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Previous: HOMESTEAD FUNDS INC, NSAR-A, 2000-08-30 |
Next: PIMCO FUNDS MULTI MANAGER SERIES, 485APOS, 2000-08-30 |
<PAGE>
AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC. 2450 South Shore Boulevard, League
City, TX 77573
--------------------------------------------------------------------------------
DIRECTORS
Ernest S. Barratt, Ph.D.
Allan W. Matthews
Lea McLeod Matthews
Michael W. McCroskey
Ann McLeod Moody
Edwin K. Nolan
Robert V. Shattuck, Jr.
Jamie G. Williams
Frank P. Williamson
OFFICERS
Michael W. McCroskey, President
Gordon D. Dixon, Vice President and Portfolio Manager
Brenda T. Koelemay, Vice President and Treasurer
Emerson V. Unger, Vice President
Teresa E. Axelson, Vice President and Secretary
INVESTMENT ADVISOR AND MANAGER
Securities Management and Research, Inc.
P.O. Box 58969
Houston, TX 77258-8969
CUSTODIAN
Securities Management and Research, Inc.
P.O. Box 58969
Houston, TX 77258-8969
LEGAL COUNSEL
Greer, Herz & Adams, L.L.P.
One Moody Plaza
Galveston, Texas 77550
UNDERWRITER AND REDEMPTION AGENT
Securities Management and Research, Inc.
P.O. Box 58969
Houston, TX 77258-8969
TRANSFER AGENT, REGISTRAR AND DIVIDEND PAYING AGENT
Securities Management and Research, Inc.
P.O. Box 58969
Houston, TX 77258-8969
INDEPENDENT AUDITORS
Tait, Weller & Baker
8 Penn Center Plaza, Suite 800
Philadelphia, PA 19103-2108
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
GROWTH PORTFOLIO
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
AEROSPACE/DEFENSE--1.46%
Boeing Company 4,800 $ 200,700
Goodrich (B.F.) Company 3,136 106,820
-----------
307,520
AUTO & TRUCK MANUFACTURERS--0.86%
Ford Motor Company 1,500 64,500
General Motors Corporation 2,000 116,125
-----------
180,625
AUTO PARTS MANUFACTURERS--0.32%
Dana Corporation 3,100 65,681
Visteon Corporation 196 2,381
-----------
68,062
BANKS--2.34%
Bank of America Corporation 2,000 86,000
Comerica, Incorporated 1,350 60,581
Morgan (J.P.) & Company 500 55,063
PNC Financial Services Group 1,600 75,000
U.S. Bancorp 5,200 100,100
Wells Fargo Company 3,000 116,250
-----------
492,994
BEVERAGES--2.13%
Anheuser-Busch Companies, Incorporated 6,000 448,125
BIO/SPECIALTY PHARMACEUTICALS--3.16%
Amgen Incorporated* 1,600 112,400
Biogen, Incorporated* 1,000 64,500
Enzon, Incorporated* 2,600 110,500
Genentech, Incorporated* 600 103,200
Immunex Corporation* 1,900 93,931
Pharmacia Corporation 3,500 180,906
-----------
665,437
CHEMICALS--0.53%
Praxair, Incorporated 3,000 112,312
COMMUNICATION EQUIPMENT--4.01%
Lucent Technologies, Incorporated 5,025 297,731
Nortel Networks Corporation 8,000 546,000
-----------
843,731
COMPUTER RELATED--8.68%
Apple Computer, Incorporated* 3,800 199,025
Cisco Systems, Incorporated* 7,000 444,938
EMC Corporation* 7,200 553,950
Network Appliance, Incorporated* 600 48,300
Sun Microsystems, Incorporated* 6,400 582,000
-----------
1,828,213
</TABLE>
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
COMPUTER SOFTWARE/SERVICES--6.28%
Exodus Communications, Incorporated* 800 $ 36,850
Inktomi Corporation* 400 47,300
Microsoft Corporation* 5,200 416,000
Novell, Incorporated* 12,000 111,000
Oracle Corporation* 800 67,250
Peregrine Systems, Incorporated* 1,000 34,687
QLogic Corporation* 500 33,031
VERITAS Software Corporation* 5,100 576,380
-----------
1,322,498
COSMETICS/TOILETRIES--0.54%
Procter & Gamble Company 2,000 114,500
DIVERSIFIED--0.78%
Minnesota Mining and Manufacturing Company 2,000 165,000
DRUGS--6.75%
American Home Products Corporation 3,800 223,250
Bristol-Myers Squibb Company 4,000 233,000
Merck & Company, Incorporated 2,900 222,212
Pfizer, Incorporated 10,425 500,400
Schering-Plough Corporation 4,800 242,400
-----------
1,421,262
ELECTRIC POWER--1.69%
Calpine Corporation* 5,400 355,050
ELECTRICAL EQUIPMENT--3.59%
General Electric Company 11,100 588,300
Solectron Corporation* 4,000 167,500
-----------
755,800
ELECTRONICS--0.93%
PMC-Sierra, Incorporated* 400 71,075
Vitesse Semiconductor Corporation* 800 58,850
Xilinx, Incorporated* 800 66,050
-----------
195,975
EXPLORATION/DRILLING--2.40%
Global Marine, Incorporated* 2,500 70,469
Kerr-McGee Corporation 2,100 123,769
Tidewater, Incorporated 3,500 126,000
Transocean Sedco Forex Incorporated 580 30,994
Union Pacific Resources Group, Incorporated 7,000 154,000
-----------
505,232
</TABLE>
1
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
GROWTH PORTFOLIO, CONTINUED
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
FINANCIAL SERVICES--4.16%
American General Corporation 2,000 $ 122,000
Citigroup, Incorporated 8,250 497,063
Countrywide Credit Industries, Incorporated 3,000 90,938
Morgan Stanley, Dean Witter, Discover and Company 2,000 166,500
-----------
876,501
FOOD PRODUCERS--2.08%
ConAgra, Incorporated 3,000 57,188
IBP, Incorporated 2,500 38,594
Interstate Bakeries Corporation 4,500 63,000
McCormick & Company, Incorporated 2,000 65,000
Smithfield Foods, Incorporated* 5,000 140,312
Universal Foods Corporation 4,000 74,000
-----------
438,094
FOOD RETAILERS--1.44%
Albertson's, Incorporated 2,600 86,450
Safeway, Incorporated* 4,800 216,600
-----------
303,050
FURNITURE/APPLIANCES/TOOLS--0.78%
Black & Decker Corporation 3,000 117,938
Whirlpool Corporation 1,000 46,625
-----------
164,563
HOMEBUILDING/SUPPLIES--0.21%
Centex Corporation 1,900 44,650
INSURANCE COMPANIES--1.12%
CIGNA Corporation 2,100 196,350
Conseco, Incorporated 4,100 39,975
-----------
236,325
LEISURE TIME/GAMING--0.31%
Brunswick Corporation 4,000 66,250
MACHINERY/EQUIPMENT--0.35%
Deere & Company 2,000 74,000
MEDICAL PRODUCTS/SUPPLIES--1.66%
Beckman Coulter, Incorporated 2,000 116,750
Medtronic, Incorporated 1,900 94,644
Molecular Devices Corporation* 2,000 138,375
-----------
349,769
METALS & MINING--1.03%
Alcoa Incorporated 4,000 116,000
Newmont Mining Corporation 4,700 101,637
-----------
217,637
MANUFACTURING-DIVERSIFIED--1.76%
Tyco International LTD 7,800 369,525
</TABLE>
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
NATURAL GAS--1.84%
Enron Corporation 6,000 $ 387,000
OIL DOMESTIC--0.47%
Unocal Corporation 3,000 99,375
OIL INTERNATIONAL--2.58%
BP Amoco p.l.c. ADR 2,646 149,664
Chevron Corporation 1,000 84,813
Royal Dutch Petroleum Company ADR 5,000 307,812
-----------
542,289
OIL SERVICES--1.06%
Schlumberger Limited 3,000 223,875
RETAIL - GENERAL --1.13%
Federated Department Stores, Incorporated* 2,600 87,750
J. C. Penney Company, Incorporated 8,100 149,344
-----------
237,094
RETAIL - SPECIALTY--1.06%
Group 1 Automotive, Incorporated* 10,000 120,000
Lowe's Companies, Incorporated 2,500 102,656
-----------
222,656
SEMICONDUCTORS--3.60%
Broadcom Corporation (Class A)* 300 65,681
Conexant Systems, Incorporated* 500 24,313
Intel Corporation 5,000 668,437
-----------
758,431
SPECIALTY PRINTING/SERVICES--0.23%
Banta Corporation 2,500 47,344
STEEL--0.26%
USX-U. S. Steel Group 3,000 55,688
TELECOM - CELLULAR--0.23%
Nextel Communications, Incorporated (Class A)* 800 48,950
TELECOM - LONG DISTANCE--2.68%
AT&T Corporation 8,282 261,931
WorldCom, Incorporated* 6,600 302,775
-----------
564,706
TELEPHONE--1.40%
Alltel Corporation 2,000 123,875
NEXTLINK Communications, Incorporated (Class A)* 1,000 37,938
US West, Incorporated New 1,554 133,255
-----------
295,068
</TABLE>
2
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
GROWTH PORTFOLIO, CONTINUED
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
TRUCKING & SHIPPING--0.39%
USFreightways Corporation 3,300 $ 81,056
-----------
TOTAL COMMON STOCK--78.28%
(Cost $10,725,725) 16,486,232
-----------
</TABLE>
<TABLE>
<CAPTION>
FACE
COMMERCIAL PAPER AMOUNT
<S> <C> <C>
COMPUTER RELATED--2.25%
Compaq Computer Corporation,
6.80%, 07/05/00 $ 215,000 214,837
IBM Corporation, 6.75%, 07/03/00 259,000 258,903
-----------
473,740
ELECTRIC POWER--4.95%
Appalachian Power Company,
6.97%, 07/19/00 912,000 908,820
Penn Power & Light, Incorporated,
6.93%, 07/11/00 134,000 133,742
-----------
1,042,562
FINANCIAL SERVICES--3.69%
Comdisco Incorporated, 6.92%, 7/25/00 780,000 776,401
<CAPTION>
FACE
COMMERCIAL PAPER AMOUNT VALUE
<S> <C> <C>
FOOD PRODUCERS--2.85%
Nabisco Incorporated, 6.80%, 07/06/00 $ 600,000 $ 599,432
LEISURE TIME/GAMING--2.97%
Mattel, Incorporated, 6.84%, 07/13/00 627,000 625,567
METALS & MINING --4.74%
Commercial Metals Company,
7.10%, 07/07/00 1,000,000 998,816
-----------
TOTAL COMMERCIAL PAPER--21.45%
(Cost $4,516,518) 4,516,518
-----------
TOTAL INVESTMENTS--99.73%
(Cost $15,242,243) 21,002,750
CASH AND OTHER ASSETS, LESS LIABILITIES--0.27% 57,404
-----------
NET ASSETS--100.00% $21,060,154
===========
ABBREVIATIONS
ADR--American Depository Receipt
*--Non-income producing securities
</TABLE>
See notes to financial statements.
