APRIL 30, 1997
SEMI-
ANNUAL
REPORT
INSTITUTIONAL CLASS
(LOGO)
BALANCED
FUND
GROWTH AND
INCOME FUND
EQUITY
INDEX FUND
MIDCORE
GROWTH FUND
SPECIAL
GROWTH FUND
INTERNATIONAL
EQUITY FUND
NOTICE TO INVESTORS
- - Shares of Portico Funds:
- ARE NOT INSURED BY THE FDIC, the US Government or any other governmental
agency;
- are not bank deposits or obligations of or guaranteed by Firstar Bank, its
parent company or its affiliates;
- are subject to investment risks, including possible loss of principal; and
- are offered by B.C. Ziegler and Company, member NASD, SIPC, and an
independent third-party distributor.
- - Firstar Bank affiliates serve as investment adviser, custodian, transfer
agent, administrator, and accounting services agent and receive compensation
for such services as disclosed in the current prospectus.
TABLE OF CONTENTS
Page(s)
SHAREOWNER LETTER...................................................1-2
PORTICO BALANCED FUND...............................................4-5
PORTICO GROWTH AND INCOME FUND......................................6-7
PORTICO EQUITY INDEX FUND...........................................8-9
PORTICO MIDCORE GROWTH FUND........................................10-11
PORTICO SPECIAL GROWTH FUND........................................12-13
PORTICO INTERNATIONAL EQUITY FUND..................................14-15
STATEMENT OF ASSETS AND LIABILITIES................................16-17
STATEMENT OF CHANGES IN NET ASSETS.................................18-19
FINANCIAL HIGHLIGHTS...............................................20-25
STATEMENT OF OPERATIONS..............................................26
SCHEDULE OF INVESTMENTS............................................27-61
NOTES TO FINANCIAL STATEMENTS......................................62-67
June 1997
DEAR SHAREOWNER:
INVESTMENT REVIEW
Over the past six months, the pace of economic activity has accelerated,
interest rates have risen modestly and the stock market, as measured by the Dow
Jones Industrial Average, jumped 1,000 points to a record high. We list the
surprisingly robust conditions affecting the financial markets in the
accompanying chart titled Economic Scorecard. Looking forward, a recently
published National Association of Purchasing Managers report (NAPM), a
historically accurate gauge of future business conditions, suggests valid
reasons for continued optimism:
1) Prices paid for materials have DECLINED by -0.2%.
2) The outlook for labor and benefit expenses for calendar year 1997 is a
modest +2%.
3) The REVENUE OUTLOOK FOR 1997 IMPROVED to +7% - versus + 4.9% for 1996.
4) CAPACITY GROWTH of +4.9% is expected in 1997.
Perhaps the most noteworthy events for the financial markets since our last
report are the narrowing of interest rate spreads for low quality credits and
the significant outperformance of big company stocks (S&P 500; +14.7%) relative
to small and midcap stocks (S&P MidCap 400; +6.9%). OUR PREDICTABLE PROFITS AT
REASONABLE PRICES GROWTH EQUITY STRATEGY WORKS WELL IN THIS SLOW GROWTH,
DISINFLATIONARY ECONOMIC ENVIRONMENT. Importantly, valuation levels between
large cap and midcap stocks are now at parity, providing a level playing field
going forward.
- -------------------------------------------------------------------------------
ECONOMIC SCORECARD
LATEST REPORT TWELVE MONTHS OUTLOOK
GDP Growth +5.8% (1Q97) +2.4% (1996) Upside Surprise
Job Creation +143,000 (April) +2.2% Improving Participation
Rate
Inflation +0.1% (April) +2.5% Downward Bias
Budget Deficit $53 billion $107 billion
(7-mth annual rate) (yr-end 9/96) Falling
30-yr Bond Yield 6.96% (May) 6.35% -7.19% Range Bound
S&P 500 Earnings +15% (1Q97) +13% Continued Above
Expectations
TOTAL RETURNS:
S&P 500 +14.7% (6-mth) +25.1% Flattening
S&P MidCap 400 + 6.9 % (6-mth) +10.1% Upward Bias
- -------------------------------------------------------------------------------
MARKET OUTLOOK
Our economic and market outlook is predicated on the following trends:
1. With fiscal year-to-date Federal tax receipts gaining +9% against a +4%
gain in Federal spending, we continue to forecast a CYCLICALLY BALANCED
FEDERAL BUDGET and expect this year's deficit to drop approximately $47
billion to $60 billion.
2. We anticipate the adoption of the Labor Department's experimental consumer
price index (CPI) which will DECREASE THE REPORTED CPI BY -.3% ANNUALLY.
3. Rapid job creation, along with an improving job "mix", results in
aggregate wage growth of +7% year-over-year, STIMULATING CONSUMER SPENDING.
4. The percentage of the U.S. working-age population employed (the labor force
participation rate) has RISEN from 59% in 1962, to a record 67% today
(source: Deutsche Morgan Grenfell).
5. The aging of the U.S. work force, combined with the labor force
participation rate upswing, is generating SIGNIFICANT PERSONAL SAVINGS
GROWTH - up 44% over the past three years to $275 billion.
6. PRODUCTIVITY IMPROVEMENTS CONTINUE TO OFFSET WAGE GAINS. For 16 consecutive
quarters, S&P 500 profit growth has exceeded total revenue growth. A
productivity-driven economic expansion is not inflationary.
7. The S&P 500's current 18X 1997 price/earnings IS IN THE MIDDLE OF THE
HISTORICAL 15X TO 20X RANGE for valuations when inflation is +2-3%.
8. Falling oil prices should lead to MODERATE MONTHLY INFLATION REPORTS of
+0.1% - 0.2%, or about +2.5% annually.
9. The .8% drop in inflation and .4% rise in interest rates brings "real"
yields up by +1.2% and IMPROVES THE OUTLOOK FOR FIXED-INCOME RETURNS.
10. The ability of S&P 500 companies to sustain double-digit earnings gain in a
5% nominal GDP growth environment explains the resilience of the bull
market and STRENGTHENS THE OUTLOOK FOR OUR PERSISTENT GROWTH COMPANY
STRATEGY.
IN SUMMARY
WE MAINTAIN OUR FAVORABLE OUTLOOK FOR FINANCIAL ASSETS AND FORECAST IMPROVED
RELATIVE RESULTS FOR SMALLER TO MIDCAP STOCKS FOR THE REMAINDER OF 1997. We
expect "over-the-speed-limit" growth in consumer spending will be partially
offset by continued moderate government and healthcare spending trends. This, we
believe, will result in full year Gross Domestic Product (GDP) growth of +3-4%.
For inflation, increased foreign competition, improved productivity, and lower
raw material prices will lead to a 2-3% increase in the CPI.
As always, we appreciate your confidence in the Portico Fund Family and
encourage you to read the portfolio reviews that follow.
(Pictures)
J. SCOTT HARKNESS, CFA MARY ELLEN STANEK, CFA
Chairman/Chief President
Investment Officer
Firstar Investment Research & Management Company
This page intentionally left blank.
BALANCED FUND
After a respectable fiscal 1996, Portico Balanced Fund finished the first half
of fiscal year 1997 with a return of +3.3%. For comparison purposes, the Russell
MidCap/TM Index returned +6.7%, the Lehman Brothers Government/Corporate Bond
Index returned +1.3%, and the 60/40% combination of these two benchmarks, which
closely mirrors the make-up of the Fund, returned +4.5% over this time period.
Our equity focus on small- to- medium-sized companies within the portfolio
restrained the Fund's overall return as this segment of the market continued to
underperform relative to the large company dominated the S&P 500 Index. However,
we were able to take advantage of the recent sell off in technology and finance
stocks which occurred in March and April and feel this will add value to the
Fund as we go forward.
The Fund's investment strategy continues to emphasize common stocks for capital
appreciation and fixed-income securities for stability and current income. Asset
allocation as of April 30, 1997 was 57% common stocks, 40% bonds, and 3% money
market instruments -- consistent with the allocation six months ago.
On the equity side, the portfolio is overweighted in consumer cyclicals (retail
stocks), finance, and technology and underweighted in the utilities and consumer
durables sectors.
Sectors which contributed to the performance of the fixed-income side of the
Fund included asset-backed securities (which tend to be very highly rated --
Aaa/AAA), finance, banking and brokerage issues, international securities (all
denominated in U.S. dollars), and selected mortgage-backed securities.
The past seven years have brought more volatility to the fixed-income markets
than many would have expected. Our structured fixed-income management style,
however, provides the opportunity for consistent bond fund performance. It is
our goal to deliver this same consistent performance in the future.
Given our twin investment disciplines of "growth at reasonable prices" equity
management and "structured" fixed income, we remain optimistic for an
attractive second half to fiscal 1997 and appreciate your continued support and
confidence in Portico Balanced Fund.
(Pictures)
MARIAN E. ZENTMYER, TERESA R. WESTMAN, CFA
CFA, CFP
PORTFOLIO MANAGER PROFILE
- -------------------------------------------------------------------------------
MARIAN E. ZENTMYER, CFA, CFP, Senior Vice President and Senior Portfolio Manager
of Firstar Investment Research & Management Company (FIRMCO) and TERESA R.
WESTMAN, CFA, Senior Portfolio Manager co-manage the Fund, Teresa since its
inception on March 30, 1992, and Marian since June 19, 1996. Marian has been
with Firstar since 1982 and has 19 years of investment management experience.
She received her BA from Stanford University in 1978. Teresa has been with
Firstar since 1987 and has ten years of investment management experience. Teresa
received her BA from Augustana College in 1985 and her MBA from the University
of Chicago in 1991. Marian is a Chartered Financial Analyst and a Certified
Financial Planner. Teresa is a Chartered Financial Analyst.
3/30/92 10/92 10/93 10/94 10/95 10/96 4/97
PORTICO
BALANCED FUND $10,000 $10,372 $11,771 $11,662 $13,969 $15,724 $16,243
This chart assumes an initial investment of $10,000 made on 3/30/92 (inception).
Performance reflects fee waivers in effect. In the absence of fee waivers, total
return would be reduced. Returns shown include the reinvestment of all dividends
and other distributions. Past performance is not predictive of future
performance. Investment return and principal value will fluctuate, so that your
shares, when redeemed, may be worth more or less than their original cost.
AVERAGE ANNUAL RATE OF RETURN (%)
FOR PERIODS ENDED APRIL 30, 1997
Fiscal Since Inception
Year-To-Date 1 Year 3 Years 5 Years 3/30/92
PORTICO
BALANCED FUND 3.3 5.6 12.2 10.4 10.0
LEHMAN BROTHERS
GOV'T./CORP.
BOND INDEX* 1.3 6.7 7.4 7.5 7.5
RUSSELL MIDCAP/TM
INDEX** 6.7 11.0 17.7 15.7 15.6
S&P 500 STOCK INDEX+ 14.7 25.1 24.2 17.1 17.5
* The Lehman Brothers Gov't./Corp. Bond Index is an unmanaged market value
weighted index measuring both principal price changes of, and income
provided by, the underlying universe of securities that comprise the index.
Securities included in the index must meet the following criteria: fixed as
opposed to variable rate; not less than one year to maturity; minimum
outstanding par value of $100 million; and rated investment grade or higher
by Moody's, Standard & Poor's, or Fitch, in that order.
** The Russell MidCap/TM Index is defined as the lowest 800 companies in the
Russell 1000 Index, as ranked by total market capitalization. The Russell
MidCap/TM Index accurately captures the medium-sized universe of securities.
+ The S&P 500 Stock Index is an index of 500 selected common stocks, most of
which are listed on the New York Stock Exchange. The Index is heavily
weighted toward stocks with large market capitalizations and represents
approximately two-thirds of the total market value of all domestic common
stocks.
An investment cannot be made directly in an index.
Effective at the close of business on January 9, 1995, Portico Funds began to
offer Series A (retail) shares and Series Institutional shares. Series A shares,
unlike the Series Institutional shares, have a 4% maximum sales load and are
subject to an annual 0.25% service organization fee. Performance reflects fee
waivers in effect. In the absence of fee waivers, total return would be reduced.
TOP 5 EQUITY HOLDINGS 4/30/97
VENCOR, INC. 2.0%
MGIC INVESTMENT CORPORATION 1.3%
TEVA PHARMACEUTICAL INDUSTRIES LTD. ADR 1.3%
TYCO INTERNATIONAL, LTD. 1.2%
FEDERAL NATIONAL MORTGAGE ASSOCIATION 1.1%
Portfolio holdings are subject to change and are not
a representation of the Fund's entire portfolio holdings.
TOTAL FUND NET ASSETS 4/30/97
$178,427,254
GROWTH AND INCOME FUND
Portico Growth and Income Fund continues to offer attractive risk/reward
characteristics. Although its +11.9% return for the first six months of fiscal
1997 trailed the Standard & Poor's 500 Index (+14.7%), its return exceeded the
returns of both the Lipper Growth & Income Index (+11.1%) and Lipper Equity
Income Index (+10.4%) for the same period.
The Fund's respectable relative performance can be attributed to solid gains by
the Fund's holdings in the finance, technology and consumer non-durables
segments-the Fund's strongest performing sectors, reflective of the overall
market. All three sectors provided double-digit returns for the six-month period
and good stock selection within each proved to add value to the overall
portfolio. Stocks contributing to the Fund's positive relative returns included
McKesson, Procter & Gamble and CVS (consumer non-durables); Norwest, Northern
Trust, Western National and Reliastar (finance); and Xerox and Lucent
(technology).
Over the past six months, the market continued to favor the larger issues in the
Standard & Poor's 500 Index. As a result, we took profits in a number of stocks
by reducing various holdings and eliminating others. Examples include Gillette,
General Electric, Pepsico, and Walt Disney. With the proceeds, we initiated and
increased positions in several companies we believe possess superior long-term
growth opportunities. We believe these companies were passed over in the rush to
larger names, and as a result are selling at more reasonable multiples of
forward earnings. These purchases include Household International, Interpublic
Group, The Gap, The New York Times, Newell, and Monsanto. See page 31 for a
complete listing of portfolio holdings.
As always, our research efforts are focused on identifying companies that meet
our fundamental criteria: 1) above average growth in sales and earnings relative
to market benchmarks, 2) prudent debt as a percentage of total capital, 3) high
return on equity, 4) management incented to grow the business in line with
shareowners' interests, and 5) 25-30% upside potential for the stock price over
a 12-18 month investment horizon with a price-to-earnings multiple that is
reasonable relative to the company's overall growth characteristics.
Given our outlook for solid economic growth, yet modest inflation for the
remainder of 1997, we feel the Fund is well-positioned to achieve its objectives
and benefit investors. Thank you for your continued confidence in Portico Growth
and Income Fund.
(Pictures)
MARIAN E. ZENTMYER, MAYA K. BITTAR, CFA
CFA, CFP
PORTFOLIO MANAGER PROFILE
- -------------------------------------------------------------------------------
MARIAN E. ZENTMYER, CFA, CFP, Senior Vice President and Senior Portfolio Manager
of Firstar Investment Research & Management Company (FIRMCO) and MAYA K. BITTAR,
CFA, Vice President and Portfolio Manager co-manage the Fund, Marian since
February 22, 1993, and Maya since October 1, 1995. Marian has been with Firstar
since 1982 and has 19 years of investment management experience. She received
her BA from Stanford University in 1978. Maya has been with Firstar since 1993
and has six years of investment management experience. She received her BBA in
1985 and her MBA and MS in 1991 from the University of Wisconsin. Marian is a
Chartered Financial Analyst and a Certified Financial Planner. Maya is a
Chartered Financial Analyst.
<TABLE>
12/29/89 10/90 10/91 10/92 10/93 10/94 10/95 10/96 4/97
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PORTICO GROWTH
AND INCOME FUND $10,000 $ 9,304 $11,688 $12,368 $13,596 $13,846 $17,307 $21,963 $24,584
</TABLE>
This chart assumes an initial investment of $10,000 made on 12/29/89
(inception). Performance reflects fee waivers in effect. In the absence of fee
waivers, total return would be reduced. Returns shown include the reinvestment
of all dividends and other distributions. Past performance is not predictive of
future performance. Investment return and principal value will fluctuate, so
that your shares, when redeemed, may be worth more or less than their original
cost.
AVERAGE ANNUAL RATE OF RETURN (%)
FOR PERIODS ENDED APRIL 30, 1997
Fiscal Since Inception
Year-To-Date 1 Year 3 Years 5 Years 12/29/89
PORTICO GROWTH AND
INCOME FUND 11.9 22.4 22.6 14.6 13.0
S&P 500 STOCK INDEX** 14.7 25.1 24.2 17.1 15.0
LIPPER GROWTH &
INCOME INDEX+ 11.1 18.5 19.2 15.5 13.3
LIPPER EQUITY
INCOME INDEX+ 10.4 17.7 14.3 13.6 14.3
** The S&P 500 Stock Index is an index of 500 selected common stocks, most of
which are listed on the New York Stock Exchange. The Index is heavily
weighted toward stocks with large market capitalizations and represents
approximately two-thirds of the total market value of all domestic common
stocks.
+ The Lipper Growth & Income and Equity Income Indices are equally weighted
indices of the 30 largest mutual funds within their respective investment
objective categories, adjusted for the reinvestment of capital gains
distributions and income dividends.
An investment cannot be made directly in an index.
Effective at the close of business on January 9, 1995, Portico Funds began to
offer Series A (retail) shares and Series Institutional shares. Series A shares,
unlike the Series Institutional shares, have a 4% maximum sales load and are
subject to an annual 0.25% service organization fee. Performance reflects fee
waivers in effect. In the absence of fee waivers, total return would be reduced.
TOP 5 HOLDINGS 4/30/97
TYCO INTERNATIONAL, LTD. 3.3%
XEROX CORPORATION 2.7%
GAP, INC. 2.7%
NORWEST CORPORATION 2.4%
MGIC INVESTMENT CORPORATION 2.4%
Portfolio holdings are subject to change and are not
a representation of the Fund's entire portfolio holdings.
TOTAL FUND NET ASSETS 4/30/97
$398,156,318
EQUITY INDEX FUND
Portico Equity Index Fund seeks to provide investment returns, before Fund
expenses, comparable to the price and yield performance of publicly traded
stocks in the aggregate, as represented by the S&P 500 Index. The Fund does not
use traditional methods of financial and market analysis when making purchase
and sale decisions; rather, the Fund invests primarily in common stocks that
comprise the S&P 500 Index in proportion with their relative capitalization and
sector weightings.
Portico Equity Index Fund's net asset value of $55.41 on April 30, 1997
represents a total return of +14.4% for the six months then ended, which was
comparable to the S&P 500's return of +14.7% over the same period.
By applying a capitalization weighting and sector balancing technique that
matches the structure of the S&P 500, as well as using S&P 500 futures contracts
to equitize the cash, we believe the Fund should reasonably track the
performance of the index.
(Picture)
DANIEL A. TRANCHITA, CFA
PORTFOLIO MANAGER PROFILE
- -------------------------------------------------------------------------------
DANIEL A. TRANCHITA, CFA, Vice President and Portfolio Manager of Firstar
Investment Research & Management Company (FIRMCO) has managed the Fund since
July 1, 1992. Dan has been with Firstar since 1989 and has eight years of
investment management experience. He received his BA in 1987 and his MBA in 1989
from Marquette University. Dan is a Chartered Financial Analyst.
<TABLE>
12/29/89 10/90 10/91 10/92 10/93 10/94 10/95 10/96 4/97
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PORTICO EQUITY
INDEX FUND $10,000 $ 8,854 $11,767 $12,869 $14,644 $15,157 $19,101 $23,624 $27,029
</TABLE>
This chart assumes an initial investment of $10,000 made on 12/29/89
(inception). Performance reflects fee waivers in effect. In the absence of fee
waivers, total return would be reduced. Returns shown include the reinvestment
of all dividends and other distributions. Past performance is not predictive of
future performance. Investment return and principal value will fluctuate, so
that your shares, when redeemed, may be worth more or less than their original
cost.
AVERAGE ANNUAL RATE OF RETURN (%)
FOR PERIODS ENDED APRIL 30, 1997
Fiscal Since Inception
Year-To-Date 1 Year 3 Years 5 Years 12/29/89
PORTICO EQUITY
INDEX FUND 14.4 24.6 23.7 16.5 14.5
S&P 500 STOCK INDEX* 14.7 25.1 24.2 17.1 15.0
* The S&P 500 Stock Index is an index of 500 selected common stocks, most of
which are listed on the New York Stock Exchange. The Index is heavily weighted
toward stocks with large market capitalizations and represents approximately
two-thirds of the total market value of all domestic common stocks.
An investment cannot be made directly in an index.
Effective at the close of business on January 9, 1995, Portico Funds began to
offer Series A (retail) shares and Series Institutional shares. Series A shares,
unlike the Series Institutional shares, have a 4% maximum sales load and are
subject to an annual 0.25% service organization fee. In addition, the purchase
price adjustment on the Fund no longer applies to either the Series A or Series
Institutional shares. The performance for the Series Institutional shares have
been restated to reflect the elimination of the purchase price adjustment.
Performance reflects fee waivers in effect. In the absence of fee waivers, total
return would be reduced.
TOP 5 HOLDINGS 4/30/97
GENERAL ELECTRIC COMPANY 2.8%
COCA-COLA COMPANY 2.4%
MICROSOFT CORPORATION 2.2%
EXXON CORPORATION 2.2%
INTEL CORPORATION 1.9%
Portfolio holdings are subject to change and are not
a representation of the Fund's entire portfolio holdings.
TOTAL FUND NET ASSETS 4/30/97
$302,628,594
MIDCORE GROWTH FUND
Over the past six months, Portico MidCore Growth Fund's +4.7% return performed
favorably compared to the Lipper Midcap Stock Index which returned -1.8%. The
first half of the fiscal year proved more challenging, however, when compared to
the Standard and Poor's 500 Index and the Standard & Poor's MidCap 400 Index --
which returned +14.7% and +6.9%, respectively. This underperformance was due in
part to the market's continued preference for large company stocks versus small
and midcap stocks. The weighted average market capitalization of Portico MidCore
Growth Fund was $11.9 billion on April 30, significantly below that of the S&P
500 at $46 billion.
The two strongest sectors of the S&P MidCap 400 Index over the past six months
were transportation and finance. Portico MidCore continues to be overweighted in
the finance sector and, with a better relative return in the sector, we added
value with our stock selection. The weakest sectors for the S&P Midcap 400 Index
were utilities and consumer durables -- both of which are underweighted by the
Fund.
Over the past six months, we took advantage of market volatility by adding to
existing positions in Cognizant, First Data Corporation, Harley Davidson, Cisco
Systems, and the Sabre Group. We initiated positions in Bed, Bath & Beyond,
Leggett & Platt and Washington Mutual due to their attractive growth prospects.
Conversely, we eliminated positions in Atmel, Echostar, and Pharmacia-Upjohn due
to a deterioration in their fundamental outlooks, while positions in Revco and
Unisource were sold as they met our price targets. See page 40 for a complete
listing of portfolio holdings.
Although the current market sentiment toward financial and technology stocks is
quite negative, we believe these sectors continue to offer attractive growth
prospects at reasonable valuations relative to the market. As a result, we
continue to be overweighted in these sectors, representing approximately 30% of
the Fund today.
We expect market volatility to continue during the second half of the fiscal
year. We will use this volatility to add to positions in companies which
demonstrate strong operating results. We will also reduce and eliminate
positions in companies where operating fundamentals do not meet our
expectations.
Overall, we are excited by the growth prospects of the companies we own and feel
Portico MidCore Growth Fund is favorably positioned. We appreciate your
continued confidence and support.
(Pictures)
MARIAN E. ZENTMYER, MAYA K. BITTAR, CFA MATTHEW D'ATTILIO
CFA, CFP
PORTFOLIO MANAGER PROFILE
- -------------------------------------------------------------------------------
MARIAN E. ZENTMYER, CFA, CFP, Senior Vice President and Senior Portfolio Manager
of Firstar Investment Research & Management Company (FIRMCO), MAYA BITTAR, CFA,
Vice President and Portfolio Manager, and MATTHEW D'ATTILIO, Assistant Vice
President and Portfolio Manager, co-manage the Fund, Marian since June 19, 1996
and Maya and Matt since December 1, 1996. Marian has been with Firstar since
1982 and has 19 years of investment management experience. She received her BA
from Stanford University in 1978. Maya has been with Firstar since 1993 and has
six years of investment management experience. She received her BBA in 1985 and
her MBA and MS in 1991 from the University of Wisconsin. Matt joined Firstar in
1993 as an equity analyst and has four years of investment management
experience. He received his BA from Bowdoin College in 1993. Marian is a
Chartered Financial Analyst and a Certified Financial Planner. Maya is a
Chartered Financial Analyst and Matt is presently pursuing the Chartered
Financial Analyst designation.
12/29/92 10/93 10/94 10/95 10/96 4/97
PORTICO MIDCORE
GROWTH FUND $10,000 $10,753 $10,813 $12,927 $15,360 $16,088
This chart assumes an initial investment of $10,000 made on 12/29/92
(inception). Performance reflects fee waivers in effect. In the absence of fee
waivers, total return would be reduced. Returns shown include the reinvestment
of all dividends and other distributions. Past performance is not predictive of
future performance. Investment return and principal value will fluctuate, so
that your shares, when redeemed, may be worth more or less than their original
cost.
AVERAGE ANNUAL RATE OF RETURN (%)
FOR PERIODS ENDED APRIL 30, 1997
Fiscal Since Inception
Year-To-Date 1 Year 3 Years 12/29/92
PORTICO MIDCORE GROWTH FUND 4.7 7.7 14.3 11.6
S&P 500 STOCK INDEX* 14.7 25.1 24.2 18.1
S&P MIDCAP 400 INDEX** 6.9 10.1 16.2 13.6
* The S&P 500 Stock Index is an index of 500 selected common stocks, most of
which are listed on the New York Stock Exchange. The Index is heavily weighted
toward stocks with large market capitalizations and represents approximately
two-thirds of the total market value of all domestic common stocks.
** The S&P MidCap 400 Index is a capital-weighted index, representing the
aggregate market value of the common equity of 400 stocks chosen by Standard &
Poor's with a median capitalization of approximately $700 million.
An investment cannot be made directly in an index.
Effective at the close of business on January 9, 1995, Portico Funds began to
offer Series A (retail) shares and Series Institutional shares. Series A shares,
unlike the Series Institutional shares, have a 4% maximum sales load and are
subject to an annual 0.25% service organization fee. Performance reflects fee
waivers in effect. In the absence of fee waivers, total return would be reduced.
TOP 5 HOLDINGS 4/30/97
TYCO INTERNATIONAL, LTD. 3.8%
FEDERAL NATIONAL MORTGAGE ASSOCIATION 3.6%
VENCOR, INC. 3.2%
MBNA CORPORATION 3.2%
MBIA, INC. 3.1%
Portfolio holdings are subject to change and are not
a representation of the Fund's entire portfolio holdings.
