 999
Chrysler Financial
5.330%, 08/01/08 1,350 1,343
Discover Credit
6.680%, 05/15/95 500 500
Heller Financial
6.500%, 11/15/95 1,000 999
IBM Credit
5.130%, 08/11/95 $1,000 $ 996
Xerox Credit
5.375%, 07/15/95 1,000 998
6,338
FOOD, BEVERAGE & TOBACCO--2.4%
ConAgra
9.190%, 06/30/95 1,000 1,007
Philip Morris
6.250%, 06/05/95 1,000 1,000
8.875%, 07/01/96 900 920
2,927
MEDICAL PRODUCTS & SERVICES--0.4%
Baxter International
8.200%, 04/01/95 500 500
PAPER & PAPER PRODUCTS--0.4%
International Paper
9.625%, 10/15/95 450 457
PETROLEUM REFINING--0.8%
Ashland Oil
9.875%, 09/01/95 500 507
Atlantic Richfield
10.375%, 07/15/95 500 506
1,013
RAILROADS--0.2%
Union Pacific
9.160%, 09/25/95 250 253
REPAIR SERVICES--0.4%
Hertz
8.000%, 04/01/95 500 500
RETAIL--1.4%
Dayton Hudson
4.820%, 04/01/96 1,000 981
Wendy's International
12.125%, 04/01/95 750 750
1,731
SEMI-CONDUCTORS/INSTRUMENTS--0.5%
Intel O/S
0.000% 05/15/95 608 604
TELEPHONES & TELECOMMUNICATION--0.6%
Southwestern Bell Telephone
9.000%, 07/17/95 (A) 750 755
WHOLESALE--1.4%
Salomon
4.800%, 05/15/95 $1,000 $ 998
Supervalu
5.875%, 11/15/95 750 747
1,745
TOTAL CORPORATE OBLIGATIONS
(Cost $21,931) 21,106
OTHER MORTGAGE-BACKED OBLIGATIONS--13.2%
Capstead Securities IV 1992-3 B
8.000%, 06/25/22 3,216 3,218
General Electric Capital Mortgage
1995-1 A1
8.350%, 02/25/25 2,444 2,455
Mortgage Capital Funding 1993-C1 A1
5.250%, 05/25/15 $2,624 $ 2,556
Mortgage Capital Funding 1993-C1 A2
6.145%, 05/25/15 (B) 4,606 4,523
Mortgage Obligation Structured Trust
1993-1 A1
6.350%, 10/25/18 1,764 1,739
RTC 1992-11 A1A
7.000%, 10/25/24 1,410 1,396
RTC 1992-C7 B
7.150%, 06/25/23 622 589
TOTAL OTHER MORTGAGE-BACKED OBLIGATIONS
(Cost $16,633) 16,476
U.S. GOVERNMENT AGENCY OBLIGATIONS--0.8%
FNMA
6.340%, 04/16/95 (B) 1,000 999
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $999) 999
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS--0.8%
FHLMC 1625-B
4.750%, 01/15/01 1,000 974
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED
OBLIGATIONS
(Cost $1,004) 974
MASTER NOTES--4.7%
Barclays Bank
5.980%, 04/03/95 (C) 1,676 1,676
Goldman Sachs
6.080%, 04/04/95 (C) 946 946
Heller Financial
6.057%, 04/04/95 (C) 3,268 3,268
TOTAL MASTER NOTES
(Cost $5,890) 5,890
REPURCHASE AGREEMENTS--2.4%
Merrill Lynch 6.083%, dated 03/31/95,
matures 04/03/95, repurchase price
$2,988,065 (collateralized by various
U.S. Treasury Notes and Bonds, total
par value $3,018,603 with rates
ranging from 3.50% to 12.625%,
maturities ranging from 1995 to 2025,
total market value $3,046,581) 2,987 2,987
TOTAL REPURCHASE AGREEMENTS
(Cost $2,987) 2,987
TOTAL INVESTMENTS--103.0%
(Cost $129,988) 128,241
OTHER ASSETS AND LIABILITIES--(3.0%)
OTHER ASSETS AND LIABILITIES, NET (3,738)
NET ASSETS:
Portfolio shares--Institutional Class ($.0001
par value--2 billion authorized) based on
11,622,763 outstanding shares $118,537
Portfolio shares--Retail Class A ($.0001 par
value--2 billion authorized) based on 1,056,352
outstanding shares 11,121
Distributions in excess of net investment income (42)
Accumulated net realized loss on investments (3,366)
Net unrealized depreciation of investments (1,747)
TOTAL NET ASSETS:--100.0% $124,503
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION
PRICE PER SHARE--INSTITUTIONAL CLASS $ 9.82
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
RETAIL CLASS A $ 9.82
Maximum Sales Charge Of 2.00%+ 0.20
OFFERING PRICE PER SHARE--RETAIL CLASS A $ 10.02
</TABLE>
The accompanying notes are an integral part of the financial statements.
+ The offer price is calculated by dividing the net asset value per share
by 1 minus the maximum sales charge of 2.00%.
(A) Security sold within the terms of a private placement memorandum,
exempt from registration under section 144A of the Securities Act of
1933, as amended, and may be sold only to dealers in that program or
other "accredited investors". These securities have been determined to
be liquid under the guidelines established by the Board of Directors.
(B) Variable Rate Security--the rate reported on the Statement of Net
Assets is the rate in effect as of March 31, 1995.
(C) Variable Rate Security with Demand Features--the rate reported on the
Statement of Net Assets is the rate in effect as of March 31, 1995. The
date shown is the longer of the reset or demand date.
FHLMC--Federal Home Loan Mortgage Corporation
FNMA--Federal National Mortgage Association
RTC--Resolution Trust Corporation
(1) At March 31, 1995, the percentage of asset backed securities by
industry was as follows:
Auto Company Subsidiaries 6.0%
Banks - Boats & Recreational Vehicles 5.0
Banks - Credit Card Receivables 3.3
Banks - Auto 11.4
Business Credit 6.1
Business Credit - Auto 1.8
Consumer Finance - 1st Mortgage 4.7
Consumer Finance - 2nd Mortgage 4.9
Consumer Finance - Auto 3.4
Medical Leases 2.8
Mortgage Bankers & Loans - 2nd
Mortgage 14.7
Total 64.1%
INTERMEDIATE TERM INCOME FUND
Description Par (000) Value (000)
<TABLE>
<CAPTION>
<S> <C> <C>
U.S. TREASURY OBLIGATIONS--61.3%
U.S. Treasury Bill
5.630%, 04/06/95 $ 2,945 $ 2,942
U.S. Treasury Notes
4.375%, 11/15/96 8,805 8,492
5.750%, 10/31/97 7,565 7,357
5.125%, 11/30/98 14,115 13,254
6.375%, 01/15/00 5,230 5,085
6.250%, 02/15/03 13,715 12,917
7.250%, 08/15/04 2,000 2,001
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $52,240) 52,048
OTHER MORTGAGE-BACKED OBLIGATIONS--8.5%
Drexel Burnham Lambert Trust S2
9.000%, 08/01/18 97 101
GECMS 1994-12 A4
6.000%, 04/25/09 2,925 2,695
Kidder Peabody Mortgage Assets Trust 6F
7.950%, 07/20/18 663 667
MDC Mortgage Funding P3
8.200%, 11/20/17 27 27
Morgan Stanley Mortgage Trust W5
9.050%, 05/01/18 182 188
Prudential Home Mortgage Securities
1992-A3
7.000%, 04/25/99 2,100 2,104
Resolution Trust 1991-M6 B2
7.000%, 06/25/21 (B) 1,465 1,447
TOTAL OTHER MORTGAGE-BACKED OBLIGATIONS
(Cost $7,213) 7,229
ASSET BACKED SECURITIES--9.0%
BW Home Equity Trust 1990-1 1
9.250%, 09/15/05 29 29
Chemical Financial Acceptance 1991-A 1
6.450%, 12/15/97 691 676
Fleet Finance Home Equity 1990-1
8.900%, 01/16/06 113 114
Household Finance Home Equity 1993-2 A3
4.650%, 12/20/08 2,539 2,401
Olympic Auto Receivables Trust 1993-D
4.750%, 07/15/00 2,044 1,982
Olympic Auto Receivables Trust 1994-A
5.700%, 01/15/01 465 454
Zale Funding Series 94-1, Class B 144A
7.500%, 05/15/03 (B) 2,000 1,973
TOTAL ASSET BACKED SECURITIES
(Cost $7,807) 7,629
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED
OBLIGATIONS--7.2%
FHLMC
6.000%, 11/15/08 $3,500 $ 3,068
7.550%, 05/15/20 375 374
8.000%, 10/15/20 2,630 2,669
FNMA
14.750%, 03/01/12 1 1
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED
OBLIGATIONS
(Cost $6,485) 6,112
CORPORATE OBLIGATIONS--6.3%
Bear Stearns
6.500%, 06/15/00 2,800 2,604
Farmers Group
8.250%, 07/15/96 320 325
GMAC
7.650%, 01/16/98 2,385 2,388
TOTAL CORPORATE OBLIGATIONS
(Cost $5,677) 5,317
MASTER NOTES--3.1%
Goldman Sachs
6.080%, 04/04/95 (A) 2,628 2,628
TOTAL MASTER NOTES
(Cost $2,628) 2,628
REPURCHASE AGREEMENTS--2.9%
Merrill Lynch 6.083%, dated 03/31/95,
matures 04/03/95, repurchase price
$2,474,482 (collateralized by various
U.S. Treasury Notes and Bonds, total
par value $2,500,361 with rates
ranging from 3.50% to 12.625%,
maturities from 1995 to 2025, total
market value $2,522,940) 2,473 2,473
TOTAL REPURCHASE AGREEMENTS
(Cost $2,473) 2,473
TOTAL INVESTMENTS--98.3%
(Cost $84,523) 83,436
OTHER ASSETS AND LIABILITIES--1.7%
Other Assets and Liabilities, Net 1,402
NET ASSETS:
Portfolio shares--Institutional Class ($.0001
par value--2 billion authorized) based on
8,516,711 outstanding shares $84,243
Portfolio shares--Retail Class A ($.0001 par
value--2 billion authorized) based on 279,038
outstanding shares 2,830
Distributions in excess of net investment income (19)
Accumulated net realized loss on investments (1,129)
Net unrealized depreciation of investments (1,087)
TOTAL NET ASSETS:--100.0% $84,838
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION
PRICE PER SHARE--INSTITUTIONAL CLASS $ 9.65
NET ASSET VALUE AND REDEMPTION PRICE
PER SHARE--RETAIL CLASS A $ 9.65
Maximum Sales Charge Of 3.75%+ 0.38
OFFERING PRICE PER SHARE--RETAIL CLASS A $ 10.03
</TABLE>
The accompanying notes are an integral part of the financial statements.
+ The offer price is calculated by dividing the net asset value by 1
minus the maximum sales charge of 3.75%.
(A) Variable Rate Security with Demand Features--the rate reported on the
Statement of Net Asset is the rate in effect as of March 31, 1995. The
date shown is the longer of the reset date or the demand date.
(B) Security sold within the terms of a private placement memorandum,
exempt from registration under section 144A of the Securities Act of
1933, as amended, and may be sold only to dealers in that program or
other "accredited investors". These securities have been determined to
be liquid under the guidelines established by the Board of Directors.
FHLMC--Federal Home Loan Mortgage Corporation
FNMA--Federal National Mortgage Association
GMAC--General Motors Acceptance Corporation
GECMS--General Electric Capital Marketing Service
INTERMEDIATE GOVERNMENT BOND FUND
Description Par (000) Value (000)
<TABLE>
<CAPTION>
<S> <C> <C>
U.S. TREASURY OBLIGATIONS--78.3%
U.S. Treasury Notes
6.125%, 07/31/96 $5,000 $ 4,967
6.250%, 08/31/96 3,000 2,983
6.875%, 10/31/96 3,500 3,507
6.500%, 05/15/97 2,000 1,986
6.500%, 08/15/97 7,000 6,940
7.375%, 11/15/97 2,000 2,020
5.625%, 01/31/98 550 531
7.875%, 04/15/98 6,000 6,146
5.125%, 11/30/98 3,750 3,522
6.375%, 01/15/99 100 98
6.750%, 05/31/99 9,000 8,899
6.875%, 07/31/99 3,000 2,978
7.125%, 09/30/99 8,500 8,516
7.875%, 08/15/01 2,000 2,074
7.500%, 11/15/01 5,250 5,344
7.500%, 05/15/02 2,000 2,039
6.375%, 08/15/02 500 477
6.250%, 02/15/03 500 471
7.250%, 05/15/04 7,250 7,254
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $70,034) 70,752
U.S. GOVERNMENT AGENCY OBLIGATIONS--16.1%
FFCB
6.150%, 06/01/95 3,000 3,000
FHLB
6.200%, 01/22/96 3,000 2,991
7.750%, 04/25/96 510 514
7.750%, 02/26/97 1,000 1,013
7.870%, 12/15/97 3,000 3,041
8.030%, 02/24/98 1,000 1,006
6.975%, 07/26/99 1,000 982
7.440%, 08/10/01 1,000 998
SLMA
6.570%, 05/01/96 1,000 1,010
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost
$14,533) 14,555
REPURCHASE AGREEMENTS--4.0%
J.P. Morgan 6.028%, dated 03/31/95,
matures 04/03/95, repurchase price
$1,113,708 (collateralized by various
U.S. Treasury Interest STRIPS, total
par value $3,529,058 with maturities
ranging from 2000 to 2010, total
market value $1,135,440) 1,113 1,113
Merrill Lynch 6.083%, dated 03/31/95,
matures 04/03/95, repurchase price
$2,440,771 (collateralized by various
U.S. Treasury Notes and Bonds, total
par value $2,466,297 with rates
ranging from 3.50% to 12.625%,
maturities from 1995 to 2025, total
market value $2,488,569) $2,440 $ 2,440
TOTAL REPURCHASE AGREEMENTS
(Cost $3,553) 3,553
TOTAL INVESTMENTS--98.4%
(Cost $88,120) 88,860
OTHER ASSETS AND LIABILITIES--1.6%
Other Assets and Liabilities, Net 1,475
NET ASSETS:
Portfolio shares--Institutional Class ($.0001
par value--2 billion authorized) based on
9,788,547 outstanding shares 87,751
Portfolio shares--Retail Class A ($.0001 par
value--2 billion authorized) based on 212,265
outstanding shares 2,009
Distributions in excess of net investment income (16)
Accumulated net realized loss on investments (149)
Net unrealized appreciation of investments 740
TOTAL NET ASSETS:--100.0% $90,335
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION
PRICE PER SHARE--INSTITUTIONAL CLASS $ 9.03
NET ASSET VALUE AND REDEMPTION PRICE
PER SHARE--RETAIL CLASS A $ 9.04
Maximum Sales Charge Of 3.00%+ 0.28
OFFERING PRICE PER SHARE--RETAIL CLASS A $ 9.32
</TABLE>
The accompanying notes are an integral part of the financial statements.
+ The offer price is calculated by dividing the net asset value per share
by 1 minus the maximum sales charge of 3.00%.
FFCB--Federal Farm Credit Bank
FHLB--Federal Home Loan Bank
SLMA--Student Loan Marketing Association
STRIPS--Separately Trading of Registered Interest and Principal of
Securities
FIXED INCOME FUND
Description Par (000) Value (000)
<TABLE>
<CAPTION>
<S> <C> <C>
U.S. TREASURY OBLIGATIONS--64.4%
U.S. Treasury Bill
5.630%, 04/06/95 $ 9,715 $ 9,706
U.S. Treasury Bonds
7.250%, 08/15/22 21,515 20,804
7.125%, 02/15/23 16,350 15,589
U.S. Treasury Notes
4.375%, 11/15/96 24,690 23,812
5.750%, 10/31/97 3,080 2,995
5.125%, 02/28/98 10,000 9,524
5.125%, 11/30/98 10,990 10,320
6.000%, 10/15/99 2,250 2,157
6.375%, 01/15/00 6,000 5,833
6.250%, 02/15/03 10,445 9,837
7.250%, 08/15/04 15,500 15,509
U.S. Treasury STRIPS
0.000% 02/15/99 1,055 808
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $125,147) 126,894
OTHER MORTGAGE-BACKED OBLIGATIONS--10.4%
Collateralized Mortgage Securities
88-13 C
8.000%, 09/20/19 137 139
Countrywide Mortgage-Backed
Securities 1994-GA3
6.500%, 04/25/24 2,380 2,216
Drexel Burnham Lambert Trust S-2
9.000%, 08/01/18 852 882
General Electric Capital Marketing
Services 1994-12 A4
6.000%, 04/25/09 3,125 2,880
General Electric Capital Mortgage
1994-17 A6
7.000%, 05/25/24 7,000 6,568
General Electric Capital Mortgage
1994-11 A1
6.500%, 03/25/24 4,598 4,481
Prudential Home Mortgage Securities
1994-6 A3
7.000%, 04/25/99 900 902
Residential Funding 1992-36 A2 P11
5.700%, 11/25/07 1,224 1,187
Resolution Trust 1991-M6 B2
7.000%, 06/25/21 (B) 1,157 1,143
TOTAL OTHER MORTGAGE-BACKED OBLIGATIONS
(Cost $20,252) 20,398
ASSET BACKED SECURITIES--6.7%
BW Home Equity Trust 1990-1 1
9.250%, 09/15/05 $ 92 $ 94
Corestates Home Equity Trust
1994-2 A2
7.000%, 10/15/09 6,500 6,093
Dillon Reed Structured Finance
1993-K1 A1
6.660%, 08/15/10 591 532
Kidder Peabody Acceptance Brandon
Development
7.870%, 01/01/16 634 559
Kidder Peabody Acceptance Lake Mary
Development
7.870%, 01/01/16 1,309 1,153
Morgan Stanley Mortgage Trust
9.050%, 05/01/18 43 45
Olympic Auto Receivables Trust
1994-A
5.700%, 01/15/01 598 584
Zale Funding 94-1 B
7.500%, 05/15/03 (B) 4,100 4,045
TOTAL ASSET BACKED SECURITIES
(Cost $13,082) 13,105
CORPORATE DEBT OBLIGATIONS--4.4%
Bear Stearns
9.125%, 04/15/98 1,000 1,044
8.750%, 03/15/04 1,000 1,018
Farmers Group
8.250%, 07/15/96 1,755 1,781
General Foods
6.000%, 06/15/01 1,440 1,334
General Motors Acceptence
6.150%, 05/11/98 2,025 1,941
Morgan Stanley Group
7.320%, 01/15/97 250 251
Nationsbank
7.750%, 08/15/04 1,000 985
Torchmark
9.625%, 05/01/98 250 263
TOTAL CORPORATE DEBT OBLIGATIONS
(Cost $8,735) 8,617
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED--3.9%
FHLMC
6.000%, 11/15/08 $1,275 $ 1,118
7.000%, 02/15/24 7,133 6,611
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED
(Cost $7,397) 7,729
MASTER NOTES--8.6%
Associates Corporation of North
America
5.920%, 04/04/95 (A) 1,302 1,302
Barclays
5.980%, 04/03/95 (A) 2,625 2,625
Goldman Sachs
6.080%, 04/04/95 (A) 6,101 6,101
Heller Financial
6.057%, 04/04/95 (A) 6,955 6,956
TOTAL MASTER NOTES
(Cost $16,984) 16,984
TOTAL INVESTMENTS--98.4%
(Cost $191,597) 193,727
OTHER ASSETS AND LIABILITIES--1.6%
Other Assets and Liabilities, Net 3,238
NET ASSETS:
Portfolio shares--Institutional Class ($.0001
par value--2 billion authorized) based on
17,916,883 outstanding shares 188,660
Portfolio shares--Retail Class A ($.0001 par
value--2 billion authorized) based on 653,532
outstanding shares 7,234
Portfolio shares--Retail Class B ($.0001) par
value--2 billion authorized) based on 146,434
outstanding shares 1,534
Distributions in excess of net investment
income (192)
Accumulated net realized loss on investments (2,401)
Net unrealized appreciation of investments 2,130
TOTAL NET ASSETS:--100.0% $196,965
NET ASSET VALUE, OFFERING PRICE, AND
REDEMPTION PRICE PER SHARE--INSTITUTIONAL CLASS $ 10.52
NET ASSET VALUE AND REDEMPTION PRICE PER
SHARE--RETAIL A $ 10.53
Maximum Sales Charge Of 3.75%+ 0.41
OFFERING PRICE PER SHARE--RETAIL CLASS A $ 10.94
NET ASSET VALUE AND OFFERING PRICE PER
SHARE--RETAIL CLASS B (1) $ 10.50
</TABLE>
The accompanying notes are an integral part of the financial statements.
+ The offer price is calculated by dividing the net asset value by 1
minus the maximum sales charge of 3.75%.
(A) Variable Rate Security with Demand Features--the rate reported on the
Statement of Net Assets is the rate in effect as of March 31, 1995. The
date shown is the longer of the reset date or the demand date.
(B) Security sold within the terms of a private placement memorandum,
exempt from registration under section 144A of the Securities Act of
1933, as amended, and may be sold only to dealers in that program or
other "accredited investors." These securities have been determined to
be liquid under guidelines established by the Board of Directors.
FHLMC--Federal Home Loan Mortgage Corporation
FNMA--Federal National Mortgage Association
STRIPS--Separately Trading of Registered Interest and Principal of
Securities
(1) Retail Class B has a contingent deferred sales charge. For a
description of a possible redemption charge, see the notes to the
financial statements.
MORTGAGE SECURITIES FUND
Description Par (000) Value (000)
<TABLE>
<CAPTION>
<S> <C> <C>
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS--75.7%
FHLMC
7.250%, 12/01/98 $ 118 $ 112
7.750%, 10/01/01 83 81
8.500%, 10/01/01 64 65
8.500%, 05/15/05 392 394
7.400%, 10/15/05 1,550 1,504
6.250%, 12/15/06 1,000 929
6.500%, 09/01/07 246 225
8.000%, 04/01/08 305 300
8.000%, 10/01/08 151 149
6.000%, 11/15/08 615 539
8.750%, 09/01/09 418 422
8.500%, 01/01/10 131 131
14.500%, 02/01/11 2 2
8.000%, 06/01/16 99 98
9.000%, 07/01/16 61 62
8.000%, 10/01/16 152 150
7.500%, 11/01/16 103 99
5.000%, 11/15/17 1,500 1,374
FNMA
8.000%, 08/01/96 6 6
8.670%, 06/01/97 (B) 20 19
6.000%, 10/25/98 1,404 1,375
5.750%, 11/25/98 1,103 1,070
8.000%, 05/01/08 212 210
6.000%, 06/25/08 1,300 1,120
7.000%, 11/25/10 170 166
14.750%, 03/01/12 59 68
5.900%, 07/25/15 1,500 1,401
8.250%, 07/25/15 1,221 1,229
8.500%, 01/01/17 188 190
7.500%, 04/01/18 134 130
8.500%, 08/25/18 700 712
7.000%, 10/25/19 1,500 1,416
6.750%, 11/25/19 1,000 953
5.000%, 05/25/23 1,400 1,268
GNMA
10.250%, 05/15/98 52 56
10.750%, 09/15/98 42 46
10.750%, 10/15/00 119 129
10.750%, 01/15/01 111 121
6.500%, 06/15/03 164 149
8.000%, 08/15/06 127 126
8.000%, 08/15/07 193 191
8.500%, 07/15/08 37 38
8.500%, 08/15/08 267 271
9.500%, 08/15/09 14 14
14.000%, 10/15/12 9 11
12.000%, 03/15/14 59 66
12.000%, 03/15/15 $ 28 $ 31
12.000%, 04/15/15 26 29
12.000%, 06/15/15 47 53
10.000%, 03/15/16 38 41
9.500%, 09/15/16 193 203
9.000%, 10/15/16 19 20
9.000%, 02/15/17 408 421
9.500%, 11/15/18 425 446
6.500%, 02/16/23 2,297 1,957
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED
OBLIGATIONS
(Cost $23,235) 22,388
OTHER MORTGAGE-BACKED OBLIGATIONS--14.9%
American Housing Trust 3 B
7.500%, 08/25/12 1,250 1,241
Bear Stearns Secured Investors Trust
1991-2 E
7.500%, 12/20/98 1,500 1,501
Collateralized Mortgage Obligation
Trust 63 D
9.000%, 04/20/97 1,179 1,195
Morgan Stanley Mortgage Trust W 5
9.050%, 05/01/18 463 479
TOTAL OTHER MORTGAGE-BACKED OBLIGATIONS
(Cost $4,474) 4,416
U.S. TREASURY OBLIGATIONS (4.0%)
U.S. Treasury Bond
7.125%, 02/15/23 700 668
U.S. Treasury Note
7.250%, 08/15/04 500 500
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $1,154) 1,168
MASTER NOTES--4.2%
Goldman Sachs
6.080%, 04/04/95 (A) 984 984
Heller Financial
6.057%, 04/04/95 (A) 244 244
TOTAL MASTER NOTES
(Cost $1,228) 1,228
REPURCHASE AGREEMENTS--0.9%
Merrill Lynch 6.083%, dated 03/31/95,
matures 04/03/95, repurchase price
$264,864 (collateralized by various
U.S. Treasury Notes and Bonds, total
par value $267,571, with rates
ranging from 3.50% to 12.625%, and
maturities from 1995 to 2025, total
market value $270,051) $ 265 $ 265
TOTAL REPURCHASE AGREEMENTS
(Cost $265) 265
TOTAL INVESTMENTS--99.7%
(Cost $30,356) 29,465
OTHER ASSETS AND LIABILITIES--0.3%
Other Assets and Liabilities, Net 104
NET ASSETS:
Portfolio shares--Institutional Class ($.0001
par value--2 billion authorized) based on
2,984,044 outstanding shares 30,265
Portfolio shares--Retail Class A ($.0001 par
value--2 billion authorized) based on 26,314
outstanding shares 266
Distributions in excess of net investment
income (9)
Accumulated net realized loss on investments (62)
Net unrealized depreciation of investments (891)
TOTAL NET ASSETS:--100.0% $29,569
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION
PRICE PER SHARE--INSTITUTIONAL CLASS $ 9.82
NET ASSET VALUE AND REDEMPTION PRICE PER
SHARE--RETAIL CLASS A $ 9.82
Maximum Sales Charge Of 3.75%+ 0.38
OFFERING PRICE PER SHARE--RETAIL CLASS A $ 10.20
</TABLE>
The accompanying notes are an integral part of the financial statements.
+ The offer price is calculated by dividing the net asset value by 1
minus the maximum sales charge of 3.75%.
(A) Variable Rate Security with Demand Features--the rate reported on the
Statement of Net Assets is the rate in effect as of March 31, 1995. The
date shown is the longer of the reset date or demand date.
(B) Variable Rate Security--the rate reported on the Statement of Net
Assets is the rate in effect as of March 31, 1995.