3
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
EQUITY INCOME PORTFOLIO
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
AEROSPACE/DEFENSE--1.75%
Boeing Company 2,200 $ 91,988
Goodrich (B.F.) Company 7,800 265,688
-----------
357,676
AUTO & TRUCK MANUFACTURERS--1.96%
Ford Motor Company 6,100 262,300
General Motors Corporation 2,400 139,350
-----------
401,650
AUTO PARTS MANUFACTURERS--0.21%
Dana Corporation 1,600 33,900
Visteon Corporation 799 9,684
-----------
43,584
BANKS--5.58%
Bank of America Corporation 6,000 258,000
Comerica, Incorporated 3,000 134,625
Morgan (J.P.) & Company 1,500 165,187
PNC Financial Services Group 2,400 112,500
U.S. Bancorp 4,300 82,775
Wells Fargo Company 10,000 387,500
-----------
1,140,587
BEVERAGES--1.64%
Anheuser-Busch Companies, Incorporated 4,500 336,094
BIO/SPECIALTY PHARMACEUTICALS--0.80%
Amgen Incorporated* 1,500 105,375
Biogen, Incorporated* 900 58,050
-----------
163,425
CHEMICALS--0.54%
Hercules, Incorporated 2,300 32,344
Praxair, Incorporated 2,100 78,619
-----------
110,963
COMMUNICATION EQUIPMENT--2.30%
Lucent Technologies, Incorporated 2,406 142,555
Nortel Networks Corporation 4,800 327,600
-----------
470,155
COMPUTER RELATED--6.22%
Cisco Systems, Incorporated* 7,200 457,650
EMC Corporation* 6,800 523,175
Sun Microsystems, Incorporated* 3,200 291,000
-----------
1,271,825
COMPUTER SOFTWARE/SERVICES--1.45%
Microsoft Corporation* 3,700 296,000
DIVERSIFIED--0.44%
Minnesota Mining and Manufacturing Company 1,100 90,750
DRUGS--7.35%
Bristol-Myers Squibb Company 4,000 233,000
Merck & Company, Incorporated 3,500 268,188
Pfizer, Incorporated 6,300 302,400
Schering-Plough Corporation 8,000 404,000
Watson Pharmaceuticals, Incorporated* 5,500 295,625
-----------
1,503,213
</TABLE>
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
ELECTRIC POWER--0.84%
Allegheny Energy, Incorporated 800 $ 21,900
DTE Energy Company 4,000 122,250
UtiliCorp United, Incorporated 1,350 26,831
-----------
170,981
ELECTRICAL EQUIPMENT--3.02%
Emerson Electric Company 1,000 60,375
General Electric Company 10,500 556,500
-----------
616,875
EXPLORATION/DRILLING--2.05%
Global Marine Incorporated* 1,600 45,100
Kerr-McGee Corporation 1,800 106,087
Tidewater, Incorporated 3,900 140,400
Union Pacific Resources Group, Incorporated 5,846 128,612
-----------
420,199
FINANCIAL SERVICES--7.63%
Citigroup, Incorporated 13,300 801,325
Countrywide Credit Industries, Incorporated 2,800 84,875
Morgan Stanley, Dean Witter, Discover and Company 8,100 674,325
-----------
1,560,525
FOODS PRODUCERS--3.22%
ConAgra, Incorporated 4,000 76,250
IBP, Incorporated 4,500 69,469
Interstate Bakeries Corporation 4,100 57,400
McCormick & Company, Incorporated 4,000 130,000
Smithfield Foods, Incorporated* 4,800 134,700
Universal Foods Corporation 10,300 190,550
-----------
658,369
FOODS RETAILERS--0.99%
Albertson's, Incorporated 1,500 49,875
Safeway, Incorporated* 3,400 153,425
-----------
203,300
FURNITURE/APPLIANCES/TOOLS--1.45%
Black & Decker Corporation 2,800 110,075
Whirlpool Corporation 4,000 186,500
-----------
296,575
HOMEBUILDING/SUPPLIES--0.22%
Centex Corporation 1,900 44,650
INSURANCE COMPANIES--1.91%
CIGNA Corporation 3,600 336,600
Conseco, Incorporated 5,520 53,820
-----------
390,420
LEISURE TIME/GAMING--0.24%
Brunswick Corporation 3,000 49,687
MACHINERY/EQUIPMENT--0.36%
Deere & Company 2,000 74,000
</TABLE>
4
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
EQUITY INCOME PORTFOLIO, CONTINUED
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
MEDICAL PRODUCTS/SUPPLIES--3.46%
Abbott Laboratories 6,000 $ 267,375
Allergan, Incorporated 2,100 156,450
Beckman Coulter, Incorporated 2,400 140,100
Johnson & Johnson 1,400 142,625
-----------
706,550
METALS & MINING--0.60%
Phelps Dodge Corporation 3,300 122,719
MANUFACTURING - DIVERSIFIED--1.76%
Tyco International LTD 7,600 360,050
NATURAL GAS--2.18%
Enron Corporation 6,900 445,050
OIL INTERNATIONAL--7.73%
BP Amoco p.l.c. ADR 6,000 339,375
Chevron Corporation 3,600 305,325
Exxon Mobil Corporation 4,500 353,250
Royal Dutch Petroleum Company ADR 6,000 369,375
Texaco, Incorporated 4,000 213,000
-----------
1,580,325
OIL SERVICES--0.91%
Schlumberger Limited 2,500 186,562
PAPER/FOREST PRODUCTS--0.41%
Glatfelter (P.H.) Company 8,200 83,538
REAL ESTATE/REITS--3.29%
Centerpoint Properties Corporation 1,800 73,350
Crescent Real Estate Equities Company 5,000 102,500
Equity Office Properties Trust 10,000 275,625
Liberty Trust Properties 8,500 220,469
-----------
671,944
RETAIL - DISCOUNT--0.13%
Kmart Corporation* 4,000 27,250
RETAIL - GENERAL--0.88%
Federated Department Stores, Incorporated* 2,500 84,375
J. C. Penney Company, Incorporated 5,200 95,875
-----------
180,250
RETAIL - SPECIALTY--0.40%
Lowe's Companies, Incorporated 2,000 82,125
SEMICONDUCTORS--2.09%
Intel Corporation 3,200 427,800
SPECIALTY PRINTING/SERVICES--1.01%
Banta Corporation 2,200 41,662
Deluxe Corporation 7,000 164,937
-----------
206,599
</TABLE>
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
STEEL--0.65%
Allegheny Technologies, Incorporated 2,000 $ 36,000
LTV Corporation 14,000 40,250
USX-U. S. Steel Group 3,000 55,687
-----------
131,937
TELECOM - CELLULAR--1.67%
GTE Corporation 5,500 342,375
TELECOM - LONG DISTANCE--1.47%
AT&T Corporation 4,691 148,359
WorldCom, Incorporated* 3,300 151,388
-----------
299,747
TELEPHONE--3.83%
Alltel Corporation 3,600 222,975
US West, Incorporated New 6,527 559,690
-----------
782,665
TOBACCO--2.92%
Philip Morris Companies Incorporated 9,600 255,000
R.J. Reynolds Tobacco Holdings, Incorporated 11,200 312,900
UST, Incorporated 2,000 29,375
-----------
597,275
TRUCKING & SHIPPING--0.36%
USFreightways Corporation 3,000 73,688
-----------
TOTAL COMMON STOCK--87.92%
(Cost $14,148,100) 17,979,952
-----------
</TABLE>
<TABLE>
<CAPTION>
FACE
COMMERCIAL PAPER AMOUNT
<S> <C> <C>
COMPUTER RELATED--3.71%
Compaq Computer Corporation, 6.80%, 07/05/00 $210,000 209,841
IBM Corporation, 6.75%, 07/03/00 550,000 549,794
-----------
759,635
ELECTRIC POWER--2.14%
Appalachian Power Company, 6.97%, 07/19/00 440,000 438,466
FOOD PRODUCERS--1.10%
Nabisco Incorporated, 6.80%, 07/06/00 225,000 224,787
LEISURE TIME/GAMING--4.76%
Mattel, Incorporated, 6.84%, 07/13/00 975,000 972,772
-----------
TOTAL COMMERCIAL PAPER--11.71%
(Cost $2,395,660) 2,395,660
-----------
TOTAL INVESTMENTS--99.63%
(Cost $16,543,760) 20,375,612
CASH AND OTHER ASSETS, LESS LIABILITIES--0.37% 75,308
-----------
NET ASSETS--100.00% $20,450,920
===========
ABBREVIATIONS
ADR--American Depository Receipt
REIT--Real Estate Investment Trust
*--Non-income producing security
</TABLE>
See notes to financial statements.
