- --------------------------------------------------------------------------------
MAX-CAP
- --------------------------------------------------------------------------------
FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SEMI-ANNUAL REPORT
TO SHAREHOLDERS
APRIL 30, 1994
FEDERATED SECURITIES CORP.
(LOGO)
- ---------------------------------------------
Distributor
A subsidiary of FEDERATED INVESTORS
FEDERATED INVESTORS TOWER
PITTSBURGH, PA 15222-3779
2052905 (6/94)
PRESIDENT'S MESSAGE
- --------------------------------------------------------------------------------
Dear Shareholder:
I am pleased to present the Semi-Annual Report to Shareholders of the Max-Cap
Fund (the "Fund") for the six-month period ended April 30, 1994. Included for
your review are the Financial Statements, which contain the Fund's Portfolio of
Investments, and our Investment Review, which discusses the economy and our
outlook for the stock market.*
The Fund is managed passively to closely mirror the performance of the Standard
& Poor's 500 Index (the "S&P 500"), an unmanaged index composed of 500 common
stocks of the nation's largest corporations. The S&P 500 includes stocks in
industry, transportation, finance, and public utilities, and is maintained by
Standard & Poor's Corporation as an indicator of general stock market
performance. Stocks in the Fund's portfolio are generally weighted in the same
proportions as stocks in the S&P 500 index.
Between the first and last day of the report period, the Fund's net assets rose
from $409.7 million to $425.0 million. At the end of the period, net asset value
for both Institutional Shares and Institutional Service Shares stood at $11.46
per share, compared to $12.24 per share at the beginning of the period.
Dividends paid to shareholders for the six months totaled $0.15 per share for
Institutional Shares and $0.14 per share for Institutional Service Shares.
Capital gains distributions totaled $0.34 per share for both Institutional
Shares and Institutional Service Shares.
Federated continues its commitment to provide you with quality investment
products and the highest level of service. As always, we invite your comments
and suggestions.
Sincerely,
Glen R. Johnson
President
June 15, 1994
* Please note that this report includes Financial Highlights for both
Institutional Shares and Institutional Service Shares.
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
During the six-month period ended April 30, 1994, the stock market displayed
levels of volatility which have not been seen in quite some time. After rallying
quite nicely from mid-December through the end of January, stocks corrected by
nearly 10% in reaction to the tightening of Federal Reserve policy and a
subsequent rise in interest rates. From the bottom established in early April,
stocks rallied about 2.73% through the end of April. For the entire six-month
period, stocks provided a total return of -2.39% as measured by the S&P 500.*
For the six-month period ended April 30, 1994, the total return of the Max-Cap
Fund was -2.51% for Institutional Shares and -2.64% for Institutional Service
Shares.**
The economic statistics during the first quarter showed surprising strengths,
particularly in key areas such as autos, housing and capital spending. While
this has led to fears of higher inflation, the case for a significant rise in
inflation still appears weak. If real Gross Domestic Product growth for the
remainder of 1994 is in the 3% area, inflation should remain subdued and
corporate profits should register 10%-15% growth.
After two years of historically low S&P 500 price volatility, investors should
be prepared to see increased volatility in the months ahead.
* This index is unmanaged.
** Performance quoted represents past performance and is not indicative of
future results. Investment return and principal value will fluctuate, so that
an investor's shares, when redeemed, may be worth more or less than the
original cost.
MAX-CAP FUND
PORTFOLIO OF INVESTMENTS
APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------------------------------------------------------------ ------------
<C> <C> <S> <C>
COMMON STOCKS--81.4%
- ----------------------------------------------------------------------------------
COMMERCIAL SERVICES--1.5%
------------------------------------------------------------------
5,600 Alco Standard Corp. $ 294,700
------------------------------------------------------------------
52,300 American Express Co. 1,549,388
------------------------------------------------------------------
8,900 Deluxe Corp. 240,300
------------------------------------------------------------------
16,700 Donnelley (R.R.) & Sons, Co. 455,075
------------------------------------------------------------------
10,700 Dow Jones & Co., Inc. 410,612
------------------------------------------------------------------
19,200 Dun & Bradstreet Corp. 1,128,000
------------------------------------------------------------------
4,000 Fleming Companies, Inc. 100,500
------------------------------------------------------------------
5,600 Grainger (W.W.), Inc. 350,000
------------------------------------------------------------------
3,600 Handleman Co. 39,150
------------------------------------------------------------------
3,500 Harland (John H.) Co. 79,625
------------------------------------------------------------------
8,100 Interpublic Group Cos., Inc. 236,925
------------------------------------------------------------------
5,300 McGraw-Hill, Inc. 345,163
------------------------------------------------------------------
10,700 Moore Corp. Ltd. 195,275
------------------------------------------------------------------
4,700 Ogden Corp. 99,875
------------------------------------------------------------------
6,250 Safety-Kleen Corp. 93,750
------------------------------------------------------------------
7,700 Super Valu Stores, Inc. 251,213
------------------------------------------------------------------
20,000 Sysco Corp. 520,000
------------------------------------------------------------------ ------------
Total 6,389,551
------------------------------------------------------------------ ------------
CONSUMER DURABLES--3.9%
------------------------------------------------------------------
7,900 American Greetings Corp., Cl. A 231,075
------------------------------------------------------------------
1,537 Bassett Furniture Industries, Inc. 39,770
------------------------------------------------------------------
6,400 Bausch & Lomb, Inc. 297,600
------------------------------------------------------------------
9,000 Black & Decker Corp. 173,250
------------------------------------------------------------------
1,600 Briggs & Stratton Corp. 134,800
------------------------------------------------------------------
</TABLE>
MAX-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------------------------------------------------------------ ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ----------------------------------------------------------------------------------
CONSUMER DURABLES--CONTINUED
------------------------------------------------------------------
10,300 Brunswick Corp. $ 238,187
------------------------------------------------------------------
3,400 Centex Corp. 96,900
------------------------------------------------------------------
37,800 Chrysler Corp. 1,809,675
------------------------------------------------------------------
9,000 Cooper Tire & Rubber Co. 235,125
------------------------------------------------------------------
35,300 Eastman Kodak Co. 1,464,950
------------------------------------------------------------------
6,300 Echlin, Inc. 163,800
------------------------------------------------------------------
4,900 Fleetwood Enterprises, Inc. 102,288
------------------------------------------------------------------
53,000 Ford Motor Co. 3,093,875
------------------------------------------------------------------
76,200 General Motors Corp. 4,324,350
------------------------------------------------------------------
13,400 Genuine Parts Co. 477,375
------------------------------------------------------------------
16,100 Goodyear Tire & Rubber Co. 627,900
------------------------------------------------------------------
9,400 Hasbro, Inc. 319,600
------------------------------------------------------------------
4,900 Jostens, Inc. 77,788
------------------------------------------------------------------
3,700 Kaufman & Broad, Inc. 67,062
------------------------------------------------------------------
17,952 Mattel, Inc. 451,044
------------------------------------------------------------------
11,500 Maytag Corp. 217,063
------------------------------------------------------------------
8,500 Newell Co. 332,562
------------------------------------------------------------------
2,100 Outboard Marine Corp. 46,988
------------------------------------------------------------------
5,000 Polaroid Corp. 155,000
------------------------------------------------------------------
3,000 Pulte Corp. 81,000
------------------------------------------------------------------
17,300 Rubbermaid, Inc. 458,450
------------------------------------------------------------------
1,200 Skyline Corp. 22,650
------------------------------------------------------------------
4,600 Snap-On Tools Corp. 175,375
------------------------------------------------------------------
1,500 SPX Corp. 22,875
------------------------------------------------------------------
4,800 Stanley Works 187,200
------------------------------------------------------------------
7,600 Whirlpool Corp. 444,600
------------------------------------------------------------------
</TABLE>
MAX-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------------------------------------------------------------ ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ----------------------------------------------------------------------------------
CONSUMER DURABLES--CONTINUED
------------------------------------------------------------------
3,300 Zenith Electronics Corp. $ 29,700
------------------------------------------------------------------ ------------
Total 16,599,877
------------------------------------------------------------------ ------------
CONSUMER NON-DURABLES--9.3%
------------------------------------------------------------------
3,100 Alberto-Culver Co., Cl. B Conv. 66,263
------------------------------------------------------------------
21,700 American Brands, Inc. 735,087
------------------------------------------------------------------
29,100 Anheuser-Busch Companies, Inc. 1,575,038
------------------------------------------------------------------
7,800 Avon Products, Inc. 463,125
------------------------------------------------------------------
15,200 Borden, Inc. 197,600
------------------------------------------------------------------
1,900 Brown Group, Inc. 71,487
------------------------------------------------------------------
2,300 Brown-Forman Corp., Cl. B 206,425
------------------------------------------------------------------
27,100 Campbell Soup Co. 1,063,675
------------------------------------------------------------------
5,900 Clorox Co. 297,950
------------------------------------------------------------------
140,000 Coca-Cola Co. 5,827,500
------------------------------------------------------------------
16,700 Colgate-Palmolive Co. 979,038
------------------------------------------------------------------
27,100 ConAgra, Inc. 762,188
------------------------------------------------------------------
4,100 Coors (Adolph Co., Cl. B) 76,362
------------------------------------------------------------------
16,500 CPC International Inc. 796,125
------------------------------------------------------------------
17,300 General Mills, Inc. 893,112
------------------------------------------------------------------
7,500 Gerber Products Co. 229,688
------------------------------------------------------------------
23,700 Gillette Co. 1,590,862
------------------------------------------------------------------
3,400 * Hartmarx Corp. 22,950
------------------------------------------------------------------
27,400 Heinz (H.J.) Co. 897,350
------------------------------------------------------------------
9,700 Hershey Foods Corp. 432,863
------------------------------------------------------------------
12,300 International Flavors & Fragrances, Inc. 448,950
------------------------------------------------------------------
24,800 Kellogg Co. 1,249,300
------------------------------------------------------------------
8,800 Liz Claiborne, Inc. 220,000
------------------------------------------------------------------
8,200 Nike, Inc., Cl. B 439,725
------------------------------------------------------------------
</TABLE>
MAX-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------------------------------------------------------------ ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ----------------------------------------------------------------------------------
CONSUMER NON-DURABLES--CONTINUED
------------------------------------------------------------------
1,600 Oshkosh B'Gosh, Inc., Cl. A $ 20,800
------------------------------------------------------------------
85,400 PepsiCo, Inc. 3,117,100
------------------------------------------------------------------
11,500 Pet, Inc. 204,125
------------------------------------------------------------------
94,300 Philip Morris Cos., Inc. 5,139,350
------------------------------------------------------------------
73,400 Procter & Gamble Co. 4,174,625
------------------------------------------------------------------
7,800 Quaker Oats Co. 502,125
------------------------------------------------------------------
3,733 Ralcorp Holdings, Inc. 59,728
------------------------------------------------------------------
11,200 Ralston Purina Co. 403,200
------------------------------------------------------------------
9,300 Reebok International Ltd. 285,975
------------------------------------------------------------------
4,400 Russell Corp. 124,300
------------------------------------------------------------------
52,300 Sara Lee Corp. 1,085,225
------------------------------------------------------------------
40,300 Seagram Co., Ltd. 1,183,813
------------------------------------------------------------------
5,500 Stride Rite Corp. 67,375
------------------------------------------------------------------
17,200 Unilever N.V. 1,909,200
------------------------------------------------------------------
22,500 UST, Inc. 627,188
------------------------------------------------------------------
6,900 V.F. Corp. 345,863
------------------------------------------------------------------
12,500 Wrigley (Wm.), Jr. Co. 645,312
------------------------------------------------------------------ ------------
Total 39,437,967
------------------------------------------------------------------ ------------
CONSUMER SERVICES--3.3%
------------------------------------------------------------------
5,000 * Bally Manufacturing Corp. 33,125
------------------------------------------------------------------
11,400 Block (H&R), Inc. 484,500
------------------------------------------------------------------
1,800 Capital Cities/ABC, Inc. 1,279,800
------------------------------------------------------------------
1,628 CBS, Inc. 493,284
------------------------------------------------------------------
23,550 Comcast Corp., Cl. A 370,913
------------------------------------------------------------------
57,700 Disney (Walt) Co. 2,445,037
------------------------------------------------------------------
15,800 Gannett Co., Inc. 829,500
------------------------------------------------------------------
5,100 Hilton Hotels Corp. 284,963
------------------------------------------------------------------
</TABLE>
MAX-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------------------------------------------------------------ ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ----------------------------------------------------------------------------------
CONSUMER SERVICES--CONTINUED
------------------------------------------------------------------
4,050 * King World Productions, Inc. $ 151,369
------------------------------------------------------------------
5,900 Knight-Ridder, Inc. 353,262
------------------------------------------------------------------
2,950 Luby's Cafeterias, Inc. 70,063
------------------------------------------------------------------
12,500 Marriott Corp. 332,812
------------------------------------------------------------------
38,100 McDonald's Corp. 2,286,000
------------------------------------------------------------------
1,600 Meredith Corp. 69,600
------------------------------------------------------------------
3,200 * National Education Corp. 16,800
------------------------------------------------------------------
11,300 New York Times Co., Cl. A 286,738
------------------------------------------------------------------
10,950 * Promus Companies, Inc. 399,675
------------------------------------------------------------------
5,700 * Ryan's Family Steak Houses, Inc. 44,175
------------------------------------------------------------------
9,000 Service Corp. International 221,625
------------------------------------------------------------------
4,300 * Shoney's, Inc. 81,700
------------------------------------------------------------------
48,200 * Tele-Communications Inc., Cl. A 945,925
------------------------------------------------------------------
40,340 Time Warner, Inc. 1,432,070
------------------------------------------------------------------
13,800 Times Mirror Co., Cl. A 436,425
------------------------------------------------------------------
7,200 Tribune Co. 457,200
------------------------------------------------------------------
10,700 Wendy's International, Inc. 192,600
------------------------------------------------------------------ ------------
Total 13,999,161
------------------------------------------------------------------ ------------
ELECTRONIC TECHNOLOGY--6.1%
------------------------------------------------------------------
9,700 * Advanced Micro Devices, Inc. 255,837
------------------------------------------------------------------
12,200 Amdahl Corp. 82,350
------------------------------------------------------------------
11,300 AMP, Inc. 721,788
------------------------------------------------------------------
2,700 * Andrew Corp. 104,625
------------------------------------------------------------------
12,500 Apple Computer, Inc. 375,000
------------------------------------------------------------------
36,600 Boeing Co. 1,647,000
------------------------------------------------------------------
4,600 * Ceridian Corp. 112,700
------------------------------------------------------------------
26,600 Cisco Systems, Inc. 806,312
------------------------------------------------------------------
</TABLE>
MAX-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------------------------------------------------------------ ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ----------------------------------------------------------------------------------
ELECTRONIC TECHNOLOGY--CONTINUED
------------------------------------------------------------------
8,900 * Compaq Computer Corp. $ 987,900
------------------------------------------------------------------
5,400 * Computer Sciences Corp. 205,200
------------------------------------------------------------------
2,800 * Cray Research, Inc. 59,850
------------------------------------------------------------------
3,800 * Data General Corp. 28,500
------------------------------------------------------------------
14,200 * Digital Equipment Corp. 298,200
------------------------------------------------------------------
5,900 * DSC Communications Corp. 354,000
------------------------------------------------------------------
3,600 E-Systems, Inc. 144,450
------------------------------------------------------------------
6,100 EG & G, Inc. 90,738
------------------------------------------------------------------
6,720 General Dynamics Corp. 272,160
------------------------------------------------------------------
4,300 Harris Corp. 188,663
------------------------------------------------------------------
27,300 Hewlett-Packard Co. 2,190,825
------------------------------------------------------------------
45,400 Intel Corp. 2,769,400
------------------------------------------------------------------
5,100 * Intergraph Corp. 48,450
------------------------------------------------------------------
62,000 International Business Machines Corp. 3,549,500
------------------------------------------------------------------
6,700 Lockheed Corp. 411,212
------------------------------------------------------------------
9,000 Loral Corp. 333,000
------------------------------------------------------------------
2,600 * M/A-Com., Inc. 14,300
------------------------------------------------------------------
10,300 Martin-Marietta Corp. 458,350
------------------------------------------------------------------
4,200 McDonnell-Douglas Corp. 493,500
------------------------------------------------------------------
58,400 Motorola, Inc. 2,606,100
------------------------------------------------------------------
11,800 * National Semiconductor Corp. 243,375
------------------------------------------------------------------
26,900 Northern Telecom Ltd. 800,275
------------------------------------------------------------------
5,200 Northrop Corp. 198,900
------------------------------------------------------------------
32,900 * Novell, Inc. 604,538
------------------------------------------------------------------
4,800 Perkin-Elmer Corp. 139,200
------------------------------------------------------------------
14,600 Raytheon Co. 941,700
------------------------------------------------------------------
23,700 Rockwell International Corp. 924,300
------------------------------------------------------------------
</TABLE>
MAX-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------------------------------------------------------------ ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ----------------------------------------------------------------------------------
ELECTRONIC TECHNOLOGY--CONTINUED
------------------------------------------------------------------
3,950 Scientific-Atlanta, Inc. $ 132,325
------------------------------------------------------------------
11,400 Sun Microsystems, Inc. 255,075
------------------------------------------------------------------
12,200 * Tandem Computers, Inc. 143,350
------------------------------------------------------------------
3,300 Tektronix, Inc. 99,825
------------------------------------------------------------------
9,700 Texas Instruments, Inc. 742,050
------------------------------------------------------------------
17,500 * Unisys Corp. 190,312
------------------------------------------------------------------
13,300 United Technologies Corp. 847,875
------------------------------------------------------------------ ------------
Total 25,873,010
------------------------------------------------------------------ ------------
ENERGY MINERALS--7.8%
------------------------------------------------------------------
10,000 Amerada-Hess Corp. 502,500
------------------------------------------------------------------
53,500 Amoco Corp. 3,002,688
------------------------------------------------------------------
6,500 Ashland Oil, Inc. 251,875
------------------------------------------------------------------
17,100 Atlantic Richfield Co. 1,630,912
------------------------------------------------------------------
13,900 Burlington Resources, Inc. 623,763
------------------------------------------------------------------
35,000 Chevron Corp. 3,115,000
------------------------------------------------------------------
133,700 Exxon Corp. 8,406,388
------------------------------------------------------------------
5,200 Kerr-McGee Corp. 232,700
------------------------------------------------------------------
3,600 Louisiana Land & Exploration Co. 142,200
------------------------------------------------------------------
14,400 * Maxus Energy Corp. 64,800
------------------------------------------------------------------
43,000 Mobil Corp. 3,364,750
------------------------------------------------------------------
32,800 Occidental Petroleum Corp. 582,200
------------------------------------------------------------------
10,400 Oryx Energy Co. 175,500
------------------------------------------------------------------
4,900 Pennzoil Co. 241,325
------------------------------------------------------------------
28,100 Phillips Petroleum Co. 878,125
------------------------------------------------------------------
57,700 Royal Dutch Petroleum Co. 6,289,300
------------------------------------------------------------------
9,712 Santa Fe Energy Resource, Inc. 86,194
------------------------------------------------------------------
11,500 Sun Co., Inc. 389,563
------------------------------------------------------------------
</TABLE>
MAX-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------------------------------------------------------------ ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ----------------------------------------------------------------------------------
ENERGY MINERALS--CONTINUED
------------------------------------------------------------------
27,900 Texaco, Inc. $ 1,796,062
------------------------------------------------------------------
25,900 Unocal Corp. 715,488
------------------------------------------------------------------
30,800 USX Marathon Group 519,750
------------------------------------------------------------------ ------------
Total 33,011,083
------------------------------------------------------------------ ------------
FINANCE--9.0%
------------------------------------------------------------------
11,900 AEtna Life & Casualty Co. 618,800
------------------------------------------------------------------
12,600 Ahmanson (H.F.) & Co. 229,950
------------------------------------------------------------------
4,400 Alexander & Alexander Services, Inc. 64,350
------------------------------------------------------------------
23,400 American General Corp. 596,700
------------------------------------------------------------------
34,162 American International Group, Inc. 2,912,310
------------------------------------------------------------------
40,425 Banc One Corp. 1,334,025
------------------------------------------------------------------
11,300 * Bank of Boston Corp. 290,975
------------------------------------------------------------------
38,276 BankAmerica Corp. 1,655,437
------------------------------------------------------------------
8,900 Bankers Trust New York Corp. 595,188
------------------------------------------------------------------
10,500 Barnett Banks, Inc. 484,312
------------------------------------------------------------------
5,600 Beneficial Corp. 212,800
------------------------------------------------------------------
10,500 Boatmen's Bancshares, Inc. 330,750
------------------------------------------------------------------
10,900 Capital Holdings Corp. 327,000
------------------------------------------------------------------
19,700 Chase Manhattan Corp. 669,800
------------------------------------------------------------------
27,090 Chemical Banking Corp. 941,378
------------------------------------------------------------------
9,400 Chubb Corp. 719,100
------------------------------------------------------------------
7,700 CIGNA Corp. 450,450
------------------------------------------------------------------
40,500 * Citicorp 1,498,500
------------------------------------------------------------------
5,900 Continental Corp. 132,750
------------------------------------------------------------------
12,600 Corestates Financial Corp. 333,900
------------------------------------------------------------------
18,321 Dean Witter, Discover & Co. 689,328
------------------------------------------------------------------
19,300 Federal Home Loan Mortgage Corp. 1,090,450
------------------------------------------------------------------
</TABLE>
MAX-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------------------------------------------------------------ ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ----------------------------------------------------------------------------------
FINANCE--CONTINUED
------------------------------------------------------------------
29,400 Federal National Mortgage Association $ 2,447,550
------------------------------------------------------------------
8,600 First Fidelity Bancorporation 398,825
------------------------------------------------------------------
8,200 First Interstate Bancorp 653,950
------------------------------------------------------------------
18,100 First Union Corp. 807,713
------------------------------------------------------------------
14,700 Fleet Financial Group, Inc. 554,925
------------------------------------------------------------------
9,100 General RE Corp. 1,014,650
------------------------------------------------------------------
6,900 Golden West Financial Corp. 263,925
------------------------------------------------------------------
14,200 Great Western Financial Corp. 230,750
------------------------------------------------------------------
10,000 Household International, Inc. 313,750
------------------------------------------------------------------
5,450 Jefferson-Pilot Corp. 266,369
------------------------------------------------------------------
27,000 Keycorp. 853,875
------------------------------------------------------------------
10,100 Lincoln National Corp. 385,062
------------------------------------------------------------------
7,900 Marsh & McLennan Cos., Inc. 667,550
------------------------------------------------------------------
16,050 MBNA Corp. 401,250
------------------------------------------------------------------
6,800 Mellon Bank Corp. 379,100
------------------------------------------------------------------
22,800 Merrill Lynch & Co., Inc. 840,750
------------------------------------------------------------------
20,700 Morgan (J.P.) & Co., Inc. 1,273,050
------------------------------------------------------------------
28,946 Nationsbank Corp. 1,512,429
------------------------------------------------------------------
17,250 NBD Bancorp., Inc. 489,469
------------------------------------------------------------------
33,100 Norwest Corp. 852,325
------------------------------------------------------------------
25,200 PNC Financial Corp. 702,450
------------------------------------------------------------------
8,200 Ryder Systems, Inc. 205,000
------------------------------------------------------------------
6,800 SAFECO Corp. 366,350
------------------------------------------------------------------
11,900 Salomon, Inc. 577,150
------------------------------------------------------------------
10,100 Shawmut National Corp. 225,987
------------------------------------------------------------------
4,500 St. Paul Companies, Inc. 357,188
------------------------------------------------------------------
13,500 SunTrust Banks, Inc. 624,375
------------------------------------------------------------------
</TABLE>
MAX-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------------------------------------------------------------ ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ----------------------------------------------------------------------------------
FINANCE--CONTINUED
------------------------------------------------------------------
7,950 Torchmark Corp. $ 297,131
------------------------------------------------------------------
8,400 Transamerica Corp. 423,150
------------------------------------------------------------------
34,278 Travelers, Inc. 1,191,161
------------------------------------------------------------------
8,200 UNUM Corp. 404,875
------------------------------------------------------------------
10,650 U.S. Bancorp. 268,247
------------------------------------------------------------------
9,100 USF&G Corp. 113,750
------------------------------------------------------------------
2,400 USLIFE Corp. 90,000
------------------------------------------------------------------
18,600 Wachovia Corp. 578,925
------------------------------------------------------------------
6,000 Wells Fargo & Co. 870,000
------------------------------------------------------------------ ------------
Total 38,081,259
------------------------------------------------------------------ ------------
HEALTH SERVICES--0.8%
------------------------------------------------------------------
8,800 * Beverly Enterprises, Inc. 116,600
------------------------------------------------------------------
36,138 Columbia Healthcare Co. 1,531,348
------------------------------------------------------------------
4,600 Community Psychiatric Centers 66,700
------------------------------------------------------------------
6,150 Manor Care, Inc. 170,663
------------------------------------------------------------------
4,300 McKesson Corp. 285,950
------------------------------------------------------------------
2,100 National Intergroup, Inc. 34,912
------------------------------------------------------------------
17,900 National Medical Enterprises, Inc. 306,537
------------------------------------------------------------------
2,400 Shared Medical Systems Corp. 61,500
------------------------------------------------------------------
17,300 U.S. Healthcare, Inc. 648,750
------------------------------------------------------------------ ------------
Total 3,222,960
------------------------------------------------------------------ ------------
HEALTH TECHNOLOGY--5.7%
------------------------------------------------------------------
89,500 Abbott Laboratories 2,539,563
------------------------------------------------------------------
7,100 Allergan, Inc. 152,650
------------------------------------------------------------------
8,100 * Alza Corp. 204,525
------------------------------------------------------------------
33,300 American Home Products Corp. 1,923,075
------------------------------------------------------------------
14,600 * Amgen, Inc. 591,300
------------------------------------------------------------------
</TABLE>
MAX-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------------------------------------------------------------ ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ----------------------------------------------------------------------------------
HEALTH TECHNOLOGY--CONTINUED
------------------------------------------------------------------
5,600 Bard (C.R.), Inc. $ 136,500
------------------------------------------------------------------
29,800 Baxter International, Inc. 681,675
------------------------------------------------------------------
8,100 Becton, Dickinson & Co. 312,863
------------------------------------------------------------------
12,400 * Biomet, Inc. 122,450
------------------------------------------------------------------
55,800 Bristol-Myers Squibb 3,006,225
------------------------------------------------------------------
70,600 Johnson & Johnson 2,921,075
------------------------------------------------------------------
31,500 Lilly (Eli) & Co. 1,551,375
------------------------------------------------------------------
8,200 Mallinckrodt Group, Inc. 267,525
------------------------------------------------------------------
6,200 Medtronic, Inc. 467,325
------------------------------------------------------------------
137,500 Merck & Co., Inc. 4,073,438
------------------------------------------------------------------
34,200 Pfizer, Inc. 2,017,800
------------------------------------------------------------------
21,000 Schering-Plough, Inc. 1,281,000
------------------------------------------------------------------
5,000 St. Jude Medical, Inc. 128,750
------------------------------------------------------------------
23,800 Syntex Corp. 359,975
------------------------------------------------------------------
6,000 United States Surgical Corp. 105,750
------------------------------------------------------------------
18,700 Upjohn Co. 500,225
------------------------------------------------------------------
14,600 Warner-Lambert Co. 990,975
------------------------------------------------------------------ ------------
Total 24,336,039
------------------------------------------------------------------ ------------
INDUSTRIAL SERVICES--1.2%
------------------------------------------------------------------
15,100 Baker Hughes, Inc. 277,462
------------------------------------------------------------------
18,600 Browning-Ferris Industries, Inc. 544,050
------------------------------------------------------------------
8,800 Fluor Corp. 449,900
------------------------------------------------------------------
3,800 Foster Wheeler Corp. 153,425
------------------------------------------------------------------
12,300 Halliburton Co. 364,388
------------------------------------------------------------------
2,600 Helmerich & Payne, Inc. 67,925
------------------------------------------------------------------
5,600 McDermott International, Inc. 119,000
------------------------------------------------------------------
3,400 Morrison Knudsen Corp. 79,900
------------------------------------------------------------------
</TABLE>
MAX-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------------------------------------------------------------ ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ----------------------------------------------------------------------------------
INDUSTRIAL SERVICES--CONTINUED
------------------------------------------------------------------
6,500 Rollins Environmental Services, Inc. $ 29,250
------------------------------------------------------------------
9,000 Rowan Companies, Inc. 65,250
------------------------------------------------------------------
26,100 Schlumberger Ltd. 1,435,500
------------------------------------------------------------------
4,900 Western Atlas, Inc. 210,700
------------------------------------------------------------------
51,900 WMX Technologies, Inc. 1,355,887
------------------------------------------------------------------
1,300 Zurn Industries, Inc. 27,300
------------------------------------------------------------------ ------------
Total 5,179,937
------------------------------------------------------------------ ------------
INDUSTRIAL/MANUFACTURING--0.0%
------------------------------------------------------------------
488 Gardener Denver Machinery, Inc. 4,148
------------------------------------------------------------------ ------------
NON-ENERGY MINERALS--1.9%
------------------------------------------------------------------
24,100 Alcan Aluminum Ltd. 503,088
------------------------------------------------------------------
9,500 Aluminum Co. of America 646,000
------------------------------------------------------------------
30,300 American Barrick Resource Corp. 696,900
------------------------------------------------------------------
11,200 * Armco, Inc. 51,800
------------------------------------------------------------------
4,500 ASARCO, Inc. 109,687
------------------------------------------------------------------
11,400 * Bethlehem Steel Corp. 229,425
------------------------------------------------------------------
9,850 Cyprus Minerals Co. 277,031
------------------------------------------------------------------
12,000 Echo Bay Mines Ltd. 139,500
------------------------------------------------------------------
9,700 Georgia-Pacific Corp. 578,363
------------------------------------------------------------------
14,700 Homestake Mining Co. 279,300
------------------------------------------------------------------
12,400 Inco Ltd. 302,250
------------------------------------------------------------------
4,300 * Inland Steel Industries, Inc. 144,050
------------------------------------------------------------------
11,800 Louisiana-Pacific Corp. 396,775
------------------------------------------------------------------
9,111 Newmont Mining Corp. 375,834
------------------------------------------------------------------
9,400 Nucor Corp. 576,925
------------------------------------------------------------------
4,600 * Owens-Corning Fiberglass Corp. 159,850
------------------------------------------------------------------
7,600 Phelps Dodge Corp. 420,850
------------------------------------------------------------------
</TABLE>
MAX-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------------------------------------------------------------ ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ----------------------------------------------------------------------------------
NON-ENERGY MINERALS--CONTINUED
------------------------------------------------------------------
25,600 Placer Dome, Inc. $ 524,800
------------------------------------------------------------------
6,400 Reynolds Metals Co. 268,800
------------------------------------------------------------------
7,920 USX-U.S. Steel Group 269,280
------------------------------------------------------------------
22,100 Weyerhaeuser Co. 942,013
------------------------------------------------------------------
9,750 Worthington Industries, Inc. 180,375
------------------------------------------------------------------ ------------
Total 8,072,896
------------------------------------------------------------------ ------------
PROCESS INDUSTRIES--4.8%
------------------------------------------------------------------
12,300 Air Products & Chemicals, Inc. 531,975
------------------------------------------------------------------
9,700 American Cyanamid Company 455,900
------------------------------------------------------------------
36,901 Archer-Daniels-Midland Co. 848,723
------------------------------------------------------------------
6,300 Avery Dennison Corp. 181,912
------------------------------------------------------------------
3,200 Ball Corp. 86,000
------------------------------------------------------------------
5,500 Bemis Co., Inc. 128,563
------------------------------------------------------------------
4,100 Boise Cascade Corp. 88,150
------------------------------------------------------------------
10,000 Champion International Corp. 305,000
------------------------------------------------------------------
21,700 Corning, Inc. 683,550
------------------------------------------------------------------
9,500 * Crown Cork & Seal Co., Inc. 342,000
------------------------------------------------------------------
29,500 Dow Chemical Co. 1,851,125
------------------------------------------------------------------
72,900 Du Pont (E.I.) de Nemours 4,164,413
------------------------------------------------------------------
8,825 Eastman Chemical Co. 392,713
------------------------------------------------------------------
6,800 Ecolab, Inc. 150,450
------------------------------------------------------------------
10,375 Engelhard Corp. 269,750
------------------------------------------------------------------
4,500 Federal Paper Board Co., Inc. 95,625
------------------------------------------------------------------
2,200 First Mississippi Corp. 33,000
------------------------------------------------------------------
2,800 Goodrich (B.F.) Co. 130,550
------------------------------------------------------------------
10,000 Grace (W.R.) & Co. 407,500
------------------------------------------------------------------
7,700 Great Lakes Chemical Corp. 501,462
------------------------------------------------------------------
</TABLE>
MAX-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------------------------------------------------------------ ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ----------------------------------------------------------------------------------
PROCESS INDUSTRIES--CONTINUED
------------------------------------------------------------------
4,600 Hercules, Inc. $ 494,500
------------------------------------------------------------------
13,300 International Paper Co. 867,825
------------------------------------------------------------------
8,800 James River Corp. of Virginia 155,100
------------------------------------------------------------------
17,300 Kimberly-Clark Corp. 949,338
------------------------------------------------------------------
6,400 Mead Corp. 269,600
------------------------------------------------------------------
3,000 Millipore Corp. 144,750
------------------------------------------------------------------
12,900 Monsanto Co. 1,061,025
------------------------------------------------------------------
5,200 Morton International, Inc. 453,700
------------------------------------------------------------------
7,500 Nalco Chemical Co. 252,187
------------------------------------------------------------------
12,533 Pall Corp. 213,061
------------------------------------------------------------------
9,600 Pioneer Hi-Bred International, Inc. 336,000
------------------------------------------------------------------
3,100 Potlatch Corp. 126,325
------------------------------------------------------------------
11,400 PPG Industries, Inc. 863,550
------------------------------------------------------------------
14,400 Praxair, Inc. 275,400
------------------------------------------------------------------
7,300 Rohm & Haas Co. 417,925
------------------------------------------------------------------
8,000 Scott Paper Co. 343,000
------------------------------------------------------------------
9,600 Sherwin-Williams Co. 302,400
------------------------------------------------------------------
1,900 Springs Industries, Inc., Cl. A 63,412
------------------------------------------------------------------
9,408 Stone Container Corp. 127,008
------------------------------------------------------------------
5,900 Temple-Inland, Inc. 279,513
------------------------------------------------------------------
7,500 Union Camp Corp. 332,812
------------------------------------------------------------------
16,300 Union Carbide Corp. 429,913
------------------------------------------------------------------
7,200 Westvaco Corp. 223,200
------------------------------------------------------------------ ------------
Total 20,629,905
------------------------------------------------------------------ ------------
PRODUCER MANUFACTURING--6.6%
------------------------------------------------------------------
30,400 Allied-Signal, Inc. 1,048,800
------------------------------------------------------------------
4,000 Armstrong World Industries, Inc. 224,000
------------------------------------------------------------------
</TABLE>
MAX-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------------------------------------------------------------ ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ----------------------------------------------------------------------------------
PRODUCER MANUFACTURING--CONTINUED
------------------------------------------------------------------
10,900 Caterpillar, Inc. $ 1,197,638
------------------------------------------------------------------
3,600 Cincinnati Milacron, Inc. 74,700
------------------------------------------------------------------
1,900 * Clark Equipment Co. 129,675
------------------------------------------------------------------
12,200 Cooper Industries, Inc. 465,125
------------------------------------------------------------------
3,200 Crane Co. 81,200
------------------------------------------------------------------
3,800 Cummins Engine Co., Inc. 164,350
------------------------------------------------------------------
5,000 Dana Corp. 270,625
------------------------------------------------------------------
9,000 Deere & Co. 690,750
------------------------------------------------------------------
5,100 Dial Corp. Del. 239,700
------------------------------------------------------------------
6,100 Dover Corp. 335,500
------------------------------------------------------------------
18,700 Dresser Industries, Inc. 425,425
------------------------------------------------------------------
7,500 Eaton Corp. 416,250
------------------------------------------------------------------
24,200 Emerson Electric Co. 1,409,650
------------------------------------------------------------------
3,900 * FMC Corp. 184,762
------------------------------------------------------------------
91,900 General Electric Co. 8,741,988
------------------------------------------------------------------
4,800 General Signal Corp. 157,200
------------------------------------------------------------------
3,700 Giddings & Lewis, Inc. 93,425
------------------------------------------------------------------
2,578 Harnischfeger Industries, Inc. 54,138
------------------------------------------------------------------
14,500 Honeywell, Inc. 473,062
------------------------------------------------------------------
12,100 Illinois Tool Works, Inc. 500,638
------------------------------------------------------------------
11,300 Ingersoll-Rand Co. 395,500
------------------------------------------------------------------
12,800 ITT Corp. 1,148,800
------------------------------------------------------------------
4,300 Johnson Controls, Inc. 211,775
------------------------------------------------------------------
16,400 Masco Industries, Inc. 467,400
------------------------------------------------------------------
46,800 Minnesota Mining & Manufacturing Co. 2,287,350
------------------------------------------------------------------
1,000 NACCO Industries, Inc., Cl. A 50,125
------------------------------------------------------------------
5,300 National Service Industries, Inc. 141,112
------------------------------------------------------------------
</TABLE>
MAX-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------------------------------------------------------------ ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ----------------------------------------------------------------------------------
PRODUCER MANUFACTURING--CONTINUED
------------------------------------------------------------------
7,870 * Navistar International Corp. $ 148,546
------------------------------------------------------------------
4,140 PACCAR, Inc. 221,490
------------------------------------------------------------------
5,200 Parker-Hannifin Corp. 225,550
------------------------------------------------------------------
17,000 Pitney Bowes, Inc. 650,250
------------------------------------------------------------------
4,400 Pittston Co. 110,000
------------------------------------------------------------------
4,500 Raychem Corp. 159,187
------------------------------------------------------------------
6,000 Teledyne, Inc. 101,250
------------------------------------------------------------------
18,200 Tenneco, Inc. 932,750
------------------------------------------------------------------
9,400 Textron, Inc. 495,850
------------------------------------------------------------------
2,000 Thomas & Betts Corp. 125,000
------------------------------------------------------------------
3,300 Timken Co. 112,612
------------------------------------------------------------------
3,100 Trinova Corp. 108,112
------------------------------------------------------------------
6,900 TRW, Inc. 450,225
------------------------------------------------------------------
5,000 Tyco Laboratories, Inc. 237,500
------------------------------------------------------------------
4,680 * Varity Corp. 187,200
------------------------------------------------------------------
37,700 Westinghouse Electric Corp. 438,262
------------------------------------------------------------------
11,500 Whitman Corp. 184,000
------------------------------------------------------------------
11,200 Xerox Corp. 1,107,400
------------------------------------------------------------------ ------------
Total 28,075,847
------------------------------------------------------------------ ------------
RETAIL TRADE--5.7%
------------------------------------------------------------------
27,200 Albertsons, Inc. 778,600
------------------------------------------------------------------
15,200 American Stores Co. 380,000
------------------------------------------------------------------
24,200 Blockbuster Entertainment Corp. 656,425
------------------------------------------------------------------
8,400 Brunos, Inc. 64,050
------------------------------------------------------------------
11,000 Charming Shoppes, Inc. 115,500
------------------------------------------------------------------
10,300 Circuit City Stores, Inc. 195,700
------------------------------------------------------------------
7,700 Dayton-Hudson Corp. 608,300
------------------------------------------------------------------
</TABLE>
MAX-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------------------------------------------------------------ ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ----------------------------------------------------------------------------------
RETAIL TRADE--CONTINUED
------------------------------------------------------------------
12,100 Dillard Department Stores, Inc., Cl. A $ 405,350
------------------------------------------------------------------
15,600 Gap (The), Inc. 735,150
------------------------------------------------------------------
2,500 * Genesco, Inc. 9,687
------------------------------------------------------------------
6,400 Giant Foods, Inc., Cl. A 145,600
------------------------------------------------------------------
4,100 Great Atlantic & Pacific Tea Co., Inc. 102,500
------------------------------------------------------------------
8,200 Harcourt General, Inc. 267,525
------------------------------------------------------------------
48,100 Home Depot, Inc. 2,020,200
------------------------------------------------------------------
43,900 K Mart Corp. 724,350
------------------------------------------------------------------
11,400 * Kroger Co. 259,350
------------------------------------------------------------------
39,100 Limited, Inc. 752,675
------------------------------------------------------------------
2,200 Longs Drug Stores Corp. 71,225
------------------------------------------------------------------
15,800 Lowe's Companies, Inc. 556,950
------------------------------------------------------------------
26,700 May Department Stores Co. 1,118,062
------------------------------------------------------------------
11,300 Melville Corp. 449,175
------------------------------------------------------------------
4,000 Mercantile Stores Co., Inc. 152,000
------------------------------------------------------------------
8,800 Nordstrom, Inc. 385,000
------------------------------------------------------------------
25,300 Penney (J.C.) Co., Inc. 1,372,525
------------------------------------------------------------------
6,500 Pep Boys-Manny Moe & Jack 198,250
------------------------------------------------------------------
3,400 Premark International, Inc. 268,600
------------------------------------------------------------------
23,350 Price Costco, Inc. 353,169
------------------------------------------------------------------
9,500 Rite Aid Corp. 182,875
------------------------------------------------------------------
37,700 Sears, Roebuck & Co. 1,771,900
------------------------------------------------------------------
6,865 Tandy Corp. 227,403
------------------------------------------------------------------
7,900 TJX Cos., Inc. 189,600
------------------------------------------------------------------
31,400 * Toys "R" Us, Inc. 1,087,225
------------------------------------------------------------------
247,600 Wal-Mart Stores, Inc. 6,251,900
------------------------------------------------------------------
13,200 Walgreen Co. 551,100
------------------------------------------------------------------
</TABLE>
MAX-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------------------------------------------------------------ ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ----------------------------------------------------------------------------------
RETAIL TRADE--CONTINUED
------------------------------------------------------------------
8,200 Winn-Dixie Stores, Inc. $ 387,450
------------------------------------------------------------------
14,100 Woolworth (F.W.) Co. 234,412
------------------------------------------------------------------ ------------
Total 24,029,783
------------------------------------------------------------------ ------------
TECHNOLOGY SERVICES--0.6%
------------------------------------------------------------------
2,600 Autodesk, Inc. 131,950
------------------------------------------------------------------
15,300 Automatic Data Processing, Inc. 787,950
------------------------------------------------------------------
17,900 Computer Associates International, Inc. 579,513
------------------------------------------------------------------
4,500 * Lotus Development Corp. 291,375
------------------------------------------------------------------
30,600 * Oracle Systems Corp. 914,175
------------------------------------------------------------------ ------------
Total 2,704,963
------------------------------------------------------------------ ------------
TRANSPORTATION--1.6%
------------------------------------------------------------------
8,100 * AMR Corp. 491,062
------------------------------------------------------------------
9,600 Burlington Northern, Inc. 543,600
------------------------------------------------------------------
3,800 * Consolidated Freightways, Inc. 104,500
------------------------------------------------------------------
8,600 Consolidated Rail Corp. 484,825
------------------------------------------------------------------
11,200 CSX Corp. 872,200
------------------------------------------------------------------
5,400 Delta Air Lines, Inc. 256,500
------------------------------------------------------------------
5,900 * Federal Express Corp. 449,875
------------------------------------------------------------------
15,000 Norfolk Southern Corp. 958,125
------------------------------------------------------------------
4,200 Roadway Services, Inc. 295,050
------------------------------------------------------------------
19,725 * Sante Fe Southern Pacific Corp. 438,881
------------------------------------------------------------------
2,600 * UAL (Allegis) Corp. 335,725
------------------------------------------------------------------
22,100 Union Pacific Corp. 1,303,900
------------------------------------------------------------------
6,200 * USAir Group, Inc. 50,375
------------------------------------------------------------------
3,000 Yellow Freight Systems, Inc. 62,812
------------------------------------------------------------------ ------------
Total 6,647,430
------------------------------------------------------------------ ------------
</TABLE>
MAX-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------------------------------------------------------------ ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ----------------------------------------------------------------------------------
UTILITIES--11.6%
------------------------------------------------------------------
52,800 Airtouch Communications, Inc. $ 1,300,200
------------------------------------------------------------------
19,900 American Electric Power Co., Inc. 646,750
------------------------------------------------------------------
145,078 American Telephone & Telegraph Co. 7,417,113
------------------------------------------------------------------
58,400 Ameritech Corp. 2,299,500
------------------------------------------------------------------
13,200 Arkla, Inc. 87,450
------------------------------------------------------------------
15,550 Baltimore Gas & Electric Co. 375,144
------------------------------------------------------------------
46,800 Bell Atlantic Corp. 2,421,900
------------------------------------------------------------------
53,400 BellSouth Corp. 3,250,725
------------------------------------------------------------------
17,300 Carolina Power & Light Co. 460,612
------------------------------------------------------------------
20,300 Central & SouthWest Corp. 520,187
------------------------------------------------------------------
11,200 Coastal Corp. 354,200
------------------------------------------------------------------
5,400 * Columbia Gas System, Inc. 152,550
------------------------------------------------------------------
23,000 Commonwealth Edison Co. 583,625
------------------------------------------------------------------
25,200 Consolidated Edison Co. 771,750
------------------------------------------------------------------
10,000 Consolidated Natural Gas Co. 393,750
------------------------------------------------------------------
15,800 Detroit Edison Co. 426,600
------------------------------------------------------------------
17,750 Dominion Resources, Inc. 749,937
------------------------------------------------------------------
22,100 Duke Power Co. 809,412
------------------------------------------------------------------
2,400 Eastern Enterprises 63,000
------------------------------------------------------------------
25,600 Enron Corp. 758,400
------------------------------------------------------------------
7,200 Enserch Corp. 101,700
------------------------------------------------------------------
24,800 Entergy Corp. 759,500
------------------------------------------------------------------
20,200 FPL Group, Inc. 714,575
------------------------------------------------------------------
101,700 GTE Corp. 3,216,262
------------------------------------------------------------------
14,000 Houston Industries, Inc. 504,000
------------------------------------------------------------------
22,200 McCaw Cellular Communications, Cl. A 1,079,475
------------------------------------------------------------------
57,100 MCI Communications Corp. 1,306,162
------------------------------------------------------------------
</TABLE>
MAX-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ----------- ------------------------------------------------------------------ ------------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ----------------------------------------------------------------------------------
UTILITIES--CONTINUED
------------------------------------------------------------------
15,300 Niagara Mohawk Power Corp. $ 281,137
------------------------------------------------------------------
6,000 NICOR, Inc. 159,750
------------------------------------------------------------------
7,100 Northern States Power Co. (Minn.) 298,200
------------------------------------------------------------------
44,400 NYNEX Corp. 1,615,050
------------------------------------------------------------------
16,400 Ohio Edison Co. 305,450
------------------------------------------------------------------
2,900 ONEOK, Inc. 48,212
------------------------------------------------------------------
9,000 Pacific Enterprises 205,875
------------------------------------------------------------------
46,600 Pacific Gas & Electric Co. 1,234,900
------------------------------------------------------------------
44,700 Pacific Telesis Group 1,430,400
------------------------------------------------------------------
29,400 PacifiCorp 525,525
------------------------------------------------------------------
12,700 Panhandle Eastern Corp. 255,587
------------------------------------------------------------------
23,800 Peco Energy Co. 681,275
------------------------------------------------------------------
3,700 Peoples Energy Corp. 114,700
------------------------------------------------------------------
6,100 PSI Resources, Inc. 136,487
------------------------------------------------------------------
26,000 Public Service Enterprises Group, Inc. 750,750
------------------------------------------------------------------
48,200 SCE Corp. 771,200
------------------------------------------------------------------
9,400 Sonat, Inc. 285,525
------------------------------------------------------------------
68,800 Southern Co. 1,341,600
------------------------------------------------------------------
64,400 Southwestern Bell Corp. 2,672,600
------------------------------------------------------------------
36,600 Sprint Corp. 1,345,050
------------------------------------------------------------------
24,000 Texas Utilities Co. 846,000
------------------------------------------------------------------
4,300 Transco Energy Co. 65,037
------------------------------------------------------------------
47,200 U.S. West, Inc. 1,923,400
------------------------------------------------------------------
11,000 Union Electric Co. 386,375
------------------------------------------------------------------
11,000 Williams Companies, Inc. (The) 283,250
------------------------------------------------------------------ ------------
Total 49,487,814
------------------------------------------------------------------ ------------
TOTAL COMMON STOCKS (IDENTIFIED COST $330,226,595) 345,783,630
------------------------------------------------------------------ ------------
</TABLE>
MAX-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ----------- ------------------------------------------------------------------ ------------
<C> <C> <S> <C>
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS--0.9%
- ----------------------------------------------------------------------------------
$ 500,000 United States Treasury Bills, 3.465%, 6/2/94 $ 498,460
------------------------------------------------------------------
3,500,000 United States Treasury Bills, 3.475%, 6/2/94 3,489,189
------------------------------------------------------------------ ------------
TOTAL SHORT-TERM U.S. GOVERNMENT OBLIGATIONS
(AT AMORTIZED COST)(NOTE 2A) 3,987,649
------------------------------------------------------------------ ------------
**REPURCHASE AGREEMENT--17.5%
- ----------------------------------------------------------------------------------
74,290,000 J.P. Morgan Securities, Inc., 3.60%, dated 4/29/94, due 5/2/94
(AT AMORTIZED COST)(NOTE 2B) 74,290,000
------------------------------------------------------------------ ------------
TOTAL INVESTMENTS (IDENTIFIED COST $408,504,244) $424,061,279+
------------------------------------------------------------------ ------------
</TABLE>
* Non-income producing securities.