TOTAL FUND NET ASSETS 4/30/97
$181,256,020
SPECIAL GROWTH FUND
The first half of fiscal year 1997 continued the four-year trend of large stocks
outperforming mid- to smaller-sized company shares. Specifically, for the six-
months ended April 30, 1997, the Standard and Poor's 500 Index gained +14.7%
versus a 6.9% return for the S&P MidCap 400. Portico Special Growth posted a
+4.2% return for the six months. The ability of the S&P 500 companies to report
10-20% profit gains over the past five years, versus sluggish nominal economic
growth of 5%, has everything to do with the outperformance of big stocks. Our
continuous emphasis on earnings persistency is the primary contributor to our
long-term value-added results. Specifically, since inception, the compounded
annual return of Portico Special Growth of +14.8% compares favorably to the
+14.9% return of the S&P MidCap 400 and with the +15.0% of the S&P 500. We
remain fully invested because of our enthusiasm for the ability of your
portfolio companies to not only survive, but prosper, in a slow growth nominal
gross domestic product (GDP) world.
During the past six months our industry commitments were steady with significant
overweightings in the financial (21%), healthcare (23%), and technology (24%)
sectors. We continue to underweight energy, utilities, and industrial durables
because of the lack of companies which fit our persistent growth criteria.
The best performing stocks for Portico Special Growth over the past six months
were Charles Schwab, Vencor, and Dollar General, which positively impacted the
Fund's total return by 1.4%, 1.0%, and .9%, respectively. Conversely, Aspect
Technologies, Credit Acceptance, and Chesapeake Energy were the worst
performers, each subtracting approximately -.8% from total portfolio
performance. See page 42 for a complete listing of portfolio holdings.
Volatility, as measured by price swings for individual stocks over short periods
of time, greatly improves our ability to assemble a portfolio of persistently
growing companies at reasonable price-to-earnings valuations. Specifically, our
1997 estimated price-to-earnings multiple is at parity with the S&P 500's 19X,
while we project earnings growth of greater that +20% versus +12% for the S&P
500. Our weighted average capitalization remains solidly midcap at $1.7 billion
(no style drift) versus $46 billion for the S&P 500 Index and our commitment to
owner-operated businesses remains in place with almost 14% inside ownership.
The combination of above-market earnings growth and at market price earnings
aids the outlook for our forward returns. After four years of small company
underperformance, we contend the playing field has leveled off, improving
Portico Special Growth Fund's forward return potential based on extra earnings
growth at a market P/E.
We appreciate your continued support.
(Pictures)
J. SCOTT HARKNESS, CFA MARK D. WESTMAN, TODD M. KRIEG, CFA
CFA, CPA
PORTFOLIO MANAGER PROFILE
- -------------------------------------------------------------------------------
J. SCOTT HARKNESS, CFA, Chief Investment Officer of Firstar Investment Research
& Management Company (FIRMCO), MARK D. WESTMAN, CFA, CPA, Vice President and
Portfolio Manager, and TODD M. KRIEG, CFA, JD, Vice President, Portfolio Manager
and Research Director manage the Fund - Scott since its inception on December
28, 1989, Mark since January 1994 and Todd since September 1994. Scott has been
with Firstar for 17 years and has more than 19 years of investment management
experience. He received his BA from the University of Wisconsin in 1977. Mark
has been with Firstar for five years and received his BA from Augustana College
in 1985 and his MBA from the University of Chicago in 1993. Todd has been with
Firstar for five years and received his BA from Williams College in 1983 and a
JD from Georgetown University in 1989. Scott, Mark, and Todd are all Chartered
Financial Analysts.
<TABLE>
12/28/89 10/90 10/91 10/92 10/93 10/94 10/95 10/96 4/97
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PORTICO SPECIAL
GROWTH FUND $10,000 $ 8,953 $14,346 $15,617 $18,138 $18,641 $23,449 $26,399 $27,508
</TABLE>
This chart assumes an initial investment of $10,000 made on 12/28/89
(inception). Performance reflects fee waivers in effect. In the absence of fee
waivers, total return would be reduced. Returns shown include the reinvestment
of all dividends and other distributions. Past performance is not predictive of
future performance. Investment return and principal value will fluctuate, so
that your shares, when redeemed, may be worth more or less than their original
cost.
AVERAGE ANNUAL RATE OF RETURN (%)
FOR PERIODS ENDED APRIL 30, 1997
Fiscal Since Inception
Year-To-Date 1 Year 3 Years 5 Years 12/28/89
PORTICO SPECIAL
GROWTH FUND 4.2 1.4 15.4 12.7 14.8
S&P 500 STOCK INDEX* 14.7 25.1 24.2 17.1 15.0
S&P MIDCAP 400 INDEX** 6.9 10.1 16.2 14.6 14.9
* The S&P 500 Stock Index is an index of 500 selected common stocks, most of
which are listed on the New York Stock Exchange. The Index is heavily
weighted toward stocks with large market capitalizations and represents
approximately two-thirds of the total market value of all domestic common
stocks.
** The S&P MidCap 400 Index is a capital-weighted index, representing the
aggregate market value of the common equity of 400 stocks chosen by Standard
& Poor's with a median capitalization of approximately $700 million.
An investment cannot be made directly in an index.
Effective at the close of business on January 9, 1995, Portico Funds began to
offer Series A (retail) shares and Series Institutional shares. Series A shares,
unlike the Series Institutional shares, have a 4% maximum sales load and are
subject to an annual 0.25% service organization fee. Performance reflects fee
waivers in effect. In the absence of fee waivers, total return would be reduced.
TOP 5 HOLDINGS 4/30/97
VENCOR, INC. 3.4%
THE CHARLES SCHWAB CORPORATION 3.1%
DOLLAR GENERAL CORPORATION 3.1%
MCAFEE ASSOCIATES, INC. 2.7%
HEALTH MANAGEMENT ASSOCIATES, INC. - CLASS A 2.7%
Portfolio holdings are subject to change and are not
a representation of the Fund's entire portfolio holdings.
TOTAL FUND NET ASSETS 4/30/97
$635,179,139
INTERNATIONAL EQUITY FUND
Portico International Equity Fund seeks capital appreciation through investment
in foreign equity securities of small- to medium-sized companies. The Fund uses
a unique approach to investing compared to our actively managed Portico equity
funds. The Fund invests in a representative portion of the small- to medium-
sized companies found in the Morgan Stanley Capital International Europe,
Australia and Far East (EAFE) Index. Instead of focusing on the entire index,
the Fund invests in companies with a market capitalization range of $250 million
to $5 billion.
Country allocations are weighted by Gross Domestic Product (GDP). This allows
the Fund to reduce the overall exposure to Japan while increasing exposure to
other countries such as Germany and France. As of April 30, 1997, the
International Equity Fund owned 797 companies located throughout Europe and the
Pacific Basin. State Street Global Advisors, with over 16 years of international
investing experience and $61 billion of international assets under management,
is the sub-advisor for the Fund. As a result, the Fund benefits from reduced
transaction costs.
The environment for international investing continues to be difficult as
currency translation has had a negative effect on the Fund. Since October of
1996, the strong U.S. dollar has offset gains in the securities owned by the
Fund. Going forward, we believe long-term performance of small- to medium-sized
international companies will provide higher total returns than investments in
larger international companies that make up the EAFE Index. We continue to
believe investing internationally is an effective strategy to diversify your
portfolio while offering the potential for attractive returns over the long
term.
Note: Investments in foreign securities involve some risk not associated with
investments in domestic securities such as foreign currency fluctuations, and
economic and political risks.
(Picture)
DANIEL A. TRANCHITA, CFA
PORTFOLIO MANAGER PROFILE
- -------------------------------------------------------------------------------
DANIEL A. TRANCHITA, CFA, Vice President and Portfolio Manager of Firstar
Investment Research & Management Company (FIRMCO) has managed the Fund since its
inception on April 28, 1994. Dan has been with Firstar since 1989 and has eight
years of investment management experience. He received his BA in 1987 and his
MBA in 1989 from Marquette University. Dan is a Chartered Financial Analyst.
4/28/94 10/94 10/95 10/96 4/97
PORTICO INTERNATIONAL
EQUITY FUND $10,000 $ 9,995 $ 9,620 $10,410 $10,373
This chart assumes an initial investment of $10,000 made on 4/28/94 (inception).
Performance reflects fee waivers in effect. In the absence of fee waivers, total
return would be reduced. Returns shown include the reinvestment of all dividends
and other distributions. Past performance is not predictive of future
performance. Investment return and principal value will fluctuate, so that your
shares, when redeemed, may be worth more or less than their original cost.
AVERAGE ANNUAL RATE OF RETURN (%)
FOR PERIODS ENDED APRIL 30, 1997
Fiscal Since Inception
Year-To-Date 1 Year 3 Years 4/28/94
PORTICO INTERNATIONAL
EQUITY FUND (0.4) (4.1) 1.4 1.2
GDP EAFE INDEX* 4.0 1.9 5.3 5.3
EAFE INDEX** 1.6 (0.9) 5.3 5.3
* The gross domestic product-weighted Morgan Stanley Capital International
Europe, Australia and Far East Index, ("MSCI GDP EAFE") is an unmanaged
index composed of a sample of companies representative of the market
structure of 20 European and Pacific Basin countries. The GDP EAFE Index
seeks to replicate industry composition of each local market, and a
representative sampling of large, medium and small capitalization companies
from each local market.
** The MSCI EAFE Index is the most recognized international index and is
weighted by market capitalization.
An investment cannot be made directly in an index.
Effective at the close of business on January 9, 1995, Portico Funds began to
offer Series A (retail) shares and Series Institutional shares. Series A shares,
unlike the Series Institutional shares, have a 4% maximum sales load and are
subject to an annual 0.25% service organization fee. In addition, the purchase
price adjustment on the Fund no longer applies to either the Series A or Series
Institutional shares. The performance for the Series Institutional shares have
been restated to reflect the elimination of the purchase price adjustment.
Performance reflects fee waivers in effect. In the absence of fee waivers, total
return would be reduced.
TOP 5 COUNTRIES 4/30/97
JAPAN 23.2%
GERMANY 21.8%
FRANCE 11.8%
ITALY 9.0%
GREAT BRITAIN 8.6%
Portfolio holdings are subject to change and are not
a representation of the Fund's entire portfolio holdings.
TOTAL FUND NET ASSETS 4/30/97
$51,582,389
STATEMENT OF ASSETS AND LIABILITIES
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
APRIL 30, 1997
(UNAUDITED) GROWTH EQUITY
BALANCED AND INCOME INDEX
FUND FUND FUND
-------- ---------- -----
ASSETS:
Investments, at value (cost
$155,255, $299,387, $184,638,
$132,521, $538,885 and $52,282,
respectively) $177,190 $397,392 $302,197
Foreign currency (cost $367) - - -
Income receivable 1,019 801 402
Capital shares sold 135 315 127
Receivable for securities sold 1,187 - -
Receivable for foreign
currency purchased - - -
Other assets 13 13 84
-------- -------- --------
Total Assets 179,544 398,521 302,810
-------- -------- --------
LIABILITIES:
Payable for securities purchased 951 - -
Payable for foreign currency
purchased - - -
Capital shares redeemed 1 23 18
Payable to affiliates 140 321 135
Accrued expenses and other
liabilities 25 21 28
-------- -------- --------
Total Liabilities 1,117 365 181
-------- -------- --------
NET ASSETS $178,427 $398,156 $302,629
======== ======== ========
NET ASSETS CONSIST OF:
Capital stock $150,072 $293,764 $184,682
Undistributed net investment
income (loss) 415 514 273
Undistributed accumulated net
realized gains (losses) on:
Investments 6,005 5,873 (524)
Unrealized net appreciation
(depreciation) on:
Investments 21,935 98,005 117,559
Futures contracts - - 639
Foreign currency - - -
-------- -------- --------
Total Net Assets $178,427 $398,156 $302,629
======== ======== ========
SERIES A:
Net assets $ 33,265 $ 95,068 $ 56,162
Shares authorized ($.0001
par value) 500,000 500,000 500,000
Shares issued and outstanding 1,237 2,814 1,014
Net asset value and redemption
price per share<F1> $26.90 $33.78 $55.36
======== ======== ========
Maximum offering price
per share<F1> $28.02 $35.19 $57.67
======== ======== ========
SERIES INSTITUTIONAL:
Net assets $145,162 $303,088 $246,467
Shares authorized ($.0001
par value) 500,000 500,000 500,000
Shares issued and outstanding 5,392 8,965 4,448
Net asset value, redemption
price and offering price
per share<F1> $26.92 $33.81 $55.41
======== ======== ========
<F1> Amounts may not recalculate due to rounding.
See notes to the financial statements.
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
APRIL 30, 1997
(UNAUDITED) MIDCORE SPECIAL INTERNATIONAL
GROWTH GROWTH EQUITY
FUND FUND FUND
------- ------- ------------
ASSETS:
Investments, at value (cost
$155,255, $299,387, $184,638,
$132,521, $538,885 and
$52,282, respectively) $178,771 $638,009 $ 51,302
Foreign currency (cost $367) - - 353
Income receivable 141 191 158
Capital shares sold 59 203 6
Receivable for securities sold 2,713 5,506 -
Receivable for foreign
currency purchased - - 268
Other assets 13 15 87
-------- -------- --------
Total Asset 181,697 643,924 52,174
-------- -------- --------
LIABILITIES:
Payable for securities purchased 180 8,129 5
Payable for foreign currency
purchased - - 268
Capital shares redeemed 72 19 10
Payable to affiliates 164 552 85
Accrued expenses and other
liabilities 25 45 224
-------- -------- --------
Total Liabilities 441 8,745 592
-------- -------- --------
NET ASSETS $181,256 $635,179 $ 51,582
======== ======== ========
NET ASSETS CONSIST OF:
Capital stock $122,893 $505,548 $ 52,347
Undistributed net investment
income (loss) 75 (1,122) (1,333)
Undistributed accumulated net
realized gains (losses) on:
Investments 12,038 31,629 1,562
Unrealized net appreciation
(depreciation) on:
Investments 46,250 99,124 (980)
Futures contracts - - -
Foreign currency - - (14)
-------- -------- --------
Total Net Assets $181,256 $635,179 $ 51,582
======== ======== ========
SERIES A:
Net assets $ 20,532 $121,401 $ 4,466
Shares authorized ($.0001
par value) 500,000 500,000 500,000
Shares issued and outstanding 675 3,213 229
Net asset value and redemption
price per share<F1> $30.42 $37.79 $19.53
======== ======== ========
Maximum offering price
per share<F1> $31.69 $39.36 $20.34
======== ======== ========
SERIES INSTITUTIONAL:
Net assets $160,724 $513,778 $ 47,116
Shares authorized ($.0001
par value) 500,000 500,000 500,000
Shares issued and outstanding 5,257 13,506 2,407
Net asset value, redemption
price and offering price
per share<F1> $30.57 $38.04 $19.57
======== ======== ========
<F1> Amounts may not recalculate due to rounding.
See notes to the financial statements.
STATEMENT OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
BALANCED FUND GROWTH AND INCOME FUND
------------------ ----------------------
Six months Year Six months Year
ended ended ended ended
April 30, Oct. 31, April 30, Oct. 31,
1997 1996 1997 1996
------- ------- -------- --------
(Unaudited) (Unaudited)
OPERATIONS:
Net investment income (loss) $ 1,949 $ 2,939 $ 2,451 $ 4,076
Net realized gain on:
Investments 6,434 9,418 5,912 25,182
Foreign currency - - - -
Change in unrealized
appreciation (depreciation)
on:
Investments (3,485) 4,478 29,255 29,232
Foreign currency - - - -
-------- -------- -------- --------
Net increase in net assets
resulting from operations 4,898 16,835 37,618 58,490
-------- -------- -------- --------
CAPITAL SHARE TRANSACTIONS:
Shares sold 42,109 65,662 99,654 83,323
Shares issued to owners in
reinvestment of dividends 11,159 5,339 24,657 11,607
Shares redeemed (26,748) (50,314) (34,364) (47,816)
-------- -------- -------- --------
Net increase (decrease) in
net assets as a result of
capital share transactions 26,520 20,687 89,947 47,114
-------- -------- -------- --------
DISTRIBUTIONS TO SERIES A
SHAREOWNERS<F1>:
From net investment income (322) (449) (525) (724)
From net realized gains (1,751) (485) (5,918) (1,827)
-------- -------- -------- --------
(2,073) (934) (6,443) (2,551)
-------- -------- -------- --------
DISTRIBUTIONS TO SERIES
INSTITUTIONAL
SHAREOWNERS<F1>:
From net investment income (1,580) (2,354) (1,919) (3,021)
From net realized gains (7,787) (2,169) (19,245) (7,010)
-------- -------- -------- --------
(9,367) (4,523) (21,164) (10,031)
-------- -------- -------- --------
TOTAL INCREASE IN NET ASSETS 19,978 32,065 99,958 93,022
NET ASSETS:
Beginning of period 158,449 126,384 298,198 205,176
-------- -------- -------- --------
End of period (including
undistributed net investment
income (loss) of $415, $367,
$514, $507, $273, $382,
$75, $(2), $(1,122), $(1),
$(1,333) and $207,
respectively) $178,427 $158,449 $398,156 $298,198
======== ======== ======== ========
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
(AMOUNTS IN THOUSANDS)
EQUITY INDEX FUND MIDCORE GROWTH FUND
Six months Year Six months Year
ended ended ended ended
April 30, Oct. 31, April 30, Oct. 31,
1997 1996 1997 1996
-------- -------- -------- --------
(Unaudited) (Unaudited)
OPERATIONS:
Net investment income (loss) $ 2,403 $ 4,423 $ 77 $ (103)
Net realized gain on:
Investments 160 2,908 12,154 12,442
Foreign currency - - - -
Change in unrealized
appreciation (depreciation)
on:
Investments 34,330 38,137 (4,309) 15,736
Foreign currency - - - -
-------- -------- -------- --------
Net increase in net assets
resulting from operations 36,893 45,468 7,922 28,075
-------- -------- -------- --------
CAPITAL SHARE TRANSACTIONS:
Shares sold 76,743 113,777 33,397 50,218
Shares issued to owners in
reinvestment of dividends 5,296 5,332 5,868 -
Shares redeemed (62,342) (63,944) (30,372) (50,897)
-------- -------- -------- --------
Net increase (decrease) in
net assets as a result of
capital share transactions 19,697 55,165 8,893 (679)
-------- -------- -------- --------
DISTRIBUTIONS TO SERIES A
SHAREOWNERS<F1>:
From net investment income (378) (495) - -
From net realized gains (516) (165) (741) -
-------- -------- -------- --------
(894) (660) (741) -
-------- -------- -------- --------
DISTRIBUTIONS TO SERIES
INSTITUTIONAL
SHAREOWNERS<F1>:
From net investment income (2,134) (3,791) - -
From net realized gains (2,661) (1,223) (6,747) -
-------- -------- -------- --------
(4,795) (5,014) (6,747) -
-------- -------- -------- --------
TOTAL INCREASE IN NET ASSETS 50,901 94,959 9,327 27,396
NET ASSETS:
Beginning of period 251,728 156,769 171,929 144,533
-------- -------- -------- --------
End of period (including
undistributed net investment
income (loss) of $415, $367,
$514, $507, $273, $382,
$75, $(2), $(1,122), $(1),
$(1,333) and $207,
respectively) $302,629 $251,728 $181,256 $171,929
======== ======== ======== ========
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
(AMOUNTS IN THOUSANDS) INTERNATIONAL
SPECIAL GROWTH FUND EQUITY FUND
------------------- -----------------
Six months Year Six months Year
ended ended ended ended
April 30, Oct. 31, April 30, Oct. 31,
1997 1996 1997 1996
-------- -------- -------- --------
(Unaudited) (Unaudited)
OPERATIONS:
Net investment income (loss) $ (1,121) $ (841) $ (33) $ 259
Net realized gain on:
Investments 31,735 77,360 477 1,006
Foreign currency - - 73 (33)
Change in unrealized
appreciation (depreciation)
on:
Investments (6,533) (11,614) (716) 1,581
Foreign currency - - (15) (2)
-------- -------- -------- --------
Net increase in net assets
resulting from operations 24,081 64,905 (214) 2,811
-------- -------- -------- --------
CAPITAL SHARE TRANSACTIONS:
Shares sold 116,010 166,347 11,430 17,724
Shares issued to owners in
reinvestment of dividends 67,741 52,218 1,265 753
Shares redeemed (91,214) (153,470) (6,360) (6,306)
-------- -------- -------- --------
Net increase (decrease) in
net assets as a result
of capital share
transactions 92,537 65,095 6,335 12,171
-------- -------- -------- --------
DISTRIBUTIONS TO SERIES A
SHAREOWNERS<F1>:
From net investment income - - (25) (6)
From net realized gains (14,102) (9,690) (92) (34)
-------- -------- -------- --------
(14,102) (9,690) (117) (40)
-------- -------- -------- --------
DISTRIBUTIONS TO SERIES
INSTITUTIONAL
SHAREOWNERS<F1>:
From net investment income - - (363) (174)
From net realized gains (61,353) (47,791) (1,010) (637)
-------- -------- -------- --------
(61,353) (47,791) (1,373) (811)
-------- -------- -------- --------
TOTAL INCREASE IN NET ASSETS 41,163 72,519 4,631 14,131
NET ASSETS:
Beginning of period 594,016 521,497 46,951 32,820
-------- -------- -------- --------
End of period (including
undistributed net
investment income
(loss) of $415, $367, $514,
$507, $273, $382, $75, $(2),
$(1,122), $(1), $(1,333)
and $207, respectively) $635,179 $594,016 $51,582 $46,951
======== ======== ======== ========
<F1> On January 9, 1995, all previously existing series of shares of each Fund
were reclassified as Series A shares. Effective January 9, 1995,
Institutional shareowners exchanged their Series A shares for the Funds'
Institutional series shares. Distributions to shareowners from net
investment income and net realized gains reflect activity for the Funds
for the period November 1, 1994 through January 9, 1995 and for each
Fund's respective class of shares for the period from January 10, 1995
through October 31, 1996.
See notes to the financial statements.
<TABLE>
FINANCIAL HIGHLIGHTS
<CAPTION>
BALANCED FUND
-------------------------------------------------------------------------------------------------
Six months ended Year ended Year ended Year ended March 30,
April 30, 1997 October 31, 1996 October 31, 1995<F4> October 31, 1992<F1>
------------------ ----------------- ------------------- ------------ through
Series Series Series Series Series Series Oct. 31,
A Institutional A Institutional A Institutional 1994 1993 1992
------ ------------- ------ ------------- ------ ------------- ---- ---- --------
Per Share Data: (Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $27.98 $27.99 $25.89 $25.90 $22.10 $22.10 $22.76 $20.49 $20.00
Income from investment
operations:
Net investment income 0.28 0.32 0.47<F9> 0.55<F9> 0.49 0.53 0.44 0.47 0.28
Net realized and
unrealized
gains (losses) on
securities 0.61 0.61 2.64 2.62 3.77 3.78 (0.66) 2.27 0.44
------ ------ ------ ------ ------ ------ ------ ------ ------
Total from investment
operations 0.89 0.93 3.11 3.17 4.26 4.31 (0.22) 2.74 0.72
------ ------ ------ ------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net
investment income (0.29) (0.32) (0.47) (0.53) (0.47) (0.51) (0.44) (0.47) (0.23)
Distributions from
capital gains (1.68) (1.68) (0.55) (0.55) - - - - -
------ ------ ------ ------ ------ ------ ------ ------ ------
Total distributions (1.97) (2.00) (1.02) (1.08) (0.47) (0.51) (0.44) (0.47) (0.23)
------ ------ ------ ------ ------ ------ ------ ------ ------
Net asset value, end
of period $26.90 $26.92 $27.98 $27.99 $25.89 $25.90 $22.10 $22.76 $20.49
====== ====== ====== ====== ====== ====== ====== ====== ======
Total return <F5> <F6> 3.16% 3.30% 12.30% 12.56% 19.55% 19.79% (0.93)% 13.49% 3.72%
Supplemental data
and ratios:
Net assets, in
thousands, end
of period $33,265 $145,162 $29,034 $129,415 $21,832 $104,552 $94,657 $82,099 $45,653
Ratio of net expenses
to average net
assets <F7> 1.00% 0.75% 1.00% 0.75% 0.94% 0.75% 0.75% 0.75% 0.75%
Ratio of net
investment income
to average net
assets <F7> 2.09% 2.34% 1.80% 2.05% 2.05% 2.24% 2.03% 2.24% 2.48%
Portfolio turnover
rate <F8> 42.49% 42.49% 63.91% 63.91% 61.87% 61.87% 59.77% 71.60% 29.04%
Average commission
rate paid <F8> $0.0574 $0.0574 $0.0581 $0.0581
<FN>
<F1> Commencement of operations.
<F2> Effective June 17, 1993, FIRMCO assumed the investment advisory responsibilities of Firstar Trust Company.
<F3> Effective February 3, 1992, FIRMCO assumed the investment advisory responsibilities of Firstar Trust Company.
<F4> On January 9, 1995, all previously existing series of shares of each Fund were reclassified as Series A shares. Effective
January 9, 1995, Institutional shareowners exchanged their Series A shares for the Funds' Institutional series shares. For the
year ended October 31, 1995, the Financial Highlights ratios of net expenses to average net assets, ratios of net investment
income to average net assets, total return and the per share income from investment operations and distributions are presented
on a basis whereby the Funds' net investment income, net expenses, net realized and unrealized gains (losses) and distributions
for the period November 1, 1994, through January 9, 1995, were allocated to each class of shares based upon the relative net
assets of each class of shares as of the close of business on January 9, 1995, and the results thereof combined with the
results of operations and distributions for each applicable class for the period January 10, 1995, through October 31, 1995.
<F5> Not annualized for the period ended October 31, 1992, for the Balanced Fund, for the period ended October 31, 1993, for the
MidCore Growth Fund, for the period ended October 31, 1994, for the International Equity Fund, and for the period ended April
30, 1997 for all Funds.
<F6> The total return does not reflect the 4% front-end sales charge for Series A.
<F7> Annualized for the period ended October 31, 1992, for the Balanced Fund, for the period ended October 31, 1993, for the MidCore
Growth Fund, for the period ended October 31, 1994, for the International Equity Fund, and for the period ended April 30, 1997
for all Funds.
<F8> Portfolio turnover and average commission rate paid is calculated on the basis of the Fund as a whole without distinguishing
between the classes of shares issued.
<F9> Net investment income per share is calculated using ending balances prior to consideration of adjustments for permanent book
and tax differences.
See notes to the financial statements.