5
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
BALANCED PORTFOLIO
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
AEROSPACE/DEFENSE--0.65%
Boeing Company 400 $ 16,725
Goodrich (B.F.) Company 1,400 47,688
----------
64,413
AUTO & TRUCK MANUFACTURERS--0.63%
Ford Motor Company 500 21,500
General Motors Corporation 700 40,644
----------
62,144
AUTO PARTS MANUFACTURERS--0.12%
Dana Corporation 500 10,594
Visteon Corporation 66 793
----------
11,387
BANKS--1.73%
Bank of America Corporation 1,000 43,000
Comerica, Incorporated 900 40,388
Morgan (J.P.) & Company 200 22,025
PNC Financial Services Group 400 18,750
U.S. Bancorp 1,000 19,250
Wells Fargo Company 700 27,125
----------
170,538
BEVERAGES--0.45%
Anheuser-Busch Companies, Incorporated 600 44,812
BIO/SPECIALTY PHARMACEUTICALS--0.34%
Amgen Incorporated* 300 21,075
Biogen, Incorporated* 200 12,900
----------
33,975
CHEMICALS--0.34%
Hercules, Incorporated 500 7,031
Praxair, Incorporated 700 26,206
----------
33,237
COMMUNICATION EQUIPMENT--2.31%
Lucent Technologies, Incorporated 2,000 118,500
Nortel Networks Corporation 1,600 109,200
----------
227,700
COMPUTER RELATED--5.81%
Cisco Systems, Incorporated* 3,000 190,687
EMC Corporation* 2,600 200,038
Sun Microsystems, Incorporated* 2,000 181,875
----------
572,600
COMPUTER SOFTWARE/SERVICES--1.86%
Microsoft Corporation* 500 40,000
Novell, Incorporated* 2,100 19,425
VERITAS Software Corporation* 1,100 124,317
----------
183,742
COSMETICS & TOILETRIES--0.70%
Procter & Gamble Company 1,200 68,700
DIVERSIFIED--0.17%
Minnesota Mining and Manufacturing Company 200 16,500
DRUGS--3.67%
Bristol-Myers Squibb Company 700 40,775
Merck & Company, Incorporated 700 53,637
Pfizer, Incorporated 3,075 147,600
Schering-Plough Corporation 1,200 60,600
Watson Pharmaceuticals, Incorporated* 1,100 59,125
----------
361,737
</TABLE>
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
ELECTRIC POWER--0.48%
Allegheny Energy, Incorporated 400 $ 10,950
DTE Energy Company 700 21,394
UtiliCorp United, Incorporated 750 14,906
----------
47,250
ELECTRICAL EQUIPMENT--2.58%
General Electric Company 3,300 174,900
Solectron Corporation* 1,900 79,563
----------
254,463
EXPLORATION/DRILLING--0.84%
Global Marine Incorporated* 900 25,369
Kerr-McGee Corporation 200 11,787
Tidewater, Incorporated 500 18,000
Union Pacific Resources Group, Incorporated 1,254 27,588
----------
82,744
FINANCIAL SERVICES--2.59%
American General Corporation 300 18,300
Citigroup, Incorporated 2,400 144,600
Countrywide Credit Industries, Incorporated 1,400 42,438
Morgan Stanley, Dean Witter, Discover and Company 600 49,950
----------
255,288
FOOD PRODUCERS--1.02%
IBP, Incorporated 900 13,894
Interstate Bakeries Corporation 2,100 29,400
Smithfield Foods, Incorporated* 1,400 39,287
Universal Foods Corporation 1,000 18,500
----------
101,081
FOOD RETAILERS--0.98%
Albertson's, Incorporated 600 19,950
Safeway, Incorporated* 1,700 76,713
----------
96,663
HOMEBUILDING/SUPPLIES--0.17%
Centex Corporation 700 16,450
INSURANCE COMPANIES--0.67%
CIGNA Corporation 600 56,100
Conseco, Incorporated 1,100 10,725
----------
66,825
LEISURE TIME/GAMING--0.29%
Brunswick Corporation 1,700 28,156
MEDICAL PRODUCTS/SUPPLIES--1.16%
Allergan, Incorporated 400 29,800
Beckman Coulter, Incorporated 400 23,350
Johnson & Johnson 600 61,125
----------
114,275
MANUFACTURING - DIVERSIFIED--0.43%
Tyco International LTD 900 42,637
NATURAL GAS--1.70%
Enron Corporation 2,600 167,700
OIL INTERNATIONAL--3.02%
BP Amoco p.l.c. ADR 1,528 86,428
Chevron Corporation 900 76,331
Royal Dutch Petroleum Company ADR 2,200 135,437
----------
298,196
</TABLE>
6
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
BALANCED PORTFOLIO, CONTINUED
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
RETAIL - GENERAL--0.57%
Federated Department Stores, Incorporated* 900 $ 30,375
J. C. Penney Company, Incorporated 1,400 25,813
----------
56,188
RETAIL - SPECIALTY--0.36%
Lowe's Companies, Incorporated 600 24,637
Toys 'R' Us, Incorporated* 700 10,194
----------
34,831
SEMICONDUCTORS--1.90%
Intel Corporation 1,400 187,163
SPECIALTY PRINTING/SERVICES--0.17%
Banta Corporation 900 17,044
STEEL--0.40%
Allegheny Technologies, Incorporated 500 9,000
LTV Corporation 4,000 11,500
USX-U. S. Steel Group 1,000 18,562
----------
39,062
TELECOM - CELLULAR--0.50%
GTE Corporation 800 49,800
TELECOM - LONG DISTANCE--1.54%
AT&T Corporation 2,640 83,500
WorldCom, Incorporated* 1,500 68,813
----------
152,313
TELEPHONE--1.69%
Alltel Corporation 1,000 61,938
US West, Incorporated New 1,216 104,272
----------
166,210
TOBACCO--0.10%
UST, Incorporated 700 10,281
TRUCKING & SHIPPING--0.12%
USFreightways Corporation 500 12,281
----------
TOTAL COMMON STOCK--42.06%
(Cost $2,716,516) 4,148,386
----------
<CAPTION>
FACE
BONDS AND NOTES AMOUNT VALUE
<S> <C> <C>
AUTO & TRUCK MANUFACTURERS--1.13%
DaimlerChrysler North America,
7.20%, 09/01/09 $115,000 $ 111,097
AUTO PARTS MANUFACTURERS--5.84%
Cooper Tire & Rubber Company,
7.75%, 12/15/09 500,000 486,751
TRW, Incorporated, 6.30%, 05/15/08 100,000 89,047
----------
575,798
BUILDING SUPPLIES--0.94%
Lafarge Corporation, 6.375%, 07/15/05 100,000 93,254
GOVERNMENT AGENCIES--12.44%
Federal Farm Credit Banks, 5.25%, 05/01/02 100,000 97,190
Federal Home Loan Bank, 4.875%, 01/22/02 250,000 242,619
Federal Home Loan Bank, 5.125%, 09/15/03 200,000 189,573
Federal Home Loan Bank, 5.25%, 04/25/02 150,000 145,949
Federal Home Loan Bank, 5.495%, 03/22/04 100,000 94,974
Federal Home Loan Mortgage Corporation, Pool #
540341, 9.00%, 09/01/19 2,560 2,637
Federal Home Loan Mortgage Corporation, Pool #
360100, 9.00%, 04/01/20 10,601 10,916
Federal National Mortgage Association, 7.55%,
04/22/02 50,000 50,530
Federal National Mortgage Association, 7.70%,
04/10/07 400,000 393,024
----------
1,227,412
REAL ESTATE/REITS--0.94%
Weingarten Realty Investors,
7.35%, 07/20/09 100,000 92,485
TELEPHONE--0.95%
US West Communications, Incorporated, 6.125%,
11/15/05 100,000 93,413
U S TREASURY SECURITIES--8.24%
U S Treasury Bonds, 6.00%, 02/15/26 680,000 664,700
U S Treasury Notes, 5.875%, 02/15/04 150,000 147,938
----------
812,638
----------
TOTAL BONDS AND NOTES--30.48%
(Cost $2,988,721) 3,006,097
----------
</TABLE>
7
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
BALANCED PORTFOLIO, CONTINUED
<TABLE>
<CAPTION>
FACE
COMMERCIAL PAPER AMOUNT VALUE
<S> <C> <C>
COMPUTER RELATED--6.08%
Compaq Computer Corporation,
6.80%, 07/05/00 $300,000 $ 299,772
IBM Corporation,6.75%, 07/03/00 300,000 299,887
----------
599,659
ELECTRIC POWER--7.52%
Appalachian Power Company,
6.97%, 07/19/00 304,000 302,940
Penn Power & Light, Incorporated,
7.05%, 07/11/00 440,000 439,138
----------
742,078
FINANCIAL SERVICES--3.58%
Comdisco Incorporated, 6.92%, 7/25/00 355,000 353,362
FOOD PRODUCERS--4.71%
ConAgra, Incorporated, 6.90%, 07/12/00 240,000 239,494
Nabisco Incorporated, 6.80%, 07/06/00 225,000 224,787
----------
464,281
<CAPTION>
FACE
COMMERCIAL PAPER AMOUNT VALUE
<S> <C> <C>
LEISURE TIME/GAMING--2.46%
Mattel, Incorporated, 6.84%, 07/13/00 $243,000 $ 242,445
RETAIL - SPECIALTY--2.22%
Toys 'R' Us Incorporated, 6.82%, 07/07/00 219,000 218,751
----------
TOTAL COMMERCIAL PAPER--26.57%
(Cost $2,620,576) 2,620,576
----------
TOTAL INVESTMENTS--99.11%
(Cost $8,325,813) 9,775,059
CASH AND OTHER ASSETS, LESS LIABILITIES--0.89% 87,469
----------
NET ASSETS--100.00% $9,862,528
==========
ABBREVIATIONS
ADR--American Depository Receipt
*--Non-income producing securities
</TABLE>
SCHEDULE OF INVESTMENTS June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
MONEY MARKET PORTFOLIO
<TABLE>
<CAPTION>
STATED MATURITY FACE
RATE(%) DATE AMOUNT VALUE
<S> <C> <C> <C> <C>
FEDERAL AGENCIES--99.04%
Federal Agricultural Mortgage Corporation 6.42 07/13/00 $ 640,000 $ 638,855
Federal Home Loan Bank 6.32 07/03/00 417,000 417,000
Federal Home Loan Bank 6.39 07/07/00 506,000 505,640
Federal Home Loan Bank 6.42 07/19/00 1,120,000 1,116,798
Federal Home Loan Bank 6.43 07/10/00 1,349,000 1,347,313
Federal Home Loan Mortgage Corporation 6.39 07/05/00 597,000 596,787
Federal National Mortgage Association 6.47 07/06/00 378,000 377,796
----------
TOTAL FEDERAL AGENCIES--99.04%
(Cost $5,000,189) 5,000,189
CASH AND OTHER ASSETS, LESS LIABILITIES--0.96% 48,645
----------
NET ASSETS--100.00% $5,048,834
==========
</TABLE>
See notes to financial statements.
8
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
GOVERNMENT BOND PORTFOLIO
<TABLE>
<CAPTION>
COMMERCIAL PAPER INTEREST/
MATURITY STATED FACE
DATE RATE(%) AMOUNT VALUE
<S> <C> <C> <C> <C>
GOVERNMENT AGENCIES--0.98%
Federal Home Loan Mortgage Corporation 07/05/00 6.390 $ 50,000 $ 49,964
----------
TOTAL COMMERCIAL PAPER--0.98%
(Cost $49,964) 49,964
----------
CORPORATE BONDS
AUTO & TRUCK MANUFACTURERS--9.80%
Ford Credit Auto Owner Trust ABS 11/15/03 7.030 500,000 499,605
BEVERAGES--9.46%
Coca-Cola Enterprises Incorporated 09/30/09 7.125 500,000 482,362
FINANCIAL SERVICES--9.90%
Block Financial Corporation 04/15/07 8.500 500,000 504,812
RETAIL - GENERAL--1.74%
Dayton Hudson Corporation 11/01/08 5.875 100,000 88,678
TELEPHONE--1.83%
Pacific Bell 11/01/09 6.625 100,000 93,240
----------
TOTAL CORPORATE BONDS--32.73%
(Cost $1,646,537) 1,668,697
----------
U S GOVERNMENT AGENCY AND
U S GOVERNMENT SECURITIES
U S GOVERNMENT AGENCY SECURITIES--38.27%
Federal Home Loan Bank 09/10/01 5.340 200,000 196,414
Federal Home Loan Bank 01/26/10 8.000 100,000 98,571
Federal Home Loan Mortgage Corporation 02/05/04 5.830 500,000 479,571
Federal National Mortgage Association 04/26/01 5.380 200,000 197,747
Federal National Mortgage Association 04/15/02 6.625 500,000 497,612
Federal National Mortgage Association 02/19/04 6.000 500,000 481,730
----------
1,951,645
U S GOVERNMENT SECURITIES--25.77%
U S Treasury Notes 03/31/02 6.500 500,000 500,157
U S Treasury Notes 05/15/04 5.250 200,000 192,938
U S Treasury Notes 05/15/06 6.875 100,000 102,906
U S Treasury Notes 07/15/06 7.000 500,000 517,969
----------
1,313,970
----------
TOTAL U S GOVERNMENT AGENCY and U S GOVERNMENT SECURITIES--64.04%
(Cost $3,241,848) 3,265,615
----------
TOTAL INVESTMENTS--97.75%
(Cost $4,938,349) 4,984,276
CASH AND OTHER ASSETS, LESS LIABILITIES--2.25% 114,712
----------
NET ASSETS--100.00% $5,098,988
==========
ABBREVIATIONS
ABS--Asset Backed Security
</TABLE>
See notes to financial statements.