** The repurchase agreement is fully collateralized by U.S. government
obligations. The investment in the repurchase agreement is through
participation in joint accounts with other Federated Investors funds.
+ The cost of investments for federal tax purposes amounts to $408,504,244. The
net unrealized appreciation of investments on a federal tax cost basis
amounts to $15,557,035, which is comprised of $40,905,192 appreciation and
$25,348,157 depreciation at April 30, 1994.
Note: The categories of investments are shown as a percentage of net assets
($424,955,688) at April 30, 1994.
(See Notes which are an integral part of the Financial Statements)
MAX-CAP FUND
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
ASSETS:
- -----------------------------------------------------------------
Investment in repurchase agreements, at amortized cost (Note 2B) $ 74,290,000
- -----------------------------------------------------------------
Investments in other securities, at value (Note 2A) 349,771,279
- ----------------------------------------------------------------- ------------
Total investments, at amortized cost and value
(identified and tax cost; $408,504,244) $424,061,279
- --------------------------------------------------------------------------------
Cash 7,499
- --------------------------------------------------------------------------------
Dividends and interest receivable 693,905
- --------------------------------------------------------------------------------
Receivable for Fund shares sold 435,345
- --------------------------------------------------------------------------------
Receivable for daily variation margin on open futures contracts (Note 2G) 228,830
- --------------------------------------------------------------------------------
Deferred expenses (Note 2F) 1,752
- -------------------------------------------------------------------------------- ------------
Total assets 425,428,610
- --------------------------------------------------------------------------------
LIABILITIES:
- --------------------------------------------------------------------------------
Payable for Fund shares redeemed 351,625
- -----------------------------------------------------------------
Accrued expenses 121,297
- ----------------------------------------------------------------- ------------
Total liabilities 472,922
- -------------------------------------------------------------------------------- ------------
NET ASSETS for 37,075,741 shares of beneficial interest outstanding $424,955,688
- -------------------------------------------------------------------------------- ------------
NET ASSETS CONSIST OF:
- --------------------------------------------------------------------------------
Paid-in capital $411,897,010
- --------------------------------------------------------------------------------
Net unrealized appreciation on investments and futures contracts (Note 2G) 12,582,635
- --------------------------------------------------------------------------------
Accumulated net realized gain on investments and futures contracts (Note 2G) 316,622
- --------------------------------------------------------------------------------
Undistributed net investment income 159,421
- -------------------------------------------------------------------------------- ------------
Total Net Assets $424,955,688
- -------------------------------------------------------------------------------- ------------
NET ASSET VALUE, Offering Price, and Redemption Price Per Share:
Institutional Shares (net assets of $420,674,136 / 36,702,280 shares of
beneficial interest outstanding) $11.46
- -------------------------------------------------------------------------------- ------------
Institutional Service Shares (net assets of $4,281,552 / 373,461
shares of beneficial interest outstanding) $11.46
- -------------------------------------------------------------------------------- ------------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
MAX-CAP FUND
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
- -----------------------------------------------------------------------------------------
Dividends $ 4,757,398
- -----------------------------------------------------------------------------------------
Interest 1,139,945
- ----------------------------------------------------------------------------------------- ------------
Total investment income (Note 2C) 5,897,343
- -----------------------------------------------------------------------------------------
EXPENSES:
- -----------------------------------------------------------------------------------------
Management fee (Note 4) $629,367
- ------------------------------------------------------------------------------
Trustees' fees 3,199
- ------------------------------------------------------------------------------
Custodian and portfolio accounting fees 105,568
- ------------------------------------------------------------------------------
Transfer and dividend disbursing agent fees and expenses (Note 4) 7,942
- ------------------------------------------------------------------------------
Fund share registration costs 18,941
- ------------------------------------------------------------------------------
Auditing fees 17,833
- ------------------------------------------------------------------------------
Legal fees 4,633
- ------------------------------------------------------------------------------
Printing and postage 36,050
- ------------------------------------------------------------------------------
Insurance premiums 5,649
- ------------------------------------------------------------------------------
Distribution service fees (Note 4) 4,010
- ------------------------------------------------------------------------------
Shareholder service fees (Note 4) 1,804
- ------------------------------------------------------------------------------
Taxes 5,021
- ------------------------------------------------------------------------------
Miscellaneous 2,571
- ------------------------------------------------------------------------------ --------
Total expenses 842,588
- ------------------------------------------------------------------------------
Deduct--Waiver of management fee (Note 4) 164,588
- ------------------------------------------------------------------------------ --------
Net expenses 678,000
- ----------------------------------------------------------------------------------------- ------------
Net investment income 5,219,343
- ----------------------------------------------------------------------------------------- ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS:
- -----------------------------------------------------------------------------------------
Net realized gain (loss) on investments (identified cost basis) 546,035
- -----------------------------------------------------------------------------------------
Net realized gain (loss) on futures contracts (identified cost basis) 573,176
- -----------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) on investments and futures contracts (17,264,465)
- ----------------------------------------------------------------------------------------- ------------
Net realized and unrealized gain (loss) on investments and futures contracts (16,145,254)
- ----------------------------------------------------------------------------------------- ------------
Change in net assets resulting from operations (10,925,911)
- ----------------------------------------------------------------------------------------- ------------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
MAX-CAP FUND
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
-----------------------------
1994* 1993
------------ -------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
- -------------------------------------------------------------------------
OPERATIONS--
- -------------------------------------------------------------------------
Net investment income $ 5,219,343 $ 9,177,268
- -------------------------------------------------------------------------
Net realized gain (loss) on investments and futures contracts ($1,119,211
and $11,617,039 net gains, respectively, as computed for federal tax
purposes) 1,119,211 11,086,529
- -------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) on investments and
futures contracts (17,264,465) 26,567,254
- ------------------------------------------------------------------------- ------------ -------------
Change in net assets resulting from operations (10,925,911) 46,831,051
- ------------------------------------------------------------------------- ------------ -------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2C)--
- -------------------------------------------------------------------------
Dividends to shareholders from net investment income
- -------------------------------------------------------------------------
Institutional Shares (5,307,735) (9,255,446)
- -------------------------------------------------------------------------
Institutional Service Shares (47,733) (14,290)
- -------------------------------------------------------------------------
Distributions to shareholders from net realized gain on investment
transactions and futures contracts
- -------------------------------------------------------------------------
Institutional Shares (11,507,864) (18,292,038)
- -------------------------------------------------------------------------
Institutional Service Shares (108,965) --
- ------------------------------------------------------------------------- ------------ -------------
Change in net assets resulting from distributions to shareholders (16,972,297) (27,561,774)
- ------------------------------------------------------------------------- ------------ -------------
FUND SHARE (PRINCIPAL) TRANSACTIONS (NOTE 3)--
- -------------------------------------------------------------------------
Proceeds from sale of shares 128,315,818 290,371,076
- -------------------------------------------------------------------------
Net asset value of shares issued to shareholders in payment of dividends
declared 6,525,389 8,873,310
- -------------------------------------------------------------------------
Cost of shares redeemed (91,726,056) (218,388,643)
- ------------------------------------------------------------------------- ------------ -------------
Change in net assets from Fund share transactions 43,115,151 80,855,743
- ------------------------------------------------------------------------- ------------ -------------
Change in net assets 15,216,943 100,125,020
- -------------------------------------------------------------------------
NET ASSETS:
- -------------------------------------------------------------------------
Beginning of period 409,738,745 309,613,725
- ------------------------------------------------------------------------- ------------ -------------
End of period (including undistributed net investment income of $159,421
and $295,544, respectively) $424,955,688 $ 409,738,745
- ------------------------------------------------------------------------- ------------ -------------
</TABLE>
* Six months ended April 30, 1994 (unaudited).
(See Notes which are an integral part of the Financial Statements)
MAX-CAP FUND
FINANCIAL HIGHLIGHTS--INSTITUTIONAL SHARES
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
----------------------------------------------------
1994* 1993 1992 1991 1990**
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $12.24 $11.64 $11.07 $ 8.60 $10.00
- -------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- -------------------------------------------------
Net investment income 0.15 0.30 0.32 0.37 0.12
- -------------------------------------------------
Net realized and unrealized gain (loss) on
investments (0.44) 1.29 0.71 2.46 (1.43 )
- ------------------------------------------------- ------ ------ ------ ------ -----
Total from investment operations (0.29) 1.59 1.03 2.83 (1.31 )
- -------------------------------------------------
LESS DISTRIBUTIONS
- -------------------------------------------------
Dividends to shareholders from net investment
income (0.15) (0.30) (0.34) (0.36) (0.09 )
- -------------------------------------------------
Distributions to shareholders from net realized
gain on investment transactions (0.34) (0.69) (0.12) -- --
- ------------------------------------------------- ------ ------ ------ ------ -----
Total distributions (0.49) (0.99) (0.46) (0.36) (0.09 )
- ------------------------------------------------- ------ ------ ------ ------ -----
NET ASSET VALUE, END OF PERIOD $11.46 $12.24 $11.64 $11.07 $8.60
- ------------------------------------------------- ------ ------ ------ ------ -----
TOTAL RETURN*** (2.51)% 14.35% 9.51% 33.31% (14.46)%
- -------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
- -------------------------------------------------
Expenses 0.32%(b) 0.31% 0.30% 0.24% 0.00 %(b)
- -------------------------------------------------
Net investment income 2.49%(b) 2.60% 2.92% 3.74% 5.19 %(b)
- -------------------------------------------------
Expense waiver/reimbursement(a) 0.08%(b) 0.09% 0.18% 0.45% 0.94 %(b)
- -------------------------------------------------
SUPPLEMENTAL DATA
- -------------------------------------------------
Net assets, end of period (000 omitted) $420,674 $407,246 $309,614 $144,528 $25,129
- -------------------------------------------------
Portfolio turnover rate 1% 13% 46% 6% 0 %
- -------------------------------------------------
</TABLE>
* Six months ended April 30, 1994 (unaudited).
** Reflects operations for the period from July 5, 1990 (date of initial public
offering), to October 31, 1990.
*** Based on net asset value, which does not reflect the sales load or
contingent deferred sales charge, if applicable.
(a) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above (Note 4).
(b) Computed on an annualized basis.
(See Notes which are an integral part of the Financial Statements)
MAX-CAP FUND
FINANCIAL HIGHLIGHTS--INSTITUTIONAL SERVICE SHARES
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
-----------------------
1994* 1993**
------ ------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $12.24 $12.12
- --------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- --------------------------------------------------------------------------
Net investment income 0.14 0.07
- --------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments (0.44) 0.12
- -------------------------------------------------------------------------- ------ -----
Total from investment operations (0.30) 0.19
- --------------------------------------------------------------------------
LESS DISTRIBUTIONS
- --------------------------------------------------------------------------
Dividends to shareholders from net investment income (0.14) (0.07 )
- --------------------------------------------------------------------------
Distributions to shareholders from net realized gain on investment
transactions (0.34) --
- -------------------------------------------------------------------------- ------ -----
Total distributions (0.48) (0.07 )
- -------------------------------------------------------------------------- ------ -----
NET ASSET VALUE, END OF PERIOD $11.46 $12.24
- -------------------------------------------------------------------------- ------ -----
TOTAL RETURN*** (2.64)% 1.70 %
- --------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
- --------------------------------------------------------------------------
Expenses 0.62%(b) 0.61 %(b)
- --------------------------------------------------------------------------
Net investment income 2.11%(b) 1.52 %(b)
- --------------------------------------------------------------------------
Expense waiver/reimbursement(a) 0.08%(b) 0.09 %(b)
- --------------------------------------------------------------------------
SUPPLEMENTAL DATA
- --------------------------------------------------------------------------
Net assets, end of period (000 omitted) $4,282 $2,493
- --------------------------------------------------------------------------
Portfolio turnover rate 1% 13 %
- --------------------------------------------------------------------------
</TABLE>
* Six months ended April 30, 1994 (unaudited).
** Reflects operations for the period from August 30, 1993 (date of initial
public investment) to October 31, 1993.
*** Based on net asset value, which does not reflect the sales load or
contingent deferred sales charge, if applicable.
(a) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above (Note 4).
(b) Computed on an annualized basis.
(See Notes which are an integral part of the Financial Statements)
MAX-CAP FUND
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
(1) ORGANIZATION
Federated Index Trust (the "Trust") is registered under the Investment Company
Act of 1940 (the "Act"), as amended, as an open-end, management investment
company. The Trust consists of three diversified portfolios. The financial
statements included herein present only those of Max-Cap Fund (the "Fund"). The
financial statements of the other portfolios are presented separately. The
assets of each portfolio are segregated and a shareholder's interest is limited
to the portfolio in which shares are held.
The Fund offers two classes of shares (Institutional Shares and Institutional
Service Shares). Institutional Service Shares are identical in all respects to
Institutional Shares except that Institutional Service Shares are sold pursuant
to a distribution plan ("Plan") adopted in accordance with Rule 12b-1 of the
Act. The Institutional Service Shares of the Fund were declared effective on
August 30, 1993.
(2) SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. These
policies are in conformity with generally accepted accounting principles.
<TABLE>
<S> <C>
A. INVESTMENT VALUATIONS--Listed equity securities are valued at the last sales price
reported on national securities exchanges. Unlisted securities and short-term
obligations (and private placement securities) are generally valued at the prices
provided by an independent pricing service. Short-term securities with remaining
maturities of sixty days or less may be stated at amortized cost, which approximates
value.
B. REPURCHASE AGREEMENTS--It is the policy of the Trust to require the custodian bank to
take possession, to have legally segregated in the Federal Reserve Book Entry System or
to have segregated within the custodian bank's vault, all securities held as collateral
in support of repurchase agreement investments. Additionally, procedures have been
established by the Trust to monitor, on a daily basis, the market value of each
repurchase agreement's underlying collateral to ensure the value at least equals the
principal amount of the repurchase agreement, including accrued interest.
The Fund will only enter into repurchase agreements with banks and other recognized
financial institutions, such as broker/dealers, which are deemed by the Fund's manager
to be creditworthy pursuant to guidelines established by the Board of Trustees
("Trustees"). Risks may arise from the potential inability of counterparties to honor
the terms of the repurchase agreement. Accordingly, the Fund could receive less than the
repurchase price on the sale of collateral securities.
</TABLE>
MAX-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
C. INVESTMENT INCOME, EXPENSES AND DISTRIBUTIONS--Dividend income and distributions to
shareholders are recorded on the ex-dividend date. Interest income and expenses are
accrued daily. Bond premium and discount, if applicable, are amortized as required by
the Internal Revenue Code, as amended ("Code").
D. FEDERAL TAXES--It is the Fund's policy to comply with the provisions of the Code
applicable to regulated investment companies and to distribute to shareholders each year
substantially all of its taxable income. Accordingly, no provision for federal tax is
necessary.
E. WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS--The Fund may engage in when-issued or
delayed delivery transactions. The Fund records when-issued securities on the trade date
and maintains security positions such that sufficient liquid assets will be available to
make payment for the securities purchased. Securities purchased on a when-issued or
delayed delivery basis are marked to market daily and begin earning interest on the
settlement date.
F. DEFERRED EXPENSES--The costs incurred by the Fund with respect to registration of its
shares in its first fiscal year, excluding the initial expense of registering the
shares, have been deferred and are being amortized using the straight-line method over a
period of five years from the Fund's commencement date.
G. FUTURES CONTRACTS--Upon entering into a financial futures contract with a broker, the
Fund is required to deposit in a segregated account an amount ("initial margin") of cash
or U.S. government securities equal to a percentage of the contract value. The Fund
agrees to receive from or pay the broker an amount of cash equal to a specific dollar
amount times the difference between the closing value and the price at which the
contract was made. On a daily basis, the value of a financial futures contract is
determined and any difference between such value and the original futures contract value
is reflected in the "daily variation margin" account. Daily variation margin
adjustments, arising from this "marking to market" process, are recorded by the Fund as
unrealized gains or losses.
The Fund may decide to close its position on a contract at any time prior to the
contract's expiration. When a contract is closed, the Fund recognizes a realized gain or
loss. Risks of entering into futures contracts include the possibility that a change in
the value of the contract may not correlate with changes in the value of the underlying
securities. For the six months ended April 30, 1994, the Fund had a realized gain of
$573,176 on futures contracts.
</TABLE>
<TABLE>
<CAPTION>
NET
UNREALIZED
CONTRACTS TO APPRECIATION
EXPIRATION DATE DELIVER/RECEIVE POSITION (DEPRECIATION)
---------------- ------------------------- ---------------- ----------------
<S> <C> <C> <C>
June 1994 350 S&P 500 Index Futures Long ($2,974,401)
H. OTHER--Investment transactions are accounted for on the trade date.
</TABLE>
MAX-CAP FUND
- --------------------------------------------------------------------------------
(3) SHARES OF BENEFICIAL INTEREST
The Declaration of Trust permits the Trustees to issue an unlimited number of
full and fractional shares of beneficial interest (without par value) for each
class of shares. Transactions in Fund shares were as follows:
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
------------------------------------------------------------
1994* 1993
-------------------------- ----------------------------
INSTITUTIONAL SHARES SHARES AMOUNT SHARES AMOUNT
- ------------------------------------------- ---------- ------------ ----------- -------------
<S> <C> <C> <C> <C>
Shares sold 10,566,031 $125,752,258 24,571,558 $ 287,913,472
- -------------------------------------------
Shares issued to shareholders in payment of
dividends declared 548,479 6,489,345 764,603 8,868,865
- -------------------------------------------
Shares redeemed (7,687,062) (91,182,038) (18,666,049) (218,365,814)
- ------------------------------------------- ---------- ------------ ----------- -------------
Net change resulting from Fund share
transactions 3,427,448 $ 41,059,565 6,670,112 $ 78,416,523
- ------------------------------------------- ---------- ------------ ----------- -------------
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
------------------------------------------------------------
1994* 1993**
-------------------------- ----------------------------
INSTITUTIONAL SERVICE SHARES SHARES AMOUNT SHARES AMOUNT
- ------------------------------------------- ---------- ------------ ----------- -------------
<S> <C> <C> <C> <C>
Shares sold 213,523 $ 2,563,560 205,208 $ 2,457,604
- -------------------------------------------
Shares issued to shareholders in payment of
dividends declared 3,047 36,044 372 4,445
- -------------------------------------------
Shares redeemed (46,782) (544,018) (1,907) (22,829)
- ------------------------------------------- ---------- ------------ ----------- -------------
Net change resulting from Fund share
transactions 169,788 $ 2,055,586 203,673 $ 2,439,220
- ------------------------------------------- ---------- ------------ ----------- -------------
</TABLE>
* Six months ended April 30, 1994.
** For period from August 30, 1993 (date of initial public investment) to
October 31, 1993.
(4) MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEE--Federated Management, the Fund's manager ("Manager"), receives
for its services an annual management fee equal to 0.30 of 1% of the Fund's
average daily net assets. Federated Management has entered into a sub-management
contract with ANB Investment Management and Trust Company ("Sub-Manager"). The
Manager shall pay the Sub-Manager a fee based on the level of average daily net
assets of the Fund. Manager may voluntarily choose to waive a portion of its
fee. Manager can modify or terminate this voluntary waiver at any time at its
sole discretion.
DISTRIBUTION AND SERVICE PLAN--The Fund has adopted a Distribution Plan (the
"Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the
Fund will compensate Federated Securities Corp. ("FSC"), the principal
distributor, from the net assets of the Fund to finance activities intended to
MAX-CAP FUND
- --------------------------------------------------------------------------------
result in the sale of the Fund's Institutional Service Shares. The Plan provides
that the Fund may incur distribution expenses up to 0.30 of 1% of the average
daily net assets of the Institutional Service Shares, annually, to compensate
FSC.
Under the terms of a shareholder services agreement with Federated Shareholder
Services ("FSS") the Fund will pay FSS up to 0.25 of 1% of average net assets of
the Fund for the period. This FSS fee is to obtain certain personal services for
shareholders and the maintenance of shareholder accounts.
TRANSFER AND DIVIDEND DISBURSING AGENT--Federated Services Company ("FServ")
serves as transfer and dividend disbursing agent for the Fund. The FServ fee is
based on the size, type and number of accounts and transactions made by
shareholders.
Certain of the Officers and Trustees of the Trust are Officers and Trustees or
Directors of the above companies.
(5) INVESTMENT TRANSACTIONS
Purchases and sales of investments, excluding short-term obligations, for the
six months ended April 30, 1994 were as follows:
<TABLE>
<S> <C>
- --------------------------------------------------------------------------------
PURCHASES-- $9,639,702
- -------------------------------------------------------------------------------- ----------
SALES-- $4,432,570
- -------------------------------------------------------------------------------- ----------
</TABLE>
<TABLE>
<S> <C>
TRUSTEES OFFICERS
- ---------------------------------------------------------------------------------------------
John F. Donahue John F. Donahue
John T. Conroy, Jr. Chairman
William J. Copeland Glen R. Johnson
J. Christopher Donahue President
James E. Dowd J. Christopher Donahue
Lawrence D. Ellis, M.D. Vice President
Edward L. Flaherty, Jr. Richard B. Fisher
Peter E. Madden Vice President
Gregor F. Meyer Edward C. Gonzales
Wesley W. Posvar Vice President and Treasurer
Marjorie P. Smuts John W. McGonigle
Vice President and Secretary
John A. Staley, IV
Vice President
David M. Taylor
Assistant Treasurer
J. Crilley Kelly
Assistant Secretary
</TABLE>
Mutual funds are not obligations of or insured by any bank nor are they insured
by the federal
government or any of its agencies. Investment in these shares involves risk,
including
the possible loss of principal.
This report is authorized for distribution to prospective investors only when
preceded
or accompanied by the Fund's prospectus which contains facts concerning its
objective and policies, management fees, expenses and other information.
MID-CAP FUND
SEMI-ANNUAL REPORT
TO SHAREHOLDERS
APRIL 30, 1994
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of FEDERATED INVESTORS
Federated Investors Tower
Pittsburgh, PA 15222-3779
3042108 (6/94)
PRESIDENT'S MESSAGE
- --------------------------------------------------------------------------------
Dear Shareholder:
I am pleased to present the Semi-Annual Report to Shareholders of the Mid-Cap
Fund (the "Fund") for the six-month period ended April 30, 1994. Included for
your review are the Financial Statements, which contain the Fund's Portfolio of
Investments, and our Investment Review, which discusses the economy and our
outlook for the stock market.
Through the Mid-Cap Fund, investors can seek performance that tracks that of the
Standard & Poor's 400 Index (the "S & P 400"), which consists of 400 common
stocks issued by medium-sized domestic companies whose market capitalization
generally falls in the $200 million to $5 billion range. Stocks in the Fund are
weighted in the same proportion as the stocks that make up the S&P 400, except
when the percentage is too minor to efficiently replicate.
Between the first and last day of the report period, the Fund's net assets rose
from $16.1 million to $26.4 million. Consistent with market fluctuations caused
by rising interest rates early in the year, the Fund's net asset value decreased
from $11.57 per share at the beginning of the period to $10.81 per share at the
period's end. The Fund paid dividends of $0.10 per share and capital gains of
$0.50 per share over the six-month period.
Federated continues its commitment to provide you with quality investment
products and the highest level of service. As always, we invite your comments
and suggestions.
Sincerely,
Glen R. Johnson
President
June 15, 1994
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
For the six-month period ended April 30, 1994, the total return of the Mid-Cap
Fund was -1.49%.*
During this period, the stock market displayed levels of volatility which have
not been seen in quite some time. After rallying quite nicely from mid-December
through the end of January, stocks corrected by nearly 10% in reaction to the
tightening of Federal Reserve policy and a subsequent rise in interest rates.
From the bottom established in early April, stocks rallied through the end of
April. For the entire six-month period, stocks provided a total return of -.83%
as measured by the S&P 400.**
The economic statistics during the first quarter showed surprising strengths,
particularly in key areas such as autos, housing and capital spending. While
this has led to fears of higher inflation, the case for a significant rise in
inflation still appears weak. If real Gross Domestic Product growth for the
remainder of 1994 is in the 3% area, inflation should remain subdued and
corporate profits should register 10%-15% growth.
After two years of historically low S&P 400 price volatility, investors should
be prepared to see increased volatility in the months ahead.
* Performance quoted represents past performance and is not indicative of
future results. Investment return and principal value will fluctuate, so that
an investor's shares, when redeemed, may be worth more or less than the
original cost.