FHLMC--Federal Home Loan Mortgage Corporation
FNMA--Federal National Mortgage Association
GNMA--Government National Mortgage Association
ASSET ALLOCATION FUND
Description Shares Value (000)
<TABLE>
<CAPTION>
<S> <C> <C>
COMMON STOCKS--54.6%
AEROSPACE & DEFENSE--0.5%
E Systems 300 $ 14
Lockheed Martin* 1,252 66
Loral 400 17
Raytheon 800 58
Rockwell International 1,400 55
210
AGRICULTURE--0.0%
Pioneer Hi-Bred International 500 18
AIR TRANSPORTATION--0.2%
AMR* 400 26
Delta Air Lines 300 19
Federal Express* 300 20
Southwest Airlines 900 16
U.S. Air Group* 1,900 12
93
AIRCRAFT--0.9%
AlliedSignal 1,800 71
Boeing 2,100 113
General Dynamics 400 19
McDonnell Douglas 700 39
Northrop 200 10
Teledyne 500 13
Textron 500 28
United Technologies 900 62
355
APPAREL/TEXTILES--0.1%
Liz Claiborne 700 12
Russell 400 12
V.F. 400 22
46
AUTOMOTIVE--1.4%
Chrysler 2,200 92
Dana 600 15
Eaton 600 33
Echlin 400 15
Fleetwood Enterprises 500 12
Ford Motor 6,300 170
General Motors 4,700 208
Paccar 300 13
TRW 400 28
586
BANKS--3.1%
Banc One 2,552 73
Bank of Boston 900 27
BankAmerica 2,300 110
Bankers Trust New York 600 31
Barnett Banks 500 $ 23
Boatmens Bancshares 500 15
Chase Manhattan 1,100 39
Chemical Banking 1,500 57
Citicorp 2,400 102
CoreStates Financial 900 29
First Chicago 600 30
First Fidelity Bancorp 500 25
First Interstate Bancorp 500 40
First Union 1,100 48
Fleet Financial Group 800 26
Golden West Financial 400 15
Great Western Financial 800 15
H.F. Ahmanson 700 13
J.P. Morgan 1,200 73
KeyCorp 1,500 42
MBNA 900 26
Mellon Bank 900 37
National City 900 24
Nationsbank 1,700 86
NBD Bancorp 1,200 39
Norwest 1,900 48
PNC Bank 1,300 32
Shawmut National 700 18
Suntrust Banks 700 37
U.S. Bancorp 800 21
Wachovia 1,100 39
Wells Fargo 300 47
1,287
BEAUTY PRODUCTS--1.0%
Avon Products 400 24
Colgate-Palmolive 900 59
Ecolab 500 12
International Flavors & Fragrances 700 36
Procter & Gamble 4,300 286
417
BROADCASTING, NEWSPAPERS & ADVERTISING--0.8%
Capital Cities ABC 1,000 88
CBS 425 27
Comcast, Class A 1,500 23
Interpublic Group 500 19
Tele-Communications, Class A* 3,800 80
Viacom, Class B* 2,215 99
336
BUILDING & CONSTRUCTION--0.2%
Fluor 500 24
Foster Wheeler 300 10
Halliburton 700 26
Owens Corning Fiberglass* 300 11
71
BUSINESS SUPPLIES--0.1%
W.W. Grainger 400 25
CHEMICALS--1.9%
Air Products & Chemical 700 $ 36
Dow Chemical 1,700 124
E.I. du Pont de Nemours 4,200 254
Eastman Chemical 500 28
First Mississippi 500 13
FMC* 300 18
Great Lakes Chemical 400 25
Hercules 700 33
Monsanto 700 56
Morton International 800 23
Nalco Chemical 600 20
PPG Industries 1,300 49
Praxair 700 16
Rohm & Haas 400 24
Union Carbide 800 25
W.R. Grace 600 32
776
COMMUNICATIONS EQUIPMENT--0.8%
Andrew* 300 12
DSC Communications* 600 20
General Signal 300 11
Harris 300 14
Motorola 3,800 207
Northern Telecom 1,600 61
Scientific-Atlanta 500 12
337
COMPUTERS & SERVICES--1.7%
Apple Computer 700 25
Ceridian* 400 13
Compaq Computer* 1,600 55
Digital Equipment* 900 34
Hewlett Packard 1,600 193
IBM 3,600 295
Pitney Bowes 1,000 36
Silicon Graphics* 900 32
Tandem Computers* 800 12
Tandy 400 19
Unisys* 1,200 11
725
CONTAINERS & PACKAGING--0.1%
Crown Cork & Seal* 500 22
Newell 1,200 31
53
DRUGS--4.0%
Abbott Laboratories 5,000 178
Allergan 400 12
Alza, Class A* 600 13
American Home Products 1,900 $ 135
Amgen* 800 54
Bristol-Myers Squibb 3,200 202
Eli Lilly 1,800 132
Johnson & Johnson 4,000 238
Mallinckrodt Group 400 14
Merck 7,800 331
Pfizer 2,000 172
Schering Plough 1,200 89
Upjohn 1,100 39
Warner Lambert 800 63
1,672
ELECTRICAL SERVICES--2.1%
American Electric Power 1,100 35
Baltimore Gas & Electric 1,200 28
Carolina Power & Light 900 24
Central & South West 1,100 27
Cinergy 1,000 25
Consolidated Edison New York 1,300 35
Detroit Edison 800 22
Dominion Resources of Virginia 1,000 36
Duke Power 1,300 50
Entergy 1,400 29
FPL Group 1,100 40
General Public Utilities 700 20
Houston Industries 800 31
Niagara Mohawk Power 700 10
Northern States Power 400 18
Ohio Edison 1,000 20
Pacific Gas & Electric 2,700 67
Pacificorp 1,800 35
PECO Energy 1,200 30
Public Service Enterprise Group 1,400 38
Raychem 300 12
SCEcorp 2,700 42
Southern 4,100 84
Texas Utilities 1,400 44
Thomas & Betts 200 13
Unicom 1,300 31
Union Electric 500 18
864
ENTERTAINMENT--0.5%
Promus* 650 24
Walt Disney 3,300 177
201
ENVIRONMENTAL SERVICES--0.3%
Browning Ferris Industries 1,100 37
WMX Technologies 3,000 83
120
FINANCIAL SERVICES--1.2%
American Express 3,100 108
Beneficial 400 $ 16
Dean Witter Discover 1,046 43
FHLMC 1,100 67
FNMA 1,700 138
H & R Block 600 26
Household International 600 26
Merrill Lynch 1,200 51
Transamerica 428 24
499
FOOD, BEVERAGE & TOBACCO--4.9%
Adolph Coors, Class B 700 11
American Brands 1,300 51
Anheuser Busch 1,600 94
Archer Daniels Midland 3,536 66
Brown Forman, Class B 300 10
Campbell Soup 1,500 73
Coca Cola 8,000 449
ConAgra 1,500 50
CPC International 900 49
General Mills 1,000 60
H.J. Heinz 1,500 58
Hershey Foods 500 26
Kellogg 1,400 82
PepsiCo 4,900 191
Philip Morris 5,300 345
Quaker Oats 700 23
Ralston Purina Group 600 29
Sara Lee 3,000 78
Seagram 2,300 73
Unilever N.V. (ADR) 1,000 131
UST 1,300 41
Whitman 700 13
William Wrigley Jr. 700 31
2,034
GAS/NATURAL GAS--0.5%
Coastal 500 14
Columbia Gas Systems* 400 12
Consolidated Natural Gas 600 23
Enron 1,600 53
Noram Energy 2,000 11
Oneok 600 11
Pacific Enterprises 600 15
Panhandle Eastern 900 21
Peoples Energy 400 10
Sonat 600 18
Williams 600 18
206
GLASS PRODUCTS--0.1%
Corning 1,400 50
HOTELS & LODGING--0.1%
Hilton Hotels 300 $ 22
HOUSEHOLD FURNITURE & FIXTURES--0.1%
Masco 900 25
HOUSEHOLD PRODUCTS--0.5%
Clorox 300 18
Gillette 1,400 114
Maytag 700 12
National Service Industries 400 11
Sherwin Williams 500 17
Snap-On Tools 300 11
Stanley Works 400 16
Whirlpool 500 27
226
INSURANCE--2.0%
Aetna Life & Casualty 700 40
Alexander & Alexander Services 500 12
American General 1,300 42
American International Group 1,950 202
Chubb 500 40
Cigna 400 30
Continental 600 12
General Re 500 66
Jefferson-Pilot 300 18
Lincoln National 600 24
Marsh & McLennan 400 33
Providian 600 21
Safeco 400 22
St. Paul 500 25
Torchmark 400 17
Travelers 2,035 79
U.S. Healthcare 1,000 44
U.S. Life 300 11
United Healthcare 1,000 47
Unum 1,200 54
USF&G 800 11
850
JEWELRY, PRECIOUS METALS--0.0%
Jostens 500 10
LUMBER & WOOD PRODUCTS--0.1%
Louisiana Pacific 800 22
MACHINERY--2.7%
Baker Hughes 900 18
Black & Decker 700 20
Brunswick 700 14
Caterpillar 1,300 72
Crane 400 12
Cummins Engine 200 $ 9
Deere 500 41
Dover 400 26
Dresser Industries 1,000 21
Emerson Electric 1,400 93
General Electric 10,600 575
Harnischfeger Industries 400 11
Ingersoll Rand 800 26
McDermott International 400 11
Pall 1,000 21
Parker Hannifin 400 18
Tenneco 1,100 52
Texas Instruments 600 53
Timken 300 11
Tyco International 400 21
Varity* 300 11
1,136
MEASURING DEVICES--0.1%
Honeywell 800 30
Johnson Controls 300 15
Millipore 200 11
56
MEDICAL PRODUCTS & SERVICES--0.8%
Bausch & Lomb 300 11
Baxter International 1,800 59
Becton Dickinson 400 22
Beverly Enterprises* 800 12
Biomet* 900 15
Boston Scientific* 900 22
C.R. Bard 400 11
Columbia/HCA Healthcare 2,237 96
Manor Care 400 12
Medtronic 700 49
National Medical Enterprises 1,000 16
St. Jude Medical 400 17
United States Surgical 500 11
353
METALS & MINING--0.0%
Cyprus AMAX Minerals 450 13
MISCELLANEOUS BUSINESS SERVICES--1.6%
Autodesk 300 13
Automatic Data Processing 900 57
Cisco Systems* 1,600 61
Computer Associates International 1,000 59
Computer Sciences* 300 15
First Data 700 36
Lotus Development* 400 15
Microsoft 3,600 256
Novell* 2,100 $ 40
Ogden 500 10
Oracle Systems* 2,700 84
Safety Kleen 700 13
Sun Microsystems* 600 21
680
MISCELLANEOUS CONSUMER SERVICES--0.0%
Service International 600 17
MULTI-INDUSTRY--0.6%
Dial 400 10
ITT 700 72
Minnesota Mining & Manufacturing 2,600 151
233
NATURAL GAS TRANSMISSION AND DISTRIBUTION--0.1%
Enserch 800 12
Nicor 400 10
22
OIL -- DOMESTIC--0.8%
Ashland Oil 300 11
Atlantic Richfield 1,000 115
Kerr-McGee 300 15
Louisiana Land & Exploration 400 15
Pennzoil 200 9
Phillips Petroleum 1,600 59
Sun 700 20
Unocal 1,500 43
USX-Marathon Group 1,800 32
319
OIL -- INTERNATIONAL--4.2%
Amerada Hess 500 25
Amoco 3,100 197
Chevron 4,000 192
Exxon 7,700 513
Mobil 2,500 232
Royal Dutch Petroleum (ADR) 3,300 396
Santa Fe Energy Resources 1,200 12
Schlumberger 1,500 89
Texaco 1,600 106
1,762
PAPER & PAPER PRODUCTS--1.0%
Avery Dennison 400 16
Bemis 400 12
Boise Cascade 300 10
Champion International 600 26
Georgia Pacific 500 40
International Paper 800 61
James River 500 $ 13
Kimberly Clark 1,000 52
Mead 400 21
Scott Paper 400 36
Stone Container 700 16
Temple Inland 300 13
Union Camp 500 26
Westvaco 300 12
Weyerhaeuser 1,300 51
405
PAPER MILLS--0.0%
Potlatch 300 13
PETROLEUM & FUEL PRODUCTS--0.3%
Burlington Resources 800 33
Helmerich & Payne 400 11
Occidental Petroleum 2,000 43
Oryx Energy 1,000 13
Western Atlas* 300 13
113
PHOTOGRAPHIC EQUIPMENT & SUPPLIES--0.5%
Eastman Kodak 2,100 112
Polaroid 300 10
Xerox 700 82
204
PRECIOUS METALS--0.4%
Barrick Gold 2,200 55
Echo Bay Mines 1,200 12
Homestake Mining 800 15
Newmont Mining 573 24
Placer Dome 1,300 32
Santa Fe Pacific Gold 1,000 13
151
PRINTING & PUBLISHING--0.8%
American Greetings, Class A 600 18
Deluxe 500 14
Dow Jones 600 23
Gannett 900 48
Knight-Ridder 300 17
McGraw Hill 300 22
Moore 800 16
New York Times, Class A 600 14
R.R. Donnelley & Sons 900 31
Time Warner 2,400 90
Times Mirror, Class A 800 15
Tribune 400 22
330
PROFESSIONAL SERVICES--0.1%
Dun & Bradstreet 1,100 $ 58
RAILROADS--0.6%
Burlington Northern 500 30
Consolidated Rail 600 34
CSX 600 47
Norfolk Southern 800 54
Santa Fe Pacific 1,022 24
Union Pacific 1,300 70
259
REAL ESTATE--0.1%
Price Enterprises* 1,704 20
REPAIR SERVICES--0.0%
Ryder System 500 12
RETAIL--3.7%
Albertson's 1,600 52
American Stores 1,000 26
Bruno's 1,100 10
Circuit City 400 11
Dayton Hudson 400 29
Dillard Department Stores 700 19
Gap 900 32
Giant Food 500 12
Harcourt General 500 20
Hasbro 500 17
Home Depot 2,833 125
J.C. Penney 1,400 63
Kmart 2,900 40
Kroger* 700 18
Lowe's 900 31
Luby's Cafeterias 500 11
Mattel 1,375 34
Marriott 800 28
May Department Stores 1,500 56
McDonald's 4,300 147
Melville 700 26
Mercantile Stores 300 13
Nordstrom 500 20
Pep Boys-Manny Moe & Jack 400 12
Rite Aid 600 15
Sears Roebuck 2,200 117
The Limited 2,200 51
TJX 800 11
Toys R Us* 1,800 46
Wal-Mart Stores 14,300 363
Walgreen 700 34
Wendy's International 700 11
Winn Dixie Stores 500 $ 28
Woolworth 600 11
1,539
RUBBER & PLASTIC--0.5%
Armstrong World Industries 200 9
B.F. Goodrich 200 9
Cooper Tire & Rubber 500 14
Goodyear Tire & Rubber 900 33
Illinois Tool Works 600 29
Nike, Class B 400 30
Premark International 400 18
Reebok International 600 21
Rubbermaid 900 30
193
SEMI-CONDUCTORS/INSTRUMENTS--0.9%
Advanced Micro Devices* 600 20
AMP 1,200 43
Intel 2,600 221
Micron Technology 700 53
National Semiconductor* 1,000 18
355
SPECIALTY MACHINERY--0.1%
Cooper Industries 700 27
Westinghouse Electric 2,100 30
57
STEEL & STEEL WORKS--0.6%
Alcan Aluminium 1,400 37
Aluminum Company of America 1,000 41
Asarco 400 11
Bethlehem Steel* 700 11
Englehard 400 12
Inco 700 20
Inland Steel Industries 400 11
Nucor 500 28
Phelps Dodge 400 23
Reynolds Metals 400 20
USX-U.S. Steel Group 600 20
Worthington Industries 750 15
249
TELEPHONES & TELECOMMUNICATION--4.5%
Airtouch Communications* 3,100 84
Alltel 1,200 35
Ameritech 3,400 140
AT&T 9,700 501
Bell Atlantic 2,700 142
Bellsouth 3,100 184
GTE 6,000 200
MCI Communications 4,200 $ 87
NYNEX 2,600 103
Pacific Telesis Group 2,600 79
Southwestern Bell 3,700 156
Sprint 2,200 67
U.S. West 2,800 112
1,890
TRUCKING--0.1%
Pittston Services Group 300 8
Roadway Services 300 15
Yellow 300 5
28
WHOLESALE--0.3%
Alco Standard 300 22
Fleming Companies 600 14
Genuine Parts 700 27
Salomon 600 20
Sigma Aldrich 300 12
Supervalu 400 11
Sysco 1,000 26
132
Description Par (000) Value (000)
TOTAL COMMON STOCKS
(Cost $20,363) 22,735
U.S. TREASURY OBLIGATIONS--12.7%
U.S. Treasury Note
7.250%, 05/15/04 $5,275 5,278
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $5,057) 5,278
MASTER NOTES--13.1%
Barclays
5.980%, 04/03/95 (A) 1,771 1,771
Goldman Sachs
6.080%, 04/04/95 (A) 1,706 1,706
Heller Financial
6.057%, 04/04/95 (A) 1,989 1,989
TOTAL MASTER NOTES
(Cost $5,466) 5,466
REPURCHASE AGREEMENTS--17.8%
J.P. Morgan 6.028%, dated 03/31/95,
matures 04/03/95, repurchase price
$3,624,662 (collateralized by various
U.S. Treasury Interest STRIPS, total
par value $11,485,633, with
maturities ranging from 2000 to 2010,
total market value $3,695,390) 3,623 3,623
Merrill Lynch 6.083%, dated 03/31/95,
matures 04/03/95, repurchase price
$3,813,800 (collateralized by various
U.S. Treasury Notes and Bonds, total
par value $3,852,777, with rates
ranging from 3.500% to 12.625%, and
maturities from 1995 to 2025, total
market value $3,888,487) $3,812 $ 3,812
TOTAL REPURCHASE AGREEMENTS
(Cost $7,435) 7,435
TOTAL INVESTMENTS--98.2%
(Cost $38,321) 40,914
OTHER ASSETS AND LIABILITIES--1.8%
Other Assets and Liabilities, Net 761
NET ASSETS:
Portfolio shares--Institutional Class ($.0001
par value--2 billion authorized) based on
3,831,926 outstanding shares $38,070
Portfolio shares--Retail Class A ($.0001 par
value--2 billion authorized) based on 66,370
outstanding shares 663
Portfolio shares--Retail Class B ($.0001
par value--2 billion authorized) based
on 19,104 outstanding shares 199
Undistributed net investment income 33
Accumulated net realized gain on investments 117
Net unrealized appreciation of investments 2,593
TOTAL NET ASSETS:--100.0% $41,675
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION
PRICE PER SHARE--INSTITUTIONAL CLASS $ 10.64
NET ASSET VALUE AND REDEMPTION PRICE
PER SHARE--RETAIL CLASS A $10.64
Maximum Sales Charge Of 4.50%+ 0.50
OFFERING PRICE PER SHARE--RETAIL CLASS B $11.14
NET ASSET VALUE AND OFFERING PRICE
PER SHARE--RETAIL CLASS B (1) $10.61
</TABLE>
The accompanying notes are an integral part of the financial statements.
* Non-income producing security
+ The offering price is calculated by dividing the net asset value by 1
minus the maximum sales charge of 4.50%.
(A) Variable Rate Security with Demand Features--the rate reported on the
Statement of Net Assets is the rate in effect as of March 31, 1995. The
date shown is the longer of the reset date or demand date.
ADR--American Depository Receipt
FHLMC--Federal Home Loan Mortgage Corporation
FNMA--Federal National Mortgage Association
STRIPS--Separately Trading of Registered Interest and Principal of
Securities
(1) Retail Class B has a contingent deferred sales charge. For a
description of a possible redemption charge, see the notes to the
financial statements.
BALANCED FUND
Description Shares Value (000)
<TABLE>
<CAPTION>
<S> <C> <C>
COMMON STOCKS--56.0%
APPAREL--0.9%
Reebok International 41,800 $1,489
AUTOMOTIVE--1.7%
Automotive Industries* 46,500 1,023
General Motors 39,900 1,766
2,789
BANKS--2.3%
BayBanks 28,600 1,845
Chemical Banking 52,900 1,997
3,842
BUILDING & CONSTRUCTION SUPPLIES--0.4%
Griffon* 71,100 604
BUSINESS SUPPLIES--0.6%
W.W. Grainger 16,700 1,052
CHEMICALS--1.5%
Ferro 36,500 926
Hercules 34,000 1,585
2,511
COMPUTERS & SERVICES--3.6%
Compaq Computer* 30,600 1,056
Hewlett Packard 21,000 2,528
IBM 29,000 2,374
5,958
DRUGS--3.2%
American Home Products 30,900 2,202
Bristol-Myers Squibb 24,400 1,537
Upjohn 42,500 1,519
5,258
FOOD, BEVERAGE & TOBACCO--3.6%
ConAgra 78,400 2,597
Dole Food 58,900 1,708
Sara Lee 65,200 1,703
6,008
HOME APPLIANCES--1.1%
Whirlpool 31,700 1,736
INSURANCE--3.9%
AMBAC 43,700 1,775
General Re 14,600 1,927
Providian 48,000 1,686
Western National 84,200 1,053
6,441
MACHINERY--4.9%
Case Equipment 80,600 2,015
Caterpillar 22,000 1,224
Deere 23,200 1,885
General Electric 56,000 3,031
8,155
METALS & MINING--0.9%
Aluminum Company of America 36,000 1,490
MULTI-INDUSTRY--2.7%
ITT 25,400 $ 2,607
Minnesota Mining & Manufacturing 33,100 1,924
4,531
OFFICE PRODUCTS--1.0%
Xerox 14,500 1,702
OIL-DOMESTIC--1.2%
Unocal 68,800 1,978
OIL-INTERNAITONAL--5.3%
Exxon 23,100 1,542
Mobil 27,300 2,529
Royal Dutch Petroleum(ADR) 25,600 3,069
Texaco 23,100 1,536
8,676
PAPER & PAPER PRODUCTS--3.2%
Bemis 66,900 1,965
James River 66,700 1,734
Scott Paper 16,800 1,502
5,201
PHOTOGRAPHIC EQUIPMENT & SUPPLIES--1.5%
Eastman Kodak 47,400 2,518
RAILROADS--1.9%
CSX 27,200 2,142
Southern Pacific Rail* 56,500 989
3,131
REAL ESTATE INVESTMENT TRUSTS--3.1%
Debartolo Realty 100,300 1,417
Duke Realty Investments 36,900 978
Equity Residential Properties Trust 36,000 936
Simon Property Group 71,300 1,738
5,069
RETAIL--3.0%
Dayton Hudson 24,200 1,731
Gap 29,100 1,033
Sears Roebuck 19,600 1,046
Wal-Mart Stores 41,900 1,068
4,878
SEMICONDUCTORS & RELATED DEVICES--2.3%
AMP 28,000 1,008
Texas Instruments 30,900 2,735
3,743
SPECIALTY MACHINERY--0.6%
York International 25,900 1,023
TELEPHONES & TELECOMMUNICATION--1.6%
Century Telephone Enterprises 30,600 929
GTE 53,800 1,789
2,718
TOTAL COMMON STOCKS (Cost $80,586) 92,501
Description Par (000) Value (000)
U.S. TREASURY OBLIGATIONS--26.5%
U.S. Treasury Bill
5.635%, 04/06/95 $ 3,000 $ 2,997
U.S. Treasury Bonds
7.250%, 08/15/22 10,100 9,765
7.125%, 02/15/23 1,575 1,502
U.S. Treasury Notes
4.375%, 11/15/96 8,950 8,632
5.750%, 10/31/97 4,740 4,610
5.125%, 11/30/98 5,810 5,456
6.375%, 01/15/00 2,700 2,625
6.250%, 02/15/03 5,360 5,048
7.250%, 08/15/04 2,875 2,877
U.S. Treasury STRIP
0.000% 02/15/99 265 203
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $43,994) 43,715
CORPORATE OBLIGATIONS--4.7%
Bear Stearns
9.125%, 04/15/98 770 804
8.750%, 03/15/04 1,150 1,170
Farmers Group
8.250%, 07/15/96 1,045 1,061
General Foods
6.000%, 06/15/01 860 797
General Motors Acceptance
7.650%, 01/16/98 2,375 2,377
Torchmark
7.875%, 05/15/23 1,700 1,545
TOTAL CORPORATE OBLIGATIONS
(Cost $8,170) 7,754
U.S. GOVERNMENT AGENCY OBLIGATIONS--3.9%
FHLMC
6.250%, 12/15/06 1,725 1,602
6.000%, 11/15/08 2,700 2,367
FNMA
5.450%, 02/20/22 2,700 2,460
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $6,995) 6,429
OTHER MORTGAGE-BACKED OBLIGATIONS--3.8%
Drexel Burnham Lambert CMO Trust S 2
9.000%, 08/01/18 $ 507 $ 525
GE Capital Mortgage Services 1994-11 A1
6.500%, 03/25/24 1,931 1,882
GE Capital Mortgage Services 1994-17 A6
7.000%, 05/25/24 2,675 2,510
Residential Funding 1992-36 A2
5.700%, 11/25/07 729 707
Resolution Trust 1991-M6 (B)
7.000%, 06/25/21 586 579
TOTAL OTHER MORTGAGE-BACKED OBLIGATIONS
(Cost $6,083) 6,203
ASSET BACKED SECURITIES--1.1%
BW Home Equity Trust Pool 1990-1 A
9.250%, 09/15/05 51 53
Household Finance 1993-2 A3
4.650%, 12/20/08 1,890 1,786
TOTAL ASSET BACKED SECURITIES
(Cost $1,938) 1,839
MASTER NOTES--2.3%
Heller Financial
6.057%, 04/04/95 (A) 3,828 3,828
TOTAL MASTER NOTES
(Cost $3,828) 3,828
REPURCHASE AGREEMENTS--0.9%
Merrill Lynch 6.083%, dated 03/31/95,
matures 04/03/95, repurchase price
$1,514,471 (collateralized by various
U.S. Treasury Notes and Bonds, total
par value $1,529,948 with rates
ranging from 3.500% to 12.625%,
maturities from 1995 to 2025, total
market value $1,544,129) 1,514 1,514
TOTAL REPURCHASE AGREEMENTS
(Cost $1,514) 1,514
TOTAL INVESTMENTS--99.2%
(Cost $153,109) 163,783
OTHER ASSETS AND LIABILITIES--0.8%
Other Assets and Liabilities, Net 1,273
Description Value (000)
NET ASSETS:
Portfolio shares--Institutional Class ($.0001 par
value--2 billion authorized) based on 13,629,746
outstanding shares $140,537
Portfolio shares--Retail Class A ($.0001 par
value--2 billion authorized) based on 1,228,874
outstanding shares 12,726
Portfolio shares--Retail Class B ($.0001 par
value--2 billion authorized) based on 76,590
outstanding shares 813
Undistributed net investment income 215
Accumulated net realized gain on investments 90
Net unrealized appreciation of investments 10,675
TOTAL NET ASSETS:--100.0% $165,056
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION
PRICE PER SHARE--INSTITUTIONAL CLASS $ 11.05
NET ASSET VALUE, AND REDEMPTION PRICE
PER SHARE--RETAIL CLASS A $ 11.04
Maximum Sales Charge Of 4.50%+ 0.52
OFFERING PRICE PER SHARE--RETAIL CLASS A $11.56
NET ASSET VALUE AND OFFERING PRICE
PER SHARE--RETAIL CLASS B (1) $11.03
</TABLE>
The accompanying notes are an integral part of the financial statements.
* Non-income producing security
+ The offer price is calculated by dividing the net asset value by 1
minus the maximum sales charge of 4.50%.
(A) Variable Rate Security with Demand Features--the rate reported on the
Statement of Net Assets is the rate in effect as of March 31, 1995. The
date shown is the longer of the reset date or demand date.