</TABLE>
<TABLE>
FINANCIAL HIGHLIGHTS (CONTINUED)
<CAPTION>
GROWTH AND INCOME FUND
--------------------------------------------------------------------------------
Six months ended Year ended Year ended
April 30, 1997 October 31, 1996 October 31, 1995<F4> Year ended October 31,
------------------ ------------------- ------------------- -----------------------
Series Series Series Series Series Series
A Institutional A Institutional A Institutional 1994 1993<F2> 1992
------ ------------- ------- ------------- ------- ------------- ---- -------- ----
Per Share Data: (Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $33.07 $33.08 $27.62 $27.63 $23.09 $23.09 $23.70 $22.27 $21.72
Income from investment
operations:
Net investment income 0.18 0.24 0.42<F9> 0.50<F9> 0.37 0.42 0.43 0.56 0.69
Net realized and
unrealized
gains (losses) on
securities 3.46 3.46 6.61 6.61 5.14 5.14 (0.03) 1.63 0.56
------ ------ ------ ------ ------ ------ ------ ------ ------
Total from investment
operations 3.64 3.70 7.03 7.11 5.51 5.56 0.40 2.19 1.25
------ ------ ------ ------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net
investment income (0.20) (0.24) (0.39) (0.47) (0.38) (0.42) (0.42) (0.57) (0.70)
Distributions from
capital gains (2.73) (2.73) (1.19) (1.19) (0.60) (0.60) (0.59) (0.19) -
------ ------ ------ ------ ------ ------ ------ ------ ------
Total distributions (2.93) (2.97) (1.58) (1.66) (0.98) (1.02) (1.01) (0.76) (0.70)
------ ------ ------ ------ ------ ------ ------ ------ ------
Net asset value, end
of period $33.78 $33.81 $33.07 $33.08 $27.62 $27.63 $23.09 $23.70 $22.27
====== ====== ====== ====== ====== ====== ====== ====== ======
Total return <F5> <F6> 11.76% 11.93% 26.62% 26.90% 24.75% 25.00% 1.84% 9.93% 5.82%
Supplemental data and
ratios:
Net assets, in
thousands, end of
period $95,068 $303,088 $71,310 $226,888 $42,424 $162,752 $164,053 $160,704 $135,713
Ratio of net expenses
to average net
assets <F7> 1.13% 0.88% 1.15% 0.90% 1.09% 0.90% 0.90% 0.88% 0.75%
Ratio of net
investment income
to average net
assets <F7> 1.22% 1.47% 1.42% 1.67% 1.51% 1.70% 1.89% 2.44% 3.16%
Portfolio turnover
rate <F8> 34.43% 34.43% 51.37% 51.37% 47.85% 47.85% 56.85% 86.24% 31.25%
Average commission
rate paid <F8> $0.0590 $0.0590 $0.0573 $0.0573
<FN>
<F1> Commencement of operations.
<F2> Effective June 17, 1993, FIRMCO assumed the investment advisory responsibilities of Firstar Trust Company.
<F3> Effective February 3, 1992, FIRMCO assumed the investment advisory responsibilities of Firstar Trust Company.
<F4> On January 9, 1995, all previously existing series of shares of each Fund were reclassified as Series A shares. Effective
January 9, 1995, Institutional shareowners exchanged their Series A shares for the Funds' Institutional series shares. For the
year ended October 31, 1995, the Financial Highlights ratios of net expenses to average net assets, ratios of net investment
income to average net assets, total return and the per share income from investment operations and distributions are presented
on a basis whereby the Funds' net investment income, net expenses, net realized and unrealized gains (losses) and distributions
for the period November 1, 1994, through January 9, 1995, were allocated to each class of shares based upon the relative net
assets of each class of shares as of the close of business on January 9, 1995, and the results thereof combined with the
results of operations and distributions for each applicable class for the period January 10, 1995, through October 31, 1995.
<F5> Not annualized for the period ended October 31, 1992, for the Balanced Fund, for the period ended October 31, 1993, for the
MidCore Growth Fund, for the period ended October 31, 1994, for the International Equity Fund, and for the period ended April
30, 1997 for all Funds.
<F6> The total return does not reflect the 4% front-end sales charge for Series A.
<F7> Annualized for the period ended October 31, 1992, for the Balanced Fund, for the period ended October 31, 1993, for the MidCore
Growth Fund, for the period ended October 31, 1994, for the International Equity Fund, and for the period ended April 30, 1997
for all Funds.
<F8> Portfolio turnover and average commission rate paid is calculated on the basis of the Fund as a whole without distinguishing
between the classes of shares issued.
<F9> Net investment income per share is calculated using ending balances prior to consideration of adjustments for permanent book
and tax differences.
See notes to the financial statements.
</TABLE>
<TABLE>
FINANCIAL HIGHLIGHTS (CONTINUED)
<CAPTION>
EQUITY INDEX FUND
--------------------------------------------------------------------------------
Six months ended Year ended Year ended
April 30, 1997 October 31, 1996 October 31, 1995<F4> Year ended October 31,
------------------ ------------------- ------------------- -----------------------
Series Series Series Series Series Series
A Institutional A Institutional A Institutional 1994 1993<F2> 1992
------ ------------- ------- ------------- ------- ------------- ---- -------- ----
Per Share Data: (Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $49.40 $49.43 $41.07 $41.08 $33.41 $33.41 $33.04 $29.72 $27.87
Income from investment
operations:
Net investment
income (loss) 0.38 0.45 0.77<F9> 0.91<F9> 0.70 0.76 0.77 0.75 0.73
Net realized and
unrealized
gains (losses) on
securities 6.61 6.61 8.69 8.68 7.70 7.71 0.35 3.32 1.86
------ ------ ------ ------ ------ ------ ------ ------ ------
Total from investment
operations 6.99 7.06 9.46 9.59 8.40 8.47 1.12 4.07 2.59
------ ------ ------ ------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net
investment income (0.42) (0.47) (0.78) (0.89) (0.68) (0.74) (0.75) (0.75) (0.73)
Distributions from
capital gains (0.61) (0.61) (0.35) (0.35) (0.06) (0.06) - - (0.01)
------ ------ ------ ------ ------ ------ ------ ------ ------
Total distributions (1.03) (1.08) (1.13) (1.24) (0.74) (0.80) (0.75) (0.75) (0.74)
------ ------ ------ ------ ------ ------ ------ ------ ------
Net asset value, end
of period $55.36 $55.41 $49.40 $49.43 $41.07 $41.08 $33.41 $33.04 $29.72
====== ====== ====== ====== ====== ====== ====== ====== ======
Total return <F5> <F6> 14.26% 14.41% 23.36% 23.68% 25.79% 26.02% 3.51% 13.79% 9.36%
Supplemental data and
ratios:
Net assets, in
thousands, end of
period $56,162 $246,467 $39,656 $212,072 $18,663 $138,106 $107,563 $83,820 $81,070
Ratio of net expenses
to average net
assets <F7> 0.65% 0.40% 0.66% 0.41% 0.66% 0.46% 0.50% 0.50% 0.50%
Ratio of net
investment income
to average net
assets <F7> 1.47% 1.72% 1.76% 2.01% 2.14% 2.34% 2.38% 2.32% 2.48%
Portfolio turnover
rate <F8> 7.56% 7.56% 7.48% 7.48% 4.61% 4.61% 13.28% 13.78% 5.50%
Average commission
rate paid <F8> $0.0600 $0.0600 $0.0604 $0.0604
<FN>
<F1> Commencement of operations.
<F2> Effective June 17, 1993, FIRMCO assumed the investment advisory responsibilities of Firstar Trust Company.
<F3> Effective February 3, 1992, FIRMCO assumed the investment advisory responsibilities of Firstar Trust Company.
<F4> On January 9, 1995, all previously existing series of shares of each Fund were reclassified as Series A shares. Effective
January 9, 1995, Institutional shareowners exchanged their Series A shares for the Funds' Institutional series shares. For the
year ended October 31, 1995, the Financial Highlights ratios of net expenses to average net assets, ratios of net investment
income to average net assets, total return and the per share income from investment operations and distributions are presented
on a basis whereby the Funds' net investment income, net expenses, net realized and unrealized gains (losses) and distributions
for the period November 1, 1994, through January 9, 1995, were allocated to each class of shares based upon the relative net
assets of each class of shares as of the close of business on January 9, 1995, and the results thereof combined with the
results of operations and distributions for each applicable class for the period January 10, 1995, through October 31, 1995.
<F5> Not annualized for the period ended October 31, 1992, for the Balanced Fund, for the period ended October 31, 1993, for the
MidCore Growth Fund, for the period ended October 31, 1994, for the International Equity Fund, and for the period ended April
30, 1997 for all Funds.
<F6> The total return does not reflect the 4% front-end sales charge for Series A.
<F7> Annualized for the period ended October 31, 1992, for the Balanced Fund, for the period ended October 31, 1993, for the MidCore
Growth Fund, for the period ended October 31, 1994, for the International Equity Fund, and for the period ended April 30, 1997
for all Funds.
<F8> Portfolio turnover and average commission rate paid is calculated on the basis of the Fund as a whole without distinguishing
between the classes of shares issued.
<F9> Net investment income per share is calculated using ending balances prior to consideration of adjustments for permanent book
and tax differences.
See notes to the financial statements.
</TABLE>
<TABLE>
FINANCIAL HIGHLIGHTS (CONTINUED)
<CAPTION>
MIDCORE GROWTH FUND
------------------------------------------------------------------------------------
Six months ended Year ended Year ended Dec. 29,
April 30, 1997 October 31, 1996 October 31, 1995<F4> Year 1992<F1>
-------------------- -------------------- ------------------- ended through
Series Series Series Series Series Series Oct. 31, Oct. 31,
A Institutional A Institutional A Institutional 1994 1993
------ ------------- ------ ------------- ------ ------------- ------- -------
Per Share Data: (Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $30.32 $30.43 $25.58 $25.61 $21.47 $21.47 $21.40 $20.09
Income from investment operations:
Net investment income (loss) (0.02) 0.02 (0.07)<F9> (0.01)<F9> (0.02) 0.03 0.06 0.09
Net realized and unrealized
gains (losses) on securities 1.42 1.42 4.81 4.83 4.16 4.16 0.06 1.32
-------- -------- -------- -------- -------- -------- -------- --------
Total from investment operations 1.40 1.44 4.74 4.82 4.14 4.19 0.12 1.41
-------- -------- -------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net
investment income - - - - (0.03) (0.05) (0.05) (0.10)
Distributions from capital gains (1.30) (1.30) - - - - - -
-------- -------- -------- -------- -------- -------- -------- --------
Total distributions (1.30) (1.30) - - (0.03) (0.05) (0.05) (0.10)
-------- -------- -------- -------- -------- -------- -------- --------
Net asset value, end of period $30.42 $30.57 $30.32 $30.43 $25.58 $25.61 $21.47 $21.40
======== ======== ======== ======== ======== ======== ======== ========
Total return <F5> <F6> 4.62% 4.74% 18.53% 18.82% 19.31% 19.55% 0.56% 7.53%
Supplemental data and ratios:
Net assets, in thousands,
end of period $20,532 $160,724 $16,636 $155,293 $10,105 $134,428 $113,197 $84,467
Ratio of net expenses
to average net
assets <F7> 1.15% 0.90% 1.15% 0.90% 1.09% 0.90% 0.88% 0.89%
Ratio of net investment
income to average net
assets <F7> (0.14)% 0.11% (0.29)% (0.04)% (0.06)% 0.13% 0.30% 0.57%
Portfolio turnover
rate <F8> 28.05% 28.05% 56.75% 56.75% 49.84% 49.84% 33.24% 46.29%
Average commission
rate paid <F8> $0.0585 $0.0585 $0.0582 $0.0582
<FN>
<F1> Commencement of operations.
<F2> Effective June 17, 1993, FIRMCO assumed the investment advisory responsibilities of Firstar Trust Company.
<F3> Effective February 3, 1992, FIRMCO assumed the investment advisory responsibilities of Firstar Trust Company.
<F4> On January 9, 1995, all previously existing series of shares of each Fund were reclassified as Series A shares. Effective
January 9, 1995, Institutional shareowners exchanged their Series A shares for the Funds' Institutional series shares. For the
year ended October 31, 1995, the Financial Highlights ratios of net expenses to average net assets, ratios of net investment
income to average net assets, total return and the per share income from investment operations and distributions are presented
on a basis whereby the Funds' net investment income, net expenses, net realized and unrealized gains (losses) and distributions
for the period November 1, 1994, through January 9, 1995, were allocated to each class of shares based upon the relative net
assets of each class of shares as of the close of business on January 9, 1995, and the results thereof combined with the
results of operations and distributions for each applicable class for the period January 10, 1995, through October 31, 1995.
<F5> Not annualized for the period ended October 31, 1992, for the Balanced Fund, for the period ended October 31, 1993, for the
MidCore Growth Fund, for the period ended October 31, 1994, for the International Equity Fund, and for the period ended April
30, 1997 for all Funds.
<F6> The total return does not reflect the 4% front-end sales charge for Series A.
<F7> Annualized for the period ended October 31, 1992, for the Balanced Fund, for the period ended October 31, 1993, for the MidCore
Growth Fund, for the period ended October 31, 1994, for the International Equity Fund, and for the period ended April 30, 1997
for all Funds.
<F8> Portfolio turnover and average commission rate paid is calculated on the basis of the Fund as a whole without distinguishing
between the classes of shares issued.
<F9> Net investment income per share is calculated using ending balances prior to consideration of adjustments for permanent book
and tax differences.
See notes to the financial statements.
</TABLE>
<TABLE>
FINANCIAL HIGHLIGHTS (CONTINUED)
<CAPTION>
SPECIAL GROWTH FUND
--------------------------------------------------------------------------------
Six months ended Year ended Year ended
April 30, 1997 October 31, 1996 October 31, 1995<F4> Year ended October 31,
------------------ ------------------- ------------------- -----------------------
Series Series Series Series Series Series
A Institutional A Institutional A Institutional 1994 1993 1992<F3>
------ ------------- ------- ------------- ------- ------------- ---- ---- -------
Per Share Data: (Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $41.38 $41.58 $41.40 $41.47 $33.19 $33.19 $32.34 $28.50 $28.05
Income from investment
operations:
Net investment income (0.11) (0.06) (0.13)<F9> (0.04)<F9> (0.07) 0.00 0.04 0.07 0.17
Net realized and
unrealized
gains (losses) on
securities 1.78 1.78 4.70 4.74 8.49 8.49 0.85 4.47 2.18
------ ------ ------ ------ ------ ------ ------ ------ ------
Total from investment
operations 1.67 1.72 4.57 4.70 8.42 8.49 0.89 4.54 2.35
------ ------ ------ ------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net
investment income - - - - (0.04) (0.08) (0.18)
Distributions from
capital gains (5.26) (5.26) (4.59) (4.59) (0.21) (0.21) - (0.62) (1.72)
------ ------ ------ ------ ------ ------ ------ ------ ------
Total distributions (5.26) (5.26) (4.59) (4.59) (0.21) (0.21) (0.04) (0.70) (1.90)
------ ------ ------ ------ ------ ------ ------ ------ ------
Net asset value, end
of period $37.79 $38.04 $41.38 $41.58 $41.40 $41.47 $33.19 $32.34 $28.50
====== ====== ====== ====== ====== ====== ====== ====== ======
Total return <F5> <F6> 4.08% 4.20% 12.27% 12.58% 25.56% 25.79% 2.77% 16.15% 8.86%
Supplemental data
and ratios:
Net assets, in
thousands, end of
period $121,401 $513,778 $111,159 $482,857 $87,269 $434,228 $395,584 $347,130 $205,207
Ratio of net
expenses to
average net
assets <F7> 1.13% 0.88% 1.13% 0.88% 1.09% 0.90% 0.89% 0.88% 0.76%
Ratio of net
investment income
to average net
assets <F7> (0.56)% (0.31)% (0.35)% (0.10)% (0.19)% 0.00% 0.13% 0.24% 0.65%
Portfolio turnover
rate <F8> 49.28% 49.28% 103.34% 103.34% 79.25% 79.25% 69.74% 58.80% 31.94%
Average commission
rate paid <F8> $0.0578 $0.0578 $0.0576 $0.0576
<FN>
<F1> Commencement of operations.
<F2> Effective June 17, 1993, FIRMCO assumed the investment advisory responsibilities of Firstar Trust Company.
<F3> Effective February 3, 1992, FIRMCO assumed the investment advisory responsibilities of Firstar Trust Company.
<F4> On January 9, 1995, all previously existing series of shares of each Fund were reclassified as Series A shares. Effective
January 9, 1995, Institutional shareowners exchanged their Series A shares for the Funds' Institutional series shares. For the
year ended October 31, 1995, the Financial Highlights ratios of net expenses to average net assets, ratios of net investment
income to average net assets, total return and the per share income from investment operations and distributions are presented
on a basis whereby the Funds' net investment income, net expenses, net realized and unrealized gains (losses) and distributions
for the period November 1, 1994, through January 9, 1995, were allocated to each class of shares based upon the relative net
assets of each class of shares as of the close of business on January 9, 1995, and the results thereof combined with the
results of operations and distributions for each applicable class for the period January 10, 1995, through October 31, 1995.
<F5> Not annualized for the period ended October 31, 1992, for the Balanced Fund, for the period ended October 31, 1993, for the
MidCore Growth Fund, for the period ended October 31, 1994, for the International Equity Fund, and for the period ended April
30, 1997 for all Funds.
<F6> The total return does not reflect the 4% front-end sales charge for Series A.
<F7> Annualized for the period ended October 31, 1992, for the Balanced Fund, for the period ended October 31, 1993, for the MidCore
Growth Fund, for the period ended October 31, 1994, for the International Equity Fund, and for the period ended April 30, 1997
for all Funds.
<F8> Portfolio turnover and average commission rate paid is calculated on the basis of the Fund as a whole without distinguishing
between the classes of shares issued.
<F9> Net investment income per share is calculated using ending balances prior to consideration of adjustments for permanent book
and tax differences.
<F10>Net investment income per share represents net investment income divided by the average shares outstanding throughout the
period.
See notes to the financial statements.
</TABLE>
<TABLE>
FINANCIAL HIGHLIGHTS (CONTINUED)
<CAPTION>
INTERNATIONAL EQUITY FUND
------------------------------------------------------------------------------------------
Six months ended Year ended Year ended
April 30, 1997 October 31, 1996 October 31, 1995<F4> April 28,
---------------------- --------------------- --------------------- 1994<F1>
Series Series Series Series Series Series through
A Institutional A Institutional A Institutional Oct. 31, 1994
------ -------------- ------ ------------- ------ ------------- -------------
Per Share Data: (Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $20.21 $20.27 $19.15 $19.19 $19.99 $19.99 $20.00
Income from investment
operations:
Net investment income (0.03)<F10> (0.01)<F10> 0.07<F9> 0.11<F9> 0.08 0.12 0.04
Net realized and
unrealized
gains (losses) on
securities (0.06) (0.06) 1.43 1.44 (0.87) (0.87) (0.05)
------- ------- ------- ------- ------- ------- -------
Total from investment
operations (0.09) (0.07) 1.50 1.55 (0.79) (0.75) (0.01)
------- ------- ------- ------- ------- ------- -------
Less distributions:
Dividends from net
investment income (0.13) (0.17) (0.07) (0.10) (0.04) (0.04) -
Distributions from
capital gains (0.46) (0.46) (0.37) (0.37) (0.01) (0.01) -
------- ------- ------- ------- ------- ------- -------
Total distributions (0.59) (0.63) (0.44) (0.47) (0.05) (0.05) -
------- ------- ------- ------- ------- ------- -------
Net asset value, end
of period $19.53 $19.57 $20.21 $20.27 $19.15 $19.19 $19.99
======= ======= ======= ======= ======= ======= =======
Total return <F5> <F6> (0.46)% (0.36)% 7.95% 8.21% (3.95)% (3.75)% (0.05)%
Supplemental data and
ratios:
Net assets, in
thousands, end of
period $4,466 $47,116 $3,769 $43,182 $1,633 $31,187 $23,756
Ratio of net expenses
to average net
assets <F7> 1.75% 1.50% 1.75% 1.50% 1.70% 1.50% 1.49%
Ratio of net
investment income
to average net
assets <F7> (0.36)% (0.11)% 0.29% 0.54% 0.46% 0.66% 0.44%
Portfolio turnover
rate <F8> 6.26% 6.26% 31.57% 31.57% 15.12% 15.12% 6.55%
Average commission
rate paid <F8> $0.0138 $0.0138 $0.0167 $0.0167
<FN>
<F1> Commencement of operations.
<F2> Effective June 17, 1993, FIRMCO assumed the investment advisory responsibilities of Firstar Trust Company.
<F3> Effective February 3, 1992, FIRMCO assumed the investment advisory responsibilities of Firstar Trust Company.
<F4> On January 9, 1995, all previously existing series of shares of each Fund were reclassified as Series A shares. Effective
January 9, 1995, Institutional shareowners exchanged their Series A shares for the Funds' Institutional series shares. For the
year ended October 31, 1995, the Financial Highlights ratios of net expenses to average net assets, ratios of net investment
income to average net assets, total return and the per share income from investment operations and distributions are presented
on a basis whereby the Funds' net investment income, net expenses, net realized and unrealized gains (losses) and distributions
for the period November 1, 1994, through January 9, 1995, were allocated to each class of shares based upon the relative net
assets of each class of shares as of the close of business on January 9, 1995, and the results thereof combined with the
results of operations and distributions for each applicable class for the period January 10, 1995, through October 31, 1995.
<F5> Not annualized for the period ended October 31, 1992, for the Balanced Fund, for the period ended October 31, 1993, for the
MidCore Growth Fund, for the period ended October 31, 1994, for the International Equity Fund, and for the period ended April
30, 1997 for all Funds.
<F6> The total return does not reflect the 4% front-end sales charge for Series A.
<F7> Annualized for the period ended October 31, 1992, for the Balanced Fund, for the period ended October 31, 1993, for the MidCore
Growth Fund, for the period ended October 31, 1994, for the International Equity Fund, and for the period ended April 30, 1997
for all Funds.
<F8> Portfolio turnover and average commission rate paid is calculated on the basis of the Fund as a whole without distinguishing
between the classes of shares issued.
<F9> Net investment income per share is calculated using ending balances prior to consideration of adjustments for permanent book
and tax differences.
<F10>Net investment income per share represents net investment income divided by the average shares outstanding throughout the
period.
See notes to the financial statements.
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS
(AMOUNTS IN THOUSANDS)
SIX MONTHS ENDED APRIL 30, 1997
(UNAUDITED)
<CAPTION>
GROWTH EQUITY MIDCORE SPECIAL INTERNATIONAL
BALANCED AND INCOME INDEX GROWTH GROWTH EQUITY
FUND FUND FUND FUND FUND FUND
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividend income:
Domestic $ 244 $ 2,952 $ 2,644 $ 561 $ 870 -
Foreign (net of withholding
taxes of $48) - - - - - $ 330
Interest income:
Domestic 2,354 1,108 385 296 909 16
Foreign - - - - - 2
Other income: 26 15 1 70 39 -
------- ------- ------- ------- ------- -------
2,624 4,075 3,030 927 1,818 348
------- ------- ------- ------- ------- -------
EXPENSES:
Investment advisory fees 636 1,296 358 692 2,377 371
Administration fees 99 201 167 108 369 29
Shareowner servicing and
accounting costs 48 73 62 42 129 81
Service organization fees - Series A 38 103 59 24 149 5
Custody fees 35 33 36 20 68 63
Federal and state registration fees 11 14 16 9 17 -
Professional fees 17 6 11 10 9 17
Reports to shareowners 10 20 12 7 40 8
Amortization of organization costs 3 - - 1 - 3
Directors' fees and expenses 3 3 2 2 3 3
Other 2 2 5 2 3 1
------- ------- ------- ------- ------- -------
Total expenses before waiver 902 1,751 728 917 3,164 581
Less: Waiver of expenses (227) (127) (101) (67) (225) (200)
------- ------- ------- ------- ------- -------
Net Expenses 675 1,624 627 850 2,939 381
------- ------- ------- ------- ------- -------
NET INVESTMENT INCOME (LOSS) 1,949 2,451 2,403 77 (1,121) (33)
------- ------- ------- ------- ------- -------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain on:
Investments 6,434 5,912 160 12,154 31,735 477
Foreign currency - - - - - 73
Change in unrealized appreciation
(depreciation) on:
Investments (3,485) 29,255 34,330 (4,309) (6,533) (716)
Foreign currency - - - - - (15)
------- ------- ------- ------- ------- -------
Net gain (loss) on investments
and foreign currency 2,949 35,167 34,490 7,845 25,202 (181)
------- ------- ------- ------- ------- -------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $4,898 $37,618 $36,893 $7,922 $24,081 $ (214)
======= ======= ======= ======= ======= =======
See notes to the financial statements.