** This index is unmanaged.
MID-CAP FUND
PORTFOLIO OF INVESTMENTS
APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- ------------------------------------------------------------------ -----------
<C> <C> <S> <C>
COMMON STOCKS--90.5%
- ------------------------------------------------------------------------------------
COMMERCIAL SERVICES--2.9%
------------------------------------------------------------------
500 Angelica Corp. $ 12,562
------------------------------------------------------------------
1,000 Banta Corp. 36,500
------------------------------------------------------------------
2,400 Cintas Corp. 73,800
------------------------------------------------------------------
800 Ennis Business Forms, Inc. 11,100
------------------------------------------------------------------
3,800 Equifax, Inc. 104,025
------------------------------------------------------------------
1,600 Flightsafety International, Inc. 58,800
------------------------------------------------------------------
1,975 Kelly Services, Inc. 52,337
------------------------------------------------------------------
700 Lawson Products, Inc. 16,800
------------------------------------------------------------------
1,700 Omnicom Group 82,450
------------------------------------------------------------------
1,500 Paychex, Inc. 52,500
------------------------------------------------------------------
2,200 Reynolds & Reynolds Co. Cl A 46,750
------------------------------------------------------------------
1,800 Rollins, Inc. 50,175
------------------------------------------------------------------
3,000 Sensormatic Electric Corp. 98,250
------------------------------------------------------------------
1,500 Standard Register 31,875
------------------------------------------------------------------
1,100 Wallace Computer, Inc. 36,575
------------------------------------------------------------------ -----------
Total 764,499
------------------------------------------------------------------ -----------
CONSUMER DURABLES--2.7%
------------------------------------------------------------------
800 Carlisle Cos., Inc. 25,900
------------------------------------------------------------------
3,100 * Clayton Homes, Inc. 66,262
------------------------------------------------------------------
900 Cross (A.T.) Co. 13,950
------------------------------------------------------------------
1,100 First Brands Corp. 37,125
------------------------------------------------------------------
800 Gibson Greetings, Inc. 15,800
------------------------------------------------------------------
1,900 Harley Davidson, Inc. 92,387
------------------------------------------------------------------
6,500 International Game Technology 169,000
------------------------------------------------------------------
</TABLE>
MID-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- ------------------------------------------------------------------ -----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ------------------------------------------------------------------------------------
CONSUMER DURABLES--CONTINUED
------------------------------------------------------------------
2,100 Leggett And Platt, Inc. $ 89,775
------------------------------------------------------------------
400 National Presto Industries, Inc. 17,050
------------------------------------------------------------------
7,300 Shaw Industries, Inc. 159,687
------------------------------------------------------------------
2,400 Topps Co. 16,500
------------------------------------------------------------------ -----------
Total 703,436
------------------------------------------------------------------ -----------
CONSUMER NON-DURABLES--3.6%
------------------------------------------------------------------
6,600 Coca Cola Enterprises, Inc. 117,150
------------------------------------------------------------------
2,000 Dean Foods Co. 52,250
------------------------------------------------------------------
700 Dibrell Brothers, Inc. 11,200
------------------------------------------------------------------
700 Dreyers Grand Ice Cream, Inc. 17,675
------------------------------------------------------------------
1,900 Flowers Industries, Inc. 32,062
------------------------------------------------------------------
3,900 * Fruit of the Loom, Inc. 114,563
------------------------------------------------------------------
2,400 IBP, Inc. 62,400
------------------------------------------------------------------
1,000 International Multifoods Corp. 15,750
------------------------------------------------------------------
1,600 Lance, Inc. 30,200
------------------------------------------------------------------
4,100 McCormick & Co., Inc. 84,050
------------------------------------------------------------------
1,000 Michael Foods 9,875
------------------------------------------------------------------
1,300 Neutrogena Corp. 22,100
------------------------------------------------------------------
1,300 Phillips Van Heusen Corp. 43,225
------------------------------------------------------------------
1,300 Savannah Foods & Industries, Inc. 14,462
------------------------------------------------------------------
1,500 Smucker (J.M.) Cl A 33,000
------------------------------------------------------------------
2,000 Tambrands, Inc. 73,750
------------------------------------------------------------------
7,500 Tyson Foods, Inc. 146,250
------------------------------------------------------------------
1,800 Universal Corp. 33,075
------------------------------------------------------------------
1,300 Universal Foods Corp. 42,250
------------------------------------------------------------------ -----------
Total 955,287
------------------------------------------------------------------ -----------
</TABLE>
MID-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- ------------------------------------------------------------------ -----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ------------------------------------------------------------------------------------
CONSUMER SERVICES--4.9%
------------------------------------------------------------------
1,000 Belo (A.H.) Corp. $ 50,125
------------------------------------------------------------------
2,100 Bob Evans Farms, Inc. 44,625
------------------------------------------------------------------
3,775 * Brinker International, Inc. 106,644
------------------------------------------------------------------
1,600 * Buffets, Inc. 38,000
------------------------------------------------------------------
1,300 * Caesars World, Inc. 63,213
------------------------------------------------------------------
1,445 * Chris Craft Industries, Inc. 49,130
------------------------------------------------------------------
4,400 * Circus Circus Enterprises, Inc. 134,200
------------------------------------------------------------------
3,050 Cracker Barrel Old Country Store 84,638
------------------------------------------------------------------
5,750 * CUC International, Inc. 168,906
------------------------------------------------------------------
700 Houghton Mifflin, Co. 30,712
------------------------------------------------------------------
1,300 * International Dairy Queen, Inc. 23,725
------------------------------------------------------------------
1,300 Media General, Inc. 30,388
------------------------------------------------------------------
4,500 * Mirage Resorts, Inc. 92,812
------------------------------------------------------------------
1,850 Morrison Restaurants, Inc. 47,406
------------------------------------------------------------------
1,900 * Multi Media, Inc. 53,200
------------------------------------------------------------------
1,300 * National Pizza Co. 7,313
------------------------------------------------------------------
700 Sbarro, Inc. 24,675
------------------------------------------------------------------
1,500 Sizzler International, Inc. 10,687
------------------------------------------------------------------
2,800 Sothebys Holdings, Inc. 49,700
------------------------------------------------------------------
1,300 TCA Cable TV, Inc. 25,838
------------------------------------------------------------------
600 Washington Post Co. Cl. B 139,800
------------------------------------------------------------------
1,100 * Western Publishing Group, Inc. 13,338
------------------------------------------------------------------ -----------
Total 1,289,075
------------------------------------------------------------------ -----------
ELECTRONIC TECHNOLOGY--8.9%
------------------------------------------------------------------
1,400 * ADC Telecommunications, Inc. 58,975
------------------------------------------------------------------
1,000 * Altera Corp. 38,750
------------------------------------------------------------------
2,500 * Analog Devices, Inc. 68,750
------------------------------------------------------------------
</TABLE>
MID-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- ------------------------------------------------------------------ -----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ------------------------------------------------------------------------------------
ELECTRONIC TECHNOLOGY--CONTINUED
------------------------------------------------------------------
4,200 * Applied Materials, Inc. $ 186,900
------------------------------------------------------------------
1,600 * AST Research, Inc. 28,800
------------------------------------------------------------------
1,500 Beckman Instruments, Inc. 37,125
------------------------------------------------------------------
1,500 * Cabletron Systems, Inc. 154,500
------------------------------------------------------------------
1,400 * Cirrus Logic, Inc. 50,400
------------------------------------------------------------------
2,600 * Conner Peripherals, Inc. 40,625
------------------------------------------------------------------
1,300 * Convex Computer Corp. 7,637
------------------------------------------------------------------
1,900 * Cypress Semiconductor Corp. 31,587
------------------------------------------------------------------
1,900 * Dell Computer Corp. 41,800
------------------------------------------------------------------
9,400 EMC Corp. Mass 168,025
------------------------------------------------------------------
1,100 * Exabyte Corp. 21,312
------------------------------------------------------------------
1,600 Gencorp, Inc. 22,400
------------------------------------------------------------------
1,800 Linear Technology Corp. 85,500
------------------------------------------------------------------
2,500 * LSI Logic Corp. 55,625
------------------------------------------------------------------
900 Measurex Corp. 16,762
------------------------------------------------------------------
2,400 Mentor Graphics Corp. 29,400
------------------------------------------------------------------
5,250 Micron Technology, Inc. 192,281
------------------------------------------------------------------
3,200 Molex, Inc. 110,400
------------------------------------------------------------------
1,500 * Network System Corp. 10,500
------------------------------------------------------------------
1,200 * Octel Communications Corp. 24,600
------------------------------------------------------------------
1,000 OEA, Inc. 26,250
------------------------------------------------------------------
2,200 * Quantum Corp. 38,912
------------------------------------------------------------------
900 * Rohr, Inc. 7,875
------------------------------------------------------------------
3,600 * Seagate Technology 94,950
------------------------------------------------------------------
500 Sequa Corp. 15,063
------------------------------------------------------------------
1,500 * Sequent Computer System, Inc. 20,062
------------------------------------------------------------------
6,900 * Silicon Graphics, Inc. 173,363
------------------------------------------------------------------
</TABLE>
MID-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- ------------------------------------------------------------------ -----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ------------------------------------------------------------------------------------
ELECTRONIC TECHNOLOGY--CONTINUED
------------------------------------------------------------------
2,100 * Storage Technology Corp. $ 62,475
------------------------------------------------------------------
1,200 * Stratus Computer, Inc. 32,400
------------------------------------------------------------------
1,700 Sundstrand Corp. 80,750
------------------------------------------------------------------
1,200 * Symbol Technologies, Inc. 30,150
------------------------------------------------------------------
3,200 * Synoptics Communications, Inc. 64,000
------------------------------------------------------------------
1,800 * Teradyne, Inc. 42,525
------------------------------------------------------------------
1,000 Thiokol Corp. 24,125
------------------------------------------------------------------
1,800 Varian Association, Inc. 63,900
------------------------------------------------------------------
1,200 * Verifone, Inc. 21,300
------------------------------------------------------------------
1,200 * Xilinx, Inc. 66,600
------------------------------------------------------------------ -----------
Total 2,347,354
------------------------------------------------------------------ -----------
ENERGY MINERALS--3.2%
------------------------------------------------------------------
3,000 Anadarko Petroleum Corp. 168,000
------------------------------------------------------------------
3,100 Apache Corp. 84,087
------------------------------------------------------------------
1,500 Diamond Shamrock, Inc. 40,313
------------------------------------------------------------------
4,100 Lyondell Petrochemical Co. 100,450
------------------------------------------------------------------
1,500 Mapco, Inc. 96,750
------------------------------------------------------------------
2,300 Murphy Oil Corp. 101,200
------------------------------------------------------------------
2,500 Noble Affiliates, Inc. 72,812
------------------------------------------------------------------
1,400 Parker & Parsley Petroleum Co. 36,400
------------------------------------------------------------------
1,400 Quaker State Corp. 18,900
------------------------------------------------------------------
5,000 Ranger Oil Ltd. 31,875
------------------------------------------------------------------
1,600 Tosco Corp. 49,000
------------------------------------------------------------------
2,200 Valero Energy Corp. 48,125
------------------------------------------------------------------ -----------
Total 847,912
------------------------------------------------------------------ -----------
FINANCE--14.9%
------------------------------------------------------------------
5,250 Aflac, Inc. 159,469
------------------------------------------------------------------
</TABLE>
MID-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- ------------------------------------------------------------------ -----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ------------------------------------------------------------------------------------
FINANCE--CONTINUED
------------------------------------------------------------------
3,500 Aon Corp. $ 162,313
------------------------------------------------------------------
2,150 Bancorp Hawaii, Inc. 66,650
------------------------------------------------------------------
4,800 Bank New York, Inc. 265,800
------------------------------------------------------------------
5,815 Bear Stearns Cos., Inc. 122,842
------------------------------------------------------------------
1,950 Central Fidelity Bank, Inc. 59,475
------------------------------------------------------------------
2,300 City National Corp. 23,000
------------------------------------------------------------------
2,000 Comdisco, Inc. 40,250
------------------------------------------------------------------
6,100 Comerica, Inc. 170,800
------------------------------------------------------------------
2,600 Continental Bank 89,700
------------------------------------------------------------------
1,900 Crestar Financial Corp. 84,550
------------------------------------------------------------------
1,700 Dauphin Deposit Corp. 41,650
------------------------------------------------------------------
1,900 Dreyfus Corp. 91,675
------------------------------------------------------------------
3,025 Edwards (AG), Inc. 53,316
------------------------------------------------------------------
3,100 Fifth Third Bancorp 161,200
------------------------------------------------------------------
2,030 First Alabama Bancshares, Inc. 71,811
------------------------------------------------------------------
3,000 First America Bank Corp. 113,250
------------------------------------------------------------------
5,700 First Bank System, Inc. 197,362
------------------------------------------------------------------
2,400 First Security Corp. 65,400
------------------------------------------------------------------
1,500 First Tennessee National Corp. 63,000
------------------------------------------------------------------
1,700 First Virginia Bank, Inc. 62,688
------------------------------------------------------------------
4,200 Franklin Resources, Inc. 159,075
------------------------------------------------------------------
1,000 GATX Corp. 41,125
------------------------------------------------------------------
1,100 Hartford Steam Boiler Insurance 50,188
------------------------------------------------------------------
1,700 Kemper Corp. 100,300
------------------------------------------------------------------
1,300 Liberty National Bancorp., Inc. Ky 37,375
------------------------------------------------------------------
3,200 Marshall and Ilsley Corp. 66,400
------------------------------------------------------------------
</TABLE>
MID-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- ------------------------------------------------------------------ -----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ------------------------------------------------------------------------------------
FINANCE--CONTINUED
------------------------------------------------------------------
2,150 Mercantile Bancorporation, Inc. $ 77,400
------------------------------------------------------------------
2,300 Mercantile Bankshares Corp. 44,850
------------------------------------------------------------------
2,900 Meridian Bancorp, Inc. 86,275
------------------------------------------------------------------
3,800 Morgan Stanley & Co., Inc. 234,175
------------------------------------------------------------------
2,700 Northern Trust Corp. 112,725
------------------------------------------------------------------
900 PHH Corp. 31,950
------------------------------------------------------------------
1,200 * Policy Management System Corp. 35,700
------------------------------------------------------------------
3,700 Progressive Corp. Ohio 117,938
------------------------------------------------------------------
2,300 Provident Life & Accidental, Inc. 58,650
------------------------------------------------------------------
2,950 Schwab (Charles) Corp. 83,706
------------------------------------------------------------------
4,000 SouthTrust Corp. 75,000
------------------------------------------------------------------
3,900 State Street Boston Corp. 149,663
------------------------------------------------------------------
1,200 Transatlantic Holdings, Inc. 55,350
------------------------------------------------------------------
2,600 UJB Financial Corp. 70,850
------------------------------------------------------------------
1,700 West One Bancorp. 47,600
------------------------------------------------------------------
1,900 Wilmington Trust Corp. 47,025
------------------------------------------------------------------ -----------
Total 3,949,521
------------------------------------------------------------------ -----------
HEALTH SERVICES--3.1%
------------------------------------------------------------------
1,400 * Applied Bioscience International, Inc. 10,150
------------------------------------------------------------------
1,800 Bergen Brunswig Corp. Class A 31,725
------------------------------------------------------------------
1,600 Cardinal Health, Inc. 68,800
------------------------------------------------------------------
1,900 * Continental Medical Systems, Inc. 16,388
------------------------------------------------------------------
1,600 * FHP International Corp. 38,800
------------------------------------------------------------------
1,800 * HealthCare COMPARE Corp. 33,300
------------------------------------------------------------------
1,500 * HEALTHSOUTH Rehabilitation 48,562
------------------------------------------------------------------
1,600 * Medical Care America, Inc. 34,400
------------------------------------------------------------------
4,400 National Health Laboratories 51,150
------------------------------------------------------------------
</TABLE>
MID-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- ------------------------------------------------------------------ -----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ------------------------------------------------------------------------------------
HEALTH SERVICES--CONTINUED
------------------------------------------------------------------
3,200 * Novacare, Inc. $ 56,400
------------------------------------------------------------------
1,400 * PacifiCare Health System, Inc. 71,050
------------------------------------------------------------------
1,900 Surgical Care Affiliates, Inc. 24,225
------------------------------------------------------------------
2,100 T2 Medical, Inc. 22,050
------------------------------------------------------------------
7,800 United Healthcare Corp. 323,700
------------------------------------------------------------------ -----------
Total 830,700
------------------------------------------------------------------ -----------
HEALTH TECHNOLOGY--3.2%
------------------------------------------------------------------
1,500 * Acuson Corp. 19,313
------------------------------------------------------------------
500 * Advanced Technology Labs, Inc. 7,125
------------------------------------------------------------------
1,600 * Biogen, Inc. 57,200
------------------------------------------------------------------
2,400 Carter Wallace, Inc. 51,900
------------------------------------------------------------------
2,500 * Centocor, Inc. 23,437
------------------------------------------------------------------
1,700 * Chiron Corp. 110,288
------------------------------------------------------------------
700 * Cordis Corp. 32,375
------------------------------------------------------------------
800 * Datascope Corp. 11,400
------------------------------------------------------------------
700 Diagnostic Products Corp. 13,300
------------------------------------------------------------------
2,200 * Forest Laboratories, Inc. 97,625
------------------------------------------------------------------
1,200 * Genzyme Corp. 34,800
------------------------------------------------------------------
4,400 Ivax Corp. 106,700
------------------------------------------------------------------
4,000 Mylan Laboratories, Inc. 75,500
------------------------------------------------------------------
900 * Nellcor, Inc. 24,862
------------------------------------------------------------------
3,900 Perrigo Co. 74,344
------------------------------------------------------------------
600 Puritan Bennett Corp. 12,600
------------------------------------------------------------------
800 * SciMedical Life System, Inc. 23,600
------------------------------------------------------------------
2,500 Stryker Corp. 67,500
------------------------------------------------------------------
1,300 * Synergen, Inc. 12,350
------------------------------------------------------------------
</TABLE>
MID-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- ------------------------------------------------------------------ -----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ------------------------------------------------------------------------------------
HEALTH TECHNOLOGY--CONTINUED
------------------------------------------------------------------
1,100 * XOMA Corp. $ 4,125
------------------------------------------------------------------ -----------
Total 860,344
------------------------------------------------------------------ -----------
INDUSTRIAL SERVICES--1.6%
------------------------------------------------------------------
3,759 AES Corp. 66,722
------------------------------------------------------------------
1,300 * Air and Water Technology Corp. 9,750
------------------------------------------------------------------
1,500 * American Waste Savings, Inc. 3,375
------------------------------------------------------------------
800 * BJ Services Corp. 14,700
------------------------------------------------------------------
1,900 CBI Industries, Inc. 57,712
------------------------------------------------------------------
800 * Enterra Corp. 16,100
------------------------------------------------------------------
8,300 * Global Marine, Inc. 33,200
------------------------------------------------------------------
600 Granite Construction, Inc. 13,500
------------------------------------------------------------------
1,700 * International Technology Corp. 4,675
------------------------------------------------------------------
1,300 * Jacobs Engineering Group, Inc. 27,463
------------------------------------------------------------------
14,200 Laidlaw, Inc. 90,525
------------------------------------------------------------------
1,200 Mid-American Waste Systems, Inc. 7,800
------------------------------------------------------------------
3,700 * Nabors Industries, Inc. 25,900
------------------------------------------------------------------
2,800 * Parker Drilling Co. 16,100
------------------------------------------------------------------
2,000 * Smith International, Inc. 25,000
------------------------------------------------------------------
1,700 * Varco International, Inc. 9,138
------------------------------------------------------------------ -----------
Total 421,660
------------------------------------------------------------------ -----------
MISCELLANEOUS--0.1%
------------------------------------------------------------------
1,200 * Magma Power Co. 36,600
------------------------------------------------------------------ -----------
NON-ENERGY MINERALS--1.5%
------------------------------------------------------------------
3,600 Allegheny Ludlum Corp. 68,850
------------------------------------------------------------------
2,300 Alumax, Inc. 54,912
------------------------------------------------------------------
4,100 Battle Mountain Gold Co. 39,975
------------------------------------------------------------------
800 Brush Wellman, Inc. 13,000
------------------------------------------------------------------
</TABLE>
MID-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- ------------------------------------------------------------------ -----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ------------------------------------------------------------------------------------
NON-ENERGY MINERALS--CONTINUED
------------------------------------------------------------------
1,200 CalMat Co. $ 24,000
------------------------------------------------------------------
400 Carpenter Technology Corp. 23,450
------------------------------------------------------------------
600 Cleveland Cliffs, Inc. 22,275
------------------------------------------------------------------
7,500 LAC Minerals Ltd. 62,813
------------------------------------------------------------------
700 Lukens, Inc. 21,700
------------------------------------------------------------------
400 * Maxxam, Inc. 13,550
------------------------------------------------------------------
1,000 Oregon Steel Mills 20,625
------------------------------------------------------------------
900 Southdown, Inc. 22,950
------------------------------------------------------------------ -----------
Total 388,100
------------------------------------------------------------------ -----------
PROCESS INDUSTRIES--7.5%
------------------------------------------------------------------
1,500 Albany International Corp. 28,687
------------------------------------------------------------------
1,500 Betz Laboratories, Inc. 72,375
------------------------------------------------------------------
1,900 Bowater, Inc. 39,900
------------------------------------------------------------------
1,000 Cabot Corp. 53,250
------------------------------------------------------------------
2,100 Calgon Carbon Corp. 27,300
------------------------------------------------------------------
1,200 Chesapeake Corp. 29,700
------------------------------------------------------------------
1,000 Church And Dwight, Inc. 21,500
------------------------------------------------------------------
2,200 Consolidated Papers, Inc. 85,250
------------------------------------------------------------------
2,600 Crompton And Knowles Corp. 51,025
------------------------------------------------------------------
1,200 Dexter Corp. 28,800
------------------------------------------------------------------
3,000 Dole Food, Inc. 83,250
------------------------------------------------------------------
2,800 Donaldson, Inc. 62,650
------------------------------------------------------------------
1,500 Ferro Corp. 41,063
------------------------------------------------------------------
7,200 Freeport McMoRan, Inc. 137,700
------------------------------------------------------------------
700 Fuller (H.B.) Co. 24,500
------------------------------------------------------------------
2,100 * Georgia Gulf Corp. 60,637
------------------------------------------------------------------
2,200 Glatfelter (P.H.) Co. 33,550
------------------------------------------------------------------
</TABLE>
MID-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- ------------------------------------------------------------------ -----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ------------------------------------------------------------------------------------
PROCESS INDUSTRIES--CONTINUED
------------------------------------------------------------------
1,200 Hanna (M.A.) Co. $ 44,550
------------------------------------------------------------------
1,300 IMC Fertilizer Group, Inc. 48,100
------------------------------------------------------------------
2,300 Lawter International, Inc. 25,875
------------------------------------------------------------------
1,800 Loctite Corp. 75,150
------------------------------------------------------------------
2,600 Longview Fibre Co. 45,825
------------------------------------------------------------------
3,400 Lubrizol Corp. 122,825
------------------------------------------------------------------
400 NCH, Corp. 24,250
------------------------------------------------------------------
2,900 RPM, Inc. 51,113
------------------------------------------------------------------
1,825 Schulman (A.), Inc. 45,625
------------------------------------------------------------------
1,000 * Sealed Air Corp. 29,125
------------------------------------------------------------------
2,500 Sigma-Aldrich Corp. 112,500
------------------------------------------------------------------
4,500 Sonoco Products Corp. 93,375
------------------------------------------------------------------
2,800 Sterling Chemicals, Inc. 19,950
------------------------------------------------------------------
3,600 Unifi, Inc. 88,650
------------------------------------------------------------------
1,377 Wausau Paper Mills Co. 35,802
------------------------------------------------------------------
1,700 Wellman, Inc. 37,400
------------------------------------------------------------------
2,800 Willamette Industries, Inc. 128,100
------------------------------------------------------------------
2,600 Witco Corp. 76,050
------------------------------------------------------------------ -----------
Total 1,985,402
------------------------------------------------------------------ -----------
PRODUCER MANUFACTURING--5.5%
------------------------------------------------------------------
4,600 * American Power Conversion Corp. 102,350
------------------------------------------------------------------
2,100 American Premier Underwriters 56,175
------------------------------------------------------------------
2,000 Ametek, Inc. 28,000
------------------------------------------------------------------
1,500 Danaher Corp. 59,625
------------------------------------------------------------------
1,575 Diebold, Inc. 62,606
------------------------------------------------------------------
1,000 Duriron, Inc. 16,875
------------------------------------------------------------------
2,300 Federal Signal Corp. 45,425
------------------------------------------------------------------
</TABLE>
MID-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- ------------------------------------------------------------------ -----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ------------------------------------------------------------------------------------
PRODUCER MANUFACTURING--CONTINUED
------------------------------------------------------------------
1,700 Federal-Mogul Corp. $ 48,450
------------------------------------------------------------------
1,100 Goulds Pumps, Inc. 23,650
------------------------------------------------------------------
1,300 Harsco Corp. 54,112
------------------------------------------------------------------
1,600 HON Industries, Inc. 52,800
------------------------------------------------------------------
1,600 Hubbell, Inc. 95,800
------------------------------------------------------------------
900 Kaydon Corp. 20,925
------------------------------------------------------------------
700 Kennametal, Inc. 35,350
------------------------------------------------------------------
1,800 Keystone International, Inc. 39,825
------------------------------------------------------------------
1,200 Lancaster Colony Corp. 51,300
------------------------------------------------------------------
1,200 * Magnetek, Inc. 17,400
------------------------------------------------------------------
2,327 Mark IV Industries, Inc. 39,846
------------------------------------------------------------------
1,300 Miller Herman, Inc. 32,500
------------------------------------------------------------------
1,500 Modine Manufacturing Co. 38,250
------------------------------------------------------------------
1,000 Nordson Corp. 57,500
------------------------------------------------------------------
1,000 Olin Corp. 51,125
------------------------------------------------------------------
900 Pentair, Inc. 30,825
------------------------------------------------------------------
700 Precision Castparts Corp. 22,750
------------------------------------------------------------------
1,700 Stewart & Stevenson Services 74,375
------------------------------------------------------------------
900 Teleflex, Inc. 31,275
------------------------------------------------------------------
2,400 * Thermo Electron Corp. 90,600
------------------------------------------------------------------
2,050 Trinity Industries, Inc. 71,237
------------------------------------------------------------------
1,500 Watts Industries, Inc. 35,250
------------------------------------------------------------------
1,900 York International Corp. 68,875
------------------------------------------------------------------ -----------
Total 1,455,076
------------------------------------------------------------------ -----------
RETAIL TRADE--4.0%
------------------------------------------------------------------
1,100 Claire's Stores, Inc. 18,563
------------------------------------------------------------------
2,550 CML Group, Inc. 34,425
------------------------------------------------------------------
</TABLE>
MID-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- ------------------------------------------------------------------ -----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ------------------------------------------------------------------------------------
RETAIL TRADE--CONTINUED
------------------------------------------------------------------
700 CPI Corp. $ 10,325
------------------------------------------------------------------
1,200 * Diagnostek, Inc. 19,350
------------------------------------------------------------------
2,605 Dollar General Corp. 65,768
------------------------------------------------------------------
1,400 Duty Free International, Inc. 19,250
------------------------------------------------------------------
1,100 Edison Bros Stores, Inc. 31,900
------------------------------------------------------------------
2,900 Family Dollar Stores, Inc. 44,225
------------------------------------------------------------------
2,400 Fingerhut Companies 70,500
------------------------------------------------------------------
1,100 Hancock Fabrics, Inc. 9,213
------------------------------------------------------------------
2,100 Hannaford Brothers Co. 45,938
------------------------------------------------------------------
2,450 Heilig-Meyers Co. 69,825
------------------------------------------------------------------
4,779 * Home Shopping Network, Inc. 54,959
------------------------------------------------------------------
1,800 Intelligent Electronics, Inc. 34,200
------------------------------------------------------------------
900 Lands' End, Inc. 41,850
------------------------------------------------------------------
1,500 * MacFrugal's Bargains CloseOuts, Inc. 25,313
------------------------------------------------------------------
4,850 * Office Depot, Inc. 170,962
------------------------------------------------------------------
1,200 Ruddick Corp. 22,200
------------------------------------------------------------------
5,100 * Service Merchandise, Inc. 36,338
------------------------------------------------------------------
1,000 Stanhome, Inc. 33,125
------------------------------------------------------------------
2,000 Staples, Inc. 55,500
------------------------------------------------------------------
800 Tiffany & Co. 24,300
------------------------------------------------------------------
2,300 U.S. Shoe 41,400
------------------------------------------------------------------
2,200 * Vons Cos Inc. 40,150
------------------------------------------------------------------
1,700 * Waban, Inc. 28,688
------------------------------------------------------------------ -----------
Total 1,048,267
------------------------------------------------------------------ -----------
</TABLE>
MID-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- ------------------------------------------------------------------ -----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ------------------------------------------------------------------------------------
TECHNOLOGY SERVICES--4.7%
------------------------------------------------------------------
2,400 Adobe System, Inc. $ 64,200
------------------------------------------------------------------
700 * Aldus Corp. 20,475
------------------------------------------------------------------
600 * Anthem Electronics 15,450
------------------------------------------------------------------
1,600 * Arrow Electronics, Inc. 60,400
------------------------------------------------------------------
2,100 Avnet, Inc. 75,600
------------------------------------------------------------------
1,300 * BMC Software, Inc. 78,000
------------------------------------------------------------------
1,400 * Borland International, Inc. 16,975
------------------------------------------------------------------
2,200 * Cadence Design Systems, Inc. 31,900
------------------------------------------------------------------
3,100 First Financial Management Corp. 168,175
------------------------------------------------------------------
2,000 * Fiserv, Inc. 44,500
------------------------------------------------------------------
12,100 General Motors Corp. "E" 408,375
------------------------------------------------------------------
1,300 * Information Resources, Inc. 18,200
------------------------------------------------------------------
3,300 Informix Corp. 54,037
------------------------------------------------------------------
700 * Knowledgeware, Inc. 7,525
------------------------------------------------------------------
1,700 * Legent Corp. 53,762
------------------------------------------------------------------
2,800 * Parametric Technology Corp. 79,800
------------------------------------------------------------------
1,500 * Structural Dynamics Research Corp. 17,437
------------------------------------------------------------------
1,600 * Symantec Corp. 25,400
------------------------------------------------------------------ -----------
Total 1,240,211
------------------------------------------------------------------ -----------
TOBACCO--0.1%
------------------------------------------------------------------
1,100 Arvin Industries, Inc. 29,425
------------------------------------------------------------------ -----------
TRANSPORTATION--2.8%
------------------------------------------------------------------
1,000 Airborne Freight Corp. 36,750
------------------------------------------------------------------
700 Alaska Air Group, Inc. 10,938
------------------------------------------------------------------
2,400 Alexander And Baldwin, Inc. 60,000
------------------------------------------------------------------
1,400 American President Cos., Ltd. 28,525
------------------------------------------------------------------
1,400 Arnold Industries, Inc. 25,200
------------------------------------------------------------------
</TABLE>
MID-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- ------------------------------------------------------------------ -----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ------------------------------------------------------------------------------------
TRANSPORTATION--CONTINUED
------------------------------------------------------------------
1,800 Atlantic Southeast Airlines, Inc. $ 55,800
------------------------------------------------------------------
2,000 Hunt (JB) Transportation Services, Inc. 43,500
------------------------------------------------------------------
2,200 Illinois Central Corp. 75,625
------------------------------------------------------------------
2,200 Kansas City Southern Industries, Inc. 85,800
------------------------------------------------------------------
1,800 Overseas Shipholding Group, Inc. 36,000
------------------------------------------------------------------
7,100 Southwest Airlines Co. 220,988
------------------------------------------------------------------
2,700 Tidewater, Inc. 56,700
------------------------------------------------------------------ -----------
Total 735,826
------------------------------------------------------------------ -----------
UTILITIES--15.3%
------------------------------------------------------------------
6,000 Allegheny Power Systems, Inc. 141,750
------------------------------------------------------------------
1,300 Atlanta Gas Light Co. 46,638
------------------------------------------------------------------
2,700 Atlantic Energy, Inc. NJ 57,375
------------------------------------------------------------------
700 Black Hills Corp. 15,400
------------------------------------------------------------------
2,400 Brooklyn Union Gas Co. 57,600
------------------------------------------------------------------
1,100 Central LA Electric Co. 27,775
------------------------------------------------------------------
1,700 Central Maine Power Co. 20,825
------------------------------------------------------------------
2,700 Century Telephone Enterprises, Inc. 68,175
------------------------------------------------------------------
4,500 Cincinnati Gas & Electric Co. 102,937
------------------------------------------------------------------
4,300 CMS Energy Corp. 95,675
------------------------------------------------------------------
2,000 Comsat Corp. 42,500
------------------------------------------------------------------
3,000 Delmarva Power And Light Co. 62,625
------------------------------------------------------------------
1,900 El Paso Natural Gas 68,400
------------------------------------------------------------------
4,500 Florida Progress Corp. 136,125
------------------------------------------------------------------
1,400 Hawaiian Electric Industries, Inc. 47,600
------------------------------------------------------------------
1,900 Idaho Power Co. 50,113
------------------------------------------------------------------
3,900 Illinois Power Co. 86,775
------------------------------------------------------------------
1,150 Indiana Energy, Inc. 23,000
------------------------------------------------------------------
</TABLE>
MID-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
- ---------- ------------------------------------------------------------------ -----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ------------------------------------------------------------------------------------
UTILITIES--CONTINUED
------------------------------------------------------------------
1,500 Iowa Ill Gas And Electric Co. $ 35,250
------------------------------------------------------------------
1,900 Ipalco Enterprises, Inc. 60,800
------------------------------------------------------------------
3,200 Kansas City Power And Light Co. 73,200
------------------------------------------------------------------
6,118 * LDDS Communications, Inc. 143,773
------------------------------------------------------------------
1,700 LG&E Energy Corp. 63,537
------------------------------------------------------------------
1,700 Lincoln Telecommunications Co. 27,413
------------------------------------------------------------------
1,500 MCN Corp. 59,812
------------------------------------------------------------------
1,600 Minnesota Power And Light Co. 47,600
------------------------------------------------------------------
2,700 Montana Power Co. 66,150
------------------------------------------------------------------
1,900 National Fuel Gas Co. 57,000
------------------------------------------------------------------
2,100 Nevada Power Co. 44,363
------------------------------------------------------------------
3,300 New England Electric System 123,750
------------------------------------------------------------------
3,600 New York State Electric and Gas Corp. 96,750
------------------------------------------------------------------
4,400 * NEXTEL Communications, Inc. 156,200
------------------------------------------------------------------
3,400 NIPSCO Industries, Inc. 107,525
------------------------------------------------------------------
6,900 Northeast Utilities Co. 171,638
------------------------------------------------------------------
2,100 Oklahoma Gas and Electric Co. 73,238
------------------------------------------------------------------
4,700 Pinnacle West Capital Corp. 96,937
------------------------------------------------------------------
2,400 Portland General Corp. 45,300
------------------------------------------------------------------
6,000 Potomac Electric Power Co. 138,750
------------------------------------------------------------------
3,100 Public Service Co. Colo 91,837
------------------------------------------------------------------
2,100 * Public Service Co. New Mexico 28,088
------------------------------------------------------------------
3,200 Puget Sound Power & Light Co. 65,600
------------------------------------------------------------------
2,000 Questar Corp. 66,500
------------------------------------------------------------------
1,800 Rochester Telephone Corp. 82,350
------------------------------------------------------------------
2,400 SCANA Corp. 110,100
------------------------------------------------------------------
1,800 * Seagull Energy Corp. 52,425
------------------------------------------------------------------
</TABLE>
MID-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------- ------------------------------------------------------------------ -----------
<C> <C> <S> <C>
COMMON STOCKS--CONTINUED
- ------------------------------------------------------------------------------------
UTILITIES--CONTINUED
------------------------------------------------------------------
3,300 Southern New England Telecommunications $ 103,125
------------------------------------------------------------------
2,100 Southwestern Public Service Co. 60,112
------------------------------------------------------------------
5,900 TECO energy, Inc. 118,000
------------------------------------------------------------------
2,500 Telephone And Data System, Inc. 95,000
------------------------------------------------------------------
2,100 Utilicorp United, Inc. 65,100
------------------------------------------------------------------
1,300 * Vanguard Cellular System, Inc. 42,900
------------------------------------------------------------------
1,100 Washington Gas Light Co. 42,487
------------------------------------------------------------------
5,400 Wisconsin Energy Corp. 141,075
------------------------------------------------------------------
1,500 WPL Holdings, Inc. 45,563
------------------------------------------------------------------ -----------
Total 4,050,536
------------------------------------------------------------------ -----------
TOTAL COMMON STOCKS (IDENTIFIED COST $24,563,927) 23,939,231
------------------------------------------------------------------ -----------
SHORT-TERM U.S. GOVERNMENT AGENCIES--0.7%
- ------------------------------------------------------------------------------------
$ 175,000 United States Treasury Bills, 6/16/94 174,223
------------------------------------------------------------------ -----------
**REPURCHASE AGREEMENT--7.7%
- ------------------------------------------------------------------------------------
2,035,000 J.P. Morgan Securities, Inc., 3.60%, dated 4/29/94, due 5/2/94
(Note 2B) 2,035,000
------------------------------------------------------------------ -----------
TOTAL INVESTMENTS (IDENTIFIED COST $26,773,150) $26,148,454+
------------------------------------------------------------------ -----------
</TABLE>
* Non-income producing securities
** The repurchase agreement is fully collateralized by U.S. government and/or
agency obligations, based on market prices at the date of the portfolio. The
investment in the repurchase agreement is through participation in joint
accounts with other Federated funds.
+ The cost for federal tax purposes amounts to $26,773,150. The net unrealized
depreciation of investments on a federal tax cost basis amounts to $624,696,
which is comprised of $1,039,010 appreciation and $1,663,706 depreciation at
April 30, 1994.
Note: The categories of investments are shown as a percentage of net assets
($26,450,056) at April 30, 1994.
(See Notes which are an integral part of the Financial Statements)
MID-CAP FUND
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
ASSETS:
- --------------------------------------------------------------------------------
Investments at value (Notes 2A and 2B) (Identified and tax cost $26,773,150) $26,148,454
- --------------------------------------------------------------------------------
Cash 111,792
- --------------------------------------------------------------------------------
Receivable for Fund shares sold 158,163
- --------------------------------------------------------------------------------
Dividends and interest receivable 36,075
- --------------------------------------------------------------------------------
Receivable for daily variation margin on open futures contracts (Note 2G) 21,815
- --------------------------------------------------------------------------------
Deferred expenses (Note 2F) 20,117
- -------------------------------------------------------------------------------- -----------
Total assets 26,496,416
- --------------------------------------------------------------------------------
LIABILITIES:
- ----------------------------------------------------------------------
Payable for investments purchased $ 6,356
- ----------------------------------------------------------------------
Payable for Fund shares repurchased 549
- ----------------------------------------------------------------------
Accrued expenses 39,455
- ---------------------------------------------------------------------- -------
Total liabilities 46,360
- -------------------------------------------------------------------------------- -----------
NET ASSETS FOR 2,446,765 shares of beneficial interest outstanding $26,450,056
- -------------------------------------------------------------------------------- -----------
NET ASSETS CONSIST OF:
- --------------------------------------------------------------------------------
Paid-in capital $27,049,327
- --------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) of investments and futures contracts
(Note 2G) (724,496)
- --------------------------------------------------------------------------------
Accumulated undistributed net realized gain (loss) on investments and futures
contracts 122,118
- --------------------------------------------------------------------------------
Undistributed net investment income 3,107
- -------------------------------------------------------------------------------- -----------
Total $26,450,056
- -------------------------------------------------------------------------------- -----------
NET ASSET VALUE, Offering Price and Redemption Proceeds Per Share
($26,450,056 / 2,446,765 shares of beneficial interest outstanding) $10.81
- -------------------------------------------------------------------------------- -----------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
MID-CAP FUND
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
INVESTMENT INCOME:
- -----------------------------------------------------------------------------------------
Dividends $ 188,623
- -----------------------------------------------------------------------------------------
Interest 58,623
- ----------------------------------------------------------------------------------------- ---------
Total investment income (Note 2C) 247,246
- -----------------------------------------------------------------------------------------
EXPENSES:
- -----------------------------------------------------------------------------
Management fee (Note 4) $ 43,920
- -----------------------------------------------------------------------------
Trustees' fees 1,620
- -----------------------------------------------------------------------------
Custodian and portfolio accounting fees and expenses 54,782
- -----------------------------------------------------------------------------
Transfer agent and dividend disbursing agent fees and expenses (Note 4) 9,373
- -----------------------------------------------------------------------------
Fund share registration costs 11,507
- -----------------------------------------------------------------------------
Auditing fees 17,399
- -----------------------------------------------------------------------------
Legal fees 5,635
- -----------------------------------------------------------------------------
Printing and postage 12,000
- -----------------------------------------------------------------------------
Insurance premiums 2,700
- -----------------------------------------------------------------------------
Miscellaneous 2,293
- ----------------------------------------------------------------------------- --------
Total expenses 161,229
- -----------------------------------------------------------------------------
Deduct--
- -----------------------------------------------------------------------------
Waiver of management fee (Note 4) $43,920
- -------------------------------------------------------------------
Reimbursement of other operating expenses by Manager (Note 4) 70,000 113,920
- ------------------------------------------------------------------- ------- --------
Net expenses 47,309
- ----------------------------------------------------------------------------------------- ---------
Net investment income 199,937
- ----------------------------------------------------------------------------------------- ---------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS:
- -----------------------------------------------------------------------------------------
Net realized gain (loss) on investments (identified cost basis) 185,662
- -----------------------------------------------------------------------------------------
Net realized gain (loss) on futures contracts (identified cost basis) (25,885)
- -----------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) of investments and futures contracts (773,696)
- ----------------------------------------------------------------------------------------- ---------
Net realized and unrealized loss on investments and futures contracts (613,919)
- ----------------------------------------------------------------------------------------- ---------
Change in net assets resulting from operations $(413,982)
- ----------------------------------------------------------------------------------------- ---------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
MID-CAP FUND
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
---------------------------
1994* 1993
----------- -----------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
- -----------------------------------------------------------------
OPERATIONS--
- -----------------------------------------------------------------
Net investment income $ 199,937 $ 197,879
- -----------------------------------------------------------------
Net realized gain (loss) on investment transactions and futures
contracts ($159,777 and $890,361, net gains respectively, as
computed for federal tax purposes) 159,777 852,566
- -----------------------------------------------------------------
Change in unrealized appreciation (depreciation) on investments
and futures contracts (773,696) 49,200
- ----------------------------------------------------------------- ----------- -----------
Change in net assets resulting from operations (413,982) 1,099,645
- ----------------------------------------------------------------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2C)--
- -----------------------------------------------------------------
Dividends to shareholders from net investment income (199,937) (184,919)
- -----------------------------------------------------------------
Distributions to shareholders from net realized gain on
investment transactions (890,225) --
- -----------------------------------------------------------------
Distributions to shareholders in excess of net investment income (9,875) --
- ----------------------------------------------------------------- ----------- -----------
Change in net assets from distributions to shareholders (1,100,037) (184,919)
- ----------------------------------------------------------------- ----------- -----------
FUND SHARE (PRINCIPAL) TRANSACTIONS (NOTE 3)--
- -----------------------------------------------------------------
Proceeds from sale of shares 15,680,501 21,071,924
- -----------------------------------------------------------------
Net asset value of shares issued to shareholders electing to
receive payment of dividends in Fund shares 437,887 86,668
- -----------------------------------------------------------------
Cost of shares redeemed (4,345,856) (5,884,621)
- ----------------------------------------------------------------- ----------- -----------
Change in net assets resulting from Fund share transactions 11,772,532 15,273,971
- ----------------------------------------------------------------- ----------- -----------
Change in net assets 10,258,513 16,188,697
- -----------------------------------------------------------------
NET ASSETS:
- -----------------------------------------------------------------
Beginning of period 16,191,543 2,846
- ----------------------------------------------------------------- ----------- -----------
End of period (including undistributed net investment income of
$3,107 and $12,982, respectively) $26,450,056 $16,191,543
- ----------------------------------------------------------------- ----------- -----------
</TABLE>
* Six months ended April 30, 1994 (unaudited).