(B) Security sold within terms of a private placement memorandum, exempt
from registration under Section 144A of the Securities Act of 1933, as
amended, and may be sold only to dealers in that program or other
"accredited investors." These securities have been determined to be
liquid under the guidelines established by the Board of Directors.
ADR--American Depository Receipt
AMBAC--American Municipal Bond Assurance Company
CMO--Collateralized Mortgage Obligation
STRIPS--Separately Trading of Registered Interest and Principal of
Securities
FHLMC--Federal Home Loan Mortgage Corporation
FNMA--Federal National Mortgage Association
(1) Retail Class B has a contingent deferred sales charge. For a
description of a possible redemption charge, see the notes to the
financial statements.
LIMITED VOLATILITY STOCK FUND
Description Shares Value (000)
<TABLE>
<CAPTION>
<S> <C> <C>
COMMON STOCKS--86.2%
AEROSPACE & DEFENSE--2.4%
Lockheed Martin 7,000 $ 370
BANKS--6.5%
Bank of New York 10,000 329
Boatmen's Bancshares 11,300 341
Wachovia 9,600 341
1,011
CHEMICALS--2.1%
PPG Industries 8,500 321
COMMERCIAL SERVICES--2.1%
Rollins 12,050 331
COMPUTERS & SERVICES--2.2%
IBM 4,200 344
DRUGS--9.3%
American Home Products 5,100 363
Eli Lilly 5,000 365
Mallinckrodt Group 10,800 365
Merck 8,400 358
1,451
ELECTRICAL SERVICES--7.9%
Delmarva Power & Light 16,200 320
Montana Power 13,700 312
Rochester Gas & Electric 13,500 278
Southwestern Public Service 11,600 323
1,233
FOOD, BEVERAGE & TOBACCO--4.4%
Hershey Foods 6,500 332
UST 11,100 353
685
HOUSEHOLD PRODUCTS--2.4%
Clorox 6,300 378
INSURANCE--2.2%
Aon 9,650 352
MACHINERY--6.5%
Dresser Industries 14,800 315
General Electric 6,200 336
McDermott International 13,300 363
1,014
MEDICAL PRODUCTS & SERVICES--2.4%
Baxter International 11,600 380
METALS & MINING--1.4%
Vulcan Materials 3,800 219
MULTI-INDUSTRY--2.2%
Harsco 8,000 $ 352
OIL - INTERNATIONAL--8.1%
Amoco 7,300 464
Chevron 9,100 437
Mobil 4,000 371
1,272
PETROLEUM & FUEL PRODUCTS--2.2%
Questar 11,700 351
PRECIOUS METALS--2.4%
Barrick Gold 14,800 370
Santa Fe Pacific Gold* 300 4
374
PRINTING & PUBLISHING--1.7%
Banta 8,100 267
RETAIL--6.3%
Albertson's 10,800 347
Luby's Cafeterias 14,000 298
J.C. Penney 7,500 337
982
SEMI-CONDUCTORS/INSTRUMENTS--1.3%
Intel 2,400 204
STEEL & STEEL WORKS--4.0%
Carpenter Technology 5,600 323
Phelps Dodge 5,200 296
619
TELEPHONES & TELECOMMUNICATION--2.3%
U.S. West 8,800 352
TRUCKING--1.4%
Yellow 14,100 226
WHOLESALE--2.5%
Genuine Parts 9,875 394
TOTAL COMMON STOCKS
(Cost $12,618) 13,482
Description Par (000)/Shares Value (000)
U.S. TREASURY OBLIGATIONS--9.6%
U.S. Treasury Bill
5.480%, 04/06/95 $ 1,504 $ 1,503
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $1,500) 1,503
MONEY MARKET--2.8%
Aim Short Term Prime Obligation
6.120%, 04/07/95 (A) 443,532 444
TOTAL MONEY MARKET
(Cost $444) 444
TOTAL INVESTMENTS--98.6%
(Cost $14,561) 15,429
OTHER ASSETS AND LIABILITIES--1.4%
Other Assets and Liabilities, Net 213
NET ASSETS:
Portfolio shares--Institutional Class
($.0001 par value--2 billion authorized)
based on 1,472,550 outstanding shares 14,728
Undistributed net investment income 4
Accumulated net realized gain on
investments 42
Net unrealized appreciation of investments 868
TOTAL NET ASSETS:--100.0% $15,642
NET ASSET VALUE, OFFERING PRICE, AND
REDEMPTION PRICE PER SHARE--INSTITUTIONAL
CLASS $ 10.62
</TABLE>
The accompanying notes are an integral part of the financial statements.
* Non-income producing security
(A) Variable Rate Security--the rate reported on the Statement of Net
Assets is the rate in effect as of March 31, 1995. The date shown is
the longer of the reset or demand date.
EQUITY INDEX FUND
Description Shares Value (000)
<TABLE>
<CAPTION>
<S> <C> <C>
COMMON STOCKS--94.6%
AEROSPACE & DEFENSE--0.8%
Lockheed Martin* 8,927 $ 472
Loral 3,900 166
Raytheon 6,300 459
Rockwell International 10,200 398
1,495
AGRICULTURE--0.1%
Pioneer Hi-Bred International 3,800 137
AIR TRANSPORTATION--0.4%
AMR* 3,500 226
Delta Air Lines 2,100 132
Federal Express* 2,300 156
Southwest Airlines 7,000 125
U.S. Air Group* 5,100 31
670
AIRCRAFT--1.5%
AlliedSignal 12,800 502
Boeing 15,800 851
General Dynamics 2,800 132
McDonnell Douglas 6,000 335
Northrop 1,700 83
Teledyne 3,700 97
Textron 4,300 243
United Technologies 6,900 477
2,720
APPAREL/TEXTILES--0.2%
Hartmarx* 4,300 23
Liz Claiborne 2,500 44
Oshkosh B'Gosh, Class A 2,600 37
Russell 1,200 36
Springs Industries 1,100 41
V.F. 2,600 138
319
AUTOMOTIVE--2.4%
Chrysler 17,200 720
Dana 4,400 112
Eaton 4,200 228
Echlin 3,200 123
Fleetwood Enterprises 2,600 61
Ford Motor 48,800 1,318
General Motors 34,400 1,522
Navistar International* 2,600 33
Paccar 1,495 64
TRW 3,100 214
4,395
BANKS--5.4%
Banc One 19,767 563
Bank of Boston 4,300 128
BankAmerica 17,900 864
Bankers Trust New York 3,900 204
Barnett Banks 4,100 $ 187
Boatmens Bancshares 5,200 157
Chase Manhattan 8,600 306
Chemical Banking 12,300 464
Citicorp 18,000 765
CoreStates Financial 6,000 192
First Chicago 3,900 195
First Fidelity Bancorp 3,500 173
First Interstate Bancorp 3,900 308
First Union 7,400 321
Fleet Financial Group 6,000 194
Golden West Financial 3,000 115
Great Western Financial 6,800 128
H.F. Ahmanson 5,900 106
J.P. Morgan 9,400 573
KeyCorp 11,100 314
MBNA 6,900 200
Mellon Bank 7,050 287
Nationsbank 13,100 665
NBD Bancorp 7,200 234
Norwest 13,000 330
PNC Bank 12,300 300
Shawmut National 7,800 206
Suntrust Banks 6,000 321
U.S. Bancorp 4,300 112
Wachovia 7,400 263
Wells Fargo 2,700 422
9,597
BEAUTY PRODUCTS--1.7%
Avon Products 3,500 212
Colgate Palmolive 7,700 508
Dial 3,200 81
Ecolab 3,200 78
Procter & Gamble 31,700 2,100
2,979
BUSINESS SUPPLIES--0.1%
W.W. Grainger 2,000 126
BROADCASTING, NEWSPAPERS & ADVERTISING--1.1%
Capital Cities ABC 7,000 618
CBS 2,540 163
Comcast 10,200 159
Interpublic Group 2,600 97
Tele-Communications, Class A* 28,100 590
Viacom, Class B 7,091 317
1,944
BUILDING & CONSTRUCTION--0.4%
Centex 1,600 39
Fluor 3,900 188
Foster Wheeler 3,400 115
Halliburton 4,700 $ 171
Kaufman & Broad Home 7,800 93
Pulte 1,800 42
648
CHEMICALS--3.3%
Air Products & Chemical 5,200 271
B.F. Goodrich 1,000 44
Dow Chemical 13,400 978
E.I. du Pont de Nemours 31,500 1,906
Eastman Chemical 3,875 216
FMC* 1,500 91
Great Lakes Chemical 3,500 218
Hercules 6,900 322
International Flavors & Fragrances 4,800 248
Monsanto 5,400 433
Morton International 7,800 226
Nalco Chemical 3,400 114
Praxair 8,400 195
Rohm & Haas 2,800 165
Union Carbide 7,400 227
W.R. Grace 4,300 229
5,883
COMMUNICATIONS EQUIPMENT--1.3%
DSC Communications* 6,000 195
Harris 1,800 86
Motorola 27,100 1,481
Northern Telecom 11,200 424
Scientific-Atlanta 3,800 89
Zenith Electronics* 3,200 25
2,300
COMPUTERS & SERVICES--3.1%
Apple Computer 5,700 201
Ceridian* 3,500 117
Compaq Computer* 12,300 424
Cray Research* 3,000 55
Data General* 5,800 43
Digital Equipment* 6,300 239
Hewlett Packard 11,900 1,432
Intergraph* 13,100 156
IBM 27,100 2,217
Pitney Bowes 7,100 256
Tandem Computers* 5,200 81
Tandy 4,080 195
Unisys* 5,600 52
5,468
CONCRETE & MINERAL PRODUCTS--0.0%
Owens Corning Fiberglass* 1,500 54
CONSUMER PRODUCTS--0.0%
Brown Group 2,000 58
CONTAINERS & PACKAGING--0.2%
Ball 1,900 $ 65
Crown Cork & Seal* 4,100 180
Newell 7,200 184
429
DRUGS--7.1%
Abbott Laboratories 38,700 1,379
Allergan 2,200 65
Alza, Class A* 2,600 55
American Home Products 14,600 1,040
Amgen* 6,500 438
Bristol-Myers Squibb 23,600 1,487
Eli Lilly 14,100 1,031
Johnson & Johnson 29,700 1,767
Mallinckrodt Group 3,000 101
Merck 59,600 2,541
Pfizer 14,400 1,235
Schering Plough 9,300 692
Upjohn 7,900 282
Warner Lambert 6,300 493
12,606
ELECTRICAL SERVICES--3.5%
American Electric Power 8,300 264
Baltimore Gas & Electric 7,300 172
Carolina Power & Light 7,600 206
Central & South West 8,700 211
Cinergy 3,273 81
Consolidated Edison New York 10,400 283
Detroit Edison 6,800 186
Dominion Resources of Virginia 7,400 266
Duke Power 10,400 400
Entergy 10,800 225
FPL Group 8,600 313
Houston Industries 5,800 221
Niagara Mohawk Power 6,000 83
Northern States Power 2,700 119
Ohio Edison 7,600 152
Pacific Gas & Electric 20,000 498
Pacificorp 12,100 234
PECO Energy 10,800 271
Public Service Enterprise Group 12,300 337
SCEcorp 19,400 303
Southern 31,600 645
Texas Utilities 10,000 318
Unicom 9,600 228
Union Electric 6,300 223
6,239
ENERGY & POWER--0.0%
Zurn Industries 3,700 68
ENTERTAINMENT--0.9%
King World Productions* 1,700 $ 67
Promus 4,800 180
Walt Disney 24,400 1,302
1,549
ENVIRONMENTAL SERVICES--0.6%
Browning Ferris Industries 8,100 275
Rollins Enviromental Services 13,300 57
WMX Technologies 24,300 668
1,000
FINANCIAL SERVICES--2.4%
American Express 23,100 806
Beneficial 2,800 110
Dean Witter Discover 7,886 321
FHLMC 9,100 551
FNMA 12,200 992
Household International 4,300 187
ITT 5,500 564
Merrill Lynch 9,600 409
Salomon Brothers 5,300 180
Transamerica 3,423 194
4,314
FOOD, BEVERAGE & TOBACCO--8.7%
American Brands 9,300 365
Anheuser Busch 12,900 756
Archer Daniels Midland 24,183 450
Brown Forman, Class B 3,300 110
Campbell Soup 11,800 571
Coca Cola 60,900 3,444
ConAgra 11,200 371
CPC International 6,900 373
General Mills 7,200 429
H.J. Heinz 12,400 477
Hershey Foods 4,700 240
Kellogg 10,600 619
PepsiCo 36,600 1,427
Philip Morris 39,700 2,592
Quaker Oats 6,600 219
Ralston-Ralston Purina Group 5,000 239
Sara Lee 22,200 580
Seagram 17,500 556
Unilever N.V. (ADR) 7,800 1,024
UST 8,900 283
Whitman 8,600 164
William Wrigley Jr 5,300 235
15,524
GAS/NATURAL GAS--0.8%
Coastal 4,800 138
Columbia Gas Systems* 2,200 65
Consolidated Natural Gas 5,700 220
Enron 11,800 389
Nicor 2,200 55
Oneok 4,700 $ 89
Pacific Enterprises 3,200 79
Panhandle Eastern 5,300 122
Sonat 4,400 132
Transco Energy 1,145 22
Williams 5,000 153
1,464
GLASS PRODUCTS--0.2%
Corning 9,400 338
HOTELS & LODGING--0.1%
Hilton Hotels 2,200 163
HOUSEHOLD FURNITURE & FIXTURES--0.1%
Bassett Furniture Industries 1,687 44
Masco 7,100 196
240
HOUSEHOLD PRODUCTS--1.1%
Clorox 2,400 144
Gillette 10,200 832
Maytag 3,100 53
National Service Industries 2,800 76
PPG Industries 9,600 362
Raychem 2,100 85
Sherwin Williams 3,300 112
Snap-On Tools 1,200 44
Stanley Works 1,800 71
Thomas & Betts 800 52
Whirlpool 3,300 181
2,012
INSURANCE--3.4%
Aetna Life & Casualty 5,200 296
Alexander & Alexander Services 4,200 99
American General 9,800 316
American International Group 14,650 1,527
Chubb 3,700 292
Cigna 4,000 299
Continental 3,500 69
General Re 3,800 502
Jefferson-Pilot 2,550 151
Lincoln National 3,800 153
Marsh & McLennan 3,400 279
Providian 4,000 141
Safeco 2,700 148
St. Paul 3,800 190
Torchmark 2,750 114
Travelers 14,825 573
U.S. Healthcare 7,500 332
United Healthcare 8,000 374
Unum 3,700 167
USLife 1,400 53
6,075
LUMBER & WOOD PRODUCTS--0.1%
Louisiana Pacific 5,100 141
MACHINERY--4.7%
Baker Hughes 5,400 $ 110
Black & Decker 3,900 113
Briggs & Stratton 1,800 66
Brunswick 4,400 89
Caterpillar 9,900 551
Cincinnati Milacron 2,200 50
Clark Equipment* 900 74
Crane 1,600 49
Cummins Engine 1,200 54
Deere 3,600 293
Dover 2,100 136
Dresser Industries 8,000 170
Emerson Electric 10,900 725
General Electric 79,000 4,275
General Signal 3,000 107
Giddings & Lewis 2,300 39
Harnischfeger Industries 2,800 78
Ingersoll Rand 4,300 141
McDermott International 3,900 107
Outboard Marine 4,900 103
Pall 4,000 84
Parker Hannifin 2,300 102
Tenneco 8,000 377
Texas Instruments 4,600 407
Timken 1,500 53
Tyco International 1,700 90
Varity* 1,900 72
8,515
MEASURING DEVICES--0.3%
Honeywell 5,700 213
Johnson Controls 1,700 86
Perkin Elmer 2,600 76
Tektronix 2,400 96
471
MEDICAL PRODUCTS & SERVICES--1.2%
Bausch & Lomb 2,200 79
Baxter International 13,500 442
Becton Dickinson 3,900 212
Beverly Enterprises* 4,100 59
C.R. Bard 2,700 75
Columbia/HCA Healthcare 17,437 749
Community Psychiatric 5,500 71
Manor Care 2,300 70
Medtronic 5,000 347
National Medical Enterprises 7,800 124
2,228
METALS & MINING--0.1%
Cyprus AMAX Minerals 4,450 126
MISCELLANEOUS BUSINESS SERVICES--2.7%
Automatic Data Processing 6,600 $ 416
Cisco Systems* 11,600 442
Computer Associates International 8,200 487
Computer Sciences* 2,400 119
Lotus Development* 2,000 77
Microsoft* 28,000 1,990
Novell* 17,400 331
Oracle Systems* 21,150 661
Safety Kleen 5,100 91
Sun Microsystems* 3,500 122
4,736
MISCELLANEOUS CONSUMER SERVICES--0.2%
H & R Block 4,800 208
Service International 3,400 95
303
OIL-DOMESTIC--1.3%
Ashland Oil 2,100 75
Atlantic Richfield 7,400 851
Kerr-McGee 2,900 148
Louisiana Land & Exploration 1,000 37
Pennzoil 2,100 99
Phillips Petroleum 12,100 443
Sun 5,500 157
Unocal 10,700 308
USX Marathon Group 13,300 233
2,351
OIL-INTERNATIONAL--7.1%
Amerada Hess* 3,900 193
Amoco 24,200 1,540
Chevron 30,000 1,440
Exxon 58,700 3,918
Mobil 18,400 1,704
Royal Dutch Petroleum (ADR) 24,600 2,952
Texaco 12,600 838
12,585
PAPER & PAPER PRODUCTS--2.3%
Avery Dennison 1,800 72
Bemis 2,400 71
Boise Cascade 1,200 42
Champion International 4,300 186
Federal Paper Board 3,900 111
Georgia Pacific 4,000 319
International Paper 6,000 451
James River 5,700 148
Kimberly Clark 7,400 385
Mead 2,300 123
Minnesota Mining & Manufacturing 19,200 1,115
Scott Paper 3,600 322
Stone Container 2,400 55
Temple Inland 2,100 94
Union Camp 3,200 166
Westvaco 3,800 $ 158
Weyerhaeuser 9,500 369
4,187
PETROLEUM & FUEL PRODUCTS--1.0%
Burlington Resources 6,000 245
Enserch 6,000 89
Helmerich & Payne 2,100 57
Maxus Energy* 17,100 94
Occidental Petroleum 14,900 326
Rowan* 7,200 47
Santa Fe Energy Resources 8,400 81
Schlumberger 11,600 691
Western Atlas* 2,100 91
1,721
PHOTOGRAPHIC EQUIPMENT & SUPPLIES--0.9%
Eastman Kodak 15,500 823
Polaroid 3,000 104
Xerox 5,100 599
1,526
PRECIOUS METALS--0.6%
Barrick Gold 13,100 328
Echo Bay Mines 5,600 58
Homestake Mining 6,400 118
Newmont Mining 4,243 181
Placer Dome 10,800 263
Santa Fe Pacific Gold 5,040 64
1,012
PRINTING & PUBLISHING--1.5%
American Greetings, Class A 4,000 120
Deluxe 3,200 91
Dow Jones 4,300 163
Gannett 7,600 406
John H. Harland 5,500 124
Knight-Ridder 2,000 113
McGraw Hill 2,000 144
Meredith 3,600 94
Moore 4,500 88
New York Times, Class A 6,400 148
R.R. Donnelly & Sons 6,500 223
Time Warner 18,400 694
Times Mirror, Class A 5,500 106
Tribune 2,900 160
2,674
PROFESSIONAL SERVICES--0.3%
Dun & Bradstreet 8,300 437
National Education* 15,500 50
487
RAILROADS--1.1%
Burlington Northern 4,100 243
Consolidated Rail 3,700 208
CSX 4,800 378
Norfolk Southern 6,400 428
Santa Fe Pacific 3,657 $ 84
Union Pacific 10,000 550
1,891
REAL ESTATE--0.1%
Price Enterprises* 12,256 144
REPAIR SERVICES--0.0%
Ryder System 2,500 60
RETAIL--6.5%
Albertsons 13,000 419
American Stores 6,600 169
Circuit City Stores 3,200 84
Dayton Hudson 3,300 236
Dillard Department Stores 5,100 141
Gap 6,700 238
Giant Food 2,400 57
Great Atlantic & Pacific 2,200 50
Harcourt General 4,100 160
Hasbro 4,400 149
Home Depot 21,133 935
J.C. Penney 11,700 525
K-mart 22,200 305
Kroger* 6,800 179
Lowes 8,700 300
Luby's Cafeterias 1,500 32
Marriott 6,200 215
Mattel 9,765 240
May Department Stores 11,500 426
McDonald's 33,400 1,140
Melville 5,000 186
Nordstrom 4,500 183
Pep Boys-Manny Moe & Jack 2,900 90
Rite Aid 2,600 64
Sears Roebuck 16,400 875
Shoney's* 7,800 84
The Limited 17,700 409
TJX 2,300 30
Toys R US 13,100 336
Wal-Mart Stores 106,200 2,710
Walgreen 5,200 250
Wendy's International 5,800 95
Winn Dixie Stores 3,800 212
Woolworth 5,400 99
11,623
RUBBER & PLASTIC--0.8%
Armstrong World Industries 1,100 50
Cooper Tire & Rubber 3,000 85
Goodyear Tire & Rubber 7,000 257
Illinois Tool Works 4,700 230
Nike, Class B 3,400 254
Premark International 3,200 141
Reebok International 3,500 $ 125
Rubbermaid 6,700 221
1,363
SEMI-CONDUCTORS/INSTRUMENTS--1.2%
Advanced Micro Devices* 3,300 112
AMP 9,400 338
Intel 19,200 1,630
M/A-Com* 5,900 58
National Semiconductor* 5,000 88
2,226
SPECIALTY MACHINERY--0.2%
Cooper Industries 5,100 198
Westinghouse Electric 16,200 228
426
STEEL & STEEL WORKS--1.0%
Alcan Aluminium 12,500 332
Aluminum Company of America 8,000 331
Armco 12,200 84
Bethlehem Steel* 3,500 56
Englehard 4,275 127
Inco 5,800 162
Inland Steel Industries 2,100 58
Nucor 3,900 219
Phelps Dodge 3,300 188
Reynolds Metals 2,500 123
USX--U.S. Steel Group 3,000 101
Worthington Industries 3,150 63
1,844
TELEPHONES & TELECOMMUNICATION--7.9%
Airtouch Communications* 23,200 632
AT&T 72,200 3,737
Ameritech 26,300 1,085
Bell Atlantic 21,200 1,118
Bellsouth 24,200 1,440
GTE 46,600 1,549
MCI Communications 25,500 526
NYNEX 21,300 844
Pacific Telesis Group 20,500 620
Southwestern Bell 29,200 1,230
Sprint 16,700 505
U.S. West 22,100 884
14,170
TRUCKING--0.1%
Consolidated Freightways* 3,100 83
Pittston Services Group 2,000 55
Roadway Services 1,800 86
Yellow 1,500 24
248
WHOLESALE--0.5%
Alco Standard 2,400 $ 174
Genuine Parts 6,450 257
Potlatch 1,700 72
Super-Valu 3,100 83
Sysco 8,700 228
814
TOTAL COMMON STOCKS
(Cost $150,539) 168,686
Description Shares/Par(000) Value (000)
PREFERRED CONVERTIBLE STOCKS--
AIRCRAFT--0.0%
Teledyne, Ser E, $1.20 37 1
TOTAL PREFERRED CONVERTIBLE STOCKS
(Cost $0) 1
U.S. TREASURY OBLIGATIONS--0.2%
U.S. Treasury Bill
5.710%, 06/15/95 (B) $ 400 395
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $395) 395
MASTER NOTES--3.6%
Goldman Sachs
6.080%, 04/04/95 (A) 3,643 3,643
Heller Financial
6.057%, 04/04/95 (A) 2,755 2,755
TOTAL MASTER NOTES
(Cost $6,398) 6,398
REPURCHASE AGREEMENTS--1.4%
Merrill Lynch 6.083%, dated 03/31/95,
matures 04/03/95, repurchase price
$2,444,434 (collateralized by various
U.S. Treasury Notes and Bonds, total
par value $2,469,416, with rates
ranging from 3.500% to 12.625%,
maturities from 1995 to 2025, total
market value $2,492,304) 2,443 2,443
TOTAL REPURCHASE AGREEMENTS
(Cost $2,443) 2,443
TOTAL INVESTMENTS--99.8%
(Cost $159,775) 177,923
OTHER ASSETS AND LIABILITIES--0.2%
Other Assets and Liabilities, Net 429
Description Value (000)
NET ASSETS:
Portfolio shares--Institutional Class ($.0001 par
value--2 billion authorized) based on 15,479,255
outstanding shares $158,084
Portfolio shares--Retail Class A ($.0001 par
value--2 billon authorized) based on 104,363
outstanding shares 1,093
Portfolio shares--Retail Class B ($.0001 par
value--2 billion authorized) based on 8,314
outstanding shares 89
Undistributed net investment income 94
Accumulated net realized gain on investments 714
Net unrealized appreciation of investments 18,148
Net unrealized appreciation of futures contract 130
TOTAL NET ASSETS:--100.0% $178,352
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION
PRICE PER SHARE--INSTITUTIONAL CLASS $ 11.44
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION
PRICE PER SHARE--RETAIL CLASS A $ 11.45
Maximum Sales Charge Of 4.50%+ 0.54
OFFERING PRICE PER SHARE--RETAIL CLASS A $ 11.99
NET ASET VALUE AND OFFERING PRICE PER
SHARE--RETAIL CLASS B (1) $ 11.41
</TABLE>
The accompanying notes are an integral part of the financial statements.
* Non-income producing security
+ The offer price is calculated by dividing the net asset value by 1
minus the maximum sales charge of 4.50%.
(A) Variable Rate Security--the rate reported on the Statement of Net
Assets is the rate in effect as of March 31, 1995. The date shown is
the longer of the reset date or demand date.
(B) Security has been deposited as initial margin on open futures contract.
ADR--American Depository Receipt
FHLMC--Federal Home Loan Mortgage Corporation
FNMA--Federal National Mortgage Association
(1) Retail Class B has a contingent deferred sales charge. For a
description of a possible redemption charge, see the notes to the
financial statement.