9
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
SMALL-CAP/MID-CAP PORTFOLIO
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
BIO/SPECIALTY PHARMACEUTICALS--13.62%
Abgenix, Incorporated* 500 $ 59,930
Celgene Corporation* 1,000 58,875
CuraGen Corporation* 1,500 57,094
Maxygen Incorporated* 1,000 56,766
Millennium Pharmaceuticals, Incorporated* 500 55,937
Pharmacyclics, Incorporated* 1,000 61,000
-----------
349,602
COMMUNICATION EQUIPMENT--27.39%
Avanex Corporation* 700 66,850
Brocade Communications Systems, Incorporated* 700 128,439
Digital Lightwave, Incorporated* 800 80,400
Ditech Communications Corporation* 800 75,650
Powerwave Technologies, Incorporated* 2,400 105,600
RF Micro Devices, Incorporated* 700 61,338
Sycamore Networks, Incorporated* 800 88,300
Tekelec* 2,000 96,375
-----------
702,952
COMPUTER RELATED--7.58%
Juniper Networks, Incorporated* 1,000 145,562
SanDisk Corporation* 800 48,950
-----------
194,512
COMPUTER SOFTWARE/SERVICES--19.90%
Ariba, Incorporated* 1,200 117,656
BroadVision, Incorporated* 1,000 50,813
Exodus Communications, Incorporated* 2,000 92,125
Gemstar-TV Guide International, Incorporated* 1,000 61,453
QLogic Corporation* 700 46,244
Redback Networks Incorporated* 800 142,400
-----------
510,691
</TABLE>
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
COMPUTER - INTERNET--5.93%
Foundry Networks, Incorporated* 500 $ 55,250
InfoSpace, Incorporated* 1,000 55,250
Vignette Corporation* 800 41,612
-----------
152,112
DRUGS--3.70%
Lynx Therapeutics, Incorporated* 2,000 95,125
ELECTRONICS--6.58%
Advanced Digital Information Corporation* 2,000 31,875
American Superconductor Corporation* 1,000 48,250
PMC-Sierra, Incorporated* 500 88,844
-----------
168,969
SEMICONDUCTORS--14.18%
ARM Holdings plc sponsored ADR* 1,500 49,312
Applied Micro Circuits Corporation* 700 69,125
Broadcom Corporation (Class A)* 500 109,469
Caliper Technologies Corporation* 1,500 69,000
TriQuint Semiconductor, Incorporated* 700 66,981
-----------
363,887
TOTAL COMMON STOCK--98.88%
(Cost $2,370,046) 2,537,850
CASH AND OTHER ASSETS, LESS LIABILITIES--1.12% 28,648
-----------
NET ASSETS--100.00% $ 2,566,498
===========
ABBREVIATIONS
ADR--American Depository Receipt
*--Non-income producing securities
</TABLE>
See notes to financial statements.
10
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
HIGH YIELD BOND PORTFOLIO
<TABLE>
<CAPTION>
COMMERCIAL PAPER INTEREST/
MATURITY STATED FACE
DATE RATE (%) AMOUNT VALUE
<S> <C> <C> <C> <C>
GOVERNMENT AGENCIES--8.51%
Federal Home Loan Bank 07/12/00 6.400 $1,645,000 $ 1,641,774
Federal Home Loan Mortgage Corporation 07/05/00 6.390 61,000 60,957
-----------
TOTAL COMMERCIAL PAPER--8.51%
(Cost $1,702,731) 1,702,731
-----------
CORPORATE BONDS
AUTO PARTS MANUFACTURERS--9.02%
Hayes Lemmerz International, Incorporated 12/15/08 8.250 1,000,000 845,000
Lear Corporation 07/15/06 9.500 1,000,000 960,000
-----------
1,805,000
BANKS--4.93%
Sovereign Bancorp 11/15/06 10.500 1,000,000 987,500
CHEMICALS--4.97%
Lyondell Chemical Company 05/01/09 10.875 1,000,000 995,000
COMMUNICATION SERVICES--4.88%
Williams Communication Group, Incorporated 10/01/09 10.875 1,000,000 977,500
COMPUTER - INTERNET--4.67%
Unisys Corporation 04/01/08 7.875 1,000,000 935,000
ELECTRONICS--9.65%
Amkor Technologies, Incorporated 05/01/06 9.250 1,000,000 986,250
Flextronics International LTD, yankee 10/15/07 8.750 1,000,000 945,000
-----------
1,931,250
FINANCIAL SERVICES--4.98%
LaBranche & Company 03/02/07 12.000 1,000,000 996,250
HOMEBUILDING/SUPPLIES--4.45%
Toll Corporation 05/01/09 8.000 1,000,000 890,000
LEISURE TIME/GAMING--9.47%
International Game Technology 05/15/09 8.375 1,000,000 945,000
Mohegan Tribal Gaming 01/01/09 8.750 1,000,000 950,000
-----------
1,895,000
LODGING/HOTELS--4.48%
HMH Properties 08/01/08 7.875 1,000,000 897,500
MEDIA-TV/RADIO/CABLE--7.62%
Charter Communications Holdings (a) 01/15/10 0.000 1,000,000 568,750
News America Holdings 10/17/08 7.375 1,000,000 955,947
-----------
1,524,697
OIL SERVICES--4.85%
Chesapeake Energy Corporation 05/01/05 9.625 1,000,000 970,000
RETAIL - DISCOUNT--4.25%
K Mart Corporation 10/01/12 7.750 1,000,000 850,578
</TABLE>
11
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
HIGH YIELD BOND PORTFOLIO, CONTINUED
<TABLE>
<CAPTION>
CORPORATE BONDS INTEREST/
MATURITY STATED FACE
DATE RATE (%) AMOUNT VALUE
<S> <C> <C> <C> <C>
STEEL--4.44%
AK Steel Corporation 02/15/09 7.875 $1,000,000 $ 887,500
TELEPHONE--7.03%
NEXTLINK Communications, Incorporated 10/01/07 9.625 1,000,000 942,500
WinStar Communications, Incorporated (a)(b) 04/15/10 0.000 1,000,000 465,000
-----------
1,407,500
-----------
TOTAL CORPORATE BONDS--89.69%
(Cost $18,227,013) 17,950,275
-----------
TOTAL INVESTMENTS--98.20%
(Cost $19,929,744) 19,653,006
CASH AND OTHER ASSETS, LESS LIABILITIES--1.80% 360,417
-----------
NET ASSETS--100.00% $20,013,423
===========
NOTES TO SCHEDULE OF INVESTMENTS
(a) A security originally issued with a zero coupon that converts to a coupon at a stated date
and rate.
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These
securities may be resold in transactions exempt from registration. At June 30, 2000, the
market value of these securities amounted to $465,000 or 2.3% of net assets.
</TABLE>
See notes to financial statements.
12
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
INTERNATIONAL STOCK PORTFOLIO
<TABLE>
<CAPTION>
COMMON STOCK (a) SHARES VALUE
<S> <C> <C>
AUSTRALIA--2.61%
The News Corporation Limited 1,900 $ 103,550
Westpac Banking Corporation Limited 700 25,025
----------
128,575
FINLAND--3.25%
Nokia Oyj 3,200 159,800
FRANCE--11.26%
Alcatel S.A. 1,400 93,100
Aventis S.A. 1,200 87,075
Axa 1,000 79,563
France Telecom S.A. 1,500 213,750
Groupe Danone 1,000 26,937
Total Fina Elf SA 700 53,769
----------
554,194
GERMANY--8.51%
DaimlerChrysler AG 1,000 52,063
Deutsche Bank AG 600 49,693
Deutsche Telekom AG 3,000 170,250
SAP AG (Systeme, Anwedungen, Produkte in der
Datenverarbeitung) 1,200 56,325
Siemens AG 600 90,587
----------
418,918
HONG KONG--2.05%
Cable & Wireless HKT Limited 4,700 101,050
IRELAND--0.42%
Bank of Ireland 800 20,550
ITALY--4.38%
ENI S.p.A. 1,200 69,825
Luxottica Group S.p.A. 600 7,312
Montedison S.p.A. 400 7,200
San Paolo -- IMI S.p.A. 600 21,225
Telecom Italia S.p.A. 800 110,050
----------
215,612
</TABLE>
<TABLE>
<CAPTION>
COMMON STOCK (a) SHARES VALUE
<S> <C> <C>
JAPAN--26.19%
Bank of Tokyo - Mitsubishi, Limited 7,500 $ 90,938
Canon Incorporated 1,400 70,525
Hitachi, Limited 500 72,062
Honda Motor Company, LTD 800 55,000
Kirin Brewery Company, Limited 200 25,450
Matsushita Electric Industrial Company, Limited 300 77,100
NEC Corporation 500 79,250
Nippon Telegraph and Telephone Corporation 5,100 348,713
Sony Corporation 1,400 132,037
TDK Corporation 200 28,650
The Tokio Marine & Fire Insurance Company Limited 500 29,750
Toyota Motor Corporation 3,000 279,563
----------
1,289,038
NETHERLANDS--5.31%
ABN AMRO Holding NV 1,000 24,562
Aegon N.V. 800 28,500
ING Groep N.V. 600 40,500
Koninklijke Ahold NV 400 11,725
Koninklijke (Royal) Philips Electronics N.V. 900 42,750
Royal Dutch Petroleum Company 1,400 86,188
Koninklijke KPN NV 600 26,962
----------
261,187
NORWAY--0.43%
Norsk Hydro ASA 500 21,031
PORTUGAL--0.59%
Electricidade de Portugal, S.A. 400 14,586
Portugal Telecom, S.A. 1,300 14,625
----------
29,211
SPAIN--2.63%
Banco Bilbao Vizcaya Argentaria, S.A. 1,600 23,600
Banco Santander Central Hispano SA 2,400 24,900
Empresa Nacional de Electricidad S.A. 800 15,600
Repsol YPF, S.A. 700 13,869
Telefonica SA 800 51,250
----------
129,219
SWEDEN--3.25%
Telefonaktiebolaget LM Ericsson AB 8,000 160,000
SWITZERLAND--5.96%
Nestle SA 400 40,158
Novartis AG 6,200 248,000
Sulzer Medica 200 4,850
----------
293,008
</TABLE>
13
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
INTERNATIONAL STOCK PORTFOLIO, CONTINUED
<TABLE>
<CAPTION>
COMMON STOCK (a) SHARES VALUE
<S> <C> <C>
UNITED KINGDOM--15.57%
AstraZeneca Group plc 2,100 $ 97,650
BG Group plc 1,000 32,625
BP Amoco p.l.c. 1,100 62,219
Barclays PLC 500 50,000
British Telecommunications plc 800 105,800
Cable & Wireless plc 900 45,056
Cadbury Schweppes plc 600 15,750
Glaxo Wellcome plc 700 40,469
Imperial Chemical Industries plc 200 6,163
National Power plc 400 10,200
Shell Transport & Trading Company 2,000 99,875
SmithKline Beecham Plc 1,300 84,744
Unilever plc 900 22,612
Vodafone Group PLC 1,900 78,731
WPP Group plc 200 14,525
----------
766,419
----------
TOTAL COMMON STOCK--92.41%
(Cost $4,638,869) 4,547,812
----------
</TABLE>
<TABLE>
<CAPTION>
FACE
COMMERCIAL PAPER AMOUNT VALUE
<S> <C> <C>
GOVERNMENT AGENCIES--7.56%
Federal Home Loan Mortgage Corporation, 6.57%,
07/03/00 $372,000 $ 371,864
-----------
TOTAL COMMERCIAL PAPER--7.56%
(Cost $371,864) 371,864
-----------
TOTAL INVESTMENTS--99.97%
(Cost $5,010,733) 4,919,676
CASH AND OTHER ASSETS, LESS LIABILITIES--0.03% 1,699
-----------
NET ASSETS--100.00% $ 4,921,375
===========
NOTES TO SCHEDULE OF INVESTMENTS
(a) This portfolio invests primarily in Depositary receipts, which
include ADRs, GDRs, EuroDRs (Euro Depositary Receipts) and NYSs (New
York Shares), these securities are negotiable U.S. securities that
generally represent a non-U.S. company's publicly traded equity and
are usually U.S. dollar-denominated.