(See Notes which are an integral part of the Financial Statements)
MID-CAP FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
------------------------------
1994** 1993 1992*
------ ------ ------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $11.57 $9.99 $10.00
- --------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- --------------------------------------------------------------------
Net investment income 0.10 0.25 0.08
- --------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments (0.25 ) 1.56 (0.086)
- -------------------------------------------------------------------- ----- ------ ------
Total from investment operations (0.15 ) 1.81 (0.006)
- -------------------------------------------------------------------- ----- ------ ------
LESS DISTRIBUTIONS
- --------------------------------------------------------------------
Dividends to shareholders from net investment income (0.10 ) (0.23) (0.004)
- --------------------------------------------------------------------
Distributions to shareholders from net realized gain on
investments (0.50 ) -- --
- --------------------------------------------------------------------
Distributions in excess of net investment income (0.01 )(c) -- --
- -------------------------------------------------------------------- ----- ------ ------
Total distributions (0.61 ) (0.23) (0.004)
- -------------------------------------------------------------------- ----- ------ ------
NET ASSET VALUE, END OF PERIOD $10.81 $11.57 $ 9.99
- -------------------------------------------------------------------- ----- ------ ------
TOTAL RETURN*** (1.49 )% 17.33% 0.00%
- --------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
- --------------------------------------------------------------------
Expenses 0.43 %(a) 0.00% 0.00%(a)
- --------------------------------------------------------------------
Net investment income 1.82 %(a) 2.33% 0.93%(a)
- --------------------------------------------------------------------
Expense waiver/reimbursement(b) 1.04 %(a) 1.75% 0.40%(a)
- --------------------------------------------------------------------
SUPPLEMENTAL DATA
- --------------------------------------------------------------------
Net assets, end of period (000s omitted) $26,450 $16,192 $3
- --------------------------------------------------------------------
Portfolio turnover rate 8 % 59% 0%
- --------------------------------------------------------------------
</TABLE>
* For the period from September 3, 1992 (date of initial public investment) to
October 31, 1992.
** Six months ended April 30, 1994 (unaudited).
*** Based on net asset value which does not reflect the sales load or contingent
deferred sales charge, if applicable.
(a) Computed on an annualized basis.
(b) This expense decrease is reflected in both the expense and net investment
income ratios shown above (Note 4).
(c) Distributions in excess of net investment income for the six months ended
April 30, 1994 were a result of certain book and tax timing differences.
These distributions did not represent a return of capital for federal income
tax purposes.
(See Notes which are an integral part of the Financial Statements)
MID-CAP FUND
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
(1) ORGANIZATION
Federated Index Trust (the "Trust") is registered under the Investment Company
Act of 1940, as amended, as an open-end, management investment company. The
Trust consists of three, diversified, portfolios. The financial statements
included herein present only those of Mid-Cap Fund (the "Fund"). The financial
statements of the other portfolios are presented separately. The assets of each
portfolio are segregated and a shareholder's interest is limited to the
portfolio in which shares are held.
(2) SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
policies are in conformity with generally accepted accounting principles (GAAP).
<TABLE>
<S> <C>
A. INVESTMENT VALUATIONS--Listed equity securities are valued at the last sales price
reported on national securities exchanges. Unlisted securities and short-term obligations
(and private placement securities) are generally valued at the prices provided by an
independent pricing service. Short-term securities with remaining maturities of sixty
days, or less may be stated at amortized cost, which approximates value.
B. REPURCHASE AGREEMENTS--It is the policy of the Trust to require the custodian bank to
take possession, to have legally segregated in the Federal Reserve Book Entry System or
to have segregated within the custodian bank's vault, all securities held as collateral
in support of repurchase agreement investments. Additionally, procedures have been
established by the Trust to monitor, on a daily basis, the market value of each
repurchase agreement's underlying collateral to ensure the value at least equals the
principal amount of the repurchase agreement, including accrued interest.
The Fund will only enter into repurchase agreements with banks and other recognized
financial institutions such as broker/dealers which are deemed by the Fund's manager to
be creditworthy pursuant to guidelines established by the Trustees ("Trustees"). Risks
may arise from the potential inability of counterparties to honor the terms of the
repurchase agreement. Accordingly, the Fund could receive less than the repurchase price
on the sale of collateral securities.
C. INVESTMENT INCOME, EXPENSES AND DISTRIBUTIONS--Dividend income and distributions to
shareholders are recorded on the ex-dividend date. Interest income and expenses are
accrued daily. Bond premium and discount if applicable, are amortized as required by the
Internal Revenue Code, as amended ("Code").
</TABLE>
MID-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
D. FEDERAL TAXES--It is the Fund's policy to comply with the provisions of the Code
applicable to regulated investment companies and to distribute to shareholders each year
substantially all of its taxable income. Accordingly, no provision for federal tax is
necessary.
E. WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS--The Fund may engage in when-issued or
delayed delivery transactions. The Fund records when-issued securities on the trade date
and maintains security positions such that sufficient liquid assets will be available to
make payment for the securities purchased. Securities purchased on a when-issued or
delayed delivery basis are marked to market daily and begin earning interest on the
settlement date.
F. DEFERRED EXPENSES--The costs incurred by the Fund with respect to registration of its
shares in its first fiscal year, excluding the initial expense of registering the shares,
have been deferred and are being amortized using the straight-line method over a period
of five years from the Fund's commencement date.
G. FUTURES CONTRACTS--Upon entering into a financial futures contract with a broker, the
Fund is required to deposit in a segregated account an amount ("initial margin") of cash
or U.S. government securities equal to a percentage of the contract value. The Fund
agrees to receive from or pay the broker an amount of cash equal to a specific dollar
amount times the difference between the closing value and the price at which the contract
was made. On a daily basis, the value of a financial futures contract is determined and
any difference between such value and the original futures contract value is reflected in
the "daily variation margin" account. Daily variation margin adjustments, arising from
this "marking to market" process, are recorded by the Fund as unrealized gains or losses.
The Fund may decide to close its position on a contract at any time prior to the
contract's expiration. When a contract is closed, the Fund recognizes a realized gain or
loss. Risks of entering into futures contracts include the possibility that a change in
the value of the contract may not correlate with changes in the value of the underlying
securities. For the six months ended April 30, 1994, the Fund has a realized loss of
$25,885 on futures contracts.
</TABLE>
<TABLE>
<CAPTION>
NET UNREALIZED
CONTRACTS TO APPRECIATION
EXPIRATION DELIVER/RECEIVE POSITION (DEPRECIATION)
----------- -------------------------- --------- ---------------
<S> <C> <C> <C>
June 1994 26 S&P 400 Index Futures Long ($99,800)
H. OTHER--Investment transactions are accounted for on the trade date.
</TABLE>
MID-CAP FUND
- --------------------------------------------------------------------------------
(3) SHARES OF BENEFICIAL INTEREST
The Declaration of Trust permits the Trustees to issue an unlimited number of
full and fractional shares of beneficial interest (without par value).
Transactions in Fund shares were as follows:
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
---------------------------
1994* 1993
- --------------------------------------------------------------------------- --------- ---------
<S> <C> <C>
Shares sold 1,396,052 1,921,140
- ---------------------------------------------------------------------------
Shares issued to shareholders electing to receive payment of dividends
in Fund shares 39,774 7,911
- ---------------------------------------------------------------------------
Shares redeemed (388,322) (530,075)
- --------------------------------------------------------------------------- --------- ---------
Net change resulting from Fund share transactions 1,047,504 1,398,976
- --------------------------------------------------------------------------- --------- ---------
</TABLE>
* Six months ended April 30, 1994.
(4) MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEE--Federated Management, the Fund's Manager ("Manager"), receives
for its services an annual management fee equal to 0.40 of 1% of the Fund's
average daily net assets. Federated Management has entered into a sub-management
contract with ANB Investment Management and Trust Company ("Sub-Manager"). The
Manager shall pay the Sub-Manager .035 of 1% of the Fund's average daily net
assets. Manager may voluntarily choose to waive a portion of its fee and
reimburse certain operating expenses of the Fund. Manager can modify or
terminate this voluntary waiver and reimbursement at any time at its sole
discretion.
TRANSFER AND DIVIDEND DISBURSING AGENT--Federated Services Company ("FServ")
serves as transfer and dividend disbursing agent for the Fund. The fee is based
on the size, type and number of accounts and transactions made by shareholders.
ORGANIZATIONAL EXPENSES--Organization expenses of $23,784 were borne initially
by the Manager. The Fund has agreed to pay the Manager, at an annual rate .005
of 1% of average daily net assets for organization expenses until expenses borne
by the Manager are reimbursed. For the six months ended April 30, 1994, the Fund
paid $3,700 pursuant to this agreement. This commitment will expire five years
from July 2, 1990, the date the Trust's registration statement became effective.
Certain of the Officers and Directors of the Fund are Officers and Directors of
the above corporations.
(5) INVESTMENT TRANSACTIONS
Purchases and sales of investments, excluding short-term obligations, for the
six months ended April 30, 1994 were as follows:
<TABLE>
<S> <C>
- -----------------------------------------------------------------------------------------
PURCHASES $11,948,997
- ----------------------------------------------------------------------------------------- -----------
SALES $ 1,323,564
- ----------------------------------------------------------------------------------------- -----------
</TABLE>
<TABLE>
<S> <C>
TRUSTEES OFFICERS
- ---------------------------------------------------------------------------------------------
John F. Donahue John F. Donahue
John T. Conroy, Jr. Chairman
William J. Copeland Glen R. Johnson
J. Christopher Donahue President
James E. Dowd J. Christopher Donahue
Lawrence D. Ellis, M.D. Vice President
Edward L. Flaherty, Jr. Richard B. Fisher
Peter E. Madden Vice President
Gregor F. Meyer Edward C. Gonzales
Wesley W. Posvar Vice President and Treasurer
Marjorie P. Smuts John W. McGonigle
Vice President and Secretary
John A. Staley, IV
Vice President
David M. Taylor
Assistant Treasurer
J. Crilley Kelly
Assistant Secretary
</TABLE>
Mutual funds are not obligations of or insured by any bank nor are they insured
by the federal
government or any of its agencies. Investment in these shares involves risk,
including
the possible loss of principal.
This report is authorized for distribution to prospective investors only when
preceded
or accompanied by the Fund's prospectus which contains facts concerning its
objective and policies, management fees, expenses and other information.
- --------------------------------------------------------------------------------
MINI-CAP
- --------------------------------------------------------------------------------
FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SEMI-ANNUAL REPORT
TO SHAREHOLDERS
APRIL 30, 1994
FEDERATED SECURITIES CORP.
(LOGO)
- ---------------------------------------------
Distributor
A subsidiary of FEDERATED INVESTORS
FEDERATED INVESTORS TOWER
PITTSBURGH, PA 15222-3779
3052012 (6/94)
PRESIDENT'S MESSAGE
- --------------------------------------------------------------------------------
Dear Shareholder:
I am pleased to present the Semi-Annual Report to Shareholders of the Mini-Cap
Fund (the "Fund") for the six-month period ended April 30, 1994. Included for
your review are the Financial Statements, which contain the Fund's Portfolio of
Investments, and our Investment Review, which discusses the economy and our
outlook for the stock market.
The Fund is designed to closely mirror the performance of the Russell 2000 Small
Stock Index (the "Russell 2000"), which consists of the 2,000 common stocks that
fall just below the top 1,000 large-and mid-cap stocks. The market
capitalization of these small stocks is $200 million or less.
Between the first and last day of the report period, the Fund's net assets rose
from $76.1 million to $90.5 million. Consistent with market fluctuations caused
by rising interest rates early in the year, the Fund's net asset value decreased
from $12.66 per share at the beginning of the period to $11.52 per share at the
period's end. The Fund paid dividends of $0.06 per share and capital gains of
$0.78 per share over the six-month period.
Federated continues its commitment to provide you with quality investment
products and the highest level of service. As always, we invite your comments
and suggestions.
Sincerely,
Glen R. Johnson
President
June 15, 1994
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
For the six-month period ended April 30, 1994, the total return of the Mini-Cap
Fund was -2.48%.*
During this period, the stock market displayed levels of volatility which have
not been seen in quite some time. After rallying quite nicely from mid-December
through the end of January, stocks corrected by nearly 10% in reaction to the
tightening of Federal Reserve policy and a subsequent rise in interest rates.
From the bottom established in early April, stocks rallied through the end of
April. For the entire six-month period, stocks provided a total return of -2.03%
as measured by the Russell 2000.**
The economic statistics during the first quarter showed surprising strengths,
particularly in key areas such as autos, housing and capital spending. While
this has led to fears of higher inflation, the case for a significant rise in
inflation still appears weak. If real GDP growth for the remainder of 1994 is in
the 3% area, inflation should remain subdued and corporate profits should
register 10-15% growth.
After two years of historically low stock price volatility, investors should be
prepared to see increased volatility in the months ahead.
* Performance quoted represents past performance and is not indicative of
future results. Investment return and principal value will fluctuate, so that
an investor's shares, when redeemed, may be worth more or less than the
original cost.
** This index is unmanaged.
MINI-CAP FUND
PORTFOLIO OF INVESTMENTS
APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--89.3%
- ------------------------------------------------------------------------------------
AEROSPACE/DEFENSE PRODUCTS--0.0%
----------------------------------------------------------------------
3,000 * Abex, Inc. $ 19,125
---------------------------------------------------------------------- -----------
BASIC INDUSTRY--0.3%
----------------------------------------------------------------------
2,000 * Allied Products 29,250
----------------------------------------------------------------------
900 Astec Industries, Inc. 13,500
----------------------------------------------------------------------
1,800 * Bayou Steel 6,750
----------------------------------------------------------------------
4,700 Caraustar Industries, Inc. 74,025
----------------------------------------------------------------------
9,300 Quantum Corp. 164,494
----------------------------------------------------------------------
600 * Steel West Virginia, Inc. 7,350
----------------------------------------------------------------------
2,700 Valhi Inc. 13,838
---------------------------------------------------------------------- -----------
Total 309,207
---------------------------------------------------------------------- -----------
BROADCASTING & CABLE--0.4%
----------------------------------------------------------------------
2,100 * Ackerley Communication 16,538
----------------------------------------------------------------------
9,925 * Infinity Broadcasting 255,569
----------------------------------------------------------------------
5,000 * International Cabletel, Inc. 108,750
---------------------------------------------------------------------- -----------
Total 380,857
---------------------------------------------------------------------- -----------
CAPITAL GOODS--0.7%
----------------------------------------------------------------------
2,000 AGCO Corp. 88,250
----------------------------------------------------------------------
1,250 * BMC West Corp. 36,563
----------------------------------------------------------------------
5,300 BWIP Holdings, Inc. 92,750
----------------------------------------------------------------------
1,700 Chart Industries, Inc. 6,800
----------------------------------------------------------------------
900 Cohu, Inc. 15,638
----------------------------------------------------------------------
1,040 * D. R. Horton, Inc. 14,300
----------------------------------------------------------------------
1,700 * Dovatron International, Inc. 37,188
----------------------------------------------------------------------
3,500 * Envirotest Systems Corp. 73,500
----------------------------------------------------------------------
1,400 * Harmon Industries, Inc. 29,225
----------------------------------------------------------------------
4,500 Imp, Inc. 7,875
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
CAPITAL GOODS--CONTINUED
----------------------------------------------------------------------
1,300 * Maverick Tube Corp. $ 12,350
----------------------------------------------------------------------
800 * NCI Building System, Inc. 13,200
----------------------------------------------------------------------
1,000 Newcor, Inc. 10,500
----------------------------------------------------------------------
1,600 * Park Ohio Industries, Inc. 26,200
----------------------------------------------------------------------
800 * Presstek, Inc. 18,300
----------------------------------------------------------------------
2,300 Roper Industries, Inc. 55,775
----------------------------------------------------------------------
1,900 Saint Mary Land & Exploration Co. 26,125
----------------------------------------------------------------------
1,700 * Sanmina Corp. 37,825
----------------------------------------------------------------------
1,200 * Thermo Fibertek, Inc. 18,000
----------------------------------------------------------------------
1,200 * Unique Mobility, Inc. 8,250
----------------------------------------------------------------------
1,000 * United Waste Systems, Inc. 19,500
---------------------------------------------------------------------- -----------
Total 648,114
---------------------------------------------------------------------- -----------
COMMERCIAL SERVICES--2.8%
----------------------------------------------------------------------
1,300 ABM Industries, Inc. 23,400
----------------------------------------------------------------------
600 Adesa Corp. 7,500
----------------------------------------------------------------------
500 ADIA Services, Inc. 17,625
----------------------------------------------------------------------
1,400 Advanced Promotion 10,325
----------------------------------------------------------------------
5,100 Advo, Inc. 88,613
----------------------------------------------------------------------
2,300 American Business Information 32,200
----------------------------------------------------------------------
1,700 American Business Products, Inc. 37,613
----------------------------------------------------------------------
2,000 Angelica Corp. 50,250
----------------------------------------------------------------------
1,900 Banner Aerospace, Inc. 9,975
----------------------------------------------------------------------
700 Barra, Inc. 5,250
----------------------------------------------------------------------
1,600 Bearings, Inc. 53,000
----------------------------------------------------------------------
3,100 Bowne & Co., Inc. 71,300
----------------------------------------------------------------------
1,100 Business Records Corporation Holdings Co. 37,400
----------------------------------------------------------------------
2,100 Catalina Marketing Corp. 100,275
----------------------------------------------------------------------
2,400 CDI Corp. 33,600
----------------------------------------------------------------------
3,900 Centex Telemanagement, Inc. 40,463
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
COMMERCIAL SERVICES--CONTINUED
----------------------------------------------------------------------
2,200 Checkpoint System, Inc. $ 32,725
----------------------------------------------------------------------
2,900 Comdata Holdings Corp. 23,200
----------------------------------------------------------------------
2,300 Concord EFS, Inc. 47,150
----------------------------------------------------------------------
1,800 Corrections Corp. America 27,675
----------------------------------------------------------------------
1,600 Craig Corp. 11,200
----------------------------------------------------------------------
1,400 CSS Industries, Inc. 24,325
----------------------------------------------------------------------
1,300 Devon Group, Inc. 24,700
----------------------------------------------------------------------
3,700 Duff & Phelps Corp. 68,450
----------------------------------------------------------------------
1,400 Duplex Products, Inc. 13,650
----------------------------------------------------------------------
3,600 Ennis Business Forms, Inc. 49,950
----------------------------------------------------------------------
700 Fair Isaac & Co., Inc. 18,375
----------------------------------------------------------------------
3,500 Fisher Scientific International, Inc. 119,000
----------------------------------------------------------------------
2,000 Foote Cone & Belding Communications 85,500
----------------------------------------------------------------------
1,200 Forschener Group, Inc. 17,850
----------------------------------------------------------------------
4,450 G & K Services 63,413
----------------------------------------------------------------------
1,200 Graphic Industries, Inc. 11,250
----------------------------------------------------------------------
200 Grey Advertising, Inc. 38,000
----------------------------------------------------------------------
6,900 Handleman Co. 75,038
----------------------------------------------------------------------
2,600 Heritage Media Corp. 44,850
----------------------------------------------------------------------
700 Hughes Supply, Inc. 20,125
----------------------------------------------------------------------
1,300 Insurance Automotive Auctions, Inc. 34,125
----------------------------------------------------------------------
1,900 International Fusion 9,738
----------------------------------------------------------------------
1,800 Lawson Products, Inc. 43,200
----------------------------------------------------------------------
1,500 McGrath Rentcorp. 23,625
----------------------------------------------------------------------
1,100 Merrill Corp. 25,300
----------------------------------------------------------------------
2,400 Nash Finch Co. 40,200
----------------------------------------------------------------------
3,700 National Patent Development Corp. 12,025
----------------------------------------------------------------------
600 National San Supply Co. 7,725
----------------------------------------------------------------------
900 Outlook Graphics Corp. 10,575
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
COMMERCIAL SERVICES--CONTINUED
----------------------------------------------------------------------
1,900 Payco American Corp. $ 17,575
----------------------------------------------------------------------
3,200 PEC Israel Economic Corp. 89,600
----------------------------------------------------------------------
1,100 Pinkertons, Inc. 20,075
----------------------------------------------------------------------
3,100 Primark Corp. 43,788
----------------------------------------------------------------------
1,000 PS Group, Inc. 11,000
----------------------------------------------------------------------
4,100 Richfood Holdings, Inc. 68,675
----------------------------------------------------------------------
2,100 Robert Half International, Inc. 75,338
----------------------------------------------------------------------
2,400 Rykoff Sexton, Inc. 45,300
----------------------------------------------------------------------
2,900 Standard Register 61,625
----------------------------------------------------------------------
2,400 Super Food Services, Inc. 28,800
----------------------------------------------------------------------
1,100 Super Rite Foods Holdings Corp. 13,475
----------------------------------------------------------------------
1,800 Unifirst Corp. 27,000
----------------------------------------------------------------------
1,200 Union Corp. 12,750
----------------------------------------------------------------------
3,000 United Stationers, Inc. 42,750
----------------------------------------------------------------------
2,500 Univar Corp. 27,188
----------------------------------------------------------------------
400 Value Line, Inc. 13,800
----------------------------------------------------------------------
1,800 VWR Corp. 20,250
----------------------------------------------------------------------
800 Wackenhut Corp. 10,500
----------------------------------------------------------------------
4,800 Wallace Computer, Inc. 159,600
----------------------------------------------------------------------
2,000 Wescott Communications 33,000
----------------------------------------------------------------------
4,600 Willcox & Gibbs, Inc. 28,175
---------------------------------------------------------------------- -----------
Total 2,491,992
---------------------------------------------------------------------- -----------
CONSUMER BASICS--1.8%
----------------------------------------------------------------------
3,500 * Alliance Pharmaceutical Corp. 35,875
----------------------------------------------------------------------
3,100 * American Biogenetic Sciences 12,013
----------------------------------------------------------------------
5,500 AMSCO International, Inc. 53,625
----------------------------------------------------------------------
2,700 Applied Microbiology 11,475
----------------------------------------------------------------------
1,200 * AutoImmune, Inc. 8,400
----------------------------------------------------------------------
5,700 Ballard Medical Products 70,538
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
CONSUMER BASICS--CONTINUED
----------------------------------------------------------------------
900 * Benson Eyecare Corp. $ 7,200
----------------------------------------------------------------------
2,100 * Celtrix Pharmaceuticals 12,600
----------------------------------------------------------------------
5,500 * Charter Medical Corp. 130,625
----------------------------------------------------------------------
1,300 * ChemTrak, Inc. 7,963
----------------------------------------------------------------------
1,651 * Copley Pharmaceutical 42,926
----------------------------------------------------------------------
1,600 * Cyto Therapeutics, Inc. 15,300
----------------------------------------------------------------------
800 Eskimo Pie Corp. 15,400
----------------------------------------------------------------------
800 * Fresenius USA, Inc. 5,400
----------------------------------------------------------------------
1,100 * Fresh Choice, Inc. 30,113
----------------------------------------------------------------------
4,000 * Gensia, Inc. 51,500
----------------------------------------------------------------------
4,100 * Gilead Sciences, Inc. 36,900
----------------------------------------------------------------------
1,500 * Hallmark Healthcare Co. 16,125
----------------------------------------------------------------------
1,000 * Heart Technology, Inc. 16,500
----------------------------------------------------------------------
2,200 * Homedco Group, Inc. 72,325
----------------------------------------------------------------------
2,400 * i-STAT Corp. 31,050
----------------------------------------------------------------------
1,100 * ICU Medical, Inc. 14,850
----------------------------------------------------------------------
3,900 * Immunex Corp. 52,163
----------------------------------------------------------------------
1,500 * Invitro International 5,344
----------------------------------------------------------------------
2,400 * Ligand Pharmaceuticals 29,400
----------------------------------------------------------------------
5,700 * Lincare Holdings, Inc. 130,388
----------------------------------------------------------------------
2,300 * Living Centers of America, Inc. 65,550
----------------------------------------------------------------------
500 * Longhorn Steaks, Inc. 4,750
----------------------------------------------------------------------
132 * Lynx Therapeutic, Inc. 26
----------------------------------------------------------------------
2,400 * Magainin Pharmaceuticals 12,375
----------------------------------------------------------------------
700 * Marine Harvest International, Inc. 4,988
----------------------------------------------------------------------
600 * Medrad, Inc. 6,600
----------------------------------------------------------------------
2,200 * Molecular Dynamics, Inc. 13,200
----------------------------------------------------------------------
1,100 Monk Austin, Inc. 18,288
----------------------------------------------------------------------
2,400 * National Vision Associates 12,600
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
CONSUMER BASICS--CONTINUED
----------------------------------------------------------------------
1,100 * Natures Bounty, Inc. $ 19,800
----------------------------------------------------------------------
1,400 Omega Healthcare Investors 32,550
----------------------------------------------------------------------
1,600 * Patterson Dental Co. 55,800
----------------------------------------------------------------------
2,025 * Pharmos Corp. 11,138
----------------------------------------------------------------------
500 * Physicians Clinical Laboratories, Inc. 4,500
----------------------------------------------------------------------
1,100 * Physicians Health Services, Class A 28,188
----------------------------------------------------------------------
2,000 PMC Cap, Inc. 30,250
----------------------------------------------------------------------
1,200 * Pure Pacific 9,600
----------------------------------------------------------------------
2,500 Purolator Products Co. 38,750
----------------------------------------------------------------------
3,100 * Radiation Care, Inc. 3,681
----------------------------------------------------------------------
800 * Regency Health Services, Inc. 12,700
----------------------------------------------------------------------
1,700 * SciClone Pharmaceuticals 8,819
----------------------------------------------------------------------
900 * Seragen, Inc. 5,794
----------------------------------------------------------------------
2,800 * Shaman Pharmaceuticals, Inc. 20,650
----------------------------------------------------------------------
2,300 * Solv Ex Corp. 11,500
----------------------------------------------------------------------
1,200 Sybron Chemical Industries, Inc. 30,000
----------------------------------------------------------------------
2,600 * Taco Cabana, Inc. 43,550
----------------------------------------------------------------------
4,300 * Telios Pharmaceuticals 14,513
----------------------------------------------------------------------
1,400 * Theratech, Inc. 18,200
----------------------------------------------------------------------
3,800 * Tokos Medical Corp. 13,300
----------------------------------------------------------------------
900 * Triconex Corp. 13,725
----------------------------------------------------------------------
600 Universal Standard Medical Labs 4,950
----------------------------------------------------------------------
3,300 * Vencor, Inc. 107,663
---------------------------------------------------------------------- -----------
Total 1,593,996
---------------------------------------------------------------------- -----------
CONSUMER DURABLES--4.0%
----------------------------------------------------------------------
1,450 Anthony Industries, Inc. 22,113
----------------------------------------------------------------------
4,300 Arctco, Inc. 112,875
----------------------------------------------------------------------
700 Armor All Products Corp. 14,875
----------------------------------------------------------------------
3,600 Atari Corp. 17,550
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
CONSUMER DURABLES--CONTINUED
----------------------------------------------------------------------
3,600 * Automotive Industries $ 96,300
----------------------------------------------------------------------
6,000 Autotote Corp. 110,250
----------------------------------------------------------------------
1,400 Avatar Holdings, Inc. 50,225
----------------------------------------------------------------------
400 Baldwin Piano & Organ Co. 6,100
----------------------------------------------------------------------
1,600 Bally Gaming International, Inc. 25,300
----------------------------------------------------------------------
900 Barnes Group, Inc. 30,375
----------------------------------------------------------------------
3,200 * Bassett Furniture Industries, Inc. 82,800
----------------------------------------------------------------------
1,800 Bell Sports Corp. 54,900
----------------------------------------------------------------------
400 Boston Acoustics, Inc. 7,100
----------------------------------------------------------------------
5,600 Callaway Golf Co. 221,900
----------------------------------------------------------------------
2,900 Carlisle Cos., Inc. 93,888
----------------------------------------------------------------------
2,000 Carlisle Plastics, Inc. 14,500
----------------------------------------------------------------------
1,300 * Chromcraft Revington, Inc. 29,250
----------------------------------------------------------------------
3,200 Clarcor, Inc. 62,800
----------------------------------------------------------------------
1,500 Coachmen Industries, Inc. 23,063
----------------------------------------------------------------------
1,500 Concord Camera Corp. 6,563
----------------------------------------------------------------------
700 Continental Homes Holding Corp. 11,288
----------------------------------------------------------------------
2,800 Cross (A.T.) Co. 43,400
----------------------------------------------------------------------
1,400 Crown Crafts, Inc. 27,125
----------------------------------------------------------------------
1,000 * Discount Auto Parts, Inc. 24,125
----------------------------------------------------------------------
600 Dynamics Corp. America 8,700
----------------------------------------------------------------------
2,900 Ekco Group, Inc. 20,300
----------------------------------------------------------------------
200 Empire of Carolina, Inc. 1,225
----------------------------------------------------------------------
600 Engle Homes, Inc. 7,500
----------------------------------------------------------------------
600 * Falcon Products, Inc. 6,000
----------------------------------------------------------------------
3,900 Fedders Corp. 30,225
----------------------------------------------------------------------
1,600 Flexsteel Industries, Inc. 24,400
----------------------------------------------------------------------
1,300 Franklin Electric Publishers, Inc. 14,625
----------------------------------------------------------------------
3,500 Gibson Greetings, Inc. 69,125
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
CONSUMER DURABLES--CONTINUED
----------------------------------------------------------------------
2,200 Harman International Industries, Inc. $ 68,475
----------------------------------------------------------------------
1,900 Hayes Wheels International, Inc. 52,250
----------------------------------------------------------------------
1,200 Helen of Troy Corp. Ltd. 16,800
----------------------------------------------------------------------
1,700 Hovnanian Enterprises, Inc. 21,250
----------------------------------------------------------------------
3,200 Huffy Corp. 56,800
----------------------------------------------------------------------
2,700 Image Entertainment, Inc. 17,213
----------------------------------------------------------------------
4,600 Jan Bell Marketing, Inc. 25,300
----------------------------------------------------------------------
1,000 Johnson Worldwide Assoc., Inc. 21,000
----------------------------------------------------------------------
2,800 La-Z Boy Chair Co. 93,800
----------------------------------------------------------------------
3,600 Ladd Furniture, Inc. 33,300
----------------------------------------------------------------------
500 * Larizza Industries, Inc. 3,000
----------------------------------------------------------------------
960 * Lifetime Hoan Corp. 10,920
----------------------------------------------------------------------
3,200 * Lo-Jack Corp. 23,400
----------------------------------------------------------------------
1,900 LSB Industries, Inc. 17,100
----------------------------------------------------------------------
700 Lumex, Inc. 7,088
----------------------------------------------------------------------
3,400 M.D.C. Holdings, Inc. 19,550
----------------------------------------------------------------------
1,200 Mr. Coffee, Inc. 16,500
----------------------------------------------------------------------
1,900 Myers Industries, Inc. 40,375
----------------------------------------------------------------------
1,100 National Presto Industries, Inc. 46,888
----------------------------------------------------------------------
4,500 Oakwood Homes Corp. 96,188
----------------------------------------------------------------------
2,000 Oneida Ltd. 30,500
----------------------------------------------------------------------
1,100 Optical Radiation Corp. 22,550
----------------------------------------------------------------------
4,300 Outboard Marine Corp. 96,213
----------------------------------------------------------------------
666 Recoton Corp. 18,149
----------------------------------------------------------------------
1,400 * Projectavision, Inc. 9,450
----------------------------------------------------------------------
600 Pulaski Furniture Corp. 13,650
----------------------------------------------------------------------
1,200 * Pure Tech International, Inc. 8,850
----------------------------------------------------------------------
2,000 Rival Co. 42,000
----------------------------------------------------------------------
5,900 Roadmaster Industries, Inc. 24,338
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
CONSUMER DURABLES--CONTINUED
----------------------------------------------------------------------
3,900 * Royal Appliance Manufacturing $ 16,575
----------------------------------------------------------------------
3,300 Ryland Group, Inc. 66,000
----------------------------------------------------------------------
2,000 Score Board, Inc. 17,500
----------------------------------------------------------------------
4,100 Scotts Co. 74,825
----------------------------------------------------------------------
1,400 Sierra On-Line, Inc. 34,300
----------------------------------------------------------------------
2,100 Skyline Corp. 39,638
----------------------------------------------------------------------
2,200 SLM International, Inc. 18,150
----------------------------------------------------------------------
2,200 Smith (A.O.) Corp. 64,625
----------------------------------------------------------------------
3,000 SPX Corp. 45,750
----------------------------------------------------------------------
1,800 Standard Motor Products, Inc. 29,475
----------------------------------------------------------------------
5,700 Standard Pacific Corp. 52,013
----------------------------------------------------------------------
1,500 Starrett (L.S.) Co. 35,625
----------------------------------------------------------------------
1,700 Sturm Ruger & Co., Inc. 54,400
----------------------------------------------------------------------
3,100 T-HQ, Inc. 3,003
----------------------------------------------------------------------
6,250 * TBC Corp. 80,469
----------------------------------------------------------------------
1,000 Thor Industries, Inc. 26,500
----------------------------------------------------------------------
3,700 Toll Brothers, Inc. 51,800
----------------------------------------------------------------------
9,000 Topps Co. 61,875
----------------------------------------------------------------------
800 * Tops Appliance City, Inc. 5,800
----------------------------------------------------------------------
2,200 Toro Co. 58,300
----------------------------------------------------------------------
600 Treadco, Inc. 9,750
----------------------------------------------------------------------
6,301 U.S. Home Corp. 131,533
----------------------------------------------------------------------
55 U.S. Home Corp. 523
----------------------------------------------------------------------
1,700 Video Lottery Technologies, Inc. 26,138
----------------------------------------------------------------------
1,500 WD 40 Co. 64,875
----------------------------------------------------------------------
3,500 Windmere Corp. 30,625
----------------------------------------------------------------------
3,000 * Winnebago Industries, Inc. 36,750
----------------------------------------------------------------------
1,100 Wynns International, Inc. 23,925
----------------------------------------------------------------------
1,400 X-Rite, Inc. 30,100
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
CONSUMER DURABLES--CONTINUED
----------------------------------------------------------------------
7,500 * Zenith Electronics Corp. $ 67,500
---------------------------------------------------------------------- -----------
Total 3,582,004
---------------------------------------------------------------------- -----------
CONSUMER NON-DURABLES--3.7%
----------------------------------------------------------------------
8,200 * Ames Department Stores, Inc. 42,025
----------------------------------------------------------------------
2,500 Ashworth Inc. 27,500
----------------------------------------------------------------------
4,200 * Authentic Fitness Corp. 58,800
----------------------------------------------------------------------
1,400 Ben & Jerry's Homemade, Inc. 23,450
----------------------------------------------------------------------
800 * Books-A-Million, Inc. 16,600
----------------------------------------------------------------------
2,500 Bradlees, Inc. 37,188
----------------------------------------------------------------------
700 Bridgford Foods Corp. 7,700
----------------------------------------------------------------------
3,800 Brown Group, Inc. 142,975
----------------------------------------------------------------------
300 * Buckle, Inc. 5,625
----------------------------------------------------------------------
3,500 * Canandaigua Wine, Inc. 89,688
----------------------------------------------------------------------
700 * Chaus Bernard, Inc. 1,663
----------------------------------------------------------------------
2,251 Chock Full O'Nuts Corp. 16,883
----------------------------------------------------------------------
1,000 Coca-Cola Bottling Co. 27,250
----------------------------------------------------------------------
5,300 * Cone Mills 71,550
----------------------------------------------------------------------
400 Culbro Corp. 5,900
----------------------------------------------------------------------
1,100 Curtice-Burns Foods, Inc. 16,225
----------------------------------------------------------------------
800 * Custom Chrome, Inc. 21,200
----------------------------------------------------------------------
3,500 Delta Woodside 39,813
----------------------------------------------------------------------
2,900 Dibrell Brothers, Inc. 46,400
----------------------------------------------------------------------
1,600 Doskocil Cos., Inc. 20,600
----------------------------------------------------------------------
2,700 Dreyers Grand Ice Cream, Inc. 68,175
----------------------------------------------------------------------
2,700 Dyersburg Corp. 18,563
----------------------------------------------------------------------
3,700 * Eagle Hardware & Garden 44,400
----------------------------------------------------------------------
2,600 * ElectroCom Automation 13,975
----------------------------------------------------------------------
2,000 * ERO, Inc. 17,375
----------------------------------------------------------------------
200 Farmer Brothers Co. 26,600
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
CONSUMER NON-DURABLES--CONTINUED
----------------------------------------------------------------------
2,100 Finish Line, Inc. $ 13,125
----------------------------------------------------------------------
1,600 Freds, Inc. 22,800
----------------------------------------------------------------------
800 Garan, Inc. 21,500
----------------------------------------------------------------------
800 Golden Enterprises, Inc. 6,000
----------------------------------------------------------------------
726 Golden Poultry, Inc. 4,901
----------------------------------------------------------------------
1,100 Grist Mill Co. 6,325
----------------------------------------------------------------------
800 Haggar Corp. 22,800
----------------------------------------------------------------------
5,300 Hartmarx, Corp. 35,775
----------------------------------------------------------------------
1,400 Helene Curtis Industries, Inc. 32,900
----------------------------------------------------------------------
5,100 Herbalife International, Inc. 120,488
----------------------------------------------------------------------
3,400 * Hook-Superx, Inc. 45,050
----------------------------------------------------------------------
1,700 Hudson Foods, Inc. 26,138
----------------------------------------------------------------------
1,200 Imperial Holly Corp. 10,800
----------------------------------------------------------------------
3,800 International Multifoods Corp. 59,850
----------------------------------------------------------------------
4,400 Interstate Bakeries Corp. 54,450
----------------------------------------------------------------------
1,400 J & J Snack Foods Corp. 21,525
----------------------------------------------------------------------
1,300 Jean Philippe Fragrances, Inc. 13,650
----------------------------------------------------------------------
700 * Jennifer Convertibles, Inc. 7,438
----------------------------------------------------------------------
3,500 Justin Industries, Inc. 46,375
----------------------------------------------------------------------
700 * K Swiss, Inc. 15,575
----------------------------------------------------------------------
4,500 Kellwood Co. 108,563
----------------------------------------------------------------------
4,100 * LA Gear, Inc. 25,625
----------------------------------------------------------------------
3,800 * Leslie Fay Cosmetics, Inc. 11,400
----------------------------------------------------------------------
700 * Luria (L.) & Son, Inc. 6,475
----------------------------------------------------------------------
3,792 Maybelline, Inc. 122,766
----------------------------------------------------------------------
650 * Mens Wearhouse, Inc. 18,363
----------------------------------------------------------------------
2,400 Michael Foods 23,700
----------------------------------------------------------------------
4,100 * Mohawk Industries, Inc. 113,775
----------------------------------------------------------------------
2,800 Morningstar Group, Inc. 18,900
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
CONSUMER NON-DURABLES--CONTINUED
----------------------------------------------------------------------
1,100 * Natural Wonders, Inc. $ 8,525
----------------------------------------------------------------------
500 * Nature Food Centers, Inc. 4,000
----------------------------------------------------------------------
1,633 Natures Sunshine Products, Inc. 25,720
----------------------------------------------------------------------
1,900 * Nautica Enterprise, Inc. 51,300
----------------------------------------------------------------------
3,700 Neiman-Marcus Group 56,888
----------------------------------------------------------------------
3,200 Neutrogena Corp. 54,400
----------------------------------------------------------------------
800 Nutramax Products, Inc. 8,700
----------------------------------------------------------------------
800 * Old American Stores, Inc. 7,600
----------------------------------------------------------------------
2,500 OshKosh B'Gosh, Inc., Class A 32,500
----------------------------------------------------------------------
1,500 Oxford Industries, Inc. 47,250
----------------------------------------------------------------------