EQUITY INCOME FUND
Description Shares Value (000)
<TABLE>
<CAPTION>
<S> <C> <C>
COMMON STOCKS--68.1%
BANKS--2.7%
National City 44,000 $ 1,172
CHEMICALS--1.0%
E.I. du Pont de Nemours 7,000 424
DRUGS--5.0%
Abbott Laboratories 28,000 997
Johnson & Johnson 14,000 833
Pfizer 4,500 386
2,216
ELECTRICAL UTILITIES--4.5%
Detroit Edison 31,000 848
FPL Group 14,000 509
Unicom 26,000 618
1,975
FINANCIAL SERVICES--1.0%
American Express 12,000 419
FOOD, BEVERAGE & TOBACCO--6.5%
PepsiCo 13,000 507
Philip Morris 24,000 1,566
Sara Lee 29,000 758
2,831
HOUSEHOLD PRODUCTS--2.8%
Newell 49,000 1,250
INSURANCE--1.0%
Providian 13,000 457
MACHINERY--6.4%
General Electric 36,000 1,949
Tenneco 18,000 848
2,797
MARINE TRANSPORTATION--0.8%
Anangel-American Shipholdings (ADR) 25,000 350
MINING--1.5%
Great Northern Iron Ore Properties 15,000 668
OIL-DOMESTIC--4.2%
Atlantic Richfield 16,000 1,840
OIL-INTERNATIONAL--7.9%
Amoco 12,000 764
Exxon 15,000 1,001
Mobil 16,000 1,481
Schlumberger 4,000 239
3,485
REAL ESTATE--1.1%
US Restaurant Properties Master L.P. 31,000 500
Description Shares/Par (000) Value (000)
REAL ESTATE INVESTMENT TRUSTS--11.9%
Crescent Real Estate Equities 21,000 $ 599
Healthcare Realty Trust 46,000 909
Manufactured Home Communities 46,000 707
National Golf Properties 52,000 1,026
Simon Property Group 44,000 1,070
Weeks* 40,000 915
5,226
RETAIL--3.8%
Albertson's 8,000 258
Sears Roebuck 26,000 1,388
1,646
TELEPHONES & TELECOMMUNICATION--6.0%
AT&T 14,000 725
NYNEX 27,000 1,069
Pacific Telesis Group 27,000 817
2,611
TOTAL COMMON STOCKS
(Cost $28,128) 29,867
CONVERTIBLE BONDS--13.6%
Conner Peripherial
6.500%, 03/01/02 $ 600 462
General Instrument
5.000%, 06/15/00 850 1,279
Inco
5.750%, 07/01/04 925 1,031
Integrated Health Services
6.000%, 01/01/03 550 681
Price
6.750%, 03/01/01 900 864
Vencor
6.000%, 10/01/02 1,200 1,650
TOTAL CONVERTIBLE BONDS
(Cost $5,626) 5,967
PREFERRED CONVERTIBLE STOCKS--8.6%
AUTOMOTIVE--4.4%
Ford Motor, Ser A, $4.20 16,000 1,411
General Motors, Ser C, $3.25 9,000 518
1,929
BANKS--2.6%
Citicorp, Ser 15, $1.217 60,000 1,163
STEEL & STEEL WORKS--1.6%
AK Steel, $2.1525 24,000 690
TOTAL PREFERRED CONVERTIBLE STOCKS
(Cost $3,884) 3,782
REPURCHASE AGREEMENTS--11.1%
J.P. Morgan 6.028%, dated 03/31/95,
matures 04/03/95, repurchase price
$2,285,594 (collateralized by various
U.S. Treasury Interest STRIPS, total
par value $7,242,465, with maturities
ranging from 2000 to 2010, total
market value $2,330,192) $ 2,284 $ 2,284
Merrill Lynch 6.083%, dated 03/31/95,
matures 04/03/95, repurchase price
$2,575,075 (collateralized by various
U.S. Treasury Notes and Bonds, total
par value $2,601,392, with rates
ranging from 3.500% to 12.625%,
maturities from 1995 to 2025, total
market value $2,625,503) 2,574 2,574
TOTAL REPURCHASE AGREEMENTS
(Cost $4,858) 4,858
TOTAL INVESTMENTS--101.4%
(Cost $42,496) 44,474
OTHER ASSETS AND LIABILITIES--(1.4%)
Other Assets and Liabilities, Net (599)
NET ASSETS:
Portfolio shares--Institutional Class ($.0001
par value--2 billion authorized) based on
4,060,049 outstanding shares 40,350
Portfolio shares--Retail Class A ($.0001 par
value--2 billion authorized) based on 170,549
outstanding shares 1,815
Portfolio shares--Retail Class B ($.0001 par
value--2 billion authorized) based on 15,462
outstanding shares 155
Undistributed net investment income 104
Accumulated net realized loss on investments (527)
Net unrealized appreciation of investments 1,978
TOTAL NET ASSETS:--100.0% $43,875
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION
PRICE PER SHARE--INSTITUTIONAL CLASS $ 10.33
NET ASSET VALUE, AND REDEMPTION PRICE
PER SHARE--RETAIL CLASS A $ 10.33
Maximum Sales Charge Of 4.50%+ 0.49
OFFERING PRICE PER SHARE--RETAIL CLASS A $ 10.82
NET ASSET VALUE AND OFFERING PRICE PER
SHARE--RETAIL CLASS B (1) $ 10.30
</TABLE>
The accompanying notes are an integral part of the financial statements.
* Non-income producing security
+ The offer price is calculated by dividing the net asset value by 1
minus the sales charge of 4.50%.
ADR--American Depository Receipt
LP--Limited Partnership
STRIPS--Separately Trading of Registered Interest and Principal of
Securities
(1) Retail Class B has a contingent deferred sales charge. For a
description of a possible redemption charge, see notes to the financial
statements.
STOCK FUND
Description Shares Value (000)
<TABLE>
<CAPTION>
<S> <C> <C>
COMMON STOCKS--91.3%
APPAREL--1.5%
Reebok International 102,400 $3,648
AUTOMOTIVE--2.8%
Automotive Industries* 114,500 2,519
General Motors 94,800 4,195
6,714
BANKS--3.7%
BayBanks 68,200 4,399
Chemical Banking 124,600 4,704
9,103
BUILDING & CONSTRUCTION SUPPLIES--0.6%
Griffon* 166,200 1,413
BUSINESS SUPPLIES--1.0%
W.W. Grainger 39,400 2,482
CHEMICALS--2.5%
Ferro 84,000 2,132
Hercules 82,800 3,860
5,992
COMPUTERS & SERVICES--5.9%
Compaq Computer* 73,400 2,532
Hewlett Packard 50,700 6,103
IBM 68,700 5,625
14,260
DRUGS--5.1%
American Home Products 74,400 5,300
Bristol-Myers Squibb 53,200 3,352
Upjohn 102,200 3,654
12,306
FOOD, BEVERAGE & TOBACCO--5.8%
ConAgra 182,100 6,032
Dole Food 144,800 4,199
Sara Lee 152,500 3,984
14,215
HOME APPLIANCES--1.7%
Whirlpool 76,400 4,183
INSURANCE--6.5%
AMBAC 111,100 4,513
General Re 34,600 4,567
Providian 118,600 4,166
Western National 210,800 2,635
15,881
MACHINERY--7.8%
Case Equipment 198,900 4,973
Caterpillar 49,800 2,770
Deere 53,800 4,371
General Electric 129,300 6,998
19,112
METALS & MINING--1.5%
Aluminum Company of America 86,400 $ 3,575
MULTI-INDUSTRY--4.5%
ITT 61,300 6,291
Minnesota Mining & Manufacturing 79,300 4,609
10,900
OFFICE PRODUCTS--1.6%
Xerox 34,200 4,014
OIL-DOMESTIC--2.0%
Unocal 166,000 4,773
OIL-INTERNATIONAL--8.6%
Exxon 55,800 3,725
Mobil 66,900 6,197
Royal Dutch Petroleum (ADR) 61,800 7,416
Texaco 55,700 3,704
21,042
PAPER & PAPER PRODUCTS--5.2%
Bemis 159,000 4,671
James River 161,300 4,194
Scott Paper 41,400 3,700
12,565
PHOTOGRAPHIC EQUIPMENT & SUPPLIES--2.5%
Eastman Kodak 112,600 5,982
RAILROADS--3.1%
CSX 63,900 5,032
Southern Pacific Rail* 138,600 2,426
7,458
REAL ESTATE INVESTMENT TRUSTS--5.0%
Debartolo Realty 237,900 3,360
Duke Realty Investments 89,100 2,361
Equity Residential Properties Trust 87,900 2,285
Simon Property Group 171,100 4,171
12,177
RETAIL--4.8%
Dayton Hudson 57,200 4,090
Gap 71,800 2,549
Sears Roebuck 47,500 2,535
Wal-Mart Stores 101,700 2,593
11,767
SEMICONDUCTORS & RELATED DEVICES--3.7%
AMP 68,600 2,470
Texas Instruments 74,200 6,566
9,036
SPECIALTY MACHINERY--1.0%
York International 63,800 2,520
Description Shares/Par (000) Value (000)
TELEPHONES & TELECOMMUNICATION--2.9%
Century Telephone Enterprises 81,800 $ 2,485
GTE 141,300 4,698
7,183
TOTAL COMMON STOCKS
(Cost $197,232) 222,301
MASTER NOTES--8.0%
Associates Corporation of North
America
5.920%, 04/04/95 (A) $ 1,816 1,816
Barclays
5.980%, 04/03/95 (A) 5,650 5,650
Goldman Sachs
6.080%, 04/04/95 (A) 5,507 5,507
Heller Financial
6.057%, 04/04/95 (A) 6,632 6,632
TOTAL MASTER NOTES
(Cost $19,605) 19,605
TOTAL INVESTMENTS--99.3%
(Cost $216,837) 241,906
OTHER ASSETS AND LIABILITIES--0.7%
Other Assets and Liabilities, Net 1,612
NET ASSETS:
Portfolio shares--Institutional Class ($.0001
par value--2 billion authorized) based on
13,427,150 outstanding shares 206,235
Portfolio shares--Retail Class A ($.0001 par
value--2 billion authorized) based on 561,413
outstanding shares 8,506
Portfolio shares--Retail Class B ($.0001 par
value--2 billion authorized) based on 85,357
outstanding shares 1,415
Undistributed net investment income 296
Accumulated net realized gain on investmenst 1,997
Net unrealized appreciation of investments 25,069
TOTAL NET ASSETS:--100.0% $243,518
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION
PRICE PER SHARE--INSTITUTIONAL CLASS $ 17.30
NET ASSET VALUE AND REDEMPTION PRICE
PER SHARE--RETAIL CLASS A $ 17.31
Maximum Sales Charge Of 4.50%+ 0.82
OFFERING PRICE PER SHARE--RETAIL CLASS A $ 18.13
NET ASSET VALUE AND OFFERING PRICE PER
SHARE--RETAIL CLASS B (1) $ 17.26
</TABLE>
The accompanying notes are an integral part of the financial statements.
* Non-income producing security
+ The offer price is calculated by dividing the net asset value by 1
minus the maximum sales charge of 4.50%.
(A) Variable Rate Security with Demand Features--the rate reported on the
Statement of Net Assets is the rate in effect as of March 31, 1995. The
date shown is the longer of the reset date or demand date.
ADR--American Depository Receipt
(1) Retail Class B has a contingent deferred sales charge. For a
description of a possible redemption charge, see the notes to the
financial statements.
DIVERSIFIED GROWTH FUND
Description Shares Value (000)
<TABLE>
<CAPTION>
<S> <C> <C>
COMMON STOCKS--88.9%
AUTOMOTIVE--2.1%
Ford Motor 62,000 $1,674
CHEMICALS--1.9%
E.I. du Pont de Nemours 25,000 1,513
COMMUNICATIONS EQUIPMENT--4.3%
Motorola 21,000 1,147
Nokia (ADR) 32,000 2,352
3,499
COMPUTERS & SERVICES--2.3%
Cisco Systems* 50,000 1,906
DRUGS--6.9%
Abbott Laboratories 56,000 1,994
Johnson & Johnson 29,000 1,726
Perrigo* 38,000 442
Pfizer 17,000 1,458
5,620
ELECTRICAL UTILITIES--0.9%
Detroit Edison 28,000 767
FINANCIAL SERVICES--4.4%
American Express 38,000 1,325
FNMA 25,000 2,034
First Financial Management 3,000 217
3,576
FOOD, BEVERAGE & TOBACCO--4.3%
Nabisco Holdings, Class A* 8,100 232
PepsiCo 26,000 1,014
Philip Morris 25,000 1,631
Sara Lee 22,000 575
3,452
HOUSEHOLD PRODUCTS--1.5%
Newell 49,000 1,250
MACHINERY--6.3%
Case Equipment 18,000 450
General Electric 54,000 2,922
Tenneco 37,000 1,744
5,116
MARINE TRANSPORTATION--1.0%
Royal Caribbean Cruises 30,000 784
MEASURING DEVICES--1.6%
MTS Systems 20,000 480
Thermo Electron 16,000 814
1,294
MEDICAL PRODUCTS & SERVICES--4.6%
Healthtrust* 58,000 2,183
Medtronic 22,000 1,526
3,709
MISCELLANEOUS BUSINESS SERVICES--8.3%
General Motors, Class E 18,000 $ 700
Legent* 5,000 165
Microsoft* 25,000 1,778
Novell* 55,000 1,045
Oracle Systems* 66,500 2,075
Synopsys* 6,000 287
The Bisys Group* 31,000 701
6,751
OIL - DOMESTIC--2.8%
Atlantic Richfield 20,000 2,300
OIL - INTERNATIONAL--5.8%
Amoco 22,000 1,400
Exxon 21,000 1,402
Mobil 11,000 1,019
Schlumberger 15,000 894
4,715
PAPER & PAPER PRODUCTS--1.4%
Weyerhaeuser 30,000 1,166
PRINTING & PUBLISHING--0.7%
News (ADR)* 29,000 555
RAILROADS--0.7%
Southern Pacific Rail* 31,000 543
REAL ESTATE INVESTMENT TRUSTS--3.6%
Debartolo Realty 60,000 848
National Golf Properties 33,000 652
Simon Property Group 60,000 1,462
2,962
RETAIL--8.1%
Albertson's 36,000 1,161
Dayton Hudson 19,000 1,359
McDonald's 61,000 2,081
Orchard Supply Hardware Stores* 30,000 293
Sears Roebuck 31,268 1,669
6,563
SEMI-CONDUCTORS/INSTRUMENTS--2.6%
Intel 25,000 2,122
SPECIALTY MACHINERY--2.5%
York International 52,000 2,054
STEEL & STEEL WORKS--3.1%
AK Steel Holding* 28,000 758
Inco 18,000 502
Inland Steel 25,000 688
Rouge Steel 23,000 564
Description Shares/Par (000) Value (000)
2,512
TELEPHONES & TELECOMMUNICATION--5.9%
Airtouch Communications* 35,000 $ 954
L.M. Ericsson (ADR) 7,000 433
Pacific Telesis Group 33,000 998
Qualcomm* 11,000 360
Tele Danmark (ADR) 12,000 318
Vodafone (ADR) 51,000 1,689
4,752
TRUCKING--1.3%
Fritz 16,000 1,028
TOTAL COMMON STOCKS
(Cost $65,631) 72,183
PREFERRED CONVERTIBLE STOCKS--1.6%
BANKS--1.6%
Citicorp, 1.00 shares 67,000 1,298
TOTAL PREFERRED CONVERTIBLE STOCKS
(Cost $1,309) 1,298
CONVERTIBLE BONDS--2.3%
General Instrument, 21.0526 shares
5.000%, 06/15/00 $ 1,225 1,844
TOTAL CONVERTIBLE BONDS
(Cost $1,626) 1,844
REPURCHASE AGREEMENTS--8.1%
J.P. Morgan 6.028%, dated 03/31/95,
matures 04/03/95, repurchase price
$2,936,566 (collateralized by various
U.S. Treasury Interest STRIPS, total
par value $9,307,096, with maturities
ranging from 2000 to 2010, total
market value $2,994,467) 2,935 2,935
Merrill Lynch 6.083%, dated 03/31/95,
matures 04/03/95, repurchase price
$3,641,824 (collateralized by various
U.S. Treasury Notes and Bonds, total
par value $3,679,043, with rates
ranging from 6.500% to 12.625%,
maturities from 1995 to 2025, total
market value $3,713,143) 3,640 3,640
TOTAL REPURCHASE AGREEMENTS
(Cost $6,575) 6,575
TOTAL INVESTMENTS--100.9%
(Cost $75,141) 81,900
OTHER ASSETS AND LIABILITIES--(0.9%)
Other Assets and Liabilities, Net (728)
Description Value (000)
NET ASSETS:
Portfolio shares--Institutional Class ($.0001
par value--2 billion authorized) based on
7,973,711 outstanding shares $75,818
Portfolio shares--Retail Class A ($.0001 par
value--2 billion authorized) based on 184,010
outstanding shares 1,900
Portfolio shares--Retail Class B ($.0001 par
value--2 billion authorized) based on 7,073
outstanding shares 68
Undistributed net investment income 76
Accumulated net realized loss on investments (3,449)
Net unrealized appreciation of investments 6,759
TOTAL NET ASSETS:--100.0% $81,172
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION
PRICE PER SHARE--INSTITUTIONAL CLASS $ 9.94
NET ASSET VALUE, AND REDEMPTION PRICE
PER SHARE--RETAIL CLASS A $ 9.93
Maximum Sales Charge Of 4.50%+ 0.47
OFFERING PRICE PER SHARE--RETAIL CLASS A $ 10.40
NET ASSET VALUE AND OFFERING PRICE PER
SHARE--RETAIL CLASS B (1) $ 9.92
</TABLE>
The accompanying notes are an integral part of the financial statements.
* Non-income producing security
+ The offer price is calculated by dividing the net asset value by 1
minus the maximum sales charge of 4.50%.
ADR--American Depository Receipt
STRIPS--Separately Trading of Registered Interest and Principal of
Securities.
(1) Retail Class B has a contingent deferred sales charge. For a
description of a possible redemption charge, see the notes to the
financial statements.
SPECIAL EQUITY FUND
Description Shares Value (000)
<TABLE>
<CAPTION>
<S> <C> <C>
COMMON STOCKS--78.5%
AGRICULTURE--2.1%
Pioneer Hi-Bred International 102,500 $3,690
AIRCRAFT--1.2%
Northrop 44,800 2,190
AUTOMOTIVE--0.4%
Oshkosh Truck, Class B 53,200 685
BANKS--3.7%
Bank of Boston 105,700 3,145
Chemical Banking 88,700 3,348
6,493
CHEMICALS--2.5%
IMC Global 90,700 4,433
COMMUNICATIONS EQUIPMENT--0.7%
Aydin* 84,400 1,255
CONSTRUCTION MATERIALS--1.0%
Lafarge 98,400 1,845
DRUGS--0.2%
Hauser Chemical Research* 61,500 308
ELECTRICAL UTILITIES--3.1%
Illinova 69,600 1,583
Public Service Company of Colorado 29,100 895
Unicom 124,600 2,959
5,437
FINANCIAL SERVICES--0.8%
Carr Realty 77,200 1,341
GAMES, TOYS AND CHILDREN'S VEHICLES--0.1%
Educational Insights* 18,000 108
INSURANCE--1.2%
Reliastar Financial 62,700 2,132
MACHINERY--2.5%
Brown & Sharpe Manufacturing* 125,700 911
Dresser Industries 167,800 3,566
4,477
MARINE TRANSPORTATION--4.7%
Overseas Shipholding Group 205,100 4,205
Stolt-Nielsen S.A.* 217,700 4,109
8,314
METALS & MINING--15.0%
AK Steel Holding* 86,100 2,335
Aluminum Company of America 124,600 5,155
Asarco 36,100 952
Cleveland-Cliffs 41,200 $1,586
Freeport-McMoRan Copper & Gold 242,000 5,296
Hecla Mining* 79,300 912
INCO 122,700 3,420
LTV* 155,700 2,374
Lukens 31,100 949
Reynolds Metals 72,800 3,585
26,564
OIL SERVICES--6.5%
Atwood Oceanics* 44,500 606
Halliburton 117,300 4,267
Helmerich & Payne 159,300 4,322
Pride Petroleum Services* 70,000 481
Sonat Offshore Drilling 66,600 1,548
Stolt Comex Seaway, S.A.* 60,000 420
11,644
OIL-DOMESTIC--12.7%
Amerada Hess 20,100 992
Anadarko Petroleum 48,000 2,100
Diamond Shamrock 33,900 894
Louisiana Land & Exploration 108,200 4,044
Murphy Oil 34,700 1,496
Petrocorp* 40,800 316
USX-Marathon Group 332,300 5,816
Valero Energy 302,800 5,564
Wiser Oil 95,900 1,379
22,601
OIL-INTERNATIONAL--3.9%
Texaco 104,200 6,929
PAPER & PAPER PRODUCTS--6.4%
Abitibi-Price* 108,300 1,516
Boise Cascade 87,300 3,034
Bowater 77,700 2,778
Champion International 94,500 4,087
11,415
PRECIOUS METALS--7.2%
Coeur D'Alene Mines 102,200 1,891
Hemlo Gold Mines 250,300 2,503
Newmont Mining 162,599 6,950
Santa Fe Pacific Gold 114,100 1,441
12,785
RETAIL--2.1%
Dayton Hudson 51,300 3,668
WHOLESALE--0.5%
Fleming 41,400 937
TOTAL COMMON STOCKS
(Cost $132,656) 139,251
Description Par (000) Value (000)
MASTER NOTES--17.4%
Associates Corporation of North America
5.920%, 04/04/95 (A) $ 6,867 6,867
Barclays
5.980%, 04/03/95 (A) 6,801 6,801
Goldman Sachs
6.080%, 04/04/95 (A) 8,624 8,623
Heller Financial
6.057%, 04/04/95 (A) 8,468 8,468
TOTAL MASTER NOTES
(Cost $30,759) 30,759
REPURCHASE AGREEMENTS--9.3%
J.P. Morgan 6.028%, dated 03/31/95,
matures 04/03/95, repurchase price
$8,275,318, (collateralized by various
U.S. Treasury Interest STRIPS, total
par value $26,221,734, maturities from
1995 to 2010, market value $8,436,586) 8,271 8,271
Merrill Lynch 6.083%, dated 03/31/95,
matures 04/03/95, repurchase price
$8,288,491, (collateralized by various
U.S. Treasury Notes and Bonds, total
par value $8,372,377,with interest
rates from 3.500% to 12.625%,
maturities from 1995 to 2025, market
value $8,449,978) 8,284 8,284
TOTAL REPURCHASE AGREEMENTS
(Cost $16,555) 16,555
TOTAL INVESTMENTS--105.2%
(Cost $179,970) 186,565
OTHER ASSETS AND LIABILITIES--(5.2%)
Other Assets and Liabilities, Net (9,200)
Description Value (000)
NET ASSETS:
Portfolio shares--Institutional Class ($.0001 par
value--2 billion authorized) based on 10,274,300
outstanding shares $156,341
Portfolio shares--Retail Class A ($.0001 par
value--2 billion authorized) based on 538,341
outstanding shares 8,133
Portfolio shares--Retail Class B ($.0001 par
value--2 billion authorized) based on 129,601
outstanding shares 2,088
Undistributed net investment income 135
Accumulated net realized gain on investments 4,073
Net unrealized appreciation of investments 6,595
TOTAL NET ASSETS:--100.0% $177,365
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION
PRICE PER SHARE--INSTITUTIONAL CLASS $ 16.21
NET ASSET VALUE AND REDEMPTION PRICE PER
SHARE--RETAIL CLASS A $ 16.21
Maximum Sales Charge Of 4.50%+ 0.76
OFFERING PRICE PER SHARE--RETAIL CLASS A $ 16.97
NET ASSET VALUE AND OFFERING PRICE PER
SHARE--RETAIL CLASS B (1) $ 16.16
</TABLE>
The accompanying notes are an integral part of the financial statements.
* Non-income producing security.
+ The offer price is calculated by dividing the net asset value by 1
minus the maximum sales charge of 4.50%.
(A) Variable Rate Security with demand features--the rate reported on the
Statement of Net Assets is the rate in effect as of March 31, 1995. The
date shown is the longer of the reset or demand date.
STRIPS--Separately Trading of Registered Interest and Principal of
Securities.
(1) Retail Class B has a contingent deferred sales charge. For a
description of a possible redemption charge, see the notes to the
financial statements.
REGIONAL EQUITY FUND
Description Shares Value (000)
<TABLE>
<CAPTION>
<S> <C> <C>
COMMON STOCKS--73.5%
APPAREL/TEXTILES--0.9%
Raven Industries 54,100 $1,109
AUTOMOTIVE--3.6%
Automotive Industries* 160,000 3,520
Tower Automotive* 150,000 1,256
4,776
BANKS--7.5%
Community First Bankshares 125,000 1,938
Investors Bank 129,766 3,244
TCF Financial 110,000 4,742
9,924
BROADCASTING, NEWSPAPERS & ADVERTISING--1.2%
Lodgenet Entertainment* 210,000 1,575
CHEMICALS--2.2%
Fuller 35,000 1,339
Hawkins Chemical 198,000 1,534
2,873
COMMUNICATIONS EQUIPMENT--3.1%
Communications Systems 290,000 4,133
COMPUTERS & SERVICES--7.0%
BMC Industries 178,700 3,083
Computer Network Technology* 175,800 1,450
Digi International* 210,000 4,620
9,153
DRUGS--0.9%
Lifecore Biomedical* 230,000 1,179
FINANCIAL SERVICES--2.4%
General Growth Properties 155,000 3,178
FOOD, BEVERAGE & TOBACCO--7.1%
Grist Mill* 210,000 2,468
International Multifoods 190,000 3,776
Michael Foods 285,000 3,135
9,379
INSURANCE--1.8%
Crop Growers* 90,000 2,408
MACHINERY--6.2%
Alliant Techsystems* 33,500 1,277
Donaldson 130,000 3,250
Pentair 85,000 3,591
8,118
MEDICAL PRODUCTS & SERVICES--6.6%
Aequitron Medical* 190,800 $ 906
Angeion* 430,000 1,451
ATS Medical* 186,400 1,118
Biovascular* 313,300 1,860
CNS* 146,500 2,821
Minntech* 37,900 578
8,734
MISCELLANEOUS BUSINESS SERVICES--3.8%
Control Data Systems* 400,000 2,800
National Computer Systems 135,000 2,261
5,061
MISCELLANEOUS CONSUMER SERVICES--4.3%
G&K Services 91,550 1,694
Regis* 213,600 3,951
5,645
MISCELLANEOUS TRANSPORTATION--1.1%
Arctco 100,000 1,500
PAPER & PAPER PRODUCTS--1.0%
Fort Howard* 100,000 1,263
PRINTING & PUBLISHING--2.4%
IPI* 122,000 519
Merrill 160,000 2,640
3,159
RETAIL--4.7%
Damark International, Class A* 191,000 1,337
Fingerhut 149,300 1,773
Vicorp Restaurants* 200,000 3,050
6,160
SEMI-CONDUCTORS/INSTRUMENTS--3.5%
FSI International* 23,100 933
Hutchinson Technology* 63,200 1,800
Sheldahl* 16,800 202
Zytec* 210,000 1,628
4,563
SPECIALTY CONSTRUCTION--1.7%
Apogee Enterprises 125,000 2,250
SPECIALTY MACHINERY--0.5%
Recovery Engineering* 40,000 670
TOTAL COMMON STOCKS
(Cost $81,581) 96,810
INVESTMENT IN COMMON STOCK OF AFFILIATES--16.1%
Aetrium* (B) 392,300 5,491
Audio King* (B) 265,000 961
Canterbury Park Holdings* (B) 177,500 333
Deflecta-Shield* (B) 250,000 2,563
Navarre* (B) 152,200 761
Norstan* (B) 220,000 5,005
Northwest Teleproductions* (B) 170,000 $ 361
Rehabilicare* (B) 400,000 900
Rimage* (B) 232,000 1,189
Terrano* (B) 350,000 350
TSI (B) 360,000 3,285
TOTAL INVESTMENT IN COMMON STOCK
OF AFFILIATES
(Cost $19,150) 21,199
Description Shares/Par (000) Value (000)
CONVERTIBLE BONDS--1.3%
Hector Communications
8.500%, 02/15/02 $ 1,630 1,744
TOTAL CONVERTIBLE BONDS
(Cost $1,630) 1,744
WARRANTS--0.2%
ENTERTAINMENT--0.0%
Canterbury Park Holdings 177,500 44
MEDICAL PRODUCTS & SERVICES--0.2%
Angeion 430,000 94
ATS Medical 186,400 164
258
TOTAL WARRANTS
(Cost $0) 302
MASTER NOTES--5.8%
Barclays
5.980%, 04/03/95 (A) 1,372 1,372
Goldman Sachs
6.080%, 04/04/95 (A) 2,999 2,999
Heller Financial
6.057%, 04/04/95 (A) 3,226 3,226
TOTAL MASTER NOTES
(Cost $7,597) 7,597
REPURCHASE AGREEMENTS--3.2%
J.P. Morgan 6.028%, dated 03/31/95, matures
04/01/95, repurchase price $1,726,832
(collateralized by various U.S. Treasury
Interest STRIPS, total par value $5,471,890,
with maturities ranging from 2000 to 2010,
total market value $1,760,527) 1,726 1,726
Merrill Lynch 6.083%, dated 03/31/95, matures
04/01/95, repurchase price $2,438,954
(collateralized by various U.S. Treasury
Notes and Bonds, total par value $2,463,880,
with rates ranging from 3.500% to 12.625%,
maturities from 1995 to 2025, total
market value $2,486,717) 2,438 2,438
TOTAL REPURCHASE AGREEMENTS
(Cost $4,164) 4,164
TOTAL INVESTMENTS--100.1%
(Cost $114,121) $131,816
OTHER ASSETS AND LIABILITIES--(0.1%)
Other Assets and Liabilities, Net (83)
NET ASSETS:
Porfolio shares--Insititutional
Class ($.0001 par value--2 billion
authorized) based on 9,023,127
outstanding shares 101,649
Porfolio shares--Retail Class A ($.0001 par
value--2 billion authorized) based on 749,312
outstanding shares 8,231
Portfolio shares--Retail Class B ($.0001 par
value--2 billion authorized) based on 86,887
oustanding shares 1,096
Distributions in excess of net investment income (46)
Accumulated net realized gain on investments 3,109
Net unrealized appreciation of investments 17,694
TOTAL NET ASSETS:--100.0% $131,733
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION
PRICE PER SHARE--INSTITUTIONAL CLASS $ 13.36
NET ASSET VALUE AND REDEMPTION PRICE
PER SHARE--RETAIL CLASS A $ 13.36
Maximum Sales Charge Of 4.50%+ 0.63
OFFERING PRICE PER SHARE--RETAIL CLASS A $ 13.99
NET ASSET VALUE AND REDEMPTION PRICE
PER SHARE--RETAIL CLASS B (1) $ 13.30
</TABLE>
The accompanying notes are an integral part of the financial statements.