</TABLE>
BALANCED FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market Value
of Shares (in thousands)
--------- -------------
COMMON STOCKS 57.1%
AEROSPACE & AIRCRAFT 0.4%
28,600 Gulfstream Aerospace Corporation * $ 729
---------
AIR TRANSPORTATION 0.1%
9,600 Atlas Air, Inc. * 264
100 Comair Holdings, Inc. 2
---------
266
---------
AUTOS & TRUCKS 0.1%
10,800 AutoZone, Inc. * 265
---------
BANKING 0.3%
9,500 Washington Mutual, Inc. 469
---------
BUSINESS MACHINES & SOFTWARE 1.3%
8,300 Mylex Corporation * 77
6,700 National Instruments Corporation * 203
20,600 Network General Corporation * 283
26,300 Sterling Commerce, Inc. * 681
31,964 Synopsys, Inc. * 1,019
---------
2,263
---------
BUSINESS SERVICES 7.0%
6,000 ABR Information Services, Inc. * 121
18,992 AccuStaff, Inc. * 347
12,600 BA Merchant Services, Inc. - Class A * 176
7,900 BISYS Group, Inc. * 253
4,600 Bell & Howell Company * 109
35,200 Ceridian Corporation * 1,175
36,300 Cognizant Corporation 1,184
35,000 Concord EFS, Inc. * 691
4,300 Danka Business Systems PLC ADR 131
26,300 Electronic Data Systems Corporation 878
41,022 First Data Corporation 1,415
12,900 First USA Paymentech, Inc. * 311
13,425 FIserv, Inc. * 507
3,000 Interim Services, Inc. * 116
14,500 Mastech Corporation * 167
1,000 MoneyGram Payment Systems, Inc. * 10
14,500 National Data Corporation 544
1,100 Paychex, Inc. 51
36,300 Pittston Brink's Group 1,153
7,500 PMT Services, Inc. * 89
10,500 Robert Half International, Inc. * 412
29,900 Sabre Group Holdings, Inc. * 766
39,500 SunGard Data Systems, Inc. 1,753
5,000 Whittman-Hart, Inc. * 95
---------
12,454
---------
COMMUNICATIONS & MEDIA 1.8%
24,450 Andrew Corporation * 605
18,800 Interpublic Group of Companies, Inc. 1,065
47,200 PanAmSat Corporation * 1,381
1,600 Reuters Holdings, PLC - ADR 99
---------
3,150
---------
Number Market Value
of Shares (in thousands)
--------- -------------
COMPUTERS 1.5%
6,600 CDW Computer Centers, Inc. * $ 317
23,000 McAfee Associates, Inc. * 1,282
5,200 Microsoft Corporation * 632
16,300 Tech Data Corporation * 399
---------
2,630
---------
CONSUMER PRODUCTS 0.5%
400 Harman International Industries, Inc. 15
23,400 Newell Company 819
---------
834
---------
DATA PROCESSING 0.2%
26,700 Axciom Corporation * 350
---------
DRUGS 1.7
23,900 Elan Corporation PLC ADR * 813
5,700 Mylan Laboratories 68
43,600 Teva Pharmaceutical Industries Ltd. ADR 2,213
---------
3,094
---------
ELECTRICAL EQUIPMENT 0.1%
10,300 Cable Design Technologies * 194
---------
ELECTRONICS &SCIENTIFIC INSTRUMENTS 1.6%
12,600 Cisco Systems, Inc. * 652
29,100 Gemstar International Group Limited * 371
12,200 Hewlett-Packard Company 641
22,109 Molex, Inc. - Class A 641
3,000 Seitel, Inc. * 101
24,200 Waters Corporation * 717
---------
3,123
---------
ENERGY 0.1%
3,500 AES Corporation * 228
---------
ENTERTAINMENT & LEISURE 1.5%
35,700 GTECH Holdings Corporation * 1,098
56,500 Hollywood Entertainment Corporation * 1,208
2,000 Sodak Gaming, Inc. * 23
12,300 Regal Cinemas, Inc. * 335
---------
2,664
---------
FINANCIAL SERVICES 5.9%
8,300 Associates First Capital Corporation 425
2,900 CMAC Investment Corporation 110
5,400 ContiFinancial Corporation * 155
39,300 Credit Acceptance Corporation * 425
46,900 Federal National Mortgage Association 1,929
24,100 First USA, Inc. 1,160
34,500 Green Tree Financial Corporation 1,022
12,700 HomeSide, Inc. * 203
56,100 MBNA Corporation 1,851
355,500 Quick and Reilly Group, Inc. 787
37,300 The Charles Schwab Corporation 1,366
7,000 Student Loan Marketing Association 828
19,100 Ugly Duckling Corporation * 270
---------
10,531
---------
BALANCED FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market Value
of Shares (in thousands)
--------- -------------
HEALTH CARE SERVICES & SUPPLIES 7.2%
9,900 American Oncology Resources, Inc. * $ 88
4,350 Cardinal Health, Inc. 232
31,100 Columbia/HCA Healthcare Corporation 1,088
7,900 Gulf South Medical Supply, Inc. * 113
10,500 HBO & Company 562
18,050 Health Care & Retirement Corporation * 571
45,868 Health Management Associates, Inc. - Class A * 1,227
7,300 Integrated Health Services, Inc. 235
35,800 Lincare Holdings, Inc. * 1,405
36,270 MedPartners, Inc. * 662
21,600 Multicare Companies, Inc. * 402
25,800 PhyCor, Inc. * 687
6,400 Physicians Reource Group, Inc. * 70
22,500 Quorum Health Group, Inc. * 700
12,800 Renal Treatment Centers, Inc. * 277
3,300 Rotech Medical Corporation * 52
8,500 Rural/Metro Corporation * 244
21,800 Sola International, Inc. * 545
12,000 Twinlab Corporation * 159
4,300 United Dental Care, Inc. * 95
84,200 Vencor, Inc. * 3,505
---------
12,919
---------
HOSPITAL SUPPLIES & SERVICES 0.6%
17,300 Ballard Medical Products 329
8,100 Boston Scientific Corporation * 391
16,700 Omnicare, Inc. 407
---------
1,127
---------
HOUSING 0.3%
30,800 Toll Brothers, Inc. * 562
---------
INSURANCE 5.9%
11,550 AFLAC, Inc. 497
15,600 AMBAC, Inc. 1,010
12,000 Chartwell Re Corporation 306
7,000 Equitable of Iowa Companies 342
6,900 Enhance Financial Services Group, Inc. 266
2,400 Arthur J. Gallagher & Company 75
17,100 MBIA, Inc. 1,665
27,900 MGIC Investment Corporation 2,267
10,600 The PMI Group, Inc. 542
29,700 Protective Life Corporation 1,314
14,000 ReliaStar Financial Corporation 847
15,700 Vesta Insurance Group, Inc. 655
19,900 Western National Corporation 512
6,600 Zurich Reinsurance Center Holdings, Inc. 253
---------
10,551
---------
INVESTMENT COMPANIES 0.4%
32,600 United Assets Management Corporation 799
---------
LODGING 1.3%
82,400 Mirage Resorts, Inc. * 1,658
20,400 Promus Hotel Corporation * 719
---------
2,377
---------
Number Market Value
of Shares (in thousands)
--------- -------------
MACHINERY - INDUSTRIAL 0.1%
1,100 Kennametal, Inc. $ 40
4,500 MSC Industrial Direct Co., Inc. - Class A * 138
---------
178
---------
METALS & MINERALS 0.2%
14,200 Worthington Industries, Inc. 268
---------
MULTI-INDUSTRY 2.1%
15,700 Leggett & Platt, Inc. 546
35,750 Thermo Electron Corporation * 1,233
33,700 Tyco International, Ltd. 2,056
---------
3,835
---------
OFFICE PRODUCTS 0.4%
9,200 Ikon Office Solutions, Inc. 247
14,000 U.S. Office Products Company * 357
6,400 Viking Office Products, Inc. * 87
---------
691
---------
OIL & GAS - DOMESTIC 1.0%
6,200 Chesapeake Energy Corporation * 94
18,900 Enron Corporation 711
18,500 NGC Corporation 326
5,600 Pogo Producing Company 205
9,170 Tejas Gas Corporation * 381
---------
1,717
---------
OIL & GAS - SERVICES 0.3%
13,000 Tidewater, Inc. 522
---------
POLLUTION CONTROL 0.8%
17,500 Philip Environmental, Inc. * 276
1,200 Tetra Technologies, Inc. * 28
33,200 USA Waste Services, Inc. * 1,087
---------
1,391
---------
RESTAURANTS 0.4%
18,800 Landry's Seafood Restaurants, Inc. * 264
27,300 Lone Star Steakhouse & Saloon * 539
---------
803
---------
RETAIL 3.2%
33,100 Bed Bath and Beyond, Inc. * 906
72,050 CUC International, Inc. * 1,522
42,470 Dollar General Corporation 1,343
19,500 Federated Department Stores, Inc. * 663
13,400 Friedman's, Inc. - Class A * 226
42,100 General Nutrition Companies, Inc. * 905
8,200 Petco Animal Supplies, Inc. * 175
---------
5,740
---------
SCHOOLS 0.2%
12,900 Apollo Group, Inc. * 347
---------
BALANCED FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market Value
of Shares (in thousands)
--------- -------------
SECURITY SERVICES 0.5%
29,800 Corrections Corporation of America * $ 972
---------
SEMICONDUCTORS 1.0%
5,300 Altera Corporation * 263
4,200 Dallas Semiconductor Corporation 153
3,900 Intel Corporation 597
6,500 Lattice Semiconductor Corporation * 363
8,600 Maxim Integrated Products, Inc. * 455
---------
1,831
---------
SHOES 0.3%
12,700 Nine West Group, Inc. * 503
---------
SOFTWARE 1.0%
10,000 Business Objects S.A. * 90
9,400 Cadence Design Systems, Inc. * 301
20,700 Cambridge Technology Partners, Inc. * 551
18,600 HNC Software, Inc. * 493
9,950 System Software Associates, Inc. 53
5,100 Visio Corporation * 259
---------
1,747
---------
TELECOMMUNICATIONS EQUIPMENT 1.4%
23,700 ADC Telecommunications * 619
44,400 Aspect Telecommunications Corporation * 788
31,100 ECI Telecommunications Limited Designs 680
14,800 PairGain Technologies, Inc. * 385
---------
2,472
---------
TELECOMMUNICATIONS 1.6%
19,400 Cincinnati Bell, Inc. 1,086
30,500 Frontier Corporation 484
51,000 WorldCom, Inc. * 1,224
---------
2,794
---------
TEXTILES & APPAREL 1.2%
11,500 Cintas Corporation 630
8,400 Jones Apparel Group, Inc. * 351
14,900 Liz Claiborne, Inc. 674
9,800 The Men's Wearhouse, Inc. * 244
11,500 Stein Mart, Inc. * 333
---------
2,232
---------
TRANSPORTATION 0.7%
33,100 Harley-Davidson, Inc. 1,307
---------
TRAVEL & RECREATION 0.6%
28,400 Carnival Corporation - Class A 1,047
---------
Total Common Stocks (Cost $80,121) 101,976
---------
Principal
Amount Market Value
(in thousands) (in thousands)
- -------------- --------------
LONG-TERM INVESTMENTS - 39.0%
ASSET-BACKED SECURITIES 7.3%
AUTO LOAN RECEIVABLES 0.4%
Premier Auto Trust, Series 1993-5, Class A2,
$ 330 4.22%, 3/02/99 $ 326
Western Financial Grantor Trust, Series 1995-2,
338 Class A-1, 7.10%, 7/01/00 341
---------
667
---------
CREDIT CARD RECEIVABLES 6.9%
Banc One Credit Card Master Trust 1995-B,
1,750 Class A, 6.30%, 9/15/00 1,734
Chase Credit Card Master Trust, Series
1995-2, Class XX
2,300 6.23%, 6/15/03 2,272
Citibank Credit Card Master Trust, Principal Only,
2,300 Series 1996-1, 0.00%, 2/07/01 1,791
First Chicago Master Trust II, Series 1994-L,
1,150 Class A, 7.15%, 2/15/00 1,164
Household Affinity Credit Card Master Trust I,
500 Series 1993-2, Class A, 5.60%, 11/15/00 486
Private Label Credit Card Master Trust II,
350 Series 1994-2, Class A, 7.80%, 9/20/03 358
Sears Credit Account Master Trust:
2,700 Series 1994-1, Class A, 7.00%, 8/15/00 2,730
700 Series 1995-2, Class A, 8.10%, 1/15/01 725
Signet Credit Card Master Trust, Series 1993-1,
1,000 Class A, 5.20%, 10/15/98 986
---------
12,246
---------
CORPORATE BONDS (DOMESTIC) 12.5%
Atlantic Richfield Co. Debentures,
300 8.50%, 4/01/12 338
BankAmerica Corporation Subordinated Notes,
350 7.75%, 7/15/02 360
Barclays American Corp. Debentures,
250 9.75%, 5/15/21 280
Chase Manhattan Corporation Debentures,
250 10.00%, 6/15/99 266
Chase Manhattan Corporation Medium Term Notes,
250 8.65%, 2/13/99 259
Chemical Banking Corporation Subordinated Capital
750 Notes, 9.75%, 6/15/99 795
Chrysler Financial Corporation Debentures,
1,050 13.25%, 10/15/99 1,202
Continental Cablevision, Inc. Debentures:
350 8.875%, 9/15/05 380
600 9.50%, 5/01/16 672
Dayton Hudson Corporation Debentures,
250 10.00%, 1/01/11 298
Deseret Generation & Transmission Coop
199 Debentures, 9.375%, 1/02/11 209
Federal Express Corporation Debentures,
250 9.625%, 10/15/19 265
BALANCED FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Principal
Amount Market Value
(in thousands) (in thousands)
- -------------- --------------
CORPORATE BONDS (DOMESTIC) 12.1% (CONT.)
Ford Capital BV Notes,
$ 250 10.125%, 11/15/00 $ 275
Ford Motor Company Pass-Thru Certificates,
1,600 6.11%, 1/01/01 1,564
Ford Motor Credit Co. Notes,
650 6.375%, 4/15/00 643
Georgia Pacific Corporation Debentures,
300 9.50%, 12/01/11 347
Goldman Sachs Group Notes,
1,500 6.25%, 2/01/03 1,430
GTE Corporation Debentures,
250 10.25%, 11/01/20 282
Heller Financial, Inc. Notes:
750 9.375%, 3/15/98 769
350 7.875%, 11/01/99 359
Household Finance Corporation Limited Senior
1,000 Notes, 7.125%, 4/30/99 1,009
Household Finance Corporation Senior Subordinated
500 Notes, 9.625%, 7/15/00 539
International Paper Co. Debentures,
350 9.70%, 3/15/00 376
Lehman Brothers Holdings, Inc. Notes:
350 6.65%, 11/08/99 346
300 8.875%, 2/15/00 314
Lehman Brothers, Inc. Senior Subordinated Notes,
700 10.00%, 5/15/99 742
The May Department Stores Company Debentures,
300 9.875%, 6/15/21 338
Merrill Lynch & Co., Inc. Senior Notes,
1,000 7.75%, 3/01/99 1,020
NCNB Corporation Subordinated Notes,
750 10.20%, 7/15/15 928
News America Holdings, Inc., Debentures,
300 10.125%, 10/15/12 334
Oneok, Inc. Debentures,
400 9.70%, 12/01/19 434
Rochester Telephone Debentures,
400 9.00%, 8/15/21 429
Rohm & Haas, Debentures,
650 9.50%, 4/01/21 715
Salomon, Inc. Senior Notes:
350 7.75%, 5/15/00 357
575 6.75%, 2/15/03 558
The Charles Schwab Corporation Medium
550 Term Notes, 5.90%, 10/01/99 539
Security Pacific Corporation Subordinated
600 Notes, 9.75%, 5/15/99 634
Smith Barney Holdings, Inc. Notes,
700 6.875%, 6/15/05 682
Tenneco, Inc. Debentures,
425 7.45%, 12/15/25 405
---------
21,692
---------
Principal
Amount Market Value
(in thousands) (in thousands)
- -------------- --------------
INTERNATIONAL/YANKEE (U.S. $ DENOMINATED) 1.5%
Hydro-Quebec Debentures:
$ 350 11.75%, 2/01/12 $ 476
500 9.75%, 1/15/18 551
Midland Bank PLC Subordinated Notes,
700 6.95%, 3/15/11 658
Norsk Hydro A/S Debentures,
350 9.00%, 4/15/12 393
Quebec (Province of) Debentures,
250 11.00%, 6/15/15 285
Sweden (Kingdom of) Debentures,
150 11.125%, 6/01/15 205
---------
2,568
---------
U.S. GOVERNMENT AGENCY MORTGAGE ISSUES 2.7%
Federal Home Loan Mortgage Corporation (FHLMC)
Real Estate Mortgage Investment Conduit (REMIC):
703 Series 85, Class C, 8.60%, 1/15/21 728
1,140 Series 1169, Class D, 7.00%, 5/15/21 1,141
700 Series 1201, Class E, 7.40%, 12/15/21 705
Federal National Mortgage Association (FNMA)
Real Estate Mortgage Investment Conduit (REMIC):
765 Series 1989-37, Class G, 8.00%, 7/25/19 781
709 Series 1990-30, Class E, 6.50%, 3/25/20 683
715 Series 1990-105, Class J, 6.50%, 9/25/20 691
---------
4,729
---------
U.S. TREASURY OBLIGATIONS 15.5%
U.S. Treasury Bonds:
200 10.75%, 2/15/03 3,824
200 10.75%, 8/15/05 250
15,685 9.25%, 2/15/16 19,253
U.S. Treasury Inflation-Indexed Notes,
1,058 3.375%, 1/15/07 1,040
U.S. Treasury Notes:
2,675 6.875%, 3/31/00 2,705
575 6.625%, 7/31/01 576
---------
27,648
---------
Total Long-Term Investments (Cost $69,470) 69,550
---------
Number
of Shares
(in thousands)
- --------------
SHORT-TERM INVESTMENTS - 3.2%
INVESTMENT COMPANIES - 3.2%
1 Financial Square Prime Obligation Fund 1
5,663 Short-Term Investments Co. Liquid Assets Portfolio 5,663
---------
Total Short-Term Investments (Cost $5,664) 5,664
---------
Total Investments - 99.3% (Cost $155,255) 177,190
---------
Other Assets, less Liabilities - 0.7% 1,237
---------
TOTAL NET ASSETS - 100.0% $178,427
=========
* Non-Income producing
See notes to the financial statements.
GROWTH AND INCOME FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market Value
of Shares (in thousands)
--------- -------------
COMMON STOCKS 82.1%
BANKING 5.7%
190,600 Bank of New York $ 7,529
121,200 Northern Trust Corporation 5,393
194,300 Norwest Corporation 9,691
---------
22,613
---------
BUSINESS MACHINES & SOFTWARE 4.7%
236,000 Diebold, Inc. 7,906
172,900 Xerox Corporation 10,633
---------
18,539
---------
BUSINESS SERVICES 1.0%
80,100 Kelly Services - Class A 2,023
72,300 Wallace Computer Services, Inc. 1,934
---------
3,957
---------
CHEMICALS 5.7%
68,000 BetzDearborn, Inc. 4,352
54,400 Ecolab, Inc. 2,217
60,000 Monsanto Company 2,565
125,100 Praxair, Inc. 6,458
162,800 Sherwin-Williams Company 4,925
81,800 Valspar Corporation 2,331
---------
22,848
---------
COMMUNICATIONS & MEDIA 3.4%
159,600 Interpublic Group of Companies, Inc. 9,037
107,000 New York Times Company - Class A 4,628
---------
13,665
---------
CONSUMER PRODUCTS 3.6%
153,800 Avery Dennison Corporation 5,652
3,500 Harman International Industries, Inc. 134
239,200 Newell Company 8,372
---------
14,158
---------
CONSUMER SERVICES 1.6%
190,238 Service Corporation International 6,516
---------
CONTAINERS 1.0%
104,000 Bemis Company, Inc. 3,965
---------
COSMETICS & SOAP 3.4%
43,100 Estee Lauder Companies - Class A 1,972
32,945 Gillette Company 2,800
68,500 Procter & Gamble Company 8,614
---------
13,386
---------
DRUGS 8.2%
85,300 Allergan, Inc. 2,282
72,000 Baxter International, Inc. 3,447
78,300 Johnson & Johnson 4,796
128,300 McKesson Corporation 9,286
Number Market Value
of Shares (in thousands)
--------- -------------
DRUGS 8.2% (CONT.)
90,550 Pfizer, Inc. $ 8,693
49,700 SmithKline Beecham - PLC ADR 4,007
---------
32,511
---------
ELECTRIC 1.2%
120,350 NIPSCO Industries, Inc. 4,754
---------
ELECTRICAL EQUIPMENT 0.8%
56,800 Belden, Inc. 1,747
27,450 Emerson Electric Company 1,393
---------
3,140
---------
ELECTRONICS 0.8%
60,200 Hewlett-Packard Company 3,160
---------
ENVIRONMENTAL SERVICES 1.0%
304,400 Laidlaw, Inc. - Class B 4,147
---------
FINANCIAL SERVICES 5.3%
155,800 Equifax 4,479
212,200 Federal National Mortgage Association 8,727
88,000 Household International, Inc. 7,744
---------
20,950
---------
FOOD, BEVERAGES & TOBACCO 0.9%
95,000 Nabisco Holdings Corporation - Class A 3,646
---------
INSURANCE 7.4%
74,400 Aetna, Inc. 6,780
56,500 MBIA, Inc. 5,502
142,500 ReliaStar Financial Corporation 8,621
340,700 Western National Corporation 8,773
---------
29,676
---------
INVESTMENT COMPANIES 1.3%
219,400 United Assets Management Corporation 5,375
---------
MACHINERY - INDUSTRIAL 0.2%
16,050 Kennametal, Inc. 578
---------
METAL & MINERALS 0.5%
106,700 Worthington Industries, Inc. 2,014
---------
MULTI-INDUSTRY 4.1%
23,200 Dover Corporation 1,230
58,400 Harsco Corporation 2,153
212,300 Tyco International, Ltd. 12,950
---------
16,333
---------
NATURAL GAS 2.4%
130,900 Enron Corporation 4,925
110,700 The Williams Companies, Inc. 4,857
---------
9,782
---------
GROWTH AND INCOME FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market Value
of Shares (in thousands)
--------- -------------
OFFICE PRODUCTS 0.3%
39,500 Ikon Office Solutions, Inc. $ 1,062
---------
OIL - DOMESTIC 1.0%
98,400 Phillips Petroleum Company 3,874
---------
OIL - INTERNATIONAL 1.9%
57,725 Mobil Corporation 7,504
---------
PAPER & FOREST PRODUCTS 0.9%
64,400 Kimberly-Clark Corporation 3,300
19,650 Unisource Worldwide, Inc. 290
---------
3,590
---------
PRINTING & PUBLISHING 1.3%
105,200 McGraw-Hill, Inc. 5,352
---------
RAILROADS 0.8%
91,600 Illinois Central Corporation - Class A 3,046
---------
REAL ESTATE 1.8%
82,500 Bay Apartments Communities, Inc. 2,764
43,500 Beacon Properties Corporation 1,343
145,600 Security Capital Industrial 2,930
---------
7,037
---------
RETAIL 5.2%
146,000 CVS Corporation 7,245
333,100 Gap, Inc. 10,618
90,525 Hannaford Brothers Company 2,885
---------
20,748
---------
TELECOMMUNICATIONS 1.3%
64,400 Frontier Corporation 1,022
94,500 GTE Corporation 4,335
---------
5,357
---------
TELECOMMUNICATIONS EQUIPMENT 0.7%
47,498 Lucent Technologies, Inc. 2,808
---------
TEXTILES & APPAREL 2.4%
84,000 Liz Claiborne, Inc. 3,801
202,900 Warnaco Group - Class A 5,783
---------
9,584
---------
TRAVEL & RECREATION 0.3%
43,300 Hertz Corporation - Class A * 1,256
---------
Total Common Stock (Cost $231,750) 326,931
---------
Number Market Value
of Shares (in thousands)
--------- -------------
PREFERRED STOCK 2.6%
COMMUNICATIONS & MEDIA 0.9%
95,000 Time Warner, Inc. $ 3,515
---------
COMPUTERS 1.0%
45,800 MicroSoft Corporation
(convertible to Microsoft Corp. common stock) 3,922
---------
TELECOMMUNICATIONS 0.7%
53,000 Salomon, Inc.
(convertible to Cincinnati Bell, Inc.
common stock) 2,968
---------
Total Preferred Stock (Cost $9,984) 10,405
---------
Number
of Shares
(in thousands)
- --------------
LONG-TERM INVESTMENTS 4.0%
CORPORATE CONVERTIBLE BONDS 4.0%
134 Merrill Lynch Strypes,
6.50%, 8/15/98 (convertible to MGIC
Investment Corporation common stock)
9,363
---------
Principal
Amount
(in thousands)
- --------------
$ 2,900 Federated Department Stores,
5.00%, 10/01/03 (convertible to Federated
Department Stores, Inc. common stock) 3,400
2,745 Tenet Health Care Subordinated
Convertible Debentures, 6.00%, 12/01/05
(convertible to Vencor, Inc. common stock) 3,294
---------
Total Long-Term Investments (Cost $13,654) 16,057
---------
Number
of Shares
(in thousands)
- --------------
SHORT-TERM INVESTMENTS 11.1%
INVESTMENT COMPANIES 8.1%
13,347 Financial Square Prime Obligation Fund 13,347
18,652 Short-Term Investments Co. Liquid Assets Portfolio 18,652
---------
31,999
---------
Principal
Amount
(in thousands)
- --------------
VARIABLE RATE DEMAND RATES 3.0%
$12,000 Warner-Lambert Co. 12,000
---------
Total Short-Term Investments (Cost $43,999) 43,999
---------
Total Investments 99.8% (Cost $299,387) 397,392
---------
Other Assets, less Liabilities 0.2% 765
---------
TOTAL NET ASSETS 100.0% $398,157
=========
* Non-income producing
See notes to the financial statements.
EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market Value
of Shares (in thousands)
--------- -------------
COMMON STOCKS 93.8%
AEROSPACE & AIRCRAFT 2.2%
12,800 Allied Signal, Inc. $ 925
16,528 Boeing Company 1,630
2,600 General Dynamics Corporation 185
8,834 Lockheed Martin Corporation 791
9,900 McDonnell Douglas Corporation 588
2,400 Northrop Grumman Corporation 200
12,300 Raytheon Company 537
9,900 Rockwell International Corporation 658
3,700 Textron, Inc. 412
11,200 United Technologies Corporation 847
---------
6,773
---------
AIR TRANSPORTATION 0.4%
4,200 AMR Corporation * 391
3,800 Delta Air Lines, Inc. 350
5,600 Federal Express Corporation * 302
7,000 Southwest Airlines Company 192
---------
1,235
---------
APPLIANCES 0.2%
2,200 Armstrong World Industries, Inc. 144
4,200 Black & Decker Corporation 141
6,200 Maytag Corporation 142
2,100 Snap-On Tools, Inc. 81
3,700 Whirlpool Corporation 173
---------
681
---------
AUTOS & TRUCKS 2.1%
7,200 Autozone, Inc.* 176
33,650 Chrysler Corporation 1,010
4,800 Dana Corporation 153
3,400 Eaton Corporation 255
3,700 Echlin, Inc. 121
54,200 Ford Motor Company 1,883
35,300 General Motors Corporation 2,043
8,737 Genuine Parts Company 283
5,600 ITT Industries, Inc. 141
2,120 PACCAR, Inc. 148
6,200 TRW, Inc. 323
---------
6,536
---------
BANKING 7.1%
19,345 Banc One Corporation 820
7,200 Bank of Boston Corporation 524
17,700 Bank of New York Company, Inc. 699
16,612 BankAmerica Corporation 1,941
4,100 Bankers Trust New York Corporation 334
9,100 Barnett Banks, Inc. 445
20,610 Chase Manhattan Corporation 1,909
22,200 Citicorp 2,500
4,800 Comerica, Inc. 281
10,300 CoreStates Financial Corporation 521
Number Market Value
of Shares (in thousands)
--------- -------------
BANKING 7.1% (CONT.)