1,200 * Peoplesoft, Inc. 36,900
----------------------------------------------------------------------
1,200 Pilgrims Pride Corp. 10,500
----------------------------------------------------------------------
1,100 * Quiksilver, Inc. 15,263
----------------------------------------------------------------------
7,100 * Revco D.S., Inc. 119,813
----------------------------------------------------------------------
2,200 Russ Berrie & Co. 29,425
----------------------------------------------------------------------
600 * S&K Famous Brands, Inc. 6,600
----------------------------------------------------------------------
500 Saint Ives Labs Corp. 4,188
----------------------------------------------------------------------
1,000 Sanderson Farms, Inc. 16,750
----------------------------------------------------------------------
900 Sanfilippo (John B. & Sons), Inc. 8,325
----------------------------------------------------------------------
5,800 Savannah Foods & Industries, Inc. 64,525
----------------------------------------------------------------------
100 Seaboard Corp. 17,800
----------------------------------------------------------------------
3,800 Shopko Stores, Inc. 42,275
----------------------------------------------------------------------
1,200 * Signal Apparel, Inc. 9,300
----------------------------------------------------------------------
2,500 Smithfield Foods, Inc. 60,000
----------------------------------------------------------------------
1,500 * Sports & Recreation, Inc. 62,250
----------------------------------------------------------------------
1,100 Standard Coml Tob, Inc. 20,213
----------------------------------------------------------------------
950 * Stein Mart, Inc. 19,000
----------------------------------------------------------------------
1,900 * Swing-N-Slide Corp. 20,900
----------------------------------------------------------------------
900 * Tandy Brands Accessories, Inc. 16,875
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
CONSUMER NON-DURABLES--CONTINUED
----------------------------------------------------------------------
800 Tasty Baking Corp. $ 10,300
----------------------------------------------------------------------
700 Thorn Apple Valley, Inc. 17,150
----------------------------------------------------------------------
1,700 * Timberland Co. 63,750
----------------------------------------------------------------------
500 * Today's Man, Inc. 6,000
----------------------------------------------------------------------
5,400 Tultex Corp. 29,025
----------------------------------------------------------------------
7,600 Tyco Toys, Inc. 66,500
----------------------------------------------------------------------
2,300 * United Retail Group, Inc. 20,413
----------------------------------------------------------------------
1,000 Unitog Co. 24,250
----------------------------------------------------------------------
1,500 Vans, Inc. 8,625
----------------------------------------------------------------------
3,700 Venture Stores, Inc. 87,875
----------------------------------------------------------------------
500 * Vista Research, Inc. 11,313
----------------------------------------------------------------------
1,900 WLR Foods, Inc. 60,800
----------------------------------------------------------------------
2,250 Wolverine World Wide, Inc. 52,313
----------------------------------------------------------------------
2,000 * Younkers, Inc. 31,000
----------------------------------------------------------------------
17,200 Zapata Corp. 19,350
---------------------------------------------------------------------- -----------
Total 3,331,604
---------------------------------------------------------------------- -----------
CONSUMER PRODUCTS--0.0%
----------------------------------------------------------------------
3,000 Figgie International Holdings, Inc. 29,250
---------------------------------------------------------------------- -----------
CONSUMER SERVICES--3.5%
----------------------------------------------------------------------
2,600 Actava Group, Inc. 22,100
----------------------------------------------------------------------
1,600 Adelphia Communications Corp. 19,600
----------------------------------------------------------------------
1,000 * AMC Entertainment, Inc. 9,875
----------------------------------------------------------------------
400 American City Business 11,550
----------------------------------------------------------------------
3,300 American Studios, Inc. 12,375
----------------------------------------------------------------------
1,425 Apple South, Inc. 37,406
----------------------------------------------------------------------
4,200 Applebee's International, Inc. 90,300
----------------------------------------------------------------------
1,900 * Au Bon Pain Co., Inc. 36,575
----------------------------------------------------------------------
8,200 * Aztar Corp. 57,400
----------------------------------------------------------------------
10,300 Bally Manufacturing Corp. 68,238
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
CONSUMER SERVICES--CONTINUED
----------------------------------------------------------------------
1,000 Barefoot, Inc. $ 34,000
----------------------------------------------------------------------
1,300 * Bertucci's, Inc. 18,850
----------------------------------------------------------------------
3,000 * BET Holdings, Inc. 49,500
----------------------------------------------------------------------
1,300 * Boomtown, Inc. 19,825
----------------------------------------------------------------------
300 Bowl America, Inc. 5,925
----------------------------------------------------------------------
6,700 * Buffets, Inc. 159,125
----------------------------------------------------------------------
1,400 * Carmike Cinemas, Inc. 25,725
----------------------------------------------------------------------
1,950 * Casino American. 36,319
----------------------------------------------------------------------
1,200 * CCAIR, Inc. 3,900
----------------------------------------------------------------------
1,400 * Chart House Enterprises, Inc. 19,950
----------------------------------------------------------------------
1,987 Clear Channel Communications 70,787
----------------------------------------------------------------------
1,300 Cooker Restaurant Corp. 9,100
----------------------------------------------------------------------
1,400 DeVRY, Inc. 38,500
----------------------------------------------------------------------
2,600 * Elsinore Corp. 10,888
----------------------------------------------------------------------
9,300 * Flagstar Companies, Inc. 93,000
----------------------------------------------------------------------
8,400 * Foodmaker, Inc. 64,050
----------------------------------------------------------------------
712 Frisch's Restaurants, Inc. 10,502
----------------------------------------------------------------------
1,500 * Ground Round Restaurants, Inc. 9,375
----------------------------------------------------------------------
2,200 Hollywood Park, Inc. 43,450
----------------------------------------------------------------------
3,200 Houghton Mifflin Co. 140,400
----------------------------------------------------------------------
1,700 * IHOP Corp. 50,788
----------------------------------------------------------------------
6,700 International Cablecasting Technology, Inc. 24,288
----------------------------------------------------------------------
3,400 International Dairy Queen, Inc. 62,050
----------------------------------------------------------------------
3,700 * International Family Entertainment, Inc. 59,663
----------------------------------------------------------------------
2,000 Jackpot Enterprises, Inc. 19,250
----------------------------------------------------------------------
2,200 Jones Spacelink Ltd. 4,538
----------------------------------------------------------------------
4,000 Karcher Carl Enterprises, Inc. 48,000
----------------------------------------------------------------------
600 * Krystal Co. 8,400
----------------------------------------------------------------------
4,100 * La Quinta Motor L.P. 127,613
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
CONSUMER SERVICES--CONTINUED
----------------------------------------------------------------------
1,500 Mail Boxes, ETC. $ 12,375
----------------------------------------------------------------------
1,500 Marcus Corp. 39,563
----------------------------------------------------------------------
3,100 Media General, Inc. 72,463
----------------------------------------------------------------------
2,400 Meredith Corp. 104,400
----------------------------------------------------------------------
6,400 National Education Corp. 33,600
----------------------------------------------------------------------
3,500 * National Pizza Co. 19,688
----------------------------------------------------------------------
2,300 Nelson Thomas, Inc. 50,600
----------------------------------------------------------------------
400 Park Communications, Inc. 9,100
----------------------------------------------------------------------
800 Petroleum Helicopters, Inc. 8,200
----------------------------------------------------------------------
1,600 Piccadilly Cafeterias, Inc. 18,000
----------------------------------------------------------------------
2,800 Players International, Inc. 57,750
----------------------------------------------------------------------
1,000 Plenum Publishing Corp. 24,750
----------------------------------------------------------------------
520 Pulitzer Publishing Co. 19,045
----------------------------------------------------------------------
1,300 * Quantum Restaurant Group 13,000
----------------------------------------------------------------------
2,100 * Rally's Hamburgers, Inc. 13,781
----------------------------------------------------------------------
900 * RHI Entertainment, Inc. 32,175
----------------------------------------------------------------------
3,000 * Rio Hotel & Casino, Inc. 47,813
----------------------------------------------------------------------
600 Roto-Rooter, Inc. 16,200
----------------------------------------------------------------------
11,700 * Ryan's Family Steak Houses, Inc. 90,675
----------------------------------------------------------------------
5,400 Safecard Services, Inc. 96,525
----------------------------------------------------------------------
500 * Sahara Gaming Corp. 4,000
----------------------------------------------------------------------
400 Sands Regent 4,000
----------------------------------------------------------------------
1,700 Sbarro, Inc. 59,925
----------------------------------------------------------------------
2,800 Scholastic Corp. 100,800
----------------------------------------------------------------------
933 * ShoLodge, Inc. 19,943
----------------------------------------------------------------------
2,000 * ShowBiz Pizza Time, Inc. 20,000
----------------------------------------------------------------------
2,500 Showboat, Inc. 44,063
----------------------------------------------------------------------
5,400 Sizzler International, Inc. 38,475
----------------------------------------------------------------------
1,200 SkyWest, Inc. 46,350
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
CONSUMER SERVICES--CONTINUED
----------------------------------------------------------------------
1,500 * Sonic Corp. $ 31,500
----------------------------------------------------------------------
1,200 * Spaghetti Warehouse, Inc. 9,450
----------------------------------------------------------------------
4,800 Spelling Entertainment Group, Inc. 51,000
----------------------------------------------------------------------
600 * Sportmart, Inc. 8,400
----------------------------------------------------------------------
3,300 TCA Cable TV, Inc. 65,588
----------------------------------------------------------------------
3,100 TCBY Enterprises, Inc. 17,438
----------------------------------------------------------------------
4,400 * TPI Enterprises, Inc. 35,200
----------------------------------------------------------------------
1,000 * United Gaming, Inc. 6,250
----------------------------------------------------------------------
1,100 United Television, Inc. 49,775
----------------------------------------------------------------------
1,500 * Uno Restaurant Corp. 14,438
----------------------------------------------------------------------
1,700 * Vicorp Restaurants, Inc. 27,200
----------------------------------------------------------------------
300 Waverly, Inc. 5,325
----------------------------------------------------------------------
3,700 Western Publishing Group, Inc. 44,863
----------------------------------------------------------------------
800 Wiley (John) & Sons 68,800
---------------------------------------------------------------------- -----------
Total 3,185,666
---------------------------------------------------------------------- -----------
ELECTRONIC TECHNOLOGY--8.1%
----------------------------------------------------------------------
3,500 AAR Corp. 54,688
----------------------------------------------------------------------
1,100 Advance Circuits, Inc. 15,125
----------------------------------------------------------------------
2,100 Alliant Techsystems, Inc. 47,513
----------------------------------------------------------------------
600 Allied Research Corp. 3,900
----------------------------------------------------------------------
2,900 Alpine Group, Inc. 18,125
----------------------------------------------------------------------
4,500 Altera Corp. 174,375
----------------------------------------------------------------------
5,600 Amphenol Corp. 98,700
----------------------------------------------------------------------
3,150 Amtech Corp. 53,550
----------------------------------------------------------------------
1,600 Analogic Corp. 26,400
----------------------------------------------------------------------
3,850 Andrew Corp. 149,188
----------------------------------------------------------------------
4,800 Applied Magnetics Corp. 26,400
----------------------------------------------------------------------
2,000 Aspect Telecommunications Corp. 61,500
----------------------------------------------------------------------
5,600 AST Research, Inc. 100,800
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
ELECTRONIC TECHNOLOGY--CONTINUED
----------------------------------------------------------------------
800 Astro Medical, Inc. $ 7,800
----------------------------------------------------------------------
6,400 Atmel Corp. 158,400
----------------------------------------------------------------------
3,500 Augat, Inc. 72,188
----------------------------------------------------------------------
5,700 Aura System, Inc. 41,681
----------------------------------------------------------------------
800 Aydin Corp. 9,400
----------------------------------------------------------------------
2,350 Banctec, Inc. 52,875
----------------------------------------------------------------------
3,500 BE Aerospace, Inc. 35,875
----------------------------------------------------------------------
600 Benchmark Electronics, Inc. 15,150
----------------------------------------------------------------------
3,600 Boston Technology, Inc. 49,950
----------------------------------------------------------------------
3,600 Brooktree Corp. 20,700
----------------------------------------------------------------------
2,100 Burr Brown Corp. 18,638
----------------------------------------------------------------------
1,000 C-Cor Electronics, Inc. 17,250
----------------------------------------------------------------------
2,000 Caere Corp. 15,000
----------------------------------------------------------------------
2,600 California Microwave 57,525
----------------------------------------------------------------------
800 Cambex Corp. 2,900
----------------------------------------------------------------------
400 Cherry Corp. 11,800
----------------------------------------------------------------------
2,300 Chipcom Corp. 107,813
----------------------------------------------------------------------
3,600 Chips & Technologies, Inc. 16,200
----------------------------------------------------------------------
5,300 Cirrus Logic, Inc. 190,800
----------------------------------------------------------------------
2,800 Cognex Corp. 56,700
----------------------------------------------------------------------
2,200 Coherent, Inc. 29,150
----------------------------------------------------------------------
1,500 Communications Systems, Inc. 16,125
----------------------------------------------------------------------
2,600 Compression Labs, Inc. 30,875
----------------------------------------------------------------------
600 Comptek Research, Inc. 8,400
----------------------------------------------------------------------
2,300 Comptronix Corp. 10,063
----------------------------------------------------------------------
4,600 Computer Network Technology 37,088
----------------------------------------------------------------------
8,900 Conner Peripherals, Inc. 139,063
----------------------------------------------------------------------
5,600 Convex Computer Corp. 32,900
----------------------------------------------------------------------
4,100 Copytele, Inc. 46,638
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
ELECTRONIC TECHNOLOGY--CONTINUED
----------------------------------------------------------------------
7,500 Cray Computer Corp. $ 11,719
----------------------------------------------------------------------
700 CTS Corp. 17,238
----------------------------------------------------------------------
800 Cubic Corp. 16,700
----------------------------------------------------------------------
500 Curtiss Wright Corp. 17,313
----------------------------------------------------------------------
8,000 Cypress Semiconductor Corp. 133,000
----------------------------------------------------------------------
1,000 D H Technology, Inc. 17,500
----------------------------------------------------------------------
5,500 Dallas Semiconductor Corp. 101,750
----------------------------------------------------------------------
2,100 Daniel Industries, Inc. 24,150
----------------------------------------------------------------------
9,000 Data General Corp. 67,500
----------------------------------------------------------------------
1,000 * Data Race, Inc. 7,125
----------------------------------------------------------------------
2,700 Digi International, Inc. 36,703
----------------------------------------------------------------------
2,700 Digital Microwave Corp. 26,663
----------------------------------------------------------------------
1,700 Dionex Corp. 59,075
----------------------------------------------------------------------
2,000 Dynatech Corp. 33,500
----------------------------------------------------------------------
700 Emulex Corp. 3,413
----------------------------------------------------------------------
1,800 Evans & Sutherland Computer Co. 29,700
----------------------------------------------------------------------
4,600 Exabyte Corp. 89,125
----------------------------------------------------------------------
1,100 Exar Corp. 26,675
----------------------------------------------------------------------
2,300 Filenet Corp. 63,250
----------------------------------------------------------------------
1,200 Fluke John Manufacturing, Inc. 33,750
----------------------------------------------------------------------
5,400 Gencorp, Inc. 75,600
----------------------------------------------------------------------
3,500 General DataComm Industries, Inc. 45,500
----------------------------------------------------------------------
4,500 Gerber Scientific, Inc. 68,063
----------------------------------------------------------------------
800 GTI Corp. 8,200
----------------------------------------------------------------------
625 Hach Co. 9,063
----------------------------------------------------------------------
1,200 Hadco Corp. 9,000
----------------------------------------------------------------------
900 Howtek, Inc. 5,738
----------------------------------------------------------------------
1,200 Hutchinson Technology, Inc. 43,800
----------------------------------------------------------------------
2,100 In Focus Systems, Inc. 28,875
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
ELECTRONIC TECHNOLOGY--CONTINUED
----------------------------------------------------------------------
1,000 Instron Corp. $ 11,125
----------------------------------------------------------------------
1,450 Integrated Circuit System, Inc. 18,488
----------------------------------------------------------------------
6,200 Integrated Device Technology 186,775
----------------------------------------------------------------------
7,500 Interdigital Communications Corp. 38,438
----------------------------------------------------------------------
8,900 Intergraph Corp. 84,550
----------------------------------------------------------------------
3,900 International Rectifier Corp. 61,913
----------------------------------------------------------------------
3,900 Intervoice, Inc. 44,850
----------------------------------------------------------------------
2,400 Iomega Corp. 5,700
----------------------------------------------------------------------
1,600 Kendall Square Research Corp. 3,600
----------------------------------------------------------------------
1,500 Key Tronic Corp. 10,500
----------------------------------------------------------------------
4,700 KLA Instruments Corp. 197,988
----------------------------------------------------------------------
3,600 Komag, Inc. 86,850
----------------------------------------------------------------------
800 Kronos, Inc. 13,000
----------------------------------------------------------------------
3,950 Lattice Semiconductor 68,138
----------------------------------------------------------------------
1,400 Logicon, Inc. 40,250
----------------------------------------------------------------------
5,600 M/A Communications, Inc. 30,800
----------------------------------------------------------------------
3,100 Maxim Integrated Products, Inc. 151,513
----------------------------------------------------------------------
6,500 Maxtor Corp. 39,813
----------------------------------------------------------------------
3,100 Measurex Corp. 57,738
----------------------------------------------------------------------
10,300 Mentor Graphics Corp. 126,175
----------------------------------------------------------------------
3,600 Methode Electronics, Inc. 56,700
----------------------------------------------------------------------
2,400 Microdyne Corp. 12,000
----------------------------------------------------------------------
1,700 Micronics Computers, Inc. 6,800
----------------------------------------------------------------------
3,200 Micropolis Corp. 23,200
----------------------------------------------------------------------
800 MTS Systems Corp. 22,200
----------------------------------------------------------------------
2,900 National Computer Systems, Inc. 32,625
----------------------------------------------------------------------
3,700 Network Equipment Technologies 30,525
----------------------------------------------------------------------
3,300 Network General Corp. 61,463
----------------------------------------------------------------------
6,500 Network System Corp. 45,500
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
ELECTRONIC TECHNOLOGY--CONTINUED
----------------------------------------------------------------------
1,200 Nichols Research Corp. $ 13,500
----------------------------------------------------------------------
800 Norstan, Inc. 13,000
----------------------------------------------------------------------
3,100 Novellus Systems, Inc. 112,763
----------------------------------------------------------------------
4,740 Octel Communications Corp. 97,170
----------------------------------------------------------------------
3,300 OEA, Inc. 86,625
----------------------------------------------------------------------
3,200 Orbital Sciences Corp. 71,200
----------------------------------------------------------------------
700 Park Electrochemical Corp. 20,300
----------------------------------------------------------------------
1,300 Plexus Corp. 19,175
----------------------------------------------------------------------
2,600 Proteon, Inc. 15,600
----------------------------------------------------------------------
2,900 Pyramid Technology Corp. 23,200
----------------------------------------------------------------------
1,800 Radiation System, Inc. 29,475
----------------------------------------------------------------------
800 Rainbow Technologies 12,000
----------------------------------------------------------------------
1,900 Rasterops 9,025
----------------------------------------------------------------------
3,600 * Retix 25,200
----------------------------------------------------------------------
3,900 Rohr, Inc. 34,125
----------------------------------------------------------------------
5,900 SCI Systems, Inc. 88,500
----------------------------------------------------------------------
3,000 Sequa Corp. 90,375
----------------------------------------------------------------------
6,600 Sequent Computer System, Inc. 88,275
----------------------------------------------------------------------
2,000 Sierra Semiconductor Corp. 16,500
----------------------------------------------------------------------
3,800 Silicon Valley Group, Inc. 41,325
----------------------------------------------------------------------
600 Special Devices, Inc. 5,250
----------------------------------------------------------------------
2,800 Standard Microsystems Corp. 49,875
----------------------------------------------------------------------
2,600 StrataCom, Inc. 113,063
----------------------------------------------------------------------
4,500 Symbol Technologies, Inc. 59,475
----------------------------------------------------------------------
3,000 Symmetricom, Inc. 22,500
----------------------------------------------------------------------
2,300 SyQuest Technology, Inc. 23,575
----------------------------------------------------------------------
1,300 Tech-Sym Corp. 27,625
----------------------------------------------------------------------
1,900 Telco System, Inc. 23,988
----------------------------------------------------------------------
3,950 Tellabs, Inc. 251,813
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
ELECTRONIC TECHNOLOGY--CONTINUED
----------------------------------------------------------------------
3,300 Telxon Corp. $ 53,625
----------------------------------------------------------------------
2,900 Thermedics, Inc. 41,325
----------------------------------------------------------------------
1,950 Thermotrex Corp. 30,713
----------------------------------------------------------------------
4,100 Thiokol Corp. 98,913
----------------------------------------------------------------------
3,300 Trimble Navigatio Ltd. 33,413
----------------------------------------------------------------------
2,900 Tseng Labs, Inc. 21,388
----------------------------------------------------------------------
2,200 U.S. Robotics, Inc. 69,850
----------------------------------------------------------------------
3,800 UNC, Inc. 38,000
----------------------------------------------------------------------
2,100 United Industrial Corp. 12,338
----------------------------------------------------------------------
2,200 Unitrode Corp. 34,100
----------------------------------------------------------------------
3,400 Vicor Corp. 87,550
----------------------------------------------------------------------
2,800 Vitesse Semiconductor 15,050
----------------------------------------------------------------------
7,600 VLSI Technology 105,450
----------------------------------------------------------------------
1,600 Watkins Johnson Co. 51,600
----------------------------------------------------------------------
9,300 Western Digital Corp. 146,475
----------------------------------------------------------------------
1,500 Whittaker Corp. 20,625
----------------------------------------------------------------------
2,300 Wyman Gordon Co. 14,375
----------------------------------------------------------------------
1,200 Xyplex, Inc. 19,800
----------------------------------------------------------------------
3,900 Zilog, Inc. 130,650
---------------------------------------------------------------------- -----------
Total 7,327,853
---------------------------------------------------------------------- -----------
ENERGY--0.5%
----------------------------------------------------------------------
2,800 * Arabian Shield Development 5,600
----------------------------------------------------------------------
2,000 * Barrett Resources 28,750
----------------------------------------------------------------------
500 * Basin Exploration 4,250
----------------------------------------------------------------------
3,800 * Box Energy Corp. 66,975
----------------------------------------------------------------------
4,800 * Chiles Offshore Corp. 21,000
----------------------------------------------------------------------
3,500 * Coda Energy, Inc. 17,063
----------------------------------------------------------------------
500 * Crystal Oil Corp. 10,188
----------------------------------------------------------------------
4,200 * Forest Oil Corp. 18,375
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
ENERGY--CONTINUED
----------------------------------------------------------------------
2,100 KCS Energy, Inc. $ 50,925
----------------------------------------------------------------------
9,500 * Marine Drilling Cos., Inc. 49,875
----------------------------------------------------------------------
2,900 Petroleum Heat & Power, Inc. 77,575
----------------------------------------------------------------------
900 * Swift Energy Co. 9,900
----------------------------------------------------------------------
1,400 * Tide West Oil Co. 16,450
----------------------------------------------------------------------
2,000 * USX-Delhi Group 28,500
---------------------------------------------------------------------- -----------
Total 405,426
---------------------------------------------------------------------- -----------
ENERGY MINERALS--1.3%
----------------------------------------------------------------------
1,600 * Addington Resources, Inc. 23,600
----------------------------------------------------------------------
15,200 * American Exploration Co. 19,950
----------------------------------------------------------------------
960 * American International Petroleum 1,140
----------------------------------------------------------------------
1,200 Ashland Coal, Inc. 32,550
----------------------------------------------------------------------
5,400 * Benton Oil & Gas Co. 34,425
----------------------------------------------------------------------
3,100 Berry Petroleum Co. 26,738
----------------------------------------------------------------------
1,500 Brown Tom, Inc. 19,688
----------------------------------------------------------------------
4,500 Cabot Oil & Gas Corp. 99,000
----------------------------------------------------------------------
1,300 * Coho Energy Inc. 5,200
----------------------------------------------------------------------
1,500 Crown Center Petroleum Corp. 34,500
----------------------------------------------------------------------
2,100 DEKALB Energy Co. 29,400
----------------------------------------------------------------------
4,600 Devon Energy Corp. 99,475
----------------------------------------------------------------------
2,100 * Gerrity Oil & Gas Corp. 16,013
----------------------------------------------------------------------
1,300 Getty Petroleum Corp. 20,150
----------------------------------------------------------------------
1,200 Giant Industries, Inc. 10,950
----------------------------------------------------------------------
4,000 * Global Natural Resources, Inc. 28,500
----------------------------------------------------------------------
500 Holly Corp 14,375
----------------------------------------------------------------------
700 * Hondo Oil & Gas Co. 4,638
----------------------------------------------------------------------
600 Howell Corp. 6,450
----------------------------------------------------------------------
8,600 * Mesa, Inc. 52,675
----------------------------------------------------------------------
1,600 * Nuevo Energy Co. 29,800
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
ENERGY MINERALS--CONTINUED
----------------------------------------------------------------------
600 Penn Virginia Corp. $ 19,050
----------------------------------------------------------------------
800 * Phoenix Resources Cos., Inc. 18,800
----------------------------------------------------------------------
2,100 Plains Petroleum Co. 46,725
----------------------------------------------------------------------
2,300 * Plains Resources, Inc. 13,225
----------------------------------------------------------------------
6,100 * Pogo Producing Co. 115,900
----------------------------------------------------------------------
6,000 Quaker State Corp. 81,000
----------------------------------------------------------------------
4,200 Snyder Oil Corp. 81,900
----------------------------------------------------------------------
3,100 * Tesoro Petroleum Corp. 35,650
----------------------------------------------------------------------
4,600 * Unit Corp. 13,225
----------------------------------------------------------------------
1,800 Vintage Petroleum, Inc. 33,075
----------------------------------------------------------------------
5,300 * Wainoco Oil Corp. 26,500
----------------------------------------------------------------------
500 Westmoreland Coal Co. 2,250
----------------------------------------------------------------------
2,151 Wilshire Oil Co. 13,982
----------------------------------------------------------------------
2,000 Wiser Oil Co. 32,750
---------------------------------------------------------------------- -----------
Total 1,143,249
---------------------------------------------------------------------- -----------
FINANCE--17.9%
----------------------------------------------------------------------
940 1st Source Corp. 21,150
----------------------------------------------------------------------
3,300 Aaron Rents, Inc. 41,250
----------------------------------------------------------------------
700 * Advantage Bancorp, Inc. 19,075
----------------------------------------------------------------------
2,500 Agency Rent A Car, Inc. 32,500
----------------------------------------------------------------------
2,900 * Albank Financial Corp. 59,631
----------------------------------------------------------------------
3,100 Alex Brown, Inc. 83,313
----------------------------------------------------------------------
800 Alexander's, Inc. 42,700
----------------------------------------------------------------------
4,400 Alfa Corp. 49,500
----------------------------------------------------------------------
2,800 Allied Capital Commercial 45,850
----------------------------------------------------------------------
1,100 Allied Capital Corp. 14,850
----------------------------------------------------------------------
1,200 Allied Group, Inc. 30,300
----------------------------------------------------------------------
2,050 Amcore Financial, Inc. 42,025
----------------------------------------------------------------------
7,647 American Annuity Group, Inc. 70,735
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
FINANCE--CONTINUED
----------------------------------------------------------------------
3,900 American Bankers Insurance Group, Inc. $ 87,263
----------------------------------------------------------------------
500 American Financial Enterprises 12,750
----------------------------------------------------------------------
1,400 American Heritage Life Investments 24,500
----------------------------------------------------------------------
3,100 American Income Holdings, Inc. 83,313
----------------------------------------------------------------------
2,600 * American Residential 45,500
----------------------------------------------------------------------
1,200 * American Savings 27,900
----------------------------------------------------------------------
2,000 * American Travellers Corp. 25,500
----------------------------------------------------------------------
600 Amerifed Financial Corp. 24,900
----------------------------------------------------------------------
100 * Ampex, Inc. 263
----------------------------------------------------------------------
400 Amplicon, Inc. 8,025
----------------------------------------------------------------------
2,400 * AmVestors Financial 21,750
----------------------------------------------------------------------
2,300 Anchor Bancorp Wisconsin, Inc. 59,225
----------------------------------------------------------------------
6,100 Anchor Bancorp, Inc. 78,538
----------------------------------------------------------------------
500 * Arbor National Holdings, Inc. 8,250
----------------------------------------------------------------------
2,100 Asset Investment Corp. 5,775
----------------------------------------------------------------------
2,790 Associated Banc Corp. 93,116
----------------------------------------------------------------------
1,200 * Atalanta Sosnoff Capital Corp. 8,400
----------------------------------------------------------------------
1,500 Avemco Corp. 23,063
----------------------------------------------------------------------
2,700 Baldwin & Lyons, Inc. 39,825
----------------------------------------------------------------------
3,700 Baltimore Bancorp 71,688
----------------------------------------------------------------------
1,680 Bancorpsouth, Inc. 48,720
----------------------------------------------------------------------
1,000 Bank Granite Corp. 29,500
----------------------------------------------------------------------
10,100 Bank South Corp. 198,213
----------------------------------------------------------------------
400 BankAtlantic 5,400
----------------------------------------------------------------------
1,860 Bankers Corp. 32,783
----------------------------------------------------------------------
1,400 Banknorth Group, Inc. 26,950
----------------------------------------------------------------------
1,500 Bankworchester Corp. 50,531
----------------------------------------------------------------------
2,600 Banyan Strategic Realty 11,375
----------------------------------------------------------------------
1,500 Bay View Capital Corp. 30,000
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
FINANCE--CONTINUED
----------------------------------------------------------------------
1,200 * Bell Bancorp, Inc. $ 61,200
----------------------------------------------------------------------
5,600 Berkshire Realty, Inc. 58,800
----------------------------------------------------------------------
1,700 BHC Financial, Inc. 25,925
----------------------------------------------------------------------
303 * BOK Financial Corp. 6,212
----------------------------------------------------------------------
2,300 * Borg Warner Security Corp. 34,213
----------------------------------------------------------------------
1,200 Boston Bancorp 40,200
----------------------------------------------------------------------
2,400 BRE Properties, Class A 74,700
----------------------------------------------------------------------
700 Brenton Bank, Inc. 19,250
----------------------------------------------------------------------
900 BSB Bancorp, Inc. 21,375
----------------------------------------------------------------------
725 BT Financial Corp. 21,750
----------------------------------------------------------------------
3,300 Burnham Pacific Properties, Inc. 58,988
----------------------------------------------------------------------
8,800 * California Federal Bank Los Angeles 91,300
----------------------------------------------------------------------
2,700 Capital Re Corp. 50,963
----------------------------------------------------------------------
500 Capital Southwest Corp. 19,313
----------------------------------------------------------------------
1,000 Capitol Transamerica Corp. 18,750
----------------------------------------------------------------------
3,300 Capstead Management Corp. 95,288
----------------------------------------------------------------------
2,100 * Capsure Holdings Corp. 29,400
----------------------------------------------------------------------
1,300 Cathay Bancorp, Inc. 17,713
----------------------------------------------------------------------
1,800 CCB Financial Corp. 62,100
----------------------------------------------------------------------
2,600 * Centerbank Waterbury Conn. 31,850
----------------------------------------------------------------------
1,800 Central Jersey Bancorp 43,875
----------------------------------------------------------------------
3,900 Centura Banks, Inc. 77,025
----------------------------------------------------------------------
1,245 Charter Bancshares, Inc. 17,741
----------------------------------------------------------------------
4,950 Charter One Financial, Inc. 106,425
----------------------------------------------------------------------
1,529 Chemical Financial Corp. 60,396
----------------------------------------------------------------------
1,400 Chittenden Corp. 25,375
----------------------------------------------------------------------
900 * Citadel Holding Corp. 5,288
----------------------------------------------------------------------
900 Citfed Bancorp, Inc. 22,500
----------------------------------------------------------------------
2,500 Citizens Bancorp 73,125
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
FINANCE--CONTINUED
----------------------------------------------------------------------
2,300 Citizens Banking Corp. $ 54,050
----------------------------------------------------------------------
9,000 Citizens First Bancorp, Inc. 78,750
----------------------------------------------------------------------
1,700 * Citizens, Inc. 12,750
----------------------------------------------------------------------
8,300 City National Corp. 83,000
----------------------------------------------------------------------
2,100 CMAC Investment Corp. 56,700
----------------------------------------------------------------------
2,568 CNB Bancshares, Inc. 82,176
----------------------------------------------------------------------
4,000 Coast Savings Financial, Inc. 54,500
----------------------------------------------------------------------
800 * Coastal Banc Savings Association 12,800
----------------------------------------------------------------------
4,550 Collective Bancorp, Inc. 94,128
----------------------------------------------------------------------
1,500 Colonial Bancgroup, Inc. 31,500
----------------------------------------------------------------------
1,600 Colonial Group, Inc., Class A 39,600
----------------------------------------------------------------------
800 * Columbia First Federal Savings 28,000
----------------------------------------------------------------------
930 Comerica, Inc. 26,040
----------------------------------------------------------------------
1,586 Commerce Bancorp, Inc. 29,341
----------------------------------------------------------------------
2,800 * Commercial Federal Corp. 54,950
----------------------------------------------------------------------
600 Community Bank System, Inc. 17,400
----------------------------------------------------------------------
1,200 Community First Bankshares, Inc. 15,000
----------------------------------------------------------------------
500 Consolidated Tomoka Co. 6,688
----------------------------------------------------------------------
1,237 Conv. Reit, Inc. 12,989
----------------------------------------------------------------------
2,481 Corestates Financial Corp. 65,747
----------------------------------------------------------------------
6,900 Countrywide Mortgage Investments, Inc. 61,238
----------------------------------------------------------------------
3,900 Cousins Properties, Inc. 64,838
----------------------------------------------------------------------
1,100 CPB, Inc. 26,950
----------------------------------------------------------------------
2,800 * Cragin Financial Corp. 103,950
----------------------------------------------------------------------
1,550 * Credit Acceptance Corp. 33,713
----------------------------------------------------------------------
2,000 CRI Liquidating REIT, Inc. 12,250
----------------------------------------------------------------------
4,400 Crimi Mae, Inc. 47,300
----------------------------------------------------------------------
2,000 * CSF Holdings, Inc. 41,500
----------------------------------------------------------------------
2,420 Cullen Frost Bankers, Inc. 87,120
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
FINANCE--CONTINUED
----------------------------------------------------------------------
500 Cumberland Federal Bancorporation $ 27,250
----------------------------------------------------------------------
770 CVB Financial Corp. 9,721
----------------------------------------------------------------------
2,400 * Danielson Holding Corp. 15,600
----------------------------------------------------------------------
600 Deerbank Corp. 18,600
----------------------------------------------------------------------
600 * Delphi Financial Group, Inc. 11,100
----------------------------------------------------------------------
3,900 Deposit Guaranty Corp. 110,175
----------------------------------------------------------------------
1,800 Dial REIT, Inc. 18,000
----------------------------------------------------------------------
12,400 Dime Savings Bank New York 105,400
----------------------------------------------------------------------
1,800 Downey Savings & Loan Association 33,750
----------------------------------------------------------------------
2,000 Eaton Vance Corp. 61,500
----------------------------------------------------------------------
900 Electro Rent 12,600
----------------------------------------------------------------------
800 EMC Insurance Group, Inc. 6,900
----------------------------------------------------------------------
3,700 Enhance Financial Services Group 69,838
----------------------------------------------------------------------
2,100 * EquiCredit Corp. 34,388
----------------------------------------------------------------------
900 Evergreen Bancorp, Inc. 12,713
----------------------------------------------------------------------
700 F & C Bancshares, Inc. 12,600
----------------------------------------------------------------------
840 F & M Bancorp 19,110
----------------------------------------------------------------------
2,500 F & M National Corp. 40,000
----------------------------------------------------------------------
600 Falls Financial, Inc. 12,150
----------------------------------------------------------------------
1,500 Farm & Home Financial Corp. 45,188
----------------------------------------------------------------------
700 Farmers Capital Bank Corp. 25,900
----------------------------------------------------------------------
2,075 Fidelity National Financial, Inc. 36,572
----------------------------------------------------------------------
500 * Financial Industries Corp. 7,000
----------------------------------------------------------------------
1,060 Financial Trust Corp. 46,375
----------------------------------------------------------------------
1,900 First American Financial Corp. 53,675
----------------------------------------------------------------------
5,500 First Bancorp, Inc. 133,375
----------------------------------------------------------------------
406 First Bank System, Inc. 14,058
----------------------------------------------------------------------
1,900 First Citizens Bancshares, Inc. 81,700
----------------------------------------------------------------------
1,800 First Colonial Bancshares, Inc. 44,550
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
FINANCE--CONTINUED
----------------------------------------------------------------------
1,000 First Commerce Bancshares, Inc. $ 14,750
----------------------------------------------------------------------
3,850 First Commercial Corp. 77,963
----------------------------------------------------------------------
5,500 First Commonwealth Financial Corp. 96,250
----------------------------------------------------------------------
2,600 First Eastern Corp. 68,250
----------------------------------------------------------------------
900 First Federal Capital Corp. 15,356
----------------------------------------------------------------------
2,200 * First Federal Savings Bank 33,275
----------------------------------------------------------------------
1,933 First Financial Bancorp 76,354
----------------------------------------------------------------------
1,400 First Financial Caribbean 20,300
----------------------------------------------------------------------
800 First Financial Corp. 26,800
----------------------------------------------------------------------
5,200 First Financial Corp. Wisconsin 88,400
----------------------------------------------------------------------
1,100 First Financial Holdings, Inc. 15,813
----------------------------------------------------------------------
1,166 First Indiana Corp. 18,365
----------------------------------------------------------------------
800 First Merchants Corp. 22,800
----------------------------------------------------------------------
3,528 First Michigan Bank Corp. 74,970
----------------------------------------------------------------------
2,200 First Midwest Bancorp, Inc. 57,750
----------------------------------------------------------------------
2,650 First National Bancorp 54,325
----------------------------------------------------------------------
1,666 * First Republican Bancorp, Inc. 21,866
----------------------------------------------------------------------
3 First Union Corp. 134
----------------------------------------------------------------------
4,400 First Union Real Estate Equity 31,350
----------------------------------------------------------------------
700 First United Bancshares 20,650
----------------------------------------------------------------------
1,135 First Western Bancorp, Inc. 31,213
----------------------------------------------------------------------
1,400 Firstbank Illinois Co. 52,850
----------------------------------------------------------------------
600 * Firstfed Bancshares Indiana 10,350
----------------------------------------------------------------------
2,100 * Firstfed Financial Corp. 30,450