* Non-income producing security
+ The offer price is calculated by dividing the net asset value by 1
minus the maximum sales charge of 4.50%.
(A) Variable Rate Security--the rate reported on the Statement of Net
Assets is the rate in effect as March 31, 1995. The date shown is the
next reset date.
(B) Investments are representing five percent or more of the outstanding
voting securities of the issuer, and is or was an affiliate, as defined
in the Investment Company Act of 1940 at or during the semi-annual
fiscal year ended March 31, 1995. The total cost of the purchases of
Aetrium, Audio King, Canterbury Park Holdings, Deflecta Shield,
Navarre, Norstan, Northwest Teleproductions, Rehabilicare, Rimage,
Terrano, and TSI were $4,140,854, $813,707, $710,000, $2,465,275,
$856,125, $3,495,187, $623,125, $1,043,312, $1,695,992, $689,625, and
$2,619,700 respectively. There were neither sales nor dividend income
during the semi-annual period for any of the affiliated securities.
Change in unrealized appreciation since 09/30/94 in affiliated
securities is $1,279,843.
STRIPS--Separately Trading of Registered Interest and Principal of
Securities.
(1) Retail Class B has a contingent deferred sales charge. For a
description of a possible redemption charge, see the notes to the
financial statements.
EMERGING GROWTH FUND
Description Shares Value (000)
<TABLE>
<CAPTION>
<S> <C> <C>
COMMON STOCKS--87.9%
AUTOMOTIVE--2.7%
Deflecta-Shield* 38,000 $ 389
Tower Automotive* 21,000 176
565
BEAUTY PRODUCTS--0.7%
Drypers* 17,000 155
BROADCASTING, NEWSPAPERS & ADVERTISING--2.0%
Bell Cablemedia PLC(ADR)* 12,000 233
National Wireless Holdings* 11,800 122
Pricellular, Class A* 11,000 78
433
CHEMICALS--1.3%
H.B. Fuller 7,000 268
COMMUNICATIONS EQUIPMENT--5.6%
Communications Systems 23,000 328
General Datacomm Industries* 7,000 103
Qualcomm* 6,500 213
Telebit* 15,000 92
Telewest Communications PLC(ADR)* 4,000 110
Tellabs* 6,000 349
1,195
DRUGS--4.8%
Genzyme* 6,000 233
Idexx Labs* 15,000 622
Perrigo* 14,000 163
1,018
FINANCIAL SERVICES--8.3%
Advanta, Class A 4,500 151
Advanta, Class B 6,000 188
Concord Holding* 22,000 363
First USA 2,000 84
Fiserv* 17,000 450
SPS Transaction Services* 11,000 385
The Bisys Group* 6,000 136
1,757
FOOD, BEVERAGE & TOBACCO--0.9%
Starbucks* 8,000 192
HAZARDOUS WASTE MANAGEMENT--0.6%
Molton Metal Technology* 7,400 124
HOUSEHOLD PRODUCTS--3.3%
Coleman* 11,000 422
Recoton* 17,000 283
705
INSURANCE--2.8%
Partnerre Holdings 9,000 191
Vesta Insurance Group 13,000 394
585
MARINE TRANSPORTATION--1.0%
Royal Carribean Cruises 8,000 $ 209
MEASURING DEVICES--0.6%
Quickturn Design Systems* 16,000 126
MEDICAL PRODUCTS & SERVICES--13.5%
American Medical Response* 7,000 176
ATS Medical* 36,100 217
Cerner* 4,300 209
HBO 9,000 392
Healthsource* 9,000 426
Quorum Health Group* 22,000 457
Target Therapeutics* 14,000 508
Vencor* 13,700 486
2,871
METALWORKING MACHINERY & EQUIPMENT--2.4%
Greenfield Industries 13,000 367
Shaw Group* 24,000 144
511
MISCELLANEOUS BUSINESS SERVICES--3.6%
Keane* 12,000 291
Landmark Graphics* 17,000 318
Spectrum Holobyte* 10,000 161
770
MISCELLANEOUS FURNITURE & FIXTURES--0.7%
Falcon Building Products, Class A* 14,000 138
MOTORCYCLES, BICYCLES & PARTS--1.0%
Cannondale* 17,000 213
PETROLEUM & FUEL PRODUCTS--3.7%
Benton Oil & Gas* 30,000 330
Coflexip-Sponsored (ADR) 8,000 219
Coho Energy Resources* 46,000 236
785
PRINTING & PUBLISHING--1.2%
Thomas Nelson 12,500 247
RAILROADS--0.6%
Johnstown America Industries* 9,000 122
RETAIL--4.1%
Bed Bath & Beyond* 12,000 297
Orchard Supply Hardware Stores* 15,000 146
Reddi Brake Supply* 14,000 46
West Marine* 15,000 387
876
RETAIL-EATING PLACES--1.6%
Buffets* 11,000 105
Hometown Buffet* 22,000 233
338
SEMI-CONDUCTORS/INSTRUMENTS--1.0%
Fusion Systems* 6,900 $ 202
SERVICES-PREPACKAGED SOFTWARE--8.0%
Aspen Technologies* 11,000 217
BTG* 26,000 202
Legent* 7,500 248
National Instruments* 9,000 162
Network Peripherals* 17,100 368
Platinum Software* 12,000 117
Sybase* 10,000 399
1,713
SERVICES - SECURITY--1.3%
ITI Technologies* 11,000 278
SPECIALTY CONSTRUCTION--0.8%
Apogee Enterprises 2,000 36
Insituform Mid-America, Class A 13,000 137
173
SPECIALTY MACHINERY--2.3%
York International 12,500 494
TELEPHONES & TELECOMMUNICATION--5.4%
A+ Communications* 15,000 203
American Paging* 12,000 89
Broadband Technologies* 7,000 177
Compania de Telefonos de Chile (ADR) 4,000 267
International Cabletel* 14,000 415
1,151
TRUCKING--2.1%
Fritz 7,000 450
TOTAL COMMON STOCKS
(Cost $17,076) 18,664
PREFERRED STOCKS--0.4%
SERVICES - PREPACKAGED SOFTWARE--0.4%
Network Imaging 7,000 80
TOTAL PREFERRED STOCKS
(Cost $117) 80
WARRANTS--0.1%
MEDICAL PRODUCTS & SERVICES--0.1%
ATS Medical 27,000 24
TOTAL WARRANTS
(Cost $0) 24
Description Par (000) Value (000)
REPURCHASE AGREEMENTS--13.1%
J.P. Morgan 6.028%, dated 03/31/95, matures
04/03/95, repurchase price $1,336,809,
(collateralized by various U.S. Treasury
Interest STRIPS, total par value $4,235,905,
maturities from 1995 to 2010,
market value $1,362,861) 1,336 1,336
Merrill Lynch 6.083%, dated 03/31/95,
matures 04/03/95, repurchase price
$1,435,647, (collateralized by various
U.S. Treasury Notes and Bonds, total
par value $1,450,177, with interest
rates from 3.500% to 12.625%,
maturities from 1995 to 2025, market
value $1,463,618.) $1,435 $ 1,435
TOTAL REPURCHASE AGREEMENTS
(Cost $2,771) 2,771
TOTAL INVESTMENTS--101.5%
(Cost $19,964) 21,539
OTHER ASSETS AND LIABILITIES--(1.5%)
Other Assets and Liabilities, Net (317)
NET ASSETS:
Portfolio shares--Institutional Class ($.0001 par
value--2 billion authorized) based on 1,868,201
outstanding shares 19,562
Portfolio shares--Retail Class A ($.0001 par
value--2 billion shares authorized) based on
11,847 outstanding shares 120
Portfolio shares--Retail Class B ($.0001 par
value--2 billion shares authorized) based on
4,648 shares outstanding 49
Distributions in excess of net investment income (2)
Accumulated net realized loss on investments (82)
Net unrealized appreciation of investments 1,575
TOTAL NET ASSETS:--100.0% $21,222
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION
PRICE PER SHARE--INSTITUTIONAL CLASS $ 11.26
NET ASSET VALUE AND REDEMPTION PRICE PER
SHARE--RETAIL CLASS A $ 11.26
Maximum Sales Charge Of 4.50%+ 0.53
OFFERING PRICE PER SHARE--RETAIL CLASS A $ 11.79
NET ASSET VALUE AND OFFERING PRICE PER
SHARE--RETAIL CLASS B (1) $ 11.21
</TABLE>
The accompanying notes are an integral part of the financial statements.
* Non-income producing security.
+ The offer price is calculated by dividing the net asset value by 1
minus the maximum sales charge of 4.50%.
ADR--American Depository Receipt
PLC--Public Limited Company
STRIPS--Separately Trading of Registered Interest and Principal of
Securities.
(1) Retail Class B has a contingent deferred sales charge. For a
description of a possible redemption charge, see the notes to the
financial statements.
INTERNATIONAL FUND
Description Shares Value (000)
<TABLE>
<CAPTION>
<S> <C> <C>
FOREIGN STOCKS--95.8%
ARGENTINA--2.8%
Banco Frances Rio Plata ADR 11,900 $ 216
Cementera Argentina* 100,000 480
Dycasa Dragados "B"* 60,000 210
IRSA "B"* 93,450 179
Polledo* 140,000 115
Quilmes Industrial 12,300 203
Telecom Argentina ADR 10,000 433
1,836
AUSTRALIA--0.2%
Broken Hill Proprietary 10,000 131
CANADA--0.2%
Chauvco Resources* 11,400 128
CHILE--0.3%
Banco O'Higgins ADR 6,500 115
Madeco ADR 4,500 106
221
COLUMBIA--0.4%
Banco Ganadero ADR 6,500 123
Cementos Paz del Rio GDR* 5,000 87
Corporacion Financiera Valle GDS 4,000 59
269
FINLAND--3.7%
Nokia 17,000 2,479
FRANCE--0.9%
Cie Bancaire 5,150 576
GERMANY--3.9%
Bayer* 1,200 296
Mannesmann* 2,500 648
SAP* 200 155
Schering 500 369
Veba 3,000 1,088
2,556
HONG KONG--10.3%
Cheung Kong Holdings 115,000 501
Citic Pacific 380,000 939
First Pacific 1,699,000 1,242
Hong Kong Telecommunications 542,200 1,055
Hopewell Holdings 300,000 211
HSBC Holdings 50,600 571
Hutchison Whampoa 109,000 481
Sun Hung Kai Properties 117,000 798
Television Broadcasts 185,000 632
Wharf Holdings 124,000 405
6,835
INDIA--1.1%
East India Hotels GDR* 7,100 $ 106
I.T.C. ADR 70,000 490
Ranbaxy Laboratories GDR 5,500 124
720
INDONESIA--0.9%
Indonesian Satellite ADR* 17,500 617
IRELAND--0.3%
Elan ADR* 5,000 186
ISRAEL--0.2%
ECI Telecommunications 8,500 126
ITALY--3.1%
Assicurazioni Generali 18,000 402
Fiat* 101,000 379
Instituto Mobiliare 22,000 115
Mediobanca 28,000 193
Montedison* 400,000 255
Olivetti Group* 400,000 377
Stet-Soc Fin Telefonica 87,000 225
Telecom Italia 48,000 112
2,058
JAPAN--24.2%
Alpine Electronics 11,000 148
Bridgestone 40,000 594
Canon 14,000 231
Canon Sales 6,000 140
Daifuku 23,000 307
Daini Denden 150 1,298
Daiwa House 11,000 180
Daiwa Securities 24,000 275
Fanuc 4,000 174
Hirose Electric 5,000 299
Ito Yokado 20,000 991
Kawasaki Steel* 59,000 232
KOA 35,000 496
Komatsu 89,000 641
Kubota 31,000 216
Kurita Water Industries 9,000 220
Kyocera 12,000 893
Maeda 15,000 171
Matsushita Electric 16,000 258
Minebea 55,000 349
Mitsubishi Electric 34,000 250
Mitsui Trust & Banking 20,000 191
Murata Manufacturing 18,000 699
NEC 110,000 1,177
Nippon Steel 157,000 606
Nippon Telegraph & Telephone 36 310
Nippondenso 10,000 195
Nissan Motors 41,000 $ 313
Nomura Securities 33,000 616
Sanwa Bank 17,000 325
Sharp 61,000 991
Sony 8,000 401
Sumitomo Bank 10,000 213
Sumitomo Chemical 112,000 594
Takara Standard 10,000 118
Tokyo Electronics 9,000 274
Toyota Motor 27,000 551
15,937
MALAYSIA--6.5%
Aokam Perdana 72,000 404
Arab-Malaysian Merchant Bank 103,000 1,058
Malayan Banking 53,000 358
New Straits Times Press 100,000 271
Resort World 180,000 932
Sime Darby Malaysia 125,200 312
Technology Resources 188,000 539
Telekom Malaysia 60,000 415
4,289
MEXICO--3.1%
Apasco* 10,000 27
Bufete Industrial ADR 10,500 106
Cemex "A" 51,750 108
Cifra 117,000 147
Empresas ICA Sociedad
Controladora ADR* 10,000 60
Grupo Carso ADR* 18,600 163
Grupo Financiero Banamex "C"* 170,000 195
Grupo Financiero Inbursa "C"* 85,000 116
Grupo Iusacell ADS* 15,510 184
Grupo Posadas "A"* 400,000 106
Grupo Sidek ADR* 60,000 150
Grupo Synkro ADR* 250,000 150
Grupo Televisa GDR 11,000 183
Kimberly Clark "A" 11,000 90
San Luis 9,545 130
Tolmex 70,000 161
2,076
NETHERLANDS--1.6%
Heineken* 1,100 186
Polygram 10,000 553
Wolters Kluwer* 4,200 323
1,062
NEW ZEALAND--0.2%
Telecom New Zealand ADR* 2,700 161
NORWAY--1.6%
Hafslund Nycomed "B"* 20,000 394
Petroleum Geo-Services ADR* 30,000 668
1,062
PERU--1.8%
Banco De Credito Del Peru 60,000 $ 98
Banco Wiese 39,248 275
Cementos Norte Pacasmayo* 50,000 150
Cia De Minas Buenaventura* 30,000 125
Cia Peruana de Telefonos* 300,000 345
El Pacifico Peruana Suiza 7,000 171
Telefonos 2000* 65,000 56
1,220
PHILIPPINES--0.8%
San Miguel "B" 120,000 546
SINGAPORE--5.6%
Cerebos Pacific 133,000 768
City Developments 87,600 481
DBS Land 110,000 293
Keppel 54,000 436
Singapore Press "F" 16,000 271
Straits Steamship Land 249,000 812
United Overseas Bank "F" 67,200 667
3,728
SOUTH KOREA--1.5%
Korea Fund 15,000 321
Korea Mobile Phone* 6,700 174
Samsung Electric GDS* 208 14
Samsung Electric Non-Voting GDS* 10,800 472
981
SWEDEN--6.1%
Allgon Free "B"* 12,000 207
Asea Free "B" 8,250 645
Astra Free "B" 26,200 680
Autoliv* 10,000 378
Ericsson Telephone ADR 34,500 2,132
4,042
SWITZERLAND--3.3%
Brown Boveri & Cie Bearer* 750 713
Roche Holdings* 225 1,300
Union Bank of Switzerland Bearer* 180 163
2,176
TAIWAN--0.2%
Taiwan Fund 7,000 148
THAILAND--2.8%
Advanced Info Service "F" 16,000 221
Advanced Info Service "L" 41,000 570
Land and House "F"* 30,000 512
TelecomAsia GDR* 52,000 196
United Communication* 25,000 351
1,850
Description Shares/Par (000) Value (000)
UNITED KINGDOM--8.1%
Barclays Bank 25,000 $ 252
British Airways* 27,000 179
British Sky Broadcasting ADR 35,000 861
Commercial Union 39,400 346
Next 92,400 439
Reuters Holdings 90,000 692
Smithkline Beecham Units 109,500 807
Takare 48,000 163
Unilever 31,000 614
Vodafone Group 105,000 338
Zeneca Group 48,000 676
5,367
VENEZUELA--0.1%
Industrias Mavesa ADS 11,000 43
TOTAL FOREIGN STOCKS
(Cost $69,968) 63,426
REPURCHASE AGREEMENT--5.4%
Merrill Lynch 6.134%, dated 3/31/95,
matures 4/3/95, repurchase price
$3,567,453 (collateralized by various
U.S. Treasury Bonds, total par value
$906,000, with interest rates from
3.500% to 12.625%, with maturity
dates ranging from 5/15/95 to
2/15/25: U.S. Treasury Notes, total
par value $2,661,000, with interest
rates from 6.375% to 8.500%, with
maturity dates ranging from 1/15/00
to 3/31/00: total market value
$3,638,191) $ 3,567 3,567
TOTAL REPURCHASE AGREEMENT
(Cost $3,567) 3,567
TOTAL INVESTMENTS--101.2%
(Cost $73,535) 66,993
OTHER ASSETS AND LIABILITIES--(1.2%)
Other Assets and Liabilities, Net (797)
NET ASSETS:
Portfolio shares of Institutional Class ($.0001
par value--2 billion authorized) based on
7,705,662 outstanding shares $75,590
Portfolio shares of Retail Class A ($.0001 par
value--2 billion authorized) based on 58,420
outstanding shares 580
Portfolio shares of Retail Class B ($.0001 par
value--2 billion authorized) based on 8,070
outstanding shares 79
Accumulated net investment loss (391)
Accumulated net realized loss on investments and
foreign currency transactions (2,612)
Net unrealized depreciation on forward foreign
currency contracts, foreign currency and
translation of other assets and liabilities in
foreign currency (508)
Net unrealized depreciation of investments (6,542)
TOTAL NET ASSETS:--100.0% $66,196
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION
PRICE PER SHARE--INSTITUTIONAL CLASS $ 8.52
NET ASSET VALUE AND REDEMPTION PRICE PER
SHARE--RETAIL CLASS A $ 8.51
Maximum Sales Charge Of 4.50%+ 0.40
OFFERING PRICE PER SHARE--RETAIL CLASS A $ 8.91
NET ASSET VALUE AND OFFERING PRICE PER
SHARE--RETAIL CLASS B (1) $ 8.46
</TABLE>
The accompanying notes are an integral part of the financial statements.
* Non-income producing security
+ The offer price is calculated by dividing the net asset value by 1
minus the maximum sales charge of 4.50%.
ADR--American Depository Receipts
ADS--American Depository Shares
GDR--Global Depository Receipts
GDS--Global Depository Shares
(1) Retail Class B has a contingent deferred sales charge. For a
description of a possible redemption charge, see the notes to the
financial statements.
TECHNOLOGY FUND
Description Shares/Par (000) Value (000)
<TABLE>
<CAPTION>
<S> <C> <C>
COMMON STOCK--96.1%
COMMUNICATIONS EQUIPMENT--24.1%
Broadband Technologies* 10,300 $ 260
DSC Communications* 15,900 518
General Datacomm Industries* 14,000 207
General Instrument* 11,400 396
L.M. Ericsson Telephone 4,200 260
Motorola 7,200 393
Nokia (ADR) 9,300 683
Qualcomm* 8,900 291
Telebit* 21,000 129
Tellabs* 11,500 670
3,807
COMPUTERS & SERVICES--18.6%
Adaptec* 8,100 267
Amdahl 22,100 243
Cabletron Systems* 4,300 193
Cisco Systems* 10,800 412
Compaq Computer* 13,800 475
Concentra* 6,900 95
Convex Computer* 17,000 111
Credence Systems* 6,100 191
Pinnacle Micro* 6,200 76
S3* 15,900 357
Silicon Graphics* 6,100 217
Tandem Computers* 19,500 302
2,939
SEMI-CONDUCTORS/INSTRUMENTS--33.7%
Applied Materials* 6,100 336
Dataware Technologies* 5,200 77
Fourth Shift* 11,500 46
FSI International* 4,900 198
Fusion Systems* 5,600 164
Informix* 26,400 908
LSI Logic* 7,200 378
Micron Technology 9,700 737
MRV Communications* 9,800 145
Novellus Systems* 3,100 192
Oracle Systems* 30,750 960
Parametric Technology* 8,100 324
Parcplace Systems* 4,200 64
Quickturn Design Systems* 13,000 102
Saber Software* 14,600 157
SDL* 1,400 36
Softdesk* 5,500 132
Solectron* 3,200 94
Sonic Solution* 4,500 49
Synopsys* 4,700 224
5,323
SERVICES - PREPACKAGED SOFTWARE--19.7%
Aspen Technologies* 8,400 $ 166
BTG* 14,500 112
C*ATS Software* 500 8
CFI Proservices* 13,300 171
Compuware* 5,600 207
Legent* 9,300 307
Microsoft* 11,000 783
National Instruments* 2,700 49
Network Peripherals* 11,400 245
Novell* 14,400 274
Softkey International* 5,100 139
Software Artistry* 600 14
Spectrum Holobyte* 18,700 300
Sybase* 4,720 189
TGV Software* 500 11
Tivoli Systems* 1,400 52
Viasoft* 10,800 93
3,120
TOTAL COMMON STOCK
(Cost $13,118) 15,189
PREFERRED STOCKS--0.1%
SERVICES - PREPACKAGED SOFTWARE--0.1%
Network Imaging 1,700 19
TOTAL PREFERRED STOCKS
(Cost $33) 19
REPURCHASE AGREEMENTS--5.5%
J.P. Morgan 6.028%, dated 03/31/95,
matures 04/03/95, repurchase price
$223,845, (collateralized by various
U.S. Treasury Interest STRIPS, total
par value $709,293, maturities from
1995 to 2010, total market value
$228,208) $ 224 224
Merrill Lynch 6.083%, dated 03/31/95,
matures 04/03/95, repurchase price
$641,267, (collateralized by various
U.S. Treasury Notes and Bonds, total
par value $647,757, with interest rates
from 3.500% to 12.625%, maturities
from 1995 to 2025, total market value
$653,761) 641 641
TOTAL REPURCHASE AGREEMENTS
(Cost $865) 865
TOTAL INVESTMENTS--101.7%
(Cost $14,016) 16,073
OTHER ASSETS AND LIABILITIES--(1.7%)
Other Assets and Liabilities, Net (271)
Description Value (000)
NET ASSETS:
Portfolio shares--Institutional Class ($.0001
par value--2 billion authorized) based on
1,184,764 outstanding shares $12,996
Portfolio shares--Retail Class A ($.0001 par
value--2 billion authorized) based on 19,708
outstanding shares 229
Portfolio shares--Retail Class B ($.0001 par
value--2 billion authorized) based on 13,168
outstanding shares 165
Accumulated net investment loss (14)
Accumulated net realized gain on investments 369
Net unrealized appreciation of investments 2,057
TOTAL NET ASSETS:--100.0% $15,802
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION
PRICE PER SHARE--INSTITUTIONAL CLASS $ 12.98
NET ASSET VALUE AND REDEMPTION PRICE
PER SHARE--RETAIL CLASS A $ 12.97
Maximum Sales Charge Of 4.50%+ 0.61
OFFERING PRICE PER SHARE--RETAIL CLASS A $ 13.58
NET ASSET VALUE AND OFFERING PRICE
PER SHARE--RETAIL CLASS B (1) $ 12.88
</TABLE>
The accompanying notes are an integral part of the financial statements.
* Non-income producing security
+ The offer price is calculated by dividing the net asset value by 1
minus the maximum sales charge of 4.50%.
ADR--American Depository Receipt
STRIPS--Separately Trading of Registered Interest and Principal of
Securities.
(1) Retail Class B has a contingent deferred sales charge. For a
description of a possible redemption charge, see the notes to the
financial statement.
STATEMENTS OF OPERATIONS (000) (Unaudited)
For the period ended March 31, 1995
<TABLE>
<CAPTION>
MINNESOTA
LIMITED INSURED
TERM TAX INTERMEDIATE INTERMEDIATE
FREE INCOME TAX FREE TAX FREE
FUND FUND FUND
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest $330 $ 604 $1,206
EXPENSES:
Investment advisory fees 54 77 153
Administrator fees 25 25 30
Transfer agent fees 10 10 11
Amortization of organizational costs 4 -- 3
Custodian fees 2 3 7
Directors' fees -- -- 1
Registration fees 2 11 17
Professional fees 1 2 3
Printing 2 3 6
Distribution fees--Retail Class A 1 1 2
Distribution fees--Retail Class B -- -- --
Other 1 1 1
TOTAL EXPENSES 102 133 234
Less: expenses waived or absorbed (55) (58) (81)
Total net expenses 47 75 153
Investment income--net 283 529 1,053
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS--NET:
Net realized gain (loss) on investments (31) 101 (57)
Net change in unrealized appreciation (depreciation) of investments 86 770 1,713
NET GAIN (LOSS) ON INVESTMENTS 55 871 1,656
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $338 $1,400 $2,709
</TABLE>
<TABLE>
<CAPTION>
(table continued)
COLORADO
INTERMEDIATE LIMITED INTERMEDIATE INTERMEDIATE FIXED MORTGAGE
TAX FREE TERM TERM GOVERNMENT INCOME SECURITIES
FUND INCOME FUND INCOME FUND BOND FUND FUND FUND
<C> <C> <C> <C> <C> <C>
$850 $2,715 $2,589 $2,194 $ 5,467 $1,028
105 315 264 222 525 101
26 70 60 48 116 25
12 17 12 12 20 10
3 2 2 -- -- 3
4 5 4 3 9 2
-- 1 1 1 2 --
16 1 8 29 42 1
2 8 6 5 12 2
4 11 9 8 19 4
1 12 4 2 9 --
-- -- -- -- 2 --
1 3 3 2 5 1
174 445 373 332 761 149
(70) (175) (109) (111) (232) (48)
104 270 264 221 529 101
746 2,445 2,325 1,973 4,938 927
22 (83) (131) (70) (1,553) --
1,451 (328) 1,072 1,064 5,312 345
1,473 (411) 941 994 3,759 345
$2,219 $2,034 $3,266 $2,967 $ 8,697 $1,272
</TABLE>
The accompanying notes are an integral part of the financial statements.