4,600 Fifth Third Bancorp $ 343
6,500 First Bank System, Inc. 499
15,785 First Chicago Corporation 888
12,980 First Union Corporation 1,090
12,171 Fleet Financial Group, Inc. 742
6,200 Mellon Bank Corporation 515
8,600 J.P. Morgan & Company, Inc. 876
38,606 NationsBank Corporation 2,331
16,800 Norwest Corporation 838
15,700 PNC Bank Corporation 646
2,200 Republic New York Corporation 202
10,800 Sun Trust Banks, Inc. 548
7,000 US Bancorp 400
8,200 Wachovia Corporation 480
4,233 Wells Fargo & Company 1,129
---------
21,501
---------
BIO-TECHNOLOGY 0.3%
13,200 Amgen, Inc. * 777
---------
BUILDING & HOUSING 0.5%
12,200 Corning, Inc. 589
4,600 Fluor Corporation 253
8,100 Masco Corporation 306
2,900 Owens-Corning Fiberglass Corporation 117
4,400 The Stanley Works 171
---------
1,436
---------
BUILDING MATERIALS 0.1%
4,800 Johnson Controls, Inc. 184
---------
BUSINESS MACHINES & SOFTWARE 2.9%
4,700 Apple Computer, Inc. * 80
12,500 COMPAQ Computer Corporation * 1,067
7,650 Digital Equipment Corporation * 228
5,600 Honeywell, Inc. 395
23,700 International Business Machines Corporation 3,810
32,075 Oracle Systems Corporation * 1,275
7,900 Pitney-Bowes, Inc. 506
16,900 Sun Microsystems, Inc. * 487
3,900 Tandem Computers, Inc. * 50
14,450 Xerox Corporation 889
---------
8,787
---------
BUSINESS SERVICES 1.8%
1,600 Autodesk, Inc. 57
14,200 Automatic Data Processing, Inc. 643
5,700 H & R Block, Inc. 184
3,200 Ceridian Corporation * 107
32,000 Cisco Systems, Inc. * 1,656
16,425 Computer Associates International, Inc. 854
4,400 Computer Sciences Corporation * 275
EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market Value
of Shares (in thousands)
--------- -------------
BUSINESS SERVICES 1.8% (CONT.)
4,700 Deluxe Corporation $ 144
8,021 Dun & Bradstreet Corporation 197
20,200 First Data Corporation 697
3,600 Moore Corporation Limited 72
2,600 National Service Industries 109
11,000 Service Corporation International 377
---------
5,372
---------
CHEMICALS 2.9%
5,400 Air Products and Chemicals, Inc. 387
11,000 Dow Chemical Company 934
25,900 Dupont (E.I.) De Nemours & Company 2,749
2,200 Ecolab, Inc. 90
4,500 W.R. Grace & Company 234
3,100 Great Lakes Chemical Corporation 131
5,300 Hercules, Inc. 209
1,800 Millipore Corporation 68
27,000 Monsanto Company 1,154
6,900 Morton International, Inc. 289
2,500 Nalco Chemical Company 90
10,000 PPG Industries, Inc. 544
7,100 Praxair, Inc. 366
2,800 Rohm & Haas Company 233
6,600 Rubbermaid, Inc. 158
8,400 Sherwin-Williams Company 254
4,000 Sigma-Aldrich Corporation 120
6,450 Union Carbide Corporation 322
7,050 The Williams Companies, Inc. 309
---------
8,641
---------
COMMUNICATIONS & MEDIA 1.3%
4,350 Andrew Corporation * 108
18,600 Comcast Corporation - Class A 293
4,700 Dow Jones & Company, Inc. 190
6,700 Gannett Company, Inc. 585
3,400 Harcourt General, Inc. 157
3,700 Interpublic Group of Companies, Inc. 210
5,000 Knight-Ridder, Inc. 194
4,400 New York Times Company - Class A 190
34,200 Tele-Communications, Inc. - Class A * 472
25,700 Time Warner, Inc. 1,157
4,623 Times Mirror Company - Class A 255
5,400 Tribune Company 237
---------
4,048
---------
COMPUTERS 0.6%
9,200 Dell Computer Corporation * 770
11,800 EMC Corporation * 429
11,700 Seagate Technology, Inc. * 537
9,400 Silicon Graphics, Inc. * 140
---------
1,876
---------
Number Market Value
of Shares (in thousands)
--------- -------------
CONGLOMERATES 0.2%
5,900 ITT Corporation * $ 350
8,124 Tenneco, Inc. 324
---------
674
---------
CONSUMER DURABLES 0.5%
3,637 Eastman Chemical Company 186
15,550 Eastman Kodak Company 1,298
2,128 Polaroid Corporation 103
---------
1,587
---------
CONSUMER PRODUCTS 0.3%
4,600 Avery Dennison Corporation 169
8,021 Cognizant Corporation 262
7,600 Newell Company 266
3,200 Tupperware Corporation 106
---------
803
---------
CONTAINERS 0.1%
2,100 Bemis Company, Inc. 80
6,900 Crown Cork & Seal Company, Inc. 378
---------
458
---------
COSMETICS & SOAP 2.6%
6,400 Avon Products, Inc. 395
2,700 Clorox Company 344
6,700 Colgate-Palmolive Company 744
25,944 Gillette Company 2,205
5,800 International Flavors & Fragrances, Inc. 244
31,700 Procter & Gamble Company 3,986
---------
7,918
---------
DISTRIBUTION 0.1%
6,358 Ikon Office Solutions, Inc. 171
---------
DIVERSIFIED 0.5%
7,200 Unilever N.V. 1,413
---------
DRUGS 8.4%
35,700 Abbott Laboratories 2,178
4,600 Allergan, Inc. 123
3,900 Alza Corporation * 114
29,200 American Home Products Corporation 1,934
3,100 Bard (C.R.), Inc. 98
12,600 Baxter International, Inc. 603
6,200 Becton, Dickinson & Company 285
46,020 Bristol-Meyers Squibb Company 3,014
7,300 Humana, Inc. * 159
61,000 Johnson & Johnson 3,736
25,400 Eli Lilly & Company 2,232
11,000 Medtronic, Inc. 762
55,400 Merck & Company, Inc. 5,014
29,700 Pfizer, Inc. 2,851
23,655 Pharmacia & Upjohn, Inc. 701
EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market Value
of Shares (in thousands)
--------- -------------
DRUGS 8.4% (CONT.)
16,700 Schering-Plough $ 1,336
3,800 St. Jude Medical, Inc. * 124
11,500 Tenet Healthcare Corporation * 299
---------
25,563
---------
ELECTRIC 0.8%
8,032 CINenergy Corporation 267
11,200 Consolidated Edison Company of New York, Inc. 311
9,000 Duke Power Company 395
22,100 Edison International 464
5,600 General Public Utilities Corporation 181
13,600 PacifiCorp 270
9,900 Texas Utilities Company 334
5,500 Union Electric Company 196
---------
2,418
---------
ELECTRICAL EQUIPMENT 3.4%
10,500 AMP, Inc. 377
20,100 Emerson Electric Company 1,020
76,300 General Electric Company 8,460
5,700 General Instrument Corporation * 133
2,800 Grainger (W.W.), Inc. 211
---------
10,201
---------
ELECTRONICS 4.1%
1,700 General Signal Corporation 67
2,100 Harris Corporation 180
46,200 Hewlett-Packard Company 2,425
37,900 Intel Corporation 5,803
27,700 Motorola, Inc. 1,586
6,500 National Semiconductor Corporation * 162
11,900 Northern Telecom Ltd. 864
2,100 Perkin-Elmer Corporation 153
1,100 Tektronix, Inc. 60
8,500 Texas Intruments, Inc. 759
2,500 Thomas & Betts Corporation 113
2,200 Western Atlas, Inc. * 136
---------
12,308
---------
ENERGY 1.9%
9,300 American Electric Power Company 377
7,150 Baltimore Gas & Electric Company 182
6,500 Carolina Power & Light Company 221
10,600 Central & South West Corporation 213
5,225 Coastal Corporation 248
4,100 Consolidated Natural Gas Company 207
8,100 Dominion Resources, Inc. 279
7,800 DTE Energy Company 209
11,800 Entergy Corporation 276
9,100 FPL Group, Inc. 406
11,600 Houston Industries, Inc. 232
4,100 Niagara Mohawk Power Corporation * 35
1,400 NICOR, Inc. 47
Number Market Value
of Shares (in thousands)
--------- -------------
ENERGY 1.9% (CONT.)
3,100 Northern States Power Company $ 141
6,500 Ohio Edison Company 130
4,600 Pacific Enterprises, Inc. 141
18,100 Pacific Gas & Electric Company 434
7,208 Panenergy Corporation 319
10,700 Peco Energy Company 211
12,500 Public Service Enterprises Group, Inc. 302
4,200 Sonat, Inc. 240
29,900 Southern Company 609
10,400 Unicom Corporation 226
---------
5,685
---------
ENERGY - RAW MATERIALS 0.5%
6,600 Baker Hughes, Inc. 228
8,900 Dresser Industries, Inc. 266
6,000 Halliburton Company 424
1,700 Louisiana Land & Exploration Company 85
17,100 Occidental Petroleum Corporation 378
---------
1,381
---------
ENTERTAINMENT & LEISURE 1.1%
4,500 Brunswick Corporation 127
7,125 Hasbro, Inc. 178
13,687 Mattel, Inc. 382
32,000 McDonald's Corporation 1,716
8,821 Price/Costco, Inc. * 255
17,285 Viacom, Inc. - Class B * 462
8,050 Wendy's International, Inc. 166
---------
3,286
---------
ENVIRONMENTAL SERVICES 0.1%
15,600 Laidlaw, Inc. - Class B 213
---------
FINANCE 1.9%
22,200 American Express Company 1,462
2,400 Beneficial Corporation 154
7,100 Great Western Financial Corporation 298
5,000 H.F. Ahmanson & Company 191
4,900 Household International, Inc. 431
7,600 Merrill Lynch & Company, Inc. 724
10,700 National City Corporation 522
4,500 Salomon, Inc. 225
29,410 The Travelers, Inc. 1,628
---------
5,635
---------
FINANCIAL SERVICES 1.3%
7,000 Conseco, Inc. 290
14,946 Dean Witter Discover and Company 572
49,400 Federal National Mortgage Association 2,031
6,600 Green Tree Financial Corporation 195
17,050 MBNA Corporation 563
6,800 Morgan Stanley Group, Inc. 429
---------
4,080
---------
EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market Value
of Shares (in thousands)
--------- -------------
FOOD, BEVERAGES & TOBACCO 7.6%
8,600 American Brands, Inc. $ 462
26,741 Archer-Daniels-Midland Company 487
21,600 Campbell Soup Company 1,104
115,100 Coca-Cola Company 7,323
11,075 ConAgra, Inc. 638
7,300 CPC International, Inc. 603
9,800 Dardeen Restaurants, Inc. 76
6,900 General Mills, Inc. 428
17,000 Heinz (H.J.) Company 706
7,400 Hershey Foods Corporation 402
9,400 Kellogg Company 656
5,800 Loews Corporation 533
71,400 PepsiCo, Inc. 2,490
111,600 Philip Morris Companies, Inc. 4,394
3,700 Pioneer Hi-Bred International, Inc. 261
5,600 Quaker Oats Company 224
5,200 Ralston-Ralston Purina Group 428
23,200 Sara Lee Corporation 974
8,200 Sysco Corporation 291
8,300 UST, Inc. 217
5,300 Wrigley (Wm) Jr. Company 309
---------
23,006
---------
GOLD & PRECIOUS METALS 0.4%
18,200 Barrick Gold Corporation 407
13,600 Battle Mountain Gold Company 78
3,500 Cyprus Amax Minerals Company 78
9,600 Freeport McMoRan Copper & Gold, Inc. 280
6,100 Homestake Mining Company 81
11,361 Placer Dome, Inc. 186
5,152 Santa Fe Pacific Gold Corporation 76
---------
1,186
---------
HEALTH CARE SERVICES & SUPPLIES 1.1%
2,900 Bausch & Lomb, Inc. 117
8,700 Boston Scientific Corporation * 420
31,328 Columbia/HCA Healthcare Corporation 1,096
2,200 Manor Care, Inc. 51
9,400 United Healthcare Corporation 457
13,700 Warner-Lambert Company 1,343
---------
3,484
---------
HOSPITAL SUPPLIES & SERVICES 0.1%
6,500 Biomet, Inc. 99
2,900 US Surgical Corporation 99
---------
198
---------
HOUSEHOLD PRODUCTS 0.1%
9,600 Federated Department Stores * 326
---------
Number Market Value
of Shares (in thousands)
--------- -------------
INSURANCE 3.6%
6,694 Aetna, Inc. $ 610
20,273 Allstate Corporation 1,328
9,500 American General Corporation 415
21,855 American International Group, Inc. 2,808
5,600 Aon Corporation 372
8,100 Chubb Corporation 468
3,400 CIGNA Corporation 511
4,100 General Re Corporation 686
5,700 ITT Hartford Group 425
4,150 Jefferson-Pilot Corporation 240
11,402 KeyCorp 594
4,600 Lincoln National Corporation 258
3,500 Marsh & McLennan Companies, Inc. 422
2,500 MGIC Investment Corporation 203
4,900 Providian Corporation 283
5,300 SAFECO Corporation 212
4,300 St Paul Companies, Inc. 288
3,250 Torchmark Corporation 202
3,200 Transamerica Corporation 271
3,200 UNUM Corporation 246
5,200 USF&G Corporation 104
---------
10,946
---------
LIQUOR 0.6%
24,500 Anheuser-Busch Companies, Inc. 1,050
3,400 Brown-Foreman Corporation - Class B 172
16,600 Seagram Company Ltd. 635
---------
1,857
---------
LODGING 0.1%
5,900 HFS, Inc. * 350
---------
MACHINERY - AGRICULTURE & AUTOMOTIVE 0.1%
3,700 Case Equipment 205
---------
MACHINERY - INDUSTRIAL 0.1%
1,600 Harnischfeger Industries, Inc. 67
7,400 Thermo Electron Corporation * 255
---------
322
---------
METALS & MINERALS 0.3%
8,760 Allegheny Teledyne, Inc. 233
4,600 Nucor Corporation 229
13,566 USX Corporation-Marathon Group, Inc. 375
4,793 USX Corporation-US Steel Group, Inc. 140
5,125 Worthington Industries, Inc. 97
---------
1,074
---------
EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market Value
of Shares (in thousands)
--------- -------------
MISCELLANEOUS 0.9%
8,900 Applied Materials, Inc. * $ 488
4,100 Mallinckrodt Group, Inc. 149
6,900 PP&L Resources, Inc. 135
8,600 3 Com Corporation * 250
19,200 3M Corporation 1,671
---------
2,693
---------
MULTI-INDUSTRY 0.2%
8,100 Tyco International, Ltd. 494
---------
NATURAL GAS 0.2%
11,500 Enron Corporation 433
6,900 NorAm Energy Corp. 101
---------
534
---------
NON-FERROUS METALS 0.7%
11,550 Alcan Aluminum Ltd. 391
7,700 Aluminum Company of America 538
1,200 ASARCO, Inc. 34
6,300 Englehard Corporation 132
8,100 Inco, Ltd. 259
5,221 Newmont Mining Corporation 181
3,300 Phelps Dodge Corporation 253
3,600 Reynolds Metals Company 245
---------
2,033
---------
OFFICE EQUIPMENT 0.0%
16,700 Novell, Inc. * 126
---------
OIL - DOMESTIC 1.7%
4,000 Amerada Hess Corporation 195
23,300 Amoco Corporation 1,948
2,800 Ashland, Inc. 125
7,900 Atlantic Richfield Company 1,075
7,200 Burlington Resources, Inc. 305
2,700 Columbia Gas System, Inc. 167
2,000 Kerr-McGee Corporation 121
4,900 Oryx Energy Company * 98
1,700 Pennzoil Company 84
12,900 Phillips Petroleum Company 508
3,800 Sun Company, Inc. 104
11,200 Unocal Corporation 427
---------
5,157
---------
OIL - INTERNATIONAL 5.5%
29,800 Chevron Corporation 2,041
115,000 Exxon Corporation 6,512
18,000 Mobil Corporation 2,340
24,900 Royal Dutch Petroleum Company 4,488
12,300 Texaco, Inc. 1,298
---------
16,679
---------
Number Market Value
of Shares (in thousands)
--------- -------------
OIL & GAS SERVICES 0.5%
11,600 Schlumberger, Ltd. $1,285
8,638 Union Pacific Resources Group 234
---------
1,519
---------
PAPER & FOREST PRODUCTS 1.3%
2,500 Boise Cascade Corporation 83
4,300 Champion International Corporation 200
4,600 Georgia-Pacific Corporation 359
13,700 International Paper Company 579
4,700 James River Corporation of Virginia 140
25,912 Kimberly-Clark Corporation 1,328
4,972 Louisiana Pacific Corporation 93
2,200 Mead Corporation 124
3,250 Temple-Inland, Inc. 180
3,050 Union Camp Corporation 148
4,225 Westvaco Corporation 118
9,550 Weyerhaeuser Company 437
2,900 Willamette Industries 185
---------
3,974
---------
POLLUTION CONTROL 0.3%
11,200 Browning-Ferris Industries, Inc. 318
21,900 WMX Technologies, Inc. 643
---------
961
---------
PRINTING & PUBLISHING 0.1%
4,000 McGraw-Hill, Inc. 203
7,000 R.R. Donnelley & Sons Company 240
---------
443
---------
PRODUCTION 1.3%
1,200 Briggs & Stratton Corporation 59
9,400 Caterpillar, Inc. 836
5,300 Cooper Industries, Inc. 244
11,800 Deere & Company 543
5,300 Dover Corporation 281
1,400 FMC Corporation * 94
1,600 Foster Wheeler Corporation 62
5,900 Illinois Tool Works, Inc. 539
4,800 Ingersoll-Rand Company 236
6,366 Pall Corporation 147
3,250 Parker-Hannifin Corporation 162
1,850 Raychem Corporation 119
1,300 Timken Company 75
28,700 Westinghouse Electric Corporation 488
---------
3,885
---------
EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market Value
of Shares (in thousands)
--------- -------------
RAILROADS 0.9%
7,381 Burlington Northern Santa Fe $ 581
4,100 Conrail, Inc. 468
10,520 CSX Corporation 491
5,400 Norfolk Southern Corporation 485
11,500 Union Pacific Corporation 733
5,300 Whitman Corporation 123
---------
2,881
---------
RETAIL 4.0%
11,800 Albertson's, Inc. 389
4,400 American Greetings Corporation 141
7,800 American Stores Company 355
4,700 Circuit City Stores, Inc. 186
10,400 Dayton Hudson Corporation 468
5,500 Dillard Department Stores, Inc. - Class A 170
14,400 Gap, Inc. 459
2,500 Giant Food, Inc. 81
21,900 Home Depot, Inc. 1,270
23,500 Kmart Corporation * 320
11,800 Kroger Corporation * 325
12,011 The Limited, Inc. 218
7,800 Lowe's Companies, Inc. 296
11,076 The May Department Stores Company * 512
1,600 Mercantile Stores Company, Inc. 79
4,700 Nordstrom, Inc. 185
11,000 J.C. Penney Company, Inc. 525
2,000 Pep Boys - Manny, Moe & Jack 65
5,700 Rite Aid Corporation 262
19,400 Sears Roebuck and Company 931
3,500 Supervalu, Inc. 107
3,500 Tandy Corporation 183
3,700 TJX Companies, Inc. 175
13,525 Toys 'R' Us, Inc. * 386
11,400 Walgreen Company 525
104,800 Wal-Mart Stores, Inc. 2,961
7,800 Winn-Dixie Stores, Inc. 271
6,600 Woolworth Corporation * 142
---------
11,987
---------
SAVINGS & LOAN 0.4%
32,000 Federal Home Loan Mortgage Corporation 1,020
2,500 Golden West Financial Corporation 163
---------
1,183
---------
SEMICONDUCTORS 0.3%
5,800 Advanced Micro Devices, Inc. * 246
5,400 LSI Logic Corp * 207
10,500 Micron Technology Incorporated 370
---------
823
---------
Number Market Value
of Shares (in thousands)
--------- -------------
SOFTWARE 2.3%
8,000 Bay Networks * $ 142
55,500 Microsoft Corporation * 6,743
---------
6,885
---------
TELECOMMUNICATIONS 6.9%
25,400 Airtouch Communications, Inc. * 648
9,200 Alltell Corporation 290
25,100 Ameritech Corporation 1,534
74,156 AT&T Corporation 2,484
20,000 Bell Atlantic Corporation 1,355
45,300 BellSouth Corp. 2,016
8,900 Cabletron Systems * 307
5,800 DSC Communications Corporation * 118
7,300 Frontier Corporation 116
43,900 GTE Corporation 2,014
28,996 Lucent Technologies, Inc. 1,714
34,300 MCI Communications Corporation 1,308
19,900 NYNEX Corporation 1,030
42,695 SBC Communications, Inc. 2,370
19,700 Sprint Corporation 864
8,600 Tellabs, Inc. * 343
22,653 US West, Inc. 796
30,153 US West Media Group, Inc. * 520
42,100 WorldCom, Inc. * 1,010
---------
20,837
---------
TEXTILES & APPAREL 0.5%
4800 CVS Corporation 238
4,100 Fruit of The Loom, Inc. * 148
3,600 Liz Claiborne, Inc. 163
13,100 Nike, Inc. - Class B 737
2,600 Reebok International Ltd. 99
2,000 Russell Corporation 56
2,677 VF Corporation 193
---------
1,634
---------
TIRE & RUBBER 0.2%
4,800 Cooper Tire & Rubber Company 105
2,600 Goodrich (B.F.) Company 104
7,862 Goodyear Tire & Rubber Company 414
---------
623
---------
TRANSPORTATION EQUIPMENT 0.0%
1,700 Cummins Engine Company, Inc. 95
---------
EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market Value
of Shares (in thousands)
--------- -------------
TRAVEL & RECREATION 1.2%
18,975 CUC International, Inc. * $ 401
31,100 The Walt Disney Company 2,550
4,950 Harrahs Entertainment, Inc. * 79
12,100 Hilton Hotels Corporation 327
5,900 Marriott International, Inc. 326
---------
3,683
---------
TRUCKING 0.1%
2,000 Caliber System, Inc. 59
5,350 Ryder System, Inc. 167
---------
226
---------
Total Common Stock ($166,391) 283,950
---------
Principal
Amount Market Value
(in thousands) (in thousands)
- -------------- --------------
SHORT-TERM INVESTMENTS 6.1%
U.S. Treasuries 0.3%
$ 789 U.S. Treasury Bill, 5.08%, 8/07/97 $ 789
---------
Total U.S. Treasuries (Cost $789) 789
---------
VARIABLE RATE DEMAND NOTES 5.8%
9,805 Eli Lilly & Company 9,805
2,833 Sara Lee Corporation 2,833
4,820 Warner-Lambert Co. 4,820
---------
Total Variable Rate Demand Notes (Cost $17,458) 17,458
---------
Total Short-Term Investments (Cost $18,247) 18,247
---------
Total Investments 99.9% (Cost $184,638) 302,197
---------
Other Assets, less Liabilities 0.1% 432
---------
TOTAL NET ASSETS 100.0% $302,629
=========
* Non-income producing
See notes to the financial statements.
MIDCORE GROWTH FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market Value
of Shares (in thousands)
--------- -------------
COMMON STOCKS 93.8%
AEROSPACE & AIRCRAFT 1.1%
83,200 Gulfstream Aerospace Corporation * $ 2,122
---------
BANKING 0.6%
22,200 Washington Mutual, Inc. 1,096
---------
BUSINESS MACHINES & SOFTWARE 2.5%
19,300 Microsoft Corporation * 2,345
82,400 Sterling Commerce, Inc. * 2,132
---------
4,477
---------
BUSINESS SERVICES 14.2%
9,200 Bell & Howell Company * 217
111,500 Ceridian Corporation * 3,721
36,000 Cintas Corporation 1,971
102,000 Cognizant Corporation 3,328
60,900 Electronic Data Systems Corporation 2,033
120,528 First Data Corporation 4,158
105,500 Pittston Brink's Group 3,350
83,500 Sabre Group Holdings, Inc. * 2,140
110,600 SunGard Data Systems, Inc. * 4,908
---------
25,826
---------
COMMUNICATIONS & MEDIA 4.2%
55,600 Interpublic Group of Companies, Inc. 3,148
140,400 PanAmSat Corporation * 4,107
6,850 Reuters Holding, PLC ADR 422
---------
7,677
---------
CONSUMER PRODUCTS 2.1%
63,000 Newell Company 2,205
63,700 Sola International, Inc. * 1,592
---------
3,797
---------
DRUGS 2.9%
70,800 Elan Corporation, PLC ADR * 2,407
54,700 Teva Pharmaceutical Industries, Ltd. ADR 2,776
---------
5,183
---------
ELECTRONICS &SCIENTIFIC INSTRUMENTS 4.7%
36,500 Cisco Systems, Inc. * 1,889
38,700 Hewlett-Packard Company 2,032
79,116 Molex, Inc. - Class A 2,294
75,900 Waters Corporation * 2,248
---------
8,463
---------
ENTERTAINMENT & LEISURE 2.0%
115,600 GTECH Holdings Corporation * 3,555
---------
Number Market Value
of Shares (in thousands)
--------- -------------
FINANCIAL SERVICES 10.9%
27,100 Associates First Capital Corporation $ 1,389
154,400 Federal National Mortgage Association 6,350
85,300 First USA, Inc. 4,105
174,500 MBNA Corporation 5,758
18,900 Student Loan Marketing Association 2,235
---------
19,837
---------
HEALTH CARE SERVICES & SUPPLIES 8.4%
19,800 Boston Scientific Corporation * 955
14,700 Cardinal Health, Inc. 783
93,800 Columbia/HCA Healthcare Corporation 3,283
62,350 Health Care & Retirement Corporation * 1,972
63,300 Lincare Holdings, Inc. * 2,484
138,600 Vencor, Inc. * 5,769
---------
15,246
---------
INSURANCE 6.7%
36,525 AFLAC, Inc. 1,570
56,500 MBIA, Inc. 5,502
39,800 MGIC Investment Corporation 3,234
34,100 The PMI Group, Inc. 1,743
---------
12,049
---------
INVESTMENT COMPANIES 1.3%
96,700 United Assets Management Corporation 2,369
---------
LODGING 2.8%
136,300 Mirage Resorts, Inc. * 2,743
67,200 Promus Hotel Corporation * 2,369
---------
5,112
---------
MACHINERY - INDUSTRIAL 0.2%
8,500 Kennametal, Inc. 306
---------
METALS & MINERALS 0.5%
51,000 Worthington Industries, Inc. 963
---------
MULTI-INDUSTRY 6.8%
42,500 Leggett & Platt, Inc. 1,477
117,800 Thermo Electron Corporation 4,064
111,000 Tyco International, Ltd. 6,771
---------
12,312
---------
NATURAL GAS 1.2%
59,900 Enron Corporation 2,254
---------
OFFICE PRODUCTS 0.5%
32,000 Ikon Office Solution 860
---------
OIL & GAS SERVICES 0.9%
38,000 Tidewater, Inc. 1,525
---------
MIDCORE GROWTH FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market Value
of Shares (in thousands)
--------- -------------
POLLUTION CONTROL 1.5%
82,600 USA Waste Services, Inc. * $ 2,705
---------
RETAIL 4.2%
22,900 Bed Bath & Beyond, Inc. * 627
234,225 CUC International, Inc. * 4,948
61,800 Federated Department Stores, Inc. * 2,101
---------
7,676
---------
SEMICONDUCTORS 1.1%
12,500 Intel Corporation 1,914
---------
SHOES 0.7%
30,700 Nine West Group, Inc. * 1,216
---------
TELECOMMUNICATIONS 4.8%
54,300 Cincinnati Bell, Inc. 3,041
92,200 Frontier Corporation 1,464
171,700 WorldCom, Inc. * 4,121
---------
8,626
---------
TELECOMMUNICATIONS EQUIPMENT 2.1%
78,650 Andrew Corporation * 1,947
84,400 ECI Telecommunications Limited Designs 1,846
---------
3,793
---------
TEXTILES & APPAREL 1.0%
40,900 Liz Claiborne, Inc. 1,851
---------
TRANSPORTATION 2.1%
96,200 Harley-Davidson, Inc. 3,800
---------
TRAVEL & RECREATION 1.8%
90,500 Carnival Corporation - Class A 3,337
---------
Total Common Stock (Cost $123,697) 169,947
---------
Number
of Shares Market Value
(in thousands) (in thousands)
- -------------- --------------
SHORT-TERM INVESTMENTS 4.8%
INVESTMENT COMPANIES 2.1%
360 Financial Square Prime Obligation Fund $ 360
3,464 Short-Term Investments Co. Liquid Assets
Portfolio 3,464
---------
Total Investment Companies (Cost $3,824) 3,824
---------
Principal
Amount
(in thousands)
- --------------
VARIABLE RATE DEMAND NOTES 2.7%
$ 5,000 Warner-Lambert Co. 5,000
---------
Total Variable Rate Demand Notes (Cost $5,000) 5,000
---------
Total Short-Term Investments (Cost $8,824) 8,824
---------
Total Investments 98.6% (Cost $132,521) 178,771
---------
Other Assets, less Liabilities 1.4% 2,485
---------
TOTAL NET ASSETS 100.0% $181,256
=========
* Non-income producing
See notes to the financial statements.