----------------------------------------------------------------------
3,450 Firstfed Michigan Corp. 84,902
----------------------------------------------------------------------
3,600 Foothill Group, Inc. 49,500
----------------------------------------------------------------------
1,600 Foremost Corp. 48,800
----------------------------------------------------------------------
800 Forest City Enterprises, Inc. 30,900
----------------------------------------------------------------------
900 Fortune Bancorp, Inc. 29,250
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
FINANCE--CONTINUED
----------------------------------------------------------------------
500 Frankford Corp. $ 19,125
----------------------------------------------------------------------
2,900 Fremont General Corp. 67,063
----------------------------------------------------------------------
1,270 Frontier Insurance Group, Inc. 58,738
----------------------------------------------------------------------
3,820 Fulton Financial Corp. 103,140
----------------------------------------------------------------------
3,479 Gainsco, Inc. 31,746
----------------------------------------------------------------------
3,300 Gallagher Arthur J. & Co. 104,775
----------------------------------------------------------------------
800 GBC Bancorp 10,900
----------------------------------------------------------------------
900 Germantown Savings Bank 52,425
----------------------------------------------------------------------
6,940 * Glendale Federal Bank 51,183
----------------------------------------------------------------------
1,077 Great Lakes Bancorp and Federal Savings Bank 21,002
----------------------------------------------------------------------
2,800 Greater New York Savings Bank 22,400
----------------------------------------------------------------------
2,100 Grenada Sunburst Systems Corp. 45,675
----------------------------------------------------------------------
1,300 Guaranty National Corp. 19,175
----------------------------------------------------------------------
1,200 Hancock Holding Co. 33,300
----------------------------------------------------------------------
1,000 Harleysville Group 30,000
----------------------------------------------------------------------
800 Harleysville Group, Inc. 17,200
----------------------------------------------------------------------
2,400 Hawkeye Bancorporation 43,800
----------------------------------------------------------------------
8,200 Health & Rehabilitation Properties, Inc. 124,025
----------------------------------------------------------------------
3,200 Health Equity Properties, Inc. 31,200
----------------------------------------------------------------------
1,400 Heritage Financial Services, Inc. 26,600
----------------------------------------------------------------------
18,300 Hibernia Corp. 144,113
----------------------------------------------------------------------
3,100 Hilb Rogal & Hamilton Co. 37,975
----------------------------------------------------------------------
3,900 Home Beneficial Corp. 80,925
----------------------------------------------------------------------
1,000 Horizon Bank, A Savings Bank 14,000
----------------------------------------------------------------------
900 HRE Properties 12,263
----------------------------------------------------------------------
1,210 Hubco, Inc. 26,318
----------------------------------------------------------------------
8,200 * I C H Corp. 47,150
----------------------------------------------------------------------
1,916 Imperial Bancorp 32,093
----------------------------------------------------------------------
2,050 * Imperial Credit Industries, Inc. 23,319
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
FINANCE--CONTINUED
----------------------------------------------------------------------
2,500 Independence Bancorp, Inc. $ 95,313
----------------------------------------------------------------------
2,000 Independent Insurance Group, Inc. 31,500
----------------------------------------------------------------------
733 Indiana Federal Corp. 17,959
----------------------------------------------------------------------
1,600 Integon Corp. 30,800
----------------------------------------------------------------------
1,800 Inter Regional Financial Group, Inc. 45,675
----------------------------------------------------------------------
1,300 Intercargo Corp. 13,000
----------------------------------------------------------------------
700 Intercontinental Bank 13,475
----------------------------------------------------------------------
700 * Intercontinental Life Corp. 8,400
----------------------------------------------------------------------
3,800 * Interpool, Inc. 64,600
----------------------------------------------------------------------
1,100 Interwest Savings Bank 15,675
----------------------------------------------------------------------
1,200 Iowa National Bankshares Corp. 29,400
----------------------------------------------------------------------
5,500 IRT Property Co. 57,750
----------------------------------------------------------------------
600 Irwin Financial Corp. 12,900
----------------------------------------------------------------------
1,000 Jefferies Group, Inc. 43,000
----------------------------------------------------------------------
3,200 Jefferson Bankshares, Inc. 63,200
----------------------------------------------------------------------
1,100 JMC Group, Inc. 3,850
----------------------------------------------------------------------
5,300 John Alden Financial Corp. 200,075
----------------------------------------------------------------------
2,600 JSB Financial, Inc. 58,500
----------------------------------------------------------------------
1,000 Kaiser Resources, Inc. 13,500
----------------------------------------------------------------------
700 Kansas City Life Insurance Co. 32,375
----------------------------------------------------------------------
3,900 Keystone Financial, Inc. 116,025
----------------------------------------------------------------------
500 Keystone Heritage Group, Inc. 16,500
----------------------------------------------------------------------
3,900 Koger Equity, Inc. 28,763
----------------------------------------------------------------------
875 L S B Bancshares, Inc. 16,625
----------------------------------------------------------------------
1,175 Lake Shore Bancorp, Inc. 36,425
----------------------------------------------------------------------
700 Lawrence Insurance Group, Inc. 1,356
----------------------------------------------------------------------
1,600 Lawyers Title Corp. 21,000
----------------------------------------------------------------------
2,075 Legg Mason, Inc. 44,353
----------------------------------------------------------------------
700 Liberty Bancorp, Inc. 17,150
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
FINANCE--CONTINUED
----------------------------------------------------------------------
1,500 Liberty Bancorp, Inc. $ 43,688
----------------------------------------------------------------------
3,800 Liberty Corp. 96,425
----------------------------------------------------------------------
2,800 Life Re Corp. 54,600
----------------------------------------------------------------------
4,400 * Lomas Financial Corp. 34,650
----------------------------------------------------------------------
1,800 Loyola Capital Corp. 36,900
----------------------------------------------------------------------
950 * MAF Bancorp, Inc. 20,188
----------------------------------------------------------------------
700 Magna Bancorp 24,850
----------------------------------------------------------------------
5,600 Magna Group, Inc. 105,000
----------------------------------------------------------------------
3,200 Margaretten Financial Corp. 64,000
----------------------------------------------------------------------
2,450 Mark Twain Bancshares, Inc. 74,113
----------------------------------------------------------------------
800 * Markel Corp. 32,400
----------------------------------------------------------------------
800 Maryland Federal Bancorp, Inc. 21,800
----------------------------------------------------------------------
1,500 McDonald & Co. Investors, Inc. 21,375
----------------------------------------------------------------------
1,107 Mercantile Bancorporation, Inc. 39,852
----------------------------------------------------------------------
800 Merchants Bancshares, Inc. 7,200
----------------------------------------------------------------------
400 Merchants Bank New York 20,000
----------------------------------------------------------------------
700 Meridian Insurance Group, Inc. 7,000
----------------------------------------------------------------------
3,600 Merry Land and Investment Co. 82,350
----------------------------------------------------------------------
1,100 Metro Bancshares, Inc. 18,425
----------------------------------------------------------------------
6,940 Metropolitan Financial Corp. 110,173
----------------------------------------------------------------------
2,500 MGI Properties 36,250
----------------------------------------------------------------------
1,256 Mid American Bancorp 23,864
----------------------------------------------------------------------
2,650 Mid American, Inc. 37,100
----------------------------------------------------------------------
900 Midland Financial Group, Inc. 18,675
----------------------------------------------------------------------
600 * Mobile America Corp. 6,300
----------------------------------------------------------------------
900 Money Stores, Inc. 17,550
----------------------------------------------------------------------
2,650 Morgan Keegan, Inc. 32,794
----------------------------------------------------------------------
2,111 * Mutual Assurance 43,803
----------------------------------------------------------------------
1,700 N S Bancorp, Inc. 52,913
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
FINANCE--CONTINUED
----------------------------------------------------------------------
900 National Bancorp Alaska, Inc. $ 45,675
----------------------------------------------------------------------
3,350 National Community Bancorp 77,050
----------------------------------------------------------------------
2,200 National Health Investors, Inc. 61,050
----------------------------------------------------------------------
500 National Insurance Group 4,125
----------------------------------------------------------------------
1,470 National Penn Bancshares, Inc. 56,228
----------------------------------------------------------------------
500 * National Western Life Insurance Co. 19,250
----------------------------------------------------------------------
700 * Navigators Group, Inc. 12,600
----------------------------------------------------------------------
1,800 NBB Bancorp, Inc. 77,175
----------------------------------------------------------------------
700 NBSC Corp. 14,700
----------------------------------------------------------------------
1,555 NBT Bancorp, Inc. 26,435
----------------------------------------------------------------------
1,210 New York Bancorp, Inc. 23,746
----------------------------------------------------------------------
4,400 * Noel Group, Inc. New Stapled 30,250
----------------------------------------------------------------------
3,500 North American Mortgage Co. 85,313
----------------------------------------------------------------------
3,100 North Fork Bancorp, Inc. 44,563
----------------------------------------------------------------------
920 North Side Savings Bank 19,320
----------------------------------------------------------------------
1,100 Nymagic, Inc. 17,600
----------------------------------------------------------------------
4,237 Old National Bancorp 154,651
----------------------------------------------------------------------
800 Omega Financial Corp. 20,400
----------------------------------------------------------------------
3,095 Onbancorp, Inc. 91,303
----------------------------------------------------------------------
2,980 One Valley Bancorp West Virginia, Inc. 80,460
----------------------------------------------------------------------
3,156 Orion Capital Corp. 97,836
----------------------------------------------------------------------
500 Park National Corp. 37,125
----------------------------------------------------------------------
3,600 Penncorp Financial Group, Inc. 52,200
----------------------------------------------------------------------
1,900 Pennsylvania Real Estate Invt Sh Ben Int 42,988
----------------------------------------------------------------------
1,200 People First Corp. 30,000
----------------------------------------------------------------------
700 Peoples Bancorp Worcester, Inc. 36,050
----------------------------------------------------------------------
1,600 Peoples Bank Bridgeport 17,200
----------------------------------------------------------------------
3,400 Peoples Heritage Financial Group 39,950
----------------------------------------------------------------------
500 Peoples Holding Co. 21,250
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
FINANCE--CONTINUED
----------------------------------------------------------------------
1,000 Phoenix Re Corp. $ 23,500
----------------------------------------------------------------------
575 Piedmont Bankgroup, Inc. 12,363
----------------------------------------------------------------------
500 * Piedmont Management, Inc. 6,188
----------------------------------------------------------------------
1,450 Pikeville National Corp. 42,413
----------------------------------------------------------------------
700 Pinnacle Banc Group, Inc. 22,225
----------------------------------------------------------------------
2,300 Pioneer Group, Inc. 89,413
----------------------------------------------------------------------
2,200 Piper Jaffray Cos., Inc. 27,225
----------------------------------------------------------------------
1,100 Poe & Associates, Inc. 21,175
----------------------------------------------------------------------
5,920 Premier Bancorp, Inc. 103,600
----------------------------------------------------------------------
960 * Premier Bankshares, Inc. 16,320
----------------------------------------------------------------------
4,600 Presidential Life Corp. 32,775
----------------------------------------------------------------------
2,600 Protective Life Corp. 110,175
----------------------------------------------------------------------
1,400 Provident Bancorp, Inc. 43,750
----------------------------------------------------------------------
1,400 Provident Bankshares Corp. 35,000
----------------------------------------------------------------------
650 Putnam Trust Co. Greenwich 16,250
----------------------------------------------------------------------
1,492 Quick & Reilly Group, Inc. 39,165
----------------------------------------------------------------------
3,050 Raymond James Financial, Inc. 45,369
----------------------------------------------------------------------
1,300 RE Capital Corp. 16,900
----------------------------------------------------------------------
2,000 Real Estate Investment Trust 35,000
----------------------------------------------------------------------
200 Reliable Life Insurance Co. 12,050
----------------------------------------------------------------------
9,800 Reliance Group Holdings, Inc. 56,350
----------------------------------------------------------------------
2,040 Republic Bancorp, Inc. 27,030
----------------------------------------------------------------------
4,100 Resource Mortgage Capital, Inc. 112,238
----------------------------------------------------------------------
4,400 Riggs National Corp. 42,900
----------------------------------------------------------------------
800 River Forest Bancorp 27,900
----------------------------------------------------------------------
800 RLI Corp. 17,700
----------------------------------------------------------------------
3,000 Rochester Community Savings Bank 49,875
----------------------------------------------------------------------
5,500 Rollins Truck Leasing Corp. 99,000
----------------------------------------------------------------------
1,200 Roosevelt Financial Group, Inc. 56,550
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
FINANCE--CONTINUED
----------------------------------------------------------------------
5,700 RPS Realty Trust $ 19,950
----------------------------------------------------------------------
600 Rs Financial Corp. 12,000
----------------------------------------------------------------------
1,200 S & T Bancorp, Inc. 47,400
----------------------------------------------------------------------
4,344 Saint Paul Bancorp, Inc. 90,138
----------------------------------------------------------------------
1,200 Santa Monica Bank California 11,250
----------------------------------------------------------------------
800 Scor U.S. Corp. 9,800
----------------------------------------------------------------------
900 Seacoast Banking Corp. 15,750
----------------------------------------------------------------------
900 * Seacor Holdings, Inc. 17,550
----------------------------------------------------------------------
2,200 Security Capital Bancorp 28,600
----------------------------------------------------------------------
3,000 Selective Insurance Group, Inc. 74,250
----------------------------------------------------------------------
1,700 SFFED Corp. 29,750
----------------------------------------------------------------------
700 Shoreline Financial 19,950
----------------------------------------------------------------------
1,700 Silicon Valley Bancshares 17,425
----------------------------------------------------------------------
700 Simmons 1st National Corp. 16,100
----------------------------------------------------------------------
2,000 Sizeler Property Investment, Inc. 26,250
----------------------------------------------------------------------
8,639 Southern National Corp. 168,461
----------------------------------------------------------------------
600 Southwest National Corp. 17,700
----------------------------------------------------------------------
750 Southwest Securities Group, Inc. 5,625
----------------------------------------------------------------------
6,980 Sovereign Bancorp, Inc. 76,775
----------------------------------------------------------------------
1,800 State Auto Financial Corp. 22,500
----------------------------------------------------------------------
2,695 Statesman Group, Inc. 39,078
----------------------------------------------------------------------
1,350 Stewart Information Services Corp. 26,831
----------------------------------------------------------------------
5,100 Storage Equities, Inc. 74,588
----------------------------------------------------------------------
800 Student Loan Corp. 15,100
----------------------------------------------------------------------
600 Suburban Bancorp 40,800
----------------------------------------------------------------------
700 Suffolk Bancorp 15,225
----------------------------------------------------------------------
500 Sumitomo Bank California 11,500
----------------------------------------------------------------------
5,500 Summit Bancorporation 112,750
----------------------------------------------------------------------
2,325 Susquehanna Bancshares, Inc. 56,381
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
FINANCE--CONTINUED
----------------------------------------------------------------------
2,743 TCF Financial Corp. $ 92,576
----------------------------------------------------------------------
3,500 The Trust Company of New Jersey 46,813
----------------------------------------------------------------------
650 Tompkins County Trust Co. 24,700
----------------------------------------------------------------------
1,300 Trans Financial Bancorp, Inc. 17,875
----------------------------------------------------------------------
1,400 Trenwick Group, Inc. 50,750
----------------------------------------------------------------------
2,950 Trustco Bank Corp. 58,263
----------------------------------------------------------------------
5,000 Trustmark Corp. 82,500
----------------------------------------------------------------------
1,800 U.S. Trust Corp. 94,050
----------------------------------------------------------------------
4,300 Union Planters Corp. 113,950
----------------------------------------------------------------------
2,600 United Bankshares, Inc. 67,600
----------------------------------------------------------------------
3,100 United Carolina Bancshares 68,200
----------------------------------------------------------------------
2,000 United Companies Financial Corp. 72,000
----------------------------------------------------------------------
300 United Countrys Bancorporation 29,400
----------------------------------------------------------------------
9,100 United Dominion Realty Trust, Inc. 134,225
----------------------------------------------------------------------
500 United Fire & Casualty Co. 19,000
----------------------------------------------------------------------
1,400 * United Insurance Cos., Inc. 37,450
----------------------------------------------------------------------
2,900 United MO Bancshares 105,125
----------------------------------------------------------------------
518 United National Bancorp 16,835
----------------------------------------------------------------------
1,700 Universal Health Realty Trust, Inc. 28,900
----------------------------------------------------------------------
2,200 USLico Corp. 37,400
----------------------------------------------------------------------
3,300 UST Corp. 44,963
----------------------------------------------------------------------
4,450 Valley Bancorporation 156,863
----------------------------------------------------------------------
2,200 Vanguard Real Estate 15,400
----------------------------------------------------------------------
700 Vermont Financial Services 12,075
----------------------------------------------------------------------
1,200 Victoria Bankshares, Inc. 28,800
----------------------------------------------------------------------
875 Warner Insurance Services, Inc. 2,953
----------------------------------------------------------------------
1,800 Washington National Corp. 41,175
----------------------------------------------------------------------
6,200 Washington Real Estate Investment Trust 123,225
----------------------------------------------------------------------
1,062 Waterhouse Investment Services, Inc. 16,992
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
FINANCE--CONTINUED
----------------------------------------------------------------------
3,200 Webb (Del) Corp. $ 50,400
----------------------------------------------------------------------
740 Webster Financial Corp. Waterbury 15,448
----------------------------------------------------------------------
1,400 Wesbanco, Inc. 37,800
----------------------------------------------------------------------
1,800 WestAmerica Bancorporation 51,300
----------------------------------------------------------------------
1,470 Westcorp, Inc. 13,781
----------------------------------------------------------------------
1,198 * Western Bank Companies 19,018
----------------------------------------------------------------------
3,600 Western Investment Real Estate Trust 46,350
----------------------------------------------------------------------
3,125 Whitney Holding Corp. 71,875
----------------------------------------------------------------------
1,000 * World Acceptance Corp. 17,250
----------------------------------------------------------------------
2,800 Worthen Banking Corp. 61,600
----------------------------------------------------------------------
970 York Financial Corp. 20,128
----------------------------------------------------------------------
2,500 Zenith National Insurance Corp. 57,188
----------------------------------------------------------------------
2,700 Zions Bancorp 103,950
---------------------------------------------------------------------- -----------
Total 16,233,152
---------------------------------------------------------------------- -----------
GENERAL BUSINESS--1.7%
----------------------------------------------------------------------
11,300 * Adaptec, Inc. 177,975
----------------------------------------------------------------------
1,700 Alpha Beta Technology 36,550
----------------------------------------------------------------------
1,000 Berlitz International, Inc. 13,000
----------------------------------------------------------------------
11,600 * Catellus Development Corp. 76,850
----------------------------------------------------------------------
1,300 * Centigram Communications 37,538
----------------------------------------------------------------------
5,300 * CIS Technologies, Inc. 18,219
----------------------------------------------------------------------
5,100 * Commerce Clearing House 94,350
----------------------------------------------------------------------
1,300 * CrossComm Corp. 14,625
----------------------------------------------------------------------
1,800 Dames & Moore, Inc. 30,600
----------------------------------------------------------------------
1,100 * Education Alternative 18,975
----------------------------------------------------------------------
1,661 * Executive Telecard Ltd. 14,741
----------------------------------------------------------------------
1,600 * Express Scripts, Inc. 80,000
----------------------------------------------------------------------
2,100 Franklin Quest Co. 77,438
----------------------------------------------------------------------
8,600 Geotek Industries, Inc. 95,675
----------------------------------------------------------------------
2,600 * Gymboree Corp. 118,950
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
GENERAL BUSINESS--CONTINUED
----------------------------------------------------------------------
1,800 * Imageamerica Corp. $ 4,950
----------------------------------------------------------------------
1,600 Interactive Network, Inc. 11,000
----------------------------------------------------------------------
3,500 * MB Communications, Inc. 63,438
----------------------------------------------------------------------
1,400 * Metricom, Inc. 30,450
----------------------------------------------------------------------
2,154 * Millicom International Cellular S A 45,503
----------------------------------------------------------------------
1,700 * Perseptive Biosystems 46,325
----------------------------------------------------------------------
8,200 Physician Corp. of America 197,313
----------------------------------------------------------------------
3,300 * Playboy Enterprises, Inc. 21,038
----------------------------------------------------------------------
1,400 * Safety 1st, Inc. 34,475
----------------------------------------------------------------------
900 * Saga Communications, Class A 12,600
----------------------------------------------------------------------
1,600 * Steris Corp. 44,800
----------------------------------------------------------------------
4,750 Stewart Enterprises, Inc. 117,563
----------------------------------------------------------------------
1,000 * Syratech Corp. 17,000
---------------------------------------------------------------------- -----------
Total 1,551,941
---------------------------------------------------------------------- -----------
HEALTH SERVICES--5.2%
----------------------------------------------------------------------
1,758 Abbey Healthcare Group, Inc. 34,281
----------------------------------------------------------------------
800 Advantage Health Corp. 15,000
----------------------------------------------------------------------
1,600 Allied Clinical Laboratories, Inc. 21,400
----------------------------------------------------------------------
2,400 American Healthcorp, Inc. 34,800
----------------------------------------------------------------------
5,000 Applied Bioscience International, Inc. 36,250
----------------------------------------------------------------------
1,700 Bindley Western Industries, Inc. 21,888
----------------------------------------------------------------------
5,900 Cardinal Health, Inc. 253,700
----------------------------------------------------------------------
2,000 Cerner Corp. 63,500
----------------------------------------------------------------------
1,200 Coastal Healthcare Group, Inc. 39,150
----------------------------------------------------------------------
2,100 Community Health Systems, Inc. 42,000
----------------------------------------------------------------------
9,400 Community Psychiatric Centers 136,300
----------------------------------------------------------------------
7,400 * Continental Medical Systems, Inc. 63,825
----------------------------------------------------------------------
2,200 Coventry Corp. 106,150
----------------------------------------------------------------------
1,500 Employee Benefit Plans, Inc. 15,750
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
HEALTH SERVICES--CONTINUED
----------------------------------------------------------------------
1,200 Foxmeyer Corp. $ 15,600
----------------------------------------------------------------------
2,300 Gencare Health Systems, Inc. 75,900
----------------------------------------------------------------------
2,700 Genesis Health Ventures, Inc. 63,788
----------------------------------------------------------------------
1,250 Gmis, Inc. 14,375
----------------------------------------------------------------------
2,200 Graham Field Health Products, Inc. 11,550
----------------------------------------------------------------------
1,600 Grancare, Inc. 33,000
----------------------------------------------------------------------
6,400 HBO & Co. 168,000
----------------------------------------------------------------------
2,500 Health Care Retirement, Inc. 62,500
----------------------------------------------------------------------
1,300 Health Infusion, Inc. 8,775
----------------------------------------------------------------------
5,700 Health Management Assoc. 208,763
----------------------------------------------------------------------
1,800 Health Professionals, Inc. 1,350
----------------------------------------------------------------------
4,000 Health Systems International 110,500
----------------------------------------------------------------------
7,700 HealthCare COMPARE Corp. 142,450
----------------------------------------------------------------------
1,200 HealthCare Services Group, Inc. 13,650
----------------------------------------------------------------------
3,000 Healthdyne, Inc. 19,500
----------------------------------------------------------------------
5,800 Healthsource, Inc. 178,350
----------------------------------------------------------------------
6,300 HEALTHSOUTH Rehabilitation 203,963
----------------------------------------------------------------------
3,980 Hillhaven Corp. 79,103
----------------------------------------------------------------------
1,200 Hooper Holmes, Inc. 14,400
----------------------------------------------------------------------
3,000 Horizon Healthcare Corp. 70,125
----------------------------------------------------------------------
2,100 IG Laboratories, Inc. 13,125
----------------------------------------------------------------------
3,100 In Home Health, Inc. 7,750
----------------------------------------------------------------------
2,800 Integrated Health Services, Inc. 89,250
----------------------------------------------------------------------
700 Intergroup Healthcare Corp. 31,413
----------------------------------------------------------------------
1,600 Isomedix, Inc. 28,800
----------------------------------------------------------------------
500 Labone, Inc. 9,875
----------------------------------------------------------------------
2,200 Maxicare Health Plans, Inc. 25,300
----------------------------------------------------------------------
2,900 Medaphis Corp. 100,775
----------------------------------------------------------------------
8,000 Medical Care America, Inc. 172,000
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
HEALTH SERVICES--CONTINUED
----------------------------------------------------------------------
800 Mediplex Group, Inc. $ 27,300
----------------------------------------------------------------------
2,200 Mediq, Inc. 8,525
----------------------------------------------------------------------
1,800 Medstat Group, Inc. 28,800
----------------------------------------------------------------------
1,500 Meris Laboratories, Inc. 5,250
----------------------------------------------------------------------
4,300 Mid Atlantic Medical Services, Inc. 219,838
----------------------------------------------------------------------
2,800 National Intergroup, Inc. 46,550
----------------------------------------------------------------------
1,120 Novacare, Inc. 19,740
----------------------------------------------------------------------
2,000 Omnicare, Inc. 58,500
----------------------------------------------------------------------
6,979 Ornda Healthcorp 120,388
----------------------------------------------------------------------
4,450 Owens & Minor, Inc. 103,463
----------------------------------------------------------------------
2,800 Oxford Health Plans, Inc. 162,400
----------------------------------------------------------------------
1,200 Pacific Physician Services, Inc. 16,200
----------------------------------------------------------------------
1,400 Pharmaceutical Marketing Services 19,950
----------------------------------------------------------------------
800 Pharmacy Management Services, Inc. 6,000
----------------------------------------------------------------------
900 Phycor, Inc. 26,775
----------------------------------------------------------------------
2,900 Quantum Health Research, Inc. 92,800
----------------------------------------------------------------------
1,400 Ramsay HMO, Inc. 76,650
----------------------------------------------------------------------
1,400 Relife, Inc. 25,900
----------------------------------------------------------------------
2,900 REN Corp. USA 26,825
----------------------------------------------------------------------
4,300 Response Technologies, Inc. 8,331
----------------------------------------------------------------------
900 Rotech Medical Corp. 17,775
----------------------------------------------------------------------
1,200 Salic Healthcare, Inc. 18,600
----------------------------------------------------------------------
1,100 Seafield Capital Corp. 40,700
----------------------------------------------------------------------
4,600 Shared Medical Systems Corp. 117,875
----------------------------------------------------------------------
1,900 Sierra Healthservices, Inc. 48,450
----------------------------------------------------------------------
1,000 Sullivan Dental Products, Inc. 14,375
----------------------------------------------------------------------
500 Summit Care Corp. 11,000
----------------------------------------------------------------------
4,200 SysteMed, Inc. 22,050
----------------------------------------------------------------------
8,900 T2 Medical, Inc. 93,450
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
HEALTH SERVICES--CONTINUED
----------------------------------------------------------------------
1,600 Takecare, Inc. $ 117,100
----------------------------------------------------------------------
1,200 U.S. Home Care Corp. 4,575
----------------------------------------------------------------------
5,000 Unilab Corp. 28,125
----------------------------------------------------------------------
1,850 United Wisconsin Services, Inc. 62,900
----------------------------------------------------------------------
2,900 Universal Health Services, Inc. 69,238
----------------------------------------------------------------------
4,350 Vivra, Inc. 103,313
---------------------------------------------------------------------- -----------
Total 4,727,635
---------------------------------------------------------------------- -----------
HEALTH TECHNOLOGY--4.6%
----------------------------------------------------------------------
1,100 Abiomed, Inc. 8,525
----------------------------------------------------------------------
5,400 * Acuson Corp. 69,525
----------------------------------------------------------------------
3,366 ADAC Laboratories 26,928
----------------------------------------------------------------------
1,200 Advanced Magnetics, Inc. 16,800
----------------------------------------------------------------------
600 Advanced Medical, Inc. 525
----------------------------------------------------------------------
2,300 Advanced Technology Labs, Inc. 32,775
----------------------------------------------------------------------
6,500 Advanced Tissue Sciences, Inc. 40,625
----------------------------------------------------------------------
1,300 Agouron Pharmaceuticals, Inc. 16,900
----------------------------------------------------------------------
2,400 AL Laboratories, Inc. 35,100
----------------------------------------------------------------------
2,300 Alkermes, Inc. 13,225
----------------------------------------------------------------------
1,200 Alpha 1 Biomedicals, Inc. 2,400
----------------------------------------------------------------------
1,600 Alteon, Inc. 12,800
----------------------------------------------------------------------
3,800 Amylin Pharmaceuticals, Inc. 41,800
----------------------------------------------------------------------
800 Aphton Corp. 13,600
----------------------------------------------------------------------
2,474 Applied Immune Sciences, Inc. 21,648
----------------------------------------------------------------------
4,200 Athena Neurosciences, Inc. 30,450
----------------------------------------------------------------------
600 Barr Laboratories, Inc. 10,350
----------------------------------------------------------------------
800 Bio Rad Laboratories, Inc. 14,000
----------------------------------------------------------------------
6,500 Bio-Technology General Corp. 21,531
----------------------------------------------------------------------
1,100 Biocraft Laboratories, Inc. 15,538
----------------------------------------------------------------------
1,700 BioWhittaker, Inc. 10,625
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
HEALTH TECHNOLOGY--CONTINUED
----------------------------------------------------------------------
1,609 Cabot Medical Corp. $ 13,176
----------------------------------------------------------------------
4,700 Cambridge Biotech Corp. 6,756
----------------------------------------------------------------------
1,600 Cambridge Neuroscience, Inc. 10,300
----------------------------------------------------------------------
1,100 Carrington Laboratories, Inc. 11,688
----------------------------------------------------------------------
7,000 Cel-Sci Corp. 7,000
----------------------------------------------------------------------
2,200 Cellpro, Inc. 53,900
----------------------------------------------------------------------
9,100 Centocor, Inc. 85,313
----------------------------------------------------------------------
2,900 Cephalon, Inc. 31,175
----------------------------------------------------------------------
1,500 Chattem, Inc. 9,750
----------------------------------------------------------------------
4,300 Circa Pharmaceuticals, Inc. 48,375
----------------------------------------------------------------------
1,200 Circon Corp. 12,600
----------------------------------------------------------------------
2,100 Collagen Corp. 45,150
----------------------------------------------------------------------
3,400 Columbia Laboratories, Inc. 18,700
----------------------------------------------------------------------
3,100 Cordis Corp. 143,375
----------------------------------------------------------------------
4,500 Cryomedical Sciences, Inc. 10,406
----------------------------------------------------------------------
2,400 Cygnus Therapeutic Systems 21,600
----------------------------------------------------------------------
2,900 Cytel Corp. 14,138
----------------------------------------------------------------------
4,200 Cytogen Corp. 13,650
----------------------------------------------------------------------
6,900 Cytrex Corp. 37,088
----------------------------------------------------------------------
3,000 Datascope Corp. 42,750
----------------------------------------------------------------------
4,700 Dentsply International, Inc. 174,488
----------------------------------------------------------------------
2,300 Diagnostic Products Corp. 43,700
----------------------------------------------------------------------
1,900 Empi, Inc. 18,763
----------------------------------------------------------------------
3,300 Enzo Biochem, Inc. 36,713
----------------------------------------------------------------------
3,700 Enzon, Inc. 12,025
----------------------------------------------------------------------
2,000 Epitope, Inc. 30,500
----------------------------------------------------------------------
3,900 Genelabs Technologies, Inc. 11,700
----------------------------------------------------------------------
2,800 Genetic Therapy, Inc. 32,200
----------------------------------------------------------------------
2,000 Genta, Inc. 15,000
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
HEALTH TECHNOLOGY--CONTINUED
----------------------------------------------------------------------
2,600 Glycomed, Inc. $ 9,100
----------------------------------------------------------------------
7,000 Greenwich Pharmceuticals, Inc. 8,750
----------------------------------------------------------------------
1,600 Hanger Orthopedic Group 9,000
----------------------------------------------------------------------
2,000 Hauser Chemical Research, Inc. 16,250
----------------------------------------------------------------------
4,500 ICN Pharmaceuticals, Inc. 43,313
----------------------------------------------------------------------
3,800 ICOS Corp. 16,625
----------------------------------------------------------------------
3,400 IDEXX Laboratories, Inc. 112,200
----------------------------------------------------------------------
1,500 IGI, Inc. 15,750
----------------------------------------------------------------------
2,000 Imclone Systems, Inc. 5,500
----------------------------------------------------------------------
2,700 Immulogic Pharmaceutical Corp. 22,950
----------------------------------------------------------------------
2,900 Immune Response Corp. 28,638
----------------------------------------------------------------------
1,900 Immunogen, Inc. 8,906
----------------------------------------------------------------------
3,500 Immunomedics, Inc. 13,563
----------------------------------------------------------------------
2,000 Infrasonics, Inc. 9,000
----------------------------------------------------------------------
3,600 Interneuron Pharmaceuticals 26,550
----------------------------------------------------------------------
2,600 Invacare Corp. 69,550
----------------------------------------------------------------------
2,600 Isis Pharmaceuticals 20,150
----------------------------------------------------------------------
2,876 Ivax Corp. 69,743
----------------------------------------------------------------------
1,300 Jones Medical Industries, Inc. 14,950
----------------------------------------------------------------------
2,600 Kinetic Concepts, Inc. 9,425
----------------------------------------------------------------------
3,300 Life Technologies, Inc. 57,750
----------------------------------------------------------------------
3,400 Liposome Technology, Inc. 23,800
----------------------------------------------------------------------
5,200 Liposome, Inc. 28,600
----------------------------------------------------------------------
600 Lunar Corp. 7,200
----------------------------------------------------------------------
1,400 Marsam Pharmaceuticals, Inc. 14,700
----------------------------------------------------------------------
1,500 Matrix Pharmaceuticals 16,875
----------------------------------------------------------------------
1,000 Maxxim Medical, Inc. 15,750
----------------------------------------------------------------------
2,000 MedChem Products, Inc. 11,750
----------------------------------------------------------------------
2,500 Medco Research, Inc. 30,938
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
HEALTH TECHNOLOGY--CONTINUED
----------------------------------------------------------------------
1,200 Medex, Inc. $ 19,500
----------------------------------------------------------------------
1,600 Medimmune, Inc. 15,400
----------------------------------------------------------------------
2,100 Mentor Corp. 30,450
----------------------------------------------------------------------
721 Meridian Diagnostic 6,309
----------------------------------------------------------------------
2,300 MGI PHARMA, Inc. 23,575
----------------------------------------------------------------------
1,000 Minntech Corp. 11,500
----------------------------------------------------------------------
700 Mitek Surgical Products, Inc. 9,625
----------------------------------------------------------------------
2,600 Molecular Biosystems, Inc. 45,500
----------------------------------------------------------------------
1,100 NAMIC USA 9,900
----------------------------------------------------------------------
3,600 Nellcor, Inc. 99,450
----------------------------------------------------------------------
1,000 NeoRx Corp. 3,875
----------------------------------------------------------------------
2,200 Noven Pharmaceuticals, Inc. 32,725
----------------------------------------------------------------------
2,400 OEC Medical Systems, Inc. 14,100
----------------------------------------------------------------------
3,000 Oncogene Science, Inc. 9,375
----------------------------------------------------------------------
3,400 Oncor, Inc. 22,525
----------------------------------------------------------------------
2,000 Organogenesis, Inc. 25,500
----------------------------------------------------------------------
2,500 Pharmaceutical Resources, Inc. 23,125
----------------------------------------------------------------------
1,600 Possis Corp. 9,400
----------------------------------------------------------------------
2,300 Procyte Corp. 26,163
----------------------------------------------------------------------
2,000 Protein Design Laboratories, Inc. 40,250
----------------------------------------------------------------------
2,400 Puritan Bennett Corp. 50,400
----------------------------------------------------------------------
4,000 Quidel Corp. 16,000
----------------------------------------------------------------------
3,200 Regeneron Pharmaceuticals, Inc. 25,200
----------------------------------------------------------------------
3,300 Repligen Corp. 17,325
----------------------------------------------------------------------
2,000 Research Industries Corp. 17,500
----------------------------------------------------------------------
1,300 Respironics, Inc. 27,138
----------------------------------------------------------------------
3,200 Ribi ImmunoChem Research, Inc. 23,600
----------------------------------------------------------------------
2,000 Roberts Pharmaceutical Corp. 65,750
----------------------------------------------------------------------
2,100 Royce Labs, Inc. 8,663
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
HEALTH TECHNOLOGY--CONTINUED
----------------------------------------------------------------------
300 Scherer Healthcare, Inc. $ 6,150
----------------------------------------------------------------------
7,000 Scios Nova, Inc. 55,125
----------------------------------------------------------------------
3,300 * Sepracor, Inc. 18,150
----------------------------------------------------------------------
2,600 Somatix Therapy Corp. 16,900
----------------------------------------------------------------------
3,400 Somatogen, Inc. 27,200
----------------------------------------------------------------------
2,400 SpaceLabs Medical, Inc. 54,900
----------------------------------------------------------------------
1,993 Sphinx Pharmaceutical 35,127
----------------------------------------------------------------------
3,600 Summit Technology, Inc. 89,100
----------------------------------------------------------------------
3,300 Sunrise Medical, Inc. 82,088
----------------------------------------------------------------------
800 Sunrise Technologies, Inc. 3,700
----------------------------------------------------------------------
1,300 Superior Surgical Manufacturing, Inc. 16,738
----------------------------------------------------------------------
5,100 Sybron Corp. 154,913
----------------------------------------------------------------------
1,700 Syncor International Corp. 33,788
----------------------------------------------------------------------
5,600 Synergen, Inc. 53,200
----------------------------------------------------------------------
700 Systemix, Inc. 9,100
----------------------------------------------------------------------
2,700 T Cell Sciences, Inc. 11,138
----------------------------------------------------------------------
700 Target Therapeutics, Inc. 17,063
----------------------------------------------------------------------
2,100 Techne Corp. 24,675
----------------------------------------------------------------------
3,100 Technological Medical Products, Inc. 43,788
----------------------------------------------------------------------
2,400 Thermo Cardiosystems, Inc. 51,300
----------------------------------------------------------------------
2,000 Trimedyne Corp. 19,000
----------------------------------------------------------------------
7,200 U.S. Bioscience, Inc. 52,200
----------------------------------------------------------------------
2,600 Univax Biologics, Inc. 21,450
----------------------------------------------------------------------
2,050 Utah Medical Products, Inc. 16,144
----------------------------------------------------------------------
4,300 Ventritex, Inc. 78,475
----------------------------------------------------------------------
1,800 Vertex Pharmaceuticals, Inc. 24,525
----------------------------------------------------------------------
2,800 Vestar, Inc. 16,450
----------------------------------------------------------------------
945 Viratek, Inc. 9,450
----------------------------------------------------------------------
1,800 VISX, Inc. 30,150
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
HEALTH TECHNOLOGY--CONTINUED
----------------------------------------------------------------------
1,200 Vital Signs, Inc. $ 12,900