STATEMENTS OF OPERATIONS (000) (CONTINUED) (Unaudited)
For the period ended March 31, 1995
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
LIMITED
ASSET VOLATILITY EQUITY
ALLOCATION BALANCED STOCK INDEX
FUND FUND FUND (1) FUND
INVESTMENT INCOME:
Interest $ 467 $ 25 $ 6 $ 120
Dividends 502 3,313 162 2,207
Less: Foreign taxes withheld -- -- -- --
Total investment income 969 3,338 168 2,327
EXPENSES:
Investment advisory fees 150 519 33 574
Administrator fees 35 117 19 131
Transfer agent fees 15 20 3 21
Amortization of organizational costs 2 2 -- 2
Custodian fees 3 9 1 10
Directors' fees 1 2 -- 2
Registration fees 1 11 4 8
Professional fees 3 11 1 13
Printing 5 19 1 18
Distribution fees--Retail Class A 1 17 -- 1
Distribution fees--Retail Class B -- 3 -- --
Other 2 5 -- 10
TOTAL EXPENSES 218 735 62 790
Less: expenses waived or absorbed (52) (147) (27) (502)
Total net expenses 166 588 35 288
Investment income (loss)--net 803 2,750 133 2,039
REALIZED AND UNREALIZED GAINS (LOSSES)
ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS--NET:
Net realized gain (loss) on investments 298 433 42 741
Net realized gain on futures contracts -- -- -- 274
Net realized loss on forward foreign currency contracts
and foreign currency transactions -- -- -- --
Net change in unrealized appreciation (depreciation) of investments 1,566 9,290 868 11,986
Net change in unrealized appreciation on futures contract -- -- -- 130
Net change in unrealized depreciation on forward foreign currency contracts,
foreign currency and translation of other assets and liabilities in foreign
currency -- -- -- --
NET GAIN (LOSS) ON INVESTMENTS 1,864 9,723 910 13,131
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $2,667 $12,473 $1,043 $15,170
</TABLE>
(1) The Limited Volatility Stock Fund commenced operations on November 15, 1994.
(table continued)
<TABLE>
<CAPTION>
EQUITY DIVERSIFIED SPECIAL REGIONAL EMERGING
INCOME STOCK GROWTH EQUITY EQUITY GROWTH INTERNATIONAL TECHNOLOGY
FUND FUND FUND FUND FUND FUND FUND FUND
<C> <C> <C> <C> <C> <C> <C> <C>
$205 $ -- $ 159 $ 1,126 $ 64 $ 59 $ 184 $ 20
638 2,957 593 1,404 871 15 393 15
-- -- -- -- -- -- (40) --
843 2,957 752 2,530 935 74 537 35
113 693 197 533 394 46 367 38
25 154 43 120 89 25 47 25
13 22 16 21 18 14 20 14
5 -- 5 -- 2 3 3 3
5 12 9 9 7 2 74 2
-- 3 1 2 2 -- 1 --
8 34 17 22 11 5 15 3
3 15 4 12 9 1 6 1
4 20 7 20 14 2 12 1
2 11 2 10 11 -- 1 --
-- 4 -- 5 2 -- -- --
2 6 2 5 4 -- 15 --
180 974 303 759 563 98 561 87
(58) (194) (91) (98) (89) (44) (48) (41)
122 780 212 661 474 54 513 46
721 2,177 540 1,869 461 20 24 (11)
(61) 1,819 (368) 5,105 3,727 12 (2,210) 402
-- -- -- -- -- -- -- --
-- -- -- -- -- -- (168) --
2,045 17,008 6,476 (3,849) 7,791 1,337 (7,852) 1,326
-- -- -- -- -- -- -- --
-- -- -- -- -- -- (467) --
1,984 18,827 6,108 1,256 11,518 1,349 (10,697) 1,728
$2,705 $21,004 $6,648 $ 3,125 $11,979 $1,369 $(10,673) $1,717
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
STATEMENTS OF CHANGES IN NET ASSETS (000) (Unaudited)
<TABLE>
<CAPTION>
MINNESOTA COLORADO
LIMITED TERM INSURED INTERMEDIATE
TAX FREE INCOME INTERMEDIATE INTERMEDIATE TAX FREE
FUND TAX FREE FUND TAX FREE FUND FUND
10/1/94 12/1/93 10/1/94 10/1/93 10/1/94 2/28/94(4) 10/1/94 4/4/94(5)
to to to to to to to to
3/31/95 9/30/94(3) 3/31/95 9/30/94 3/31/95 9/30/94 3/31/95 9/30/94
<S> <C> <C> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Investment income--net $ 283 $ 396 $ 529 $ 152 $ 1,053 $ 282 $ 746 $ 42
Net realized gain (loss) on investments (31) (13) 101 (38) (57) (12) 22 1
Net change in unrealized appreciation
(depreciation) of investments 86 (115) 770 (178) 1,713 (252) 1,451 (32)
Net increase (decrease) in net assets
resulting from operations 338 268 1,400 (64) 2,709 18 2,219 11
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income--net:
Institutional class (274) (93) (507) (78) (1,049) (254) (732) (30)
Retail class A (11) (315) (25) (74) (39) (28) (21) (10)
Retail class B -- -- -- -- -- -- -- --
Net realized gain on investments:
Institutional class -- -- -- -- -- -- (2) --
Retail class A -- -- -- -- -- -- -- --
Retail class B -- -- -- -- -- -- -- --
Distributions in excess of realized capital
gains:
Institutional class -- -- -- -- -- -- -- --
Retail class A -- -- -- (21) -- -- -- --
Retail class B -- -- -- -- -- -- -- --
TOTAL DISTRIBUTIONS (285) (408) (532) (173) (1,088) (282) (755) (40)
CAPITAL SHARE TRANSACTIONS (1):
Institutional class:
Transfer from Retail class A -- 15,896 -- 2,109 -- -- -- --
Proceeds from sales 1,070 1,082 29,473 6,147 51,255 21,192 41,476 7,465
Shares issued in connection with acquisition
of Managed Income Fund -- -- -- -- -- -- -- --
Reinvestment of distributions 115 45 28 40 41 41 10 10
Payments for redemptions (3,793) (582) (7,878) (2,027) (6,945) (709) (3,209) (169)
Increase (decrease) in net assets from
Institutional class transactions (2,608) 16,441 21,623 6,269 44,351 20,524 38,277 7,306
Retail class A:
Proceeds from sales 72 3,189 31 802 325 1,606 595 691
Shares issued in connection with acquisition
of Managed Income Fund -- -- -- -- -- -- -- --
Reinvestment of distributions 11 152 22 83 37 28 10 6
Payments for redemptions (51) (6,128) (83) (481) (32) (114) (27) --
Transfer to Institutional class -- (15,896) -- (2,109) -- -- -- --
Increase (decrease) in net assets from Retail
class A transactions 32 (18,683) (30) (1,705) 330 1,520 578 697
Retail class B:
Proceeds from sales -- -- -- -- -- -- -- --
Reinvestment of distributions -- -- -- -- -- -- -- --
Payments for redemptions -- -- -- -- -- -- -- --
Increase (decrease) in net assets from Retail
class B transactions -- -- -- -- -- -- -- --
Increase (decrease) in net assets from capital
share transactions (2,576) (2,242) 21,593 4,564 44,681 22,044 38,855 8,003
Total increase (decrease) in net assets (2,523) (2,382) 22,461 4,327 46,302 21,780 40,319 7,974
NET ASSETS AT BEGINNING OF PERIOD 16,948 19,330 7,296 2,969 21,780 -- 7,974 --
NET ASSETS AT END OF PERIOD (2) $14,425 $ 16,948 $29,757 $ 7,296 $68,082 $21,780 48,293 $7,974
(1)Capital share transactions:
Institutional class:
Transfer from Retail class A -- 1,589 -- 199 -- -- -- --
Proceeds from sales 108 108 2,891 592 5,399 2,183 4,143 732
Shares issued in connection with acquisition
of Managed Income Fund -- -- -- -- -- -- -- --
Reinvestment of distributions 12 4 3 4 4 4 1 1
Payments for redemptions (382) (58) (762) (195) (734) (73) (316) (16)
Total Institutional class transactions (262) 1,643 2,132 600 4,669 2,114 3,828 717
Retail class A:
Proceeds from sales 7 319 3 74 34 166 59 68
Shares issued in connection with acquisition
of Managed Income Fund -- -- -- -- -- -- -- --
Reinvestment of distributions 1 15 2 8 4 3 1 --
Payments for redemptions (5) (612) (8) (45) (3) (12) (3) --
Transfer to Institutional class -- (1,589) -- (199) -- -- -- --
Total Retail class A transactions 3 (1,867) (3) (162) 35 157 57 68
Retail class B:
Proceeds from sales -- -- -- -- -- -- -- --
Reinvestment of distributions -- -- -- -- -- -- -- --
Payments for redemptions -- -- -- -- -- -- -- --
Total Retail class B transactions -- -- -- -- -- -- -- --
NET INCREASE (DECREASE) FROM SHARE
TRANSACTIONS (259) (224) 2,129 438 4,704 2,271 3,885 785
</TABLE>
(2)Including undistributed (distributions in excess of) net investment income
(000) of ($2) and $0 for Limited Term Tax Free Income Fund, ($3) and $0 for
Intermediate Tax Free Fund, ($35) and $0 for Minnesota Insured Intermediate
Tax Free Fund, ($5) and $2 for Colorado Intermediate Tax Free Fund. ($42) and
$72 for Limited Term Income Fund, ($19) and $0 for Intermediate Term Income
Fund, ($16) and $0 Intermediate Government Bond Fund, ($192) and $6 for Fixed
Income Fund, and ($9) and $0 for Mortgage Securities Fund at March 31, 1995
and September 30, 1994, respectively.
(3)On April 28, 1994, the Board of Directors of FAMF approved a change in
FAMF's fiscal year end from November 30 to September 30, effective September
30, 1994.
(4)The Minnesota Insured Intermediate Tax Free Fund commenced operations on
February 28, 1994.
(5)The Colorado Intermediate Tax Free Fund commenced operations on April 4,
1994.
(table continued)
<TABLE>
<CAPTION>
INTERMEDIATE INTERMEDIATE FIXED
LIMITED TERM TERM INCOME GOVERNMENT INCOME MORTGAGE
INCOME FUND FUND BOND FUND FUND SECURITIES FUND
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
10/1/94 10/1/93 10/1/94 10/1/93 10/1/94 10/1/93 10/1/94 10/1/93 10/1/94 10/1/93
to to to to to to to to to to
3/31/95 9/30/94 3/31/95 9/30/94 3/31/95 9/30/94 3/31/95 9/30/94 3/31/95 9/30/94
$ 2,445 $ 4,118 $ 2,325 $ 2,960 $ 1,973 $ 325 $ 4,938 $ 3,345 $ 927 $ 1,780
(83) 29 (131) (863) (70) (78) (1,553) (188) -- (62)
(328) (2,149) 1,072 (2,753) 1,064 (344) 5,312 (5,201) 345 (1,966)
2,034 1,998 3,266 (656) 2,967 (97) 8,697 (2,044) 1,272 (248)
(2,302) (2,182) (2,257) (1,900) (1,934) (217) (4,898) (2,150) (928) (1,208)
(257) (1,862) (87) (1,064) (55) (109) (226) (1,197) (8) (572)
-- -- -- -- -- -- (11) -- -- --
(2,927) -- (24) -- -- -- (308) -- -- --
(379) -- (1) -- -- -- (16) (51) -- (10)
-- -- -- -- -- -- (1) -- -- --
-- -- -- -- -- -- -- -- -- --
-- -- -- (685) -- (18) -- (523) -- --
-- -- -- -- -- -- -- -- -- --
(5,865) (4,044) (2,369) (3,649) (1,989) (344) (5,460) (3,921) (936) (1,790)
-- 82,491 -- 59,843 -- 2,156 -- 44,936 -- 32,357
21,963 16,209 19,641 25,019 63,910 27,456 108,927 58,825 922 4,386
41,594 -- -- -- -- -- -- -- -- --
2,043 2,151 1,780 1,829 137 81 2,121 1,749 860 1,182
(18,412) (29,445) (8,596) (15,273) (4,375) (1,614) (15,829) (12,069) (1,223) (8,219)
47,188 71,406 12,825 71,418 59,672 28,079 95,219 93,441 559 29,706
2,734 28,721 61 4,929 189 1,156 458 12,649 2 3,906
5,042 -- -- -- -- -- -- -- -- --
202 1,645 83 1,744 45 117 222 1,635 6 582
(6,607) (59,260) (681) (9,581) (302) (718) (1,919) (12,211) (8) (1,640)
-- (82,491) -- (59,843) -- (2,156) -- (44,936) -- (32,357)
1,371 (111,385) (537) (62,751) (68) (1,601) (1,239) (42,863) -- (29,509)
1 1 -- -- -- -- 1,431 116 -- --
-- -- -- -- -- -- 10 -- -- --
(2) -- -- -- -- -- (23) -- -- --
(1) 1 -- -- -- -- 1,418 116 -- --
48,558 (39,978) 12,288 8,667 59,604 26,478 95,398 50,694 559 197
44,727 (42,024) 13,185 4,362 60,582 26,037 98,635 44,729 895 (1,841)
79,776 121,800 71,653 67,291 29,753 3,716 98,330 53,601 28,674 30,515
$124,503 $ 79,776 $84,838 $ 71,653 $90,335 $29,753 $196,965 $ 98,330 $29,569 $ 28,674
-- 8,255 -- 5,960 -- 229 -- 4,120 -- 3,201
2,242 1,636 2,070 2,597 7,170 3,034 10,547 5,555 96 438
3,917 -- -- -- -- -- -- -- -- --
209 218 188 188 15 9 206 165 89 120
(1,879) (2,975) (905) (1,581) (490) (177) (1,536) (1,140) (127) (833)
4,489 7,134 1,353 7,164 6,695 3,095 9,217 8,700 58 2,926
278 2,860 6 506 21 123 44 1,128 -- 379
467 -- -- -- -- -- -- -- -- --
21 164 9 174 5 13 22 147 1 57
(675) (5,916) (72) (967) (34) (78) (186) (1,092) (1) (159)
-- (8,255) -- (5,960) -- (229) -- (4,120) -- (3,201)
91 (11,147) (57) (6,247) (8) (171) (120) (3,937) -- (2,924)
-- -- -- -- -- -- 136 11 -- --
-- -- -- -- -- -- 1 -- -- --
-- -- -- -- -- -- (2) -- -- --
-- -- -- -- -- -- 135 11 -- --
4,580 (4,013) 1,296 917 6,687 2,924 9,232 4,774 58 2
</TABLE>
The accompanying notes are an integral part of the financial statements.
STATEMENTS OF CHANGES IN NET ASSETS (000) (Unaudited)
<TABLE>
<CAPTION>
LIMITED
ASSET VOLATILITY EQUITY
ALLOCATION FUND BALANCED FUND STOCK FUND INDEX FUND
10/1/94 10/1/93 10/1/94 10/1/93 11/15/94(3) 10/1/94 10/1/93
to to to to to to to
3/31/95 9/30/94 3/31/95 9/30/94 3/31/95 3/31/95 9/30/94
<S> <C> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Investment income (loss)--net $ 803 $ 1,373 $ 2,750 $ 4,192 $ 133 $ 2,039 $ 3,793
Net realized gain (loss) on investments 298 1,042 433 2,435 42 741 1,237
Net realized gain on futures contracts -- -- -- -- -- 274 --
Net realized loss on forward foreign currency
contracts and foreign currency transactions -- -- -- -- -- -- --
Net change in unrealized appreciation
(depreciation) of investments 1,566 (1,588) 9,290 (3,010) 868 11,986 56
Net change in unrealized appreciation on futures
contract -- -- -- -- -- 130 --
Net change in unrealized depreciation on forward
foreign currency contracts, foreign currency and
translation of other assets and liabilities in
foreign currency -- -- -- -- -- -- --
Net increase (decrease) in net assets resulting
from operations 2,667 827 12,473 3,617 1,043 15,170 5,086
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income--net:
Institutional class (767) (991) (2,332) (2,793) (129) (1,972) (2,885)
Retail class A (12) (384) (220) (1,366) -- (10) (912)
Retail class B (1) -- (7) -- -- (1) --
Net realized gain on investments:
Institutional class (1,084) -- (1,858) -- -- (1,427) --
Retail class A (15) (713) (187) (1,884) -- (7) (188)
Retail class B (1) -- (7) -- -- (1) --
Total distributions (1,880) (2,088) (4,611) (6,043) (129) (3,418) (3,985)
CAPITAL SHARE TRANSACTIONS (1):
Institutional class:
Transfer from Retail class A -- 51,261 -- 109,870 -- -- 143,478
Proceeds from sales 3,840 6,840 31,360 28,604 14,680 14,769 33,718
Reinvestment of distributions 1,836 987 4,111 2,773 98 3,295 2,867
Payments for redemptions (12,903) (13,790) (17,308) (18,873) (50) (16,365) (23,678)
Increase (decrease) in net assets from
Institutional class transactions (7,227) 45,298 18,163 122,374 14,728 1,699 156,385
Retail class A:
Proceeds from sales 62 3,688 617 24,928 -- 466 17,529
Reinvestment of distributions 25 1,097 406 3,244 -- 17 1,100
Payments for redemptions (104) (6,020) (1,820) (10,460) -- (117) (8,148)
Transfer to Institutional class -- (51,261) -- (109,870) -- -- (143,478)
Increase (decrease) in net assets from
Retail class A transactions (17) (52,496) (797) (92,158) -- 366 (132,997)
Retail class B:
Proceeds from sales 186 11 569 274 -- 64 29
Reinvestment of distributions 2 -- 13 -- -- 1 --
Payments for redemptions (1) -- (43) -- -- (5) --
Increase in net assets from Retail class B
transactions 187 11 539 274 -- 60 29
Increase (decrease) in net assets from capital
share transactions (7,057) (7,187) 17,905 30,490 14,728 2,125 23,417
Total increase (decrease) in net assets (6,270) (8,448) 25,767 28,064 15,642 13,877 24,518
NET ASSETS AT BEGINNING OF PERIOD 47,945 56,393 139,289 111,225 -- 164,475 139,957
NET ASSETS AT END OF PERIOD (2) $ 41,675 $ 47,945 $165,056 $ 139,289 $15,642 $178,352 $ 164,475
(1)Capital share transactions:
Institutional class:
Transfer from Retail class A -- 5,136 -- 10,707 -- -- 14,112
Proceeds from sales 369 658 2,993 2,697 1,468 1,356 3,201
Reinvestment of distributions 181 95 396 261 10 311 271
Payments for redemptions (1,266) (1,341) (1,650) (1,774) (5) (1,524) (2,248)
Total Institutional class transactions (716) 4,548 1,739 11,891 1,473 143 15,336
Retail class A:
Proceeds from sales 6 345 59 2,312 -- 42 1,626
Reinvestment of distributions 2 103 39 303 -- 2 102
Payments for redemptions (10) (564) (172) (967) -- (11) (753)
Transfer to Institutional class -- (5,136) -- (10,707) -- -- (14,112)
Total Retail class A transactions (2) (5,252) (74) (9,059) -- 33 (13,137)
Retail class B:
Proceeds from sales 18 1 54 26 -- 5 3
Reinvestment of distributions -- -- 1 -- -- -- --
Payments for redemptions -- -- (4) -- -- -- --
Total Retail class B transactions 18 1 51 26 -- 5 3
NET INCREASE (DECREASE) IN CAPITAL SHARES (700) (703) 1,716 2,858 1,473 181 2,202
</TABLE>
(2) Including undistributed (distributions in excess of) net investment income
(000) of $33 and $10 for Asset Allocation, $215 and $24 for Balanced, $4
for Limited Volatility, $94 and $38 for Equity Index, $104 and $30 for
Equity Income, $296 and $52 for Stock, $76 and $20 for Diversified Growth,
$135 and $0 for Special Equity, ($46) and $0 for Regional Equity, ($2) and
$1 for Emerging Growth, and accumulated net investment (loss) of ($391) and
($415) for International, and ($14) and ($3) for Technology Fund, at March
31, 1995 and September 30, 1994, respectively.
(3) The Limited Volatility Stock Fund commenced operations on November 15,
1994.
(4) On April 28, 1994, the Board of Directors of FAMF approved a change in
FAMF's fiscal year end from November 30 to September 30, effective
September 30, 1994.
(5) The Emerging Growth, International, and Technology Fund commenced
operations on April 4, 1994.
(table continued)
<TABLE>
<CAPTION>
EQUITY DIVERSIFIED SPECIAL
INCOME FUND STOCK FUND GROWTH FUND EQUITY FUND
10/1/94 12/1/93 10/1/94 10/1/93 10/1/94 12/1/93 10/1/94 10/1/93
to to to to to to to to
3/31/95 9/30/94(4) 3/31/95 9/30/94 3/31/95 9/30/94(4) 3/31/95 9/30/94
<C> <C> <C> <C> <C> <C> <C> <C>
$ 721 $ 959 $ 2,177 $ 2,724 $ 540 $ 304 $ 1,869 $ 2,024
(61) (442) 1,819 7,831 (368) (3,037) 5,105 8,668
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
2,045 334 17,008 319 6,476 1,902 (3,849) 7,538
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
2,705 851 21,004 10,874 6,648 (831) 3,125 18,230
(612) (61) (1,848) (2,082) (469) (95) (1,641) (1,518)
(34) (880) (80) (608) (15) (242) (84) (490)
(1) -- (5) (2) -- -- (9) (1)
-- -- (6,156) -- -- -- (8,609) --
-- -- (307) (3,673) -- -- (473) (5,674)
-- -- (26) -- -- -- (52) --
(647) (941) (8,422) (6,365) (484) (337) (10,868) (7,683)
-- 6,302 -- 110,876 -- 2,393 -- 88,018
24,912 12,340 81,227 52,481 47,747 32,761 44,163 29,156
86 20 6,108 1,908 195 68 8,645 1,418
(2,510) (800) (22,008) (24,357) (6,543) (803) (7,754) (7,305)
22,488 17,862 65,327 140,908 41,399 34,419 45,054 111,287
80 3,926 1,143 20,003 171 2,689 1,736 18,076
34 737 376 4,166 15 229 555 5,968
(281) (25,578) (690) (29,532) (419) (31,086) (469) (3,615)
-- (6,302) -- (110,876) -- (2,393) -- (88,018)
(167) (27,217) 829 (116,239) (233) (30,561) 1,822 (67,589)
154 1 1,059 350 56 13 1,689 364
1 -- 29 2 -- -- 56 1
(1) -- (24) -- (1) -- (22) --
154 1 1,064 352 55 13 1,723 365
22,475 (9,354) 67,220 25,021 41,221 3,871 48,599 44,063
24,533 (9,444) 79,802 29,530 47,385 2,703 40,856 54,610
19,342 28,786 163,716 134,186 33,787 31,084 136,509 81,899
$ 43,875 $ 19,342 $243,518 $163,716 $ 81,172 $ 33,787 $177,365 $136,509
-- 600 -- 7,556 -- 223 -- 6,040
2,535 1,247 4,988 3,185 5,134 3,361 2,752 1,778
9 2 387 116 21 7 561 85
(252) (81) (1,337) (1,469) (683) (89) (484) (457)
2,292 1,768 4,038 9,388 4,472 3,502 2,829 7,446
8 397 69 1,225 18 295 107 1,122
4 75 24 260 2 25 36 383
(28) (2,600) (42) (1,808) (45) (3,198) (29) (224)
-- (600) -- (7,556) -- (223) -- (6,040)
(16) (2,728) 51 (7,879) (25) (3,101) 114 (4,759)
15 -- 64 21 6 1 106 21
-- -- 2 -- -- -- 4 --
-- -- (2) -- -- -- (1) --
15 -- 64 21 6 1 109 21
2,291 (960) 4,153 1,530 4,453 402 3,052 2,708
</TABLE>
(table continued)
<TABLE>
<CAPTION>
EMERGING
REGIONAL GROWTH INTERNATIONAL TECHNOLOGY
EQUITY FUND FUND FUND FUND
10/1/94 10/1/93 10/1/94 4/4/94(5) 10/1/94 4/4/94(5) 10/1/94 4/4/94(5)
to to to to to to to to
3/31/95 9/30/94 3/31/95 9/30/94 3/31/95 9/30/94 3/31/95 9/30/94
<C> <C> <C> <C> <C> <C> <C> <C>
$ 461 $ 611 $ 20 $ 4 $ 24 $ (29) $ (11) $ (3)
3,727 2,221 12 66 (2,210) (177) 402 143
-- -- -- -- -- -- -- --
-- -- -- -- (168) (443) -- --
7,791 2,652 1,337 239 (7,852) 1,309 1,326 731
-- -- -- -- -- -- -- --
-- -- -- -- (467) (40) -- --
11,979 5,484 1,369 309 (10,673) 620 1,717 871
(472) (486) (24) (3) -- -- -- --
(34) (112) -- -- -- -- -- --
(1) -- -- -- -- -- -- --
(2,571) -- (159) -- -- -- (174) --
(216) (888) (1) -- -- -- (2) --
(10) -- -- -- -- -- -- --
(3,304) (1,486) (184) (3) -- -- (176) --
-- 61,030 -- -- -- -- -- --
20,199 27,827 13,627 6,695 31,879 47,575 7,881 5,773
2,903 471 55 1 -- -- 26 --
(6,556) (4,225) (668) (148) (3,639) (225) (539) (145)
16,546 85,103 13,014 6,548 28,240 47,350 7,368 5,628
1,234 23,298 34 86 129 459 188 53
250 997 1 -- -- -- 2 --
(457) (6,404) (1) -- (6) (2) (14) --
-- (61,030) -- -- -- -- -- --
1,027 (43,139) 34 86 123 457 176 53
912 186 35 18 58 22 164 2
9 -- -- -- -- -- -- --
(11) -- (4) -- (1) -- (1) --
910 186 31 18 57 22 163 2
18,483 42,150 13,079 6,652 28,420 47,829 7,707 5,683
27,158 46,148 14,264 6,958 17,747 48,449 9,248 6,554
104,575 58,427 6,958 -- 48,449 -- 6,554 --
$131,733 $104,575 $ 21,222 $ 6,958 $ 66,196 $ 48,449 $ 15,802 $ 6,554
-- 5,673 -- -- -- -- -- --
1,628 2,308 1,277 664 3,427 4,717 645 595
247 38 5 -- -- -- 2 --
(520) (351) (63) (15) (416) (22) (42) (15)
1,355 7,668 1,219 649 3,011 4,695 605 580
99 1,910 3 9 14 45 15 6
21 84 -- -- -- -- -- --
(37) (539) -- -- (1) -- (1) --
-- (5,673) -- -- -- -- -- --
83 (4,218) 3 9 13 45 14 6
72 15 3 2 6 2 13 --
1 -- -- -- -- -- -- --
(1) -- -- -- -- -- -- --
72 15 3 2 6 2 13 --
1,510 3,465 1,225 660 3,030 4,742 632 586
</TABLE>
The accompanying notes are an integral part of the financial statements.