</TABLE>
See notes to financial statements.
14
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY
GROWTH INCOME BALANCED MONEY MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C> <C>
ASSETS
Investments in securities, at value $21,002,750 $20,375,612 $9,775,059 $5,000,189
Cash and cash equivalents 40,629 41,964 35,213 15,016
Prepaid expenses -- 78 -- 112
Receivable for:
Investment securities sold 17,000 8,500 9,452 --
Dividends 10,809 42,905 3,968 --
Capital stock sold 2,179 397 89 55,436
Interest -- -- 47,173 3
Expense reimbursement 749 -- 1,263 1,056
Other Assets 477 291 478 1,622
----------- ----------- ---------- ----------
TOTAL ASSETS 21,074,593 20,469,747 9,872,695 5,073,434
LIABILITIES
Capital stock reacquired 1,615 6,146 4,164 20,959
Accrued:
Investment advisory fee 8,549 8,454 4,002 2,427
Service fee 4,275 4,227 2,001 1,214
----------- ----------- ---------- ----------
TOTAL LIABILITIES 14,439 18,827 10,167 24,600
----------- ----------- ---------- ----------
NET ASSETS $21,060,154 $20,450,920 $9,862,528 $5,048,834
=========== =========== ========== ==========
SHARES OUTSTANDING 10,187,728 10,689,166 6,241,115 5,048,834
=========== =========== ========== ==========
NET ASSET VALUE PER SHARE $ 2.07 $ 1.91 $ 1.58 $ 1.00
=========== =========== ========== ==========
</TABLE>
STATEMENTS OF OPERATIONS Six Months Ended June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY MONEY
GROWTH INCOME BALANCED MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Dividends $ 83,470 $ 176,905 $ 26,376 --
Interest 149,478 127,435 185,116 $ 183,134
----------- ----------- ---------- ----------
TOTAL INVESTMENT INCOME 232,948 304,340 211,492 183,134
EXPENSES
Investment advisory fees 50,454 49,948 24,224 15,335
Service fees 25,227 24,974 12,112 7,667
Professional fees 2,187 1,583 2,273 2,104
Custody and transaction fees 12,740 13,126 10,638 7,324
Directors' fees and expenses 3,187 3,187 3,187 3,187
Registration fees 613 1,096 522 658
Other -- 261 -- 379
----------- ----------- ---------- ----------
TOTAL EXPENSES 94,408 94,175 52,956 36,654
LESS EXPENSES REIMBURSED (6,614) (2,168) (9,357) (9,977)
----------- ----------- ---------- ----------
NET EXPENSES 87,794 92,007 43,599 26,677
----------- ----------- ---------- ----------
INVESTMENT INCOME--NET 145,154 212,333 167,893 156,457
----------- ----------- ---------- ----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investments 571,474 1,152,026 456,454 --
Change in unrealized depreciation of investments (533,235) (201,281) (215,631) --
----------- ----------- ---------- ----------
NET GAIN ON INVESTMENTS 38,239 950,745 240,823 --
----------- ----------- ---------- ----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 183,393 $ 1,163,078 $ 408,716 $ 156,457
=========== =========== ========== ==========
</TABLE>
See notes to financial statements.
15
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GOVERNMENT SMALL-CAP/ HIGH YIELD INTERNATIONAL
BOND MID-CAP BOND STOCK
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C> <C>
ASSETS
Investments in securities, at value $4,984,276 $2,537,850 $19,653,006 $4,919,676
Cash and cash equivalents 33,221 31,957 9,659 41
Receivable for:
Dividends -- -- -- 8,333
Interest 87,042 -- 375,118 --
Expense reimbursement 4,147 5,598 5,077 5,608
---------- ---------- ----------- ----------
TOTAL ASSETS 5,108,686 2,575,405 20,042,860 4,933,658
LIABILITIES
Accrued:
Investment advisory fee 4,119 4,490 17,819 5,947
Service fee 2,060 898 8,099 1,982
Other liabilities 3,519 3,519 3,519 4,354
---------- ---------- ----------- ----------
TOTAL LIABILITIES 9,698 8,907 29,437 12,283
---------- ---------- ----------- ----------
NET ASSETS $5,098,988 $2,566,498 $20,013,423 $4,921,375
========== ========== =========== ==========
SHARES OUTSTANDING 5,000,018 2,401,574 20,000,000 5,000,000
========== ========== =========== ==========
NET ASSET VALUE PER SHARE $ 1.02 $ 1.07 $ 1.00 $ 0.98
========== ========== =========== ==========
</TABLE>
STATEMENTS OF OPERATIONS Two Months Ended June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GOVERNMENT SMALL-CAP/ HIGH YIELD INTERNATIONAL
BOND MID-CAP BOND STOCK
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Dividends -- -- -- $ 14,900
Interest $ 59,669 $ 2,325 $ 316,590 6,106
---------- ---------- ----------- ----------
TOTAL INVESTMENT INCOME 59,669 2,325 316,590 21,006
EXPENSES
Investment advisory fees 4,119 4,490 17,819 5,947
Service fees 2,060 898 8,099 1,982
Professional fees 517 517 517 517
Custody and transaction fees 1,075 1,925 2,069 2,734
Directors' fees and expenses 2,970 2,970 2,970 2,970
Registration fees 32 32 32 32
---------- ---------- ----------- ----------
TOTAL EXPENSES 10,773 10,832 31,506 14,182
LESS EXPENSES REIMBURSED (4,147) (5,598) (5,077) (5,608)
---------- ---------- ----------- ----------
NET EXPENSES 6,626 5,234 26,429 8,574
---------- ---------- ----------- ----------
INVESTMENT INCOME--NET 53,043 (2,909) 290,161 12,432
---------- ---------- ----------- ----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Change in unrealized appreciation (depreciation) of
investments 45,927 167,804 (276,738) (91,057)
---------- ---------- ----------- ----------
NET GAIN (LOSS) ON INVESTMENTS 45,927 167,804 (276,738) (91,057)
---------- ---------- ----------- ----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS $ 98,970 $ 164,895 $ 13,423 $ (78,625)
========== ========== =========== ==========
</TABLE>
See notes to financial statements.
16
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
GROWTH PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MONTHS YEAR
ENDED ENDED
JUNE 30, DECEMBER 31,
----------- -------------
2000 1999
----------- -------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS
Investment income--net $ 145,154 $ 186,246
Net realized gain on investments 571,474 168,473
Change in unrealized appreciation (depreciation) (533,235) 2,259,092
----------- -----------
Net increase in net assets resulting from operations 183,393 2,613,811
DISTRIBUTIONS TO SHAREHOLDERS FROM
Investment income--net -- (183,316)
Capital gains (104,557) (11,639)
----------- -----------
Total distributions to shareholders (104,557) (194,955)
CAPITAL SHARE TRANSACTIONS--Net 704,604 2,155,929
----------- -----------
TOTAL INCREASE 783,440 4,574,785
NET ASSETS
Beginning of period 20,276,714 15,701,929
----------- -----------
End of period $21,060,154 $20,276,714
=========== ===========
</TABLE>
EQUITY INCOME PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MONTHS YEAR
ENDED ENDED
JUNE 30, DECEMBER 31,
----------- -------------
2000 1999
----------- -------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS
Investment income--net $ 212,333 $ 258,411
Net realized gain on investments 1,152,026 2,045,502
Change in unrealized appreciation (depreciation) (201,281) 459,785
----------- -----------
Net increase in net assets resulting from operations 1,163,078 2,763,698
DISTRIBUTIONS TO SHAREHOLDERS FROM
Investment income--net -- (252,141)
Capital gains (343,730) (1,672,601)
----------- -----------
Total distributions to shareholders (343,730) (1,924,742)
CAPITAL SHARE TRANSACTIONS--Net (242,188) 3,984,029
----------- -----------
TOTAL INCREASE 577,160 4,822,985
NET ASSETS
Beginning of period 19,873,760 15,050,775
----------- -----------
End of perod $20,450,920 $19,873,760
=========== ===========
</TABLE>
See notes to financial statements.
17
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
BALANCED PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MONTHS YEAR
ENDED ENDED
JUNE 30, DECEMBER 31,
----------- -------------
2000 1999
----------- -------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS
Investment income--net $ 167,893 $ 248,909
Net realized gain on investments 456,454 600,460
Change in unrealized depreciation (215,631) (121,519)
---------- ----------
Net increase in net assets resulting from operations 408,716 727,850
DISTRIBUTIONS TO SHAREHOLDERS FROM
Investment income--net -- (243,837)
Capital gains (29,700) (555,948)
---------- ----------
Total distributions to shareholders (29,700) (799,785)
CAPITAL SHARE TRANSACTIONS--Net (79,555) 1,807,784
---------- ----------
TOTAL INCREASE 299,461 1,735,849
NET ASSETS
Beginning of period 9,563,067 7,827,218
---------- ----------
End of period $9,862,528 $9,563,067
========== ==========
</TABLE>
MONEY MARKET PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MONTHS YEAR
ENDED ENDED
JUNE 30, DECEMBER 31,
----------- -------------
2000 1999
----------- -------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS
Investment income--net $ 156,457 $ 220,597
DISTRIBUTIONS TO SHAREHOLDERS FROM
Investment income--net (156,457) (220,597)
CAPITAL SHARE TRANSACTIONS--Net (1,627,948) 2,322,962
---------- ----------
TOTAL INCREASE (DECREASE) (1,627,948) 2,322,962
NET ASSETS
Beginning of period 6,676,782 4,353,820
---------- ----------
End of period $5,048,834 $6,676,782
========== ==========
</TABLE>
See notes to financial statements.