SPECIAL GROWTH FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market Value
of Shares (in thousands)
--------- -------------
COMMON STOCKS 96.0%
AIR TRANSPORTATION 0.6%
114,100 Atlas Air, Inc. * $ 3,138
45,900 Comair Holdings, Inc. 970
---------
4,108
---------
BUSINESS MACHINES & SOFTWARE 3.1%
125,000 Mylex Corporation * 1,164
83,600 National Instruments Corporation * 2,529
198,800 Network General Corporation * 2,733
413,860 Synopsys, Inc. * 13,192
---------
19,618
---------
BUSINESS SERVICES 7.7%
51,700 ABR Information Services, Inc. * 1,040
234,799 AccuStaff, Inc. * 4,285
133,700 BA Merchant Services, Inc. - Class A * 1,872
70,200 BISYS Group, Inc. * 2,246
412,100 Concord EFS, Inc. * 8,139
61,600 Danka Business Systems PLC ADR 1,883
155,900 First USA Pamentech, Inc. * 3,761
155,050 FIserv, Inc. * 5,853
50,400 Interim Services, Inc. * 1,953
193,300 Mastech Corporation * 2,223
10,600 MoneyGram Payment Systems, Inc. * 103
156,300 National Data Corporation 5,861
6,000 Paychex, Inc. 281
82,900 PMT Services, Inc. * 984
16,900 Prepaid Legal Services, Inc. * 241
166,300 Robert Half International, Inc. * 6,527
95,300 Whittmart-Hart, Inc. * 1,811
---------
49,063
---------
COMPUTERS 1.3%
64,100 CDW Computer Centers, Inc. * 3,077
224,100 Tech Data Corporation * 5,490
---------
8,567
---------
DATA PROCESSING 0.7%
324,700 Axciom Corporation * 4,262
---------
DRUGS 2.6%
145,800 Mylan Laboratories 1,750
292,300 Teva Pharmaceutical Industries, Ltd. ADR 14,834
---------
16,584
---------
ELECTRICAL EQUIPMENT 0.4%
131,100 Cable Design Technologies * 2,475
---------
Number Market Value
of Shares (in thousands)
--------- -------------
ELECTRONICS 0.6%
300,400 Gemstar International Group Limited * $ 3,830
---------
ENERGY 0.5%
49,100 AES Corporation * 3,204
---------
ENTERTAINMENT & LEISURE 3.3%
728,000 Hollywood Entertainment Corporation 15,561
191,837 Regal Cinemas, Inc. * 5,228
15,700 Sodak Gaming, Inc. * 184
---------
20,973
---------
FINANCE COMPANIES 0.2%
44,800 ContiFinancial Corporation * 1,288
---------
FINANCIAL SERVICES 8.5%
21,000 CMAC Investment Corporation 798
435,000 Credit Acceptance Corporation * 4,703
431,300 Green Tree Financial Corporation 12,777
88,900 HomeSide, Inc. * 1,422
498,504 Quick and Reilly Group, Inc. 11,029
540,900 The Charles Schwab Corporation 19,810
205,500 Ugly Duckling Corporation * 2,903
---------
53,442
---------
HEALTH CARE SERVICES & SUPPLIES 17.0%
75,100 American Oncology Resources, Inc. * 667
226,300 Ballard Medical Products 4,300
110,500 Gulf South Medical Supply, Inc. * 1,575
646,462 Health Management Associates, Inc. - Class A* 17,293
138,900 HBO & Company 7,431
85,600 Integrated Health Services, Inc. 2,750
234,100 Lincare Holdings, Inc. * 9,188
524,350 MedPartners, Inc. * 9,569
279,550 Multicare Companies, Inc. * 5,207
343,500 PhyCor, Inc. * 9,146
92,200 Physicians Resource Group, Inc. * 1,003
295,200 Quorum Health Group, Inc. * 9,188
147,700 Renal Treatment Centers * 3,194
75,400 Rotech Medical Corporation * 1,188
94,900 Rural/Metro Corporation * 2,728
139,300 Twinlab Corporation * 1,846
13,900 United Dental Care, Inc. * 306
517,100 Vencor, Inc. * 21,524
---------
108,103
---------
HOSPITAL SUPPLIES & SERVICES 1.1%
276,000 Omnicare, Inc. 6,727
---------
HOUSING 1.2%
429,900 Toll Brothers, Inc. * 7,846
---------
SPECIAL GROWTH FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market Value
of Shares (in thousands)
--------- -------------
INSURANCE 14.0%
220,400 AMBAC, Inc. $14,271
152,700 Chartwell Re Corporation 3,894
84,900 Enhance Financial Services Group, Inc. 3,269
99,825 Equitable Iowa Companies 4,879
48,100 Arthur J. Gallagher & Company 1,503
149,900 MGIC Investment Corporation 12,179
384,300 Protective Life Corporation 17,005
209,300 ReliaStar Financial Corporation 12,663
182,200 Vesta Insurance Group, Inc. 7,607
309,600 Western National Corporation 7,972
100,700 Zurich Reinsurance Centre Holdings, Inc. 3,864
---------
89,106
---------
LODGING 1.1%
357,200 Mirage Resorts, Inc. * 7,189
---------
OFFICE PRODUCTS 0.7%
146,500 U.S. Office Products Company * 3,736
32,600 Viking Office Products, Inc. * 444
---------
4,180
---------
OIL & GAS - DOMESTIC 1.9%
129,300 Chesapeake Energy Corporation * 1,956
274,100 NGC Corporation 4,831
124,550 Tejas Gas Corporation * 5,169
---------
11,956
---------
OIL & GAS - DOMESTIC 0.4%
71,500 Pogo Producing Company 2,619
---------
POLLUTION CONTROL 0.9%
194,100 Phillip Environmental, Inc. * 3,057
11,200 Tetra Technologies, Inc. * 260
67,900 USA Waste Services, Inc. * 2,224
---------
5,541
---------
RESTAURANTS 1.9%
80,050 Apple South, Inc. 1,041
231,600 Landry's Seafood Restaurants, Inc. * 3,253
384,800 Lone Star Steakhouse & Saloon * 7,600
---------
11,894
---------
RETAIL 8.0%
126,200 AutoZone, Inc. * 3,092
361,500 Bed Bath and Beyond, Inc. * 9,896
615,795 Dollar General Corporation 19,475
159,200 Friedman's, Inc. - Class A * 2,686
571,400 General Nutrition Companies, Inc. * 12,285
51,800 MSC Industrial Direct Co., Inc. - Class A * 1,593
87,400 Petco Animal Supplies, Inc. * 1,868
---------
50,895
---------
Number Market Value
of Shares (in thousands)
--------- -------------
SCHOOLS 0.6%
134,300 Apollo Group, Inc. * $ 3,609
---------
SCIENTIFIC INSTRUMENTS 0.0%
7,400 Seitel, Inc. * 248
---------
SECURITY SERVICES 2.0%
383,400 Corrections Corporation of America * 12,508
---------
SEMICONDUCTORS 2.9%
70,700 Altera Corporation * 3,504
67,000 Dallas Semiconductor Corporation 2,446
93,300 Lattice Semiconductor Corporation * 5,213
4,100 Linear Technology Corporation 206
132,300 Maxim Integrated Products * 6,995
---------
18,364
---------
SOFTWARE 6.0%
209,200 Business Objects S.A. * 1,883
123,100 Cadence Design Systems, Inc. * 3,939
264,300 Cambridge Technologies Partners, Inc. * 7,037
171,700 HNC Software, Inc. * 4,550
311,000 McAfee Associates, Inc. * 17,338
159,400 System Software Associates, Inc. 857
48,700 Visio Corporation * 2,472
---------
38,076
---------
TELECOMMUNICATIONS EQUIPMENT 4.7%
335,400 ADC Telecommunications * 8,762
615,500 Aspect Telecommunications Corporation * 10,925
253,100 ECI Telecommunications Limited 5,537
187,300 PairGain Technologies, Inc. * 4,870
---------
30,094
---------
TEXTILES & APPAREL 2.1%
143,700 Jones Apparel Group, Inc. * 5,999
120,000 The Men's Wearhouse, Inc. * 2,985
147,700 Stein Mart, Inc. * 4,283
---------
13,267
---------
UTILITIES - TELEPHONE 0.0%
10,500 Century Telephone Enterprises 314
---------
Total Common Stock (Cost $510,826) 609,950
---------
SPECIAL GROWTH FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market
of Shares Value
(in thousands) (in thousands)
- -------------- --------------
SHORT-TERM INVESTMENTS 4.4%
INVESTMENT COMPANIES 2.8%
10 Financial Square Prime Obligation Fund $ 10
18,049 Short-Term Investments Co. Liquid
Assets Portfolio 18,049
---------
Total Investment Companies (Cost $18,059) 18,059
---------
Principal Market
Amount Value
(in thousands) (in thousands)
- -------------- --------------
VARIABLE RATE DEMAND NOTES 1.6%
$10,000 Warner-Lambert Co. $ 10,000
---------
Total Variable Rate Demand Notes (Cost $10,000) 10,000
---------
Total Short-Term Investments (Cost $28,059) 28,059
---------
Total Investments 100.4% (Cost $538,885) 638,009
---------
Liabilities, less Other Assets (0.4)% (2,830)
---------
TOTAL NET ASSETS 100.0% $635,179
=========
* Non-income producing
See notes to the financial statements.
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market
of Shares Industry Value
--------- -------- ------
COMMON AND PREFERRED STOCKS 99.5%
AUSTRALIA 2.7%
1,400 Aberfoyle Non-ferrous Metals $ 3,994
10,200 Amcor Limited Forest Products 67,261
4,200 Ashton Mining Ltd. Non-ferrous Metals 7,091
11,744 Aust National Industries Conglomerates 13,311
4,300 Australia Gas & Light Utilities 24,705
19,585 Boral Limited Construction Materials 57,869
3,800 Brambles Inds Ltd. Business Services 68,913
9,622 Burns Philp & Co. Retail Trade 16,020
18,900 Coles Myer Limited Retail Trade 92,040
5,300 CRA Limited Non-ferrous Metals 79,212
1,250 Crown Ltd Leisure 2,179
7,500 Crown Ltd * Leisure 13,073
16,604 CSR Limited Conglomerates 61,520
6,135 David Jones Ltd Household Appliances 8,057
3,100 Delta Gold NL * Gold 5,258
4,617 Email Limited Household Appliances & Furnishings 15,483
1,842 Faulding(FH) & Company Health 11,404
31,600 Fosters Brewing
Group Limited Food & Beverage 65,211
5,082 Futuris Corporation Ltd. Industrial Components 7,667
20,075 General Prop Trust Units Real Estate 36,877
9,370 GIO Australia Holdings,
Ltd. Insurance 27,832
20,209 Goodman Fielderlt Ltd. Food & Beverage 26,539
3,800 Great Central MNS Gold 7,313
6,630 Hardie(James) Inds Contruction Materials 19,693
4,800 ICI Australia Chemical 45,175
3,900 Leighton Holdings Construction 17,560
4,194 Lend Lease Corp Real Estate 80,451
2,900 Metal Manufactures Industrial Components 7,027
27,128 Mim Holdings Ltd. Non-ferrous Metals 35,413
3,933 Newcrest Mining Ltd. Gold 11,713
28,602 Normandy Mining Ltd. Gold 35,101
11,849 North Ltd. Non-ferrous Metals 41,892
17,391 Pacific Dunlop Ltd. Conglomerates 47,036
15,100 Pioneer International
Ltd. Construction Materials 49,810
2,800 Plutonic Res NL Gold 10,725
4,424 QBE Insurance Group Insurance 25,348
11,236 QCT Resources Miscellaneous 14,404
2,700 Resolute Samantha Gold 4,960
3,858 Renison Goldfields
Consolidated Ltd. Gold 14,023
1,800 Rothmans Holdings Tobacco 11,833
1,173 Santos Petroleum 944
9,390 Santos Ltd Petroleum 36,700
7,194 Schroders Property Fund Mutual Fund 12,371
3,401 Smith (Howard) Conglomerates 29,775
1,100 Sons Of Gwalia Ltd. Gold 4,858
9,583 Southcorp Holdings Ltd. Food & Beverage 33,544
4,978 Stockland Trust Group Real Estate 12,063
8,300 Sydney Harbour Casino * Leisure 14,014
4,600 Tab Corp Holdings Ltd. Leisure 22,779
19,147 Westfield Trust Real Estate 35,771
775 Westfield Trust New Units Real Estate 1,448
----------
1,395,260
----------
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market
of Shares Industry Value
--------- -------- ------
AUSTRIA 1.5%
100 Austrian Airlines Air Travel $ 15,015
200 Bau Hldgs Ag Heavy Contruction 14,162
300 BBAG Oesterr Brau Food & Beverage 17,108
165 Bk Austria Miscellaneous 10,628
1,900 Bk Austria AG Banks 123,938
400 Bohler Uddeholm Miscellaneous 28,849
1,020 Creditanstalt Bank Banks 60,033
560 Creditanstalt Bank
Preferred Banks 21,012
300 EA-Generali AG Insurance 76,934
650 Flughafen Wien AG Business Services 26,933
100 Lenzing AG Chemicals 5,744
400 Mayr Melnhof Karto * Miscellaneous 18,937
1,100 Oester Elektrizitats Electric Utilities 76,813
957 OMV AG Miscellaneous 104,436
300 Radex Heraklith Miscellaneous 11,963
600 Va Technologie AG Industrial Machinery 93,199
300 Wienerberger Baust Construction Materials 54,437
300 Z Laenderbank Bank
Austria AG Preferred Banks 9,920
----------
770,061
----------
BELGIUM 2.2%
500 Barco Nv Electronics 85,246
50 Bekaert SA Industrial Machinery 29,990
950 CBR Cimenteries Construction Materials 93,351
2,210 Delhaize Le Lion Retail Trade 111,057
150 Electrabel Electronics 126
31 Fortis Ag Insurance 5
41 Generale De Banque Banks 20
600 Gevaert Chemicals 45,269
152 Glaverbel Groupe Containers & Glass 18,617
2 Glaverbel Groupe VVPR Containers & Glass -
1,020 GPE Bruxelles LAM Conglomerates 149,916
50 Kredietbank VVPR Banks 19,527
555 Kredietbank Banks 216,360
680 Royale Belge Insurance 175,140
25 Royale Belge BBPR Insurance 7
185 Solvay Chemicals 110,834
50 Tractebel Intl VVPR Conglomerates 27
600 Union Miniere * Non-ferrous Metals 48,796
----------
1,104,288
----------
DENMARK 1.5%
1,035 Carlsberg A Food & Beverage 63,910
440 Carlsberg B Food & Beverage 27,103
3 D/S 1912 B Conglomerates 95,127
2 D/S Svendborg B Conglomerates 90,727
1,630 Danisco Food & Beverage 94,468
1,555 Den Danske Bank Banks 134,475
175 Fls Industries B Industrial Machinery 25,887
90 Gn Store Nord Telecommunication Services 8,944
450 ISS International Service
System Series B Conglomerates 13,313
185 Korn-Og Foderstof Food & Beverage 5,698
30 Lauritzen (J) Holding B * Conglomerates 3,092
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market
of Shares Industry Value
--------- -------- ------
DENMARK 1.5% (CONT.)
85 NKT Holding Electrical Equipment $ 5,352
510 OK Ostasiatiske
Kompagni * Conglomerates 13,541
155 Radio Meter As B Drugs & Healthcare 8,113
35 Royal Copenhagen Apparel & Textiles 2,973
1,120 Sas Danmark A/S Transportation - Airlines 12,234
139 Sophus Berendsen A Conglomerates 17,082
347 Sophus Berendsen B Conglomerates 42,117
95 Superfos A/S Chemicals 10,954
1,565 Unidanmark A Banks 77,405
----------
752,515
----------
FINLAND 1.2%
1,000 Amer Group Conglomerates 17,103
900 Cultor Oy Series 1 Household Products 49,120
800 Instrumentarium Series A Drugs & Healthcare 31,363
5,200 Kemira Oy Chemicals 48,167
3,600 Kesko Retail Trade 50,088
300 Kone Corp B Industrial Machinery 35,341
35,520 Merita Ltd. * Banks 115,360
600 Metra Ab A Conglomerates 16,200
1,600 Metra Ab B Conglomerates 43,662
5,300 Outokumpu Oy A Non-ferrous Metals 100,834
800 Pohjola A Insurance 21,908
900 Pohjola B Insurance 25,598
600 Sampo (Vakuutusosak) A Insurance 54,193
500 Stockmann Ab (Oy) Retail Trade 27,097
----------
636,034
----------
FRANCE 11.7%
2,222 Accor Leisure 318,658
318 Adecco SA Business & Public Services 106,192
1,850 Bic Conglomerates 293,203
110 Bongrain SA Food & Beverage 41,652
1,251 Bouygues Home Builders 117,246
1,265 Canal Plus Broadcasting 228,447
4,136 Casino Guich Perr Leisure 192,613
868 Casino Guich Perr
Preferred Leisure 33,462
375 Chargeurs International * Conglomerates 22,167
1,851 Cie Bancaire Financial Services 244,204
23 Cie Bancaire Financial Services 3,034
125 Cie Gen Geophysique * Petroleum Services 10,580
680 Club Mediterranee Leisure 52,663
310 Comptoirs Modernes Retail Trade 144,738
531 CPR Cie Par Reesco Investment Companies 42,079
733 Credit National Banks 41,319
7,961 CSF (Thomson) Aerospace 245,525
250 DMC Dollfus-Mieg Apparel & Textiles 5,453
1,750 Eridania Beghin-Say Household Products 265,360
600 Essilor International Drugs & Healthcare 165,307
181 Eurafrance Financial Services 78,213
107 Europe 1 Registered Broadcasting 21,670
765 GTM Entrepose Home Builders 46,072
4,273 Havas Business Services 319,941
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market
of Shares Industry Value
--------- -------- ------
FRANCE 11.7% (CONT.)
804 Imetal Non-ferrous Metals $ 110,343
6,619 Lagardere Groupe Publishing 204,817
1,850 Legrand Electrical Equipment 312,222
1,759 Moulinex * Household Products 40,657
700 Nord-Est Steel 15,952
375 Pathe * Leisure 87,575
3,760 Pernod-Ricard Food & Beverage 193,205
1,050 Primagaz Domestic Oil 102,906
950 Promodes Retail Trade 320,497
250 Sagem SA Electronics 127,176
500 Saint Louis Food & Beverage 118,138
800 Salomon SA Toys, Amusement & Sporting Goods 56,418
800 Sefimeg Real Estate 61,819
2,600 Seita Beverages & Tobacco 92,571
1,400 Sidel Industrial Machinery 100,555
749 Simco Real Estate 65,065
23 Simco Real Estate 1,852
720 Skis Rossignol Toys, Amusement & Sporting Goods 16,592
516 Sodexho Leisure 236,941
1,000 Sommer Allibert Construction Materials 35,981
800 Technip Industrial Machinery 84,573
450 Unibail SA Financial Services 43,563
406 Union Immobiliere France Real Estate 30,956
16,200 Usinor Sacilor Steel 244,815
4,624 Valeo Industrial Machinery 285,217
----------
6,030,204
----------
GERMANY 21.7%
8,400 Adidas AG Toys, Amusement & Sporting Goods 875,556
4,100 Agiv AG * Construction & Mining 76,711
750 Amb Aach + Mun Bet
Registered Insurance 671,306
100 Amb Aach + Mun Bet Insurance 75,648
15,900 Beiersdorf AG Series ABC Drugs & Healthcare 808,451
4,000 Bilfinger & Berger Home Builders 148,756
471 Brau Und Brunnen * Food & Beverage 32,339
400 Buderus Ag Manufacturing 187,561
5,250 Ckag Colonia Konzern AG Insurance 479,009
500 Ckag Colonia Konzern AG
Non-Voting Preferred Insurance 41,289
10,700 Continental AG Industrial Machinery 235,416
14,000 Degussa AG Chemicals 620,893
3,100 Douglas Holding AG Retail Trade 101,143
177 Dyckerhoff AG Construction Materials 64,393
177 Dyckerhoff AG
Non-Voting Preferred Construction Materials 63,371
4,750 Fag Kugelfischer Industrial Machinery 79,546
600 Grohe(Friedrich)Ag Home Furnishings 179,650
8,300 Heidelberg Zement Construction Materials 677,248
200 Herlitz AG * Business Services 21,482
200 Herlitz AG Non-Voting
Preferred * Business Services 19,865
11,610 Hochtief AG Construction Materials 439,138
112 Holsten Brauerei AG Food & Beverage 22,507
250 Iwka AG Industrial Machinery 65,903
1,550 Karstadt AG Retail Trade 464,543
5,800 Klockner Humboldt-Deutz * Industrial Machinery 52,082
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market
of Shares Industry Value
--------- -------- ------
GERMANY 21.7% (CONT.)
930 Linde AG Industrial Machinery $ 679,361
68,870 Lufthansa AG Air Travel 960,450
1,850 Man AG Industrial Machinery 533,089
450 Man AG Non-Voting
Preferred Industrial Machinery 102,125
2,800 Preussag AG Conglomerates 718,716
750 PWA Papierwerke Waldhof Forest Products 121,268
222 Rheinmetall Berlin Aerospace 44,762
200 Salamander AG Apparel & Textiles 26,102
10,750 Schering AG Drugs & Healthcare 1,030,490
3,450 SGL Carbon Miscellaneous Materials &
Commodities 481,131
----------
11,201,300
----------
GREAT BRITAIN 8.5%
2,566 Amec Home Builders 5,912
7,300 Anglian Water Business Services 80,901
7,720 Argos Retail Trade 80,795
22,300 Arjo Wiggins Appleton Forest Products 66,578
2,750 Barratt Developments Home Builders 11,557
11,300 BBA Group Industrial Machinery 61,423
11,949 BICC Electrical Equipment 44,399
20,000 Blue Circle Industries Construction Materials 136,297
3,943 Bowthorpe Electronics 22,584
13,800 BPB Industries Construction Materials 74,340
11,766 British Land Co. Real Estate 110,157
5,500 Burmah Castrol PLC Petroleum Services 90,135
16,500 Caradon PLC Containers & Glass 66,128
10,800 Carlton Communications Broadcasting 88,671
4,900 Chubb Security Business Services 35,540
19,209 Coats Viyella Apparel & Textiles 40,519
1,160 Cobham PLC Aerospace 11,877
340 Costain Group * Home Builders 254
11,000 Courtaulds PLC Chemicals 59,257
1,200 Courtaulds Textile Apparel & Textiles 5,569
2,430 Dawson International Apparel & Textiles 2,543
6,139 De La Rue Business Services 54,686
1,800 Delta Electrical Equipment 9,945
11,541 Electrocomponents Electronics 73,969
4,312 English China Clays Mining 14,413
16,140 FKI Electrical Equipment 47,401
7,800 General Accident Insurance 110,931
4,524 Great Portland Estates Real Estate 15,268
25,069 Guardian Royal Exchange Insurance 112,064
8,068 Hammerson PLC Real Estate 58,910
19,615 Harrison & Crosfield Miscellaneous 38,511
3,100 Hepworth Construction Materials 13,531
4,017 Hyder PLC Utilities 55,859
1,530 Hyder Cumulative
Preferred Utilities 2,619
9,500 IMI Non-ferrous Metals 56,263
6,200 Johnson Matthey Conglomerates 50,099
31,801 Ladbroke Group Hotels & Restaurants 118,680
1,133 Laing (John) Home Builders 6,747
1,700 Laird Group Industrial Machinery 10,840
26,300 Lasmo Gas Exploration 95,163
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market
of Shares Industry Value
--------- -------- ------
GREAT BRITAIN 8.5% (CONT.)