FINANCIAL HIGHLIGHTS
(Unaudited)
For the period ended March 31, 1995 and the periods ended September 30,
For a share outstanding throughout the period
<TABLE>
<CAPTION>
REALIZED
AND NET
NET ASSET UNREALIZED DIVIDENDS DISTRIBUTIONS ASSET
VALUE NET GAINS OR FROM NET FROM VALUE
BEGINNING INVESTMENT (LOSSES) ON INVESTMENT CAPITAL END OF
OF PERIOD INCOME INVESTMENTS INCOME GAINS PERIOD
<S> <C> <C> <C> <C> <C> <C>
LIMITED TERM TAX FREE INCOME
INSTITUTIONAL CLASS
1995* $ 9.95 $0.18 $ 0.04 $(0.18) $ -- $ 9.99
1994(1) 9.98 0.06 (0.03) (0.06) -- 9.95
RETAIL CLASS A
1995* $ 9.95 $0.18 $ 0.04 $(0.18) $ -- $ 9.99
1994(2) 10.03 0.22 (0.07) (0.23) -- 9.95
1993(3)(4) 10.00 0.18 0.02 (0.17) -- 10.03
INTERMEDIATE TAX FREE
INSTITUTIONAL CLASS
1995* $10.28 $0.24 $ 0.20 $(0.24) $ -- $10.48
1994(5) 10.89 0.29 (0.61) (0.29) -- 10.28
RETAIL CLASS A
1995* $10.28 $0.25 $ 0.20 $(0.24) $ -- $10.49
1994 10.92 0.44 (0.57) (0.44) (0.07)** 10.28
1993 10.56 0.47 0.42 (0.47) (0.06) 10.92
1992 10.34 0.53 0.22 (0.53) -- 10.56
1991(6) 10.04 0.50 0.31 (0.50) (0.01) 10.34
1990(7) 10.08 0.56 (0.04) (0.56) -- 10.04
1989(7) 10.19 0.56 (0.11) (0.56) -- 10.08
1988(7)(8) 10.03 0.47 0.16 (0.47) -- 10.19
MINNESOTA INSURED INTERMEDIATE TAX FREE
INSTITUTIONAL CLASS
1995* $ 9.59 $0.22 $ 0.17 $(0.22) $ -- $ 9.76
1994(9) 10.00 0.25 (0.41) (0.25) -- 9.59
RETAIL CLASS A
1995* $ 9.58 $0.22 $ 0.18 $(0.22) $ -- $ 9.76
1994(9) 10.00 0.25 (0.42) (0.25) -- 9.58
COLORADO INTERMEDIATE TAX FREE
INSTITUTIONAL CLASS
1995* $10.16 $0.23 $ 0.19 $(0.24) $ -- $10.34
1994(10) 10.00 0.22 0.16 (0.22) -- 10.16
RETAIL CLASS A
1995* $10.15 $0.24 $ 0.19 $(0.24) $ -- $10.34
1994(10) 10.00 0.21 0.16 (0.22) -- 10.15
LIMITED TERM INCOME
INSTITUTIONAL CLASS
1995* $ 9.85 $0.27 $(0.03) $(0.27) $ -- $ 9.82
1994(5) 10.02 0.29 (0.17) (0.29) -- 9.85
RETAIL CLASS A
1995* $ 9.85 $0.27 $(0.03) $(0.27) $ -- $ 9.82
1994 10.06 0.44 (0.22) (0.43) -- 9.85
1993(11) 10.00 0.29 0.07 (0.30) -- 10.06
RETAIL CLASS B
1995*(12) $ 9.84 $0.17 $(0.12) $(0.14) $ -- $ 9.75
1994(13) 9.86 0.04 0.01 (0.07) -- 9.84
INTERMEDIATE TERM INCOME
INSTITUTIONAL CLASS
1995* $ 9.55 $0.29 $ 0.11 $(0.30) $ -- $ 9.65
1994(5) 10.01 0.31 (0.46) (0.31) -- 9.55
RETAIL CLASS A
1995* $ 9.55 $0.30 $ 0.10 $(0.30) $ -- $ 9.65
1994 10.22 0.46 (0.56) (0.46) (0.11)** 9.55
1993(11) 10.00 0.41 0.29 (0.41) (0.07) 10.22
INTERMEDIATE GOVERNMENT BOND
INSTITUTIONAL CLASS
1995* $ 8.98 $0.27 $ 0.05 $(0.27) $ -- $ 9.03
1994(5) 9.41 0.27 (0.43) (0.27) -- 8.98
RETAIL CLASS A
1995* $ 8.98 $0.28 $ 0.05 $(0.27) $ -- $ 9.04
1994 9.52 0.41 (0.51) (0.39) (0.05)** 8.98
1993 10.18 0.44 0.02 (0.44) (0.68) 9.52
1992 10.25 0.60 0.28 (0.60) (0.35) 10.18
1991(6) 10.01 0.65 0.24 (0.65) -- 10.25
1990(7) 10.05 0.75 (0.04) (0.75) -- 10.01
1989(7) 9.99 0.74 0.06 (0.74) -- 10.05
1988(7)(8) 10.03 0.58 (0.01) (0.61) -- 9.99
</TABLE>
(table continued)
<TABLE>
<CAPTION>
RATIO OF
RATIO OF EXPENSES
NET RATIO OF NET TO
ASSETS EXPENSES INVESTMENT AVERAGE
END OF TO INCOME TO NET ASSETS PORTFOLIO
TOTAL PERIOD AVERAGE AVERAGE (EXCLUDING TURNOVER
RETURN (000) NET ASSETS NET ASSETS WAIVERS) RATE
<S> <C> <C> <C> <C> <C> <C>
2.28%+ $ 13,792 0.60% 3.64% 1.30% 28%
0.27%+ 16,349 0.60 3.26 1.28 57
2.28%+ $ 633 0.60% 3.66% 1.55% 28%
1.50%+ 599 0.90 2.47 1.53 57
2.02% 19,330 0.81 2.30 1.76 22
4.31%+ $ 28,639 0.68% 4.83% 1.22% 43%
(2.91%)+ 6,168 0.45 4.48 2.20 52
4.41%+ $ 1,118 0.68% 4.74% 1.47% 43%
(1.25%) 1,128 0.59 4.13 2.78 52
8.66% 2,969 0.71 4.31 5.09 27
7.23% 725 0.99 4.83 16.09 23
8.15%+ 637 0.99 5.35 15.48 15
5.31% 537 1.08 5.58 13.85 4
4.57% 491 1.09 5.57 19.55 4
6.73%+ 425 0.84 5.87 13.60 0
4.17%+ $ 66,208 0.70% 4.83% 1.07% 18%
(1.58%)+ 20,272 0.67 4.57 1.59 22
4.28%+ $ 1,874 0.70% 4.78% 1.32% 18%
(1.68%)+ 1,508 0.67 4.57 1.84 22
4.22%+ $ 47,000 0.70% 4.96% 1.16% 7%
3.76%+ 7,281 0.69 4.51 4.71 4
4.32%+ $ 1,293 0.70% 4.96% 1.41% 7%
3.66%+ 693 0.69 4.51 4.96 4
2.52%+ $114,129 0.60% 5.44% 0.99% 61%
1.24%+ 70,266 0.60 4.40 1.03 48
2.52%+ $ 10,374 0.60% 5.34% 1.24% 61%
2.21% 9,509 0.60 4.17 1.23 48
3.61%+ 121,800 0.60 3.61 1.27 104
1.07%+ $ -- 1.60% 5.18% 1.99% 61%
0.51%+ 1 1.60 3.50 2.03 48
4.26%+ $ 82,146 0.70% 6.16% 0.98% 15%
(1.48%)+ 68,445 0.58 4.81 1.07 177
4.26%+ $ 2,692 0.70% 6.16% 1.23% 15%
(1.05%) 3,208 0.69 2.48 1.24 177
7.21%+ 67,291 0.70 4.90 1.29 163
3.70%+ $88,417 0.70% 6.24% 1.04% 10%
(1.77%)+ 27,776 0.36 5.32 1.45 74
3.70%+ $ 1,918 0.70% 6.13% 1.29% 10%
(1.13%) 1,977 0.53 4.49 2.14 74
4.99% 3,716 0.71 4.00 4.73 182
8.88% 589 0.99 6.03 14.14 101
9.13%+ 1,756 0.99 6.99 6.76 100
7.41% 1,573 1.08 7.57 5.55 40
8.35% 1,501 1.19 7.49 9.65 72
6.18%+ 375 0.95 6.78 17.20 0
</TABLE>
(table continued)
<TABLE>
<CAPTION>
REALIZED
AND
NET ASSET UNREALIZED DIVIDENDS NET ASSET
VALUE NET GAINS OR FROM NET DISTRIBUTIONS VALUE
BEGINNING INVESTMENT (LOSSES) ON INVESTMENT FROM END OF
OF PERIOD INCOME INVESTMENTS INCOME CAPITAL GAINS PERIOD
<S> <C> <C> <C> <C> <C> <C>
FIXED INCOME
INSTITUTIONAL CLASS
1995* $10.37 $0.33 $ 0.19 $(0.34) $(0.03) $10.52
1994(5) 11.11 0.38 (0.74) (0.38) -- 10.37
RETAIL CLASS A
1995* $10.37 $0.34 $ 0.19 $(0.34) $(0.03) $10.53
1994 11.38 0.57 (0.89) (0.57) (0.12)*** 10.37
1993 11.13 0.62 0.36 (0.61) (0.12) 11.38
1992 10.59 0.66 0.60 (0.66) (0.06) 11.13
1991(6) 10.01 0.65 0.58 (0.65) -- 10.59
1990(7) 10.44 0.74 (0.26) (0.74) (0.17) 10.01
1989(7) 10.13 0.74 0.31 (0.74) -- 10.44
1988(7)(8) 10.03 0.62 0.13 (0.65) -- 10.13
RETAIL CLASS B
1995* $10.35 $0.30 $ 0.18 $(0.30) $(0.03) $10.50
1994(13) 10.54 0.08 (0.17) (0.10) -- 10.35
MORTGAGE SECURITIES
INSTITUTIONAL CLASS
1995* $ 9.71 $0.31 $ 0.11 $(0.31) $ -- $ 9.82
1994(5) 10.30 0.38 (0.59) (0.38) -- 9.71
RETAIL CLASS A
1995* $ 9.71 $0.31 $ 0.11 $(0.31) $ -- $ 9.82
1994 10.34 0.56 (0.63) (0.56) -- 9.71
1993(11) 10.00 0.42 0.34 (0.42) -- 10.34
ASSET ALLOCATION
INSTITUTIONAL CLASS
1995* $10.38 $0.19 $ 0.51 $(0.19) $(0.25) $10.64
1994(5) 10.68 0.20 (0.30) (0.20) -- 10.38
RETAIL CLASS A
1995* $10.39 $0.19 $ 0.49 $(0.18) $(0.25) $10.64
1994 10.60 0.27 (0.08) (0.26) (0.14) 10.39
1993(11) 10.00 0.19 0.60 (0.19) -- 10.60
RETAIL CLASS B
1995* $10.37 $0.14 $ 0.50 $(0.15) $(0.25) $10.61
1994(13) 10.40 0.05 (0.03) (0.05) -- 10.37
BALANCED
INSTITUTIONAL CLASS
1995* $10.54 $0.19 $ 0.65 $(0.18) $(0.15) $11.05
1994(5) 10.86 0.25 (0.32) (0.25) -- 10.54
RETAIL CLASS A
1995* $10.54 $0.19 $ 0.63 $(0.17) $(0.15) $11.04
1994 10.73 0.34 (0.02) (0.34) (0.17) 10.54
1993(11) 10.00 0.28 0.75 (0.28) (0.02) 10.73
RETAIL CLASS B
1995* $10.53 $0.15 $ 0.64 $(0.14) $(0.15) $11.03
1994(13) 10.66 0.06 (0.12) (0.07) -- 10.53
LIMITED VOLATILITY STOCK
INSTITUTIONAL CLASS
1995(14) $10.00 $0.11 $ 0.61 $(0.10) $ -- $10.62
</TABLE>
(table continued)
<TABLE>
<CAPTION>
RATIO OF RATIO OF
NET EXPENSES TO
NET ASSETS RATIO OF INVESTMENT AVERAGE
END OF EXPENSES TO INCOME TO NET ASSETS
TOTAL PERIOD AVERAGE AVERAGE (EXCLUDING PORTFOLIO
RETURN (000) NET ASSETS NET ASSETS WAIVERS) TURNOVER RATE
<S> <C> <C> <C> <C> <C> <C>
5.10%+ $188,547 0.70% 6.60% 1.00% 28%
(3.23%)+ 90,187 0.61 5.53 0.92 142
5.16%+ $ 6,881 0.77% 6.45% 1.25% 28%
(2.92%) 8,028 0.68 3.83 1.06 142
9.20% 53,601 0.70 5.65 1.14 91
12.34% 5,645 0.99 6.12 2.68 180
12.48%+ 6,045 0.99 6.85 4.11 176
5.14% 2,209 1.07 7.49 5.46 144
10.93% 555 1.22 7.26 22.44 157
8.07%+ 240 0.96 7.18 20.70 93
4.70%+ $ 1,537 1.70% 5.71% 2.00% 28%
(0.88%)+ 115 1.70 4.89 1.92 142
4.57%+ $ 29,310 0.70% 6.43% 1.03% 14%
(2.15%)+ 28,418 0.56 5.79 1.07 35
4.57%+ $ 259 0.70% 6.42% 1.28% 14%
(0.79%) 256 0.70 5.12 1.30 35
7.76%+ 30,515 0.70 5.24 1.42 29
6.93%+ $ 40,766 0.77% 3.76% 1.01% 63%
(0.90%)+ 47,227 0.75 2.91 1.12 32
6.76%+ $ 706 0.92% 3.61% 1.26% 63%
1.81% 707 0.75 2.01 1.29 32
8.01%+ 56,393 0.75 2.40 1.34 31
6.38%+ $ 203 1.77% 2.80% 2.01% 63%
0.19% 11 1.75 1.94 2.12 32
8.21%+ $150,640 0.78% 3.72% 0.97% 26%
(0.64%)+ 125,285 0.75 3.51 1.05 98
8.04%+ $ 13,571 0.92% 3.56% 1.22% 26%
3.02% 13,734 0.77 2.63 1.24 98
10.39%+ 111,225 0.75 3.31 1.29 77
7.66%+ $ 845 1.78% 2.78% 1.97% 26%
(0.55%)+ 270 1.75 2.80 2.05 98
7.28%+ $15,642 0.75% 2.84% 1.33% 20%
</TABLE>
+Returns, excluding sales charges, are for the period indicated and have not
been annualized.
*All ratios for the period have been annualized.
**Represents distributions in excess of net realized gains.
***(0.11) consists of distributions in excess of net realized gains.
(1)Institutional Class shares have been offered since August 2, 1994. All
ratios for the period have been annualized.
(2)On April 28, 1994 the Board of Directors of FAMF approved a change in
FAMF's fiscal year end from November 30 to September 30, effective September
30, 1994. All ratios for the period have been annualized.
(3)For the period ended November 30.
(4)Commenced operations on February 19, 1993. All ratios for the period have
been annualized.
(5)Institutional Class shares have been offered since February 4, 1994. All
ratios for the period have been annualized.
(6)On September 3, 1991, the Board of Directors of FAIF approved a change in
the FAIF's fiscal year end from October 31 to September 30, effective
September 30, 1991. All ratios for the period have been annualized.
(7)For the period ended October 31.
(8)Commenced operations on December 22, 1987. All ratios for the period have
been annualized.
(9)Commenced operations on February 28, 1994. All ratios for the period have
been annualized.
(10)Commenced operations on April 4, 1994. All ratios for the period have
been annualized.
(11)Commenced operations on December 14, 1992. All ratios for the period have
been annualized.
(12)Closed operations on January 31, 1995. All ratios for the period have
been annualized.
(13)Retail Class B shares have been offered since August 15, 1994. All ratios
for the period have been annualized.
(14)Commenced operations on November 15, 1994. All ratios for the period have
been annualized.
The accompanying notes are an integral part of the financial statements.
FINANCIAL HIGHLIGHTS (CONCLUDED)
(Unaudited)
For the period ended March 31, 1995 and the periods ended September 30,
For a share outstanding throughout the period
<TABLE>
<CAPTION>
REALIZED
AND
NET ASSET NET UNREALIZED DIVIDENDS NET ASSET
VALUE INVESTMENT GAINS OR FROM NET DISTRIBUTIONS VALUE
BEGINNING INCOME (LOSSES) ON INVESTMENT FROM END OF
OF PERIOD (LOSS) INVESTMENTS INCOME CAPITAL GAINS PERIOD
<S> <C> <C> <C> <C> <C> <C>
EQUITY INDEX
INSTITUTIONAL CLASS
1995* $10.67 $0.13 $ 0.86 $(0.13) $(0.09) $11.44
1994(1) 10.85 0.20 (0.18) (0.20) -- 10.67
RETAIL CLASS A
1995* $10.68 $0.12 $ 0.86 $(0.12) $(0.09) $11.45
1994 10.60 0.25 0.09 (0.25) (0.01) 10.68
1993(2) 10.00 0.20 0.60 (0.20) -- 10.60
RETAIL CLASS B
1995* $10.66 $0.12 $ 0.81 $(0.09) $(0.09) $11.41
1994(3) 10.68 0.01 0.04 (0.07) -- 10.66
EQUITY INCOME
INSTITUTIONAL CLASS
1995* $ 9.89 $0.20 $ 0.43 $(0.19) $ -- $10.33
1994(4) 9.90 0.07 (0.03) (0.05) -- 9.89
RETAIL CLASS A
1995 $ 9.89 $0.21 $ 0.42 $(0.19) $ -- $10.33
1994(5) 9.87 0.41 -- (0.39) -- 9.89
1993(6)(7) 10.00 0.57 (0.14) (0.56) -- 9.87
RETAIL CLASS B
1995* $ 9.88 $0.17 $ 0.41 $(0.16) $ -- $10.30
1994(3) 9.87 0.04 0.02 (0.05) -- 9.88
STOCK
INSTITUTIONAL CLASS
1995* $16.50 $0.18 $ 1.37 $(0.16) $(0.59) $17.30
1994(1) 16.47 0.25 0.03 (0.25) -- 16.50
RETAIL CLASS A
1995* $16.51 $0.17 $ 1.37 $(0.15) $(0.59) $17.31
1994 16.00 0.31 1.00 (0.30) (0.50) 16.51
1993 14.04 0.22 1.99 (0.23) (0.02) 16.00
1992 13.62 0.24 0.81 (0.29) (0.34) 14.04
1991(8) 10.64 0.28 2.95 (0.22) (0.03) 13.62
1990(9) 12.09 0.25 (1.17) (0.25) (0.28) 10.64
1989(9) 10.35 0.25 1.70 (0.20) (0.01) 12.09
1988(9)(10) 10.03 0.27 0.35 (0.30) -- 10.35
RETAIL CLASS B
1995* $16.49 $0.15 $ 1.32 $(0.11) $(0.59) $17.26
1994(3) 16.65 0.03 (0.10) (0.09) -- 16.49
DIVERSIFIED GROWTH
INSTITUTIONAL CLASS
1995* $ 9.10 $0.08 $ 0.84 $(0.08) $ -- $ 9.94
1994(4) 8.92 0.03 0.18 (0.03) -- 9.10
RETAIL CLASS A
1995* $ 9.09 $0.08 $ 0.84 $(0.08) $ -- $ 9.93
1994(5) 9.39 0.10 (0.29) (0.11) -- 9.09
1993(6)(7) 10.00 0.11 (0.63) (0.09) -- 9.39
RETAIL CLASS B
1995* $ 9.09 $0.06 $ 0.82 $(0.05) $ -- $ 9.92
1994(3) 8.87 0.01 0.23 (0.02) -- 9.09
SPECIAL EQUITY
INSTITUTIONAL CLASS
1995* $17.30 $0.19 $(0.08) $(0.18) $(1.02) $16.21
1994(1) 16.34 0.22 0.96 (0.22) -- 17.30
RETAIL CLASS A
1995* $17.30 $0.18 $(0.08) $(0.17) $(1.02) $16.21
1994 15.81 0.28 2.52 (0.28) (1.03) 17.30
1993 13.61 0.23 2.32 (0.25) (0.10) 15.81
1992 12.98 0.21 1.61 (0.27) (0.92) 13.61
1991(8) 10.33 0.30 2.61 (0.26) -- 12.98
1990(9) 12.96 0.47 (2.03) (0.46) (0.61) 10.33
1989(9) 11.55 0.47 1.39 (0.41) (0.04) 12.96
1988(9)(10) 10.03 0.34 1.57 (0.39) -- 11.55
RETAIL CLASS B
1995* $17.29 $0.18 $(0.16) $(0.13) $(1.02) $16.16
1994(3) 16.51 0.01 0.85 (0.08) -- 17.29
</TABLE>
(table continued)
<TABLE>
<CAPTION>
RATIO OF NET RATIO OF
INVESTMENT EXPENSES TO
RATIO OF INCOME AVERAGE
NET ASSETS EXPENSES TO (LOSS) NET ASSETS
END OF AVERAGE TO AVERAGE (EXCLUDING PORTFOLIO
TOTAL RETURN PERIOD (000) NET ASSETS NET ASSETS WAIVERS) TURNOVER RATE
<S> <C> <C> <C> <C> <C> <C>
9.50%+ $177,063 0.35% 2.49% 0.96% 2%
0.18%+ 163,688 0.35 2.59 1.03 11
9.42%+ $ 1,195 0.51% 2.34% 1.21% 2%
3.25% 758 0.35 2.23 1.23 11
8.02%+ 139,957 0.35 2.52 1.30 1
8.89%+ $ 95 1.35% 1.50% 1.96% 2%
0.48%+ 29 1.35 1.68 2.03 11
6.54%+ $ 41,954 0.75% 4.45% 1.09% 7%
0.45%+ 17,489 0.75 5.61 1.14 108
6.50%+ $ 1,762 0.82% 4.21% 1.34% 7%
4.22%+ 1,852 0.88 4.88 1.39 108
4.44%+ 28,786 0.75 6.09 1.36 68
5.99%+ $ 159 1.75% 4.15% 2.09% 7%
0.57%+ 1 1.75 4.39 2.14 108
9.86%+ $232,328 0.78% 2.21% 0.97% 22%
1.70%+ 154,949 0.75 2.28 1.01 65
9.80%+ $ 9,717 0.93% 2.04% 1.22% 22%
8.35% 8,421 0.76 1.51 1.20 65
15.82% 134,186 0.75 1.94 1.28 48
7.88% 3,644 1.45 1.75 4.46 39
30.49%+ 2,386 1.45 2.47 7.42 76
(8.22%) 1,161 1.45 2.24 9.47 41
20.33% 323 1.24 2.26 36.39 74
6.40%+ 206 1.02 2.67 28.60 80
9.33%+ $ 1,473 1.78% 1.31% 1.97% 22%
(0.43%)+ 346 1.75 1.58 2.01 65
10.19%+ $ 79,275 0.75% 1.92% 1.06% 11%
2.36%+ 31,875 0.75 2.37 1.08 101
10.17%+ $ 1,827 0.83% 1.76% 1.31% 11%
(2.07%)+ 1,900 0.90 1.15 1.33 101
(5.18%)+ 31,084 0.78 1.26 1.25 5
9.70%+ $ 70 1.75% 1.03% 2.06% 11%
2.75%+ 12 1.75 1.20 2.08 101
1.11%+ $166,545 0.85% 2.47% 0.98% 38%
7.31%+ 128,806 0.79 1.93 1.03 116
1.05%+ $ 8,726 1.00% 2.30% 1.23% 38%
18.70% 7,333 0.81 1.88 1.23 116
18.91% 81,899 0.81 2.07 1.31 104
15.17% 3,586 1.50 1.61 4.18 146
28.38%+ 3,423 1.50 2.60 5.13 116
(13.24%) 2,761 1.50 4.09 4.21 113
17.41% 2,000 1.38 4.07 8.68 102
19.56%+ 578 1.20 4.02 15.60 51
0.52%+ $ 2,094 1.85% 1.54% 1.98% 38%
5.22%+ 370 1.68 0.47 2.03 116
</TABLE>
(Unaudited)
<TABLE>
<CAPTION>
REALIZED
AND
NET ASSET NET UNREALIZED DIVIDENDS NET ASSET
VALUE INVESTMENT GAINS OR FROM NET DISTRIBUTIONS VALUE
BEGINNING INCOME (LOSSES) ON INVESTMENT FROM END OF
OF PERIOD (LOSS) INVESTMENTS INCOME CAPITAL GAINS PERIOD
<S> <C> <C> <C> <C> <C> <C>
REGIONAL EQUITY
INSTITUTIONAL CLASS
1995* $12.52 $0.05 $1.17 $(0.06) $(0.32) $13.36
1994(1) 12.41 0.07 0.11 (0.07) -- 12.52
RETAIL CLASS A
1995* $12.52 $0.04 $1.17 $(0.05) $(0.32) $13.36
1994 11.96 0.08 0.71 (0.07) (0.16) 12.52
1993(2) 10.00 0.05 1.96 (0.05) -- 11.96
RETAIL CLASS B
1995* $12.50 $0.03 $1.12 $(0.03) $(0.32) $13.30
1994(3) 12.19 -- 0.33 (0.02) -- 12.50
EMERGING GROWTH
INSTITUTIONAL CLASS
1995* $10.56 $0.02 $0.85 $(0.02) $(0.15) $11.26
1994(11) 10.00 0.01 0.56 (0.01) -- 10.56
RETAIL CLASS A
1995* $10.57 $0.01 $0.85 $(0.02) $(0.15) $11.26
1994(11) 10.00 0.01 0.57 (0.01) -- 10.57
RETAIL CLASS B
1995* $10.55 $(0.01) $ 0.82 $ -- $(0.15) $11.21
1994(3) 9.89 (0.01) 0.67 -- -- 10.55
INTERNATIONAL
INSTITUTIONAL CLASS
1995* $10.22 $ 0.01 $(1.71) $ -- $ -- $ 8.52
1994(11) 10.00 (0.01) 0.23 -- -- 10.22
RETAIL CLASS A
1995* $10.21 $ -- $(1.70) $ -- $ -- $ 8.51
1994(12) 9.98 (0.01) 0.24 -- -- 10.21
RETAIL CLASS B
1995* $10.21 $(0.03) $(1.72) $ -- $ -- $ 8.46
1994(3) 10.23 (0.01) (0.01) -- -- 10.21
TECHNOLOGY
INSTITUTIONAL CLASS
1995* $11.19 $(0.01) $ 2.03 $ -- $(0.23) $12.98
1994(11) 10.00 (0.01) 1.20 -- -- 11.19
RETAIL CLASS A
1995* $11.19 $(0.01) $ 2.02 $ -- $(0.23) $12.97
1994(11) 10.00 (0.01) 1.20 -- -- 11.19
RETAIL CLASS B
1995* $11.17 $ -- $ 1.94 $ -- $(0.23) $12.88
1994(3) 9.85 (0.02) 1.34 -- -- 11.17
</TABLE>
(table continued)
<TABLE>
<CAPTION>
RATIO OF
NET RATIO OF
INVESTMENT EXPENSES TO
RATIO OF INCOME AVERAGE
NET ASSETS EXPENSES TO (LOSS) TO NET ASSETS PORTFOLIO
TOTAL END OF AVERAGE AVERAGE (EXCLUDING TURNOVER
RETURN PERIOD (000) NET ASSETS NET ASSETS WAIVERS) RATE
<S> <C> <C> <C> <C> <C> <C>
10.11%+ $120,569 0.83% 0.83% 0.98% 18%
1.46%+ 96,045 0.80 0.82 1.05 41
10.06%+ $ 10,008 0.98% 0.68% 1.23% 18%
6.76% 8,345 0.82 0.59 1.25 41
20.17%+ 58,427 0.80 0.59 1.30 28
9.57%+ $ 1,156 1.83% (0.13)% 1.98% 18%
2.73%+ 185 1.80 (0.41) 2.05 41
8.46%+ $ 21,036 0.82% 0.31% 1.49% 17%
5.68%+ 6,849 0.80 0.23 2.59 19
8.25%+ $ 134 0.91% 0.22% 1.74% 17%
5.88%+ 91 0.79 0.23 2.84 19
7.87%+ $ 52 1.82% (0.70)% 2.49% 17%
6.67%+ 18 1.80 (0.85) 3.59 19
(16.63)%+ $ 65,629 1.75% 0.08% 1.91% 23%
2.20%+ 47,963 1.75 (0.19) 2.05 16
(16.65)%+ $ 499 1.85% (0.10)% 2.02% 23%
2.30%+ 464 1.75 (0.26) 2.30 16
(17.14)%+ $ 68 2.75% (0.95)% 2.97% 23%
(0.20)%+ 22 2.75 (0.71) 3.05 16
18.29%+ $ 15,377 0.84% (0.20)% 1.53% 28%
11.90%+ 6,491 0.80 (0.21) 3.12 43
18.20%+ $ 256 0.98% (0.30)% 1.84% 28%
11.90%+ 61 0.80 (0.21) 3.37 43
17.60%+ $ 169 1.84% (0.99)% 2.59% 28%
13.40%+ 2 1.80 (1.44) 4.12 43
</TABLE>
+Returns, excluding sales charges, are for the period indicated and have not
been annualized.