----------------------------------------------------------------------
2,700 West, Inc. 63,450
----------------------------------------------------------------------
4,700 XOMA Corp. 17,625
----------------------------------------------------------------------
3,100 Zenith Laboratories, Inc. 52,700
----------------------------------------------------------------------
4,100 Zila, Inc. 14,606
----------------------------------------------------------------------
1,300 Zweig Strategy Fund 23,075
---------------------------------------------------------------------- -----------
Total 4,191,091
---------------------------------------------------------------------- -----------
HEALTHCARE--0.1%
----------------------------------------------------------------------
1,300 Allied Healthcare Products 20,475
----------------------------------------------------------------------
1,400 * American Medical Response 33,250
----------------------------------------------------------------------
1,100 * Atrix Labs, Inc. 7,288
----------------------------------------------------------------------
2,200 * ATS Medical, Inc. 7,975
---------------------------------------------------------------------- -----------
Total 68,988
---------------------------------------------------------------------- -----------
INDUSTRIAL SERVICES--3.0%
----------------------------------------------------------------------
4,500 Air and Water Technology Corp. 33,750
----------------------------------------------------------------------
8,000 Allwaste, Inc. 42,000
----------------------------------------------------------------------
900 American Ecology, Inc. 9,450
----------------------------------------------------------------------
4,700 American Waste Savings, Inc. 10,575
----------------------------------------------------------------------
900 Andros, Inc. 15,525
----------------------------------------------------------------------
1,500 Atkinson (Guy F.) Co. 14,250
----------------------------------------------------------------------
1,100 Atwood Oceanics, Inc. 14,163
----------------------------------------------------------------------
1,100 Baker Michael Corp. 9,075
----------------------------------------------------------------------
1,300 BHA Group, Inc. 13,000
----------------------------------------------------------------------
3,400 BJ Services Corp. 62,475
----------------------------------------------------------------------
1,400 Celgene Corp. 9,625
----------------------------------------------------------------------
8,900 Chambers Development, Inc. 33,375
----------------------------------------------------------------------
1,200 Clean Harbors, Inc. 8,850
----------------------------------------------------------------------
2,800 CRSS, Inc. 31,150
----------------------------------------------------------------------
6,200 Digicon, Inc. 12,013
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
INDUSTRIAL SERVICES--CONTINUED
----------------------------------------------------------------------
1,300 Emcon Associates $ 8,775
----------------------------------------------------------------------
37,400 Energy Services, Inc. 144,925
----------------------------------------------------------------------
2,100 Energy Ventures, Inc. 30,450
----------------------------------------------------------------------
3,600 Enterra Corp. 72,450
----------------------------------------------------------------------
7,700 Environsource, Inc. 24,063
----------------------------------------------------------------------
3,400 Galveston Houston Co. 14,875
----------------------------------------------------------------------
1,200 Gilbert Association, Inc. 21,300
----------------------------------------------------------------------
2,500 Glenayre Technologies, Inc. 108,750
----------------------------------------------------------------------
1,700 * Global Industries Ltd. 31,025
----------------------------------------------------------------------
2,600 Granite Construction, Inc. 58,500
----------------------------------------------------------------------
1,100 Greiner Engineering, Inc. 15,125
----------------------------------------------------------------------
1,800 Groundwater Technology, Inc. 25,650
----------------------------------------------------------------------
2,200 Gundle Environmental Systems, Inc. 13,750
----------------------------------------------------------------------
2,000 Hornbeck Offshore Services 30,250
----------------------------------------------------------------------
900 Horsehead Resource Development, Inc. 2,700
----------------------------------------------------------------------
4,600 ICF International, Inc. 10,925
----------------------------------------------------------------------
1,600 Input/Output, Inc. 75,200
----------------------------------------------------------------------
1,466 Insituform Mid-American, Inc. 17,409
----------------------------------------------------------------------
2,700 Insituform Technologies, Inc. 37,800
----------------------------------------------------------------------
1,000 Integrated Waste Services, Inc. 4,500
----------------------------------------------------------------------
5,700 International Technology Corp. 15,675
----------------------------------------------------------------------
3,200 Jacobs Engineering Group, Inc. 67,600
----------------------------------------------------------------------
6,500 Kasler Corp. 47,125
----------------------------------------------------------------------
1,700 Landauer, Inc. 25,288
----------------------------------------------------------------------
2,900 Landmark Graphics Corp. 93,525
----------------------------------------------------------------------
1,300 Lufkin Industries, Inc. 23,075
----------------------------------------------------------------------
700 Martech USA, Inc. 1,575
----------------------------------------------------------------------
2,000 Matrix Services Co. 20,000
----------------------------------------------------------------------
4,500 Mid-American Waste Systems, Inc. 29,250
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
INDUSTRIAL SERVICES--CONTINUED
----------------------------------------------------------------------
14,000 Nabors Industries, Inc. $ 98,000
----------------------------------------------------------------------
8,800 Noble Drilling Corp. 60,500
----------------------------------------------------------------------
900 Noxso Corp. 5,175
----------------------------------------------------------------------
5,200 Oceaneering International, Inc. 62,400
----------------------------------------------------------------------
3,900 Offshore Logistics, Inc. 54,600
----------------------------------------------------------------------
1,700 Offshore Pipelines, Inc. 27,838
----------------------------------------------------------------------
1,900 OHM Corp. 33,488
----------------------------------------------------------------------
4,400 Omega Environmental, Inc. 39,600
----------------------------------------------------------------------
12,000 Parker Drilling Co. 69,000
----------------------------------------------------------------------
2,700 Pool Energy Services Co. 19,238
----------------------------------------------------------------------
3,200 Pride Petroleum Services, Inc. 18,000
----------------------------------------------------------------------
1,800 Production Operations Corp. 48,600
----------------------------------------------------------------------
2,800 Quadrex Corp. 3,150
----------------------------------------------------------------------
7,500 Reading & Bates Corp. 45,938
----------------------------------------------------------------------
3,000 Republic Waste Industries, Inc. 8,250
----------------------------------------------------------------------
13,200 Rollins Environmental Services, Inc. 59,400
----------------------------------------------------------------------
1,000 RPC Energy Services, Inc. 8,000
----------------------------------------------------------------------
2,700 Sanifill, Inc. 65,813
----------------------------------------------------------------------
500 Sevenson Environmental Services 8,625
----------------------------------------------------------------------
5,100 SGI International 12,431
----------------------------------------------------------------------
8,600 Smith International, Inc. 107,500
----------------------------------------------------------------------
2,100 Stone & Webster, Inc. 63,788
----------------------------------------------------------------------
2,100 Tanknology Environment, Inc. 8,400
----------------------------------------------------------------------
2,500 Tetra Technologies, Inc. 20,938
----------------------------------------------------------------------
1,268 Tetra Technology, Inc. 25,677
----------------------------------------------------------------------
3,700 Tuboscope Vetro International Corp. 21,275
----------------------------------------------------------------------
1,400 U.S. Filter Corp. 29,400
----------------------------------------------------------------------
1,300 USA Waste Services, Inc. 15,763
----------------------------------------------------------------------
5,900 Varco International, Inc. 31,713
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
INDUSTRIAL SERVICES--CONTINUED
----------------------------------------------------------------------
900 Wahlco Environmental Systems, Inc. $ 3,825
----------------------------------------------------------------------
10,900 Weatherford International 117,175
----------------------------------------------------------------------
3,700 Western Co. of North America 47,175
----------------------------------------------------------------------
1,900 Western Waste Industries 33,250
----------------------------------------------------------------------
1,600 Weston (Roy F.), Inc. 11,200
----------------------------------------------------------------------
2,700 York Research Corp. 11,475
----------------------------------------------------------------------
2,700 Zurn Industries, Inc. 56,700
---------------------------------------------------------------------- -----------
Total 2,744,111
---------------------------------------------------------------------- -----------
INSURANCE HOLDING COMPANIES--0.1%
----------------------------------------------------------------------
2,900 Acordia, Inc. 80,475
---------------------------------------------------------------------- -----------
MISCELLANEOUS--0.1%
----------------------------------------------------------------------
8,400 Primedex Health Systems, Inc. 21,000
----------------------------------------------------------------------
1,700 Floating Wayne National Corp., Inc. 64,600
----------------------------------------------------------------------
2,000 RE Resources, Inc. 39,500
---------------------------------------------------------------------- -----------
Total 125,100
---------------------------------------------------------------------- -----------
NON-ENERGY MINERALS--2.2%
----------------------------------------------------------------------
1,000 Acme Metals, Inc. 25,375
----------------------------------------------------------------------
3,000 American Colloid Co. 42,000
----------------------------------------------------------------------
600 Ameron, Inc. 22,350
----------------------------------------------------------------------
4,750 Birmingham Steel Corp. 140,125
----------------------------------------------------------------------
3,500 Brush Wellman, Inc. 56,875
----------------------------------------------------------------------
4,200 CalMat Co. 84,000
----------------------------------------------------------------------
4,800 Canyon Resources Corp. 14,400
----------------------------------------------------------------------
2,500 Carpenter Technology Corp. 64,375
----------------------------------------------------------------------
1,800 Carpenter Technology Corp. 105,525
----------------------------------------------------------------------
1,000 Castle (A.M.) & Co. 19,625
----------------------------------------------------------------------
1,100 Chaparral St. Louis Co. 11,138
----------------------------------------------------------------------
2,500 Cleveland Cliffs, Inc. 92,813
----------------------------------------------------------------------
3,400 Coeur d'Alene Mines Corp. 64,175
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
NON-ENERGY MINERALS--CONTINUED
----------------------------------------------------------------------
2,700 Crown Resources Corp. $ 15,525
----------------------------------------------------------------------
2,800 Dravo Corp. 32,200
----------------------------------------------------------------------
1,100 FirstMiss Gold, Inc. 8,113
----------------------------------------------------------------------
1,600 Florida Rock Industries, Inc. 41,600
----------------------------------------------------------------------
1,400 FMC Gold Co. 8,400
----------------------------------------------------------------------
3,100 Handy & Harman 43,788
----------------------------------------------------------------------
7,400 Hecla Mining Co. 84,175
----------------------------------------------------------------------
2,000 Imco Recycling, Inc. 26,250
----------------------------------------------------------------------
1,600 Kaiser Aluminum Corp. 14,000
----------------------------------------------------------------------
400 Laclede St. Louis Co. 5,800
----------------------------------------------------------------------
4,500 Lone Star Technologies, Inc. 32,063
----------------------------------------------------------------------
1,500 Maxxam, Inc. 50,813
----------------------------------------------------------------------
3,600 Medusa Corp. 89,550
----------------------------------------------------------------------
400 New Jersey Steel Corp. 7,300
----------------------------------------------------------------------
3,000 Nord Resources 15,750
----------------------------------------------------------------------
1,900 NS Group, Inc. 10,688
----------------------------------------------------------------------
3,600 Oregon Steel Mills 74,250
----------------------------------------------------------------------
900 Puerto Rican Cement, Inc. 25,313
----------------------------------------------------------------------
2,900 Quanex Corp. 59,813
----------------------------------------------------------------------
1,600 Republic Gypsum Co. 21,200
----------------------------------------------------------------------
1,100 Roanoke Electric Corp. 17,738
----------------------------------------------------------------------
3,700 Southdown, Inc. 94,350
----------------------------------------------------------------------
35,900 Sunshine Mining Co. 67,313
----------------------------------------------------------------------
1,900 Texas Industries, Inc. 71,488
----------------------------------------------------------------------
8,102 U.S.G. Corp. 214,703
----------------------------------------------------------------------
1,800 * USMX, Inc. 6,525
----------------------------------------------------------------------
5,800 Weirton Steel Corp. 50,025
----------------------------------------------------------------------
2,700 Wheeling Pittsburgh Corp. 44,550
---------------------------------------------------------------------- -----------
Total 1,976,059
---------------------------------------------------------------------- -----------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
PROCESS INDUSTRIES--3.5%
----------------------------------------------------------------------
1,060 Aceto Corp. $ 15,635
----------------------------------------------------------------------
2,500 Advanced Polymer Systems, Inc. 13,125
----------------------------------------------------------------------
750 AEP Industries, Inc. 11,813
----------------------------------------------------------------------
5,900 Airgas, Inc. 128,325
----------------------------------------------------------------------
5,500 Albany International Corp. 105,188
----------------------------------------------------------------------
800 Alico, Inc. 15,300
----------------------------------------------------------------------
1,500 * Alltrista Corp. 28,125
----------------------------------------------------------------------
400 American Filtrona Corp. 11,900
----------------------------------------------------------------------
900 American Maize Products Co. 17,100
----------------------------------------------------------------------
1,800 American Pacific Corp. 29,250
----------------------------------------------------------------------
3,000 Aptargroup, Inc. 67,125
----------------------------------------------------------------------
400 Blessings Corp. 9,850
----------------------------------------------------------------------
1,100 BMC Industries, Inc. 28,463
----------------------------------------------------------------------
1,200 Brady (W.H.) Co. 57,000
----------------------------------------------------------------------
5,400 Calgene, Inc. 58,050
----------------------------------------------------------------------
900 Cambrex Corp. 18,563
----------------------------------------------------------------------
1,600 Chemed Corp. 53,000
----------------------------------------------------------------------
500 Continental Can Co., Inc. 11,938
----------------------------------------------------------------------
1,382 Culp, Inc. 15,252
----------------------------------------------------------------------
1,100 Dekalb Genetics Corp. 34,925
----------------------------------------------------------------------
2,100 Dixie Yarns, Inc. 20,475
----------------------------------------------------------------------
5,600 DNA Plant Technology 22,400
----------------------------------------------------------------------
4,800 Donaldson, Inc. 107,400
----------------------------------------------------------------------
1,700 Ecogen, Inc. 9,563
----------------------------------------------------------------------
1,000 Fab Industries, Inc. 34,500
----------------------------------------------------------------------
1,900 Fieldcrest Cannon, Inc. 59,850
----------------------------------------------------------------------
4,400 First Mississippi Corp. 66,000
----------------------------------------------------------------------
3,000 Fuller (H.B.) Co. 105,000
----------------------------------------------------------------------
1,900 Furon Co. 28,975
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
PROCESS INDUSTRIES--CONTINUED
----------------------------------------------------------------------
2,500 Galey & Lord, Inc. $ 50,000
----------------------------------------------------------------------
11,700 Gaylord Container Corp. 57,038
----------------------------------------------------------------------
2,400 Greif Brothers Corp. 91,800
----------------------------------------------------------------------
3,200 Grow Group, Inc. 50,400
----------------------------------------------------------------------
1,300 Guardsman Products, Inc. 15,438
----------------------------------------------------------------------
2,200 Guilford Mills, Inc. 49,500
----------------------------------------------------------------------
1,800 ICN Biomedicals, Inc. 6,638
----------------------------------------------------------------------
1,400 Ionics, Inc. 63,700
----------------------------------------------------------------------
1,200 Johnston Industries, Inc. 12,150
----------------------------------------------------------------------
1,300 Learonal 19,338
----------------------------------------------------------------------
950 Lesco, Inc. 15,319
----------------------------------------------------------------------
3,300 Lilly Industrial, Inc. 86,625
----------------------------------------------------------------------
1,000 Liqui Box Corp. 37,000
----------------------------------------------------------------------
1,800 Lydall, Inc. 48,375
----------------------------------------------------------------------
500 MacDermid, Inc. 12,188
----------------------------------------------------------------------
2,200 Material Sciences Corp. 50,050
----------------------------------------------------------------------
1,100 Midwest Grain Products, Inc. 35,750
----------------------------------------------------------------------
800 Mine Safety Appliances Co. 32,700
----------------------------------------------------------------------
1,400 Mosinee Paper Corp. 40,950
----------------------------------------------------------------------
3,200 Mycogen Corp. 36,000
----------------------------------------------------------------------
800 NCH, Corp. 48,500
----------------------------------------------------------------------
4,000 NL Industries, Inc. 28,000
----------------------------------------------------------------------
2,100 O'Sullivan Corp. 19,950
----------------------------------------------------------------------
1,000 Oil Drilling Corp. 20,125
----------------------------------------------------------------------
1,000 Optical Coating Laboratories, Inc. 7,125
----------------------------------------------------------------------
2,006 Paxar Corp. 28,836
----------------------------------------------------------------------
1,400 Penwest Ltd. 27,300
----------------------------------------------------------------------
1,100 Petrolite Corp. 37,125
----------------------------------------------------------------------
800 Photronic Labs, Inc. 15,600
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
PROCESS INDUSTRIES--CONTINUED
----------------------------------------------------------------------
2,200 Pittway Corp. $ 78,650
----------------------------------------------------------------------
2,600 Pope & Talbot, Inc. 65,000
----------------------------------------------------------------------
1,000 Pratt & Lambert, Inc. 17,375
----------------------------------------------------------------------
1,600 Quaker Chemical 26,800
----------------------------------------------------------------------
4,300 Sealed Air Corp. 125,238
----------------------------------------------------------------------
1,400 Sealright Co., Inc. 18,900
----------------------------------------------------------------------
3,000 Shorewood Packaging Corp. 43,500
----------------------------------------------------------------------
800 Stepen Chemical Co. 21,800
----------------------------------------------------------------------
7,500 Sterling Chemicals, Inc. 53,438
----------------------------------------------------------------------
16,100 Stone Container Corp. 217,350
----------------------------------------------------------------------
1,300 Synetic, Inc. 13,325
----------------------------------------------------------------------
1,800 Tejon Ranch Co. 25,425
----------------------------------------------------------------------
7,000 Terra Industries, Inc. 51,625
----------------------------------------------------------------------
1,200 Thomaston Mills, Inc. 20,850
----------------------------------------------------------------------
1,000 Tuscarora, Inc. 15,375
----------------------------------------------------------------------
500 Vallen Corp. 6,500
----------------------------------------------------------------------
3,000 Vigoro Corp. 88,125
----------------------------------------------------------------------
2,900 Worldtex, Inc. 12,688
---------------------------------------------------------------------- -----------
Total 3,129,574
---------------------------------------------------------------------- -----------
PRODUCER MANUFACTURING--5.8%
----------------------------------------------------------------------
1,300 Acme Cleveland Corp. 19,825
----------------------------------------------------------------------
4,500 Allen Group, Inc. 75,938
----------------------------------------------------------------------
1,800 Amcast Industrial Corp. 41,400
----------------------------------------------------------------------
1,100 American Superconductor Corp. 33,000
----------------------------------------------------------------------
4,400 Ampal-American Israel Corp. 41,800
----------------------------------------------------------------------
1,600 Ampco-Pittsburgh Corp. 14,200
----------------------------------------------------------------------
8,900 Anacomp, Inc. 35,600
----------------------------------------------------------------------
2,200 Apogee Enterprises, Inc. 28,875
----------------------------------------------------------------------
2,400 Applied Power, Inc. 49,200
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
PRODUCER MANUFACTURING--CONTINUED
----------------------------------------------------------------------
2,940 Baldor Electric Co. $ 72,030
----------------------------------------------------------------------
2,800 Baldwin Technology, Inc., Class A 15,400
----------------------------------------------------------------------
700 Bel Fuse, Inc. 3,938
----------------------------------------------------------------------
415 Binks Manufacturing Co. 9,234
----------------------------------------------------------------------
800 Blount, Inc. 28,700
----------------------------------------------------------------------
1,600 Brenco, Inc. 15,800
----------------------------------------------------------------------
800 Butler Manufacturing Co. 17,800
----------------------------------------------------------------------
900 Cascade Corp. 18,675
----------------------------------------------------------------------
400 Christiana Companies, Inc. 11,050
----------------------------------------------------------------------
2,600 Clark Equipment Co. 177,450
----------------------------------------------------------------------
3,700 CMI Corp. 30,525
----------------------------------------------------------------------
2,200 Commercial Intertech Corp. 48,950
----------------------------------------------------------------------
2,500 Commercial Metals Corp. 59,063
----------------------------------------------------------------------
2,100 Core Industries, Inc. 26,250
----------------------------------------------------------------------
800 Donnely Corp. 12,500
----------------------------------------------------------------------
600 Douglas & Lomason Co. 11,400
----------------------------------------------------------------------
1,000 Durakon Industries, Inc. 19,000
----------------------------------------------------------------------
4,200 Duriron, Inc. 70,875
----------------------------------------------------------------------
800 Elco Industries, Inc. 15,400
----------------------------------------------------------------------
500 Essef Industries, Inc. 7,750
----------------------------------------------------------------------
1,200 Excel Industries, Inc. 21,600
----------------------------------------------------------------------
800 Exide Electronics Group, Inc. 16,100
----------------------------------------------------------------------
2,600 Fairchild Corp. 11,700
----------------------------------------------------------------------
700 Fansteel, Inc. 5,250
----------------------------------------------------------------------
1,000 Ferrofluidics Corp. 5,250
----------------------------------------------------------------------
3,000 Flow International Corp. 17,250
----------------------------------------------------------------------
1,000 Franklin Electronics, Inc. 31,500
----------------------------------------------------------------------
1,200 General Binding Corp. 20,100
----------------------------------------------------------------------
600 General Housewares Corp. 7,575
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
PRODUCER MANUFACTURING--CONTINUED
----------------------------------------------------------------------
3,500 Gentex Corp. $ 101,938
----------------------------------------------------------------------
1,100 Gleason Corp. 14,300
----------------------------------------------------------------------
1,300 Gorman Rupp Co. 33,475
----------------------------------------------------------------------
4,600 Goulds Pumps, Inc. 98,900
----------------------------------------------------------------------
1,650 Graco, Inc. 37,331
----------------------------------------------------------------------
2,4000 Great American Management & Investment, Inc. 78,000
----------------------------------------------------------------------
5,600 Harnischfeger Industries, Inc. 117,600
----------------------------------------------------------------------
1,800 Hexcel Corp. 6,975
----------------------------------------------------------------------
2,400 Hunt Manufacturers Co. 37,800
----------------------------------------------------------------------
2,800 IDEX Corp. 106,400
----------------------------------------------------------------------
3,400 Imo Industries, Inc. 35,700
----------------------------------------------------------------------
5,800 INDRESCO, Inc. 76,850
----------------------------------------------------------------------
1,050 Insteel Industries, Inc. 9,844
----------------------------------------------------------------------
7,800 Instrument System Corp. 68,250
----------------------------------------------------------------------
3,400 Interface Flooring, Inc. 46,750
----------------------------------------------------------------------
4,800 Interlake Corp. 13,200
----------------------------------------------------------------------
4,000 Intermet Corp. 32,000
----------------------------------------------------------------------
500 International Aluminum Corp. 12,500
----------------------------------------------------------------------
1,650 Jason, Inc. 24,338
----------------------------------------------------------------------
1,200 Joslyn Manufacturing Co. 29,400
----------------------------------------------------------------------
4,600 Joy Technologies, Inc. 56,925
----------------------------------------------------------------------
4,000 Juno Lighting, Inc. 74,000
----------------------------------------------------------------------
3,900 Kaman Corp., Class A 36,319
----------------------------------------------------------------------
1,600 Katy Industries, Inc. 40,000
----------------------------------------------------------------------
3,700 Kaydon Corp. 86,025
----------------------------------------------------------------------
2,600 Kennametal, Inc. 131,300
----------------------------------------------------------------------
600 Keystone Consolidated Industries, Inc. 7,125
----------------------------------------------------------------------
1,100 Knape & Vogt Manufacturing Co. 19,525
----------------------------------------------------------------------
1,300 Kuhlman Corp. 22,263
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
PRODUCER MANUFACTURING--CONTINUED
----------------------------------------------------------------------
1,000 Kyser Industrial Corp. $ 17,000
----------------------------------------------------------------------
5,100 Lam Research Corp. 154,275
----------------------------------------------------------------------
2,900 Lamson & Sessions Co. 19,213
----------------------------------------------------------------------
1,000 Lindsay Manufacturing Co. 33,000
----------------------------------------------------------------------
3,900 Magnetek, Inc. 56,550
----------------------------------------------------------------------
2,000 Manitowoc, Inc. 50,000
----------------------------------------------------------------------
2,500 Mercer International, Inc. 20,000
----------------------------------------------------------------------
700 Mestek, Inc. 6,475
----------------------------------------------------------------------
600 MICROS Systems Corp. 14,700
----------------------------------------------------------------------
300 Midland Co. 11,400
----------------------------------------------------------------------
2,300 Moorco International, Inc. 35,650
----------------------------------------------------------------------
1,400 Morgan Products Ltd. 8,575
----------------------------------------------------------------------
2,100 Mueller Industries, Inc. 68,775
----------------------------------------------------------------------
1,700 NACCO Industries, Inc. 85,213
----------------------------------------------------------------------
1,300 Nashua Corp. 34,125
----------------------------------------------------------------------
2,700 Nortek, Inc. 23,963
----------------------------------------------------------------------
1,800 * Nu-Kote Holdings, Inc. 77,900
----------------------------------------------------------------------
3,800 Oak Industries, Inc. 36,000
----------------------------------------------------------------------
1,400 Oregon Metallurgical Corp. 7,175
----------------------------------------------------------------------
1,700 OshKosh Truck Corp. 17,850
----------------------------------------------------------------------
1,650 Osmonics, Inc. 26,194
----------------------------------------------------------------------
1,100 Pacific Scientific Co. 27,500
----------------------------------------------------------------------
200 Penn Engineering & Manufacturing Corp. 9,975
----------------------------------------------------------------------
4,000 Pentair, Inc. 137,000
----------------------------------------------------------------------
300 Pitt-DesMoines, Inc. 9,150
----------------------------------------------------------------------
2,000 Ply Gem Industries, Inc. 40,500
----------------------------------------------------------------------
1,200 Powell Industries, Inc. 7,950
----------------------------------------------------------------------
2,500 Precision Castparts Corp. 81,250
----------------------------------------------------------------------
1,500 Quixote Corp. 31,500
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
PRODUCER MANUFACTURING--CONTINUED
----------------------------------------------------------------------
900 Raven Industries, Inc. $ 19,575
----------------------------------------------------------------------
1,050 Raymond Corp. 19,163
----------------------------------------------------------------------
2,200 Regal Beloit Corp. 59,675
----------------------------------------------------------------------
700 Robbins & Myers, Inc. 13,300
----------------------------------------------------------------------
1,500 Scotsman Industries, Inc. 21,000
----------------------------------------------------------------------
1,100 Shelby Williams Industries, Inc. 13,200
----------------------------------------------------------------------
2,600 Simpson Industries, Inc. 53,300
----------------------------------------------------------------------
3,100 Smith Corona Corp. 15,888
----------------------------------------------------------------------
2,300 Spartan Motors, Inc. 39,100
----------------------------------------------------------------------
900 SPS Technologies, Inc. 20,250
----------------------------------------------------------------------
3,625 Standard Products Co. 114,641
----------------------------------------------------------------------
2,600 Standex International Corp. 78,000
----------------------------------------------------------------------
1,400 Steel Technologies, Inc. 25,200
----------------------------------------------------------------------
900 Synalloy Corp. 16,200
----------------------------------------------------------------------
3,200 Teleflex, Inc. 111,200
----------------------------------------------------------------------
900 Tennant Co. 37,800
----------------------------------------------------------------------
800 Terex Corp. 6,200
----------------------------------------------------------------------
1,700 Thermo Power Corp. 13,175
----------------------------------------------------------------------
800 Thermo Process Systems, Inc. 6,900
----------------------------------------------------------------------
2,200 Thomas Industries, Inc. 31,900
----------------------------------------------------------------------
3,100 TJ International, Inc. 72,075
----------------------------------------------------------------------
1,700 Tokheim Corp. 20,613
----------------------------------------------------------------------
1,900 Tredegar Industries, Inc. 27,313
----------------------------------------------------------------------
3,140 Triarc Companies, Inc., Class A 61,230
----------------------------------------------------------------------
3,300 Trimas Corp. 85,388
----------------------------------------------------------------------
4,100 Tyler Corp. 22,038
----------------------------------------------------------------------
6,700 UNR Industries, Inc. 37,269
----------------------------------------------------------------------
1,500 Valmont Industries, Inc. 23,250
----------------------------------------------------------------------
650 Varlen Corp. 12,188
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
PRODUCER MANUFACTURING--CONTINUED
----------------------------------------------------------------------
1,300 Versa Technologies, Inc. $ 18,200
----------------------------------------------------------------------
2,400 Wabash National Corp. 109,200
----------------------------------------------------------------------
1,900 Walbro Corp. 52,250
----------------------------------------------------------------------
4,300 Watts Industries, Inc. 101,050
----------------------------------------------------------------------
900 Wheatley TXT Corp. 10,350
----------------------------------------------------------------------
1,400 Woodhead Industries 21,350
----------------------------------------------------------------------
1,000 Zebra Technologies Co. 28,750
----------------------------------------------------------------------
3,500 Zero Corp. 47,250
---------------------------------------------------------------------- -----------
Total 5,217,275
---------------------------------------------------------------------- -----------
REAL ESTATE--0.4%
----------------------------------------------------------------------
4,500 American Health Properties, Inc. 121,500
----------------------------------------------------------------------
3,600 Bradley Real Estate Trust 32,400
----------------------------------------------------------------------
2,800 Developers Diversified Realty 89,250
----------------------------------------------------------------------
2,100 LTC Properties, Inc. 27,825
----------------------------------------------------------------------
1,300 Price Reit, Inc. 43,713
----------------------------------------------------------------------
8,900 Rockefeller Center Properties, Inc. 50,063
----------------------------------------------------------------------
1,400 Wellsford Residential Properties 37,275
---------------------------------------------------------------------- -----------
Total 402,026
---------------------------------------------------------------------- -----------
RETAIL TRADE--4.9%
----------------------------------------------------------------------
1,900 50 Off Stores, Inc. 6,888
----------------------------------------------------------------------
6,400 Americredit Corp. 41,600
----------------------------------------------------------------------
1,000 AMRE, Inc. 3,625
----------------------------------------------------------------------
4,700 Ann Taylor Stores, Inc. 156,863
----------------------------------------------------------------------
2,400 Arbor Drugs, Inc. 41,400
----------------------------------------------------------------------
300 Arden Group, Inc. 13,650
----------------------------------------------------------------------
800 Babbages, Inc. 7,600
----------------------------------------------------------------------
3,000 Baker (J.), Inc. 63,750
----------------------------------------------------------------------
6,700 Best Buy Co., Inc. 242,038
----------------------------------------------------------------------
2,400 Big B, Inc. 28,200
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
RETAIL TRADE--CONTINUED
----------------------------------------------------------------------
1,700 Blair Corp. $ 74,163
----------------------------------------------------------------------
1,100 Bon-Ton Stores, Inc. 9,488
----------------------------------------------------------------------
700 Buttrey Food & Drug Stores Co. 4,025
----------------------------------------------------------------------
600 Cache, Inc. 4,125
----------------------------------------------------------------------
3,600 Caldor Corp. 106,200
----------------------------------------------------------------------
10,000 Carter Hawley Hale 113,750
----------------------------------------------------------------------
5,500 Casey's General Stores, Inc. 66,688
----------------------------------------------------------------------
6,200 Cash America International, Inc. 51,150
----------------------------------------------------------------------
1,600 Catherines Stores Corp. 18,400
----------------------------------------------------------------------
4,500 Cato Corp. 50,625
----------------------------------------------------------------------
4,500 Claire's Stores, Inc. 75,938
----------------------------------------------------------------------
2,200 Clothestime, Inc. 13,200
----------------------------------------------------------------------
500 Comcoa, Inc. 7,063
----------------------------------------------------------------------
3,200 CPI Corp. 47,200
----------------------------------------------------------------------
600 Crown Books Corp. 10,200
----------------------------------------------------------------------
1,200 Damark International, Inc. 29,100
----------------------------------------------------------------------
300 Dart Group Corp. 23,400
----------------------------------------------------------------------
700 Deb Shops, Inc. 4,856
----------------------------------------------------------------------
1,100 Delchamps, Inc. 23,169
----------------------------------------------------------------------
2,550 Designs, Inc. 36,975
----------------------------------------------------------------------
5,100 Diagnostek, Inc. 82,238
----------------------------------------------------------------------
3,300 Dress Barn, Inc. 37,950
----------------------------------------------------------------------
2,000 Drug Emporium, Inc. 9,250
----------------------------------------------------------------------
2,400 Eagle Food Centers, Inc. 13,500
----------------------------------------------------------------------
3,000 Egghead, Inc. 25,500
----------------------------------------------------------------------
1,400 Ezcorp, Inc. 4,163
----------------------------------------------------------------------
900 F&M Distributors, Inc. 18,200
----------------------------------------------------------------------
1,300 Fabri-Centers America 20,313
----------------------------------------------------------------------
2,900 Fastenal Co. 92,800
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
RETAIL TRADE--CONTINUED
----------------------------------------------------------------------
2,800 Fays, Inc. $ 17,850
----------------------------------------------------------------------
3,300 Filenes Basement Corp. 29,494
----------------------------------------------------------------------
766 Fredericks of Hollywood, Inc. 3,830
----------------------------------------------------------------------
4,600 General Host Corp. 27,600
----------------------------------------------------------------------
5,300 Genesco, Inc. 20,538
----------------------------------------------------------------------
1,226 Genovese Drug Stores, Inc. 15,019
----------------------------------------------------------------------
1,200 Goody's Family Clothing, Inc. 20,400
----------------------------------------------------------------------
1,200 Gottschalks, Inc. 14,100
----------------------------------------------------------------------
5,100 Grossman's, Inc. 19,763
----------------------------------------------------------------------
4,700 Hancock Fabrics, Inc. 39,363
----------------------------------------------------------------------
8,600 Hanover Direct, Inc. 52,675
----------------------------------------------------------------------
1,950 Haverty Furniture Cos., Inc. 24,375
----------------------------------------------------------------------
6,300 Hechinger Co. 95,288
----------------------------------------------------------------------
1,900 Hi-Lo Automotive, Inc. 23,988
----------------------------------------------------------------------
3,200 House of Fabrics, Inc. 19,600
----------------------------------------------------------------------
1,200 Inacom Corp. 14,100
----------------------------------------------------------------------
1,700 Ingles Markets, Inc. 20,400
----------------------------------------------------------------------
6,800 Intelligent Electronics, Inc. 129,200
----------------------------------------------------------------------
2,000 Intertan, Inc. 13,250
----------------------------------------------------------------------
900 Jacobson Stores, Inc. 13,050
----------------------------------------------------------------------
1,700 Lands' End, Inc. 79,050
----------------------------------------------------------------------
2,600 Lechters, Inc. 31,850
----------------------------------------------------------------------
800 Lillian Vernon Corp. 17,500
----------------------------------------------------------------------
1,100 Little Switzerland, Inc. 7,700
----------------------------------------------------------------------
6,500 MacFrugal's Bargains CloseOuts, Inc. 109,688
----------------------------------------------------------------------
1,300 Medicine Shoppe International, Inc. 29,250
----------------------------------------------------------------------
2,700 Michaels Stores, Inc. 119,475
----------------------------------------------------------------------
2,250 Microage, Inc. 57,375
----------------------------------------------------------------------
900 Monro Muffler Brake, Inc. 15,075
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
RETAIL TRADE--CONTINUED
----------------------------------------------------------------------
5,700 Musicland Stores, Inc. $ 121,838
----------------------------------------------------------------------
2,300 National Media Corp. 11,500
----------------------------------------------------------------------
2,700 New Engineers Business Service 54,338
----------------------------------------------------------------------
800 One Price Clothing Stores, Inc. 21,800
----------------------------------------------------------------------
8,700 * Payless Cashway, Inc. 137,025
----------------------------------------------------------------------
800 PCA International, Inc. 6,900
----------------------------------------------------------------------
1,800 Penn Traffic Co. 72,450
----------------------------------------------------------------------
2,400 Perry Drug Stores, Inc. 13,800
----------------------------------------------------------------------
8,200 Pier I Imports, Inc. 70,725
----------------------------------------------------------------------
1,300 Proffitts, Inc. 25,350
----------------------------------------------------------------------
1,000 Regis Corp. Minnesota 13,500
----------------------------------------------------------------------
1,600 Riser Foods, Inc. 12,200
----------------------------------------------------------------------
1,700 Rose's Stores, Inc. 638
----------------------------------------------------------------------
5,400 Ross Stores, Inc. 91,125
----------------------------------------------------------------------
2,700 Ruddick Corp. 49,950
----------------------------------------------------------------------
2,200 Smart & Final, Inc. 35,200
----------------------------------------------------------------------
4,200 Stanhome, Inc. 139,125
----------------------------------------------------------------------
1,836 Strawbridge & Clothier 38,556
----------------------------------------------------------------------
3,800 Sun Television & Appliances 33,250
----------------------------------------------------------------------
1,500 Supercuts, Inc. 20,625
----------------------------------------------------------------------
700 Syms Corp. 5,600
----------------------------------------------------------------------
1,000 Tandycrafts, Inc. 11,500
----------------------------------------------------------------------
2,400 The Good Guys, Inc. 37,200
----------------------------------------------------------------------
3,000 Tiffany & Co. 91,125
----------------------------------------------------------------------
300 Trak Auto Corp. 3,900
----------------------------------------------------------------------
700 Trans World Music Corp. 8,575
----------------------------------------------------------------------
1,000 TRM Copy Centers Corp. 9,250
----------------------------------------------------------------------
1,100 Tuesday Morning Corp. 4,950
----------------------------------------------------------------------
10,000 U.S. Shoe 180,000
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
RETAIL TRADE--CONTINUED
----------------------------------------------------------------------
2,100 Value City Department Stores, Inc. $ 29,138
----------------------------------------------------------------------
7,300 Waban, Inc. 123,188
----------------------------------------------------------------------
1,600 Wet Seal, Inc. 6,400
----------------------------------------------------------------------
2,900 Whole Foods Market, Inc. 50,025
----------------------------------------------------------------------
2,700 Williams Sonoma Corp. 92,475
----------------------------------------------------------------------
1,000 Wolohan Lumber Co. 14,375
---------------------------------------------------------------------- -----------
Total 4,397,685
---------------------------------------------------------------------- -----------
SHELTER--0.2%
----------------------------------------------------------------------
2,100 * Atlantic Gulf Communities Corp. 22,050
----------------------------------------------------------------------
1,600 * Champion Enterprises 54,600
----------------------------------------------------------------------
1,200 Elcor Chemical Corp. 28,200
----------------------------------------------------------------------
100 * Kennedy-Wilson, Inc. 200
----------------------------------------------------------------------
900 * Miles Homes, Inc. 5,063
----------------------------------------------------------------------
1,100 Schuler Homes, Inc. 25,300
---------------------------------------------------------------------- -----------
Total 135,413
---------------------------------------------------------------------- -----------
STEEL--0.0%
----------------------------------------------------------------------
2,700 * Geneva Steel Co., Class A 40,500
---------------------------------------------------------------------- -----------