1,400 Lex Service Business Services $ 8,042
13,678 Lonrho Conglomerates 30,627
26,501 Lucasvarity PLC * Industrial Components 80,410
4,321 Marley Home Builders 8,904
11,400 MEPC Real Estate 84,164
5,012 Mercury Asset
Management Group Financial Services 108,690
1,534 Meyer International Forest Products 10,877
31,771 National Grid Grp Electric Utilities 114,444
10,200 Next Retail Trade 107,826
3,100 Ocean Group Trucking & Freight Forwarding 26,307
600 Oxford Instruments Electronics 3,651
27,367 Pilkington Containers & Glass 49,290
7,700 Provident Financial Financial Services 71,715
3,600 Racal Electronics Electronics 13,932
13,600 Railtrack Group Business & Public Services 102,392
14,168 Redland Construction Materials 80,461
13,700 Rexam Construction Materials 66,911
6,800 RMC Group Construction Materials 104,047
8,100 Rugby Group Construction Materials 14,720
3,600 Schroders Financial Services 92,877
41,400 Sears PLC Retail Trade 51,725
6,900 Sedgwick Group Insurance 13,995
11,200 Slough Estates Real Estate 57,608
8,300 Smiths Industries Industrial Machinery 101,545
13,024 Southern Electric Electric Utilities 92,138
14,110 Southern Electric Electric Utilities 6,868
3,300 St James Place Capital Financial Services 7,309
10,635 T & N Industrial Machinery 23,468
16,043 Tarmac Construction Materials 32,018
11,951 Tate & Lyle Food & Beverage 89,395
4,700 Taylor Woodrow Home Builders 14,604
10,100 Thames Water Business Services 110,620
7,900 Thorn Appliances & Household Durables 21,663
12,851 TI Group Conglomerates 110,306
1,800 Transport Development Railroads & Equipment 5,578
4,600 Unigate Food & Beverage 34,707
10,400 United Biscuits Food & Beverage 36,956
9,121 United Utilities Business Services 100,045
1,100 Value Realisation * Financial Services 1,544
5,800 Vickers Industrial Machinery 20,045
15,800 Williams Holdings Construction Materials 84,730
5,167 Willis Corroon Group Insurance 12,157
2,300 Wilson (Connoly) Holdings Home Builders 5,896
4,400 Wimpey (George) Home Builders 9,959
15,400 Wolseley Construction Materials 123,440
----------
4,389,941
----------
HONG KONG 1.1%
10,000 Applied International
Holdings * Electronics 1,007
22,080 Bank Of East Asia Banks 75,961
40,000 Cathay Pacific Airways Air Travel 62,222
24,315 Chinese Estates Real Estate 23,698
3,799 Dickson Concepts
International Retail Trade 14,026
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market
of Shares Industry Value
--------- -------- ------
HONG KONG 1.1% (CONT.)
3,787 Evergo China Holdings Real Estate $ 548
8,000 Giordano Intl Retail Trade 4,337
16,000 Hang Lung Development Co. Real Estate 29,536
38,832 Hongkong & China Gas
Warrants (Expire
4/30/98) Electric Utilities 61,658
1,000 Hongkong & Shangai Hotel Conglomerates 136
2,000 Hongkong Aircraft Aerospace 5,783
13,000 Hongkong+Shang Hot Conglomerates 18,879
73,000 Hopewell Holdings Real Estate 37,930
17,000 Hysan Development Real Estate 46,963
550 Hysan Development
Warrants (Expire
4/30/98) Real Estate 190
5,500 Johnson Electric Holdings Electrical Equipment 14,910
800 Kumagai Gumi (HK) Home Builders 269
4,000 Kumagai Gumi (HK) Home Builders 4,337
2,000 Lai Sun Garmentt
International Apparel & Textiles 2,453
800 Melco International
Development Retail Trade 299
8,000 Miramar Hotel & Invest. Hotels & Restaurants 14,665
1,400 Oriental Press Group Publishing 54
14,000 Oriental Press Group Publishing 5,241
700 Peregrine Investment Real Estate 105
7,000 Peregrine Investment Real Estate 10,753
30,000 Regal Hotels
International Hotels & Restaurants 8,907
18,000 Shangri-La Asia Leisure 22,423
16,000 Shun Tak Holdings Aerospace 10,534
20,000 South China Morning Post Broadcasting 17,169
1,800 Stelux Holdings
International Retail Trade 70
9,000 Stelux Holdings
International Retail Trade 1,824
6,300 Tai Cheung Holdings Real Estate 5,002
5,000 Television Broadcasts Broadcasting 20,525
2,390 Wing Lung Bank Banks 13,082
2,500 Winsor Industrial Corp. Apparel & Textiles 558
1,250 Winsor Properties
Holdings Real Estate 2,211
----------
538,265
----------
IRELAND 0.5%
8,600 Allied Irish Banks Banks 60,063
4,839 CRH Construction Materials 47,351
2,629 Fyffes Food & Beverage 3,751
2,832 Greencore Group Food & Beverage 14,462
4,648 Independent News Newspapers 24,085
3,480 Irish Life Insurance 16,935
1,800 Kerry Group A Food & Beverage 17,438
14,147 Smurfit (Jefferson) Paper 34,634
6,793 Waterfrd Wedgewood Toys, Amusement & Sporting Goods 8,876
2,452 Woodchester Investments Financial Services 10,680
----------
238,275
----------
ITALY 8.9%
9,000 Arn Mondadori Edit Broadcasting 52,390
166,500 Banca Commerciale
Italiana Banks 357,437
17,500 Banca Naz Agricolt * Banks 10,172
10,000 Banca Naz Agricolt Priv * Banks 3,680
9,500 Banca Naz Agricolt,
Non-Convertible
Preferred * Banks 4,051
15,000 Banca Popolare Milano Banks 73,866
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market
of Shares Industry Value
--------- -------- ------
ITALY 8.9% (CONT.)
38,000 Banco Ambros Veneto Banks $ 95,118
16,000 Banco Ambros Veneto,
Non-Convertible
Preferred Banks 27,572
13,000 Benetton Group Apparel & Textiles 168,967
6,000 Bulgari Spa Recreation 108,477
8,600 Cartiere Bugo Forest Products 47,575
15,500 Cementir Construction Materials 8,656
226,500 Credito Italiano Ord Banks 317,547
2,000 Danieli Industrial Machinery 14,096
2,000 Danieli, Non-Convertible
Preferred Industrial Machinery 7,197
58,000 Edison Ord Electric Utilities 307,639
45,000 IMI Instituto Mobiliare Banks 383,395
34,000 Impregilo Ord * Home Builders 24,270
75,000 Ist Bc S.Paolo (To) Banks 499,452
12,200 Italcementi Construction Materials 68,345
6,000 Italcementi,
Non-Convertible
Prefereed Construction Materials 15,001
61,000 Italgas Gas & Pipeline Utilities 208,634
4,000 La Previdente Insurance 19,744
30,500 Magneti Marelli Industrial Machinery 46,412
4,000 Marzotto & Figli Apparel & Textiles 29,652
44,000 Mediobanca Banks 275,277
366,240 Montedison * Conglomerates 239,828
51,000 Montedison,
Non-Convertible
Preferred * Conglomerates 33,456
1,000 Olivetti * Computers & Business Equipment 789
4,500 Olivetti,
Non-Convertible
Preferred * Computers & Business Equipment 1,538
264,250 Olivetti, Priv * Computers & Business Equipment 77,181
139,000 Parmalat Finanziaria Food & Beverage 202,182
111,000 Pirelli Spa Industrial Machinery 244,451
4,000 Pirelli Spa,
Non-Convertible
Preferred Industrial Machinery 6,332
30,742 Ras Insurance 251,144
9,358 Ras, Non-Convertible
Preferred Insurance 48,379
11,000 Rinascente Retail Trade 58,667
750 Rinascente Spa Retail Trade 370
3,000 Rinascente,
Non-Convertible
Preferred Retail Trade 7,746
2,000 Rinascente, Priv Retail Trade 4,066
9,000 Sai Ord Insurance 63,877
4,000 Sai Ord, Non-Convertible
Preferred Insurance 12,326
5,333 Sasib Industrial Machinery 15,016
4,000 Sasib, Non-Convertible
Preferred Industrial Machinery 7,430
16,000 Sirti Home Builders 96,970
49,000 Snia BPD Conglomerates 44,796
2,000 Snia BPD, Non-Convertible
Preferred Conglomerates 1,443
----------
4,592,609
----------
JAPAN 23.1%
12,000 77th Bank Banks 98,337
2,420 Advantest Corp. Electronics 134,434
5,000 Alps Electric Co. Electronics 58,309
9,000 Amada Co. Industrial Machinery 67,300
3,000 Amano Corporation Pollution Control 28,130
12,000 Aoki Corp. * Home Builders 13,710
2,000 Aoyama Trading Co. Conglomerates 56,418
1,700 Arabian Oil Co. International Oil 50,768
13,000 Asahi Breweries Food & Beverage 143,409
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market
of Shares Industry Value
--------- -------- ------
JAPAN 23.1% (CONT.)
20,000 Ashikaga Bank Banks $ 60,515
1,000 Autobacs Seven Company Merchandising 66,583
8,000 Brother Industries Household Appliances & Furnishings 30,195
8,000 Casio Computer Co. Toys, Amusement & Sporting Goods 57,931
17,000 Chichibu Onoda Cement Construction Materials 52,510
6,000 Chiyoda Corp. Industrial Machinery 21,511
8,000 Chugai Pharmaceutical Co. Drugs & Healthcare 59,255
10,000 Citizen Watch Co. Retail Trade 71,941
20,000 Cosmo Oil Company International Oil 81,475
4,715 Credit Saison Co. Financial Services 90,652
2,000 CSK Corporation Business Services 47,593
11,000 Daicel Chemical Ind. Chemicals 41,431
14,000 Daido Steel Company Steel 37,838
4,000 Daifuku Co. Industrial Machinery 46,017
8,000 Daiichi Pharmaceutical
Company Drugs & Healthcare 128,595
8,000 Daikin Industries Industrial Machinery 62,848
5,000 Daikyo Inc. Real Estate 15,562
8,000 Daimaru Inc. Apparel & Textiles 33,662
24,000 Dainippon Ink Chemicals 89,827
5,000 Dainippon Screen Mfg. Co. Electronics 39,792
4,000 Daito Trust Construction Construction & Mining 40,344
4,000 Daiwa Kosho Lease Co. Real Estate 26,759
13,000 Denki Kagaku Kogyo K.K. Chemicals 28,477
9,000 Ebara Corp. Industrial Machinery 116,303
8,350 Eisai Co. Drugs & Healthcare 144,748
4,400 Ezaki Glico Co. Food & Beverage 34,670
10,000 Fujikura Industrial Machinery 74,699
14,000 Fujita Corp. Home Builders 21,511
4,000 Fujita Kanko Inc. Leisure 47,278
21,000 Furukawa Electric Co. Electrical Equipment 100,772
3,000 Gakken Co. * Broadcasting 13,592
15,000 Gunma Bank Banks 113,466
8,000 Gunze Limited Apparel & Textiles 34,544
26,000 Hankyu Corp. * Railroads & Equipment 123,331
6,000 Hankyu Department Stores Retail Trade 51,533
12,000 Haseko Corp. * Home Builders 16,831
9,000 Hazama Corp. Home Builders 14,467
8,000 Higo Bank Banks 45,954
1,000 Hirose Electric Co. Electronics 54,684
20,000 Hokuriku Bank Banks 56,733
3,000 House Food Corp. Food & Beverage 43,968
3,000 Hoya Corp. Drugs & Healthcare 137,578
7,000 Inax Corporation Construction Materials 43,464
7,000 Isetan Co. Retail Trade 77,220
8,000 Ishihara Sangyo Kaisha * Industrial Machinery 20,109
7,000 Itoham Foods Inc. Food & Beverage 35,301
7,000 Iwatani International Electric Utilities 25,372
5,000 Jaccs Co. Financial Services 26,988
33,000 Japan Energy Corp. Miscellaneous 74,108
4,000 Japan Metal & Chemicals * Chemicals 8,258
10,000 Japan Steel Works * Steel 18,202
5,000 JGC Corp. Electronics 25,806
3,000 Kaken Pharmaceutical Co. Drugs & Healthcare 12,529
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market
of Shares Industry Value
--------- -------- ------
JAPAN 23.1% (CONT.)
8,000 Kamigumi Co. Business Services $ 39,587
6,500 Kandenko Co. Home Builders 50,449
14,000 Kanebo * Apparel & Textiles 22,173
10,000 Kaneka Corp. Chemicals 53,187
8,000 Kansai Paint Co. Chemicals 30,888
2,000 Katokichi Co. Food & Beverage 31,518
18,000 Kawasaki Kisen Kaisha * Trucking & Freight Forwarding 31,203
16,420 Keihin Electric Express Railroads & Equipment 68,055
6,000 Kikkoman Corp. Food & Beverage 31,629
7,700 Kinden Corporation Home Builders 85,549
2,200 Kissei Pharmaceutical Co. Drugs & Healthcare 41,778
4,000 Kokuyo Co. Business Services 86,991
2,000 Komori Corporation Industrial Machinery 42,707
1,000 Konami Co. Business Services 30,415
11,000 Konica Corporation Photography 63,707
6,000 Koyo Seiko Co. Industrial Machinery 40,564
22,000 Kumagai Gumi Co. Construction Materials 29,470
7,000 Kurabo Industries Apparel & Textiles 16,988
10,000 Kuraray Co. Chemicals 88,252
6,000 Kureha Chem Ind Co. Chemicals 22,741
4,400 Kurita Water Industries Business Services 92,916
14,000 Kyowa Hakko Kogyo Co. Drugs & Healthcare 85,825
3,000 Kyudenko Corp. Electrical Equipment 21,275
9,000 Lion Corp. Drugs & Healthcare 35,955
3,000 Maeda Road Construction Construction Materials 22,220
3,000 Makino Milling Machine Industrial Machinery 22,741
5,000 Makita Corp. Electrical Equipment 68,553
10,000 Maruha Corp. * Food & Beverage 21,511
9,000 Meiji Milk Products Co. Food & Beverage 36,877
12,000 Meiji Seika Kaisha Food & Beverage 55,693
12,000 Minebea Co. Industrial Machinery 100,228
4,000 Misawa Homes Co. Home Builders 21,716
16,000 Mitsubishi Gas Chemical Chemicals 58,372
5,000 Mitsubishi Logistic
Corporation Business Services 58,703
33,000 Mitsubishi Materl Metal 123,253
14,000 Mitsubishi Oil Co. International Oil 57,363
9,000 Mitsubishi Paper Mills Paper 28,650
19,000 Mitsubishi Rayon Chemicals 71,413
27,000 Mitsui Engineering &
Shipbuilding * Industrial Machinery 46,379
16,000 Mitsui Mining & Smelting Mining 62,785
36,000 Mitsui Osk Lines * Trucking & Freight Forwarding 63,825
4,000 Mitsui-Soko Co. Trucking & Freight Forwarding 19,258
23,000 Mitsui Toatsu Chemicals Chemicals 64,337
3,000 Mori Seiki Co. Industrial Machinery 43,495
9,000 Mycal Corporation Merchandising 110,630
4,000 Nagase & Co. Chemicals 27,421
24,000 Nagoya Railroad Co. Railroads & Equipment 83,587
1,300 Namco Leisure 38,106
15,650 Nankai Electric Railway Railroads & Equipment 69,303
11,000 NGK Insulators Electrical Equipment 97,077
7,000 NGK Spark Plug Co. Industrial Machinery 70,050
14,600 Nichido Fire & Marine Insurance 78,574
9,000 Nichirei Corp. Household Products 35,671
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market
of Shares Industry Value
--------- -------- ------
JAPAN 23.1% (CONT.)
10,000 Nihon Cement Co. Construction Materials $ 42,392
9,000 Niigata Engineering * Industrial Machinery 13,687
11,000 Nikon Corporation Electronic Components 157,750
4,000 Nippon Beet Sugar Mfg. Co.Food & Beverage 11,945
4,000 Nippon Comsys Corp. Computers & Business Equipment 45,702
18,000 Nippon Fire & Marine Insurance 70,916
16,000 Nippon Light Metal Co. Non-ferrous Metals 52,825
7,000 Nippon Meat Packers Food & Beverage 69,498
27,000 Nippon Paper Industries Forest Products 124,458
4,000 Nippon Sharyo Industrial Machinery 20,077
14,000 Nippon Sheet Glass Co. Containers & Glass 43,574
9,000 Nippon Shinpan Co. Financial Services 25,955
6,000 Nippon Shokubai Co. Chemicals 38,768
8,000 Nippon Suisan Kaisha * Food & Beverage 19,226
9,000 Nishimatsu Construction Construction & Mining 50,705
7,000 Nisshinbo Industries Apparel & Textiles 46,442
4,000 Nissin Food Products Co. Food & Beverage 89,827
5,000 Nitto Denko Corp. Electronics 72,492
6,000 NOF Corp. Chemicals 21,275
5,000 Noritake Co. Toys, Amusement & Sporting Goods 31,124
18,000 NSK Industrial Machinery 108,644
15,000 NTN Corp. Industrial Machinery 75,999
22,630 Odakyu Electric Railway Railroads & Equipment 116,440
333 OJI Paper Co. * Forest Products 1,682
4,000 Okamoto Industries Tires & Rubber 14,341
4,000 Okuma Corp. * Industrial Machinery 31,518
7,000 Okumura Corp. Home Builders 37,507
8,000 Olympus Optical Co. Photography 66,189
8,000 Omron Corp. Electronics 151,288
5,000 Onward Kashiyama Co. Apparel & Textiles 64,219
11,000 Orient Corp. Financial Services 35,190
2,000 ORIX Corp. Financial Services 101,016
1,100 OYO Corp. Business & Public Services 35,017
12,000 Penta-Ocean Construction Home Builders 34,985
5,000 Pioneer Electronic Corp. Household Appliances & Furnishings 89,433
5,000 QP Corp. Conglomerates 39,004
7,000 Renown * Apparel & Textiles 14,231
4,000 Sanden Corp. Electrical Equipment 32,464
7,000 Sankyo Aluminium
Industries Co. Aluminum 20,298
2,000 Sanrio Co. * Retail Trade 12,040
7,000 Sanwa Shutter Corp. Construction Materials 49,972
10,000 Sapporo Breweries Food & Beverage 70,050
8,000 Sato Kogyo Co. Construction & Housing 14,057
3,000 Sega Enterprises Toys, Amusement & Sporting Goods 78,954
5,000 Seino Transportation Co. Railroads & Equipment 45,308
7,000 Seiyu Apparel & Textiles 48,704
2,000 Shimachu Co. Retail Trade 48,066
4,000 Shimano Inc. Leisure 67,449
11,000 Shionogi & Co. Drugs & Healthcare 73,241
12,000 Shiseido Co Cosmetics 172,090
34,000 Showa Denko K.K. * Chemicals 80,908
3,000 Skylark Co. Hotels & Restaurants 42,313
2,000 SMC Corporation Machinery & Engineering 146,561
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market
of Shares Industry Value
--------- -------- ------
JAPAN 23.1% (CONT.)
10,000 Snow Brand Milk Food & Beverage $ 44,914
5,000 Sumitomo Forestry Co. Forest Products 50,823
19,000 Sumitomo Heavy Industries Industrial Machinery 60,035
18,000 Sumitomo Metal Mining Co. Non-ferrous Metals 120,558
13,000 Sumitomo Osaka Cement Co. Construction Materials 34,008
3,000 Taiyo Yuden Co. Electronics 40,422
7,000 Takara Shuzo Co. Food & Beverage 38,941
4,000 Takara Standard Co. Household Products 30,258
9,000 Takashimaya Co. Retail Trade 100,701
3,000 Takuma Co. Telecommunication Services 32,622
19,000 Teijin Textile Products 76,802
8,000 Teikoku Oil Co. International Oil 33,725
6,000 Toa Corporation Home Builders 18,816
4,000 Toei Company Leisure 22,252
500 Toho Co. Leisure 66,977
5,000 Tokyo Broadcasting Broadcasting 78,008
5,000 Tokyo Dome Corp. Leisure 63,037
4,400 Tokyo Electron Electronics 169,884
5,000 Tokyo Steel Manufactoring Metals - Steel 53,581
3,000 Tokyo Style Co. Apparel & Textiles 36,167
7,000 Tokyo Tatemono Co. * Real Estate 32,598
8,000 Tokyotokeiba Co. Leisure 19,163
18,000 Tosoh Corp. * Chemicals 57,300
11,000 Toto Construction Materials 110,078
5,000 Toyo Engineering Electronics 20,014
2,000 Toyo Exterior Co. Home Builders 22,536
6,600 Toyo Seikan Kaisha Containers 121,172
23,000 Toyobo Co. Apparel & Textiles 52,919
1,000 Trans Cosmos Inc Business & Public Services 25,924
6,000 Tsubakimoto Chain Co. Industrial Machinery 31,629
27,000 Ube Industries Chemicals 70,633
2,000 Uni-Charm Corp. Household Products 61,303
2,000 Uniden Corp. Household Products 20,329
13,000 Unitika * Chemicals 20,999
6,000 Uny Company Merchandising 105,429
5,000 Wacoal Corporation Textiles & Apparel 57,915
6,000 Yamaguchi Bank Banks 79,899
6,000 Yamaha Corp. Toys, Amusement & Sporting Goods 121,031
11,000 Yamato Transport Co. Trucking & Freight Forwarding 112,678
7,000 Yamazaki Baking Co. Food & Beverage 108,108
32,000 Yasuda Trust & Banking Banks 74,888
8,000 Yokogawa Electric Electronics 56,040
----------
11,920,692
----------
MALAYSIA 0.6%
2,000 AMMB Holdings Financial Services 13,307
2,000 Amsteel Corp. Steel 1,498
1,000 Aokam Perdana * Paper 1,235
1,500 Berjaya Group Leisure 1,769
1,000 Berjaya Leisure Leisure 2,789
1,000 Commerce Asset-Holding Financial Services 5,976
5,000 DCB Holdings Financial Services 16,235
1,000 Edaran Otomobil Nasional Retail Trade 9,442
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market
of Shares Industry Value
--------- -------- ------
MALAYSIA 0.6% (CONT.)
1,000 Ekran Building Construction $ 2,191
1,000 Ekran Bhd Building Construction 12
400 Faber Group * Leisure 395
3,000 Golden Hope Plantations Food & Beverage 4,757
3,000 Golden Plus Holdings Miscellaneous Materials &
Commodities 5,498
1,000 Guinness Anchor Food & Beverage 2,211
1,000 Highlands & Lowlands Food & Beverage 1,586
1,000 Hong Leong Properties Real Estate 1,363
1,000 Hume Industries Construction Materials 5,339
1,000 Idris Hydraulic * Financial Services 1,147
1,000 IGB Corp. Real Estate 956
3,000 IOI Corp. Chemicals 3,729
1,000 Jaya Tiasa Holdings Forest Products 5,139
1,000 Johan Holdings Industrial Machinery 853
1,000 Kedah Cement Holdings Construction Materials 1,554
1,000 Kemayan Corp. Agricultural Machinery 1,191
2,500 Kuala Lumpur Kepong Food & Beverage 6,474
1,500 Land & General Forest Products 2,044
1,000 Landmarks Hotels & Restaurants 1,323
4,000 Leader Universal Holdings Electrical Equipment 7,968
125 Lion Land Berhad Real Estate 123
4,500 Magnum Corp. Leisure 7,135
5,000 Malaysian Airline System Air Travel 11,056
1,250 Malayan Cement Construction Materials 2,072
4,000 Malayan United Industries Financial Services 2,948
3,333 Malaysia International
Shipping Containers & Glass 7,503
2,000 Malaysia Mining Corp. Mining 2,390
1,000 Malaysian Mosaics Real Estate 1,291
1,000 Malaysian Pacific Electronics 3,984
2,000 Malaysian Resources Corp. Mining 5,737
2,000 MBF Capital Financial Services 2,964
3,000 Metroplex Real Estate 3,251
2,000 Mulpha International Conglomerates 1,625
2,000 Multi-Purpose Holdings Conglomerates 3,267
1,000 Mycom Real Estate 1,143
1,000 Nestle Food & Beverage 7,809
1,000 New Straits Times Newspapers 5,578
1,000 Oriental Hldgs Bhd Autos 7,570
2,000 Pan Malaysia Cement Construction Materials 1,992
1,250 Perlis Plantations Mining 3,735
2,000 Perusahaan Otomobil Automobiles 11,952
1,000 Promet * Industrial Machinery 868
2,666 Public Bank Banks 4,419
1,000 Rashid Hussain Financial Services 6,653
4,000 Resorts World Bhd Leisure 14,741
1,000 RJ Reynolds Food & Beverage 2,032
1,000 Rothmans Pall Mall Tobacco 9,243
1,000 Selangor Properties Real Estate 1,076
1,000 Shell Refining Co. International Oil 3,028
2,200 Sungei Way Holdings Building Construction 5,040
2,000 TA Enterprise Financial Services 2,335
1,000 Tan Chong Motor Holdings Industrial Machinery 1,857
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market
of Shares Industry Value
--------- -------- ------
MALAYSIA 0.6% (CONT.)
2,000 Technology Resources Industries * Conglomerates
$ 3,665
1,500 Time Engineering Industrial Machinery 2,749
1,000 UMW Holdings Industrial Machinery 5,259
2,252 UTD Engineers Industrial Machinery 15,970
1,500 YTL Corp. Home Builders 6,096
----------
288,137
----------
NETHERLANDS 3.2%
8,392 Getronics NV Computers & Business Equipment 254,159
299 Hollandsche Beton Groep Home Builders 64,923
2,497 IHC Caland NV Home Builders 123,306
8,880 KLM Air Travel 262,557
9,984 Koninklijke KNP BT NV Paper 196,800
3,052 Kon Hoogovensnv Steel 139,432
2,133 Nedlloyd (Kon.) Trucking & Freight Forwarding 48,943
1,920 OCE-Van der Grinten NV Computers & Business Equipment 232,300
2,837 Pakhoed (Kon) Petroleum Services 92,475
2,987 Stad Rotterdam Insurance 125,423
2,914 Stork NV Industrial Machinery 125,499
----------
1,665,817
----------
NORWAY 1.2%
1,300 Aker A Conglomerates 31,675
200 Aker B Conglomerates 4,494
1,600 Bergesen (Dy) A Trucking & Freight Forwarding 33,030
600 Bergesen (Dy) B,
Non-Voting Preferred Trucking & Freight Forwarding 12,470
17,800 Christiania Bank Banks 55,244
700 Dyno Industrier Chemicals 17,351
1,400 Elkem Non-ferrous Metals 26,837
2,875 Hafslund ASA - A Drugs & Healthcare 18,169
1,322 Hafslund ASA - B Drugs & Healthcare 7,296
500 Helikopter Service Miscellaneous 6,530
1,500 Kvaerner As Agricultural Machinery 72,941
1,000 Leif Hoegh & Co. Trucking & Freight Forwarding 18,958
1,000 Norske Skogsindust A Paper 33,213
200 Norske Skogsindust B Paper 6,263
2,375 Nycomed A * Drugs & Healthcare 36,355
1,222 Nycomed B * Drugs & Healthcare 17,590
1,200 Orkla A Food & Beverage 100,607
400 Orkla B Food & Beverage 30,951
1,000 Petroleum Geo-Services Energy Equipment & Services 39,040
9,700 Uni Storebrand Ord * Insurance 59,665
500 Unitor Containers & Glass 6,109
----------
634,788
----------
NEW ZEALAND 0.4%
46,575 Brierley Investments
Limited Investment Companies 41,019
30,100 Carter Holt Harvey Forest Products 66,796
1,303 Fisher & Paykel
Industries Household Appliances & Furnishings 4,681
6,425 Fletcher Challenge -
Building Shares Forest Products 18,045
13,957 Fletcher Challenge -
Forest Division Forest Products 19,261
12,850 Fletcher Challenge -
Paper Shares Forest Products 28,516
6,425 Fletcher Challenge Ltd Forest Products 18,669
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market
of Shares Industry Value
--------- -------- ------
NEW ZEALAND 0.4% (CONT.)