18
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
GOVERNMENT BOND PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
TWO MONTHS
ENDED
JUNE 30,
-----------
2000
-----------
<S> <C>
INCREASE IN NET ASSETS FROM OPERATIONS
Investment income--net $ 53,043
Change in unrealized appreciation 45,927
----------
Net increase in net assets resulting from operations 98,970
DISTRIBUTIONS TO SHAREHOLDERS FROM
Investment income--net --
Capital gains --
----------
Total distributions to shareholders --
CAPITAL SHARE TRANSACTIONS--Net 5,000,018
----------
TOTAL INCREASE 5,098,988
NET ASSETS
Beginning of period --
----------
End of period $5,098,988
==========
</TABLE>
SMALL-CAP/MID-CAP PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
TWO MONTHS
ENDED
JUNE 30,
-----------
2000
-----------
<S> <C>
INCREASE IN NET ASSETS FROM OPERATIONS
Investment income--net $ (2,909)
Change in unrealized appreciation 167,804
----------
Net increase in net assets resulting from operations 164,895
DISTRIBUTIONS TO SHAREHOLDERS FROM
Investment income--net --
Capital gains --
----------
Total distributions to shareholders --
CAPITAL SHARE TRANSACTIONS--Net 2,401,603
----------
TOTAL INCREASE 2,566,498
NET ASSETS
Beginning of period --
----------
End of perod $2,566,498
==========
</TABLE>
See notes to financial statements.
19
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
HIGH YIELD BOND PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
TWO MONTHS
ENDED
JUNE 30,
-----------
2000
-----------
<S> <C>
INCREASE IN NET ASSETS FROM OPERATIONS
Investment income--net $ 290,161
Change in unrealized depreciation (276,738)
-----------
Net increase in net assets resulting from operations 13,423
DISTRIBUTIONS TO SHAREHOLDERS FROM
Investment income--net --
Capital gains --
-----------
Total distributions to shareholders --
CAPITAL SHARE TRANSACTIONS--Net 20,000,000
-----------
TOTAL INCREASE 20,013,423
NET ASSETS
Beginning of period --
-----------
End of period $20,013,423
===========
</TABLE>
INTERNATIONAL STOCK PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
TWO MONTHS
ENDED
JUNE 30,
-----------
2000
-----------
<S> <C>
INCREASE IN NET ASSETS FROM OPERATIONS
Investment income--net $ 12,432
Change in unrealized depreciation (91,057)
----------
Net decrease in net assets resulting from operations (78,625)
DISTRIBUTIONS TO SHAREHOLDERS FROM
Investment income--net --
Capital gains --
----------
Total distributions to shareholders --
CAPITAL SHARE TRANSACTIONS--Net 5,000,000
----------
TOTAL INCREASE 4,921,375
NET ASSETS
Beginning of period --
----------
End of period $4,921,375
==========
</TABLE>
See notes to financial statements.
20
<PAGE>
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
Selected data for a share of capital stock outstanding throughout the period.
GROWTH PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MONTHS
ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
----------- -------------------------------------------------------
2000 1999 1998 1997 1996 1995
----------- --------- --------- --------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 2.06 $ 1.81 $ 1.60 $ 1.45 $ 1.27 $ 1.04
Investment income--net 0.01 0.02 0.02 0.03 0.02 0.02
Net realized and unrealized gain on
investments during the period 0.01 0.25 0.27 0.27 0.21 0.27
------- ------- ------- ------- ------ ------
Total from investment operations 0.02 0.27 0.29 0.30 0.23 0.29
Less distributions from
Investment income--net -- (0.02) (0.02) (0.03) (0.02) (0.02)
Capital gains (0.01) -- (0.06) (0.12) (0.03) (0.04)
------- ------- ------- ------- ------ ------
Total distributions (0.01) (0.02) (0.08) (0.15) (0.05) (0.06)
------- ------- ------- ------- ------ ------
Net Asset Value, End of Period $ 2.07 $ 2.06 $ 1.81 $ 1.60 $ 1.45 $ 1.27
======= ======= ======= ======= ====== ======
Total return 0.99 %** 14.99 % 18.62 % 20.72 % 17.98 % 28.50 %
======= ======= ======= ======= ====== ======
RATIOS (IN PERCENTAGES)/SUPPLEMENTAL DATA
Net Assets, end of period (000's omitted) $21,060 $20,277 $15,702 $11,127 $7,278 $4,781
Ratio of expenses with reimbursement to
average net assets 0.87 %* 0.87 % 0.87 % 0.87 % 0.87 % 0.87 %
Ratio of expenses without reimbursement to
average net assets 0.94 %* 0.94 % 1.01 % 1.09 % 1.25 % 1.32 %
Ratio of net investment income to average
net assets 1.44 %* 1.06 % 1.00 % 1.69 % 1.84 % 1.99 %
Portfolio turnover rate 8.51 % 20.96 % 25.75 % 45.37 % 21.24 % 42.06 %
</TABLE>
EQUITY INCOME PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MONTHS
ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
----------- ------------------------------------------------------
2000 1999 1998 1997 1996 1995
----------- --------- --------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 1.84 $ 1.75 $ 1.56 $ 1.37 $ 1.21 $ 1.00
Investment income--net 0.02 0.03 0.02 0.03 0.03 0.03
Net realized and unrealized gain on
investments during the period 0.08 0.26 0.22 0.28 0.19 0.24
------- ------- ------- ------ ------ ------
Total from investment operations 0.10 0.29 0.24 0.31 0.22 0.27
Less distributions from
Investment income--net -- (0.03) (0.02) (0.03) (0.03) (0.03)
Capital gains (0.03) (0.17) (0.03) (0.09) (0.03) (0.03)
------- ------- ------- ------ ------ ------
Total distributions (0.03) (0.20) (0.05) (0.12) (0.06) (0.06)
------- ------- ------- ------ ------ ------
Net Asset Value, End of Period $ 1.91 $ 1.84 $ 1.75 $ 1.56 $ 1.37 $ 1.21
======= ======= ======= ====== ====== ======
Total return 5.56 %** 17.09 % 15.85 % 22.41 % 17.69 % 27.19 %
======= ======= ======= ====== ====== ======
RATIOS (IN PERCENTAGES)/SUPPLEMENTAL DATA
Net Assets, end of period (000's omitted) $20,451 $19,874 $15,051 $9,783 $6,273 $4,028
Ratio of expenses with reimbursement to
average net assets 0.92 %* 0.93 % 0.93 % 0.93 % 0.93 % 0.93 %
Ratio of expenses without reimbursement to
average net assets 0.94 %* 0.94 % 0.99 % 1.10 % 1.14 % 1.26 %
Ratio of net investment income to average
net assets 2.12 %* 1.49 % 1.44 % 1.91 % 2.29 % 2.57 %
Portfolio turnover rate 22.01 % 16.42 % 24.83 % 35.08 % 20.79 % 30.87 %
* Ratios annualized
** Returns are not annualized
</TABLE>
See notes to financial statements.
21
<PAGE>
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
Selected data for a share of capital stock outstanding throughout the period.
BALANCED PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MONTHS
ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
----------- ------------------------------------------------------
2000 1999 1998 1997 1996 1995
----------- --------- --------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 1.52 $ 1.54 $ 1.39 $ 1.27 $ 1.18 $ 0.99
Investment income--net 0.03 0.04 0.04 0.04 0.04 0.04
Net realized and unrealized gain on
investments during the period 0.03 0.08 0.19 0.20 0.10 0.19
------- ------- ------- ------ ------ ------
Total from investment operations 0.06 0.12 0.23 0.24 0.14 0.23
Less distributions from
Investment income--net -- (0.04) (0.04) (0.05) (0.04) (0.04)
Capital gains -- (0.10) (0.04) (0.07) (0.01) --
------- ------- ------- ------ ------ ------
Total distributions 0.00 (0.14) (0.08) (0.12) (0.05) (0.04)
------- ------- ------- ------ ------ ------
Net Asset Value, End of Period $ 1.58 $ 1.52 $ 1.54 $ 1.39 $ 1.27 $ 1.18
======= ======= ======= ====== ====== ======
Total return 4.26 %** 8.00 % 16.58 % 18.80 % 12.23 % 22.80 %
======= ======= ======= ====== ====== ======
RATIOS (IN PERCENTAGES)/SUPPLEMENTAL DATA
Net Assets, end of period (000's omitted) $ 9,863 $ 9,563 $ 7,827 $5,595 $4,281 $3,399
Ratio of expenses with reimbursement to
average net assets 0.90 %* 0.90 % 0.90 % 0.90 % 0.90 % 0.90 %
Ratio of expenses without reimbursement to
average net assets 1.09 %* 1.14 % 1.24 % 1.30 % 1.48 % 1.37 %
Ratio of net investment income to average
net assets 3.47 %* 2.89 % 2.79 % 3.43 % 3.25 % 3.19 %
Portfolio turnover rate 10.42 % 31.53 % 14.14 % 23.02 % 16.71 % 15.97 %
</TABLE>
MONEY MARKET PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MONTHS
ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
----------- ------------------------------------------------------
2000 1999 1998 1997 1996 1995
----------- --------- --------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Investment income--net 0.03 0.04 0.05 0.05 0.08 0.05
------- ------- ------- ------ ------ ------
Total from investment operations 0.03 0.04 0.05 0.05 0.08 0.05
Less distributions from
Investment income--net (0.03) (0.04) (0.05) (0.05) (0.08) (0.05)
------- ------- ------- ------ ------ ------
Total distributions (0.03) (0.04) (0.05) (0.05) (0.08) (0.05)
------- ------- ------- ------ ------ ------
Net Asset Value, End of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ====== ====== ======
Total return 2.60 %** 4.26 % 4.65 % 4.78 % 4.61 % 5.11 %
======= ======= ======= ====== ====== ======
RATIOS (IN PERCENTAGES)/SUPPLEMENTAL DATA
Net Assets, end of period (000's omitted) $ 5,049 $ 6,677 $ 4,354 $2,821 $2,532 $2,398
Ratio of expenses with reimbursement to
average net assets 0.87 %* 0.87 % 0.87 % 0.87 % 0.87 % 0.87 %
Ratio of expenses without reimbursement to
average net assets 1.20 %* 1.28 % 1.37 % 1.23 % 1.22 % 1.21 %
Ratio of net investment income to average
net assets 5.11 %* 4.20 % 4.55 % 4.62 % 4.51 % 5.03 %
* Ratios annualized
** Returns are not annualized
</TABLE>
See notes to financial statements.
22
<PAGE>
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
Selected data for a share of capital stock outstanding throughout the period.