*All ratios for the period have been annualized.
(1)Institutional Class shares have been offered since February 4, 1994. All
ratios for the period have been annualized.
(2)On September 3, 1991, the Board of Directors of FAIF approved a change in
the FAIF's fiscal year end from October 31 to September 30, effective
September 30, 1991. All ratios for the period have been annualized.
(3)Retail Class B shares have been offered since August 15, 1994. All ratios
for the period have been annualized.
(4)Institutional Class shares have been offered since August 2, 1994. All
ratios for the period have been annualized.
(5)On April 28, 1994 the Board of Directors of FAMF approved a change in
FAMF's fiscal year end from November 30 to September 30, effective September
30, 1994. All ratios for the period have been annualized.
(6)For the period ended November 30.
(7)Commenced operations on December 18, 1992. All ratios for the period have
been annualized.
(8)On September 3, 1991, the Board of Directors of FAIF approved a change in
the FAIF's fiscal year end from October 31 to September 30, effective
September 30, 1991. All ratios for the period have been annualized.
(9)For the period ended October 31.
(10)Commenced operations on December 22, 1987. All ratios for the period have
been annualized.
(11)Commenced operations on April 4, 1994. All ratios for the period have
been annualized.
(12)Retail Class A shares have been offered since April 7, 1994. All ratios
for the period have been annualized.
The accompanying notes are an integral part of the financial statements.
NOTES TO FINANCIAL STATEMENTS----MARCH 31, 1995 (Unaudited)
1 ORGANIZATION
First American Limited Tax Free Income Fund (formerly Boulevard Managed
Municipal Fund), Intermediate Tax Free Fund (formerly Municipal Bond Fund),
Minnesota Insured Intermediate Tax Free Fund, Colorado Intermediate Tax Free
Fund, Limited Term Income Fund, Intermediate Term Income Fund, Intermediate
Government Bond Fund (formerly Government Bond Fund), Fixed Income Fund,
Mortgage Securities Fund, Asset Allocation Fund, Balanced Fund, Limited
Volatility Stock Fund, Equity Index Fund, Equity Income Fund (formerly
Boulevard Strategic Balanced Fund), Stock Fund, Diversified Growth (formerly
Boulevard Blue-Chip Growth Fund), Special Equity Fund, Regional Equity Fund,
Emerging Growth Fund, International Fund, Technology Fund, and Real Estate
Securities Fund are registered under the Investment Company Act of 1940, as
amended, as open end, management investment companies. The Real Estate
Securities Fund was not in operation at March 31, 1995. The Funds' articles
of incorporation permit the Board of Directors to create additional funds in
the future.
The Funds offer three classes of shares: the Institutional Class C Shares,
the Retail Class A Shares, and the Retail Class B Shares. Each class is sold
pursuant to different sales arrangements and bear different expenses.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies followed by the Funds are as follows:
Security Valuation -- Investment securities of the Funds which are listed on
a securities exchange for which market quotations are available are valued by
an independent pricing service at the last quoted sales price for such
securities on each business day. If there is no such reported sale, these
securities and unlisted securities for which market quotations are readily
available are valued at the most recent quoted bid price. Debt obligations
with sixty days or less remaining until maturity may be valued at their
amortized cost. Under this valuation method, purchase discounts and premiums
are accreted and amortized ratably to maturity and are included in interest
income. Foreign securities are valued based upon quotation from the primary
market in which they are traded. When market quotations are not readily
available, securities are valued at fair value as determined in good faith by
procedures established by the Board of Directors.
Security Transactions and Investment Income -- The Funds record security
transactions on the trade date, the date the securities are purchased or
sold. Dividend income is recorded on the ex-dividend date. Interest income,
including amortization of bond premium and discount, is recorded on the
accrual basis. Security gains and losses are determined on the basis of
identified cost, which is the same basis used for Federal income tax
purposes.
Distributions to Shareholders -- Limited Tax Free Income Fund, Intermediate
Tax Free Fund, Minnesota Insured Intermediate Tax Free Fund, Colorado
Intermediate Tax Free Fund, Limited Term Income Fund, Intermediate Term
Income Fund, Intermediate Government Bond Fund, Fixed Income Fund, Mortgage
Securities Fund, Asset Allocation Fund, Balanced Fund, Limited Volatility
Stock Fund, Equity Index Fund, Equity Income Fund, Stock Fund, Diversified
Growth, and Special Equity Fund declare and pay income dividends monthly.
Regional Equity Fund, Emerging Growth Fund and Technology Fund declare and
pay income dividends quarterly. International Fund declares and pays
dividends annually. Any net realized capital gains on sales of securities for
a fund are distributed to shareholders at least annually.
Federal Taxes -- It is each Fund's intention to continue to qualify as a
regulated investment company and distribute all of its taxable income.
Accordingly, no provision for Federal income taxes is required. For Federal
income tax purposes required distributions related to realized gains from
security transactions are computed as of October 31st.
Futures Transactions -- In order to gain exposure to or protect against
changes in the market, certain Funds may enter into S&P Stock Index futures
contracts and other stock futures contracts.
Upon entering into a futures contract, the Fund is required to deposit cash
or pledge "U.S." Government securities in an amount equal to five percent of
the purchase price indicated in the futures contract (initial margin).
Subsequent payments, which are dependent on the daily fluctuations in the
value of the underlying security or securities, are made or received by the
Fund each day (daily variation margin) and are recorded as unrealized gains
or losses until the contracts are closed. When the contracts are closed, the
Fund records a realized gain or loss equal to the difference between the
proceeds from (or cost of) the closing transaction and the Fund's basis in
the contracts. Risks of entering into futures contracts include the
possibility that there will not be a perfect price correlation between the
futures contracts and the underlying securities. Second, it is possible that
a lack of liquidity for futures contracts could exist in the secondary
market, resulting in an inability to close a futures position prior to its
maturity date. Third, the purchase of a futures contract involves the risk
that a Fund could lose more than the original margin deposit required to
initiate a futures transaction. Unrealized gains or losses on outstanding
positions in futures contracts held at the close of the year will be
recognized as capital gains or losses for Federal income tax purposes.
Repurchase Agreements -- The Funds may enter into repurchase agreements with
member banks of the Federal Deposit Insurance Company or registered broker
dealers whom the Adviser or Sub-Adviser deems creditworthy under guidelines
approved by the Board of Directors, subject to the seller's agreement to
repurchase such securities at a mutually agreed upon date and price. The
repurchase price would generally equal the price paid by the Fund plus
interest negotiated on the basis of current short-term rates.
Securities pledged as collateral for repurchase agreements are held by the
custodian bank until the respective agreements mature. The Portfolios may
also invest in tri-party repurchase agreements. Securities held as collateral
for tri-party repurchase agreements are maintained in a segregated account by
the broker's custodian bank until the maturity of the repurchase agreement.
Provisions of the repurchase agreements ensure that the market value of the
collateral, including accrued interest thereon, is sufficient in the event of
default of the counterparty. If the counterparty defaults and the value of
the collateral declines or if the counterparty enters an insolvency
proceeding, realization of the collateral by the Funds may be delayed or
limited.
Securities Purchased on a When-Issued Basis -- Delivery and payment for
securities which have been purchased by a Fund on a forward commitment or
when-issued basis can take place up to a month or more after the transaction
date. During this period, such securities are subject to market fluctuations
and the portfolio maintains, in a segregated account with its custodian,
assets with a market value equal to or greater than the amount of its
purchase commitments.
Foreign Currency Translation -- The books and records of the International
Fund are maintained in U.S. dollars on the following bases:
(I) market value of investment securities, assets and liabilities at the
current rate of exchange; and
(II) purchases and sales of investment securities, income and expenses at
the relevant rates of exchange prevailing on the respective dates of
such transactions.
The International Fund does not isolate that portion of gains and losses on
investments in equity securities which is due to changes in the foreign
exchange rates from that which is due to change in market prices of equity
securities.
The International Fund reports certain foreign currency related transactions
as components of realized gains for financial reporting purposes, whereas
such components are treated as ordinary income for Federal income tax
purposes.
Forward Foreign Currency Contracts -- The International Fund enters into
forward foreign currency contracts as hedges against either specific
transactions or fund positions. The aggregate principal amount of the
contracts are not recorded as the International Fund intends to settle the
contracts prior to delivery. All commitments are "marked-to-market" daily at
the applicable foreign exchange rate and any resulting unrealized gains or
losses are recorded currently. The International Fund realizes gains or
losses at the time the forward contracts are extinguished. Unrealized gains
or losses on outstanding positions in forward foreign currency contracts held
at the close of the year will be recognized as ordinary income or loss for
Federal income tax purposes.
Expenses -- Expenses that are directly related to one of the Funds are
charged directly to that Fund. Other operating expenses are prorated to the
Funds on the basis of relative net asset value. Class specific expenses, such
as the 12b-1 fees, are borne by that class. Income, other expenses and
realized and unrealized gains and losses of a Fund are allocated to the
respective class on the basis of the relative net asset value each day.
3 INVESTMENT SECURITY TRANSACTIONS
During the period ended March 31, 1995, purchases of securities and proceeds
from sales of securities, other than temporary investments in short-term
securities, were as follows (000):
<TABLE>
<CAPTION>
U.S. GOVERNMENT OTHER INVESTMENT
SECURITIES SECURITIES
PURCHASES SALES PURCHASES SALES
<S> <C> <C> <C> <C>
Limited Term Tax Free
Income Fund $ $ $4,329 $6,605
Intermediate Tax
Free Fund -- -- 29,678 8,604
Minnesota Insured
Intermediate Tax
Free Fund -- -- 51,239 7,301
Colorado
Intermediate
Tax Free Fund -- -- 38,456 2,024
Limited Term Income
Fund 1,002 -- 63,040 45,539
Intermediate Term
Income Fund 17,573 9,200 1,929 1,558
Intermediate
Government
Bond Fund 59,204 5,700 -- --
Fixed Income Fund 86,613 38,285 22,830 739
Mortgage Securities
Fund 4,936 3,460 0 320
Asset Allocation
Fund 16,546 21,797 4,230 12,114
Balanced Fund 21,213 17,382 27,970 19,220
Limited Volatility
Stock Fund -- -- 14,899 2,323
Equity Index Fund -- -- 2,646 10,246
Equity Income Fund -- -- 23,551 2,061
Stock Fund -- -- 91,691 39,660
Diversified Growth
Fund -- -- 45,743 5,590
Special Equity Fund -- -- 73,950 44,033
Regional Equity
Fund -- -- 36,293 18,206
Emerging Growth
Fund -- -- 13,913 1,971
International Fund -- -- 38,678 12,099
Technology Fund -- -- 10,109 2,936
</TABLE>
At March 31, 1995 the total cost of securities for Federal Income Tax
purposes, was not materially different from amounts reported for financial
reporting purposes. The aggregate gross unrealized appreciation and
depreciation for securities held by the Funds at March 31, 1995 is as follows
(000):
<TABLE>
<CAPTION>
AGGREGATE AGGREGATE
GROSS GROSS
APPRECIATION DEPRECIATION NET
<S> <C> <C> <C>
Limited Term Tax Free Income Fund $ 42 $ (36) $ 6
Intermediate Tax Free Fund 689 (17) 672
Minnesota Insured Intermediate
Tax Free Fund 1,537 (76) 1,461
Colorado Intermediate Tax Free
Fund 1,421 (2) 1,419
Limited Term Income Fund 126 (1,873) (1,747)
Intermediate Term Income Fund 391 (1,478) (1,087)
Intermediate Government Bond
Fund 911 (171) 740
Fixed Income Fund 2,860 (730) 2,130
Mortgage Securities Fund 104 (995) (891)
Asset Allocation Fund 3,345 (752) 2,593
Balanced Fund 13,407 (2,732) 10,675
Limited Volatility Stock Fund 1,044 (176) 868
Equity Index Fund 25,117 (6,969) 18,148
Equity Income Fund 2,573 (595) 1,978
Stock Fund 27,150 (2,081) 25,069
Diversified Growth Fund 7,805 (1,046) 6,759
Special Equity Fund 10,034 (3,439) 6,595
Regional Equity Fund 24,417 (6,723) 17,694
Emerging Growth Fund 2,425 (850) 1,575
International Fund 2,446 (8,988) (6,542)
Technology Fund 2,554 (497) 2,057
</TABLE>
4 FEES AND EXPENSES
Pursuant to an investment advisory agreement (the Agreement), First Bank
National Association (the Adviser) manages each Fund's assets and furnishes
related office facilities, equipment, research and personnel. The Agreement
requires each Fund to pay the Adviser a monthly fee based upon average daily
net assets. The fee for all funds, other than the International Fund, is
equal to an annual rate of .70% of the average daily net assets. The fee for
the International Fund is equal to an annual rate of 1.25% of average daily
net assets. Through a separate contractual agreement, First Trust National
Association, an affiliate of the Adviser, serves as the Funds' custodian.
Marvin & Palmer Associates, Inc., serves as Sub-Adviser to the International
Fund pursuant to a Sub-Advisory Agreement with the Adviser.
SEI Financial Services Company (SFS) and SEI Financial Management
Corporation, (SFM) serve as distributor and administrator of the Funds,
respectively. Under the distribution plan, each of the Funds pay SFS a
monthly distribution fee of .25% of each Fund's average daily net assets of
the Retail class A shares and 1.00% of the Retail class B shares, which may
be used by SFS to provide compensation for sales support and distribution
activities. SFM provides administrative services, including certain
accounting, legal and shareholder services, at an annual rate of .12% of each
Fund's average daily net assets, with a minimum annual fee of $50,000 per
Fund.
In addition to the investment advisory and management fees, custodian fees,
distribution fees, administrator and transfer agent fees, each fund is
responsible for paying most other operating expenses including organization
costs, fees and expenses of outside directors, registration fees, printing
shareholder reports, legal, auditing, insurance and other miscellaneous
expenses.
During the period ended March 31, 1995, the Adviser and other parties waived
a portion of their contractual fees in order to assist the Funds in
maintaining a competitive expense ratio. Expenses were waived as follows
(000):
<TABLE>
<CAPTION>
WAIVER OF
INVESTMENT WAIVER OF WAIVER OF
ADVISORY ADMINISTRATOR DISTRIBUTION
FEES FEES FEES (1)
<S> <C> <C> <C>
Limited Term Tax Free
Income Fund $ 54 $-- $ 1
Intermediate Tax Free
Fund 57 -- 1
Minnesota Insured
Intermediate Tax Free
Fund 79 -- 2
Colorado Intermediate
Tax Free Fund 69 -- 1
Limited Term Income
Fund 151 12 12
Intermediate Term
Income Fund 95 11 3
Intermediate Government
Bond Fund 102 6 3
Fixed Income Fund 206 20 6
Mortgage Securities
Fund 48 -- --
Asset Allocation Fund 45 7 --
Balanced Fund 119 21 7
Limited Volatility
Stock Fund 27 -- --
Equity Index Fund 485 17 --
Equity Income Fund 57 -- 1
Stock Fund 170 20 4
Diversified Growth Fund 84 6 1
Special Equity Fund 73 21 4
Regional Equity Fund 69 16 4
Emerging Growth Fund 44 -- --
International Fund 42 5 1
Technology Fund 41 -- --
</TABLE>
(1) Retail class A
For the period ended March 31, 1995, legal fees and expenses were paid to a law
firm of which the Secretary of the Funds is a partner.
Effective April 14, 1995, Supervised Service Company was acquired by DST
Systems, Inc. DST Systems, Inc. now provides transfer agent services for the
Funds.
A Contingent Deferred Sales Charge (CDSL) is imposed on redemptions made in
the Retail Class B. The CDSL varies depending on the number of years from
time of payment for the purchase of Class B shares until the redemption of
such shares.
<TABLE>
<CAPTION>
CONTINGENT DEFERRED SALES
CHARGE
YEAR SINCE AS A PERCENTAGE OF DOLLAR
PURCHASE AMOUNT SUBJECT TO CHARGE
<S> <C>
First 5.00%
Second 5.00%
Third 4.00%
Fourth 3.00%
Fifth 2.00%
Sixth 1.00%
Seventh 0.00%
Eighth 0.00%
</TABLE>
For the period ended March 31, 1995, sales charges retained by SFS for
distributing the Funds' shares were approximately $28,000.
5 DEFERRED ORGANIZATIONAL COSTS
The Funds incurred organization expenses in connection with their start-up
and initial registration. These costs were allocated equally to each fund and
are being amortized over 60 months on a straight-line basis.
6 FORWARD FOREIGN CURRENCY CONTRACTS
The Portfolios enter into forward foreign currency exchange contracts as
hedges against portfolio positions. Such contracts, which protect the value
of the Portfolio's investment securities against a decline in the value of
the hedged currency, do not eliminate fluctuations in the underlying prices
of the securities. They simply establish an exchange rate at a future date.
Also, although such contracts tend to minimize the risk of loss due to a
decline in the value of a hedged currency, at the same time they tend to
limit any potential gain that might be realized should the value of such
foreign currency increase.
The following forward foreign currency contracts were outstanding at March
31, 1995.
<TABLE>
<CAPTION>
INTERNATIONAL FUND
NET
CONTRACTS TO IN UNREALIZED
DELIVER/ EXCHANGE APPRECIATION/
SETTLEMENT RECEIVE FOR (DEPRECIATION)
DATES (000) (000) (000)
<S> <C> <C> <C> <C> <C>
Foreign Currency
Sales 4/13/95 CH 560 $ 472 $ (23)
4/13/95 CH 610 518 (21)
4/13/95 DM 1,240 873 (29)
4/13/95 DM 1,450 1,026 (29)
4/13/95 UK 590 931 (24)
4/13/95 UK 750 1,189 (26)
4/13/95 UK 340 541 (10)
4/13/95 IT 1,064,200 629 4
4/13/95 IT 957,000 567 4
4/13/95 JY 365,840 4,011 (212)
4/13/95 JY 327,110 3,586 (189)
4/13/95 SK 12,510 1,717 24
4/13/95 SK 13,270 1,828 32
$17,888 $(499)
Foreign Currency
Purchases 4/3/95 SG 215 $ 152 $ 1
4/5/95 MY 267 105 1
4/11/95 UK 19 30 --
4/13/95 IT 267,900 157 1
4/13/95 JY 354,810 4,103 (8)
4/13/95 DM 1,240 906 (4)
4/13/95 DM 10 7 --
$ 5,460 $ (9)
$(508)
</TABLE>
CURRENCY LEGEND
CH Swiss Francs
DM German Marks
IT Italian Lira
JY Japanese Yen
MY Malaysian Ringett
SG Singapore Dollar
SK Swedish Krona
UK British Pounds Sterling
7 FUTURES CONTRACTS
The Equity Index Portfolio's investment in S&P 500 Index futures contracts is
designed to assist the Portfolio in more closely approximating the
performance of the S&P 500 Index. Risks of entering into S&P 500 Index
futures contracts include the possibility that there may be an illiquid
market and that a change in the value of the contract may not correlate with
changes in the value of the underlying securities. Should the S&P 500 Index
move unexpectedly, the Portfolio may not receive the anticipated benefits
from the S&P 500 Index futures contracts and may realize a loss. At March 31,
1995, open S&P 500 Index futures contracts were as follows:
<TABLE>
<CAPTION>
NUMBER UNREALIZED
OF TRADE SETTLEMENT GAIN
CONTRACTS PRICE MONTH (000)
<S> <C> <C> <C>
32 $497.10 June 1995 $117
2 499.05 June 1995 5
1 494.50 June 1995 5
1 499.65 June 1995 3
$130
</TABLE>
8 CONCENTRATION OF CREDIT RISK
The Limited Term Tax Free Income Fund, Intermediate Tax Free Fund, Minnesota
Insured Intermediate Tax Free Fund, and Colorado Intermediate Tax Free Fund
invest in debt instruments of municipal issuers. Although these Funds
maintain a diversified portfolio, the issuers ability to meet their
obligations may be affected by economic developments in a specific state or
region.
The Limited Term Tax Free Income Fund, Intermediate Tax Free Fund, Minnesota
Insured Intermediate Tax Free Fund, and Colorado Intermediate Tax Free Fund
invest in securities which include revenue bonds, tax and revenue
anticipation notes, and general obligation bonds. At March 31, 1995, the
percentage of portfolio investments by each revenue source was as follows:
<TABLE>
<CAPTION>
LIMITED MINNESOTA COLORADO
TERM INTERMEDIATE INSURED INTERMEDIATE
TAX FREE TAX FREE INTERMEDIATE TAX FREE
FUND FUND TAX FREE FUND FUND
<S> <C> <C> <C> <C>
REVENUE BONDS:
Education Bonds 1% 7% 5% 5%
Health Care Bonds 5 11 17 4
Transportation
Bonds 13 1 2 4
Utility Bonds 18 18 6 6
Housing Bonds 12 12 25 5
Pollution Control
Bonds -- 5 6 2
Industrial Bonds 3 -- -- 1
Other 9 17 8 22
GENERAL OBLIGATIONS 34 29 25 51
TAX AND REVENUE
ANTICIPATION
NOTES 5 -- 6 --
100% 100% 100% 100%
</TABLE>
The rating of long-term debt as a percentage of total value of investments at
March 31, 1995 is as follows:
<TABLE>
<CAPTION>
LIMITED MINNESOTA COLORADO
TERM INTERMEDIATE INSURED INTERMEDIATE
TAX FREE TAX FREE INTERMEDIATE TAX FREE
FUND FUND TAX FREE FUND FUND
<S> <C> <C> <C> <C>
STANDARD & POORS RATINGS:
AAA 29% 53% 67% 58%
AA 18 20 -- 19
AA+ 7 1 6 --
AA- 2 9 9 --
A+ 7 5 5 3
A 9 2 -- 5
A- 2 -- -- --
BBB+ 3 -- -- --
BBB -- -- -- 1
NR 23 10 13 14
100% 100% 100% 100%
</TABLE>
9 ACQUISITION OF FIRST AMERICAN MUTUAL FUND MANAGED INCOME FUND
On February 3, 1995 Limited Term Income acquired all net assets of First
American Mutual Fund (FAMF) Managed Income pursuant to a plan of
reorganization approved by the FAMF shareholders on December 16, 1994. The
acquisition was accompanied by a tax-free exchange of 4,042,254 Shares of
Managed Income Fund Institutional Class for 3,916,789 shares of Limited Term
Income Fund Institutional Class, and 482,125 Shares of Managed Income Retail
Class A for 467,263 shares of Limited Term Income Retail Class A outstanding
as of the close of business on February 3, 1995. Managed Income Fund net
assets at the date were combined with those of Limited Term Income Fund. The
aggregate net assets of Limited Term Income Fund and Managed Income Fund
before the acquisition were $77,167,375 and $42,885,635 respectively.
In addition, under the reorganization agreement the FAMF Limited Term Tax
Free Income, FAMF Equity Income, and FAMF Diversified Growth Funds, were
merged into a new FAIF fund which was identical to the respective FAMF fund.
FIRST AMERICAN INVESTMENT FUNDS, INC.
680 East Swedesford Road
Wayne, Pennsylvania 19087
INVESTMENT ADVISER
FIRST BANK NATIONAL ASSOCIATION
601 Second Avenue South
Minneapolis, Minnesota 55402
CUSTODIAN
FIRST TRUST NATIONAL ASSOCIATION
180 East Fifth Street
St. Paul, Minnesota 55101
ADMINISTRATOR
SEI FINANCIAL MANAGEMENT CORPORATION
680 East Swedesford Road
Wayne, Pennsylvania 19087
TRANSFER AGENT
DST SYSTEMS, INC.
811 Main Street
Kansas City, Missouri 64105
DISTRIBUTOR
SEI FINANCIAL SERVICES COMPANY
680 East Swedesford Road
Wayne, Pennsylvania 19087
INDEPENDENT AUDITORS
KPMG PEAT MARWICK LLP
90 South Seventh Street
Minneapolis, Minnesota 55402
COUNSEL
DORSEY & WHITNEY P.L.L.P.
220 South Sixth Street
Minneapolis, Minnesota 55402
This report and the financial statements contained herein are submitted for
the general information of the shareholders of the corporation. The report is
not authorized for distribution to prospective investors in the corporation
unless preceded or accompanied by an effective prospectus for each of the
Funds included. Shares in the Funds are not deposits or obligations of, or
guaranteed or endorsed by, First Bank National Association or any of its
affiliates. Such shares are also not federally insured by the Federal Deposit
Insurance Corporation, the Federal Reserve Board, or any other agency.
Investment in the shares involve investment risk including loss of principal
amount invested.
FAIF-1303 5/95