9,500 Lion Nathan Limited Food & Beverage $ 22,861
219,848
SINGAPORE 0.5%
5,000 Comfort Group Transportation - Road & Rail 3,803
1,000 Creative Technology * Electronic Components 13,483
2,000 Cycle & Carriage Automobiles 20,466
9,000 DBS Land Real Estate 29,123
4,000 First Capital Corp. Hotels & Restaurants 10,012
3,400 Fraser & Neave Food & Beverage 24,684
2,000 Hai Sun Hup Group Trucking & Freight Forwarding 1,424
600 Hai Sun Hup Group Trucking &Freight Forwarding 31
1,000 Haw Par Bros.
International Conglomerates 2,199
4,000 Hotel Properties Hotels & Restaurants 6,361
2,000 Inchcape Berhad Business Services 6,983
32,000 IPC Corp. Data Processing & Reproduction 10,288
1,000 Jurong Shipyard Industrial Machinery 4,529
6,250 Keppel Corp. Industrial Machinery 27,225
2,000 Lum Chang Holdings Home Builders 1,493
1,200 Metro Holdings Retail Trade 3,435
3,000 Natsteel Steel 8,131
10,000 Neptune Orient Lines Nol Trucking & Freight Forwarding 8,435
1,000 Overseas Union Ent. Leisure 4,391
3,000 Parkway Holdings Real Estate 12,238
2,000 Robinson & Co. Merchandising 10,095
1,000 Sembawang Maritime Transportation 2,697
1,100 Shangri-La Hotel Hotels & Restaurants 3,179
7,000 Singapore Technology
Industries Multi-Industry 18,101
3,000 Straits Trading Co. Non-ferrous Metals 6,638
5,000 United Overseas Land Real Estate 7,225
13,000 UTD Industrial Corp. Conglomerates 9,797
1,000 Van Der Horst Machinery & Engineering 2,876
----------
259,342
----------
SPAIN 4.9%
833 Acerinox Aluminum 121,807
4,084 Aguas De Barcelona Business Services 159,362
85 Aguas De Barcelona Business Services 3,253
8,600 Argentaria Corp Bc Banks 383,858
20,242 Autopistas Cesa (Acesa) Business Services 234,188
14,500 BCO Central Hispano
Registered Banks 441,725
1,050 Alba (Corp Financiera) Conglomerates 107,821
2,450 Corporacion Mapfre Insurance 128,307
4,000 Dragados Y Construction Home Builders 64,624
3,350 Ebro Agricolas Food & Beverage 61,920
1,000 ENCE (Empresa Nacl
Celulosa) Forest Products 16,670
1,000 Fomento Const Y Contra Home Builders 97,484
1,500 Metrovacesa Real Estate 54,116
1,900 Ubris (Inmobilaria) Real Estate 11,966
500 Portland Valderrivas Construction Materials 32,312
4,250 Prosegur Seguridad Business & Public Services 46,115
2,650 Tabacalera Food & Beverage 133,158
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market
of Shares Industry Value
--------- -------- ------
SPAIN 4.9% (CONT.)
28,500 Union Electrica Fenosa Electric Utilities $ 238,028
3,650 Uralita Construction Materials 30,359
3,000 Vallehermoso SA Real Estate 73,935
1,650 Viscofan Aluminum 31,741
667 Zardoya Otis Industrial Machinery 71,643
2,544,392
SWEDEN 1.9%
6,000 ABB Ab Engineering 72,653
2,000 AGA Series A Chemicals 26,767
1,700 AGA Series B Chemicals 22,210
1,900 Atlas Copco Series A Industrial Machinery 46,983
900 Atlas Copco Series B Construction & Mining 22,312
800 Autoliv Industrial Machinery 29,112
1,500 Electrolux Series B Household Appliances & Furnishings 86,037
300 Esselte AB Series A Electronics 6,501
200 Esselte AB Series B Electronics 4,563
600 Hennes & Mauritz Series B Retail Trade 86,801
800 Scanem AB Building Materials & Components 29,571
1,200 Securitas AB Series B Business Services 28,908
7,700 Skand Enskilda Banken
Series A Banks 78,516
1,600 Skandia Foersaekrings Insurance 46,294
1,700 Skanska Series B Home Builders 72,156
1,000 SKF Series B Industrial Machinery 21,669
800 SKF Series A Construction & Mining 16,570
1,000 Stora Kopparbergs
Series B Forest Products 13,702
3,800 Stora Kopparbergs
Series A Forest Products 52,552
3,000 Svenska Cellulosa Forest Products 64,241
300 Svenska Handelsbk
Series B Banks 7,839
2,900 Svenska Handelsbk
Series A Banks 79,842
6,400 Swedish Match * Beverages & Tobacco 20,883
1,800 Trelleborg Series B Mining 28,105
----------
964,787
----------
SWITZERLAND 2.2%
640 Adecco Sa Business & Public Services 213,710
150 Alusuisse Lonza
Holding Registered Aluminum 127,257
65 Alusuisse-Lonza Holding Non-ferrous Metals 54,747
80 Danzas Holding Household Products 15,474
65 Distefora Holding Ag * Merchandising 750
15 Fischer (Georg) Inhaber
Ag Industrial Machinery 3,533
15 Fischer (Georg) Inhaber
Ag Registered Industrial Machinery 18,121
45 Forbo Holding Registered Construction Materials 18,142
218 Holderbk FN Glarus Financial Services 169,707
15 Jelmoli Holding AG * Retail Trade 8,674
45 Jelmoli Holding AG
Registered * Retail Trade 4,948
10 Kuoni Reisen Series B Leisure 28,777
15 Moevenpick Holdings Leisure 4,581
10 Moevenpick Holdings
Registered Leisure 2,854
40 Schindler Holding AG Industrial Machinery 48,459
55 SGS Holding Business Services 113,852
65 Sika Finanz Inhaber AG Construction Materials 16,764
110 SMH AG Neuenburg Toys, Amusement & Sporting Goods 62,339
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 1997
(UNAUDITED)
Number Market
of Shares Industry Value
--------- -------- ------
510 SMH AG Neuenburg Toys, Amusement &
Registered Sporting Goods $ 67,497
115 Sulzer AG Industrial Machinery 79,222
80 Swissair * Air Travel 70,042
120 Valora Holdings AG Merchandising 26,225
---------
1,155,675
---------
Total Common and Preferred Stocks
(Cost $52,281,534) 51,302,230
----------
Total Investments - 99.5%
(Cost $52,281,534) 51,302,230
----------
Other Assets, less Liabilities 0.5% 280,159
----------
TOTAL NET ASSETS 100.0% $51,582,389
==========
See notes to the financial statements.
BALANCED FUND
GROWTH AND INCOME FUND
EQUITY INDEX FUND
MIDCORE GROWTH FUND
SPECIAL GROWTH FUND
INTERNATIONAL EQUITY FUND
NOTES TO THE FINANCIAL STATEMENTS
(UNAUDITED)
1. ORGANIZATION
Portico Funds, Inc. (the "Company") was incorporated on February 15, 1988,
as a Wisconsin Corporation and is registered as an open-end management
investment company under the Investment Company Act of 1940. The Balanced Fund,
the Growth and Income Fund, the Equity Index Fund, the MidCore Growth Fund, the
Special Growth Fund, and the International Equity Fund (the "Funds") are
separate, diversified investment portfolios of the Company. The Special Growth
Fund commenced operations on December 28, 1989; the Growth and Income Fund and
Equity Index Fund commenced operations on December 29, 1989; the Balanced Fund
commenced operations on March 30, 1992; the MidCore Growth Fund commenced
operations on December 29, 1992; and the International Equity Fund commenced
operations on April 28, 1994. The objective of the Balanced Fund is to achieve a
balance of capital appreciation and current income with relatively low
volatility of capital. The objective of the Growth and Income Fund is to seek
both reasonable income and long-term capital appreciation. The objective of the
Equity Index Fund is to seek returns, before Fund expenses, comparable to the
price and yield performance of publicly traded common stocks in the aggregate,
as represented by the S&P Stock 500 Index. The objective of the MidCore Growth
Fund is capital appreciation through investment in securities of medium- to
large-sized companies. The objective of the Special Growth Fund is capital
appreciation through investment in securities of small- to medium-sized
companies. The objective of the International Equity Fund is to seek capital
appreciation through investment in foreign equity securities of small- to
medium-sized companies.
The costs, in thousands, incurred in connection with the organization,
initial registration and public offering of shares aggregating $25, $46, $44,
$14, $45 and $27 for the Balanced, Growth and Income, Equity Index, MidCore
Growth, Special Growth and International Equity Funds, respectively, have been
paid by the Funds. These costs are being amortized over the period of benefit,
but not to exceed sixty months from each Fund's commencement of operations.
The Company has issued two classes of Fund shares in each of the Funds:
Series A and Series Institutional. The Series A shares are subject to a 0.25%
service organization fee and an initial sales charge imposed at the time of
purchase, in accordance with the Funds' prospectus. The maximum sales charge is
4% of the offering price or 4.16% of the net asset value. Each class of shares
for each Fund has identical rights and privileges except with respect to service
organization fees paid by Series A shares, voting rights on matters affecting a
single class of shares and the exchange privileges of each class of shares.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Funds in the preparation of their financial statements. These
policies are in conformity with generally accepted accounting principles.
a) Investment Valuation - Securities which are traded on a recognized stock
exchange are valued at the last sale price on the securities exchange on which
such securities are primarily traded or at the last sale price on a national
securities exchange. Exchange-traded securities for which there were no
transactions are valued at the current bid prices, with the exception of the
International Equity Fund, which is valued at the average of the current bid and
asked prices. Securities traded on only over-the-counter markets are valued on
the basis of closing over-the-counter bid prices. Instruments with a remaining
maturity of 60 days or less are valued on an amortized cost basis. Securities
for which market quotations are not readily available and other assets are
valued at fair value as determined by the investment adviser under the
supervision of the Board of Directors. Portfolio securities which are primarily
traded on foreign securities exchanges are generally valued at the preceding
closing values of such securities on their respective exchanges, except when an
occurrence subsequent to the time a value was so established is likely to have
changed such value. In such an event, the fair value of those securities is
determined through the consideration of other factors by or under the direction
of the Board of Directors. Quotations of foreign securities in foreign currency
are converted to United States ("U.S.") dollar equivalents using the foreign
exchange quotation in effect at the time net asset value is computed. Foreign
securities held by the International Equity Fund may trade in their local
markets on days the U.S. exchanges are closed, and the International Equity
Fund's net asset value may, therefore, change on days when investors may not
purchase or redeem Fund shares.
b) Federal Income Taxes - It is each Fund's policy to meet the requirements of
the Internal Revenue Code applicable to regulated investment companies and
intends to distribute investment company net taxable income and net capital
gains to shareholders. Therefore, no federal income tax provision is required.
c) Income and Expenses - The Funds are charged for those expenses that are
directly attributable to each portfolio, such as advisory, administration and
certain shareowner service fees. Expenses that are not directly attributable to
a portfolio are typically allocated among the Company's portfolios in proportion
to their respective net assets, number of shareowner accounts, or net sales,
where applicable. Net investment income other than class specific expenses, and
realized and unrealized gains and losses are allocated daily to each class of
shares based upon the relative net asset value of outstanding shares of each
class of shares at the beginning of the day (after adjusting for the current
day's capital share activity of the respective class).
d) Distributions to Shareowners - Dividends from net investment income are
declared and paid quarterly, for the Balanced, Growth and Income and Equity
Index Funds and annually for the MidCore Growth, Special Growth and
International Equity Funds. Distributions of net realized capital gains, if any,
will be declared at least annually.
e) Futures Contracts - The Equity Index Fund may utilize futures contracts to a
limited extent. The risk associated with the use of futures contracts includes
the possibility of an illiquid market. Futures contracts are valued based upon
their quoted daily settlement prices. Changes in initial settlement value are
accounted for as unrealized appreciation (depreciation) until the contracts are
terminated at which time realized gains and losses are recognized.
f) When-Issued Securities - The Funds may purchase securities on a when-issued
or delayed delivery basis. Although the payment and interest terms of these
securities are established at the time the purchaser enters into the agreement,
these securities may be delivered and paid for at a future date, generally
within 45 days. The Fund records purchases of when-issued securities and
reflects the values of such securities in determining net asset value in the
same manner as other portfolio securities. The Fund segregates and maintains at
all times cash, cash equivalents, or other high-quality liquid debt securities
in an amount at least equal to the amount of outstanding commitments for when-
issued securities.
g) Use of Estimates - The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
h) Foreign Currency Translations - The books and records of the International
Equity Fund are maintained in U.S. dollars. Foreign currencies, investments, and
other assets and liabilities denominated in foreign currencies are translated
into U.S. dollars at the exchange rates prevailing at the end of the period, and
purchases and sales of investment securities, and income and expenses
denominated in foreign currencies are translated on the respective dates of such
transactions. Unrealized gains and losses on investments which result from
changes in foreign currency exchange rates have been included in the unrealized
net appreciation (depreciation) on investments. Foreign currency exchange gains
and losses included in net appreciation (depreciation) on foreign currency and
net realized gains and losses on foreign currency include foreign currency gains
and losses between trade date and settlement date on investment securities
transactions, foreign currency transactions and the difference between the
amounts of interest and dividends recorded on the books of the Fund and the
amount actually received. The portion of the foreign currency gains and losses
related to fluctuation in exchange rates between the initial purchase trade date
and subsequent sale trade date of a security is included in realized gains and
losses on investment transactions.
i) Other - Investment and shareowner transactions are recorded no later than
the first business day after the trade date. The Funds determine the gain or
loss realized from the investment transactions by comparing the original cost of
the security lot sold with the net sale proceeds. Dividend income is recognized
on the ex-dividend date or as soon as information is available to the Funds, and
interest income is recognized on an accrual basis. Generally accepted accounting
principles require that permanent financial reporting and tax differences be
reclassified to capital stock.
3. CAPITAL SHARE TRANSACTIONS
Transactions, in thousands, of shares of the Funds were as follows:
GROWTH AND
BALANCED INCOME EQUITY INDEX
FUND FUND FUND
-------------- -------------- --------------
Amount Shares Amount Shares Amount Shares
------ ------ ------ ------ ------ ------
SIX MONTHS ENDED
APRIL 30, 1997:
Series A shares:
Shares sold $ 6,533 237 $20,266 616 $13,455 252
Shares issued to
owners in
reinvestment of
dividends 2,052 76 6,360 203 873 17
Shares redeemed (3,166) (114) (5,302) (161) (3,007) (57)
------- ------ ------- ------ ------- ------
Net increase $ 5,419 199 $21,324 658 $11,321 212
======= ====== ======= ====== ======= ======
Series Institutional
shares:
Shares sold $35,576 1,288 $79,388 2,412 $63,288 1,190
Shares issued to
owners in
revinvestment of
dividends 9,107 335 18,297 583 4,423 84
Shares redeemed (23,582) (854) (29,062) (887) (59,335) (1,117)
------- ------ ------- ------ ------- ------
Net increase $21,101 769 $68,623 2,108 $ 8,376 157
======= ====== ======= ====== ======= ======
YEAR ENDED
OCTOBER 31, 1996:
Series A shares:
Shares sold $ 7,996 296 $22,872 751 $19,090 418
Shares issued to
owners in
reinvestment of
dividends 923 35 2,501 90 638 14
Shares redeemed (3,691) (137) (6,621) (220) (3,814) (84)
------- ------ ------- ------ ------- ------
Net increase $ 5,228 194 $18,752 621 $15,914 348
======= ====== ======= ====== ======= ======
Series Institutional
shares:
Shares sold $57,666 2,169 $60,451 2,000 $94,687 2,097
Shares issued to
owners in
revinvestment of
dividends 4,416 167 9,106 326 4,694 104
Shares redeemed (46,623) (1,749) (41,195) (1,359) (60,130) (1,272)
------- ------ ------- ------ ------- ------
Net increase $15,459 587 $28,362 967 $39,251 929
======= ====== ======= ====== ======= ======
3.CAPITAL SHARE TRANSACTIONS
Transactions, in thousands, of shares of the Funds were as follows:
MIDCORE GROWTH SPECIAL GROWTH INTERNATIONAL
FUND FUND EQUITY FUND
-------------- -------------- --------------
Amount Shares Amount Shares Amount Shares
------ ------ ------ ------ ------ ------
SIX MONTHS ENDED
APRIL 30, 1997:
Series A shares:
Shares sold $ 4,559 148 $ 18,921 487 $ 1,265 64
Shares issued to
owners in
reinvestment of
dividends 727 24 13,955 370 116 6
Shares redeemed (1,403) (45) (12,968) (331) (543) (28)
------- ------ ------- ------ ------- ------
Net increase $3,883 127 $ 19,908 526 $ 838 42
======= ====== ======= ====== ======= ======
Series Institutional
shares:
Shares sold $28,838 925 $ 97,089 2,455 $10,165 514
Shares issued to
owners in
revinvestment of
dividends 5,141 168 53,786 1,420 1,149 59
Shares redeemed (28,969) (940) (78,246) (1,982) (5,817) (296)
------- ------ ------- ------ ------- ------
Net increase $ 5,010 153 $ 72,629 1,893 $ 5,496 277
======= ====== ======= ====== ======= ======
YEAR ENDED
OCTOBER 31, 1996:
Series A shares:
Shares sold $ 6,366 223 $ 32,914 823 $2,392 118
Shares issued to
owners in
reinvestment of
dividends - - 9,553 257 40 2
Shares redeemed (1,982) (69) (20,050) (501) (387) (19)
------- ------ ------- ------ ------- ------
Net increase $4,384 154 $ 22,417 579 $2,045 101
======= ====== ======= ====== ======= ======
Series Institutional
shares:
Shares sold $43,852 1,555 $133,433 3,375 $15,332 756
Shares issued to
owners in
revinvestment of
dividends - - 42,665 1,144 713 37
Shares redeemed (48,915) (1,701)(133,420) (3,376) (5,919) (291)
------- ------ ------- ------ ------- ------
Net increase $ (5,063) (146) $ 42,678 1,143 $10,126 502
======= ====== ======= ====== ======= ======
4. INVESTMENT TRANSACTIONS
The aggregate purchases and sales, in thousands, of securities, excluding
short-term investments, for the Funds for the six months ended April 30, 1997,
were as follows:
GROWTH AND EQUITY MIDCORE SPECIAL INTERNATIONAL
BALANCED INCOME INDEX GROWTH GROWTH EQUITY
FUND FUND FUND FUND FUND FUND
------- ------- ------- ------- ------- -------
Purchases:
U.S. Government $ 7,538 - - - - -
Other 62,983 $107,615 $20,624 $50,595 $298,474 $7,839
Sales:
U.S. Government 6,026 - - - - -
Other 48,916 60,128 19,102 57,396 271,118 $3,113
Equity Index Fund transactions in futures contracts during the period October
31, 1996 to April 30, 1997, in thousands, were as follows:
AGGREGATE
NUMBER OF FACE VALUE OF
CONTRACTS CONTRACTS<F1>
---------- -------------
Outstanding at October 31, 1996 7 $ 2,342
Contracts opened 256 100,114
Contracts closed 217 (84,630)
---- --------
Outstanding at April 30, 1997 46 $ 17,826
==== ========
<F1> The aggregate face value of contracts is computed on the date each contract
is opened.
The number of futures contracts and gross unrealized appreciation, in thousands,
as of April 30, 1997, were as follows:
NUMBER OF UNREALIZED
CONTRACTS APPRECIATION
--------- ------------
S&P 500 Financial Futures Contract
Expiration date 6/97<F2> 46 $639
<F2> At April 30, 1997, U.S. Treasury Bills of $789, in thousands, were held as
collateral by the custodian in an initial margin account in connection with
open futures contracts held by the Equity Index Fund.
The International Equity Fund enters into foreign currency forward contracts to
hedge against foreign currency risk on unsettled trades.
At April 30, 1997, gross unrealized appreciation and depreciation of investments
for federal tax purposes, in thousands, were as follows:
GROWTH AND EQUITY MIDCORE SPECIAL INTERNATIONAL
BALANCED INCOME INDEX GROWTH GROWTH EQUITY
FUND FUND FUND FUND FUND FUND
------- ------- ------- ------- ------- -------
Appreciation $27,346 $100,235 $121,369 $50,385 $141,170 $ 3,791
(Depreciation) (5,974) (2,268) (6,006) (4,237) (42,939) (5,058)
------- ------- ------- ------- ------- -------
Net unrealized
appreciation
(depreciation)
on investments $21,372 $ 97,967 $115,363 $46,148 $ 98,231 $(1,267)
======= ======= ======= ======= ======= =======
At April 30, 1997, the cost of investments, in thousands, for federal income
tax purposes was $155,818, $299,425, $186,834, $132,623, $539,778, and $52,569
for the Balanced, Growth and Income, Equity Index, MidCore Growth, Special
Growth and International Equity Funds, respectively.
For the year ended October 31, 1996, the MidCore Growth Fund utilized, in
thousands, capital loss carryovers of $4,999. For the year ended October 31,
1996, the following percent of dividends paid from net investment income
qualifies for the dividend received deduction available to corporate
stockholders: Balanced Fund 9%, Growth and Income Fund 50%, Equity Index Fund
83% and Special Growth Fund 8%.
5. INVESTMENT ADVISORY AND OTHER AGREEMENTS
The Funds have entered into an Investment Advisory Agreement with Firstar
Investment Research & Management Company ("FIRMCO"). FIRMCO is a subsidiary of
Firstar Corporation, a publicly held bank holding company. Pursuant to its
Advisory Agreement with the Funds, the Adviser is entitled to receive a fee,
calculated daily and payable monthly, at the annual rates presented below as
applied to each Fund's daily net assets. FIRMCO entered into a Sub-Advisory
Agreement with State Street Bank and Trust Company (the "Sub-Adviser") for the
International Equity Fund. The Sub-Adviser is a wholly-owned subsidiary of State
Street Boston Corporation, a bank holding company. Pursuant to its Sub-Advisory
Agreement with FIRMCO, the Sub-Adviser is entitled to receive a fee from FIRMCO,
calculated daily and payable monthly, at the annual rate presented below as
applied to the International Equity Fund's daily net assets.
For the period ended April 30, 1997, FIRMCO voluntarily waived the following
fees, in thousands, by Fund:
GROWTH AND EQUITY MIDCORE SPECIAL INTERNATIONAL
BALANCED INCOME INDEX GROWTH GROWTH EQUITY
FUND FUND FUND FUND FUND FUND
------- ------- ------- ------- ------- -------
Annual Rate 0.75% 0.75% 0.25% 0.75% 0.75% <F1><F2>
Fees waived $167 - - $2 - $182
<F1> FIRMCO is entitled to receive a fee, calculated daily and payable monthly,
at the annual rate of 1.50% of the Fund's first $25 million of average
daily net assets, 1.45% on the next $25 million, 1.40% on the next $50
million and 1.35% of the Fund's average daily net assets in excess of $100
million.
<F2> Pursuant to its Sub-Advisory Agreement with FIRMCO, the Sub-Adviser is
entitled to receive a fee from FIRMCO, calculated daily and payable
monthly, at the annual rate of 0.40% of the Fund's first $25 million of
average daily net assets, 0.35% on the next $25 million, 0.30% on the next
$50 million and 0.25% of the Fund's average daily net assets in excess of
$100 million.
State Street Bank and Trust Company serves as custodian and accounting
services agent for the International Equity Fund, and Firstar Trust Company, an
affiliate of FIRMCO, serves as custodian and accounting services agent for the
remaining Funds. Firstar Trust Company serves as transfer agent for all the
Funds.
The Company has entered into a Co-Administration Agreement with B.C. Ziegler
and Company and Firstar Trust Company (the "Co-Administrators") for certain
administrative services. Pursuant to the Co-Administration Agreement with the
Company, the Co-Administrators are entitled to receive a fee, computed daily and
payable monthly, at the annual rate of 0.125% of the Company's first $2 billion
of average aggregate daily net assets, plus 0.10% of the Company's average
aggregate daily net assets in excess of $2 billion. For the six months ended
April 30, 1997, $60, $127, $101, $65, $225 and $18 of administration fees, in
thousands, were voluntarily waived for the Balanced, Growth and Income, Equity
Index, MidCore Growth, Special Growth and International Equity Funds,
respectively.
The Company has entered into Servicing Agreements with certain Service
Organizations, including FIRMCO affiliates, for the Series A class of shares.
The Service Organizations are entitled to receive fees from the Funds up to the
annual rate of 0.25% of the average daily net asset value of the Series A Shares
for certain support and/or distribution services to customers of the Service
Organizations who are beneficial owners of Fund Series A Shares. These services
may include assisting customers in processing purchase, exchange and redemption
requests; processing dividend and distribution payments from the Funds; and
providing information periodically to customers showing their positions in Fund
Series A Shares. Service Organization fees, in thousands, incurred by the
Balanced, Growth and Income, Equity Index, MidCore Growth, Special Growth and
International Equity Funds aggregated $38, $103, $59, $24, $149 and $5
respectively, for the six months ended April 30, 1997.
Each Director of the Company who is not affiliated with FIRMCO receives an
annual fee from the Company for service as a Director and is eligible to
participate in a deferred compensation plan with respect to these fees.
Participants in the plan may designate their deferred Director's fees as if
invested in any one of the Portico Funds (with the exception of the MicroCap
Fund) or in 90-day U.S. Treasury bills. The value of each Director's deferred
compensation account will increase or decrease as if it were invested in shares
of the selected Portico Funds or 90-day U.S. Treasury bills. The Funds maintain
their proportionate share of the Company's liability for deferred fees.
6. FOREIGN SECURITIES
Investing in securities of foreign companies and foreign governments
involves special risks and considerations not typically associated with
investing in U.S. companies and the U.S. government. These risks include
revaluation of currencies and future adverse political and economic
developments. Moreover, securities of many foreign companies and foreign
governments and their markets may be less liquid and their prices more volatile
than those of securities of comparable U.S. companies and the U.S. Government.
This page intentionally left blank.
- - PORTICO FUNDS ARE AVAILABLE THROUGH:
- the Portico Funds Center,
- Investment Specialists who are registered representatives of Elan
Investment Services, Inc., a registered broker/dealer, NASD and SIPC
member,
- and through selected shareholder organizations.
This report is authorized for distribution only when preceded or accompanied by
a current prospectus.
TO OPEN AN ACCOUNT OR
REQUEST INFORMATION
1-800-982-8909
1-414-287-3710
FOR ACCOUNT BALANCES AND
INVESTOR SERVICES
1-800-228-1024
1-414-287-3808
PORTICO FUNDS CENTER
615 EAST MICHIGAN STREET
P.O. BOX 3011
MILWAUKEE, WI 53201-3011