GOVERNMENT BOND PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
PERIOD FROM
MAY 1, 2000
TO
JUNE 30,
------------
2000
------------
<S> <C>
Net Asset Value, Beginning of Period $ 1.00
Investment income--net 0.01
Net realized and unrealized gain on investments during the
period 0.01
------
Total from investment operations 0.02
Less distributions from
Investment income--net --
Capital gains --
------
Total distributions 0.00
------
Net Asset Value, End of Period $ 1.02
======
Total return 2.00 %**
======
RATIOS (IN PERCENTAGES)/SUPPLEMENTAL DATA
Net Assets, end of period (000's omitted) $5,099
Ratio of expenses with reimbursement to average net assets 0.79 %*
Ratio of expenses without reimbursement to average net
assets 1.29 %*
Ratio of net investment income to average net assets 6.33 %*
Portfolio turnover rate 0.71 %
</TABLE>
SMALL-CAP/MID-CAP PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
PERIOD FROM
MAY 1, 2000
TO
JUNE 30,
------------
2000
------------
<S> <C>
Net Asset Value, Beginning of Period $ 1.00
Investment income--net --
Net realized and unrealized gain on investments during the
period 0.07
------
Total from investment operations 0.07
Less distributions from
Investment income--net --
Capital gains --
------
Total distributions 0.00
------
Net Asset Value, End of Period $ 1.07
======
Total return 7.00 %**
======
RATIOS (IN PERCENTAGES)/SUPPLEMENTAL DATA
Net Assets, end of period (000's omitted) $2,566
Ratio of expenses with reimbursement to average net assets 1.42 %*
Ratio of expenses without reimbursement to average net
assets 2.94 %*
Ratio of net investment income to average net assets (0.79)%*
Portfolio turnover rate --
* Ratios annualized
** Returns are not annualized
</TABLE>
See notes to financial statements.
23
<PAGE>
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
Selected data for a share of capital stock outstanding throughout the period.
HIGH YIELD BOND PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
PERIOD FROM
MAY 1, 2000
TO
JUNE 30,
------------------
2000
------------------
<S> <C>
Net Asset Value, Beginning of Period $ 1.00
Investment income--net 0.01
Net realized and unrealized gain on investments during the
period (0.01)
----------------
Total from investment operations 0.00
Less distributions from
Investment income--net --
Capital gains --
----------------
Total distributions 0.00
----------------
Net Asset Value, End of Period $ 1.00
================
Total return 0.00 %**
================
RATIOS (IN PERCENTAGES)/SUPPLEMENTAL DATA
Net Assets, end of period (000's omitted) $ 20,013
Ratio of expenses with reimbursement to average net assets 0.80 %*
Ratio of expenses without reimbursement to average net
assets 0.96 %*
Ratio of net investment income to average net assets 8.81 %*
Portfolio turnover rate --
</TABLE>
INTERNATIONAL STOCK PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
PERIOD FROM
MAY 1, 2000
TO
JUNE 30,
-----------------
2000
-----------------
<S> <C>
Net Asset Value, Beginning of Period $ 1.00
Investment income--net --
Net realized and unrealized gain on investments during the
period (0.02)
---------------
Total from investment operations (0.02)
Less distributions from
Investment income--net --
Capital gains --
---------------
Total distributions 0.00
---------------
Net Asset Value, End of Period $ 0.98
===============
Total return (2.00)%**
===============
RATIOS (IN PERCENTAGES)/SUPPLEMENTAL DATA
Net Assets, end of period (000's omitted) $ 4,921
Ratio of expenses with reimbursement to average net assets 1.06 %*
Ratio of expenses without reimbursement to average net
assets 1.76 %*
Ratio of net investment income to average net assets 1.54 %*
Portfolio turnover rate --
* Ratios annualized
** Returns are not annualized
</TABLE>
See notes to financial statements.
24
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) June 30, 2000
--------------------------------------------------------------------------------
AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC.
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES
The American National Investment Accounts, Inc. (the "Fund") is a diversified
open-end management investment company registered as a series fund under the
Investment Company Act of 1940, as amended. The Fund is comprised of the Growth,
Equity Income (formerly Managed), Balanced and Money Market Portfolios, which
commenced operations March 1, 1991. On May 1, 2000 four new portfolios were
added they are the Government Bond Portfolio, Small-Cap/Mid-Cap Portfolio, High
Yield Bond Portfolio and the International Stock Portfolio.
Shares of the Fund, other than the initial capitalization, will be sold only to
separate accounts of American National Insurance Company ("American National").
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses during
the reporting year. Actual results could differ from those estimates.
INVESTMENT VALUATIONS:
GROWTH, EQUITY INCOME, BALANCED, GOVERNMENT BOND, SMALL-CAP/MID-CAP, HIGH YIELD
BOND AND INTERNATIONAL STOCK PORTFOLIOS
Investments listed on national exchanges are valued at the last sales price of
the day, or if there were no sales, then at the last bid price. Debt obligations
that are issued or guaranteed by the U.S. Government, its agencies, authorities,
and instrumentalities are valued on the basis of prices provided by an
independent pricing service. Prices provided by the pricing service may be
determined without exclusive reliance on quoted prices and may reflect
appropriate factors such as yield, type of issue, coupon rate, maturity and
seasoning differential. Securities for which market quotations are not readily
available are valued as determined by the Board of Directors. Commercial paper
is stated at amortized cost, which is equivalent to fair value.
MONEY MARKET PORTFOLIO
Investments are valued at amortized cost (premiums and discounts are amortized
on a straight-line basis), which has been determined by the Fund's Board of
Directors to closely approximate the fair value of such securities. The Fund
intends to maintain a continuous net asset value per share of $1.00, rounded to
the nearest cent.
INVESTMENT TRANSACTIONS AND RELATED INVESTMENT INCOME:
Investment transactions are accounted for on the trade date (date order to buy
or sell is executed). Dividend income is recognized on the ex-dividend date, and
interest income is recognized on an accrual basis. Realized gains and losses
from security transactions are reported on the basis of identified cost for
financial reporting and federal income tax purposes.
FEDERAL INCOME TAXES:
For federal income tax purposes, each portfolio is treated as a separate entity.
The Fund intends to comply with requirements of the Internal Revenue Code
relating to regulated investment companies and intend to distribute
substantially all of its taxable income to its shareholders. Therefore, no
provision for federal income taxes is recorded in the accompanying financial
statements.
25
<PAGE>
NOTES TO FINANCIAL STATEMENTS CONTINUED
--------------------------------------------------------------------------------
AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC.
CAPITAL STOCK TRANSACTIONS AND DISTRIBUTIONS TO SHAREHOLDERS:
Fund shares are sold in a continuous public offering at net asset value. The
Fund repurchases its shares at net asset value. Dividends and other
distributions are recorded by the Fund on the ex-dividend date and may be
reinvested at net asset value. For the Money Market Portfolio, distributions are
computed daily and distributed monthly.
EXPENSES:
Operating expenses directly attributable to a portfolio are charged to that
portfolio's operations. Expenses of the Fund, which are not directly
attributable to the operations of any portfolio, are prorated among all
portfolios of the Fund based on the relative net assets of each portfolio.
NOTE 2--INVESTMENT ADVISORY AND SERVICE FEES AND OTHER TRANSACTIONS WITH
AFFILIATES
The Fund has entered into an investment advisory agreement and an administrative
service agreement with Securities Management and Research, Inc. ("SM&R"). SM&R
is a wholly-owned subsidiary of American National. Investment advisory and
service fees paid to SM&R are computed as a percentage of the average daily net
assets as follows:
<TABLE>
<CAPTION>
INVESTMENT SERVICE
ADVISORY FEE FEE
<S> <C> <C>
Growth 0.50% 0.25%
Equity Income 0.50% 0.25%
Balanced 0.50% 0.25%
Money Market 0.50% 0.25%
Government Bond 0.50% 0.25%
Small-Cap/Mid-Cap 1.25% 0.25%
High Yield Bond 0.55% 0.25%
International
Stock 0.75% 0.25%
</TABLE>
In addition to the investment advisory fee and the administrative fee, the Fund
is responsible for paying most other operating expenses including outside
director's fees and expenses, safekeeping fees, legal fees, auditing services,
insurance, interest and miscellaneous expenses.
All offering and organization costs are paid by American National. SM&R has
agreed to reimburse the Fund for expenses of any kind (exclusive of interest,
commissions and other expenses incidental to portfolio transactions) which
exceed the following percentages of each portfolio's average daily net assets:
<TABLE>
<S> <C>
Growth 0.87%
Equity Income 0.93%
Balanced 0.90%
Money Market 0.87%
Government Bond 0.80%
Small-Cap/Mid-Cap 1.50%
High Yield Bond 0.80%
International
Stock 1.10%
</TABLE>
Prior to May 1, 1994, the reimbursement percentage was 1.50% of each portfolio's
average daily net assets.
26
<PAGE>
NOTES TO FINANCIAL STATEMENTS CONTINUED
--------------------------------------------------------------------------------
AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC.
As of June 30, 2000 SM&R and American National had the following ownership in
the Portfolios:
<TABLE>
<CAPTION>
AMERICAN NATIONAL AMERICAN NATIONAL
SM&R CORPORATE ACCOUNTS SEPARATE ACCOUNTS
----------------------- ------------------------ -----------------------
PERCENT OF PERCENT OF PERCENT OF
SHARES SHARES SHARES
SHARES OUTSTANDING SHARES OUTSTANDING SHARES OUTSTANDING
<S> <C> <C> <C> <C> <C> <C>
Growth 138,327 1.36% 2,701,654 26.52% 7,347,747 72.12%
Equity Income 154,203 1.44% 2,958,484 27.68% 7,576,479 70.88%
Balanced 83,363 1.34% 2,822,353 45.21% 3,335,399 53.45%
Money Market 360,233 7.14% 2,522,918 49.97% 2,165,683 42.89%
Government Bond -- -- 5,000,000 100.00% 18 --
Small-Cap/Mid-Cap 400,000 16.66% 2,000,000 83.28% 1,574 0.06%
High Yield Bond -- -- 20,000,000 100.00% -- --
International Stock 1,500,000 30.00% 3,500,000 70.00% -- --
</TABLE>
NOTE 3--COST, PURCHASES AND SALES OF INVESTMENTS
Investments have the same cost for tax and financial statement purposes.
Aggregate purchases and sales of investments, other than commercial paper, were
as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
<S> <C> <C>
Growth $ 2,182,890 $1,335,512
Equity Income $ 8,347,683 $3,454,841
Balanced $ 941,931 $ 742,507
Government Bond $ 4,884,178 $ 5,370
Small-Cap/Mid-Cap $ 2,370,048 $ --
High Yield Bond $18,193,340 $ --
International Stock $ 4,638,869 $ --
</TABLE>
Gross unrealized appreciation and depreciation as of June 30, 2000 were as
follows:
<TABLE>
<CAPTION>
APPRECIATION DEPRECIATION
<S> <C> <C>
Growth $7,046,125 $1,285,618
Equity Income $5,252,226 $1,420,374
Balanced $1,895,904 $ 446,658
Government Bond $ 45,927 $ --
Small-Cap/Mid-Cap $ 390,891 $ 223,087
High Yield Bond $ 63,929 $ 340,667
International Stock $ 217,037 $ 308,094
</TABLE>
27
<PAGE>
NOTES TO FINANCIAL STATEMENTS CONTINUED
--------------------------------------------------------------------------------
AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC.