TECHNOLOGY--1.8%
----------------------------------------------------------------------
1,300 * Acx Technologies, Inc. 44,850
----------------------------------------------------------------------
1,400 * America Online, Inc. 99,400
----------------------------------------------------------------------
3,600 ASK Group, Inc. 32,850
----------------------------------------------------------------------
3,000 * Banyan Systems, Inc. 53,250
----------------------------------------------------------------------
6,700 * Breed Technologies, Inc. 288,540
----------------------------------------------------------------------
1,400 * Clinicom, Inc. 26,250
----------------------------------------------------------------------
7,000 Computervision Corp. 28,000
----------------------------------------------------------------------
3,800 * Comverse Technology, Inc. 33,725
----------------------------------------------------------------------
2,800 * Control Data Systems, Inc. 28,350
----------------------------------------------------------------------
800 * CyCare System, Inc. 8,200
----------------------------------------------------------------------
2,200 * Datapoint Corp. 10,450
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
TECHNOLOGY--CONTINUED
----------------------------------------------------------------------
2,000 * Electronics For Imaging $ 30,000
----------------------------------------------------------------------
3,300 * First Pacific Networks, Inc. 24,338
----------------------------------------------------------------------
2,100 * Frame Technology Corp. 24,150
----------------------------------------------------------------------
1,100 * Future Now, Inc. 15,400
----------------------------------------------------------------------
900 * Gates/FA Distributing, Inc. 17,775
----------------------------------------------------------------------
4,000 * GenRad, Inc. 23,000
----------------------------------------------------------------------
2,500 * Gupta Corp. 38,125
----------------------------------------------------------------------
4,100 * KEMET Corp. 65,600
----------------------------------------------------------------------
800 Knogo Corp. 7,600
----------------------------------------------------------------------
1,500 * Kopin Corp. 23,250
----------------------------------------------------------------------
1,600 * Kulicke & Soffa Industries 20,200
----------------------------------------------------------------------
1,100 * Learning Co. 17,325
----------------------------------------------------------------------
4,900 * LTX Corp. 12,863
----------------------------------------------------------------------
1,200 McAfee Associates, Inc. 12,000
----------------------------------------------------------------------
100 * Media Logic, Inc. 338
----------------------------------------------------------------------
1,900 * Medic Computer Systems, Inc. 30,400
----------------------------------------------------------------------
1,600 * Micro Warehouse, Inc. 41,800
----------------------------------------------------------------------
4,700 * Molten Metal Technology 95,763
----------------------------------------------------------------------
2,300 * Netframe System, Inc. 26,450
----------------------------------------------------------------------
2,200 * Network Computing Devices 13,200
----------------------------------------------------------------------
1,000 * New Image Industries, Inc. 9,625
----------------------------------------------------------------------
2,100 OMS Inc. 16,800
----------------------------------------------------------------------
1,100 * Optical Data Systems, Inc. 17,875
----------------------------------------------------------------------
1,600 * Parallan Computer, Inc. 11,400
----------------------------------------------------------------------
3,300 * Picturetel Corp. 42,075
----------------------------------------------------------------------
2,050 * Platinum Software Corp. 9,738
----------------------------------------------------------------------
700 Qlogic Corp. 3,325
----------------------------------------------------------------------
7,700 * Read-Rite Corp. 96,250
----------------------------------------------------------------------
2,800 Recognition International, Inc. 26,600
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
TECHNOLOGY--CONTINUED
----------------------------------------------------------------------
900 * Rex Stores Corp. $ 16,763
----------------------------------------------------------------------
500 * Software Etc. Stores, Inc. 4,875
----------------------------------------------------------------------
1,700 * SuperMac Technology, Inc. 11,475
----------------------------------------------------------------------
3,800 * System Software Association 60,800
----------------------------------------------------------------------
1,900 * Technology Solutions Corp. 11,638
----------------------------------------------------------------------
1,500 * Trident Microsystems, Inc. 8,625
----------------------------------------------------------------------
500 * Urethane Technologies 3,375
----------------------------------------------------------------------
1,400 * Vmark Software, Inc. 28,000
----------------------------------------------------------------------
500 * Volt Information Science 8,750
----------------------------------------------------------------------
2,800 * Walker Interactive Systems 25,200
----------------------------------------------------------------------
1,700 * Weitek Corp. 11,263
----------------------------------------------------------------------
2,200 * Xircom, Inc. 49,500
---------------------------------------------------------------------- -----------
Total 1,667,394
---------------------------------------------------------------------- -----------
TECHNOLOGY SERVICES--3.1%
----------------------------------------------------------------------
1,500 Acxiom Corp. 30,000
----------------------------------------------------------------------
2,300 * Aldus Corp. 67,275
----------------------------------------------------------------------
3,500 * American Management System, Inc. 70,875
----------------------------------------------------------------------
3,800 * American Software, Inc. 21,375
----------------------------------------------------------------------
1,200 Analysts International Corp. 20,700
----------------------------------------------------------------------
2,700 Anthem Electronics 69,525
----------------------------------------------------------------------
1,200 Arrow Electronics, Inc. 22,500
----------------------------------------------------------------------
2,200 * Artisoft, Inc. 41,250
----------------------------------------------------------------------
1,240 Bell Industries, Inc. 21,545
----------------------------------------------------------------------
200 BGS System, Inc. 4,150
----------------------------------------------------------------------
3,300 Bisys Group, Inc. 59,813
----------------------------------------------------------------------
3,500 Bolt Beranek & Newman, Inc. 43,313
----------------------------------------------------------------------
1,000 * Boole & Babbage, Inc. 27,000
----------------------------------------------------------------------
1,700 * Broderbund Software, Inc. 58,225
----------------------------------------------------------------------
9,400 * Cadence Design Systems, Inc. 136,300
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
TECHNOLOGY SERVICES--CONTINUED
----------------------------------------------------------------------
2,600 * Compucom System, Inc. $ 13,975
----------------------------------------------------------------------
1,500 Computer Language Research, Inc. 10,875
----------------------------------------------------------------------
1,300 Computer Task Group, Inc. 10,888
----------------------------------------------------------------------
3,900 * Continuum, Inc. 80,925
----------------------------------------------------------------------
2,400 Envoy Corp. 45,000
----------------------------------------------------------------------
1,300 Excalibur Technologies Corp. 14,300
----------------------------------------------------------------------
1,200 * Government Technology Services, Inc. 15,000
----------------------------------------------------------------------
1,200 * Henry Jack & Associates, Inc. 8,325
----------------------------------------------------------------------
2,500 Hogan Systems, Inc. 25,313
----------------------------------------------------------------------
1,500 IMRS, Inc. 34,875
----------------------------------------------------------------------
2,200 Interleaf, Inc. 15,125
----------------------------------------------------------------------
2,600 * Intersolv, Inc. 27,950
----------------------------------------------------------------------
2,000 * Keane, Inc. 77,750
----------------------------------------------------------------------
1,400 Kent Electronics Corp. 40,950
----------------------------------------------------------------------
2,300 Knowledgeware, Inc. 24,725
----------------------------------------------------------------------
2,900 MacNeal Schwendler Corp. 36,613
----------------------------------------------------------------------
2,000 * Marcam Corp. 18,000
----------------------------------------------------------------------
3,800 * Marshall Industries 98,325
----------------------------------------------------------------------
5,400 * Merisel, Inc. 93,488
----------------------------------------------------------------------
2,700 National Data Corp. 47,925
----------------------------------------------------------------------
1,900 * PDA Engineering 5,938
----------------------------------------------------------------------
2,100 * Phoenix Technology Ltd. 10,763
----------------------------------------------------------------------
2,200 Pioneer Standard Electronics, Inc. 59,400
----------------------------------------------------------------------
3,200 Platinum Technology I 42,000
----------------------------------------------------------------------
1,100 * Progress Software Corp. 48,950
----------------------------------------------------------------------
3,000 Quarterdeck Office Systems 8,063
----------------------------------------------------------------------
1,600 Richardson Electronics Ltd. 8,600
----------------------------------------------------------------------
2,000 * Ross System, Inc. 9,750
----------------------------------------------------------------------
800 * Safeguard Scientifics, Inc. 26,000
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
TECHNOLOGY SERVICES--CONTINUED
----------------------------------------------------------------------
3,000 SEI Corp. $ 71,250
----------------------------------------------------------------------
2,500 * Software Publishing Corp. 12,500
----------------------------------------------------------------------
700 * Software Spectrum, Inc. 9,625
----------------------------------------------------------------------
4,400 * Software Toolworks, Inc. 63,800
----------------------------------------------------------------------
850 Southern Electronics Corp. 6,481
----------------------------------------------------------------------
12,900 * Spectrum Information Technologies, Inc. 32,250
----------------------------------------------------------------------
1,500 State of the Art, Inc. 11,250
----------------------------------------------------------------------
3,341 * Sterling Software, Inc. 97,724
----------------------------------------------------------------------
6,300 * Structural Dynamics Research Corp. 73,238
----------------------------------------------------------------------
1,900 * Sulcus Computer Corp. 6,056
----------------------------------------------------------------------
4,100 Sun Guard Data Systems, Inc. 151,700
----------------------------------------------------------------------
6,500 * Symantec Corp. 103,188
----------------------------------------------------------------------
2,900 * Synopsys, Inc. 116,000
----------------------------------------------------------------------
2,800 Systems & Computer Technology 54,600
----------------------------------------------------------------------
7,000 * Tech Data Corp. 125,125
----------------------------------------------------------------------
1,300 Total System Services, Inc. 29,900
----------------------------------------------------------------------
2,700 * Triad System Corp. 13,500
----------------------------------------------------------------------
4,000 * Trinzic Corp. 18,500
----------------------------------------------------------------------
3,300 * Viewlogic Systems, Inc. 81,675
----------------------------------------------------------------------
2,700 Wyle Labs 49,950
---------------------------------------------------------------------- -----------
Total 2,781,949
---------------------------------------------------------------------- -----------
TRANSPORTATION--1.9%
----------------------------------------------------------------------
4,200 Airborne Freight Corp. 154,350
----------------------------------------------------------------------
2,500 Airlines Express International Corp. 54,375
----------------------------------------------------------------------
1,200 Airtran, Inc. 10,500
----------------------------------------------------------------------
2,900 Alaska Air Group, Inc. 45,313
----------------------------------------------------------------------
3,200 * American Freightways Corp. 60,800
----------------------------------------------------------------------
4,000 Arnold Industries, Inc. 72,000
----------------------------------------------------------------------
1,300 Carolina Freight Corp. 15,438
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
TRANSPORTATION--CONTINUED
----------------------------------------------------------------------
3,600 Comair Holdings, Inc. $ 74,700
----------------------------------------------------------------------
6,700 Consolidated Freightways, Inc. 184,250
----------------------------------------------------------------------
2,900 Delta Queen Steamboat 42,775
----------------------------------------------------------------------
2,600 Expeditors International Washington, Inc. 41,275
----------------------------------------------------------------------
800 Florida East Coast, Inc. 58,000
----------------------------------------------------------------------
600 * Fritz Companies, Inc. 18,450
----------------------------------------------------------------------
1,466 Frozen Food Express Industries, Inc. 24,922
----------------------------------------------------------------------
1,800 * GRC International 19,800
----------------------------------------------------------------------
2,900 * Greyhound Lines, Inc. 30,813
----------------------------------------------------------------------
2,500 Harper Group 41,250
----------------------------------------------------------------------
1,457 Heartland Express, Inc. 49,174
----------------------------------------------------------------------
700 International Shipholding 14,613
----------------------------------------------------------------------
2,300 Intertrans Corp. 31,050
----------------------------------------------------------------------
6,200 Kirby Corp. 134,850
----------------------------------------------------------------------
500 * KLLM Transportation Services, Inc. 7,625
----------------------------------------------------------------------
2,800 * Landstar System, Inc. 70,000
----------------------------------------------------------------------
1,600 * M. S. Carriers, Inc. 33,600
----------------------------------------------------------------------
1,000 * Matlock Systems, Inc. 16,000
----------------------------------------------------------------------
300 Oglebay Norton Co. 7,575
----------------------------------------------------------------------
900 Old Dominion Freight Lines, Inc. 18,563
----------------------------------------------------------------------
6,000 OMI Corp. 39,000
----------------------------------------------------------------------
700 * Swift Transportation Co. 19,075
----------------------------------------------------------------------
3,850 TNT Freightways Corp. 90,475
----------------------------------------------------------------------
800 * USA Truck, Inc. 12,800
----------------------------------------------------------------------
3,300 Werner Enterprises, Inc. 87,450
----------------------------------------------------------------------
1,800 * Wisconsin Central Transportation Corp. 131,400
----------------------------------------------------------------------
2,900 Worldcorp, Inc. 15,588
---------------------------------------------------------------------- -----------
Total 1,727,849
---------------------------------------------------------------------- -----------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
UTILITIES--5.7%
----------------------------------------------------------------------
1,150 ACC Corp. $ 24,150
----------------------------------------------------------------------
7,200 * ALC Communications Co. 254,700
----------------------------------------------------------------------
1,800 * Allegheny & Western Energy Corp. 14,625
----------------------------------------------------------------------
3,600 * American Oil & Gas 39,150
----------------------------------------------------------------------
1,400 Aquarion Co. 34,475
----------------------------------------------------------------------
1,600 Arch Communications Group, Inc. 22,800
----------------------------------------------------------------------
2,900 Associated Natural Gas Corp. 100,775
----------------------------------------------------------------------
1,000 Atlantic Telephone Network, Inc. 10,500
----------------------------------------------------------------------
1,700 Atmos Energy Corp. 48,875
----------------------------------------------------------------------
700 Audiovox Corp. 10,500
----------------------------------------------------------------------
1,400 Bangor Hydro Electric Co. 20,650
----------------------------------------------------------------------
2,800 Bay State Gas Co. 70,350
----------------------------------------------------------------------
3,100 Black Hills Corp. 68,200
----------------------------------------------------------------------
1,200 California Water Service Corp. 41,850
----------------------------------------------------------------------
1,900 Cascade Natural Gas Corp. 29,925
----------------------------------------------------------------------
2,000 * Cellular Communications 42,000
----------------------------------------------------------------------
1,200 * Centennial Cellular 24,300
----------------------------------------------------------------------
3,700 Central Hudson Gas & Electric Service 107,763
----------------------------------------------------------------------
4,900 Central LA Electric Co. 123,725
----------------------------------------------------------------------
2,550 Central VT Public Service Corp. 47,494
----------------------------------------------------------------------
4,600 Chesapeake Corp. 113,850
----------------------------------------------------------------------
2,800 CILCORP, Inc. 96,600
----------------------------------------------------------------------
1,800 Colonial Gas Co. 36,900
----------------------------------------------------------------------
2,300 Commonwealth Energy System 96,600
----------------------------------------------------------------------
2,500 Comnet Cellular, Inc. 40,000
----------------------------------------------------------------------
600 Conn Water Service, Inc. 15,000
----------------------------------------------------------------------
1,600 Connecticut Energy Corp. 34,800
----------------------------------------------------------------------
2,100 Connecticut Natural Gas Corp. 53,813
----------------------------------------------------------------------
1,400 Consumers Water Co. 25,900
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
UTILITIES--CONTINUED
----------------------------------------------------------------------
1,300 Dial Page, Inc. $ 46,800
----------------------------------------------------------------------
1,000 E Town 28,750
----------------------------------------------------------------------
4,100 Eastern Utilities Association 103,525
----------------------------------------------------------------------
7,100 * El Paso Electric Co. 19,969
----------------------------------------------------------------------
3,000 Empire Distribution Electric Co. 58,125
----------------------------------------------------------------------
2,200 Energen Corp. 43,725
----------------------------------------------------------------------
600 Energynorth, Inc. 10,950
----------------------------------------------------------------------
1,000 Green Mountain Power Corp. 29,000
----------------------------------------------------------------------
4,950 Indiana Energy, Inc. 99,000
----------------------------------------------------------------------
1,300 Intellicall, Inc. 7,800
----------------------------------------------------------------------
1,500 Intermedia Communications 17,625
----------------------------------------------------------------------
2,100 Interstate Power Co. 58,800
----------------------------------------------------------------------
1,100 IWC Resources Corp. 23,375
----------------------------------------------------------------------
2,800 Kelley Oil Corp. 16,800
----------------------------------------------------------------------
3,250 KN Energy, Inc. 75,969
----------------------------------------------------------------------
3,400 Laclede Gas Co. 79,475
----------------------------------------------------------------------
16,300 * LDDS Communications, Inc. 383,050
----------------------------------------------------------------------
5,400 Lincoln Telecommunications Co. 87,075
----------------------------------------------------------------------
2,300 Madison Gas & Electric Co. 75,325
----------------------------------------------------------------------
900 Middlesex Water Co. 15,300
----------------------------------------------------------------------
500 Mobile Gas Service Corp. 14,125
----------------------------------------------------------------------
925 National Gas & Oil Co. 16,766
----------------------------------------------------------------------
3,700 New Jersey Resources Corp. 91,575
----------------------------------------------------------------------
1,300 North Carolina Natural Gas 31,525
----------------------------------------------------------------------
2,900 Northwest Natural Gas Co. 97,875
----------------------------------------------------------------------
1,700 Northwestern Public Service 46,750
----------------------------------------------------------------------
3,200 NTN Communications, Inc. 18,400
----------------------------------------------------------------------
1,500 NUI Corp. 35,813
----------------------------------------------------------------------
2,500 Otter Tail Power Co. 79,375
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
UTILITIES--CONTINUED
----------------------------------------------------------------------
1,200 Pennsylvania Enterprises $ 36,300
----------------------------------------------------------------------
2,100 * Peoples Telephone Co. 30,450
----------------------------------------------------------------------
2,000 Philadelphia Suburban Corp. 36,000
----------------------------------------------------------------------
5,700 Piedmont Natural Gas, Inc. 120,413
----------------------------------------------------------------------
1,100 Providence Energy Corp. 18,150
----------------------------------------------------------------------
9,200 * Public Service Co. New Mexico 123,050
----------------------------------------------------------------------
3,500 Public Service Co. No Car, Inc. 51,625
----------------------------------------------------------------------
6,300 Sierra Pacific Resources 118,125
----------------------------------------------------------------------
500 SJW Corp. 18,938
----------------------------------------------------------------------
2,124 South Jersey Industries, Inc. 43,808
----------------------------------------------------------------------
1,700 Southern CA Water Co. 33,575
----------------------------------------------------------------------
3,400 Southern Indiana Gas & Electric Co. 101,575
----------------------------------------------------------------------
2,106 Southern Union Co. 38,698
----------------------------------------------------------------------
2,378 Southeastern Michigan Gas Energy 44,592
----------------------------------------------------------------------
4,600 Southwest Gas Corp. 78,200
----------------------------------------------------------------------
5,600 Southwestern Energy Co. 91,700
----------------------------------------------------------------------
800 St. Joseph Light & Power Co. 23,200
----------------------------------------------------------------------
1,400 * Tejas Gas Corp. 75,250
----------------------------------------------------------------------
1,000 Tejas Power Corp. 12,000
----------------------------------------------------------------------
2,300 TNP Enterprises, Inc. 37,663
----------------------------------------------------------------------
8,900 Transco Energy Co. 134,613
----------------------------------------------------------------------
32,900 * Tucson Electric Power Co. 127,488
----------------------------------------------------------------------
2,600 * U.S. Long Distance Corp. 31,850
----------------------------------------------------------------------
2,300 United Cities Gas Co. 36,800
----------------------------------------------------------------------
4,736 United Water Resources, Inc. 63,344
----------------------------------------------------------------------
700 Unitil Corp. 13,213
----------------------------------------------------------------------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
- ------ ---------------------------------------------------------------------- -----------
COMMON STOCKS--CONTINUED
- -----------------------------------------------------------------------------------
UTILITIES--CONTINUED
----------------------------------------------------------------------
5,100 Washington Energy Co. $ 83,513
----------------------------------------------------------------------
3,600 WICOR, Inc. 93,150
----------------------------------------------------------------------
2,300 Yankee Energy Systems, Inc. 50,025
---------------------------------------------------------------------- -----------
Total 5,130,220
---------------------------------------------------------------------- -----------
TOTAL COMMON STOCKS (IDENTIFIED COST $79,772,660) $80,776,780
---------------------------------------------------------------------- -----------
PREFERRED STOCKS--0.0%
- ------------------------------------------------------------------------------------
CONSUMER BASICS--0.0%
----------------------------------------------------------------------
192 * Lynx Therapeutic, Inc. 192
---------------------------------------------------------------------- -----------
TOTAL PREFERRED STOCKS (IDENTIFIED COST $192) 192
---------------------------------------------------------------------- -----------
</TABLE>
MINI-CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<C> <C> <S> <C>
- ---------- ------------------------------------------------------------------- -----------
SHORT TERM U.S. GOVERNMENT OBLIGATIONS--0.6%
- -------------------------------------------------------------------------------------
$ 500,000 United States Treasury Bills, 3.535%, 6/16/94
(at amortized cost) $ 497,741
------------------------------------------------------------------- -----------
** REPURCHASE AGREEMENT--9.4%
- -------------------------------------------------------------------------------------
8,540,000 J.P. Morgan Securities, Inc., 3.60%, 5/2/94, (at amortized cost)
(Note 2A and 2B) 8,540,000
------------------------------------------------------------------- -----------
TOTAL INVESTMENTS (IDENTIFIED COST $88,810,593) $89,814,713+
------------------------------------------------------------------- -----------
</TABLE>
The following abbreviations are used in this portfolio:
<TABLE>
<S> <C>
PCA -- Pollution Control Authority
REIT -- Real Estate Investment Trust
</TABLE>
* Non-income producing securities.
** The repurchase agreement is fully collateralized by U.S. Government
obligations. The investment in the repurchase agreement is through
participation in a joint account with other Federated Investors funds.
+ The cost for federal tax purposes amounts to $88,810,593. The net unrealized
appreciation of investments on a federal tax basis amounts to $1,004,120,
which is comprised of $8,780,715 appreciation and $7,776,596 depreciation at
April 30, 1994.
Note: The categories of investments are shown as a percentage of net assets
($90,467,795) at April 30, 1994.
(See Notes which are an integral part of the Financial Statements)
MINI-CAP FUND
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
ASSETS:
- --------------------------------------------------------------------------------
Investments in securities, at value (Notes 2A and 2B)
(identified and tax cost $88,810,593) $89,814,713
- --------------------------------------------------------------------------------
Cash 389,267
- --------------------------------------------------------------------------------
Receivable for investments sold 21,313
- --------------------------------------------------------------------------------
Receivable for Fund shares sold 245,780
- --------------------------------------------------------------------------------
Dividends and interest receivable 82,894
- --------------------------------------------------------------------------------
Receivable for daily variation margin on open futures contracts (Notes 2G) 7,370
- --------------------------------------------------------------------------------
Deferred expenses (Note 2F) 5,814
- -------------------------------------------------------------------------------- -----------
Total assets 90,567,151
- --------------------------------------------------------------------------------
LIABILITIES:
- ----------------------------------------------------------------------
Payable for Fund shares redeemed $39,468
- ----------------------------------------------------------------------
Payable to transfer and dividend disbursing agent (Note 4) 14,540
- ----------------------------------------------------------------------
Accrued expenses and other liabilities 45,348
- ---------------------------------------------------------------------- -------
Total liabilities 99,356
- -------------------------------------------------------------------------------- -----------
NET ASSETS for 7,855,623 shares of beneficial interest outstanding $90,467,795
- -------------------------------------------------------------------------------- -----------
NET ASSETS CONSIST OF:
- --------------------------------------------------------------------------------
Paid-in capital $89,321,349
- --------------------------------------------------------------------------------
Net unrealized appreciation on investments and futures contracts (Note 2G) 679,250
- --------------------------------------------------------------------------------
Accumulated undistributed net realized gain on investments and
futures contracts (Note 2G) 475,862
- --------------------------------------------------------------------------------
Accumulated distributions in excess of net investment income (8,666)
- -------------------------------------------------------------------------------- -----------
Total Net Assets $90,467,795
- -------------------------------------------------------------------------------- -----------
NET ASSET VALUE, Offering Price and Redemption Price Per Share:
($90,467,795 / 7,855,623 shares of beneficial interest outstanding) $ 11.52
- -------------------------------------------------------------------------------- -----------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
MINI-CAP FUND
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
INVESTMENT INCOME:
- ----------------------------------------------------------------------------------
Dividends $ 478,442
- ----------------------------------------------------------------------------------
Interest 180,189
- ---------------------------------------------------------------------------------- -----------
Total investment income (Note 2C) 658,631
- ----------------------------------------------------------------------------------
EXPENSES--
- ----------------------------------------------------------------------------------
Management fee (Note 4) $207,099
- ----------------------------------------------------------------------
Trustees' fees 1,900
- ----------------------------------------------------------------------
Custodian fees and portfolio accounting services 82,121
- ----------------------------------------------------------------------
Transfer and dividend disbursing agent fees and expenses (Note 4) 19,821
- ----------------------------------------------------------------------
Fund share registration fees 79
- ----------------------------------------------------------------------
Legal fees 7,000
- ----------------------------------------------------------------------
Auditing fees 17,400
- ----------------------------------------------------------------------
Printing and postage 16,000
- ----------------------------------------------------------------------
Taxes 4,500
- ----------------------------------------------------------------------
Miscellaneous 3,484
- ---------------------------------------------------------------------- --------
Total expenses 359,404
- ----------------------------------------------------------------------
Deduct--Waiver of management fee (Note 4) 68,294
- ---------------------------------------------------------------------- --------
Net expenses 291,110
- ---------------------------------------------------------------------------------- -----------
Net investment income 367,521
- ---------------------------------------------------------------------------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS:
- ----------------------------------------------------------------------------------
Net realized gain (loss) on investment transactions and futures contracts
(identified cost basis) 671,833
- ----------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) on investments
and futures contracts (3,421,405)
- ---------------------------------------------------------------------------------- -----------
Net realized and unrealized loss on investments and future contracts (2,749,572)
- ---------------------------------------------------------------------------------- -----------
Change in net assets resulting from operations $(2,382,051)
- ---------------------------------------------------------------------------------- -----------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
MINI-CAP FUND
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
--------------------------------
1994* 1993
------------ ------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
- ------------------------------------------------------------------
OPERATIONS--
- ------------------------------------------------------------------
Net investment income $ 367,521 $ 681,060
- ------------------------------------------------------------------
Net realized gain (loss) on investments and futures contracts
($476,418 and $5,086,354 net gains, respectively, as computed for
federal
tax purposes) (Note 2D) 671,833 4,886,059
- ------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) on
investments
and futures contracts (3,421,405) 3,911,777
- ------------------------------------------------------------------ ------------ ------------
Change in net assets resulting from operations (2,382,051) 9,478,896
- ------------------------------------------------------------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2C)--
- ------------------------------------------------------------------
Dividends to shareholders from net investment income (367,521) (661,325)
- ------------------------------------------------------------------
Distributions to shareholders from net realized gain on
investments (5,087,293) --
- ------------------------------------------------------------------
Distributions to shareholders in excess of net investment income (38,095) --
- ------------------------------------------------------------------ ------------ ------------
Change in net assets resulting from distributions to
shareholders (5,492,909) (661,325)
- ------------------------------------------------------------------ ------------ ------------
FUND SHARE (PRINCIPAL) TRANSACTIONS (NOTE 3)--
- ------------------------------------------------------------------
Proceeds from sale of shares 39,957,136 81,602,389
- ------------------------------------------------------------------
Net asset value of shares issued to shareholders in payment of
dividends declared 1,472,973 154,900
- ------------------------------------------------------------------
Cost of shares redeemed (19,226,319) (22,187,110)
- ------------------------------------------------------------------ ------------ ------------
Change in net assets from Fund share transactions 22,203,790 59,570,179
- ------------------------------------------------------------------ ------------ ------------
Change in net assets 14,328,830 68,387,750
- ------------------------------------------------------------------
NET ASSETS:
- ------------------------------------------------------------------
Beginning of period 76,138,965 7,751,215
- ------------------------------------------------------------------ ------------ ------------
End of period (including undistributed net investment income of $0
and $29,429 respectively) $ 90,467,795 $ 76,138,965
- ------------------------------------------------------------------ ------------ ------------
</TABLE>
* Six months ended April 30, 1994 (unaudited).
(See Notes which are an integral part of the Financial Statements)
MINI-CAP FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
----------------------------------
1994** 1993 1992*
------ ------ ------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $12.66 $10.39 $10.00
- -----------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- -----------------------------------------------------------
Net investment income 0.05 0.17 0.02
- -----------------------------------------------------------
Net realized and unrealized gain (loss) on investments (0.36) 2.27 0.38
- ----------------------------------------------------------- ------ ------ ------
Total from investment operations (0.31) 2.44 0.40
- -----------------------------------------------------------
LESS DISTRIBUTIONS
- -----------------------------------------------------------
Dividends to shareholders from net investment income (0.06) (0.17) (0.01)
- -----------------------------------------------------------
Distributions to shareholders from net realized gain on
investments (0.78) -- --
- -----------------------------------------------------------
Distributions to shareholders in excess of net investment
income + 0.01 -- --
- ----------------------------------------------------------- ------ ------ ------
Total distributions (0.83) (0.17) (0.01)
- ----------------------------------------------------------- ------ ------ ------
NET ASSET VALUE, END OF PERIOD $11.52 $12.66 $10.39
- ----------------------------------------------------------- ------ ------ ------
TOTAL RETURN*** (2.48)% 23.73% 4.00%
- -----------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
- -----------------------------------------------------------
Expenses 0.70%(b) 0.37% 0.00%(b)
- -----------------------------------------------------------
Net investment income 0.89%(b) 1.48% 2.04%(b)
- -----------------------------------------------------------
Expense waiver/reimbursement (a) 0.16%(b) 0.86% 0.87%(b)
- -----------------------------------------------------------
SUPPLEMENTAL DATA
- -----------------------------------------------------------
Net assets, end of period (000 omitted) $90,468 $76,139 $7,751
- -----------------------------------------------------------
Portfolio turnover rate 1% 48% 1%
- -----------------------------------------------------------
</TABLE>
* Reflects operations for the period from August 10, 1992 (date of initial
public investment) to
October 31, 1992.
** Six months ended April 30, 1994 (unaudited).
*** Based on net asset value which does not reflect the sales load or contingent
deferred sales charge, if applicable.
+ Distributions in excess of net investment income was a result of certain
book and tax timing differences. The distribution does not represent a
return of capital for federal income tax purposes.
(a) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above (Note 4).
(b) Computed on an annualized basis.
(See Notes which are an integral part of the Financial Statements)
MINI-CAP FUND
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
(1) ORGANIZATION
Federated Index Trust (the "Trust") is registered under the Investment Company
Act of 1940, as amended, as an open-end, management investment company. The
Trust consists of three, diversified, portfolios. The financial statements
included herein present only those of Mini-Cap Fund (the "Fund"). The financial
statements of the other portfolios are presented separately. The assets of each
portfolio are segregated and a shareholder's interest is limited to the
portfolio in which shares are held.
(2) SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
policies are in conformity with generally accepted accounting principles (GAAP).
A. INVESTMENT VALUATIONS--Listed equity securities are valued at the last sales
price reported on national securities exchanges. Unlisted securities and
short-term obligations (and private placement securities) are generally
valued at the prices provided by an independent pricing service. Short-term
securities with remaining maturities of sixty days, or less may be stated at
amortized cost, which approximates value.
B. REPURCHASE AGREEMENTS--It is the policy of the Trust to require the custodian
bank to take possession, to have legally segregated in the Federal Reserve
Book Entry System or to have segregated within the custodian bank's vault,
all securities held as collateral in support of repurchase agreement
investments. Additionally, procedures have been established by the Trust to
monitor, on a daily basis, the market value of each repurchase agreement's
underlying collateral to ensure the value at least equals the principal
amount of the repurchase agreement, including accrued interest.
The Fund will only enter into repurchase agreements with banks and other
recognized financial institutions such as broker/dealers which are deemed by
the Fund's manager to be creditworthy pursuant to guidelines established by
the Trustees ("Trustees"). Risks may arise from the potential inability of
counterparties to honor the terms of a repurchase agreement. Accordingly, the
Fund could receive less than the repurchase price on the sale of collateral
securities.
C. INVESTMENT INCOME, EXPENSES, AND DISTRIBUTIONS--Dividend income and
distributions to shareholders are recorded on the ex-dividend date. Interest
income and expenses are accrued daily. Bond premium and discount if
applicable, are amortized as required by the Internal Revenue Code, as
amended ("Code"). Distributions are determined in accordance with income tax
regulations which may differ from generally accepted accounting principals.
These distributions do not represent a return of capital for federal income
tax purposes.
MINI-CAP FUND
- --------------------------------------------------------------------------------
D. FEDERAL TAXES--It is the Fund's policy to comply with the provisions of the
Code applicable to regulated investment companies and to distribute to
shareholders each year substantially all of its taxable income. Accordingly,
no provision for federal tax is necessary.
E. WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS--The Fund may engage in
when-issued or delayed delivery transactions. The Fund records when-issued
securities on the trade date and maintains security positions such that
sufficient liquid assets will be available to make payment for the securities
purchased. Securities purchased on a when-issued or delayed delivery basis
are marked to market daily and begin earning interest on the settlement date.
F. DEFERRED EXPENSES--The costs incurred by the Fund with respect to
registration of its shares in its first fiscal year, excluding the initial
expense of registering the shares, have been deferred and are being amortized
using the straight-line method over a period of five years from the Fund's
commencement date.
G. FUTURES CONTRACTS--Upon entering into a financial futures contract with a
broker, the Fund is required to deposit in a segregated account an amount
("initial margin") of cash or U.S. government securities equal to a
percentage of the contract value. The Fund agrees to receive from or pay the
broker an amount of cash equal to a specific dollar amount times the
difference between the closing value and the price at which the contract
value was made. On a daily basis, the value of a financial futures contract
is determined and any difference between such value and the original futures
contract value is reflected in the "daily variation margin" account. Daily
variation margin adjustments, arising from this "marking to market" process,
are recorded by the Fund as unrealized gains or losses.
The Fund may decide to close its position on a contract at any time prior to
the contract's expiration. When a contract is closed, the Fund recognizes a
realized gain or loss. Risks of entering into futures contracts include the
possibility that a change in the value of the contract may not correlate with
changes in the value of the underlying securities. For the six months ended
April 30, 1994, the Fund had a realized gain of $149,560 on futures
contracts.
<TABLE>
<CAPTION>
UNREALIZED
CONTRACTS TO APPRECIATION
EXPIRATION DATE DELIVER/RECEIVE POSITION (DEPRECIATION)
------------------ ------------------------- ------------------ ------------------
<S> <C> <C> <C>
June 1994 33 S&P 400 Index Futures Long $(217,540)
June 1994 26 S&P 500 Index Futures Long $(107,330)
-------------
Net Unrealized Appreciation (Depreciation) on Future Contracts $(324,870)
</TABLE>
H. OTHER--Investment transactions are accounted for as of the trade date.
MINI-CAP FUND
- --------------------------------------------------------------------------------
(3) SHARES OF BENEFICIAL INTEREST
The Declaration of Trust permits the Trustees to issue an unlimited number of
full and fractional shares of beneficial interest (without par value) for each
class of shares. Transactions in Fund shares were as follows:
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
---------------------------
1994* 1993
- ----------------------------------------------------------------- ---------- ----------
<S> <C> <C>
Shares sold 3,324,406 7,198,018
- -----------------------------------------------------------------
Shares issued to shareholders in payment of dividends declared 126,863 13,554
- -----------------------------------------------------------------
Shares redeemed (1,607,846) (1,945,444)
- ----------------------------------------------------------------- ---------- ----------
Net change resulting from Fund share transactions 1,843,423 5,266,128
- ----------------------------------------------------------------- ---------- ----------
</TABLE>
* Six months ended April 30, 1994.
(4) MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEE--Federated Management, the Fund's Manager ("Manager"), receives
for its services an annual management fee equal to 0.50 of 1% of the Fund's
average daily net assets. Federated Management has entered into a sub-management
contract with ANB Investment Management and Trust Company ("Sub-Manager"). The
Manager shall pay the Sub-Manager .065 of 1% of the Fund's average daily net
assets. The Manager may voluntarily choose to waive a portion of its fees.
Manager can modify or terminate this voluntary waiver and reimbursement at any
time at its sole discretion.
TRANSFER AND DIVIDEND DISBURSING AGENT FEES--Federated Services Company serves
as transfer and dividend disbursing agent for the Fund. The fee is based on the
size, type and number of accounts and transactions made by shareholders.
ORGANIZATIONAL EXPENSES--Organizational expenses of $22,217 were borne initially
by the Manager. The Fund has agreed to reimburse the Manager at an annual rate
of .005 of 1% of average daily net assets for organizational expenses until
expenses initially borne by the Manager are fully reimbursed or the expiration
of five years after July 7, 1992 date the Fund's portfolio first became
effective, whichever occurs earlier.
For the six months ended April 30, 1994, the Fund paid $3,456 pursuant to this
agreement.
Certain of the Officers and Trustees of the Trust are Officers and Trustees or
Directors of the above companies.
MINI-CAP FUND
- --------------------------------------------------------------------------------
(5) INVESTMENT TRANSACTIONS
Purchases and sales of investments, excluding short-term obligations, for the
six months ended April 30, 1994 were as follows:
<TABLE>
<S> <C>
- -------------------------------------------------------------------------------
PURCHASES-- $20,183,008
- ------------------------------------------------------------------------------- -----------
SALES-- $ 664,453
- ------------------------------------------------------------------------------- -----------
</TABLE>
<TABLE>
<S> <C>
TRUSTEES OFFICERS
- ---------------------------------------------------------------------------------------------
John F. Donahue John F. Donahue
John T. Conroy, Jr. Chairman
William J. Copeland Glen R. Johnson
J. Christopher Donahue President
James E. Dowd J. Christopher Donahue
Lawrence D. Ellis, M.D. Vice President
Edward L. Flaherty, Jr. Richard B. Fisher
Peter E. Madden Vice President
Gregor F. Meyer Edward C. Gonzales
Wesley W. Posvar Vice President and Treasurer
Marjorie P. Smuts John W. McGonigle
Vice President and Secretary
John A. Staley, IV
Vice President
David M. Taylor
Assistant Treasurer
J. Crilley Kelly
Assistant Secretary
</TABLE>
Mutual funds are not obligations of or insured by any bank nor are they insured
by the federal
government or any of its agencies. Investment in these shares involves risk,
including
the possible loss of principal.
This report is authorized for distribution to prospective investors only when
preceded
or accompanied by the Fund's prospectus which contains facts concerning its
objective and policies, management fees, expenses and other information.