NOTE 4--CAPITAL STOCK
<TABLE>
<CAPTION>
GROWTH PORTFOLIO
(UNAUDITED)
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31, 1999
-------------------------- --------------------------
SHARES AMOUNT SHARES AMOUNT
----------- ------------ ----------- ------------
<S> <C> <C> <C> <C>
Sale of capital shares 906,184 $ 1,837,216 1,702,006 $ 3,211,140
Investment income dividends reinvested -- -- 94,008 183,316
Distributions from net realized gains reinvested 50,511 104,557 5,969 11,639
----------- ------------ ----------- ------------
Subtotals 956,695 1,941,773 1,801,983 3,406,095
Redemptions of capital shares (606,553) (1,237,169) (647,985) (1,250,166)
----------- ------------ ----------- ------------
Net increase in capital shares outstanding 350,142 $ 704,604 1,153,998 $ 2,155,929
============ ============
Shares outstanding at beginning of period 9,837,586 8,683,588
----------- -----------
Shares outstanding at end of period 10,187,728 9,837,586
=========== ===========
The components of net assets at June 30, 2000, are as
follows:
Capital Stock--10,187,728 shares of $.01 par value
outstanding (115,000,000 authorized) (par and additional
paid-in capital) $ 14,598,062
Undistributed net investment income 148,084
Accumulated net realized gain on investments 553,501
Net unrealized appreciation of investments 5,760,507
------------
Net Assets $ 21,060,154
============
<CAPTION>
EQUITY INCOME PORTFOLIO
(UNAUDITED)
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31, 1999
-------------------------- --------------------------
SHARES AMOUNT SHARES AMOUNT
----------- ------------ ----------- ------------
<S> <C> <C> <C> <C>
Sale of capital shares 462,472 $ 850,941 1,824,138 $ 3,317,155
Investment income dividends reinvested -- -- 143,262 252,141
Distributions from net realized gains reinvested 178,099 343,731 950,342 1,672,601
----------- ------------ ----------- ------------
Subtotals 640,571 1,194,672 2,917,742 5,241,897
Redemptions of capital shares (760,643) (1,436,860) (686,142) (1,257,868)
----------- ------------ ----------- ------------
Net increase (decrease) in capital shares outstanding (120,072) $ (242,188) 2,231,600 $ 3,984,029
============ ============
Shares outstanding at beginning of period 10,809,238 8,577,638
----------- -----------
Shares outstanding at end of period 10,689,166 10,809,238
=========== ===========
The components of net assets at June 30, 2000, are as
follows:
Capital Stock--10,689,166 shares of $.01 par value
outstanding (120,000,000 authorized) (par and additional
paid-in capital) $ 15,242,791
Undistributed net investment income 218,603
Accumulated net realized gain on investments 1,157,674
Net unrealized appreciation of investments 3,831,852
------------
Net Assets $ 20,450,920
============
</TABLE>
28
<PAGE>
NOTES TO FINANCIAL STATEMENTS CONTINUED
--------------------------------------------------------------------------------
AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC.
<TABLE>
<CAPTION>
BALANCED PORTFOLIO
(UNAUDITED)
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31, 1999
-------------------------- --------------------------
SHARES AMOUNT SHARES AMOUNT
----------- ------------ ----------- ------------
<S> <C> <C> <C> <C>
Sale of capital shares 489,712 $ 759,310 1,056,670 $ 1,639,801
Investment income dividends reinvested -- -- 164,755 243,837
Distributions from net realized gains reinvested 18,798 29,700 375,640 555,948
----------- ------------ ----------- ------------
Subtotals 508,510 789,010 1,597,065 2,439,586
Redemptions of capital shares (554,560) (868,565) (404,768) (631,802)
----------- ------------ ----------- ------------
Net increase (decrease) in capital shares outstanding (46,050) $ (79,555) 1,192,297 $ 1,807,784
============ ============
Shares outstanding at beginning of period 6,287,165 5,094,868
----------- -----------
Shares outstanding at end of period 6,241,115 6,287,165
=========== ===========
The components of net assets at June 30, 2000, are as
follows:
Capital Stock--6,241,115 shares of $.01 par value
outstanding (115,000,000 authorized) (par and additional
paid-in capital) $ 7,783,530
Undistributed net investment income 172,965
Accumulated net realized gain on investments 456,787
Net unrealized appreciation of investments 1,449,246
------------
Net Assets $ 9,862,528
============
<CAPTION>
MONEY MARKET PORTFOLIO
(UNAUDITED)
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31, 1999
-------------------------- --------------------------
SHARES AMOUNT SHARES AMOUNT
----------- ------------ ----------- ------------
<S> <C> <C> <C> <C>
Sale of capital shares 10,360,919 $ 10,360,919 21,010,546 $ 21,010,546
Investment income dividends reinvested 156,613 156,613 221,637 221,637
----------- ------------ ----------- ------------
Subtotals 10,517,532 10,517,532 21,232,183 21,232,183
Redemptions of capital shares (12,145,480) (12,145,480) (18,909,221) (18,909,221)
----------- ------------ ----------- ------------
Net increase (decrease) in capital shares outstanding (1,627,948) $ (1,627,948) 2,322,962 $ 2,322,962
============ ============
Shares outstanding at beginning of period 6,676,782 4,353,820
----------- -----------
Shares outstanding at end of period 5,048,834 6,676,782
=========== ===========
The components of net assets at June 30, 2000, are as
follows:
Capital Stock--5,048,834 shares of $.01 par value
outstanding (1,050,000,000 authorized) (par and additional
paid-in capital) $ 5,048,834
------------
Net Assets $ 5,048,834
============
</TABLE>
29
<PAGE>
NOTES TO FINANCIAL STATEMENTS CONTINUED
--------------------------------------------------------------------------------
AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC.
<TABLE>
<CAPTION>
GOVERNMENT BOND PORTFOLIO
(UNAUDITED)
TWO MONTHS ENDED
JUNE 30, 2000
--------------------------
SHARES AMOUNT
----------- ------------
<S> <C> <C> <C> <C>
Sale of capital shares 5,000,018 $ 5,000,018
Investment income dividends reinvested -- --
Distributions from net realized gains reinvested -- --
----------- ------------
Subtotals 5,000,018 5,000,018
Redemptions of capital shares -- --
----------- ------------
Net increase in capital shares outstanding 5,000,018 $ 5,000,018
============
Shares outstanding at beginning of period --
-----------
Shares outstanding at end of period 5,000,018
===========
The components of net assets at June 30, 2000, are as
follows:
Capital Stock--5,000,018 shares of $.01 par value
outstanding (15,000,000 authorized) (par and additional
paid-in capital) $ 5,000,018
Undistributed net investment income 53,043
Net unrealized appreciation of investments 45,927
------------
Net Assets $ 5,098,988
============
<CAPTION>
SMALL-CAP/MID-CAP PORTFOLIO
(UNAUDITED)
TWO MONTHS ENDED
JUNE 30, 2000
--------------------------
SHARES AMOUNT
----------- ------------
<S> <C> <C> <C> <C>
Sale of capital shares 2,401,574 $ 2,401,603
Investment income dividends reinvested -- --
Distributions from net realized gains reinvested -- --
----------- ------------
Subtotals 2,401,574 2,401,603
Redemptions of capital shares -- --
----------- ------------
Net increase in capital shares outstanding 2,401,574 $ 2,401,603
============
Shares outstanding at beginning of period --
-----------
Shares outstanding at end of period 2,401,574
===========
The components of net assets at June 30, 2000, are as
follows:
Capital Stock--2,401,574 shares of $.01 par value
outstanding (10,000,000 authorized) (par and additional
paid-in capital) $ 2,398,694
Net unrealized appreciation of investments 167,804
------------
Net Assets $ 2,566,498
============
</TABLE>
30
<PAGE>
NOTES TO FINANCIAL STATEMENTS CONTINUED
--------------------------------------------------------------------------------
AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC.
<TABLE>
<CAPTION>
HIGH YIELD BOND PORTFOLIO
(UNAUDITED)
TWO MONTHS ENDED
JUNE 30, 2000
--------------------------
SHARES AMOUNT
----------- ------------
<S> <C> <C> <C> <C>
Sale of capital shares 20,000,000 $ 20,000,000
Investment income dividends reinvested -- --
Distributions from net realized gains reinvested -- --
----------- ------------
Subtotals 20,000,000 20,000,000
Redemptions of capital shares -- --
----------- ------------
Net increase in capital shares outstanding 20,000,000 $ 20,000,000
============
Shares outstanding at beginning of period --
-----------
Shares outstanding at end of period 20,000,000
===========
The components of net assets at June 30, 2000, are as
follows:
Capital Stock--20,000,000 shares of $.01 par value
outstanding (40,000,000 authorized) (par and additional
paid-in capital) $ 20,000,000
Undistributed net investment income 290,161
Net unrealized depreciation of investments (276,738)
------------
Net Assets $ 20,013,423
============
<CAPTION>
INTERNATIONAL STOCK PORTFOLIO
(UNAUDITED)
TWO MONTHS ENDED
JUNE 30, 2000
--------------------------
SHARES AMOUNT
----------- ------------
<S> <C> <C> <C> <C>
Sale of capital shares 5,000,000 $ 5,000,000
Investment income dividends reinvested -- --
Distributions from net realized gains reinvested -- --
----------- ------------
Subtotals 5,000,000 5,000,000
Redemptions of capital shares -- --
----------- ------------
Net increase in capital shares outstanding 5,000,000 $ 5,000,000
============
Shares outstanding at beginning of period --
-----------
Shares outstanding at end of period 5,000,000
===========
The components of net assets at June 30, 2000, are as
follows:
Capital Stock--5,000,000 shares of $.01 par value
outstanding (20,000,000 authorized) (par and additional
paid-in capital) $ 5,000,000
Undistributed net investment income 12,432
Net unrealized depreciation of investments (91,057)
------------
Net Assets $ 4,921,375
============
</TABLE>
31
<PAGE>
Securities Management and Research, Inc.
P.O. Box 58969
Houston, TX 77258-8969
FIRST-CLASS MAIL
U.S. POSTAGE
PAID
PERMIT NO. 89
GALVESTON, TEXAS
S E M I - A N N U A L R E P O R T
AMERICAN
NATIONAL
INVESTMENT
ACCOUNTS
INC.
/ / GROWTH PORTFOLIO
/ / EQUITY INCOME
PORTFOLIO
/ / BALANCED PORTFOLIO
/ / MONEY MARKET PORTFOLIO
/ / GOVERNMENT BOND
PORTFOLIO
/ / SMALL-CAP/MID-CAP
PORTFOLIO
/ / HIGH YIELD BOND
PORTFOLIO
/ / INTERNATIONAL STOCK
PORTFOLIO
SEMI-ANNUAL REPORT
JUNE 30, 2000
"The financial statements
contained herein are
included for the general
information of our
shareholders. This report
is not authorized for
distribution to prospective
investors unless preceded
or accompanied by an
effective prospectus."
Form 9429
6/00
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